Contents

JUNE 2003

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY

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

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

FEDERAL DEBT

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

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

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS

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

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

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

 and 52-Week Treasury Bills Outstanding ............................................................................................................ 35

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 39

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills.................................................. 40

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 41

U.S. SAVINGS BONDS AND NOTES

Introduction.—Savings Bonds and Notes............................................................................................................................ 42

SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 42

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 43

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ............................................................................ 43
IV

Contents

OWNERSHIP OF FEDERAL SECURITIES

Introduction.—Ownership of Federal Securities ................................................................................................................. 45

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 46

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical).................................... 47

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48

MARKET YIELDS

Introduction.—Market Yields.............................................................................................................................................. 49

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds....................................................... 49

MY-A.—Chart: Yields of Treasury Securities .................................................................................................................... 50

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 51

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 51

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals......................... 52

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction.—International Financial Statistics ................................................................................................................. 55

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 55

IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................... 56

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

 Residents of Foreign Countries.............................................................................................................................. 57

CAPITAL MOVEMENTS

Introduction.—Capital Movements ..................................................................................................................................... 58

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61

CM-I-2.—Total Liabilities by Country................................................................................................................................ 62

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64

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

 with Respect to Selected Countries...................................................................................................................... 66

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

CM-II-1.—Total Claims by Type ........................................................................................................................................ 67

CM-II-2.—Total Claims by Country ................................................................................................................................... 68

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70

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

 with Respect to Selected Countries...................................................................................................................... 72

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 ......................................................................................................................................... 73

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............................................................................................................... 74

CM-IV-2.—Total Liabilities by Country............................................................................................................................. 75

CM-IV-3.—Total Liabilities by Type and Country............................................................................................................. 77
V

Contents

CM-IV-4.—Total Claims by Country.................................................................................................................................. 79

CM-IV-5.—Total Claims by Type and Country.................................................................................................................. 81

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
VI

Contents

SPECIAL REPORTS

FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Introduction.—Financial Report Excerpt........................................................................................................................... 111

Financial Report Excerpt ................................................................................................................................................... 112

TRUST FUNDS

Introduction.—Highway Trust Fund.................................................................................................................................. 121

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 121

RESEARCH PAPER INDEX............................................................................................................................................ 122

GLOSSARY ...................................................................................................................................................................... 123

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

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

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

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

Special Reports

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

Trust Fund Reports:

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

Aquatic Resources Trust Fund ................................................................................................ v

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

PublicDebtOperations

U.S.SavingsBondsandNotes

Ownership ofFederalSecurities

MarketYields

U.S.CurrencyandCoinOutstanding

and inCirculation
3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

Real gross domestic product (GDP)

Real GDP–the output of goods and services produced by

labor and property located in the United States–increased at

an annual rate of 1.6 percent in the first quarter of 2003,

according to advance estimates released by the Bureau of

Economic Analysis at the Department of Commerce. In the

fourth quarter of 2002, real GDP increased 1.4 percent.

Personal consumption expenditures (PCE) added almost

1.0 percentage point to real GDP growth in the first quarter.

Nevertheless, growth in PCE eased to 1.4 percent at an

annual rate in the quarter, down from 1.7 percent in the

previous quarter. A majority of the decrease in PCE growth

during the first quarter was in the purchase of durable goods

(particularly motor vehicles), which declined 1.1 percent at

an annual rate, on top of a drop of 8.2 percent in the fourth

quarter of 2002.

Government consumption expenditures and gross

investment, mostly at the Federal level, added another 0.2 of 

a percentage point to real GDP growth in the first quarter.

Federal Government spending increased 2.6 percent at an

annual rate, down from 11.0 percent in the fourth quarter of

2002. Meanwhile, State and local government spending

declined 0.1 percent at an annual rate, after having increased 

1.2 percent in the preceding quarter.

Business fixed investment fell at a 4.2 percent annual

rate in the first quarter, following a 2.3 percent rate of

increase in the previous quarter. The weakness reflected a

decline in equipment and software investment in the quarter

and a smaller decrease in investment in structures.

Investment in equipment and software fell at a 4.4 percent

annual rate in the first quarter, after having increased in each 

of the previous three quarters at an annual average rate of

5.4 percent. Disinvestment in nonresidential structures

continued at a 3.4 percent annual rate, compared to an

annual rate of 9.9 percent in the fourth quarter of 2002.

Investment in residential structures grew at a rapid 12.0

percent annual rate in the first quarter, up from 9.4 percent in 

the previous quarter. However, the change in private

inventories was a negative factor in real GDP growth in the

quarter, shaving almost 0.5 of a percentage point.

For the first time in eight quarters, net exports of goods

and services were a positive influence on real GDP growth,

adding almost 0.9 of a percentage point, as the trade deficit

narrowed. Exports declined by less than imports in the first

quarter. Exports fell 3.2 percent at an annual rate, compared

to 5.8 percent increase in the previous quarter. Imports fell

7.9 percent at an annual rate, after having increased 7.4

percent in the fourth quarter of 2002.

Growth of Real GDP

4.1 4.3

4.8

4.3

2.3

0.1

2.9

1.6

0

1

2

3

4

5

6

7

96 97 98 99 00 01 02 03*

(Percent change, fourth quarter to fourth quarter)

*2003 based on first quarter

Inflation

Inflation has accelerated in the early part of 2003,

reflecting the impact of sharply higher crude oil prices and a 

slight pickup in the rate of increase in the cost of food. The 

consumer price index (CPI) rose at a 5.2 percent annual rate 

during the first three months of 2003, a little more than twice 

the 2.4 percent pace recorded during 2002. Energy prices

jumped at an annual rate of just over 75 percent during the

three-month period ending in March, fueled by a surge of

125 percent in the cost of petroleum-based energy products.

Energy prices were up by 10.7 percent last year. The cost of 

food increased at a 2.7 percent annual rate during the first

three months of this year following a 1.5 percent advance

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

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

to a very low 0.8 percent pace during the first quarter of

2003 from a 1.9 percent rate last year.

At the producer level, finished goods prices rose at a

17.4 percent annual rate during the first three months of the

year. This followed a slight 1.2 percent increase during

2002. As with the CPI, much of the acceleration reflects a

jump in energy costs, which followed an increase of almost 

12 percent in 2002 with an annual rate increase of 100 
4 PROFILE OF THE ECONOMY

percent during the first three months of this year. Core 

finished goods and food prices are also contributing to the

overall acceleration in finished goods inflation. Both core

and food prices are up so far this year after registering slight 

declines last year. Further back in the production chain,

increases in core intermediate materials prices have picked

up this year, reflecting to some degree the pass through of

higher crude oil prices.

Hourly compensation costs (including stock options) as

calculated in the national income accounts for the private

nonfarm business sector were up by 3.5 percent at an annual 

rate in the first quarter of 2003. This was faster than the 1.6

percent annual rate rise in productivity, yielding a

1.9 percent increase in unit labor costs in the first quarter.

This compares with a 0.9 percent decline across the four

quarters of 2002. The employment cost index (ECI) for total 

compensation, a fixed-weighted compensation measure that

does not account for stock options, increased at a rapid 5.3

percent annual rate during the first quarter, boosted by a

surge in benefit costs. For the 12-month period ending in

March, the ECI rose by 3.9 percent, unchanged from the 

figure for the comparable year-earlier period.

Employment and unemployment

The labor market softened further in early 2003. Payroll 

employment continued to decline, and the unemployment

rate crept back up to its December peak of 6.0 percent. A 

number of special factors (including geopolitical concerns,

the activation of military reservists, poor weather, and the

outbreak of SARS) were present, however, and likely

accounted for at least some of the recent weakness.

Nonfarm payroll employment declined by 48,000 in

April, after falling by 477,000 over the previous two months

combined. The April drop was the fifth in 6 months and

reflected substantial job losses in manufacturing–a sector

which has been shedding workers continuously since July

2000–and a handful of travel-related industries. The latter

losses may have been influenced by concerns related to the

war in Iraq and SARS. Construction and some serviceproducing industries posted small gains in April, while most 

other private sector industries continued to show little to no

change. Recent declines have pulled payroll employment

down to its lowest level since November 1999, with 2.1

million jobs eliminated since the economy peaked in March

2001.

The unemployment rate rose by a 0.2 percentage point in 

April to 6.0 percent, matching the December level as the

highest since August 1994. This is still low compared to

highs of 7.8 percent in 1992 and 10.8 percent in 1982.

Sluggish labor markets continued to have a dampening

effect on wage growth. Over the 12 months ended in April,

average hourly earnings of nonfarm production workers rose 

by 3.1 percent, little changed from the 3.2 percent increase

posted over the year-earlier period and down from readings

in excess of 3.5 percent from late 1996 through the start of

2002. Higher energy prices have recently boosted inflation,

eating into nominal wage gains. In March, earnings adjusted 

for inflation turned slightly negative compared to a year

earlier.

-4

-2

0

2

4

6

8

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

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

0

1

2

3

4

5

6

7

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

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)
PROFILE OF THE ECONOMY 5

Real disposable personal income and 

consumer spending

Personal income in nominal terms grew at a 3.9 percent

annual rate in the first quarter of 2003. This was the same as 

averaged across the four quarters of 2002. Growth in wages

and salaries, which account for just under 60 percent of

personal income, accelerated to a 4.2 percent annual rate in

the first quarter from 2.5 percent during the previous year.

Transfer payments from government to individuals were up

at a 6.9 percent annual rate in the first quarter, down from a

9.5 percent pace last year. Gains in other labor income,

mainly consisting of employer contributions to pension

funds and health insurance, slowed from 9.4 percent last

year to a 5.8 percent annual rate in the first quarter. Dividend 

income continued to grow by more than 6 percent. Interest 

income, on the other hand, dropped by 2.3 percent at an

annual rate in the first quarter, reflecting the continued

downtrend in interest rates.

Growth in disposable (after-tax) income adjusted for

inflation slowed to a 1.1 percent annual rate in the first

quarter, the smallest gain since 2001. Real income rose by

5.5 percent last year, boosted by reduced withholding that

had been legislated in the Economic Growth and Tax Relief

and Reconciliation Act of 2001.

Real consumer spending in the first quarter was weak for 

a second consecutive quarter, posting an annual rate gain of

only 1.4 percent on top of a modest 1.7 percent rise in the

fourth quarter of 2002. These followed an increase of 4.2

percent in the third quarter. On again/off again automobile

sales incentives have contributed to the pattern over the last

several quarters. Because consumer spending slightly grew

faster than after-tax income in the first quarter, the personal

saving rate inched down to 3.7 percent from 3.8 percent in

the fourth quarter. The saving rate averaged 3.7 percent

during 2002, up from a 64-year low of 2.3 percent in 2001.

Industrial production and capacity 

utilization

The string of weak readings posted during the second

half of 2002 has extended into 2003. Output from factories,

mines, and utilities eked out an annual rate increase of 0.4

percent in the first quarter, but monthly output in April fell

by 0.5 percent for the second consecutive month. Over the 

past 12 months, production has contracted by 0.4 percent.

Manufacturing production, which accounts for about 85

percent of all industrial output, declined by 0.6 percent in

April, the largest monthly fallback since December.

Production of motor vehicles and parts fell by 2.0 percent,

the third consecutive monthly decline for that industry.

Apart from automobiles, manufacturing output was down by 

0.5 percent in April. Factory output contracted by 0.6

percent in the first quarter on top of the fourth quarter’s

sharp 3.7 percent drop. Production in the high-technology 

industries (computers, communications equipment, and

semiconductors) advanced by a solid 7.8 percent in the first

quarter, mainly due to a boost in production of computers

and office equipment. Communications equipment remains

the softest segment of the high-technology industries as it

grew by a slim 0.8 percent in the first quarter and declined

1.4 percent in April. Nondurable manufacturing declined by

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99 00 01 02 03

(Percent)

Establishment Employment

330

176

33

99

47

-118-96

-310

-63

12 31

-53 -91 -48

-400

-300

-200

-100

0

100

200

300

400

500

00-I II III IV 0I-I II III IV 02-I II III IV 03-I II*

(Average monthly change in thousands)

*Based on April data
6 PROFILE OF THE ECONOMY

2.0 percent at an annual rate in the first quarter as food and

beverage, and paper production fell back.

The capacity utilization rate for the industrial sector

decreased 0.4 percentage point in April to 74.4 percent, the

lowest level since 1983, and nearly 7 percentage points

below the long-term average of 81.3 percent. Capacity 

utilization in the manufacturing sector dipped 0.5 of a

percentage point to 72.5 percent in April, 7.7 percentage

points below its long-term average of 80.2. Utilization in the 

high-tech industries has edged up since the end of 2002 and

reached 62.4 percent in April. That is still well below the

recent peak of 88.4 percent in 2000.

Nonfarm productivity and unit labor costs

Productivity has remained remarkably strong over the

past year despite the largely uneven economic recovery.

Nonfarm business productivity (real output per hour worked) 

advanced by 1.6 percent at an annual rate in the first quarter, 

up from 0.7 percent in the fourth quarter. Over the most

recent four quarters, labor productivity rose by 2.3 percent,

roughly in line with the “New Economy” productivity

growth of 2.6 percent averaged since 1995 and significantly

better than the 1.4 percent averaged from 1973 to 1995.

Hourly labor compensation rose by 3.5 percent at an

annual rate in the first quarter and by 3.3 percent during the

past four quarters. Given the robust productivity growth,

however, unit labor costs remain tame. These costs advanced 

by a moderate 1.9 percent annual rate in the first quarter.

Over the past four quarters, unit labor costs are up just 0.9

percent. During 2002, these costs actually declined by 0.9

percent. That was the largest fourth-to-fourth quarter decline 

since 1983. This excellent cost performance has helped to

restrain inflation and may improve the outlook for business

investment and future business expansion.

Productivity in manufacturing grew by 2.1 percent at an

annual rate in the first quarter following a 0.5 percent

contraction in the fourth quarter, the first quarterly decline in 

factory productivity since the beginning of 2001. Factory 

output per hour worked increased by 2.8 percent over the

most recent four quarters. During 2002, manufacturing

productivity rose by 4.5 percent, up sharply from the

sluggish 0.8 percent rate posted in 2001. Recent growth in

factory productivity has been driven more by a decline in

hours worked, however, than by an appreciable boost in

output. Hourly compensation in manufacturing advanced by

4.8 percent at an annual rate in the first quarter and by 4.1

percent over the past four quarters. Robust productivity has

kept pace with moderate compensation growth, thereby

controlling unit labor costs. These costs were up 1.3 percent

over the year ending in the first quarter. Factory unit labor 

costs declined by 1.2 percent during 2002, the largest yearly

fall in these costs since 1997, helping to enhance

international competitiveness. 

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 and 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 2002, the

current account deficit rose by $42.1 billion at an annual rate to 

a new high of $547.4 billion, or 5.2 percent of GDP, after

shrinking slightly in the third quarter. For the entire year, the

current account deficit amounted to a record $503.4 billion, or

4.8 percent of GDP, up from $393.4 billion, or 3.9 percent of

GDP, in 2001. As in the fourth quarter, much of the increase

recorded in 2002 was due to a growing trade deficit, which

reached an all-time high of $435.5 billion last year. A shift in

the balance on investment income from a $14.4 billion surplus

in 2001 to an $11.9 billion deficit in 2002 was also a factor. The 

swing in investment income was mainly due to a rebound in the 

profitability of foreign investments in the United States from

depressed 2001 levels. This helped boost payments to foreign 

investors, more than offsetting a small increase in direct

investment receipts from abroad. Net income on portfolio

investment was little changed, on balance, in 2002.

The current account is, by definition, matched by offsetting 

transactions in the capital and financial accounts, with any

difference in the recorded flows listed as a statistical

discrepancy. Capital account transactions, which mainly 

consist of debt forgiveness and wealth transfers associated with 

immigration, are typically small and have remained relatively

stable near $0.8 billion since early 2000. In the second half of 

2002, however, the capital account edged lower, pulling the

total for the year down a shade to $0.7 billion.

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States.

Net foreign investment in the United States eased in the

fourth quarter to $576.5 billion at an annual rate from a

record high of $678.4 billion in the prior quarter, but for the 

entire year totaled $474.2 billion. That was up sharply from

$381.8 billion in 2001 and represented the highest annual

total on record. The jump in net capital inflows in 2002

occurred even as foreign acquisitions of U.S. assets slowed

for a second straight year to $630.4 billion from $752.8

billion in 2001 and a peak of $1,016.0 billion in 2000. The 

pullback reflected reduced demand by private investors for

U.S. securities other than Treasuries as well as a sharp drop

in foreign direct investment. Concerns about the

performance of the U.S. economy and equity markets were

likely responsible. U.S. purchases of foreign assets totaled

just $156.2 billion in 2002, down from $371.0 billion in

2001 and $606.5 billion in 2000. The drop in U.S. holdings

of foreign assets (which is treated as an outflow) exceeded

the decline in foreign investment activity (which is

considered an inflow), producing the net increase in foreign

investment recorded for 2002.
PROFILE OF THE ECONOMY 7

Exchange rate of the dollar

The dollar’s trend lower continues at a somewhat faster

pace since the currency reached a peak in February 2002. In 

the 14 months between that peak and April, the nominal 

exchange value of the dollar relative to a broad index

covering the currencies of 26 important U.S. trade partners

has depreciated by 5.7 percent. This decline follows a period 

of sustained appreciation that saw the dollar’s value surge by 

12 percent between December 1999 and February 2002.

The decline has been 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. Since February 2002, the exchange rate of the

dollar compared to an index of these currencies fell by 13.5 

percent. Dollar depreciation against the yen and the euro,

whose combined weights account for roughly 55 percent of

the major index, has been largely responsible. Over the same 

period, the dollar/euro exchange rate fell by nearly 20

percent and the dollar/yen exchange rate fell by 10.3 percent, 

reflecting global investors’ concerns about the pace of U.S.

economic recovery.

The dollar remains relatively strong compared with the

currencies of many other important trading partners,

although the pace of its appreciation has begun to slow

somewhat. 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 4.7 percent. Since December 1999, this index 

has risen by 11.1 percent.

.

Interest rates

The Federal Reserve eased monetary conditions multiple 

times in 2001 and once last year in response to weakened

economic conditions, all of which actions reduced the target

for the federal funds rate (the rate that banks and other

financial institutions charge each other for overnight loans)

by a total of 5-1/4 percentage points to its current rate at

mid-May of 1-1/4 percent. This is the lowest level of federal 

funds rates since 1961. In response to the monetary easing,

the interest rate for the 3-month Treasury bill has fallen

since the beginning of 2001 from levels above 5 percent to

current levels at mid-May around 1.10 percent.

Rates on long-term Treasury securities declined on

balance during 2002. Starting at over 5 percent early in the

year, the 10-year Treasury rate was averaging below 4

percent by October, the lowest level since 1963, and this

year through mid-May it has remained below 4 percent.

Long-term rates are influenced by several factors. Recent 

weakness in the economy has helped push them down. In 

addition, Treasury securities are desirable as safe havens

against economic and geopolitical uncertainty.

Mortgage interest rates generally follow the pattern of

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

30-year fixed-rate loan has declined from a recent peak of 8-

1/2 percent in May 2000 to 5-3/4 percent or below at midMay 2003–lows not seen since the mid-1960s. These 

exceptionally favorable mortgage rates have encouraged

many homeowners to refinance, thereby providing funds to

support more consumption spending.

Corporate bond yields are influenced by long-term 

Treasury rates, but they are also affected by many other 

factors. Moody’s seasoned Baa yield on corporate bonds

peaked in May 2000, and then underwent a series of declines 

to its current levels at mid-May around 6-1/2 percent. The 

spread between the Baa yield and the 10-year Treasury yield 

rose sharply late in 2002, averaging over 3-3/4 percent last

October, reflecting concerns about the reliability of

corporate financial statements and an increased perception of 

corporate and economic risk. The spread has since declined 

to about 2-3/4 percent by mid-May, which is still high by

historical standards.
8 PROFILE OF THE ECONOMY

Housing

Conditions in the housing sector continued to be very

favorable in the first quarter of 2003 after an extraordinarily

strong fourth quarter. Sales of new single-family homes

maintained a 977,000 annual selling rate in the first quarter.

Except for the breakneck pace in the last two quarters of

2002 when sales were running over 1 million at an annual

rate, that was the highest quarterly total since the series

started in 1963. Sales of existing single-family homes hit an

annual rate of 5.83 million in the first quarter, a 35-year 

record.

Strong demand for new homes led to large gains in

housing starts in 2002, and starts edged up further in the first 

quarter of 2003. Total housing starts (including multi-family 

dwellings) reached 1.75 million at an annual rate in that

quarter, the highest since 1986. Starts of single-family 

homes held at a 1.41-million unit pace, matching the fourth

quarter of 2002 as the highest since 1978.

Expansion in new home demand, as well as a boom in

spending on major home improvements fueled by cash-out 

mortgage refinancing, resulted in increased real residential

investment. Growth in such investment accelerated from an

annual rate of 1.1 percent in the third quarter of 2002 to 9.4

percent in the fourth quarter and 12.0 percent in the first

quarter of 2003. The stepped-up pace of residential

investment in the first quarter added slightly more than onehalf of a percentage point to real GDP growth that quarter.

Very low mortgage rates, favorable demographic

conditions, the relative safety of housing as an investment 

and strong home price appreciation have spurred the demand 

for homes. The mortgage interest rate for a 30-year 

conventional fixed-rate loan dipped to a more than 30-year 

record low of 5.61 percent for one week in mid-March and a 

5.84 percent average for the first quarter as a whole. The low 

rates have made home ownership possible for a growing

number of households, a record 68.3 percent in the final

quarter of 2002. They have also allowed homeowners to

reduce their monthly mortgage payment or tap into their

rising home equity through mortgage refinancing. The extra

cash has supported growth in consumer spending and has

allowed homeowners to pay down higher-interest debt such

as credit card debt.

Federal budget

After 4 straight years of surplus, the Federal budget

posted a $158 billion deficit in fiscal year 2002. In relation

to GDP, that represented a modest 1.5 percent share. The 

shift from surpluses to deficit primarily reflected the effects

of the economic recession in 2001, declines in the stock

market, and the increased spending required to combat

terrorism and provide for domestic security.

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

fiscal 2002 to $3.54 trillion. That represented a 34.2 percent 

share of GDP, up from 33.1 percent in fiscal 2001 but

otherwise the lowest since 1984.

The deficit continued to rise during the first 6 months of

fiscal 2003 as economic growth remained sub-par and

military and other security-related expenses rose. In the first

half of fiscal 2003 the deficit totaled $253 billion, almost

twice as much as during the comparable period of the

previous fiscal year. The Administration’s budget projects

the deficit to total $304 billion in fiscal 2003, and the latest

Congressional Budget Office forecast for the 2003 deficit is

also just over $300 billion. In relation to the almost

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`
PROFILE OF THE ECONOMY 9

$11 trillion U.S. economy, that deficit would still be a

moderate 2.8 percent.

Receipts through the first half of fiscal 2003 were about

6 percent lower than in the same period of fiscal 2002. Part 

of the decline represented a legislated shift in the timing of a 

corporate tax payment from fiscal 2001 to fiscal 2002, which 

boosted receipts in the last fiscal year. Even after

adjustment, corporate tax receipts were about 20 percent

lower in the first half of fiscal 2003 than the same months of 

the prior year due to weakness in corporate profits. Growth 

in outlays through 6 months of fiscal 2003 was about 6-1/2 

percent, led by significant increases in Defense, Medicare,

and income security programs such as unemployment

insurance.

Net national saving and investment

Net national saving, the source of funds for new

investment, fell to 2.0 percent of net national product (NNP) 

in 2002 (latest available data) from 3.8 percent in 2001, and

a recent high of 7.5 percent in 1998. (Net national saving

and NNP exclude depreciation to replace worn-out or

obsolete equipment, software, and structures used in

production.)

For the most part, the 2002 decline in the net national

saving rate came from a swing in the Federal budget from a

surplus of 0.8 percent of NNP in calendar year 2001 to a

deficit of 2.2 percent of NNP in calendar year 2002. This 

reversal largely reflected the effects of the recession and the 

need for spending on homeland security following the

terrorist attacks in 2001. The deficit of State and local

governments relative to NNP also widened a bit in 2002

because of the weaker economy. Combined, the public

sector deficit was 2.8 percent of NNP in calendar year 2002, 

compared to a surplus of 0.5 percent in 2001. All the same,

this figure is considerably below public sector deficits

averaging 3.9 percent of NNP from 1982 to 1995.

In 2002, private saving rose to 4.8 percent of NNP from

3.3 percent in 2001, which was the lowest rate since 1938.

Both personal saving and retained earnings reached lows in

2001 not seen in at least 50 years. Personal saving rose

substantially to 3.2 percent of NNP in 2002 from 1.9 percent 

in 2001. The low personal saving rate in 2001 reflected the

huge growth in the stock market before 2001 that boosted

household wealth so much that there was less incentive to

save from income. In contrast, last year’s rise in saving

indicated greater caution on the part of consumers in the face 

of the stock market declines and the weak economy;

moreover, saving got further impetus from the increase in

after-tax income generated by the reduction in marginal tax

rates in January 2002. Retained earnings of corporations

were up slightly to 1.5 percent of NNP in 2002 from

1.4 percent in 2001.

Net domestic investment (by government and private

industry in structures, equipment, software, and inventory)

slowed to 6.1 percent of NNP in 2002 from 6.8 percent in

2001 and almost 10 percent in each of the prior 3 years.

Nevertheless, the 2002 rate of investment is still above rates 

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

investment during the last decade was financed from abroad. 

U.S. net foreign investment swung from 0.3 percent of NNP 

in 1991 to -5.4 percent in 2002.

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00

Public

Total

(Saving as a percent of NNP)
10

INTRODUCTION: Federal Fiscal Operations

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be

made. Reappropriations are Congressional actions that

extend the availability of unobligated amounts that have

expired or would otherwise expire. These are counted as

new budget authority in the fiscal year of the legislation in

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they

would otherwise lapse.

Obligations generally are liquidated by the issuance of

checks or the disbursement of cash—outlays. Obligations

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

of interest on public issues of Treasury debt securities

(including an increase in redemption value of bonds

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

monetary credits, or electronic payments.

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax

credits in excess of tax liabilities are treated as outlays.

Outlays during a fiscal year may be for payment of

obligations incurred in prior years or in the same year.

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority

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

outlays include both budget and off-budget outlays and are

stated net of offsetting collections.

Receipts are reported in the tables as either budget

receipts or offsetting collections. They are collections from

the public, excluding receipts offset against outlays. These,

also called governmental receipts, consist mainly of tax

receipts (including social insurance taxes), receipts from

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

Federal Reserve system. Refunds of receipts are treated as

deductions from gross receipts. Total Government receipts

are compared with total outlays in calculating the budget

surplus or deficit.

Offsetting collections from other Government accounts

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

nature. They are classified as either collections credited to

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

amounts deposited in receipt accounts). The former normally 

can be used without appropriation act by Congress. These

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

collected for materials or services are treated as

reimbursements to appropriations. For accounting purposes,

earned reimbursements are also known as revenues. These

offsetting collections are netted against gross outlays in

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

the three types of revolving funds (public enterprise,

intragovernmental and trust); offsetting collections are

netted against spending, and outlays are reported as the net

amount.

Offsetting receipts in receipt accounts cannot be used

without appropriation. They are subdivided into three

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

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

intragovernmental transactions, or payments into receipt

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government

agencies and are credited with collections from other

Government accounts; and (3) offsetting governmental

receipts that include foreign cash contributions.

Intrabudgetary transactions are subdivided into three

categories: (1) interfund transactions—payments are from

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

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

transactions—payments and receipts both occur within the

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

payments and receipts both occur within the trust fund

group.

Offsetting receipts are generally deducted from budget

authority and outlays by function, subfunction, or agency.

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

from budget totals as undistributed offsetting receipts. They

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis

and presentation since 1969. The concept calls for the

budget to include all of the Government’s fiscal transactions

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under

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

Social Security trust funds, Federal Old-Age and Survivors

Insurance and the Federal Disability Insurance Trust Fund,

and the Postal Service.

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and

Emergency Deficit Control Act of 1985 [commonly known

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

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

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

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

provide a summary of data relating to Federal fiscal

operations reported by Federal entities and disbursing

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

accounting transactions affecting receipts and outlays of the

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are

derived from the “Monthly Treasury Statement of Receipts

and Outlays of the United States Government.”

• Table FFO-1 summarizes the amount of total

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

transactions in Federal securities, monetary assets and

balances in Treasury operating cash.

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement,

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

miscellaneous receipts.

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

agency.

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

receipts by source and outlays by function as reported to

each major fund group classification for the current fiscal

year to date and prior fiscal year to date.

• Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are

collections made in a fiscal year. They span several tax

liability years because they consist of prepayments

(estimated tax payments and taxes withheld by employers

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after

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

delinquent returns or on delinquent accounts).

Amounts are reported based on the primary filing

address provided by each taxpayer or reporting entity. For

multistate corporations, the address may reflect only the

district where such a corporation reported its taxes from a

principal office rather than other districts where income was

earned or where individual income and Social Security taxes 

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

district and work in another.

• Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 

2003 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 $174.4 billion for the second

quarter of fiscal 2003. This is an increase of $1.6 billion over 

the comparable prior year quarter. Withheld receipts

increased by $9.5 billion and non-withheld receipts

decreased by $7.1 billion during this period. Refunds

increased by $0.8 billion over the comparable fiscal 2002

quarter. There was an increase of $5.6 billion in accounting

adjustments between individual income tax receipts and the

Social Security and Medicare trust funds over the

comparable quarter in fiscal 2002.

Corporate income taxes—Net corporate income tax

receipts were $11.6 billion for the second quarter of fiscal

2003. This is a decrease of $11.1 billion compared to the

prior year second quarter. The $11.1 billion change is

comprised of a decrease of $8.1 billion in estimated and final 

payments, and an increase of $2.9 billion in corporate

refunds.

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of

fiscal 2003 were $171.5 billion, a decrease of $3.6 billion

over the comparable prior year quarter. Receipts to the

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds

changed by -$1.3 billion, -$0.2 billion, and -$1.9 billion

respectively. There were -$4.9 billion in accounting

adjustments for prior years employment tax liabilities made

in the second quarter of fiscal 2003, while there were $0.7

billion in adjustments in the second quarter of fiscal 2002.

Unemployment insurance—Unemployment insurance

receipts, net of refunds, for the second quarter of fiscal 2003 

were $3.8 billion, an increase of $0.3 billion over the

comparable quarter of fiscal 2002. Net State taxes deposited

in the United States Treasury increased by $0.2 billion to

$2.8 billion. Net Federal Unemployment Tax Act (FUTA) 

taxes did not change significantly from $1.0 billion.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the

second quarter of fiscal 2003. This was a negligible change

from the comparable quarter of fiscal 2002.
12 FEDERAL FISCAL OPERATIONS

Budget Results and Financing of the U.S. Government

and Second-Quarter Receipts by Source, con.

Excise taxes—Net excise tax receipts for the second

quarter of fiscal 2003 were $15.3 billion, a decrease of $3.8

billion over the comparable prior year quarter. Total excise

tax refunds for the quarter were $0.5 billion, not a significant

change over the comparable prior year quarter.

Estate and gift taxes—Net estate and gift tax receipts

were $5.5 billion for the second quarter of fiscal 2003. These 

receipts represent a decrease of $0.8 billion over the same

quarter in fiscal 2002.

Customs duties—Customs duties net of refunds were

$4.8 billion for the second quarter of fiscal 2003. This is an

increase of $0.7 billion over the comparable prior year

quarter.

Miscellaneous receipts—Net miscellaneous receipts for

the second quarter of fiscal 2003 were $9.7 billion, an

increase of $1.9 billion over the comparable prior year

quarter.

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

January - March

Actual fiscal

year to date

Budget estimates

(February 2003)

full fiscal 2003

Total on- and off-budget results:

Total receipts ................................................................ 397,764 825,156 1,836,218

On-budget receipts .................................................... 262,924 572,341 1,304,653

Off-budget receipts .................................................... 134,840 252,815 531,565

Total outlays................................................................... 541,694 1,077,805 2,140,377

On-budget outlays...................................................... 431,158 902,452 1,772,280

Off-budget outlays...................................................... 110,536 175,353 368,097

Total surplus or deficit (-)............................................... -143,931 -252,649 -304,159

On-budget surplus or deficit (-).................................. -168,234 -330,111 -467,627

Off-budget surplus or deficit (-).................................. 24,303 77,462 163,468

Means of financing:

Borrowing from the public .............................................. 63,540 160,407 338,011

Reduction of operating cash.......................................... 19,755 47,635 10,886

Other means .................................................................. 60,636 44,606 -44,738

Total on- and off-budget financing.............................

143,931 252,649 304,159

Second-Quarter Net Budget Receipts by Source, Fiscal 2003

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

Source Jan. Feb. Mar.

Individual income taxes...................................................... 108.8 25.0 40.6

Corporate income taxes..................................................... 1.2 -1.2 11.6

Employment taxes and contributions................................. 63.6 52.5 55.4

Unemployment insurance .................................................. 1.4 2.1 0.3

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

Excise taxes ....................................................................... 5.4 5.2 4.7

Estate and gift taxes .......................................................... 2.0 1.6 1.9

Customs duties .................................................................. 1.7 1.5 1.6

Miscellaneous receipts....................................................... 3.4 2.4 3.9

Total budget receipts .....................................................

187.9 89.5 120.4

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

CHART FFO-A.—

Monthly Receipts and Outlays, 2002-2003 

-50

0

50

100

150

200

250

300

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

(In billions of dollars)

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

500

550

600

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise

taxes

Misc.

receipts 

Estate/gift

taxes

Customs

duties

(In billions of dollars)

2003

2002 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2002-2003

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

TABLE FFO-1.—Summary of Fiscal Operations

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

Total on-budget and off-budget results

Fiscal year

or month

Total 

receipts 

 (1)

 On-budget

 receipts

 (2)

 Off-budget

 receipts

 (3)

Total outlays

(4)

On-budget 

outlays

(5)

Off-budget 

outlays

(6)

Total

surplus or

deficit (-)

(7)

On-budget 

surplus or

deficit (-)

(8)

Off-budget 

surplus or

deficit (-)

(9)

Means of 

financing

– net transactions

Borrowing from

the public–

Federal securities

Public debt

securities

(10)

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

1999 ................................ 1,827,302 1,382,834 444,468 1,701,328 1,380,550 320,778 125,974 2,283 123,691 128,230

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

2001 ................................ 1,991,044 1,483,525 507,519 1,863,769 1,516,931 346,838 127,276 -33,406 160,682 141,902

2002 ................................ 1,853,296 1,337,975 515,321 2,010,962 1,655,299 355,663 -157,666 -317,324 159,658 428,391

2003 - Est................................ 1,836,218 1,304,653 531,565 2,140,377 1,772,280 368,097 -304,159 -467,627 163,468 554,283

2004 - Est................................ 1,922,025 1,365,857 556,168 2,229,425 1,847,924 381,505 -307,400 -482,067 174,667 568,979

2002 - Mar................................ 111,220 65,624 45,596 175,458 138,167 37,291 -64,238 -72,543 8,306 1,988

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

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

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

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

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

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

Oct................................ 124,557 88,065 36,492 178,549 146,520 32,028 -53,992 -58,456 4,464 55,342

Nov................................ 120,037 80,671 39,366 179,135 141,939 37,196 -59,099 -61,268 2,170 63,065

Dec................................ 182,799 140,682 42,117 178,426 182,834 -4,408 4,373 -42,153 46,525 64,863

2003 - Jan ................................ 187,897 138,697 49,200 176,786 142,064 34,722 11,111 -3,367 14,478 -3,037

Feb ................................ 89,496 48,176 41,320 185,826 148,114 37,712 -96,330 -99,938 3,608 43,991

Mar ................................ 120,371 76,051 44,320 179,082 140,980 38,102 -58,711 -64,929 6,217 15,044

Fiscal 2003 to date................................ 825,156 572,341 252,815 1,077,805 902,452 175,353 -252,649 -330,111 77,462 239,268

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)

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

1999 ................................................................ -854 216,740 -89,364 17,580 2,178 783 -1,173 -18,251 1,009 -125,974

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

2001 ................................................................ -661 231,370 -90,130 -8,440 1,603 8,181 4,717 -21,655 -9,430 -127,276

2002 ................................................................ 159 207,708 220,842 16,667 790 15,714 2,457 -24,712 -2,836 157,666

2003 - Est................................ -651 215,621 338,011 -10,886 * * * -44,738 * 304,159

2004 - Est................................ -242 281,113 287,624 - * * * 19,776 * 307,400

2002 - Mar................................ -53 -193 2,128 -30,544 46 -11,510 -90 20,012 * 64,238

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

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

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

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

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

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

Oct................................ -445 21,511 33,385 -17,172 -24 -18,105 -273 -14,967 - 53,992

Nov................................ 138 -42 63,245 -12,771 169 -8,114 -108 -24,970 - 59,099

Dec................................ 412 65,038 237 2,062 311 9,106 1,497 8,366 - -4,373

2003 - Jan ................................ -353 7,508 -10,897 -1,835 -868 2,599 -25 -343 - -11,111

Feb ................................ -520 -1,752 45,222 -22,615 70 -33,494 -266 -5,339 142 96,330

Mar ................................ 478 -13,693 29,215 4,695 24 -1,898 1,173 33,524 -34 58,711

Fiscal 2003 to date................................-291 78,570 160,407 -47,635 -317 -49,905 1,997 -3,729 108 252,649

* Less than $500,000.

1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury 

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

table.

Note.—These figures are based on the fiscal 2004 budget released by the Office of 

Management and Budget on February 3, 2003. Detail may not add to totals due to 

rounding.
FEDERAL FISCAL OPERATIONS 15

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

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

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)

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

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

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

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

2002 ................................ 750,756 286,956 179,365 858,345 211,438 63,396 148,044 1,006,389 665,381 1,011 664,370

2003 - Est................................ 849,053 - - 849,053 143,186 - 143,186 992,239 683,840 - 683,840

2004 - Est................................ 849,880 - - 849,880 169,060 - 169,060 1,018,940 715,952 - 715,952

2002 - Mar................................ 65,528 6,272 46,778 25,022 23,444 8,117 15,327 40,349 57,910 1 57,909

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

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

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

July ................................ 63,636 4,460 3,519 64,577 6,842 5,168 1,675 66,252 50,439 * 50,439

Aug ................................ 57,567 4,928 3,767 58,727 3,211 3,550 -340 58,387 50,528 * 50,528

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

Oct................................ 61,465 8,224 2,003 67,686 6,691 11,181 -4,490 63,196 47,981 * 47,981

Nov................................ 60,752 2,420 8,162 55,010 3,107 5,252 -2,145 52,865 51,904 - 51,904

Dec................................ 70,693 5,663 1,388 74,968 43,066 3,443 39,623 114,591 55,663 1 55,662

2003 - Jan ................................ 68,904 43,775 3,853 108,825 4,883 3,690 1,193 110,018 63,234 - 63,234

Feb ................................ 63,030 2,230 40,278 24,981 3,897 5,098 -1,201 23,780 52,147 - 52,147

Mar ................................ 69,540 5,603 34,538 40,604 21,861 10,277 11,585 52,189 54,994 - 54,994

Fiscal 2003 to date ................................ 394,383 67,913 90,221 372,076 83,506 38,940 44,566 416,642 325,924 1 325,923

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 unemployment 

insurance

 (18)

Federal 

employees 

retirement

(19)

Other

retirement

(20)

Total

(21)

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

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

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

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

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

2003 - Est................................ 3,992 - 3,992 687,832 34,230 - 34,230 4,479 52 4,531

2004 - Est................................ 3,911 - 3,911 719,863 40,206 - 40,206 4,433 46 4,479

2002 - Mar................................ 426 * 426 58,335 282 11 271 432 6 438

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

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

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

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

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

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

Oct................................. 378 1 377 48,358 1,544 8 1,537 433 5 438

Nov................................ 350 - 350 52,254 2,433 - 2,433 354 3 358

Dec................................ 324 r 1 323 55,986 299 12 287 354 6 360

2003 - Jan ................................ 364 - 364 63,598 1,364 2 1,362 426 4 431

Feb ................................ 379 - 379 52,526 2,123 - 2,123 326 4 330

Mar ................................ 425 * 424 55,418 327 13 315 383 4 387

Fiscal 2003 to date................................ 2,220 2 2,218 328,141 8,091 35 8,056 2,277 26 2,303

See footnote at end of table.
16 FEDERAL FISCAL OPERATIONS

Net miscellaneous receipts

Estate and gift taxes Customs duties Total receipts

Fiscal year

or month

Excise

 taxes, con.

Net excise 

taxes

(35)

Gross

(36)

Refunds

(37)

Net

(38)

Gross

(39)

Refunds

(40)

Net 

(41)

Deposits of 

earnings by 

Federal 

Reserve 

Banks

(42)

Universal 

service fund 

and all other

(43)

Total

(44)

On-budget

(45)

Off-budget

(46)

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

1999 ................................ 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,864 34,781 1,382,834 444,468

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

2001 ................................ 66,232 29,248 848 28,400 20,543 1,175 19,368 26,124 11,540 37,664 1,483,525 507,519

2002 ................................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,366 34,049 1,337,975 515,321

2003 - Est................................ 68,416 20,209 - 20,209 19,052 - 19,052 23,565 11,144 34,709 1,304,653 531,565

2004 - Est................................ 70,905 23,379 - 23,379 20,713 - 20,713 27,078 11,462 38,540 1,365,857 556,168

2002 - Mar................................ 6,063 2,116 42 2,074 1,305 86 1,219 1,864 608 2,471 65,624 45,596

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

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

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

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

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

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

Oct................................ 4,612 2,085 68 2,017 1,843 280 1,563 1,968 868 2,835 88,065 36,492

Nov ................................ 5,958 1,746 91 1,655 1,742 115 1,627 2,033 853 2,887 80,671 39,366

Dec ................................ 5,480 1,961 76 1,885 1,749 93 1,655 1,879 674 2,554 140,682 42,117

2003 - Jan ................................ 5,395 2,055 55 2,000 1,743 62 1,681 2,551 860 3,411 138,697 49,200

Feb ................................ 5,226 1,629 69 1,561 1,604 76 1,527 1,524 898 2,422 48,176 41,320

Mar ................................ 4,689 1,999 59 1,941 1,659 82 1,577 1,469 2,387 3,856 76,051 44,320

Fiscal 2003 to date ................................ 31,361 11,476 418 11,058 10,339 708 9,631 11,424 6,540 17,964 572,341 252,815

* Less than $500,000.

1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury 

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

Note.—These figures are based on the fiscal 2004 budget released by the Office of 

Management and Budget on February 3, 2003. 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)

1998 1

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

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

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

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

2002 ................................ 700,762 9,090 60 9,030 567 - 567 33,812 1,079 32,733 25,703 1,044 24,659

2003 - Est................................ 726,593 9,381 - 9,381 561 - 561 32,815 - 32,815 25,659 - 25,659

2004 - Est................................ 764,548 10,218 - 10,218 574 - 574 34,912 - 34,912 25,201 - 25,201

2002 - Mar................................ 59,044 928 - 928 48 - 48 2,575 - 2,575 2,583 70 2,512

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

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

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

July ................................ 53,432 770 * 771 47 - 47 2,807 2 2,805 2879 109 2,770

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

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

Oct................................ 50,333 125 - 125 8 - 8 465 1 464 4,089 74 4,015

Nov................................ 55,044 865 * 865 56 - 56 3,469 - 3,469 1,613 45 1,568

Dec................................ 56,633 589 - 589 37 - 37 2,390 - 2,390 2,546 81 2,465

2003 - Jan ................................ 65,391 709 - 709 46 - 46 2,839 - 2,839 1,869 70 1,800

Feb ................................ 54,979 707 13 694 44 - 44 2,636 271 2,366 1,910 -213 2,123

Mar ................................ 56,120 611 - 611 42 - 42 3,093 - 3,093 1,317 375 942

Fiscal 2003 to date ................................ 338,501 3,607 13 3,594 233 - 233 14,892 272 14,621 13,345 432 12,913
FEDERAL FISCAL OPERATIONS 17

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

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

Fiscal year

or month

Legislative

branch

(1)

Judicial

branch

(2)

Department of

Agriculture

(3)

Department of 

Commerce

(4)

Department of

Defense, 

military

(5)

Department of

Education

(6)

Department of

Energy

(7)

Department of 

Health 

and

Human 

Services

(8)

Department of 

Homeland

Security

(9)

Department of

Housing 

and Urban

Development

(10)

Department of

the

Interior

(11)

Department of

Justice

(12)

Department of

Labor

(13)

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

1999 ................................ 2,612 3,793 62,839 5,036 261,379 31,492 16,054 359,700 - 32,736 7,814 18,318 32,459

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

2001 ................................ 3,030 4,409 68,156 5,017 291,030 35,724 16,420 426,391 - 33,937 8,001 20,810 39,271

2002 ................................ 3,230 4,824 68,989 5,322 332,116 46,285 17,772 466,104 - 31,880 9,641 24,197 64,252

2003 - Est................................ 3,961 5,419 72,773 5,790 358,155 59,481 19,796 502,013 28,155 37,987 10,357 22,156 70,746

2004 - Est................................ 4,336 5,663 74,124 5,778 370,707 58,891 21,030 539,015 27,942 36,486 10,722 24,271 58,118

2002 - Mar................................ 199 488 6,242 375 30,286 3,703 2,162 38,749 - 4,299 822 2,052 5,198

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

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

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

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

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

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

Oct................................ 335 412 9,336 427 28,745 4,237 2,255 43,869 1,761 3,654 1,017 r 2,048 r 5,914

Nov ................................ 259 407 7,857 481 31,293 3,449 1,886 42,388 2,223 2,982 547 r 1,470 r 5,287

Dec ................................ 274 399 8,657 525 33,607 4,123 1,156 41,935 2,258 3,222 732 r 1,650 r 5,460

2003 - Jan ................................ 291 520 7,753 437 29,762 6,631 1,635 41,675 1,649 3,053 338 1,672 6,682

Feb ................................ 253 404 5,031 408 28,613 5,376 1,153 38,867 5,010 2,544 559 1,521 5,377

Mar ................................ 340 380 5,591 464 28,889 9,087 1,713 37,741 2,366 2,808 705 1,971 6,173

Fiscal 2003 to date................................ 1,753 2,522 44,225 2,742 180,909 32,903 9,799 246,478 15,266 18,262 3,899 10,332 34,892

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)

Federal 

Emergency 

Management 

Agency

(23)

General 

Services 

Administration

(24)

International 

Assistance 

Program

(25)

1998 1

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

1999 ................................ 6,463 41,836 352,841 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061

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

2001 ................................ 7,446 54,075 359,508 30,442 45,043 4,726 34,161 7,390 280 4,415 -8 11,771

2002 ................................ 9,453 61,282 332,537 41,979 50,881 4,798 35,159 7,451 496 4,236 -271 13,309

2003 - Est................................ 10,977 52,280 328,316 40,487 56,946 4,146 40,148 7,958 334 - 424 13,020

2004 - Est................................ 10,205 53,680 351,481 40,487 61,889 4,117 40,442 8,270 341 - 80 15,235

2002 - Mar................................ 607 4,439 14,028 9,038 3,518 337 2,929 737 32 471 -76 986

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

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

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

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

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

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

Oct................................ 1,283 r 4,961 13,677 r 1,896 4,446 580 3,461 643 26 366 45 897

Nov................................ 902 r 3,654 19,552 r 1,512 6,461 436 3,112 604 25 400 32 1,292

Dec................................ 858 r 4,458 84,989 r 775 4,495 396 3,222 627 r 23 353 60 605

2003 - Jan ................................ 426 2,930 13,163 2,077 4,925 385 3,534 683 38 483 -43 1,018

Feb ................................ 642 1,131 15,835 20,910 4,570 382 3,208 587 22 3,094 -348 1,573

Mar ................................ 791 3,313 13,418 10,411 2,974 351 3,566 706 26 - 304 1,824

Fiscal 2003 to date................................ 4,903 20,447 160,635 37,581 27,874 2,528 20,103 3,850 160 4,695 50 7,211

See footnote at end of table.
18 FEDERAL FISCAL OPERATIONS

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

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

Undistributed offsetting receipts

Total outlays

Fiscal year

or month

National 

Aeronautics 

and

Space

Administration

(26)

National 

Science 

Foundation

(27)

Office of

Personnel 

Management

(28)

Small 

Business 

Administration

(29)

Social 

Security 

Administration

(30)

Independent 

agencies

 (31)

Employer 

share, 

employee 

retirement

(32)

Interest 

received 

by trust 

funds

(33)

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands

(34)

Allowances 

and 

other

(35)

Onbudget 

(36)

Offbudget

(37)

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

1999 ................................ 13,665 3,285 47,515 58 419,790 6,903 -35,594 -118,593 -3,098 -1,754 1,380,550 320,778

2000 ................................ 13,443 3,487 48,660 -422 441,810 10,549 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765

2001 ................................ 14,094 3,691 50,916 -569 461,748 13,393 -38,792 -143,936 -7,194 -1,025 1,516,931 346,838

2002 ................................ 14,429 4,187 52,512 492 488,694 15,729 -42,782 -153,196 -5,024 -2 1,655,299 355,663

2003 - Est................................ 14,599 4,853 55,793 1,553 509,910 10,756 -45,906 -157,501 -4,300 -80 1,772,280 368,097

2004 - Est................................ 15,255 5,092 58,495 770 530,765 14,183 -49,479 -164,230 -3,989 -200 1,847,924 381,501

2002 - Mar................................ 1,173 289 4,206 22 40,693 744 -3,365 202 -129 * 138,167 37,291

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

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

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

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

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

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

Oct................................ 1,130 387 4,721 91 r 40,866 -144 -3,476 -63 -282 -605 146,520 32,028

Nov................................ 1,067 366 4,310 -359 r 43,916 841 -3,101 -5,204 -209 -604 141,939 37,196

Dec................................ 1,207 333 4,553 456 r 41,579 385 -3,163 -70,185 -557 -686 182,834 -4,408

2003 - Jan ................................ 1,137 338 4,507 58 41,881 1,842 -3,473 216 -304 -652 142,064 34,772

Feb ................................ 1,030 331 4,203 85 41,811 1,181 -3,160 -2,126 -412 -750 148,114 37,712

Mar ................................ 1,249 339 4,549 32 39,299 2,078 -3,254 -77 -357 -688 140,980 38,102

Fiscal 2003 to date................................ 6,820 2,094 26,841 363 249,347 6,185 -19,627 -77,439 -2,120 -3,985 902,452 175,353

* Less than $500,000.

1

 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury 

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

Note.—These figures are based on the fiscal 2004 budget released by the Office of 

Management and Budget on February 3, 2003. Detail may not add to totals due to 

rounding.
FEDERAL FISCAL OPERATIONS 19

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

March 2003 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 .....................................................372,053 22 - 372,076 399,176 28 - 399,204

Corporation income taxes.................................................. 44,665 - -99 44,566 78,327 - 7 78,334

Social insurance and retirement receipts:

Employment and general retirement (off-budget).......... - - 252,815 252,815 - - 246,372 246,372

Employment and general retirement (on-budget).......... - - 75,327 75,327 - - 76,238 76,238

Unemployment insurance.............................................. - - 8,056 8,056 - - 7,619 7,619

Other retirement............................................................. - - 2,303 2,303 - - 2,281 2,281

Excise taxes................................................................ 12,301 291 18,769 31,361 11,763 293 18,513 30,569

Estate and gift taxes .......................................................... 11,058 - - 11,058 12,931 - - 12,931

Customs duties ................................................................ 6,222 3,002 408 9,631 5,861 2,720 339 8,919

Miscellaneous receipts ...................................................... 12,130 5,605 229 17,964 11,697 4,299 479 16,475

Total receipts .............................................................458,430 8,920 357,807 825,156 519,755 7,340 351,848 878,943

(On-budget)............................................................458,430 8,920 104,992 572,341 519,755 7,340 105,476 632,571

(Off-budget)............................................................ - - 252,815 252,815 - - 246,372 246,372

Budget outlays:

Legislative branch.............................................................. 1,615 126 13 1,753 1,474 128 -9 1,593

Judicial branch................................................................ 2,202 338 -18 2,522 2,279 116 -19 2,375

Department of Agriculture.................................................. 28,029 16,158 39 44,225 27,172 16,548 -42 43,679

Department of Commerce ................................................. 2,689 52 1 2,742 2,633 -8 3 2,628

Department of Defense-military.........................................178,584 2,346 -21 180,909 158,451 1,820 -37 160,234

Department of Education................................................... 32,918 -15 * 32,903 22,861 -19 * 22,843

Department of Energy........................................................ 10,895 -1,096 - 9,799 10,214 -350 - 9,864

Department of Health and Human Services......................167,535 96 78,846 246,477 159,510 42 65,947 225,499

Department of Homeland Security ................................ 16,021 -864 110 15,266 7,988 -663 156 7,480

Department of Housing and Urban Development ............. 18,186 82 -5 18,262 19,916 -2,078 * 17,838

Department of the Interior.................................................. 4,288 -512 122 3,899 4,773 348 92 5,213

Department of Justice........................................................ 9,614 577 140 10,332 9,096 647 468 10,211

Department of Labor.......................................................... 5,989 -578 29,482 34,892 5,268 -1,360 23,866 27,773

Department of State........................................................... 4,428 297 177 4,903 4,982 231 164 5,377

Department of Transportation............................................ -3,887 -103 24,437 20,447 863 7 26,096 26,967

Department of the Treasury:

Interest on the public debt .............................................160,635 - - 160,635 164,414 - - 164,414

Other.............................................................................. 37,709 -117 -11 37,581 32,724 360 -3 33,081

Department of Veterans Affairs ......................................... 28,128 -740 486 27,874 24,539 -525 489 24,503

Corps of Engineers ............................................................ 1,955 185 389 2,528 1,876 142 381 2,400

Other defense civil programs............................................. 32,332 -12,083 -147 20,103 17,080 * 447 17,527

Environmental Protection Agency ................................ 3,835 -2 17 3,850 3,761 -68 -54 3,639

Executive Office of the President ................................ 159 * * 160 279 * - 279

General Services Administration ................................ 73 -23 * 50 73 -147 - -74

International Assistance Program................................ 7,565 -727 373 7,211 10,132 -865 866 10,133

National Aeronautics and Space Administration ............... 6,820 - * 6,820 6,996 - * 6,997

National Science Foundation............................................. 2,067 11 16 2,094 1,864 8 18 1,890

Office of Personnel Management................................ 3,337 26 23,478 26,841 3,097 2 23,102 26,202

Small Business Administration .......................................... 422 -58 * 363 435 -80 * 355

Social Security Administration ........................................... 23,833 - 225,515 249,348 22,748 * 216,777 239,526

Other independent agencies.............................................. 4,410 -2,631 4,407 6,185 3,905 -1,873 4,409 6,441

Undistributed offsetting receipts:

Interest ........................................................................... - - -77,439 -77,439 - - -74,357 -74,357

Other.............................................................................. -2,122 -3,984 -19,627 -25,732 -2,724 2 -18,944 -21,667

Total outlays...............................................................790,262 -3,239 290,781 1,077,805 728,682 12,364 269,818 1,010,864

(On-budget)............................................................790,262 1,417 110,772 902,452 728,682 16,257 95,256 840,195

(Off-budget)............................................................ - -4,656 180,009 175,353 - -3,894 174,563 170,669

Surplus (+) or deficit (-)..............................................-331,833 12,158 67,026 -252,649 -208,927 -5,023 82,030 -131,920

(On-budget)............................................................-331,833 7,502 -5,780 -330,111 -208,927 -8,917 10,220 -207,623

(Off-budget)............................................................ - 4,656 72,806 77,462 - 3,894 71,810 75,703

- No transactions.

* Less than $500,000.
20

INTRODUCTION: Source and Availability of the

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve

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

accounts in other financial institutions. Major information

sources include FRBs, Treasury Regional Financial Centers,

Internal Revenue Service Centers, Bureau of the Public Debt 

and various electronic systems. As the FRB accounts are

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

tax and loan accounts at financial institutions throughout the 

country.

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

United States Code 323), Treasury implemented a program

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

cash in obligations of depositaries maintaining tax and loan

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

investment program, depositary financial institutions select

the manner in which they will participate. Financial

institutions wishing to retain funds deposited into their tax

and loan accounts in interest-bearing obligations can

participate. The program permits Treasury to collect funds

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

depositaries and in the financial communities in which they

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

way, Treasury is able to neutralize the effect of its

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to

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

collector depositaries.

Deposits to tax and loan accounts occur as customers of

financial institutions deposit tax payments, which the

financial institutions use to purchase Government securities.

In most cases, this involves a transfer of funds from a

customer’s account to the tax and loan account in the same

financial institution. Also, Treasury can direct the FRBs to

invest excess funds in tax and loan accounts directly from

the Treasury account at the FRBs.

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

and Tax and Loan Note Account Balances

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

Credits and withdrawals

Federal Reserve accounts

Credits 1 Tax and loan note accounts

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)

1998 ................................................ 4,238,957 259,197 4,500,895 969,668 971,671 

1999 ................................................ 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

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 

2002 - Mar.......................................... 445,253 31,359 476,672 114,126 144,609 

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

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

June........................................ 483,678 31,923 513,368 102,823 73,729 

July ......................................... 492,425 27,659 521,959 94,140 92,101 

Aug ......................................... 543,483 25,735 570,587 83,918 95,828 

Sept........................................ 552,486 33,839 583,320 111,295 79,932 

Oct.......................................... 537,802 26,592 566,395 88,666 103,837 

Nov......................................... 472,130 26,217 499,297 89,490 101,311 

Dec......................................... 541,311 38,484 580,302 131,025 128,455 

2003 - Jan .......................................... 570,072 29,387 598,370 104,465 107,388 

Feb ......................................... 544,891 26,710 572,842 91,227 112,601 

Mar ......................................... 504,962 39,196 541,680 105,875 103,656 

See footnotes at end of table.
ACCOUNT OF THE U.S. TREASURY 21

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

and Tax and Loan Note Account Balances, con.

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

Balances

During period

End of period High Low Average

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)

1998 ....................................... 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

1999 ....................................... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

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 

2002 - Mar.............................. 5,692 8,403 7,396 36,432 3,080 7,977 5,551 16,861 

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

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

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

July ............................. 6,242 33,553 6,417 33,553 2,593 104 5,279 11,781 

Aug ............................. 4,874 21,643 6,479 30,671 3,990 4,134 5,068 18,257 

Sept............................ 7,879 53,007 8,668 55,050 4,348 2,207 5,838 27,700 

Oct.............................. 5,878 37,836 5,878 40,457 4,064 6,306 4,873 18,600 

Nov............................. 4,928 26,016 6,116 30,026 4,296 1,715 5,024 16,062 

Dec............................. 4,420 28,585 7,390 29,163 2,986 74 4,891 15,329 

2003 - Jan .............................. 5,509 25,661 7,435 30,223 4,034 39 5,773 13,153 

Feb ............................. 4,268 4,286 7,091 25,661 3,527 510 5,053 5,651 

Mar ............................. 6,746 6,504 7,029 11,773 3,607 131 5,339 4,132 

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.
22

INTRODUCTION: Federal Debt

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

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this

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

detailed information is published in the “Monthly Statement

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

information on agency securities and on investments of

Federal Government accounts in Federal securities is

published in the “Monthly Treasury Statement of Receipts

and Outlays of the United States Government.”

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

Public Debt revised formats, titles, and column headings in

the “Monthly Statement of the Public Debt of the United

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication

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

Treasury’s Financial Management Service (FMS)

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

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

United States.” Effective June 2001, FMS revised

procedures and categories in these tables to agree with the

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public,

including the Federal Reserve. It also includes debt held by

Federal agencies, largely by the Social Security and other

Federal retirement trust funds. The net unamortized

premium and discount also are listed by total Federal

securities, securities held by Government accounts and

securities held by the public. The difference between the

outstanding face value of the Federal debt and the net

unamortized premium and discount is classified as the

accrual amount. (For greater detail on holdings of Federal

securities by particular classes of investors, see the

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

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

and nonmarketable, the total public debt securities

outstanding that are held by the public.

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

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no

longer accruing interest. Because the Federal Financing

Bank is under the supervision of Treasury, its securities are

held by a U.S. Government account.

• In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by

issues to particular funds within Government. Many of the

funds invest in par value special series nonmarketables at

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

of marketable securities.

• Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing

has declined in recent years, in part because the Federal

Financing Bank has provided financing to other Federal

agencies. (Federal agency borrowing from Treasury is

presented in the “Monthly Treasury Statement of Receipts

and Outlays of the United States Government.”)

• Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to

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

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

offer securities maturing in more than 7 years at current

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

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

securities longer than 10 years to maturity. This exception

has expanded since 1971, authorizing Treasury to continue

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable

securities by maturity class reflects the remaining period to

maturity of Treasury bills, notes and bonds. The average

length is comprised of an average of remaining periods to

maturity, weighted by the amount of each security held by

private investors. In other words, computations of average

length exclude Government accounts and the FRBs.

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as

being subject to the debt ceiling. 

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

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

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

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day.

• Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies.

Certain Federal agencies are authorized to borrow money

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power

Administration are authorized to borrow from the Treasury

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

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

TABLE FD-1.—Summary of 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)

1998 ................................ 5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442

1999 ................................ 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871

2000 ................................ 5,701,851 5,674,179 27,672 2,235,763 2,235,712 51 3,466,088 3,438,467 27,621

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

2002 ................................ 6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170

2002 - Mar..............................6,032,411 6,006,032 26,379 2,562,358 2,562,358 - 3,470,053 3,443,674 26,379

Apr..............................6,011,008 5,984,677 26,331 2,582,932 2,582,932 - 3,428,076 3,401,745 26,331

May.............................6,045,782 6,019,332 26,450 2,586,104 2,586,104 - 3,459,678 3,433,228 26,450

June............................6,153,295 6,126,469 26,826 2,662,925 2,662,925 - 3,490,370 3,463,544 26,826

July .............................6,186,282 6,159,741 26,541 2,659,878 2,659,878 - 3,526,404 3,499,863 26,541

Aug .............................6,236,756 6,210,482 26,274 2,652,793 2,652,793 - 3,583,963 3,557,689 26,274

Sept............................6,255,406 6,228,236 27,170 2,675,648 2,675,648 - 3,579,758 3,552,589 27,170

Oct..............................6,309,253 6,282,528 26,725 2,696,538 2,696,538 - 3,612,715 3,585,990 26,725

Nov.............................6,370,323 6,343,460 26,863 2,694,624 2,694,624 - 3,675,699 3,648,836 26,863

Dec.............................6,432,982 6,405,707 27,275 2,758,322 2,758,322 - 3,674,660 3,647,385 27,275

2003 - Jan ..............................6,428,300 6,401,377 26,923 2,764,927 2,764,927 - 3,663,373 3,636,450 26,923

Feb .............................6,472,192 6,445,790 26,402 2,763,503 2,763,503 - 3,708,689 3,682,287 26,402

Mar .............................6,487,656 6,460,776 26,880 2,749,997 2,749,997 - 3,737,659 3,710,779 26,880

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)

1998 ................................ 5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613

1999 ................................ 5,684,776 79,367 5,605,409 1,989,308 16,148 1,973,160 3,695,468 63,219 3,632,249

2000 ................................ 5,701,851 73,513 5,628,338 2,235,763 16,867 2,218,896 3,466,088 56,646 3,409,442

2001 ................................ 5,834,475 64,897 5,769,579 2,468,757 18,490 2,450,266 3,365,719 46,407 3,319,312

2002 ................................ 6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

2002 - Mar..............................6,032,411 60,129 5,972,281 2,562,358 20,357 2,542,001 3,470,053 39,772 3,430,281

Apr..............................6,011,008 58,993 5,952,016 2,582,932 19,684 2,563,248 3,428,076 39,309 3,388,768

May.............................6,045,782 58,903 5,986,880 2,586,104 19,009 2,567,095 3,459,678 39,894 3,419,785

June............................6,153,295 57,686 6,095,609 2,662,925 18,683 2,644,242 3,490,370 39,003 3,451,367

July .............................6,186,282 57,263 6,129,019 2,659,878 18,348 2,641,529 3,526,404 38,914 3,487,490

Aug .............................6,236,756 57,295 6,179,462 2,652,793 18,237 2,634,556 3,583,963 39,058 3,544,905

Sept............................6,255,406 57,278 6,198,129 2,675,648 17,673 2,657,974 3,579,758 39,605 3,540,155

Oct..............................6,309,253 56,228 6,253,026 2,696,538 17,053 2,679,486 3,612,715 39,175 3,573,540

Nov.............................6,370,323 54,095 6,316,229 2,694,624 15,180 2,679,444 3,675,699 38,914 3,636,785

Dec.............................6,432,982 51,480 6,381,504 2,758,322 13,840 2,744,482 3,674,660 37,640 3,637,022

2003 - Jan ..............................6,428,300 50,186 6,378,115 2,764,927 12,937 2,751,989 3,663,373 37,249 3,626,125

Feb .............................6,472,192 50,608 6,421,585 2,763,503 13,266 2,750,238 3,708,689 37,342 3,671,347

Mar .............................6,487,656 50,550 6,437,106 2,749,997 13,453 2,736,545 3,737,659 37,097 3,700,562

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

Nonmarketable, con.

End of fiscal

year or month

U.S. savings 

securities

(8)

Foreign series

(9)

Government 

account series

(10)

State and local 

government series

(11)

Domestic

series

(12)

Other

(13)

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

2002 - Mar.............................. 191,962 14,578 43,269 141,053 29,995 3,752

Apr.............................. 192,406 14,778 43,562 140,295 29,995 3,911

May............................. 192,594 14,378 16,856 146,380 29,995 3,855

June............................ 192,771 13,319 44,420 142,746 29,995 3,974

July ............................. 192,958 12,919 45,242 134,840 29,995 3,974

Aug ............................. 193,092 12,719 46,624 141,631 29,995 3,974

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

Oct.............................. 193,855 12,719 47,986 149,573 29,995 4,096

Nov............................. 194,443 12,519 48,883 154,090 29,995 4,095

Dec............................. 194,933 11,207 49,538 153,398 29,995 3,967

2003 - Jan .............................. 195,813 11,207 50,604 148,574 29,995 3,966

Feb ............................. 196,424 11,607 18,982 149,561 29,995 3,965

Mar ............................. 196,930 12,207 2,720 148,826 29,995 4,030

* Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United States.”

TABLE FD-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)

Inflation-indexed 

notes and bonds

(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

2002 - Mar............................. 3,444,137 3,019,527 834,378 1,443,242 596,325 145,582 424,610

Apr............................. 3,402,337 2,977,390 793,469 1,445,361 592,710 145,850 424,947

May............................ 3,433,836 3,029,777 816,096 1,474,313 592,705 146,663 404,059

June........................... 3,464,147 3,036,922 822,439 1,474,296 592,704 147,482 427,225

July ............................ 3,500,452 3,080,525 862,246 1,486,932 592,702 138,645 419,927

Aug ............................ 3,558,277 3,130,242 890,698 1,508,127 592,699 138,719 428,033

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

Oct ............................. 3,586,524 3,148,300 881,840 1,527,415 592,689 146,356 438,223

Nov ............................ 3,649,353 3,205,328 901,417 1,568,838 588,465 146,607 444,025

Dec ............................ 3,647,940 3,204,902 888,741 1,580,860 588,450 146,850 443,038

2003 - Jan.............................. 3,636,978 3,196,818 869,317 1,586,144 588,446 152,913 440,160

Feb ............................ 3,683,888 3,273,353 918,767 1,616,553 585,446 152,589 410,535

Mar ............................ 3,711,312 3,316,603 955,018 1,622,917 585,440 153,228 394,709
FEDERAL DEBT 25

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

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

Marketable

End of fiscal

year or month

Total interestbearing public 

debt

(1)

Total

(2)

Treasury

bills

(3)

Treasury

notes

(4)

Treasury

bonds

(5)

Treasury

inflation-indexed

notes and bonds

(6)

Federal 

Financing

Bank

(7)

Nonmarketable

Total

(8)

1998....................................... 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1999....................................... 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242

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

Nonmarketable, con.

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)

1998 ....................................... 180,816 35,079 1,777,329 164,431 29,995 1

1999 ....................................... 180,019 30,970 2,005,166 168,091 29,995 1

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

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

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)

1998 ................................ 2,087 39,502 17,926 12,008 1,000 19,764 71 70,598 239,878

1999 ................................ 2,304 26,528 28,083 11,954 - 22,347 71 77,357 264,153

2000 ................................ 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154

2001 ................................ 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775

2002 ................................ 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362

2002 - Mar.............................. 2,719 42,788 19,969 11,561 416 25,023 - 75,874 316,937

Apr.............................. 2,722 42,050 20,061 11,476 656 25,049 - 72,400 315,116

May............................. 2,777 39,502 20,654 11,393 754 25,042 - 78,390 290,755

June............................ 2,781 41,551 20,861 11,720 878 24,993 - 76,992 316,480

July ............................. 2,793 40,239 20,442 11,640 3,075 24,883 - 73,024 315,523

Aug ............................. 2,797 37,651 20,053 11,563 2,794 24,896 - 72,127 316,980

Sept............................ 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362

Oct.............................. 2,857 36,951 19,046 11,386 396 19,182 - 64,743 347,460

Nov............................. 2,859 34,668 20,029 11,322 1,100 14,420 - 63,474 352,784

Dec............................. 2,897 34,135 18,483 11,632 2,410 11,946 - 61,117 351,731

2003 - Jan .............................. 2,901 33,791 19,379 11,546 1,417 8,918 - 56,735 351,539

Feb ............................. 2,911 33,424 18,971 11,465 1,728 4,829 - 54,244 323,204

Mar ............................. 2,913 33,149 16,445 11,371 2,074 744 - 49,271 305,964

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)

1998................................ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1999................................ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226

2000................................ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519

2001................................ 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114

2002................................ 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759

2002 - Mar............................. 2,589,665 13,500 29,328 24,306 9,813 144,686 541,352 214,168 20,244 1,096,981

Apr............................. 2,610,543 13,410 29,568 24,754 9,828 147,571 538,814 221,104 20,486 1,115,478

May............................ 2,586,992 13,342 29,734 25,223 9,761 148,355 532,613 217,728 20,979 1,119,990

June........................... 2,691,373 13,277 29,304 25,097 9,775 153,949 551,963 229,943 21,000 1,160,809

July ............................ 2,689,163 13,026 30,382 25,165 9,790 154,208 549,182 228,748 21,494 1,165,549

Aug ............................ 2,683,462 12,736 30,622 25,341 9,805 154,502 546,810 225,648 21,494 1,167,643

Sept ........................... 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759

Oct ............................. 2,743,628 11,707 30,521 25,386 9,732 155,158 583,191 227,309 22,223 1,176,380

Nov ............................ 2,742,628 12,572 30,919 25,428 9,742 155,251 580,491 226,775 22,449 1,178,345

Dec ................................ 2,806,946 13,433 30,918 25,796 9,753 160,349 595,859 235,326 23,453 1,217,702

2003 - Jan.............................. 2,814,641 13,324 31,044 25,836 10,677 161,968 593,352 237,672 23,685 1,230,857

Feb ............................ 2,780,528 13,953 30,437 26,133 10,596 162,280 590,583 237,618 24,377 1,233,775

Mar................................ 2,736,824 11,365 30,254 26,110 8,634 162,954 572,873 238,922 24,679 1,239,102
FEDERAL DEBT 27

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

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

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)

1998 ....................................... 29,359 63 174 1,261 26,685 717 458

1999 ....................................... 28,505 63 114 863 26,378 634 451

2000 ....................................... 27,672 63 227 775 25,987 51 569

2001 ....................................... 27,011 63 231 775 25,381 - 561

2002 ....................................... 27,170 - 298 775 25,557 - 540

2002 - Mar.............................. 26,379 63 166 775 24,818 - 556

Apr.............................. 26,331 63 182 775 24,753 - 557

May ............................ 26,450 63 202 775 24,851 - 558

June ........................... 26,826 63 217 775 25,211 - 559

July............................. 26,541 63 217 775 24,925 - 561

Aug............................. 26,274 63 158 775 24,725 - 553

Sept............................ 27,170 - 298 775 25,557 - 540

Oct.............................. 26,725 - 312 775 25,096 - 542

Nov............................. 26,863 - 336 775 25,209 - 543

Dec............................. 27,275 - 344 775 25,612 - 544

2003 - Jan .............................. 26,923 - 354 775 25,248 - 545

Feb ............................. 26,402 - 152 775 24,937 - 538

Mar............................. 26,880 - 166 775 25,402 - 536

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

TABLE FD-5.—Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Maturity classes

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 1

(7)

1998 ................................ 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 10 mos.

1999 ................................ 2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos.

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.

2002 - Mar.............................. 2,400,776 953,703 696,282 307,424 197,398 245,968 5 yrs. 9 mos.

Apr.............................. 2,375,274 904,062 725,849 306,097 195,227 244,040 5 yrs. 9 mos.

May............................. 2,419,549 912,351 761,718 305,994 195,227 244,258 5 yrs. 8 mos.

June............................ 2,402,091 916,256 740,340 305,792 195,227 244,478 5 yrs. 8 mos.

July ............................. 2,457,756 922,600 781,212 314,301 195,227 244,416 5 yrs. 7 mos.

Aug ............................. 2,483,538 968,597 764,257 311,100 203,816 235,768 5 yrs. 7 mos.

Sept............................ 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos.

Oct.............................. 2,519,727 951,452 810,083 318,435 203,816 235,940 5 yrs. 5 mos.

Nov............................. 2,555,144 992,371 794,585 328,363 209,639 230,186 5 yrs. 5 mos.

Dec............................. 2,575,371 981,309 825,882 328,290 209,639 230,251 5 yrs. 4 mos.

2003 - Jan .............................. 2,567,292 964,715 845,144 317,542 209,639 230,253 5 yrs. 4 mos.

Feb ............................. 2,636,316 995,366 878,201 322,940 222,785 217,023 5 yrs. 4 mos.

Mar ............................. 2,675,019 1,031,783 880,646 322,672 222,785 217,132 5 yrs. 2 mos.

1

 Beginning September 1976, the maturity distribution and average length were calculated 

on the interest-bearing marketable debt privately held. Published data were changed for 

the end of the fiscal years back through 1967.

Note.—Detail may not add to totals due to rounding. Quarterly refunding charts can be 

accessed from the Office of Domestic Finance/Debt Management website at 

www.treas.gov/offices/domestic-finance/debt-management/qrc.
FEDERAL DEBT 29

TABLE FD-6.—Debt Subject to Statutory Limit*

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

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

2002 - Mar....................................... 5,950,000 5,935,108 5,934,951 156 6,006,032 156 71,080

Apr....................................... 5,950,000 5,914,816 5,914,647 169 5,984,677 169 70,030

May...................................... 5,950,000 5,949,975 5,949,787 188 6,019,332 188 69,546

June..................................... 6,400,000 6,058,313 6,058,110 203 6,126,469 203 68,359

July ...................................... 6,400,000 6,092,050 6,091,906 144 6,159,741 144 67,834

Aug ...................................... 6,400,000 6,142,835 6,142,665 170 6,210,482 170 67,817

Sept..................................... 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089

Oct....................................... 6,400,000 6,231,284 6,230,985 299 6,282,528 299 51,542

Nov...................................... 6,400,000 6,294,480 6,294,158 322 6,343,460 322 49,302

Dec...................................... 6,400,000 6,359,412 6,359,082 330 6,405,707 330 46,626

2003 - Jan ....................................... 6,400,000 6,355,812 6,355,696 116 6,401,377 116 45,681

Feb ...................................... 6,400,000 6,399,975 6,399,840 135 6,445,790 135 45,950

Mar ...................................... 6,400,000 6,399,975 6,399,825 150 6,460,776 150 60,952

1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect 

the format changes in the “Monthly Statement of the Public Debt of the United 

States.” 

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

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

Debt outstanding

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)

1998 ................................................ 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1999 ................................................ 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding.
30 FEDERAL DEBT

TABLE FD-7.—Treasury Holdings of Securities Issued

 by Government Corporations and Other Agencies

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

Department of Agriculture

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)

1998 ................................................ 154,155 19,937 13,295 7,808 203 642

1999 ................................................ 182,988 32,625 13,837 8,506 261 761

2000 ................................................ 191,596 27,323 14,690 9,413 305 729

2001 ................................................ 203,200 28,817 15,128 10,168 336 970

2002 ................................................ 213,555 25,074 16,312 10,780 417 906

2002 - Mar....................................... 217,140 26,026 15,778 11,416 395 889

Apr....................................... 220,143 26,380 15,903 11,416 395 889

May...................................... 220,447 26,924 15,903 11,416 395 889

June..................................... 214,751 24,258 15,903 11,421 395 889

July ...................................... 221,997 24,189 15,903 11,421 395 889

Aug ...................................... 222,084 24,127 15,903 11,421 395 904

Sept..................................... 213,555 25,074 16,312 10,780 417 906

Oct....................................... 234,282 28,574 16,082 10,780 417 906

Nov...................................... 239,224 32,437 16,082 10,780 417 906

Dec...................................... 226,347 19,643 16,082 10,780 417 906

2003 - Jan ....................................... 230,867 22,530 15,677 10,780 417 754

Feb ...................................... 232,548 23,548 16,208 10,780 437 754

Mar ...................................... 218,620 22,794 16,561 11,799 437 754

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)

1998 ................................................ 35,610 2,499 6,579 5,293 34,036

1999 ................................................ 52,440 2,515 7,996 4,628 28,115

2000 ................................................ 65,716 2,513 7,155 3,653 27,836

2001 ................................................ 77,448 2,689 4,544 3,103 27,862

2002 ................................................ 89,713 2,770 7,553 2,640 24,693

2002 - Mar....................................... 89,853 2,829 5,044 3,103 23,075

Apr....................................... 92,407 2,829 5,044 3,103 22,687

May...................................... 92,407 2,829 5,044 3,103 22,223

June..................................... 92,407 2,929 5,044 3,103 22,138

July ...................................... 98,051 2,929 5,544 3,103 22,877

Aug ...................................... 98,051 2,929 5,544 3,103 22,011

Sept..................................... 89,713 2,770 7,553 2,640 24,693

Oct....................................... 94,070 2,820 7,553 2,640 37,238

Nov...................................... 94,070 2,820 8,053 2,640 37,572

Dec...................................... 94,066 2,860 8,053 2,640 37,172

2003 - Jan ....................................... 101,378 2,800 8,053 2,640 36,147

Feb ...................................... 101,378 2,800 8,053 2,640 35,948

Mar ...................................... 101,378 2,800 8,053 2,640 20,425
FEDERAL DEBT 31

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

Corporations and Other Agencies, con.

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

End of fiscal

year or month

Export-Import

Bank of the

United States

(12)

Railroad

Retirement

Board

(13)

Small Business 

Administration

(14)

Other

(15)

1998 ....................................... 3,956 4,993 9,559 9,745

1999 ....................................... 6,603 4,848 9,825 10,030

2000 ....................................... 6,683 4,874 10,012 10,694

2001 ....................................... 7,045 2,884 10,087 12,120

2002 ....................................... 6,657 2,870 11,036 12,133

2002 - Mar.............................. 6,062 6,547 10,653 15,472

Apr.............................. 6,182 6,822 10,653 15,435

May............................. 6,185 7,076 10,653 15,401

June............................ 6,231 4,195 10,653 15,185

July ............................. 6,231 4,471 10,653 15,340

Aug ............................. 6,231 4,722 11,503 15,239

Sept............................ 6,657 2,870 11,036 12,133

Oct.............................. 6,657 3,149 11,036 12,358

Nov............................. 6,657 3,386 11,036 12,367

Dec............................. 6,657 3,662 11,190 12,216

2003 - Jan .............................. 6,657 3,943 6,735 12,354

Feb ............................. 6,657 4,196 6,735 12,411

Mar ............................. 6,875 4,475 6,735 12,891

Note.—Detail may not add to totals due to rounding.
32

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows

the Secretary of Treasury to borrow money by issuing

Treasury securities. The Secretary determines the terms and

conditions of issue, conversion, maturity, payment and

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

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

date. Each outstanding marketable security is listed in the

“Monthly Statement of the Public Debt of the United

States.” The information in this section of the “Treasury

Bulletin” pertains only to marketable Treasury securities.

• Table PDO-1 provides a maturity schedule of

interest-bearing marketable Treasury notes and bonds. All

unmatured Treasury notes and bonds are listed in maturity

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and

Federal Reserve banks (FRBs), so that the “all other

investors” category includes all private holdings.

• Table PDO-2 presents the results of weekly auctions 

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

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

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

presented. High yields on accepted tenders and the dollar

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

awards made on both competitive and noncompetitive bases.

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up

to $1 million for bills and $5 million for notes and bonds in

each auction of securities.

• Table PDO-3 lists the results of auctions of

marketable securities, other than weekly bills, in

chronological order over the past 2 years. 

• Table PDO-4 indicates the total amount of

marketable securities allotted to each class of investor. The

FRBs tally into investor classes the tenders in each auction

of marketable securities other than weekly auctions of 4-, 

13- and 26-week bills.

TREASURY FINANCING: JANUARY-MARCH

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

J A N U A R Y

Auction of 9-1/2-Year Inflation-Indexed Notes

On January 6, 2003, Treasury announced it would

auction $6,000 million of 9-1/2-year inflation-indexed notes

to raise cash. The 9-1/2 year, 3 percent inflation-indexed 

notes of Series C-2012 were dated July 15, 2002, and issued 

January 15, 2003. They are due July 15, 2012, with interest

payable on January 15 and July 15 until maturity.

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 6.

Tenders totaled $13,300 million; Treasury accepted $6,000

million at the high yield of 2.340 percent with an equivalent

adjusted price of $106.474. Tenders at the high yield were

allotted 99.38 percent. The median yield was 2.300 percent,

and the low yield was 2.220 percent. Noncompetitive

tenders totaled $199 million. Competitive tenders accepted

from private investors totaled $13,101 million. The

unadjusted price of $105.593 was adjusted by an index ratio

of 1.00834 for the period from July 15, 2002, through

January 15, 2003.

The minimum par amount required for Separate Trading

of Registered Interest and Principal Securities (STRIPS) of

inflation-indexed notes is $1,000.

Auction of 2-Year Notes

On January 27, 2003, Treasury announced it would

auction $27,000 million of 2-year notes of Series G-2005. 

The issue was to refund $21,719 million of securities

maturing January 31 and to raise new cash of approximately 

$5,281 million.

The notes of Series G-2005 were dated January 31. They 

are due January 31, 2005, with interest payable on July 31

and January 31 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 notes before 12 noon

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

competitive tenders on January 29. Tenders totaled $39,916

million; Treasury accepted $27,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.710 percent with the

equivalent price of $99.834. Tenders at the high yield were

allotted 65.21 percent. The median yield was 1.670 percent,

and the low yield was 1.600 percent. Noncompetitive

tenders totaled $882 million. Competitive tenders accepted

from private investors totaled $26,118 million.

In addition to the $27,000 million of tenders accepted in

the auction process, Treasury accepted $6,834 million from

Federal Reserve banks (FRBs) for their own accounts. The

minimum par amount required for STRIPS of notes of Series 

G-2005 is $1,000.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JANUARY-MARCH, con.

33

F E B R U A R Y

February Quarterly Financing

On February 5, 2003, Treasury announced it would

auction $24,000 million of 5-year notes of Series E-2008 

and $18,000 million of 10-year notes of Series A-2013 to

refund $21,589 million of Treasury securities maturing

February 15 and to raise about $20,411 million of new cash.

The notes of Series E-2008 were dated 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 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 11. Tenders totaled $34,162 

million; Treasury accepted $24,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.029 percent with an

equivalent price of $99.866. Treasury accepted in full all

competitive tenders at yields lower than 3.029. Tenders at

the high yield were allotted 71.96 percent. The median yield 

was 2.980 percent, and the low yield was 2.900 percent.

Noncompetitive tenders totaled $237 million. Competitive

tenders accepted from private investors totaled $23,733

million.

In addition to the $24,000 million of tenders accepted in

the auction process, Treasury accepted $3,484 million from

FRBs for their own accounts. The minimum par amount

required for STRIPS of notes of Series E-2008 is $1,000.

The 10-year notes of Series A-2013 were dated and

issued February 15. They are due February 15, 2013, 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 p.m. e.s.t. for

competitive tenders on February 12. Tenders totaled $33,083 

million; Treasury accepted $18,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 3.960 percent with an

equivalent price of $99.304. Treasury accepted in full all

competitive tenders at yields lower than 3.960 percent.

Tenders at the high yield were allotted 51.28 percent. The

median yield was 3.930 percent, and the low yield was 3.894 

percent. Noncompetitive tenders totaled $128 million.

Competitive tenders accepted from private investors totaled

$17,822 million.

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

the auction process, Treasury accepted $1,497 million from

FRBs for their own accounts. The minimum par amount

required for STRIPS of notes of Series A-2013 is $1,000.

Auction of 2-Year Notes

On February 24, 2003, Treasury announced it would

auction $27,000 million of 2-year notes. The issue was to

refund $20,022 million of securities maturing February 28

and to raise new cash of approximately $6,978 million.

The notes of Series H-2005 were dated and issued

February 28. They are due February 28, 2005, with interest

payable on the last day of August and February until

maturity. Treasury set an interest rate of 1-1/2 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 26. Tenders totaled 

$53,881 million; Treasury accepted $27,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.575 percent with an

equivalent price of $99.853. Treasury accepted in full all

competitive tenders at yields lower than 1.575 percent.

Tenders at the high yield were allotted 90.26 percent. The

median yield was 1.540 percent, and the low yield was 1.500 

percent. Noncompetitive tenders totaled $820 million.

Competitive tenders accepted from private investors totaled

$26,180 million.

In addition to the $27,000 million of tenders accepted in

the auction process, Treasury accepted $8,333 million from

FRBs for their own accounts. The minimum par amount

required for STRIPS of notes of Series H-2005 is $1,000.

Cash Management Bills

On February 25, 2003, Treasury announced it would 

auction $26,000 million of 14-day bills. They were issued

March 3 and matured March 17. The issue was to raise new

cash. Treasury auctioned the bills on February 27. Tenders

totaled $61,265 million; Treasury accepted $26,000 million. 

The high bank discount rate was 1.240 percent.

M A R C H

Auction of 2-Year Notes

On March 24, 2003, Treasury announced it would

auction $27,000 million of 2-year notes of Series J-2005. 

The issue was to refund $20,637 million of securities

maturing March 31 and to raise new cash of approximately

$6,363 million.

The notes of Series J-2005 were dated and issued March

31. They are due March 31, 2005, with interest payable on

September 30 and March 31 until maturity. Treasury set an

interest rate of 1-5/8 percent after determining which tenders 

were accepted on a yield auction basis.
PUBLIC DEBT OPERATIONS

TREASURY FINANCING: JANUARY-MARCH, con.

34

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 26. Tenders totaled

$49,696 million; Treasury accepted $27,000 million. All

noncompetitive and successful competitive bidders were

allotted securities at the high yield of 1.692 percent with an

equivalent price of $99.869. Treasury accepted in full all

competitive tenders at yields lower than 1.692 percent.

Tenders at the high yield were allotted 5.67 percent. The

median yield was 1.674 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $945 million.

Competitive tenders accepted from private investors totaled

$26,050 million.

In addition to the $27,000 million of tenders accepted in

the auction process, Treasury accepted $8,211 million from

FRBs for their own accounts. The minimum par amount

required for STRIPS of notes of Series J-2005 is $1,000.
PUBLIC DEBT OPERATIONS 35

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2003

[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)

2003

Apr. 30................................................................

1 5-3/4%-F note 04/30/98 12,573 3,568 9,005 

Apr. 30................................................................

1 4%-P note 04/30/01 13,339 3,725 9,613 

May 15................................................................ 10-3/4% bond 04/04/83 3,249 978 2,271 

May 31................................................................

1 5-1/2%-G note 06/01/98 13,132 2,411 10,721 

May 31................................................................

1 4-1/4%-Q note 05/31/01 13,332 3,482 9,850 

June 30................................................................

1 5-3/8%-H note 06/30/98 13,127 2,548 10,579 

June 30................................................................

1 3-7/8%-R note 06/30/01 14,671 4,152 10,519 

July 31................................................................

1 3-7/8%-S note 07/31/01 16,003 4,826 11,177 

Aug. 15, 03-08................................................................8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15................................................................ 11-1/8% bond 07/05/83 3,501 860 2,641 

Aug. 15................................................................

1 5-3/4%-B note 08/16/93 28,011 4,659 23,352 

Aug. 15................................................................

1 5-1/4%-J note 08/17/98 19,852 3,468 16,384 

Aug. 31................................................................

1 3-5/8%-T note 08/31/01 18,665 5,162 13,503 

Sept. 30................................................................

1 2-3/4%-U note 10/01/01 22,675 6,423 16,253 

Oct. 31................................................................

1 2-3/4%-V note 10/31/01 25,148 6,143 19,005 

Nov. 15, 03-08................................................................8-3/4% bond 11/15/78 5,230 1,908 3,322 

Nov. 15................................................................ 11-7/8% bond 10/05/83 7,260 2,531 4,729 

Nov. 15................................................................

1 4-1/4%-K note 11/16/98 18,626 1,640 16,986 

Nov. 30................................................................

1 3%-W note 11/30/01 26,171 6,190 19,981 

Dec. 31................................................................

1 3-1/4%-X note 12/31/01 29,667 7,498 22,169 

Total ...............................................

306,335 72,961 233,374 

2004

Jan. 31................................................................

1 3%-J note 01/31/02 30,776 6,226 24,549 

Feb. 15 ................................................................

1 5-7/8%-A note 02/15/94 12,955 940 12,015 

Feb. 15 ................................................................

1 4-3/4%-E note 02/16/99 17,823 2,274 15,549 

Feb. 29 ................................................................

1 3%-K note 02/28/02 31,746 7,762 23,984 

Mar. 31 ................................................................

1 3-5/8%-L note 04/01/02 32,874 8,334 24,540 

Apr. 30................................................................

1 3-3/8%-M note 04/30/02 32,655 8,333 24,322 

May 15, 04-09 ................................................................ 9-1/8% bond 05/15/79 4,606 1,236 3,369 

May 15................................................................ 12-3/8% bond 04/05/84 3,755 925 2,830 

May 15................................................................

1 7-1/4%-B note 05/16/94 14,440 3,567 10,873 

May 15................................................................

1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

May 31................................................................

1 3-1/4%-N note 05/31/02 33,297 6,298 26,999 

June 30................................................................

1 2-7/8%-P note 07/31/02 34,050 7,531 26,519 

July 31................................................................

1 2-1/4%-Q note 07/31/02 33,250 6,662 26,588 

Aug. 15................................................................ 13-3/4% bond 07/10/84 4,000 942 3,059 

Aug. 15................................................................

1 7-1/4%-C note 08/15/94 13,346 1,939 11,408 

Aug. 15................................................................

1 6%-G note 08/16/99 18,090 2,034 16,056 

Aug. 31................................................................

1 2-1/8%-R note 09/03/02 34,541 7,607 26,935 

Sept. 30................................................................

1 1-7/8%-S note 09/30/02 34,656 7,652 27,003 

Oct. 31................................................................

1 2-1/8%-T note 10/31/02 32,440 5,435 27,005 

Nov. 15, 04-09................................................................10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15................................................................

1 11-5/8% bond 10/30/84 8,302 2,026 6,276 

Nov. 15................................................................

1 7-7/8%-D note 11/15/94 14,374 3,532 10,841 

Nov. 15................................................................

1 5-7/8%-H note 11/15/99 32,658 4,888 27,770 

Nov. 30................................................................

1 2%-U note 12/02/02 32,871 5,879 26,992 

Dec. 31................................................................

1 1-3/4%-V note 12/31/02 33,203 6,546 26,658 

Total ...............................................

563,835 112,364 451,471 

2005 

Jan. 31................................................................

1

 1-5/8%-G note 01/31/03 33,837 6,834 27,003 

Feb. 15, 05-10................................................................11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15 ................................................................

1 7-1/2%-A note 02/15/95 13,835 2,964 10,871 

Feb. 28 ................................................................

1 1-1/2%-H note 02/28/03 35,332 8,333 26,999 

Mar. 31 ................................................................

1 1-5/8%-J note 03/31/03 35,213 8,211 27,003 

See footnote at end of table.
36 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2003, 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)

2005 con.

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 2,216 12,524 

May 15................................................................

1 6-3/4%-E note 05/15/00 28,562 6,251 22,311 

Aug. 15................................................................

1 10-3/4% bond 07/02/85 9,270 2,165 7,105 

Aug. 15................................................................

1 6-1/2%-C note 08/15/95 15,003 2,229 12,773 

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 2,133 13,077 

Nov. 15................................................................

1 5-3/4%-F note 11/15/00 28,063 4,293 23,770 

Total...............................................

242,709 49,865 192,844 

2006

Feb. 15 ................................................................

1 9-3/8% bond 01/15/86 4,756 1,044 3,712 

Feb. 15 ................................................................

1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

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 3,680 12,335

May 15................................................................

1 4-5/8%-E note 05/15/01 27,798 3,798 24,000 

July 15................................................................

1 7%-C note 07/15/96 22,740 5,114 17,627 

Oct. 15................................................................

1 6-1/2%-D note 10/15/96 22,460 4,858 17,601 

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 3,805 31,575 

Total...............................................

152,256 26,291 125,965 

2007

Jan. 15................................................................

 1 3-3/8%-A note 02/06/97 18,069 1,744 16,326 

Feb. 15 ................................................................

1 6-1/4%-B note 02/18/97 13,104 1,254 11,850 

May 15................................................................

1 6-5/8%-C note 05/15/97 13,958 2,754 11,205 

May 15................................................................

1 4-3/8%-E note 05/15/02 24,351 2,464 21,888 

Aug. 15................................................................

1 6-1/8%-D note 08/15/97 25,637 5,082 20,555 

Aug. 15................................................................

1 3-1/4%-F note 08/15/02 25,411 3,406 22,005 

Nov. 15................................................................

1

 3%-G note 11/15/02 23,311 1,308 22,003

Nov. 15, 07-12................................................................10-3/8% bond 11/15/82 10,126 2,033 8,093 

Total..............................................

153,968 20,043 133,924 

2008

Jan. 15 ................................................................

1 3-5/8%-A note 01/15/98 18,905 2,064 16,841 

Feb. 15................................................................

1 5-1/2%-B note 02/17/98 13,583 1,890 11,693 

Feb. 15................................................................

1 3%-E note 02/18/03 27,489 3,484 24,005 

May 15 ................................................................

1 5-5/8%-C note 05/15/98 27,191 5,380 21,811 

Aug. 15, 08-13 ............................................................... 12% bond 08/15/83 11,917 3,041 8,876 

Nov. 15................................................................

1

 4-3/4%-D note 11/16/98 25,083 3,448 21,635 

Total...............................................

124,169 19,307 104,862 

2009

Jan. 15 ................................................................

1 3-7/8%-A note 01/15/99 17,616 1,992 15,624 

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 

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 4,934 22,466 

Nov. 15, 09-14 ...............................................................

1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total...............................................

73,695 12,521 61,174 

2010

Jan. 15 ................................................................

1 4-1/4%-A note 01/18/00 12,225 1,079 11,146 

Feb. 15................................................................

1 6-1/2%-B note 02/15/00 23,356 4,089 19,266 

Aug. 15................................................................

1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total...............................................

58,018 8,763 49,254 

See footnote at end of table.
PUBLIC DEBT OPERATIONS 37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2003, 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)

2011

Jan. 15 ................................................................

1 3-1/2%-A note 01/16/01 11,483 252 11,232 

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 3,181 23,455 

Total...............................................

61,555 7,015 54,540 

2012

Jan. 15 ................................................................

1 3-3/8%-A note 01/15/02 6,143 - 6,143 

Feb. 15................................................................

1 4-7/8%-B note 02/15/02 24,780 1,494 23,286 

July 15................................................................

1 3%-C note 07/15/02 23,258 1,311 21,946 

Aug. 15................................................................

1 4-3/8%-D note 08/15/02 19,648 1,645 18,003 

Nov. 15................................................................

1 4%-E note 11/15/02 18,113 111 18,002 

Total...............................................

91,941 4,561 87,380 

2013

Feb. 15................................................................

1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

Total...............................................

19,498 1,497 18,002 

2015

Feb. 15................................................................

1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

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...............................................

20,129 4,020 16,109 

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 1,099 17,724 

Nov. 15................................................................

1 7-1/2% bond 11/17/86 18,787 1,751 17,036 

Total...............................................

43,043 3,887 39,156 

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 2,731 16,210 

Total...............................................

32,031 5,104 26,927 

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 4,286 26,346 

Total...............................................

60,281 9,091 51,190 

See footnote at end of table.
38 PUBLIC DEBT OPERATIONS

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2003, 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. Government accounts

and Federal

Reserve Banks

(4)

 All other

investors 

(5)

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 1,610 21,050 

Total............................................... 38,441 4,245 34,196 

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

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...............................................

20,696 3,393 17,303 

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 

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 18,852 2,795 16,057 

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............................................... 41,575 6,178 35,397 

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 21,546 2,741 18,805 

Aug. 15................................................................

1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total...............................................

44,075 6,081 37,994 

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 5,130 160 4,970 

Total...............................................

5,130 160 4,970 

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 39

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 noncompetitive

basis 3

(6)

High

price per

hundred

(7)

High

discount 

rate

(percent)

(8)

High investment rate 

(percent) 4

(9)

Regular weekly:

(4 week, 13 week and 26 week)

 2003 - Jan. 2 ................................ 2003 - Jan. 30 28 46,596.8 18,798.3 15,964.2 35.9 99.909 1.175 1.187

Apr. 3 91 32,339.5 19,156.2 12,435.9 1,414.2 99.700 1.185 1.207

July 3 182 31,780.9 21,917.5 14,820.9 1,079.1 99.383 1.220 1.245

Jan. 9................................ Feb. 6 28 42,212.0 15,454.6 12,957.7 42.5 99.911 1.145 1.161

Apr. 10 91 49,243.6 20,576.6 13,271.4 1,558.8 99.700 1.185 1.207

July 10 182 41,301.3 20,541.6 13,850.3 974.8 99.373 1.240 1.265

Jan. 16................................Feb. 13 28 40,065.3 13,442.7 10,969.2 30.9 99.912 1.135 1.148

Apr. 17 91 47,639.2 22,183.4 14,335.7 1,464.3 99.702 1.180 1.199

July 17 182 42,902.6 20,555.5 13,677.4 1,197.7 99.378 1.230 1.255

Jan. 23................................Feb. 20 28 42,448.1 16,398.1 13,966.7 33.7 99.912 1.135 1.148

Apr. 24 91 44,192.5 23,699.8 15,264.0 1,516.6 99.707 1.160 1.179

July 24 182 39,326.2 20,588.6 14,033.4 966.6 99.398 1.190 1.215

Jan. 30................................Feb. 27 28 40,031.4 18,060.2 15,960.8 39.5 99.910 1.155 1.174

May 1 91 41,386.4 24,823.7 15,889.5 1,647.1 99.712 1.140 1.159

July 31 182 40,239.2 21,881.1 14,193.3 1,240.9 99.414 1.160 1.182

Feb. 6 ................................ Mar. 6 28 55,227.8 23,607.5 21,953.3 47.2 99.911 1.145 1.161

May 8 91 50,672.5 25,670.6 17,085.9 1,639.8 99.708 1.155 1.175

Aug. 7 182 42,089.1 23,057.7 15,899.6 1,026.0 99.401 1.185 1.209

Feb. 13 ................................Mar. 13 28 45,245.0 21,651.2 19,953.8 46.5 99.910 1.155 1.174

May 15 91 40,736.4 24,306.7 16,337.7 1,537.6 99.709 1.150 1.171

Aug. 14 182 39,239.1 21,702.5 14,541.1 1,264.0 99.411 1.165 1.188

Feb. 20 ................................Mar. 20 28 44,955.8 21,511.4 19,964.9 35.7 99.910 1.155 1.174

May 22 91 41,487.8 22,828.9 15,399.4 1,450.7 99.707 1.160 1.179

Aug. 21 182 40,058.4 21,667.3 14,982.7 967.7 99.403 1.180 1.204

Feb. 27 ................................Mar. 27 28 40,841.7 26,878.0 24,944.1 56.2 99.905 1.220 1.240

May 29 91 41,497.8 23,346.6 16,120.5 1,539.4 99.703 1.175 1.195

Aug. 28 182 45,792.8 22,637.0 15,035.3 1,421.5 99.406 1.175 1.198

Mar. 6 ................................ Apr. 3 28 50,585.2 26,861.3 24,947.0 53.6 99.907 1.190 1.217

June 5 91 40,150.5 21,929.1 15,319.8 1,515.8 99.703 1.175 1.198

Sept. 4 182 43,821.9 21,328.7 14,978.7 971.7 99.409 1.170 1.196

Mar. 13 ................................Apr. 10 28 50,819.6 23,460.1 21,947.6 52.6 99.913 1.120 1.138

June 12 91 41,893.5 21,754.7 15,355.9 1,519.1 99.733 1.055 1.077

Sept. 11 182 48,210.4 22,550.3 15,657.2 1,193.2 99.479 1.030 1.053

Mar. 20 ................................Apr. 17 28 43,870.4 28,510.6 26,954.5 45.6 99.909 1.165 1.191

June 19 91 37,329.2 21,537.5 15,231.8 1,518.2 99.718 1.115 1.137

Sept. 18 182 37,206.0 22,589.2 15,975.8 924.5 99.439 1.110 1.135

Mar. 27 ................................Apr. 24 28 43,104.0 24,299.1 22,950.8 49.7 99.908 1.180 1.204

June 26 91 34,657.9 21,846.5 15,305.8 1,445.4 99.709 1.150 1.174

Sept. 25 182 37,928.9 22,760.4 15,824.7 1,100.3 99.419 1.150 1.175

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. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998.

4

 Equivalent coupon-issue yield.
40 PUBLIC DEBT OPERATIONS

TABLE PDO-3.—Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

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)

04/03/02 04/04/02 1.78% bill—04/16/02 12d 76,750 23,000

04/10/02 04/11/02 1.71% bill—04/15/02 4d 50,470 16,000

04/24/02 04/30/02 3-3/8% note—04/30/04-M 2y 57,596 32,648 3.375 - 100.000

05/07/02 05/15/02 4-3/8% note—05/15/07-E 5y 40,155 24,341 4.475 - 99.556

05/08/02 05/15/02 4-7/8% note—2/15/12-B-reopening 9y 9m 24,073 11,392 5.170 - 97.746

05/09/02 05/10/02 1.725% bill—05/17/02 7d 46,445 12,000

05/29/02 05/31/02 3-1/4% note—05/31/04-N 2y 78,800 33,298 3.274 - 99.954

05/31/02 06/03/02 1.72% bill—06/12/02 9d 49,165 20,000

06/11/02 06/12/02 1.715% bill—06/18/02 6d 60,990 21,001

06/28/02 07/01/02 2-7/8% note—06/30/04-P 2y 42,484 34,047 2.970 - 99.817

07/10/02 07/15/02 3% note—07/15/12-C 10y 22,871 10,010 3.099 - 99.154

07/24/02 07/31/02 2-1/4% note—07/31/04-Q 2y 48,414 33,237 2.270 - 99.961

08/06/02 08/15/02 3-1/4% note—08/15/07-F 5y 42,148 25,396 3.348 - 99.552

08/07/02 08/15/02 4-3/8% note—08/15/12-D 10y 24,852 19,645 4.390 - 99.880

08/28/02 09/03/02 2-1/8% note—8/31/04-R 2y 68,430 34,537 2.220 - 99.816

09/10/02 09/11/02 1.695% bill—09/16/02 5d 31,985 9,000

09/25/02 09/30/02 1-7/8% note—09/30/04-S 2y 61,699 34,652 1.960 - 99.834

10/09/02 10/15/02 3% note—07/15/12-C 9y 9m 9,494 7,000 2.260 - 106.777

10/23/02 10/31/02 2-1/8% note—10/31/04-T 2y 51,167 32,435 2.140 - 99.971

11/05/02 11/15/02 3% note—11/15/07-G 5y 44,424 23,308 3.030 - 99.862

11/06/02 11/15/02 4% note—11/15/12-E 10y 34,293 18,111 4.095 - 99.227

11/27/02 12/02/02 2% note—11/30/04-U 2y 53,660 32,864 2.120 - 99.767

12/09/02 12/10/02 1.235% bill—12/16/02 6d 47,119 13,001

12/23/02 12/31/02 1-3/4% note—12/31/04-V 2y 57,198 33,195 1.820 - 99.863

01/08/03 01/15/03 3% note—07/15/12-C 9y 6m 13,300 6,000 2.340 - 106.474

01/29/03 01/31/03 1-5/8% note—01/31/05-G 2y 46,750 33,834 1.710 - 99.834

02/11/03 02/18/03 3% note—02/15/08-E 5y 37,646 27,484 3.029 - 99.866

02/12/03 02/18/03 3-7/8% note—02/15/13-A 10y 34,758 19,497 3.960 - 99.304

02/26/03 02/28/03 1-1/2% note—02/28/05-H 2y 62,214 35,333 1.575 - 99.853

02/27/03 03/03/03 1.24% bill—03/17/03 14d 61,265 26,000

03/26/03 03/31/03 1-5/8% note—03/31/05-J 2y 57,907 35,211 1.692 - 99.869

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.
PUBLIC DEBT OPERATIONS 41

TABLE PDO-4.—Allotments by Investor Class

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Issue

Date

Coupon

rate

(1)

Security

type

(2)

Series

code

(3)

Sequence

number

(4)

Maturity

date

(5)

Total

issue

(6)

Federal

Reserve

Banks

(7)

Depository

institutions 1

(8)

Individuals 2

(9)

Dealers 

and 

brokers

(10)

Private

pension

and

retirement

funds

(11)

Investment 

funds

(12)

Insurance

companies

(13)

Foreign

and

international

(14)

Other 3

(15)

07/02/01 3-7/8% note R 0 06/30/03 14,671 3,667 58 1,050 7,377 1 145 1 2,233 139

07/16/01 3-1/2% IIS note A 1 01/15/11 5,000 - 76 135 2,967 50 741 422 352 257

07/31/01 3-7/8% note S 0 07/31/03 16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12

08/15/01 5-3/8% bond 1 02/15/31 5,541 540 55 53 3,681 10 1,013 - 188 1

08/15/01 5% note C 0 08/15/11 12,046 1,043 1 109 7,043 * 1,652 - 2,090 108

08/15/01 4-5/8% note E 1 05/15/06 11,617 623 8 168 9,447 * 738 - 635 -

08/31/01 3-5/8% note T 0 08/31/03 18,665 4,667 51 1,042 9,875 15 662 1 2,309 43

10/01/01 2-3/4% note U 0 09/30/03 22,675 5,667 138 893 10,361 1 128 * 5,475 12

10/05/01 5% note C 1 08/15/11 6,000 - - * 4,651 - 1,112 - 175 62

10/15/01 3-3/8% IIS bond 0 04/15/32 5,012 - 4 88 2,065 370 1,826 54 338 267

10/31/01 2-3/4% note V 0 10/31/03 25,148 6,143 45 698 11,415 10 751 * 6,037 49

11/15/01 3-1/2% note F 0 11/15/06 18,801 2,799 3,009 192 9,201 1 206 25 3,360 8

11/15/01 5% note C 2 08/15/11 8,590 1,592 201 77 5,548 * 200 - 975 -

11/30/01 3% note W 0 11/30/03 26,171 5,167 55 738 14,299 * 501 * 5,400 11

12/31/01 3-1/4% note X 0 12/31/03 29,667 6,666 41 852 14,373 1 5,202 1 2,478 53

01/15/02 3-3/8% IIS note A 0 01/15/12 6,004 - 17 535 2,565 5 2,524 - 355 3

01/31/02 3% note J 0 01/31/04 30,776 5,766 75 1,065 18,830 1 976 * 4,030 33

02/15/02 4-7/8% note B 0 02/15/12 13,389 753 13 187 8,122 116 2,617 - 1,580 1

02/15/02 3-1/2% note F 1 11/15/06 16,579 944 13 235 13,130 5 900 2 1,340 10

02/28/02 3% note K 0 02/29/04 31,746 6,735 171 1,271 19,705 1 619 1 2,867 376

04/01/02 3-5/8% note L 0 03/31/04 32,874 7,873 175 1,394 17,800 1 1,709 2 3,675 245

04/30/02 3-3/8% note M 0 04/30/04 32,655 7,648 87 1,283 18,784 3 269 55 4,345 181

05/15/02 4-3/8% note E 0 05/15/07 24,351 2,341 19 501 15,287 1 1,879 - 2,636 1,687

05/15/02 4-7/8% note B 1 02/15/12 11,391 391 6 145 8,023 * 1,545 - 579 702

05/31/02 3-1/4% note N 0 05/31/04 33,297 6,298 83 1,527 19,066 2 2,102 41 4,155 23

07/01/02 2-7/8% note P 0 06/30/04 34,050 7,046 307 1,114 23,674 1 945 * 709 254

07/15/02 3% IIS note C 0 07/15/12 10,015 1,010 4 659 5,992 15 2,166 * 40 129

07/31/02 2-1/4% note Q 0 07/31/04 33,250 6,237 43 1,515 19,019 1 1,885 1 4,531 18

08/15/02 3-1/4% note F 0 08/15/07 25,411 3,396 14 441 14,239 * 658 2 6,658 3

08/15/02 4-3/8% note D 0 08/15/12 19,648 1,645 351 192 13,355 3 1,499 - 2,187 416

09/03/02 2-1/8% note R 0 08/31/04 34,541 7,537 53 1,093 19,014 4 2,225 - 4,590 25

09/30/02 1-7/8% note S 0 09/30/04 34,656 7,652 51 915 18,437 1 308 * 7,274 18

10/15/02 3% IIS note C 1 07/15/12 6,999 - 1 221 5,153 16 1,536 - 56 16

10/31/02 2-1/8% note T 0 10/31/04 32,440 5,435 30 2,225 17,402 1 74 * 6,235 1,038

11/15/02 3% note G 0 11/15/07 23,311 1,308 11 204 16,499 - 835 * 3,000 1,454

11/15/02 4% note E 0 11/15/12 18,113 111 755 110 13,443 - 1,590 - 2,103 1

12/02/02 2% note U 0 11/30/04 32,871 5,864 65 734 20,619 * 222 4 4,558 805

12/31/02 1-3/4% note V 0 12/31/04 33,203 6,195 176 4,391 16,783 3 451 1 4,215 988

01/15/03 3% IIS note C 2 07/15/12 6,004 - 5 196 3,221 40 1,638 1 759 144

01/31/03 1-5/8% note G 0 01/31/05 33,837 6,834 61 835 17,003 1 532 3 7,208 1,360

02/18/03 3% note E 0 02/15/08 27,489 3,484 113 1,963 16,861 50 799 - 3,603 616

02/18/03 3-7/8% note A 0 02/15/13 19,498 1,497 2 134 9,864 * 5,080 - 2,313 608

02/28/03 1-1/2% note H 0 02/28/05 35,332 8,333 37 773 18,279 4 551 3 6,670 682

03/31/03 1-5/8% note J 0 03/31/05 35,211 8,211 35 901 12,675 2 6,603 * 5,430 1,354

* Less than $500,000.

1

 Depository institutions include banks.

2

 Includes partnerships and personal trust accounts.

3

 Residual.
42

INTRODUCTION: Savings Bonds and Notes

Series EE bonds, on sale since July 1, 1980, and series I

bonds, on sale since September 1, 1998, are the savings

bonds currently being sold. Series HH bonds are issued in

exchange for series E and EE savings bonds and savings

notes. Series A-D were sold from March 1, 1935, through

April 30, 1941. Series E was on sale from May 1, 1941,

through December 31, 1979 (through June 1980 to payroll

savers only). Series F and G were sold from May 1, 1941,

through April 30, 1952. Series H was sold from June 1,

1952, through December 31, 1979. Series HH bonds were

sold for cash from January 1, 1980, through October 31,

1982. Series J and K were sold from May 1, 1952, through

April 30, 1957. U.S. savings notes were on sale May 1,

1967, through June 30, 1970. The notes were eligible for

purchase by individuals with the simultaneous purchase of

series E savings bonds.

The principal terms and conditions for purchase and

redemption and information on investment yields of savings

notes appear in the “Treasury Bulletins” of March 1967 and

June 1968; and in the Annual Report of the Secretary of the

Treasury for fiscal 1974.

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2003

[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.................................. 851,550 232,644 1,084,194 389,359 172,165 9,486

Series I ............................................................... 13,703 716 14,419 683 15,106 -

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..................................................... 862 711 1,573 1,330 - 107 

Total ...............................................................

902,016 236,448 1,138,464 429,644 187,271 9,597

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 43

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:

1935-99 ................................ 393,247 209,905 603,152 396,116 310,167 85,949 166,529 6,169 

2000 ....................................... 5,645 6,940 12,585 14,511 7,050 7,461 177,659 6,544 

2001 ....................................... 8,047 8,381 16,428 13,846 6,480 7,366 179,515 6,751 

2002 ....................................... 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

Calendar years:

1935-99 ................................ 403,133 233,253 636,386 438,200 323,106 115,094 179,277 7,005 

2000 ....................................... 6,732 8,333 15,065 16,433 7,959 8,474 176,802 7,794 

2001 ....................................... 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002 ....................................... 2,181 1,383 3,564 2,346 950 1,396 182,961 8,364 

2002 - Mar.............................. 1,023 477 1,500 1,001 424 577 183,540 8,235 

Apr.............................. 832 755 1,587 1,096 465 631 184,110 8,110 

May............................. 713 569 1,282 1,045 470 575 184,407 8,003 

June............................ 583 610 1,193 964 419 545 184,684 7,904 

July ............................. 679 715 1,395 1,159 535 624 184,967 7,808 

Aug ............................. 669 638 1,307 1,124 506 618 185,199 7,713 

Sept............................ 602 592 1,194 925 427 498 185,495 7,638 

Oct.............................. 843 725 1,568 978 432 546 186,078 7,599 

Nov............................. 938 545 1,483 851 385 466 186,739 7,527 

Dec............................. 1,038 587 1,625 1,093 511 582 184,698 10,058 

2003 - Jan .............................. 1,603 691 2,294 1,252 553 699 185,863 9,776 

Feb ............................. 952 608 1,560 896 406 490 186,604 9,647 

Mar ............................. 958 565 1,523 970 395 575 187,271 9,487 

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:

1941-99 .................. 349,885 206,201 556,086 349,215 251,535 97,680 22,687 166,529 6,169 

2000 ....................... 3,848 6,899 10,747 11,161 5,853 5,308 924 162,749 6,525 

2001 ....................... 4,307 8,271 12,578 12,822 5,330 7,492 1,160 161,044 6,710 

2002 ....................... 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

Calendar years:

1941-99 .................. 352,457 220,382 572,839 364,898 261,664 103,234 25,019 165,702 6,983 

2000 ....................... 4,396 8,262 12,658 12,951 6,631 6,320 663 161,386 7,739 

2001 ....................... 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002 ....................... 929 1,309 2,238 2,133 633 1,500 275 159,596 8,295 

2002 - Mar.............. 540 433 973 895 281 614 136 159,662 8,171 

Apr.............. 414 708 1,122 981 234 747 138 159,786 8,050 

May............. 398 522 920 922 225 697 123 159,764 7,947 

June............ 385 560 945 850 190 660 113 159,844 7,849 

July ............. 463 666 1,129 1,025 262 763 137 159,905 7,756 

Aug ............. 471 589 1,060 996 249 747 139 159,922 7,661 

Sept............ 432 543 975 812 207 605 120 160,038 7,588 

Oct.............. 554 667 1,221 855 310 545 138 160,361 7,503 

Nov............. 516 501 1,017 743 278 465 124 160,575 7,440 

Dec............. 593 544 1,137 983 403 580 138 158,083 9,948 

2003 - Jan .............. 639 650 1,289 1,228 421 807 216 158,199 9,677

Feb ............. 357 573 930 781 293 488 116 158,354 9,555

Mar ............. 392 526 918 857 283 574 103 158,466 9,400

See note at end of table.
44 U.S. SAVINGS BONDS AND NOTES

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

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting]

Amount outstanding

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:

1952-99 ................................ 13,805 - 13,805 23,585 23,585 - 22,595 12,813 19 

2000 ................................ 165 - 165 1,154 1,154 - 924 12,759 20 

2001 ................................ 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002 ................................ 47 - 47 921 921 - 1,470 13,361 50 

Calendar years:

1952-99 ................................ 13,654 - 13,654 24,039 24,039 - 23,629 12,869 22 

2000 ................................ 106 - 106 2,291 2,291 - 1,052 12,704 56 

2001 ................................ 47 - 47 1,053 1,053 - 1,225 12,860 85 

2002 ................................ 23 - 23 167 167 - 274 12,986 69 

2002 - Mar..............................3 - 3 82 82 - 136 13,042 63 

Apr..............................3 - 3 80 80 - 138 13,100 59 

May.............................1 - 1 80 80 - 123 13,147 57 

June............................1 - 1 72 72 - 113 13,188 55 

July .............................2 - 2 85 85 - 137 13,244 53 

Aug ............................. - - - 78 78 - 139 13,307 51 

Sept............................1 - 1 67 67 - 120 13,361 50 

Oct..............................3 - 3 77 77 - 138 13,380 96 

Nov.............................3 - 3 68 68 - 124 13,447 87 

Dec.............................1 - 1 67 67 - 138 13,496 110 

2003 - Jan .............................. 5 - 5 88 88 - 216 13,630 99 

Feb ............................. 9 - 9 77 77 - 116 13,667 93 

Mar ............................. 4 - 4 73 73 - 103 13,699 87 

Series I

Fiscal years:

1999-00 ................................ 1,730 41 1,771 49 49 - - 2,152 -

2001 ................................3,633 195 3,828 131 131 - - 5,656 -

2002 ................................6,806 490 7,295 366 366 - - 12,096 -

Calendar years:

1999 ................................ 685 1 685 14 14 - - 469 -

2000 ................................1,898 70 1,968 61 61 - - 2,712 -

2001 ................................6,543 243 6,786 165 165 - - 9,192 -

2002 ................................1,229 73 1,302 42 42 - - 10,379 -

2002 - Mar.............................. 479 45 524 22 22 - - 10,837 -

Apr.............................. 415 47 462 27 27 - - 11,225 -

May............................. 313 47 360 42 42 - - 11,496 -

June............................ 197 50 247 40 40 - - 11,652 -

July ............................. 214 50 264 48 48 - - 11,819 -

Aug ............................. 198 50 248 48 48 - - 11,969 -

Sept............................ 170 49 219 44 44 - - 12,096 -

Oct.............................. 286 47 333 45 45 - - 12,337 -

Nov............................. 419 44 463 39 39 - - 12,717 -

Dec............................. 443 43 486 41 41 - - 13,120 -

2003 - Jan .............................. 959 41 1,000 45 45 - - 14,034 -

Feb ............................. 585 35 620 36 36 - - 14,583 -

Mar ............................. 562 39 601 39 39 - - 15,106 -

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.
45

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt

issued by other Federal agencies under special financing

authorities. [See the Federal debt (FD) tables for a more

complete description of the Federal debt.]

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

Public Debt revised formats, titles, and column headings in

the “Monthly Statement of the Public Debt of the United

States,” Table I: Summary of Treasury Securities

Outstanding and Table II: Statutory Debt Limit. These

changes should reduce confusion and bring the publication

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

Treasury’s Financial Management Service (FMS)

compiles data in the “Treasury Bulletin” table OFS-1 from

the “Monthly Statement of the Public Debt of the United

States.” Effective June 2001, FMS revised procedures and

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes.

• Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal

agencies held by Government accounts, the FRBs and

private investors. Social Security and Federal retirement

trust fund investments comprise much of the Government

account holdings.

The FRBs acquire Treasury securities in the market as a

means of executing monetary policy.

• Table OFS-2 presents the estimated amount of

public debt securities held by private investors. Information

is obtained from sources such as the Federal financial

institution regulatory agencies. State, local and foreign

holdings include special issues of nonmarketable securities

to municipal entities and foreign official accounts. They also 

include municipal, foreign official and private holdings of

marketable Treasury securities. (See footnotes to the table

for description of investor categories.)
46 OWNERSHIP OF FEDERAL SECURITIES

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

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

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 ................................................................5,834,475 5,807,463 2,468,757 460 2,468,297 559,636

2002 ................................................................6,255,406 6,228,236 2,675,648 311 2,675,336 628,414

2002 - Mar................................................................ 6,032,411 6,006,032 2,562,358 311 2,562,047 595,082

Apr................................................................ 6,011,008 5,984,677 2,582,932 311 2,582,621 601,978

May................................................................ 6,045,782 6,019,332 2,586,104 311 2,585,793 610,097

June................................................................ 6,153,295 6,126,469 2,662,925 311 2,662,614 614,366

July ................................................................ 6,186,282 6,159,741 2,659,878 311 2,659,567 622,640

Aug ................................................................ 6,236,756 6,210,482 2,652,793 311 2,652,482 626,312

Sept................................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414

Oct................................................................ 6,309,253 6,282,528 2,696,538 311 2,696,227 628,457

Nov................................................................ 6,370,323 6,343,460 2,694,624 311 2,694,313 628,730

Dec................................................................ 6,432,982 6,405,707 2,758,322 311 2,758,011 629,406

2003 - Jan ................................................................ 6,428,300 6,401,377 2,764,927 311 2,764,616 628,154

Feb ................................................................ 6,472,192 6,445,790 2,763,503 311 2,763,192 635,688

Mar ................................................................ 6,487,656 6,460,776 2,749,997 311 2,749,686 640,151

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

2002 - Mar................................................................ 2,848,592 2,439,632 408,960 26,379 26,379

Apr................................................................ 2,799,767 2,390,460 409,307 26,331 26,331

May................................................................ 2,823,131 2,434,729 388,402 26,450 26,450

June................................................................ 2,849,178 2,437,614 411,564 26,826 26,826

July ................................................................ 2,877,223 2,472,941 404,282 26,541 26,541

Aug ................................................................ 2,931,377 2,518,988 412,389 26,274 26,274

Sept................................................................ 2,924,175 2,507,997 416,178 27,170 27,170

Oct................................................................ 2,957,533 2,519,895 437,638 26,725 26,725

Nov................................................................ 3,020,106 2,576,649 443,458 26,863 26,863

Dec................................................................ 3,017,979 2,575,545 442,435 27,275 27,275

2003 - Jan ................................................................ 3,008,296 2,568,715 439,581 26,923 26,923

Feb ................................................................ 3,046,599 2,637,711 408,888 26,402 26,402

Mar ................................................................ 3,070,628 2,691,501 379,127 26,880 26,880

* Effective June 2001, FMS revised procedures and categories in this table to reflect the 

format changes in the “Monthly Statement of the Public Debt of the United States.” 
OWNERSHIP OF FEDERAL SECURITIES 47

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)

1998 ................................................................ 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131

1999 ................................................................ 5,684,776 5,647,241 r 1,988,674 1,123 1,987,551 496,472

2000 ................................................................ 5,701,851 5,622,092 r 2,235,710 461 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)

1998 ........................................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442

1999 ........................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871

2000 ........................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621

Note.—Detail may not add to totals due to rounding.
48 OWNERSHIP OF FEDERAL SECURITIES

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

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Pension funds 3

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

governments 3

(10)

Foreign

and international 8

(11)

Other

investors 9

 (12)

1992 - Mar................................ 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 141.7 188.4 193.8 460.0 536.4 586.0

 June ................................ 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 193.7 435.6 558.2 608.2

 Sept................................ 4,064.6 1,282.4 2,782.2 337.2 150.3 120.0 166.4 194.8 195.9 429.3 562.8 625.5

 Dec................................ 4,177.0 1,329.7 2,847.3 348.3 157.3 121.1 172.3 197.5 200.4 418.2 576.7 655.5

1993 - Mar................................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 202.0 434.0 585.9 662.7

 June ................................ 4,352.0 1,400.6 2,951.4 360.9 166.5 111.6 176.9 217.8 207.5 441.2 596.8 672.2

 Sept................................ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.1 189.2 229.4 217.6 434.0 619.1 639.7

 Dec................................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.3 186.6 234.5 227.1 447.8 650.3 649.2

1994 - Mar................................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.3 233.4 212.8 443.4 661.1 661.9

 June ................................ 4,645.8 1,547.5 3,098.3 383.8 177.1 128.9 193.4 238.0 204.6 425.2 659.9 687.4

 Sept................................ 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 201.6 398.2 682.0 734.1

 Dec................................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.6 191.9 240.1 209.4 370.0 667.3 839.8

1995 - Mar................................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.1 203.1 244.2 210.6 350.5 707.0 854.0

 June ................................ 4,951.4 1,690.1 3,261.3 340.0 182.6 142.1 197.2 245.0 202.5 313.7 762.5 875.8

 Sept................................ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.5 193.0 245.2 211.6 304.3 820.4 855.7

 Dec................................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.2 191.7 241.5 225.1 289.8 835.2 881.8

1996 - Mar................................ 5,117.8 1,731.1 3,386.7 322.1 185.8 143.8 198.9 239.4 240.9 283.6 908.1 864.1

 June ................................ 5,161.1 1,806.7 3,354.4 318.7 186.5 144.0 208.2 229.5 230.6 283.3 929.7 823.9

 Sept................................ 5,224.8 1,831.6 3,393.2 310.9 186.8 140.7 202.4 226.8 226.8 263.7 993.4 841.7

 Dec................................ 5,323.2 1,892.0 3,431.2 296.6 187.0 139.4 203.5 214.1 227.4 257.0 1,102.1 804.1

1997 - Mar................................ 5,380.9 1,928.7 3,452.2 317.3 186.5 140.9 203.7 181.8 221.9 248.1 1,157.6 794.4

 June ................................ 5,376.2 1,998.9 3,377.3 300.1 186.3 141.4 209.3 183.1 216.8 243.3 1,182.7 714.2

 Sept................................ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.4 219.7 186.8 221.6 235.2 1,230.5 686.4

 Dec................................ 5,502.4 2,087.8 3,414.6 300.3 186.5 143.5 216.9 176.6 232.4 239.3 1,241.6 r 677.6

1998 - Mar................................ 5,542.4 2,104.9 3,437.5 308.3 186.2 135.9 211.9 169.4 234.7 238.1 1,250.5 702.5

 June ................................ 5,547.9 2,198.6 3,349.3 290.9 186.0 129.0 214.8 160.6 230.7 258.5 1,256.0 622.8

 Sept................................ 5,526.2 2,213.0 3,313.2 244.4 186.0 120.5 211.2 151.3 231.8 266.4 1,224.2 677.4

 Dec................................ 5,614.2 2,280.2 3,334.0 237.4 186.6 112.5 217.7 141.7 253.5 269.3 1,278.7 636.6

1999 - Mar................................ 5,651.6 2,324.1 3,327.5 247.4 186.5 108.8 218.4 137.5 254.0 272.5 1,272.3 630.1

 June ................................ 5,638.8 2,439.6 3,199.2 240.6 186.5 110.3 222.5 133.6 227.9 279.1 1,258.8 539.9

 Sept................................ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.1 215.3 128.0 224.4 271.6 1,281.4 517.2

 Dec................................ 5,776.1 2,542.2 3,233.9 248.6 186.4 109.8 211.2 123.4 228.7 266.8 1,268.7 590.3

2000 - Mar................................ 5,773.4 2,590.6 3,182.8 237.7 185.3 107.9 211.1 120.0 221.8 257.2 1,106.9 734.9

 June ................................ 5,685.9 2,698.6 r 2,987.3 222.1 184.6 109.3 210.5 116.5 r 205.3 256.4 1,082.0 r 600.6

 Sept................................ 5,674.2 2,737.9 r 2,936.3 220.5 184.3 109.7 200.7 113.8 207.0 241.9 1,057.9 r 600.5

 Dec................................ 5,662.2 2,781.8 2,880.4 201.4 184.8 108.4 195.7 110.2 220.8 236.2 1,034.2 588.7

2001 - Mar................................ 5,773.7 2,880.9 r 2,892.8 188.0 184.8 105.7 195.3 109.1 220.7 239.0 1,029.9 r 620.3

 June ................................ 5,726.8 3,004.2 2,722.6 188.1 185.5 105.9 204.4 108.1 217.4 r 241.4 1,000.5 r 471.3

 Sept................................ 5,807.5 3,027.8 2,779.7 189.1 186.4 103.2 187.7 106.8 231.5 248.9 1,005.5 520.6

 Dec................................ 5,943.4 3,123.9 2,819.5 181.5 190.3 104.2 177.4 105.7 257.5 256.5 r 1,051.2 r 495.2

2002 - Mar................................ 6,006.0 3,156.8 2,849.2 187.6 192.0 106.3 187.0 108.4 264.8 261.2 r 1,067.0 r 474.9

 June ................................ 6,126.5 3,276.7 2,849.8 204.4 192.8 108.8 177.2 110.3 250.0 271.7 r 1,101.9 r 432.7

 Sept................................ 6,228.2 3,303.5 2,924.8 r 210.4 193.3 110.9 r 174.1 r 116.0 r 253.7 269.4 r 1,167.1 r 429.9

 Dec................................ 6,405.7 3,387.2 3,018.5 r 223.2 194.9 r 111.4 r 172.8 r 117.4 r 278.1 r 274.2 r 1,212.7 r 433.8

2003 - Mar................................ 6,460.4 3,404.8 3,055.6 n.a. 197.7 n.a. n.a. n.a. n.a. n.a. p 1,250.5 n.a.

1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value.

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. Federal Reserve holdings exclude Treasury securities held under repurchase 

agreements.

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions and credit unions.

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current

 accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7

 Includes money market mutual funds, mutual funds and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 

1989 benchmark to December 1994 and the 1994 benchmark to March 2000. The March 

2000 benchmark was released in 2002.

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.

Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update 

ownership categories and to incorporate greater reliance on Flow of Funds data of the 

Federal Reserve Board.
49

INTRODUCTION: Market Yields

The table and chart in this section present 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. The Treasury yield

curve in the accompanying chart is based on current market

bid quotations on the most actively traded Treasury

securities as of 3:30 p.m. on the last business day of the

calendar quarter.

The Treasury uses quotations obtained by the Federal 

Reserve Bank of New York to derive the yield curve, based

on semiannual interest payments and read at constant

maturity points to develop a consistent data series. The

Board of Governors of the Federal Reserve System

publishes the Treasury constant maturity data series in its

weekly Statistical Release H.15.

On July 31, 2001, Treasury expanded its constant

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 will include a 20-year maturity.

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15.

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 have been discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates.

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities:

Bills, Notes and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance

 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:

2002 - Apr................................................................ 1.72 1.75 1.98 2.48 3.42 4.01 4.65 5.02 5.21 5.85

May ................................................................ 1.74 1.76 1.91 2.35 3.26 3.80 4.49 4.90 5.16 5.81

June ................................................................ 1.72 1.73 1.83 2.20 2.99 3.49 4.19 4.60 4.93 5.65

July................................................................ 1.72 1.71 1.74 1.96 2.56 3.01 3.81 4.30 4.65 5.51

Aug................................................................ 1.68 1.65 1.64 1.76 2.13 2.52 3.29 3.88 4.26 5.19

Sept................................................................ 1.67 1.66 1.64 1.72 2.00 2.32 2.94 3.50 3.87 4.87

Oct ................................................................ 1.62 1.61 1.59 1.65 1.91 2.25 2.95 3.54 3.94 5.00

Nov................................................................ 1.26 1.25 1.30 1.49 1.92 2.32 3.05 3.64 4.05 5.04

Dec................................................................ 1.20 1.21 1.27 1.45 1.84 2.23 3.03 3.63 4.03 5.01

2003 - Jan................................................................ 1.17 1.19 1.22 1.36 1.74 2.18 3.05 3.60 4.05 5.02

Feb................................................................ 1.20 1.19 1.20 1.30 1.63 2.05 2.90 3.45 3.90 4.87

Mar................................................................ 1.18 1.15 1.16 1.24 1.57 1.98 2.78 3.34 3.81 4.82

End of month: 

2002 - Apr................................................................ 1.77 1.77 1.91 2.35 3.24 3.83 4.53 4.88 5.11 5.74

May ................................................................ 1.72 1.74 1.91 2.34 3.22 3.73 4.37 4.77 5.08 5.77

June ................................................................ 1.69 1.70 1.75 2.06 2.90 3.37 4.09 4.52 4.86 5.65

July................................................................ 1.73 1.71 1.70 1.80 2.23 2.67 3.53 4.09 4.51 5.41

Aug................................................................ 1.70 1.69 1.67 1.74 2.14 2.50 3.22 3.78 4.14 5.06

Sept................................................................ 1.60 1.57 1.51 1.53 1.72 2.02 2.63 3.25 3.63 4.75

Oct ................................................................ 1.48 1.44 1.43 1.46 1.68 2.05 2.81 3.45 3.93 5.03

Nov................................................................ 1.25 1.22 1.30 1.56 2.08 2.51 3.28 3.88 4.22 5.18

Dec................................................................ 1.20 1.22 1.23 1.32 1.61 1.99 2.78 3.36 3.83 4.83

2003 - Jan................................................................ 1.17 1.18 1.19 1.31 1.72 2.16 3.02 3.55 4.00 4.93

Feb................................................................ 1.21 1.20 1.19 1.24 1.53 1.91 2.69 3.24 3.71 4.70

Mar................................................................ 1.16 1.14 1.13 1.19 1.51 1.93 2.78 3.35 3.83 4.84

* Rates are from the Treasury yields curve.
50 MARKET YIELDS

CHART MY-A.—Yields of Treasury Securities,

March 31, 2003*

Based on closing bid quotations of actively traded issues (in percentages)

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

0 2 4 6 8 10 12 14 16 18 20

Years to maturity

* Source: Office of Market Finance

Note: The yield curve is based on actively traded issues.
51

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of

exchange that is in circulation at the end of a given

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be

in circulation. It includes some old and current rare issues

that do not circulate or that may do so to a limited extent.

Treasury includes them in the statement because the issues

were originally intended for general circulation.

The USCC statement provides a description of the

various issues of paper money. It also gives an estimated

average of currency and coin held by each individual, using

estimates of population from the Bureau of the Census.

USCC information has been published by Treasury since

1888, and was published separately until 1983, when it was

incorporated into the “Treasury Bulletin.” The USCC comes

from monthly reports compiled by Treasury offices, various

U.S. Mint offices, the Federal Reserve banks (FRBs) and the 

Federal Reserve Board.

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2003

[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................................ $802,418,308,066 $767,168,784,208 $766,656,625,768 $261,160,316 $250,998,124 

Less amounts held by:

The Treasury................................................................ 334,264,765 33,721,765 33,512,506 20,739 188,520

FRBs ................................................................ 115,295,688,715 114,189,348,327 114,189,345,803 - 2,524

Amounts in circulation................................

$686,788,354,586 $652,945,714,116 $652,433,767,459 $261,139,577 $250,807,080 

Coins 2

Total

(1)

Dollars 3

(2)

Fractional

coins

(3)

Amounts outstanding................................ $35,249,523,858 $4,464,089,008 $30,785,434,850

Less amounts held by:

The Treasury................................................................ 300,543,000 284,395,000 16,148,000

FRBs ................................................................ 1,106,340,388 170,596,451 935,743,937

Amounts in circulation................................

$33,842,640,470 $4,009,097,557 $29,833,542,913

See footnotes following table USCC-2.
52 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2003

[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 ....................................................................................... $7,653,468,440 $7,507,775,030 $143,481 $145,549,929

$2 ....................................................................................... 1,312,310,036 1,179,976,394 132,321,066 12,576

$5 ....................................................................................... 8,934,659,030 8,795,705,815 109,563,110 29,390,105

$10 ..................................................................................... 14,063,602,720 14,041,879,430 5,950 21,717,340

$20 ..................................................................................... 97,726,858,540 97,706,753,340 3,380 20,101,820

$50 ..................................................................................... 57,025,572,350 57,014,076,950 - 11,495,400

$100 ................................................................................... 465,915,241,400 465,874,148,500 19,102,500 21,990,400

$500 ................................................................................... 142,745,000 142,557,000 - 188,000

$1,000 ................................................................ 166,061,000 165,855,000 - 206,000

$5,000 ................................................................ 1,755,000 1,700,000 - 55,000

$10,000 ................................................................ 3,440,000 3,340,000 - 100,000

Fractional parts ................................................................ 485 - - 485

Partial notes 4................................................................ 115 - 90 25

Total currency ................................................................ $652,945,714,116 $652,433,767,459 $261,139,577 $250,807,080 

Comparative totals of currency and coins in circulation—selected dates

Amounts (in millions)

(1)

Per capita 5

(2)

Mar. 31, 2003 ..................................................................... 686,788 $2,365.21

Feb. 28, 2003 ..................................................................... 681,631 2,347.45

Jan. 31, 2003 ..................................................................... 674,756 2,325.31

Sept. 30, 2000.................................................................... 568,614 2.061.26

Sept. 30, 1995.................................................................... 409,272 1,553.15

Sept. 30, 1990.................................................................... 278,903 1,105.14

Sept. 30, 1985.................................................................... 187,337 782.45

Sept. 30, 1980.................................................................... 129,916 581.48

June 30, 1975 .................................................................... 81,196 380.08

June 30, 1970 .................................................................... 54,351 265.39

June 30, 1965 .................................................................... 39,719 204.14

June 30, 1960 .................................................................... 32,064 177.47

June 30, 1955 .................................................................... 30,229 182.90

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 partial denominations not presented for redemption.

 5 Based on Bureau of the Census estimates of population.
InternationalFinancialStatistics

Capital Movements

ForeignCurrencyPositions

ExchangeStabilizationFund
55

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, 6

(5)

1998 ................................................................................... 81,761 11,046 10,603 36,001 24,111

1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854

2002 - Apr........................................................................... 67,844 11,044 10,988 29,628 16,184

May......................................................................... 69,579 11,044 11,297 30,740 16,498

June........................................................................ 74,696 11,044 11,645 32,166 19,841

July ......................................................................... 74,751 11,042 11,575 32,271 19,863

Aug ......................................................................... 75,307 11,042 11,752 32,470 20,043

Sept........................................................................ 75,860 11,042 11,710 32,251 20,857

Oct.......................................................................... 75,499 11,042 11,700 32,171 20,586

Nov......................................................................... 75,690 11,043 11,855 32,312 20,480

Dec......................................................................... 79,006 11,043 12,166 33,818 21,979

2003 - Jan .......................................................................... 78,434 11,043 11,298 34,140 21,953

Feb ......................................................................... 78,579 11,043 11,368 34,482 21,686

Mar ......................................................................... 80,049 11,043 11,392 34,756 22,858

Apr......................................................................... 80,405 11,043 11,476 35,148 22,738

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.

6

 Includes an SDR $361 million loan to the IMF under the General Arrangements to 

Borrow in July 1998, and an SDR $619 million loan to the IMF under the New 

Arrangements to Borrow in December 1998.
56 INTERNATIONAL FINANCIAL STATISTICS

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

[In millions of dollars. Source: Treasury International Capital Reporting System]

Liabilities to foreign countries

Official institutions 1

Liabilities 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)

1998 ................................ 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247

1999 ................................ 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453

2000 - Mar. 8................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077

Series Break................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482

2000 ................................ 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 ................................ 2,725,272 898,260 285,144 454,306 3,411 155,399 1,126,270 656,183 287,480 368,703 44,559

2002 - Mar. r................................ 2,759,837 906,240 284,021 454,362 3,159 164,698 1,158,219 653,049 272,248 380,801 42,329

Apr. r................................ 2,786,364 909,966 287,248 452,757 3,179 166,782 1,181,744 649,679 276,417 373,262 44,975

May r ................................ 2,818,617 924,511 299,865 452,688 3,199 168,759 1,189,995 661,942 277,584 384,358 42,169

June r ................................ 2,863,913 953,913 323,406 454,849 3,000 172,658 1,182,753 680,034 283,637 396,397 47,213

July r................................ 2,878,127 958,645 329,955 449,581 3,020 176,089 1,140,013 732,421 306,304 426,117 47,048

Aug. r................................ 2,945,242 961,217 327,008 450,216 3,040 180,953 1,179,951 757,564 328,150 429,414 46,510

Sept. r................................ 2,947,571 962,605 328,300 446,705 3,058 184,542 1,157,232 779,719 324,860 454,859 48,015

Oct. r................................ 3,042,530 960,571 325,195 446,152 3,078 186,146 1,258,111 773,728 312,322 461,406 50,120

Nov. ................................ 3,006,928 982,214 328,607 462,729 3,097 187,781 1,201,270 774,252 308,246 466,006 49,192

Dec ................................ 3,065,455 994,969 331,394 469,437 2,769 191,369 1,236,223 782,049 308,790 473,259 52,214

2003 - Jan ................................ 3,037,706 1,002,692 334,833 468,682 2,786 196,391 1,189,423 791,839 316,457 475,382 53,752

Feb. p ................................ 3,199,094 1,022,077 345,807 471,223 2,803 202,244 1,207,917 918,131 449,749 468,382 50,969

Mar. p ................................ 3,205,650 1,031,476 354,931 471,705 2,821 202,019 1,153,762 972,202 478,701 493,501 48,210

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 a benchmark survey 

as of end-March 2000 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 57

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)

1998 ................................................................................... 6,074 6,074 1,172 3,991 911

1999 ................................................................................... 6,111 6,111 1,259 4,313 539

2000 ................................................................................... 5,348 5,348 1,244 3,520 584

2001 ................................................................................... 3,411 3,411 977 1,801 633

2002 - Mar.......................................................................... 3,159 3,159 677 1,836 646

Apr.......................................................................... 3,179 3,179 681 1,848 650

May......................................................................... 3,199 3,199 685 1,860 654

June........................................................................ 3,000 3,000 689 1,652 659

July ......................................................................... 3,020 3,020 694 1,663 663

Aug ......................................................................... 3,040 3,040 698 1,674 668

Sept........................................................................ 3,058 3,058 702 1,684 672

Oct.......................................................................... 3,078 3,078 706 1,695 677

Nov......................................................................... 3,097 3,097 710 1,706 681

Dec......................................................................... 2,769 2,769 715 1,368 686

2003 - Jan .......................................................................... 2,786 2,786 719 1,377 690

Feb ........................................................................ 2,803 2,803 723 1,385 695

Mar ......................................................................... 2,821 2,821 728 1,394 699

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 the 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 $5,126 million. 

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.
58

INTRODUCTION: Capital Movements

Background

Data relating to U.S. international transactions in

financial instruments and on 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 undertook 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 compilation 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 Treasury reports 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. However, information may

not always reflect the ultimate ownership of assets. Reporting

institutions are not required to go beyond addresses shown on

their records and so may not be aware of the actual country of 

domicile of the ultimate beneficiary.

Transactions with branches or agencies of foreign official

institutions, wherever located, are reported opposite the

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported

opposite any 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

a specified reporting threshold are exempt from reporting. 

Beginning in February 2003, a number of 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. A notice of these changes and a request for public

comments on them was published in the Federal Register

last year and some modifications were made in view of the

comments. A detailed outline of the changes affecting each

form may be accessed on the TIC website.
CAPITAL MOVEMENTS 59

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 for 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.

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 these

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

banks, other depository institutions and securities brokers

and dealers), and other nonbanking enterprises in the United 

States. Currently, 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.

Data exclude claims on foreigners held through banks in the

United States.

As noted under “Reporting coverage” above, effective

with reports filed as of March 31, 2003, the thresholds were

raised for reporting on the nonbanking C-series forms. At
60 CAPITAL MOVEMENTS

that time, changes were introduced as well in the coverage

and reporting formats for these forms. Data series drawn

from reporting on the revised C-series forms will be initially

published in the Treasury Bulletin for September, and details 

of the changes will be outlined in that issue. However, one

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 will

include positions vis-à-vis all foreign-resident affiliates. As

of the end of March 2003, financial intermediaries are to

report positions vis-à-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, brokers, and other entities in the United

States. The data cover transactions executed in the United

States for the accounts of foreigners and transactions

executed abroad for the accounts of reporting institutions

and their domestic customers. This includes transactions in

newly issued securities as well as transactions in, and

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in

table IFS-3.

The geographical 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.

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, 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.

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 61

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]

2002 2003

Type of Liability

 Calendar

 Year

 2001 Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p

Total liabilities to all foreigners................................ 1,715,901 1,829,841 1,916,434 1,858,081 1,899,058 1,864,519 2,024,740 2,086,482

Payable in dollars........................................................... 1,636,538 1,748,122 1,834,715 1,776,362 1,818,517 1,783,978 1,944,199 2,005,941

Foreign official institutions 1................................ r 285,144 328,300 325,195 328,607 331,394 334,833 345,807 354,931

Deposits, excluding negotiable CDs......................22,668 15,912 17,736 17,525 20,629 17,162 25,430 23,560

U.S. Treasury bills and certificates........................ 161,719 185,187 188,474 190,111 190,375 194,762 196,344 206,153

Other liabilities ....................................................... 100,757 127,201 118,985 120,971 120,390 122,909 124,033 125,218

Foreign banks (including own foreign 

offices) and other foreigners................................ 1,340,564 1,408,110 1,496,451 1,435,534 1,473,654 1,434,521 1,586,307 1,641,633

Deposits, excluding negotiable CDs...................... 165,283 135,177 140,143 142,536 145,404 142,924 696,223 726,293

U.S. Treasury bills and certificates........................23,796 38,781 34,498 35,431 38,047 35,917 36,849 38,547

Other liabilities ....................................................... 1,151,485 1,234,152 1,321,810 1,257,567 1,290,203 1,255,680 853,235 876,793

International and regional organizations 2.................10,830 11,712 13,069 12,221 13,469 14,624 12,085 9,377

Deposits, excluding negotiable CDs...................... 3,791 5,669 6,178 5,245 5,769 5,298 6,305 5,039

U.S. Treasury bills and certificates........................ 600 765 597 760 1,089 687 621 4

Other liabilities ....................................................... 6,439 5,278 6,294 6,216 6,611 8,639 5,159 4,334

Payable in foreign currencies 3

................................ 79,363 81,719 81,719 81,719 80,541 80,541 80,541 80,541

Sector:

Banks and other foreigners................................ 73,186 73,982 73,982 73,982 71,359 71,359 71,359 71,359

International and regional organizations 2

.................. 6,177 7,737 7,737 7,737 9,182 9,182 9,182 9,182

Major currencies:

Canadian dollars.................................................... 5,812 6,371 6,371 6,371 6,610 6,610 6,610 6,610

Euro................................................................ 31,619 37,702 37,702 37,702 38,491 38,491 38,491 38,491

United Kingdom pounds sterling............................ 6,238 6,187 6,187 6,187 6,949 6,949 6,949 6,949

Japanese yen.........................................................26,645 23,068 23,068 23,068 20,041 20,041 20,041 20,041

Memoranda:

Respondents’ own liabilities payable in 

 dollars................................................................1,181,097 1,218,134 1,305,674 1,242,279 1,274,227 1,241,101 1,389,180 1,452,048

Liabilities to own foreign offices................................ 792,291 788,198 877,900 820,247 852,471 804,006 911,346 948,277

Liabilities collaterized by repurchase

 agreements ......................................................... 151,143 213,172 200,313 190,283 190,134 210,349 306,017 338,431

Foreign official institutions 1...............................45,960 62,980 55,389 56,445 54,035 60,990 60,295 64,115

Foreign banks and other foreigners................... 102,507 147,870 140,830 131,818 134,087 145,237 244,698 273,438

International and regional organizations 2.................. 2,676 2,322 4,094 2,020 2,012 4,122 1,024 878

 Reported by IBFs...................................................... 389,264 385,938 462,272 431,642 406,375 344,464 354,758 341,702

Respondents’ own liabilities payable in 

foreign currencies 3...............................................79,363 81,719 81,719 81,719 80,541 80,541 80,541 80,541

 Reported by IBFs......................................................52,652 51,816 51,816 51,816 51,786 51,786 51,786 51,786

Liabilities held in custody for domestic 

customers................................................................455,441 529,988 529,041 534,083 544,290 542,877 555,019 553,893

Payable in dollars ............................................... 455,441 529,988 529,041 534,083 544,290 542,877 555,019 553,893

Payable in foreign currencies 3........................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

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.
62 CAPITAL MOVEMENTS

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Country 1999 2000 2001 Nov. r Dec. Jan. Feb. Mar. p

Europe:

Austria................................................................ 2,960 2,755 3,277 2,541 2,517 2,230 2,370 2,169

Belgium 1................................................................ 46,078 34,230 6,863 8,150 8,716 8,963 9,742 11,951

Bulgaria................................................................ 472 367 267 185 219 185 175 109

Czech Republic.............................................................. 790 626 612 644 531 837 796 909

Denmark................................................................2,357 3,134 3,786 3,394 4,889 6,506 6,612 6,760

Finland ................................................................1,749 1,412 1,446 2,646 1,711 2,601 1,879 863

France................................................................58,317 41,275 57,924 51,597 43,339 40,430 43,366 43,579

Germany ................................................................ 29,004 41,416 26,353 36,713 41,983 39,525 47,229 51,202

Greece ................................................................3,877 2,042 2,308 3,394 2,996 3,226 2,927 2,023

Hungary................................................................ 871 1,127 730 262 270 161 267 270

Ireland ................................................................ 7,691 8,115 16,752 18,649 20,995 20,185 25,439 23,633

Italy................................................................ 9,756 6,755 7,382 6,116 5,358 4,951 5,335 5,531

Luxembourg 1................................................................ n.a. n.a. 17,334 27,872 29,624 31,536 36,996 33,923

Netherlands................................................................ 9,365 7,587 12,708 8,498 11,302 12,674 16,804 15,034

Norway................................................................1,363 2,310 3,746 14,694 18,895 17,751 10,964 14,195

Poland................................................................ 4,274 3,649 3,695 4,154 4,205 4,021 4,469 4,642

Portugal................................................................2,501 2,529 4,082 3,187 3,677 3,550 2,980 2,904

Romania................................................................ 768 850 1,481 1,976 1,919 1,558 1,230 829

Russia 2................................................................5,476 19,052 20,808 25,454 23,159 24,390 27,655 28,930

Spain................................................................ 11,091 8,236 9,251 16,410 14,492 15,310 16,500 14,380

Sweden ................................................................4,744 6,506 3,451 3,903 4,706 3,817 4,054 4,661

Switzerland ................................................................ 64,092 76,307 67,400 142,288 132,157 106,001 120,062 115,090

Turkey ................................................................ 7,972 7,636 7,486 11,790 12,132 12,755 11,972 10,996

United Kingdom ................................ 190,706 187,145 222,321 196,740 199,157 185,691 295,958 317,440

Channel Islands and Isle of Man 3................................ n.a. n.a. 36,342 39,192 45,954 26,553 23,246 21,941

Yugoslavia 4................................................................ 286 282 309 332 301 353 337 332

Other Europe ................................................................ 14,778 16,518 19,397 19,186 25,107 23,228 25,600 28,236

Total Europe ..............................................................

481,338 481,861 557,511 649,967 660,311 598,988 744,964 762,532

Canada................................................................

40,579 36,975 31,540 30,014 29,857 32,778 33,493 36,886

Latin America:

Argentina................................................................ 18,650 19,500 10,786 11,695 11,278 11,312 10,599 10,714

Brazil ................................................................ 12,944 11,726 15,219 11,977 11,329 11,878 12,274 13,486

Chile................................................................ 7,095 5,946 4,993 5,407 6,112 5,639 5,853 5,768

Colombia................................................................ 5,685 4,561 4,716 4,659 4,174 4,163 4,900 4,469

Ecuador................................................................1,959 2,117 2,396 2,261 2,307 2,405 2,246 2,377

Guatemala................................................................ 1,632 1,619 1,900 1,403 1,398 1,453 1,491 1,415

Mexico................................................................32,263 33,041 40,548 33,723 37,417 38,141 35,989 37,237

Panama................................................................4,420 4,353 3,646 3,704 3,963 4,008 4,107 3,688

Peru................................................................ 1,143 1,444 1,368 1,363 1,366 1,367 1,363 1,333

Uruguay................................................................2,393 3,036 3,222 2,615 2,814 2,688 2,464 2,733

Venezuela ................................................................ 20,459 24,984 25,311 22,820 22,485 20,552 20,186 18,933

Other Latin America 5................................ 10,916 10,094 6,311 5,921 5,890 5,888 5,686 5,817

Total Latin America................................

119,559 122,421 120,416 107,548 110,533 109,494 107,158 107,970

Caribbean:

Bahamas................................................................ 139,425 191,061 179,382 146,567 162,786 170,710 166,505 176,328

Bermuda................................................................8,005 9,763 10,681 27,177 24,430 28,033 38,691 41,159

British West Indies 6................................ 331,546 382,868 n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6................................ n.a. n.a. 445,888 494,843 507,954 520,970 528,668 554,761

Cuba................................................................ 75 90 88 94 91 93 210 266

Jamaica................................................................ 547 828 1,222 860 840 894 861 1,007

Netherlands Antilles................................ 4,205 5,454 3,273 5,484 5,026 6,336 4,531 4,401

Trinidad and Tobago................................ 601 904 1,281 1,595 1,420 1,374 1,399 1,388

Other Caribbean 5................................ n.a. n.a. 12,230 11,566 11,425 11,140 11,711 11,876

Total Caribbean ................................

484,404 590,968 654,045 688,186 713,972 739,550 752,576 791,186

See footnotes at end of table.
CAPITAL MOVEMENTS 63

TABLE CM-I-2.—Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2002 2003

Country 1999 2000 2001 Nov. r Dec. Jan. Feb. Mar. p

Asia:

China:

Mainland................................................................ 12,325 16,531 10,510 14,488 15,504 13,544 13,636 17,733

Taiwan................................................................ 13,644 17,374 17,729 23,564 18,641 22,162 23,872 19,934

Hong Kong................................................................ 28,260 26,996 27,197 31,486 33,344 37,074 36,007 33,262

India ................................................................ 7,368 4,530 3,708 7,545 7,970 8,091 8,850 8,689

Indonesia................................................................ 6,571 8,514 12,424 12,916 14,110 12,858 12,414 11,943

Israel ................................................................7,489 8,099 7,908 8,907 7,213 9,621 10,180 11,769

Japan ................................................................ 170,614 162,449 174,067 181,190 175,995 176,774 181,064 191,002

Korea................................................................12,991 7,960 9,057 6,554 8,942 7,420 7,052 6,740

Lebanon ................................................................ 1,212 681 563 722 652 572 509 508

Malaysia................................................................ 3,851 2,335 1,299 1,608 1,220 1,041 1,386 1,504

Pakistan ................................................................813 1,024 1,971 2,627 2,093 1,750 1,506 1,852

Philippines................................................................ 3,806 2,320 1,777 1,465 1,795 1,366 1,526 1,766

Singapore................................................................ 32,840 28,638 17,447 15,665 17,039 14,901 14,212 15,189

Syria ................................................................ 55 59 67 36 35 35 39 31

Thailand ................................................................ 6,052 3,212 4,757 8,703 7,607 6,668 5,033 5,289

Oil-exporting countries 7................................ 22,565 24,939 21,274 13,948 18,892 17,704 14,719 12,451

Other Asia ................................................................ 5,387 5,312 5,787 7,078 6,756 7,017 7,086 6,842

Total Asia ................................................................

335,843 320,973 317,542 338,502 337,808 338,598 339,091 346,504

Africa:

Congo (formerly Zaire)................................ 14 4 4 2 2 3 5 3

Egypt................................................................2,023 2,621 2,783 2,493 2,652 2,494 3,608 3,549

Ghana ................................................................ 147 188 133 337 312 333 299 283

Liberia ................................................................ 423 318 229 152 141 171 161 181

Morocco ................................................................179 148 274 254 306 259 346 280

South Africa ................................................................ 1,497 1,011 843 702 1,118 729 2,407 1,811

Oil-exporting countries 8................................ 3,010 4,141 4,461 5,075 4,466 4,222 4,648 4,083

Other Africa................................................................ 2,280 2,535 2,738 3,075 3,353 3,076 3,004 2,895

Total Africa................................................................

9,573 10,966 11,465 12,090 12,350 11,287 14,478 13,085

Other countries:

Australia ................................................................ 8,408 10,109 5,634 9,360 9,397 8,301 9,180 6,905

New Zealand 9

................................ n.a. n.a. 328 2,209 1,918 1,442 2,060 2,297

All other................................................................ 1,413 1,281 413 247 261 275 473 558

Total other countries ................................

9,821 11,390 6,375 11,816 11,576 10,018 11,713 9,760

Total foreign countries ................................

1,481,117 1,575,554 1,698,894 1,838,123 1,876,407 1,840,713 2,003,473 2,067,923

International and regional

organizations:

International ................................................................ 13,758 12,193 15,508 17,984 20,465 22,041 19,399 17,137

European regional................................ 504 453 689 1,081 1,511 1,074 1,017 395

Latin American regional................................ 1,150 740 480 478 508 372 547 686

Caribbean regional 10................................ n.a. n.a. 84 73 67 94 105 103

Asian regional ................................ 607 175 213 321 85 145 157 196

African regional................................ 141 74 33 21 15 80 42 42

Middle Eastern regional................................ - - - - - - - -

Total international

and regional ................................

16,160 13,635 17,007 19,958 22,651 23,806 21,267 18,559

Grand total ................................ 1,497,277 1,589,189 1,715,901 1,858,081 1,899,058 1,864,519 2,024,740 2,086,482

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

 Before January 2001, data included in United Kingdom.

4

 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.

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.”
64 CAPITAL MOVEMENTS

TABLE CM-I-3.—Total Liabilities by Type and Country, Mar. 31, 2003, 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 unaffiliated foreign banks To all other foreigners Memorandum

Totals

Country

Total

(1)

 Payable

 in

 dollars

 (2)

Payable

in

foreign

currencies 1

(3)

 Banks’

 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 banks’

own

foreign 

offices

(12)

Negotiable 

CDs

held for

all foreigners

(13)

 

Europe:

Austria................................................................ 2,169 2,125 44 1,112 1,013 331 318 1,178 206 48 44 6 554

Belgium................................................................ 11,951 11,846 105 10,869 977 5,888 428 2,372 205 166 2,787 1,900 14

Bulgaria................................................................ 109 109 - 71 38 11 32 59 7 - - 1 -

Czech Republic................................ 909 897 12 136 761 69 410 396 22 - - 1 -

Denmark................................................................ 6,760 6,751 9 5,209 1,542 68 1,216 5,169 39 249 10 19 52

Finland ................................................................ 863 845 18 194 651 74 136 588 40 6 1 45 509

France................................................................ 43,579 39,880 3,699 24,134 15,746 8,046 11,641 11,630 813 10 7,740 9,477 721

Germany ................................................................ 51,202 43,617 7,585 34,518 9,099 12,490 1,626 21,311 1,469 68 6,653 18,119 5,719

Greece ................................................................ 2,023 2,002 21 1,620 382 689 241 526 407 50 89 310 65

Hungary................................................................ 270 263 7 143 120 23 114 85 35 6 - 2 -

Ireland ................................................................ 23,633 23,560 73 4,442 19,118 1,055 163 4,739 524 2,312 14,767 138 1,570

Italy................................................................ 5,531 5,001 530 3,983 1,018 2,119 719 1,408 553 50 152 692 156

Luxembourg ................................ 33,923 32,925 998 12,787 20,138 6,340 3,189 13,346 282 121 9,647 10,437 774

Netherlands................................ 15,034 14,454 580 9,486 4,968 2,047 1,769 2,696 2,262 364 5,316 4,774 47

Norway................................................................ 14,195 14,167 28 14,140 27 73 14 13,976 63 1 40 - -

Poland................................................................ 4,642 4,622 20 1,446 3,176 76 1,875 2,627 41 - 3 243 5

Portugal................................................................ 2,904 2,802 102 572 2,230 260 2,049 230 223 2 38 38 29

Romania................................................................ 829 823 6 340 483 61 170 577 15 - - 41 -

Russia 4................................................................ 28,930 28,918 12 3,927 24,991 2,422 661 25,661 117 1 56 426 9

Spain................................................................ 14,380 13,920 460 10,868 3,052 1,430 868 9,953 1,030 47 592 2,804 139

Sweden ................................................................ 4,661 4,611 50 2,519 2,092 258 49 1,442 168 400 2,294 108 1,282

Switzerland................................ 115,090 114,439 651 101,677 12,762 94,232 6,288 5,698 1,311 1,703 5,207 98,390 3,248

Turkey ................................................................ 10,996 10,995 1 1,355 9,640 221 9,529 924 82 5 234 185 27

United Kingdom................................ 317,440 300,173 17,267 286,724 13,449 94,801 1,648 101,737 10,489 3,537 87,961 203,100 2,548

Channel Islands and Isle 

 of Man 5

................................ 21,941 21,715 226 21,553 162 21,198 - 108 93 151 165 21,056 3

Yugoslavia 6................................ 332 332 - 332 - 28 - 180 13 - 111 - -

Other Europe................................ 28,236 28,070 166 12,346 15,724 5,578 14,986 7,062 327 80 37 45 13

Total Europe................................

762,532 729,862 32,670 566,503 163,359 259,888 60,139 235,678 20,836 9,377 143,944 372,357 17,484

Canada................................................................

36,886 31,988 4,898 21,338 10,650 4,783 4,144 15,068 2,176 671 5,146 11,773 209

Latin America:

Argentina ................................................................ 10,714 10,654 60 9,149 1,505 438 2 1,570 7,744 434 466 460 210

Brazil ................................................................ 13,486 12,194 1,292 11,351 843 3,956 - 2,231 5,601 94 312 1,096 184

Chile................................................................ 5,768 5,720 48 4,020 1,700 751 - 1,573 2,827 197 372 426 230

Colombia................................................................ 4,469 4,453 16 3,284 1,169 225 46 1,597 2,453 22 110 26 128

Ecuador ................................................................ 2,377 2,369 8 2,222 147 295 - 400 1,562 14 98 102 34

Guatemala................................................................ 1,415 1,398 17 1,303 95 298 11 155 871 23 40 36 15

Mexico................................................................ 37,237 35,972 1,265 22,227 13,745 3,429 5,753 11,590 12,787 558 1,855 2,977 582

Panama ................................................................ 3,688 3,649 39 3,036 613 469 27 694 1,900 251 308 577 190

Peru................................................................ 1,333 1,330 3 1,233 97 145 - 180 907 46 52 62 25

Uruguay ................................................................ 2,733 2,726 7 2,225 501 217 99 864 1,082 231 233 317 129

Venezuela................................................................ 18,933 18,332 601 15,422 2,910 1,772 2,436 1,449 12,040 61 574 184 114

Other Latin America................................ 5,817 5,769 48 5,298 471 1,787 91 1,037 2,652 55 147 215 84

Total Latin America................................

107,970 104,566 3,404 80,770 23,796 13,782 8,465 23,340 52,426 1,986 4,567 6,478 1,925

Caribbean:

Bahamas ................................................................ 176,328 175,738 590 171,394 4,344 109,562 602 53,924 4,492 860 6,298 154,135 337

Bermuda................................................................ 41,159 40,552 607 32,720 7,832 529 240 3,560 4,850 1,053 30,320 2,971 311

Cayman Islands ................................ 554,761 545,764 8,997 400,550 145,214 200,834 126 203,256 7,384 2,673 131,491 317,425 5,289

Cuba ................................................................ 266 266 - 263 3 12 - 4 65 3 182 - -

Jamaica ................................................................ 1,007 996 11 955 41 484 - 324 184 - 4 27 28

Netherlands Antilles................................ 4,401 4,394 7 4,287 107 638 32 661 674 48 2,341 484 22

Trinidad and Tobago................................ 1,388 1,373 15 1,298 75 686 - 355 260 14 58 165 6

Other Caribbean................................ 11,876 11,793 83 8,956 2,837 1,295 186 790 5,780 923 2,819 314 676

Total Caribbean ................................

791,186 780,876 10,310 620,423 160,453 314,040 1,186 262,874 23,689 5,574 173,513 475,521 6,669

See footnotes at end of table.
CAPITAL MOVEMENTS 65

TABLE CM-I-3.—Total Liabilities by Type and Country, Mar. 31, 2003, 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 unaffiliated foreign banks To all other foreigners Memorandum

Totals

Country

 Total

 (1)

 Payable

 in

 dollars

 (2)

Payable

 in

foreign

currencies 1

(3)

Banks’

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 banks’

own

foreign 

offices

(12)

Negotiable 

CDs

held for

all foreigners

(13)

Asia:

China:

Mainland................................ 17,733 17,733 - 11,916 5,817 1,710 1,012 13,749 714 72 476 2,086 71

Taiwan................................19,934 19,919 15 17,291 2,628 3,855 1,829 10,946 2,621 189 479 1,124 400

Hong Kong................................33,262 32,965 297 10,713 22,252 5,088 12,263 12,214 1,962 159 1,279 6,565 260

India ................................................................ 8,689 8,672 17 1,518 7,154 816 5,229 1,762 247 - 618 599 12

Indonesia ................................11,943 11,943 - 1,437 10,506 716 9,051 1,798 349 - 29 236 18

Israel ................................................................ 11,769 11,741 28 3,354 8,387 445 7,442 1,237 1,742 97 778 237 127

Japan................................ 191,002 176,338 14,664 62,347 113,991 13,532 99,585 48,316 2,780 431 11,694 52,676 518

Korea ................................ 6,740 6,730 10 3,905 2,825 741 1,285 4,167 224 - 313 2,513 11

Lebanon................................ 508 508 - 489 19 144 - 248 100 2 14 2 17

Malaysia................................ 1,504 1,461 43 1,209 252 419 214 760 46 - 22 122 5

Pakistan................................ 1,852 1,844 8 1,044 800 296 691 400 80 1 376 525 6

Philippines ................................1,766 1,764 2 1,511 253 535 38 693 410 8 80 70 30

Singapore ................................15,189 13,024 2,165 11,148 1,876 5,936 789 4,642 577 110 970 8,023 23

Syria................................................................ 31 31 - 30 1 7 - 5 18 - 1 - 1

Thailand................................ 5,289 5,287 2 1,317 3,970 345 3,884 750 199 17 92 73 12

Other Asia................................19,293 16,764 2,529 11,367 5,397 4,198 4,805 5,977 938 115 731 4,855 41

Total Asia ................................

346,504 326,724 19,780 140,596 186,128 38,783 148,117 107,664 13,007 1,201 17,952 79,706 1,552

Africa:

Congo (formerly Zaire)................................ 3 3 - 3 - - - - 3 - - - -

Egypt................................................................ 3,549 3,549 - 1,194 2,355 537 1,942 594 259 2 215 117 204

Ghana................................ 283 283 - 163 120 35 120 110 16 - 2 - -

Liberia ................................ 181 179 2 81 98 2 - 2 77 19 79 1 33

Morocco................................ 280 280 - 278 2 46 - 210 23 1 - 3 -

South Africa................................1,811 1,807 4 1,797 10 93 - 1,567 122 - 25 1,361 5

Other Africa ................................6,978 6,874 104 5,378 1,496 2,933 1,027 1,942 682 26 264 686 8

Total Africa ................................

13,085 12,975 110 8,894 4,081 3,646 3,089 4,425 1,182 48 585 2,168 250

Other countries:

Australia................................ 6,905 6,841 64 2,480 4,361 990 582 4,837 283 47 102 238 270

New Zealand................................ 2,297 2,175 122 1,252 923 38 36 1,873 143 16 69 1 8

All other................................ 558 557 1 461 96 61 15 320 100 7 54 35 3

Total other countries................................

9,760 9,573 187 4,193 5,380 1,089 633 7,030 526 70 225 274 281

Total foreign

countries ................................

2,067,923 1,996,564 71,359 1,442,717 553,847 636,011 225,773 656,079 113,842 18,927 345,932 948,277 28,370

International and

regional orgs.:

International................................ 17,137 7,955 9,182 7,945 10 - - - 4,403 - 3,552 - 10

European regional................................ 395 395 - 391 4 - - - 373 4 18 - -

Latin American regional................................ 686 686 - 666 20 - - - 222 - 464 - 20

Caribbean regional................................ 103 103 - 103 - - - - 8 - 95 - -

Asian regional................................196 196 - 184 12 - - - 30 - 166 - -

African regional ................................42 42 - 42 - - - - 3 - 39 - -

Middle Eastern regional................................

- - - - - - - - - - - - -

Total international

and regional................................

18,559 9,377 9,182 9,331 46 - - - 5,039 4 4,334 - 30

Grand total ................................ 2,086,482 2,005,941 80,541 1,452,048 553,893 636,011 225,773 656,079 118,881 18,931 350,266 948,277 28,400

1

 These data as of December 31, 2002.

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

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.”

5

 Before January 2001, data included in United Kingdom.

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.
66 CAPITAL MOVEMENTS

CHART CM-A.—U.S. Liabilities to Foreigners

Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries

0

100

200

300

400

500

600

700

800

1999 2000 2001 2002 Mar. 2003

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 1999 2000 2001 2002 Mar. 2003

United Kingdom................................ 190,706 187,145 222,321 199,157 317,440

All other Europe ................................ 290,632 294,716 335,190 461,154 445,092

Caribbean banking centers 1,2................................ 487,601 593,499 642,870 704,159 780,337

Japan................................................................170,614 162,449 174,067 175,995 191,002

All other Asia ................................................................ 165,229 158,524 143,475 161,813 155,502

Subtotal ................................................................ 1,304,782 1,396,333 1,517,923 1,702,278 1,889,373

All other countries ................................ 192,495 192,856 197,978 196,780 197,109

Grand total ................................................................ 1,497,277 1,589,189 1,715,901 1,899,058 2,086,482

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 were recorded at 

more than $2 trillion in March 

2003, an increase of $187 

billion from year-end 2002. In 

large part, the increase in 

liabilities to foreigners in the 

first quarter of this year reflects 

changes to the reporting scope 

of the Treasury International 

Capital (TIC) reporting system 

effective February 2003. In 

particular, these figures now 

include positions with affiliated 

foreign nonbanking offices 

reported by U.S. brokers and 

dealers. U.S. banking liabilities 

increased $183 billion in 2002 

and $127 billion in 2001.

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, are concentrated in 

international financial centers. 

The data on this page show that 

nearly one-half of U.S. banking 

liabilities currently is recorded 

against the United Kingdom 

and banking centers in the 

Caribbean. These two areas 

also recorded most of the 

reported increase in liabilities 

during the first 3 months of 

2003. Foreigners domiciled in 

the rest of Europe and in Asia 

account for nearly 40 percent of 

U.S. banking liabilities.

In the mid-1990s, U.S. banking 

liabilities grew rapidly, with 

annual growth averaging about 

10 percent. Growth slowed to 

about 5 percent per year from 

1998 through 2000, but picked 

up again to 8 percent in 2001 

and more than 10 percent in 

2002. 

 United Kingdom All other Europe Caribbean banking centers

 Japan All other Asia All other countries
CAPITAL MOVEMENTS 67

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]

2001 2002

Type of Claim

Calendar

Year

2000 June Sept. r Dec. r Mar. r June r Sept. Dec. p

Total claims................................................................ 1,177,192 1,277,113 1,221,304 1,347,134 1,359,307 1,430,400 1,355,084 1,394,057

Payable in dollars............................................................ 1,095,869 1,178,541 1,131,313 1,254,863 1,266,270 1,325,628 1,253,664 1,290,232

Banks’ own claims on foreigners ................................ 904,642 991,445 962,525 1,055,069 1,061,745 1,109,983 1,063,550 1,080,271

Foreign public borrowers................................ 33,221 47,500 42,232 44,458 49,966 47,005 58,661 45,317

Unaffiliated foreign banks:

Deposits................................................................ 23,886 20,336 20,113 26,387 26,305 23,995 24,196 20,665

Other................................................................71,357 71,352 72,500 73,980 69,852 68,815 70,711 60,768

Own foreign offices ......................................................... 630,137 686,555 662,466 749,124 752,777 792,152 732,318 787,198

All other foreigners.......................................................... 146,041 165,702 165,214 161,120 162,845 178,016 177,664 166,323

Claims of banks’ domestic customers ............................ 191,227 187,096 168,788 199,794 204,525 215,645 190,114 209,961

Deposits................................................................ 100,352 93,656 71,537 93,565 92,674 94,129 86,862 79,512

Negotiable and readily

 transferable instruments................................ 78,147 77,192 87,416 90,412 99,159 109,111 90,919 124,159

Collections and other ................................ 12,728 16,248 9,835 15,817 12,692 12,405 12,333 6,290

Payable in foreign currencies................................ 81,323 98,572 89,991 92,271 93,037 104,772 101,420 103,825

Banks’ own claims on foreigners

 of which ................................................................ 56,912 77,428 69,106 74,640 76,395 88,924 80,945 70,193

Canadian dollars ................................ n.a. 5,420 6,170 6,106 6,064 6,848 6,704 6,785

Euros................................................................ n.a. 32,993 28,555 42,980 42,662 55,294 48,459 39,413

U.K. pounds sterling................................ n.a. 9,022 6,996 6,296 6,559 6,631 8,294 5,957

Japanese yen......................................................... n.a. 11,196 10,489 9,892 13,296 12,131 8,417 8,688

Claims of banks’ domestic customers

 of which ................................................................ 24,411 21,144 20,885 17,631 16,642 15,848 20,475 33,632

Canadian dollars ................................ n.a. 811 892 935 1,419 1,198 1,267 1,148

Euros................................................................ n.a. 6,378 9,008 3,097 2,756 4,858 7,916 6,551

U.K. pounds sterling................................ n.a. 2,114 1,745 1,133 896 2,344 1,434 2,272

Japanese yen......................................................... n.a. 874 359 351 540 1,911 2,458 7,508

Memoranda:

Claims reported by IBFs ................................ 308,953 344,659 311,172 339,685 345,525 363,363 333,880 346,417

Payable in dollars......................................................... 281,707 312,578 281,395 306,381 309,417 322,421 300,318 315,536

Payable in foreign currencies................................27,246 32,081 29,777 33,304 36,108 40,942 33,562 30,881

Customer liability on acceptances ................................ 4,257 3,054 2,468 2,588 2,139 2,356 2,353 2,450

Collateralized by resale agreements .............................. n.a. 129,693 112,143 137,979 123,199 158,784 166,568 161,585

Foreign public borrowers................................ n.a. 28,463 21,427 27,033 30,471 27,843 39,321 25,903

Foreign banks and other foreigners ............................. n.a. 96,770 86,357 106,194 87,738 126,888 124,751 132,130

International and regional orgs ................................n.a. 4,460 4,359 4,752 4,990 4,053 2,496 3,552

Claims with remaining maturity

 of 1 year or less:

On foreign public borrowers................................17,443 23,171 16,858 23,932 27,257 29,449 40,195 28,905

On all other unaffiliated foreigners ............................... 168,660 168,808 161,600 176,308 187,116 206,770 209,881 184,067

Claims with remaining maturity of

 more than 1 year:

On foreign public borrowers................................15,108 23,770 24,504 19,947 22,050 16,942 18,024 16,179

On all other unaffiliated foreigners ............................... 72,798 86,555 95,962 85,139 71,863 64,046 62,707 63,945
68 CAPITAL MOVEMENTS

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2001 2002

Country

Calendar

year

2000 June Sept. r Dec. r Mar. r June r Sept. Dec. r

Europe:

Austria ................................................................ 4,862 4,405 3,849 7,353 4,738 5,220 4,951 3,972

Belgium 1................................................................ 9,957 6,200 6,988 7,483 8,648 7,819 6,375 8,254

Bulgaria ................................................................ 23 2 1 2 - 3 14 10

Czech Republic ............................................................... 139 129 147 600 291 172 188 149

Denmark................................................................ 4,923 6,691 4,175 3,472 2,959 2,742 4,566 2,228

Finland................................................................ 8,691 9,173 11,199 10,877 14,952 16,780 16,144 15,104

France ................................................................ 53,007 70,110 69,085 86,046 85,360 91,815 82,893 76,731

Germany................................................................70,564 82,705 61,492 54,304 61,726 68,434 48,805 43,010

Greece................................................................ 1,247 868 521 517 547 514 590 653

Hungary................................................................ 41 19 59 25 134 33 51 210

Ireland................................................................ 6,970 3,852 3,477 9,022 6,715 6,292 3,826 4,668

Italy ................................................................ 12,586 12,410 10,651 8,115 8,011 7,856 7,569 7,750

Luxembourg 1................................................................ na. 8,529 9,642 3,760 6,756 5,835 3,625 4,508

Netherlands ................................................................ 22,974 24,912 25,070 22,481 22,817 26,066 26,378 32,520

Norway ................................................................ 5,655 7,301 5,264 6,994 8,463 10,703 12,968 14,918

Poland ................................................................ 434 192 427 535 615 165 177 179

Portugal ................................................................ 2,105 2,106 1,765 2,159 2,417 2,200 2,372 2,641

Romania ................................................................ 80 61 62 99 109 102 92 107

Russia 2................................................................ 690 1,091 969 606 1,673 1,176 818 896

Spain ................................................................ 4,531 5,452 5,789 4,767 6,872 4,690 6,488 8,692

Sweden................................................................ 15,985 18,847 19,302 19,758 20,003 26,089 19,393 22,789

Switzerland................................................................ 87,736 123,875 79,789 97,702 125,048 127,668 115,472 134,040

Turkey................................................................ 4,455 3,983 4,056 3,370 5,314 3,968 3,872 3,305

United Kingdom............................................................... 223,976 255,731 261,893 299,262 298,271 296,792 290,683 279,916

Channel Islands and Isle of Man 3................................ na. 3,276 4,171 4,513 4,033 4,466 6,361 17,775

Yugoslavia 4................................................................ 50 49 4 - - - - 9

Other Europe................................................................ 7,029 2,489 2,571 2,894 3,009 2,364 1,786 1,997

Total Europe ................................................................

548,710 654,458 592,418 656,716 699,481 719,964 666,457 687,031

Canada................................................................

55,908 68,008 67,078 76,107 80,021 90,431 85,440 85,526

Latin America:

Argentina ................................................................12,911 13,233 13,273 11,587 10,825 11,520 8,015 7,053

Brazil................................................................ 22,130 22,959 24,007 20,846 21,377 20,244 18,451 16,070

Chile ................................................................ 6,067 5,603 5,544 5,465 5,555 4,993 5,194 5,322

Colombia ................................................................ 4,388 3,657 3,625 3,646 3,731 3,286 3,098 2,633

Ecuador................................................................ 651 538 524 507 491 511 478 469

Guatemala................................................................1,279 1,229 1,297 1,536 1,456 924 969 925

Mexico ................................................................ 18,247 17,874 17,624 16,915 17,571 17,214 16,661 16,170

Panama ................................................................ 3,239 3,389 3,606 3,441 3,080 2,926 2,151 2,070

Peru ................................................................ 2,823 2,583 2,448 2,201 2,064 1,845 1,613 1,424

Uruguay................................................................ 702 446 552 459 524 349 369 276

Venezuela................................................................3,749 3,124 3,385 3,209 3,626 3,556 3,480 3,404

Other Latin America 5................................ 5,277 3,103 3,323 3,404 2,928 2,993 2,893 2,780

Total Latin America................................

81,463 77,738 79,208 73,216 73,228 70,361 63,372 58,596

Caribbean:

Bahamas ................................................................ 132,681 106,643 114,984 103,541 98,873 110,791 93,025 96,358

Bermuda................................................................ 9,485 6,790 8,401 8,470 8,500 11,850 13,332 10,620

British West Indies 6

................................ 237,770 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6............................................................ na. 245,975 239,752 304,898 275,313 292,196 282,477 312,269

Netherlands Antilles ................................ 5,812 5,802 9,900 6,741 7,168 6,923 6,228 6,783

Trinidad and Tobago................................ 609 949 944 940 971 866 930 889

Other Caribbean 5............................................................ n.a. 4,380 3,634 3,791 3,528 3,803 3,456 3,453

Total Caribbean............................................................

386,712 370,840 377,984 428,799 394,850 426,790 399,911 430,693

See footnotes at end of table.
CAPITAL MOVEMENTS 69

TABLE CM-II-2.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

2001 2002

Country

 Calendar

 year

 2000 June Sept. r Dec. r Mar. r June r Sept. Dec. r 

Asia:

China:

Mainland ................................................................ 1,658 4,479 3,541 2,138 4,220 6,107 7,307 5,241

Taiwan ................................................................ 2,720 2,657 3,347 4,573 4,699 6,669 8,836 3,945

Hong Kong ................................................................ 7,346 9,543 6,842 10,365 6,925 6,373 8,890 7,777

India................................................................2,341 1,763 1,747 1,477 1,377 1,595 1,340 1,314

Indonesia................................................................ 1,944 1,972 1,985 1,795 1,750 1,584 1,443 1,763

Israel................................................................5,588 5,149 6,356 6,984 5,622 5,858 7,517 6,979

Japan................................................................ 39,179 39,815 38,216 41,989 37,217 43,858 51,772 59,624

Korea................................................................8,014 11,480 12,003 10,755 14,081 15,093 17,481 11,209

Lebanon................................................................39 58 35 45 42 43 46 48

Malaysia ................................................................ 849 869 861 731 931 1,178 844 921

Pakistan................................................................ 165 547 647 129 328 488 669 77

Philippines ................................................................ 1,833 1,874 2,109 2,598 2,078 2,008 2,188 2,180

Singapore ................................................................ 4,576 1,767 4,093 3,513 3,436 3,352 3,633 4,355

Syria ................................................................ 12 3 3 3 2 2 2 2

Thailand................................................................ 1,404 1,598 1,291 2,544 1,516 753 1,879 1,443

Oil-exporting countries 7

................................10,627 10,308 9,512 9,222 11,176 12,248 11,532 10,487

Other Asia................................................................ 324 314 242 357 497 548 726 246

Total Asia................................................................ 88,619 94,196 92,830 99,218 95,897 107,757 126,105 117,611

Africa:

Congo (formerly Zaire)................................ - - 2 - - - - -

Egypt ................................................................ 228 551 426 430 371 430 346 500

Ghana................................................................ 18 20 23 25 14 6 9 12

Liberia................................................................545 476 376 377 330 395 350 308

Morocco................................................................ 241 211 170 123 104 96 75 71

South Africa................................................................ 378 579 535 769 820 719 659 653

Oil-exporting countries 8................................ 477 147 157 175 218 241 311 238

Other Africa ................................................................ 357 324 314 311 346 311 332 295

Total Africa ................................

2,244 2,308 2,003 2,210 2,203 2,198 2,082 2,077

Other countries:

Australia................................................................ 8,228 5,826 6,119 7,272 7,043 7,557 7,885 7,791

New Zealand 9................................ n.a. 614 436 512 922 802 1,018 881

All other ................................................................ 427 182 566 40 13 148 33 69

Total other countries................................

8,655 6,622 7,121 7,824 7,978 8,507 8,936 8,741

Total foreign countries................................

1,172,311 1,272,164 1,216,632 1,342,082 1,353,658 1,426,008 1,352,303 1,390,275

International and regional orgs.:

International................................................................ 4,777 4,488 4,446 4,322 5,237 3,848 2,121 3,264

European regional................................ - 8 7 14 12 53 23 8

Latin American regional ................................ 104 105 104 237 212 238 252 179

Caribbean regional 10................................ n.a. - - - - - - -

Asian regional................................ - 348 115 479 188 253 385 331

African regional ................................ - - - - - - - -

Middle Eastern regional ................................

- - - - - - - -

Total international

 and regional................................

4,881 4,949 4,672 5,052 5,649 4,392 2,781 3,782

Grand total................................ 1,177,192 1,277,113 1,221,304 1,347,134 1,359,307 1,430,400 1,355,084 1,394,057

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

 Before January 2001, data included in United Kingdom.

4

 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.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Before January 2001, data for Cayman Islands included in British West Indies.

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.”
70 CAPITAL MOVEMENTS

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2002

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Reporting banks’ own claims

 Memorandum

Claims of banks’ domestic 

customers

Country

Total

claims

(1)

Total 

banks’

own 

claims

(2)

On foreign

public borrowers and

unaffiliated

foreigners

(3)

On own

foreign

offices

(4)

 Payable in

 foreign

 currencies

 (5)

 Customers’

 liability on

 acceptances

 (6)

Total

(7)

 Payable in

 dollars

 (8)

 Payable in

 foreign

 currencies

 (9)

Europe:

Austria ................................................................ 3,972 3,722 3,536 67 119 - 250 1 249

Belgium 1................................................................ 8,254 6,124 5,265 779 80 - 2,130 1,879 251

Bulgaria ................................................................ 10 8 3 2 3 - 2 2 -

Czech Republic ............................................................... 149 149 88 46 15 - - - -

Denmark................................................................ 2,228 1,141 1,071 38 32 - 1,087 1,083 4

Finland................................................................ 15,104 8,555 171 8,347 37 - 6,549 190 6,359

France ................................................................ 76,731 62,258 8,590 39,115 14,553 1 14,473 10,180 4,293

Germany................................................................ 43,010 26,726 13,957 8,524 4,245 - 16,284 12,099 4,185

Greece................................................................ 653 522 419 58 45 - 131 131 -

Hungary................................................................ 210 209 197 10 2 - 1 - 1

Ireland................................................................ 4,668 2,845 2,664 61 120 - 1,823 1,384 439

Italy ................................................................7,750 5,834 1,897 1,856 2,081 - 1,916 1,891 25

Luxembourg 1................................................................ 4,508 3,587 2,985 422 180 21 921 837 84

Netherlands ................................................................ 32,520 24,684 9,404 13,729 1,551 12 7,836 7,108 728

Norway ................................................................ 14,918 13,976 13,883 2 91 - 942 873 69

Poland ................................................................ 179 168 41 15 112 - 11 - 11

Portugal ................................................................ 2,641 2,550 1,373 853 324 - 91 91 -

Romania ................................................................ 107 107 95 - 12 - - - -

Russia 2................................................................ 896 890 877 - 13 2 6 6 -

Spain ................................................................ 8,692 7,041 4,179 1,192 1,670 16 1,651 1,549 102

Sweden................................................................ 22,789 16,056 4,987 10,902 167 - 6,733 6,623 110

Switzerland................................................................ 134,040 129,036 7,086 119,872 2,078 6 5,004 4,989 15

Turkey................................................................ 3,305 2,155 2,094 18 43 106 1,150 1,131 19

United Kingdom............................................................... 279,916 192,190 27,642 146,354 18,194 26 87,726 80,414 7,312

Channel Islands and Isle of Man 3................................ 17,775 17,459 2,406 15,051 2 - 316 316 -

Yugoslavia 4................................................................ 9 9 - - 9 - - - -

Other Europe................................................................ 1,997 1,995 1,782 42 171 26 2 - 2

Total Europe ................................................................

687,031 529,996 116,692 367,355 45,949 216 157,035 132,777 24,258

Canada................................................................

85,526 67,250 9,671 50,913 6,666 4 18,276 16,931 1,345

Latin America:

Argentina ................................................................ 7,053 6,954 5,716 1,067 171 5 99 94 5

Brazil................................................................ 16,070 15,812 9,757 5,662 393 117 258 241 17

Chile ................................................................ 5,322 5,274 5,061 189 24 2 48 48 -

Colombia ................................................................ 2,633 2,615 2,512 102 1 2 18 18 -

Ecuador................................................................ 469 457 439 18 - 7 12 12 -

Guatemala................................................................ 925 915 797 95 23 10 10 10 -

Mexico ................................................................ 16,170 15,827 15,519 139 169 79 343 321 22

Panama ................................................................ 2,070 2,019 1,714 201 104 46 51 51 -

Peru ................................................................ 1,424 1,414 1,167 244 3 45 10 10 -

Uruguay................................................................ 276 275 205 50 20 - 1 1 -

Venezuela................................................................ 3,404 3,392 3,236 18 138 8 12 4 8

Other Latin America 5................................ 2,780 2,749 2,561 173 15 49 31 24 7

Total Latin America................................

58,596 57,703 48,684 7,958 1,061 370 893 834 59

Caribbean:

Bahamas ................................................................ 96,358 96,258 3,685 91,899 674 - 100 100 -

Bermuda................................................................ 10,620 10,277 9,894 8 375 - 343 342 1

Cayman Islands 6................................ 312,269 265,324 50,601 206,474 8,249 73 46,945 46,531 414

Cuba................................................................ - - - - - - - - -

Jamaica ................................................................ 321 321 305 16 - - - - -

Netherlands Antilles ................................ 6,783 6,783 2,718 3,972 93 - - - -

Trinidad and Tobago................................ 889 889 678 211 - - - - -

Other Caribbean 5................................ 3,453 3,444 2,970 281 193 15 9 9 -

Total Caribbean................................

430,693 383,296 70,851 302,861 9,584 88 47,397 46,982 415

See footnotes at end of table.
CAPITAL MOVEMENTS 71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2002, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Reporting banks’ own claims

Memorandum

Claims of banks’ domestic 

customers

Country

 Total

 claims

 (1)

 Total

 banks’

 own

 claims

 (2)

 On foreign

 public bor-

 rowers and

 unaffiliated

 foreigners

 (3)

On own

foreign

offices

(4)

 Payable in

 foreign

 currencies

 (5)

Customers’

liability on

acceptances

(6)

 Total

 (7)

 Payable in

 dollars

 (8)

Payable in

foreign

currencies

(9)

Asia:

China:

Mainland ................................................................ 5,241 1,057 935 122 - 16 4,184 4,184 -

Taiwan ................................................................ 3,945 3,880 3,180 592 108 22 65 24 41

Hong Kong ................................................................ 7,777 7,532 3,773 3,485 274 29 245 160 85

India................................................................ 1,314 1,235 979 256 - 6 79 76 3

Indonesia................................................................ 1,763 1,571 1,205 33 333 1 192 188 4

Israel................................................................6,979 4,672 3,055 1,605 12 - 2,307 2,307 -

Japan................................................................ 59,624 50,507 9,062 38,538 2,907 13 9,117 2,009 7,108

Korea................................................................ 11,209 11,141 8,830 2,288 23 1,550 68 63 5

Lebanon................................................................ 48 44 41 3 - - 4 4 -

Malaysia ................................................................921 911 885 25 1 1 10 7 3

Pakistan................................................................ 77 76 61 14 1 6 1 1 -

Philippines ................................................................ 2,180 2,157 2,051 86 20 51 23 5 18

Singapore ................................................................ 4,355 3,326 1,599 1,530 197 - 1,029 1,017 12

Syria ................................................................ 2 - - - - - 2 2 -

Thailand................................................................ 1,443 1,424 495 672 257 2 19 17 2

Other Asia................................................................ 10,733 10,425 1,123 6,932 2,370 22 308 307 1

Total Asia................................................................ 117,611 99,958 37,274 56,181 6,503 1,719 17,653 10,371 7,282

Africa:

Congo (formerly Zaire)................................ - - - - - - - - -

Egypt ................................................................ 500 488 181 306 1 40 12 11 1

Ghana................................................................ 12 2 2 - - - 10 10 -

Liberia................................................................ 308 308 308 - - - - - -

Morocco................................................................ 71 61 53 - 8 - 10 10 -

South Africa................................................................ 653 638 538 79 21 1 15 6 9

Other Africa ................................................................ 533 518 490 20 8 1 15 12 3

Total Africa ................................................................ 2,077 2,015 1,572 405 38 42 62 49 13

Other countries:

Australia................................................................ 7,791 5,828 4,042 1,524 262 11 1,963 1,738 225

New Zealand 7................................................................ 881 698 569 - 129 - 183 172 11

All other ................................................................ 69 43 41 1 1 - 26 2 24

Total other countries................................ 8,741 6,569 4,652 1,525 392 11 2,172 1,912 260

Total foreign countries................................ 1,390,275 1,146,787 289,396 787,198 70,193 2,450 243,488 209,856 33,632

International and regional orgs.:

International................................................................ 3,264 3,231 3,231 - - - 33 33 -

European regional................................ 8 6 6 - - - 2 2 -

Latin American regional ................................ 179 109 109 - - - 70 70 -

Caribbean regional 8................................ - - - - - - - - -

Asian regional................................................................ 331 331 331 - - - - - -

African regional .............................................................. - - - - - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total international and regional................................ 3,782 3,677 3,677 - - - 105 105 -

Grand total................................................................ 1,394,057 1,150,464 293,073 787,198 70,193 2,450 243,593 209,961 33,632

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

 Before January 2001, data included in United Kingdom.

4

 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.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.”

6

 Before January 2001, data for Cayman Islands included in British West Indies.

7

 Before January 2001, data included in “All other.”

8 Before January 2001, included in “Latin American regional.”
72 CAPITAL MOVEMENTS

0

100

200

300

400

500

1998 1999 2000 2001 2002

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 1998 1999 2000 2001 2002

United Kingdom................................ 162,874 172,345 223,976 299,262 279,916

All other Europe ................................ 213,888 283,430 324,734 357,454 407,115

Caribbean banking centers 1,2................................ 304,395 340,917 388,987 427,091 428,110

Japan................................................................ 55,170 34,627 39,179 41,989 59,624

All other Asia ................................................................ 63,088 53,267 49,440 57,229 57,987

Subtotal ................................................................ 799,415 884,586 1,026,316 1,183,025 1,232,752

All other countries ................................ 175,356 148,542 150,876 164,109 161,305

Grand total ................................................................ 974,771 1,033,128 1,177,192 1,347,134 1,394,057

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 2002, U.S. banking claims 

increased a little under $50 

billion, about one-third of the 

annual average increase over 

the previous 2 years. U.S. 

bank claims increased nearly 

$170 billion in 2001 and 

$144 billion in 2000. Most of 

the increase in 2002 was in 

claims opposite Europe other 

than the United Kingdom, 

and in claims opposite Japan. 

Claims against the United 

Kingdom declined somewhat, 

whereas claims against 

Caribbean banking centers 

were about unchanged. 

U.S. banking claims on 

foreigners, excluding longterm securities, are 

concentrated in international 

financial centers. About 80 

percent of these claims are 

reported opposite the United 

Kingdom, “All other 

Europe,” 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.

U.S. banking claims on 

foreigners grew markedly in 

the mid-1990s, but claims 

leveled off in 1998 and 1999, 

growing on average about 5 

percent per year. In 2000 and 

2001, claims grew 14 percent, 

matching the growth rate in 

1997, but growth in banking 

claims slowed again in 2002 

to less than 4 percent. 

 United Kingdom All other Europe Caribbean banking centers

 

 Japan All other Asia All other countries
CAPITAL MOVEMENTS 73

SECTION III.—Supplementary Liabilities and Claims Data

Reported by Banks in the United States

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Total liabilities Total banks’ own claims

Calendar 

year 2002

Calendar 

year 2002

Country 2001 June Dec. 2001 June Dec.

Other Europe:

Cyprus ................................................................ r 181 165 143 28 7 22

Iceland................................................................ 56 163 104 n.a. n.a. n.a.

Monaco................................................................ r 300 127 238 n.a. n.a. n.a.

Other Latin America and Caribbean:

Aruba................................................................ r 238 218 255 n.a. n.a. 292

Barbados ................................................................ r 2,127 r 1,395 1,356 831 542 619

Belize................................................................ 147 179 319 n.a. 71 n.a.

Bolivia................................................................ r 781 893 879 257 289 214

Costa Rica................................................................ r 1,076 1,096 934 910 728 708

Dominica................................................................ 53 45 45 n.a. 33 n.a.

Dominican Republic ........................................................ r 1,937 1,621 1,460 976 1,031 1,085

El Salvador................................................................ r 764 698 651 1,150 915 887

French West Indies and French Guiana ......................... 21 29 26 n.a. n.a. n.a.

Haiti ................................................................................. r 295 233 257 31 32 24

Honduras................................................................ r 1,768 1,855 1,718 338 346 362

Nicaragua ................................................................ r 159 155 126 85 n.a. 84

Paraguay ................................................................ r 825 763 789 84 87 77

Suriname ................................................................ r 315 151 201 n.a. n.a. 11

Other Asia:

Afghanistan ................................................................ 56 44 45 n.a. - -

Burma................................................................ 8 8 9 - - -

Jordan................................................................ n.a. r 599 n.a. 103 93 82

Macau................................................................ 41 63 84 - - -

Sri Lanka ................................................................ 196 n.a. n.a. 11 11 n.a.

Yemen ................................................................ 393 326 185 2 n.a. n.a.

Other Africa:

Angola ................................................................ n.a. n.a. n.a. n.a. n.a. n.a.

Cameroon................................................................ 13 21 16 9 13 14

Ethiopia................................................................ 249 n.a. n.a. - - -

Guinea................................................................ 38 42 28 n.a. 44 n.a.

Ivory Coast ................................................................ n.a. n.a. n.a. 15 n.a. n.a.

Kenya ................................................................ r 147 134 106 n.a. n.a. 2

Mauritius................................................................ r 81 256 117 4 n.a. n.a.

Mozambique................................................................ 55 n.a. n.a. n.a. - -

Rwanda ................................................................ 44 66 91 n.a. - -

Senegal ................................................................ n.a. 35 30 n.a. 9 n.a.

Somalia................................................................ 11 13 9 - - -

Sudan ................................................................ 7 9 5 - - -

Tanzania................................................................ 229 226 279 5 n.a. n.a.

Tunisia................................................................ 172 152 n.a. 89 n.a. 84

Uganda................................................................ 79 105 202 2 n.a. n.a.

Zambia................................................................ 70 n.a. 87 - - n.a.

Zimbabwe................................................................ 81 r 52 63 - - -

All other:

Papua New Guinea ......................................................... n.a. n.a. n.a. 12 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.
74 CAPITAL MOVEMENTS

SECTION IV.—Liabilities to, and Claims on, Foreigners

Reported by Nonbanking Business Enterprises

in the United States

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2001 2002

Type of liability or claim 1998 1999 2000 Dec. Mar. r June r Sept. Dec. p

Total liabilities ................................................................ 46,570 53,020 73,904 66,679 74,867 70,638 68,644 67,304

Payable in dollars............................................................. 36,668 37,605 48,931 42,925 47,062 48,103 44,815 44,557

Financial................................................................10,371 13,883 25,246 18,763 20,367 21,892 18,775 18,674

Commercial:

Trade payables ......................................................... 10,133 11,720 12,162 10,893 13,757 13,142 12,841 13,109

Advance receipts and other................................16,164 12,002 11,523 13,269 12,938 13,069 13,199 12,774

Payable in foreign currencies ................................ 9,902 15,415 24,973 23,754 27,805 22,535 23,829 22,747

Financial................................................................ 8,884 14,097 22,173 22,271 26,041 20,934 22,536 20,887

Commercial:

Trade payables .............................................................. 845 1,114 2,131 888 1,115 817 717 1,230

Advance receipts and other................................ 173 204 669 595 649 784 576 630

Total claims................................................................77,462 76,642 90,157 113,082 115,764 116,148 112,099 102,385

Payable in dollars............................................................. 72,171 69,170 79,558 103,864 106,192 107,106 103,877 91,173

Financial:

Deposits ................................................................ 28,549 16,373 21,015 27,850 40,002 40,323 36,382 24,689

Other ................................................................ 14,049 18,593 25,142 46,621 39,553 41,875 42,734 39,935

Commercial:

Trade receivables ............................................................ 25,743 30,624 30,007 25,828 23,220 22,090 21,302 22,703

Advance payments and other................................ 3,830 3,580 3,394 3,565 3,417 2,818 3,459 3,846

Payable in foreign currencies ................................ 5,291 7,472 10,599 9,218 9,572 9,042 8,222 11,212

Financial:

Deposits ................................................................ 1,650 2,193 2,359 1,951 1,811 1,813 1,692 2,387

Other................................................................ 2,012 3,072 4,515 4,865 4,015 3,313 3,225 4,129

Commercial:

Trade receivables ............................................................ 1,459 1,978 3,097 1,685 2,398 2,173 2,189 3,750

Advance payments and other................................ 170 229 628 717 1,348 1,743 1,116 946
CAPITAL MOVEMENTS 75

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2001 2002

Country 1997 1998 1999 2000 Dec. Mar. r June r Sept. Dec. p

Europe:

Austria................................................................ 112 118 112 111 151 118 128 112 64

Belgium-Luxembourg................................852 357 171 440 253 224 214 366 285

Bulgaria................................................................ 5 3 - 2 3 1 2 4 4

Czech Republic................................ 38 105 26 7 10 9 14 14 13

Denmark................................................................ 170 132 105 149 148 578 252 79 522

Finland ................................................................ 281 83 48 91 86 94 195 164 165

France................................................................ 2,189 2,017 2,331 2,459 3,575 4,244 4,898 4,235 6,020

Germany ................................................................ 3,232 3,455 3,105 3,215 3,249 3,566 3,192 3,720 3,730

Greece ................................................................ 89 120 141 400 410 334 299 400 403

Hungary................................................................ 13 3 9 8 27 12 22 27 32

Ireland ................................................................ 1,136 1,307 827 1,216 1,264 1,260 1,010 830 789

Italy................................................................ 923 1,177 749 1,773 1,395 1,317 1,270 2,016 1,278

Netherlands................................ 933 1,835 2,503 2,316 3,117 2,414 2,704 3,104 2,419

Norway................................................................ 242 188 266 286 320 370 343 361 406

Poland................................................................ 7 11 46 42 43 194 362 41 46

Portugal................................................................ 36 29 34 16 16 14 10 17 29

Romania................................................................ 165 149 159 178 17 18 21 14 20

Russia 1................................................................ 115 82 251 91 48 34 40 32 38

Spain................................................................ 334 546 501 468 423 381 513 478 403

Sweden ................................................................ 244 171 158 117 97 94 96 128 115

Switzerland ................................ 936 654 773 606 884 721 810 653 494

Turkey ................................................................ 285 211 384 408 133 141 140 74 101

United Kingdom ................................ 15,753 9,677 19,592 29,209 25,131 31,377 26,739 26,492 25,071

Yugoslavia 2

................................ 6 8 11 11 14 14 10 9 9

Other Europe ................................ 159 181 201 182 211 247 195 192 202

Total Europe ................................ 28,255 22,619 32,503 43,801 41,025 47,776 43,479 43,562 42,658

Canada................................................................ 3,549 2,083 2,059 2,344 2,577 2,865 3,105 2,153 1,975

Latin America and

 Caribbean:

Argentina................................................................ 219 118 169 146 50 109 65 87 62

Bahamas................................................................ 157 21 23 37 209 28 17 14 74

Bermuda................................................................ 432 299 157 2,020 1,551 1,269 1,048 1,056 1,528

Brazil ................................................................ 363 304 271 262 325 312 358 355 318

British West Indies ................................ 616 967 540 482 1,672 679 1,046 424 401

Chile................................................................ 150 111 64 52 56 74 44 37 55

Colombia................................................................ 120 72 141 131 82 54 23 32 50

Cuba................................................................- 5 27 20 42 23 23 23 29

Ecuador................................................................ 22 19 58 32 4 3 9 8 5

Guatemala................................ 30 12 6 10 13 10 13 15 13

Jamaica................................................................ 18 12 13 16 12 11 13 16 28

Mexico................................................................ 591 406 912 867 935 1,484 983 1,023 1,141

Netherlands Antilles................................ 23 44 19 32 46 13 146 8 11

Panama................................................................ 16 16 67 32 49 149 45 43 61

Peru................................................................ 30 35 28 24 41 23 26 26 21

Trinidad and Tobago................................ 75 34 15 36 38 17 39 28 33

Uruguay................................................................ 20 8 8 27 8 7 6 5 6

Venezuela ................................ 262 204 305 286 168 282 209 328 178

Other Latin America 

 and Caribbean ................................ 418 426 379 1,994 284 454 463 410 503

Total Latin America

 and Caribbean ................................

3,562 3,113 3,202 6,506 5,585 5,001 4,576 3,938 4,517

See footnotes at end of table.
76 CAPITAL MOVEMENTS

TABLE CM-IV-2.—Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2001 2002

Country 1997 1998 1999 2000 Dec. Mar. r June r Sept. Dec. p

Asia:

China:

Mainland................................................................ 1,250 708 627 497 735 875 2,271 1,266 1,252

Taiwan................................................................ 936 898 1,175 970 819 946 623 449 659

Hong Kong ................................ 750 388 223 640 560 388 255 290 491

India................................................................ 170 387 519 309 179 270 221 167 153

Indonesia................................................................ 213 154 83 81 44 47 55 37 100

Israel................................................................ 176 228 160 468 195 404 485 1,335 350

Japan................................................................ 8,602 7,439 5,751 8,973 5,850 7,580 6,530 6,478 6,124

Korea................................................................ 1,150 945 543 941 897 766 607 541 548

Lebanon ................................................................ 29 27 56 53 57 57 55 49 53

Malaysia ................................................................ 766 141 118 162 393 272 164 118 136

Pakistan................................................................ 60 33 37 96 94 94 99 85 158

Philippines................................ 222 169 169 114 1,100 120 130 109 108

Singapore................................................................ 1,252 1,240 917 2,280 1,793 1,721 2,033 1,700 1,795

Syria ................................................................ 23 15 8 27 6 11 11 17 13

Thailand................................................................ 405 362 165 203 105 44 50 38 118

Oil-exporting countries 3................................ 3,138 2,852 2,555 2,844 2,649 3,157 3,273 3,685 3,737

Other Asia ................................ 211 141 217 290 83 227 322 352 247

Total Asia ................................ 19,353 16,127 13,323 18,948 15,559 16,979 17,184 16,716 16,042

Africa:

Congo (formerly Zaire)................................ - - 9 - 1 1 1 1 79

Egypt ................................................................ 90 39 86 166 117 153 154 124 128

Ghana................................................................ 28 9 1 6 3 4 3 4 2

Liberia................................................................1 9 2 18 30 - - - 1

Morocco................................................................ 49 41 31 11 34 27 38 41 42

South Africa................................ 255 189 138 135 111 164 159 138 130

Oil-exporting countries 4................................ 408 393 499 483 441 545 440 536 496

Other Africa ................................ 103 142 212 181 152 204 241 160 158

Total Africa ................................ 934 822 978 1,000 889 1,098 1,036 1,004 1,036

Other countries:

Australia ................................................................ 911 949 634 344 584 682 736 818 776

All other................................................................ 810 852 300 898 430 429 492 430 226

Total other countries ................................ 1,721 1,801 934 1,242 1,014 1,111 1,228 1,248 1,002

Total foreign countries ................................ 57,374 46,565 52,975 73,841 66,649 74,830 70,608 68,621 67,230

International and regional orgs.:

International ................................ - - 1 1 - 30 21 22 22

European regional................................ 8 5 44 45 30 4 8 1 3

Latin American regional ................................ - - - - - 3 - - 46

Asian regional ................................ - - - 9 - - 1 - 3

African regional ................................ - - - 8 - - - - -

Middle Eastern regional ................................ - - - - - - - - -

Total international

 and regional ................................ 8 5 45 63 30 37 30 23 74

Grand total ................................ 57,382 46,570 53,020 73,904 66,679 74,867 70,638 68,644 67,304

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for

 all other republics of the former U.S.S.R. are reported under “Other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States).

4

 Includes Algeria, Gabon, Libya and Nigeria.
CAPITAL MOVEMENTS 77

TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2002, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Financial liabilities

Country

Total liabilities

(1)

Total

(2)

Payable in dollars

(3)

Payable in foreign

currencies

(4)

Commercial

liabilities

(5)

Europe:

Austria................................................................ 64 7 1 6 57

Belgium-Luxembourg................................ 285 144 144 - 141

Bulgaria................................................................ 4 - - - 4

Czech Republic................................................................ 13 - - - 13

Denmark................................................................ 522 471 470 1 51

Finland ................................................................ 165 127 18 109 38

France................................................................ 6,020 5,243 3,716 1,527 777

Germany ................................................................3,730 2,923 2,171 752 807

Greece ................................................................ 403 11 10 1 392

Hungary................................................................ 32 3 3 - 29

Ireland ................................................................ 789 554 441 113 235

Italy................................................................ 1,278 358 8 350 920

Netherlands................................................................ 2,419 1,829 1,824 5 590

Norway................................................................ 406 4 4 - 402

Poland................................................................ 46 - - - 46

Portugal................................................................ 29 14 2 12 15

Romania................................................................ 20 - - - 20

Russia 1................................................................ 38 13 5 8 25

Spain................................................................ 403 137 136 1 266

Sweden ................................................................ 115 - - - 115

Switzerland ................................................................ 494 61 47 14 433

Turkey ................................................................ 101 8 8 - 93

United Kingdom ............................................................... 25,071 22,422 5,359 17,063 2,649

Yugoslavia 2................................................................ 9 - - - 9

Other Europe ................................................................ 202 34 33 1 168

Total Europe ................................................................ 42,658 34,363 14,400 19,963 8,295

Canada................................................................ 1,975 591 338 253 1,384

Latin America and Caribbean:

Argentina................................................................ 62 4 4 - 58

Bahamas................................................................ 74 23 23 - 51

Bermuda................................................................1,528 990 990 - 538

Brazil ................................................................ 318 65 40 25 253

British West Indies ................................ 401 365 365 - 36

Chile................................................................ 55 7 7 - 48

Colombia................................................................ 50 4 1 3 46

Cuba................................................................ 29 - - - 29

Ecuador................................................................ 5 - - - 5

Guatemala................................................................ 13 - - - 13

Jamaica................................................................ 28 2 2 - 26

Mexico................................................................ 1,141 31 15 16 1,110

Netherlands Antilles................................ 11 - - - 11

Panama................................................................ 61 - - - 61

Peru................................................................ 21 2 2 - 19

Trinidad and Tobago................................ 33 5 5 - 28

Uruguay................................................................ 6 - - - 6

Venezuela ................................................................178 1 - 1 177

Other Latin America

and Caribbean ............................................................... 503 5 2 3 498

Total Latin America and 

 Caribbean ................................................................

4,517 1,504 1,456 48 3,013

See footnotes at end of table.
78 CAPITAL MOVEMENTS

TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2002, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Financial liabilities

Country

Total liabilities

(1)

Total

(2)

Payable in dollars

(3)

Payable in foreign

currencies

(4)

Commercial

liabilities

(5)

Asia:

China:

Mainland ................................................................ 1,252 724 699 25 528

Taiwan ................................................................ 659 7 2 5 652

Hong Kong................................................................ 491 88 70 18 403

India ................................................................ 153 15 3 12 138

Indonesia ................................................................ 100 4 4 - 96

Israel ................................................................ 350 1 1 - 349

Japan ................................................................ 6,124 1,832 1,354 478 4,292

Korea ................................................................ 548 29 23 6 519

Lebanon................................................................ 53 9 7 2 44

Malaysia................................................................ 136 - - - 136

Pakistan ................................................................ 158 - - - 158

Philippines................................................................ 108 3 - 3 105

Singapore................................................................ 1,795 170 134 36 1,625

Syria................................................................ 13 - - - 13

Thailand ................................................................ 118 1 1 - 117

Other Asia................................................................ 3,984 33 33 - 3,951

Total Asia................................................................16,042 2,916 2,331 585 13,126

Africa:

Congo (formerly Zaire) ................................ 79 - - - 79

Egypt................................................................ 128 14 12 2 114

Ghana ................................................................ 2 - - - 2

Liberia ................................................................ 1 - - - 1

Morocco ................................................................ 42 2 - 2 40

South Africa ................................................................ 130 14 3 11 116

Other Africa................................................................ 654 101 101 - 553

Total Africa................................................................1,036 131 116 15 905

Other countries:

Australia................................................................ 776 47 24 23 729

All other................................................................ 226 9 9 - 217

Total other countries................................ 1,002 56 33 23 946

Total foreign countries................................ 67,230 39,561 18,674 20,887 27,669

International and regional orgs.:

International................................................................ 22 - - - 22

European regional ........................................................... 3 - - - 3

Latin American regional................................ 46 - - - 46

Asian regional................................................................ 3 - - - 3

African regional................................................................ - - - - -

Middle Eastern regional................................ - - - - -

Total international and regional................................ 74 - - - 74

Grand total................................................................ 67,304 39,561 18,674 20,887 27,743

1

 Beginning with series for December 1992 forward, data for all other republics of the former 

U.S.S.R. are reported under “Other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “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.
CAPITAL MOVEMENTS 79

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2001 2002

Country 1997 1998 1999 2000 Dec. Mar. r June r Sept. Dec. p

Europe:

Austria................................................................ 126 146 208 498 1,985 2,004 3,026 1,626 1,807

Belgium-Luxembourg................................ 734 899 845 748 893 1,023 1,004 910 971

Bulgaria................................................................ 32 11 6 6 13 11 12 7 9

Czech Republic................................ 42 67 26 67 79 60 57 58 62

Denmark................................................................ 155 81 310 229 138 234 87 86 112

Finland ................................................................ 211 244 261 224 238 281 298 893 624

France................................................................ 2,811 3,035 3,203 4,301 4,371 6,372 6,749 6,826 6,412

Germany ................................................................ 2,041 2,126 2,464 2,830 2,726 5,312 5,135 5,450 5,451

Greece ................................................................ 386 316 487 332 339 367 369 354 409

Hungary................................................................ 62 66 54 47 66 53 43 57 51

Ireland ................................................................ 277 244 340 616 821 621 764 938 482

Italy................................................................ 1,466 1,257 1,284 1,114 1,434 2,401 2,480 2,980 2,975

Netherlands................................................................ 1,274 1,342 2,658 3,125 2,667 3,668 4,374 4,433 5,138

Norway................................................................ 303 165 273 308 257 185 275 306 270

Poland................................................................ 124 111 62 67 77 81 56 71 79

Portugal................................................................ 78 153 91 83 71 60 77 214 222

Romania................................................................ 7 20 11 16 34 33 19 18 24

Russia 1................................................................ 221 232 293 373 137 127 95 115 93

Spain................................................................ 623 527 715 860 1,042 1,805 1,067 945 1,370

Sweden ................................................................ 504 565 339 360 441 480 736 592 409

Switzerland ................................................................ 988 897 1,253 1,462 1,200 744 1,482 1,539 889

Turkey ................................................................ 379 236 464 700 383 491 600 476 503

United Kingdom ................................ 13,997 12,535 13,388 20,402 20,343 21,489 19,424 14,587 14,253

Yugoslavia 2................................ 11 14 17 15 23 7 7 10 10

Other Europe ................................ 267 251 360 291 362 732 488 516 422

Total Europe ................................ 27,119 25,540 29,412 39,074 40,140 48,641 48,724 44,007 43,047

Canada................................................................ 5,973 5,120 5,310 8,078 9,011 8,231 8,289 8,108 7,807

Latin America and Caribbean:

Argentina................................................................ 688 893 896 1,109 810 628 553 559 604

Bahamas................................................................ 2,335 427 1,613 1,390 1,018 1,239 1,360 750 1,007

Bermuda................................................................ 352 575 401 395 1,287 1,033 918 1,427 1,011

Brazil ................................................................ 2,475 1,859 2,381 2,784 3,081 2,729 2,865 3,088 3,062

British West Indies ................................ 10,571 24,492 12,280 12,733 33,060 27,423 29,617 30,871 21,385

Chile................................................................327 320 263 302 242 375 225 209 217

Colombia................................................................ 424 279 349 351 240 302 290 261 240

Cuba................................................................ - - - 1 2 6 7 4 -

Ecuador................................................................ 101 103 82 66 62 66 95 84 111

Guatemala................................................................ 93 88 85 106 90 100 82 76 79

Jamaica................................................................ 52 45 52 126 93 93 74 76 94

Mexico................................................................ 1,929 2,790 3,476 3,955 4,466 4,002 4,106 4,055 4,178

Netherlands Antilles................................ 153 37 45 84 70 79 67 62 49

Panama................................................................ 145 173 168 244 105 93 102 92 79

Peru................................................................147 183 148 171 79 143 75 57 68

Trinidad and Tobago................................ 20 55 46 59 45 55 47 29 54

Uruguay................................................................ 49 59 68 35 20 33 17 16 31

Venezuela ................................................................ 612 456 487 415 371 391 376 411 390

Other Latin America

and Caribbean ................................ 820 1,176 1,325 842 919 1,123 1,165 1,019 1,099

Total Latin America

 and Caribbean ................................

21,293 34,010 24,165 25,168 46,060 39,913 42,041 43,146 33,758

See footnotes at end of table.
80 CAPITAL MOVEMENTS

TABLE CM-IV-4.—Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Calendar year 2001 2002

Country 1997 1998 1999 2000 Dec. Mar. r June r Sept. Dec. p

Asia:

China:

Mainland................................................................ 1,076 825 760 1,096 1,052 1,101 1,505 848 870

Taiwan................................................................ 814 770 1,097 1,299 853 776 982 820 698

Hong Kong................................ 562 331 400 593 1,094 925 683 779 807

India ................................................................ 439 348 599 661 638 584 475 554 745

Indonesia................................................................ 704 417 408 407 239 258 217 202 279

Israel ................................................................ 347 327 336 458 700 724 569 802 454

Japan ................................................................ 2,799 2,875 5,336 4,427 3,610 3,984 3,157 3,504 3,564

Korea................................................................ 988 1,084 1,378 1,745 1,850 1,932 1,749 1,735 1,738

Lebanon ................................................................ 37 26 14 36 16 20 22 19 21

Malaysia................................................................ 547 492 516 743 645 594 606 605 586

Pakistan ................................................................ 44 37 23 37 44 51 35 24 17

Philippines................................ 144 148 258 106 1,001 911 727 897 701

Singapore................................................................ 779 734 1,041 1,065 1,120 1,052 1,136 840 1,055

Syria ................................................................ 11 12 5 11 11 3 1 35 28

Thailand ................................................................ 280 489 651 344 232 229 183 178 237

Oil-exporting countries 3................................ 1,118 1,144 1,648 1,104 985 736 967 907 891

Other Asia ................................ 157 160 152 195 189 122 121 150 131

Total Asia ................................ 10,846 10,219 14,622 14,327 14,279 14,002 13,135 12,899 12,822

Africa:

Congo (formerly Zaire)................................ 3 1 - - - 1 - - 18

Egypt................................................................ 286 136 186 266 233 206 150 182 155

Ghana ................................................................ 9 14 6 5 7 7 8 6 9

Liberia ................................................................ 8 11 3 2 28 26 51 48 50

Morocco ................................................................ 28 29 35 49 35 33 32 43 24

South Africa ................................ 322 272 323 266 293 262 302 288 273

Oil-exporting countries 4................................ 134 181 186 237 137 160 158 136 120

Other Africa................................ 209 226 178 258 326 325 335 313 329

Total Africa................................ 999 870 917 1,083 1,059 1,020 1,036 1,016 978

Other countries:

Australia ................................................................ 1,485 1,398 1,889 2,041 2,150 3,588 2,566 2,601 3,556

All other................................................................ 390 286 351 359 383 361 355 322 411

Total other countries ................................ 1,875 1,684 2,240 2,400 2,533 3,949 2,921 2,923 3,967

Total foreign countries ................................ 68,105 77,443 76,639 90,130 113,082 115,756 116,146 112,099 102,379

International and regional orgs.:

International ................................ 18 15 2 2 - - - - 2

European regional................................ 5 3 - 4 - 2 2 - 1

Latin American regional................................ - - - - - 4 - - 1

Asian regional ................................ - - - 12 - 2 - - -

African regional................................ - 1 1 2 - - - - 1

Middle Eastern regional................................ - - - 7 - - - - 1

Total international

 and regional ................................

23 19 3 27 - 8 2 - 6

Grand total ................................ 68,128 77,462 76,642 90,157 113,082 115,764 116,148 112,099 102,385

1

 Beginning with series for December 1992 forward, data are for Russia only. Data for all 

other republics of the former U.S.S.R. are reported under “Other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States).

4

 Includes Algeria, Gabon, Libya and Nigeria.
CAPITAL MOVEMENTS 81

TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 2002, Preliminary

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System]

Financial claims

Country

Total claims

(1)

Total

(2)

Denominated in dollars

(3)

Denominated in foreign

currencies

(4)

Commercial

claims

(5)

Europe:

Austria ................................................................1,807 1,662 1,660 2 145

Belgium-Luxembourg................................ 971 722 680 42 249

Bulgaria ................................................................ 9 - - - 9

Czech Republic ................................................................ 62 25 24 1 37

Denmark................................................................112 31 31 - 81

Finland................................................................ 624 381 380 1 243

France ................................................................6,412 3,247 3,192 55 3,165

Germany................................................................ 5,451 4,244 3,674 570 1,207

Greece................................................................ 409 154 153 1 255

Hungary................................................................ 51 5 4 1 46

Ireland ................................................................ 482 294 271 23 188

Italy................................................................ 2,975 1,811 1,588 223 1,164

Netherlands................................................................ 5,138 3,648 3,314 334 1,490

Norway ................................................................ 270 158 138 20 112

Poland ................................................................ 79 4 4 - 75

Portugal................................................................222 112 111 1 110

Romania................................................................ 24 - - - 24

Russia 1................................................................ 93 11 10 1 82

Spain ................................................................ 1,370 727 695 32 643

Sweden ................................................................409 168 158 10 241

Switzerland................................................................ 889 383 361 22 506

Turkey ................................................................ 503 354 353 1 149

United Kingdom................................................................ 14,253 10,503 7,895 2,608 3,750

Yugoslavia 2................................................................ 10 - - - 10

Other Europe................................................................ 422 178 164 14 244

Total Europe................................................................ 43,047 28,822 24,860 3,962 14,225

Canada................................................................7,807 5,013 4,208 805 2,794

Latin America and Caribbean:

Argentina................................................................604 300 292 8 304

Bahamas ................................................................ 1,007 976 973 3 31

Bermuda................................................................ 1,011 724 709 15 287

Brazil ................................................................ 3,062 2,310 2,305 5 752

British West Indies ................................ 21,385 21,366 21,364 2 19

Chile ................................................................ 217 49 47 2 168

Colombia ................................................................240 46 44 2 194

Cuba................................................................ - - - - -

Ecuador................................................................111 27 27 - 84

Guatemala................................................................79 26 25 1 53

Jamaica................................................................ 94 47 46 1 47

Mexico................................................................4,178 2,917 2,822 95 1,261

Netherlands Antilles ................................ 49 18 18 - 31

Panama................................................................ 79 44 44 - 35

Peru................................................................ 68 8 7 1 60

Trinidad and Tobago................................ 54 31 31 - 23

Uruguay................................................................ 31 2 2 - 29

Venezuela ................................................................ 390 99 96 3 291

Other Latin America and Caribbean................................ 1,099 411 401 10 688

Total Latin America and 

 Caribbean................................................................

33,758 29,401 29,253 148 4,357

See footnotes at end of table.
82 CAPITAL MOVEMENTS

TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31 , 2002, Preliminary, con.

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Financial claims

Country

Total claims

(1)

Total

(2)

Denominated in dollars

(3)

Denominated in foreign

currencies

(4)

Commercial

claims

(5)

Asia:

China:

Mainland................................................................ 870 236 223 13 634

Taiwan................................................................698 101 74 27 597

Hong Kong................................................................ 807 539 165 374 268

India ................................................................ 745 466 277 189 279

Indonesia................................................................279 112 111 1 167

Israel ................................................................ 454 196 191 5 258

Japan ................................................................3,564 1,212 544 668 2,352

Korea................................................................ 1,738 1,173 1,170 3 565

Lebanon ................................................................ 21 - - - 21

Malaysia................................................................586 426 338 88 160

Pakistan ................................................................ 17 - - - 17

Philippines................................................................ 701 610 606 4 91

Singapore................................................................ 1,055 176 165 11 879

Syria ................................................................ 28 - - - 28

Thailand ................................................................237 132 116 16 105

Other Asia ................................................................ 1,022 104 101 3 918

Total Asia ................................................................ 12,822 5,483 4,081 1,402 7,339

Africa:

Congo (formerly Zaire)................................ 18 - - - 18

Egypt................................................................ 155 38 35 3 117

Ghana ................................................................ 9 2 2 - 7

Liberia ................................................................ 50 46 46 - 4

Morocco ................................................................ 24 15 15 - 9

South Africa ................................................................ 273 156 151 5 117

Other Africa................................................................ 449 137 137 - 312

Total Africa................................................................ 978 394 386 8 584

Other countries:

Australia ................................................................ 3,556 1,826 1,654 172 1,730

All other................................................................411 201 182 19 210

Total other countries ................................ 3,967 2,027 1,836 191 1,940

Total foreign countries ................................102,379 71,140 64,624 6,516 31,239

International and regional orgs.:

International ................................................................2 - - - 2

European regional................................ 1 - - - 1

Latin American regional................................ 1 - - - 1

Asian regional ................................................................ - - - - -

African regional................................................................ 1 - - - 1

Middle Eastern regional................................ 1 - - - 1

Total international and regional ................................6 - - - 6

Grand total ................................................................ 102,385 71,140 64,624 6,516 31,245

1

 Beginning with series for December 1992 forward, data for all other republics of the 

former U.S.S.R. are reported under “Other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “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.
CAPITAL MOVEMENTS 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)

1999 ................................................................ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800

2000 ................................................................ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088

2001 ................................................................ 18,514 3,474 15,726 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659

2002 r................................................................ 121,698 15,131 104,556 2,011 7,376,751 7,255,053 195,461 1,728,857 1,533,396

2003 - Jan. - Mar. p................................ 22,598 2,268 20,242 88 1,963,561 1,940,963 49,126 511,321 462,195

2002 - Mar. r ................................ 19,332 5,233 13,950 149 583,760 564,428 19,560 137,443 117,883

Apr. r ................................ -8,834 -1,605 -7,539 310 563,822 572,656 24,423 145,612 121,189

May r ................................ 10,527 -69 11,096 -500 658,689 648,162 18,367 139,430 121,063

June r................................ 14,323 2,161 12,039 123 570,020 555,697 12,064 133,771 121,707

July r................................ 24,358 -5,268 29,720 -94 733,113 708,755 11,816 164,425 152,609

Aug. r................................ 4,347 635 3,297 415 688,585 684,238 17,414 156,965 139,551

Sept. r................................ 21,946 -3,511 25,445 12 683,310 661,364 21,057 153,124 132,067

Oct................................ 6,742 -553 6,547 748 701,313 694,571 22,144 147,517 125,373

Nov................................ 21,097 16,577 4,600 -80 698,601 677,504 18,797 165,233 146,436

Dec................................ 14,290 6,708 7,253 329 509,761 495,471 15,764 144,534 128,770

2003 - Jan ................................ 1,751 -755 2,123 383 589,561 587,810 24,074 151,825 127,751

Feb. p................................ -4,703 2,541 -7,000 -244 624,782 629,485 8,583 139,075 130,492

Mar. p................................ 25,550 482 25,119 -51 749,218 723,668 16,469 220,421 203,952

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)

1999 ................................................................................... 160,392 368,692 208,300 107,522 2,340,659 2,233,137

2000 ................................................................................... 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001 ................................................................................... 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002 r................................................................................. 182,317 820,968 638,651 49,442 3,202,907 3,153,465

2003 - Jan. - Mar. p............................................................ 65,816 232,233 166,417 -2,031 654,735 656,766

2002 - Mar.......................................................................... 26,532 82,434 55,902 6,854 293,932 287,078

Apr.......................................................................... 17,851 71,798 53,947 7,769 279,771 272,002

May r ...................................................................... 26,644 80,191 53,547 -314 282,357 282,671

June r ................................................................ 20,961 70,749 49,788 4,045 256,034 251,989

July ......................................................................... 3,918 56,690 52,772 9,653 318,210 308,557

Aug ........................................................................ 14,492 63,949 49,457 4,614 257,265 252,651

Sept........................................................................ 3,874 55,478 51,604 -6,466 206,729 213,195

Oct.......................................................................... 9,892 69,885 59,993 3,616 297,181 293,565

Nov......................................................................... 22,157 94,072 71,915 6,480 264,359 257,879

Dec......................................................................... 13,106 62,846 49,740 2,416 216,659 214,243

2003 - Jan .......................................................................... 23,622 76,620 52,998 -2,782 216,695 219,477

Feb. p ................................................................ 14,318 68,383 54,065 -2,089 201,372 203,461

Mar. p ................................................................ 27,876 87,230 59,354 2,840 236,668 233,828

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities.
84 CAPITAL MOVEMENTS

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

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)

1999 ................................................................ 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663

2000 ................................................................-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273

2001 ................................................................-19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777

2002 r................................................................26,777 28,406 1,377,020 1,348,614 -1,629 1,260,278 1,261,907

2003 - Jan. - Mar. p................................ -6,839 9,893 430,243 420,350 -16,732 269,407 286,139

2002 - Mar. r................................................................ 13,005 7,331 109,872 102,541 5,674 116,719 111,045

Apr. r................................................................ -2,753 394 99,876 99,482 -3,147 115,294 118,441

May r ................................................................ -490 7,325 125,354 118,029 -7,815 113,650 121,465

June r ................................................................ 657 5,574 118,968 113,394 -4,917 111,896 116,813

July r................................................................ 21,073 7,722 120,870 113,148 13,351 139,362 126,011

Aug. r................................................................ 1,329 -1,749 112,167 113,916 3,078 92,759 89,681

Sept. r................................................................ 1,829 1,064 126,078 125,014 765 87,083 86,318

Oct. r................................................................ 764 6,920 123,139 116,219 -6,156 100,763 106,919

Nov. r................................................................ 1,288 2,269 137,931 135,662 -981 101,821 102,802

Dec. r................................................................ -7,908 -5,157 117,917 123,074 -2,751 81,804 84,555

2003 - Jan ................................................................ -8,808 -1,915 140,513 142,428 -6,893 94,622 101,515

Feb. p ................................................................ 19 4,493 122,893 118,400 -4,474 83,683 88,157

Mar. p ................................................................ 1,950 7,315 166,837 159,522 -5,365 91,102 96,467
CAPITAL MOVEMENTS 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

2002 2003 2002 2003 2002 2003 2002 2003

Country

 Calendar

 year

 2002

 (1)

Oct.

through

Dec.

(2)

Jan.

through

Mar. p

(3)

Calendar

year

2002 

(4)

 Oct.

 through 

 Dec.

 (5)

 Jan.

 through

 Mar. p

 (6)

 Calendar

 year

 2002

 (7)

 Oct.

 through

 Dec.

 (8)

Jan.

through

Mar. p

(9)

Calendar

year

2002

(10)

Oct.

through

Dec.

(11)

Jan.

through

Mar. p

(12)

Europe:

Austria ................................ -683 81 -194 104 -160 102 379 36 54 -39 2 -57

Belgium 1

................................ 2,046 110 -730 -226 -167 1,712 3,733 1,311 541 1,707 172 -408

Bulgaria ................................ -185 -107 -18 51 22 4 23 -17 -3 18 14 -7

Czech Republic................................ 546 258 33 1 -1 110 46 12 -32 -13 10 4

Denmark................................ 54 451 661 -154 -21 -92 662 50 424 -181 -509 -59

Finland................................ 106 190 -115 -20 -60 14 35 -2 39 166 7 -8

France ................................ -333 73 -3,983 1,178 116 -127 2,593 922 1,424 2,127 1,335 2,292

Germany................................ -3,910 2,799 -1,710 3,172 845 169 1,977 891 1,195 -127 825 -911

Greece................................ 263 -164 18 291 51 11 -85 23 -9 33 -81 13

Hungary................................ -188 -143 -27 4 - 34 37 10 8 -7 7 -3

Ireland ................................ 572 -65 661 724 937 521 5,107 254 1,156 2,119 798 446

Italy................................................................ -284 -1,993 -375 -202 19 512 225 -37 776 1,539 140 -676

Luxembourg 1

................................n.a. -279 516 n.a. 2,999 120 n.a. -46 1,880 n.a. -587 -166

Netherlands................................ -17,020 1,832 -1,766 -1,956 -49 149 1,550 118 578 4,535 2,181 942

Norway ................................ -8,375 527 1,026 2,339 574 107 2,868 408 822 1,927 634 2,115

Poland ................................ -278 614 309 422 241 21 9 3 4 -4 -1 -4

Portugal................................ 1,518 565 192 44 60 85 133 -5 -57 122 -10 2

Romania................................ 507 101 688 122 -25 -35 13 5 52 -2 - -

Russia 2................................ 3,182 1,598 -886 8,154 -624 651 -2 -2 7 36 -17 10

Spain ................................ 407 2,331 -1,484 795 231 -589 374 197 278 -895 -159 38

Sweden ................................ 2,923 2,351 1,134 436 185 -108 211 -117 20 790 -69 376

Switzerland................................ -508 -1,881 -69 3,649 685 284 4,872 717 2,763 2,656 2,314 -1,736

Turkey ................................ 2,193 2,252 -1,436 8 8 2 -18 -5 1 12 7 38

United Kingdom................................ 60,995 2,287 1,657 33,104 11,474 14,838 76,732 13,958 22,720 15,173 4,249 -1,081

Channel Islands and

 Isle of Man 3

................................ na. -499 35 n.a. 353 691 n.a. 7,762 10,400 n.a. 95 -61

Yugoslavia 4................................ 2 n.a. n.a. - n.a. n.a. - n.a. n.a. 3 n.a. n.a.

Other Europe................................ 1,514 -418 -958 7 152 682 -888 -117 97 97 120 -28

Total Europe ................................

44,169 12,871 -6,821 56,933 17,845 19,868 110,639 26,329 45,138 33,006 11,477 1,071

Canada................................

-5,198 1,744 -787 -1,454 -753 -1,561 417 -1,644 2,031 7,433 1,135 2,262

Latin America:

Argentina................................ 817 340 124 -43 231 -914 256 100 39 199 -49 -108

Brazil ................................ 1,873 713 1,639 -507 -382 -649 196 34 91 -82 -63 6

Chile ................................ -229 -437 430 679 529 -152 290 241 5 341 267 -138

Colombia ................................ -1,426 -693 -813 216 91 355 7 -9 67 -19 5 -3

Ecuador................................ -1 -2 11 59 - 77 66 36 25 -6 13 -18

Guatemala................................ 7 4 -2 104 31 20 13 -44 23 -9 -6 -

Mexico................................ 4,019 1,159 2,212 4,971 676 1,015 2,169 1,286 824 482 -16 86

Panama................................ -12 5 -5 1,092 353 321 684 334 84 -82 44 -100

Peru................................................................ 236 92 198 1,020 106 106 155 47 25 224 42 2

Uruguay................................ -375 42 2 695 167 77 147 104 114 90 44 17

Venezuela ................................ -59 -69 140 712 204 124 599 15 71 32 -12 -19

Other Latin America 5................................ 164 -283 69 226 132 221 464 113 125 -146 39 -33

Total Latin America................................

5,014 871 4,005 9,224 2,138 601 5,046 2,257 1,493 1,024 308 -308

Caribbean:

Bahamas ................................15,994 -173 -2,425 1,510 331 380 665 119 720 101 105 -298

Bermuda................................ 1,596 -676 6,007 5,165 947 3,404 11,171 1,468 2,726 -9,168 -2,302 -2,256

British West Indies 6................................ - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a.

Cayman Islands 6................................ n.a. 6,404 6,249 n.a. 1,887 -6,470 n.a. 5,812 6,816 n.a. -1,331 -2,427

Cuba................................ - n.a. - - n.a. - - n.a. - - n.a. -2

Jamaica................................ 8 9 1 527 193 96 97 5 3 12 19 3

Netherlands Antilles ................................ -780 5,148 -1,017 1,871 842 -217 675 585 -127 -537 780 -518

Trinidad and Tobago................................ 34 3 19 98 38 51 59 2 20 -6 2 5

Other Caribbean 5

................................ n.a. -51 -167 n.a. 291 405 n.a. 274 501 n.a. -111 -1,087

Total Caribbean ................................

16,102 10,664 8,667 32,713 4,529 -2,351 35,854 8,265 10,659 -16,460 -2,838 -6,580

See footnotes at end of table.
86 CAPITAL MOVEMENTS

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con.

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

2002 2003 2002 2003 2002 2003 2002 2003

Country

Calendar

year

2002 

(1)

Oct.

through

Dec.

(2)

Jan.

through

Mar. p

(3)

Calendar

 year

 2002

 (4)

 Oct.

 through

 Dec. 

 (5)

 Jan.

 through

 Mar. p

 (6)

 Calendar

 year

 2002 

 (7)

 Oct.

 through

 Dec.

 (8)

 Jan.

 through

 Mar. p

 (9)

 

Calendar

year

2002

(10)

 Oct.

 through

 Dec.

 (11)

 Jan.

 through

 Mar. p

 (12)

Asia:

China:

Mainland ................................................................ 24,077 13,776 14,045 29,264 7,254 8,183 5,962 725 1,358 161 -31 -42

Taiwan................................................................ -597 326 80 10,758 2,119 3,729 1,382 85 504 260 -93 317

Hong Kong ................................................................ -9,059 -2,221 1,277 12,589 4,555 2,905 3,868 870 1,476 1,792 -20 282

India................................................................ -855 683 -304 11 6 -33 41 10 11 -44 -30 -31

Indonesia................................................................ 770 628 640 455 45 149 59 25 9 -4 -27 14

Israel................................................................ 5,132 2,364 -1,836 -48 79 183 583 74 177 -148 -31 2

Japan................................................................ 30,730 3,538 7,871 37,556 15,802 9,531 10,926 5,022 516 12,337 -2,099 1,509

Korea................................................................ 12,935 1,809 -1,346 668 761 6,527 1,483 466 279 112 71 6

Lebanon ................................................................ 1 1 - 15 6 -1 -13 1 5 22 -32 -7

Malaysia ................................................................ 861 -250 466 1,323 60 157 69 -7 17 -35 -12 33

Pakistan................................................................ - - - 39 - 26 173 142 - 6 2 -

Philippines................................................................ 179 61 160 253 -14 -85 144 3 26 -40 -4 -3

Singapore................................................................ -2,591 -1,495 626 2,162 1,466 970 1,326 1,802 243 8,245 4,628 2,469

Syria ................................................................ 4 n.a. -1 - n.a. -2 2 n.a. -1 -4 n.a. 1

Thailand................................................................ -1,917 -2,086 -1,087 99 -16 162 167 35 171 4 -10 1

Oil-exporting countries 7

................................ -3,918 -3,041 -3,615 2,002 407 -118 313 56 788 -1,293 -251 -144

Other Asia ................................................................ 98 86 187 58 66 125 96 2 81 18 4 -12

Total Asia................................ 55,850 14,179 17,163 97,204 32,596 32,408 26,581 9,311 5,660 21,389 2,065 4,395

Africa:

Congo (formerly Zaire)................................- n.a. n.a. - n.a. n.a. - n.a. n.a. 1 n.a. n.a.

Egypt ................................................................ -321 -6 -11 72 26 15 37 22 12 -5 -18 -31

Ghana................................................................ 506 n.a. n.a. 1 n.a. n.a. - n.a. n.a. - n.a. n.a.

Liberia................................................................ 1 1 -10 29 -36 522 13 -5 92 -26 -13 4

Morocco................................................................ -11 - - 1 -1 1 -4 -1 - -17 -5 -3

South Africa................................................................ 112 -14 -1 -39 -16 11 5 12 -21 24 27 1

Oil-exporting countries 8................................ 29 56 - 355 50 50 30 2 -11 -2 -4 -11

Other Africa................................................................ 525 48 47 314 1 197 46 12 44 -47 -45 40

Total Africa................................ 841 85 25 733 24 796 127 42 116 -72 -58 -

Other countries:

Australia ................................................................ 3,326 311 115 373 24 -32 3,038 145 279 2,902 428 -2,839

New Zealand 9................................ n.a. -79 -146 n.a. 10 -28 n.a. 84 -10 n.a. 3 7

All other countries ................................ 279 486 289 -2 13 80 104 15 173 -55 -37 2

Total other countries................................ 2,909 718 258 365 47 20 3,133 244 442 3,175 394 -2,830

Total foreign countries................................ 119,687 41,132 22,510 195,718 56,426 49,781 181,797 44,804 65,539 49,495 12,483 -1,990

International and regional orgs.:

International ................................ 1,642 807 -69 -389 81 -210 510 329 252 -12 27 -35

European regional................................ 325 301 n.a. 52 52 n.a. -50 10 n.a. - - n.a.

Latin American regional................................ -3 -15 -81 -9 - -40 57 12 15 -45 8 -9

Caribbean regional 10................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Asian regional ................................ 86 -96 228 76 134 -380 2 - 1 7 -2 -

African regional................................ -34 - 10 12 11 -25 1 - 9 - - -

Middle Eastern regional................................ -5 - - 1 1 - - - - -3 -4 3

Total international and regional................................ 2,011 997 88 -257 279 -655 520 351 277 -53 29 -41

Grand total................................121,698 42,129 22,598 195,461 56,705 49,126 182,317 45,155 65,816 49,442 12,512 -2,031

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

 Before January 2001, data included in United Kingdom.

4

 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.

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, data included in “Latin American regional.”
CAPITAL MOVEMENTS 87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During First Quarter 2003, 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)

Marketable

Treasury

and

Federal

Financing Bank

bonds

and 

notes

(9)

Bonds 

of U.S.

Gov’t

corps and 

federally

sponsored

agencies

 (10)

 Bonds

 (11)

 Stocks

 (12)

 Bonds

 (13)

 Stocks

 (14)

Europe:

Austria ................................................................ 4,060 1,836 642 148 726 478 230 4,229 2,030 540 94 783 565 217

Belgium ................................................................ 24,275 10,296 5,805 2,386 4,458 622 708 22,904 11,026 4,093 1,845 4,866 355 719

Bulgaria ................................................................ 54 13 9 1 25 6 - 83 31 5 4 32 11 -

Czech Republic................................ 2,173 1,783 110 11 216 18 35 2,091 1,750 - 43 212 23 63

Denmark................................................................ 6,515 3,177 720 663 969 539 447 5,465 2,516 812 239 1,028 408 462

Finland................................................................ 2,345 1,382 84 57 283 17 522 2,863 1,497 70 18 291 52 935

France ................................................................ 145,718 80,372 1,122 3,980 45,718 5,734 8,792 148,817 84,355 1,249 2,556 43,426 7,085 10,146

Germany ................................................................ 95,963 46,225 3,332 3,387 9,006 29,461 4,552 99,516 47,935 3,163 2,192 9,917 31,340 4,969

Greece................................................................ 1,985 1,242 113 25 207 310 88 1,785 1,224 102 34 194 131 100

Hungary................................................................ 327 77 34 8 45 136 27 280 104 - - 48 87 41

Ireland ................................................................ 68,193 41,551 3,571 4,302 13,561 2,975 2,233 64,011 40,890 3,050 3,146 13,115 1,451 2,359

Italy................................................................ 26,113 11,113 1,346 1,108 7,055 3,152 2,339 25,810 11,488 834 332 7,731 2,983 2,442

Luxembourg ................................................................ 14,524 2,646 2,956 2,921 4,142 1,104 755 12,093 2,130 2,836 1,041 4,308 976 802

Netherlands................................................................ 73,156 38,406 18,563 1,023 8,889 1,592 4,683 72,059 40,172 18,414 445 7,947 1,807 3,274

Norway ................................................................ 82,608 70,644 3,870 1,032 3,453 3,078 531 78,880 69,618 3,763 210 1,338 3,579 372

Poland ................................................................ 2,862 1,441 102 4 10 1,271 34 2,542 1,132 81 - 14 1,299 16

Portugal................................................................ 4,023 2,851 367 24 333 226 222 3,527 2,659 282 81 331 33 141

Romania................................................................ 1,658 1,348 206 52 - 50 2 960 660 241 - - 58 1

Russia 1................................................................ 11,154 3,924 6,283 60 210 117 560 11,218 4,810 5,632 53 200 199 324

Spain ................................................................ 11,576 5,989 323 303 1,127 1,894 1,940 13,867 7,473 912 25 1,089 2,767 1,601

Sweden ................................................................ 17,821 8,664 1,329 154 5,047 473 2,154 16,362 7,530 1,437 134 4,671 313 2,277

Switzerland................................................................ 40,427 15,830 3,648 4,016 10,047 2,377 4,509 39,467 15,899 3,364 1,253 11,783 2,143 5,025

Turkey ................................................................ 3,099 2,871 3 1 52 47 125 5,423 4,307 1 - 14 779 322

United Kingdom ................................ 1,246,625 686,359 50,338 94,470 115,426 196,598 103,434 1,205,271 684,702 35,500 71,750 116,507 186,773 110,039

Channel Islands and Isle of Man 2................................ 16,808 1,235 2,247 10,864 1,898 357 207 5,564 1,200 1,556 464 1,959 198 187

Yugoslavia 3................................................................ - - - - - - - - - - - - - -

Other Europe................................ 11,315 7,422 1,464 286 750 722 671 11,448 8,380 782 189 778 705 614

Total Europe................................

1,915,377 1,048,697 108,587 131,286 233,653 253,354 139,800 1,856,535 1,055,518 88,719 86,148 232,582 246,120 147,448

Canada ................................................................

217,722 119,461 7,719 4,947 50,150 22,282 13,163 211,586 120,248 9,280 2,916 47,888 18,183 13,071

Latin America:

Argentina................................................................ 2,655 295 269 153 861 906 171 3,165 171 1,183 114 969 525 203

Brazil ................................................................ 16,017 10,007 1,023 201 434 3,557 795 15,204 8,368 1,672 110 428 3,478 1,148

Chile ................................................................ 4,526 2,038 318 434 522 1,065 149 5,206 1,608 470 429 660 1,884 155

Colombia ................................................................ 3,438 895 838 249 204 1,222 30 4,206 1,708 483 182 207 1,610 16

Ecuador................................................................ 447 52 93 27 200 7 68 340 41 16 2 218 3 60

Guatemala................................................................ 124 3 25 25 20 40 11 96 5 5 2 20 59 5

Mexico................................................................ 14,963 5,794 2,153 1,478 1,057 2,712 1,769 12,085 3,582 1,138 654 971 3,754 1,986

Panama................................................................ 2,637 125 639 620 593 464 196 2,209 130 318 536 693 373 159

Peru................................................................906 257 180 99 99 162 109 556 59 74 74 97 167 85

Uruguay................................................................ 1,448 120 207 195 346 512 68 1,122 118 130 81 329 415 49

Venezuela ................................................................ 1,104 185 227 114 252 225 101 794 45 103 43 271 227 105

Other Latin America................................ 8,644 5,976 297 342 511 1,472 46 8,202 5,907 76 217 544 1,423 35

Total Latin America ................................

56,909 25,747 6,269 3,937 5,099 12,344 3,513 53,185 21,742 5,668 2,444 5,407 13,918 4,006

Caribbean:

Bahamas ................................................................ 78,808 44,508 1,359 5,393 16,519 7,046 3,983 80,185 46,933 979 4,673 16,817 6,833 3,950

Bermuda................................................................ 387,395 187,930 41,665 14,454 95,191 38,688 9,467 379,151 181,923 38,261 11,728 97,447 39,176 10,616

Cayman Islands 4................................ 746,882 242,370 242,723 47,019 142,583 47,444 24,743 748,722 236,121 249,193 40,203 145,010 52,916 25,279

Cuba................................................................ - - - - - - - 2 - - - 2 - -

Jamaica................................................................ 373 19 239 11 5 99 - 222 18 143 8 2 51 -

Netherlands Antilles ................................ 60,827 29,080 10,635 778 16,999 1,046 2,289 63,250 30,097 10,852 905 17,517 1,042 2,837

Trinidad and Tobago................................ 294 80 56 29 21 97 11 160 61 5 9 16 65 4

Other Caribbean ................................ 97,372 13,816 2,448 6,213 65,202 1,975 7,718 98,202 13,983 2,043 5,712 66,289 2,117 8,058

Total Caribbean................................

1,371,951 517,803 299,125 73,897 336,520 96,395 48,211 1,369,894 509,136 301,476 63,238 343,100 102,200 50,744

See footnotes at end of table.
88 CAPITAL MOVEMENTS

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During First Quarter 2003, 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 

federally

 spon-

 sored

 agencies

 (10)

Bonds

(11)

Stocks

(12)

 Bonds

 (13)

 Stocks

 (14)

Asia:

China:

Mainland ................................ 91,094 56,536 30,326 1,918 421 1,736 157 66,288 42,491 22,143 560 463 531 100

Taiwan ................................17,764 4,188 4,600 661 1,533 1,351 5,431 12,064 4,108 871 157 1,216 375 5,337

Hong Kong ................................47,282 21,806 7,525 2,425 2,196 3,482 9,848 44,218 20,529 4,620 949 1,914 3,327 12,879

India................................................................ 2,166 1,748 2 48 49 35 284 2,556 2,052 35 37 80 1 351

Indonesia................................ 2,042 1,364 385 26 89 92 86 1,188 724 236 17 75 31 105

Israel................................................................ 5,626 3,357 352 356 1,127 117 317 7,175 5,193 169 179 1,125 97 412

Japan................................ 211,905 103,512 26,065 5,675 9,694 29,713 37,246 193,601 95,641 16,534 5,159 8,185 28,089 39,993

Korea................................ 26,496 12,326 10,762 499 163 1,095 1,651 21,213 13,672 4,235 220 157 1,180 1,749

Lebanon ................................ 104 5 2 9 54 11 23 100 5 3 4 61 10 17

Malaysia ................................ 2,916 1,742 501 47 113 198 315 2,074 1,276 344 30 80 114 230

Pakistan ................................ 35 - 26 - 5 - 4 16 - - - 5 11 -

Philippines................................ 1,691 902 288 85 43 303 70 1,433 742 373 59 46 158 55

Singapore................................35,530 15,918 4,294 2,976 6,432 2,899 3,011 30,862 15,292 3,324 2,733 3,963 2,676 2,874

Syria ................................................................ 50 26 - - 1 - 23 34 27 2 1 - - 4

Thailand ................................ 5,202 4,555 252 173 57 28 137 6,019 5,642 90 2 56 58 171

Other Asia ................................13,976 6,186 1,904 1,526 3,561 467 332 16,450 9,614 1,897 657 3,717 330 235

Total Asia................................

463,879 234,171 87,284 16,424 25,538 41,527 58,935 405,291 217,008 54,876 10,764 21,143 36,988 64,512

Africa:

Congo (formerly Zaire)................................ 61 - - - 60 - 1 61 - - - 60 - 1

Egypt................................ 161 18 18 14 94 16 1 176 29 3 2 125 5 12

Ghana................................ 2 - - - - - 2 - - - - - - -

Liberia................................ 883 60 566 115 60 20 62 258 70 44 23 56 15 50

Morocco ................................ 4 - 1 - 3 - - 9 - - - 6 - 3

South Africa................................ 900 99 11 266 84 169 271 978 100 - 287 83 134 374

Other Africa................................1,208 414 339 58 197 95 105 862 367 92 25 168 92 118

Total Africa................................

3,219 591 935 453 498 300 442 2,344 566 139 337 498 246 558

Other countries:

Australia ................................ 25,417 12,944 849 768 2,829 3,065 4,962 27,532 12,829 881 489 5,668 2,202 5,463

New Zealand................................ 1,072 273 46 12 79 536 126 972 419 74 22 72 233 152

All other countries ................................ 1,399 637 149 180 162 235 36 703 348 69 7 160 66 53

Total other countries................................

27,888 13,854 1,044 960 3,070 3,836 5,124 29,207 13,596 1,024 518 5,900 2,501 5,668

Total foreign countries................................

4,056,945 1,960,324 510,963 231,904 654,528 430,038 269,188 3,928,042 1,937,814 461,182 166,365 656,518 420,156 286,007

International and 

 regional orgs.:

International ................................2,894 2,366 95 294 95 35 9 2,940 2,435 305 42 130 14 14

European regional................................ 379 - - - - 169 210 283 - - - - 165 118

Latin American regional................................ 202 68 8 25 100 1 - 331 149 48 10 109 15 -

Caribbean regional................................ - - - - - - - - - - - - - -

Asian regional ................................ 1,054 793 255 1 5 - - 1,205 565 635 - 5 - -

African regional................................19 10 - 9 - - - 25 - 25 - - - -

Middle Eastern regional................................ 7 - - - 7 - - 4 - - - 4 - -

Total international

 and regional................................

4,555 3,237 358 329 207 205 219 4,788 3,149 1,013 52 248 194 132

Grand total................................ 4,061,500 1,963,561 511,321 232,233 654,735 430,243 269,407 3,932,830 1,940,963 462,195 166,417 656,766 420,350 286,139

1

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.”

2

 Before January 2001, data included in United Kingdom.

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 Beginning January 2001, Cayman Islands replaced British West Indies in the data series.
CAPITAL MOVEMENTS 89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2002

[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

sponsored

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 

federally

sponsored

agencies

(10)

Bonds

(11)

Stocks

(12)

Bonds

(13)

Stocks

(14)

Europe:

Austria................................................................ 15,601 5,599 3,541 786 3,398 1,131 1,146 16,135 6,282 3,437 407 3,437 1,553 1,019

Belgium 1................................................................ 69,270 22,128 15,304 9,898 15,307 2,998 3,635 60,827 20,082 15,530 6,165 13,600 2,369 3,081

Bulgaria................................................................ 447 82 104 68 117 75 1 496 267 53 45 99 31 1

Czech Republic................................ 4,724 3,905 2 67 450 139 161 4,148 3,359 1 21 463 216 88

Denmark................................................................ 43,360 30,241 1,958 2,499 5,022 1,528 2,112 42,073 30,187 2,112 1,837 5,203 899 1,835

Finland ................................................................ 12,490 6,935 1,180 202 2,000 203 1,970 12,662 6,829 1,200 167 1,834 435 2,197

France................................................................ 592,394 286,045 9,660 11,488 229,557 25,857 29,787 589,888 286,378 8,482 8,895 227,430 28,572 30,131

Germany ................................................................ 336,614 172,932 12,691 12,043 54,623 55,168 29,157 336,545 176,842 9,519 10,066 54,750 57,581 27,787

Greece ................................................................ 7,746 5,096 648 121 1,273 208 400 7,355 4,833 357 206 1,240 118 601

Hungary................................................................ 1,587 663 45 39 434 140 266 1,585 851 41 2 441 52 198

Ireland ................................................................ 264,770 151,894 11,567 15,111 62,621 11,715 11,862 252,484 151,322 10,843 10,004 60,502 8,147 11,666

Italy................................................................ 119,485 56,069 3,742 1,898 39,342 8,727 9,707 117,095 56,353 3,944 1,673 37,803 7,910 9,412

Luxembourg 1................................ 69,498 9,928 17,118 6,362 25,495 4,943 5,652 63,644 11,537 13,243 6,471 24,026 3,132 5,235

Netherlands................................................................ 361,197 247,171 32,987 6,211 42,384 9,761 22,683 369,454 264,191 34,943 4,661 37,849 8,212 19,598

Norway ................................................................ 482,083 437,583 13,235 6,522 8,081 14,432 2,230 479,839 445,958 10,896 3,654 6,154 11,134 2,043

Poland................................................................ 11,503 6,636 787 9 33 3,820 218 11,784 6,914 365 - 37 4,328 140

Portugal................................................................ 23,687 19,807 1,342 269 1,347 395 527 21,853 18,289 1,298 136 1,225 360 545

Romania................................................................ 5,539 4,157 1,324 13 - 40 5 4,991 3,650 1,202 - 2 135 2

Russia 2................................................................ 58,849 15,532 38,744 46 911 1,775 1,841 46,334 12,350 30,590 48 875 830 1,641

Spain ................................................................ 48,701 28,791 2,841 616 7,133 2,915 6,405 49,311 28,384 2,046 242 8,028 4,097 6,514

Sweden ................................................................ 68,690 32,026 9,814 1,071 17,245 1,308 7,226 63,780 29,103 9,378 860 16,455 1,449 6,535

Switzerland ................................................................ 175,613 57,913 15,755 11,589 61,996 7,374 20,986 167,112 58,421 12,106 6,717 59,340 6,186 24,342

Turkey ................................................................ 8,380 6,571 13 3 172 645 976 6,468 4,378 5 21 160 796 1,108

United Kingdom ................................ 4,756,486 2,482,932 187,465 346,486 552,963 662,072 524,568 4,564,997 2,421,937 154,361 269,754 537,790 649,953 531,202

Channel Islands and Isle

 of Man 3 ................................................................ 34,648 4,995 7,869 12,110 7,116 707 1,851 23,309 4,281 6,858 1,948 7,371 999 1,852

Yugoslavia 4................................ 11 2 - - 8 - 1 5 - - - 5 - -

Other Europe ................................ 37,581 25,662 3,002 1,631 3,502 1,205 2,579 36,626 24,148 2,995 2,519 3,405 1,265 2,294

Total Europe................................

7,610,954 4,121,295 392,738 447,158 1,142,530 819,281 687,952 7,350,800 4,077,126 335,805 336,519 1,109,524 800,759 691,067

Canada ................................................................

807,175 465,786 30,580 15,383 170,711 60,472 64,243 801,128 470,984 32,034 14,966 163,278 59,663 60,203

Latin America:

Argentina................................................................ 12,208 1,573 1,744 798 3,864 2,572 1,657 10,339 756 1,787 542 3,665 2,040 1,549

Brazil ................................................................ 57,360 16,858 4,309 1,385 2,216 23,625 8,967 55,248 14,985 4,816 1,189 2,298 21,982 9,978

Chile ................................................................ 16,398 6,111 1,139 1,714 2,706 3,849 879 14,856 6,340 460 1,424 2,365 3,713 554

Colombia................................................................ 14,968 3,999 1,527 1,420 915 6,988 119 15,682 5,425 1,311 1,413 934 6,473 126

Ecuador................................................................ 1,822 140 177 137 865 42 461 1,660 141 118 71 871 25 434

Guatemala ................................................................ 699 55 119 111 116 272 26 441 48 15 98 125 133 22

Mexico................................................................ 52,976 17,346 8,121 5,476 4,502 9,835 7,696 42,787 13,327 3,150 3,307 4,020 9,946 9,037

Panama................................................................ 10,977 550 2,147 1,726 2,931 2,912 711 9,160 562 1,055 1,042 3,013 2,711 777

Peru................................................................ 4,068 799 1,429 242 576 746 276 2,742 563 409 87 352 1,092 239

Uruguay................................................................ 6,423 1,717 1,163 581 1,370 1,266 326 6,092 2,092 468 434 1,280 1,505 313

Venezuela ................................................................ 6,960 1,125 1,165 1,213 1,443 1,711 303 5,464 1,184 453 614 1,411 1,436 366

Other Latin America 5................................ 25,963 12,986 871 1,713 2,557 7,603 233 25,121 12,822 645 1,249 2,703 7,499 203

Total Latin America ................................

210,822 63,259 23,911 16,516 24,061 61,421 21,654 189,592 58,245 14,687 11,470 23,037 58,555 23,598

Caribbean:

Bahamas ................................................................ 281,521 160,857 5,629 18,271 51,989 27,726 17,049 264,869 144,863 4,119 17,606 51,888 28,408 17,985

Bermuda................................................................ 1,263,188 382,719 102,093 52,964 546,323 131,436 47,653 1,254,454 381,123 96,928 41,793 555,491 130,713 48,406

Cayman Islands 6................................ 2,845,838 931,253 877,171 172,120 643,078 107,693 114,523 2,795,689 922,038 854,544 149,046 650,864 103,488 115,709

Cuba................................................................- - - - - - - - - - - - - -

Jamaica................................................................ 2,483 287 1,268 249 48 595 36 1,603 279 741 152 36 371 24

Netherlands Antilles................................ 370,703 194,841 9,574 5,161 135,513 8,472 17,142 368,044 195,621 7,703 4,486 136,050 8,433 15,751

Trinidad and Tobago................................663 70 132 108 78 269 6 342 36 34 49 84 134 5

Other Caribbean 5

................................ 419,817 46,123 5,948 17,023 312,472 6,124 32,127 427,363 56,088 5,033 16,910 311,548 5,624 32,160

Total Caribbean................................

5,184,213 1,716,150 1,001,815 265,896 1,689,501 282,315 228,536 5,112,364 1,700,048 969,102 230,042 1,705,961 277,171 230,040

See footnotes at end of table.
90 CAPITAL MOVEMENTS

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic

and Foreign Securities, by Type and Country, During Calendar Year 2002, 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)

 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 

federally

sponsored

agencies

(10)

 Bonds

 (11)

 Stocks

 (12)

 Bonds

 (13)

 Stocks

 (14)

Asia:

China:

Mainland................................ 241,057 167,234 59,073 7,618 1,845 4,892 395 178,128 143,157 29,809 1,656 1,684 1,393 429

Taiwan ................................ 54,737 13,937 15,736 2,336 6,196 6,008 10,524 37,320 14,534 4,978 954 5,936 1,442 9,476

Hong Kong................................ 212,313 93,782 37,974 8,251 11,380 13,007 47,919 199,609 102,841 25,385 4,383 9,588 10,712 46,700

India ................................................................ 11,059 8,854 13 42 373 118 1,659 12,035 9,709 2 1 417 40 1,866

Indonesia................................ 6,685 4,540 797 115 462 401 370 5,300 3,770 342 56 466 244 422

Israel................................................................ 36,645 25,459 1,510 1,458 5,338 480 2,400 31,371 20,327 1,558 875 5,486 317 2,808

Japan................................................................ 886,937 446,729 114,430 24,721 65,427 94,909 140,721 804,507 415,999 76,874 13,795 53,090 102,951 141,798

Korea................................................................ 99,362 66,822 13,644 2,517 959 4,831 10,589 86,383 53,887 12,976 1,034 847 7,866 9,773

Lebanon................................ 831 5 23 13 654 83 53 815 4 8 26 632 81 64

Malaysia ................................ 13,062 7,643 2,729 174 250 678 1,588 12,141 6,782 1,406 105 285 1,220 2,343

Pakistan................................ 295 - 43 174 57 5 16 94 - 4 1 51 3 35

Philippines ................................ 5,993 2,611 977 364 297 1,369 375 6,995 2,432 724 220 337 2,945 337

Singapore ................................ 161,333 60,292 14,710 10,975 44,867 13,298 17,191 149,352 62,883 12,548 9,649 36,622 11,030 16,620

Syria................................................................ 36 14 - 2 12 - 8 31 10 - - 16 - 5

Thailand................................ 17,649 15,839 293 229 359 377 552 19,081 17,756 194 62 355 124 590

Other Asia................................ 66,523 34,098 6,339 3,653 19,119 1,839 1,475 68,740 37,918 4,279 3,244 20,394 1,225 1,680

Total Asia................................

1,814,517 947,859 268,291 62,642 157,595 142,295 235,835 1,611,902 892,009 171,087 36,061 136,206 141,593 234,946

Africa:

Congo (formerly Zaire) ................................ 115 - - - 114 - 1 118 - - - 113 - 5

Egypt ................................ 1,053 257 90 72 367 183 84 1,163 578 18 35 372 107 53

Ghana................................ 745 506 1 - 17 219 2 23 - - - 17 - 6

Liberia................................ 1,102 53 226 79 402 130 212 976 52 197 66 428 58 175

Morocco................................ 195 160 2 - 13 6 14 227 171 1 4 30 16 5

South Africa................................3,134 283 31 265 663 433 1,459 4,351 171 70 260 639 1,583 1,628

Other Africa................................5,227 1,224 1,162 215 1,402 649 575 3,463 670 493 139 1,451 199 511

Total Africa................................

11,571 2,483 1,512 631 2,978 1,620 2,347 10,321 1,642 779 504 3,050 1,963 2,383

Other countries:

Australia ................................100,882 47,219 5,561 10,988 11,941 7,816 17,357 90,800 43,893 5,188 7,950 9,039 7,341 17,389

New Zealand 7................................ 4,450 1,247 416 440 807 818 722 4,688 1,943 422 449 479 686 709

All other countries ................................ 5,485 1,642 1,007 336 1,509 723 268 4,963 1,363 1,009 232 1,564 525 270

Total other countries................................

110,817 50,108 6,984 11,764 14,257 9,357 18,347 100,451 47,199 6,619 8,631 11,082 8,552 18,368

Total foreign countries 15,750,069 7,366,940 1,725,831 819,990 3,201,633 1,376,761 1,258,914 15,176,558 7,247,253 1,530,113 638,193 3,152,138 1,348,256 1,260,605

International and

 regional orgs.:

International ................................ 8,306 5,473 1,307 774 624 55 73 6,738 3,831 1,696 264 636 156 155

European regional................................ 2,118 638 52 30 - 189 1,209 1,695 313 - 80 - 183 1,119

Latin American

 regional................................ 1,214 346 71 144 562 12 79 1,165 349 80 87 607 19 23

Caribbean regional 8 ................................ - - - - - - - - - - - - - -

Asian regional................................5,009 3,353 1,580 29 46 - 1 4,841 3,267 1,504 27 39 - 4

African regional ................................ 20 1 15 1 - 3 - 38 35 3 - - - -

Middle Eastern

 regional................................ 45 - 1 - 42 - 2 51 5 - - 45 - 1

 Total international

 and regional................................

16,712 9,811 3,026 978 1,274 259 1,364 14,528 7,800 3,283 458 1,327 358 1,302

 Grand total................................ 15,766,781 7,376,751 1,728,857 820,968 3,202,907 1,377,020 1,260,278 15,191,086 7,255,053 1,533,396 638,651 3,153,465 1,348,614 1,261,907

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

 Before January 2001, data included in United Kingdom.

4

 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.

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, data included in “Latin American regional.”
CAPITAL MOVEMENTS 91

CHART CM-C.—Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

0

50

100

150

200

250

1999 2000 2001 2002 2003

Jan. - Mar.

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2002 with those in 

prior years, the chart depicts data for all periods at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Country 1999 2000 2001 2002

 2003 

 Jan. - Mar.

United Kingdom................................ 129,014 166,290 183,986 186,004 38,134

All other Europe ................................ 71,492 128,577 78,921 58,743 21,122

Caribbean banking centers 1,2................................ 43,142 19,883 57,817 77,075 10,847

Japan................................................................ 43,366 52,006 56,589 91,549 19,427

All other Asia ................................ 34,168 52,151 110,995 109,475 40,199

Subtotal ................................................................ 321,182 418,907 488,308 522,846 129,729

All other countries ................................ 28,979 38,921 32,541 26,072 5,780

Grand total ................................ 350,161 457,828 520,849 548,918 135,509

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 acquire 

U.S. equities through mergers 

that involve stock swaps. These 

stock swaps are not reported 

under the TIC reporting system. 

Net foreign acquisition of U.S. 

equities through stock swaps 

amounted to $14 billion in 

1999, $21 billion in 2000, $7 

billion in 2001, and $7 billion 

in 2002. 

The data present aggregate net 

purchases on an annual basis 

for 1999 through 2002, as well 

as the amount for the first 

quarter of 2003. The figures 

show that foreigners’ annual net 

purchases (gross purchases 

minus gross sales) of U.S. 

securities have maintained an 

extremely high level since 

1999.

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2002, 

net foreign acquisitions 

(including stock swaps) of U.S. 

securities totaled a record $556 

billion. In the first 3 months of 

2003, foreign acquisitions of 

U.S. securities totaled $136 

billion, about the same average 

quarterly pace of acquisition 

over the past 3 years. There 

were no estimated foreign 

acquisitions of U.S. equities 

through stock swaps in the first 

quarter of this year. 

 United Kingdom All other Europe Caribbean banking centers

 Japan All other Asia All other countries
92 CAPITAL MOVEMENTS

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors*

-50

0

50

100

150

1998 1999 2000 2001 2002 2003

Jan. - Mar.

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2002 w ith those in 

prior years, the chart depicts data for all periods at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System]

Calendar years

Type 1998 1999 2000 2001 2002 

 2003

 Jan. - Mar.

Foreign bonds ................................17,349 5,676 4,054 -30,502 -28,406 -9,893

Foreign stocks ................................-6,212 -15,640 13,088 50,113 1,629 16,732

Total................................ 11,137 -9,964 17,142 19,611 -26,777 6,839

* 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. In the past 

several years, U.S. investors also 

have acquired a substantial 

amount for stocks, mostly 

European, through mergers that 

involve stock swaps. These stock 

swaps are not reported under the 

TIC reporting system. Net 

acquisitions through stock swaps 

amounted to $98 billion in 1998, 

$123 billion in 1999, $80 billion 

in 2000, $45 billion in 2001, but 

only $3 billion in 2002. In the first 

3 months of 2003, acquisition of 

foreign securities through stock 

swaps is estimated at $14 billion. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions). 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000. In 2001, U.S. 

investors sold $31 billion in 

foreign bonds, but U.S. purchases 

of foreign equities held up, and 

U.S. acquisitions of foreign 

securities (including foreign stock 

swaps) only fell to $64 billion. In 

2002, U.S. investors again sold 

foreign bonds ($28 billion), but 

U.S. purchases of foreign stocks 

(including stock swaps) fell 

sharply and on net U.S. investors 

sold $24 billion in foreign 

securities. In the first 3 months of 

2003, U.S. investors acquired $21 

billion in foreign securities, with 

sales of foreign bonds ($10 

billion) more than offset by 

acquisition of foreign equities 

($31 billion including stock 

swaps). 

 Foreign bonds Foreign stocks Total foreign securities
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 and Federal

Financial Institutions Examination Council (FFIEC) 035

reports. Tables I-3 through VI-3 present quarterly

consolidated currency data reported by large market

participants and FFIEC reporters that do not file weekly

reports.

Principal exchanged under cross-currency interest rate

swaps is reported as part of purchases or sales of foreign

exchange. Such principal also was noted separately on

monthly and quarterly reports through December 1998,

when this practice was discontinued. The net options

position, or the net delta-equivalent value of an options

position, is an estimate of the relationship between an

option’s value and an equivalent currency hedge. The delta

equivalent value is defined as the product of the first partial

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional

principal of the contract.
94 FOREIGN CURRENCY POSITIONS

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)

10/02/02................................................................ 329,175 328,182 -924 1.5874

10/09/02................................................................ 330,397 330,954 -1,076 1.5982

10/16/02................................................................ 330,943 334,582 -1,036 1.5841

10/23/02................................................................ 344,215 344,861 -1,121 1.5665

10/30/02................................................................ 346,945 344,796 -1,369 1.5661

11/06/02................................................................ 347,530 349,148 -1,539 1.5543

11/13/02................................................................ 355,356 353,832 -717 1.5753

11/20/02................................................................ 358,537 361,321 -1,298 1.5862

11/27/02................................................................ 371,846 377,441 -967 1.5733

12/04/02................................................................ 354,587 356,623 -1,739 1.5604

12/11/02................................................................ 359,362 365,002 -1,778 1.5565

12/18/02................................................................ 337,237 339,796 -1,802 1.5525

12/25/02................................................................ 325,216 332,227 -1,690 1.5490

01/01/03................................................................ 327,799 329,365 -2,444 1.5720

01/08/03................................................................ 334,280 337,908 -2,323 1.5622

01/15/03................................................................ 349,700 349,870 -1,786 1.5372

01/22/03................................................................ 353,985 357,211 -2,243 1.5322

01/29/03................................................................ 365,078 368,727 -2,023 1.5224

02/05/03................................................................ 371,707 375,699 -2,428 1.5217

02/12/03................................................................ 372,443 374,472 -1,778 1.5295

02/19/03................................................................ 386,847 386,553 -1,995 1.5132

02/26/03................................................................ 380,693 384,803 -1,799 1.4950

03/05/03................................................................ 415,123 419,869 -1,445 1.4692

03/12/03................................................................ 424,878 429,437 -675 1.4755

03/19/03................................................................ 385,789 389,018 -1,579 1.4829

03/26/03................................................................ 371,835 376,608 -2,161 1.4698
FOREIGN CURRENCY POSITIONS 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)

2000 - Dec................................ 367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997

2001 - Dec................................ 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921

2002 - Apr................................ 299,532 298,157 77,836 75,497 31,565 35,871 29,137 25,956 -1,603 1.5690

May................................ 306,051 309,502 86,322 87,328 34,119 39,153 29,764 27,085 -1,503 1.5284

June................................ 299,286 302,547 82,104 80,916 39,785 42,318 37,814 34,860 -491 1.5166

July ................................ 321,827 325,353 90,302 93,311 46,414 48,869 43,003 37,247 -2,346 1.5831

Aug ................................ 327,998 328,948 89,554 93,874 45,982 49,956 44,349 39,796 -2,074 1.5591

Sept................................ 340,298 341,562 111,416 110,619 38,607 42,308 38,686 34,707 -1,184 1.5875

Oct................................ 342,524 345,097 115,443 114,270 39,043 43,658 38,794 34,497 -1,510 1.5579

Nov................................ 352,604 359,597 116,490 115,390 38,887 42,113 37,440 34,834 -1,739 1.5652

Dec................................ 328,764 328,623 115,070 113,164 38,202 44,315 39,474 33,245 -2,240 1.5729

2003 - Jan ................................ 370,635 370,476 118,156 114,626 54,557 58,979 53,794 50,310 -2,263 1.5219

Feb ................................ 394,491 394,737 125,613 120,107 63,412 70,204 65,980 55,896 -2,132 1.4844

Mar ................................ 372,471 376,108 113,759 117,700 74,015 81,600 71,059 61,867 -1,053 1.4680

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)

1999 - Dec................................ 21,393 22,581 63,004 65,217 168 n.a. n.a. n.a. n.a. 1.4465

2000 - Mar................................ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. 1.4494

June................................ 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 1.4806

Sept................................ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 1.5038

Dec................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997

2001 - Mar................................ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768

June................................ 30,328 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145

Sept................................ 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797

Dec................................ 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................................. 38,063 41,436 57,646 69,288 868 474 1,433 615 -253 1.5729
96 FOREIGN CURRENCY POSITIONS

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)

10/02/02................................................................ 163,716 165,881 373 122.86

10/09/02................................................................ 169,689 171,314 404 123.33

10/16/02................................................................ 168,976 171,152 586 124.49

10/23/02................................................................ 171,359 173,356 312 124.63

10/30/02................................................................ 176,096 179,876 399 122.95

11/06/02................................................................ 180,633 182,110 545 121.83

11/13/02................................................................ 182,978 184,366 525 120.24

11/20/02................................................................ 182,326 184,695 502 122.67

11/27/02................................................................ 173,284 176,064 654 122.39

12/04/02................................................................ 181,784 184,555 558 124.59

12/11/02................................................................ 183,114 186,216 621 123.63

12/18/02................................................................ 173,824 177,550 645 121.15

12/25/02................................................................ 171,009 174,532 597 120.39

01/01/03................................................................ 165,451 168,282 601 118.83

01/08/03................................................................ 173,734 176,293 655 119.13

01/15/03................................................................ 169,618 172,258 541 118.17

01/22/03................................................................ 163,838 166,934 486 118.28

01/29/03................................................................ 162,110 165,329 531 118.53

02/05/03................................................................ 166,596 170,755 362 119.96

02/12/03................................................................ 167,176 170,659 142 121.31

02/19/03................................................................ 162,193 165,930 373 118.78

02/26/03................................................................ 161,311 165,217 255 117.14

03/05/03................................................................ 163,905 167,957 70 117.32

03/12/03................................................................ 163,993 168,196 209 117.30

03/19/03................................................................ 158,572 162,670 104 120.50

03/26/03................................................................ 155,573 159,762 491 120.09
FOREIGN CURRENCY POSITIONS 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)

2000 - Dec................................ 155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42

2001 - Dec................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68

2002 - Apr................................ 172,923 174,637 43,567 44,296 22,744 20,663 33,516 34,848 1,106 128.61

May................................ 165,067 167,212 43,939 43,864 24,406 22,146 29,695 31,953 521 124.33

June................................ 156,590 157,567 47,243 46,471 25,418 22,923 31,018 32,677 191 119.62

July ................................ 166,425 168,669 84,076 83,590 27,855 25,642 32,086 33,516 372 119.88

Aug ................................ 155,188 158,400 43,412 42,677 26,362 24,416 30,046 31,327 325 118.45

Sept................................ 168,294 170,760 37,705 38,360 28,641 26,848 33,179 34,241 329 121.81

Oct................................ 185,856 187,063 40,749 39,930 28,833 26,821 34,320 35,183 332 122.56

Nov................................ 185,258 187,762 36,202 36,193 26,885 24,521 32,062 33,551 537 122.59

Dec................................ 172,452 174,884 35,744 36,565 26,486 24,120 31,305 32,826 623 118.81

2003 - Jan ................................ 173,840 176,729 40,346 40,639 27,375 23,931 31,172 32,360 290 119.92

Feb ................................ 173,119 176,336 40,267 40,022 26,885 24,780 31,668 31,724 242 118.16

Mar ................................ 164,136 166,657 39,522 38,871 26,829 25,118 30,419 30,420 198 118.01

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)

1999 - Dec................................ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. 102.31

2000 - Mar................................ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. 102.80

June................................ 9,614 9,295 6,647 6,352 558 855 992 722 115 106.07

Sept................................ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 108.21

Dec................................ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42

2001 - Mar................................ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54

June................................ 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77

Sept................................ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23

Dec................................ 11,633 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 11,060 4,399 4,533 n.a. n.a. n.a. n.a. -210 118.81
98 FOREIGN CURRENCY POSITIONS

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)

10/02/02................................................................ 308,168 310,944 2,162 1.4786

10/09/02................................................................ 327,303 330,327 2,442 1.4793

10/16/02................................................................ 321,907 326,190 2,701 1.4934

10/23/02................................................................ 319,040 322,234 2,069 1.5037

10/30/02................................................................ 325,395 329,457 2,264 1.4884

11/06/02................................................................ 336,686 339,996 2,415 1.4590

11/13/02................................................................ 336,387 339,021 2,214 1.4571

11/20/02................................................................ 335,844 337,532 1,135 1.4670

11/27/02................................................................ 324,754 324,918 992 1.4896

12/04/02................................................................ 344,496 344,961 1,698 1.4723

12/11/02................................................................ 376,516 376,665 1,503 1.4620

12/18/02................................................................ 331,619 331,482 2,020 1.4259

12/25/02................................................................ 287,029 286,630 2,006 1.4076

01/01/03................................................................ 279,051 279,444 1,685 1.3823

01/08/03................................................................ 316,666 316,856 1,434 1.3888

01/15/03................................................................ 311,990 311,774 1,339 1.3853

01/22/03................................................................ 304,749 302,082 803 1.3639

01/29/03................................................................ 323,005 322,577 1,296 1.3569

02/05/03................................................................ 330,174 329,244 1,699 1.3594

02/12/03................................................................ 325,996 328,585 2,116 1.3707

02/19/03................................................................ 343,935 341,629 1,574 1.3682

02/26/03................................................................ 351,239 349,341 1,817 1.3559

03/05/03................................................................ 377,533 373,374 1,500 1.3315

03/12/03................................................................ 394,078 388,413 1,648 1.3354

03/19/03................................................................ 343,999 343,492 1,841 1.3944

03/26/03................................................................ 332,628 333,193 2,130 1.3822
FOREIGN CURRENCY POSITIONS 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)

2000 - Dec................................ 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 -1,458 1.6132

2001 - Dec................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579

2002 - Apr................................ 299,252 302,974 71,250 67,409 49,984 43,817 42,746 41,345 2,754 1.6178

May................................ 322,039 323,984 78,073 78,472 50,181 43,993 47,083 44,145 3,851 1.5705

June................................ 265,519 269,523 78,017 78,929 49,731 43,124 47,331 47,236 4,328 1.4826

July ................................ 291,133 297,916 70,530 73,555 48,891 42,508 47,290 47,374 5,198 1.4855

Aug ................................ 279,448 282,902 65,321 64,875 44,745 39,628 41,406 44,858 2,634 1.4967

Sept................................ 308,953 311,719 57,271 56,240 43,585 36,998 40,657 42,609 2,419 1.4767

Oct................................ 329,817 331,723 61,542 60,204 49,182 42,107 46,765 48,272 1,999 1.4776

Nov................................ 326,252 327,349 51,143 52,342 52,282 n.a. 46,480 48,920 1,585 1.4833

Dec................................ 279,198 282,012 50,561 55,492 53,399 45,776 45,632 44,198 1,190 1.3818

2003 - Jan ................................ 315,312 314,037 55,292 60,614 66,238 57,658 56,105 57,183 1,879 1.3641

Feb ................................ 351,216 345,589 56,883 62,372 62,100 53,973 53,107 55,043 1,621 1.3530

Mar ................................ 325,233 321,400 51,505 58,854 63,863 55,484 56,822 62,303 1,322 1.3506

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)

1999 - Dec................................ 28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 1.5912

2000 - Mar................................ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 1.6644

June................................ 26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. 1.6337

Sept................................ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. 1.7268

Dec................................ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132

2001 - Mar................................ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360

June................................ 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940

Sept................................ 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188

Dec................................ 22,988 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................................ 21,542 27,939 22,732 10,227 n.a. n.a. 3,656 3,153 n.a. 1.3818
100 FOREIGN CURRENCY POSITIONS

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)

10/02/02................................................................ 447,541 453,567 724 1.5685

10/09/02................................................................ 436,908 442,877 628 1.5646

10/16/02................................................................ 447,062 450,003 83 1.5540

10/23/02................................................................ 430,673 436,248 2 1.5482

10/30/02................................................................ 454,985 458,020 -58 1.5575

11/06/02................................................................ 445,917 455,233 -110 1.5641

11/13/02................................................................ 468,194 477,325 176 1.5850

11/20/02................................................................ 479,072 485,337 -25 1.5720

11/27/02................................................................ 467,670 469,914 56 1.5466

12/04/02................................................................ 496,155 498,971 -313 1.5699

12/11/02................................................................ 505,978 508,836 -342 1.5767

12/18/02................................................................ 482,515 489,030 -556 1.6005

12/25/02................................................................ 439,825 444,094 -460 1.5936

01/01/03................................................................ 428,751 433,189 -400 1.6111

01/08/03................................................................ 449,220 449,000 -718 1.6119

01/15/03................................................................ 468,459 467,948 -409 1.6044

01/22/03................................................................ 479,323 474,732 -656 1.6192

01/29/03................................................................ 484,123 483,092 -201 1.6465

02/05/03................................................................ 480,203 480,204 -394 1.6420

02/12/03................................................................ 493,286 496,888 -109 1.6159

02/19/03................................................................ 501,838 500,515 335 1.5963

02/26/03................................................................ 523,752 516,590 93 1.5820

03/05/03................................................................ 500,292 495,225 149 1.6006

03/12/03................................................................ 507,866 499,835 74 1.6125

03/19/03................................................................ 505,587 500,900 -699 1.5642

03/26/03................................................................ 491,704 487,765 -97 1.5745
FOREIGN CURRENCY POSITIONS 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)

2000 - Dec................................ 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922

2001 - Dec................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556

2002 - Apr................................ 419,679 450,084 191,776 177,630 30,355 28,636 32,424 33,698 844 1.4570

May................................ 409,922 435,580 184,975 171,930 29,767 27,158 31,937 32,561 277 1.4556

June................................ 373,791 410,209 197,979 179,559 33,897 31,400 34,614 38,632 854 1.5313

July ................................ 455,736 487,603 204,138 195,022 35,290 29,178 37,620 39,058 977 1.5633

Aug ................................ 377,470 409,751 197,332 187,173 31,003 26,741 34,739 36,192 622 1.5499

Sept................................ 439,123 445,884 204,296 184,699 29,932 26,994 32,633 31,537 627 1.5683

Oct................................ 461,424 463,293 190,966 180,521 29,353 25,523 32,687 33,387 61 1.5644

Nov................................ 482,441 486,528 180,416 168,543 28,392 27,101 33,130 32,519 -325 1.5564

Dec................................ 424,601 428,435 196,492 182,276 26,278 22,651 27,928 26,744 -396 1.6094

2003 - Jan ................................ 458,333 457,973 203,395 196,088 28,418 26,310 32,982 32,136 -315 1.6468

Feb ................................ 488,419 484,097 191,092 180,424 28,630 26,456 32,589 31,074 -20 1.5737

Mar ................................ 466,859 465,807 191,927 175,543 27,596 25,077 30,617 30,060 -461 1.5830

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)

1999 - Dec................................ 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. 1.6176

2000 - Mar................................ 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 1.5927

June................................ 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 1.5166

Sept................................ 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 1.4736

Dec................................ 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922

2001 - Mar................................ 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155

June................................ 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140

Sept................................ 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691

Dec................................ 32,966 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................................ 28,035 28,995 33,503 26,135 n.a. 1,708 3,625 2,600 -771 1.6094
102 FOREIGN CURRENCY POSITIONS

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)

10/02/02................................................................ 4,930,627 4,879,893 -807 n.a.

10/09/02................................................................ 5,037,767 4,988,032 642 n.a.

10/16/02................................................................ 5,019,151 4,967,903 1,862 n.a.

10/23/02................................................................ 4,966,404 4,908,622 -462 n.a.

10/30/02................................................................ 5,129,239 5,085,663 -1,059 n.a.

11/06/02................................................................ 5,209,307 5,148,543 -2,449 n.a.

11/13/02................................................................ 5,309,138 5,248,353 -2,785 n.a.

11/20/02................................................................ 5,352,070 5,294,929 27 n.a.

11/27/02................................................................ 5,143,723 5,092,595 1,515 n.a.

12/04/02................................................................ 5,435,326 5,378,926 976 n.a.

12/11/02................................................................ 5,422,653 5,372,133 1,551 n.a.

12/18/02................................................................ 5,235,357 5,188,224 -134 n.a.

12/25/02................................................................ 4,908,742 4,875,377 1,196 n.a.

01/01/03................................................................ 4,816,995 4,777,774 37 n.a.

01/08/03................................................................ 5,043,322 4,985,024 -1,014 n.a.

01/15/03................................................................ 5,052,112 4,992,870 173 n.a.

01/22/03................................................................ 5,047,933 4,998,200 2,011 n.a.

01/29/03................................................................ 5,089,287 5,031,083 1,951 n.a.

02/05/03................................................................ 5,177,337 5,109,830 2,287 n.a.

02/12/03................................................................ 5,176,128 5,108,657 4,094 n.a.

02/19/03................................................................ 5,132,314 5,089,355 3,602 n.a.

02/26/03................................................................ 5,289,145 5,242,004 7,610 n.a.

03/05/03................................................................ 5,269,783 5,211,628 3,862 n.a.

03/12/03................................................................ 5,403,598 5,341,377 6,112 n.a.

03/19/03................................................................ 5,187,789 5,138,336 10,982 n.a.

03/26/03................................................................ 5,031,620 4,980,796 5,122 n.a.
FOREIGN CURRENCY POSITIONS 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)

2000 - Dec................................ 4,880,744 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a.

2001 - Dec................................ 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a.

2002 - Apr................................ 4,640,230 4,566,619 - - 631,526 599,422 534,011 503,031 -1,371 n.a.

May................................ 4,591,137 4,552,617 - - 592,251 596,458 576,557 538,080 -160 n.a.

June................................ 4,469,571 4,406,871 - - 658,899 631,991 637,630 620,346 -2,073 n.a.

July ................................ 5,002,608 4,984,339 - - 728,557 682,247 701,531 691,968 -2,037 n.a.

Aug ................................ 4,715,273 4,784,133 - - 689,138 647,964 660,058 640,390 310 n.a.

Sept................................ 5,029,571 4,971,986 - - 703,912 660,959 654,672 630,212 -72 n.a.

Oct................................ 5,202,877 5,156,506 - - 695,594 647,899 650,318 635,574 254 n.a.

Nov................................ 5,391,916 5,330,541 - - 665,955 624,380 621,836 613,637 1,832 n.a.

Dec................................ 4,833,934 4,792,314 - - 627,016 570,259 593,640 573,324 -988 n.a.

2003 - Jan ................................ 5,175,309 5,118,250 - - 679,339 622,138 666,091 634,314 2,133 n.a.

Feb ................................ 5,381,390 5,338,509 - - 679,779 627,155 664,270 651,579 3,999 n.a.

Mar ................................ 5,039,541 4,994,731 - - 702,916 657,220 687,702 695,486 5,092 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)

1999 - Dec................................ 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a.

2000 - Mar................................ 352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a.

June................................ 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a.

Sept................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a.

Dec................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a.

2001 - Mar................................ 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a.

June................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a.

Sept................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a.

Dec................................ 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a.

2002 - Mar................................ 322,910 358,655 - - n.a. n.a. 36,249 34,420 5,171 n.a.

June................................ 366,689 397,199 - - n.a. n.a. 62,208 59,259 6,161 n.a.

Sept................................ 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a.

Dec................................ 356,509 381,882 - - n.a. n.a. 71,715 n.a. 1,272 n.a.
104 FOREIGN CURRENCY POSITIONS

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)

10/02/02................................................................ 1,718,393 1,803,184 -518 1.0137

10/09/02................................................................ 1,805,864 1,890,265 86 1.0102

10/16/02................................................................ 1,771,325 1,851,099 528 1.0183

10/23/02................................................................ 1,712,041 1,795,243 778 1.0246

10/30/02................................................................ 1,751,655 1,821,810 1,416 1.0161

11/06/02................................................................ 1,834,544 1,910,263 1,809 0.9972

11/13/02................................................................ 1,842,395 1,915,554 352 0.9935

11/20/02................................................................ 1,889,142 1,964,239 -714 0.9988

11/27/02................................................................ 1,834,930 1,912,179 -1,058 1.0098

12/04/02................................................................ 1,978,680 2,065,158 265 0.9996

12/11/02................................................................ 1,895,340 1,965,392 -1,213 0.9920

12/18/02................................................................ 1,843,371 1,898,381 -2,383 0.9745

12/25/02................................................................ 1,666,260 1,718,588 -3,096 0.9696

01/01/03................................................................ 1,629,961 1,693,243 -1,511 0.9533

01/08/03................................................................ 1,720,174 1,785,514 -1,652 0.9532

01/15/03................................................................ 1,726,734 1,794,196 -3,820 0.9480

01/22/03................................................................ 1,764,847 1,810,628 -2,942 0.9321

01/29/03................................................................ 1,733,797 1,799,962 -2,415 0.9232

02/05/03................................................................ 1,786,556 1,837,106 -3,495 0.9265

02/12/03................................................................ 1,770,478 1,829,298 -3,709 0.9333

02/19/03................................................................ 1,772,812 1,826,096 -5,183 0.9308

02/26/03................................................................ 1,860,008 1,908,758 -9,133 0.9276

03/05/03................................................................ 1,923,663 1,970,835 -5,323 0.9126

03/12/03................................................................ 1,943,479 1,994,345 -6,885 0.9091

03/19/03................................................................ 1,901,127 1,941,075 -11,816 0.9473

03/26/03................................................................ 1,806,323 1,852,031 -14,137 0.9360
FOREIGN CURRENCY POSITIONS 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)

2000 - Dec................................. 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618

2001 - Dec................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217

2002 - Apr................................ 1,576,850 1,653,275 1,086,107 1,009,197 254,085 250,469 263,592 263,425 -2,529 1.1112

May................................ 1,609,509 1,673,883 1,133,955 1,067,089 269,494 257,275 266,767 275,028 -1,890 1.0725

June................................ 1,515,762 1,576,392 1,118,449 1,048,228 313,514 306,403 281,360 289,477 779 1.0099

July ................................ 1,713,799 1,788,265 1,044,473 997,201 348,950 328,181 297,415 312,085 -577 1.0233

Aug ................................ 1,600,945 1,693,434 1,074,351 1,023,439 306,039 280,310 251,798 277,873 -2,309 1.0179

Sept................................ 1,748,483 1,847,999 1,139,888 1,009,744 302,885 255,182 265,580 298,872 -1,527 1.0130

Oct................................ 1,731,941 1,811,029 1,001,891 944,062 299,973 275,457 266,221 271,388 446 1.0105

Nov................................ 1,908,810 2,003,269 1,013,179 949,845 299,178 271,861 256,108 267,440 -1,581 1.0058

Dec................................ 1,625,402 1,696,229 1,040,911 995,739 267,591 247,397 203,958 236,553 -2,361 0.9527

2003 - Jan ................................ 1,711,975 1,778,977 1,126,574 1,067,232 319,095 294,525 262,811 287,048 -3,975 0.9289

Feb ................................ 1,871,008 1,923,237 1,153,350 1,087,609 314,683 291,418 263,837 275,901 -8,459 0.9261

Mar ................................ 1,769,005 1,824,330 1,137,766 1,073,821 324,992 308,101 268,573 284,804 -7,463 0.9153

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

[In billions of euros. Source: Office of Foreign Exchange Operations]

Spot, forward Options positions

and future contracts Non-capital items Calls Puts

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)

1999 - Dec................................ 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 0.9289

2000 - Mar................................ 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 1.0466

June................................ 152,605 143,345 226,923 87,974 10,660 11,704 13,871 12,373 -447 1.0485

Sept................................ 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 1.1340

Dec................................ 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618

2001 - Mar................................ 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371

June................................ 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773

Sept................................ 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990

Dec................................ 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................................ 162,398 151,891 176,385 152,681 n.a. n.a. 16,812 13,985 -86 0.9527
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, 2002, and Dec. 31, 2002

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

 Assets, liabilities and capital Sept. 30, 2002

Oct. 1, 2002,

through

Dec. 31, 2002 Dec. 31, 2002

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities............................................. 9,716,954 36,403 9,753,357 

Special drawing rights 1........................................................... 11,709,606 456,071 12,165,677 

Foreign exchange and securities: 

European euro ..................................................................... 8,288,205 579,791 8,867,996 

Japanese yen....................................................................... 7,757,327 195,388 7,952,715 

Accounts receivable.................................................................

 118,966 4,330 123,296 

Total assets..........................................................................

 37,591,058 1,271,983 38,863,041 

Liabilities and capital

Current liabilities:

Accounts payable.................................................................

 24,396 95,034 119,430 

Total current liabilities ......................................................

 24,396 95,034 119,430 

Other liabilities:

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ...................................................................

 6,480,559 180,450 6,661,009 

Total other liabilities .........................................................

 8,680,559 180,450 8,861,009 

Capital:

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) .......................

 28,686,103 996,499 29,682,602 

Total capital......................................................................

 28,886,103 996,499 29,882,602 

Total liabilities and capital............................................ 37,591,058 1,271,983 38,863,041 

See footnote on the following page.
EXCHANGE STABILIZATION FUND 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, 2002,

through

Dec. 31, 2002

Fiscal year to date

Oct. 1, 2002,

through

Dec. 31, 2002

Income and expense

Profit (+) or loss (-) on:

Foreign exchange .............................................................................. 711,127 711,127 

Adjustment for change in valuation

 of SDR holdings and allocations 1..................................................... 149,698 149,698 

Interest (+) or net charges (-) on:

SDRs.................................................................................................. 27,616 27,616 

U.S. Government securities............................................................... 36,402 36,402 

Foreign exchange .............................................................................. 71,656 71,656 

Commissions .........................................................................................

- -

Income from operations..................................................................... 996,499 996,499 

Net income (+) or loss (-)...............................................................

 996,499 996,499 

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 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.”
FinancialReport of the

UnitedStatesGovernment

Excerpt

TrustFunds
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111

INTRODUCTION: Financial Report of the United States Government

The following pages are excerpted from the 2002

Financial Report of the United States Government (Financial 

Report). The report and accompanying information, prepared 

and published annually by the Financial Management Service, 

are modeled after corporate-type reports and are developed on 

an accrual basis of accounting.

The excerpts represent some of the most noteworthy 

information contained in the Financial Report. Data for the 

Financial Report are compiled from Federal program agency 

accounting systems Governmentwide. Treasury also presents 

a management discussion and analysis, the customary notes 

to the financial statements, a section on stewardship 

information, and supplemental information in the complete 

document.

The General Accounting Office (GAO) is required by 

law to audit the Financial Report. GAO’s report, as well as 

the complete Financial Report, can be accessed easily 

through the internet at www.fms.treas.gov/fr.
112 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Financial Statements

of the United States Government

for the Years Ended September 30, 2002 

and September 30, 2001

In accordance with the Statement of Federal Financial Accounting Standards (SFFAS) No. 24, two new principal 

financial statements are included in this Financial Report of the United States Government (Financial Report). They are the 

Reconciliations of Net Operating Cost and Unified Budget Surplus (or Deficit) and the Statements of Changes in Cash 

Balance from Unified Budget and Other Activities.

Statements of Net Cost

These Statements present the net cost of fiscal years 2002 and 2001 Government operations. For the purposes of this 

document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities 

and other significant entities. Costs are presented in a similar manner as in the budget, even though the budget presents costs 

by obligations and outlays based on functions. In the Statements of Net Cost, the costs are divided between the corresponding 

departments and entities mentioned above, providing greater accountability by showing the relationship of the agencies’ net 

cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are prepared, 

defended and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget 

integrity, operating performance, stewardship, and systems and control of the Federal Government.

These Statements contain the following three components:

• Gross cost—This is the full cost of all the departments and entities. These costs may be traced directly, assigned on a 

cause-and-effect basis, or reasonably allocated to the corresponding departments and entities.

• Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price.

• Net cost—This is computed by subtracting earned revenue from gross cost.

Because of their specific functions, most of the costs originally associated with the General Services Administration 

(GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user 

agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the 

expenses from prior and past costs from plan amendments, and the actuarial gains and losses for these agencies. The interest 

on Treasury securities held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but because 

of its importance, and the dollar amounts, it is reported separately in these Statements. Net cost for Governmentwide 

reporting purposes includes GSA and OPM agency allocations, and is net of intragovernmental eliminations. For this reason, 

individual agency net cost amounts will not agree with the agency’s financial statements.

Please refer to the Management’s Discussion and Analysis section for further information concerning the mission and 

organization of the components of the Government of the United States.

Statements of Operations and Changes in Net Position

These Statements report the results of Government operations. They include unearned revenues that are generated 

principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These Statements also 

cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned 

revenues). They further include any adjustments and unreconciled transactions that affect the net position.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 113

Revenue

Individual income tax and tax withholdings consist of Federal individual income taxes, Social Security taxes, Medicare 

taxes, and railroad retirement taxes, net of related refunds.

Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. 

This category includes revenues generated by the Federal Communications Commission from the sale of spectrum licenses to 

promote open-air communication services to the public (spectrum auctions). It also includes rents and royalties on the Outer 

Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands.

Net Cost of Government Operations

The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statement of 

Net Cost.

Unreconciled Transactions

Unreconciled transactions are adjustments needed to bring the change in net position into balance due to unreconciled 

and unaccounted for differences in the consolidated financial statements. Please refer to Note 16—Unreconciled Transactions 

Affecting the Change in Net Position for detailed information.

Net Position, Beginning of Period

The net position, beginning of period reflects the net position reported on the prior year’s Balance Sheet as of the end of 

that fiscal year.

Prior Period Adjustments

Prior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of Accounting and 

Revenue Recognition, and Note 17—Prior Period Adjustments for detailed information.

Net Position, End of Period

This amount reflects the net position as of the end of the fiscal year.

Reconciliations of Net Operating Cost and Unified Budget 

Surplus (or Deficit)

The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget surplus (or 

deficit) relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share 

transaction data.

These Statements report the reconciliation of the results of operations (net operating cost) on the Statements of 

Operations and Changes in Net Position to the unified budget surplus (or deficit) in the President’s budget.
114 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

Receipts and outlays in the President’s budget are measured primarily on a cash basis and, therefore, differ from the 

accrued cost-basis measures used in the Financial Report. These Statements begin with the results of operations (net 

operating cost), reported on an accrued cost-basis in the Statements of Operations and Changes in Net Position, and arrive at 

the unified budget surplus. Reconciling items include accrued items, such as changes in liabilities for military, veteran and 

civilian benefits, as well as depreciation expenses on fixed assets and changes in environmental liabilities.

Components of Net Operating Cost Not Part of the 

Budget Surplus (or Deficit)

This information includes the operating components, such as the changes of benefits payable for veterans, military and 

civilian employees, and the environmental liabilities and depreciation expense not included in the budget results.

Components of the Budget Surplus (or Deficit) 

Not Part of Net Operating Cost

This information includes the budget components, such as capitalized fixed assets, changes in accounts receivable, and 

increases in other assets not included in the operating results because of their long-term nature. These items are typically part 

of the Balance Sheets only, and are not part of the operating results.

Statements of Changes in Cash Balance from Unified Budget 

and Other Activities

The primary purpose of these Statements is to report how the annual unified budget surplus (or deficit) relates to the 

change in the Government’s cash balance and debt held by the public. It explains why the unified budget surplus (or deficit) 

normally would not result in an equivalent change in the Government’s cash balance.

These Statements reconcile the unified budget deficit (or surplus) to the change in operating cash during the fiscal year, 

and explain how the budget deficit (fiscal 2002) was financed and budget surplus (fiscal 2001) was used. A budget deficit is 

the result of expenditures exceeding receipts (revenue) during a particular fiscal year, and a budget surplus is the result of 

receipts (revenue) exceeding expenditures during a particular fiscal year.

In depicting how the unified budget deficit (or surplus) affected cash, these Statements show that in fiscal 2002 the 

greatest amount was net new borrowings from the public, and in fiscal 2001 the greatest amount was net repayments of the 

debt held by the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. 

These other transactions, such as the issuance of student loans or premiums on early buyback of public debt, required cash 

payments and contributed to the use of the surplus or deficit. These Statements show the differences between accrual and 

cash budgetary basis, mainly because of timing differences in the financial statements.

Balance Sheets

The Balance Sheets show the Government’s assets and liabilities. When combined with stewardship information, this 

information presents a more comprehensive understanding of the Government’s financial position. All of the line items on 

the Balance Sheets are described in the Notes to the Financial Statements. For example, Note 2? Cash and Other Monetary 

Assets provides information concerning the cash reported in the assets section.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115

Assets

Assets included on the Balance Sheets are resources of the Government that remain available to meet future needs. The 

most significant assets that are reported on the Balance Sheets are property, plant and equipment, inventories, and loans 

receivable. There are, however, other significant resources available to the Government that extend beyond the assets 

presented in these Financial Statements. Those resources include stewardship assets, including natural resources (see 

Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary 

policy.

Selected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s 

accountability for these assets. Stewardship assets include national defense assets, stewardship land, and heritage assets.

Liabilities and Net Position

Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most 

significant liabilities reported on the Balance Sheets are Federal employee and veteran benefits payable and Federal debt 

securities held by the public and accrued interest. Liabilities also include social insurance benefits due and payable as of the 

reporting date.

As with reported assets, the Government’s responsibilities and policy commitments are much broader than these 

reported Balance Sheet liabilities. They include the social insurance programs disclosed in the Statements of Social Insurance 

in the Stewardship Information section, and a wide range of other programs under which the Government provides benefits 

and services to the people of this Nation, and certain future loss contingencies.

The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections 

relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities 

section describes the social insurance programs, reports long-range estimates that can be used to assess the financial 

condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers 

can apply their own judgment as to the condition and sustainability of the individual programs.

Each of the social insurance programs has an associated trust fund to account for its activity. The taxes collected for 

specific use are credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If 

the collections from taxes and other sources exceed the payments to the beneficiaries, the excess collections are invested in 

Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust fund balances do not represent cash. An 

explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 19—Dedicated 

Collections. That note also contains information about trust fund receipts, disbursements, and assets.

A broad perspective on the Government’s responsibilities is provided by the Current Services Assessment, which also 

can be found in the Stewardship Information section. Presented in accordance with the President’s 2004 budget, this 

information estimates Federal expenditures and receipts for fiscal 2002 to 2008, assuming there are no changes to current 

law.

The Government has entered into contractual commitments requiring the future use of financial resources and has 

unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. 

Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the Balance Sheets, but for 

which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18? Commitments and 

Contingencies.

Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique 

access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the 

Government with the ability to meet present obligations and those that are anticipated from future operations and are not 

reflected in net position.
116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Statements of Net Cost

for the Years Ended September 30, 2002 and September 30, 2001

(In billions of dollars) 2002 2001

 Gross

 Cost

 Earned

 Revenue

Net

Cost

Gross

Cost

Earned

Revenue

Net

Cost

Department of Agriculture ................................ 80.5 9.6 70.9 83.5 11.1 72.4 

Department of Commerce ................................ 7.4 1.2 6.2 7.4 1.2 6.2 

Department of Defense ................................ 420.4 13.9 406.5 776.8 12.6 764.2 

Department of Education................................ 49.9 4.8 45.1 39.9 4.1 35.8 

Department of Energy ................................................................ (3.0) 4.8 (7.8) 27.0 5.2 21.8 

Department of Health & Human Services ................................ 499.9 27.0 472.9 459.2 24.7 434.5 

Department of Housing & Urban Development ................................ 36.3 2.2 34.1 34.5 2.4 32.1 

Department of Interior................................................................ 15.0 0.7 14.3 11.7 0.3 11.4 

Department of Justice................................................................ 29.5 2.3 27.2 26.5 2.3 24.2 

Department of Labor................................................................ 64.7 - 64.7 42.3 - 42.3 

Department of State ................................................................ 10.9 0.9 10.0 10.0 1.0 9.0 

Department of Transportation ................................ 65.4 1.6 63.8 63.6 0.3 63.3 

Department of the Treasury ................................ 66.0 3.6 62.4 60.0 4.4 55.6 

Interest on debt held by the public ................................ 175.4 - 175.4 217.7 - 217.7 

Department of Veterans Affairs ................................ 2184 2.6 215.8 196.0 2.7 193.3 

U.S. Agency for International Development................................ 8.0 - 8.0 7.1 0.1 7.0 

Environmental Protection Agency ................................ 8.2 0.5 7.7 8.4 0.5 7.9 

Federal Emergency Management Agency ................................ 6.2 1.8 4.4 6.3 1.6 4.7 

General Services Administration................................ (01) 0.3 (0.4) 0.1 0.3 (0.2)

National Aeronautics & Space Administration ................................ 14.7 0.1 14.6 9.2 0.1 9.1 

National Science Foundation ................................ 4.2 - 4.2 3.7 - 3.7 

U.S. Nuclear Regulatory Commission................................ 0.6 0.4 0.2 0.6 0.4 0.2 

Office of Personnel Management................................ 02 - 0.2 0.2 - 0.2 

Small Business Administration ................................ 13 0.5 0.8 0.8 0.2 0.6 

Social Security Administration................................ 492.9 0.3 492.6 465.3 0.3 465.0 

Export-Import Bank of the United States................................ (1.2) 0.3 (1.5) 0.8 0.3 0.5 

Federal Communications Commission................................ 6.8 1.1 5.7 14.9 6.7 8.2 

Federal Deposit Insurance Corporation ................................ 1.8 0.7 1.1 3.1 0.5 2.6 

National Credit Union Administration ................................ 0.2 0.5 (0.3) 0.3 0.4 (0.1)

Pension Benefit Guaranty Corporation................................ 12.7 0.9 11.8 2.3 0.8 1.5 

Railroad Retirement Board................................ 9.3 - 9.3 9.0 - 9.0 

Tennessee Valley Authority................................ 7.9 6.8 1.1 11.8 6.9 4.9 

United States Postal Service................................ 83.1 66.4 16.7 86.2 65.6 20.6 

All other entities ................................................................ 22.8 0.8 22.0 19.6 3.0 16.6 

Total................................................................

 2,416.3 156.6 2,259.7 2,705.8 160.0 2,545.8 

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117

United States Government 

Statements of Operations and Changes in Net Position

for the Years Ended September 30, 2002 and September 30, 2001

(In billions of dollars) 2002 2001

Revenue:

Individual income tax and tax withholdings ........................................................... 1,538.6 1,663.6 

Corporation income taxes......................................................................................143.7 147.9 

Unemployment taxes ............................................................................................. 26.2 26.7 

Excise taxes........................................................................................................... 67.9 67.3 

Estate and gift taxes .............................................................................................. 26.4 28.3 

Customs duties ................................................................................................ 18.3 18.7 

Other taxes and receipts........................................................................................ 49.3 48.9 

Miscellaneous earned revenues ............................................................................ 7.3 12.3 

Total revenue ................................................................................................ 1,877.7 2,013.7 

Less net cost of Government operations ....................................................... 2,259.7 2,545.8 

Unreconciled transactions affecting the change in

net position (Note 16)..........................................................................................

17.1 17.3 

Net operating cost................................................................................................(364.9) (514.8)

Net position, beginning of period......................................................................... (6,458.8) (5,945.4)

Prior period adjustments (Note 17)........................................................................ 3.5 1.4 

Net operating cost................................................................................................(364.9) (514.8)

Net position, end of period.................................................................................... (6,820.2) (6,458.8)

The accompanying notes are an integral part of these financial statements.
118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Reconciliations of Net Operating Cost and Unified Budget Surplus (or Deficit) 

for the Years Ended September 30, 2002 and September 30, 2001

(In billions of dollars) 2002 2001

Net operating cost................................................................................................ (364.9) (514.8)

Components of net operating cost not part of the budget surplus (or deficit):

Increase in liability for military employee benefits (Note 11):

Increase in military pension liabilities ................................................................ 21.7 17.8 

Increase in military health liabilities ................................................................ 11.1 388.6 

(Decrease)/increase in other military benefits ....................................................... (0.4) 0.4 

Increase in liability for military employee benefits ................................................. 32.4 406.8 

Increase in liability for veterans compensation and burial benefits (Note 11):

Increase in liability for veterans ................................................................ 147.7 115.2 

Increase in liability for survivors................................................................ 9.0 24.1 

Increase in liability for burial benefits................................................................ 0.6 - 

Increase in liability for veterans compensation...................................................... 157.3 139.3 

Increase in liability for civilian employee benefits (Note 11):

Increase in civilian pension liabilities ................................................................ 16.9 41.0 

Increase in civilian health liabilities ................................................................ 16.2 7.2 

Increase in other civilian benefits................................................................ 5.8 1.9 

Increase in liability for civilian employee benefits .................................................. 38.9 50.1 

Decrease in environmental liabilities (Note 12):

(Decrease)/increase in energy's environmental liabilities................................ (28.7) 4.1 

(Decrease)/increase in all others' environmental liabilities................................ (5.1) 1.6 

(Decrease)/increase in environmental liabilities .................................................... (33.8) 5.7 

Depreciation expense............................................................................................... 20.5 21.4 

Increase in benefits due and payable (Note 13) ...................................................... 9.3 8.1 

(Increase)/decrease in taxes receivable (Note 5) .................................................... (0.3) 2.2 

Increase in other liabilities (Note 14)................................................................ 13.8 13.1 

Premium on early buyback of public debt ................................................................ 3.8 10.7 

Seigniorage and sale of gold.................................................................................... (1.0) (1.3)

(Decrease)/increase in accounts payable (Note 9).................................................. (0.4) 9.41

Components of the budget surplus (or deficit) not part of net operating cost:

Capitalized Fixed Assets:

Department of Defense.......................................................................................... (18.1) (11.1)

Civilian agencies................................................................................................ (22.8) (23.3)

Total capitalized fixed assets .............................................................................. (40.9) (34.4)

Decrease in accounts receivable (Note 3) ............................................................... 2.2 (1.9)

(Increase)/decrease in inventory (Note 6)................................................................ (8.4) 1.4 

Increase in other assets (Note 8) ................................................................ (2.0) (3.7)

Principal repayments of precredit reform loans........................................................ 8.2 19.9 

Net amount of all other differences ................................................................ 1.0 (6.4)1

Other:

Prior period adjustments (Note 17) ................................................................ 6.6 1.41

Unified Budget deficit (or surplus) ................................................................

 (157.7) 127.0

1 Restated.

The accompanying notes are an integral part of these financial statements.
FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 119

United States Government

Statements of Changes in Cash Balance from Unified Budget and Other Activities

for the Years Ended September 30, 2002 and September 30, 2001

(In billions of dollars) 2002 2001

Budget receipts—actual................................ 1,853.3 1,990.9

Budget outlays—actual ................................ (2,011.0) (1,863.9)

Unified budget (deficit) or surplus................................ (157.7) 127.0

Adjustments for Non-Cash Outlays 

Included in the Budget:

Interest accrued by Treasury on debt held 

by the public................................................................ (152.0) (171.0)

Subsidy expense (Note 4) ................................ 4.9 0.7

Items Affecting the Cash Balance Not 

Included in the Budget:

Net Transactions from Financing Activity:

Repayment of debt held by the public................................ 3,570.2 2,620.7

Borrowings from the public................................ (3,791.0) (2,530.6)

Total................................................................ (220.8) 90.1

Net Transactions from Monetary Activity:

Increase in special drawing rights................................ .8 1.6

Increase in other monetary assets................................ 14.3 8.2

Increase/(decrease) in loans to the IMF................................ 2.5 4.7

Total................................................................ 17.6 14.5

Net Transactions from Other Activities:

Net direct loan activity................................ 13.7 18.5

Interest paid by Treasury on debt 

held by the public ................................ 158.6 175.8

Premium on early buyback of public debt................................ 3.8 10.7

Net guaranteed loan activity ................................ (2.3) 4.1

Increase/(decrease) in other assets ................................ (.9) 1.6

Increase in deposit fund balances ................................ (.4) (4.1)

Decrease/(increase) in other liabilities................................ 3.4 (4.1)

Seigniorage and other equity................................ (1.0) (1.3)

Revisions to the prior budget results ................................ 1.0 -

Total................................................................ 175.9 201.2

Disposition of (Deficit) or Surplus................................ (174.4) 135.5

Increase/(decrease) in operating cash 

balance................................................................ 16.7 (8.5)

Operating Cash: (Note 2)

Operating cash balance beginning of 

period ................................................................ 44.2 52.7

Operating cash balance end of period ................................ 60.9 44.2

The accompanying notes are an integral part of these financial statements.
120 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT

United States Government

Balance Sheets

as of September 30, 2002 and September 30, 2001

(In billions of dollars) 2002 2001

Assets:

Cash and other monetary assets (Note 2) ............................................................ 141.6 108.0 

Accounts receivable, net (Note 3) ................................................................ 32.0 34.2 

Loans receivable, net (Note 4) ................................................................ 219.2 208.9 

Taxes receivable, net (Note 5) ................................................................ 21.4 21.1 

Inventories and related property, net (Note 6)....................................................... 192.2 183.8 

Property, plant and equipment, net (Note 7) ......................................................... 324.7 306.7 

Other assets (Note 8) ............................................................................................ 65.4 63.4 

Total assets................................................................................................ 996.5 926.1 

Liabilities:

Accounts payable (Note 9) ................................................................ 55.8 56.2 

Federal debt securities held by the public and accrued interest 

(Note 10) ................................................................................................ 3,573.2 3,359.3 

Federal employee and veteran benefits payable (Note 11) ................................ 3,589.4 3,360.8 

Environmental and disposal liabilities (Note 12)................................ 273.0 306.8 

Benefits due and payable (Note 13)................................................................ 95.3 86.0 

Loan guarantee liabilities (Note 4)................................................................ 28.1 27.7 

Other liabilities (Note 14) ....................................................................................... 201.9 188.1 

Total liabilities................................................................................................ 7,816.7 7,384.9 

Commitments and contingencies (Note 18)

Net position................................................................................................ (6,820.2) (6,458.8)

Total liabilities and net position ................................................................ 996.5 926.1 

The accompanying notes are an integral part of these financial statements.
TRUST FUNDS 121

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 2004.

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

2004.

Highway Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal 2004)....................................................................................................................... 72.00

less:

Cash balance (fiscal 2004) .................................................................................................................................................................................................

12.26

Unfunded authorizations (fiscal 2004)................................................................................................................................................................................

59.74

24-month revenue estimate (fiscal 2005 and 2006)................................................................................................................................................................ 63.30

Mass Transit Account

[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal 2004).......................................................................................................................... 5.19

less:

Cash balance (fiscal 2004) .................................................................................................................................................................................................

8.24

Unfunded authorizations (fiscal 2004)................................................................................................................................................................................

-3.06

24-month revenue estimate (fiscal 2005 and 2006)........................................................................................................................................................... 9.98
122 TECHNICAL PAPERS

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John

Navratil. December 1997.

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D.

Worth. May 2001.

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and

Christopher J. Soares. June 2001.

Copies may be obtained by writing to:

Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4409

Washington, D.C. 20220

Telephone (202) 622-1519, or fax (202) 622-1294
123

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 2003, the debt

limit was $6,400,000 million; the limit may change from year 

to year.

The debt subject to limitation includes most of

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15

billion, and certain categories of older debt (totaling

approximately $595 million as of February 1991).

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.)

Discount rate (PDO-2)—The difference between par value

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison

with coupon issue securities.

Dollar coins (USCC)—Include standard silver and nonsilver

coins.

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to

the Resolution Funding Corporation (RFC) for investment of

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b).

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and

receipts both occur within the same Federal fund group

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S.

Government to the public through the Federal Reserve Banks

and their member banks. They represent money owed by the

Government to the public. Currently, the item “Federal

Reserve notes—amounts outstanding” consists of new series
124 GLOSSARY

issues. The Federal Reserve note is the only class of currency

currently issued.

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.)

Foreigner (“Capital Movements,” IFS-2)—All institutions

and individuals living outside the United States, including

U.S. citizens living abroad, and branches, subsidiaries, and

other affiliates abroad of U.S. banks and business concerns;

central governments, central banks, and other official

institutions of countries other than the United States; and

international and regional organizations, wherever located.

Also refers to persons in the United States to the extent that

they are known by reporting institutions to be acting for

foreigners.

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic

and consular establishments of foreign national governments;

and any international or regional organization, including

subordinate and affiliate agencies, created by treaty or

convention between sovereign states.

Foreign public borrower (“Capital Movements”)—Includes

foreign official institutions, as defined above, the corporations

and agencies of foreign central governments, including

development banks and institutions, and other agencies that

are majority-owned by the central government or its

departments; and state provincial and local governments of

foreign countries and their departments and agencies.

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to

foreign institutions, foreign branches of U.S. institutions,

foreign central banks or monetary authorities, or to

international organizations in which the United States held

membership. Sold as companion issues, they could be

converted to domestic (normal) Treasury notes with the same

maturity and interest rates. Interest was paid annually.

Fractional coins (USCC)—Coins minted in denominations

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

Government account series (FD-2)—Certain trust fund

statutes require the Secretary of the Treasury to apply monies

held by these funds toward the issuance of nonmarketable

special securities. These securities are sold directly by

Treasury to a specific Government agency, trust fund, or

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed

at the option of the holder. Roughly 80 percent of these are

issued to five holders: the Federal Old-age and Survivors

Insurance Trust Fund; the civil service retirement and

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund.

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund

group (either Federal funds or trust funds) to a receipt account 

in another group.

International Monetary Fund (“Exchange Stabilization

Fund,” IFS-1)—(IMF) Established by the United Nations,

the IMF promotes international trade, stability of exchange,

and monetary cooperation. Members are allowed to draw

from the fund.

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the

budget, or when payment is made from off-budget Federal

entities whose budget authority and outlays are excluded from 

the budget totals.

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued

between May 1941 and November 1965), Series EE (issued

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years.

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury

securities at the price equivalent to the weighted average

discount rate or yield of accepted competitive tenders in a

Treasury auction. Noncompetitive tenders are always accepted 

in full.

Obligations (“Federal Fiscal Operations”)—An unpaid

commitment to acquire goods or services.

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are

excluded from the budget totals under provisions of law. Their

receipts, outlays, and surplus or deficit are not included in

budget receipts, outlays, or deficits. Their budget authority is

not included in totals of the budget.

Outlays (“Federal Fiscal Operations”)—Payments on

obligations in the form of cash, checks, the issuance of bonds

or notes, or the maturing of interest coupons.

Own foreign offices (“Capital Movements”)—Refers to

U.S. reporting institutions’ parent organizations, branches

and/or majority-owned subsidiaries located outside the United 

States.

Par value—The face value of bonds or notes, including

interest.

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several
GLOSSARY 125

“coupon” security issues on the 15th of February, May,

August, and November, or on the next working day. These

issues currently consist of a 3-year note, a 10-year note and a

30-year bond. Treasury sometimes offers additional amounts

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.)

Receipts (“Federal Fiscal Operations”)—Funds collected

from selling land, capital or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties,

and fees.

Reopening (PDO-3, -4)—The offer for sale of additional

amounts of outstanding issues, rather than an entirely new

issue. A reopened issue will always have the same maturity

date, CUSIP-number, and interest rate as the original issue.

Special drawing rights (“Exchange Stabilization Fund,”

IFS-1)—International assets created by IMF that serve to

increase international liquidity and provide additional

international reserves. SDRs may be purchased and sold

among eligible holders through IMF. (See IMF.)

SDR allocations are the counterpart to SDRs issued by

IMF based on members’ quotas in IMF. Although shown in

Exchange Stabilization Fund (ESF) statements as liabilities,

they must be redeemed by ESF only in the event of

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs.

SDR certificates are issued to the Federal Reserve

System against SDRs when SDRs are legalized as money.

Proceeds of monetization are deposited into an ESF account

at the Federal Reserve Bank of New York.

Spot (“Foreign Currency Positions”)—Due for receipt or

delivery within 2 workdays.

State and local government series (FD-2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered

to State and local governments as a means to invest proceeds

from their own tax-exempt financing. Interest rates and

maturities comply with IRS arbitrage provisions. SLUGs are

offered in both time deposit and demand deposit forms. Time

deposit certificates have maturities of up to 1 year. Notes

mature in 1 to 10 years and bonds mature in more than 10

years. Demand deposit securities are 1-day certificates rolled

over with a rate adjustment daily.

Statutory debt limit (FD-6)—By Act of Congress there is a

limit, either temporary or permanent, on the amount of public

debt that may be outstanding. When this limit is reached,

Treasury may not sell new debt issues until Congress

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States

Government. (See debt outstanding subject to limitation.)

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be

divided into principal and interest-paying components, which

may be transferred and sold in amounts as small as $1,000.

STRIPS are sold at auction at a minimum par amount, varying

for each issue. The amount is an arithmetic function of the

issue’s interest rate.

Treasury bills—The shortest term Federal security (maturity

dates normally varying from 3 to 12 months), they are sold at 

a discount.

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and

receipts occur within the same trust fund group.

United States—Includes the 50 States, District of Columbia,

Commonwealth of Puerto Rico, American Samoa, Midway

Island, Virgin Islands, Wake Island, and all other territories

and possessions.

U.S. notes (USCC)—Legal tender notes of five different

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).