TABLE 1

Footnotes to Columns 

Column 1: Total cumulative transactions under the U.S. Quota, including drawings by the IMF under the Letter of Credit (

quota) and the transfers of reserve assets to the IMF (generally 25% of the U.S. quota). 

Column 2: Total cumulative dollar funding through loans to the IMF made by the U.S. under the Supplementary Financing 

1980), the General Arrangements to Borrow (GAB, in FY1998) and the New Arrangements to Borrow (NAB, in FY1999). the three facilities/arrangements have been repaid. 

Column 3: Total cumulative U.S. transactions with the IMF (horizontal summation of columns 1 and 2). Column 4: Total interest associated with total cumulative transactions shown in column 3. This includes interest paid on a

borrowing to fund day-to-day transactions under the Letter of Credit and occasional transfers under loan arrangements (SFF

as interest income forgone due to the transfer of reserve assets to the IMF at the time of a quota increase. In order to provid

Letter of Credit or under loan arrangements, the Treasury borrows from the public via additional issuance in the Treasury m

funds is used as a proxy for calculating the associated interest cost. This portion of the total interest paid enters the U.S. bu

public debt. For purposes of calculating forgone interest on the transfer of reserve assets to the IMF, the SDR interest rate 

Column 5: The U.S. earns interest on the non-gold portion of its reserve position in the IMF. This interest is called remun

combination with an adjustment by the IMF related to burden-sharing, is paid by the IMF every quarter. If remuneration is 

to the Exchange Stabilization Fund (ESF) and the ESF transfers the dollar equivalent to the Treasury General Fund. It is rean offsetting receipt from the public. If the United States took payment in dollars (which it does not now do), the payment a decrease in the U.S. Letter of Credit and a counterpart increase in the U.S. reserve position. 

Column 6: These amounts constitute the interest payments the United States has received on its loans to the IMF under the Column 7: Total net interest paid, forgone or received as a result of U.S. participation in the General Department of the IMColumn 8: The U.S. reserve position in the IMF is denominated in SDRs. The valuation gain (if positive) or loss (if negat

exchange rate gain or loss on the reserve position due to changes in the dollar value of the SDR. For example, if the SDR adepreciates, then the dollar value of the reserve position rises and a valuation gain is recorded. This column would also inclosses experienced as a result of U.S. loans under the SFF, GAB and NAB. 

Column 9: The total of net interest and valuation changes, obtained by summing column 7 and column 8. 

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TABLE 2

Footnotes to Columns 

Column 1: Total stock of U.S. holdings of Special Drawing Rights (SDRs) measured at the end of period, converted into do

period exchange rate. Source: IMF. 

Column 2: Total stock of U.S. SDR allocations measured at the end of period, converted into dollars at the end of period ex

in dollar value of SDR allocations reflect only exchange rate changes. Source: IMF. 

Column 3: Total stock of U.S. SDR holdings minus allocations measured from end of period (Column 1 minus Column 2), 

at the end of period exchange rate. 

Column 4: Net interest earned on SDR holdings. Derived by subtracting charges on SDR allocations (the SDR end-of-quar

SDR allocations) from interest earned on SDR holdings (the SDR end-of-quarter interest rate times SDR holdings). All in

compounding quarterly. 

Column 5: Net effect on U.S. borrowing costs of cumulative net SDR holdings. Derived by multiplying the dollar equivale

SDR holdings by the average cost of funds rate. Interest is calculated on the basis of end-quarter holdings and compounde

Column 6: Net interest income (Column 4 plus 5). Column 7: Derived by subtracting the change in total SDR holdings from the change in the dollar equivalent of total SDR h

end-period) divided by the end-period SDR/dollar exchange rate. The valuation gain (if positive) or loss (if negative) refer

gain or loss on the reserve position due to changes in the dollar value of the SDR. For example, if the SDR appreciates/dol

impact on the dollar value of U.S. holdings of SDRs is positive, and a valuation gain is recorded. Column 8: The total net interest and valuation changes (sum of Columns 6 and 7).

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