Full text of Treasury Bulletin : December 2003
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Contents DECEMBER 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 Fourth-Quarter Receipts by Source ....................... 11 FFO-A.—Chart: Monthly Receipts and Outlays ............................................................................................................................... 13 FFO-B.—Chart: Budget Receipts by Source...................................................................................................................................... 13 FFO-1.—Summary of Fiscal Operations............................................................................................................................................. 14 FFO-2.—On-Budget and Off-Budget Receipts by Source............................................................................................................... 15 FFO-3.—On-Budget and Off-Budget Outlays by Agency............................................................................................................... 17 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency.............................................................. 19 FFO-5.—Internal Revenue Receipts by State..................................................................................................................................... 20 FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports ........................................................................ 21 ACCOUNT OF THE U.S. TREASURY Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury.................................................... 25 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ................................................ 25 FEDERAL DEBT Introduction.—Federal Debt.................................................................................................................................................................. 27 FD-1.—Summary of Federal Debt ....................................................................................................................................................... 28 FD-2.—Debt Held by the Public ........................................................................................................................................................... 29 FD-2.—Interest-Bearing Public Debt (Historical) ............................................................................................................................. 30 FD-3.—Government Account Series ................................................................................................................................................... 31 FD-4.—Interest-Bearing Securities Issued by Government Agencies ........................................................................................... 32 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors....................................................................................................................................................................... 33 FD-6.—Debt Subject to Statutory Limit .............................................................................................................................................. 34 FD-6.—Debt Subject to Statutory Limitation (Historical)............................................................................................................... 34 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies....................................... 35 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................................... 37 TREASURY FINANCING.................................................................................................................................................................... 37 PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding.......................................................................................................................... 40 PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 44 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 45 PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ............................................. 46 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes............................................................................................................................................ 47 SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 47 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 48 SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ..................................................................................... 48 IV Contents OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities................................................................................................................................ 50 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues............................................................... 51 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 52 OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 53 MARKET YIELDS Introduction.—Market Yields................................................................................................................................................................ 54 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds............................................................. 54 MY-A.—Chart: Yields of Treasury Securities ................................................................................................................................... 55 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 56 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 56 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 57 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics................................................................................................................................ 61 IFS-1.—U.S. Reserve Assets ................................................................................................................................................................. 61 IFS-2.—Selected U.S. Liabilities to Foreigners ................................................................................................................................. 62 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................................. 63 CAPITAL MOVEMENTS Introduction.—Capital Movements ...................................................................................................................................................... 64 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 67 CM-I-2.—Total Liabilities by Country................................................................................................................................................ 68 CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 70 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries..................................................................................................................................... 72 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type......................................................................................................................................................... 73 CM-II-2.—Total Claims by Country.................................................................................................................................................... 74 CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 76 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries..................................................................................................................................... 78 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 .......................................................................................................................................................... 79 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-IV-1.—Total Liabilit ies and Claims by Type............................................................................................................................. 80 CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country ............................................................................................. 81 CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country.................................................................................................. 83 CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ............................................. 85 V Contents SECTION V.—U.S. International Transactions in Long-Term Securities CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 87 CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ....................................................... 88 CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country............................................. 89 CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (third quarter) ................................................................................................................................. 91 CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year)................................................................................................................................ 93 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries.................................. 95 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .................................................................. 96 FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions........................................................................................................................................ 97 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants................................................................................................................. 98 FCP-I-2.—Monthly Report of Major Market Participants ............................................................................................................... 99 FCP-I-3.—Quarterly Report of Large Market Participants.............................................................................................................. 99 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants .............................................................................................................100 FCP-II-2.—Monthly Report of Major Market Participants............................................................................................................101 FCP-II-3.—Quarterly Report of Large Market Participants ..........................................................................................................101 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants............................................................................................................102 FCP-III-2.—Monthly Report of Major Market Participants ..........................................................................................................103 FCP-III-3.—Quarterly Report of Large Market Participants.........................................................................................................103 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ...........................................................................................................104 FCP-IV-2.—Monthly Report of Major Market Participants..........................................................................................................105 FCP-IV-3.—Quarterly Report of Large Market Participants.........................................................................................................105 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants.............................................................................................................106 FCP-V-2.—Monthly Report of Major Market Participants ...........................................................................................................107 FCP-V-3.—Quarterly Report of Large Market Participants ..........................................................................................................107 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ...........................................................................................................108 FCP-VI-2.—Monthly Report of Major Market Participants..........................................................................................................109 FCP-VI-3.—Quarterly Report of Large Market Participants.........................................................................................................109 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund....................................................................................................................................110 ESF-1.—Balance Sheet ........................................................................................................................................................................110 ESF-2.—Income and Expense.............................................................................................................................................................111 VI Contents SPECIAL REPORTS TRUST FUNDS Introduction.—Trust Funds..................................................................................................................................................................115 TF-A.—Chart: Major Trust Funds, Total Net Increase or Decrease in Assets ...........................................................................115 TF-B.—Chart: Total Receipts of Major Trust Funds......................................................................................................................116 TF-C.—Chart: Total Expenditures of Major Trust Funds..............................................................................................................117 TF-1.—Civil Service Retirement and Disability Fund....................................................................................................................118 TF-2.—Federal Hospital Insurance Trust Fund................................................................................................................................119 TF-3.—Federal Disability Insurance Trust Fund.............................................................................................................................120 TF-4.—Federal Old-Age and Survivors Insurance Trust Fund.....................................................................................................121 TF-5.—Federal Supplementary Medical Insurance Trust Fund....................................................................................................122 TF-6.—National Service Life Insurance Fund.................................................................................................................................123 TF-7.—Railroad Retirement Account................................................................................................................................................124 TF-8.—Unemployment Trust Fund....................................................................................................................................................125 TF-9.—Investments of Specified Trust Accounts in Public Debt Securities by Issue..............................................................127 Introduction.—Highway Trust Fund..................................................................................................................................................128 TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account.............................................................................128 RESEARCH PAPER INDEX ..............................................................................................................................................................129 GLOSSARY...........................................................................................................................................................................................130 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. March Issues 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................................................................................................ Reforestation Trust Fund................................................................................................ v Unemployment Trust Fund................................................................................................ v Uranium Enrichment Decontamination and Decommissioning Fund................................ v Vaccine Injury Compensation Trust Fund ................................................................ v v Wool Research, Development, and Promotion Trust Fund................................................................ v OPERATIONS ProfileoftheEconomy FederalFiscalOperations AccountoftheU.S.Treasury FederalDebt PublicDebtOperations U.S.SavingsBondsandNotes Ownership ofFederalSecurities MarketYields U.S.CurrencyandCoinOutstanding andinCirculation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product (GDP) Growth in real gross domestic product (GDP) accelerated in the third quarter of 2003 to a 7.2 percent annual rate. That was more than double the pace in the previous quarter and the largest since the first quarter of 1984. Most forecasters had anticipated that real GDP would grow very rapidly in the third quarter, but the actual results were far above expectations. Real final demand for goods and services produced in the U.S. (GDP less inventories) surged at a 7.8 percent pace in the third quarter, up substantially from a 4.0 rate in the second quarter. Contributing to the acceleration in growth in the third quarter were the effects of the fiscal stimulus legislation that was passed in May 2003, the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). Lower marginal tax rates for individuals and rebate checks for an increased child tax credit helped boost disposable (after-tax) personal income and raise growth in real personal consumption expenditures to a 6.6 percent annual rate. That was up from 3.8 percent in the second quarter and the largest gain since a rise of the same amount in the third quarter of 1997. Business fixed investment was also supported by JGTRRA, through increased depreciation writeoffs and a quadrupling of the expensing limit for small businesses. After growing at an 8.3 percent annual rate in the second quarter, real investment in equipment and software expanded at a 15.4 percent pace in the third quarter, the fifth increase in the past six quarters and the largest since the first quarter of 2000. Other sectors contributing to the rise in real GDP in the third quarter were housing and foreign trade. Real residential Inflation Inflation at the consumer level has continued at a moderate pace so far in 2003, but there has been some acceleration at the producer price level. The consumer price index (CPI) rose at a 2.5 percent annual rate during the first 9 months of 2003, about the same as the 2.4 percent pace recorded during 2002. Energy prices increased at a faster pace this year, rising at a 15.4 percent rate following an increase of 10.7 percent last year. The cost of food increased at a 2.7 percent annual rate so far this year following a 1.5 percent advance last year. Offsetting the acceleration in food and energy costs was a slowing in “core” inflation (prices excluding food and energy). Core inflation, generally viewed as a gauge of the underlying price trends, decelerated to a very low 1.1 percent pace during the first 9 months of 2003 from 1.9 percent last year. investment shot up at a 20.4 percent pace, the biggest gain in more than 7 years. Real exports grew at a 9.3 percent rate while real imports were virtually flat, held down by declines in petroleum, motor vehicles and parts, and other goods. As a consequence, the trade deficit narrowed by a sizable amount in the third quarter and that improvement added 0.84 percentage point to the real GDP growth rate. Growth of Real GDP (Percent change, fourth quarter to fourth quarter) 6 4.8 5 4.1 4.3 4.3 3.9 4 2.9 3 2.3 2 1 0.1 0 96 97 98 99 00 01 02 03* *2003 based on first three quarters At the producer level, finished goods prices rose at a 4.8 percent annual rate during the first 10 months of the year, following a modest 1.2 percent increase during 2002. As with the CPI, rising energy costs and food prices have contributed to the overall acceleration. Over the first 10 months of the year, energy prices rose at a 13.1 percent annual rate, somewhat faster than the 12.3 percent increase registered last year. Wholesale food prices increased at a 9.4 percent pace so far this year after dipping modestly last year. Core prices increased at a modest 1.4 percent pace through October of this year after registering a slight decline last year. Further back in the production chain, core intermediate materials prices jumped up in October but had changed little for 7 months. Hourly compensation costs (including stock options) as calculated in the national income accounts for the private nonfarm business sector increased by 3.1 percent at an 4 PROFILE OF THE ECONOMY annual rate during the first three quarters of 2003. This was well below the 5.8 percent annual rate rise in productivity, yielding a 2.5 percent drop in unit labor costs. Unit labor costs fell by 1.6 percent 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 4.2 percent annual rate during the first three quarters of 2003, boosted by a surge in benefit costs. This is up from a 3.4 percent increase last year. Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 5 Excluding food and energy 4 Excluding food and energy 4 2 3 0 2 Total 1 -2 Total -4 0 91 92 93 94 95 96 97 98 99 00 01 02 03 Employment and unemployment Labor market conditions started to improve late in the summer of 2003. Payroll employment growth resumed in August and persisted through October. The unemployment rate continued to ease from an 8-year high of 6.4 percent in June and by October had dipped to 6.0 percent. Nonfarm payroll employment rose by 126,000 in October on top of increases totaling 160,000 in the prior 2 months. The 3-month string of job gains was the best since before the recession started in March 2001. Several industries within the services sector added workers in October, including temporary help supply, which is viewed by some as a good indicator of future labor demand. Manufacturing payrolls continued to shrink in October for the 39th straight month, although the pace of decline appears to be slowing. About 2.8 million factory jobs have been eliminated since July 2000. Total payroll employment has fallen by 2.4 million since it peaked in February 2001 and is 91 92 93 94 95 96 97 98 99 00 01 02 03 down by about 3/4 of a million since the November 2001 recession trough. The unemployment rate eased by 0.1 percentage point in October to 6.0 percent. Although still elevated compared to the 5.8 percent rate averaged in 2002, the current jobless rate is relatively low compared to highs of 7.8 percent in 1992 and 10.8 percent in 1982. The apparent rebound in labor demand has not yet translated into stronger wage growth. Over the 12 months ended in October, average hourly earnings of nonfarm production workers rose just 2.4 percent–the smallest yearover-year increase since 1994. Growth in earnings adjusted for inflation slowed to 0.5 percent over the 12 months ended in September (by the latest available statistics) from 1.6 percent during the year-earlier period. The moderation in real wage growth over the past year is partly due to higher inflation that stems mainly from an increase in energy prices. PROFILE OF THE ECONOMY 5 Establishment Employment Unemployment Rate (Percent) (Average monthly change in thousands) 7.0 400 6.5 300 290 200 6.0 164 126 86 105 100 34 27 5.5 0 5.0 -100 4.5 -200 4.0 -300 3.5 -400 -60 -33 -31 -30 -38 -60 -154 -171 -296 94 95 96 97 98 99 00 01 02 03 00-I II III IV 0I-I II III IV 02-I II III IV 03-I II III IV* *Based on October data Real disposable personal income and consumer spending Personal income in nominal terms grew at a 3.5 percent annual rate during the first three quarters of 2003. The pace accelerated from an annual rate of 2.0 percent in the third quarter of last year to 4.0 percent in the latest quarter. Growth in wages and salaries, which account for just under 60 percent of personal income, accelerated to a 2.3 percent annual rate during the first three quarters from 1.9 percent last year. Transfer payments from government to individuals rose at a 6.5 percent annual rate in the first three quarters of this year, down from a 9.5 percent pace last year. Gains in other labor income, consisting mainly of employer contributions to pension funds and health insurance, slowed from 9.4 percent last year to a 4.1 percent annual rate so far in 2003. Dividend income continued to grow, up at a 6.9 percent rate this year following a 6.4 percent pace in 2002. After registering only the second measurable gain in the last 2-1/2 years in the second quarter, interest income was little changed in the third quarter of this year. Disposable (after-tax) income adjusted for inflation rose at a 3.8 percent annual rate through the third quarter of the year. Lower taxes and advance payments of the child tax credit legislated in the Jobs and Growth Tax Relief Reconciliation Act of 2003 contributed to a jump of 7.2 percent in the third quarter. Real consumer spending gradually picked up over the course of the year. Following a modest 1.7 percent annual rate increase in the fourth quarter of 2002, growth in real spending accelerated to a 6.6 percent pace in the third quarter of 2003. Spending in the third quarter benefited from the jump in disposable income. Consumer spending in the third quarter rose at a slightly slower rate than after-tax income, pushing the personal saving rate up to 3.3 percent from 3.2 percent in the second quarter. The saving rate stood at 3.5 percent in the first quarter and averaged 3.7 percent during 2002, up from a 63-year low of 2.3 percent in 2001. Industrial production and capacity utilization Industrial production has shown signs of turning around in the second half of 2003. Output from factories, mines, and utilities rose by 4.0 percent at an annual rate in the third quarter after falling at the same rate in the second quarter. Production increased 0.2 percent in October, the fourth consecutive monthly gain, but was up only 0.6 percent in the latest 12 months, reflecting weakness in prior quarters. Manufacturing production, which accounts for more than 83 percent of all industrial output, advanced by a large 0.7 percent in September and by an additional 0.1 percent in October. Factory output rose 3.6 percent at an annual rate in the third quarter after dipping 3.2 percent in the second quarter. Production of motor vehicles and parts surged by a 19.2 percent annual rate in the third quarter following an 11.2 percent decline in the second quarter. Vehicle and part production declined a sharp 3.8 percent in October, however, holding down growth in manufacturing for the month. Apart from automobiles, manufacturing output rose 2.3 percent in 6 PROFILE OF THE ECONOMY the third quarter following a decline of roughly the same amount in the second quarter. Production in the hightechnology industries (computers, communications equipment, and semiconductors) jumped by roughly 30 percent at an annual rate in the third quarter, the strongest advance for this category in 3 years. Computers, office equipment, and semiconductors contributed to the sharp gain in the third quarter. Communications equipment remains the weakest segment of the high-technology industries as it fell at a 7 percent annual rate in the third quarter. Nondurable manufacturing edged down by a 0.2 percent annual rate in the third quarter, with apparel and textiles reflecting the greatest weakness. Production at utilities, which accounts for almost 10 percent of total industrial output, rose by a 10.2 percent annual rate in the third quarter after a 13.3 percent contraction in the second quarter. Output at mines (the remaining 7 percent of industrial output) has been relatively little changed in recent quarters. The capacity utilization rate for the industrial sector edged up to 75.0 percent in October, but is just 1.0 percentage point above its recent two-decade low reached in June and 6.3 percentage points below the long-term average of 81.3 percent. Capacity utilization ranged between 82 and 85 percent in the 1994–1999 period. Capacity utilization in the manufacturing sector remained unchanged at 73.5 percent in October, 6.7 percentage points below its longterm average of 80.2 percent. Utilization in the high-tech industries has been on the rise recently and increased to 66.1 percent in October, the highest reading since mid -2001. That is still well below its long-term average of 79.2 percent. Nonfarm productivity and unit labor costs Productivity continues to advance at a blistering pace, helping to restrain inflation while restoring business profits. Nonfarm business productivity (real output per hour worked) surged by 8.1 percent at an annual rate in the third quarter. Over the most recent four quarters, labor productivity rose by a strong 4.7 percent, an acceleration from the “New Economy” productivity growth rate of 3.1 percent averaged since 1995 and significantly better than the 1.4 percent averaged from 1973 to 1995. Hourly labor compensation rose by 3.1 percent at an annual rate in the third quarter and by 2.7 percent during the past four quarters. Unit labor costs remain contained, however, due to the strong growth in productivity. Unit labor costs fell at a 4.6 percent rate in the third quarter and were down 1.9 percent over the past four quarters. This year promises to mark the third year in a row of falling unit labor costs. Productivity in manufacturing advanced by a sharp 8.6 percent annual rate in the third quarter but was up by a more moderate 3.8 percent over the most recent four quarters. Despite the solid productivity growth in this sector, gains have generally come as a result of declines in hours worked rather than significant boosts in output. Output rose at a 2.9 percent pace in the third quarter, but hours worked declined 5.2 percent. Hourly compensation in manufacturing advanced by 4.3 percent at an annual rate in the third quarter and by 4.5 percent over the past four quarters. Continued productivity gains have controlled unit labor costs, however. These costs fell at a 4.0 percent pace in the third quarter and were up only 0.7 percent over the latest four quarters. 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. Since late 2001, steady growth of the trade deficit has caused the current account gap to widen sharply, and by the first quarter of 2003, it had reached a record high of $554.8 billion at an annual rate, or 5.2 percent of GDP. In the second quarter, an increase in the surplus on investment income and a decline in unilateral transfers offset a rise in the trade deficit, causing the current account deficit to narrow slightly to $554.7 billion, or 5.1 percent of GDP. 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 consist mainly of debt forgiveness and wealth transfers associated with immigration, are typically small and in the second quarter eased to $1.3 billion at an annual rate from $1.6 billion in the prior quarter. The financial account measures transactions that alter the foreign financial assets and liabilities of the United States. Net financial inflows accelerated in the second quarter to $594.4 billion at an annual rate from $562.7 billion in the first quarter. The pickup reflected an increase in net foreign purchases of assets in the United States to $1,021.1 billion from $968.0 billion in the first quarter. Foreign private investors boosted their holdings of U.S. securities, buying up U.S. stocks at a rapid rate after a small sell-off in the first quarter. Foreign purchases of U.S. corporate bonds and Treasuries also rose in the April-to-June period, and net foreign sales of federally-sponsored agency bonds moderated. The step-up in foreign investment activity in the United States more than offset an increase in U.S.-owned assets abroad to $426.7 billion in the second quarter from $405.3 billion in the first quarter. A jump in U.S. claims on foreigners reported by U.S. banks was largely responsible for the increase. PROFILE OF THE ECONOMY Exchange rate of the dollar The dollar’s trend, lower from a peak in February 2002, continued through the summer and early fall. In the 20 months between that peak and October, the nominal exchange value of the dollar relative to a broad index covering the currencies of 26 important U.S. trade partners depreciated by 10.2 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 20.5 percent. Dollar depreciation against the yen and the euro, Interest rates The Federal Reserve’s monetary stance remains extremely accommodative. Since 2000, the Federal Open Market Committee has reduced the federal funds rate (the rate that banks and other financial institutions charge each other for overnight loans) 13 times, for a total of 5.5 percentage points, to 1 percent, its lowest level since 1958. In the Treasury market, interest rates of all tenors eased substantially between 2000 and spring 2003. From a level above 6 percent in late 2000, the 3-month Treasury bill rate has declined almost steadily to below 1 percent as of mid November. The 10-year Treasury yield trended downward from above 6.5 percent in early 2000 to less than 3.25 percent in June 2003. Since then, rates have moved broadly higher on perceptions of accelerating economic growth, but continue to fluctuate in a range of 4.0 percent to 4.5 percent as of mid-November. Mortgage interest rates generally follow movements of the 10-year Treasury rate. The interest rate on a conventional 30-year fixed-rate loan fell from a monthly average peak of 7 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 25.7 percent and the dollar/yen exchange rate fell by 18.2 percent, reflecting U.S. current account deficit concerns and brighter prospects for growth in Europe and Japan, and despite strong evidence of a building recovery in the United States. The dollar remains relatively strong compared with the currencies of many other important trading partners, and the pace of its appreciation has recently increased 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 4.1 percent. Since December 1999, this index has risen by nearly 12 percent. 8.5 percent in May 2000 to under 5.25 percent at mid-June of this year—lows not seen since the mid1960s. Such exceptionally low rates boosted mortgage refinancings to record levels and helped free additional cash for consumption. The rate rose to an average of 6.25 percent in August, but has since edged lower in tandem with the fluctuation in 10-year Treasury yields. Corporate bond yields reflect movements in long-term Treasury yields as well as numerous other factors. Moody’s seasoned Baa yield on corporate bonds reached a monthly average peak of almost 9 percent in May 2000. Since then, it has been buffeted by financial reporting scandals, perceptions of rising corporate and economic risks, and more recently, expectations of faster growth, leaving the yield at an average 6.7 percent in October. The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, increased to nearly 4 percentage points in late 2002 but has since narrowed sharply to an average of 2.5 percentage points as of October. 8 PROFILE OF THE ECONOMY Short-term Interest Rates Long-term Interest Rates (Percent) (Percent) 10.0 7.0 Federal funds rate target 6.0 5.0 8.0 4.0 7.0 ` 3.0 Corporate Baa bond 9.0 6.0 3-month Treasury bills 2.0 5.0 1.0 4.0 0.0 1999 2000 2001 2002 2003 3.0 1999 Treasury 10-year note 2000 2001 2002 2003 Housing The housing sector continued to surprise on the upside in the third quarter of 2003, maintaining a strong pace of activity despite a rise in the average mortgage interest rate. After shooting up at more than a 50 percent annual rate in the second quarter, sales of new single-family homes rose a further 18 percent at an annual rate in the third quarter. The annualized selling pace reached 1.142 million, the highest quarterly level since the series started in 1963. Through three quarters of the year, new home sales are on pace to top the 1-million mark and break last year’s record of 972,000. Resales of existing single-family homes have also been very strong, reaching a record-high 6.43 million at an annual rate in the third quarter. If maintained, resales would also represent an all-time annual high (series started in 1981). Mortgage interest rates crept up in the third quarter from the lows reached at the end of the second quarter but were still very favorable. The mortgage rate for a 30-year conventional fixed-rate loan rose from 5.21 percent in late June to an average of 6.26 percent in the month of August, but retreated to just under 6 percent by the end of September. Demand for new homes was little affected by the modest increase in the rate as housing fundamentals remained favorable, including expansion of the home -buying population, the relative safety of housing as an investment, and continued home price appreciation. Refinancing activity slowed as rates rose, in contrast, but many homeowners will continue to benefit from past refinancings through reduced monthly mortgage payments and a lower debt burden, factors that will continue to support consumer spending and the economy. The high level of demand for new homes spurred increased construction. Housing starts surged at an annual rate of 33 percent in the third quarter to 1.87 million units (also annualized). Over the al st four quarters, starts were running at more than a 1.7 million annual pace, a level not seen since the last housing boom in the mid-1980s. Single family housing starts were holding at about a 1.4 million unit pace in recent quarters before jumping to 1.5 million in the third quarter. Starts in the smaller and more volatile multifamily market were 359,000 at an annual rate in the third quarter, also up significantly from the previous quarter. In total, housing starts are on track to post their best year since 1986. Federal budget The Federal budget posted a deficit of $374 billion in fiscal 2003. That was $216 billion more than the deficit in fiscal 2002 and a record high. In relation to the U.S. economy, however, the deficit was a moderate 3.5 percent of GDP, below the shares of the early 1990s and 1980s when the deficit as a percent of GDP approached 5 percent and in one year hit 6.0 percent (in fiscal 1983). Receipts in fiscal 2003 were $1.782 trillion. That was down $71 billion or 3.8 percent compared to the previous fiscal year. Net individual income taxes fell $65 billion (7.5 percent) and net corporate taxes fell $16 billion (12.3 percent). Other receipts such as those from social insurance and retirement rose. The decline in total receipts was the third in a row but less than the 6.9 percent decrease recorded in fiscal 2002. Erosion in the past 3 years primarily reflected PROFILE OF THE ECONOMY economic weakness, although the tax cuts enacted to jump start growth were also a factor. Receipts fell to16.6 percent as a share of GDP in fiscal 2003 from 17.9 percent in fiscal 2002 and a record high of 20.8 percent in fiscal 2000. The 2003 share was the lowest in 45 years. Budget outlays in fiscal 2003 were $2.157 trillion, which was $146 billion or 7.2 percent higher than in the previous year. Growth was slower than the 7.9 percent increase recorded in the previous fiscal year, but brought outlays to a 20.1 percent share of GDP from 19.5 percent in the prior year. Outlays for national defense increased $55.6 billion or 16 percent. Other major functions posting large growth in percentage terms were health (including Medicaid), Medicare, and income security (chiefly for unemployment insurance). Net interest payments fell 10.6 percent, reflecting lower interest rates. Debt held by the public was $3.9 trillion at the end of the fiscal year, up $374 billion from the previous year. The size of the publicly-held debt in relation to the economy was 36.4 percent. That was higher than a recent low of 33.1 percent in fiscal 2001 but less than the more than 40 percent share that prevailed from the late 1980s through the 1990s. Net national saving and investment Net national saving, the source of funds for new investment, fell to 0.6 percent of net national product (NNP) in the first half of 2003 (latest available data) from 1.9 percent in 2002 and a recent high of 7.5 percent in 1998. (Net national saving and NNP exclude depreciation to replace worn -out or obsolete equipment, software, and structures used in production.) The recent decline in the net national saving rate mostly stemmed from a change in the Federal budget from a surplus of 0.8 percent of NNP in calendar year 2001 to deficits of 2.2 percent in calendar year 2002 and 3.6 percent in the first half of this year. These deficits largely reflected the effects of the recession and the need for spending on homeland security following the terrorist attacks in 2001. State and local government budgets also fell into deficit equivalent to 0.4 percent of NNP in the first half of 2003 because of the weaker economy. Combined, the total public sector deficit was 4.0 percent of NNP in the first half of this year and 2.8 percent of NNP in calendar year 2002, compared to a surplus of 0.5 percent of NNP in 2001. Even so, so far this year the 2003 deficit is still near public sector deficits averaging 3.9 percent of NNP from 1982 to 1995. 9 In the first half of this year, private saving was 4.7 percent of NNP, the same as in 2002 but well above the rate of 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 was 2.9 percent of NNP in the first half of this year and 3.2 percent in 2002, which were both substantially higher than the 1.9 percent in 2001. The low personal saving rate in 2001 reflected the enormous growth in the stock market before 2001 that boosted household wealth so much that there was less incentive to save from income. In contrast, the most recent rise in saving indicated greater caution on the part of consumers in the face of the stock market declines and the weak economy. Retained earnings of corporations were at 1.8 percent of NNP in the first half of this year, which was a bit above the rates of 1.5 percent in 2002 and 1.4 percent in 2001. Net domestic investment (by government and private industry in structures, equipment, software, and inventory) slowed to 5.9 percent of NNP in the first half of this year from 6.1 percent in 2002 and almost 10 percent from 1998 through 2000. Nevertheless, the most recent rates of investment are 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 -6.1 percent in the first half of this year. Net National Saving (Saving as a percent of NNP) 15 Total 10 5 0 -5 Public -10 60 65 70 75 80 85 90 95 00 10 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former norma lly can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities fro m (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 900922)] 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 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. 11 • Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. • Table FFO -5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. • Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Fourth-Quarter Receipts The following capsule analysis of budget receipts, by source, for the fourth quarter of fiscal 2003 supplements fiscal data reported in the September issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes—Individual income tax receipts, net of refunds, were $189.1 billion for the fourth quarter of fiscal 2003. This is a decrease of $25.9 billion over the comparable prior year quarter. Withheld receipts decreased by $9.1 billion and non-withheld receipts decreased by $3.3 billion during this period. Refunds increased by $13.5 billion over the comparable fiscal 2002 quarter. This difference generally relates to payments issued in accordance with provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003. There was an increase of $1.9 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 $34.2 billion for the fourth quarter of fiscal 2003. This is an increase of $2.1 billion compared to the prior year fourth quarter. The $2.1 billion change is comprised of a decrease of $1.8 billion in estimated and final payments, and a decrease of $3.9 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of fiscal 2003 were $158.8 billion, an increase of $0.2 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $0.9 billion, $0.2 billion, and -$0.1 billion, respectively. There was a -$3.2 billion accounting adjustment for prior years employment tax liabilities made in the fourth quarter of fiscal 2003, while there was a -$1.3 billion adjustment in the fourth quarter of fiscal 2002. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the fourth quarter of fiscal 2003 were $8.3 billion, an increase of $2.8 billion over the comparable quarter of fiscal 2002. Net State taxes deposited in the United States Treasury increased by $2.7 billion. Net Federal Unemployment Tax Act (FUTA) taxes did not change significantly from $1.2 billion. Contributions for other insurance and retirement— Contributions for other retirement were $1.2 billion for the fourth 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 Fourth-Quarter Receipts by Source, con. Excise taxes—Net excise tax receipts for the fourth quarter of fiscal 2003 were $19.6 billion, an increase of $0.6 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.7 billion, a decrease of $0.1 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $5.2 billion for the fourth quarter of fiscal 2003. These receipts represent a decrease of $1.2 billion over the same quarter in fiscal 2002. Customs duties—Customs duties net of refunds were $5.6 billion for the fourth quarter of fiscal 2003. This is an increase of $0.2 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the fourth quarter of fiscal 2003 were $7.5 billion, a decrease of $1.0 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $1.9 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on- and off-budget results: Total receipts.................................................... On-budget receipts .......................................... Off-budget receipts .......................................... Total outlays..................................................... On-budget outlays........................................... Off-budget outlays........................................... Total surplus or deficit (-)..................................... On-budget surplus or deficit (-)........................... Off-budget surplus or deficit (-)........................... Means of financing: Borrowing from the public..................................... Reduction of operating cash................................ Other means..................................................... Total on- and off-budget financing....................... Fourth quarter July - Sept. Fiscal 2003 429,495 305,926 123,568 533,977 419,187 114,789 -104,481 -113,261 8,780 1,782,317 1,258,475 523,842 2,156,536 1,793,527 363,009 -374,219 -535,052 160,833 107,583 -4,914 1,814 104,481 374,321 25,926 -26,028 374,219 Fourth-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 Individual income taxes ........................................... Corporate income taxes .......................................... Employment taxes and contributions .......................... Unemployment insurance........................................ Contributions for other insurance and retirement ........... Excise taxes ......................................................... Estate and gift taxes ............................................... Customs duties ..................................................... Miscellaneous receipts............................................ Total budget receipts........................................... Note.—Detail may not add to totals due to independent rounding. July Aug. Sept. 54.2 2.6 50.9 2.5 0.4 6.6 1.8 1.9 2.8 123.6 45.5 1.3 52.1 3.9 0.4 5.6 1.5 1.8 2.2 114.3 89.5 30.3 55.8 1.9 0.4 7.4 1.9 1.8 2.6 191.6 FEDERAL FISCAL OPERATIONS 13 CHART FFO-A.— Monthly Receipts and Outlays, 2002-2003 (In billions of dollars) 250 On-budget receipts 200 150 Off-budget receipts 100 On-budget outlays 50 Off-budget outlays 0 -50 S O N D J F M A M J J A S CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2002-2003 (In billions of dollars) 900 2003 800 2002 * 700 600 500 400 300 200 100 0 Individual Social Corporate income taxes insurance and income taxes retirement receipts * Prior-year data are for the comparable year. Excise taxes Misc. receipts Estate/gift taxes Customs duties 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) 1999................................ 1,827,302 2000................................ 2,025,060 2001................................ 1,991,044 2002................................ 1,853,296 2003................................ 1,782,317 Off-budget receipts Total outlays (3) (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) 1,382,834 1,544,477 1,483,525 1,337,975 1,258,475 444,468 480,583 507,519 515,321 523,842 1,701,328 1,788,143 1,863,769 2,010,962 2,156,536 1,380,550 1,457,378 1,516,931 1,655,299 1,793,527 320,778 330,765 346,838 355,663 363,009 125,974 236,917 127,276 -157,666 -374,219 2,283 87,099 -33,406 -317,324 -535,052 123,691 149,818 160,682 159,658 160,833 128,230 23,761 141,902 428,391 561,811 2004 - Est................................ 1,922,025 1,365,857 556,168 2,229,425 1,847,924 381,501 -307,400 -482,067 174,667 568,979 148,306 88,065 80,671 140,682 138,697 48,176 76,051 175,766 60,594 143,847 84,045 73,785 148,096 44,456 36,492 39,366 42,117 49,200 41,320 44,320 55,408 42,839 49,212 39,544 40,478 43,546 151,102 r 178,628 r 178,914 r 178,059 r 177,256 r 186,164 r 179,288 r 180,114 r 192,301 r 171,836 177,830 190,880 165,267 109,106 r 146,600 r 141,717 r 182,467 r 142,534 r 148,452 r 141,186 r 145,477 r 153,976 r 171,929 142,580 150,960 125,647 41,995 32,028 37,196 -4,408 34,722 37,712 38,102 34,637 38,324 -93 35,249 39,920 39,620 41,659 r -54,072 r -58,877 r 4,740 r 10,641 r -96,668 r -58,918 r 51,060 r -88,868 r 21,223 -54,241 -76,616 26,376 39,199 r -58,535 r -561,047 r -41,785 r -3,837 r -100,276 r -65,135 r 30,289 r -93,383 r -28,082 -58,535 -77,175 22,449 2,460 4,464 2,170 46,525 14,478 3,608 6,217 20,771 4,515 49,305 4,295 558 3,927 18,442 55,342 63,065 64,863 -3,037 43,991 15,044 -6 98,564 112,268 79,210 38,838 -6,331 1,258,475 523,842 2,156,536 1,793,527 363,009 -374,219 -535,052 160,833 561,811 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2002 - Sept................................ 192,761 Oct................................ 124,557 Nov ................................ 120,037 Dec ................................ 182,799 2003 - Jan................................ 187,897 Feb................................ 89,496 Mar................................ 120,371 Apr................................ 231,174 May ................................ 103,433 June ................................ 193,059 July ................................ 123,589 Aug ................................ 114,263 Sept................................ 191,643 Fiscal 2003................................ 1,782,317 Fiscal year or month 1999................................ 2000................................ 2001................................ 2002................................ 2003................................ Means of financing—net transactions, con. Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) Investments Reserve position of U.S. Treasury Special on the U.S. Agency Government Total operating drawing quota in the securities 10+11-12 cash rights accounts Other IMF (deduct) (11) (13) (12) (14) (15) (16) (17) -854 -832 -661 159 -148 216,740 245,736 231,370 207,708 187,343 -89,364 -222,807 -90,130 220,842 374,321 17,580 -3,799 -8,440 16,667 -25,926 2,178 4,033 1,603 790 353 783 953 8,181 15,714 -25,100 -1,173 -6,292 4,717 2,457 4,245 -18,251 -16,008 -21,655 -24,712 -47,038 1,009 -3,207 -9,430 -2,836 506 -125,974 -236,917 -127,276 157,666 374,219 2004 - Est................................ -242 281,113 287,624 - * * * 19,776 * 307,400 2002 - Sept................................ 896 Oct................................ -445 Nov ................................ 138 Dec ................................ 412 2003 - Jan................................ -353 Feb................................ -520 Mar................................ 478 Apr................................ -436 May ................................ 50 June ................................515 July ................................ -23 Aug ................................ 144 Sept................................-107 23,431 21,511 -42 65,038 7,508 -1,752 -13,693 8,239 24,842 71,544 -6,738 -6,111 16,997 -4,093 33,385 63,245 237 -10,897 45,222 29,215 -8,681 73,772 41,239 85,926 45,093 -23,436 34,369 -17,172 -12,771 2,062 -1,835 -22,615 4,695 15,195 -20,949 22,548 15,063 -39,662 29,513 -43 -24 169 311 -868 70 24 83 404 -160 -75 -26 443 1,132 -18,105 -8,114 9,106 2,599 -33,494 -1,898 35,899 -63,370 57,392 40,470 -48,094 2,509 818 -273 -108 1,497 -25 -266 1,173 -116 473 897 -471 -411 1,875 -1,866 r -14,887 r -25,192 r 7,999 r 127 r -5,001 r 33,731 r 8,546 r -68,345 r 18,215 23,125 -56,657 31,301 576 142 -34 136 -1 * 177 -13 99 -41,659 r 54,072 r 58,879 r -4,740 r -10,641 r 96,668 r 58,918 r -51,060 r 88,868 r -21,223 54,241 76,616 -26,376 Fiscal 2003 ................................ -148 187,343 374,321 -25,926 353 -25,100 4,245 -47,038 506 374,219 * Less than $500,000. Note.—The estimates are based on the “Mid-Session Review” of the fiscal 2004 budget released by the Office of Management and Budget on July 15, 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 Stat es Government”] Net income taxes (8) Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) Income taxes Fiscal year or month Individual Other Refunds (2) (3) Withheld (1) 1999................................ 693,940 2000................................ 780,397 2001................................ 793,386 2002................................ 750,756 2003................................ 734,647 Net (4) Gross (5) Corporation Refunds (6) Net (7) 308,246 358,110 383,204 286,956 252,502 122,706 134,046 182,251 179,365 193,450 879,480 1,004,461 994,339 858,345 793,699 216,325 235,655 186,732 211,438 194,522 31,645 28,367 35,657 63,396 62,745 184,680 207,288 151,075 148,044 131,778 1,064,160 1,211,749 1,145,414 1,006,389 925,477 578,244 618,075 660,276 665,381 672,728 1,508 1,965 3,106 1,011 1,699 576,736 616,110 657,170 664,370 671,029 - - 849,880 169,060 - 169,060 1,018,940 715,952 - 715,952 2002 - Sept................................ 56,151 39,818 Oct................................ 61,465 8,224 Nov ................................ 60,752 2,420 Dec ................................ 70,693 5,663 2003 - Jan................................ 68,904 43,775 Feb................................ 63,030 2,230 Mar................................ 69,540 5,603 Apr................................ 56,876 104,074 May ................................ 56,798 3,242 June ................................ 58,322 31,412 July ................................ 57,889 4,064 Aug ................................ 53,638 4,680 Sept................................ 56,739 37,117 4,229 2,003 8,162 1,388 3,853 40,278 34,538 39,260 35,990 2,952 7,796 12,864 4,365 91,740 67,686 55,010 74,968 108,825 24,981 40,604 121,690 24,051 86,781 54,157 45,454 89,490 35,346 6,691 3,107 43,066 4,883 3,897 21,861 24,765 6,695 35,921 6,017 3,135 34,484 4,525 11,181 5,252 3,443 3,690 5,098 10,277 6,491 4,035 3,889 3,387 1,864 4,139 30,821 -4,490 -2,145 39,623 1,193 -1,201 11,585 18,275 2,660 32,032 2,630 1,270 30,344 122,561 63,196 52,865 114,591 110,018 23,780 52,189 139,965 26,711 118,813 56,787 46,724 119,834 57,481 47,981 51,904 55,663 63,234 52,147 54,994 71,139 54,250 61,989 50,514 51,762 57,149 1,011 * 1 * 1,699 56,470 47,981 51,904 55,662 63,234 52,147 54,994 71,139 54,250 61,989 50,514 51,762 55,450 Fiscal 2003 ................................ 734,647 252,502 193,450 793,699 194,522 62,745 131,778 925,477 672,728 1,699 671,029 2004 - Est................................ 849,880 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement and general employment Gross Refunds Gross Refunds Net retirement insurance (16) (17) (12) (13) (14) (15) (18) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 1999................................ 4,150 2000................................ 4,348 2001................................ 4,281 2002................................ 4,185 2003................................ 3,962 7 8 9 5 8 4,143 4,338 4,272 4,178 3,953 580,880 620,447 661,442 668,548 674,981 26,655 27,755 27,939 27,746 33,481 175 115 127 127 115 26,480 27,641 27,812 27,620 33,366 4,399 4,693 4,647 4,533 4,578 73 70 66 61 53 4,472 4,763 4,712 4,594 4,631 2004 - Est................................ 3,911 - 3,911 719,863 40,206 - 40,206 4,433 46 4,479 * 1 1 * * 6 8 * * -7 388 377 350 323 364 379 424 312 347 -32 403 327 379 56,858 48,358 52,254 55,986 63,598 52,526 55,418 71,452 54,597 r 61,956 50,917 52,089 55,830 257 1,544 2,433 299 1,364 2,123 327 5,829 10,325 951 2,534 3,962 1,789 7 8 12 2 13 21 12 71 14 19 -57 250 1,537 2,433 287 1,362 2,123 315 5,807 10,313 880 2,520 3,943 1,846 359 433 354 354 426 326 383 385 408 355 349 426 379 4 5 3 6 4 4 4 6 4 5 4 4 4 363 438 358 360 431 330 387 391 412 360 353 430 383 8 3,953 674,981 33,481 115 33,366 4,578 53 4,631 2002 - Sept................................ 388 Oct................................. 378 Nov ................................ 350 Dec ................................ 324 2003 - Jan................................ 364 Feb ................................ 379 Mar ................................ 425 Apr................................ 312 May ................................ 353 June................................ -24 July ................................ 403 Aug................................ 327 Sept ................................ 373 Fiscal 2003................................ 3,962 See footnote at end of table. 16 FEDERAL FISCAL OPERATIONS TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) 1999................................ 611,832 2000................................ 652,851 2001................................ 693,967 2002................................ 700,762 2003................................ 712,979 Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Gross (26) Refunds (27) Net (28) Gross (29) Refunds (30) Net (31) Miscellaneous Gross (32) Refunds (33) Net (34) 10,395 9,784 9,244 9,090 8,729 4 46 83 60 35 10,391 9,739 9,161 9,030 8,694 596 518 522 567 506 - 596 518 522 567 506 40,325 36,514 32,629 33,812 34,757 1,148 1,015 996 1,079 867 39,177 35,499 31,633 32,733 33,890 20,760 23,831 25,935 25,703 25,498 524 721 1,020 1,044 1,066 20,236 23,110 24,916 24,659 24,432 2004 - Est................................ 764,548 10,218 - 10,218 574 - 574 34,912 - 34,912 25,201 - 25,201 2002 - Sept................................ 57,471 924 Oct ................................ 50,333 125 Nov ................................ 55,044 865 Dec................................ 56,633 589 2003 - Jan................................ 65,391 709 Feb................................ 54,979 707 Mar................................ 56,120 611 Apr ................................ 77,650 726 May ................................ 65,321 777 June................................ 63,197 660 July................................ 53,790 747 Aug................................ 56,462 842 Sept................................ 58,058 1,370 14 * 13 * 6 * 16 - 910 125 865 589 709 694 611 726 771 660 747 826 1,370 78 8 56 37 46 44 42 45 50 5 48 45 80 - 78 8 56 37 46 44 42 45 50 5 48 45 80 4,946 465 3,469 2,390 2,839 2,636 3,093 2,699 2,975 2,292 2,858 3,263 5,778 219 1 271 3 303 2 287 - 4,727 464 3,469 2,390 2,839 2,366 3,093 2,696 2,671 2,290 2,858 2,976 5,778 1,436 4,089 1,613 2,546 1,869 1,910 1,317 2,823 1,405 2,701 2,981 1,793 450 68 74 45 81 70 -213 375 75 116 73 83 39 249 1,367 4,015 1,568 2,465 1,800 2,123 942 2,748 1,289 2,628 2,898 1,754 201 Fiscal 2003................................ 712,979 8,729 35 8,694 506 - 506 34,757 867 33,890 25,498 1,066 24,432 Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Customs duties Total receipts Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) 28,386 29,722 29,248 27,242 22,827 603 711 848 734 868 27,782 29,010 28,400 26,507 21,959 19,486 21,139 20,543 19,829 21,032 1,150 1,226 1,175 1,227 1,170 18,336 19,913 19,368 18,602 19,862 25,917 32,293 26,124 23,683 21,878 8,864 10,376 11,540 10,366 12,641 34,781 42,669 37,664 34,049 34,519 1,382,834 1,544,477 1,483,525 1,337,975 1,258,475 444,468 480,583 507,519 515,321 523,842 2004 - Est................................ 70,905 23,379 - 23,379 20,713 - 20,713 27,078 11,462 38,540 1,365,857 556,168 2002 - Sept................................ 7,082 1,984 Oct................................ 4,612 2,085 Nov ................................ 5,958 1,746 Dec ................................ 5,480 1,961 2003 - Jan................................ 5,395 2,055 Feb ................................ 5,226 1,629 Mar ................................ 4,689 1,999 Apr................................ 6,215 2,810 May ................................ 4,782 1,640 June................................ 5,583 1,466 July ................................ 6,551 1,845 Aug................................ 5,601 1,575 Sept ................................ 7,430 2,015 41 68 91 76 55 69 59 73 65 60 71 85 96 1,943 2,017 1,655 1,885 2,000 1,561 1,941 2,737 1,575 1,406 1,773 1,491 1,919 1,817 1,843 1,742 1,749 1,743 1,604 1,659 1,685 1,524 1,690 1,990 1,898 1,906 299 280 115 93 62 76 82 72 81 84 67 71 86 1,518 1,563 1,627 1,655 1,681 1,527 1,577 1,613 1,442 1,606 1,923 1,827 1,821 1,593 1,968 2,033 1,879 2,551 1,524 1,469 2,205 2,458 1,401 1,547 1,160 1,683 594 868 853 674 860 898 2,387 789 1,143 1,055 1,217 998 897 2,186 2,835 2,887 2,554 3,411 2,422 3,856 2,995 3,601 2,456 2,765 2,158 2,580 148,306 88,065 80,671 140,682 138,697 48,176 76,051 175,766 60,594 143,847 84,045 73,785 148,096 44,456 36,492 39,366 42,117 49,200 41,320 44,320 55,408 42,839 49,212 39,544 40,478 43,546 Fiscal 2003................................ 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 12,641 34,519 1,258,475 523,842 1999................................ 70,399 2000................................ 68,866 2001................................ 66,232 2002................................ 66,989 2003................................ 67,522 * Less than $500,000. Gross (36) Net miscellaneous receipts Deposits of earnings by Federal Universal Reserve service fund Banks and all other Total (42) (44) (43) On-budget Off-budget (45) (46) Note.—The estimates are based on the “Mid-Session Review” of the fiscal 2004 budget released by the Office of Management and Budget on July 15, 2003. Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of DepartAgriculment of ture Commerce (3) (4) Department of DepartDefense, ment of military Education (5) (6) Department of Energy (7) Department of Health and Human Services (8) 3,793 4,087 4,409 4,824 5,123 62,839 75,658 68,156 68,989 72,467 5,036 7,929 5,017 5,322 5,681 261,379 281,234 291,030 332,116 388,891 31,492 33,309 35,724 46,285 57,337 16,054 15,010 16,420 17,772 19,385 359,700 382,627 426,391 466,104 505,410 31,843 32,736 30,829 33,937 31,880 37,470 7,814 8,022 8,001 9,641 9,191 18,318 19,561 20,810 24,197 21,710 32,459 31,355 39,271 64,252 69,182 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 - Sept................................ 326 410 Oct................................ 335 412 Nov ................................ 259 407 Dec ................................ 274 399 2003 - Jan................................ 291 520 Feb................................ 253 404 Mar................................ 340 380 Apr................................ 300 424 May ................................ 281 406 June ................................ 300 417 July ................................ 233 408 Aug ................................ 270 512 Sept................................ 323 434 4,754 9,336 7,857 8,657 7,753 5,031 5,591 4,743 4,883 3,625 4,834 4,676 5,480 581 427 481 525 437 408 464 362 460 443 428 555 690 27,116 28,745 31,293 33,607 29,762 28,613 28,889 35,553 36,236 32,046 33,397 37,418 33,330 5,697 4,237 3,449 4,123 6,631 5,376 9,087 1,255 5,180 5,185 2,816 3,539 6,458 1,669 2,255 1,886 1,156 1,635 1,153 1,713 1,299 674 1,884 2,773 1,571 1,384 36,321 43,869 42,388 41,935 41,675 38,867 37,741 44,359 45,484 40,287 43,829 45,245 39,733 r 1,762 2,223 r 2,257 r 1,649 r 5,011 2,365 1,975 4,184 2,079 1,965 2,766 3,608 973 3,654 2,982 3,222 3,053 2,544 2,808 3,134 2,907 5,082 2,735 2,795 2,555 922 1,017 547 732 338 559 705 976 669 904 804 719 1,219 2,259 2,048 1,470 1,650 r 1,691 r 1,575 r 1,998 r 1,844 r 1,865 r 1,618 1,731 1,885 2,337 5,245 5,878 5,251 5,425 6,647 5,342 6,137 5,859 5,659 5,548 6,390 5,752 5,295 Fiscal 2003 ................................ 3,460 5,123 72,467 5,681 388,891 57,337 19,385 505,410 31,843 37,470 9,191 21,710 69,182 Fiscal year or month Legislative Judicial branch branch (1) (2) 1999................................ 2,612 2000................................ 2,913 2001................................ 3,030 2002................................ 3,230 2003................................ 3,460 Fiscal year or month Department of the Treasury, interest on Depart- Treasury Department Department Depart- ment of debt of the of ment of Transpor- securities Treasury, Veterans Corps of State tation (gross) other Affairs Engineers (14) (15) (16) (17) (18) (19) 1999................................ 6,463 2000................................ 6,849 2001................................ 7,446 2002................................ 9,453 2003................................ 9,257 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) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Federal General Office Emergency Services of the Management AdminPresident Agency istration (22) (23) (24) International Assistance Program (25) 41,836 45,966 54,075 61,282 50,803 352,841 361,998 359,508 332,537 318,149 33,191 29,238 30,442 41,979 48,636 43,169 47,087 45,043 50,881 56,892 4,186 4,334 4,726 4,798 4,749 32,008 32,861 34,161 35,159 39,880 6,752 7,240 7,390 7,451 8,065 416 281 280 496 362 4,040 3,143 4,415 4,236 4,695 -46 25 -8 -271 336 10,061 12,084 11,771 13,309 13,492 2004 - Est................................ 10,205 53,680 351,481 40,487 61,889 4,117 40,442 8,270 341 - 80 15,235 2002 - Sept................................ 830 5,770 Oct................................ 1,283 4,961 Nov ................................ 902 3,654 Dec ................................ 858 4,458 2003 - Jan................................ 426 2,930 Feb ................................ 642 1,131 Mar ................................ 791 3,313 Apr................................ 943 4,548 May ................................ 806 4,494 June................................ 546 5,042 July ................................ 735 5,098 Aug................................ 767 5,139 Sept ................................ 557 6,035 14,868 13,677 19,552 84,989 13,163 15,835 13,418 14,060 20,339 82,734 11,035 16,176 13,170 -5,183 r 1,895 1,512 777 r 2,059 r 20,856 r 10,385 r 5,942 r 2,424 r 6,649 2,515 977 -7,353 2,481 4,446 6,461 4,495 4,929 4,570 2,974 4,964 6,967 2,164 4,779 7,425 2,722 439 580 436 396 385 382 351 341 426 324 379 338 414 2,946 3,461 3,112 3,222 3,534 3,208 3,566 3,226 3,253 3,461 3,312 3,183 3,343 719 643 604 627 683 587 706 749 638 642 649 734 802 30 26 25 23 38 22 26 29 25 33 30 37 47 557 366 400 353 483 3,094 - -98 45 32 60 -43 -348 304 301 -4 266 -4 -213 -60 -102 897 1,292 605 1,018 1,573 1,824 1,049 2,102 r 1,090 1,142 1,335 -436 9,257 50,803 Fiscal 2003................................ 318,149 48,636 56,892 4,749 39,880 8,065 362 4,695 336 13,492 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”] National Aeronautics and Space Administration (26) National Science Foundation (27) Office of Personnel Management (28) 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................................ 14,552 4,735 54,135 1,559 508,160 6,116 -41,150 -156,111 -5,029 -8,201 1,793,527 363,009 2004 - Est................................ 15,255 5,092 58,475 770 530,765 14,183 -49,479 -164,230 -3,989 -200 1,847,924 381,501 2002 - 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 40,901 r -64 -3,476 -63 -282 -605 r 146,600 32,028 Nov ................................ 1,067 366 4,310 -359 43,951 r 620 -3,101 -5,204 -209 -604 r 141,717 37,196 Dec ................................ 1,207 333 4,553 456 41,614 r 17 -3,163 -70,185 -557 -686 r 182,467 -4,408 2003 - Jan................................ 1,137 338 4,507 58 41,915 r 2,312 -3,473 216 -304 -652 r 142,534 34,772 Feb................................ 1,030 331 4,203 85 41,847 r 1,519 -3,160 -2,126 -412 -750 r 148,452 37,712 Mar ................................ 1,249 339 4,549 32 39,334 r 2,284 -3,254 -77 -357 -688 r 141,186 38,102 Apr................................ 1,323 362 4,777 925 42,148 r -2,921 -3,365 -23 -659 -689 r 145,477 34,637 May ................................ 1,175 369 4,168 71 45,222 r -76 -3,644 -4,451 -197 -693 r 153,976 38,324 June................................ 1,278 439 4,630 52 43,481 r -3,009 -3,650 -72,201 -864 -690 r 171,929 -93 July ................................ 1,166 464 4,993 58 42,285 1,188 -3,429 179 -387 -700 142,580 35,249 Aug................................ 1,176 544 4,128 40 45,451 2,533 -3,796 -2,035 -66 -697 150,960 39,920 Sept ................................ 1,613 461 4,598 50 40,012 1,712 -3,640 -142 -736 -747 125,647 39,620 Fiscal 2003 ................................ 14,552 4,735 54,135 1,559 508,160 6,116 -41,150 -156,111 -5,029 -8,201 1,793,527 363,009 Fiscal year or month * Less than $500,000. Small Business Administration (29) Social Security Administration (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer Indepen- employee received Continendent by trust tal Shelf retireagencies ment funds lands (31) (32) (33) (34) Allow ances and other (35) Total outlays OnOffbudget budget (36) (37) Note.—The estimates are based on the “Mid-Session Review” of the fiscal 2004 budget released by the Office of Management and Budget on July 15, 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, September 2003 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes ..........................................793,644 Corporation income taxes .......................................131,877 Social insurance and retirement receipts: Employment and general retirement (off-budget) ....... Employment and general retirement (on-budget) ....... Unemployment insurance................................ Other retirement................................................ Excise taxes ........................................................ 23,036 Estate and gift taxes .............................................. 21,959 Customs duties..................................................... 12,959 Miscellaneous receipts........................................... 23,361 1,006,836 Total receipts................................................. 1,006,836 (On-budget) ............................................... (Off-budget) ............................................... Budget outlays: Legislative branch................................................. 3,308 Judicial branch..................................................... 4,854 Department of Agriculture....................................... 56,117 Department of Commerce....................................... 5,741 Department of Defense-military ................................389,129 Department of Education........................................ 57,369 Department of Energy ............................................ 21,602 Department of Health and Human Services.................345,703 Department of Homeland Security ............................. 33,805 Department of Housing and Urban Development.......... 37,748 Department of the Interior ....................................... 9,874 Department of Justice............................................ 20,113 Department of Labor.............................................. 10,571 Department of State............................................... 8,933 Department of Transportation................................ 3,299 Department of the Treasury: Interest on the public debt................................ 318,149 Other.............................................................. 47,314 Department of Veterans Affairs................................ 57,759 Corps of Engineers................................................ 4,205 Other defense civil programs ................................ 32,378 Environmental Protection Agency.............................. 7,317 Executiv e Office of the President.............................. 361 General Services Administration............................... 831 International Assistance Program.............................. 15,061 National Aeronautics and Space Administration............ 14,551 National Science Foundation................................ 4,677 Office of Personnel Management.............................. 28,610 Small Business Administration ................................ 1,703 Social Sec urity Administration................................ 46,755 Other independent agencies ................................ 4,883 Undistributed offsetting receipts: Interest............................................................ Other.............................................................. -3,981 1,588,738 Total outlays.................................................. 1,588,738 (On-budget) ............................................... (Off-budget) ............................................... Surplus or deficit (-).........................................-581,903 (On-budget) ...............................................-581,903 (Off-budget) ............................................... - No transactions. * Less than $500,000. This fiscal year to date Management, consolidated, Trust revolving and special funds funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, Trust revolving and special funds funds (6) (7) Total funds (8) 55 - -99 793,699 131,778 858,278 148,036 67 - 7 858,345 148,044 592 6,080 10,476 17,204 17,204 - 523,842 151,139 33,366 4,631 43,894 823 682 758,278 234,436 523,842 523,842 151,139 33,366 4,631 67,522 21,959 19,862 34,519 1,782,317 1,258,475 523,842 23,423 26,507 12,079 24,945 1,093,268 1,093,268 - 594 5,805 8,252 14,718 14,718 - 515,321 153,227 27,620 4,594 42,972 718 780 745,239 229,918 515,321 515,321 153,227 27,620 4,594 66,989 26,507 18,602 33,977 1,853,225 1,337,904 515,321 122 265 16,446 -62 -290 -32 -2,218 -72 -2,186 -275 -1,006 1,226 306 -88 -150 30 5 -97 2 52 * * 159,779 224 -3 322 371 58,306 412 47,654 3,460 5,123 72,467 5,681 388,891 57,337 19,385 505,410 31,843 37,470 9,191 21,710 69,182 9,257 50,803 3,127 4,581 52,987 5,352 330,768 46,113 20,264 325,638 17,151 36,445 9,586 18,783 10,234 9,007 6,384 97 243 15,789 -34 1,336 172 -2,492 -139 -1,515 -4,566 -149 1,100 -906 15 -46 -14 * 213 4 12 * * 140,605 344 * 304 863 54,923 432 49,774 3,211 4,824 68,989 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 20,746 64,252 9,453 56,112 1,363 -1,868 -135 -10,252 -11 * -495 -1,717 35 27 -145 4 -1,791 -42 1,001 679 17,755 758 * * 149 1 23 25,497 * 461,400 3,025 318,149 48,636 56,892 4,749 39,880 8,065 362 336 13,492 14,552 4,735 54,135 1,559 508,160 6,117 332,537 38,635 51,393 4,172 17,116 6,902 453 167 15,094 14,428 4,130 28,225 660 46,275 7,960 246 -1,497 -76 1 -17 * -438 -1,623 26 -102 -168 -7 2,390 -23 986 701 18,041 565 * -162 1 31 24,390 * 442,426 5,515 332,537 38,857 50,881 4,798 35,159 7,450 453 -271 13,309 14,429 4,187 52,512 492 488,694 15,865 -9,249 -12,245 -6,999 -5,245 29,449 24,203 5,245 -156,111 -41,150 580,043 211,788 368,255 178,234 22,647 155,587 -156,111 -54,380 2,156,536 1,793,527 363,009 -374,219 -535,052 160,833 -3,979 1,460,588 1,460,588 -367,320 -367,320 - -1,047 6,593 7,243 -651 8,125 7,474 651 -153,316 -42,782 543,835 187,521 356,314 201,404 42,397 159,007 -153,316 -47,808 2,011,016 1,655,353 355,663 -157,791 -317,449 159,658 Note.—Detail may not add to totals due to rounding. 20 FEDERAL FISCAL OPERATIONS TABLE FFO-5.—Internal Revenue Receipts by State, 2003 [In thousands of dollars. Source: Internal Revenue Service] State Grand total (1) Alabama................................................................ 17,907,240 Alaska................................................................ 3,248,666 Arizona................................................................ 23,230,937 Arkansas................................................................ 19,848,757 California................................................................ 227,610,714 Colorado................................................................ 33,739,206 Connecticut................................................................ 38,745,705 Delaware................................................................ 10,480,992 District of Columbia................................ 19,412,913 Florida................................................................ 91,246,614 Georgia................................................................ 56,847,327 Hawaii................................................................ 5,262,429 Idaho................................................................ 6,756,778 Illinois ................................................................ 105,855,104 Indiana................................................................ 33,066,026 Iowa................................................................ 14,558,902 Kansas................................................................ 15,516,283 Kentucky................................................................ 16,812,239 Louisiana................................................................ 19,877,878 Maine ................................................................ 5,193,776 Maryland ................................................................ 38,251,420 Massachusetts................................................................ 56,053,659 Michigan................................................................ 64,763,676 Minnesota ................................................................ 57,906,055 Mississippi ................................................................ 9,014,417 Missouri ................................................................ 38,120,366 Montana................................................................ 3,095,923 Nebraska................................................................ 13,866,728 Nevada................................................................ 13,169,754 New Hampshire................................ 7,366,033 New Jersey................................................................ 86,513,856 New Mexico................................................................ 6,270,896 New York ................................................................ 168,462,287 North Carolina................................................................ 48,364,657 North Dakota................................................................ 2,721,458 Ohio................................................................ 85,242,232 Oklahoma ................................................................ 19,635,119 Oregon................................................................ 17,540,189 Pennsylvania................................................................ 81,812,329 Rhode Island................................................................ 8,663,584 South Carolina ................................ 14,999,137 South Dakota ................................................................ 3,374,665 Tennessee................................................................ 35,250,783 Texas................................................................ 141,934,554 Utah................................................................9,305,531 Vermont................................................................ 3,035,319 Virginia................................................................ 47,094,849 Washington................................................................ 41,906,137 West Virginia................................................................ 4,829,990 Wisconsin................................................................ 34,152,919 Wyoming................................................................ 2,712,338 International: Puerto Rico ................................................................ 4,603,563 Other ................................................................ 10,059,787 Collections not classified by State: Presidential Election Campaign Fund 4 ................................................................55,163 Other, including Federal Tax 7,616,347 Deposits 5................................................................ Total, Internal Revenue 1,952,929,045 Receipts ................................................................ 1 Individual income and employment taxes Income tax Income tax Unemploynot withheld withheld Railroad ment retirement insurance and SECA 1, 2 and FICA 1 (3) (4) (5) (6) Corporation income taxes 3 (7) 16,152,532 3,027,170 20,984,391 14,827,504 198,328,471 31,259,355 31,288,964 6,877,398 14,645,492 83,306,193 46,677,570 4,715,641 6,166,056 89,317,928 30,681,682 12,644,426 13,108,002 15,360,887 18,2 93,627 4,678,831 35,600,812 51,403,125 60,406,081 47,895,671 8,213,200 31,473,438 2,894,588 9,780,730 10,243,996 6,775,701 76,240,503 5,848,069 146,507,536 40,298,369 2,503,952 71,880,160 12,755,850 16,355,197 73,649,378 7,074,264 13,952,294 3,193,334 31,282,602 116,353,959 8,348,392 2,747,300 39,205,393 35,539,810 4,498,711 30,031,416 2,193,641 2,884,651 680,895 4,305,585 1,602,302 43,690,429 5,480,416 6,474,285 958,494 1,081,041 20,879,729 6,986,619 1,071,230 969,781 14,155,354 4,392,651 2,081,843 2,231,581 2,530,661 3,041,638 1,030,221 6,129,785 9,482,541 7,070,506 5,088,445 1,547,369 4,387,885 766,717 1,424,936 3,019,912 1,364,793 11,726,169 1,159,370 25,508,068 5,859,961 506,149 8,235,690 2,508,068 2,963,562 10,723,144 1,031,636 2,530,815 845,077 4,177,886 19,756,567 1,546,140 569,603 7,416,041 6,807,895 865,264 4,757,054 747,062 13,185,294 2,333,420 16,575,251 13,093,577 153,834,242 25,659,225 24,723,506 5,897,522 13,204,907 61,384,790 39,453,620 3,624,828 5,156,668 74,634,419 26,153,024 10,505,601 10,814,314 12,756,006 15,188,125 3,619,242 29,340,715 41,726,439 53,062,614 42,564,910 6,621,891 26,895,656 2,101,798 7,359,133 7,173,5 23 5,385,275 64,164,629 4,655,805 120,303,548 34,244,744 1,983,789 63,365,686 10,182,662 13,309,143 62,574,887 6,015,804 11,347,983 2,320,050 26,942,824 95,690,320 6,753,658 2,163,765 31,096,557 28,650,879 3,613,331 25,126,468 1,436,296 2,155 1,549 602 1,806 4,762 8,868 1,048 299 338,515 679,682 3,700 1,155 210,022 22,150 3,576 5,776 3,255 2,990 20,422 27,114 32,645 65,402 1,435 51,566 16,537 955,909 78 202 110,940 168 278,217 4,309 2,775 20,676 1,489 1,257 79,541 9 1,223 13,484 3,272 417,322 3,086 1,792 538,392 4,332 338 4,161 611 80,432 11,306 102,953 129,819 799,038 110,845 90,125 21,082 21,029 361,992 233,631 19,583 38,451 318,133 113,857 53,406 62,107 68,444 60,609 26,378 109,891 167,031 240,316 176,914 42,505 138,330 9,536 40,751 50,483 25,431 238,765 32,726 417,703 189,355 11,239 258,108 63,631 81,235 271,806 26,815 72,273 14,723 158,620 489,750 45,508 12,139 154,403 76,704 19,779 143,733 9,672 1,472,356 149,097 125,947 27,719 942,155 319,691 4,413,463 112,905 22,246,028 3,639,410 1,071,038 273,120 6,690,855 504,129 3,442,270 135,502 4,297,806 135,671 4,992,019 1,650,722 6,890,594 339,883 381,241 62,306 496,204 59,762 12,404,202 942,035 1,781,504 267,871 1,656,349 104,580 731,812 109,384 1,036,856 173,818 1,232,478 179,479 321,962 72,576 1,857,287 360,671 3,495,687 653,225 3,619,647 520,464 8,526,304 252,972 470,899 85,333 3,332,667 385,396 -33,648 52,240 3,907,874 72,958 2,708,395 129,340 322,588 201,342 7,933,899 811,785 257,641 69,046 18,349,651 2,238,085 7,406,005 427,041 176,744 20,507 9,606,260 743,561 1,309,467 165,236 763,313 203,195 5,374,086 892,220 1,500,949 79,892 723,067 177,597 112,289 46,518 3,202,074 254,768 11,487,059 958,791 694,274 56,451 196,133 58,665 7,249,758 513,401 5,269,958 367,633 193,661 51,343 3,587,796 247,926 61,815 36,075 3,325,208 8,216,182 241,908 2,699,150 3,044,188 5,497,537 -1 13,012 39,113 6,483 Total individual income and employment taxes (2) 1,255,740 1,218,499 Estate tax (8) Gift tax (9) Excise tax (10) 6,127 127,128 858 66,973 23,705 960,995 53,834 441,051 353,295 3,043,510 23,448 1,112,245 27,836 233,921 5,104 20,718 42,090 291,854 128,643 1,169,037 14,656 2,924,623 5,758 97,482 1,757 33,000 113,746 3,077,193 17,398 317,571 57,281 96,266 5,883 1,561,203 28,617 212,061 13,797 158,497 3,473 116,933 32,510 400,140 44,849 456,773 41,518 175,967 25,326 1,205,781 16,162 228,823 35,791 2,893,075 2,004 180,739 5,264 99,903 22,197 65,826 3,273 63,128 41,575 1,486,094 1,317 94,823 246,130 1,120,885 27,950 205,292 1,090 19,165 80,083 2,932,168 6,677 5,397,890 24,910 193,574 53,500 1,843,145 2,883 5,596 5,148 141,031 2,427 20,097 17,394 493,945 147,351 12,987,394 27,800 178,615 2,084 31,137 22,042 104,255 25,780 702,956 1,693 84,582 25,534 260,247 14,585 406,222 22,303 57,554 46 4,828 266 562,724 55,163 - 55,163 - - - - - - 4,153,696 -425,441 4,107,729 394,958 76,450 1,381,321 414,689 - 1,666,641 289,569,135 1,382,621,820 4,358,583 6,635,141 1,683,184,679 Collections of individual income tax (withheld and not withheld) include old- age, survivors, disability, and hospital insurance (OASHDHI) taxes on salaries and wages (FICA) and selfemployment income (SECA). 2 Includes fiduciary income tax collections of $8.4 billion. 3 Includes taxes of $270.4 million on unrelated business income of exempt organizations (Forms 990T). 4 Designations by taxpayers of a portion of their taxes to the Presidential Election Campaign Fund also are included even though they are not collections, as such, because they do not affect taxpayer liability. Transfer of amounts to this fund was made on a national basis only and had no effect on regional and/or district office collection data. 194,146,298 20,887,883 1,939,025 52,771,160 5 Includes tax payments made to banks under the Federal Tax Deposit (FTD) system that had not been classified by IRS district/region as of the end of the fiscal year because they had not yet been applied to taxpayers accounts. Also, includes credits allowable on income tax retur ns for certain gasoline, diesel fuel, and special motor fuel tax payments and for excess payments under the Federal Insurance Contributions Act or FICA. Note.—Detail may not add to totals due to rounding. Amounts reflect adjustments made to data reported in prior years. Negative figures are displayed when prior year adjustments exceed current year receipts. FEDERAL FISCAL OPERATIONS 21 TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports [Source: U. S. Customs Service] District and Port of Collection Collection Fiscal Year 2003 Headquarters: National Finance Center.............$838,367,787.33 Portland, Maine: Port of Portland, ME.................. 39,741,613.44 Port of Bangor, ME.................... 115,131.30 Port of Eastport, ME.................. 60,874.12 Port of Jackman, ME................. 3,912,646.94 Port of Vanceboro, ME............... 4,180,938.32 Port of Houlton, ME................... 11,223,025.96 Port of Fort Fairfield, ME............. 43,520.02 Port of Van Buren, ME............... 935,672.48 Port of Madawaska, ME............. 69,396.73 Port of Fort Kent, ME................. 92,617.57 Port of Bath, ME....................... Port of Bar Harbor, ME............... 3,385.80 Port of Calais, ME..................... 7,521,753.96 Port of Limestone, ME............... 9,278.46 Port of Rockland, ME................. Port of Jonesport, ME................ Port of Bridgewater, ME............. 20,946.50 Port of Portsmouth, NH.............. 2,264,860.84 Port of Belfast, ME.................... 1,313,871.54 Port of Searsport, ME................ Manchester, NH User Fee Airport.... 491,151.58 Total, District........................ 72,000,685.56 St. Albans, Vermont: Port of St. Albans, VT ................ 582,384.06 Port of Richford, VT................... 113,594.40 Port of Beecher Falls, VT............ 901,351.95 Port of Burlington, VT ................ 75,457.29 Port of Derbyline, VT ................. 18,875,801.20 Port of Norton, VT..................... 14,739,988.61 Port of Highgate Springs/Alburg, VT... 49,708,469.51 Total, District........................ 84,997,047.02 Boston, Massachusetts: Port of Boston, MA.................... 257,111, 130.02 Port of Springfield, MA............... 52,326.24 Port of Worchester, MA.............. 75,354,594.13 Port of Glouchester, MA............. 36,529.50 Port of New Bedford, MA............ 1,244,736.40 Port of Plymouth, MA................. Port of Fall River, MA................. Port of Salem, MA..................... 2,719,220.38 Port of Provinc etown, MA........... 216.47 Port of Bridgeport, CT................ 3,678,139.66 Port of Hartford, CT................... 7,564,434.46 Port of New Haven, CT .............. 19,033,969.05 Port of New London, CT............. 3,687,749.83 Port of Lawrence, MA................ 28,574.80 Logan Airport........................... 82,513,937.76 Total, District........................ 453,025, 558.70 Providence, Rhode Island: Port of Providence, RI................ Port of Newport, RI. ................... Total, District........................ 60,325,312.20 59,384.94 60,384,697.14 District and Port of Collection Collection Fiscal Year 2003 Ogdensburg, New York: Port of Ogdensburg, NY............. 5,991,485.81 Port of Massena, NY................. 3,706,799.75 Port of Cape Vincent, NY........... Port of Alexandria Bay, NY......... 19,804,139.13 Port of Champlain-Rouses Point, NY.............................. 116,039,106.60 Port of Clayton, NY................... Port of Trout River, Chateaugay, NY................... 29,597,805.66 Total, District. ....................... 175,139,336.95 Buffalo, New York: Port of Buffalo, NY.................... 234,978,626.79 Port of Rochester, NY............... 10,675,454.67 Port of Oswego, NY.................. Port of Syracuse, NY................ 7,020,316.11 Port of Utica, NY...................... Binghampton User Fee Airport.... 124,819.82 Total District........................ 252,799,217.39 New York, New York: Port of New York, NY................ 302,350,428.32 Port of Albany, NY.................... 4,612,542.65 Port of JFK Airport. ................... 1,284,654,542.88 Federal Express Corp (JFK)....... 12,458.13 NYACC, Jamaica, NY............... 468,818.52 DHL Airways, Jamaica, NY......... 12,980,512.44 TNT Skypak (JFK).................... 1,255,844.33 Port of Perth Amboy, NJ ............ 26,380,947.91 UPS, Newark, NJ..................... 12,188,853.72 Federal Express Corp (Newark)... 16,658,683.73 Morristown, NJ User Fee Airport.. 160,943.99 Port of Newark, NJ ................... 3,512,357,061.38 Total, District. ....................... 5,174,081,638.00 Philadelphia, Pennsylvania: Port of Philadelphia, PA............. 273,901,024.31 Port of Chester, PA................... 62,790,697.88 Port of Wilmington, DE.............. 58,225,291.00 Port of Pittsburgh, PA................ 40,531,572.66 Port of Paulsboro, NJ................ Port of Wilkes Barre/Scranton, PA... 1,007,299.09 Port of Camden, NJ.................. Philadelphia International Airport. . 32,574,246.13 Port of Harrisburg, PA............... 21,099,260.09 Port of Allentown, PA................ 7,251,652.83 Port of Lehigh Valley, PA........... Atlantic City, NJ User Fee Airport. 124,349.52 Trenton/Mercer User Fee Airport. . 135,169.27 UPS (Philadelphia, PA).............. 39,275,437.86 Total, District. ....................... 536,916,000.64 District and Port of Collection Collection Fiscal Year 2003 Baltimore, Maryland: Port of Annapolis, MD................ 16,164.15 Port of Cambridge, MD.............. Port of Baltimore, MD................ 574,796,715.38 Port of Crisfield, MD.................. BWI Airport............................. 13,872,932.43 Total, District........................ 588,685,811.96 Norfolk, Virginia: Port of Norfolk, VA.................... 530,740,610.58 Port of Newport News, VA.......... 45,027,229.08 Port of Richmond-Petersburg, VA... 40,836,562.45 Port of Charleston, WV.............. 9,325,135.95 Port of Front Royal, VA.............. 69,797.88 New River Valley User Fee Airport. .. 5,120,474.91 Total, District........................ 631,119,810.85 Charlotte, North Carolina: Port of Wilmington, NC .............. 30,618,461.12 Port of Winston Salem, NC......... 22,820,409.11 Port of Durham, NC .................. 13,093,621.10 Port of Beaufort-Morehead, NC.... 801,194.61 Port of Charlotte, NC................. 198,502,754.72 Total, District........................ 265,836,440.66 Charleston, South Carolina: Port of Charleston, SC............... 700,931,791.69 Port of Georgetown, SC ............. 415,703.94 Port of GreenvilleSpartanburg, SC..................... 88,183,615.38 Port of Columbia, SC................. 14,376,607.07 Myrtle Beach User Fee Airport..... 119,624.84 Total, District........................ 804,027,342.92 Savannah, Georgia: Port of Brunswick, GA............... Port of Savannah, GA................ Port of Atlanta, GA.................... Total, District........................ 111,670,612.89 393,079,741.28 455,699,353.25 960,449,707.42 Tampa, Florida: Port of Tampa, FL.................... 92,761,099.52 Port of Jacksonville, FL.............. 290,862,275.48 Port of Fernandina, FL............... 902,050.27 Port of Orlando, FL................... 11,949,331.48 Sanford Regional Airport............ 333,570.43 Port of St. Petersburg, FL........... 90,672.68 Port of Port Canaveral, FL.......... 2,131,839.97 Port of Panama City, FL............. 4,038,154.45 Port of Pensacola, FL................ 601,502.54 Port of Manatee, FL.................. 11,868,108.81 Sarasota, FL User Fee Airport..... 204,041.87 Daytona Beach, FL User Fee Airport.................................. 166,350.37 Melbourne, FL User Fee Airport... 268,705.37 Ocala, FL User Fee Airport......... 539,314.79 Ft. Myers, FL........................... 4,091,768. 56 Total, District...................... 420,808,786.59 22 FEDERAL FISCAL OPERATIONS TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs Service] District and Port of Collection Collection Fiscal Year 2003 Mobile, Alabama: Port of Mobile, AL..................... 29,939,199.54 Port of Gulfport, MS................... 32,468,295.68 Port of Pascagoula, MS.............. 2,328,102.38 Port of Birmingham, AL .............. 10,494,296.11 Port of Huntsville, AL................. 25,312,082.05 Total, District........................ 100,541,975.76 New Orleans, Louisiana: Port of Greensville, MS.............. Port of Morgan City, LA.............. Port of New Orleans, LA............. Port of Little Rock, AK................ Port of Baton Rouge, LA............. Port of Memphis, TN.................. Port of Avondale, LA.................. Port of Nashville, TN.................. Port of Chattanooga, TN............. Port of Gramercy, LA................. Port of Vicksburg, MS................ Port of Knoxville, TN.................. Port of Lake Charles, LA............. Port of Shrevesport/Bossier, LA... Tri City User Fee Airport............. Federal Express (Memphis, TN)... Total, District........................ 582.50 3,869,649.02 178,913,558.58 47,362,371.37 16,889,654.79 361,772,225.32 4,507.36 83,953,482.16 11,579,499.95 9,913,761.69 3,180,168.38 35,893,259.19 5,565,568.65 183,261.15 3,185,395.60 96,277,413.51 858,544,359.22 Port Arthur, Texas: Port of Port Arthur, TX............... Port of Sabine, TX.................... Port of Orange, TX.................... Port of Beaumont, TX................ Total, District........................ 31,816,525.64 356,711.82 32,173,237.46 Laredo, Texas: Port of Brownsville, TX............... 13,186,603.71 Port of Del Rio, TX.................... 2,143,090.57 Port of Eagle Pass, TX............... 24,792,901.64 Port of Laredo, TX.................... 230,730,038.43 Port of Hidalgo, TX.................... 41,192,039.55 Port of Rio Grande City, TX......... 506,091.28 Port of Progresso, TX................ 184,028.65 Port of Roma, TX...................... 187,142.80 Total, District........................ 312,921,936.63 El Paso, Texas: Port of El Paso, TX.................... 94,901,526.10 Port of Presidio, TX................... 319,090.28 Port of Fabens, TX.................... 6,374.45 Port of Columbus, NM................ 311,895.33 Port of Albuquerque, NM ............ 2,608,295.15 Port of Santa Teresa, NM ........... 1,581,975.40 Total, District........................ 99,729,156.71 District and Port of Collection Collection Fiscal Year 2003 San Diego, California: Port of San Diego, CA............... 136,901,236.63 Port of Andrade, CA.................. 64,575.24 Port of Calexico, CA................. 89,228.83 Port of San Ysidro, CA.............. 539,869.77 Port of Tecate, CA.................... 14,900,133.69 Port of Otay Mesa, CA.............. 57,813,983.73 Port of Calexico East, CA........... 16,580,150.07 Total, District. ....................... 226,889,177.96 Nogales, Arizona: Port of Douglas, AZ .................. 2,183,864.80 Port of Lukeville, AZ.................. 23,600.18 Port of Naco, AZ...................... 51,171.41 Port of Nogales, AZ .................. 63,696, 125.66 Port of Phoenix, AZ .................. 40,285,533.47 Port of Sasabe, AZ ................... 19,533.75 Port of San Luis, AZ.................. 14,734,730.34 Port of Tucson, AZ ................... 1,039,288.93 Scottsdale User Fee Airport........ 126,067.93 Total, District. ....................... 122,159,916.47 Los Angeles, California: Port of Los Angeles, CA............. 5,081,486,298.01 Port of Los Angeles, CA (alternate)... 90.53 Port of Long Beach, CA............. 15,590.05 Air Cargo Handling Service........ 17.30 Port of Port Hueneme, CA.......... 7,646,895.93 Port of LAX............................. 506,619,698.09 San Bernadino User Fee Airport.. 382.88 Port of Las Vegas, NV............... 11,393,852.28 DHL (LAX).............................. 10,611,389.64 So. California Logistics Airport, CA.. 126,713.02 Virgin Atlantic Cargo (LAX)......... 29,978.09 UPS-Ontario........................... 5,765,700.89 Palm Springs User Fee Airport.... 131,546.72 TNT (LAX).............................. 1,131,060.76 IBC (LAX)............................... 229,657.29 Total, District. ....................... 5,625,188,871.48 San Francisco, California: San Francisco Intl. Airport.......... 115,291,704.61 Port of Eureka, CA................... 37,402.93 Port of Fresno, CA.................... 1,941,090.32 Port of Sacramento, CA............. 25.00 Port of San Francisco, CA.......... 568,860,677.56 Port of Oakland, CA.................. 62,327.17 Port of Reno, NV...................... 2,633,308.02 Port of San Jose, CA................ 426,454.32 DHL (SFO)............................. 3,676,133.67 Aircargo Handling Service.......... 2.10 TNT (SFO)............................. 502,800.11 IBC (SFO).............................. 8,112.84 Federal Express (SFO).............. 15,747,603.91 Total, District. ....................... 709,187,642.56 District and Port of Collection Collection Fiscal Year 2003 Columbia-Snake, Oregon: Port of Astoria, OR.................... 411,165.17 Port of Newport, OR.................. 1,879.54 Port of Coos Bay, OR ................ 172,797.92 Port of Portland, OR.................. 335,414,344.70 Port of Longview, WA................ 2,023,735.81 Port of Boise, ID....................... 500,860.00 Port of Vancouver, WA.............. 95.43 Port of Kalama, WA.................. Portland International Airport....... -17,161.24 Rogue Valley -Medford User Fee Airport............................ 57,697.05 Total, District........................ 338,565,414.38 Seattle, Washington: Port of Seattle, WA................... 446,792,226.41 Port of Tacoma, WA.................. 289,517,060.03 Port of Aberdeen, WA................ 120,999.26 Port of Blaine, WA.................... 187,487,146.44 Port of Bellingham, WA.............. 1,503,115.87 Port of Everett, WA................... 133,971.11 Port of Port Angeles, WA............ 152,953.38 Port of Port Towsend, WA.......... 16,389.58 Port of Sumas, WA................... 72,618,945.43 Port of Anacortes, WA............... 514,192.46 Port of Nighthawk, WA............... 51.13 Port of Danville, WA.................. 1,350,914.59 Port of Ferry, WA..................... 5,550,935.99 Port of Friday Harbor, WA.......... 211,299.11 Port of Boundry, WA................. 3,904.39 Port of Laurier, WA................... 16,814,013.84 Port of Point Roberts, WA........... 80,718.38 Port of Kenmore Air Harbor, WA.. Port of Oroville, WA.................. 13,020,984.24 Port of Frontier, WA.................. 1,105,465.85 Port of Spokane, WA................. 51,670.80 Port of Lynden, WA................... 3,168,950.37 Port of Metaline Falls, WA.......... 4,545,522.04 Port of Olympia, WA.................. 259,107.66 Port of Neah Bay, WA............... Seattle-Tacoma Airport.............. 33,538,366.58 DHL (SEATAC)........................ 76,619.71 UPS (SEATAC)........................ 377,405.44 Moses Lake User Fee Airport...... 239,232.66 Total, District........................ 1,079,252,162.75 Anchorage, Alaska: Port of Juneau, AK.................... Port of Ketchikan, AK................ Port of Skagway, AK................. Port of Alcan, AK...................... Port of Wrangell, AK.................. Port of Dalton Cache, AK........... Port of Valdez, AK.................... Port of Fairbanks, AK................ Port of Sitka, AK....................... Port of Anchorage, AK............... Port of Kodiak, AK.................... UPS...................................... Federal Express....................... Total, District........................ 161,306.21 194,852.96 23,473.99 248,991.56 4,222.31 13,924.78 82,971.98 109,734.32 8,508.23 6,764,457.70 399.52 22,697,368.57 55,874,772.60 86,184,984.73 FEDERAL FISCAL OPERATIONS 23 TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs Service] District and Port of Collection Collection Fiscal Year 2003 Honolulu, Hawaii: Port of Honolulu, HI................... Port of Hilo, HI ......................... Port of Kahului, HI..................... Port of Nawiliwili-Port Allen, HI..... Honolulu International Airport. ...... Port of Kailua-Kona, HI .............. Total, District........................ 29,019,718.68 166,048.98 220,315.13 36,943.05 12,378,101.00 101,900.91 41,923,027.75 Great Falls, Montana: Port of Raymond, MT................. Port of Eastport, ID.................... Port of Salt Lake City, UT........... Port of Great Falls, MT............... Port of Butte, MT ...................... Port of Turner, MT..................... Centennial User Fee Airport........ Jefferson County User Fee Airport... Port of Denver, CO.................... Port of Porthill, ID ..................... Port of Scobey, MT ................... Port of Sweetgrass, MT.............. Port of Whitetail, MT.................. Port of Piegan, MT.................... Port of Ophiem, MT................... Port of Rooseville, MT................ Port of Morgan, MT ................... Port of Whitlash, MT.................. Port of Del Bonita, MT................ Wildhorse, MT.......................... Total, District........................ 132,073.97 46,860,465.47 30,051,024.81 590,609.00 15,814.68 9,576.12 153,490.24 129,391.35 64,706,250.59 2,683,310.21 2,166.28 20,736,582.12 95.00 13,360.63 2,704.94 12,282,570.12 11,470.12 224.03 4,347.98 22,212.81 178,407,740.47 Pembina, North Dakota: Port of Pembina, ND.................. Port of Noyes, ND..................... Port of Portal, ND..................... Port of Neche, ND..................... Port of St. John, ND.................. Port of Northgate, ND................ Port of Walhalla, ND.................. Port of Hannah, ND................... Port of Sarles, ND..................... Port of Ambrose, ND................. Port of Antler, ND..................... Port of Sherwood, ND................ Port of Hansboro, ND................ Port of Maida, ND..................... Port of Fortuna, ND................... Port of Westhope, ND................ Port of Noonan, ND................... Port of Carbury, ND................... Port of Dunseith, ND.................. Port of Warroad, MN.................. Port of Baudette, MN................. Port of Pinecreek, MN................ Port of Roseau, MN................... Hector User Fee Airport. ............. Lancaster, MN ......................... Total, District........................ 19,489,995.14 37,895,937.44 100,873,131.68 26,449.32 7,752.97 7,149.64 32,258.62 355.00 3,786. 72 112.60 4,409.94 2,323.59 2,717.35 4,783.31 8,980.27 4,824.22 2,907.06 2,667.69 448,765.18 297,841.94 117,235.31 1,838.43 362,037.45 2,875.44 118,863.33 159,719,999.64 District and Port of Collection Collection Fiscal Year 2003 Minneapolis, Minnesota: Port of Minneapolis, MN............. 113,134,112.99 Port of Sioux Falls, SD.............. 1,008,293.47 Rochester User Fee Airport........ 125,067.88 Total, District. ....................... 114,267,474.34 Duluth, Minnesota: Port of Duluth, MN.................... 1,958,658.97 Port of International Falls/ Ranier, MN ........................... 214,388,781.77 Port of Superior, WI.................. 627,816.91 Port of Grand Portage, MN......... 3,375,725.40 Total, District. ....................... 220,350,983.05 Milwaukee, Wisconsin: Port of Milwaukee, WI ............... Port of Marinette, WI................. Port of Green Bay, WI............... Port of Manitowoc, WI............... Port of Sheboygan, WI .............. Port of Racine, WI.................... Total, District. ....................... 34,023,312.45 2,080,118.15 615,307.08 36,718,737.68 Detroit, Michigan: Port of Detroit, MI..................... 388,276,108.18 Port of Port Huron, MI............... 135,024,022.62 Port of Sault Sainte Marie, MI. ..... 28,879,114.95 Port of Saginaw/ Bay City/Flint, MI. .. 117,382.22 Port of Battle Creek, MI............. 12,344,754.00 Port of Grand Rapids, MI........... 16,584,728.47 Port of Escanaba, MI................ Port of Marquette, MI................ Port of Algonac, MI................... Port of Muskegon, MI................ Port of Rogers City , MI.............. Port of Detour, MI. .................... Port of Mackinac Isle, MI............ Port of South Haven, MI. ............ Port of Presque Isle, MI............. Port of Alpena, MI.................... Port of Ferrysburg, MI............... Oakland County User Fee Airport... 355,619.77 Willow Run User Fee Airport....... 188,781.33 Total, District. ....................... 581,770,511.54 Chicago, Illinois: Port of Chicago, IL.................... 1,188,549,439.97 Port of Peoria, IL...................... 22,742,485.99 Port of Omaha, NE................... 47,775,627.90 Nippon Courier Hub.................. Midway Intl. Airport................... 13,521.41 Port of Des Moines, IA .............. 2,116,778.01 Port of Davenport/Rock Island/ Moline, IL............................. 9,319,083.56 Rockford Airport. ...................... 2,931,594.30 Waukegan User Fee Airport. ....... 124,871.58 Pal-waukee User Fee Airport...... 142,881.92 Du Page User Fee Airport.......... 129,101.14 Decatur User Fee Airport........... 119,744.20 Total, District. ....................... 1,273,965,129.98 District and Port of Collection Cleveland, Ohio: Port of Cleveland, OH................ Port of Cincinnati, OH/ Lawrenceburg, IN ................... Port of Columbus, OH ............... Port of Dayton, OH................... Port of Toledo/Sandusky, OH...... Port of Erie, OH ....................... Port of Ashtabula/Conneaut, OH.. Port of Indianapolis, IN .............. Port of Akron, OH..................... Port of Evansville, IN................. Port of Louisville, KY................. Port of Owensboro, KY.............. Airborne Airpark User Fee Airport.. Ft. Wayne User Fee Airport........ Bluegrass User Fee Airport......... Hulman User Fee Airport............ Airborne Express...................... BAX Global............................. Emery Worldwide..................... UPS...................................... DHL (Cincinnati)....................... Federal Express (Indianapolis).... Total, District........................ Collection Fiscal Year 2003 102,610,111.87 84,787,845.91 361,635,825.70 4,575,713.57 6,790,839.51 1,338,456.56 789,682.02 89,834,442.94 49,469,380.62 238,220,769.25 984,934.99 90,131.68 144,272.10 497,922.64 87,641.64 1,379,218.19 -35,798.29 1,945,628.73 13,511,559.20 14,929,945.45 20,965,956.83 994,554,481.11 St. Louis, Missouri: Port of Kansas City, MO............. 123,506,240.58 Port of St. Louis, MO................. 125,790,478.08 Port of Wichita, KA.................... 28,771,235.10 Port of Springfield, MO.............. 23,531,007.63 Total, District........................ 301,598,961.39 San Juan, Puerto Rico: Port of Aguadilla, PR ................. 771,940.38 Fajardo, PR ............................ 1,852,665.02 Port of Mayaguez, PR ............... 1,780,546.82 Port of Ponce, PR..................... 4,634,348.53 Port of San Juan, PR................. 100,134,795.70 San Juan International Airport..... 10,769,334.58 Total, District........................ 119,943,631.03 Virgin Islands of the United States: Port of Charlotte Amalie, VI......... Port of Cruz Bay, VI.................. Port of Christiansted, VI............. Total, District........................ Miami, Florida: Port of Miami, FL...................... Port of Key West, FL................. Port of Port Everglades, FL......... Port of West Palm Beach, FL...... Port of Fort Pierce, FL............... Miami International Airport.......... Miami International Courier Association........................... DHL Worldwide Express............ MIA/CFS ECCF....................... UPS (Miami Intl. Airport)............. Ft. Lauderdale Intl. Airport.......... Total, District........................ 5,961,512.56 159,758.10 4,334,556.49 10,455,827.15 554,414,087.22 201,737.87 162,190,380.37 12,643,638.04 81,580.23 114,253,160. 52 290,572.58 1,547,977.38 72,859.88 765,260.60 390,593.85 846,851,848.54 24 FEDERAL FISCAL OPERATIONS TABLE FFO-6.—Customs Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs Service] District and Port of Collection Houston, Texas: Port of Houston, TX................... Port of Oklahoma City, OK.......... Port of Texas City, TX................ Houston Intercontinental Airport... Port of Galveston, TX................ Port of Freeport, TX................... Port of Corpus Christi, TX........... Port of Port Lavaca, TX.............. Total, District........................ Collection Fiscal Year 2003 457,969,798.94 22,723,922.38 19,081,624.42 9,323,551.32 27,598,025.14 1,415,517.55 538,112,439.75 Washington, District of Columbia: Port of Alexandria, VA................ 91,091.92 Dulles International Airport.......... 26,037,471.70 Total, District........................ 26,128,563.62 District and Port of Collection Collection Fiscal Year 2003 Dallas-Ft. Worth, Texas: Port of Dallas/Ft. Worth, TX........ 288,354,902.78 Port of Amarillo, TX.................. 52,497.79 Port of Lubbock, TX.................. 100,158.49 Port of Oklahoma City, OK......... 8,132,454.05 Port of Tulsa, OK..................... 6,029,431.46 Port of Austin, TX..................... 4,219,046.12 Port of San Antonio, TX............. 7,126,620.99 Midland User Fee Airport........... 122,959.79 Addison User Fee Airport........... 141,101.39 Alliance User Fee Airport........... 128,582.72 Total, District. ....................... 314,407,755.58 District and Port of Collection Bahamas Preclearance: St. Thomas............................. Preclearance-Christiansted, VI .... Preclearance-St. Croix, VI.......... Kindley Field, Bermuda.............. Freeport, Bahamas ................... Nassau, Bahamas.................... Aruba.................................... Total, District........................ Preclearance-Canada: Montreal, Canada Preclearance... Winnipeg, Canada Preclearance... Toronto, Canada Preclearance.... Ottawa, Canada Preclearance..... Vancouver, British Columbia Preclearance......................... Calgary, Canada Preclearance.... Edmonton, Canada Preclearance.. Total, District........................ Collection Fiscal Year 2003 122,760.13 10,204.56 57,754.28 14,172.25 85,366.56 12,508.41 302,766.19 107,332.30 71.00 13,514.18 737.00 41,025.46 5,781.72 939.00 169,400.66 Total Collections of Duties, Taxes and Fees ...............$26,669,627,984.71 25 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1999....................................... 2000....................................... 2001....................................... 2002....................................... 2003....................................... 2002 - Sept................................ Oct................................ Nov ................................ Dec ................................ 2003 - Jan................................ Feb................................ Mar................................ Apr................................ May ................................ June ............................... July ................................ Aug ................................ Sept................................ See footnotes at end of table. Federal Reserve accounts Credits 1 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) 4,893,279 4,921,490 5,050,444 6,160,448 6,450,164 259,019 253,060 340,364 367,327 426,493 5,150,608 5,172,731 5,389,954 6,529,692 6,877,311 1,048,120 1,189,835 1,271,952 1,231,160 1,148,226 1,032,230 1,195,453 1,281,245 1,212,577 1,173,496 552,486 537,802 472,130 541,311 570,072 544,891 504,962 577,427 548,204 588,029 499,158 505,571 560,606 33,839 26,592 26,217 38,484 29,387 26,710 39,196 45,268 35,689 45,627 37,336 33,002 42,984 583,320 566,395 499,297 580,302 598,370 572,842 541,680 618,858 587,971 633,223 537,077 540,340 600,955 111,295 88,666 89,490 131,025 104,465 91,227 105,875 98,281 80,163 104,004 79,231 74,312 101,488 79,932 103,837 101,311 128,455 107,388 112,601 103,656 86,923 97,034 81,890 63,584 112,207 74,610 26 ACCOUNT OF THE U.S. TREASURY TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Federal Tax and loan Reserve note accounts (6) (7) High Federal Tax and loan Reserve note accounts (8) (9) During period Low Federal Tax and loan Reserve note accounts (10) (11) Average Federal Tax and loan Reserve note accounts (12) (13) 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 2003............................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 2002 - 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 Apr....................... 10,583 17,862 10,583 17,862 4,978 86 7,533 4,605 May ...................... 6,505 992 8,101 18,374 4,825 69 6,678 5,950 June ..................... 6,939 23,106 9,523 31,215 5,306 683 6,747 12,443 July ...................... 6,356 38,752 7,056 38,752 5,352 2,784 6,213 13,479 Aug ...................... 4,589 857 6,533 11,890 4,589 95 5,599 6,423 Sept...................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 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. 27 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in these tables to agree with the Bureau of the Public Debt’s publication changes. • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. • Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities— that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long- term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. • In table FD-6 (Historical), the same debt information is compared as in table FD-6. Changes in the non-interest-bearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs . In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 28 FEDERAL DEBT TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt Agency securities securities (2) (3) Securities held by Government accounts Public debt Agency Total Securities securities Total (4) (5) (6) (7) The public Public debt securities (8) Agency securities (9) 1999................................5,684,776 2000................................5,701,851 2001................................5,834,475 2002................................6,255,406 2003................................6,810,343 5,656,271 5,674,179 5,807,464 6,228,236 6,783,320 28,505 27,672 27,011 27,170 27,023 1,989,308 2,235,763 2,468,757 2,675,648 2,859,381 1,988,674 2,235,712 2,468,757 2,675,648 2,859,381 634 51 - 3,695,468 3,466,088 3,365,718 3,579,758 3,950,962 3,667,597 3,438,467 3,338,707 3,552,589 3,923,939 27,871 27,621 27,011 27,170 27,023 2002 - Sept.......................6,255,406 Oct........................6,309,253 Nov .......................6,370,323 Dec .......................6,432,982 2003 - Jan........................6,428,300 Feb .......................6,472,192 Mar .......................6,487,656 Apr........................6,486,825 May .......................6,584,641 June......................6,697,130 July .......................6,778,181 Aug. ......................6,817,171 Sept.......................6,810,343 6,228,236 6,282,528 6,343,460 6,405,707 6,401,377 6,445,790 6,460,776 6,460,381 6,558,147 6,670,121 6,751,195 6,790,041 6,783,320 27,170 26,725 26,863 27,275 26,923 26,402 26,880 26,444 26,494 27,009 26,986 27,130 27,023 2,675,648 2,696,538 2,694,624 2,758,322 2,764,927 2,763,503 2,749,997 2,758,077 2,782,056 2,853,842 2,848,868 2,842,735 2,859,381 2,675,648 2,696,538 2,694,624 2,758,322 2,764,927 2,763,503 2,749,997 2,758,077 2,782,056 2,853,842 2,848,868 2,842,735 2,859,381 - 3,579,758 3,612,715 3,675,699 3,674,660 3,663,373 3,708,689 3,737,659 3,728,748 3,802,585 3,843,288 3,929,313 3,974,436 3,950,962 3,552,589 3,585,990 3,648,836 3,647,385 3,636,450 3,682,287 3,710,779 3,702,304 3,776,091 3,816,279 3,902,327 3,947,306 3,923,939 27,170 26,725 26,863 27,275 26,923 26,402 26,880 26,444 26,494 27,009 26,986 27,130 27,023 End of fiscal year or month Federal debt securities Net Amount unamortized Accrual outstanding premium face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized Accrual outstanding premium face value and discount amount (13) (14) (15) Securities held by the public Net Amount unamortized Accrual outstanding premium face value and discount amount (16) (17) (18) 1999...............................5,684,776 2000...............................5,701,851 2001...............................5,834,475 2002...............................6,255,406 2003...............................6,810,343 79,367 73,513 64,897 57,278 50,550 5,605,409 5,628,338 5,769,579 6,198,129 6,759,792 1,989,308 2,235,763 2,468,757 2,675,648 2,859,381 16,148 16,867 18,490 17,673 14,064 1,973,160 2,218,896 2,450,266 2,657,974 2,845,317 3,695,468 3,466,088 3,365,719 3,579,758 3,950,962 63,219 56,646 46,407 39,605 36,487 3,632,249 3,409,442 3,319,312 3,540,155 3,914,475 2002 - Sept......................6,255,406 Oct.......................6,309,253 Nov ......................6,370,323 Dec ......................6,432,982 2003 - Jan........................6,428,300 Feb.......................6,472,192 Mar....................... 6,487,656 Apr....................... 6,486,825 May ...................... 6,584,641 June ..................... 6,697,130 July ...................... 6,778,181 Aug ...................... 6,817,171 Sept......................6,810,343 57,278 56,228 54,095 51,480 50,186 50,608 50,550 50,160 49,362 49,068 50,933 50,940 50,550 6,198,129 6,253,026 6,316,229 6,381,504 6,378,115 6,421,585 6,437,106 6,436,664 6,535,278 6,648,062 6,727,249 6,766,231 6,759,792 2,675,648 2,696,538 2,694,624 2,758,322 2,764,927 2,763,503 2,749,997 2,758,077 2,782,056 2,853,842 2,848,868 2,842,735 2,859,381 17,673 17,053 15,180 13,840 12,937 13,266 13,453 13,293 12,430 12,672 14,437 14,415 14,064 2,657,974 2,679,486 2,679,444 2,744,482 2,751,989 2,750,238 2,736,545 2,744,784 2,769,626 2,841,170 2,834,431 2,828,320 2,845,317 3,579,758 3,612,715 3,675,699 3,674,660 3,663,373 3,708,689 3,737,659 3,728,748 3,802,585 3,843,288 3,929,313 3,974,436 3,950,962 39,605 39,175 38,914 37,640 37,249 37,342 37,097 36,867 36,932 36,396 36,495 36,525 36,487 3,540,155 3,573,540 3,636,785 3,637,022 3,626,125 3,671,347 3,700,562 3,691,881 3,765,653 3,806,892 3,892,818 3,937,911 3,914,475 FEDERAL DEBT 29 TABLE FD-2.—Debt Held by the Public* [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total public debt securities outstanding (1) Marketable Total (2) 2001............................... 3,339,310 2,915,225 2002............................... 3,553,180 2003............................... 3,924,090 2002 - Sept...................... Oct....................... Nonmarketable Total (7) Notes (4) Bonds (5) Inflation-indexed notes and bonds (6) 734,856 1,432,956 612,521 134,891 424,085 3,121,357 868,220 1,521,572 592,695 138,870 431,823 3,460,330 918,196 1,799,424 576,590 166,120 463,760 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 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 Bills (3) 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 Apr....................... 3,702,845 3,300,979 929,869 1,631,283 585,436 154,391 401,866 May ...................... 3,776,622 3,338,541 910,751 1,690,261 582,201 155,328 438,080 June ..................... 3,816,831 3,378,705 927,754 1,713,723 582,197 155,032 438,126 July ...................... 3,902,894 3,412,697 937,012 1,727,709 582,194 165,782 490,196 Aug ...................... 3,947,860 3,453,812 961,642 1,749,631 576,601 165,939 494,047 Sept...................... 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 Nonmarketable, con. End of fiscal year or month U.S. savings securities (8) Depositary compensation securities (9) Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) 2001............................... 2002............................... 2003............................... 186,464 193,312 201,561 14,991 18,269 12,519 11,007 39,488 47,605 53,463 146,364 144,286 148,366 29,995 29,995 29,995 3,505 4,107 4,377 2002 - Sept...................... Oct....................... Nov ...................... Dec ...................... 193,312 193,855 194,443 194,933 - 12,519 12,719 12,519 11,207 47,605 47,986 48,883 49,538 144,286 149,573 154,090 153,398 29,995 29,995 29,995 29,995 4,107 4,096 4,095 3,967 2003 - Jan........................ Feb....................... Mar....................... Apr....................... 195,813 196,424 196,930 197,721 - 11,207 11,607 12,207 12,207 50,604 18,982 2,720 12,079 148,574 149,561 148,826 145,741 29,995 29,995 29,995 29,995 3,966 3,965 4,030 4,122 May ...................... June ..................... July ...................... Aug ...................... 198,463 199,181 200,036 200,773 44,701 44,701 11,757 11,657 11,557 11,107 53,093 52,559 52,997 53,365 140,651 140,497 146,673 149,855 29,995 29,995 29,995 29,995 4,121 4,237 4,237 4,251 Sept...................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 * Effective June 2001, FMS revi sed procedures and categories in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” 30 FEDERAL DEBT TABLE FD-2.—Interest-Bearing Public Debt (Historical) [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Total interestbearing public debt (1) 1999............................... 2000............................... End of fiscal year or month Total (2) Treasury bills (3) Treasury notes (4) 5,647,241 3,232,998 653,165 1,828,775 5,622,092 2,992,752 616,174 1,611,326 Foreign series (10) 1999............................... 180,019 30,970 2,005,166 2000............................... 177,724 25,431 2,242,900 Note.—Detail may not add to totals due to rounding. Federal Financing Bank (7) Nonmarketable Total (8) 643,695 92,365 15,000 2,414,242 635,263 114,988 15,000 2,629,341 Nonmarketable, con. Government State and local account series government series (11) (12) U.S. savings securities (9) End of fiscal year or month Treasury inflation-indexed notes and bonds (6) Treasury bonds (5) Domestic series (13) Other (14) 168,091 29,995 1 153,288 29,996 1 FEDERAL DEBT 31 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust tration Fund (9) (10) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) 1999............................... 2,005,166 2000............................... 2,242,900 2001............................... 2,492,141 2002............................... 2,707,295 2003............................... 2,912,216 12,414 13,097 13,660 10,997 10,518 28,359 29,126 30,277 30,542 31,054 20,755 22,372 23,690 25,350 26,778 12,382 11,029 10,014 9,717 10,502 92,622 113,667 135,801 155,256 170,762 474,692 507,225 538,381 570,168 613,718 153,767 168,859 197,137 228,906 251,307 15,152 17,267 17,289 21,251 23,823 762,226 893,519 1,034,114 1,173,759 1,313,427 2002 - Sept...................... 2,707,295 Oct....................... 2,743,628 Nov ...................... 2,742,628 Dec....................... 2,806,946 2003 - Jan........................ 2,814,641 Feb....................... 2,780,528 Mar....................... 2,736,824 Apr....................... 2,754,240 May ...................... 2,819,235 June ..................... 2,905,466 July ...................... 2,900,910 Aug ...................... 2,895,158 Sept...................... 2,912,216 10,997 11,707 12,572 13,433 13,324 13,953 11,365 11,450 11,617 11,762 11,855 11,925 10,518 30,542 30,521 30,919 30,918 31,044 30,437 30,254 30,167 30,511 31,021 30,918 31,103 31,054 25,350 25,386 25,428 25,796 25,836 26,133 26,110 26,116 25,349 26,348 26,475 26,782 26,778 9,717 9,732 9,742 9,753 10,677 10,596 8,634 10,617 10,626 10,636 10,563 10,493 10,502 155,256 155,158 155,251 160,349 161,968 162,280 162,954 165,273 165,156 170,676 170,994 170,821 170,762 570,168 583,191 580,491 595,859 593,352 590,583 572,873 556,801 567,689 599,525 596,712 594,392 613,718 228,906 227,309 226,775 235,326 237,672 237,618 238,922 244,870 241,845 252,485 250,932 248,697 251,307 21,251 22,223 22,449 23,453 23,685 24,377 24,679 25,078 23,698 23,460 23,458 22,666 23,823 1,173,759 1,176,380 1,178,345 1,217,702 1,230,857 1,233,775 1,239,102 1,256,208 1,260,395 1,303,515 1,307,059 1,309,091 1,313,427 End of fiscal year or month End of fiscal year or month Total (1) Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (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) 1999............................... 2,304 2000............................... 2,508 2001............................... 2,650 2002............................... 2,800 2003............................... 2,963 26,528 45,075 41,978 38,804 24,849 28,083 31,023 24,115 18,840 13,578 11,954 11,804 11,639 11,465 11,246 1,086 1,430 2,651 22,347 22,628 24,983 23,383 503 71 62 - 77,357 86,399 88,638 68,265 48,188 264,153 266,154 297,775 316,362 356,349 2002 - Sept...................... 2,800 Oct....................... 2,857 Nov ...................... 2,859 Dec ...................... 2,897 2003 - Jan........................ 2,901 Feb....................... 2,911 Mar....................... 2,913 Apr....................... 2,936 May ...................... 2,944 June ..................... 2,946 July ...................... 2,956 Aug ...................... 2,962 Sept...................... 2,963 38,804 36,951 34,668 34,135 33,791 33,424 33,149 32,456 30,052 31,474 30,504 27,622 24,849 18,840 19,046 20,029 18,483 19,379 18,971 16,445 16,409 16,141 15,300 15,430 14,516 13,578 11,465 11,386 11,322 11,632 11,546 11,465 11,371 11,281 11,206 11,508 11,425 11,351 11,246 1,430 396 1,100 2,410 1,417 1,728 2,074 3,092 3,562 3,958 4,648 3,499 2,651 23,383 19,182 14,420 11,946 8,918 4,829 744 726 615 507 471 297 503 - 68,265 64,743 63,474 61,117 56,735 54,244 49,271 46,587 55,816 52,854 49,348 50,114 48,188 316,362 347,460 352,784 351,731 351,539 323,204 305,964 314,173 362,013 357,491 357,162 358,827 356,349 Note.—Detail may not add to totals due to rounding. 32 FEDERAL DEBT TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) 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 2003................................ 27,023 - 279 415 25,856 - 473 2002 - 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 Apr........................ 26,444 - 195 775 24,936 - 537 May ....................... 26,494 - 218 775 25,017 - 485 June...................... 27,009 - 227 775 25,522 - 486 July ....................... 26,986 - 247 775 25,478 - 487 Aug....................... 27,130 - 261 775 25,619 - 476 Sept ...................... 27,023 - 279 415 25,856 - 473 End of fiscal year or month Note.—Detail may not add to totals due to rounding. Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) FEDERAL DEBT 33 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (7) 1 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 - 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. Apr....................... 2,653,534 1,007,588 882,574 323,174 222,785 217,412 5 yrs. 2 mos. May ...................... 2,666,851 1,020,653 885,966 319,770 222,785 217,678 5 yrs. 3 mos. June ..................... 2,726,476 1,042,539 923,907 319,643 222,785 217,602 5 yrs. 1 mo. July ...................... 2,759,673 1,066,487 922,326 330,539 222,785 217,536 5 yrs. 1 mo. Aug ...................... 2,786,706 1,090,480 916,129 339,736 243,835 196,526 5 yrs. 1 mo. Sept...................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 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 . 34 FEDERAL DEBT TABLE FD-6.—Debt Subject to Statutory Limit* [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Public debt (5) Other debt (6) Securities not subject to limit (7) 222 5,807,463 222 75,099 6,161,147 283 6,228,236 283 67,089 6,737,553 6,737, 288 265 6,783,231 265 45,943 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 Apr............................... 6,400,000 6,399,975 6,399,798 177 6,460,381 177 60,582 May .............................. 7,384,000 6,498,658 6,498,459 199 6,558,147 199 59,688 June ............................. 7,384,000 6,625,519 6,625,311 208 6,670,121 208 44,810 July .............................. 7,384,000 6,704,814 6,704,585 228 6,751,195 228 46,609 Aug .............................. 7,384,000 6,743,775 6,743,528 247 6,790,041 247 46,513 Sept.............................. 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 Debt subject to limit Securities outstanding subject to limit Statutory debt limit (1) Total (2) Public debt (3) Other debt (4) 2001....................................... 5,950,000 5,732,587 5,732,365 2002....................................... 6,400,000 6,161,431 2003....................................... 7,384,000 2002 - Sept.............................. End of fiscal year or month 1 Consists of guaranteed debt issued by the Federal Housing Administration. 1 * Effective June 2001, FMS revised procedures and categories in this tabl e 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 Public debt (3) Non-interestInterest-bearing debt bearing debt subject to limitation subject to Public debt Other debt limitation (5) (6) (7) End of fiscal year or month Statutory debt limit (1) Total (2) 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. Other debt (4) 1 Note.—Detail may not add to totals due to rounding. FEDERAL DEBT 35 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture 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) 1999....................................... 2000....................................... 2001....................................... 2002....................................... 2003....................................... 182,988 191,596 203,200 213,555 224,472 32,625 27,323 28,817 25,074 24,858 13,837 14,690 15,128 16,312 15,291 8,506 9,413 10,168 10,780 11,497 261 305 336 417 379 761 729 970 906 1,321 2002 - Sept.............................. Oct............................... Nov .............................. Dec .............................. 2003 - Jan................................ Feb............................... Mar............................... Apr............................... May .............................. June ............................. July .............................. Aug .............................. Sept.............................. 213,555 234,282 239,224 226,347 230,867 232,548 218,620 217,442 219,665 236,329 242,365 244,697 224,472 25,074 28,574 32,437 19,643 22,530 23,548 22,794 22,140 22,694 23,929 24,405 25,359 24,858 16,312 16,082 16,082 16,082 15,677 16,208 16,561 16,564 16,564 16,567 16,567 17,247 15,291 10,780 10,780 10,780 10,780 10,780 10,780 11,799 11,799 11,799 11,799 11,799 11,947 11,497 417 417 417 417 417 437 437 448 448 448 448 510 379 906 906 906 906 754 754 754 754 754 1,266 1,266 1,266 1,321 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 1999....................................... 2000....................................... 2001....................................... 2002....................................... 2003....................................... 52,440 65,716 77,448 89,713 91,938 2,515 2,513 2,689 2,770 2,698 7,996 7,155 4,544 7,553 8,794 4,628 3,653 3,103 2,640 2,640 28,115 27,836 27,862 24,693 36,657 2002 - Sept.............................. Oct............................... Nov .............................. Dec .............................. 2003 - Jan............................... Feb .............................. Mar .............................. Apr............................... May .............................. June............................. July .............................. Aug.............................. Sept ............................. 89,713 94,070 94,070 94,066 101,378 101,378 101,378 98,656 98,656 98,656 103,525 103,525 91,938 2,770 2,820 2,820 2,860 2,800 2,800 2,800 2,905 2,905 2,905 3,003 2,988 2,698 7,553 7,553 8,053 8,053 8,053 8,053 8,053 8,553 9,353 9,353 9,353 9,353 8,794 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 24,693 37,238 37,572 37,172 36,147 35,948 20,425 20,381 20,954 37,475 37,634 37,532 36,657 36 FEDERAL DEBT TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 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 2003............................... 7,281 2,954 6,627 11,536 2002 - 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 Apr....................... 7,201 4,754 7,468 13,178 May ...................... 7,201 5,011 7,468 13,218 June ..................... 7,301 2,144 7,468 14,376 July ...................... 7,301 2,419 7,468 14,534 Aug ...................... 7,274 2,675 7,618 14,762 Sept...................... 7,281 2,954 6,627 11,536 End of fiscal year or month Note.—Detail may not add to totals due to rounding. 37 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 provides a maturity schedule of interest-bearing marketable Treasury notes and bonds. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks (FRBs), so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. Issues of cash management bills also are presented. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The FRBs tally into investor classes the tenders in each auction of marketable securities other than weekly auctions of 4-, 13-, and 26-week bills. TREASURY FINANCING: JULY-SEPTEMBER [Source: Bureau of t he Public Debt, Office of Financing] JULY Auction of 10-Year Inflation-Indexed Notes On July 7, 2003, Treasury announced it would auction $11,000 million of 10-year inflation-indexed notes to raise cash. The 10-year, 1-7/8 percent inflation-indexed notes of Series C-2013 were dated and issued July 15. They are due July 15, 2013, with interest payable on January 15 and July 15 until maturity. The notes of Series N-2005 were dated and issued on July 31. They are due July 31, 2005, with interest payable on January 31 and July 31 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 noon eastern daylight savings time (e.d.s.t.) for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on July 9. Tenders totaled $24,013 million; Treasury accepted $11,000 million at the high yield of 1.999 percent with an equivalent price of $98.881. Tenders at the high yield were allotted 85.08 percent. The median yield was 1.980 percent, and the low yield was 1.950 percent. Noncompetitive tenders totaled $440 million. Competitive tenders accepted from private investors totaled $10,560 million. The minimum par amount required for STRIPS of inflationindexed notes is $1,000. Treasury received tenders for the notes before 12 noon e.d.s.t for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on July 23. Tenders totaled $44,940 million; Treasury accepted $25,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.510 percent with the equivalent price of $99.980. Tenders at the high yield were allotted 1.86 percent. The median yield was 1.465 percent, and the low yield was 1.400 percent. Noncompetitive tenders totaled $731 million. Competitive tenders accepted from private investors totaled $24,269 million. In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $4,996 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of notes of Series N-2005 is $1,000. Auction of 2-Year Notes AUGUST On July 21, 2003, Treasury announced it would auction $25,000 million of 2-year notes of Series N-2005. The issue was to refund $11,007 million of securities maturing July 31 and to raise new cash of approximately $13,993 million. August Quarterly Financing On July 30, 2003, Treasury announced it would auction $24,000 million of 3-year notes of Series H-2006, $18,000 million of 5-year notes of Series G-2008 and $18,000 38 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JULY-SEPTEMBER, con. million of 10-year notes of Series D-2013. The issues were to refund $42,377 million of Treasury securities maturing August 15 and to raise about $16,309 million of new cash. February 15 and August 15 until maturity. Treasury set an interest rate of 4-1/4 percent after determining which tenders were accepted on a yield auction basis. The 3-year notes of Series H-2006 were dated August 15. They are due August 15, 2006, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 2-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 7. Tenders totaled $35,976 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.370 percent with an equivalent price of $99.036. Treasury accepted in full all competitive tenders at yields lower than 4.370 percent. Tenders at the high yield were allotted 82.62 percent. The median yield was 4.310 percent, and the low yield was 4.250 percent. Noncompetitive tenders totaled $240 million. Competitive tenders accepted from private investors totaled $17,760 million. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $2,515 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series D-2013 is $1,000. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 5. Tenders totaled $31,575 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.422 percent with an equivalent price of $99.865. Treasury accepted in full all competitive tenders at yields lower than 2.422 percent. Tenders at the high yield were allotted 65.84 percent. The median yield was 2.350 percent, and the low yield was 2.250 percent. Noncompetitive tenders totaled $278 million. Competitive tenders accepted from private investors totaled $23,722 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,907 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series H-2006 is $1,000. The 5-year notes of Series G-2008 were dated August 15. They are due August 15, 2008, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 3-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 6. Tenders totaled $44,711 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.300 percent with an equivalent price of $99.771. Treasury accepted in full all competitive tenders at yields lower than 3.300 percent. Tenders at the high yield were allotted 35.75 percent. The median yield was 3.278 percent, and the low yield was 3.200 percent. Noncompetitive tenders totaled $237 million. Competitive tenders accepted from private investors totaled $17,763 million. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $3,354 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series G-2008 is $1,000. The 10-year notes of Series D-2013 were dated August 15. They are due August 15, 2013, with interest payable on Auction of 2-Year Notes On August 25, 2003, Treasury announced it would auction $25,000 million of 2-year notes. The issue was to refund $13,075 million of securities maturing August 31 and to raise new cash of approximately $11,925 million. The notes of Series P-2005 were dated August 31 and issued September 2. They are due August 31, 2005, with interest payable on the last calendar day of February and August until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 27. Tenders totaled $43,142 million; Treasury accepted $25,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.040 percent with an equivalent price of $99.922. Treasury accepted in full all competitive tenders at yields lower than 2.040 percent. Tenders at the high yield were allotted 0.89 percent. The median yield was 1.998 percent, and the low yield was 1.950 percent. Noncompetitive tenders totaled $837 million. Competitive tenders accepted from private investors totaled $24,163 million. Accrued interest of $0.10989 per $1,000 must be paid for the period from August 31 to September 2. In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $5,590 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series P-2005 is $1,000. PUBLIC DEBT OPERATIONS 39 TREASURY FINANCING: JULY-SEPTEMBER, con. SEPTEMBER Cash Management Bills On August 28, 2003, Treasury announced it would auction $23,000 million of 12-day bills. They were issued September 3 and matured September 15. The issue was to raise new cash. Treasury auctioned the bills on September 2. Tenders totaled $57,214 million; Treasury accepted $23,000 million. The high bank discount rate was 0.980 percent. On September 8, Treasury announced it would auction $10,000 million of 4-day bills. They were issued September 11 and matured September 15. The issue was to raise new cash. Treasury auctioned the bills on September 10. Tenders totaled $44,389 million; Treasury accepted $10,000 million. The high bank discount rate was 0.940 percent. Auction of 5-Year Notes On September 8, 2003, Treasury announced it would auction $16,000 million of 5-year notes of Series H-2008. The issue was to raise new cash. The notes of Series H-2008 were dated and issued September 15. They are due September 15, 2008, with interest payable on March 15 and September 15 until maturity. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on September 10. Tenders totaled $39,477 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.230 percent with an equivalent price of $99.519. Treasury accepted in full all competitive tenders at yields lower than 3.230 percent. Tenders at the high yield were allotted 97.60 percent. The median yield was 3.210 percent, and the low yield was 3.150 percent. Noncompetitive tenders totaled $133 million. Competitive tenders accepted from private investors totaled $15,867 million. The minimum par amount required for STRIPS of notes of Series H-2008 is $1,000. Auction of 9-Year 11-Month 4-1/4 Percent Notes On September 8, 2003, Treasury announced it would auction $13,000 million of 9-year 11-month 4-1/4 percent notes of Series D-2013. The issue was to raise new cash. The notes of Series D-2013 were dated August 15 and issued September 15. They are due August 15, 2013, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on September 11. Tenders totaled $29,002 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.340 percent with an equivalent price of $99.275. Treasury accepted in full all competitive tenders at yields lower than 4.340 percent. Tenders at the high yield were allotted 63.42 percent. The median yield was 4.313 percent, and the low yield was 4.240 percent. Noncompetitive tenders totaled $65 million. Competitive tenders accepted from private investors totaled $12,935 million. The minimum par amount required fo r STRIPS of notes of Series D-2013 is $1,000. Auction of 2-Year Notes On September 22, 2003, Treasury announced it would auction $25,000 million of 2-year notes of Series Q-2005. The issue was to refund $16,140 million of securities maturing September 30 and to raise new cash of approximately $8,860 million. The notes of Series Q-2005 were dated and issued September 30. They are due September 30, 2005, with interest payable on March 31 and September 30 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.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on September 24. Tenders totaled $54,953 million; Treasury accepted $25,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.695 percent with an equivalent price of $99.863. Treasury accepted in full all competitive tenders at yields lower than 1.695 percent. Tenders at the high yield were allotted 78.20 percent. The median yield was 1.670 percent, and the low yield was 1.500 percent. Noncompetitive tenders totaled $763 million. Competitive tenders accepted from private investors totaled $24,237 million. In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $6,535 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Q-2005 is $1,000. 40 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 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] Date of final maturity Description (1) Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 2003 1 2-3/4%-V note Oct. 31............................................................. 10/31/01 Nov. 15, 03-08................................................... 8-3/4% bond 11/15/78 Nov. 15............................................................ 11-7/8% bond 10/05/83 1 4-1/4%-K note Nov. 15............................................................ 11/16/98 1 3%-W note Nov. 30............................................................ 11/30/01 1 3-1/4%-X note Dec. 31............................................................ 12/31/01 Total..................................... 25,148 5,230 7,260 18,626 26,171 29,667 112,101 6,368 1,908 2,531 1,989 6,201 7,498 26,494 18,780 3,322 4,729 16,637 19,970 22,169 85,607 2004 Jan. 31............................................................1 3%-J note 01/31/02 1 5-7/8%-A note Feb. 15............................................................ 02/15/94 1 4-3/4%-E note Feb. 15............................................................ 02/16/99 1 3%-K note Feb. 29............................................................ 02/28/02 1 Mar. 31............................................................ 3-5/8%-L note 04/01/02 1 3-3/8%-M note Apr. 30............................................................. 04/30/02 May 15, 04-09................................................... 9-1/8% bond 05/15/79 May 15............................................................ 12-3/8% bond 04/05/84 1 7-1/4%-B note May 15............................................................ 05/16/94 1 5-1/4%-F note May 15............................................................ 05/17/99 1 3-1/4%-N note May 31............................................................ 05/31/02 1 June 30............................................................ 2-7/8%-P note 07/31/02 1 July 31............................................................. 2-1/4%-Q note 07/31/02 Aug. 15............................................................ 13-3/4% bond 07/10/84 1 7-1/4%-C note Aug. 15............................................................ 08/15/94 Aug. 15............................................................1 6%-G note 08/16/99 1 2-1/8%-R note Aug. 31............................................................ 09/03/02 1 1-7/8%-S note Sept. 30........................................................... 09/30/02 1 2-1/8%-T note Oct. 31............................................................. 10/31/02 Nov. 15, 04-09................................................... 10-3/8% bond 11/15/79 1 Nov. 15............................................................ 11-5/8% bond 10/30/84 1 Nov. 15............................................................ 7-7/8%-D note 11/15/94 1 5-7/8%-H note Nov. 15............................................................ 11/15/99 Nov. 30............................................................1 2%-U note 12/02/02 1 1-3/4%-V note Dec. 31............................................................ 12/31/02 Total....................................... 30,776 12,955 17,823 31,746 32,874 32,655 4,606 3,755 14,440 18,925 33,297 34,050 33,250 4,000 13,346 18,090 34,541 34,656 32,440 4,201 8,302 14,374 32,658 32,871 33,203 563,835 6,226 1,134 2,605 8,008 8,334 8,333 1,470 925 3,582 2,721 6,298 7,531 6,662 942 1,939 2,034 7,607 7,652 5,435 1,076 2,026 3,532 4,888 5,879 6,983 113,821 24,549 11,821 15,218 23,738 24,540 24,322 3,136 2,830 10,858 16,205 26,999 26,519 26,588 3,059 11,408 16,056 26,935 27,003 27,005 3,125 6,276 10,841 27,770 26,992 26,221 450,014 2005 1 1-5/8%-G note 01/31/03 Jan. 31............................................................ 02/15/80 Feb. 15, 05-10................................................... 11-3/4% bond 1 7-1/2%-A note 02/15/95 Feb. 15............................................................ 1 1-1/2%-H note 02/28/03 Feb. 28............................................................ 1 1-5/8%-J note 03/31/03 Mar. 31............................................................ 1 1-5/8%-K note 04/30/03 Apr. 30............................................................. 05/15/80 May 15, 05-10................................................... 10% bond 04/02/85 May 15............................................................1 12% bond 1 6-1/2%-B note 05/15/95 May 15............................................................ 1 6-3/4%-E note 05/15/00 May 15............................................................ 1 1-1/4%-L note 06/02/03 May 31............................................................ 1 1-1/8%-M note 06/30/03 June 30............................................................ 1 1-1/2%-N note 07/31/03 July 31............................................................. 1 10-3/4% bond 07/02/85 Aug. 15............................................................ 1 6-1/2%-C note 08/15/95 Aug. 15............................................................ 09/02/03 Aug. 31............................................................1 2%-P note 1 1-5/8%-Q note 09/30/03 Sept. 30........................................................... 11/17/80 Nov. 15, 05-10................................................... 12-3/4% bond 1 5-7/8%-D note 11/24/95 Nov. 15............................................................ 1 5-3/4%-F note 11/15/00 Nov . 15............................................................ Total....................................... 33,837 2,315 13,835 35,332 35,211 34,295 2,987 4,261 14,740 28,562 31,021 31,701 29,997 9,270 15,003 30,592 31,539 4,081 15,210 28,063 431,853 7,722 858 3,074 8,343 8,216 7,293 1,177 941 2,241 6,566 6,028 6,700 4,996 2,185 2,229 5,590 6,535 1,261 2,133 4,293 88,381 26,115 1,457 10,761 26,989 26,995 27,002 1,811 3,319 12,499 21,996 24,993 25,001 25,001 7,085 12,773 25,002 25,004 2,821 13,077 23,770 343,472 See footnote at end of table. PUBLIC DEBT OPERATIONS 41 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular We ekly and 52-Week Treasury Bills Outstanding, Sept. 30, 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] Date of final maturity Description (1) Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 2006 1 9-3/8% bond Feb. 15............................................................ 01/15/86 1 5-5/8%-A note Feb. 15............................................................ 02/15/96 May 15, 06-11................................................... 13-7/8% bond 05/15/81 1 6-7/8%-B note May 15............................................................ 05/15/96 1 4-5/8%-E note May 15............................................................ 05/15/01 1 May 15............................................................ 2%-G note 05/15/03 July 15.............................................................1 7%-C note 07/15/96 1 2-3/8%-H note Aug. 15............................................................ 08/15/03 1 6-1/2%-D note Oct. 15............................................................. 10/15/96 Nov. 15, 06-11................................................... 14% bond 11/16/81 1 3-1/2%-F note Nov. 15............................................................ 11/15/01 Total....................................... 4,756 15,514 3,545 16,015 27,798 22,392 22,740 27,909 22,460 4,048 35,380 202,557 1,044 1,943 1,074 3,680 3,798 391 5,114 3,907 4,858 975 3,805 30,589 3,712 13,571 2,471 12,335 24,000 22,001 17,627 24,002 17,601 3,073 31,575 171,968 2007 1 3-3/8%-A note Jan. 15............................................................ 02/06/97 1 6-1/4%-B note Feb. 15............................................................ 02/18/97 1 6-5/8%-C note May 15............................................................ 05/15/97 1 4-3/8%-E note May 15............................................................ 05/15/02 1 6-1/8%-D note Aug. 15............................................................ 08/15/97 1 3-1/4%-F note Aug. 15............................................................ 08/15/02 Nov. 15............................................................1 3%-G note 11/15/02 Nov. 15, 07-12................................................... 10-3/8% bond 11/15/82 Total....................................... 18,290 13,104 13,958 24,351 25,637 25,411 23,311 10,126 154,188 1,765 1,254 2,754 2,464 5,082 3,406 1,308 2,033 20,064 16,525 11,850 11,205 21,888 20,555 22,005 22,003 8,093 134,124 2008 1 3-5/8%-A note Jan. 15............................................................ 01/15/98 1 5-1/2%-B note Feb. 15............................................................ 02/17/98 Feb. 15............................................................1 3%-E note 02/18/03 1 5-5/8%-C note May 15............................................................ 05/15/98 1 2-5/8%-F note May 15............................................................ 05/15/03 Aug. 15, 08-13................................................... 12% bond 08/15/83 1 3-1/4%-G note Aug. 15............................................................ 08/15/03 1 3-1/8%-H note Sept. 15........................................................... 09/15/03 1 4-3/4%-D note Nov. 15............................................................ 11/16/98 Total....................................... 19,136 13,583 27,489 27,191 33,338 11,917 21,357 16,002 25,083 195,098 2,089 1,890 3,484 5,380 336 3,041 3,354 3,448 23,021 17,047 11,693 24,005 21,811 33,003 8,876 18,004 16,002 21,635 172,077 2009 1 3-7/8%-A note Jan. 15............................................................ 01/15/99 May 15, 09-14................................................... 13-1/4% bond 05/15/84 1 5-1/2%-B note May 15............................................................ 05/17/99 Aug. 15, 09-14................................................... 12-1/2% bond 08/15/84 Aug. 15............................................................1 6%-C note 08/16/99 1 11-3/4% bond Nov. 15, 09-14................................................... 11/15/84 Total....................................... 17,831 4,481 14,795 4,388 27,400 5,015 73,910 2,168 869 2,625 906 4,934 1,195 12,697 15,664 3,611 12,170 3,482 22,466 3,820 61,213 2010 1 4-1/4%-A note Jan. 15............................................................ 01/18/00 1 6-1/2%-B note Feb. 15............................................................ 02/15/00 1 5-3/4%-C note Aug. 15............................................................ 08/15/00 Total....................................... 12,374 23,356 22,438 58,167 1,261 4,281 3,595 9,138 11,113 19,074 18,842 49,029 2011 1 3-1/2%-A note Jan. 15............................................................ 01/16/01 Feb. 15............................................................1 5%-B note 02/15/01 Aug. 15............................................................1 5%-C note 08/15/01 Total....................................... 11,623 23,436 26,635 61,695 255 3,583 3,206 7,043 11,369 19,853 23,430 54,652 See footnote at end of table 42 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 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] Date of final maturity Description (1) Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 2012 1 3-3/8%-A note Jan. 15............................................................ 01/15/02 1 4-7/8%-B note Feb. 15............................................................ 02/15/02 July 15............................................................. 1 3%-C note 07/15/02 1 4-3/8%-D note Aug. 15............................................................ 08/15/02 11/15/02 Nov. 15............................................................ 1 4%-E note Total....................................... 6,218 24,780 23,542 19,648 18,113 92,301 31 1,769 1,583 1,690 236 5,309 2013 1 3-7/8%-A note Feb. 15............................................................ 02/18/03 1 3-5/8%-B note May 15............................................................ 05/15/03 1 1-7/8%-C note July 15............................................................. 07/15/03 1 4-1/4%-D note Aug. 15............................................................ 08/15/03 Total....................................... 19,498 18,254 11,020 33,521 82,293 1,497 252 2,515 4,263 18,002 18,002 11,020 31,006 78,030 2015 1 11-1/4% bond Feb. 15............................................................ 02/15/85 1 10-5/8% bond Aug. 15............................................................ 08/15/85 1 9-7/8% bond Nov. 15............................................................ 11/29/85 Total....................................... 10,520 4,024 5,585 20,129 1,846 1,167 1,007 4,020 8,675 2,857 4,578 16,109 2016 1 9-1/4% bond Feb. 15............................................................ 02/18/86 1 7-1/4% bond May 15............................................................ 05/15/86 1 7-1/2% bond Nov. 15............................................................ 11/17/86 Total....................................... 5,432 18,824 18,787 43,043 1,037 1,099 1,831 3,967 4,395 17,724 16,956 39,076 2017 1 8-3/4% bond May 15............................................................ 05/15/87 1 8-7/8% bond Aug. 15............................................................ 08/17/87 Total....................................... 15,559 10,968 26,528 2,755 2,058 4,813 12,804 8,910 21,715 2018 1 9-1/8% bond May 15............................................................ 05/16/88 Nov. 15............................................................ 1 9% bond 11/22/88 Total....................................... 6,717 7,174 13,892 1,240 1,053 2,293 5,478 6,121 11,599 2019 1 8-7/8% bond Feb. 15............................................................ 02/15/89 1 8-1/8% bond Aug. 15............................................................ 08/15/89 Total....................................... 13,090 18,941 32,031 2,373 2,731 5,104 10,717 16,210 26,927 2020 1 8-1/2% bond Feb. 15............................................................ 02/15/90 1 8-3/4% bond May 15............................................................ 05/15/90 1 8-3/4% bond Aug. 15............................................................ 08/15/90 Total....................................... 9,476 7,582 17,059 34,118 1,486 1,502 2,629 5,617 7,990 6,081 14,430 28,501 2021 1 7-7/8% bond Feb. 15............................................................ 02/15/91 1 8-1/8% bond May 15............................................................ 05/15/91 1 Aug. 15............................................................8-1/8% bond 08/15/91 Nov. 15............................................................ 1 8% bond 11/15/91 Total....................................... 10,076 10,067 9,506 30,632 60,281 1,530 1,618 1,658 4,286 9,091 8,546 8,449 7,848 26,346 51,190 2022 1 7-1/4% bond Aug. 15............................................................ 08/17/92 1 7-5/8% bond Nov. 15............................................................ 11/16/92 Total....................................... 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 See footnote at end of table. 6,187 23,011 21,959 17,958 17,877 86,992 PUBLIC DEBT OPERATIONS 43 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 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] Date of final maturity Description (1) Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 2023 02/16/93 Feb. 15............................................................1 7-1/8% bond 08/16/93 Aug. 15............................................................1 6-1/4% bond Total....................................... 15,782 22,659 38,441 2,636 1,610 4,245 13,147 21,050 34,196 2024 08/15/94 Nov. 15............................................................1 7-1/2% bond Total....................................... 9,604 9,604 1,615 1,615 7,989 7,989 2025 1 7-5/8% bond Feb. 15............................................................ 02/15/95 1 6-7/8% bond Aug. 15............................................................ 08/15/95 Total....................................... 9,509 11,187 20,696 1,594 1,800 3,393 7,916 9,388 17,303 2026 Feb. 15............................................................ 1 6% bond 02/15/96 1 6-3/4% bond Aug. 15............................................................ 08/15/96 1 6-1/2% bond Nov. 15............................................................ 11/15/96 Total....................................... 12,838 8,810 10,860 32,509 1,164 1,614 1,724 4,502 11,674 7,196 9,136 28,007 2027 1 6-5/8% bond Feb. 15............................................................ 02/18/97 1 6-3/8% bond Aug. 15............................................................ 08/15/97 1 6-1/8% bond Nov. 15............................................................ 11/17/97 Total....................................... 9,522 9,197 22,021 40,740 1,485 1,640 3,349 6,473 8,037 7,557 18,673 34,267 2028 1 3-5/8% bond Apr. 15............................................................. 04/15/98 1 5-1/2% bond Aug. 15............................................................ 08/17/98 1 5-1/4% bond Nov. 15............................................................ 11/16/98 Total....................................... 19,082 11,776 10,947 41,806 2,829 1,772 1,611 6,212 16,253 10,004 9,336 35,594 2029 1 5-1/4% bond Feb. 15............................................................ 02/16/99 1 3-7/8% bond Apr. 15............................................................. 04/15/99 1 6-1/8% bond Aug. 15............................................................ 08/16/99 Total....................................... 11,350 21,810 11,179 44,339 1,670 2,774 1,670 6,114 9,680 19,035 9,509 38,224 2030 1 6-1/4% bond May 15............................................................ 02/15/00 Total....................................... 17,043 17,043 1,894 1,894 15,149 15,149 2031 1 5-3/8% bond Feb. 15............................................................ 02/15/01 Total....................................... 16,428 16,428 1,423 1,423 15,005 15,005 2032 1 3-3/8% bond Apr. 15............................................................. 10/15/01 Total....................................... 5,193 5,193 234 234 4,959 4,959 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” 44 PUBLIC DEBT OPERATIONS TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Number Amount of days to of bids Maturity date maturity 1 tendered (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (4) (5) (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 - July 3................................ 2003 - July 31 Oct. 2 28 91 44,391.6 38,161.4 19,427.1 22,313.8 16,963.2 15,460.9 37.2 1,389.1 99.933 99.776 0.860 0.885 0.876 0.903 2004 - Jan. 2 July 10................................ 2003 - Aug. 7 Oct. 9 2004 - Jan. 8 183 28 91 182 35,641.5 38,431.1 38,792.1 41,843.1 24,286.2 18,825.8 22,511.0 24,056.7 16,687.5 16,956.4 15,283.9 17,032.8 1,037.6 43.9 1,508.1 942.6 99.517 99.931 99.775 99.525 0.950 0.890 0.890 0.940 0.971 0.903 0.907 0.960 July 17................................ 2003 - Aug. 14 Oct. 16 2004 - Jan. 15 July 24................................ 2003 - Aug. 21 28 91 182 28 22,133.3 40,924.3 35,287.3 31,609.3 10,224.2 21,219.0 24,240.8 12,717.7 7,853.1 14,241.1 16,813.5 9,957.3 47.0 1,440.3 1,136.9 42.8 99.935 99.778 99.530 99.932 0.840 0.880 0.930 0.870 0.850 0.895 0.950 0.889 Oct. 23 2004 - Jan. 22 July 31................................ 2003 - Aug. 28 Oct. 30 2004 - Jan. 29 91 182 28 91 182 33,846.8 37,032.5 46,379.7 36,422.0 41,394.3 19,802.7 23,072.1 22,642.9 21,256.0 22,950.5 13,302.6 15,978.9 19,957.2 13,968.6 15,217.4 1,417.4 921.2 42.9 1,519.3 1,157.5 99.774 99.520 99.925 99.761 99.505 0.895 0.950 0.970 0.945 0.980 0.911 0.970 0.981 0.964 1.000 Aug. 7................................ 2003 - Sept. 4 Nov . 6 2004 - Feb. 5 Aug. 14................................ 2003 - Sept. 11 28 91 182 28 47,891.7 41,586.2 34,493.0 39,655.7 19,832.1 20,953.9 22,936.9 17,964.6 16,965.6 14,279.6 15,699.7 14,956.6 34.8 1,551.1 975.4 43.6 99.929 99.761 99.482 99.929 0.915 0.945 1.025 0.910 0.929 0.964 1.047 0.929 Nov . 13 2004 - Feb. 12 Aug. 21................................ 2003 - Sept. 18 Nov . 20 91 182 28 91 41,394.7 32,194.0 49,149.7 36,774.9 20,986.6 21,530.1 21,106.2 21,475.9 14,158.6 14,696.2 17,956.4 14,370.7 1,496.7 1,153.9 43.8 1,389.5 99.762 99.479 99.927 99.761 0.940 1.030 0.945 0.945 0.960 1.053 0.955 0.964 2004 - Feb. 19 Aug. 28................................ 2003 - Sept. 25 Nov . 28 2004 - Feb. 26 182 28 92 182 35,387.7 53,216.8 38,494.3 38,007.1 21,721.4 29,286.1 21,570.5 21,736.2 14,834.1 25,959.5 14,131.4 14,074.3 916.3 40.7 1,483.0 1,351.5 99.477 99.923 99.750 99.474 1.035 0.985 0.980 1.040 1.057 1.007 0.997 1.063 Sept. 4................................ 2003 - Oct. 2 Dec. 4 2004 - Mar. 4 Sept. 11................................ 2003 - Oct. 9 28 91 182 28 43,185.9 42,763.7 40,892.8 42,857.0 20,451.7 21,695.4 21,777.3 15,059.6 16,957.8 14,353.0 14,939.1 10,960.5 42.3 1,422.3 910.9 39.8 99.926 99.755 99.474 99.929 0.950 0.970 1.040 0.915 0.968 0.988 1.063 0.929 Dec. 11 2004 - Mar. 11 Sept. 18................................ 2003 - Oct. 16 Dec. 18 91 182 28 91 38,550.0 42,666.0 32,403.5 38,929.2 20,565.4 20,460.8 13,393.7 19,727.1 13,455.4 13,753.4 8,956.7 12,424.8 1,419.7 1,071.6 43.4 1,450.5 99.764 99.489 99.932 99.765 0.935 1.010 0.870 0.930 0.951 1.033 0.889 0.947 2004 - Mar. 18 Sept. 25................................ 2003 - Oct. 23 Dec. 26 2004 - Mar. 25 182 28 92 182 32,407.2 38,397.4 40,742.8 38,675.0 19,351.2 15,703.3 20,962.2 20,690.4 12,939.5 11,965.5 13,376.5 13,742.5 910.8 35.1 1,380.2 1,082.9 99.497 99.933 99.761 99.489 0.995 0.860 0.935 1.010 1.017 0.876 0.953 1.033 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. PUBLIC DEBT OPERATIONS 45 TABLE PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) Description of securities 1 (2) 10/09/02 10/23/02 11/05/02 11/06/02 11/27/02 12/09/02 12/23/02 01/08/03 01/29/03 02/11/03 02/12/03 02/26/03 02/27/03 03/26/03 04/02/03 04/08/03 04/23/03 05/06/03 05/07/03 05/07/03 05/08/03 05/12/03 05/20/03 05/27/03 05/29/03 06/02/03 06/04/03 06/11/03 06/25/03 07/09/03 07/23/03 08/05/03 08/06/03 08/07/03 08/27/03 09/02/03 09/10/03 09/10/03 09/11/03 09/24/03 10/15/02 10/31/02 11/15/02 11/15/02 12/02/02 12/10/02 12/31/02 01/15/03 01/31/03 02/18/03 02/18/03 02/28/03 03/03/03 03/31/03 04/03/03 04/09/03 04/30/03 05/15/03 05/08/03 05/15/03 05/15/03 05/13/03 05/21/03 05/28/03 06/02/03 06/03/03 06/05/03 06/16/03 06/30/03 07/15/03 07/31/03 08/15/03 08/15/03 08/15/03 09/02/03 09/03/03 09/11/03 09/15/03 09/15/03 09/30/03 3% note—07/15/12-C 2-1/8% note—10/31/04-T 3% note—11/15/07-G 4% note—11/15/12-E 2% note—11/30/04-U 1.235% bill—12/16/02 1-3/4% note—12/31/04-V 3% note—07/15/12-C 1-5/8% note—01/31/05-G 3% note—02/15/08-E 3-7/8% note—02/15/13-A 1-1/2% note—02/28/05-H 1.24% bill—03/17/03 1-5/8% note—03/31/05-J 1.180% bill—04/15/03 1.200% bill—04/15/03 1-5/8% note—04/30/05-K 2% note—05/15/06-G 1.145% bill—05/13/03 2-5/8% note—05/15/08-F 3-5/8% note—05/15/13-B 1.175% bill—05/15/03 1.150% bill—05/27/03 1.160% bill—06/13/03 1-1/4% note—05/31/05-L 1.175% bill—06/5/03 1.170% bill—06/13/03 2-5/8% note—5/15/08-F 1-1/8% note—06/ 30/05-M 1-7/8% note—07/15/13-C 1-1/2% note—07/31/05-N 2-3/8% note—08/15/06-H 3-1/4% note—08/15/08-G 4-1/4% note—08/15/13-D 2% note—08/31/05-P 0.980% bill—09/15/03 0.940% bill—09/15/03 3-1/8% note—09/15/08-H 4-1/4% note—08/15/13-D 1-5/8% note—09/30/05-Q 1 Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) 9y 2y 5y 10y 2y 9,494 51,167 44,424 34,293 53,660 47,119 57,198 13,300 46,750 37,646 34,758 62,214 61,265 57,907 51,734 28,985 65,583 43,560 38,405 38,014 22,179 54,445 20,270 17,830 50,373 56,470 52,225 27,135 52,780 24,013 49,936 35,482 48,065 38,491 48,731 57,214 44,389 39,477 29,002 61,488 7,000 32,435 23,308 18,111 32,864 13,001 33,195 6,000 33,834 27,484 19,497 35,333 26,000 35,211 20,000 8,000 34,293 22,391 10,000 18,336 18,252 15,000 4,000 4,000 31,020 24,003 18,000 15,000 31,700 11,000 29,996 27,907 21,354 20,515 30,590 23,000 10,000 16,000 13,000 31,535 9m 6d 2y 9y 2y 5y 10y 2y 6m 14d 2y 12d 6d 2y 3y 5d 5y 10y 2d 6d 16d 2y 2d 8d 4y 11m 2y 10y 2y 3y 5y 10y 2y 12d 4d 5y 9y 2y 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. 11m Accepted yield and equivalent price for notes and bonds (6) 2.260 - 106.777 2.140 - 99.971 3.030 - 99.862 4.095 - 99.227 2.120 - 99.767 1.820 - 99.863 2.340 - 106.474 1.710 - 99.834 3.029 - 99.866 3.960 - 99.304 1.575 - 99.853 1.692 - 99.869 1.704 - 99.845 2.009 - 99.974 2.680 - 99.744 3.700 - 99.378 1.305 - 99.892 2.100 - 102.437 1.179 - 99.894 1.999 - 98.881 1.510 - 99.980 2.422 - 99.865 3.300 - 99.771 4.370 - 99.036 2.040 - 99.922 3.230 - 99.519 4.340 - 99.275 1.695 - 99.863 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 ar e amounts tendered and awarded on auction day. 46 PUBLIC DEBT OPERATIONS TABLE PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Issue Date Coupon rate (1) Security type (2) 01/15/02 01/31/02 02/15/02 02/15/02 02/28/02 04/01/02 04/30/02 05/15/02 05/15/02 05/31/02 07/01/02 07/15/02 07/31/02 08/15/02 08/15/02 09/03/02 09/30/02 10/15/02 10/31/02 11/15/02 11/15/02 12/02/02 12/31/02 01/15/03 01/31/03 02/18/03 02/18/03 02/28/03 03/31/03 04/30/03 05/15/03 05/15/03 05/15/03 06/02/03 06/16/03 06/30/03 07/15/03 07/31/03 08/15/03 08/15/03 08/15/03 09/02/03 09/15/03 09/15/03 09/30/03 10/15/03 10/15/03 3-3/8% 3% 3 1/2% 4-7/8% 3% 3-5/8% 3-3/8% 4-3/8% 4-7/8% 3-1/4% 2-7/8% 3% 2-1/4% 3-1/4% 4-3/8% 2-1/8% 1-7/8% 3% 2-1/8% 3% 4% 2% 1-3/4% 3% 1-5/8% 3% 3-7/8% 1-1/2% 1-5/8% 1-5/8% 2% 2-5/8% 3-5/8% 1-1/4% 2-5/8% 1-1/8% 1-7/8% 1-1/2% 4-1/4% 3-1/4% 2-3/8% 2% 3-1/8% 4-1/4% 1-5/8% 3-1/8% 1-7/8% IIS note note note note note note note note note note note IIS note note note note note note IIS note note note note note note IIS note note note note note note note note note note note note note IIS note note note note note note note note note note IIS note 1 2 3 SeSeries quence code number (3) (4) A J F B K L M E B N P C Q F D R S C T G E U V C G E A H J K G F B L F M C N D G H P H D Q J C 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 Depository institutions include banks. Includes partnerships and personal trust accounts. Residual. Maturity date (5) 01/15/12 01/31/04 11/15/06 02/15/12 02/29/04 03/31/04 04/30/04 05/15/07 02/15/12 05/31/04 06/30/04 07/15/12 07/31/04 08/15/07 08/15/12 08/31/04 09/30/04 07/15/12 10/31/04 11/15/07 11/15/12 11/30/04 12/31/04 07/15/12 01/31/05 02/15/08 02/15/13 02/28/05 03/31/05 04/30/05 05/15/06 05/15/08 05/15/13 05/31/05 05/15/08 06/30/05 07/15/13 07/31/05 08/15/13 08/15/08 08/15/06 08/31/05 09/15/08 08/15/13 09/30/05 10/15/08 07/15/13 Federal Total Reserve issue Banks (6) (7) 6,004 30,776 16,579 13,389 31,746 32,874 32,655 24,351 11,391 33,297 34,050 10,015 33,250 25,411 19,648 34,541 34,656 6,999 32,440 23,311 18,113 32,871 33,203 6,004 33,837 27,489 19,498 35,332 35,211 34,295 22,392 18,339 18,254 31,021 15,000 31,701 11,007 29,997 20,521 21,357 27,909 30,592 16,002 13,000 31,539 15,996 9,002 5,766 944 753 6,735 7,873 7,648 2,341 391 6,298 7,046 1,010 6,237 3,396 1,645 7,537 7,652 5,435 1,308 111 5,864 6,195 6,834 3,484 1,497 8,333 8,211 7,293 391 336 252 6,020 6,700 4,996 2,515 3,354 3,907 5,590 6,535 - Depository institutions 1 (8) 17 75 13 13 171 175 87 19 6 83 307 4 43 14 351 53 51 1 30 11 755 65 176 5 61 113 2 37 35 58 50 0.3 77 46 100 20 55 8 15 51 69 6 47 7 5 Private pension and Dealers retireIndividand ment uals 2 brokers funds (9) (11) (10) Investment funds (12) 535 1,065 235 187 1,271 1,394 1,283 501 145 1,527 1,114 659 1,515 441 192 1,093 915 221 2,225 204 110 734 4,391 196 835 1,963 134 773 901 2 796 163 141 845 48 800 542 677 230 228 255 812 138 76 715 94 307 2,524 976 900 2,617 619 1,709 269 1,879 1,545 2,102 945 2,166 1,885 658 1,499 2,225 308 1,536 74 835 1,590 222 451 1,638 532 799 5,080 551 6,603 6,000 1,768 2,788 2,346 806 1,234 153 3,250 109 1,778 1,532 806 742 660 2,070 397 3,540 3,121 2,565 18,830 13,130 8,122 19,705 17,800 18,784 15,287 8,023 19,066 23,674 5,992 19,019 14,239 13,355 19,014 18,437 5,153 17,402 16,499 13,443 20,619 16,783 3,221 17,003 16,861 9,864 18,279 12,675 12,395 15,609 11,902 12,392 14,479 12,881 15,414 4,925 15,453 12,366 12,055 19,505 17,518 12,137 9,910 15,458 8,000 5,517 5 1 5 116 1 1 3 1 2 1 15 1 3 4 1 16 1 3 40 1 50 0.02 4 2 1 1 2 0.1 3 201 7 1 1 1 1 1 2 7 Insurance companies (13) 2 1 2 55 41 1 2 4 1 1 3 3 0.4 1 2 1 3 3 7 1 6 - Foreign and international (14) Other 3 (15) 355 4,030 1,340 1,580 2,867 3,675 4,345 2,636 579 4,155 709 40 4,531 6,658 2,187 4,590 7,274 56 6,235 3,000 2,103 4,558 4,215 759 7,208 3,603 2,313 6,670 5,430 7,274 3,261 3,098 2,784 7,841 542 7,270 2,042 7,737 3,575 4,051 3,010 4,293 3,060 775 7,089 4,345 34 3 33 9 2 377 243 180 1,688 700 24 254 130 19 4 416 26 16 15 1,037 1,454 1 805 989 143 1,361 616 610 683 1,355 1,332 508 1 339 948 249 1,261 23 959 48 122 375 1,560 169 1,290 10 11 47 INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since July 1, 1980, and series I bonds, on sale since September 1, 1998, are the savings bonds currently being sold. Series HH bonds are issued in exchange for series E and EE savings bonds and savings notes. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and in the Annual Report of the Secretary of the Treasury for fiscal 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Sept. 30, 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] Sales 1 (1) Accrued discount (2) 3,949 1,054 5,003 5,002 - 1 Series E, EE, H, and HH.......................... 853,568 235,291 1,088,859 391,806 272,301 8,832 Series I.................................................. 16,217 860 17,077 816 19,373 - 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.......................................... 862 714 1,576 1,331 - 101 Total. .................................................. 906,548 239,242 1,145,790 432,225 291,674 8,937 Series Sales plus accrued discount (3) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) Redemptions 1 (4) Savings bonds: Series A-D 2............................................ 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.” 48 U.S. SAVINGS BONDS AND NOTES TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting ] Redemptions Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Period Fiscal years: 1935-99........................... 393,247 2000................................ 5,645 2001................................ 8,047 2002................................ 12,542 Accrued discount (2) Sales plus accrued discount (3) Total (4) Sales price (5) 209,905 6,940 8,381 7,719 603,152 12,585 16,428 20,261 396,116 14,511 13,846 12,494 310,167 7,050 6,480 5,487 85,949 7,461 7,366 7,007 166,529 177,659 179,515 185,495 6,169 6,544 6,751 7,638 Calendar years: 1935-99........................... 403,133 2000................................ 6,732 2001................................ 11,557 2002................................ 6,680 233,253 8,333 8,289 5,147 636,386 15,065 19,846 11,827 438,200 16,433 13,509 8,735 323,106 7,959 6,223 3,769 115,094 8,474 7,286 4,966 179,277 176,802 181,416 185,199 7,005 7,794 8,780 7,713 592 725 545 587 691 608 565 699 508 549 655 593 551 1,194 1,568 1,483 1,625 2,294 1,560 1,523 1,850 1,742 1,764 2,016 1,844 1,783 925 978 851 1,093 1,252 896 970 1,012 952 994 1,102 1,034 923 427 432 385 511 553 406 395 435 422 456 509 477 420 498 546 466 582 699 490 575 577 530 538 593 557 503 185,495 186,078 186,739 184,698 185,863 186,604 187,271 188,204 189,062 189,887 190,849 191,685 192,563 7,638 7,599 7,527 10,058 9,776 9,647 9,487 9,346 9,231 9,124 9,019 8,921 8,832 Sales (1) 2002 - Sept....................... Oct........................ Nov ....................... Dec ....................... 2003 - Jan........................ Feb ....................... Mar ....................... Apr........................ May ....................... June...................... July ....................... Aug....................... Sept ...................... 602 843 938 1,038 1,603 952 958 1,151 1,234 1,215 1,361 1,251 1,232 1 Accrued discount 1 (6) 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: “Monthl y Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Accrued discount (6) 251,535 5,853 5,330 4,197 97,680 5,308 7,492 6,990 22,687 924 1,160 1,470 166,529 162,749 161,044 160,038 6,169 6,525 6,710 7,588 364,898 12,951 12,349 7,802 261,664 6,631 5,012 2,074 103,234 6,320 7,337 5,728 25,019 663 1,234 922 165,702 161,386 159,365 159,922 6,983 7,739 6,710 7,661 812 855 743 983 1,228 781 857 891 840 873 966 911 806 207 310 278 403 421 293 283 316 311 338 375 354 304 605 545 465 580 807 488 574 575 529 535 591 557 502 120 138 124 138 216 116 103 93 78 87 91 79 74 160,038 160,361 160,575 158,083 158,199 158,354 158,466 158,786 158,676 158,651 158,632 158,554 158,536 7,588 7,503 7,440 9,948 9,677 9,555 9,400 9,264 9,151 9,047 8,945 8,848 8,761 Accrued discount (2) Fiscal years: 1941-99............... 349,885 2000................... 3,848 2001................... 4,307 2002................... 5,689 206,201 6,899 8,271 7,227 556,086 10,747 12,578 12,916 349,215 11,161 12,822 11,187 Calendar years: 1941-99............... 352,457 2000................... 4,396 2001................... 4,591 2002................... 3,600 220,382 8,262 8,064 4,787 572,839 12,658 12,655 8,387 543 667 501 544 650 573 526 656 459 496 597 526 478 975 1,221 1,017 1,137 1,289 930 918 1,166 696 832 936 815 774 Period 2002 - Sept.......... Oct........... Nov .......... Dec .......... 2003 - Jan............ Feb........... Mar........... Apr........... May .......... June ......... July .......... Aug .......... Sept.......... See note at end of table. Sales (1) 432 554 516 593 639 357 392 510 237 336 339 289 296 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (8) (9) Exchange of E bonds for H and HH bonds (7) Redemptions Sales plus accrued discount (3) Total Sales price (4) (5) Series E and EE U.S. SAVINGS BONDS AND NOTES 49 TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Accrued discount (6) 23,585 1,154 1,023 921 - 22,595 924 1,160 1,470 12,813 12,759 12,815 13,361 19 20 41 50 24,039 2,291 1,053 644 24,039 2,291 1,053 644 - 23,629 1,052 1,225 1,060 12,869 12,704 12,860 13,307 22 56 85 51 67 77 68 67 88 77 73 88 77 87 91 79 74 67 77 68 67 88 77 73 88 77 87 91 79 74 - 120 138 124 138 216 116 103 92 78 87 91 79 74 13,361 13,380 13,447 13,496 13,630 13,667 13,699 13,718 13,731 13,750 13,759 13,759 13,765 50 96 87 110 99 93 87 82 80 77 74 73 71 Accrued discount (2) Fiscal years: 1952-99........................... 13,805 2000............................... 165 2001............................... 101 2002...............................47 - 13,805 165 101 47 23,585 1,154 1,023 921 Calendar years: 1952-99........................... 13,654 2000............................... 106 2001...............................47 2002...............................33 - 13,654 106 47 33 2002 - Sept...................... 1 Oct....................... 3 Nov ...................... 3 Dec ...................... 1 2003 - Jan........................ 5 Feb....................... 9 Mar....................... 4 Apr....................... 3 May ...................... 1 June ..................... 1 July ...................... 1 Aug ...................... 1 Sept...................... 1 - 1 3 3 1 5 9 4 3 1 1 1 1 1 Period Sales (1) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (8) (9) Exchange of E bonds for H and HH bonds (7) Redemptions Sales plus accrued discount (3) Total Sales price (4) (5) Series H and HH Series I Fiscal years: 1999-00........................... 1,730 2001............................... 3,633 2002............................... 6,806 41 195 490 1,771 3,828 7,295 49 131 366 49 131 366 - - 2,152 5,656 12,096 - Calendar years: 1999............................... 685 2000............................... 1,898 2001............................... 6,543 2002............................... 3,045 1 70 243 362 685 1,968 6,786 3,407 14 61 165 269 14 61 165 269 - - 469 2,712 9,192 11,969 - 2002 - Sept...................... 170 Oct....................... 286 Nov ...................... 419 Dec ...................... 443 2003 - Jan........................ 959 Feb....................... 585 Mar....................... 562 Apr. ...................... 639 May ...................... 997 June ..................... 878 July ...................... 1,021 Aug ...................... 959 Sept...................... 934 49 47 44 43 41 35 39 42 49 53 58 67 72 219 333 463 486 1,000 620 601 681 1,046 931 1,079 1,026 1,006 44 45 39 41 45 36 39 45 41 47 51 44 45 44 45 39 41 45 36 39 45 41 47 51 44 45 - - 12,096 12,337 12,717 13,120 14,034 14,583 15,106 15,700 16,655 17,487 18,457 19,373 20,262 - Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. 50 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in this table to agree with the Bureau of the Public Debt’s publication changes. • Table OFS -1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS -2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 51 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues* [In millions of dollars. Source: Financial Management Service] Public debt securities Held by U.S. Government accounts 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 2002................................................................ 6,255,406 5,807,463 6,228,236 2,468,757 2,675,648 460 311 2,468,297 2,675,336 559,636 628,414 2003................................................................ 6,810,343 6,783,320 2,859,381 311 2,859,070 670,306 2002 - Sept................................ Oct................................ Nov ................................ 6,255,406 6,309,253 6,370,323 6,228,236 6,282,528 6,343,460 2,675,648 2,696,538 2,694,624 311 311 311 2,675,336 2,696,227 2,694,313 628,414 628,457 628,730 Dec ................................ 2003 - Jan................................ Feb................................ Mar................................ 6,432,982 6,428,300 6,472,192 6,487,656 6,405,707 6,401,377 6,445,790 6,460,776 2,758,322 2,764,927 2,763,503 2,749,997 311 311 311 311 2,758,011 2,764,616 2,763,192 2,749,686 629,406 628,154 635,688 640,151 Apr ................................ May ................................ June................................ July................................ 6,486,825 6,584,641 6,697,131 6,778,181 6,460,381 6,558,147 6,670,121 6,751,195 2,758,077 2,782,056 2,853,842 2,848,868 311 311 311 311 2,757,766 2,781,745 2,853,531 2,848,557 r 645,850 r 643,590 r 650,642 651,450 Aug................................ Sept................................ 6,817,171 6,810,343 6,790,041 6,783,320 2,842,735 2,859,381 311 311 2,842,424 2,859,070 652,431 654,593 End of fiscal year or month 1 Public debt securities, con. Held by private investors End of fiscal year or month Total (7) Marketable (8) 2001................................................................ 2002................................................................ 2,779,070 2,924,175 2,370,630 2,507,997 408,441 416,178 27,011 27,170 27,011 27,170 2003................................................................ 3,253,544 2,790,101 463,443 27,023 27,023 2002 - Sept.......................................................... 2,924,175 Oct........................................................... 2,957,533 2,507,997 2,519,895 416,178 437,638 27,170 26,725 27,170 26,725 Nov .......................................................... Dec .......................................................... 2003 - Jan............................................................ Feb........................................................... 3,020,106 3,017,979 3,008,296 3,046,599 2,576,649 2,575,545 2,568,715 2,637,711 443,458 442,435 439,581 408,888 26,863 27,275 26,923 26,402 26,863 27,275 26,923 26,402 Mar........................................................... Apr........................................................... May .......................................................... June ......................................................... July .......................................................... 3,070,628 r 3,056,454 r 3,132,501 r 3,165,637 3,250,877 2,691,501 r 2,670,194 r 2,710,024 r 2,728,136 2,761,325 379,127 386,260 422,477 437,502 489,552 26,880 26,444 26,494 27,009 26,986 26,880 26,444 26,494 27,009 26,986 Aug .......................................................... 3,294,875 Sept.......................................................... 3,269,257 2,801,459 2,805,814 493,416 463,443 27,130 27,023 27,130 27,023 * 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.” 1 Nonmarketable (9) Agency securities Held by Total private investors outstanding (11) (10) Totals for “Intragovernmental Holdings” and "Total Treasury Securities Outstanding" do not agree with the Daily Treasury Statement (DTS) or the Monthly Statement of the Public Debt (MSPD) dated September 30, 2003, due to an adjustment of $89 million reported by the Bureau of Public Debt after the publication of the DTS and the MSPD. 52 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) [In millions of dollars. Source: Financial Management Service] Interest-bearing public debt securities Held by U.S. Government accounts Total Federal securities outstanding (1) Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) 1999................................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 2000................................................................ 5,701,851 5,622,092 2,235,710 461 2,235,249 511,413 Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) End of fiscal year or month Interest-bearing public debt securities, con. Held by private investors End of fiscal year or month Matured public debt and debt bearing no interest (10) Total outstanding (11) Public issues held by Federal Reserve banks (6) Total (7) Marketable (8) Nonmarketable (9) 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. OWNERSHIP OF FEDERAL SECURITIES 53 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management , Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Total U.S. Government privately Depository savings accounts 2 held institutions 3, 4 bonds 5 (4) (2) (3) (5) 1992 - Mar................................ 3,881.3 1,215.5 June................................ 3,984.7 1,272.3 Sept................................ 4,064.6 1,282.4 Dec ................................ 4,177.0 1,329.7 1993 - Mar................................ 4,230.6 1,328.6 June................................ 4,352.0 1,400.6 Sept ................................ 4,411.5 1,422.2 Dec ................................ 4,535.7 1,476.1 1994 - Mar................................ 4,575.9 1,476.0 June................................ 4,645.8 1,547.5 Sept ................................ 4,692.8 1,562.8 Dec ................................ 4,800.2 1,622.6 1995 - Mar................................ 4,864.1 1,619.3 June................................ 4,951.4 1,690.1 Sept ................................ 4,974.0 1,688.0 Dec ................................ 4,988.7 1,681.0 1996 - Mar................................ 5,117.8 1,731.1 June................................ 5,161.1 1,806.7 Sept ................................ 5,224.8 1,831.6 Dec ................................ 5,323.2 1,892.0 1997 - Mar................................ 5,380.9 1,928.7 June................................ 5,376.2 1,998.9 Sept ................................ 5,413.1 2,011.5 Dec ................................ 5,502.4 2,087.8 1998 - Mar................................ 5,542.4 2,104.9 June................................ 5,547.9 2,198.6 Sept ................................ 5,526.2 2,213.0 Dec ................................ 5,614.2 2,280.2 1999 - Mar................................ 5,651.6 2,324.1 June................................ 5,638.8 2,439.6 Sept ................................ 5,656.3 2,480.9 Dec ................................ 5,776.1 2,542.2 2000 - Mar................................ 5,773.4 2,590.6 June................................ 5,685.9 2,698.6 Sept ................................ 5,674.2 2,737.9 Dec ................................ 5,662.2 2,781.8 2001 - Mar................................ 5,773.7 2,880.9 June................................ 5,726.8 3,004.2 Sept ................................ 5,807.5 3,027.8 Dec ................................ 5,943.4 3,123.9 2002 - Mar................................ 6,006.0 3,156.8 June................................ 6,126.5 3,276.7 Sept ................................ 6,228.2 3,303.5 Dec ................................ 6,405.7 3,387.2 2003 - Mar................................ 6,460.8 3,390.9 June................................ 6,670.1 3,505.4 Sept ................................ 6,783.2 3,515.3 1 2,665.8 2,712.4 2,782.2 2,847.3 2,902.0 2,951.4 2,989.3 3,059.6 3,099.9 3,098.3 3,130.0 3,177.6 3,244.8 3,261.3 3,286.0 3,307.7 3,386.7 3,354.4 3,393.2 3,431.2 3,452.2 3,377.3 3,401.6 3,414.6 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.8 3,164.7 3,268.0 300.5 315.1 337.2 348.3 362.6 360.9 366.2 373.0 397.4 383.8 364.0 339.6 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.1 220.5 201.4 188.0 188.1 189.1 181.5 187.6 204.4 210.4 222.8 153.1 144.8 n.a. 142.0 145.4 150.3 157.3 163.6 166.5 169.1 171.9 175.0 177.1 178.6 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 192.0 192.8 193.3 194.9 196.9 199.1 201.6 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 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. 2 State and Insurance local compaMutual nies 3 funds 3, 7 Private 6 governments (9) (6) (7) (8) 116.9 116.8 120.1 121.2 112.3 111.8 125.3 119.6 119.9 129.2 136.2 139.9 141.6 142.5 141.9 142.6 144.2 144.5 141.1 139.9 141.4 141.9 142.9 144.1 136.5 129.6 121.1 113.2 109.5 111.0 110.8 110.5 108.5 110.0 110.3 109.1 106.7 106.9 104.7 105.8 107.9 110.5 112.9 116.4 120.3 123.0 n.a. 141.7 146.7 166.4 172.3 171.2 176.9 189.2 186.6 195.3 193.4 191.9 191.9 203.1 197.2 193.0 191.7 198.9 208.2 202.4 203.5 203.7 209.3 219.7 216.9 211.9 214.8 211.2 217.7 218.4 222.5 215.3 211.2 211.1 210.5 200.7 195.7 195.3 204.4 187.7 177.4 187.0 177.2 174.1 176.3 177.2 185.4 n.a. 188.4 192.8 194.8 197.5 208.0 217.8 229.4 234.5 233.4 238.0 243.7 240.1 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 151.2 161.7 n.a. 193.8 193.7 195.9 200.4 202.0 207.5 217.6 227.1 212.8 204.6 201.6 209.4 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 221.8 205.3 207.0 220.8 220.7 217.4 231.5 257.5 264.8 252.1 255.7 279.0 296.3 298.5 n.a. State and local governments 3 (10) 460.0 435.6 429.3 418.2 434.0 441.2 434.0 447.8 443.4 425.2 398.2 370.0 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 266.8 260.0 262.9 251.4 247.7 259.3 272.0 286.8 295.4 298.9 311.8 308.9 315.0 306.2 318.5 n.a. Foreign and international 8 (11) 536.4 558.2 562.8 576.7 585.9 596.8 619.1 650.3 661.1 659.9 682.0 667.3 707.0 762.5 820.4 835.2 908.1 929.7 993.4 1,102.1 1,157.6 1,182.7 1,230.5 1,241.6 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 1,051.2 1,067.1 1,102.1 1,167.3 1,211.9 1,254.6 1,355.5 1,427.9 Other investors 9 (12) 586.0 608.1 625.4 655.3 662.5 672.0 639.4 648.9 661.6 687.1 733.8 839.5 853.5 875.5 855.4 881.4 863.6 823.4 841.3 803.6 793.9 713.7 685.8 677.0 701.8 622.2 676.8 635.9 629.4 539.2 516.5 589.6 731.2 593.9 590.0 576.5 599.0 439.8 481.2 454.7 430.1 373.2 367.8 362.5 410.0 378.2 n.a. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 1989 benchmark to December 1994, and the 1994 benchmark to March 2000. The March 2000 benchmark was released in 2002. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update ownership categories and to incorporate greater reliance on Flow of Funds data of the Federal Reserve Board. 54 INTRODUCTION: Market Yields The table and chart in this section presents yields on Treasury marketable securities for maturities ranging from 1-month to 20-years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. 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] 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 - Oct................................ Nov ................................ Dec................................ 2003 - Jan................................ Feb................................ Mar................................ Apr ................................ May ................................ June................................ July................................ Aug................................ Sept................................ 1.62 1.26 1.20 1.17 1.20 1.18 1.16 1.08 0.97 0.90 0.95 0.91 1.61 1.25 1.21 1.19 1.19 1.15 1.15 1.09 0.94 0.92 0.97 0.96 1.59 1.30 1.27 1.22 1.20 1.16 1.17 1.11 0.94 0.97 1.05 1.03 1.65 1.49 1.45 1.36 1.30 1.24 1.27 1.18 1.01 1.12 1.31 1.24 1.91 1.92 1.84 1.74 1.63 1.57 1.62 1.42 1.23 1.47 1.86 1.71 2.25 2.32 2.23 2.18 2.05 1.98 2.06 1.75 1.51 1.93 2.44 2.23 2.95 3.05 3.03 3.05 2.90 2.78 2.93 2.52 2.27 2.87 3.37 3.18 3.54 3.64 3.63 3.60 3.45 3.34 3.47 3.07 2.84 3.45 3.96 3.74 3.94 4.05 4.03 4.05 3.90 3.81 3.96 3.57 3.33 3.98 4.45 4.27 5.00 5.04 5.01 5.02 4.87 4.82 4.91 4.52 4.34 4.92 5.39 5.21 End of month: 2002 – Oct................................ Nov ................................ Dec................................ 2003 - Jan................................ Feb................................ Mar................................ Apr ................................ May ................................ June................................ July................................ Aug................................ Sept................................ 1.48 1.25 1.20 1.17 1.21 1.16 1.13 1.16 0.81 0.91 0.98 0.87 1.44 1.22 1.22 1.18 1.20 1.14 1.13 1.11 0.90 0.96 0.98 0.95 1.43 1.30 1.23 1.19 1.19 1.13 1.15 1.09 0.98 1.02 1.06 1.01 1.46 1.56 1.32 1.31 1.24 1.19 1.22 1.13 1.09 1.28 1.35 1.15 1.68 2.08 1.61 1.72 1.53 1.51 1.51 1.33 1.32 1.80 1.95 1.50 2.05 2.51 1.99 2.16 1.91 1.93 1.95 1.58 1.66 2.33 2.51 1.95 2.81 3.28 2.78 3.02 2.69 2.78 2.85 2.30 2.46 3.38 3.46 2.85 3.45 3.88 3.36 3.55 3.24 3.35 3.39 2.87 3.03 3.98 4.00 3.41 3.93 4.22 3.83 4.00 3.71 3.83 3.89 3.37 3.54 4.49 4.45 3.96 5.03 5.18 4.83 4.93 4.70 4.84 4.79 4.36 4.52 5.43 5.33 4.91 Period * Rates are from the Treasury yields curve. MARKET YIELDS 55 CHART MY-A.—Yields of Treasury Securities, September 30, 2003* Based on closing bid quotations of actively traded issues (in percentages) 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 Note: The yield curve is based on actively traded issues. 1.0 0.5 0.0 0 2 4 6 8 10 12 Years to maturity * Source: Office of Market Finance 14 16 18 20 56 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, various U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2003 [Source: Financial Management Servi ce] Total currency and coin (1) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $789,695,147,876 $789,184,928,093 $259,783,866 $250,435,917 362,801,569 27,079,569 26,858,431 7,505 213,633 FRBs.............................................................. 125,997,492,783 125,150,559,440 125,150,558,990 - 450 Amounts in circulation................................ $698,097,375,382 $664,517,508,867 $664,007,510,672 $259,776,361 $250,221,834 Currency Amounts outstanding................................ $824,457,669,734 Total currency (2) Less amounts held by: The Treasury................................ Total (1) Dollars 3 (2) Fractional coins (3) $34,762,521,858 $3,500,209,008 $31,262,312,850 The Treasury................................ 335,722,000 275,214,000 60,508,000 FRBs.............................................................. 846,933,343 221,201,479 625,731,864 $33,579,866,515 $3,003,793,529 $30,576,072,986 Coins 2 Amounts outstanding................................ Less amounts held by: Amounts in circulation................................ See footnotes following table USCC-2. U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 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 ................................................................ $7,859,457,989 $7,714,024,878 $143,503 $145,289,608 $2 ................................................................ 1,326,880,928 1,194,573,934 132,294,418 12,576 $5 ................................................................ 9,190,037,010 9,051,383,660 109,495,210 29,158,140 $10................................................................ 14,279,551,140 14,257,897,930 6,300 21,646,910 $20................................................................ 100,197,385,900 100,177,281,620 3,840 20,100,440 $50................................................................ 57,291,702,600 57,280,209,750 500 11,492,350 $100................................................................ 474,058,673,700 474,018,874,400 17,822,000 21,977,300 $500................................................................ 142,665,000 142,475,500 5,500 184,000 $1,000................................................................ 165,929,000 165,719,000 5,000 205,000 $5,000................................................................ 1,765,000 1,710,000 - 55,000 $10,000.............................................................. 3,460,000 3,360,000 - 100,000 $100,000............................................................ - - - - Fractional parts..................................................... 510 - - 510 4....................................................... 90 - 90 - Total currency................................................... $664,517,508,867 $664,007,510,672 $259,776,361 $250,221,834 Partial notes Amounts (in millions) (1) Per capita 5 (2) Sept. 30, 2003...................................................... 698,097 $2,389 Aug. 29, 2003....................................................... 700,130 2,399 July 31, 2003........................................................ 694,087 2,380 Sept. 30, 2000...................................................... 568,614 2,061 Sept. 30, 1995...................................................... 409,272 1,553 Sept. 30, 1990...................................................... 278,903 1,105 Sept. 30, 1985...................................................... 187,337 782 Sept. 30, 1980...................................................... 129,916 581 June 30, 1975....................................................... 81,196 380 June 30, 1970....................................................... 54,351 265 June 30, 1965....................................................... 39,719 204 June 30, 1960....................................................... 32,064 177 June 30, 1955....................................................... 30,229 183 Comparative totals of currency and coins in circulation—selected dates 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. InternationalFinancialStatistics CapitalMovements ForeignCurrencyPositions ExchangeStabilizationFund 61 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] 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 - 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 May ......................................................... 82,287 11,044 11,880 36,149 23,214 June......................................................... 81,660 11,044 11,720 35,686 23,210 July.......................................................... 80,620 11,043 11,646 35,185 22,746 Aug.......................................................... 80,422 11,043 11,619 35,297 22,463 Sept......................................................... 84,431 11,043 12,062 37,259 24,067 Oct .......................................................... 84,150 11,043 12,079 37,433 23,595 End of calendar year or month 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. 62 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS -2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury Inter national Capital Reporting System] Liabilities to foreign countries Official institutions 1 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. Other Treasury readily bonds and marketable notes 3 liabilities 2, 4 (6) (5) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (8) (9) (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 r................................ 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 2002 - Sept. r................................ 3,076,470 962,221 333,205 442,793 3,058 183,165 1,267,847 798,389 339,894 458,495 48,013 Oct. r................................ 3,175,139 961,751 331,032 442,875 3,078 184,766 1,371,972 791,298 327,547 463,751 50,118 Nov. r................................. 3,150,657 980,058 332,097 458,892 3,097 185,972 1,326,634 794,775 325,898 468,877 49,190 Dec. r................................ 3,219,336 991,586 334,850 464,415 2,769 189,552 1,373,808 801,730 325,229 476,501 52,212 2003 - Jan. r................................ 3,184,424 997,231 335,266 464,608 2,786 194,571 1,323,326 810,090 332,697 477,393 53,777 Feb. r................................ 3,327,409 1,021,276 348,433 469,440 2,803 200,600 1,325,057 929,707 457,859 471,848 51,369 Mar. r................................ 3,426,123 1,030,484 355,838 471,451 2,821 200,374 1,365,609 980,172 483,335 496,837 49,858 Apr. r................................ 3,494,900 1,028,794 351,335 471,085 2,839 203,535 1,407,257 1,008,767 501,720 507,047 50,082 May ................................ 3,559,119 1,080,523 385,117 486,334 2,857 206,215 1,397,345 1,031,774 499,183 532,591 49,477 June ................................ 3,547,298 1,087,482 377,380 502,831 2,876 204,395 1,395,020 1,012,267 452,049 560,218 52,529 July................................ 3,655,209 1,096,114 373,347 515,169 2,894 204,704 1,436,439 1,068,120 474,614 593,506 54,536 Aug. p................................ 3,661,161 1,104,925 382,274 514,206 2,913 205,532 1,397,630 1,106,971 487,784 619,187 51,635 Sept. p................................ 3,662,510 1,131,278 397,023 522,282 2,931 209,042 1,377,461 1,099,409 482,525 616,884 54,362 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 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 Inter American Development Bank and the Asian Development Bank. 2 3 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 63 TABLE IFS -3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) Argentina 1 (3) Mexico2 (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 - 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 Apr........................................................... 2,839 2,839 732 1,403 704 May .......................................................... 2,857 2,857 736 1,412 709 June ......................................................... 2,876 2,876 741 1,422 713 July .......................................................... 2,894 2,894 745 1,431 718 Aug .......................................................... 2,913 2,913 750 1,440 723 Sept.......................................................... 2,931 2,931 754 1,449 728 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $3,060 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $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. 64 INTRODUCTION: Capital Movements Background Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly, quarterly, and semiannual reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data and to some sensitive data aggregates is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. The most recent revisions to selected reporting forms and instructions were effective February 28, 2003. The major changes are outlined under “Description of statis tics” below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. Reporting forms and instructions also may be downloaded from the TIC website. Basic definitions The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite “Other Europe.” For purposes of publication only, information on the European Central Bank also is included in “Other Europe.” “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. Notices of these changes and requests for public comments on them were published in the Federal Register last year and some modifications were made in response to the comments received. A detailed outline of the changes affecting each form may be accessed on the TIC website. CAPITAL MOVEMENTS 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 commerc ial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in five sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. 65 • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, and securities brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than 66 CAPITAL MOVEMENTS banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the information does not include any accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to Commerce on its direct investment forms. However, effective with reports filed as of March 31, 2003, a number of changes were introduced in the coverage and reporting formats of nonbanking forms. A major revision is the addition of Section B to Form CQ-1 to capture foreign affiliate positions (including those with affiliates of the respondent’s parent) of insurance underwriting subsidiaries and financial intermediaries. Insurance underwriting subsidiaries of BHCs/FHCs now include positions vis -à-vis all foreign-resident affiliates. From end-March 2003 forward, financial intermediaries are to report positions 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, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 67 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] Type of Liability Calendar Year 2002 r 2003 Mar. r Apr. r May r June July Aug. Sept. p Total liabilities to all foreigners................................ 2,056,536 Payable in dollars .............................................. 1,975,993 2,224,989 2,137,890 2,280,795 2,193,696 2,301,207 2,214,108 2,247,160 2,173,744 2,310,058 2,236,642 2,290,048 2,216,632 2,282,306 2,208,890 Foreign official institutions 1............................... 334,850 Deposits, excluding negotiable CDs.................20,733 U.S. Treasury bills and certificates................... 190,372 Other liabilities ............................................ 123,745 355,838 22,532 206,043 127,263 351,335 24,026 200,352 126,957 385,117 22,586 210,065 152,466 377,380 23,767 209,957 143,656 373,347 22,996 205,807 144,544 382,274 21,366 214,185 146,723 397,023 20,430 206,721 169,872 Foreign banks (including own foreign offices) and other foreigners........................... 1,627,676 Deposits, excluding negotiable CDs................. 148,729 U.S. Treasury bills and certificates...................43,855 1,771,741 787,811 43,878 1,831,774 800,945 43,861 1,819,325 786,403 42,578 1,783,949 827,453 41,714 1,847,933 839,273 43,322 1,822,294 803,011 43,199 1,796,866 795,338 42,072 Other liabilities ............................................ 1,435,092 International and regional organizations 2 .............13,467 Deposits, excluding negotiable CDs................. 5,769 U.S. Treasury bills and certificates................... 1,089 940,052 10,311 3,574 4 986,968 10,587 4,670 33 990,344 9,666 3,901 3 914,782 12,415 5,761 13 965,338 15,362 5,063 13 976,084 12,064 4,992 11 959,456 15,001 6,803 13 Other liabilities ............................................ 6,609 Payable in foreign currencies 3..............................8 0,543 Sector: Banks and other foreigners............................71,361 International and regional organizations 2.............. 9,182 6,733 87,099 5,884 87,099 5,762 87,099 6,641 73,416 10,286 73,416 7,061 73,416 8,185 73,416 77,203 9,896 77,203 9,896 77,203 9,896 63,120 10,296 63,120 10,296 63,120 10,296 63,120 10,296 6,582 48,108 6,389 6,582 48,108 6,389 6,582 48,108 6,389 5,646 39,826 6,576 5,646 39,826 6,576 5,646 39,826 6,576 5,646 39,826 6,576 18,942 18,942 18,942 14,937 14,937 14,937 14,937 Major currencies: Canadian dollars................................ 6,636 Euro.........................................................39,393 United Kingdom pounds sterling...................... 6,998 Japanese yen.............................................20,393 Memoranda: Respondents’ own liabilities payable in dollars...................................................... 1,400,467 1 1,557,654 1,612,424 1,612,044 1,564,463 1,640,446 1,611,071 1,622,474 Liabilities to own foreign offices........................ 978,613 Liabilities collaterized by repurchase agreements.............................................. 190,134 Foreign official institutions 1.........................57,097 1,050,165 1,106,721 1,096,575 1,060,203 1,120,360 1,088,771 1,090,576 339,673 64,118 378,842 58,794 390,974 74,403 361,754 68,759 409,301 75,568 417,367 76,029 423,858 85,268 Foreign banks and other foreigners............... 131,025 International and regional organizations 2............. 2,012 Reported by IBFs........................................... 407,562 Respondents’ own liabilities payable in foreign currencies 3 ................................ 80,543 274,677 878 343,210 319,010 1,038 326,494 315,093 1,478 333,289 291,467 1,528 349,191 330,177 3,556 357,206 339,297 2,041 331,074 335,609 2,981 355,617 86,711 86,711 86,711 72,282 72,282 72,282 72,282 Reported by IBFs...........................................51,788 Liabilities held in custody for domestic customers ................................................... 575,526 Payable in dollars................................ 575,526 50,445 50,445 50,445 43,998 43,998 43,998 43,998 580,624 580,236 581,660 581,272 602,452 602,064 610,415 609,281 597,330 596,196 606,695 605,561 587,550 586,416 Payable in foreign currencies 3 ..................... n.a. 388 388 388 1,134 1,134 1,134 1,134 Includes Bank for International Settlements. Principally the International Bank for Reconstruction and Development (World Bank) and the Inter -American Development Bank. 2 3 Data may be as of preceding quarter -end for most rece nt month shown in table. 68 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] Country 2000 Europe: Austria............................................................ 2,755 Belgium 1......................................................... 34,230 Bulgaria........................................................... 367 Czech Republic................................ 626 Denmark.......................................................... 3,134 Finland............................................................ 1,412 France............................................................ 41,275 Germany ......................................................... 41,416 Greece............................................................ 2,042 Hungary .......................................................... 1,127 Ireland ............................................................ 8,115 Italy................................................................ 6,755 Luxembourg 1 ................................ n.a. Netherlands................................ 7,587 Norway ........................................................... 2,310 Poland............................................................ 3,649 Portugal .......................................................... 2,529 Romania.......................................................... 850 Russia 2........................................................... 19,052 Spain.............................................................. 8,236 Sweden........................................................... 6,506 Switzerland................................ 76,307 Turkey ............................................................ 7,636 United Kingdom................................ 187,145 Channel Islands and Isle of Man 3.......................... n.a. Yugoslavia 4 ................................ 282 16,518 Other Europe................................ 481,861 Total Europe................................ 36,975 Canada.............................................................. Latin America: Argentina......................................................... 19,500 Brazil.............................................................. 11,726 Chile............................................................... 5,946 Colombia......................................................... 4,561 Ecuador.......................................................... 2,117 Guatemala....................................................... 1,619 Mexico............................................................ 33,041 Panama.......................................................... 4,353 Peru............................................................... 1,444 Uruguay .......................................................... 3,036 Venezuela........................................................ 24,984 Other Latin America 5................................ 10,094 122,421 Total Latin America................................ Caribbean: Bahamas ......................................................... 191,061 Bermuda......................................................... 9,763 British West Indies 6 ................................382,868 Cayman Islands 6................................ n.a. Cuba .............................................................. 90 Jamaica.......................................................... 828 Netherlands Antilles ................................ 5,454 Trinidad and Tobago................................ 904 n.a. Other Caribbean 5................................ 590,968 Total Caribbean................................ See footnotes at end of table. Calendar year 2001 r 2002 r May r June 2003 July Aug. 3,277 6,852 267 612 3,778 1,446 57,924 26,296 2,308 730 16,694 7,243 17,107 12,660 3,746 3,695 4,082 1,481 20,808 9,251 3,451 67,379 7,486 222,032 36,307 309 19,397 556,618 31,529 2,862 9,641 219 531 5,046 1,711 44,098 42,235 2,996 439 33,110 6,098 32,823 11,419 18,907 4,205 3,676 1,919 23,158 14,498 4,697 133,351 12,132 203,237 47,765 301 25,108 686,182 32,221 4,446 6,169 127 1,418 7,455 2,320 49,429 49,660 1,635 702 33,603 8,247 39,118 16,971 15,480 3,993 2,916 531 35,061 16,433 6,322 113,526 12,312 335,070 24,119 183 23,939 811,185 36,701 4,474 4,875 134 1,901 5,229 2,195 47,563 49,170 2,166 497 36,978 7,689 37,897 16,324 14,996 4,280 2,235 468 34,333 12,333 5,847 120,302 12,552 297,643 21,849 183 23,169 767,282 39,277 4,377 5,705 176 1,765 2,784 3,351 47,774 55,622 2,035 637 32,422 7,825 38,066 14,037 20,954 3,763 2,212 437 33,522 9,238 4,199 134,822 13,949 337,006 21,755 154 18,481 817,068 40,187 5,035 6,822 117 2,244 1,607 3,677 51,048 54,487 1,810 694 36,060 6,769 37,575 14,101 17,893 3,927 1,901 503 31,299 8,994 5,231 119,192 15,610 323,762 23,442 182 19,488 793,470 37,007 4,869 7,262 107 2,729 1,913 3,568 41,862 54,363 1,795 635 34,126 6,461 38,603 13,531 20,448 4,465 1,805 472 30,292 8,276 4,720 114,662 18,481 336,945 23,507 155 21,500 797,552 37,654 10,786 15,219 4,993 4,716 2,396 1,900 40,548 3,646 1,368 3,222 25,311 6,311 120,416 10,934 11,332 6,112 4,174 2,307 1,396 37,374 3,903 1,366 2,814 22,540 6,203 110,455 9,828 14,971 5,580 4,669 2,301 1,521 35,814 3,760 1,620 2,890 20,506 6,066 109,526 9,951 18,879 4,771 4,638 2,221 1,568 34,801 4,311 1,513 3,143 19,983 6,134 111,913 10,540 18,227 4,635 4,560 2,383 1,421 33,820 4,180 1,534 3,233 20,653 5,711 110,897 9,955 22,594 4,800 4,445 2,397 1,521 29,973 3,982 1,433 3,058 20,107 5,582 109,847 9,565 21,526 4,346 4,390 2,320 1,615 30,697 3,863 1,348 3,019 20,185 5,615 108,489 179,382 10,611 n.a. 445,040 88 1,222 3,273 1,281 12,208 653,105 163,710 25,273 n.a. 631,241 91 840 5,011 1,420 11,757 839,343 170,099 46,459 n.a. 697,495 92 853 5,135 1,209 13,246 934,588 174,939 44,276 n.a. 675,446 93 815 8,416 1,410 16,156 921,551 156,957 44,042 n.a. 709,844 93 732 9,032 967 16,900 938,567 157,442 39,434 n.a. 714,850 94 705 8,207 1,201 16,307 938,240 155,686 38,249 n.a. 677,963 94 824 8,614 1,296 17,146 899,872 Sept. p CAPITAL MOVEMENTS 69 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 2001 r 2002 r May r June 2003 July Aug. Sept. p 10,498 17,657 26,706 3,676 12,424 7,908 173,640 9,035 563 1,299 1,971 1,777 16,872 67 4,757 19,334 5,785 313,969 15,483 18,708 33,365 7,968 14,123 7,505 176,151 8,950 651 1,221 2,093 1,813 17,676 35 7,607 18,893 6,847 339,089 15,609 23,516 34,047 9,411 11,891 10,305 194,958 7,889 650 1,733 2,330 1,881 17,946 35 5,313 16,333 7,742 361,589 17,512 20,806 35,480 7,961 10,478 9,715 186,892 9,161 704 1,588 2,748 1,578 16,279 30 5,534 17,103 8,601 352,170 19,288 20,859 36,086 8,366 8,857 10,039 185,032 9,403 709 1,068 2,958 1,983 15,803 49 4,729 15,082 7,350 347,661 20,880 21,331 39,830 10,792 9,647 10,131 184,498 12,820 726 1,616 2,642 1,494 13,727 27 4,575 15,700 7,602 358,038 26,019 28,130 38,252 16,926 10,596 10,804 188,502 12,345 719 1,837 2,702 1,516 16,349 22 5,137 15,673 8,104 383,633 4 2,783 133 229 274 715 4,461 2,734 11,333 2 2,655 312 141 306 1,118 4,466 3,361 12,361 4 3,536 307 271 281 2,182 3,799 2,925 13,305 7 3,297 470 205 234 2,030 3,587 3,250 13,080 8 2,968 417 178 350 2,069 3,583 3,293 12,866 6 2,968 416 168 305 2,180 3,364 3,463 12,870 5 2,694 471 183 293 2,127 3,201 3,105 12,079 5,072 318 413 5,803 1,692,773 12,055 1,918 263 14,236 2,033,887 11,648 2,149 954 14,751 2,281,645 14,497 3,080 1,599 19,176 2,224,449 13,345 2,373 1,436 17,154 2,284,400 14,777 2,010 1,429 18,216 2,267,688 14,031 2,186 1,513 17,730 2,257,009 International and regional organizations: International ................................ 12,193 European regional................................ 453 Latin American regional. ...............................740 Caribbean regional 10................................ n.a. Asian regional................................ 175 African regional................................ 74 Middle Eastern regional. ............................... Total international and regional................................ 13,635 15,508 689 480 84 213 33 - 20,464 1,511 507 67 85 15 - 18,271 410 450 148 235 48 - 21,656 405 373 61 187 29 - 23,439 375 1,616 50 170 8 - 20,852 638 538 134 108 90 - 23,866 574 647 32 160 18 - 17,007 22,649 19,562 22,711 25,658 22,360 25,297 Grand total. ............................... 1,589,189 1,709,780 2,056,536 2,301,207 2,247,160 2,310,058 2,290,048 2,282,306 Country 2000 Asia: China: Mainland................................ 16,531 Taiwan................................ 17,374 Hong Kong................................ 26,996 India............................................................... 4,530 Indonesia................................ 8,514 Israel.............................................................. 8,099 Japan............................................................. 162,449 Korea.............................................................. 7,960 Lebanon.......................................................... 681 Malaysia.......................................................... 2,335 Pakistan.......................................................... 1,024 Philippines ................................ 2,320 Singapore................................ 28,638 Syria.............................................................. 59 Thailand.......................................................... 3,212 Oil-exporting countries 7 ................................ 24,939 5,312 Other Asia................................ 320,973 Total Asia................................ Africa: Congo (formerly Zaire)................................ 4 Egypt.............................................................. 2,621 Ghana............................................................. 188 Liberia............................................................. 318 Morocco.......................................................... 148 South Africa................................ 1,011 Oil-exporting countries 8 ................................ 4,141 2,535 Other Africa................................ 10,966 Total Africa................................ Other countries: Australia.......................................................... 10,109 New Zealand 9 ................................ n.a. 1,281 All other........................................................... 11,390 Total other countries................................ 1,575,554 Total foreign countries................................ 1 Before January 2001, combined data reported for Belgium-Luxembourg. 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. 2 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 replac ed 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.” 70 CAPITAL MOVEMENTS TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2003, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Total liabilities Country Total (1) Payable in Payable foreign in currendollars cies 1 (2) (3) Europe: Austria................................ 4,869 4,822 47 Belgium 4................................7,262 6,959 303 Bulgaria................................ 107 107 Czech Republic................................ 2,729 2,719 10 Denmark................................ 1,913 1,724 189 Finland................................ 3,568 3,532 36 France................................ 41,862 39,235 2,627 Germany ................................ 54,363 50,448 3,915 Greece................................ 1,795 1,725 70 Hungary ................................ 635 627 8 Ireland ................................ 34,126 34,046 80 Italy................................................................ 6,461 5,532 929 Luxembourg 4 ................................ 38,603 38,405 198 Netherlands................................ 13,531 12,736 795 Norway ................................20,448 20,439 9 Poland................................ 4,465 4,438 27 Portugal ................................ 1,805 1,738 67 Romania................................ 472 465 7 Russia 5................................30,292 30,275 17 Spain................................ 8,276 7,916 360 Sweden................................ 4,720 4,609 111 Switzerland................................ 114,662 113,964 698 Turkey................................ 18,481 18,469 12 United Kingdom ................................ 336,945 314,883 22,062 Channel Islands and Isle of Man 6................................ 23,507 23,438 69 Yugoslavia 7................................155 155 21,500 21,288 212 Other Europe................................ 797,552 764,694 32,858 Total Europe................................ 37,654 34,734 2,920 Canada............................................................... Latin America: Argentina ................................9,565 9,498 67 Brazil................................ 21,526 18,898 2,628 Chile............................................................... 4,346 4,300 46 Colombia................................4,390 4,369 21 Ecuador................................ 2,320 2,316 4 Guatemala................................ 1,615 1,593 22 Mexico................................ 30,697 29,628 1,069 Panama................................ 3,863 3,835 28 Peru............................................................... 1,348 1,347 1 Uruguay................................ 3,019 3,012 7 Venezuela................................ 20,185 19,980 205 5,615 5,566 49 Other Latin America................................ 108,489 104,342 4,147 Total Latin America................................ Caribbean: Bahamas ................................ 155,686 154,968 718 Bermuda................................38,249 37,961 288 Cayman Islands 8 ................................ 677,963 671,685 6,278 Cuba............................................................... 94 94 Jamaica................................ 824 799 25 Netherlands Antilles ................................ 8,614 8,571 43 Trinidad and Tobago................................ 1,296 1,290 6 17,146 17,057 89 Other Caribbean................................ 899,872 892,425 7,447 Total Caribbean................................ See footnotes at end of table. Liabilities payable in dollars To foreign official institutions and foreign banks To all other foreigners NonShortNon- Shortnegotiable term negotiable term deposits U.S. deposits U.S. Totals and Treasury and Treasury Own Custody brokerage obliga- Other brokerage obliga- Other liabilities liabilities balances 2 tions 3 liabilities balances 2 tions 3 liabilities (4) (5) (6) (7) (8) (9) (10) (11) 2,096 6,133 104 242 833 2,766 25,544 43,025 1,142 140 8,116 4,278 17,323 10,335 20,403 2,198 779 344 3,701 6,707 3,311 102,873 2,310 299,333 Negotiable Liabilities CDs to own held for foreign all foroffices eigners (13) (12) 247 1,810 36 127 81 2,584 7,098 14,845 470 16 2,034 2,272 7,191 2,139 117 433 419 47 2,026 1,049 310 89,744 838 85,134 151 3,931 156 2,782 3 60 485 2,083 325 1,043 117 689 9,990 10,714 1,232 23,992 446 252 446 95 234 5,805 99 2,439 3,056 16,856 301 4,276 21 20,169 1,225 2,718 654 394 95 302 217 27,872 875 4,724 247 2,515 3,365 5,546 16,065 565 3,620 112,457 190 402 8 23 35 53 876 1,549 422 29 912 537 216 995 86 47 188 17 146 1,021 125 1,179 71 10,332 68 134 234 87 111 116 37 41 751 41 288 168 1 2 4 4 98 27 2,804 4 4,070 22,789 649 21,929 155 33 11,248 10,040 4,137 598,228 166,466 247,166 21,486 13,248 4,141 14 458 88 9,634 6,900 53,073 259,725 4,730 18,566 108 17 482 20,066 2,466 397 532 21,745 4 17 75 60 99 13 9,562 175,102 400,267 20,126 323 4,508 11,762 621 8,550 17,304 3,818 3,367 2,213 1,228 20,334 3,086 1,272 2,577 14,036 4,790 82,575 2,726 826 3 2,477 891 766 13,691 7,423 583 487 25,930 1,254 21,082 2,401 36 2,240 959 121 26,574 1,209 1,298 11,091 16,159 15,550 Memoranda 948 1,594 482 1,002 103 365 9,294 749 75 435 5,944 776 21,767 373 5,823 546 506 388 137 3,163 677 99 349 2,067 1,832 15,960 151,680 3,288 126,351 22,885 15,076 1,057 530,589 141,096 249,499 94 14 775 24 363 8,348 223 256 1,188 102 740 13,161 3,896 1,252 728,720 163,705 379,532 222 357 35 9 235 2,444 8 86 4,180 51 7,627 550 5,987 579 1,325 400 314 9,288 736 276 921 1,787 956 23,119 7,696 6,113 2,756 2,366 1,456 839 13,048 1,828 897 1,093 10,780 2,396 51,268 300 150 185 65 4 33 463 232 30 193 230 92 1,977 218 19,487 201 3,613 70 305,696 4 252 3 830 254 372 1,033 864 331,169 2,617 4,243 9,231 66 177 628 212 6,170 23,344 765 872 3,537 58 14 1,265 6,511 235 35 1,675 1,796 8 1 7 6 16 2 2,512 10,446 10,220 8,714 24,105 98 175 24,310 185 144 836 10,798 13,115 4,857 5,301 45 1 15 392 81 58 7 10 200 149 967 1,385 363 11,326 98,722 926 461 99,270 218,941 357 468 199 98 68 35 1,222 354 45 370 936 239 4,391 2,303 367 1 302 562 901 4,513 84 3,949 846 804 46 2 8 153 980 1,905 28 2,355 362 785 263 98 110 52 872 489 42 669 171 206 4,119 259 284 129 142 34 79 664 184 28 114 210 386 2,513 5,530 128,759 27,975 3,616 103,652 457,135 10 7 25 6,796 56 70 212 6,965 285 151,005 590,088 356 419 5,499 24 35 10 769 7,112 CAPITAL MOVEMENTS 71 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2003, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Liabilities payable in dollars To foreign official institutions Total liabilities and foreign banks To all other foreigners Memoranda NonShortNonShortPayable negotiable term negotiable term Negotiable in CDs deposits U.S. deposits U.S. Liabilities Totals Payable foreign and Treasury and Treasury to own held for in currenall forOwn Custody brokerage obligaOther brokerage obligaOther foreign Total dollars cies 1 liabilities liabilities balances 2 tions 3 liabilities balances 2 tions 3 liabilities offices eigners (1) (2) (3) (6) (7) (9) (10) (13) (4) (5) (8) (11) (12) Asia: China: Mainland................................ 26,019 Taiwan ................................ 28,130 Hong Kong................................ 38,252 India................................ 16,926 Indonesia................................ 10,596 Israel................................ 10,804 Japan................................ 188,502 Korea................................ 12,345 Lebanon................................ 719 Malaysia ................................ 1,837 Pakistan................................ 2,702 Philippines................................ 1,516 Singapore................................ 16,349 Syria................................ 22 Thailand................................ 5,137 23,777 Other Asia................................ 383,633 Total Asia................................ 26,018 28,110 37,965 16,907 10,596 10,795 177,364 12,336 719 1,800 2,694 1,513 14,870 22 5,137 22,458 369,304 1 20 287 19 9 11,138 9 37 8 3 1,479 1,319 14,329 Africa: Congo (formerly Zaire)................................ 5 4 1 Egypt................................ 2,694 2,692 2 Ghana................................471 471 Liberia................................183 183 Morocco................................ 293 293 South Africa................................ 2,127 2,125 2 6,306 6,294 12 Other Africa................................ 12,079 12,062 17 Total Africa................................ Other countries: Australia................................ 14,031 13,885 146 New Zealand................................ 2,186 2,065 121 1,513 378 1,135 All other................................ 17,730 16,328 1,402 Total other countries................................ Total foreign 2,257,009 2,193,889 countries................................ International and regional orgs.: International................................ 23,866 13,570 European regional................................ 574 574 Latin American regional. ............................... 647 647 Caribbean regional................................ 32 32 Asian regional................................ 160 160 African regional. ............................... 18 18 Middle Eastern regional. ............................... Total international 25,297 15,001 and regional................................ Grand total................................ 2,282,306 2,208,890 13,741 12,277 25,156 2,954 13,234 24,731 5,892 11,015 1,492 9,104 3,848 6,947 59,896 117,468 5,009 7,327 695 24 1,272 528 1,948 746 1,309 204 12,312 2,558 21 1 1,974 3,163 14,022 8,436 161,821 207,483 4 1,047 302 135 291 2,119 4,948 8,846 2,288 339 6,694 2,045 7,947 13,725 1,046 6,894 764 7,687 489 5,811 15,100 109,708 501 875 187 446 481 348 619 484 69 7,418 1,206 2 410 3,077 8,194 6,681 52,318 159,217 22,398 15,742 12,190 7,859 1,687 2,078 43,385 10,237 421 801 565 484 3,901 1,309 5,424 128,481 632 2,839 2,046 257 445 1,545 2,737 291 87 46 109 405 639 19 253 678 13,028 35 290 162 126 283 12 4 9 1 28 390 6 63 1,409 326 500 1,895 851 13 746 6,151 420 20 17 1,052 43 1,316 1 82 1,418 14,851 2,471 2,782 7,240 574 289 712 48,126 3,486 7 157 1,162 79 8,779 155 5,808 81,827 56 389 372 13 15 564 442 29 19 2 6 29 50 1 9 1,406 3,402 1,645 169 48 2 6 1,346 3,216 1 456 57 1 49 316 2,234 3,114 1,388 169 1,087 2,644 549 229 2 198 1,652 1,896 4,526 3 243 15 129 46 151 917 1,504 3 6 2 13 24 53 1 45 4 147 250 1 122 19 3 1,625 428 2,198 54 19 4 32 109 4,591 9,294 1,168 897 325 53 6,084 10,244 1,102 64 64 1,230 709 34 743 11,553 1,748 118 13,419 327 152 152 631 76 10 3 89 118 57 41 216 275 1 39 315 3,438 7 8 3,453 703,461 228,898 779,005 63,120 1,607,760 586,129 10,296 - 13,323 561 620 32 160 18 - 247 13 27 - - - 10,296 14,714 287 - - - 703,461 228,898 779,005 73,416 1,622,474 586,416 1 6 2 7 These data as of June 30, 2003. Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” - 112,307 19,895 5,995 349 436 13 8 2 - 13 - 6,803 13 119,110 19,908 350,323 1,090,576 37,336 7,575 212 211 19 152 16 - - 17 - 8,185 - 17 358,508 1,090,576 37,353 Before January 2001, data included in United Kingdom. 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. 8 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 72 CAPITAL MOVEMENTS CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1000 U.S. banking liabilities to foreigners, excluding long-term securities, were recorded at about $2.3 trillion in September 2003, an increase of about $225 billion from yearend 2002. Much of the increase in liabilities to foreigners this year reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between June and September 2003, when data are reported on a consistent basis, U.S. banking liabilities were little changed. U.S. banking liabilities increased about $345 billion in 2002, and $120 billion in 2001. (In billions of dollars) 900 800 700 600 500 400 300 200 100 0 1999 2000 2001 2002 Sept. 2003 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Country 1999 United Kingdom ................................ 190,706 All other Europe................................ 290,632 Caribbean banking centers 1,2 ................................ 487,601 Japan................................................................ 170,614 All other Asia................................ 165,229 1,304,782 Subtotal ................................ All other countries ................................192,495 Grand total. ............................... 1,497,277 1 2 2000 Calendar years 2001 2002 Sept. 2003 187,145 294,716 593,499 162,449 158,524 1,396,333 222,032 334,586 641,952 173,640 140,329 1,512,539 203,237 482,945 829,138 176,151 162,938 1,854,409 336,945 460,607 884,375 188,502 195,131 2,065,560 192,856 197,241 202,127 216,746 1,589,189 1,709,780 2,056,536 2,282,306 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities currently is recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years, and also recorded most of the reported increase in liabilities during the first half of 2003. Foreigners domiciled in the rest of Europe and in Asia account for about 40 percent of U.S. banking liabilities. CAPITAL MOVEMENTS 73 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] Type of Claim Calendar Year 2001 r June r 2002 Sept. r Dec. r Mar. 2003 June p Total claims......................................................... 1,351,599 1,487,992 1,435,553 1,511,233 1,680,180 1,777,423 Payable in dollars................................................ 1,259,328 1,381,535 1,332,431 1,403,586 1,574,309 1,656,083 Own claims on foreigners................................ 1,052,066 1,165,453 1,126,500 1,185,445 1,306,796 1,359,602 Foreign official institutions................................ n.a. n.a. n.a. n.a. 45,806 39,090 Foreign public borrowers ................................ 45,672 51,276 61,732 48,765 n.a. n.a. Foreign banks, including own foreign offices ....................................................... 844,865 936,161 887,104 970,357 963,558 1,005,368 All other foreigners.......................................... 161,529 178,016 177,664 166,323 297,432 315,144 Claims of domestic customers................................ 207,262 216,082 205,931 218,141 267,513 296,481 Payable in foreign currencies ................................ 92,271 106,457 103,122 107,647 105,871 121,340 Own claims on foreigners................................ 74,640 90,609 82,647 71,724 78,165 87,356 of which: Canadian dollars............................................. 6,106 7,583 7,585 7,614 5,414 10,113 Euros........................................................... 42,980 55,294 49,176 40,858 42,990 41,854 United Kingdom pounds sterling....................... 6,296 7,581 10,045 6,809 10,688 11,796 Japanese yen................................................ 9,892 12,131 9,329 9,008 12,169 13,134 Claims of domestic customers................................ 17,631 15,848 20,475 35,923 27,706 33,984 Canadian dollars............................................. 935 1,198 1,267 9,010 1,499 2,391 Euros........................................................... 3,097 4,858 7,916 10,655 17,272 15,036 United Kingdom pounds sterling......................... 1,133 2,344 1,434 2,282 3,020 2,835 Japanese yen................................................ 351 1,911 2,458 7,362 1,388 3,223 Total own claims on foreigners............................... 1,126,706 of which: Memoranda: 1,256,062 1,209,147 1,257,169 1,384,961 1,446,958 Non-negotiable deposits ................................ n.a. n.a. n.a. n.a. 502,724 518,751 Short-term negotiable instruments (payable in dollars).......................................... n.a. n.a. n.a. n.a. 16,134 13,204 Resale agreements ........................................... 137,979 158,784 166,568 161,585 287,043 310,317 Other ............................................................. n.a. n.a. n.a. n.a. 579,060 604,686 Claims on own foreign offices................................ 744,498 847,573 795,221 892,340 940,502 973,704 Claims reported by IBFs................................ 339,685 361,135 331,689 344,333 329,564 343,937 Payable in dollars.............................................. 306,381 320,193 298,127 313,450 301,091 316,432 Payable in foreign currencies............................... 33,304 40,942 33,562 30,883 28,473 27,505 Total claims held for domestic customers.................. 135,294 157,987 141,297 165,888 295,219 330,465 n.a. n.a. n.a. n.a. 112,854 126,526 Short-term negotiable instruments (payable in dollars).......................................... 114,287 141,749 123,013 131,780 141,870 159,965 Other ............................................................... 21,007 16,238 18,284 34,108 40,495 43,974 Non-negotiable deposits ................................ 74 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] Calendar year 2000 2001 Dec. r Mar. r June r Sept. r Dec. r Mar. June p Europe: Austria.............................................................. 4,862 Belgium 1........................................................... 9,957 Bulgaria............................................................ 23 Czech Republic................................ 139 Denmark ........................................................... 4,923 Finland............................................................. 8,691 France.............................................................. 53,007 Germany ........................................................... 70,564 Greece............................................................. 1,247 Hungary ............................................................ 41 Ireland.............................................................. 6,970 Italy................................................................ 12,586 Luxembourg 1..................................................... n.a. Netherlands ....................................................... 22,974 Norway ............................................................. 5,655 Poland.............................................................. 434 Portugal............................................................ 2,105 Romania........................................................... 80 Russia 2 ............................................................ 690 Spain................................................................ 4,531 Sweden............................................................ 15,985 Switzerland........................................................ 87,736 Turkey .............................................................. 4,455 United Kingdom ................................ 223,976 Channel Islands and Isle of Man 3 ........................... n.a. Yugoslavia 4....................................................... 50 7,029 Other Europe..................................................... 548,710 Total Europe................................ 55,908 Canada............................................................... 7,652 7,583 2 600 3,461 10,877 86,420 57,462 554 25 9,122 8,065 3,852 22,908 7,033 535 2,159 99 651 4,767 20,660 97,696 3,370 300,665 4,513 2,894 663,625 77,121 4,741 8,651 291 2,961 14,891 85,553 62,344 547 134 6,840 8,011 6,770 22,918 8,462 615 2,417 109 1,673 6,874 20,204 125,000 5,314 298,442 4,033 3,009 700,804 80,063 5,223 7,831 3 172 2,759 16,780 91,466 67,520 514 33 6,426 7,856 5,820 25,756 10,671 165 2,200 102 1,176 4,499 26,505 127,652 3,968 297,911 4,466 2,364 719,838 90,875 4,951 6,406 14 188 4,589 16,514 83,623 50,625 590 51 3,861 7,570 3,625 27,397 12,966 177 2,372 92 818 6,574 20,062 115,954 3,872 300,092 6,361 1,786 681,130 87,653 3,972 8,255 10 149 2,228 9,020 76,743 43,348 653 211 4,990 7,750 4,506 32,757 14,980 179 2,641 107 896 8,696 22,789 138,173 3,305 288,133 17,775 9 1,997 694,272 94,126 4,880 11,121 244 440 3,091 10,487 79,445 47,229 483 148 7,387 8,510 4,193 33,211 12,636 418 2,503 131 1,145 5,597 23,051 116,333 3,556 353,256 35,737 2,383 767,615 81,889 4,543 9,505 11 157 4,795 9,529 88,894 43,218 342 127 7,317 8,910 8,012 32,077 17,969 677 2,942 160 850 6,493 22,668 114,791 3,384 397,252 49,440 2,810 836,873 78,285 Latin America: Argentina........................................................... 12,911 Brazil. .............................................................. 22,130 Chile................................................................ 6,067 Colombia........................................................... 4,388 Ecuador............................................................ 651 Guatemala......................................................... 1,279 Mex ico.............................................................. 18,247 Panama............................................................ 3,239 Peru................................................................ 2,823 Uruguay ............................................................ 702 Venezuela......................................................... 3,749 Other Latin America 5 ................................ 5,277 Total Latin America................................ 81,463 11,587 20,846 5,465 3,653 507 1,536 16,920 3,441 2,201 459 3,209 3,404 73,228 10,825 21,352 5,555 3,738 491 1,456 17,571 3,080 2,064 524 3,626 2,928 73,210 9,223 20,209 4,993 3,293 511 924 17,214 2,926 1,845 349 3,556 2,993 68,036 8,025 18,451 5,194 3,098 478 969 16,660 2,151 1,613 369 3,480 2,893 63,381 7,053 16,070 5,322 2,633 469 925 16,249 2,070 1,424 276 3,404 2,780 58,675 6,621 17,186 5,517 2,745 506 1,008 15,834 2,041 1,414 335 3,464 2,964 59,635 6,447 25,113 5,535 2,543 496 809 15,447 2,139 1,555 345 3,392 2,489 66,310 Caribbean: Bahamas........................................................... 132,681 Bermuda........................................................... 9,485 British West Indies 6................................ 237,770 Cayman Islands 6 ................................ n.a. Netherlands Antilles................................ 5,812 Trinidad and Tobago................................ 609 n.a. Other Caribbean 5................................ 386,712 Total Caribbean................................ 103,541 8,470 n.a. 300,422 6,741 940 3,791 424,323 98,873 8,500 n.a. 280,639 7,168 971 3,528 400,176 110,791 11,850 n.a. 351,530 6,923 866 3,803 486,124 93,025 13,332 n.a. 345,310 6,228 930 3,456 462,744 96,358 10,620 n.a. 417,363 6,783 889 3,453 535,787 100,137 24,441 n.a. 483,886 6,930 884 3,584 620,339 104,837 22,771 n.a. 504,523 7,361 862 4,516 645,291 Country See footnotes at end of table. 2002 2003 CAPITAL MOVEMENTS 75 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Calendar year 2000 Asia: China: Mainland................................ 1,658 Taiwan................................ 2,720 Hong Kong................................ 7,346 India................................................................ 2,341 Indonesia................................ 1,944 Israel................................................................ 5,588 Japan............................................................... 39,179 Korea............................................................... 8,014 Lebanon................................ 39 Malaysia................................ 849 Pakistan................................ 165 Philippines ................................ 1,833 Singapore................................ 4,576 Syria.............................................................. 12 Thailand................................ 1,404 Oil-exporting countries 7................................ 10,627 324 Other Asia................................ 88,619 Total Asia................................ Africa: Congo (formerly Zaire)................................ Egypt................................................................ 228 Ghana.............................................................. 18 Liberia.............................................................. 545 Morocco................................ 241 South Africa................................ 378 Oil-exporting countries 8................................ 477 357 Other Africa................................ 2,244 Total Africa................................ Other countries: Australia................................ 8,228 New Zealand 9................................ n.a. 427 All other................................ 8,655 Total other countries ................................ 1,172,311 Total foreign countries................................ International and regional orgs.: International................................ 4,777 European regional................................ Latin American regional................................ 104 Caribbean regional 10................................ n.a. Asian regional................................ African regional. ............................... Middle Eastern regional................................ Total international and regional................................ 4,881 Grand total................................ 1,177,192 1 2001 Dec. r Mar. r June r 2002 Sept. r Dec r. 2,138 4,599 10,405 1,477 1,795 6,984 40,047 10,786 45 731 129 2,598 3,513 3 2,544 9,222 357 97,373 4,220 4,693 6,927 1,377 1,784 5,622 37,218 14,081 42 931 328 2,078 3,436 2 1,516 11,176 497 95,928 6,107 6,663 6,375 1,595 1,617 5,858 43,859 15,103 43 1,178 488 2,008 3,419 2 753 12,248 548 107,864 7,307 8,830 8,886 1,340 1,476 7,517 51,772 17,495 46 844 669 2,188 3,699 2 1,879 11,532 726 126,208 1,110 3,939 7,777 1,314 1,795 6,979 59,792 11,209 48 921 77 2,180 4,425 2 1,443 10,487 246 113,744 11,098 8,431 5,794 1,193 1,238 5,617 66,122 13,201 38 1,226 364 2,697 4,141 2 1,659 9,877 212 132,910 7,282 5,634 7,589 1,530 1,308 7,120 72,688 7,138 75 1,318 728 1,601 4,322 2 1,557 8,477 206 128,575 430 25 377 123 820 175 311 2,261 371 14 330 104 820 218 346 2,203 430 6 395 96 719 241 311 2,198 346 9 350 75 659 311 332 2,082 500 12 308 71 653 238 295 2,077 569 13 346 66 611 266 365 2,236 429 17 289 60 3,463 229 313 4,800 8,057 477 75 8,609 1,346,540 7,149 922 13 8,084 1,360,468 7,727 782 148 8,657 1,483,592 8,507 1,018 33 9,558 1,432,756 7,793 881 69 8,743 1,507,424 8,175 2,356 118 10,649 1,675,273 10,401 1,254 97 11,752 1,771,886 4,322 21 237 479 - 5,237 12 213 188 - 3,863 44 240 253 - 2,160 23 229 385 - 3,291 8 179 331 - 4,235 1 189 482 - 4,318 13 153 1,053 - June p 5,059 5,650 4,400 2,797 3,809 4,907 5,537 1,351,599 1,366,118 1,487,992 1,435,553 1,511,233 1,680,180 1,777,423 Before January 2001, combined data reported for Belgium-Luxembourg. 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. 2 2003 Mar. 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.” 76 CAPITAL MOVEMENTS TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2003 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria.............................................................. 4,543 Belgium 1........................................................... 9,505 Bulgaria............................................................ 11 Czech Republic................................ 157 Denmark ........................................................... 4,795 Finland............................................................. 9,529 France.............................................................. 88,894 Germany ........................................................... 43,218 Greece............................................................. 342 Hungary ............................................................ 127 Ireland.............................................................. 7,317 Italy................................................................ 8,910 Luxembourg 1................................ 8,012 Netherlands ................................ 32,077 Norway ............................................................. 17,969 Poland.............................................................. 677 Portugal............................................................ 2,942 Romania........................................................... 160 Russia 2 ............................................................ 850 Spain................................................................ 6,493 Sweden............................................................ 22,668 Switzerland................................ 114,791 Turkey .............................................................. 3,384 United Kingdom ................................397,252 Channel Islands and Isle of Man 3............................... 49,440 Yugoslavia 4................................ Other Europe................................ 2,810 Total Europe................................ 836,873 78,285 Canada............................................................... Latin America: Argentina........................................................... 6,447 Brazil. .............................................................. 25,113 Chile................................................................ 5,535 Colombia........................................................... 2,543 Ecuador............................................................ 496 Guatemala......................................................... 809 Mexico.............................................................. 15,447 Panama............................................................ 2,139 Peru................................................................ 1,555 Uruguay ............................................................ 345 Venezuela......................................................... 3,392 2,489 Other Latin America 5 ................................ 66,310 Total Latin America................................ Caribbean: Bahamas........................................................... 104,837 Bermuda........................................................... 22,771 6 Cayman Islands ................................ 504,523 Cuba................................................................ 93 Jamaica............................................................ 328 Netherlands Antilles................................ 7,361 Trinidad and Tobago................................862 Other Caribbean 5................................ 4,516 645,291 Total Caribbean................................ See footnotes at end of table. Total (2) Claims on foreign official institutions and foreign banks (3) 4,402 6,899 9 124 1,796 9,192 72,413 26,088 215 127 4,194 8,289 6,324 21,487 17,177 672 2,899 160 828 4,692 15,973 104,920 2,197 287,114 44,698 2,800 645,689 59,589 1,513 5,526 6 73 1,474 9,043 37,850 15,618 70 120 1,613 5,050 5,232 9,587 15,063 640 1,909 70 321 2,010 11,614 99,534 1,608 213,018 41,309 2,021 481,892 43,456 2,826 1,215 3 44 263 148 17,585 7,368 137 2,372 1,201 982 9,144 803 11 497 57 494 108 4,001 3,494 588 49,928 3,383 401 107,053 6,333 38 1,262 3 46 677 8,941 39,950 5,027 11 6 338 3,435 3,066 9,210 195 59 508 29 597 8,068 98,175 27 212,837 41,100 8 433,613 40,055 63 158 7 59 1 16,978 3,102 8 7 209 2,038 110 2,756 1,311 21 493 33 13 2,574 358 1,892 1 24,168 6 378 56,744 9,800 141 2,606 2 33 2,999 337 16,481 17,130 127 3,123 621 1,688 10,590 792 5 43 22 1,801 6,695 9,871 1,187 110,138 4,742 10 191,184 18,696 133 2,448 2 33 2,948 38 12,801 13,255 126 2,804 572 1,012 10,035 759 43 22 1,765 6,630 9,036 1,100 104,128 2,173 10 171,873 16,269 8 158 51 299 3,680 3,875 1 319 49 676 555 33 5 36 65 835 87 6,010 2,569 19,311 2,427 6,038 17,089 5,296 2,427 481 784 14,886 2,008 1,544 342 3,355 2,443 56,693 1,060 9,320 1,682 1,069 109 242 1,847 1,255 479 161 716 1,061 19,001 4,946 7,230 3,594 1,353 372 531 12,794 731 1,062 174 2,493 1,367 36,647 882 5,849 155 108 22 96 181 375 238 124 11 118 8,159 32 539 20 5 11 245 22 3 7 146 15 1,045 409 8,024 239 116 15 25 561 131 11 3 37 46 9,617 375 276 239 115 15 25 531 131 11 2 37 42 1,799 34 7,748 1 30 1 4 7,818 97,931 21,997 415,664 36 328 7,220 837 4,478 548,491 83,925 500 321,248 73 796 242 618 407,402 12,735 21,234 88,726 254 6,338 595 3,764 133,646 88,154 1,052 335,639 29 721 141 177 425,913 1,271 263 5,690 36 1 86 96 7,443 6,906 774 88,859 57 141 25 38 96,800 6,891 773 88,587 141 25 38 96,455 15 1 272 57 345 Memorandum Claims on Claims on all other own foreigners foreign offices (4) (5) Payable in foreign currencies (6) Claims of domestic customers Payable in Payable in foreign Total dollars currencies (7) (8) (9) CAPITAL MOVEMENTS 77 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2003, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Total (2) Asia: China: Mainland......................................................... 7,282 6,988 Taiwan............................................................ 5,634 5,534 Hong Kong................................ 7,589 7,398 India................................................................ 1,530 1,385 Indonesia.......................................................... 1,308 974 Israel................................................................ 7,120 4,488 Japan............................................................... 72,688 70,159 Korea............................................................... 7,138 7,069 Lebanon............................................................ 75 71 Malaysia........................................................... 1,318 1,007 Pakistan............................................................ 728 723 Philippines ......................................................... 1,601 1,522 Singapore.......................................................... 4,322 4,042 Syria.............................................................. 2 Thailand............................................................ 1,557 1,511 8,683 8,353 Other Asia......................................................... 128,575 121,224 Total Asia................................ Africa: Congo (formerly Zaire)................................ Egypt................................................................ 429 414 Ghana.............................................................. 17 5 Liberia.............................................................. 289 281 Morocco............................................................ 60 50 South Africa................................ 3,463 540 542 476 Other Africa................................ 4,800 1,766 Total Africa................................ Other countries: Australia............................................................ 10,401 7,030 New Zealand 7................................ 1,254 949 97 96 All other............................................................ 11,752 8,075 Total other countries ................................ 1,771,886 1,441,527 Total foreign countries................................ International and regional orgs.: . International................................ 4,318 4,293 European regional................................ 13 11 Latin American regional................................ 153 74 8 Caribbean regional ................................ Asian regional................................ 1,053 1,053 African regional. ............................... Middle Eastern regional................................ 5,537 5,431 Total international and regional............................. Grand total................................ 1,777,423 1,446,958 1 Claims on foreign official institutions and foreign banks (3) Memorandum Claims on own foreign offices (5) Payable in foreign currencies (6) Claims of domestic customers Payable in Payable in foreign Total dollars currencies (7) (8) (9) 5,677 4,565 3,967 750 454 3,919 49,976 6,064 63 658 24 1,257 3,329 1,178 5,618 87,499 1,311 830 3,094 625 490 414 12,076 994 8 346 699 247 367 45 480 22,026 62 880 3,332 254 11 1,608 46,335 2,398 677 88 2,277 673 4,829 63,424 139 337 10 30 155 8,107 11 3 18 346 288 2,255 11,699 294 100 191 145 334 2,632 2,529 69 4 311 5 79 280 2 46 330 7,351 294 27 155 135 333 2,630 1,930 45 4 306 5 59 239 2 42 329 6,535 73 36 10 1 2 599 24 5 20 41 4 1 816 391 2 4 43 401 298 1,139 21 3 277 125 178 604 214 1 73 59 347 2 7 14 23 15 12 8 10 2,923 66 3,034 9 12 8 10 8 63 110 6 2,915 3 2,924 3,780 288 1 4,069 1,044,458 2,803 506 95 3,404 309,713 2,191 1 1 2,193 973,704 447 155 602 87,356 3,371 305 1 3,677 330,359 3,190 143 1 3,334 296,375 181 162 343 33,984 1,044,458 4,293 11 74 1,053 5,431 315,144 973,704 87,356 25 2 79 106 330,465 25 2 79 106 296,481 33,984 Before January 2001, combined data reported for Belgium-Luxembourg. 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 2 Claims on all other foreigners (4) 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 .” 78 CAPITAL MOVEMENTS CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 700 In June 2003, U.S. banking claims, excluding long-term securities, amounted to nearly $1.8 trillion, an increase of about $265 million from yearend 2002. In large part, the increase in claims reflects changes to the reporting scope of the TIC reporting system effective February 2003. In particular, these figures now include brokerage balances and positions with affiliated foreign offices reported by U.S. brokers and dealers. (In billions of dollars) 600 500 400 300 200 100 0 1999 2000 2001 2002 June 2003 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 1999 2000 2001 2002 June 2003 300,665 362,960 422,615 40,047 57,326 1,183,613 288,133 406,139 533,194 59,792 53,952 1,341,210 397,252 439,621 641,631 72,688 55,887 1,607,079 150,876 167,986 170,023 170,344 1,177,192 1,351,599 1,511,233 1,777,423 United Kingdom ................................172,345 223,976 All other Europe................................283,430 324,734 Caribbean banking centers 1,2 ................................ 340,917 388,987 Japan................................................................ 34,627 39,179 49,440 All other Asia................................ 53,267 884,586 1,026,316 Subtotal ................................ 148,542 All other countries ................................ Grand total. ............................... 1,033,128 1 2 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. These financial centers accounted for most of the increase in U.S. banking claims in the first half of this year. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. CAPITAL MOVEMENTS 79 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, Foreigne rs in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Other Europe: Cyprus ............................................................. Iceland............................................................. Monaco............................................................ Other Latin America and Caribbean: Aruba............................................................... Barbados .......................................................... Belize............................................................... Bolivia.............................................................. Costa Rica........................................................ Dominica........................................................... Dominican Republic............................................. El Salvador........................................................ French West Indies and French Guiana.................... Haiti ................................................................ Honduras.......................................................... Nicaragua......................................................... Paraguay .......................................................... Suriname.......................................................... Other Asia: Afghanistan....................................................... Burma.............................................................. Jordan.............................................................. Macau.............................................................. Sri Lanka.......................................................... Yemen............................................................. Other Africa: Angola.............................................................. Cameroon......................................................... Ethiopia............................................................ Guinea............................................................. Ivory Coast........................................................ Kenya.............................................................. Mauritius........................................................... Mozambique...................................................... Rwanda............................................................ Senegal............................................................ Somalia............................................................ Sudan.............................................................. Tanzania........................................................... Tunisia............................................................. Uganda............................................................ Zambia............................................................. Zimbabwe......................................................... All other: Papua New Guinea............................................. Total liabilities Calendar year 2001 2002 2003 June Total banks’ own claims Calendar year 2001 2002 2003 June 181 56 300 143 104 r 239 276 141 194 28 n.a. n.a. 22 n.a. n.a. n.a. 39 65 238 2,127 147 781 1,076 53 1,937 764 21 295 1,768 159 825 315 255 r 1,357 319 r 878 r 933 45 1,460 r 652 26 257 1,718 126 789 201 281 1,735 234 844 1,107 46 1,444 1,035 24 337 1,604 149 688 139 n.a. 831 n.a. 257 910 n.a. 976 1,150 n.a. 31 338 85 84 n.a. 292 619 n.a. 214 708 n.a. 1,085 887 n.a. 24 362 84 77 11 n.a. 256 26 239 660 3 862 780 n.a. 38 249 n.a. 56 n.a. 56 8 n.a. 41 196 393 45 9 n.a. 84 n.a. 185 51 3 n.a. 72 809 291 n.a. 103 11 2 82 n.a. n.a. 71 9 n.a. n.a. 13 249 38 n.a. 147 88 55 44 n.a. 11 7 229 172 79 70 81 n.a. 16 n.a. 28 n.a. 106 r 116 n.a. 91 30 9 5 279 n.a. 202 87 63 276 15 360 22 96 152 117 139 48 n.a. n.a. 7 n.a. 67 116 102 66 n.a. 9 n.a. 15 n.a. 4 n.a. n.a. n.a. 5 89 2 - n.a. 14 n.a. n.a. 2 n.a. n.a. n.a. 84 n.a. n.a. - n.a. 19 n.a. n.a. 2 n.a. n.a. n.a. 14 74 n.a. n.a. - n.a. n.a. 50 12 n.a. 7 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. 80 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] Type of liability or claim 1999 Total liabilities....................................................... 53,020 Payable in dollars................................ 37,605 Financial....................................................... 13,883 Short-term negotiable securities...................... n.a. Other........................................................ n.a. Commercial.................................................. 23,722 Trade payables ................................ 11,720 Advance receipts and other........................... 12,002 Payable in foreign currencies................................ 15,415 By major foreign currency: Canadian dollars................................ n.a. Euros........................................................... n.a. United Kingdom pounds sterling......................... n.a. Japanese yen................................ n.a. Other ........................................................... n.a. By type of liability: Financial....................................................... 14,097 Short-term negotiable securities...................... n.a. Other........................................................ n.a. Commercial................................................... 1,318 Trade payables ................................ 1,114 Advance receipts and other........................... 204 Total claims......................................................... 76,642 Payable in dollars................................ 69,170 Financial...................................................... 34,966 Non-negotiable deposits ..............................n.a. Negotiable CDs and short-term negotiable instruments ................................ n.a. Other....................................................... n.a. Commercial.................................................. 34,204 Trade receivables................................ 30,624 Advance payments and other......................... 3,580 Payable in foreign currencies................................ 7,472 By major foreign currency: Canadian dollars................................ n.a. Euros........................................................... n.a. United Kingdom pounds sterling......................... n.a. Japanese yen................................ n.a. Other ........................................................... n.a. By type of claim: Financial....................................................... 5,265 Non-negotiable deposits ................................ n.a. Short-term negotiable securities...................... n.a. Other....................................................... n.a. Commercial................................................... 2,207 Trade receivables................................ 1,978 Advance payments and other......................... 229 Memoranda: Financial liabilities and claims: Positions with unaffiliated entities: Financial liabilities................................ 27,980 Financial claims................................ 40,231 Selected positions with affiliated entities: 1 Financial liabilities................................ n.a. Financial claims................................ n.a. 1 Calendar year 2000 2001 June 2002 Sept. Dec. Mar. June p 73,904 48,931 25,246 n.a. n.a. 23,685 12,162 11,523 24,973 66,679 42,925 18,763 n.a. n.a. 24,162 10,893 13,269 23,754 70,431 48,054 22,050 n.a. n.a. 26,004 13,388 12,616 22,377 68,225 44,534 18,913 n.a. n.a. 25,621 13,102 12,519 23,691 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 85,426 55,109 30,296 3,675 26,621 24,813 12,812 12,001 30,317 82,128 54,128 28,938 3,088 25,850 25,190 13,635 11,555 28,000 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 641 13,411 7,870 3,122 5,273 884 10,959 7,587 2,899 5,671 22,173 n.a. n.a. 2,800 2,131 669 90,157 79,558 46,157 n.a. 22,271 n.a. n.a. 1,483 888 595 113,082 103,864 74,471 n.a. 20,776 n.a. n.a. 1,601 817 784 116,608 107,714 82,353 n.a. 22,398 n.a. n.a. 1,293 717 576 112,784 104,748 79,307 n.a. 20,717 n.a. n.a. 1,860 1,230 630 102,566 91,551 65,070 n.a. 26,757 17,753 9,004 3,560 2,008 1,552 124,387 107,665 87,859 45,055 24,741 15,154 9,587 3,259 1,743 1,516 129,554 107,673 85,788 48,236 n.a. n.a. 33,401 30,007 3,394 10,599 n.a. n.a. 29,393 25,828 3,565 9,218 n.a. n.a. 25,361 22,543 2,818 8,894 n.a. n.a. 25,441 21,982 3,459 8,036 n.a. n.a. 26,481 22,635 3,846 11,015 3,642 39,162 19,806 16,963 2,843 16,722 3,033 34,519 21,885 17,598 4,287 21,881 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,956 4,857 3,534 1,425 4,950 1,876 4,136 4,109 1,412 10,348 6,874 n.a. n.a. n.a. 3,725 3,097 628 6,816 n.a. n.a. n.a. 2,402 1,685 717 4,978 n.a. n.a. n.a. 3,916 2,173 1,743 4,731 n.a. n.a. n.a. 3,305 2,189 1,116 6,319 n.a. n.a. n.a. 4,696 3,750 946 7,079 1,367 135 5,577 9,643 7,777 1,866 11,709 1,697 174 9,838 10,172 8,226 1,946 47,419 53,031 41,034 81,287 42,826 87,331 41,311 84,038 39,561 71,389 45,455 83,023 42,251 83,464 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11,598 11,915 11,428 14,033 Beginning March 2003, reporters who are financial intermediaries or insurance underwriting subsidiaries of bank/financial holding companies report financial liabilities and claims positions with specified affiliated foreign residents. 2003 CAPITAL MOVEMENTS 81 TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 Europe: 118 Austria................................ 357 Belgium 1 ................................ 3 Bulgaria................................ Czech Republic ................................105 132 Denmark................................ 83 Finland................................ 2,017 France................................ Germany................................ 3,455 120 Greece................................ 3 Hungary................................ 1,307 Ireland................................ 1,177 Italy ................................ Luxembourg 1................................ n.a. Netherlands ................................ 1,835 188 Norway ................................ 11 Poland................................ 29 Portugal................................ 149 Romania................................ 82 Russia 2................................ 546 Spain................................ 171 Sweden................................ Switzerland................................ 654 211 Turkey ................................ 9,677 United Kingdom ................................ Channel Islands and Isle of Man 3 ................................n.a. 8 Yugoslavia 4................................ Other Europe................................ 181 22,619 Total Europe................................ 2,083 Canada................................ Calendar year 1999 2000 2001 June 2002 Sept. Dec. 2003 Mar. June p 112 171 26 105 48 2,331 3,105 141 9 827 749 n.a. 2,503 266 46 34 159 251 501 158 773 384 19,592 111 440 2 7 149 91 2,459 3,215 400 8 1,216 1,773 n.a. 2,316 286 42 16 178 91 468 117 606 408 29,209 151 253 3 10 148 86 3,575 3,249 410 27 1,264 1,395 n.a. 3,117 320 43 16 17 48 423 97 884 133 25,131 128 214 2 14 252 45 4,898 3,192 299 22 1,010 1,269 n.a. 2,247 343 362 10 21 40 513 96 810 140 26,889 112 366 4 14 79 36 4,235 3,720 400 27 828 2,014 n.a. 2,421 361 41 17 14 32 478 128 653 74 26,620 64 285 4 13 522 56 6,008 3,704 403 32 785 1,271 n.a. 2,415 406 46 17 20 38 403 115 494 101 25,180 97 1,070 1 17 141 64 3,655 4,090 260 28 744 1,228 280 2,526 417 49 17 25 34 428 127 540 84 28,765 104 193 7 17 61 67 4,403 3,593 198 37 600 1,460 419 3,107 398 46 19 24 68 340 134 631 140 26,203 n.a. 11 201 32,503 2,059 n.a. 11 182 43,801 2,344 n.a. 14 211 41,025 2,577 n.a. 10 193 43,019 3,105 n.a. 9 191 42,874 2,153 n.a. 9 201 42,592 2,179 5 9 210 44,911 2,214 4 15 204 42,492 2,761 Latin America: 118 Argentina................................ 304 Brazil................................ 111 Chile................................ 72 Colombia................................ 19 Ecuador................................ 12 Guatemala................................ 406 Mexico................................ 16 Panama................................ 35 Peru................................ 8 Uruguay................................ Venezuela................................ 204 426 Other Latin America5 ................................ 1,731 Total Latin America................................ 169 271 64 141 58 6 912 67 28 8 305 379 2,408 146 262 52 131 32 10 867 32 24 27 286 1,994 3,863 50 325 56 82 4 13 935 49 41 8 168 284 2,015 65 358 44 39 9 13 1,040 45 26 6 209 463 2,317 87 355 37 32 8 15 1,096 43 26 5 328 410 2,442 62 318 55 50 5 13 1,201 61 21 6 178 503 2,473 62 373 38 52 7 17 1,124 62 21 9 143 77 1,985 96 396 30 26 8 17 933 97 75 8 456 110 2,252 Caribbean: 21 Bahamas ................................ 299 Bermuda................................ 967 British West Indies 6................................ n.a. Cayman Islands 6................................ 5 Cuba................................ 12 Jamaica................................ 44 Netherlands Antilles................................ 34 Trinidad and Tobago................................ n.a. Other Caribbean 5 ................................ 1,382 Total Caribbean................................ 23 157 540 n.a. 27 13 19 15 n.a. 794 37 2,020 482 n.a. 20 16 32 36 n.a. 2,643 209 1,551 1,672 n.a. 42 12 46 38 n.a. 3,570 17 1,048 1,046 n.a. 23 13 146 39 n.a. 2,332 14 1,056 424 n.a. 23 16 8 28 n.a. 1,569 74 1,528 401 n.a. 29 28 11 33 n.a. 2,104 393 3,571 n.a. 105 35 11 11 41 710 4,877 15 4,803 n.a. 57 36 15 7 27 532 5,492 See footnotes at end of table. 82 CAPITAL MOVEMENTS TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Co untry, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 Calendar year 1999 2000 2001 June 2002 Sept. Dec. Mar. 2003 June p Asia: China: Mainland................................ 708 Taiwan................................ 898 Hong Kong................................ 388 India................................ 387 Indonesia................................ 154 Israel................................ 228 Japan................................ 7,439 Korea................................ 945 Lebanon................................ 27 Malaysia................................ 141 Pakistan................................ 33 Philippines ................................ 169 Singapore................................ 1,240 Syria................................ 15 Thailand................................ 362 Oil-exporting countries 7................................ 2,852 Other Asia................................ 141 Total Asia................................ 16,127 627 1,175 223 519 83 160 5,751 543 56 118 37 169 917 8 165 2,555 217 13,323 497 970 640 309 81 468 8,973 941 53 162 96 114 2,280 27 203 2,844 290 18,948 735 819 560 179 44 195 5,850 897 57 393 94 1,100 1,793 6 105 2,649 83 15,559 2,271 623 255 222 55 485 6,530 607 55 168 99 130 2,035 11 50 3,446 322 17,364 1,266 449 292 169 37 1,335 6,478 541 49 121 85 109 1,701 17 38 3,873 352 16,912 1,252 659 495 160 100 350 6,124 548 53 140 158 108 1,796 13 118 3,993 247 16,314 1,980 752 451 132 34 802 6,180 709 54 179 209 113 1,855 50 123 3,563 235 17,421 1,180 779 419 109 48 606 5,863 686 53 144 261 127 1,971 19 136 3,094 238 15,733 Africa: Congo (formerly Zaire)................................ Egypt................................ 39 Ghana................................ 9 Liberia................................ 9 Morocco................................ 41 South Africa................................ 189 Oil-exporting countries 8................................ 393 Other Africa................................ 142 Total Africa................................ 822 9 86 1 2 31 138 499 212 978 166 6 18 11 135 483 181 1,000 1 117 3 30 34 111 441 152 889 1 154 3 38 159 440 241 1,036 1 124 4 41 138 536 160 1,004 1 128 2 1 42 130 496 158 958 1 110 3 44 125 514 244 1,041 1 43 5 44 105 275 270 743 Other countries: Australia................................ 949 New Zealand 9................................ n.a. 852 All other................................ 1,801 Total other countries ................................ 634 n.a. 300 934 344 n.a. 898 1,242 584 n.a. 430 1,014 736 n.a. 492 1,228 818 n.a. 430 1,248 732 n.a. 238 970 1,149 23 178 1,350 972 11 212 1,195 46,565 52,975 Total foreign countries................................ International and regional orgs.: International................................ 1 European regional................................5 44 Latin American regional................................ Caribbean regional 10................................ n.a. n.a. Asian regional................................ African regional. ............................... Middle Eastern regional................................ Total international 45 and regional................................ 5 Grand total................................ 46,570 53,020 73,841 66,649 70,401 68,202 67,590 73,799 70,668 1 45 n.a. 9 8 - 30 n.a. - 21 8 n.a. 1 - 22 1 n.a. - 22 3 46 n.a. 3 - 25 2 2 - 17 15 - 1 63 30 30 23 74 29 32 73,904 66,679 70,431 68,225 67,664 73,828 70,700 Before January 2001, combined data reported for Belgium-Luxembourg. 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 since June 1994 for the former Yugoslav Republic of Macedonia. 2 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 83 TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 Calendar year 1999 2000 Europe: 146 208 Austria................................ 899 845 Belgium 1 ................................ 11 6 Bulgaria................................ 26 Czech Republic ................................ 67 81 310 Denmark................................ 244 261 Finland................................ 3,035 3,203 France................................ 2,126 2,464 Germany................................ 316 487 Greece................................ 66 54 Hungary................................ 244 340 Ireland................................ 1,257 1,284 Italy ................................................................ n.a. Luxembourg 1................................ n.a. 2,658 Netherlands ................................ 1,342 165 273 Norway ................................ 111 62 Poland................................ 153 91 Portugal................................ 20 11 Romania................................ 232 293 Russia 2................................ 527 715 Spain.............................................................. 565 339 Sweden................................ 897 1,253 Switzerland................................ 236 464 Turkey ................................ 12,535 13,388 United Kingdom ................................ Channel Islands and n.a. Isle of Man 3 ................................ n.a. 14 17 Yugoslavia 4................................ 360 Other Europe................................ 251 29,412 Total Europe................................25,540 5,120 Canada............................................................... 5,310 Latin America: 893 896 Argentina................................ 1,859 2,381 Brazil.............................................................. 320 263 Chile............................................................... 279 349 Colombia................................ 103 82 Ecuador................................ 88 85 Guatemala................................ 2,790 3,476 Mexico................................ 173 168 Panama................................ 183 148 Peru................................................................ 59 68 Uruguay................................ 456 487 Venezuela................................ 1,176 1,325 Other Latin America5 ................................ 8,379 9,728 Total Latin America................................ Caribbean: 427 1,613 Bahamas ................................ 575 401 Bermuda................................ 24,492 12,280 British West Indies 6................................ n.a. Cayman Islands 6................................n.a. Cuba............................................................... 45 52 Jamaica................................ 45 Netherlands Antilles................................37 55 46 Trinidad and Tobago................................ n.a. Other Caribbean 5 ................................n.a. 25,631 14,437 Total Caribbean................................ See footnotes at end of table. 2001 June 2002 Sept. 498 748 6 67 229 224 4,301 2,830 332 47 616 1,114 n.a. 3,125 308 67 83 16 373 860 360 1,462 700 20,402 1,985 893 13 79 138 238 4,371 2,726 339 66 821 1,434 n.a. 2,667 257 77 71 34 137 1,042 441 1,200 383 20,343 3,026 1,004 12 57 87 298 6,749 5,135 369 43 764 2,480 n.a. 4,827 315 56 76 19 95 1,067 741 1,482 600 19,520 1,626 910 7 58 86 893 6,826 5,450 354 57 938 2,980 n.a. 5,113 331 71 214 18 115 945 596 1,539 476 14,690 1,770 991 9 62 112 624 6,411 5,447 409 51 516 2,963 n.a. 5,138 286 79 222 24 93 1,370 417 886 503 14,390 1,741 665 20 52 220 276 6,206 7,540 287 45 1,000 3,081 1,057 5,490 256 72 220 20 73 1,020 529 1,945 462 14,919 1,742 508 18 53 191 252 7,510 5,610 254 55 731 3,266 84 5,031 355 89 201 20 64 1,081 549 1,708 515 17,914 n.a. 15 291 39,074 8,078 n.a. 23 362 40,140 9,011 n.a. 7 488 49,317 8,289 n.a. 10 516 44,819 8,108 n.a. 10 422 43,205 7,803 3 18 846 48,063 8,207 3 24 787 48,615 8,792 1,109 2,784 302 351 66 106 3,955 244 171 35 415 842 10,380 810 3,081 242 240 62 90 4,466 105 79 20 371 919 10,485 553 2,865 225 290 95 82 4,106 102 75 17 376 1,165 9,951 559 3,088 209 261 84 76 4,055 92 57 16 411 1,019 9,927 602 3,036 217 240 112 79 4,180 79 69 30 392 1,102 10,138 549 3,058 183 262 89 92 2,875 88 82 36 393 648 8,355 542 2,885 217 245 82 70 2,999 87 87 11 407 610 8,242 1,390 395 12,733 n.a. 1 126 84 59 n.a. 14,788 1,018 1,287 33,060 n.a. 2 93 70 45 n.a. 35,575 1,360 918 29,595 n.a. 7 74 67 47 n.a. 32,068 750 1,427 30,849 n.a. 4 76 62 29 n.a. 33,197 1,069 1,011 21,547 n.a. 94 45 54 n.a. 23,820 818 938 n.a. 25,907 24 70 12 59 1,016 28,844 626 1,160 n.a. 30,750 4 84 11 72 1,010 33,717 Dec. 2003 Mar. June p 84 CAPITAL MOVEMENTS TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 Calendar year 1999 2000 2001 June 2002 Sept. Dec. 2003 Mar. June p Asia: China: Mainland................................ 825 Taiwan................................ 770 Hong Kong................................ 331 India ................................ 348 Indonesia................................ 417 Israel. ............................... 327 Japan................................ 2,875 Korea................................ 1,084 Lebanon................................ 26 Malaysia................................ 492 Pakistan ................................ 37 Philippines................................ 148 Singapore................................ 734 Syria................................ 12 Thailand................................ 489 Oil-exporting countries 7................................ 1,144 Other Asia................................ 160 Total Asia................................10,219 760 1,097 400 599 408 336 5,336 1,378 14 516 23 258 1,041 5 651 1,648 152 14,622 1,096 1,299 593 661 407 458 4,427 1,745 36 743 37 106 1,065 11 344 1,104 195 14,327 1,052 853 1,094 638 239 700 3,610 1,850 16 645 44 1,001 1,120 11 232 985 189 14,279 1,505 982 616 475 217 569 3,210 1,749 22 553 35 727 1,131 1 183 967 121 13,063 848 820 703 554 202 802 3,564 1,735 19 545 24 897 836 35 178 907 150 12,819 867 696 682 743 280 453 3,618 1,738 21 521 17 708 1,044 28 237 897 132 12,682 3,029 574 768 599 241 567 2,662 1,797 21 528 26 774 935 43 208 685 135 13,592 1,230 555 692 682 262 1,027 2,963 1,427 16 547 35 161 803 2 213 908 187 11,710 Africa: Congo (formerly Zaire)................................ 1 Egypt................................ 136 Ghana................................ 14 Liberia................................ 11 Morocco................................ 29 South Africa................................ 272 Oil-exporting countries 8................................ 181 Other Africa................................ 226 Total Africa................................ 870 186 6 3 35 323 186 178 917 266 5 2 49 266 237 258 1,083 233 7 28 35 293 137 326 1,059 150 8 51 32 302 158 335 1,036 182 6 48 43 288 136 313 1,016 18 155 9 50 24 273 120 330 979 128 13 54 30 326 165 278 994 7 99 8 101 24 325 132 222 918 2,041 n.a. 359 2,400 90,130 2,150 n.a. 383 2,533 113,082 2,566 n.a. 316 2,882 116,606 2,601 n.a. 297 2,898 112,784 3,540 n.a. 393 3,933 102,560 4,038 176 92 4,306 112,361 3,169 188 101 3,458 115,452 2 4 n.a. 12 2 7 n.a. - 2 n.a. - n.a. - 2 1 1 n.a. 1 1 11 43 15 30 9 1 2 11 26 13 9 7 3 Other countries: Australia................................ 1,398 1,889 New Zealand 9................................n.a. n.a. 286 351 All other................................ 1,684 2,240 Total other countries................................ 77,443 76,639 Total foreign countries ................................ International and regional orgs.: International................................ 15 2 European regional. ...............................3 Latin American regional................................ Caribbean regional 10 ................................ n.a. n.a. Asian regional ................................ African regional................................ 1 1 Middle Eastern regional................................ Total international 3 and regional................................19 77,462 76,642 Grand total................................ 1 27 - 2 - 6 111 69 90,157 113,082 116,608 112,784 102,566 112,472 115,521 Before January 2001, combined data reported for Belgium-Luxembourg. 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 since June 1994 for the former Yugoslav Republic of Macedonia. 2 5 Before January 200 1, “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, Sau di Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 85 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2003, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Total liabilities (1) Europe: Austria............................................................. 104 Belgium 1................................ 193 Bulgaria........................................................... 7 Czech Republic................................ 17 Denmark ................................ 61 Finland............................................................67 France............................................................. 4,403 Germany ................................ 3,593 Greece............................................................ 198 Hungary ...........................................................37 Ireland............................................................. 600 Italy................................................................ 1,460 Luxembourg 1................................ 419 Netherlands ................................ 3,107 Norway ............................................................ 398 Poland.............................................................46 Portugal...........................................................19 Romania................................ 24 Russia 2 ...........................................................68 Spain............................................................... 340 Sweden........................................................... 134 Switzerland................................ 631 Turkey ............................................................. 140 United Kingdom ................................ 26,203 Channel Islands and Isle of Man 3 ................................ 4 Yugoslavia 4................................ 15 204 Other Europe................................ 42,492 Total Europe................................ 2,761 Canada............................................................... Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 32 29 16 3,376 2,901 11 4 573 350 410 1,790 4 1 2 12 24 167 19 22,903 72 193 7 17 32 51 1,027 692 187 33 27 1,110 9 1,317 394 45 17 24 56 316 134 464 121 3,300 1,742 508 18 53 191 252 7,510 5,610 254 55 731 3,266 84 5,031 355 89 201 20 64 1,081 549 1,708 515 17,914 1,648 305 23 90 16 4,445 4,425 20 5 483 1,627 47 3,655 198 106 10 509 280 1,178 391 13,437 94 203 18 30 101 236 3,065 1,185 234 50 248 1,639 37 1,376 157 89 95 20 54 572 269 530 124 4,477 15 32,639 1,012 4 15 189 9,853 1,749 3 24 787 48,615 8,792 488 33,386 5,879 3 24 299 15,229 2,913 Latin America: Argentina................................ 96 Brazil. .............................................................. 396 Chile...............................................................30 Colombia................................ 26 Ecuador........................................................... 8 Guatemala................................ 17 Mexico............................................................. 933 Panama...........................................................97 Peru................................................................75 Uruguay ........................................................... 8 Venezuela................................ 456 110 Other Latin America5................................ 2,252 Total Latin America................................ 14 129 7 27 1 178 82 267 23 26 8 17 906 97 74 8 456 110 2,074 542 2,885 217 245 82 70 2,999 87 87 11 407 610 8,242 328 2,104 49 59 31 37 1,906 41 9 1 169 326 5,060 214 781 168 186 51 33 1,093 46 78 10 238 284 3,182 Caribbean: Bahamas................................ 15 Bermuda........................................................... 4,803 Cayman Islands 6 ................................ 57 Cuba...............................................................36 Jamaica...........................................................15 Netherlands Antilles................................ 7 Trinidad and Tobago................................ 27 532 Other Caribbean 5................................ 5,492 Total Caribbean................................ 4 4,244 37 5 5 22 4,317 11 559 20 36 10 7 22 510 1,175 626 1,160 30,750 4 84 11 72 1,010 33,717 598 699 30,734 55 42 152 32,280 28 461 16 4 29 11 30 858 1,437 See footnotes at end of table. 86 CAPITAL MOVEMENTS TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2003, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Total liabilities (1) Asia: China: Mainland................................ 1,180 Taiwan................................ 779 Hong Kong................................ 419 India................................................................ 109 Indonesia................................ 48 Israel............................................................... 606 Japan.............................................................. 5,863 Korea.............................................................. 686 Lebanon...........................................................53 Malaysia................................ 144 Pakistan........................................................... 261 Philippines ................................ 127 Singapore................................ 1,971 Syria...............................................................19 Thailand........................................................... 136 3,332 Other Asia................................ 15,733 Total Asia................................ Africa: Congo (formerly Zaire)................................ 1 Egypt...............................................................43 Ghana............................................................. 5 Liberia............................................................. Morocco...........................................................44 South Africa................................ 105 545 Other Africa................................ 743 Total Africa................................ Other countries: Australia........................................................... 972 New Zealand 7................................ 11 212 All other........................................................... Total other countries ................................ 1,195 70,668 Total foreign countries................................ International and regional orgs.: International................................ European regional................................ 17 Latin American regional................................ Caribbean regional 8................................ Asian regional................................ 15 African regional. ............................... Middle Eastern regional................................ Total international 32 and regional................................ Grand total................................ 70,700 1 Liabilities Financial (2) Total claims (4) Claims Financial (5) Commercial (6) 745 11 90 16 4 283 1,909 41 3 3 5 247 2 53 3,412 435 768 329 93 44 323 3,954 645 50 141 261 122 1,724 19 134 3,279 12,321 1,230 555 692 682 262 1,027 2,963 1,427 16 547 35 161 803 2 213 1,095 11,710 509 83 338 475 104 697 1,246 964 374 84 134 120 233 5,361 721 472 354 207 158 330 1,717 463 16 173 35 77 669 2 93 862 6,349 1 1 10 100 112 1 42 5 43 95 445 631 7 99 8 101 24 325 354 918 4 2 100 14 222 144 486 7 95 6 1 10 103 210 432 579 1 1 581 42,251 393 10 211 614 28,417 3,169 188 101 3,458 115,452 966 43 3 1,012 83,464 2,203 145 98 2,446 31,988 - 17 15 - 11 26 13 9 7 3 - 11 26 13 9 7 3 - 32 69 - 69 42,251 28,449 115,521 83,464 32,057 Before January 2001, combined data reported for Belgium-Luxembourg. 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 since June 1994 for the former Yugoslav Republic of Macedonia. 2 Commercial (3) 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other countries.” 8 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 87 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] Calendar year or month Total (1) Marketable Treasury bonds and notes Net foreign purchase Foreign countries Gross foreign Official Other International institutions foreigners and regional purchases (2) (3) (4) (5) 1999................................................................ -9,953 -9,861 2000................................................................ -54,032 -6,302 2001................................................................ 18,514 3,474 2002 r................................ 119,918 10,109 2003 - Jan. - Sept. p................................ 197,752 57,867 2002 - Sept................................21,670 Oct. r ................................6,086 Nov. r................................ 21,063 Dec. r................................ 13,476 2003 - Jan. r................................1,468 Feb. r................................-957 Mar. r................................. 26,949 Apr ................................ 9,792 May ................................41,109 June ................................ 44,027 July................................44,686 Aug. p................................ 25,115 Sept. p................................ 5,563 -3,737 82 16,017 5,523 193 4,832 2,011 -366 15,249 16,497 12,338 -963 8,076 Gross foreign sales (6) U.S. Government corporations and federally -sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) -657 -47,270 15,726 107,798 140,383 565 -460 -686 2,011 -498 4,288,138 3,870,511 5,267,730 7,264,447 7,003,169 4,298,091 3,924,543 5,249,216 7,144,529 6,805,417 92,200 152,842 163,990 195,127 125,430 486,000 728,930 1,201,649 1,727,954 1,893,622 393,800 576,088 1,037,659 1,532,827 1,768,192 25,395 5,256 5,126 7,624 892 -5,545 24,989 10,210 25,544 27,627 33,288 25,681 -2,303 12 748 -80 329 383 -244 -51 -52 316 -97 -940 397 -210 674,601 655,578 662,526 487,976 560,094 592,083 715,663 597,553 939,603 872,957 917,186 964,842 843,188 652,931 649,492 641,463 474,500 558,626 593,040 688,714 587,761 898,494 828,930 872,500 939,727 837,625 21,057 22,195 18,392 15,784 23,982 8,741 16,335 19,843 32,014 7,026 11,825 8,908 -3,244 153,124 147,403 164,459 144,519 151,520 138,965 219,959 227,177 285,492 253,204 232,388 219,062 165,855 132,067 125,208 146,067 128,735 127,538 130,224 203,624 207,334 253,478 246,178 220,563 210,154 169,099 Corporate and other securities Bonds 1 Calendar year or month Net foreign purchases (10) Gross foreign purchases (11) Stocks Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 1999................................................................ 2000................................................................ 2001................................................................ 2002 r................................................................ 2003 - Jan. - Sept. p............................................... 160,392 184,128 221,955 182,310 200,125 368,692 479,456 741,041 820,743 764,894 208,300 295,328 519,086 638,433 564,769 107,522 174,890 116,390 50,189 16,635 2,340,659 3,605,196 3,051,332 3,209,760 2,255,500 2,233,137 3,430,306 2,934,942 3,159,571 2,238,865 2002 - Sept.......................................................... Oct. r......................................................... Nov. r........................................................ Dec. r........................................................ 2003 - Jan. r......................................................... Feb. r........................................................ Mar. r........................................................ Apr. r......................................................... May .......................................................... June ......................................................... July .......................................................... Aug. p....................................................... Sept. p...................................................... 3,874 9,775 22,195 13,178 23,440 13,907 27,556 21,891 27,434 22,847 26,427 16,853 19,770 55,478 69,768 93,992 62,818 76,290 67,587 86,830 78,820 96,388 98,730 91,525 77,709 91,015 51,604 59,993 71,797 49,640 52,850 53,680 59,274 56,929 68,954 75,883 65,098 60,856 71,245 -6,463 3,619 6,476 3,185 -2,796 -2,078 2,840 4,357 6,593 10,308 -7,855 11,552 -6,286 206,763 297,196 264,363 223,227 216,731 201,408 236,668 233,275 273,263 311,954 267,033 252,364 262,804 213,226 293,577 257,887 220,042 219,527 203,486 233,828 228,918 266,670 301,646 274,888 240,812 269,090 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. 1 88 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] Calendar year or month Net foreign purchases of foreign securities from U.S (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) Foreign stocks 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................................................................ 26,934 28,446 1,372,042 1,343,596 -1,512 1,267,633 1,269,145 2003 - Jan. - Sept. p................................-23,645 34,207 1,570,943 1,536,736 -57,852 962,317 1,020,169 1,064 126,078 125,014 765 87,083 86,318 2002 - Sept.......................................................... 1,829 Oct. r ................................ 709 6,865 121,725 114,860 -6,156 100,763 106,919 Nov. r ................................ 1,267 2,248 136,169 133,921 -981 101,821 102,802 Dec. r ................................ -7,675 -5,041 116,115 121,156 -2,634 89,159 91,793 2003 - Jan. r ................................ -8,897 -2,004 135,866 137,870 -6,893 94,622 101,515 Feb. r ................................ -177 4,297 118,683 114,386 -4,474 83,683 88,157 Mar. r................................ 1,969 7,332 162,101 154,769 -5,363 91,096 96,459 Apr........................................................... -343 -2,416 135,970 138,386 2,073 100,054 97,981 May ......................................................... 3,249 14,049 230,256 216,207 -10,800 99,777 110,577 June ......................................................... 6,408 11,639 209,819 198,180 -5,231 116,975 122,206 July .......................................................... -1,715 3,006 207,675 204,669 -4,721 129,487 134,208 Aug. p................................ -12,526 1,021 159,271 158,250 -13,547 112,396 125,943 Sept. p................................ -11,613 -2,717 211,302 214,019 -8,896 134,227 143,123 CAPITAL MOVEMENTS 89 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] Country Marketable Treasury bonds and notes 2003 Calendar Jan. July year through through 2002 r Sept. Sept. p (1) (2) (3) Europe: Austria................................................................ -683 -447 Belgium 1 ................................ 2,046 1,554 Bulgaria................................ -185 -11 Czech Republic................................ 546 -699 Denmark................................ 54 2,172 Finland................................ 106 -421 France................................................................ -323 -5,291 Germany................................ -3,931 9,277 Greece ................................ 263 723 Hungary................................ -188 -57 Ireland................................................................ 572 4,469 Italy................................................................ -284 804 Luxembourg 1................................ n.a. 1,660 Netherlands................................-17,020 1,996 Norway................................ -9,536 8,031 Poland................................................................ -278 502 Portugal................................ 1,518 228 Romania................................ 507 1,047 2 Russia ................................ 3,182 -239 Spain................................................................ 407 -2,925 Sweden................................ 2,923 1,845 Switzerland................................ -448 5,032 Turkey................................................................ 2,193 -2,140 United Kingdom................................ 61,606 25,371 Channel Islands and 1,843 Isle of Man 3 ................................ n.a. Yugoslavia 4................................ 2 17 -811 Other Europe ................................ 1,514 43,678 53,530 Total Europe................................ -5,197 9,152 Canada................................................................ Latin America: Argentina................................ 817 1,760 Brazil ................................................................ 1,873 2,035 Chile................................................................ -229 75 Colombia................................ -1,426 -782 Ecuador................................ -1 64 Guatemala................................ 7 19 Mexico................................................................ 4,019 6,571 Panama ................................ -12 -83 Peru................................................................ 236 492 Uruguay................................ -375 735 Venezuela................................ -59 286 164 488 Other Latin America 5................................ 5,014 11,660 Total Latin America................................ Caribbean: Bahamas................................ 15,346 -3,573 Bermuda................................ 1,583 12,844 6 Cayman Islands ................................ n.a. 640 Cuba................................................................ Jamaica ................................ 8 17 Netherlands Antilles................................ -780 4,334 Trinidad and Tobago................................ 34 11 n.a. -951 Other Caribbean 5................................ 15,006 13,322 Total Caribbean................................ See footnotes at end of table. U.S. Government corporations and Federal agency bonds 2003 Calendar Jan. July year through through 2002 r Sept. Sept. p (4) (5) (6) Corporate bonds 2003 Calendar Jan. July year through through 2002 Sept. Sept. p (7) (8) (9) Corporate stocks 2003 Calendar Jan. July year through through 2002 r Sept. Sept. p (10) (11) (12) -144 2,071 9 -966 1,107 -130 -2,198 5,460 205 16 4,093 1,149 986 -3,538 -656 -186 56 163 -71 -3,424 -139 3,436 -34 15,574 104 -226 51 1 -154 -20 1,178 3,175 291 4 613 -202 n.a. -1,952 1,907 422 44 122 8,154 795 436 3,683 8 33,105 449 2,999 14 1,327 1,361 92 -51 -1,065 -101 42 1,740 326 2,416 -297 1,015 18 141 -49 1,292 -4,026 -133 1,203 8 23,142 5 1,266 -2 902 819 65 283 -1,108 -114 -70 625 -139 1,706 607 838 -24 -41 1 694 -506 231 440 5 1,866 378 3,733 23 46 662 35 2,584 1,950 -85 37 5,116 225 n.a. 1,531 2,868 9 133 13 -2 374 211 4,938 -18 76,808 226 1,821 30 72 1,031 55 2,606 1,464 17 22 7,351 1,634 4,451 1,045 3,783 13 -44 69 92 488 296 5,716 6 76,024 107 117 21 93 131 21 827 919 66 2,817 748 1,293 -356 1,519 1 32 18 14 258 170 1,516 3 23,895 -39 1,715 18 -13 -180 166 2,127 -129 33 -7 2,119 1,539 n.a. 4,307 1,922 -4 122 -2 36 -895 790 2,787 12 15,172 -193 -524 -14 9 513 296 2,627 -744 26 -10 6,001 201 1,162 229 3,970 -5 56 -12 321 2,584 -3,136 55 -2,738 -43 6 -6 -4 705 204 2,222 -3,910 2 -7 2,568 516 166 -806 648 4 -16 -26 165 290 -35 23 -3,181 148 14 -1,060 21,941 6,334 n.a. 7 56,432 -1,454 1,691 335 33,889 -1,984 99 -718 7,730 476 n.a. -886 110,736 414 17,671 -1 382 126,320 4,556 1,752 -1 219 36,200 1,289 n.a. 3 97 32,909 8,207 64 3 -123 10,618 4,631 174 3 -23 -361 -2,122 1,097 -424 -184 96 50 13 1,897 -81 167 800 87 413 3,931 -43 -507 679 216 57 104 4,971 1,092 1,020 695 712 226 9,222 -456 -1,031 -23 539 366 56 2,205 1,132 747 301 487 1,015 5,338 272 -123 321 46 158 19 1,329 527 329 126 118 477 3,599 255 196 290 8 66 13 2,169 684 155 147 601 464 5,048 658 549 137 349 60 7 2,617 249 149 351 305 646 6,077 538 284 89 173 21 -29 689 151 86 89 166 309 2,566 199 -82 341 -19 -6 -9 484 -82 224 90 32 -146 1,026 -287 -75 -19 -22 27 -36 -127 -75 93 230 400 -16 93 -41 -107 12 -10 31 -22 -164 -80 -1 89 237 46 -10 1,871 2,708 -6,908 n.a. 14 6,148 28 -105 3,756 1,510 5,154 n.a. 527 1,867 98 n.a. 32,826 3,783 6,680 8,888 187 -980 224 2,483 21,265 1,844 2,461 -4,240 n.a. -73 461 95 1,107 1,655 665 11,202 n.a. 97 675 59 n.a. 35,889 1,837 10,480 24,257 117 387 38 3,445 40,561 612 3,643 9,393 n.a. 105 400 14 774 14,941 86 -9,131 n.a. 12 -537 -6 n.a. -16,445 -447 -2,359 1,877 -2 15 -597 9 -335 -1,839 85 -81 153 n.a. 10 -389 9 765 552 90 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] Country Marketable Treasury bonds and notes 2003 Calendar Jan. July year through through 2002 r Sept. Sept. p (1) (2) (3) Asia: China: Mainland................................................................ 24,077 19,141 Taiwan................................................................ -597 5,303 Hong Kong................................................................ -9,059 1,744 India................................................................-855 575 Indonesia................................................................ 770 1,114 Israel................................................................ 5,132 -2,360 Japan................................................................ 30,498 82,414 Korea................................................................ 12,935 3,771 Lebanon................................................................1 22 Malaysia................................................................ 861 -629 Pakistan................................................................Philippines................................................................ 179 595 Singapore................................................................ -2,591 1,495 Syria ................................................................ 4 -1 Thailand................................................................ -1,917 -413 7 Oil-exporting countries ................................ -3,880 -7,376 98 329 Other Asia ................................................................ 55,656 105,724 Total Asia................................................................ Africa: Congo (formerly Zaire)................................ Egypt................................................................ -321 41 Ghana................................................................ 506 Liberia................................................................ 1 Morocco................................................................ -11 -99 South Africa ................................................................ 112 -114 Oil-exporting countries 8................................29 52 525 175 Other Africa................................................................ 841 55 Total Africa................................................................ Other countries: Australia................................................................ 3,326 4,061 New Zealand 9................................ n.a. -199 279 945 All other countries................................ 2,909 4,807 Total other countries................................ 117,907 198,250 Total foreign countries................................ International and regional orgs.: International................................................................ 1,642 -359 European regional................................ 325 -1 Latin American regional................................ -3 -48 Caribbean regional 10................................ n.a. -15 Asian regional................................................................ 86 -85 African regional................................ -34 10 Middle Eastern regional................................ -5 2,011 -498 Total international and regional................................ Grand total................................ 119,918 197,752 U.S. Government corporations and Federal agency bonds 2003 Calendar Jan. July year through through 2002 r Sept. Sept. p (4) (5) (6) Calendar year 2002 (7) -565 4,781 -825 61 -440 -692 32,705 1,995 14 677 253 -295 273 250 27 38,219 29,264 10,758 12,589 11 455 -48 37,655 668 15 1,323 39 253 2,162 99 1,959 58 97,260 24,270 7,765 8,120 -19 285 599 16,945 8,224 1 -1,478 28 -1 945 -2 168 1,346 62 67,258 5,395 1,113 1,595 11 -71 207 -6,705 97 3 -444 1 16 949 1 1,922 -15 4,075 5,962 1,382 3,748 35 59 583 10,923 1,483 -13 69 173 144 1,326 2 167 304 96 26,443 3,534 1,287 3,710 19 51 355 6,895 556 5 11 3 46 2,138 -1 316 1,515 78 20,518 1,144 319 1,245 2 17 94 3,627 152 2 -15 19 400 39 402 32 7,479 161 261 1,795 -44 -4 -148 12,336 112 22 -35 6 -40 8,236 -4 4 -1,309 18 21,367 -88 283 685 -45 60 -91 -2,120 -15 -32 -2 -5 -29 5,906 2 -11 -198 37 4,337 -42 13 -91 -24 3 -144 -1,262 -18 -15 -27 -5 -6 314 1 -1 -8 -9 -1,321 40 n.a. 10 -149 -11 51 -65 -124 72 1 29 1 -39 355 314 733 66 649 1 39 559 430 1,744 44 n.a. 163 27 200 134 568 37 13 -4 5 30 46 127 63 1 186 -1 -20 -8 92 313 22 n.a. 8 10 3 36 79 1 -5 -26 -17 24 -2 -47 -72 -9 -50 9 85 -4 -11 88 108 -9 -16 n.a. -1 2 -38 38 -24 1,432 -38 666 2,060 76,117 373 -1,009 n.a. -93 -2 245 365 -857 195,384 126,653 -463 -6 147 -322 17,781 3,038 94 n.a. 215 104 1,215 3,133 1,524 181,790 199,869 -644 160 956 472 63,026 2,988 n.a. -55 3,261 50,253 -1,181 -36 -50 -1,267 16,681 730 10 -62 678 -2,608 -933 10 70 -6 106 -753 75,364 -389 -704 52 -9 -79 n.a. 37 76 -454 12 -23 1 -257 -1,223 195,127 125,430 -324 -37 14 65 -10 -292 17,489 510 191 -50 -2 57 56 n.a. 2 2 1 9 520 256 182,310 200,125 -33 1 56 24 63,050 -12 -56 n.a. 7 -3 -64 50,189 -34 -5 -1 -4 -2 -46 16,635 18 7 -1 -3 -2 19 -2,589 Before January 2001, combined data reported for Belgium-Luxembourg. 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. 1 2 Corporate bonds 2003 Jan. through Sept. (8) July through Sept. p (9) Corporate stocks 2003 Calendar Jan. July year through through 2002 r Sept. Sept. p (10) (11) (12) 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 countries.” 10 Before January 2001, data included in “Latin American regional.” 5 CAPITAL MOVEMENTS 91 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 2003, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Country Gross purchases by foreigners from U.S. residents Domestic securities MarketBonds able of U.S. Treasury Gov’t and Federal corps and Financing Bank federally- Corporate and Total bonds sponother Foreign securities pursored and chases Bonds Stocks Bonds Stocks notes agencies (1) (3) (4) (5) (6) (7) (2) Europe: Austria ................................................................ 7,531 5,113 Belgium 1 ................................................................ 24,674 8,565 Bulgaria ................................................................ 127 95 Czech Republic ................................ 13,408 11,596 Denmark ................................................................ 9,563 4,811 Finland................................................................ 3,363 1,272 France ................................................................ 276,717 189,124 Germany................................................................ 77,920 39,358 Greece ................................................................ 2,588 1,796 Hungary ................................................................ 307 160 Ireland ................................................................ 136,146 97,531 Italy ................................................................ 31,971 15,502 Luxembourg 1................................................................ 25,598 6,176 Netherlands ................................................................ 55,535 31,773 Norway ................................................................ 132,339 117,579 Poland ................................................................ 1,338 870 Portugal ................................................................ 5,518 4,255 Romania ................................................................ 1,254 1,232 Russia 2 ................................................................ 4,073 815 Spain ................................................................ 11,461 3,404 Sweden ................................................................ 26,310 13,879 Switzerland ................................................................ 48,187 17,907 Turkey................................................................ 3,085 2,034 United Kingdom ................................ 1,798,182 1,018,884 Channel Islands and Isle of Man 3................................ 20,131 2,845 Yugoslavia 4 ................................................................ 28 24 11,865 6,726 Other Europe ................................................................ Total Europe ................................2,729,219 1,603,326 213,126 122,331 Canada ................................................................ Latin America: Argentina ................................................................ 4,805 1,557 Brazil................................................................ 18,203 7,597 Chile................................................................ 5,001 2,418 Colombia ................................................................ 2,577 544 Ecuador................................................................ 795 89 Guatemala................................................................ 233 29 Mexico................................................................ 22,110 10,152 Panama................................................................ 3,936 641 Peru ................................................................ 1,272 273 Uruguay ................................................................ 3,852 1,055 Venezuela ................................................................ 4,748 284 14,037 11,312 Other Latin America 5 ................................ See footnotes at end of table. Domestic securities Total sales (8) Market able Treasury and Federal Financing Bank bonds and notes (9) 654 234 723 500 307 7,664 5,257 8,246 1,224 4,767 560 1,312 20,945 6,494 3 24 5 106 86 1,364 148 267 33 13,408 12,562 1,100 499 1,588 968 597 6,380 3,704 278 68 499 135 1,111 2,413 1,402 2,028 4,245 68,170 2,887 10,263 276,301 191,322 2,023 4,433 9,697 17,386 5,023 76,669 33,898 161 66 220 171 174 2,418 1,591 42 11 94 342 144 6,990 6,565 18,085 3,408 3,567 125,334 93,438 676 1,143 9,057 2,248 3,345 29,491 14,3 53 7,344 2,661 5,758 2,237 1,422 19,875 5,190 6,630 2,263 8,106 2,526 4,237 60,764 35,311 4,409 1,734 3,143 4,971 503 132,707 118,235 190 1 16 212 49 1,441 1,056 265 37 362 91 508 5,414 4,199 1 18 3 1,087 1,069 2,073 81 148 251 705 3,318 886 1,873 282 1,665 2,310 1,927 14,670 6,828 2,510 357 5,708 398 3,458 26,347 14,018 3,804 2,677 15,371 2,866 5,562 42,767 14,471 6 7 110 339 589 3,236 2,068 38,332 97,061 173,850 320,588 149,467 1,772,598 1,003,310 3,148 7,592 2,923 2,927 696 17,005 2,697 3 1 15 10 673 396 892 988 2,190 13,258 7,786 94,781 133,816 331,175 368,982 197,139 2,675,973 1,581,385 4,995 6,213 32,316 30,730 16,541 204,953 115,997 346 115 413 534 191 58 2,724 1,282 401 223 395 539 7,221 81,569 35,951 Total Latin America ................................ Caribbean: Bahamas ................................................................ 124,368 58,591 19,626 Bermuda ................................................................ 364,996 185,061 48,779 6 Cayman Islands ................................ 993,919 308,650 359,304 Cuba ................................................................ Jamaica ................................................................ 702 24 475 Netherlands Antilles ................................ 65,446 41,377 3,634 Trinidad and Tobago................................ 342 45 95 121,526 12,869 2,528 Other Caribbean 5................................ 1,671,299 Total Caribbean ................................ Gross sales by foreigners to U.S. residents 606,617 434,441 637 374 440 289 25 9 1,157 287 119 196 234 397 4,164 1,078 631 481 253 404 25 1,571 637 119 465 1,665 531 7,860 803 8,008 1,022 899 22 103 4,626 884 290 1,743 2,017 1,220 21,637 8,002 21,914 11,790 12,035 75,038 31,222 68,757 170,817 53,965 123 20 60 1,060 15,417 1,670 30 39 133 7,525 85,410 2,984 97,532 368,655 101,824 384 1,478 227 58 64 9 1,880 205 70 170 153 38 4,736 2,590 19,000 5,160 2,146 535 219 17,087 2,996 522 2,484 4,149 12,578 69,466 4,445 120,239 12,861 355,947 32,426 998,990 636 2,288 58,465 155 10,210 118,592 62,230 1,653,024 460 8,021 2,602 448 39 16 8,255 722 106 255 197 10,899 32,020 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 649 6,980 5 462 281 213 1,745 3,131 275 70 6,365 815 5,638 6,023 3,571 214 306 1,379 2,379 2,279 3,364 1 36,466 3,049 1,391 87,051 4,519 74 238 92 488 33 39 1,395 755 72 97 277 62 3,622 56,720 17,782 182,353 46,318 315,558 363,544 10 548 35,229 3,173 17 12,974 1,421 602,861 432,786 Corporate and other Foreign securities Bonds (11) Bonds (13) Stocks (12) Stocks (14) 127 766 544 321 1,107 4,761 644 959 3 11 1 55 271 58 368 883 643 501 47 295 38 418 3,418 65,948 2,797 11,071 3,514 13,607 17,185 5,334 218 165 169 49 16 63 3,748 15,517 2,533 3,733 395 8,541 2,407 2,980 1,368 5,592 792 1,295 2,619 8,912 2,154 5,745 215 2,495 7,458 733 12 137 22 5 378 85 441 7 11 67 174 296 516 24 1,500 2,166 1,773 187 5,418 181 4,264 1,161 15,406 2,435 5,930 4 87 178 898 73,166 177,031 332,901 149,724 5,840 2,749 2,011 659 1 4 177 915 796 2,193 97,616 331,536 378,574 199,811 4,924 34,438 27,348 17,727 99 90 351 116 4 38 468 136 33 107 68 88 1,598 1,119 738 469 263 373 47 1,735 717 120 376 1,428 485 7,870 511 8,017 1,394 811 7 73 3,717 470 100 1,517 2,059 1,015 19,691 327 1,896 252 20 79 6 1,517 196 91 132 120 29 4,665 7,390 21,829 11,597 8,392 75,119 32,099 59,364 170,664 58,976 18 10 50 660 15,806 1,831 16 30 89 6,751 84,645 2,992 82,591 368,103 107,634 4,921 11,666 30,884 1,766 3 9,809 59,049 92 CAPITAL MOVEMENTS TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 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 Country Total pur chases (1) Market able Treasury Bonds of U.S. and Gov’t Federal Financ- corps and federallying Bank spon bonds sored and agencies notes (3) (2) Domestic securities Corporate and other Bonds (4) Stocks (5) Foreign securities Bonds (6) Stocks (7) Asia: China: Total sales (8) Market able Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Mainland................................ 104,663 77,297 22,929 1,810 546 1,903 178 97,954 77,862 17,534 Taiwan................................ 36,113 14,586 3,138 498 1,978 2,141 13,772 38,104 9,805 2,025 Hong Kong................................ 75,847 38,542 5,618 2,095 2,485 7,340 19,767 70,041 39,367 4,023 India................................................................ 1,483 897 11 2 37 25 511 1,801 836 Indonesia................................ 2,882 2,077 341 33 79 142 210 3,289 2,517 412 Israel................................................................ 6,331 3,589 341 397 1,205 179 620 6,873 4,281 134 Japan................................................................ 259,815 141,664 23,902 6,566 12,034 33,342 42,307 241,730 108,959 30,607 Korea................................................................ 22,325 12,423 6,768 399 122 795 1,818 22,866 10,428 6,671 Lebanon................................ 192 17 9 5 80 55 26 192 3 6 Malaysia................................ 3,403 2,223 80 26 74 647 353 3,132 1,546 524 Pakistan................................ 107 3 95 9 109 2 Philippines................................ 1,973 663 506 70 120 500 114 2,152 410 490 Singapore................................ 53,694 25,379 3,399 3,271 13,406 3,021 5,218 51,401 25,674 2,450 Syria................................................................ 15 7 8 13 Thailand................................ 4,628 3,926 275 70 64 45 248 4,343 3,653 274 6,140 3,762 798 5,164 664 901 14,403 5,863 1,855 Other Asia................................ 17,429 590,900 329,423 71,082 16,040 37,496 50,799 86,060 558,403 291,204 67,007 Total Asia................................ Africa: Congo (formerly Zaire)................................ 60 60 69 Egypt................................................................ 243 49 45 24 106 16 3 163 9 1 Ghana................................................................ 5 5 6 Liberia................................................................ 452 16 181 99 77 29 50 261 6 18 Morocco................................ 73 50 5 17 1 206 199 South Africa................................ 751 79 32 180 118 79 263 881 90 5 417 451 56 423 253 64 1,129 431 117 Other Africa ................................ 1,664 3,248 611 709 359 794 394 381 2,715 735 141 Total Africa................................ Other countries: Australia................................ 37,041 19,268 2,186 848 3,473 2,961 8,305 35,331 17,836 2,649 New Zealand 7 ................................ 1,351 306 114 178 127 198 428 1,071 344 120 3,429 1,908 300 963 126 88 44 1,690 1,242 153 All other countries................................ 41,821 21,482 2,600 1,989 3,726 3,247 8,777 38,092 19,422 2,922 Total other countries................................ 5,331,182 2,719,741 615,829 260,113 782,022 577,613 375,864 5,202,626 2,643,624 598,048 Total foreign countries................................ International and regional orgs.: International................................ 5,393 4,105 557 74 115 540 2 6,711 5,038 881 European regional................................ 328 10 2 73 243 364 Latin American regional................................ 248 101 26 60 52 9 154 31 63 Caribbean regional 8................................ 14 14 7 6 Asian regional................................ 2,153 1,259 878 6 10 1,978 1,153 813 African regional................................ 5 1 3 1 21 11 6 6 8 Middle Eastern regional................................ Total international 8,147 5,475 1,476 136 179 635 246 9,243 6,228 1,768 and regional................................ Grand total................................ 5,339,329 2,725,2 16 617,305 260,249 782,201 578,248 376,110 5,211,869 2,649,852 599,816 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 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. 1 2 3 Corporate and other Foreign securities Bonds (11) Stocks (12) Bonds (13) Stocks (14) 666 179 850 16 303 2,939 247 3 41 51 2,871 31 364 8,561 588 1,965 2,576 61 76 1,349 13,296 140 95 101 100 126 13,092 6 65 5,181 38,817 1,067 365 4,848 2 68 97 26,545 2,187 74 217 997 2,814 28 494 39,803 237 23,765 18,377 902 200 709 59,384 3,193 11 703 7 78 4,500 7 292 646 113,011 2 91 170 17 280 69 122 5 78 3 156 385 818 14 10 122 22 168 15 1 58 4 338 157 573 1,492 2,743 2,892 18 117 124 7 188 46 1,517 3,048 3,062 197,087 784,630 576,280 7,719 348 54 8,121 402,957 107 1 4 - 97 45 1 9 8 587 47 11 3 10 - 1 316 - 112 160 658 317 197,199 784,790 576,938 403,274 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.” 5 CAPITAL MOVEMENTS 93 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] Country Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities Market able Bonds Treasury of U.S. and Gov’t Federal Financ- corps and ing Bank federallyCorporate and sponbonds other Foreign securities sored and agencies Bonds Stocks Bonds Stocks notes (3) (2) (4) (5) (6) (7) Europe: Austria ................................................................ 15,614 5,599 Belgium 1 ................................................................ 69,289 22,128 Bulgaria ................................................................ 447 82 Czech R epublic ................................ 4,724 3,905 Denmark ................................................................ 43,370 30,241 Finland................................................................ 12,535 6,935 France ................................................................ 592,564 286,045 Germany................................................................ 336,761 172,869 Greece ................................................................ 7,775 5,096 Hungary ................................................................ 1,589 663 Ireland ................................................................ 264,646 151,894 Italy ................................................................ 119,579 56,069 Luxembourg 1................................ 69,516 9,928 Netherlands ................................................................ 358,457 247,171 Norway ................................................................ 451,048 407,275 Poland ................................................................ 11,509 6,636 Portugal ................................................................ 23,694 19,807 Romania ................................................................ 5,539 4,157 Russia 2 ................................................................ 58,849 15,532 Spain ................................................................ 48,792 28,791 Sweden ................................................................ 68,745 32,026 Switzerland ................................................................ 175,771 57,913 Turkey................................................................ 8,390 6,571 United Kingdom ................................4,752,539 2,480,831 Channel Islands and Isle of Man 3 ................................................................ 34,658 5,005 Yugoslavia 4 ................................................................ 11 2 37,582 25,662 Other Europe ................................ Total Europe ................................7,573,993 4,088,833 814,018 465,783 Canada ................................................................ Latin America: Argentina ................................................................ 12,208 1,573 Brazil................................................................ 57,365 16,858 Chile................................................................ 16,400 6,111 Colombia ................................................................ 14,968 3,999 Ecuador................................................................ 1,820 140 Guatemala................................................................ 699 55 Mexico................................................................ 52,987 17,346 Panama................................................................ 10,977 550 Peru ................................................................ 4,068 799 Uruguay ................................................................ 6,423 1,717 Venezuela ................................................................ 6,957 1,125 25,963 12,986 Other Latin America 5 ................................ 210,835 63,259 Total Latin America ................................ Domestic securities Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 3,541 15,304 104 2 1,958 1,180 9,660 12,686 648 45 11,430 3,742 17,118 30,364 12,542 787 1,342 1,324 38,744 2,841 9,814 15,755 13 187,465 785 9,898 68 67 2,499 202 11,479 11,992 121 39 15,111 1,898 6,362 6,192 6,522 9 269 13 46 616 1,071 11,586 3 346,476 3,398 15,307 117 450 5,021 2,000 229,557 54,646 1,273 434 62,621 39,342 25,495 42,169 8,014 33 1,347 911 7,133 17,245 61,992 172 552,949 1,131 3,001 75 139 1,529 203 25,860 55,186 210 142 11,715 8,733 4,956 9,794 14,433 3,820 395 40 1,775 2,920 1,308 7,378 645 659,726 1,160 16,150 6,282 3,651 60,853 20,082 1 496 267 161 4,148 3,359 2,122 42,096 30,187 2,015 12,731 6,829 29,963 590,183 286,368 29,382 336,740 176,800 427 7,375 4,833 266 1,585 851 11,875 252,471 151,322 9,795 117,246 56,353 5,657 63,654 11,537 22,767 367,082 264,191 2,262 450,377 416,811 224 11,784 6,914 534 21,869 18,289 5 4,991 3,650 1,841 46,334 12,350 6,491 49,451 28,384 7,281 63,857 29,103 21,147 167,121 58,361 986 6,469 4,378 525,092 4,560,645 2,419,225 3,437 15,530 53 1 2,112 1,200 8,482 9,511 357 41 10,817 3,944 13,243 32,316 10,635 365 1,298 1,202 30,590 2,046 9,378 12,072 5 154,360 407 6,165 45 21 1,837 167 8,895 10,042 206 2 9,995 1,673 6,471 4,661 3,654 136 48 242 860 6,648 21 269,668 3,437 13,592 99 463 5,201 1,834 227,430 54,775 1,240 441 60,502 37,803 24,027 37,862 6,092 37 1,225 2 875 8,028 16,455 59,205 160 537,777 1,553 2,371 31 216 899 437 28,576 57,597 118 52 8,147 7,912 3,135 8,215 11,134 4,328 360 135 830 4,102 1,449 6,173 796 647,620 1,034 3,113 1 88 1,860 2,264 30,432 28,015 621 198 11,688 9,561 5,241 19,837 2,051 140 561 2 1,641 6,649 6,612 24,662 1,109 531,995 7,869 3,002 389,280 12,110 7,116 8 1,631 3,502 447,065 1,142,252 707 1,206 817,027 1,851 23,309 4,281 1 5 2,579 36,624 24,148 689,536 7,315,646 4,045,155 6,858 2,995 332,848 1,948 7,371 5 2,517 3,405 336,329 1,109,343 999 1,265 798,450 1,852 2,294 693,521 30,580 15,396 177,347 60,502 64,410 807,194 470,980 32,034 14,982 169,140 59,667 60,391 1,744 4,309 1,139 1,527 175 119 8,121 2,147 1,429 1,163 1,165 871 23,909 797 1,385 1,714 1,420 137 111 5,476 1,726 242 581 1,210 1,713 16,512 3,864 2,216 2,706 915 865 116 4,505 2,931 576 1,370 1,443 2,557 24,064 2,572 23,625 3,850 6,988 42 272 9,836 2,912 746 1,266 1,711 7,603 61,423 1,658 8,972 880 119 461 26 7,703 711 276 326 303 233 21,668 10,339 55,259 14,856 15,681 1,660 441 42,799 9,162 2,742 6,092 5,459 25,121 189,611 756 14,985 6,340 5,425 141 48 13,327 562 563 2,092 1,184 12,822 58,245 1,787 4,816 460 1,311 118 15 3,150 1,055 409 468 453 645 14,687 542 1,189 1,424 1,412 71 98 3,307 1,042 87 434 609 1,249 11,464 3,665 2,298 2,365 934 871 125 4,021 3,013 352 1,280 1,411 2,703 23,038 2,040 21,982 3,713 6,473 25 133 9,951 2,711 1,092 1,505 1,436 7,499 58,560 1,549 9,989 554 126 434 22 9,043 779 239 313 366 203 23,617 18,268 52,964 172,143 52,047 546,510 644,649 27,726 131,436 104,902 17,049 264,907 47,737 1,254,658 114,576 2,716,027 144,831 381,124 843,574 4,119 96,928 854,406 17,603 41,762 149,057 51,961 555,641 652,467 28,408 130,708 100,756 - - - - 17,985 48,495 115,767 24 15,751 5 32,114 230,141 Caribbean: Bahamas ................................................................ 280,896 160,177 5,629 Bermuda ................................................................ 1,263,436 382,707 102,082 Cayman Islands 6 ................................ 2,765,797 852,358 877,169 Cuba ................................................................Jamaica ................................................................ 2,483 287 1,268 Netherlands Antilles ................................ 373,325 194,841 12,196 Trinidad and Tobago................................ 663 70 132 46,118 5,939 Other Caribbean 5................................418,172 5,104,772 1,636,558 1,004,415 Total Caribbean ................................ See footnotes at end of table. Gross sales by foreigners to U.S. residents 249 48 5,161 135,513 108 78 17,003 310,913 265,896 1,689,758 - 595 8,472 269 6,124 279,524 - - - 36 1,603 279 17,142 370,670 195,621 6 342 36 32,075 425,719 56,087 228,621 5,033,926 1,621,552 - 741 10,329 34 5,032 971,589 152 36 4,486 136,050 49 84 16,898 309,964 230,007 1,706,203 - 371 8,433 134 5,624 274,434 94 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 Country Total pur chases (1) Marketable Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallyspon sored agencies (3) Asia: China: Mainland................................ 241,058 167,234 59,073 Taiwan................................ 54,749 13,937 15,736 Hong Kong................................ 214,662 93,782 37,974 India................................................................ 11,053 8,854 13 Indonesia................................ 6,685 4,540 797 Israel................................................................ 36,649 25,459 1,510 Japan................................ 889,487 446,497 114,430 Korea................................ 99,389 66,822 13,644 Lebanon................................ 831 5 23 Malaysia................................ 13,090 7,643 2,729 Pakistan................................ 295 43 Philippines................................ 5,996 2,611 977 Singapore................................161,415 60,292 14,710 Syria................................................................ 36 14 Thailand................................ 17,649 15,839 293 34,083 6,296 Other Asia................................ 66,437 1,819,481 947,612 268,248 Total Asia................................ Africa: Congo (formerly Zaire)................................ 115 Egypt................................................................ 1,053 257 90 Ghana................................ 745 506 1 Liberia................................ 1,102 53 226 Morocco................................ 195 160 2 South Africa................................3,138 283 31 1,224 1,162 Other Africa ................................5,227 11,575 2,483 1,512 Total Africa................................ Other countries: Australia................................ 101,253 47,219 5,561 New Zealand 7 ................................ 4,456 1,247 416 5,485 1,642 1,007 All other countries................................ 111,194 50,108 6,984 Total other countries................................ Total foreign countries 15,645,868 7,254,636 1,724,928 International and regional orgs.: International ................................ 8,307 5,473 1,307 European regional................................ 2,119 638 52 Latin American regional................................ 1,211 346 71 Caribbean regional 8 ................................ Asian regional................................ 5,009 3,353 1,580 African regional................................ 20 1 15 45 1 Middle Eastern regional................................ Total international 16,711 9,811 3,026 and regional................................ Grand total................................ 15,662,579 7,264,447 1,727,954 Domestic securities Corporate and other Bonds (4) Stocks (5) Foreign securi ties Bonds (6) 7,618 2,336 8,131 36 115 1,458 24,718 2,517 13 174 174 364 10,975 2 229 3,641 62,501 1,845 6,197 11,396 373 462 5,338 65,434 959 654 250 57 297 44,928 12 359 19,103 157,664 4,892 6,008 13,008 118 401 480 94,930 4,832 83 678 5 1,372 13,298 377 1,839 142,321 72 79 265 215 631 114 367 17 402 13 663 1,402 2,978 183 219 130 6 433 649 1,620 1 84 2 212 14 1,463 575 2,351 10,988 440 336 11,764 12,117 807 1,509 14,433 7,816 818 723 9,357 17,552 728 268 18,548 2 3 396 178,132 10,535 37,328 50,371 200,107 1,659 12,035 370 5,300 2,404 31,371 143,478 808,135 10,615 86,395 53 815 1,616 12,164 16 94 375 6,995 17,212 149,457 8 31 552 19,081 1,475 68,684 241,135 1,616,124 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds (11) Stocks (12) Foreign securities Bonds (13) Stocks (14) 143,157 14,534 102,841 9,709 3,770 20,327 415,999 53,887 4 6,782 2,432 62,883 10 17,756 37,865 891,956 29,809 4,978 25,385 2 342 1,558 76,775 12,976 8 1,406 4 724 12,548 194 4,279 170,988 1,656 954 4,383 1 56 875 13,795 1,034 26 105 1 220 9,649 62 3,241 36,058 1,684 5,936 9,601 417 466 5,486 53,098 847 632 285 51 337 36,692 16 355 20,394 136,297 1,393 1,442 10,712 40 244 317 102,966 7,867 81 1,220 3 2,945 11,030 124 1,225 141,609 433 9,484 47,185 1,866 422 2,808 145,502 9,784 64 2,366 35 337 16,655 5 590 1,680 239,216 118 1,163 23 976 227 4,353 3,463 10,323 578 52 171 171 670 1,642 18 197 1 70 493 779 35 66 4 260 139 504 113 372 17 428 30 639 1,451 3,050 107 58 16 1,583 199 1,963 5 53 6 175 5 1,630 511 2,385 91,082 4,701 4,963 100,746 43,893 1,943 1,363 47,199 5,188 422 1,009 6,619 7,950 449 232 8,631 9,129 479 1,564 11,172 7,342 686 525 8,553 17,580 722 270 18,572 819,765 3,208,496 1,371,774 1,266,269 15,073,570 7,136,729 1,529,544 774 30 144 29 1 - 624 1 551 46 42 56 189 20 3 - 73 1,209 79 1 2 6,738 1,698 1,165 4,841 38 51 3,831 313 349 3,267 35 5 1,696 80 1,504 3 - 978 1,264 268 1,364 14,531 7,800 3,283 820,743 3,209,760 1,372,042 1,267,633 15,088,101 7,144,529 1,532,827 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 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. 1 Stocks (7) Total sales (8) Market able Treasury and Federal Financing Bank bonds and notes (9) 637,975 3,158,243 1,343,236 1,267,843 264 80 87 27 - 636 1 607 39 45 156 185 19 - 155 1,119 23 4 1 458 1,328 360 1,302 638,433 3,159,571 1,343,596 1,269,145 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.” 5 CAPITAL MOVEMENTS 95 CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 300 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. Net foreign acquisitions of U.S. equities through stock swaps amounted to $21 billion in 2000, $7 billion in both 2001 and 2002, and zero in the first three quarters of 2003. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) (In billions of dollars) 250 Note: To facilitate comparison of net purchases during 2003 with those in prior years, the chart depicts data for all periods at an annualized rate. 200 150 100 50 0 2000 2001 2002 2003 2003 Jan. - Sept. July - Sept. United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years 2003 Jan. - Sept. 121,799 102,558 69,274 104,134 93,703 491,468 2003 July - Sept. 38,154 27,356 18,678 28,365 20,087 132,640 Country 2000 2001 United Kingdom ................................ 166,290 183,986 All other Europe................................ 128,577 78,921 Caribbean banking centers 1,2 ................................ 19,883 57,817 Japan................................................................ 52,006 56,589 110,995 All other Asia................................ 52,151 488,308 Subtotal................................ 418,907 2002 186,691 57,064 76,137 91,412 109,314 520,618 38,921 All other countries ................................ Grand total................................ 457,828 32,541 26,926 48,474 20,674 520,849 547,544 539,942 153,314 1 2 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. These stock swaps are not reported under the TIC reporting system, but stock swaps data are now available on the TIC Web site. In addition, the TIC Web site now includes estimates of principal payments on asset-backed U.S. Government agency and U.S. corporate bonds. These principal repayments on assetbacked securities (ABS) are the equivalent of sales by foreigners of these securities, but are not captured by the TIC reporting system. In the first three quarters of 2003, ABS principal repayments amounted to an estimated $76 billion. The data present aggregate net purchases for 2000 through the first three quarters 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 2000. 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 $554 billion. In the first three quarters of 2003, net foreign acquisitions of U.S. securities have accelerated to $540 billion ($465 billion when adjusted for ABS principal repayments), or over $700 billion on an annual basis (over $624 billion adjusted for ABS principal repayments). CAPITAL MOVEMENTS 96 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 150 100 The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. Net acquisitions through stock swaps amounted to $80 billion in 2000, $45 billion in 2001, but only $3 billion in 2002, and $15 billion in the first three quarters of 2003. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are now available on the TIC Web site. (In billions of dollars) Note: To facilitate comparison of net purchases during 2003 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 50 0 -50 -100 1999 2000 Foreign bonds 2001 2002 2003 2003 Jan. - Sept. July - Sept. Foreign stocks Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ............... Foreign stocks............... Total............................. 1999 2000 2001 2002 2003 Jan. - Sept. 5,676 -15,640 -9,964 4,054 13,088 17,142 -30,502 50,113 19,611 -28,446 1,512 -26,934 -34,207 57,852 23,645 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 2003 July - Sept. -1,310 27,164 25,854 Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. In 2001, U.S. investors sold $31 billion in foreign bonds, but U.S. purchases of foreign stocks held up and U.S. acquisitions of foreign securities (including stock swaps) fell to only $65 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 2003, strong U.S. demand for foreign equities has offset continued net sales of foreign bonds; on net (including stock swaps) U.S. investors acquired $38 billion in foreign securities in the first three quarters of the year. 97 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. 98 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 04/02/03.................................................... 354,932 360,014 -1,918 1.4702 04/09/03.................................................... 364,836 370,600 -1,132 1.4673 04/16/03.................................................... 374,472 379,750 -2,076 1.4548 04/23/03.................................................... 373,551 373,581 -2,037 1.4518 04/30/03.................................................... 376,763 380,807 -2,165 1.4339 05/07/03.................................................... 402,139 406,528 -2,446 1.3975 05/14/03.................................................... 411,967 416,709 -1,218 1.3745 05/21/03.................................................... 401,383 406,255 -1,518 1.3515 05/28/03.................................................... 417,392 417,646 -1,956 1.3858 06/04/03.................................................... 446,167 446,597 -1,461 1.3571 06/11/03.................................................... 450,538 453,203 -209 1.3517 06/18/03.................................................... 409,978 412,421 291 1.3372 06/25/03.................................................... 404,345 406,023 11 1.3463 07/02/03.................................................... 412,323 413,634 -333 1.3359 07/09/03.................................................... 417,271 421,139 -614 1.3751 07/16/03.................................................... 414,730 417,823 -1,340 1.3871 07/23/03.................................................... 430,131 430,024 -1,580 1.3983 07/30/03.................................................... 432,190 433,847 -1,427 1.4010 08/06/03.................................................... 407,534 413,810 -1,391 1.4035 08/13/03.................................................... 400,158 406,453 -754 1.3799 08/20/03.................................................... 403,320 411,711 -57 1.4044 08/27/03.................................................... 405,254 412,530 345 1.4026 09/03/03.................................................... 408,635 417,060 319 1.3803 09/10/03.................................................... 414,100 432,975 298 1.3675 09/17/03.................................................... 386,841 393,172 907 1.3661 09/24/03.................................................... 372,014 374,890 -539 1.3497 FOREIGN CURRENCY POSITIONS 99 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (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 - 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 Apr................................ 390,837 392,743 117,127 119,430 83,407 88,869 75,608 72,442 -2,222 1.4339 May ................................ 448,771 449,584 120,027 122,330 94,149 96,693 85,814 88,526 -1,678 1.3687 June ................................ 407,216 406,581 118,802 122,126 89,504 93,614 81,128 81,180 -336 1.3478 July ................................ 417,189 421,449 121,580 123,610 96,856 101,492 89,289 87,788 -1,800 1.4053 Aug ................................ 395,422 384,026 120,815 125,426 82,303 88,958 83,316 72,197 239 1.3857 Sept................................ 367,077 369,335 126,812 130,875 114,692 102,702 95,807 109,118 -1,092 1.3499 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought (5) (6) (7) Written (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2000 - 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................................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 2003 - Mar................................ 45,217 49,821 52,214 40,920 n.a. n.a. 1,323 n.a. -181 1.4680 June ................................ 28,178 34,273 58,188 47,465 1,011 1,440 1,478 1,792 68 1.3478 100 FOREIGN CURRENCY POSITIONS 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 O perations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 04/02/03.................................................... 156,674 159,730 278 118.95 04/09/03.................................................... 158,375 161,673 327 120.19 04/16/ 03.................................................... 157,714 160,665 -214 119.50 04/23/03.................................................... 162,018 165,393 212 120.45 04/30/03.................................................... 166,310 170,181 438 118.92 05/07/03.................................................... 165,727 170,609 497 116.39 05/14/03.................................................... 170,719 174,930 315 116.25 05/21/03.................................................... 169,602 174,626 93 117.32 05/28/03.................................................... 170,690 174,576 -80 118.72 06/04/03.................................................... 175,644 179,551 -211 118.86 06/11/03.................................................... 175,116 177,906 159 117.72 06/18/03.................................................... 170,372 174,977 179 117.84 06/25/03.................................................... 170,922 176,264 277 117.98 07/02/03.................................................... 173,196 178,389 170 118.07 07/09/03.................................................... 172,392 177,987 108 117.80 07/16/03.................................................... 170,281 175,568 97 118.24 07/23/03.................................................... 167,053 172,564 44 118.93 07/30/03.................................................... 169,554 174,439 -20 120.31 08/06/03.................................................... 167,159 172,192 -15 120.22 08/13/03.................................................... 167,425 172,320 95 119.13 08/20/03.................................................... 169,554 174,668 247 118.19 08/27/03.................................................... 171,082 176,652 317 117.48 09/03/03.................................................... 174,772 180,734 276 116.01 09/10/03.................................................... 178,309 184,108 113 117.14 09/17/03.................................................... 171,929 178,045 -89 116.20 09/24/03.................................................... 179,991 185,136 49 111.47 FOREIGN CURRENCY POSITIONS 101 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 and future contracts Options positions Puts Calls Exchange rate Net delta (Japanese yen equivalent per U.S. dollar) (9) (10) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) 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 - 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 Apr................................ 173,184 177,011 40,161 39,103 27,772 25,116 29,768 32,071 327 118.92 May ................................ 182,556 187,039 40,950 40,082 30,410 29,653 32,058 36,532 -186 119.38 June ................................ 179,052 183,114 43,177 41,707 28,216 27,996 35,145 34,606 -21 119.75 July ................................ 176,626 181,509 41,089 40,315 28,944 28,662 32,554 31,970 -18 120.61 Aug ................................ 166,951 171,706 40,106 38,393 28,331 29,068 31,713 31,046 134 116.89 Sept................................ 183,081 187,711 43,969 43,869 32,768 34,433 33,468 32,817 85 111.50 Report date Purchased (1) Non-capital items TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2000 - 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 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 2003 - Mar................................ 11,864 12,363 4,349 3,760 n.a. n.a. n.a. n.a. -471 118.01 June................................ 11,596 13,082 4,936 3,557 n.a. n.a. n.a. n.a. -633 119.75 102 FOREIGN CURRENCY POSITIONS 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 04/02/03.................................................... 336,511 334,328 1,518 1.3798 04/09/03.................................................... 343,433 341,333 2,130 1.3809 04/16/03.................................................... 357,938 355,214 2,537 1.3709 04/23/03.................................................... 350,932 348,454 3,087 1.3741 04/30/03.................................................... 350,686 349,254 3,070 1.3550 05/07/03.................................................... 352,262 351,599 3,281 1.3223 05/14/03.................................................... 360,017 362,605 3,024 1.3160 05/21/03.................................................... 361,617 366,317 2,733 1.2970 05/28/03.................................................... 376,057 375,655 3,289 1.2950 06/04/03.................................................... 425,278 433,366 2,658 1.3175 06/11/03.................................................... 434,856 443,033 2,921 1.3100 06/18/03.................................................... 359,404 368,334 2,283 1.3236 06/25/03.................................................... 359,090 365,773 2,855 1.3291 07/02/03.................................................... 366,846 374,758 3,923 1.3444 07/09/03.................................................... 366,967 372,912 2,803 1.3608 07/16/03.................................................... 367,726 372,859 2,287 1.3765 07/23/03.................................................... 351,247 359,771 3,020 1.3471 07/30/03.................................................... 347,027 356,320 3,414 1.3660 08/06/03.................................................... 340,290 349,056 3,687 1.3528 08/13/03.................................................... 335,783 342,567 3,553 1.3667 08/20/03.................................................... 338,300 346,292 2,218 1.3882 08/27/03.................................................... 367,001 372,087 2,157 1.4147 09/03/03.................................................... 361,224 371,648 2,199 1.4157 09/10/03.................................................... 389,334 401,579 3,673 1.3836 09/17/03.................................................... 310,828 317,241 3,555 1.3797 09/24/03.................................................... 315,169 320,895 3,946 1.3507 FOREIGN CURRENCY POSITIONS 103 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (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 - 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 Apr................................ 345,202 345,071 58,405 65,330 59,889 49,829 71,580 77,275 3,166 1.3550 May ................................ 402,399 404,045 50,437 58,397 58,486 50,292 78,951 76,736 2,085 1.3004 June ................................ 423,274 426,427 45,783 53,420 66,684 50,684 89,393 95,537 3,630 1.3515 July ................................ 376,030 380,004 49,038 54,229 63,583 49,400 94,567 95,880 3,560 1.3700 Aug ................................ 344,380 347,943 49,454 55,238 63,965 48,911 85,569 86,455 2,277 1.3997 Sept................................ 377,101 384,344 52,152 57,423 66,777 52,170 95,353 96,343 4,829 1.3179 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Calls Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2000 - 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 ................................ 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 2003 - Mar................................ 26,664 35,529 25,041 9,785 n.a. n.a. n.a. n.a. 338 1.3506 June................................ 26,536 37,544 25,359 10,194 n.a. n.a. 8,087 3,751 -1,174 1.3515 104 FOREIGN CURRENCY POSITIONS 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 04/02/03.................................................... 469,724 468,318 -692 1.5668 04/09/03.................................................... 482,225 479,460 -185 1.5634 04/16/03.................................................... 490,497 491,328 121 1.5800 04/23/03.................................................... 487,616 491,920 81 1.5877 04/30/03.................................................... 499,516 500,023 -112 1.6001 05/07/03.................................................... 501,848 503,271 -660 1.5959 05/14/03.................................................... 499,380 498,539 -130 1.6178 05/21/03.................................................... 523,430 530,139 -663 1.6362 05/28/03.................................................... 498,833 505,296 -915 1.6393 06/04/03.................................................... 531,542 537,503 590 1.6303 06/11/03.................................................... 545,421 549,802 -191 1.6669 06/18/03.................................................... 544,529 549,163 -1,039 1.6785 06/25/03.................................................... 529,313 535,951 -928 1.6718 07/02/03.................................................... 520,785 528,553 -1,042 1.6643 07/09/03.................................................... 519,497 528,339 -1,311 1.6375 07/16/03.................................................... 516,593 523,489 -1,631 1.5954 07/23/03.................................................... 500,801 507,403 -1,453 1.6080 07/30/03.................................................... 520,685 530,515 -1,118 1.6157 08/06/03.................................................... 515,541 521,331 -1,422 1.6094 08/13/03.................................................... 521,534 525,829 -1,069 1.6067 08/20/03.................................................... 525,326 527,966 -591 1.5941 08/27/03.................................................... 517,093 521,904 -1,013 1.5721 09/03/03.................................................... 497,937 505,906 -1,099 1.5705 09/10/03.................................................... 520,346 527,352 -1,121 1.5911 09/17/03.................................................... 492,315 497,735 -1,137 1.6094 09/24/03.................................................... 508,922 515,664 -1,144 1.6600 FOREIGN CURRENCY POSITIONS 105 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 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 - 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 Apr................................ 491,959 490,555 195,716 194,788 33,382 28,740 33,464 31,581 -83 1.6001 May ................................ 498,579 502,982 202,960 202,596 31,840 28,611 37,418 35,992 204 1.6354 June ................................ 503,158 507,402 211,692 209,105 31,667 32,063 37,818 35,800 -1,206 1.6552 July ................................ 517,063 525,542 199,830 194,695 33,169 32,275 30,698 28,435 -981 1.6095 Aug ................................ 475,335 489,805 190,144 183,278 n.a. 27,111 n.a. 24,374 -2,580 1.5758 Sept................................ 519,818 528,657 225,978 223,079 n.a. 31,734 n.a. 29,538 -1,309 1.6639 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2000 - 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 ................................ 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 2003 - Mar................................ 31,806 34,365 41,133 29,235 989 666 3,062 2,824 -118 1.5830 June ................................ 31,405 35,617 44,023 28,341 1,245 2,076 4,107 3,675 n.a. 1.6552 106 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 04/02/03.................................................... 5,044,620 4,998,378 7,236 n.a. 04/09/03.................................................... 5,112,159 5,063,753 6,759 n.a. 04/16/03.................................................... 5,094,194 5,046,981 3,290 n.a. 04/23/03.................................................... 5,092,755 5,050,080 3,078 n.a. 04/30/03.................................................... 5,203,538 5,157,064 2,778 n.a. 05/07/03.................................................... 5,262,588 5,215,555 1,007 n.a. 05/14/03.................................................... 5,467,145 5,512,666 -235 n.a. 05/21/03.................................................... 5,533,125 5,481,826 716 n.a. 05/28/03.................................................... 5,641,296 5,612,420 1,278 n.a. 06/04/03.................................................... 5,919,057 5,862,360 1,612 n.a. 06/11/03.................................................... 5,971,002 5,925,756 1,267 n.a. 06/18/03.................................................... 5,810,327 5,769,050 1,187 n.a. 06/25/03.................................................... 5,768,284 5,693,341 -419 n.a. 07/02/03.................................................... 5,724,009 5,664,571 -306 n.a. 07/09/03.................................................... 5,679,009 5,625,907 240 n.a. 07/16/03.................................................... 5,637,937 5,578,825 1,824 n.a. 07/23/03.................................................... 5,587,752 5,528,751 -1,826 n.a. 07/30/03.................................................... 5,678,098 5,622,029 580 n.a. 08/06/03.................................................... 5,621,572 5,561,673 -1,051 n.a. 08/13/ 03.................................................... 5,577,978 5,537,800 -238 n.a. 08/20/03.................................................... 5,594,625 5,545,474 -2,995 n.a. 08/27/03.................................................... 5,630,917 5,568,028 -1,953 n.a. 09/03/03.................................................... 5,521,493 5,458,876 -904 n.a. 09/10/03.................................................... 5,715,457 5,656,967 -1,337 n.a. 09/17/03.................................................... 5,386,266 5,315,139 -618 n.a. 09/24/03.................................................... 5,615,025 5,549,350 -423 n.a. FOREIGN CURRENCY POSITIONS 107 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2000 - Dec................................ 4,880,774 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 - 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. Apr................................ 5,247,017 5,204,535 - - 747,975 688,209 810,036 831,556 3,388 n.a. May ................................ 5,834,796 5,777,754 - - 769,305 737,908 887,444 888,996 221 n.a. June ................................ 5,788,061 5,743,074 - - 730,574 768,955 834,438 838,502 2,849 n.a. July ................................ 5,702,115 5,670,358 - - 756,665 731,062 834,671 828,254 1,204 n.a. Aug ................................ 5,281,742 5,253,609 - - 740,196 714,386 797,828 804,034 -3,032 n.a. Sept................................ 5,793,857 5,757,687 - - 799,601 790,721 891,103 884,871 -435 n.a. Net delta equivalent (9) Exchange rate (10) TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) 2000 - 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 ................................ 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 2003 - Mar................................ 412,584 459,429 - - n.a. n.a. n.a. n.a. 1,640 n.a. June ................................ 466,438 452,374 - - n.a. n.a. n.a. n.a. 4,747 n.a. 108 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 04/02/03.................................................... 1,829,809 1,879,226 -7,248 0.9290 04/09/03.................................................... 1,848,293 1,894,197 -8,290 0.9289 04/16/03.................................................... 1,838,998 1,888,764 -6,885 0.9163 04/23/03.................................................... 1,789,481 1,834,035 -7,165 0.9118 04/30/03.................................................... 1,790,751 1,840,215 -6,294 0.8948 05/07/03.................................................... 1,789,568 1,836,522 -4,235 0.8797 05/14/03.................................................... 1,899,548 1,930,610 -4,208 0.8699 05/21/03.................................................... 1,896, 562 1,925,365 -5,107 0.8565 05/28/03.................................................... 1,956,809 1,991,212 -2,961 0.8501 06/04/03.................................................... 2,062,228 2,090,026 -959 0.8575 06/11/03.................................................... 2,051,546 2,074,645 -4,786 0.8518 06/18/03.................................................... 1,993,686 2,022,921 -3,080 0.8558 06/25/03.................................................... 1,984,848 2,025,078 -4,413 0.8665 07/02/03.................................................... 1,893,220 1,930,847 -3,218 0.8666 07/09/03.................................................... 1,858,174 1,901,828 -3,428 0.8814 07/16/03.................................................... 1,861,063 1,899,995 -3,328 0.8921 07/23/03.................................................... 1,817,425 1,853,792 -697 0.8713 07/30/03.................................................... 1,846,647 1,879,900 -1,818 0.8818 08/06/03.................................................... 1,827,053 1,861,819 -793 0.8814 08/13/03.................................................... 1,801,913 1,838,267 -2,388 0.8837 08/20/03.................................................... 1,816,499 1,853,031 -1,626 0.8996 08/27/03.................................................... 1,832,162 1,863,895 -3,392 0.9195 09/03/03.................................................... 1,757,571 1,793,512 -4,433 0.9228 09/10/03.................................................... 1,805,970 1,836,801 -2,196 0.8920 09/17/03.................................................... 1,696,971 1,724,672 -3,736 0.8865 09/24/03.................................................... 1,754,347 1,791,978 -2,321 0.8699 FOREIGN CURRENCY POSITIONS 109 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (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 - 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 1,824,328 1,137,766 1,073,821 324,992 308,101 268,573 284,804 -7,463 0.9153 Apr................................ 1,790,107 1,840,095 1,190,258 1,140,468 342,837 327,959 288,370 303,812 -7,365 0.8948 May ................................ 1,975,884 2,012,961 1,245,967 1,190,840 387,429 365,088 270,564 298,278 -2,323 0.8497 June ................................ 1,921,477 1,962,099 1,154,438 1,122,454 363,616 339,895 276,205 297,784 -5,230 0.8687 July ................................ 1,839,859 1,876,903 1,113,447 1,066,520 330,991 298,960 289,149 313,417 -3,601 0.8895 Aug ................................ 1,683,219 1,725,116 1,042,617 1,000,293 304,821 287,965 276,088 299,826 -3,310 0.9102 Sept................................ 1,848,576 1,867,959 1,113,381 1,072,384 343,383 322,426 290,802 315,887 -2,977 0.8574 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In billions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) 2000 - Dec................................ 129,716 136,375 2001 - Mar................................ 158,727 Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 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 ................................ 162,235 151,909 176,225 152,800 n.a. n.a. 16,812 13,985 -86 0.9527 2003 - Mar................................ 172,794 164,933 206,394 164,179 n.a. n.a. 21,040 13,982 -3,082 0.9153 June ................................ 178,900 171,282 197,423 169,715 n.a. n.a. 26,352 17,778 3,663 0.8687 110 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 March 31, 2003, and June 30, 2003 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Mar. 31, 2003 Apr. 1, 2003, through June 30, 2003 June 30, 2003 1,973,519 8,634,026 11,392,435 -1,973,519 2,002,281 327,777 10,636,307 11,720,212 9,299,834 7,998,599 107,132 39,405,545 585,802 -119,981 -2,425 2,793,454 9,885,636 7,878,618 104,707 40,225,480 19,799 19,799 81,202 81,202 101,001 101,001 2,200,000 6,730,925 132,631 2,200,000 6,863,556 8,930,925 132,631 9,063,556 Net income (+) or loss (-) (see table ESF -2).................. 200,000 30,254,821 606,102 200,000 30,860,923 Total capital....................................................... 30,454,821 606,102 31,060,923 Total liabilities and capital .................................. 39,405,545 819,935 40,225,480 Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Uninvested cash................................................. U.S. Government securities ................................... Special drawing rights 1............................................... Foreign exchange and securities: European euro....................................................... Japanese yen........................................................ Accounts receivable................................................... Total assets .......................................................... Liabilities and capital Current liabilities: Accounts payable................................................... Total current liabilities........................................... Other liabilities: SDR certificates..................................................... SDR allocations ..................................................... Total other liabilities ............................................. Capital: Capital account...................................................... See footnote on the following page. EXCHANGE STABILIZATION FUND 111 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Apr. 1, 2003, through June 30, 2003 Fiscal year to date Oct. 1, 2002, through June 30, 2003 Income and expense Profit (+) or loss (-) on: Foreign exchange............................................................... 397,713 1,509,523 Adjustment for change in valuation of SDR holdings and allocations 1........................................... 93,175 292,623 SDRs .............................................................................. 19,834 69,111 U.S. Government securities .................................................. 28,762 97,151 Foreign exchange............................................................... 66,618 206,412 Commissions........................................................................ - - Income from operations ....................................................... 606,102 2,174,820 Net income (+) or loss (-)................................................... 606,102 2,174,820 Interest (+) or net charges (-) on: 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.” TrustFunds 115 INTRODUCTION: Trust Funds The tables and charts in this section present the most recent data available on various trust funds administered by the Treasury. Trust funds are moneys held by the Government in accounts established by law or by trust agreement for specific purposes and designated by law as being trust funds. This report compiles data from many sources and provides information in a consolidated manner. The Civil Service Retirement and Disability Fund is operated by the Office of Personnel Management. The Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds are under the auspices of the Department of Health and Human Services’ Health Care Financing Administration. The Federal Old -age and Survivors Insurance and Federal Disability Insurance Trust Funds are administered by Social Security. In addition, the Department of Veterans Affairs’ Veterans Benefits Administration disburses the National Service Life Insurance Fund. The Department of Labor’s Employment and Training Administration is responsible for the Unemployment Trust Fund. Data for the Railroad Retirement Trust Fund also are included in this section. That trust fund is administered by the Railroad Retirement Board, an independent agency. The following tables are published in the December issue of the “Treasury Bulletin” each year. Most of the data for the tables came from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” in which monthly data are published. Estimated figures are based on the “Budget of the United States Government, Fiscal Year 2004,” released February 3, 2003. CHART TF-A.—Major Trust Funds Total Net Increase or Decrease in Assets (In billions of dollars) 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 -10 -20 -30 2003 2002 Federal Old-age and Survivors Insurance Trust Fund Civil Service Retirement and Disability Fund Federal Federal Hospital Disability Insurance Insurance Trust Fund Trust Fund National Service Life Insurance Fund Federal Supplementary Medical Insurance Trust Fund Source: Financial Management Service Railroad Retirement Account Unemployment Trust Fund 116 TRUST FUNDS CHART TF-B.—Total Receipts of Major Trust Funds (In billions of dollars) 600 550 2003 2002 500 450 400 350 300 250 200 150 100 50 0 Federal Federal Old-age Hospital and Insurance Survivors Trust Fund Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Federal Disability Insurance Trust Fund Civil Service Retirement and Disability Fund Unemployment Trust Fund Source: Financial Management Service Railroad Retirement Account National Service Life Insurance Fund TRUST FUNDS 117 CHART TF-C.—Total Expenditures of Major Trust Funds (In billions of dollars) 450 400 2003 2002 350 300 250 200 150 100 50 0 Federal Federal Old-age Hospital and Insurance Survivors Trust Fund Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Federal Disability Insurance Trust Fund Unemployment Trust Fund Civil Service Retirement and Disability Fund Source: Financial Management Service Railroad Retirement Account National Service Life Insurance Fund 118 TRUST FUNDS TABLE TF-1.—Civil Service Retirement and Disability Fund [In millions of dollars. Source: Financial Management Service] Receipts Agencies’ contributions (2) Employees’ contributions (3) Federal contributions (4) Donations, service credit payments, and other miscellaneous receipts (5) 1999................................................................ 72,229 2000................................................................ 74,522 2001................................................................ 75,968 2002................................................................ 77,948 2003................................................................ 78,411 14,828 15,131 16,091 16,705 14,645 4,124 4,250 4,541 4,190 4,031 21,357 21,401 21,557 21,639 21,878 153 161 170 462 552 31,766 33,579 33,608 34,953 37,306 2004 - Est............................................................ 83,346 17,433 4,378 22,787 30 38,718 2002 - Oct............................................................ 2,209 Nov .......................................................... 1,424 Dec .......................................................... 19,102 2003 - Jan............................................................ 1,754 Feb........................................................... 1,435 Mar........................................................... 1,478 Apr........................................................... 1,610 May .......................................................... 1,773 June ......................................................... 20,626 July .......................................................... 1,525 Aug .......................................................... 1,923 Sept.......................................................... 23,554 1,370 1,057 1,069 1,325 1,088 1,072 1,201 1,331 1,203 1,175 1,478 1,277 385 308 311 382 309 312 338 360 311 305 378 331 21,878 48 45 46 46 16 73 45 48 44 45 47 49 405 14 17,676 1 22 22 25 34 19,068 1 19 18 Fiscal 2003.......................................................... 78,411 14,645 4,031 21,878 552 37,306 Fiscal y ear or month Total (1) Interest and profits on investments (6) Total expenditures other than investments (7) Net increase, or decrease (-), in assets (8) Total (9) 1999................................................................... 2000................................................................... 2001................................................................... 2002................................................................... 2003................................................................... 43,058 43,932 45,194 47,356 50,368 29,170 30,590 30,774 30,592 28,043 450,135 480,725 511,499 542,091 601,234 446,757 480,640 511,986 542,608 601,709 3,378 85 -487 -517 -475 2004 - Est............................................................ 52,602 30,744 633,340 633,340 - 2002 - Oct............................................................ Nov .......................................................... Dec .......................................................... 2003 - Jan............................................................ Feb........................................................... Mar........................................................... Apr........................................................... May .......................................................... June ......................................................... July .......................................................... Aug .......................................................... Sept.......................................................... 4,176 4,090 4,093 4,230 4,164 4,214 4,298 4,196 4,186 4,299 4,201 4,222 -1,968 -2,666 15,009 -2,476 -2,730 -2,736 -2,688 -2,423 16,440 -2,773 -2,278 19,332 571,223 568,557 583,566 581,089 578,360 575,624 572,936 570,513 586,953 584,179 581,902 601,234 571,747 569,084 584,089 581,613 578,874 576,117 560,082 571,000 587,438 584,664 582,381 601,709 -524 -527 -523 -524 -514 -493 12,854 -487 -485 -485 -479 -475 Fiscal 2003.......................................................... 50,368 28,043 601,234 601,709 -475 Fiscal year or month * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. Assets, end of period Investments Unexpended balance (10) (11) TRUST FUNDS 119 TABLE TF-2.—Federal Hospital Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Receipts Net appropriations (2) Federal payments (3) Deposits by States (4) Interest and profits on investments (5) Other (6) 1999................................................................ 138,100 2000................................................................ 152,948 2001................................................................ 159,534 2002................................................................ 171,736 2003................................................................ 180,255 121,308 133,774 137,097 151,257 153,587 5,331 7,484 9,516 5,605 8,962 -2 * 2 * 9,154 9,287 10,469 12,338 14,788 2,308 2,402 2,450 2,536 2,918 2004 - Est............................................................ 189,461 165,091 8,914 * 15,331 125 2002 - Oct............................................................ 11,898 Nov .......................................................... 12,947 Dec .......................................................... 21,159 2003 - Jan............................................................ 16,451 Feb........................................................... 11,209 Mar........................................................... 12,774 Apr........................................................... 19,525 May .......................................................... 11,974 June ......................................................... 23,411 July .......................................................... 11,380 Aug .......................................................... 11,726 Sept.......................................................... 15,800 11,690 12,739 13,747 14,558 11,010 12,060 15,924 11,603 13,897 11,177 11,492 13,690 1 1 1 1,668 * 514 3,401 116 1,359 * 1 1,899 * * * - 5 7 7,200 10 14 5 10 29 7,479 3 17 10 202 200 211 214 185 195 191 226 677 200 216 201 Fiscal 2003.......................................................... 180,255 153,587 8,962 * 14,788 2,918 Fiscal year or month Fiscal year or month Total (1) Expenditures other than investments Benefit Administrative Total payments expenses (7) (8) (9) Other (10) Net increase, or decrease (-), in assets (11) Total (12) Assets, end of period Unexpended Investments balance (13) (14) 1999................................................................ 136,690 2000................................................................ 130,759 2001................................................................ 129,195 2002................................................................ 141,975 2003................................................................ 152,793 135,487 129,463 127,934 139,356 151,250 1,178 1,282 1,253 1,425 1,541 25 15 9 1,194 2 1,410 22,188 30,338 29,761 27,462 116,264 138,453 168,791 198,552 258,701 118,250 153,767 168,859 197,137 251,307 -1,986 -15,314 -68 1,415 7,394 2004 - Est............................................................ 162,359 159,380 1,555 1,425 27,102 283,022 283,022 - 2002 - Oct............................................................ 13,336 Nov .......................................................... 13,392 Dec .......................................................... 13,291 2003 - Jan............................................................ 12,715 Feb........................................................... 12,411 Mar........................................................... 9,273 Apr........................................................... 13,628 May .......................................................... 14,656 June ......................................................... 11,197 July .......................................................... 13,052 Aug .......................................................... 14,324 Sept.......................................................... 11,517 13,203 13,314 13,167 12,567 12,295 9,137 13,495 14,526 11,045 12,927 14,173 11,400 133 80 122 147 110 139 133 130 152 123 150 123 -1 3 1 7 -2 * * 1 1 -6 -1,438 -446 7,868 3,736 -1,202 3,501 5,897 -2,682 12,214 -1,672 -2,598 4,284 229,801 229,355 237,223 240,959 239,756 243,257 249,155 246,473 258,687 257,015 254,417 258,701 227,309 226,775 235,326 237,672 238,702 238,922 244,870 241,845 252,485 250,932 248,697 251,307 2,492 2,580 1,897 3,287 1,054 4,335 4,285 4,628 6,202 6,083 5,720 7,394 Fiscal 2003.......................................................... 152,793 151,250 1,541 2 27,462 258,701 251,307 7,394 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. 120 TRUST FUNDS TABLE TF-3.—Federal Disability Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month Total (1) Appropriations (2) 1999................................................................ 62,956 2000................................................................ 67,792 2001................................................................ 77,061 2002................................................................ 82,980 2003................................................................ 88,845 Receipts Deposits by States (3) Interest and profits on investments (4) Other (5) Expenditures other than investments Benefit Total payments (6) (7) 57,944 61,884 69,995 74,609 78,299 1 * 4 * 4,432 5,223 6,265 7,572 9,564 579 684 796 799 983 49,459 52,142 56,046 60,831 71,982 47,739 50,488 54,276 58,219 69,846 2004 - Est............................................................ 93,236 83,171 - 9,945 120 80,330 77,950 2002 - Oct............................................................ 5,679 Nov .......................................................... 5,836 Dec .......................................................... 10,878 2003 - Jan............................................................ 7,821 Feb........................................................... 6,131 Mar........................................................... 6,743 Apr........................................................... 8,380 May .......................................................... 6,355 June ......................................................... 12,246 July .......................................................... 6,067 Aug .......................................................... 6,021 Sept.......................................................... 6,689 5,408 5,825 6,224 7,560 6,110 6,725 8,160 6,335 7,420 5,865 6,000 6,667 * - 7 10 4,645 3 10 8 11 15 4,819 2 13 20 264 1 9 258 11 10 210 5 6 200 8 1 5,569 5,807 5,807 5,830 5,870 6,050 6,092 6,130 6,362 6,011 6,274 6,182 5,451 5,704 5,587 5,687 5,670 5,872 5,936 5,977 6,028 5,872 6,061 6,000 Fiscal 2003.......................................................... 88,845 78,299 * 9,564 983 71,982 69,846 Fiscal year or month Expenditures other than investments, con. Payments to railroad Administrative retirement expenses Other account (10) (8) (9) Net increase, or decrease (-), in assets (11) Total (12) Assets, end of period Unexpended Investments balance (13) (14) 1999................................................................ 157 2000................................................................ 135 2001................................................................ 159 2002................................................................ 10 2003................................................................ 167 1,488 1,480 1,575 1,712 1,938 76 40 35 890 31 13,497 15,650 21,014 22,149 16,863 78,068 93,718 114,732 136,882 173,332 76,996 92,666 113,707 135,842 170,793 1,072 1,052 1,025 1,040 2,539 2004 - Est............................................................ 229 2,024 127 12,906 181,523 181,523 - 2002 - Oct............................................................ Nov .......................................................... Dec .......................................................... 2003 - Jan............................................................ Feb........................................................... Mar........................................................... Apr........................................................... May .......................................................... June ......................................................... 167 July .......................................................... Aug .......................................................... Sept.......................................................... - 118 107 218 141 181 184 156 153 166 135 211 167 -4 1 2 19 -6 -1 * 4 2 15 110 29 5,072 1,991 261 693 2,289 225 5,883 56 -253 507 156,579 156,608 161,680 163,671 163,932 164,626 166,915 167,140 173,023 173,079 172,826 173,332 155,188 155,281 160,380 161,998 162,311 162,985 165,303 165,187 170,706 171,024 170,851 170,793 1,391 1,327 1,300 1,673 1,621 1,641 1,612 1,953 2,317 2,055 1,975 2,539 Fiscal 2003.......................................................... 167 1,938 31 16,863 173,332 170,793 2,539 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. TRUST FUNDS 121 TABLE TF-4.—Federal Old-Age and Survivors Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Expenditures other than investments Payments to railBenefit road retirement Total payments account (6) (7) (8) Receipts Deposits by States (3) Net earnings on investments (4) Other (5) -5 * 5 * * 42,197 46,847 53,531 61,239 73,980 8,863 10,425 12,517 11,821 12,378 329,769 337,916 353,427 373,037 402,776 324,274 332,383 347,890 367,680 396,725 3,662 3,681 3,538 3,273 3,580 475,436 - 78,753 21,589 417,062 410,896 3,649 35,277 34,376 72,665 48,087 36,044 39,667 50,739 37,415 81,198 37,217 35,403 39,366 31,847 34,304 36,656 44,521 35,977 39,600 48,053 37,309 43,695 34,533 35,332 39,269 * - 42 47 35,993 15 50 51 54 87 37,490 12 55 84 3,388 24 16 3,551 17 16 2,632 19 13 2,673 16 13 32,667 32,825 32,880 33,342 33,201 33,226 33,205 33,596 37,037 33,542 33,549 33,708 32,363 32,401 33,039 32,955 33,064 33,111 33,034 33,428 33,275 33,308 33,370 33,377 3,580 - Fiscal 2003................................ 547,454 461,096 * 73,980 12,378 402,776 396,725 3,580 Fiscal year or month Total (1) Appropriations (2) 1999................................................................ 415,687 364,632 2000................................................................ 446,977 389,705 2001................................................................ 484,259 418,206 2002................................................................ 513,871 440,811 2003................................................................ 547,454 461,096 2004 - Est................................ 575,778 2002 - Oct................................ Nov ................................ Dec ................................ 2003 - Jan................................ Feb................................ Mar................................ Apr................................ May ................................ June ................................ July ................................ Aug ................................ Sept................................ Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (9) (10) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) 1999................................................................ 1,832 2000................................................................ 1,851 2001................................................................ 1,998 2002................................................................ 2,084 2003................................................................ 2,471 - 85,919 109,061 130,832 140,834 144,678 661,104 770,165 900,998 1,041,832 1,329,773 653,282 762,226 893,519 1,034,114 1,313,427 7,822 7,939 7,479 7,718 16,346 2004 - Est............................................................ 2,482 35 158,716 1,478,213 1,478,213 - 2002 - Oct............................................................304 Nov ..........................................................423 Dec ..........................................................-159 2003 - Jan............................................................387 Feb...........................................................137 Mar...........................................................115 Apr...........................................................171 May ..........................................................168 June .........................................................181 July ..........................................................234 Aug ..........................................................179 Sept..........................................................332 - 2,610 1,551 39,786 14,745 2,843 6,441 17,534 3,819 44,161 3,675 1,854 5,658 1,187,705 1,189,256 1,229,041 1,243,787 1,246,630 1,253,071 1,270,605 1,274,424 1,318,586 1,322,261 1,324,115 1,329,773 1,176,380 1,178,345 1,217,702 1,230,857 1,233,775 1,239,102 1,256,208 1,260,395 1,303,515 1,304,059 1,309,091 1,313,427 11,325 10,911 11,339 12,930 12,855 13,969 14,397 14,029 15,071 18,202 15,024 16,346 Fiscal 2003.......................................................... 2,471 - 144,678 1,329,773 1,313,427 16,346 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. 122 TRUST FUNDS TABLE TF-5.—Federal Supplementary Medical Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Receipts Expenditures other than investments Benefit Total payments (6) (7) Federal contributions (3) Interest and profits on investments (4) Other (5) 1999................................................................ 81,955 17,153 2000................................................................ 85,278 17,722 2001................................................................ 89,242 17,961 2002................................................................ 79,227 19,447 2003................................................................ 110,198 80,910 59,919 62,185 65,561 69,838 2,453 2,606 2,925 3,161 3,188 3,720 2,277 2,446 2,559 2,865 1 76,272 80,518 88,992 99,452 124,055 74,837 79,008 87,212 97,466 121,699 2004 - Est................................ Fiscal year or month Total (1) Premiums (2) 125,795 29,317 94,518 1,960 - 121,518 119,214 8,739 8,706 9,682 9,484 9,398 9,308 9,716 9,291 10,454 9,531 9,705 6,183 6,587 6,545 6,442 7,185 7,120 7,062 7,336 7,013 7,216 7,184 7,375 3,845 33 65 1,149 15 14 15 49 44 980 12 30 49 286 283 293 311 310 312 315 320 321 324 321 324 * * 2 1 -2 * 1 * 10,515 11,021 9,921 10,377 8,653 10,451 10,433 11,745 8,891 11,092 11,724 9,232 10,349 10,881 9,682 10,122 8,555 10,211 10,250 11,568 8,685 10,925 11,525 8,947 Fiscal 2003................................ 110,198 80,910 2,453 3,720 1 124,055 121,699 2002 - Oct................................ Nov ................................ Dec ................................ 2003 - Jan................................ Feb................................ Mar................................ Apr................................ May ................................ June ................................ July ................................ Aug ................................ Sept................................ Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (8) (9) Net increase, or decrease (-), in assets (10) Assets, end of period Total (11) Investments (12) Unexpended balance (13) 1999................................................................ 1,413 2000................................................................ 1,493 2001................................................................ 1,759 2002................................................................ 1,974 2003................................................................ 2,342 22 17 21 12 14 5,683 4,760 249 -20,225 -13,856 40,538 45,297 45,547 25,322 8,320 39,502 26,528 45,075 41,978 24,849 1,036 18,769 472 -16,656 -16,529 2004 - Est................................ 2,212 92 4,277 32,902 32,902 - 2002 - Oct................................ Nov ................................ Dec ................................ 2003 - Jan................................ Feb................................ Mar................................ Apr................................ May ................................ June ................................ July ................................ Aug ................................ Sept................................ 166 141 235 254 91 243 184 177 206 165 199 281 -1 5 1 7 -2 * * 1 1 4 -1,775 -2,315 -239 -893 746 -1,143 -717 -2,454 1,562 -1,561 -2,019 -3,048 20,401 18,086 17,847 16,954 17,700 16,557 15,840 13,386 14,948 13,388 11,368 8,320 36,951 34,668 34,135 33,791 33,424 33,149 32,456 30,052 31,474 30,504 27,622 24,849 -16,550 -16,582 -16,288 -16,837 -15,724 -16,592 -16,616 -16,666 -16,526 -17,116 -16,254 -16,529 Fiscal 2003................................ 2,342 14 -13,856 8,320 24,849 -16,529 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. TRUST FUNDS 123 TABLE TF-6.—National Service Life Insurance Fund [In millions of dollars. Source: Financial Management Service] Interest and profits on investments (4) Expenditures other than investments (benefits, net lending, refunds, and dividends) (5) Net increase, or decrease (-), in assets (6) Total (7) Receipts Fiscal year or month Total (1) Premiums and other receipts (2) Transfers from general and special funds (3) Assets, end of period Unexpended Investments balance (8) (9) 1999................................ 1,196 217 2 977 1,210 -15 12,044 12,008 36 2000................................ 1,146 204 6 936 1,201 -55 11,989 11,954 35 2001................................ 1,090 201 1 887 1,242 -152 11,836 11,804 32 2002................................ 1,050 194 1 855 1,221 -171 11,665 11,639 26 2003................................ 960 176 1 784 1,178 -218 11,280 11,246 34 2004 - Est................................ 1,314 171 424 719 1,658 -344 9,397 9,397 - 2002 - Oct................................ 17 15 * 2 94 -77 11,421 11,386 35 Nov ................................ 15 12 * 2 83 -68 11,353 11,322 31 Dec ................................ 404 15 * 388 85 319 11,671 11,638 33 2003 - Jan................................ 17 17 * * 107 -90 11,582 11,546 36 Feb................................ 16 16 * * 94 -78 11,504 11,465 39 Mar................................ 14 13 * 1 115 -101 11,403 11,371 32 Apr................................ 16 15 * 1 102 -86 11,317 11,281 36 May ................................ 15 13 * 2 95 -79 11,238 11,206 32 June ................................ 399 15 * 383 96 302 11,540 11,508 32 July ................................ 13 13 * * 94 -81 11,459 11,425 34 Aug ................................ 16 15 * 1 99 -83 11,376 11,351 25 Sept................................ 20 17 * 2 115 -96 11,280 11,246 34 Fiscal 2003................................ 960 176 1 784 1,178 -218 11,280 11,246 34 * Less than $500,000. Note.— Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. 124 TRUST FUNDS TABLE TF-7.—Railroad Retirement Account [In millions of dollars. Source: Financial Management Servi ce] Receipts Expenditures other than investments Benefit Total payments (5) (6) Total (1) Appropriations (2) Interest and profits on investments (3) 10,443 8,763 9,654 10,229 9,195 4,353 4,143 4,337 4,272 3,954 2,017 313 1,161 2,347 764 4,073 4,308 4,157 3,610 4,478 8,391 8,384 8,434 8,569 28,214 2,984 2,977 3,030 3,039 3,575 2004 - Est............................................................ 8,211 8,191 20 - 9,077 9,077 2002 - Oct............................................................ Nov .......................................................... Dec .......................................................... 2003 - Jan............................................................ Feb........................................................... Mar........................................................... Apr........................................................... May .......................................................... June ......................................................... July .......................................................... Aug .......................................................... Sept.......................................................... 283 629 1,036 419 410 442 418 354 3,691 492 332 689 377 350 323 364 379 424 313 348 -32 403 326 379 -250 280 713 -37 31 18 6 6 -24 5 6 10 155 92 99 3,747 84 * 300 3,729 3,727 2,979 2,737 4,236 4,737 739 737 935 738 759 2,160 288 287 288 290 292 293 293 293 296 293 374 287 Fiscal 2003.......................................................... 9,195 3,954 764 4,478 28,214 3,575 Fiscal year or month 1999................................................................ 2000................................................................ 2001................................................................ 2002................................................................ 2003................................................................ Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (7) (8) 1999................................................................ 2000................................................................ 2001................................................................ 2002................................................................ 2003................................................................ Net increase, or decrease (-), in assets (9) Other (4) Assets, end of period Total (10) Investments (11) Unexpended balance (12) 87 88 94 91 98 5,321 8,319 5,310 5,439 24,541 2,052 379 1,220 1,660 -19,019 9,793 10,172 11,393 13,053 -6,196 21,811 24,345 24,823 26,865 1,179 -12,018 -14,173 -13,430 -13,812 -7,375 2004 - Est............................................................ - - -866 200 200 - 2002 - Oct............................................................ Nov .......................................................... Dec .......................................................... 2003 - Jan............................................................ Feb........................................................... Mar........................................................... Apr........................................................... May .......................................................... June ......................................................... July .......................................................... Aug .......................................................... Sept.......................................................... 8 7 8 10 8 7 10 7 7 8 9 9 3,433 3,433 2,683 2,437 3,937 4,437 436 437 631 437 375 1,865 -3,447 -3,098 -1,943 -2,318 -3,826 -4,295 -321 -383 2,756 -245 -427 -1,472 9,376 6,278 4,335 2,017 -1,809 -6,104 -6,425 -6,808 -4,052 -4,298 -4,724 -6,196 21,153 16,368 13,897 10,927 6,819 2,741 2,759 2,625 2,494 2,499 2,382 1,179 -11,777 -10,090 -9,562 -8,910 -8,628 -8,845 -9,184 -9,433 -6,546 -6,797 -7,106 -7,375 Fiscal 2003.......................................................... 98 24,541 -19,019 -6,196 1,179 -7,375 Note.—Es timates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Management and Budget Feb. 3, 2003. Details may not add to totals due to rounding. TRUST FUNDS 125 TABLE TF-8.—Unemployment Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month Total (1) State unemployment taxes (2) Federal unemployment taxes (3) Receipts Advances from the general fund (4) Deposits by Railroad Retirement Board (5) Interest and profits on investments (6) 1999................................................................ 32,297 2000................................................................ 31,681 2001................................................................ 33,259 2002................................................................ 33,993 2003................................................................ 38,403 21,047 19,894 20,701 20,824 26,703 6,369 6,475 6,871 6,937 6,520 508 403 397 432 1,265 68 111 68 51 144 4,305 4,798 5,222 5,749 3,772 2004 - Est............................................................ 43,587 33,195 7,001 538 139 2,714 2002 - Oct............................................................ 1,635 Nov .......................................................... 2,530 Dec .......................................................... 2,317 2003 - Jan............................................................ 1,394 Feb........................................................... 2,218 Mar........................................................... 474 Apr........................................................... 5,863 May .......................................................... 10,387 June ......................................................... 2,460 July .......................................................... 2,533 Aug .......................................................... 3,988 Sept.......................................................... 2,603 866 2,345 260 651 1,881 247 2,385 10,052 905 1,526 3,831 1,753 636 87 27 681 241 67 3,385 260 -25 955 112 93 32 63 50 21 73 93 3 64 92 5 39 728 35 * * 30 * * 37 1 * 39 * * 66 34 1,980 11 23 66 53 10 1,487 7 6 29 Fiscal 2003.......................................................... 38,403 26,703 6,520 1,265 144 3,772 Expenditures other than investments State Repayment of administrative advances from expenses the general fund (9) (10) Total (7) State unemployment benefits (8) 23,284 24,752 24,050 31,603 58,486 19,933 21,180 20,657 27,896 54,473 3,085 3,361 3,117 3,213 3,590 - 204 140 193 396 326 * * * * - 2004 - Est............................................................ 43,787 43,661 - - - - 4,787 4,119 4,853 5,531 4,933 5,373 5,233 4,789 4,710 5,172 4,434 4,553 4,548 3,784 4,481 5,209 4,583 5,057 4,913 4,380 4,396 4,737 4,127 4,257 200 301 303 337 313 269 286 385 279 395 265 257 - 31 25 58 -27 27 37 27 17 29 34 34 33 - Fiscal 2003.......................................................... 58,486 54,473 3,590 - 326 - Fiscal year or month 1999................................................................ 2000................................................................ 2001................................................................ 2002................................................................ 2003................................................................ 2002 - Oct............................................................ Nov .......................................................... Dec .......................................................... 2003 - Jan............................................................ Feb........................................................... Mar........................................................... Apr........................................................... May .......................................................... June ......................................................... July .......................................................... Aug .......................................................... Sept.......................................................... See footnotes at end of table. Federal administrative expenses (11) Railroad administrative ex penses (12) 126 TRUST FUNDS TABLE TF-8.—Unemployment Trust Fund, con. [In millions of dollars. Source: Financial Management Service] Fiscal year or month Expenditures other than investments, con. Railroad unemployment insurance Benefit Administrative payments expenses (13) (14) Assets, end of period Net increase, or decrease (-), in assets (15) Total (16) Investments (17) Unexpended balance (18) 1999................................................................ 59 3 9,014 81,970 70,641 11,329 2000................................................................ 68 4 6,929 88,899 77,358 11,541 2001................................................................ 78 3 9,209 98,108 86,399 11,709 2002................................................................ 93 4 2,390 100,498 88,638 11,860 2003................................................................ 93 4 -20,083 59,634 48,188 11,446 2004 - Est............................................................ 124 - -3,643 72,602 72,602 - 2002 - Oct............................................................ 8 * -3,152 76,564 64,743 11,821 Nov .......................................................... 8 - -1,589 74,975 63,474 11,501 Dec .......................................................... 10 1 -2,536 72,439 61,117 11,322 2003 - Jan............................................................ 13 * -4,137 68,303 56,735 11,568 Feb........................................................... 9 - -2,714 65,588 54,244 11,344 Mar........................................................... 9 * -4,899 60,690 49,271 11,419 Apr........................................................... 7 * 630 61,320 46,587 14,733 May .......................................................... 6 * 5,599 66,919 55,816 11,103 June ......................................................... 4 2 -2,250 64,669 52,854 11,815 July .......................................................... 6 * -2,639 62,030 49,348 12,682 Aug .......................................................... 7 1 -446 61,584 50,114 11,470 Sept.......................................................... 8 -1 -1,950 59,634 48,188 11,446 Fiscal 2003.......................................................... 93 4 -20,083 59,634 48,188 11,446 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2004," released by the Office of Manageme nt and Budget Feb. 3, 2003. Details may not add to totals due to rounding. TRUST FUNDS 127 TABLE TF-9A.—Investments of Specified Trust Accounts in Public Debt Securities by Issue, as of September 30, 2003 [In millions of dollars. Source: Financial Management Ser vice] Type and rate Investment of securities Payable date Issue date (1) (2) Federal Disability Federal Hospital Insurance Insurance Trust Trust Fund Fund (3) (4) Federal Old-age and Survivors Insurance Trust Fund (5) Federal Supplementary Medical Insurance Trust Fund (6) Railroad Retirement Account (7) Unemployment Trust Fund (8) Public issues: Bonds: 11-3/4%................................ 02/15/05-10 02/15/80 30 - - - - - Total public issues............................................ 30 - - - - - TABLE TF-9B.—Investments of Specified Trust Accounts in Public Debt Securities by Issue, as of September 30, 2003 [In millions of dollars. Source: Monthly Statement of the Public Debt of the United States] Type Issued (1) Retired (-) or inflation adjusted (2) Outstanding (3) Government account series: Federal Disability Insurance Trust Fund................................................. 179,632 -8,869 170,762 Federal Hospital Insurance Trust Fund.............................................. 278,659 -27,352 251,307 Federal Old-age and Survivors Insurance Trust Fund....................... 1,361,059 -47,632 1,313,427 Federal Supplementary Medical Insurance Trust Fund...................... 30,739 -5,891 24,849 800 -297 503 69,125 -20,937 48,188 1,920,014 Total Government account series................................................................ -110,978 1,809,036 Railroad Retirement Account .......................................................... Unemployment Trust Fund......................................................... Note.—Details may not add to totals due to rounding. 128 TRUST FUNDS 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)............................................................................................... 72.41 less: Cash balance (fiscal 2004)........................................................................................................................................................... Unfunded authorizations (fiscal 2004)............................................................................................................................................. 24-month revenue estimate (fiscal 2005 and 2006)................................................................................................................................ 12.32 60.09 62.59 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal 2004)................................................................................................ 5.19 less: Cash balance (fiscal 2004)........................................................................................................................................................... Unfunded authorizations (fiscal 2004)............................................................................................................................................. 24-month revenue estimate (fiscal 2005 and 2006)............................................................................................................................ Note.—These data do not reflect the fiscal 2004 Department of Transportation Appropriations Bill. These estimates will be updated in the next publication of these tables to reflect enacted appropriation. 8.13 -2.95 9.85 TECHNICAL PAPERS 129 Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham and John S. Greenlees. November 1995. 9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, Robert Gillingham and John S. Greenlees. January 1997. 9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. December 1997. 2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. Worth. May 2001. 2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and Christopher J. Soares. June 2001. 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Chris topher J. Soares and Mark Warshawsky. January 2003. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 Washington, DC 20220 Telephone (202) 622-1519, or fax (202) 622-1294 130 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. Coupon issue—The issue of bonds or notes (public debt). 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. Debt outstanding subject to limitation (FD -6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of September 2003, the debt limit was $7,384,000 million; the limit may change from year to year. 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). 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. 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). 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. 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). 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.) Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes —amounts outstanding” consists of new series GLOSSARY 131 issues. The Federal Reserve note is the only class of currency currently issued. disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Foreign (“Foreign Currency Positions,” IFS -2, -3)— Locations other than those included under the definition of the United States. (See United States.) 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. 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 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 132 GLOSSARY “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (FD -2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-e xempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD -6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER