Full text of Treasury Bulletin : December 2005
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Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations............................................................................................................................ 11 Analysis.—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source .................... 12 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 15 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 20 FFO-5.—Internal Revenue Receipts by State...................................................................................................................... 21 FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................ 22 ACCOUNT OF THE U.S. TREASURY Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 27 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 27 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 29 FD-1.—Summary of Federal Debt ...................................................................................................................................... 30 FD-2.—Debt Held by the Public ......................................................................................................................................... 31 FD-3.—Government Account Series................................................................................................................................... 32 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 33 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 34 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 35 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 36 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 38 TREASURY FINANCING ................................................................................................................................................. 38 PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding ............................................................................................................ 42 PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 47 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 48 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes............................................................................................................................ 49 SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 49 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 50 SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 50 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 52 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 53 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 54 December 2005 IV Contents MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 55 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 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 Liabilities 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 December 2005 V Contents SECTION V.—U.S. International Transactions in Long-Term Securities CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 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 December 2005 VI Contents SPECIAL REPORTS TRUST FUNDS Introduction.—Trust Funds ............................................................................................................................................... 115 TF-A.—Chart: Major Trust Funds, Total Net Increase or Decrease in Assets .................................................................. 116 TF-B.—Chart: Total Receipts of Major Trust Funds......................................................................................................... 117 TF-C.—Chart: Total Expenditures of Major Trust Funds ................................................................................................. 118 TF-1.—Civil Service Retirement and Disability Fund ...................................................................................................... 119 TF-2.—Federal Hospital Insurance Trust Fund................................................................................................................. 120 TF-3.—Federal Disability Insurance Trust Fund............................................................................................................... 121 TF-4.—Federal Old-Age and Survivors Insurance Trust Fund ......................................................................................... 122 TF-5.—Federal Supplementary Medical Insurance Trust Fund ........................................................................................ 123 TF-6.—National Service Life Insurance Fund .................................................................................................................. 124 TF-7.—Railroad Retirement Account ............................................................................................................................... 125 TF-8.—Unemployment Trust Fund ................................................................................................................................... 126 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. SPECIAL REPORTS Trust Funds 1-8, published in the December issue of the Treasury Bulletin, are scheduled to be discontinued starting with the December 2006 issue. Trust fund information can be found in the Monthly Treasury Statement, www.fms.treas.gov/mts, and the Budget of the United States Government, www.whitehouse.gov/omb/budget. Comments or concerns regarding the discontinuation of these tables can be forwarded to the Treasury Bulletin staff at treasury.bulletin@fms.treas.gov. December 2005 VII Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Airport and Airway Trust Fund ........................................................................ √ Aquatic Resources Trust Fund.......................................................................... √ Black Lung Disability Trust Fund .................................................................... √ Civil Service Retirement and Disability Fund .................................................. √ Federal Disability Insurance Trust Fund........................................................... √ Federal Hospital Insurance Trust Fund ............................................................. √ Federal Old-Age and Survivors Insurance Trust Fund ..................................... √ √ Federal Supplementary Medical Insurance Trust Fund .................................... Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ √ National Service Life Insurance Fund............................................................... Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ √ Railroad Retirement Account............................................................................ Reforestation Trust Fund .................................................................................. √ √ Unemployment Trust Fund ............................................................................... Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ December 2005 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations U.S. Savings Bonds and Notes Ownership of Federal Securities Market Yields U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product The advance estimate of real gross domestic product (GDP) reported annualized growth of 3.8 percent in the third quarter of 2005, up from the annual 3.3 percent pace registered in the second quarter. Third quarter figures are more imprecise than usual because of hurricane-related difficulties in extrapolating partial data for the quarter, particularly for exports, imports, and inventories. Contributions to third quarter GDP growth were as follows: consumption expenditures, 2.73 percent; gross private domestic investment, 0.38 percent; change in private inventories, -0.55 percent; net exports of goods and services, 0.8 percent; and government spending, 0.61 percent. Personal consumption expenditures which led the advance grew 3.9 percent compared to the second quarter’s 3.4 percent reading. Strength in motor vehicles and spending on food accounted for much of the growth. Gross private domestic investment grew 2.3 percent after a 3.7 percent decline in the second quarter. Investment in business equipment and software was up 8.9 percent, although it was down slightly from the prior quarter’s 10.9 percent gain. Private inventories fell less sharply in the third quarter than the second (off 0.6 percent compared to a 2.1 percent decline in the second quarter), providing a milder drag on GDP growth. Exports of good and services increased 0.8 percent in the third quarter, compared with an increase of 10.7 in the second. Imports were unchanged in the third quarter. The trade gap was virtually unchanged from the prior quarter at $611.8 billion. These figures may be subject to substantial revision as the extent of the hurricanes’ effects on import and export facilities becomes more apparent. Government spending made a significant contribution to growth in third quarter. Federal spending grew 7.7 percent over the prior quarter, led by defense spending, which rose sharply (up 10.2 percent following a 3.7 increase in the second quarter). State and local spending declined to 0.7 percent growth after registering a rather large 2.6 percent increase in the second quarter. Growth of Real GDP (Percent change, fourth quarter to fourth quarter) 6 5 4.3 4.5 4.7 4.0 4 3.8 3.6 04 05* 3 2.2 1.9 2 1 0.2 0 97 98 99 00 01 02 03 *2005 percent change based on third quarter to third quarter December 2005 PROFILE OF THE ECONOMY 4 Inflation Inflation has accelerated so far this year from last year’s pace, pushed up by sharply rising energy prices. At an annual rate, consumer prices have risen 5.1 percent during 2005 (through September), well above the 3.3 percent growth during 2004. Prices rose 1.9 percent during 2003. Energy prices jumped at a 42.5 percent annual rate through September, almost triple the 16.6 percent pace during 2004. Food prices have risen at a 2.2 percent rate this year compared to a gain of 2.7 percent last year. Core consumer prices (excluding food and energy) have moved up at a moderate 2.0 percent pace, a slight dip from 2.2 percent during 2004 but still above the exceptionally low 1.1 percent during 2003. Inflation at the producer level has also picked up this year. Overall finished goods prices rose at a 6.4 percent annual rate over the first 9 months of the year, up from an increase of 4.2 percent during 2004. Energy price inflation has accelerated from 13.4 percent last year to a 28.6 percent annual rate so far this year. Core finished goods inflation was 2.3 percent through September, unchanged from last year. Core inflation has leveled off after creeping up from a slight decline during 2002. Further back in the production chain, the cost of core intermediate materials has slowed from an 8.3 percent jump last year to a 3.1 percent increase during the first three-quarters of this year. Prices of core crude materials are up fractionally so far this year following a 20.5 percent surge last year. Labor cost increases have slowed a little in 2005. Hourly compensation costs for the private nonfarm business sector as calculated in the national income accounts increased at a 4.4 percent annual rate during the first three quarters of the year, down from the 5.8 percent gain registered across the four quarters of last year. The 2005 increase was above the 3.1 percent annual rate rise in productivity. As a result, unit labor costs have risen at a 1.1 percent rate so far this year. This represents a deceleration from the 3.2 percent increase during 2004 and is consistent with moderate underlying inflation. The employment cost index for total compensation, a fixed-weighted compensation measure, increased by 3.1 percent during the 12-month period ending in September 2005, off from the 3.8 percent increase during the 12 months ending in September 2004. Almost all of the deceleration resulted from a slowing in the rate of increase in benefit costs to 5.1 percent. Wage increases remained subdued at 2.3 percent over the past year. Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 Excluding food and energy 5 Excluding food and energy 4 4 2 3 0 2 Total 1 0 -2 Total -4 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 December 2005 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 PROFILE OF THE ECONOMY Employment and unemployment Hurricanes Katrina and Rita dampened payroll employment growth in September and October 2005, but the underlying trend in labor markets for the year still appeared strong. Nonfarm payroll employment increased by 56,000 in October, following a decline of 8,000 in September. Those figures were well below 2005’s average monthly growth of nearly 200,000 prior to the hurricanes. Even with the depressed figures in September and October, job growth has averaged a solid 161,000 per month over the first 10 months of the year. That is not far out of line with the average monthly gains of 178,000 predicted for 2005 by the Administration in June. Since payroll employment reached a low point in May 2003, the economy has generated 4.2 million jobs. Employment was weak in service-producing industries in October. Payrolls in the leisure and hospitality industry fell by 18,000, and employment in retail trade declined by 5,000. Employment in professional and business services increased by a low 12,000 in October, compared to an average monthly increase of 40,000 so far this year. Turning to 5 goods-producing industries, construction employment rose by 33,000 in October as hurricane cleanup efforts provided a boost. Manufacturing employment rose 12,000, but that was mainly due to the return of a large number of striking Boeing workers to the payrolls. Over the latest 12 months, factory payrolls have fallen by 100,000. The unemployment rate edged down to 5.0 percent in October, only slightly above August’s 4-year low of 4.9 percent. The labor force participation rate (the share of the non-institutionalized population in the labor force) slipped to 66.1 percent in October. This rate had dipped to a 17-year low of 65.8 percent earlier this year. The average workweek held steady at 33.8 hours in October. Aggregate production hours were flat in October, but were revised upward in September. Average hourly earnings advanced by 0.5 percent in October and were up 2.9 percent over the past year. Adjusting for inflation, real earnings were down 2.3 percent in September from a year earlier. (Earnings in real terms are not yet available for October.) Payroll Employment (Average monthly change in thousands from end of quarter to end of quarter) Unemployment Rate (Percent) 7.0 400 6.5 300 231 200 6.0 101 100 5.5 190 182 198 177 134 139 33 9 0 -21 5.0 Oct. 2005 5.0% 4.5 -100 -200 4.0 -300 3.5 -400 96 97 98 99 00 01 02 03 04 05 -88 -42 -30 -18 -85 -161-160 -281 I II III IV I II III IV I II III IV I II III IV I II III 2001 2001 202002 02 2003 2003 202004 04 22005 005 December 2005 6 PROFILE OF THE ECONOMY Real disposable personal income and consumer spending Nominal personal income increased at a 2.8 percent annual rate in the third quarter of this year, less than half the 6.3 percent pace over the previous four quarters. The third quarter numbers were affected by Hurricanes Katrina and Rita. Rental and proprietors’ income dropped sharply in August and again in September, reflecting write-offs of uninsured losses of residential and noncorporate business property. These were partially offset by insurance payments to persons for household durables, which appear in the accounts as increases in other current transfer receipts from businesses. Wages and salaries, which account for more than half of personal income, rose at a 4.7 percent annual rate in the third quarter, off a little from the 5.4 percent gain in the first half of the year. Personal interest income has continued to rise but the pace slowed to a 5.1 percent annual rate in the third quarter from 6.4 percent in the first half of the year. Interest income has now risen for four consecutive quarters. Prior to these increases, interest income had been falling on average since 2000. Dividend income rose at a 11.4 percent annual rate in the third quarter and has now grown at a healthy pace for almost 4 years. Disposable (after-tax) income adjusted for inflation fell at a 0.9 percent annual rate in the third quarter. This followed a 2.4 percent increase over the previous four quarters. Even as income fell, real consumer spending continued to rise at a healthy pace, increasing at a 3.9 percent annual rate in the third quarter as well as over the year ending in the second quarter. With spending increasing and income dipping, the personal saving rate fell to -1.1 percent in the third quarter. The saving rate has on average been falling since reaching a quarterly post-World War II high of 12.2 percent in 1981. Industrial production and capacity utilization Output from factories, mines, and utilities increased 1.3 percent at an annual rate in the third quarter of 2005, down a little from the 1.6 percent annual rate in the second quarter. Production in the final month of the third quarter was significantly affected by Hurricanes Katrina and Rita as well as by a strike at Boeing, which combined to cause industrial output to drop 1.5 percent (not annualized) in September. As measured from a year earlier, however, industrial output in September was up by 1.9 percent. Manufacturing production, which accounts for about 82 percent of all industrial output, decreased 0.7 percent in September but rose 2.4 percent an annual rate for the third quarter as a whole after a 1.3 percent advance in the second quarter of 2005. The pickup in the third quarter reflected sizable increases in the production of computers and electronic products and in motor vehicles and parts. Partly offsetting that growth was a sharp decline in the production of aerospace and miscellaneous transportation equipment, December 2005 due in some measure to the Boeing strike. Output of energy products also declined as production of petroleum and coal products suffered because of the storms. Output of hightechnology goods surged at a 31.0 percent annual rate in the third quarter due to large gains in communications equipment and semiconductors. Output of computers and peripheral equipment slowed slightly from its second quarter pace but continued to show solid growth in the third quarter. Motor vehicle and parts production rebounded by 14.5 percent at an annual rate in the third quarter of 2005 after declining at a 4.4 percent pace in the previous quarter. Apart from motor vehicles and parts, manufacturing output rose at a 1.3 percent annual rate in the third quarter, slowing from the second quarter’s 1.8 percent annual pace. Production at utilities, which accounts for 10 percent of total industrial output, rose at a 9.7 percent annual rate in the third quarter after an annual rate gain of 6.5 percent in the second quarter. Output at mines (the remaining 8 percent of industrial output) fell 14.9 percent at an annual rate after holding about flat in the second quarter. The quarterly capacity utilization rate for the industrial sector had been steadily rising since the second quarter of 2003, reaching 79.8 percent in the third quarter of 2005. That is just a shade below its long-term average going back to 1972 of 81.0 percent. Capacity utilization in the manufacturing sector was 78.6 percent in the third quarter of 2005, also just slightly below its long-term average of 79.6 percent. Utilization in high-technology industries rose to 75.9 percent in the third quarter but was still 2.3 percentage points below its long-term average of 78.2 percent. Nonfarm productivity and unit labor costs Productivity was growing at a solid pace going into the last quarter of 2005. Preliminary data for the third quarter showed that nonfarm business productivity (real output per hour worked) jumped 4.1 percent, the fastest rate in more than a year. From the third quarter of 2004 through the third quarter of 2005, labor productivity rose 3.0 percent, up from 2.2 percent in the comparable four-quarter period a year earlier. That 3.0 percent rate is 0.5 percentage point faster than the average rate of productivity growth in the second half of the 1990s. Since the fourth quarter of 2000, productivity has risen at a historically strong 3.4 percent annual rate. Hourly compensation costs in the nonfarm business sector rose at a 3.6 percent annual rate in the third quarter, down from 4.0 percent in the second quarter. These costs were up 5.8 percent over the most recent four quarters, which includes an outsized 10.2 percent gain in the fourth quarter of 2004. Unit labor costs, representing the interaction of productivity and compensation, fell at a 0.5 percent annual rate in the third quarter, down from a 1.8 percent gain in the second quarter. These costs were up by 2.7 percent over the latest four quarters, following an increase of 1.8 percent in the year-earlier four-quarter period. Overall, the economy is enjoying strong labor productivity growth, PROFILE OF THE ECONOMY 7 which has held down unit labor costs and contributed to lower inflation. Productivity in the manufacturing sector rose at a 4.5 percent annual rate in the third quarter and was up 4.7 percent over the most recent four quarters. That is a slower pace than the 5.8 percent rate of growth averaged over the past 4 years. Hourly compensation costs in manufacturing advanced at a 2.9 percent annual rate in the third quarter and were up 7.2 percent over the most recent four quarters. Factory unit labor costs fell at a 1.6 percent annual rate in the third quarter and were up 2.5 percent over the past four quarters. assets abroad surged by $677 billion to just over $1.0 trillion, offsetting a $598 billion jump in foreign-owned assets in the U.S., which reached nearly $1.6 trillion in the second quarter. The increase in foreign purchases of U.S. assets was more than accounted for by a steep rise in U.S. liabilities to foreigners reported by U.S. banks. In addition, foreign official purchases of assets in the United States accelerated after slowing briefly at the start of the year. Finally, private foreign investors stepped up their purchases of U.S. corporate bonds and federally sponsored agency bonds but scaled back on direct investment and acquisitions of U.S. Treasury securities relative to the first quarter. International transactions Exchange rate of the dollar The United States extended a long-standing pattern of importing more merchandise than it exported in the second quarter of 2005. Nevertheless, the current account deficit narrowed by $12 billion to $783 billion at an annual rate (about 6.3 percent of GDP) from a record $795 billion (6.5 percent of GDP) in the first quarter. The improvement was due mainly to a slowdown in unilateral transfers (which include government grants and pension payments as well as private transfers to and from foreigners), but a small increase in the surplus on trade in services also contributed. Those developments were partly offset by modest further deterioration in the nominal merchandise trade deficit and a swing in the balance on income from a small surplus to a small deficit. Data on trade in goods and services in the third quarter suggest the current account balance deteriorated during that period. The current account is matched by offsetting transactions in the capital and financial accounts, with any differences in the recorded flows listed as a statistical discrepancy. Capital account transactions, which consist mainly of debt forgiveness and wealth transfers associated with immigration, amounted to just over $1 billion at an annual rate in the second quarter. That was down sharply from an outsized $18 billion at the start of the year that reflected debt forgiveness for Iraq and is below gains averaging slightly less than $2 billion in the prior 4 years. The financial account measures transactions that alter the foreign financial assets and liabilities of the United States. Net financial inflows (the difference between net foreign purchases of U.S. assets and U.S. purchases of foreign assets) slowed to $569 billion at an annual rate in the second quarter from $648 billion in the first quarter. U.S.-owned Since the beginning of 2005 the dollar has appreciated 2.9 percent relative to a broad index covering the currencies of 26 important U.S. trading partners. This appreciation occurred, however, after a protracted period of decline. The dollar peaked in February 2002 and has since followed a generally depreciating trend with a few periods of temporary strengthening. In the 34-month period between the 2002 peak and December 2004, the nominal exchange value of the dollar relative to a broad index covering the currencies of 26 important U.S. trading partners depreciated by 16 percent. The cumulative decline from the February 2002 peak to October 2005 was 13.7 percent. The aggregate decline mainly reflected dollar weakness against the seven currencies of the United States’ major trading partners, including the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland. Between February 2002 and October 2005, the exchange rate of the dollar compared to an index of these currencies fell by 24 percent. Dollar depreciation against the yen and the euro, whose combined weights account for roughly 55 percent of the major index, was largely responsible. Over the same period, the dollar/euro exchange rate fell by 28 percent and the dollar/yen exchange rate fell by 17 percent. With respect to the currencies of many other important trading partners, the dollar is roughly the same as it was in February 2002. It has had several fluctuating periods of appreciation and depreciation since February 2002, but as of October 2005 the exchange value of the dollar compared to an index of currencies that includes Mexico, China, Brazil, and seven other Asian countries was virtually the same as in February 2002. December 2005 PROFILE OF THE ECONOMY 8 Interest rates The Federal Reserve eased monetary conditions this year in response to the slowdown in economic growth. From the beginning of the year through early November, the Federal Reserve cut the target for the federal funds rate (the rate that banks and other financial institutions charge each other for overnight loans) by a total of 4-1/2 percentage points. The Federal Reserve described its actions as the appropriate policy in light of the weak economy and the added deleterious effects of the September 11 terrorist attacks. This year’s Federal Reserve actions lowered the federal funds target from 6-1/2 percent at the end of last December to 2 percent by early November. The target rate is now at the lowest level since the early 1960s. Over the same period, the discount rate (the rate that the Federal Reserve charges banks for short-term funds) was reduced from 6 percent to 1-1/2 percent. The market interest rate for the 3-month Treasury bill, which usually centers around the level of the discount rate, moved down from over 6 percent late in 2000 to under 2 percent in early November. Rates on long-term Treasury securities declined through most of 2000 and have fallen further this year. The yield on the 10-year note, for instance, fell by more than 100 basis points during 2000 and continued to decline this year to less than 4-1/2 percent in early November. Long-term rates are influenced by a number of factors. Weakness in equity markets and in the economy in general, as well as reduced inflationary expectations, has contributed to the decline in yields. The downtrend in the yield, which moves inversely to its price, also partly reflected a shrinking supply of Treasury securities due to growing budget surpluses. Recently, longterm rates have been driven down in response to the terrorist attacks, which made Treasury securities desirable as safe havens against uncertainty in the economy. Mortgage interest rates generally follow the pattern of the 10-year Treasury. The interest rate on a conventional 30year fixed rate loan declined from a recent peak of 8-1/2 percent in May 2000 to around 6-1/2 percent in early November. This decline of 200 basis points in the mortgage rate has helped boost housing demand. Short-term Interest Rates Long-term Interest Rates (Percent) (Percent) 10.0 7.0 Federal funds rate target 6.0 9.0 5.0 8.0 4.0 7.0 3.0 6.0 2.0 3-month Treasury bills 5.0 1.0 0.0 1999 4.0 2000 2001 2002 2003 2004 December 2005 Corporate Baa bond 2005 Treasury 10-year note 3.0 1999 2000 2001 2002 2003 2004 2005 PROFILE OF THE ECONOMY 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 last 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. Singlefamily 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 9 total, housing starts are on track to post their best year since 1986. Federal budget The Federal budget deficit narrowed in fiscal year 2005 for the first time since surpluses were recorded in the 1998 to 2001 period. The deficit declined by $94 billion to $319 billion in fiscal year 2005. That was 4.2 percent lower than the $333 billion deficit projected in the July Mid-Session Review (MSR) and $108 billion, or 25.6 percent, lower than had been projected less than a year ago in the Fiscal Year 2006 Budget. Receipts were higher by $101 billion and outlays were lower by $6 billion compared to the Fiscal Year 2006 Budget projection. In relation to the more than $12 trillion U.S. economy, the fiscal year 2005 deficit represented a modest 2.6 percent share of GDP, down from the 3.6 percent share in fiscal year 2004 and lower than the deficit shares in 16 of the last 25 years. The fiscal year 2005 deficit share was also well below the average share of 5.0 percent that prevailed in the mid-1980s and the 4.3 percent average of the early 1990s. Strong job creation and a growing economy led to increased tax revenues over the past fiscal year. Receipts totaled $2,154 billion in fiscal year 2005, up $274 billion or 14.6 percent from the $1,880 billion in fiscal year 2004. The 14.6 percent increase was the largest in over 20 years. As a share of GDP, receipts increased from 16.3 percent in fiscal year 2004 to 17.5 percent in fiscal year 2005. Receipts came in $15 billion above the MSR estimate, $13 billion of which reflected higher collections of corporate income taxes than had been expected, with the rest due to higher inflows of a variety of other types of taxes (such as social insurance and retirement receipts, excise taxes, and other categories). Outlays rose $180 billion over the year to $2,473 billion, from $2,293 billion in fiscal year 2004. Outlays as a share of GDP were 20.1 percent in fiscal year 2005 compared to 20.3 percent in fiscal year 2004. The largest increases in outlays for the latest fiscal year were for Medicare (up $37.9 billion to $339.4 billion), the Department of Defense (up $37.3 billion to $474.4 billion for Defense-Military), Agriculture (rising $13.4 billion to $85.1 billion), and Homeland Security (up $12.6 billion to $39.3 billion). December 2005 10 PROFILE OF THE ECONOMY Net national saving and investment Net national saving, a source of funds for new investment, has fallen sharply since 1998 after a brief period of improvement in the mid-1990s. A modest rebound started to take shape in the first half of 2005, however, with net national saving rising by 0.5 percentage point to 1.8 percent of net national product (NNP) from a 7-decade low of 1.3 percent in 2004. (Net national saving and NNP exclude depreciation to replace worn-out or obsolete equipment, software, and structures used in production.) The increase in saving was more than accounted for by an improvement in government finances. The Federal budget balance, which turned negative in 2002 after 4 years of surplus and continued to deteriorate through 2004, improved in the first two quarters of 2005. As a result, the Federal budget deficit as a share of NNP narrowed from 3.9 percent in 2003 to 2.7 percent in the first half of 2005. State and local finances also strengthened in the first half of the year and showed a small surplus equivalent to 0.1 percent of NNP. Altogether, the public sector deficit represented 2.6 percent of NNP in the first half of 2005, down from 4.0 percent in 2004 and below the 3.8 percent average from 1982 through 1995. In contrast, private saving dipped to 4.4 percent of NNP in the first half of 2005, from 5.3 percent in 2004, but is still above the 6-decade low of 3.7 percent posted in 2001. The decline reflects a sharp drop in personal saving to 0.3 percent of NNP from 1.5 percent in 2004. That is the lowest reading for personal saving since outright declines were recorded in the early 1930s. The deterioration in personal saving was tempered somewhat by a 0.3 percentage point increase in undistributed corporate profits to 4.1 percent of NNP in the first half of 2005 from 3.8 percent in 2004. Strong profit growth over the past few years has helped lift this measure from a 20-year low of 2.0 percent in 2000. December 2005 Net domestic investment (by government and private industry in structures, equipment, software, and inventory) jumped to 9.1 percent of NNP in the first half of 2005 from 8.4 percent in 2004. While still below the 9-3/4 percent average that prevailed from 1998 through 2000, the current rate of net investment is notably higher than readings around 7 percent in the first half of the 1990s. A large portion of domestic investment continues to be financed from abroad, a long-term trend that has persisted for more than two decades. Since 1991, net foreign investment has shifted from a small surplus (0.3 percent of NNP) to a sizable deficit (7.0 percent in the first half of 2005). 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 05* *First half 11 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 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. December 2005 12 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. • 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 year 2005 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 $233.5 billion for the fourth quarter of fiscal year 2005. This is an increase of $21.0 billion over the comparable prior year quarter. Withheld receipts increased by $9.0 billion and non-withheld receipts increased by $11.6 billion during this period. Refunds decreased by $0.4 billion over the comparable fiscal year 2004 quarter. There was a decrease of $3.1 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2004. Corporate income taxes—Net corporate income tax receipts were $80.4 billion for the fourth quarter of fiscal year 2005. This is an increase of $31.4 billion compared to the prior year fourth quarter. The $31.4 billion change is December 2005 comprised of an increase of $30.3 billion in estimated and final payments, and a decrease of $1.1 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of fiscal year 2005 were $183.5 billion, an increase of $16.6 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $11.4 billion, $1.9 billion, and $4.4 billion respectively. There was a $1.4 billion accounting adjustment for prior years employment tax liabilities made in the fourth quarter of fiscal year 2005, while there was a -$1.7 billion adjustment in the fourth quarter of fiscal year 2004. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the fourth quarter of fiscal year 2005 were $9.0 billion, a decrease of $0.4 billion over the comparable quarter of fiscal year 2004. Net State taxes deposited in the U.S. Treasury decreased by $0.4 billion to $7.9 billion. Net Federal Unemployment Tax Act taxes did not change significantly from $1.2 billion. FEDERAL FISCAL OPERATIONS 13 Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source, con. Contributions for other insurance and retirement— Contributions for other retirement were $1.2 billion for the fourth quarter of fiscal year 2005. This was a negligible change from the comparable quarter of fiscal year 2004. Excise taxes—Net excise tax receipts for the fourth quarter of fiscal year 2005 were $20.5 billion, an increase of $0.7 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.4 billion, an increase of $0.8 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.4 billion for the fourth quarter of fiscal year 2005. These receipts represent a decrease of $0.4 billion over the same quarter in fiscal year 2004. Customs duties—Customs duties net of refunds were $6.5 billion for the fourth quarter of fiscal year 2005. This is an increase of $0.5 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the fourth quarter of fiscal year 2005 were $9.1 billion, an increase of $1.2 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $0.6 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fourth quarter July - Sept. 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............................ Fiscal year 2005 550,131 408,637 141,494 619,323 492,345 126,979 -69,193 -83,708 14,515 2,154,305 1,576,830 577,475 2,472,920 2,070,710 402,211 -318,615 -493,880 175,264 73,388 2,496 1,699 69,193 296,942 669 21,004 318,615 Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2005 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... July Aug. Sept. 62.4 8.1 57.2 2.0 0.4 5.7 1.7 2.1 2.5 142.1 73.9 1.9 58.7 6.5 0.4 6.2 2.2 2.3 3.4 155.4 97.2 70.5 67.6 0.5 0.4 8.6 2.5 2.2 3.2 252.6 Note.—Detail may not add to totals due to independent rounding. December 2005 FEDERAL FISCAL OPERATIONS 14 CHART FFO-A.— Monthly Receipts and Outlays, 2004-2005 (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, 2004-2005 (In billions of dollars) 1000 950 900 850 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2005 2004 * Individual income taxes Social insurance and retirement receipts * P rio r-year data are fo r the co mparable year. December 2005 Corporate Excise taxes income taxes Misc. receipts Estate/gift taxes Customs duties FEDERAL FISCAL OPERATIONS 15 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) Total receipts (1) Onbudget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) 1,991,044 1,853,051 1,782,108 1,879,783 2,361,657 1,483,525 1,337,730 1,258,265 1,345,039 1,737,563 507,519 515,321 523,842 534,744 624,095 1,862,764 2,010,855 2,159,248 2,292,606 2,655,642 1,516,762 1,655,192 1,796,238 1,913,094 2,212,454 346,002 355,663 363,010 379,512 443,185 128,281 -157,804 -377,140 -412,823 -293,983 -33,237 -317,462 -537,973 -568,055 -474,893 161,518 159,658 160,833 155,233 180,909 141,902 428,391 561,811 595,064 579,164 2005 - Est.................... 2,139,656 2006 - Est.................... 2,272,715 1,563,962 1,651,028 575,694 621,687 2,472,310 2,613,334 2,072,190 2,186,233 400,120 427,101 -332,654 -340,619 -508,228 -535,205 175,574 194,586 587,925 644,887 2004 - Sept.................. Oct................... Nov .................. Dec .................. 2005 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. July .................. Aug .................. Sept ................. 207,351 136,896 134,547 215,749 202,217 100,871 148,741 r 277,614 152,731 234,808 142,092 155,438 252,602 160,732 97,734 92,178 172,486 147,773 57,519 99,379 r 218,209 107,184 175,731 97,835 110,078 200,725 46,619 39,162 42,369 43,263 54,444 43,352 49,363 59,405 45,547 59,077 44,257 45,360 51,877 182,719 194,198 192,448 218,603 193,639 214,814 r 219,953 r 219,902 r 188,154 r 211,888 195,463 207,022 216,839 141,745 159,519 152,310 221,581 155,666 172,445 r 178,369 r 181,381 r 145,839 r 211,254 155,226 164,132 172,987 40,973 34,679 40,138 -2,978 37,973 42,368 41,583 38,521 42,315 634 40,238 42,889 43,852 24,633 -57,302 -57,901 -2,853 8,578 -113,942 r -71,211 r 57,711 r -35,423 r 22,920 -53,372 -51,584 35,763 18,987 -61,785 -60,132 -49,095 -7,893 -114,926 r -78,991 r 36,827 r -38,655 r -35,522 -57,391 -54,055 27,738 5,646 4,483 2,231 46,241 16,471 984 7,779 20,884 3,232 58,443 4,019 2,471 8,025 27,834 50,618 94,923 70,639 32,738 84,784 62,274 -11,666 13,356 60,638 51,130 39,168 2,728 Fiscal year 2005............... 2,154,306 1,576,831 577,476 2,472,923 2,070,709 402,212 -318,616 -493,880 175,263 551,330 Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Fiscal year or month 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ Means of financing—net transactions, con. Fiscal year or month Borrowing from the publicFederal securities, con. Investments of Agency Government Total securities accounts 10+11-12 (12) (11) (13) Cash and monetary assets (deduct) Reserve position on the U.S. U.S. Treasury Special quota in the operating drawing IMF (deduct) cash rights Other (14) (17) (15) (16) Other (18) 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ...................................... -661 -137 -922 -1,769 -157 231,496 207,713 187,324 213,677 276,698 -90,256 220,542 373,565 379,618 302,309 -8,440 16,667 -25,926 1,390 33,167 1,603 790 353 720 -4,889 8,543 15,724 -7,010 -23,529 -487 4,717 2,457 3,208 -4,630 -6,566 -21,554 -24,298 -26,352 6,494 127,369 -10,048 -2,802 552 662 952 -128,281 157,804 377,140 412,823 409,405 2005 - Est.............................. 2006 - Est.............................. -563 -163 263,634 293,984 323,728 350,740 -1,349 - * * * * * * 7,577 -10,121 * * 332,654 340,619 2004 - Sept............................ Oct............................. Nov ............................ Dec ............................ 2005 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May............................ June........................... July ............................ Aug ............................ Sept ........................... 388 -62 43 96 -129 -222 168 -188 84 -234 -66 -101 66 22,852 37,351 5,787 71,053 12,437 5,094 r -2,569 9,934 21,845 r 73,377 -2,460 3,519 18,478 5,370 13,205 89,179 -318 20,172 79,467 r 65,012 -21,788 -8,405 r -12,973 53,524 35,548 -15,684 33,836 11,725 -30,042 6,657 36,643 -41,709 2,825 r 53,911 -59,808 16,633 7,777 -32,397 27,116 72 259 436 150 -285 -1,616 -584 46 -226 -142 -37 -2,903 -59 -425 550 -253 -184 1,273 -410 r -584 181 288 -256 176 -474 -369 -371 96 543 -602 -4,232 89 -60 148 -287 139 -1,836 -105 -88 2,934 56,727 -60,594 9,162 4,649 -9,171 7,596 133,785 -16,205 6,157 5,922 -19,843 6,250 175 30 200 270 6 271 -24,633 57,302 57,901 2,853 -8,578 113,942 r 71,211 r 57,711 r 35,423 r -22,920 53,372 51,584 -35,763 Fiscal year 2005....................... -545 253,846 296,939 -669 -4,961 -62 -6,195 124,435 777 434,038 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 7, 2005. Detail may not add to totals due to rounding. December 2005 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Corporation Individual Net income taxes (8) Gross (9) 35,657 63,396 62,745 41,250 32,099 151,075 148,044 131,778 189,370 320,563 1,145,414 1,006,389 925,477 998,328 1,336,908 660,276 665,381 672,727 686,313 807,130 3,106 1,011 1,699 980 3,565 657,170 664,370 671,028 685,333 803,565 265,761 242,743 - 265,761 242,743 1,194,891 1,248,902 741,573 802,486 - 741,573 802,486 Refunds (3) Net (4) 793,386 750,754 734,647 753,260 843,869 383,204 286,956 252,502 243,324 356,701 182,251 179,365 193,451 187,626 184,228 994,339 858,345 793,699 808,958 1,016,345 186,732 211,439 194,522 230,619 352,664 2005 - Est...................... 929,130 2006 - Est...................... 1,006,159 - - 929,130 1,006,159 2001 .............................. 2002 .............................. 2003 .............................. 2004 .............................. 2005 .............................. Withheld (1) Net (7) Other (2) Fiscal year or month Gross (5) Refunds (6) Refunds (10) Net (11) 2004 - Sept.................... Oct..................... Nov .................... Dec .................... 2005 - Jan ..................... Feb .................... Mar .................... Apr..................... May.................... June................... July .................... Aug .................... Sept. .................. 57,311 58,025 60,003 85,390 72,156 71,841 76,403 63,761 58,496 53,002 61,388 70,264 55,829 35,761 9,101 4,221 7,573 41,316 3,270 6,692 133,117 20,543 38,762 4,680 6,453 45,212 3,949 2,592 6,289 1,559 2,645 44,961 39,107 48,385 21,431 3,007 3,635 2,830 3,838 89,123 64,534 57,935 91,405 110,827 30,150 43,988 148,493 57,608 88,758 62,433 73,888 97,203 45,569 13,917 4,560 56,065 8,223 4,325 30,812 36,681 8,667 57,731 9,927 4,196 71,991 3,286 6,222 1,775 2,206 1,524 2,605 3,766 2,297 1,497 1,251 1,862 2,332 1,476 42,283 7,694 2,785 53,859 6,699 1,719 27,046 34,384 7,170 56,480 8,065 1,865 70,514 131,406 72,228 60,720 145,264 117,526 31,869 71,034 182,877 64,778 145,238 70,498 75,753 167,717 61,002 51,419 55,779 57,954 69,679 54,828 62,426 76,371 57,741 75,394 56,788 58,276 69,473 980 415 2,170 60,022 51,419 55,779 57,539 69,679 54,828 62,426 76,371 57,741 75,394 56,788 58,276 67,303 Fiscal year 2005 ............... 786,558 320,940 180,279 927,222 307,095 28,813 278,280 1,205,502 746,128 2,585 743,543 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) 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 4,281 4,185 3,963 4,030 4,434 9 8 9 5 3 4,272 4,177 3,954 4,026 4,430 661,442 668,548 674,982 689,359 807,995 27,939 27,746 33,481 39,582 43,752 127 127 115 129 126 27,812 27,620 33,366 39,453 43,623 4,647 4,533 4,578 4,545 4,776 66 61 53 51 55 4,713 4,594 4,631 4,596 4,831 2005 - Est.................... 2006 - Est.................... 4,094 4,163 - 4,094 4,163 745,667 806,649 43,183 44,728 - 43,183 44,728 4,574 4,540 45 43 4,619 4,583 2004 - Sept ................. Oct................... Nov.................. Dec.................. 2005 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. 312 323 341 421 352 424 422 350 426 -76 375 425 339 * * 14 -1 * 1 * 1 * * 1 -13 * 312 323 327 421 352 423 422 349 426 -76 375 438 338 60,334 51,742 56,106 57,960 70,031 55,251 62,848 76,720 58,167 75,318 57,163 58,714 67,641 633 1,402 4,058 399 1,823 3,215 786 4,441 17,273 668 2,058 6,520 476 8 8 6 5 3 1 9 28 11 10 14 12 11 625 1,393 4,052 395 1,820 3,214 777 4,412 17,261 657 2,044 6,508 465 368 344 344 425 336 342 425 347 342 340 412 393 358 3 5 5 3 4 5 4 6 3 5 4 4 4 371 349 349 428 340 347 429 353 345 345 416 397 362 Fiscal year 2005 ................ 4,122 3 4,118 747,661 43,119 118 42,998 4,408 52 4,460 See footnote at end of table. December 2005 FEDERAL FISCAL OPERATIONS 17 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 2001............................ 2002............................ 2003............................ 2004............................ 2005............................ Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous Gross (26) Refunds (27) Net (28) Gross (29) Refunds (30) Net (31) Gross (32) Refunds (33) Net (34) 693,967 700,761 712,979 733,408 856,452 9,244 9,090 8,729 9,230 11,903 53 60 44 56 109 9,191 9,030 8,684 9,174 11,797 522 567 506 566 707 - 522 567 506 566 707 32,465 33,682 34,756 35,725 45,029 996 1,079 1,032 1,014 1,170 31,469 32,603 33,724 34,711 43,860 26,009 25,833 25,499 26,260 25,568 960 1,044 891 856 1,065 25,049 24,789 24,608 25,404 24,505 2005 - Est ................... 793,469 2006 - Est ................... 855,960 10,436 11,195 - 10,436 11,195 595 608 - 595 608 37,437 39,406 - 37,437 39,406 23,280 22,502 - 23,280 22,502 61,330 53,484 60,507 58,783 72,191 58,812 64,054 81,486 75,773 76,320 59,624 65,619 68,469 1,489 147 841 1,053 777 769 871 843 878 854 906 871 1,604 7 * 18 * 65 * -9 28 1,482 147 841 1,053 777 751 872 843 813 854 906 881 1,577 96 9 51 51 47 46 48 51 53 54 51 51 99 - 96 9 51 51 47 46 48 51 53 54 51 51 99 6,132 553 3,418 3,124 3,154 3,045 3,327 3,332 3,464 2,702 3,344 3,516 5,918 163 2 318 -1 237 -1 290 162 5,969 551 3,418 3,124 3,154 2,728 3,329 3,332 3,227 2,703 3,344 3,226 5,755 295 3,602 2,155 1,854 1,755 767 2,634 1,967 r 1,729 r 3,212 2,159 2,181 1,258 71 43 78 59 53 -243 90 73 -188 96 701 127 105 225 3,559 2,077 1,795 1,703 1,010 2,545 1,894 1,917 r 3,116 1,458 2,053 1,153 Fiscal year 2005 .............. 795,122 10,414 102 10,315 611 - 611 38,897 1,007 37,891 25,273 994 24,280 2004 - Sept ................. Oct .................. Nov.................. Dec.................. 2005 - Jan................... Feb.................. Mar.................. Apr .................. May ................. June ................ July.................. Aug.................. Sept................. Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross (36) Customs duties Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Deposits of earnings by Federal Universal Reserve service fund banks and all other (43) (42) Total receipts Total (44) On-budget 1 Off-budget (45) (46) 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 66,232 66,989 67,522 69,855 80,864 29,248 27,242 22,827 25,579 27,940 848 734 868 749 899 28,400 26,507 21,959 24,831 27,042 20,295 19,829 21,032 21,806 26,153 927 1,227 1,170 723 864 19,368 18,602 19,862 21,083 25,289 26,124 23,683 21,878 19,652 20,879 11,541 10,120 12,430 12,627 14,220 37,664 33,803 34,309 32,279 35,098 1,483,525 1,337,730 1,258,265 1,345,039 1,737,562 507,519 515,321 523,842 534,744 624,095 2005 - Est.................... 2006 - Est.................... 71,748 73,711 23,842 26,023 - 23,842 26,023 25,130 28,823 - 25,130 28,823 18,641 26,486 11,935 12,810 30,576 39,296 1,563,962 1,651,028 575,694 621,687 2004 - Sept.................. Oct................... Nov.................. Dec.................. 2005 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. 7,772 4,265 6,386 6,022 5,681 4,535 6,793 6,119 6,010 6,727 5,759 6,211 8,584 2,335 2,048 2,137 1,756 2,251 1,925 2,095 2,898 1,979 1,912 1,778 2,319 2,507 58 81 69 68 49 71 76 53 72 67 63 116 56 2,278 1,968 2,069 1,688 2,201 1,854 2,018 2,845 1,907 1,846 1,714 2,203 2,451 1,954 2,186 1,931 1,848 1,868 1,829 2,042 1,829 1,841 2,133 2,142 2,338 2,212 43 65 106 40 61 49 88 56 85 75 66 72 58 1,911 2,121 1,825 1,808 1,806 1,780 1,954 1,773 1,756 2,058 2,077 2,266 2,154 1,582 1,916 1,992 1,181 1,688 1,162 1,648 1,450 1,205 1,755 1,271 2,228 1,801 1,072 913 1,047 1,002 1,124 860 1,240 1,064 1,301 865 1,148 1,158 1,426 2,654 2,830 3,039 2,183 2,812 2,022 2,888 2,514 2,506 2,619 2,419 3,386 3,226 160,732 97,734 92,178 172,486 147,773 57,519 99,379 218,208 107,184 175,731 97,835 110,078 200,725 46,619 39,162 42,369 43,263 54,444 43,352 49,363 59,405 45,547 59,077 44,257 45,360 51,877 Fiscal year 2005 .............. 73,092 25,605 841 24,764 24,199 821 23,378 19,297 13,148 32,444 1,576,830 577,476 1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for adjustment for revenue uncertainty. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 7, 2005. * Less than $500,000. Detail may not add to totals due to rounding. December 2005 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Fiscal year or month Legislative branch (1) Judicial branch (2) Department of Agriculture (3) 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 3,030 3,243 3,420 3,880 4,407 4,408 4,823 5,123 5,396 6,014 68,047 68,982 72,483 71,768 90,375 5,017 5,322 5,680 5,849 6,799 290,413 332,116 388,891 437,111 513,321 35,724 46,286 57,400 62,814 80,883 16,420 17,772 19,385 19,974 23,704 426,391 466,104 505,410 543,206 627,602 14,086 15,980 31,843 26,724 42,042 2005 - Est ............. 2006 - Est ............. 4,176 4,361 5,741 6,163 89,542 93,985 6,288 6,505 470,878 492,347 72,227 64,548 21,948 22,343 583,638 648,420 2004 - Sept........... Oct............ Nov ........... Dec ........... 2005 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... July ........... Aug ........... Sept .......... 419 300 295 373 387 285 307 307 308 414 318 376 318 451 443 435 531 429 423 474 429 453 444 566 452 484 5,247 12,110 9,676 10,325 7,565 7,050 5,728 5,359 r 5,625 5,140 4,537 6,051 5,962 633 422 517 526 580 426 536 401 r 505 486 485 644 638 38,883 36,222 37,107 44,255 33,377 36,680 42,150 42,744 33,536 40,971 39,869 40,661 46,866 7,941 6,191 4,343 5,234 8,634 5,253 5,928 9,873 5,539 4,664 3,437 7,834 6,012 2,068 1,798 2,093 1,995 1,052 1,459 2,313 r 1,302 r 1,307 r 1,564 2,112 1,728 2,913 Fiscal year 2005....... 3,988 5,563 85,128 6,166 474,438 72,942 Fiscal year or month Department of State (14) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 33,937 31,880 37,470 45,024 45,684 7,876 9,741 9,204 8,916 9,905 18,868 21,408 21,775 28,953 24,741 39,757 64,703 69,592 56,708 51,057 34,012 33,585 43,475 40,213 9,448 9,651 21,601 23,421 47,794 52,119 46,109 45,382 46,370 51,947 42,847 44,165 53,336 51,053 44,450 53,332 45,551 50,184 52,876 2,735 3,070 3,036 3,850 2,796 2,794 3,434 r 2,769 r 2,519 3,014 2,032 2,860 7,133 3,171 3,429 3,456 3,536 3,494 3,017 3,342 3,267 3,135 6,421 3,220 3,112 3,084 813 727 420 748 691 546 1,014 599 671 1,024 690 749 1,213 2,002 1,938 1,789 1,774 1,930 1,782 2,024 1,639 2,046 1,857 1,770 2,270 1,920 3,111 2,875 3,980 4,802 4,327 3,895 4,036 4,348 4,081 4,205 4,101 3,668 3,628 21,636 581,493 39,307 42,513 9,092 22,739 47,946 Corps of Engineers (19) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) DepartDepartment of Depart- Department of Defense, ment of ment of Commerce military Education Energy (6) (7) (4) (5) Department of the Treasury, interest on DepartDepartTreasury ment ment of debt of the Transpor- securities Treasury, tation (gross) other (15) (16) (17) Department of Veterans Affairs (18) General InterServices national Admin- Assistance istration Program (23) (24) 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 7,446 9,453 9,257 10,942 14,026 49,372 56,112 50,808 54,541 63,211 359,508 332,537 318,149 321,566 364,883 27,415 38,021 48,374 53,692 49,405 45,043 50,871 56,892 59,556 74,980 4,726 4,798 4,749 4,842 5,291 34,161 35,158 39,881 41,732 45,421 7,390 7,450 8,065 8,335 8,625 246 453 388 3,309 8,178 -8 -260 323 -404 116 11,771 13,309 13,466 13,738 15,402 2005 - Est............. 2006 - Est............. 13,142 15,127 58,216 60,586 349,916 384,241 58,581 51,005 68,882 68,790 4,891 4,643 44,090 45,471 7,862 8,202 5,765 7,192 459 54 14,439 16,406 2004 - Sept .......... Oct............ Nov........... Dec........... 2005 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... July........... Aug........... Sept.......... 1,189 1,241 836 1,401 842 686 998 1,051 838 990 1,260 1,342 1,352 6,278 4,335 4,403 4,523 3,846 3,603 4,859 4,237 4,805 5,283 5,041 5,595 6,403 12,532 13,735 19,601 86,912 15,215 15,889 15,520 17,874 23,648 91,135 15,381 20,619 16,822 -7,359 2,925 1,419 843 6,479 26,834 11,621 6,159 r 3,060 r 715 2,400 980 -6,671 4,985 5,234 5,459 8,549 3,010 5,185 5,781 8,035 3,006 6,223 5,939 5,706 7,868 524 626 696 493 495 83 312 58 364 418 298 387 537 3,475 2,280 3,556 3,913 3,525 3,221 4,094 3,592 3,492 3,808 3,661 3,269 3,535 707 551 694 674 487 542 883 652 648 665 607 781 734 452 272 435 542 521 670 634 684 714 870 769 844 771 61 -86 23 173 -205 1 421 -213 19 122 -234 7 27 617 778 416 1,442 4,809 586 1,969 912 1,443 1,112 682 490 146 Fiscal year 2005 ........ 12,837 56,933 352,351 56,764 69,995 4,767 41,946 7,918 7,726 55 14,785 See footnote at end of table. December 2005 FEDERAL FISCAL OPERATIONS 19 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and Space Administration (25) National Science Foundation (26) Office of Personnel Management (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (35) (36) 2001 .......................... 14,094 3,691 50,916 -569 461,261 13,449 -38,792 -144,111 -7,194 -1,025 1,516,762 346,002 2002 .......................... 14,429 4,187 52,512 492 488,242 15,853 -42,782 -153,316 -5,024 -2 1,655,192 355,663 2003 .......................... 14,552 4,735 54,134 1,559 507,734 8,947 -49,351 -156,066 -5,029 * 1,796,238 363,010 2004 .......................... 15,186 5,118 56,533 4,077 530,206 5,833 -53,430 -153,986 -5,105 * 1,913,094 379,512 2005 .......................... 17,549 5,925 64,259 2,565 605,655 13,010 -61,634 -160,985 -6,613 -160 2,212,454 443,185 2005 - Est.................. 15,719 5,641 61,008 2,641 561,383 15,603 -59,022 -161,628 -5,946 -100 2,072,190 400,120 2006 - Est.................. 15,744 5,666 64,665 1,048 588,505 19,843 -62,543 -170,348 -8,145 -479 2,186,233 427,101 2004 - Sept ............... 1,938 493 4,749 61 44,331 -1,172 -4,257 4 -469 * 141,745 40,973 Oct................. 827 464 5,233 69 44,591 744 -4,433 15 -109 * 159,519 34,679 Nov................ 1,458 414 4,702 80 44,647 26 -4,433 -4,677 -824 * 152,310 40,138 Dec................ 1,308 422 4,535 71 48,397 1,890 -4,759 -72,314 -309 - 221,581 -2,978 2005 - Jan ................. 1,247 375 5,194 -475 42,946 2,631 -4,675 -164 -573 - 155,666 37,973 Feb ................ 1,172 397 4,559 2,337 46,549 2,019 -4,715 -2,002 -578 - 172,445 42,368 Mar ................ 1,291 417 4,933 67 46,382 r 642 -4,841 -336 -317 * 178,369 41,583 Apr................. 1,014 402 5,210 58 49,855 1,861 -4,735 -692 -201 * r 181,381 38,521 May ............... 1,490 395 4,805 62 43,816 r 1,249 -4,700 -4,255 -920 * r 145,839 42,315 June .............. 1,362 536 5,365 65 50,721 -1,681 -4,720 -73,997 -640 * r 211,254 634 July................ 1,389 491 4,932 55 46,904 2,550 -5,145 -36 -171 * 155,226 40,238 Aug................ 1,335 591 4,953 62 46,974 452 -5,003 -2,102 -847 - 164,132 42,889 Sept............... 1,718 528 5,089 53 49,542 1,799 -5,218 -429 -655 -160 172,987 43,852 Fiscal year 2005........... 15,611 5,432 59,510 2,504 561,324 14,182 -57,377 -160,989 -6,144 -160 2,070,709 402,212 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 7, 2005. Detail may not add to totals due to rounding. December 2005 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, September 2005 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 927,169 Corporation income taxes ........................................... 278,278 Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ 21,822 Estate and gift taxes ................................................... 24,764 Customs duties ........................................................... 15,293 Miscellaneous receipts................................................ 21,119 Total receipts....................................................... 1,288,445 (On-budget)..................................................... 1,288,445 (Off-budget)..................................................... Budget outlays: Legislative branch ....................................................... 3,944 Judicial branch ............................................................ 5,428 Department of Agriculture ........................................... 65,432 Department of Commerce........................................... 6,229 Department of Defense-military .................................. 471,582 Department of Education ............................................ 72,819 Department of Energy................................................. 23,450 Department of Health and Human Services ............... 407,950 Department of Homeland Security.............................. 39,629 Department of Housing and Urban Development....... 43,554 Department of the Interior ........................................... 9,973 Department of Justice ................................................. 21,468 Department of Labor ................................................... 10,350 Department of State.................................................... 12,550 Department of Transportation..................................... 5,890 Department of the Treasury: Interest on the public debt....................................... 352,350 Other ....................................................................... 57,406 Department of Veterans Affairs .................................. 70,571 Corps of Engineers ..................................................... 4,080 Other defense civil programs...................................... 37,177 Environmental Protection Agency............................... 7,927 Executive Office of the President................................ 7,724 General Services Administration ................................ 182 International Assistance Program............................... 16,285 National Aeronautics and Space Administration ........ 15,612 National Science Foundation...................................... 5,370 Office of Personnel Management ............................... 33,614 Small Business Administration ................................... 2,553 Social Security Administration .................................... 54,529 Other independent agencies....................................... 9,879 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -5,258 Total outlays........................................................ 1,870,251 (On-budget)..................................................... 1,870,251 (Off-budget)..................................................... Surplus or deficit (-)............................................. -581,806 (On-budget)..................................................... -581,806 (Off-budget)..................................................... - - No transactions. * Less than $500,000. December 2005 This fiscal year to date Management, consolidated, revolving and Trust special funds funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 53 - 4 927,222 278,281 808,902 189,369 56 - * 808,958 189,370 724 6,964 10,509 18,251 18,251 - 577,475 170,187 42,999 4,459 50,546 1,122 817 847,609 270,134 577,475 577,475 170,187 42,999 4,459 73,093 24,764 23,378 32,445 2,154,305 1,576,830 577,475 23,990 24,831 13,818 21,674 1,082,584 1,082,584 - 576 6,325 9,890 16,847 16,847 - 534,744 154,615 39,453 4,596 45,289 940 715 780,352 245,608 534,744 534,744 154,615 39,453 4,596 69,855 24,831 21,083 32,279 1,879,783 1,345,039 534,744 -22 122 18,906 -65 2,802 125 -1,815 -214 -519 -1,041 -1,218 1,109 171 -163 -46 67 12 791 * 52 * * 173,756 197 * 338 162 37,425 451 51,090 3,989 5,562 85,129 6,165 474,436 72,944 21,635 581,492 39,307 42,514 9,093 22,740 47,946 12,838 56,934 3,716 5,166 61,998 5,902 434,663 62,986 22,074 378,023 28,352 45,682 9,870 27,452 10,986 10,429 6,485 161 217 9,873 -54 2,363 -169 -2,100 -86 -1,834 -659 -1,286 1,275 -168 85 -246 2 13 -103 2 86 * * 165,270 206 * 354 227 45,890 428 48,302 3,880 5,396 71,768 5,849 437,111 62,817 19,974 543,206 26,724 45,024 8,938 28,953 56,708 10,942 54,541 -517 -1,612 -100 -11,368 -53 * -129 -1,929 -2 43 -120 -50 15 980 -125 1,036 787 17,676 45 * 431 1 19 26,017 * 506,780 3,323 352,350 56,764 69,995 4,767 43,484 7,918 7,725 53 14,787 15,611 5,432 59,510 2,503 561,324 14,182 321,566 54,476 60,438 4,036 34,533 8,137 3,308 183 16,211 15,185 5,028 33,294 4,131 49,019 7,919 -728 -1,912 56 -11,757 -24 * -587 -1,239 39 38 -53 -13 -4,744 -55 1,029 750 18,956 222 -1,234 1 52 23,201 * 481,200 2,658 321,566 53,692 59,556 4,842 41,732 8,335 3,309 -404 13,738 15,186 5,118 56,533 4,077 530,206 5,833 -11,537 -8,248 -6,457 -1,791 26,499 24,707 1,791 -160,989 -48,426 610,917 206,915 404,002 236,692 63,219 173,473 -160,989 -65,221 2,472,920 2,070,710 402,211 -318,615 -493,880 175,264 -4,058 1,727,188 1,727,188 -644,604 -644,604 - -9,187 -22,740 -18,610 -4,130 39,587 35,457 4,130 -153,986 -45,291 588,180 204,539 383,641 192,172 41,069 151,103 -153,986 -58,536 2,292,628 1,913,116 379,512 -412,845 -568,077 155,233 Note.—Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 21 TABLE FFO-5.—Internal Revenue Receipts by State, 2005 [In thousands of dollars. Source: Internal Revenue Service] State Grand total (1) Total individual income and employment taxes (2) 19,880,109 17,280,951 Alabama...................................... 3,510,307 3,304,768 Alaska ......................................... 29,470,446 26,404,925 Arizona........................................ 23,605,092 16,782,950 Arkansas ..................................... California..................................... 264,377,779 223,635,150 36,857,992 32,670,975 Colorado ..................................... 46,241,466 35,818,788 Connecticut................................. 12,943,008 8,111,765 Delaware..................................... 17,858,328 15,376,396 District of Columbia..................... Florida......................................... 114,922,461 102,856,597 64,801,326 50,619,991 Georgia ....................................... 6,406,300 5,542,763 Hawaii ......................................... 7,194,071 6,685,591 Idaho........................................... 91,977,483 Illinois ......................................... 114,983,563 37,592,726 32,999,396 Indiana ........................................ 17,331,460 13,793,922 Iowa ............................................ 17,601,183 14,147,070 Kansas ........................................ 18,694,295 16,846,324 Kentucky ..................................... 20,965,890 19,446,002 Louisiana..................................... 5,883,071 5,325,722 Maine ......................................... 45,621,064 42,282,236 Maryland ................................... 64,515,049 57,434,536 Massachusetts ............................ 64,872,129 58,233,883 Michigan...................................... 64,491,559 51,301,116 Minnesota ................................... 9,289,067 8,294,025 Mississippi .................................. 44,132,609 38,071,890 Missouri....................................... 3,536,564 3,305,359 Montana ...................................... 15,806,655 10,870,283 Nebraska..................................... 16,841,906 14,280,789 Nevada........................................ 8,311,175 7,649,171 New Hampshire .......................... 98,956,079 82,408,460 New Jersey ................................. 6,661,868 6,155,421 New Mexico ................................ New York ................................... 191,022,252 153,954,851 58,739,047 44,875,761 North Carolina............................. 3,841,763 3,023,545 North Dakota............................... 95,225,245 80,056,362 Ohio ............................................ 26,683,294 15,956,778 Oklahoma ................................... 20,239,001 18,096,319 Oregon ........................................ 93,242,978 80,300,914 Pennsylvania............................... 9,255,079 7,470,881 Rhode Island............................... 16,519,479 15,445,064 South Carolina ............................ 3,863,966 3,682,634 South Dakota .............................. 41,160,806 35,645,462 Tennessee .................................. Texas .......................................... 172,591,258 126,941,697 11,144,456 9,684,726 Utah ............................................ 3,323,383 2,975,895 Vermont ...................................... 53,859,683 45,616,329 Virginia........................................ 46,587,455 38,356,973 Washington................................. 5,378,177 4,868,530 West Virginia............................... 38,009,068 32,322,028 Wisconsin ................................... 2,981,504 2,515,947 Wyoming ..................................... International: 4,556,705 3,963,186 Puerto Rico .............................. 37,686,122 27,393,574 Other........................................ Collections not classified by State: Presidential Election Campaign 53,285 53,285 Fund 4 ....................................... Other, including Federal Tax 5 8,827,804 5,880,502 Deposits ................................ Total, Internal Revenue Receipts ................................. 2,268,895,122 1,878,942,656 1 Individual income and employment taxes Income tax UnemployIncome tax not withheld withheld ment Railroad and SECA 1, 2 and FICA 1 retirement insurance (3) (4) (6) (5) Corporation income taxes 3 (7) 3,551,825 738,968 6,071,239 1,938,388 56,434,135 6,208,717 8,403,185 1,586,709 1,355,132 28,928,172 8,079,917 1,477,828 1,291,540 17,035,945 4,869,893 2,388,657 2,505,853 2,818,491 3,380,121 1,129,661 7,749,749 11,732,246 8,206,131 5,863,587 1,696,046 4,989,390 925,572 1,667,376 5,325,976 1,645,782 13,582,133 1,388,400 31,868,780 7,184,896 596,329 9,364,691 3,273,481 3,673,215 12,398,019 1,260,171 3,096,865 1,254,693 5,123,083 25,405,685 2,026,258 643,644 9,457,126 8,576,826 919,839 5,380,567 972,835 13,647,040 2,551,853 20,216,386 14,698,772 166,413,358 26,354,862 27,327,317 6,498,927 13,652,880 72,858,219 42,300,247 4,044,042 5,354,378 74,437,927 27,994,443 11,346,192 11,580,607 13,944,622 15,990,148 4,169,380 34,385,209 45,496,634 49,784,286 45,202,449 6,556,577 32,892,344 2,355,413 8,142,451 8,899,562 5,976,913 68,483,194 4,740,939 121,325,334 37,496,451 2,412,764 70,384,487 12,619,425 14,344,684 67,544,847 6,178,959 12,276,338 2,399,752 30,347,980 100,697,220 7,609,364 2,317,870 35,419,487 29,625,911 3,928,108 26,796,816 1,533,699 1,896 1,610 541 2,034 3,394 9,729 985 232 353,575 674,430 2,334 1,372 192,177 23,580 3,683 6,135 3,673 4,100 13,650 51,701 28,578 67,114 1,436 52,883 9,896 1,019,704 74 252 108,271 182 274,791 4,563 2,931 20,773 1,711 1,094 65,954 1,625 15,503 2,528 340,727 2,865 1,866 579,971 5,144 422 4,029 327 80,190 12,337 116,759 143,756 784,263 97,667 87,301 25,897 14,809 395,776 237,493 20,893 38,301 311,434 111,480 55,390 60,610 77,076 72,060 22,581 133,628 153,955 214,888 167,966 39,966 137,273 14,478 40,752 55,177 26,224 234,862 25,900 485,946 189,851 11,521 286,411 62,161 77,326 292,094 31,751 70,236 12,686 171,871 498,065 46,239 12,515 159,745 149,092 20,161 140,616 9,086 2,214,650 147,918 2,098,555 5,956,032 33,205,950 2,536,482 9,032,793 4,553,797 2,396,572 8,607,328 10,639,958 621,509 432,898 18,579,479 3,730,225 3,219,443 1,627,091 1,488,311 1,096,172 377,594 2,741,922 5,844,536 5,875,736 11,523,177 635,965 4,482,556 156,942 4,570,005 2,289,717 451,045 14,447,826 307,726 32,191,408 13,092,960 784,414 11,420,538 5,404,725 1,734,663 9,754,229 1,672,446 807,455 130,964 4,441,672 29,002,635 782,034 269,313 6,498,902 6,829,769 336,732 5,049,895 207,920 204,019 10,271 339,123 120,677 4,036,361 235,449 511,455 211,230 70,827 1,891,398 453,625 84,307 36,776 1,368,599 420,095 148,388 115,758 159,381 165,757 104,384 427,296 732,322 467,914 183,287 97,313 451,761 31,481 223,647 152,893 76,600 685,426 66,137 3,036,347 434,426 12,696 588,611 152,346 137,956 764,221 101,263 134,403 15,376 234,623 1,212,217 71,245 50,587 559,753 326,772 66,977 273,110 26,898 448,888 3,257,299 3,473,155 23,809,909 221,291 41,143 105,075 586,715 8,367,997 2,741 73,342 Estate tax (8) Gift tax (9) Excise tax (10) 11,809 168,680 37 47,313 28,411 599,432 28,423 717,010 296,953 3,203,365 24,782 1,390,304 48,141 830,289 4,875 61,341 5,620 8,913 197,163 1,369,975 17,352 3,070,400 4,211 153,510 8,401 30,405 85,910 2,972,092 54,973 388,037 20,495 149,212 11,468 1,699,796 6,442 193,837 11,771 246,188 2,179 73,192 33,790 135,820 50,862 452,793 62,081 232,515 100,720 1,383,259 4,285 257,479 26,868 1,099,534 4,063 38,719 22,304 120,416 39,215 79,292 3,033 131,326 51,315 1,363,052 2,697 129,887 300,091 1,539,555 29,181 306,719 286 20,822 58,708 3,101,026 6,565 5,162,880 12,751 257,312 53,697 2,369,917 3,351 7,138 4,360 128,197 3,271 31,721 14,702 824,347 136,827 15,297,882 7,411 599,040 7,317 20,271 52,015 1,132,684 39,159 1,034,782 7,090 98,848 26,451 337,584 4,772 225,967 1,204 509 2,859 1,850,700 - 53,285 - - - - - - 2,788,857 2,677,669 351,199 62,777 1,837,541 1,005,297 - 104,464 363,938,811 1,503,517,800 4,538,535 6,947,510 Collections of individual income tax (withheld and not withheld) include old-age, survivors, disability, and hospital insurance (OASHDHI) taxes on salaries and wages (FICA) and selfemployment income (SECA). 2 Includes fiduciary income tax collections of $10.7 billion. 3 Includes taxes of $347.1 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. 307,094,837 23,565,164 2,040,367 57,252,098 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 returns for certain gasoline, diesel fuel, and special motor fuel tax payments and for excess payments under the Federal Insurance Contributions Act or FICA. Note.—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. December 2005 FEDERAL FISCAL OPERATIONS 22 TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports [Source: U. S. Customs and Border Protection] District and Port of Collection Port Code Collection Fiscal Year 2005 Headquarters: National Finance Center ................................................... $1,544,516,609.85 Portland, Maine: Portland, ME ..........................................10101 ................ Bangor, ME ............................................10102 ................ Eastport, ME ..........................................10103 ................ Jackman, ME .........................................10104 ................ Vanceboro, ME ......................................10105 ................ Houlton, ME ...........................................10106 ................ Fort Fairfield, ME....................................10107 ................ Van Buren, ME.......................................10108 ................ Madawaska, ME.....................................10109 ................ Fort Kent, ME .........................................10110 ................ Bath, ME.................................................10111 ................ Bar Harbor, ME ......................................10112 ................ Calais, ME..............................................10115 ................ Limestone, ME .......................................10118 ................ Rockland, ME.........................................10121 ................ Jonesport, ME ........................................10122 ................ Bridgewater, ME.....................................10127 ................ Portsmouth, NH......................................10131 ................ Belfast, ME.............................................10132 ................ Searsport, ME ........................................10152 ................ Lebanon, NH ..........................................10181 ................ Manchester, NH User Fee Airport ..............10182 ................ Total District ................................................................ 45,255,994.89 129,468.95 50,620.38 5,116,489.88 7,371,104.64 7,923,019.69 51,812.47 754,841.57 66,364.90 72,746.19 114.43 7,042,877.22 102.88 13,879.62 2,384,827.22 1,052,464.45 127,029.45 77,413,758.83 St. Albans, Vermont: St. Albans, VT ........................................10201 ................ Richford, VT ...........................................10203 ................ Beecher Falls, VT...................................10206 ................ Burlington, VT ........................................10207 ................ Derby Line, VT .......................................10209 ................ Norton, VT..............................................10211 ................ Highgate Springs, VT.............................10212 ................ Total District ................................................................ 1,005,075.07 72,680.60 955,283.72 29,074.61 20,079,474.32 15,166,560.07 61,020,133.86 98,328,282.25 Boston, Massachusetts: Boston, MA.............................................10401 ................ Springfield, MA.......................................10402 ................ Worchester, MA .....................................10403 ................ Glouchester, MA ....................................10404 ................ New Bedford, MA ...................................10405 ................ Plymouth, MA.........................................10406 ................ Fall River, MA.........................................10407 ................ Salem, MA..............................................10408 ................ Provincetown, MA ..................................10409 ................ Bridgeport, CT........................................10410 ................ Hartford, CT ...........................................10411 ................ New Haven, CT......................................10412 ................ New London, CT ....................................10413 ................ Lawrence, MA ........................................10416 ................ Logan Airport, MA ..................................10417 ................ Hanscom Field User Fee Airport ...........10481 ................ Total District ................................................................ 240,979,266.37 31,433.23 84,334,058.46 5,372.39 4,078,236.14 1,791,317.23 2,639,306.11 9,104,795.14 13,337,190.71 2,191,006.87 39,536.30 106,948,087.53 259,693.81 465,739,300.29 December 2005 District and Port of Collection Port Code Collection Fiscal Year 2005 Providence, Rhode Island: Newport, RI ............................................10501 ................ Providence, RI........................................10502 ................ Total District ................................................................ 83,844.31 74,609,610.90 74,693,455.21 Ogdensburg, New York: Ogdensburg, NY ....................................10701 ................ Massena, NY..........................................10704 ................ Cape Vincent, NY...................................10706 ................ Alexandria Bay, NY................................10708 ................ Champlain, NY .......................................10712 ................ Clayton, NY ............................................10714 ................ Trout River, NY ......................................10715 ................ Total District ................................................................ 9,330,036.87 3,884,404.28 32,238,181.15 154,199,471.28 46,278,740.40 245,930,833.98 Buffalo, New York: Buffalo, NY .............................................10901 ................ Rochester, NY........................................10903 ................ Oswego, NY ...........................................10904 ................ Syracuse, NY .........................................10906 ................ Utica, NY ................................................10907 ................ Border Patrol Tonawanda, NY...............10950 ................ Binghampton User Fee Airport ..............10981 ................ Total District ................................................................ 263,446,660.40 12,597,214.70 1,702,894.43 10,019,263.88 415.71 102,391.16 287,868,840.28 New York, New York: New York, NY.........................................21001 ................ Albany, NY .............................................21002 ................ UPS, Newark, NJ ...................................24670 ................ Federal Express ECCF ..........................24671 ................ Newark, NJ.............................................24601 ................ Perth Amboy, NJ ....................................24602 ................ Morristown, NJ User Fee Airport.................24681 ................ JFK .........................................................24701 ................ Federal Express JFK .............................24770 ................ NYACC, Jamaica, NY ............................24771 ................ DHL Airways, Jamaica, NY....................24772 ................ TNT Skypak (JFK)..................................24778 ................ Total District ................................................................ 432,716,202.39 5,721,676.97 15,399,967.89 18,842,902.47 3,759,415,070.40 10,257,701.95 137,355.02 1,289,619,018.06 6,991.04 1,079,696.22 10,689,464.73 1,207,493.12 5,545,093,540.26 Philadelphia, Pennsylvania: Philadelphia, PA.....................................11101 ................ Chester, PA............................................11102 ................ Wilmington, DE ......................................11103 ................ Pittsburgh, PA ........................................11104 ................ Paulsboro, NJ.........................................11105 ................ Wilkes-Barre/Scranton, PA ....................11106 ................ Camden, NJ ...........................................11107 ................ Philadelphia Int'l. Airport ........................11108 ................ Harrisburg, PA........................................11109 ................ Allentown, PA.........................................11119 ................ Atlantic City, NJ User Fee Airport ............11182 ................ Trenton/Mercer User Fee Airport...........11183 ................ UPS (Philadelphia, PA)..........................11195 ................ Total District ................................................................ 364,619,543.88 64,571,072.00 32,079,160.47 54,407,678.00 534,997.04 41,343,469.33 7,848,873.52 10,442,470.08 104,484.47 115,136.97 37,818,204.66 613,885,090.42 FEDERAL FISCAL OPERATIONS 23 TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs and Border Protection] District and Port of Collection Port Code Baltimore, Maryland: Annapolis, MD........................................11301 ................ Cambridge, MD ......................................11302 ................ Baltimore, MD ........................................11303 ................ Crisfield, MD...........................................11304 ................ BWI Airport.............................................11305 ................ Dover, DE...............................................11307 ................ Total District ................................................................ Collection Fiscal Year 2005 580,958,858.26 17,662,891.01 21,107.00 598,642,856.27 Norfolk, Virginia: Norfolk, VA .............................................41401 ................ Newport News, VA .................................41402 ................ Richmond-Petersburg, VA .....................41404 ................ Charleston, WV ......................................41409 ................ Front Royal, VA......................................41410 ................ New River Valley User Fee Airport ........41481 ................ Total District ................................................................ 545,265,879.80 41,536,263.01 37,070,308.78 11,196,720.95 14,160.05 9,071,230.19 644,154,562.78 Charlotte, North Carolina: Wilmington, NC ......................................41501 ................ Winston Salem, NC................................41502 ................ Durham, NC ...........................................41503 ................ Beaufort-Morehead, NC.........................41511 ................ Charlotte, NC .........................................41512 ................ Total District ................................................................ 42,950,736.75 21,251,912.41 23,962,933.61 1,961,290.52 190,531,690.56 280,658,563.85 Charleston, South Carolina: Charleston, SC.......................................41601 ................ Georgetown, SC.....................................41602 ................ Greenville-Spartanburg, SC...................41603 ................ Columbia, SC .........................................41604 ................ Myrtle Beach User Fee Airport...............41681 ................ Total District ................................................................ 1,017,344,644.93 305,987.94 120,252,150.82 14,021,534.50 130,103.54 1,152,054,421.73 Savannah, Georgia: Brunswick, GA........................................41701 ................ Savannah, GA........................................41703 ................ Atlanta, GA.............................................41704 ................ Total District ................................................................ 120,584,451.75 511,020,137.09 497,953,908.74 1,129,558,497.58 Tampa, Florida: Tampa, FL..............................................41801 ................ Jacksonville, FL......................................41803 ................ Fernandina, FL.......................................41805 ................ Orlando, FL ............................................41808 ................ Orlando/Sanford Airport .........................41809 ................ St. Petersburg, FL ..................................41814 ................ Port Canaveral, FL .................................41816 ................ Panama City, FL ....................................41818 ................ Pensacola, FL ........................................41819 ................ Manatee, FL ...........................................41821 ................ Ft. Myers, FL ..........................................41822 ................ Sarasota, FL User Fee Airport...............41883 ................ Daytona Beach, FL User Fee Airport .........41884 ................ Melbourne, FL User Fee Airport ............41885 ................ Total District ................................................................ 94,048,363.54 278,421,376.27 542,598.44 16,375,213.49 49,271.89 50,213.12 5,678,193.46 11,797,121.48 41,799.84 14,383,634.94 1,263,505.43 338,013.98 140,251.56 173,886.39 423,303,443.83 District and Port of Collection Port Code Collection Fiscal Year 2005 Mobile, Alabama: Mobile, AL ..............................................51901 ................ Gulfport, MS ...........................................51902 ................ Pascagoula, MS .....................................51903 ................ Birmingham, AL......................................51904 ................ Huntsville, AL .........................................51910 ................ Total District ................................................................ 29,236,646.46 37,371,209.10 1,675,740.12 29,499,317.19 30,837,133.30 128,620,046.17 New Orleans, Louisiana: Morgan City, LA .....................................52001 ................ New Orleans, LA ....................................52002 ................ Little Rock, AK........................................52003 ................ Baton Rouge, LA....................................52004 ................ Port Sulphur, LA.....................................52005 ................ Memphis, TN..........................................52006 ................ Nashville, TN..........................................52007 ................ Chattanooga, TN....................................52008 ................ Gramercy, LA .........................................52010 ................ Greenville, MS........................................52011 ................ Avondale, LA..........................................52012 ................ Vicksburg, MS ........................................52015 ................ Knoxville, TN ..........................................52016 ................ Lake Charles, LA....................................52017 ................ Shrevesport/Bossler, LA ........................52018 ................ Fayetteville, AR ......................................52025 ................ Texarkana, AR .......................................52026 ................ Tri City User Fee Airport ........................52082 ................ Rogers Mun. Airport, AR........................52084 ................ Federal Express (Memphis, TN)............52095 ................ Total District ................................................................ 5,431,059.38 176,340,065.55 34,704,828.65 18,339,659.50 525.51 394,426,688.49 73,961,957.70 1,423,701.73 13,523,683.68 11,527,512.97 38,130,734.25 5,687,419.65 143,168.96 13,256.00 1,889.00 3,785,122.68 111,032.71 120,336,426.94 897,888,733.35 Port Arthur, Texas: Port Arthur, TX .......................................62101 ................ Sabine, TX .............................................62102 ................ Orange, TX.............................................62103 ................ Beaumont, TX ........................................62104 ................ Total District ................................................................ 34,860,808.02 258,984.82 35,119,792.84 Laredo, Texas: Brownsville, TX ......................................62301 ................ Del Rio, TX.............................................62302 ................ Eagle Pass, TX ......................................62303 ................ Laredo, TX .............................................62304 ................ Hidalgo, TX ............................................62305 ................ Rio Grande City, TX...............................62307 ................ Progresso, TX ........................................62309 ................ Roma, TX ...............................................62310 ................ Border Patrol, Del Rio, TX .....................62350 ................ Total District ................................................................ 26,045,878.13 1,495,268.77 15,062,983.46 273,941,142.29 48,718,942.19 265,959.08 336,670.26 309,993.99 113,013.45 366,289,851.62 El Paso, Texas: El Paso, TX ............................................62402 ................ Presidio, TX............................................62403 ................ Fabens, TX.............................................62404 ................ Columbus, TX ........................................62406 ................ Albuquerque, NM ...................................62407 ................ Santa Teresa, NM..................................62408 ................ Total District ................................................................ 151,148,349.15 699,575.49 50,222.51 331,147.92 2,523,841.88 3,040,930.87 157,794,067.82 December 2005 FEDERAL FISCAL OPERATIONS 24 TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs and Border Protection] District and Port of Collection Port Code Collection Fiscal Year 2005 San Diego, California: San Diego, CA .......................................72501 ................ Andrade, CA...........................................72502 ................ Calexico, CA ..........................................72503 ................ San Ysidro, CA.......................................72504 ................ Tecate, CA .............................................72505 ................ Otay Mesa, CA.......................................72506 ................ Calexico East, CA ..................................72507 ................ Total District ................................................................ 135,034,635.00 230,695.83 1,303,234.17 4,721,053.98 17,220,035.13 73,155,402.87 26,247,168.38 257,912,225.36 Nogales, Arizona: Douglas, AZ ...........................................62601 ................ Lukeville, AZ...........................................62602 ................ Naco, AZ ................................................62603 ................ Nogales, AZ ...........................................62604 ................ Phoenix, AZ............................................62605 ................ Sasabe, AZ ............................................62606 ................ San Luis, AZ...........................................62608 ................ Tucson, AZ.............................................62609 ................ Border Patrol, Tucson, AZ .....................62650 ................ Scottsdale User Fee Airport...................62681 ................ Williams Gateway User Fee Airport.......62682 ................ Total District ................................................................ 2,139,388.76 212,800.92 88,759.17 85,833,488.63 34,464,586.11 23,953.25 7,189,639.12 969,566.73 16,003.86 101,093.09 118,411.18 131,157,690.82 Los Angeles, California: Los Angeles, CA ....................................72704 ................ Long Beach, CA .....................................72709 ................ Port Hueneme, CA .................................72713 ................ LAX.........................................................72720 ................ Las Vegas, NV .......................................72722 ................ DHL (LAX)..............................................72770 ................ Air Cargo, Palm Springs, CA .................72773 ................ Virgin Atlantic Cargo (LAX) ....................72774 ................ TNT Express Worldwide ........................72775 ................ Int'l. Bonded Couriers.............................72776 ................ Palm Springs User Fee Airport ..............72781 ................ San Bernadino User Fee Airport............72782 ................ So. California Logistics Airport, CA........72783 ................ UPS Ontario ...........................................72795 ................ Total District ................................................................ 6,293,341,862.73 4,841.67 12,513,271.53 575,093,590.91 21,140,724.59 14,109,045.24 65.88 96,382.50 875,472.97 329,733.26 124,700.84 97,906.69 9,275,528.86 6,927,003,127.67 San Francisco, California: San Francisco Int'l. Airport.....................72801 ................ Eureka, CA.............................................72802 ................ Fresno, CA .............................................72803 ................ San Francisco, CA .................................72809 ................ Oakland, CA...........................................72811 ................ Sacramento, CA.....................................72816 ................ Reno, NV................................................72833 ................ San Jose, CA .........................................72834 ................ DHL (SFO) .............................................72870 ................ Aircargo Handling Service .....................72871 ................ TNT (SFO)..............................................72872 ................ IBC (SFO)...............................................72873 ................ Sacramento User Fee Airport ................72881 ................ Federal Express (SFO) .........................72895 ................ Total District ................................................................ 127,433,766.78 11,237.22 1,761,549.54 660,029,815.45 931.11 52.50 4,027,317.09 313,264.81 3,997,019.48 425,826.00 21,262,195.99 819,262,975.97 December 2005 District and Port of Collection Port Code Collection Fiscal Year 2005 Great Falls, Montana: Raymond, MT.........................................33301 ................ Eastport, ID ............................................33302 ................ Salt Lake City, UT ..................................33303 ................ Great Falls, MT ......................................33304 ................ Butte, MT................................................33305 ................ Turner, MT .............................................33306 ................ Denver, CO ............................................33307 ................ Porthill, ID...............................................33308 ................ Scoby, MT ..............................................33309 ................ Sweetgrass, MT .....................................33310 ................ Whitetail, MT ..........................................33312 ................ Piegan, MT.............................................33316 ................ Ophiem, MT ...........................................33317 ................ Roosville, MT .........................................33318 ................ Morgan, MT............................................33319 ................ Whitlash, MT ..........................................33321 ................ Del Bonita, MT .......................................33322 ................ Wildhorse, MT ........................................33323 ................ Kalispell, MT...........................................33324 ................ Willow Creek, MT ...................................33325 ................ Jefferson County Airport ........................33383 ................ Arapahoe County Airport .......................33384 ................ Eagle County User Fee Airport..............33385 ................ Total District ................................................................ 133,996.30 38,623,612.96 41,263,763.83 522,490.05 3,650.15 10,896.25 83,886,590.48 3,018,599.39 1,505.94 24,554,201.00 670.00 56,061.44 3,333.00 13,649,353.45 7,320.75 200.53 3,649.61 37,634.75 860.63 16,746.00 107,812.22 105,687.36 121,719.23 206,130,355.32 Pembina, North Dakota: Pembina, ND..........................................33401 ................ Noyes, ND..............................................33402 ................ Portal, ND...............................................33403 ................ Neche, ND..............................................33404 ................ St. John, ND...........................................33405 ................ Northgate, ND ........................................33406 ................ Walhalla, ND ..........................................33407 ................ Hannah, ND ...........................................33408 ................ Sarles, ND..............................................33409 ................ Ambrose, ND..........................................33410 ................ Antler, ND...............................................33413 ................ Sherwood, ND........................................33414 ................ Hansboro, ND ........................................33415 ................ Maida, ND ..............................................33416 ................ Fortuna, ND............................................33417 ................ Westhope, ND........................................33419 ................ Noonan, ND ...........................................33420 ................ Carbury, ND ...........................................33421 ................ Dunseith, ND..........................................33422 ................ Warroad, MN..........................................33423 ................ Baudette, MN .........................................33424 ................ Pinecreek, MN........................................33425 ................ Roseau, MN ...........................................33426 ................ Grand Forks Airport, ND ........................33427 ................ Lancaster, MN........................................33430 ................ Hector User Fee Airport .........................33481 ................ Total District ................................................................ 35,363,318.73 37,905,928.00 112,796,761.27 12,954.33 2,524.70 5,075.24 25,680.41 147.00 1,299.00 214.00 1,475.82 2,357.17 1,518.93 2,676.31 5,157.99 3,503.05 3,670.25 2,347.23 3,287,878.85 209,901.07 40,550.06 2,805.72 301,945.28 5,002.02 24,361.48 52,580.76 190,061,634.67 Minneapolis, Minnesota: Minneapolis, MN ....................................33501 ................ Sioux Falls, SD.......................................33502 ................ Rochester User Fee Airport ...................33581 ................ Total District ................................................................ 135,224,814.27 1,024,643.38 107,109.12 136,356,566.77 FEDERAL FISCAL OPERATIONS 25 TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs and Border Protection] District and Port of Collection Port Code Collection Fiscal Year 2005 Duluth, Minnesota: Duluth, MN .............................................33601 ................ Int’l. Falls/Ranier, MN.............................33604 ................ Superior, WI ...........................................33608 ................ Grand Portage, MN................................33613 ................ Total District ................................................................ 1,193,932.07 293,393,333.40 1,640.50 4,738,010.78 299,326,916.75 Milwaukee, Wisconsin: Milwaukee, WI.......................................33701 ................ Marinette, WI..........................................33702 ................ Green Bay, WI........................................33703 ................ Manitowoc, WI........................................33706 ................ Sheboygan, WI.......................................33707 ................ Racine, WI..............................................33708 ................ Total District ................................................................ 36,637,567.42 1,028,138.31 438,765.49 38,104,471.22 Columbia-Snake, Oregon: Astoria, OR.............................................72901 ................ Newport, OR ..........................................72902 ................ Coos Bay, OR ........................................72903 ................ Portland, OR ..........................................72904 ................ Longview, WA ........................................72905 ................ Boise, ID.................................................72907 ................ Vancouver, WA ......................................72908 ................ Portland Int'l. Airport...............................72910 ................ Rogue Valley-Medford User Fee Airport......72982 ................ Total District ................................................................ 407,950.79 3,946.00 502,627.82 370,180,652.96 1,688,541.59 318,436.77 310.77 111,149.02 1,270.35 373,214,886.07 Detroit, Michigan: Detroit, MI...............................................33801 ................ Port Huron, MI........................................33802 ................ Sault St. Marie, MI..................................33803 ................ Saginaw/Bay City/Flint, MI .....................33804 ................ Battle Creek, MI .....................................33805 ................ Grand Rapids, MI ...................................33806 ................ Detroit Airport, MI ...................................33807 ................ Escanaba, MI .........................................33808 ................ Marquette, MI .........................................33809 ................ Algonac, MI ............................................33814 ................ Muskegon, MI.........................................33815 ................ Rogers City, MI ......................................33818 ................ Detour, MI...............................................33819 ................ Mackinac Isle, MI ...................................33820 ................ Presque Isle, MI .....................................33842 ................ Alpena, MI ..............................................33843 ................ Ferrysburg, MI........................................33844 ................ Oakland County User Fee Airport..........33881 ................ Willow Run User Fee Airport..................33882 ................ Total District ................................................................ 457,067,280.66 169,111,799.59 37,323,142.13 112,832.86 13,482,301.87 21,342,277.42 45,409,467.05 10,589.75 282,206.30 252,478.16 744,394,375.79 Chicago, Illinois: Chicago, IL .............................................33901 ................ Peoria, IL ................................................33902 ................ Omaha, NE ............................................33903 ................ O'Hare Airport, IL ...................................33906 ................ Des Moines, IA.......................................33907 ................ Davenport/Rock Island/Moline, IL..........33908 ................ Rockford Airport, IL ................................33909 ................ Midway Int'l. Airport................................33910 ................ Waukegan User Fee Airport ..................33981 ................ Greater Rockford Airport, IL...................33982 ................ Pal-waukee User Fee Airport.................33983 ................ 1,346,018,025.32 19,193,415.04 43,628,889.40 95,641.49 2,310,559.95 10,903,787.86 6,255,071.45 125,986.01 110,039.06 1,297.10 123,369.27 District and Port of Collection Port Code Collection Fiscal Year 2005 Dupage User Fee Airport .......................33984 ................ Decatur User Fee Airport .......................33985 ................ Nippon Courier Hub ...............................33991 ................ Total District ................................................................ 110,017.48 133,204.25 -1,413.65 1,429,007,890.03 Cleveland, Ohio: Cleveland, OH........................................34101 ................ Cincinnati, OH/Lawrenceburg, IN ..........34102 ................ Columbus, OH........................................34103 ................ Dayton, OH ............................................34104 ................ Toledo/Sandusky, OH............................34105 ................ Erie, PA ..................................................34106 ................ Indianapolis, IN ......................................34110 ................ Louisville, KY..........................................34115 ................ Owensboro, KY ......................................34116 ................ Ashtabula/Conneaut, OH .......................34122 ................ London, KY ............................................34130 ................ Burlington Air Express ...........................34170 ................ Airborne Airpark User Fee Airport .........34181 ................ Ft. Wayne User Fee Airport ...................34183 ................ Bluegrass User Fee Airport....................34184 ................ Hulman User Fee Airport .......................34185 ................ Airborne Express....................................34191 ................ BAX GlobalEmery Worldwide ................34192 ................ DHL Express ..........................................34194 ................ Emery Courier ........................................34195 ................ UPS ........................................................34196 ................ DHL (Cincinnati).....................................34197 ................ Federal Express (Indianapolis) ..............34198 ................ Total District ................................................................ 113,060,639.82 92,312,164.67 372,732,253.21 3,322,508.46 5,973,290.54 810,870.97 112,824,037.23 231,734,692.07 4,160,062.81 -217,762.05 29,194.10 -3,106.39 90,393.79 166,619.43 443,797.59 17.12 286,525.33 3,028,097.98 2,082,007.04 14,591,388.99 111,989,624.90 24,231,826.64 25,612,077.14 1,119,261,221.39 St. Louis, Missouri: Kansas City, MO ....................................34501 ................ St. Louis, MO .........................................34503 ................ Wichita, KA.............................................34504 ................ Springfield, MO ......................................34505 ................ Total District ................................................................ 122,090,424.28 139,865,804.48 30,031,367.40 14,034,743.31 306,022,339.47 Preclearance-Canada: Montreal, Canada, Preclearance ...........37922 ................ Winnepeg, Canada, Preclearance.........37923 ................ Toronto, Canada, Preclearance.............37924 ................ Ottawa, Canada, Preclearance..............37925 ................ Victoria, Canada, Preclearance .............37926 ................ Vancouver, British Columbia, Preclear....37928 ................ Calgary, Canada, Preclearance.............37929 ................ Total District ................................................................ 415,872.18 626,080.92 168,121.00 393,205.12 1,187,400.36 76,450.15 106,394.00 2,973,523.73 San Juan, Puerto Rico: Aguadilla, PR .........................................44901 ................ Fajardo, PR ............................................44904 ................ Mayaguez, PR........................................44907 ................ Ponce, PR ..............................................44908 ................ San Juan, PR .........................................44909 ................ Old San Juan Int’l. Airport ......................44913 ................ Total District ................................................................ 743,030.19 1,751,191.94 2,648,443.42 6,727,098.11 103,215,892.48 8,305,422.76 123,391,078.90 Virgin Islands of the United States: Charlotte Amalie, VI ...............................45101 ................ Cruz Bay, VI ...........................................45102 ................ Christiansted, VI.....................................45104 ................ Total District ................................................................ 8,267,546.49 225,016.53 4,632,139.47 13,124,702.49 December 2005 FEDERAL FISCAL OPERATIONS 26 TABLE FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, con. [Source: U. S. Customs and Border Protection] District and Port of Collection Port Code Collection Fiscal Year 2005 Miami, Florida: Miami, FL................................................45201 ................ Key West, FL..........................................45202 ................ Port Everglades, FL ...............................45203 ................ West Palm Beach, FL ............................45204 ................ Fort Pierce, FL .......................................45205 ................ Miami Int’l. Airport ..................................45206 ................ Fort Lauderdale Int’l. Airport ..................45210 ................ Miami Int'l. Courier Association..............45270 ................ DHL Worldwide Express ........................45271 ................ MIA/CFS ECCF......................................45272 ................ UPS (Miami Int'l. Airport)........................45273 ................ UPS Courier Hub ...................................45295 ................ Fedex Courier Hub.................................45297 ................ IBC Courier Hub.....................................45298 ................ Miami Seaport ........................................45299 ................ Total District ................................................................ 521,693,709.49 132,589.52 195,361,049.92 7,305,375.31 89,974.73 96,688,752.46 334,225.71 106,555.32 1,371,824.81 109,907.68 26,329.19 861,462.06 564,163.18 1,719.12 2,779,216.58 827,426,855.08 Washington, DC: Dulles Int'l. Airport ..................................45401 ................ Alexandria, VA .......................................45402 ................ Total District ................................................................ 31,643,812.93 1,292.44 31,645,105.37 Bahamas Preclearance: St Thomas: Preclearance-Christiansted, VI ..............47401 ................ Preclearance-St Croix, VI ......................47404 ................ Kindley Field, Bermuda..........................47421 ................ Freeport, Bahamas ................................47422 ................ Nassau, Bahamas..................................47423 ................ Aruba......................................................47424 ................ Total District ................................................................ 177,124.74 14,030.08 37,498.73 10,910.35 104,122.24 7,478.00 351,164.14 Ireland Preclearance: Dublin, IE................................................57541 ................ Shannon, IE ...........................................57542 ................ Total District ................................................................ 11,115.00 12,870.00 23,985.00 Houston, Texas: Houston, TX ...........................................65301 ................ Oklahoma City, OK ................................65304 ................ Texas City, TX........................................65306 ................ Houston Intercontinental ........................65309 ................ Galveston, TX ........................................65310 ................ Freeport, TX ...........................................65311 ................ Corpus Christi, TX..................................65312 ................ Port Lavaca, TX .....................................65313 ................ Total District ................................................................ 569,523,651.22 208.25 28,277,275.37 17,156,652.34 11,112,569.87 12,219,018.82 1,400,203.52 639,689,579.39 Dallas/Ft. Worth, Texas: Dallas/Ft. Worth, TX...............................65501 ................ Amarillo, TX............................................65502 ................ Lubbock, TX ...........................................65503 ................ Oklahoma City, OK ................................65504 ................ Tulsa, OK ...............................................65505 ................ Austin, TX...............................................65506 ................ San Antonio, TX .....................................65507 ................ Midland User Fee Airport .......................65582 ................ Ft. Worth Airport.....................................65583 ................ Addison User Fee Airport.......................65584 ................ McKinney User Fee Airport....................65585 ................ Total District ................................................................ 353,700,689.54 460,841.69 85,628.62 7,338,046.72 8,494,091.03 6,592,477.29 8,388,740.25 98,742.85 97,153.14 132,743.49 96,510.76 385,485,665.38 December 2005 District and Port of Collection Port Code Collection Fiscal Year 2005 Seattle, Washington: Seattle, WA ............................................73001 ................ Tacoma, WA ..........................................73002 ................ Aberdeen, WA........................................73003 ................ Blaine, WA .............................................73004 ................ Bellingham, WA......................................73005 ................ Everett, WA ............................................73006 ................ Port Angeles, WA...................................73007 ................ Port Townsend, WA ...............................73008 ................ Sumas, WA ............................................73009 ................ Anacortes, WA .......................................73010 ................ Nighthawk, WA.......................................73011 ................ Danville, WA...........................................73012 ................ Ferry, WA ...............................................73013 ................ Friday Harbor, WA .................................73014 ................ Boundary, WA ........................................73015 ................ Laurier, WA ............................................73016 ................ Point Roberts, WA..................................73017 ................ Kenmore Air Harbor, WA .......................73018 ................ Oroville, WA ...........................................73019 ................ Frontier, WA ...........................................73020 ................ Spokane, WA .........................................73022 ................ Lynden, WA............................................73023 ................ Metaline Falls, WA .................................73025 ................ Olympia, WA ..........................................73026 ................ Neah Bay, WA........................................73027 ................ Seattle-Tacoma Airport ..........................73029 ................ UPS (SEATAC) ......................................73071 ................ DHL (SEATAC) ......................................73073 ................ Moses Lake User Fee Airport ................73082 ................ UPS Courier Hub ...................................73095 ................ Total District ................................................................ 709,548,133.29 373,474,054.24 86,225.22 240,753,529.19 2,338,310.91 68,302.33 241,146.82 19,455.45 92,072,624.97 191,226.67 2,205.34 1,741,609.27 7,333,353.32 140,158.46 17,705.02 25,983,508.41 155,458.42 12,479,204.30 1,968,438.58 107,097.82 4,498,429.24 4,812,455.48 162,380.97 37,314,747.86 678,142.04 2,959.27 129,388.40 1,516,320,251.29 Anchorage, Alaska: Juneau, AK.............................................73101 ................ Ketchikan, AK.........................................73102 ................ Skagway, AK..........................................73103 ................ Alcan, AK................................................73104 ................ Wrangell, AK ..........................................73105 ................ Dalton Cache, AK...................................73106 ................ Valdez, AK .............................................73107 ................ Fairbanks, AK.........................................73111 ................ Sitka, AK.................................................73115 ................ Anchorage, AK .......................................73126 ................ Kodiak, AK .............................................73127 ................ Federal Express .....................................73195 ................ UPS ........................................................73196 ................ Total District ................................................................ 73,697.09 231,381.82 29,861.44 290,053.76 5,100.44 23,614.18 17,060.72 285,165.05 6,084.35 6,035,496.73 1,461.56 78,666,976.84 1,209,511.06 86,875,465.04 Honolulu, Hawaii: Honolulu, HI ...........................................73201 ................ Hilo, HI....................................................73202 ................ Kahului, HI..............................................73203 ................ Nawiliwili-Port Allen, HI ..........................73204 ................ Honolulu Int’l. Airport..............................73205 ................ Kailua-Kona, HI ......................................73206 ................ Total District ................................................................ 34,465,955.26 80,139.86 80,172.17 22,284.43 10,673,309.00 177,522.02 45,499,382.74 Total Customs and Border Protection Collections for fiscal year 2005 ................................. $31,417,577,985.06 27 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 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) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 5,050,444 6,160,448 6,450,164 7,094,904 7,485,532 340,364 367,327 426,493 469,641 468,563 5,389,954 6,529,692 6,877,311 7,565,782 7,955,702 1,271,952 1,231,160 1,148,226 1,168,663 1,339,363 1,281,245 1,212,577 1,173,496 1,166,036 1,338,425 2004 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 687,583 508,948 637,909 653,542 535,535 646,100 727,877 693,921 659,298 687,435 473,080 575,672 686,060 48,402 38,035 34,300 49,944 36,048 31,410 39,548 40,604 34,493 46,329 35,511 37,885 44,456 732,453 547,855 673,566 701,333 572,524 677,808 766,879 736,160 691,838 734,929 507,899 612,972 731,785 109,780 84,853 86,010 149,391 108,352 97,231 126,367 121,586 96,714 134,064 91,688 94,969 148,138 79,476 72,257 114,695 144,888 70,768 138,642 124,087 66,041 158,475 116,266 84,603 127,951 119,752 See footnotes at end of table. December 2005 ACCOUNT OF THE U.S. TREASURY 28 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 Reserve (8) Tax and loan note accounts (9) During period Low Federal Tax and loan Reserve note accounts (10) (11) Federal Reserve (12) Average Tax and loan note accounts (13) 2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 2004 - Sept............................ 5,987 30,362 7,626 44,493 3,701 121 5,608 16,669 Oct............................. 5,116 42,959 6,216 42,959 3,640 6,118 5,024 20,335 Nov ............................ 3,759 14,274 6,210 28,924 3,759 1,230 4,921 12,730 Dec ............................ 5,912 18,777 7,113 34,745 3,386 700 5,056 15,828 2005 - Jan ............................. 4,971 56,362 5,912 56,362 4,516 3,358 5,076 23,002 Feb ............................ 4,673 14,951 6,246 47,948 4,404 54 5,168 14,283 Mar ............................ 5,219 17,230 5,872 44,539 3,283 859 4,719 21,138 Apr............................. 3,585 72,775 6,356 78,251 3,585 66 5,212 26,520 May............................ 5,538 11,014 8,154 75,044 3,585 7,138 5,087 29,316 June........................... 4,373 28,812 9,849 59,051 3,904 30 4,951 24,598 July ............................ 5,065 35,897 6,228 35,897 3,159 544 4,789 13,732 Aug ............................ 5,650 2,914 5,928 22,060 3,874 872 4,979 7,521 Sept ........................... 4,381 31,300 7,434 67,207 4,229 1,379 5,338 28,273 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 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 2 December 2005 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. 29 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. • 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 market- based 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. • 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. December 2005 FEDERAL DEBT 30 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Government accounts Public debt Agency securities securities Total (5) (6) (7) Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) 2001 ............................... 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 5,834,475 6,255,111 6,809,272 7,403,236 7,956,346 5,807,464 6,228,236 6,783,320 7,379,053 7,932,710 27,011 26,874 25,952 24,183 23,637 2,468,757 2,675,648 2,859,291 3,075,704 3,331,084 2,468,757 2,675,648 2,859,291 3,075,703 3,331,081 1 1 2004 - Sept .................... Oct...................... Nov..................... Dec..................... 2005 - Jan ...................... Feb ..................... Mar..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... 7,403,236 7,453,800 7,549,374 7,620,403 7,651,874 7,737,047 7,801,016 7,788,426 7,801,852 7,860,234 7,911,290 7,950,504 7,956,346 7,379,053 7,429,678 7,525,210 7,596,143 7,627,743 7,713,138 7,776,939 7,764,537 7,777,880 7,836,496 7,887,618 7,926,933 7,932,710 24,183 24,122 24,164 24,261 24,131 23,909 24,077 23,888 23,972 23,738 23,672 23,570 23,637 3,075,704 3,112,950 3,118,944 3,189,791 3,201,711 3,206,773 3,204,543 3,213,845 3,235,855 3,308,866 3,306,665 3,310,040 3,331,081 3,075,703 3,112,949 3,118,943 3,189,791 3,201,711 3,206,773 r 3,204,543 3,213,845 r 3,235,855 r 3,308,866 3,306,665 3,310,040 3,331,081 1 1 1 1 1 1 rrrr1 End of fiscal year or month End of fiscal year or month Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized outstanding premium Accrual face value and discount amount (13) (14) (15) The public Public debt securities (8) Agency securities (9) 3,365,718 3,579,462 3,949,981 4,327,532 4,625,262 3,338,707 3,552,588 3,924,029 4,303,350 4,601,629 27,011 26,874 25,952 24,182 23,636 4,327,532 4,340,850 4,430,430 4,430,612 4,450,163 4,530,274 4,596,473 4,574,581 4,565,997 4,551,368 4,604,625 4,640,212 4,625,262 4,303,350 4,316,729 4,406,267 4,406,352 4,426,032 4,506,365 4,572,397 4,550,692 r 4,542,025 r 4,527,630 4,580,953 4,616,893 4,601,629 24,182 24,121 24,163 24,260 24,130 23,908 r 24,077 r 23,888 r 23,972 r 23,738 23,672 23,570 23,636 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 2001 ............................... 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 5,834,475 6,255,111 6,809,272 7,403,236 7,956,346 64,896 57,278 50,551 51,219 53,546 5,769,579 6,197,833 6,758,722 7,352,017 7,902,800 2,468,757 2,675,648 2,859,291 3,075,704 3,331,084 18,363 17,541 13,860 16,596 18,149 2,450,394 2,658,107 2,845,430 3,059,107 3,312,932 3,365,718 3,579,463 3,949,981 4,327,532 4,625,262 46,533 39,737 36,691 34,623 35,397 3,319,185 3,539,726 3,913,291 4,292,910 4,589,865 2004 - Sept..................... Oct...................... Nov ..................... Dec ..................... 2005 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May..................... June.................... July ..................... Aug ..................... Sept .................... 7,403,236 7,453,799 7,549,374 7,620,403 7,651,874 7,737,047 7,801,016 7,788,426 7,801,852 7,860,234 7,911,290 7,950,504 7,956,346 51,219 51,226 51,835 52,130 50,991 51,603 53,130 52,394 52,381 50,358 50,350 50,498 53,546 7,352,017 7,402,573 7,497,539 7,568,274 7,600,883 7,685,444 7,747,886 7,736,032 7,749,472 7,809,875 7,860,939 7,900,006 7,902,800 3,075,703 3,112,949 3,118,943 3,189,791 3,201,711 3,206,773 3,204,543 3,213,845 3,235,855 3,308,866 3,306,665 3,310,040 3,331,081 16,596 16,490 16,697 16,493 15,976 15,944 16,299 15,668 15,833 r 15,468 15,727 15,583 18,149 3,059,107 3,096,459 3,102,245 3,173,298 3,185,735 3,190,829 3,188,243 3,198,177 3,220,022 r 3,293,399 3,290,939 3,294,457 3,312,932 4,327,533 4,340,850 4,430,431 4,430,612 4,450,163 4,530,274 4,596,473 4,574,581 4,565,997 4,551,368 4,604,625 4,640,464 4,625,262 34,623 34,736 35,138 35,637 35,015 35,659 36,831 36,726 36,548 r 34,890 34,623 34,915 35,397 4,292,910 4,306,114 4,395,293 4,394,975 4,415,148 4,494,615 4,559,643 4,537,855 4,529,450 r 4,516,477 4,570,000 4,605,297 4,589,865 December 2005 FEDERAL DEBT 31 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2001 .................................. 2002 .................................. 2003 .................................. 2004 .................................. 2005 .................................. 3,339,310 3,553,180 3,924,090 4,307,345 4,601,239 2,915,225 3,121,357 3,460,330 3,845,855 4,066,053 734,856 868,220 918,196 961,449 910,323 1,432,956 1,521,572 1,799,424 2,109,494 2,328,213 612,521 592,695 576,590 551,904 520,507 134,891 138,870 166,120 223,008 307,011 424,085 431,823 463,760 461,490 535,186 2004 - Sept........................ Oct......................... Nov ........................ Dec ........................ 2005 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May........................ June....................... July ........................ Aug ........................ Sept ....................... 4,307,345 4,318,485 4,407,907 4,408,389 4,428,221 4,508,288 4,572,716 4,551,065 4,542,378 4,527,697 4,580,784 4,614,279 4,601,239 3,845,855 3,900,137 3,946,702 3,943,593 3,958,742 4,037,788 4,085,824 4,052,484 4,031,767 4,012,642 4,059,114 4,087,611 4,066,053 961,449 979,562 1,028,304 1,001,189 984,817 1,028,387 1,055,765 987,774 957,660 920,023 938,407 949,431 910,323 2,109,494 2,124,510 2,134,318 2,157,067 2,167,268 2,205,829 2,226,180 2,241,205 2,255,535 2,272,340 2,285,420 2,312,055 2,328,213 551,904 551,902 539,415 539,406 539,402 537,234 537,058 537,070 529,910 529,746 529,768 520,502 520,507 223,008 244,164 244,666 245,930 267,256 266,338 266,821 286,436 288,662 290,533 305,519 305,622 307,011 461,490 418,348 461,205 464,796 469,479 470,499 486,892 498,581 510,611 515,055 521,670 526,669 535,186 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 ....................................... 2004 ....................................... 2005 ....................................... 186,464 193,312 201,561 204,201 203,645 14,991 - 18,269 12,519 11,007 5,881 3,086 39,488 47,605 53,463 58,528 67,961 146,364 144,286 148,366 158,214 225,283 29,995 29,995 29,995 29,995 29,995 3,505 4,107 4,377 4,669 5,214 2004 - Sept............................. Oct.............................. Nov ............................. Dec ............................. 2005 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May............................. June............................ July ............................. Aug ............................. Sept ............................ 204,201 204,299 204,425 204,454 204,446 204,471 204,248 204,206 204,307 204,217 204,144 203,808 203,645 - 5,881 5,881 5,881 5,881 6,181 6,181 6,081 5,981 5,881 2,986 2,986 2,986 3,086 58,528 12,968 58,468 58,986 60,320 61,061 62,683 64,349 65,050 65,999 66,380 67,042 67,961 158,214 160,523 157,754 160,682 163,754 164,008 179,005 189,033 200,362 206,744 213,051 217,724 225,283 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 4,669 4,680 4,680 4,796 4,781 4,781 4,879 5,015 5,015 5,113 5,113 5,113 5,214 December 2005 FEDERAL DEBT 32 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) 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) 23,690 25,350 26,778 28,107 29,485 10,014 9,717 10,502 10,319 15,238 135,801 155,256 170,762 182,769 193,263 538,381 570,168 613,718 631,749 660,109 197,137 228,906 251,307 264,375 277,268 17,289 21,251 23,823 23,325 22,646 1,034,114 1,173,759 1,313,427 1,452,599 1,616,159 10,319 10,333 10,268 10,285 10,305 12,060 12,086 12,113 12,074 12,104 12,135 15,193 15,238 182,769 182,212 181,692 186,191 187,472 186,787 186,645 188,414 188,092 193,669 193,244 192,751 193,263 631,749 641,678 624,923 627,770 638,075 635,265 632,790 629,793 626,894 642,298 639,651 637,074 660,109 264,375 263,733 263,539 270,383 273,910 272,022 268,665 273,207 272,750 282,089 279,936 277,537 277,268 23,325 23,324 23,543 23,870 23,869 24,130 22,998 24,505 24,627 23,111 22,872 23,029 22,646 1,452,599 1,457,186 1,459,068 1,500,764 1,515,893 1,517,560 1,524,082 1,543,270 1,546,637 1,598,784 1,604,713 1,607,330 1,616,159 2001 .............. 2002 .............. 2003 .............. 2004 .............. 2005 .............. 2,492,141 2,707,295 2,912,216 3,129,990 3,380,605 13,660 10,997 10,518 9,892 10,047 30,277 30,542 31,054 32,089 32,733 2004 - Sept... Oct..... Nov.... Dec.... 2005 - Jan ..... Feb .... Mar .... Apr..... May ... June .. July.... Aug.... Sept ... 3,129,990 3,121,569 3,158,863 3,230,551 3,243,619 3,249,385 3,248,893 3,259,619 3,282,156 3,356,344 3,354,424 3,360,856 3,380,605 9,892 10,681 11,521 12,139 10,823 12,383 12,919 12,292 12,327 12,465 11,991 11,729 10,047 32,089 32,073 32,511 32,198 32,077 32,126 31,870 31,858 32,317 32,229 32,314 32,707 32,733 End of fiscal year or month Federal Disability Insurance Trust Fund (6) Exchange Stabilization Fund (5) Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (12) 28,107 28,123 28,465 28,512 28,537 28,807 28,817 28,830 29,149 29,125 29,174 29,462 29,485 Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 2,650 2,800 2,963 3,013 3,123 41,978 38,804 24,849 17,439 17,204 24,115 18,840 13,578 10,212 8,271 11,639 11,465 11,246 10,949 10,597 1,430 2,651 1,283 1,218 24,983 23,383 503 627 570 - 88,638 68,265 48,188 45,239 54,806 297,775 316,362 356,349 406,004 427,868 2004 - Sept........... Oct............ Nov ........... Dec ........... 2005 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... July ........... Aug ........... Sept .......... 3,013 3,014 3,026 3,034 3,041 3,046 3,052 3,061 3,068 3,075 3,091 3,101 3,123 17,439 16,557 15,782 20,273 21,989 23,261 24,122 22,803 25,232 24,819 25,767 24,668 17,204 10,212 10,991 11,719 12,564 9,833 10,062 10,974 11,946 11,805 10,830 10,579 7,731 8,271 10,949 10,878 10,802 11,067 10,982 10,897 10,792 10,701 10,617 10,858 10,787 10,699 10,597 1,283 604 1,055 1,037 1,135 1,241 2,168 2,536 2,759 3,403 2,210 4,610 1,218 627 562 406 333 442 459 495 533 426 446 533 440 570 - 45,239 44,306 46,166 44,115 41,610 42,521 39,260 39,577 54,722 53,823 52,796 56,868 54,806 406,004 385,314 434,377 446,016 433,626 436,758 437,158 424,177 428,660 423,216 422,631 425,927 427,868 Note.—Detail may not add to totals due to rounding. December 2005 FEDERAL DEBT 33 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total outstanding (1) Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation, Resolution Fund (2) Department of Housing and Urban Development Federal Housing Administration (3) Farm Credit System Financial Assistance Corporation (4) Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) 2001 ..................................... r 26,948 r- 231 775 25,381 - 561 2002 ..................................... 26,874 - 298 775 25,261 - 541 2003 ..................................... 25,952 - 279 325 24,876 - 472 2004 ..................................... 24,183 - 200 325 23,253 - 406 2005 ..................................... 23,637 - 146 - 23,097 - 394 2004 - Sept .......................... 24,183 - 200 325 23,253 - 406 Oct............................ 24,122 - 203 325 23,186 - 407 Nov........................... 24,164 - 207 325 23,224 - 408 Dec........................... 24,261 - 207 325 23,319 - 409 2005 - Jan ............................ 24,131 - 211 325 23,184 - 411 Feb ........................... 23,909 - 217 325 22,967 - 401 Mar ........................... 24,077 - 139 325 23,208 - 404 Apr............................ 23,888 - 140 325 23,018 - 405 May .......................... 23,972 - 143 325 23,101 - 402 June ......................... 23,738 - 143 - 23,191 - 404 July........................... 23,672 - 143 - 23,124 - 405 Aug........................... 23,570 - 143 - 23,030 - 397 Sept.......................... 23,637 - 146 - 23,097 - 394 Note.—Detail may not add to totals due to rounding. December 2005 FEDERAL DEBT 34 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 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) 2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 2004 - Sept..................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. Oct...................... 3,166,311 1,143,145 1,137,251 434,604 242,636 208,675 4 yrs. 10 mos. Nov ..................... 3,233,704 1,177,963 1,159,725 444,697 250,625 200,694 4 yrs. 10 mos. Dec ..................... 3,225,653 1,149,591 1,170,576 453,993 250,625 200,868 4 yrs. 10 mos. 2005 - Jan ...................... 3,240,748 1,132,991 1,195,479 452,642 269,863 189,773 4 yrs. 10 mos. Feb ..................... 3,322,699 1,184,006 1,231,825 456,120 269,036 181,712 4 yrs. 9 mos. Mar ..................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. Apr...................... 3,310,933 1,143,168 1,253,939 462,850 268,951 182,025 4 yrs. 9 mos. May..................... 3,311,486 1,132,636 1,250,391 477,013 269,100 182,346 4 yrs. 10 mos. June.................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. End of fiscal year or month Average length (7) July ..................... 3,314,952 1,130,292 1,233,071 494,373 274,618 182,599 4 yrs. 10 mos. Aug ..................... 3,361,958 1,143,059 1,273,564 490,944 281,161 173,230 4 yrs. 9 mos. Sept .................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. Note.—Detail may not add to totals due to rounding. December 2005 FEDERAL DEBT 35 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Statutory debt limit (1) Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 2004 - Sept...................................... 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 Oct....................................... 7,384,000 7,383,975 7,383,788 187 7,429,677 187 45,889 Nov ...................................... 8,184,000 7,464,740 7,464,549 191 7,525,210 191 60,660 Dec ...................................... 8,184,000 7,535,644 7,535,454 191 7,596,144 191 60,690 2005 - Jan ....................................... 8,184,000 7,567,702 7,567,634 68 7,627,743 68 60,109 Feb ...................................... 8,184,000 7,652,726 7,652,653 74 7,713,138 74 60,485 Mar ...................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 Apr....................................... 8,184,000 7,704,041 7,703,917 124 7,764,537 124 60,621 May...................................... 8,184,000 7,717,574 7,717,447 127 7,777,880 127 60,433 June..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 July ...................................... 8,184,000 7,829,029 7,828,902 127 7,887,618 127 58,715 Aug ...................................... 8,184,000 7,868,395 7,868,267 127 7,926,933 127 58,666 Sept ..................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 End of fiscal year or month 1 Debt subject to limit Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. December 2005 FEDERAL DEBT 36 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Housing and Community Development Service (4) Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ r 203,201 213,555 224,472 213,321 211,763 28,817 25,074 24,858 15,956 26,851 r 15,128 16,312 15,291 16,560 18,489 r 10,168 10,780 11,497 11,937 12,608 r 336 417 379 474 461 970 906 1,321 1,897 1,979 2004 - Sept...................................... Oct....................................... Nov ...................................... Dec...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 213,321 226,700 205,234 216,546 219,074 223,236 223,597 225,932 223,440 221,677 231,172 237,102 211,763 15,956 23,213 16,074 19,478 20,857 22,912 23,780 23,758 24,301 24,881 25,111 25,740 26,851 16,560 16,560 16,560 16,560 16,562 17,365 17,716 18,298 18,298 18,298 18,301 19,382 18,489 11,937 11,937 11,937 11,937 11,937 12,040 13,148 13,338 13,338 13,338 13,338 13,376 12,608 474 474 474 474 474 474 500 500 500 500 502 504 461 1,897 1,897 1,897 1,831 1,831 1,831 1,831 1,831 1,831 1,860 1,860 1,860 1,979 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Rural Utilities Service (3) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 77,448 89,713 91,938 96,530 104,471 2,689 2,770 2,698 2,900 2,777 4,544 7,553 8,794 7,635 7,548 3,103 2,640 2,640 1,203 239 27,862 24,693 36,657 29,305 12,413 2004 - Sept ..................................... Oct....................................... Nov...................................... Dec...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... 96,530 100,473 100,473 107,811 107,811 107,811 113,130 114,084 110,215 111,467 120,157 123,959 104,471 2,900 2,900 2,955 2,955 2,917 2,917 2,777 2,817 2,737 2,707 2,707 2,707 2,777 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,548 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 239 29,305 27,803 13,157 13,555 13,522 13,599 13,065 12,927 13,035 12,535 12,542 12,655 12,413 December 2005 FEDERAL DEBT 37 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) 2001 ...................................... 7,045 2,884 r 10,087 r 12,120 2002 ...................................... 6,657 2,870 11,036 12,133 2003 ...................................... 7,281 2,954 6,627 11,538 2004 ...................................... 7,237 2,962 8,546 10,179 2005 ...................................... 5,848 2,973 7,695 7,411 2004 - Sept ........................... 7,237 2,962 8,546 10,179 Oct............................. 7,237 3,240 12,189 9,939 Nov............................ 7,237 3,496 12,189 9,947 Dec............................ 7,237 3,781 12,189 9,899 2005 - Jan ............................. 7,237 4,067 12,773 10,248 Feb ............................ 7,237 4,311 12,744 11,157 Mar ............................ 5,688 4,587 7,692 10,845 Apr............................. 5,848 4,862 7,692 11,139 May ........................... 5,848 5,121 7,692 11,686 June .......................... 5,848 2,170 7,692 11,543 July............................ 5,848 2,447 7,695 11,826 Aug............................ 5,848 2,695 7,695 11,845 Sept........................... 5,848 2,973 7,695 7,411 End of fiscal year or month Small Business Administration (14) Other (15) Note.—Detail may not add to totals due to rounding. December 2005 38 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 provides a maturity schedule of interest-bearing marketable Treasury notes and bonds. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks (FRBs), so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. Issues of cash management bills also are presented. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Note: Additional information, including auction allotments by investor class for marketable Treasury coupon and bill securities, is posted on the 7th business day of each month at http://www.treas.gov/offices/domestic-finance/debtmanagement/investor_class_auction.shtml. TREASURY FINANCING: JULY-SEPTEMBER [Source: Bureau of the Public Debt, Office of Financing] JULY Cash Management Bills On June 27, 2005, Treasury announced it would auction $18,000 million of 14-day bills. They were issued July 1 and matured July 15. The issue was to raise new cash. Treasury auctioned the bills on June 29. Tenders totaled $46,260 million; Treasury accepted $18,000 million. The high bank discount rate was 3.165 percent. allotted securities at the high yield of 3.970 percent with an equivalent price of $99.572992. Treasury accepted in full all competitive tenders at yields lower than 3.970 percent. Tenders at the high yield were allotted 47.59 percent. The median yield was 3.939 percent, and the low yield was 3.892 percent. Noncompetitive tenders totaled $70 million. Competitive tenders accepted from private investors totaled $12,830 million. The minimum par amount required for STRIPS of notes of Series L-2010 is $1,000. Auction of 5-Year Notes Auction of 10-Year Treasury Inflation-Protected Security (TIPS) On July 11, 2005, Treasury announced it would auction $13,000 million of 5-year notes of Series L-2010. The issue was to raise new cash. The notes of Series L-2010 were dated and issued July 15. They are due July 15, 2010, with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 3-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon eastern daylight saving time (e.d.s.t.) for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on July 13. Tenders totaled $30,815 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were On July 11, 2005, Treasury announced it would auction $9,000 million of 10-year TIPS to raise new cash. The 10-year TIPS of Series D-2015 were dated and issued July 15. They are due July 15, 2015, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on July 14. Tenders totaled $15,149 million; Treasury accepted $9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.939 percent with an equivalent adjusted price of $99.420765. Treasury accepted in full all competitive tenders at yields lower than 1.939. Tenders at the high yield were allotted 7.24 percent. The December 2005 PUBLIC DEBT OPERATIONS 39 TREASURY FINANCING: JULY-SEPTEMBER, con. median yield was 1.860 percent, and the low yield was 1.750 percent. Noncompetitive tenders totaled $71 million. Competitive tenders accepted from private investors totaled $8,879 million. The minimum par amount required for STRIPS of TIPS is $1,000. Auction of 19-Year 6-Month 2-3/8 Percent TIPS On July 21, 2005, Treasury announced it would auction $6,000 million of 19-year 6-month 2-3/8 percent TIPS to raise new cash. The 19-year 6-month TIPS of January 2025 were dated July 15 and issued July 29. They are due January 15, 2025, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on July 26. Tenders totaled $10,233 million; Treasury accepted $6,000 million at the high yield of 2.090 percent with an equivalent adjusted price of $107.821718. Tenders at the high yield were allotted 52.31 percent. The median yield was 2.050 percent, and the low yield was 1.000 percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled $5,978 million. Adjusted accrued interest of $0.93192 per $1,000 must be paid for the period from July 15 to July 29. Both the unadjusted price of $104.537160 and the unadjusted accrued interest of $0.90353 were adjusted by an index ratio of 1.03142 for the period from July 15 to July 29. The minimum par amount required for STRIPS of TIPS is $1,000. Auction of 2-Year Notes On July 25, 2005, Treasury announced it would auction $20,000 million of 2-year notes of Series T-2007. The issue was to refund $24,133 million of securities maturing July 31 and to pay down approximately $4,133 million. The notes of Series T-2007 were dated July 31 and issued on August 1. They are due July 31, 2007, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 3-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on July 27. Tenders totaled $47,594 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.975 percent with the equivalent price of $99.809598. Treasury accepted in full all competitive tenders at yields lower than 3.975 percent. Tenders at the high yield were allotted 91.91 percent. The median yield was 3.954 percent, and the low yield was 3.920 percent. Noncompetitive tenders totaled $884 million. Competitive tenders accepted from private investors totaled $19,117 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $5,864 million from FRBs for their own accounts. Accrued interest of $0.10530 per $1,000 must be paid for the period from July 31 to August 1. The minimum par amount required for STRIPS of notes of Series T-2007 is $1,000. AUGUST August Quarterly Financing On August 3, 2005, Treasury announced it would auction $18,000 million of 3-year notes of Series P-2008, $13,000 million of 5-year notes of Series M-2010, and $13,000 million of 10-year notes of Series E-2015 to refund $18,552 million of Treasury securities maturing on August 15 and to raise new cash of approximately $25,448 million. The 3-year notes of Series P-2008 were dated and issued 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 4-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 8. Tenders totaled $41,545 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.204 percent with an equivalent price of $99.779503. Treasury accepted in full all competitive tenders at yields lower than 4.204 percent. Tenders at the high yield were allotted 52.42 percent. The median yield was 4.184 percent, and the low yield was 4.150 percent. Noncompetitive tenders totaled $161 million. Competitive tenders accepted from private investors totaled $17,839 million. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $2,287 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series P-2008 is $1,000. The 5-year notes of Series M-2010 were dated and issued August 15. They are due August 15, 2010, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. December 2005 PUBLIC DEBT OPERATIONS 40 TREASURY FINANCING: JULY-SEPTEMBER, con. e.d.s.t. for competitive tenders on August 10. Tenders totaled $37,911 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.223 percent with an equivalent price of $99.562410. Treasury accepted in full all competitive tenders at yields lower than 4.223 percent. Tenders at the high yield were allotted 99.03 percent. The median yield was 4.210 percent, and the low yield was 4.170 percent. Noncompetitive tenders totaled $106 million. Competitive tenders accepted from private investors totaled $12,794 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $1,963 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2010 is $1,000. The 10-year notes of Series E-2015 were dated and issued August 15. They are due August 15, 2015, with interest payable on 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. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 11. Tenders totaled $33,694 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.350 percent with an equivalent price of $99.196069. Treasury accepted in full all competitive tenders at yields lower than 4.350 percent. Tenders at the high yield were allotted 57.72 percent. The median yield was 4.337 percent, and the low yield was 4.290 percent. Noncompetitive tenders totaled $66 million. Competitive tenders accepted from private investors totaled $12,834 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $1,472 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2015 is $1,000. Auction of 2-Year Notes On August 22, 2005, Treasury announced it would auction $20,000 million of 2-year notes. The issue was to refund $23,168 million of securities maturing August 31 and to pay down approximately $3,168 million. The notes of Series U-2007 were dated and issued August 31. They are due August 31, 2007, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. December 2005 e.d.s.t. for competitive tenders on August 24. Tenders totaled $45,529 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.014 percent with an equivalent price of $99.973350. Treasury accepted in full all competitive tenders at yields lower than 4.014 percent. Tenders at the high yield were allotted 89.74 percent. The median yield was 3.997 percent, and the low yield was 3.967 percent. Noncompetitive tenders totaled $954 million. Competitive tenders accepted from private investors totaled $19,046 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $6,667 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series U-2007 is $1,000. SEPTEMBER Cash Management Bills On August 29, 2005, Treasury announced it would auction $18,000 million of 14-day bills. They were issued September 1 and matured September 15. The issue was to raise new cash. Treasury auctioned the bills on August 30. Tenders totaled $40,910 million; Treasury accepted $18,000 million. The high bank discount rate was 3.470 percent. On August 30, Treasury announced it would auction $20,000 million of 13-day bills. They were issued September 2 and matured September 15. The issue was to raise new cash. Treasury auctioned the bills on August 31. Tenders totaled $50,180 million; Treasury accepted $20,000 million. The high bank discount rate was 3.470 percent. On September 6, Treasury announced it would auction $8,000 million of 6-day bills. They were issued September 8 and matured September 14. The issue was to raise new cash. Treasury auctioned the bills on September 6. Tenders totaled $29,075 million; Treasury accepted $8,000 million. The high bank discount rate was 3.450 percent. Auction of 5-Year Notes On September 6, 2005, Treasury announced it would auction $13,000 million of 5-year notes of Series N-2010. The issue was to raise new cash. The notes of Series N-2010 were dated and issued September 15. They are due September 15, 2010, with interest payable on March 15 and September 15 until maturity. Treasury set an interest rate of 3-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on September 7. Tenders PUBLIC DEBT OPERATIONS 41 TREASURY FINANCING: JULY-SEPTEMBER, con. totaled $33,968 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.902 percent with an equivalent price of $99.878424. Treasury accepted in full all competitive tenders at yields lower than 3.902 percent. Tenders at the high yield were allotted 63.08 percent. The median yield was 3.878 percent, and the low yield was 3.850 percent. Noncompetitive tenders totaled $43 million. Competitive tenders accepted from private investors totaled $12,957 million. The minimum par amount required for STRIPS of notes of Series N-2010 is $1,000. Auction of 9-Year 11-Month 4-1/4 Percent Notes On September 6, 2005, Treasury announced it would auction $8,000 million of 9-year 11-month 4-1/4 percent notes of Series E-2015. The issue was to raise new cash. The notes of Series E-2015 were dated August 15 and issued September 15. They are due August 15, 2015, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on September 8. Tenders totaled $21,445 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.134 percent with an equivalent price of $100.929850. Treasury accepted in full all competitive tenders at yields lower than 4.134 percent. Tenders at the high yield were allotted 66.61 percent. The median yield was 4.119 percent, and the low yield was 4.080 percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors totaled $7,968 million. Accrued interest of $3.58016 per $1,000 must be paid for the period from August 15 to September 15. The minimum par amount required for STRIPS of notes of Series E-2015 is $1,000. Auction of 2-Year Notes On September 26, 2005, Treasury announced it would auction $20,000 million of 2-year notes of Series V-2007. The issue was to refund $24,954 million of securities maturing September 30 and to pay down approximately $4,954 million. The notes of Series V-2007 were dated and issued September 30. They are due September 30, 2007, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on September 28. Tenders totaled $51,562 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.095 percent with an equivalent price of $99.819341. Treasury accepted in full all competitive tenders at yields lower than 4.095 percent. Tenders at the high yield were allotted 60.25 percent. The median yield was 4.075 percent, and the low yield was 4.000 percent. Noncompetitive tenders totaled $933 million. Competitive tenders accepted from private investors totaled $19,067 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $6,585 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series V-2007 is $1,000. December 2005 PUBLIC DEBT OPERATIONS 42 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2005 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) 2006 Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 28 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15, 06-11 ............................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 15 ........................................................... July 31 ........................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 30 ......................................................... Oct. 15........................................................... Oct. 31........................................................... Nov. 15, 06-11............................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 30 .......................................................... Dec. 31 .......................................................... 2007 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 28 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 31 ........................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... See footnote at end of table. December 2005 All other investors (5) Issue date (2) Total (3) 1-5/8%-R note 12-3/4% bond 1 5-7/8%-D note 1 5-3/4%-F note 1 1-7/8%-S note 1 1-7/8%-T note 10/31/03 11/17/80 11/24/95 11/15/00 12/01/03 12/31/03 Total ............................. 32,368 4,081 15,210 28,063 32,204 33,996 145,923 6,551 1,261 2,525 4,845 6,856 7,987 30,024 25,818 2,821 12,685 23,218 25,348 26,009 115,898 1-7/8%-K note 1 9-3/8% bond 1 5-5/8%-A note 1 1-5/8%-L note 1 1-1/2%-M note 1 2-1/4%-N note 13-7/8% bond 1 6-7/8%-B note 1 4-5/8%-E note 1 2%-G note 1 2-1/2%-P note 1 2-3/4%-Q note 1 7%-C note 1 2-3/4%-R note 1 2-3/8%-H note 1 2-3/8%-S note 2-1/2%-T note 1 6-1/2%-D note 1 2-1/2%-U note 14% bond 1 3-1/2%-F note 1 2-5/8%-J note 1 2-7/8%-V note 1 3%-W note 02/02/04 01/15/86 02/15/96 03/01/04 03/31/04 04/30/04 05/15/81 05/15/96 05/15/01 05/15/03 06/01/04 06/30/04 07/15/96 08/02/04 08/15/03 08/31/04 09/30/04 10/15/96 11/01/04 11/16/81 11/15/01 11/17/03 11/30/04 12/31/04 Total ............................. 32,533 4,756 15,514 34,002 34,339 34,335 3,545 16,015 27,798 22,392 31,308 32,588 22,740 31,011 27,909 31,814 31,656 22,460 29,569 4,048 35,380 26,536 30,049 31,952 614,248 6,928 1,046 1,943 8,000 8,334 8,333 1,074 4,311 4,064 441 7,072 7,997 5,519 8,074 4,737 8,004 7,999 5,160 5,560 975 4,133 3,193 6,529 7,948 127,373 25,605 3,710 13,571 26,002 26,005 26,001 2,471 11,704 23,734 21,951 24,236 24,591 17,222 22,936 23,172 23,811 23,657 17,299 24,009 3,073 31,247 23,343 23,520 24,004 486,874 19,431 29,027 13,104 25,469 32,007 32,001 31,998 13,958 24,351 27,564 29,119 26,664 25,870 25,637 25,411 24,674 26,671 2,106 5,575 1,792 1,666 8,000 8,000 8,324 3,365 3,810 4,114 7,116 6,667 5,864 6,096 3,766 3,220 6,667 17,326 23,452 11,312 23,803 24,007 24,001 23,673 10,593 20,542 23,450 22,003 19,998 20,005 19,541 21,645 21,453 20,005 Date of final maturity 2005 Oct. 31........................................................... Nov. 15, 05-10............................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 30 .......................................................... Dec. 31 .......................................................... Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) 1 1 3-3/8%-A note 3-1/8%-M note 1 6-1/4% B note 1 2-1/4% H note 1 3-3/8% N note 1 3-3/4%-P note 1 3-5/8%-Q note 1 6-5/8%-C note 1 4-3/8%-E note 1 3-1/8%-J note 1 3-1/2%-R note 1 3-5/8%-S note 1 3-7/8%-T note 1 6-1/8%-D note 1 3-1/4%-F note 1 2-3/4%-K note 1 4%-U note 1 1 02/06/97 01/31/05 02/18/97 02/17/04 02/28/05 03/31/05 05/02/05 05/15/97 05/15/02 05/17/04 05/31/05 06/30/05 08/01/05 08/15/97 08/15/02 08/16/04 08/31/05 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, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2007 con. Sept. 30 ......................................................... Nov. 15 .......................................................... Nov. 15, 07-12............................................... Description (1) Issue date (2) 4%-V note 3%-G note 10-3/8% bond 09/30/05 11/15/02 11/15/82 1 Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) Total............................. 26,593 50,620 10,126 520,295 6,585 6,609 2,412 101,754 20,007 44,010 7,714 418,540 2008 Jan. 15........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... May 15........................................................... May 15........................................................... May 15........................................................... Aug. 15, 08-13............................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Sept. 15 ......................................................... Oct. 15........................................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Dec. 15 .......................................................... 3-5/8%-A note 5-1/2%-B note 1 3%-E note 1 3-3/8%-M note 1 5-5/8%-C note 1 2-5/8%-F note 1 3-3/4%-N note 12% bond 1 3-1/4%-G note 1 4-1/8%-P note 1 3-1/8%-H note 1 3-1/8%-J note 1 4-3/4%-D note 1 3-3/8%-K note 1 3-3/8%-L note 01/15/98 02/17/98 02/18/03 02/15/05 05/15/98 05/15/03 05/16/05 08/15/83 08/15/03 08/15/05 09/15/03 10/15/03 11/16/98 11/17/03 12/15/03 Total............................. 20,330 13,583 27,489 23,885 27,191 33,338 26,708 11,917 21,357 20,291 16,002 15,996 25,083 18,181 16,000 317,352 2,250 2,491 3,512 2,433 6,318 583 4,707 3,041 4,097 2,287 1,221 520 3,548 2,402 1,322 40,731 18,081 11,092 23,977 21,453 20,873 32,756 22,001 8,876 17,260 18,004 14,781 15,476 21,535 15,779 14,678 276,621 2009 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Mar. 15............................................................ Apr. 15 ............................................................ May 15, 09-14................................................. May 15 ............................................................ May 15 ............................................................ June 15........................................................... July 15 ............................................................ Aug. 15, 09-14 ................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Sept. 15 .......................................................... Oct. 15 ............................................................ Nov. 15, 09-14 ................................................ Nov. 15 ........................................................... Dec. 15 ........................................................... 3-7/8%-A note 3-1/4%-D note 1 3%-E note 1 2-5/8%-F note 1 3-1/8%-G note 13-1/4% bond 1 5-1/2%-B note 1 3-7/8%-H note 1 4%-J note 1 3-5/8%-K note 12-1/2% bond 1 6%-C note 1 3-1/2%-L note 3-3/8%-M note 1 3-3/8%-N note 1 11-3/4% bond 1 3-1/2%-P note 1 3-1/2%-Q note 01/15/99 01/15/04 02/17/04 03/15/04 04/15/04 05/15/84 05/17/99 05/17/04 06/15/04 07/15/04 08/15/84 08/16/99 08/16/04 09/15/04 10/15/04 11/15/84 11/15/04 12/15/04 Total............................. 18,944 16,003 17,434 16,001 16,003 4,481 14,795 18,060 15,005 15,005 4,388 27,400 17,295 15,005 15,005 5,015 18,752 15,002 269,592 2,601 1,176 1,755 517 150 944 2,625 3,995 50 677 906 5,730 2,350 1,195 3,930 249 28,849 16,343 14,827 15,679 15,485 15,853 3,536 12,170 14,065 14,955 14,328 3,482 21,670 14,944 15,005 15,005 3,820 14,822 14,753 240,743 1 1 1 1 See footnote at end of table. December 2005 PUBLIC DEBT OPERATIONS 44 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2010 Jan. 15 .............................................................. Jan. 15 .............................................................. Feb. 15.............................................................. Feb. 15.............................................................. Mar. 15.............................................................. Apr. 15 .............................................................. Apr. 15 .............................................................. May 15 ............................................................. June 15............................................................. July 15 .............................................................. Aug. 15 ............................................................. Aug. 15 ............................................................. Sept. 15 ............................................................ 2011 Jan. 15 ............................................................ Feb. 15............................................................ Aug. 15 ........................................................... Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 4-1/4%-A note 3-5/8%-E note 1 6-1/2%-B note 1 3-1/2%-F note 1 4%-G note 1 7/8%-D note 1 4%-H note 1 3-7/8%-J note 1 3-5/8%-K note 1 3-7/8%-K note 1 5-3/4%-C note 1 4-1/8%-M note 1 3-7/8%-N note 01/18/00 01/18/05 02/15/00 02/15/05 03/15/05 10/29/04 04/15/05 05/16/05 06/15/05 07/15/05 08/15/00 08/15/05 09/15/05 Total ............................. 13,146 15,005 23,356 16,617 15,005 21,658 15,001 18,749 14,001 13,001 22,438 14,963 13,001 215,940 1,456 500 4,679 1,616 650 3,832 404 3,595 1,963 18,695 11,690 14,505 18,677 15,001 15,005 21,008 15,001 14,917 13,597 13,001 18,842 13,001 13,001 197,246 3-1/2%-A note 1 5%-B note 1 5%-C note 01/16/01 02/15/01 08/15/01 Total ............................. 12,349 23,436 26,635 62,421 456 3,583 3,206 7,245 11,893 19,853 23,430 55,176 1 1 1 2012 Jan. 15 .............................................................. Feb. 15.............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-3/8%-A note 4-7/8%-B note 1 3%-C note 1 4-3/8%-D note 1 4%-E note 01/15/02 02/15/02 07/15/02 08/15/02 11/15/02 Total ............................. 6,606 24,780 25,011 19,648 18,113 94,158 99 3,700 2,593 2,867 236 9,495 6,507 21,080 22,418 16,781 17,877 84,663 2013 Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-7/8%-A note 3-5/8%-B note 1 1-7/8%-C note 1 4-1/4%-D note 1 4-1/4%-E note 02/18/03 05/15/03 07/15/03 08/15/03 11/17/03 Total ............................. 19,498 18,254 21,283 33,521 30,637 123,193 1,587 252 312 4,359 2,036 8,545 17,912 18,002 20,972 29,162 28,601 114,648 2014 Jan. 15 .............................................................. Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15. ............................................................ 2%-A note 4%-B note 1 4-3/4%-C note 1 2%-D note 1 4-1/4%-E note 1 4-1/4%-F note 01/15/04 02/17/04 05/17/04 07/15/04 08/16/04 11/15/04 Total ............................. 22,206 28,081 27,303 19,695 24,722 25,473 147,479 571 1,192 2,643 1,718 2,471 8,595 21,635 26,889 24,660 19,695 23,004 23,002 138,884 See footnote at end of table. December 2005 1 1 1 1 1 1 PUBLIC DEBT OPERATIONS 45 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2015 Jan. 15 ........................................................... Feb. 15............................................................ Feb. 15............................................................ May 15 ............................................................ July 15 ............................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Nov. 15 ........................................................... 2016 Feb. 15 ............................................................ May 15 ............................................................ Nov. 15 ............................................................ 2017 May 15 ............................................................ Aug. 15 ........................................................... Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 1-5/8%-A note 11-1/4% bond 1 4%-B note 1 4-1/8%-C note 1 1-7/8%-D note 1 10-5/8% bond 1 4-1/4%-E note 1 9-7/8% bond 01/18/05 02/15/85 02/15/05 05/16/05 07/15/05 08/15/85 08/15/05 11/29/85 Total ......................... 19,442 10,520 24,215 24,472 9,040 4,024 22,470 5,585 119,767 1,846 1,212 2,471 1,167 1,472 1,007 9,174 19,442 8,675 23,003 22,001 9,040 2,857 20,998 4,578 110,593 9-1/4% bond 7-1/4% bond 1 7-1/2% bond 02/18/86 05/15/86 11/17/86 Total ......................... 5,432 18,824 18,787 43,043 1,037 1,724 2,588 5,349 4,395 17,099 16,199 37,694 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total ......................... 15,559 10,968 26,528 2,755 2,058 4,813 12,804 8,910 21,715 1 1 1 1 1 1 2018 May 15 ............................................................ Nov. 15 ........................................................... 1 9-1/8% bond 1 9% bond 05/16/88 11/22/88 Total ......................... 6,717 7,174 13,892 1,240 1,053 2,293 5,478 6,121 11,599 2019 Feb. 15............................................................ Aug. 15 ........................................................... 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total ......................... 13,090 18,941 32,031 2,373 2,841 5,214 10,717 16,100 26,817 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 02/15/90 05/15/90 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 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 02/15/91 05/15/91 08/15/91 11/15/91 Total ......................... 10,076 10,067 9,506 30,632 60,281 1,530 1,618 1,658 4,508 9,313 8,546 8,449 7,848 26,124 50,968 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total ......................... 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total ......................... 15,782 22,659 38,441 2,636 1,945 4,580 13,147 20,715 33,861 2020 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... 2021 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... Nov. 15 ........................................................... 2022 Aug. 15 ........................................................... Nov. 15 ........................................................... 2023 Feb. 15............................................................ Aug. 15 ........................................................... 1 1 1 1 1 1 1 1 1 See footnote at end of table. December 2005 PUBLIC DEBT OPERATIONS 46 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2024 Nov. 15 ............................................................. 2025 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. 2026 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. Issue date (2) 2028 Apr. 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2029 Feb. 15.............................................................. Apr. 15 .............................................................. Aug. 15 ............................................................. 2030 May 15 .............................................................. 2031 Feb. 15.............................................................. 2032 Apr. 15 .............................................................. 1 08/15/94 Total ........................... 9,604 9,604 1,615 1,615 7,989 7,989 2-3/8% bond 7-5/8% bond 1 6-7/8% bond 07/30/04 02/15/95 08/15/95 Total ........................... 29,022 9,509 11,187 49,718 3,260 1,594 1,800 6,653 25,762 7,916 9,388 43,065 02/15/96 08/15/96 11/15/96 12,838 8,810 10,860 32,509 1,164 1,614 1,724 4,502 11,674 7,196 9,136 28,007 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 3-5/8% bond 5-1/2% bond 1 5-1/4% bond 04/15/98 08/17/98 11/16/98 Total ........................... 20,273 11,776 10,947 42,997 3,065 1,772 1,611 6,448 17,208 10,004 9,336 36,549 5-1/4% bond 3-7/8% bond 1 6-1/8% bond 02/16/99 04/15/99 08/16/99 Total ........................... 11,350 23,171 11,179 45,700 1,670 3,199 1,670 6,539 9,680 19,972 9,509 39,161 1 6-1/4% bond 02/15/00 Total ........................... 17,043 17,043 1,894 1,894 15,149 15,149 1 5-3/8% bond 02/15/01 Total ........................... 16,428 16,428 1,423 1,423 15,005 15,005 1 3-3/8% bond 10/15/01 Total ........................... 5,517 5,517 287 287 5,230 5,230 1 1 1 6% bond 6-3/4% bond 1 6-1/2% bond 1 6-5/8% bond 6-3/8% bond 1 6-1/8% bond 1 1 1 1 1 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” December 2005 All other investors (5) 7-1/2% bond 1 Total ............................ 2027 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) 02/18/97 08/15/97 11/17/97 PUBLIC DEBT OPERATIONS 47 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 Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (4) (6) (5) 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) 2005 - July 07................... 2005 - Aug. 04 28 43,691.6 16,384.6 11,926.6 73.4 99.766667 3.000 3.049 Oct. 06 91 47,545.0 23,598.8 13,765.2 1,798.8 99.205014 3.145 3.214 2006 - Jan. 05 182 36,387.1 19,877.8 12,509.6 1,340.4 98.319028 3.325 3.429 2005 - Aug. 11 28 45,692.9 18,456.5 14,897.7 102.7 99.769778 2.960 3.008 Oct. 13 91 50,381.7 24,321.3 14,952.9 1,721.0 99.207542 3.135 3.204 3.460 July 14 ................. July 21 ................. July 28 ................. Aug. 04 ................ Aug. 11 ................ Aug. 18 ................ Aug. 25 ................ Sept. 01 ............... Sept. 08 ............... Sept. 15 ............... Sept. 22 ............... Sept. 29 ............... 1 2006 - Jan. 12 182 41,092.2 21,013.9 13,341.9 1,383.4 98.303861 3.355 2005 - Aug. 18 28 30,883.5 17,447.8 13,902.3 97.7 99.761611 3.065 3.115 Oct. 20 91 42,242.3 25,168.2 15,928.5 1,802.7 99.186056 3.220 3.292 3.529 2006 - Jan. 19 182 37,162.1 22,284.9 14,543.0 1,312.4 98.271000 3.420 2005 - Aug. 25 28 37,977.3 16,221.1 12,939.2 60.9 99.751889 3.190 3.242 Oct. 27 91 44,100.6 26,199.9 16,702.2 1,744.5 99.154458 3.345 3.420 2006 - Jan. 26 182 39,330.1 23,464.9 14,730.9 1,482.2 98.210333 3.540 3.655 2005 - Sept. 01 28 46,412.7 18,630.7 14,887.4 112.7 99.744500 3.285 3.339 Nov. 03 91 45,816.5 25,189.1 15,932.1 1,857.9 99.140556 3.400 3.477 2006 - Feb. 02 182 40,332.2 22,400.5 14,306.7 1,318.3 98.180000 3.600 3.718 2005 - Sept. 08 28 47,794.3 17,050.2 13,863.3 137.0 99.741000 3.330 3.385 Nov. 10 91 44,706.3 25,034.4 15,952.0 1,848.2 99.125389 3.460 3.539 2006 - Feb. 09 182 39,446.4 22,350.8 14,433.7 1,391.4 98.139556 3.680 3.802 2005 - Sept. 15 28 43,855.2 19,537.1 15,869.8 130.7 99.746444 3.260 3.314 Nov. 17 91 48,060.7 24,533.0 15,751.6 2,003.6 99.122861 3.470 3.549 3.828 2006 - Feb. 16 182 43,254.3 22,436.9 14,395.3 1,429.9 98.126917 3.705 2005 - Sept. 22 28 42,211.2 18,961.8 15,911.5 88.5 99.745278 3.275 3.329 Nov. 25 92 51,082.7 25,388.1 15,766.2 1,911.1 99.115778 3.460 3.539 3.812 2006 - Feb. 23 182 47,577.8 22,389.2 13,940.5 1,652.9 98.134500 3.690 2005 - Sept. 29 28 37,664.8 18,942.6 14,901.3 98.8 99.735944 3.395 3.451 Dec. 01 91 45,236.7 24,393.2 14,808.5 1,746.8 99.116542 3.495 3.575 2006 - Mar. 02 182 42,103.6 21,271.1 13,225.1 1,336.8 98.126917 3.705 3.828 2005 - Oct. 06 28 33,591.5 13,841.8 9,866.6 133.4 99.747611 3.245 3.298 Dec. 08 91 40,236.8 24,306.8 15,043.1 1,725.1 99.131708 3.435 3.513 2006 - Mar. 09 182 35,559.4 21,320.4 13,380.0 1,460.0 98.195167 3.570 3.686 2005 - Oct. 13 28 31,859.9 12,227.5 7,896.7 103.4 99.748778 3.230 3.283 Dec. 15 91 43,734.9 24,239.1 15,121.9 1,682.5 99.127917 3.450 3.529 2006 - Mar. 16 182 35,609.4 21,239.3 13,624.2 1,311.0 98.144611 3.670 3.791 2005 - Oct. 20 28 29,420.9 12,157.9 7,900.0 100.1 99.750333 3.210 3.263 Dec. 22 91 45,096.1 23,866.0 15,109.3 1,683.3 99.116542 3.495 3.575 2006 - Mar. 23 182 37,826.5 21,152.1 13,346.8 1,473.3 98.121861 3.715 3.839 2005 - Oct. 27 28 31,417.6 12,450.3 7,251.1 101.5 99.755000 3.150 3.202 Dec. 29 91 45,703.7 23,911.3 15,059.8 1,788.1 99.130444 3.440 3.518 2006 - Mar. 30 182 38,003.9 21,204.0 13,460.3 1,376.3 98.106694 3.745 3.870 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. However, as of September 21, 2004, the limit was raised to $5 million. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. December 2005 PUBLIC DEBT OPERATIONS 48 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) 10/06/04 10/07/04 10/12/04 10/26/04 10/27/04 11/08/04 11/09/04 11/10/04 11/17/04 11/23/04 11/30/04 12/01/04 12/03/04 12/08/04 12/09/04 12/29/04 01/11/05 01/12/05 01/13/05 01/25/05 01/26/05 02/09/05 02/08/05 02/09/05 02/10/05 02/24/05 03/02/05 03/07/05 03/09/05 03/10/05 03/30/05 03/30/05 04/06/05 04/13/05 04/13/05 04/14/05 04/26/05 04/27/05 05/10/05 05/11/05 05/12/05 05/25/05 05/31/05 06/02/05 06/06/05 06/08/05 06/09/05 06/29/05 06/29/05 07/13/05 07/14/05 07/26/05 07/27/05 08/08/05 08/10/05 08/11/05 08/24/05 08/30/05 08/31/05 09/06/05 09/07/05 09/08/05 09/28/05 10/15/04 10/15/04 10/13/04 10/29/04 11/01/04 11/15/04 11/15/04 11/15/04 11/18/04 11/30/04 12/01/04 12/03/04 12/07/04 12/15/04 12/15/04 12/31/04 01/13/05 01/18/05 01/18/05 01/31/05 01/31/05 02/11/05 02/15/05 02/15/05 02/15/05 02/28/05 03/03/05 03/08/05 03/15/05 03/15/05 03/31/05 04/01/05 04/07/05 04/14/05 04/15/05 04/15/05 04/29/05 05/02/05 05/16/05 05/16/05 05/16/05 05/31/05 06/01/05 06/03/05 06/07/05 06/15/05 06/15/05 06/30/05 07/01/05 07/15/05 07/15/05 07/29/05 08/01/05 08/15/05 08/15/05 08/15/05 08/31/05 09/01/05 09/02/05 09/08/05 09/15/05 09/15/05 09/30/05 1 Description of securities 1 (2) 3-3/8% note—10/15/09-N 2% TIPS—07/15/14-D 1.680% bill—10/15/04 7/8% TIPS—04/15/10-D 2-1/2% note—10/31/06-U 3% note—11/15/07-G 3-1/2% note—11/15/09-P 4-1/4% note—11/15/14-F 1.890% bill—11/23/04 2-7/8% note—11/30/06-V 1.950% bill—12/15/04 1.960% bill—12/15/04 1.980% bill—12/15/04 3-1/2% note—12/15/09-Q 4-1/4% note—11/15/14-F 3% note—12/31/06-W 2.040% bill—01/18/05 3-5/8% note—01/15/10-E 1-5/8% TIPS—01/15/15-A 2-3/8% TIPS—01/15/25 3-1/8% note—01/31/07-M 2.380% bill—02/14/05 3-3/8% note—01/15/08-M 3-1/2% note—02/15/10-F 4% note—02/15/15-B 3-3/8% note—02/28/07-N 2.440% bill—03/15/05 2.465% bill—03/15/05 4% note—03/15/10-G 4% note—02/15/15-F 3-3/4% note—03/31/07-P 2.720% bill—04/15/05 2.660% bill—04/15/05 2.640% bill—04/18/05 4% note—04/15/10-H 1-5/8% TIPS—-01/15/15-A 0-7/8% TIPS—04/15/10-D 3-5/8% note—04/30/07-Q 3-3/4% note—05/15/08-N 3-7/8% note—05/15/10-J 4-1/8% note—05/15/15-C 3-1/2% note—05/31/07-R 2.895% bill—06/15/05 2.935% bill—06/15/05 2.940% bill—06/15/05 3-5/8% note—06/15/10-K 4-1/8% note—05/15/15-C 3-5/8% note—06/30/07-S 3.165% bill—07/15/05 3-7/8% note—07/15/10-L 1-7/8% TIPS—07/15/15-D 2-3/8% TIPS—01/15/25 3-7/8% note—07/31/07-T 4-1/8% note—08/15/08-P 4-1/8% note—08/15/10-M 4-1/4% note—08/15/15-E 4% note—08/31/07-U 3.470% bill—09/15/05 3.470% bill—09/15/05 3.450% bill—09/14/05 3-7/8% note—09/15/10-N 4-1/4% note—08/15/15-E 4% note—09/30/07-V Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) 5y 9y 34,811 21,970 27,855 21,653 51,950 54,473 47,223 31,232 28,215 68,629 17,377 56,045 32,240 39,029 24,159 55,921 22,127 35,559 18,848 15,041 53,236 22,655 46,180 39,513 29,949 54,425 33,622 35,760 38,767 21,172 56,769 58,567 43,337 23,130 27,853 17,699 16,910 50,381 57,124 40,821 35,109 58,948 26,005 32,955 33,055 36,382 20,013 51,251 46,260 30,815 15,149 10,233 53,458 43,832 39,874 35,166 52,196 40,910 50,180 29,075 33,968 21,445 58,147 15,000 9,000 8,001 12,000 29,560 27,301 18,750 16,471 7,000 30,044 4,000 24,001 14,000 15,000 9,000 31,948 4,000 15,000 10,000 11,000 29,000 5,000 23,883 16,616 15,212 32,000 11,000 13,000 15,000 9,000 32,000 25,000 15,001 7,000 15,000 9,000 9,000 31,995 26,707 18,748 16,471 29,116 10,000 16,000 12,000 14,000 8,000 26,667 18,000 13,000 9,000 6,000 25,864 20,287 14,963 14,472 26,667 18,000 20,000 8,000 13,000 8,000 26,585 5y 2y 3y 5y 10y 6m 5y 9y 2y 14d 12d 8d 11m 5d 5y 10y 20y 2y 3d 3y 5y 10y 2y 5y 9y 2y 5y 9y 5y 2y 3y 5y 10y 2y 5y 9y 2y 5y 10y 19y 2y 3y 5y 10y 2y 5y 9y 2y 2d 5d 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. December 2005 9m 12d 7d 11m 14d 8d 4d 9m 14d 12d 8d 11m 14d 6m 14d 13d 6d 11m Accepted yield and equivalent price for notes and bonds (6) 3.490 - 99.476542 1.885 - 101.525704 0.950 - 99.625501 2.590 - 99.825825 3.090 - 99.744019 3.510 - 99.954506 4.280 - 99.758010 2.945 - 99.865006 3.550 - 99.772769 4.150 - 100.800290 3.120 - 99.769076 3.731 - 99.520732 1.725 - 99.090640 2.000 - 107.552000 3.245 - 99.769428 3.470 - 99.731536 3.618 - 99.464692 4.049 - 99.600335 3.498 - 99.764391 4.080 - 99.641447 4.504 - 95.996638 3.860 - 99.790219 4.046 - 99.793649 1.750 - 99.020489 1.200 - 99.624026 3.650 - 99.951975 3.821 - 99.800526 3.890 - 99.932269 4.220 - 99.231425 3.615 - 99.780029 3.705 - 99.637908 3.990 - 101.091049 3.650 - 99.952201 3.970 - 99.572992 1.939 - 99.420765 2.090 - 107.821718 3.975 - 99.809598 4.204 - 99.779503 4.223 - 99.562410 4.350 - 99.196069 4.014 - 99.973350 3.902 - 99.878424 4.134 - 100.929850 4.095 - 99.819341 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. 49 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. As of September 1, 2004, investors are no longer able to reinvest H and HH bonds or exchange E and EE bonds for HH bonds. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and in the Annual Report of the Secretary of the Treasury for fiscal year 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through September 30, 2005 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) Sales 1 (1) Accrued discount (2) Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 Series E, EE, H, and HH................................. 403,844 249,411 653,255 478,938 160,729 13,590 Series I ............................................................ 28,702 3,536 32,237 3,052 29,183 - 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 ................................................. 862 679 1,541 1,462 - 79 Total ............................................................ 469,308 256,003 725,311 521,725 189,912 13,673 Series Sales plus accrued discount (3) Redemptions 1 (4) Savings bonds: 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 through April 1970; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E and EE bonds for series H and HH bonds. December 2005 U.S. SAVINGS BONDS AND NOTES 50 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 (8) (7) Period Fiscal years: 1935-02 .............................. 2003 ................................... 2004 2 ................................. 2005 2 ................................. Sales (1) Accrued discount (2) Sales plus accrued discount (3) 439,288 13,187 10,334 6,501 235,077 7,274 6,924 6,728 674,365 20,461 17,258 13,229 481,113 12,212 14,618 13,783 338,363 5,573 6,276 6,614 142,749 6,639 8,342 7,170 185,495 192,563 194,062 189,912 7,757 8,938 10,078 13,673 Calendar years: 1935-01 .............................. 2002 ................................... 2003 ................................... 2004 2 ................................. 432,573 9,408 13,924 8,711 229,199 7,735 7,169 6,806 661,772 17,142 21,092 15,517 471,443 12,599 12,164 14,922 334,010 5,736 5,456 6,520 137,433 6,862 6,708 8,402 181,416 184,698 192,160 191,674 8,913 10,174 11,641 12,721 2004 - Sept......................... Oct.......................... Nov ......................... Dec ......................... 2005 - Jan .......................... Feb ......................... Mar ......................... Apr.......................... May......................... June........................ July ......................... Aug ......................... Sept ........................ 760 448 616 743 735 471 444 463 719 559 463 461 378 494 629 482 522 618 561 512 631 503 541 619 568 541 1,254 1,077 1,098 1,265 1,354 1,032 956 1,094 1,223 1,099 1,082 1,029 919 1,286 979 972 1,236 1,362 1,007 1,179 1,136 1,122 1,190 1,154 1,365 1,082 178 413 512 653 577 450 563 540 540 601 573 688 505 1,108 565 460 583 784 557 616 596 583 589 582 677 578 194,062 194,256 194,468 191,674 191,968 192,181 192,153 190,965 190,959 190,869 190,536 190,141 189,912 10,078 9,983 9,897 12,721 12,419 12,231 12,035 13,182 13,289 13,289 13,548 13,608 13,673 1 Total (4) Sales price 1 (5) Accrued discount 1 (6) 2 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Redemptions Exchange of E and EE bonds for H and HH bonds 1 (7) Interestbearing debt (8) Amount outstanding Matured non-interestbearing debt (9) Sales (1) Accrued discount (2) Sales plus accrued discount (3) Fiscal years: 1941-02 ............. 2003 .................. 2004 2 ................ 2005 2 ................ 380,453 3,740 3,037 2,554 231,285 6,683 5,890 5,553 611,738 10,422 8,927 8,107 418,094 9,415 10,403 11,414 297,226 4,152 4,614 4,474 146,885 6,600 8,274 7,062 26,017 1,336 2,485 122 160,038 158,536 153,433 146,482 7,588 8,761 9,903 13,426 Calendar years: 1941-01 ............. 2002 .................. 2003 .................. 2004 2 ................ 378,008 3,980 3,366 2,951 225,817 7,190 6,459 5,788 603,825 11,170 9,825 8,740 409,245 9,619 9,513 10,704 301,285 4,371 4,052 4,710 134,481 6,828 6,666 8,326 26,521 1,580 1,204 2,332 159,365 158,083 155,722 150,352 8,695 9,948 11,417 12,490 2004 - Sept........ Oct......... Nov ........ Dec ........ 2005 - Jan ......... Feb ........ Mar ........ Apr......... May........ June....... July ........ Aug ........ Sept ....... 178 184 264 358 250 188 197 264 225 159 156 162 149 426 555 403 438 530 465 414 531 398 431 509 455 424 604 739 667 796 780 654 611 794 623 590 665 617 573 605 740 787 1,053 1,166 848 979 942 926 982 964 1,141 887 17 264 356 487 393 299 373 355 354 404 392 476 320 1,099 559 454 576 776 550 607 587 572 578 571 665 566 511 82 24 9 3 2 1 - 153,433 153,443 153,382 150,352 150,254 150,240 150,059 148,799 148,390 147,997 147,447 146,861 146,482 9,903 9,810 9,726 12,490 12,199 12,017 11,827 12,940 13,046 13,046 13,298 13,360 13,426 Period 1 Exchange of E and EE bonds for H and HH bonds are not included in sales and redemption figures. December 2005 Total Sales price (4) (5) Series E and EE 2 Accrued discount (6) Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. U.S. SAVINGS BONDS AND NOTES 51 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] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Accrued discount (6) Exchange of E and EE bonds for H and HH bonds 1 (7) Interestbearing debt (8) Redemptions Total Sales price (4) (5) Series H and HH Amount outstanding Matured non-interestbearing debt (9) Fiscal years: 1952-02 ........... 2003 ................ 2004 2 .............. 2005 2 .............. 14,077 -9 -1 -7 - 14,077 -9 -1 -7 26,683 902 952 1,073 26,683 902 952 1,073 - 26,017 1,336 2,485 122 13,361 13,765 15,286 14,247 50 71 82 164 Calendar years: 1952-01 ........... 2002 ................ 2003 ................ 2004 2 .............. 13,807 8 -10 -16 - 13,807 8 -10 -16 27,383 928 890 980 27,383 928 890 980 - 26,521 1,580 1,204 2,332 12,860 13,496 13,789 15,107 85 110 121 140 2004 - Sept...... Oct....... Nov ...... Dec ...... 2005 - Jan ....... Feb ...... Mar ...... Apr....... May...... June..... July ...... Aug ...... Sept ..... -131 -7 - - -131 -7 - 84 72 74 85 94 82 104 91 91 95 88 104 94 84 72 74 85 94 82 104 91 91 95 88 104 94 - 511 82 24 9 3 2 1 - 15,286 15,292 15,243 15,107 15,026 14,950 14,853 14,728 14,634 14,540 14,443 14,342 14,247 82 81 79 140 130 125 120 154 156 156 165 164 164 Series I Fiscal years: 1998-02 ........... 2003 ................ 2004 2 .............. 2005 2 .............. 11,937 8,120 4,813 3,831 735 591 1,034 1,174 12,672 8,711 5,847 5,006 576 545 766 1,165 553 517 708 1,065 23 28 58 100 - 12,096 20,262 25,343 29,183 - Calendar years: 1998-01 ........... 2002 ................ 2003 ................ 2004 2 .............. 9,118 3,839 9,363 3,444 325 544 710 1,017 9,443 4,384 10,073 4,462 251 455 544 896 242 435 513 829 9 20 31 66 - 9,192 13,120 22,649 26,215 - 2004 - Sept...... Oct....... Nov ...... Dec ...... 2005 - Jan ....... Feb ...... Mar ...... Apr....... May...... June..... July ...... Aug ...... Sept ..... 202 189 329 376 482 281 246 199 494 400 306 299 230 68 73 80 84 89 96 98 100 105 110 110 113 117 270 262 408 460 571 377 344 300 600 509 416 412 346 84 84 87 87 97 74 94 102 104 112 102 120 101 77 78 82 81 90 68 87 93 94 102 93 108 91 7 6 6 7 8 6 8 9 9 10 10 12 10 - 25,343 25,521 25,842 26,215 26,688 26,991 27,241 27,438 27,934 28,331 28,646 28,938 29,183 - 1 Exchange of EE and E bonds are not included in sales and redemption figures. 2 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. December 2005 52 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. December 2005 • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 53 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] Total Federal securities outstanding (1) Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 5,834,474 6,255,406 6,809,272 7,403,236 7,956,346 5,807,463 6,228,236 6,783,320 7,379,053 7,932,710 2,468,757 2,675,647 2,859,291 3,075,703 3,331,084 460 311 311 142 1 2,468,297 2,675,336 2,858,980 3,075,561 3,331,083 559,636 628,414 654,593 698,207 733,438 2004 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 7,403,236 7,453,800 7,549,374 7,620,404 7,651,874 7,737,047 7,801,016 7,788,426 7,801,852 7,860,234 7,911,290 7,950,504 7,956,346 7,379,053 7,429,678 7,525,210 7,596,143 7,627,743 7,713,138 7,776,939 7,764,537 7,777,880 7,836,496 7,887,618 7,926,933 7,932,710 3,075,703 3,112,949 3,118,943 3,189,090 3,201,711 3,206,773 3,204,543 3,213,845 3,235,855 3,308,866 3,306,665 3,310,040 3,331,081 142 142 142 142 142 1 1 1 1 1 1 1 1 3,075,561 3,112,807 3,118,801 3,188,948 3,201,569 3,206,772 3,204,542 3,213,844 3,235,854 3,308,865 3,306,664 3,310,039 3,331,080 698,207 710,668 710,668 715,507 715,507 715,210 714,999 708,904 721,852 721,922 716,058 727,592 733,439 End of fiscal year or month Public debt securities Held by U.S. Government accounts Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Held by private investors (11) Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) 2001 .................................................................... 2002 .................................................................... 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 2,779,070 2,924,175 3,269,347 3,605,143 3,868,188 2,370,630 2,507,997 2,805,814 3,147,752 3,351,441 408,441 416,178 463,443 457,391 516,747 27,011 27,170 25,952 24,183 23,637 27,011 27,170 25,952 24,183 23,637 2004 - Sept.......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2005 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... 3,605,143 3,606,060 3,695,599 3,691,547 3,710,525 3,791,155 3,857,397 3,841,788 3,820,173 3,805,708 3,864,895 3,889,301 3,868,188 3,147,752 3,191,919 3,252,800 3,244,132 3,259,316 3,339,104 3,388,837 3,361,781 3,328,310 3,309,173 3,361,845 3,378,858 3,351,441 457,391 414,142 442,798 447,414 451,210 452,051 468,560 480,007 491,862 496,535 503,049 510,443 516,747 24,183 24,122 24,164 24,261 24,131 23,909 24,077 23,888 23,972 23,738 23,672 23,570 23,637 24,183 24,122 24,164 24,261 24,131 23,909 24,077 23,888 23,972 23,738 23,672 23,570 23,637 December 2005 OWNERSHIP OF FEDERAL SECURITIES 54 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 1994 - Mar......... June ....... Sept........ Dec......... 1995 - Mar......... June ....... Sept........ Dec......... 1996 - Mar......... June ....... Sept........ Dec......... 1997 - Mar......... June ....... Sept........ Dec......... 1998 - Mar......... June ....... Sept........ Dec......... 1999 - Mar......... June ....... Sept........ Dec......... 2000 - Mar......... June ....... Sept........ Dec......... 2001 - Mar......... June ....... Sept........ Dec......... 2002 - Mar......... June ....... Sept........ Dec......... 2003 - Mar......... June ....... Sept........ Dec......... 2004 - Mar......... June ....... Sept........ Dec......... 2005 - Mar......... June ....... Sept........ 4,575.9 4,645.8 4,692.8 4,800.2 4,864.1 4,951.4 4,974.0 4,988.7 5,117.8 5,161.1 5,224.8 5,323.2 5,380.9 5,376.2 5,413.1 5,502.4 5,542.4 5,547.9 5,526.2 5,614.2 5,651.6 5,638.8 5,656.3 5,776.1 5,773.4 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 7,932.7 1,476.0 1,547.5 1,562.8 1,622.6 1,619.3 1,690.1 1,688.0 1,681.0 1,731.1 1,806.7 1,831.6 1,892.0 1,928.7 1,998.9 2,011.5 2,087.8 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,929.0 3,921.6 4,033.5 4,067.8 1 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 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 3,069.9 3,164.7 3,268.0 3,377.9 3,502.8 3,531.5 3,607.0 3,667.1 3,855.4 3,803.0 3,864.9 397.4 383.8 364.0 339.6 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.6 210.4 222.8 153.1 145.4 146.9 154.0 165.0 161.6 141.0 128.1 142.9 127.9 n.a. 175.0 177.1 178.6 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.5 204.6 204.2 204.4 204.2 204.2 203.6 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. 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." December 2005 Private 6 (6) 120.1 129.4 136.4 140.1 141.8 142.7 142.1 142.9 144.5 144.8 141.5 140.2 141.7 142.2 143.2 144.4 136.9 129.9 121.5 113.6 110.8 114.1 117.2 118.9 114.7 115.3 115.2 113.7 115.6 116.3 119.7 121.1 123.7 125.6 131.2 135.0 139.0 138.2 139.9 141.2 143.3 146.4 150.8 151.5 153.8 157.6 n.a. 7 State and Insurance compalocal nies 3 governments (7) (8) 224.3 220.6 217.4 215.6 225.0 217.2 211.3 208.2 213.5 221.1 213.4 212.8 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 162.7 162.8 164.9 163.3 159.0 158.7 158.6 159.3 n.a. 233.4 238.0 243.7 240.1 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 153.4 154.6 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 212.8 204.6 201.6 209.4 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 222.2 204.5 205.7 221.8 221.8 218.7 232.5 259.4 266.0 253.8 256.6 280.9 296.5 302.8 287.8 281.5 281.6 259.4 255.7 254.9 262.3 249.1 n.a. 443.4 425.2 398.2 370.0 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.6 298.8 299.6 305.1 307.1 310.1 308.7 310.9 317.9 325.7 321.9 329.3 328.7 334.4 339.3 355.6 350.7 348.7 357.9 363.9 373.7 379.7 379.4 386.1 407.1 430.6 n.a. Foreign Other and international 8 investors 9 (11) (12) 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 1,135.4 1,200.8 1,246.8 1,286.3 1,382.8 1,454.2 1,533.0 1,677.1 1,777.5 1,836.6 1,890.7 1,983.5 2,016.2 2,069.0 632.3 659.7 708.1 815.6 831.4 855.2 836.8 864.6 848.7 810.3 829.9 794.0 786.2 707.8 681.7 674.5 701.2 623.4 674.3 629.2 619.0 525.1 492.6 555.3 691.9 557.2 544.8 524.3 548.4 396.8 450.9 426.1 407.0 327.4 306.5 283.9 345.8 347.6 379.6 401.1 351.6 294.8 332.9 343.1 389.7 303.5 n.a. Includes money market mutual funds, mutual funds, and closed-end investment companies. Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 benchmark to September 2001, the March 2000 benchmark to September 2002, the June 2002 benchmark to December 2003, the June 2003 benchmark to March 2004, and the June 2004 benchmark to March 2005. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 55 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 20 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These “constant maturity rates (CMTs)” are interpolated from the Treasury yield curve and published daily at Treasury's web site, www.ustreas.gov/offices/domestic-finance/debtmanagement/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields on the on-the-run securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant maturity yield, and Table MY-1 now includes a 1-month maturity beginning on that date. On February 18, 2002, Treasury discontinued the 30-year constant maturity yield. In lieu of the 30-year yield, Table MY-1 now includes a 20-year maturity. Historical data for the 20-year maturity is available from the Board of Governors’ Statistical Release H.15. Prior to January 2003, this section also included data on long-term Treasury, corporate and municipal yields (Table MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues long-term bonds and no longer calculates or estimates longterm corporate rates. Chart MY-A, which previously was published in this section, has been discontinued. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 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) Monthly average: 2004 - Oct....................................... Nov ..................................... Dec ..................................... 2005 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... 1.63 1.92 1.96 2.05 2.36 2.65 2.64 2.65 2.83 3.10 3.34 3.23 1.79 2.11 2.22 2.37 2.58 2.80 2.84 2.90 3.04 3.29 3.52 3.49 2.05 2.32 2.50 2.68 2.85 3.09 3.14 3.17 3.22 3.53 3.78 3.79 2.23 2.50 2.67 2.86 3.03 3.30 3.32 3.33 3.36 3.64 3.87 3.85 2.58 2.85 3.01 3.22 3.38 3.73 3.65 3.64 3.64 3.87 4.04 3.95 2.85 3.09 3.21 3.39 3.54 3.91 3.79 3.72 3.69 3.91 4.08 3.96 3.35 3.53 3.60 3.71 3.77 4.17 4.00 3.85 3.77 3.98 4.12 4.01 3.75 3.88 3.93 3.97 3.97 4.33 4.16 3.94 3.86 4.06 4.18 4.08 4.10 4.19 4.23 4.22 4.17 4.50 4.34 4.14 4.00 4.18 4.26 4.20 4.85 4.89 4.88 4.77 4.61 4.89 4.75 4.56 4.35 4.48 4.53 4.51 End of month: 2004 - Oct....................................... Nov ..................................... Dec ..................................... 2005 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... 1.73 2.07 1.89 2.06 2.51 2.63 2.70 2.80 2.99 3.25 3.41 3.15 1.91 2.23 2.22 2.51 2.76 2.79 2.90 2.99 3.13 3.42 3.52 3.55 2.13 2.44 2.59 2.79 3.01 3.13 3.17 3.18 3.34 3.69 3.74 3.93 2.28 2.63 2.75 2.96 3.20 3.35 3.33 3.32 3.45 3.80 3.77 4.01 2.56 3.02 3.08 3.29 3.59 3.80 3.66 3.60 3.66 4.02 3.84 4.18 2.82 3.29 3.25 3.43 3.75 3.96 3.73 3.65 3.67 4.06 3.83 4.18 3.30 3.72 3.63 3.71 4.00 4.18 3.90 3.76 3.72 4.12 3.87 4.18 3.70 4.07 3.94 3.92 4.18 4.33 4.03 3.86 3.80 4.19 3.93 4.23 4.05 4.36 4.24 4.14 4.36 4.50 4.21 4.00 3.94 4.28 4.02 4.34 4.79 5.03 4.85 4.64 4.79 4.88 4.61 4.40 4.28 4.56 4.30 4.62 Period 20-yr. (10) * Rates are from the Treasury yields curve. December 2005 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, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2005 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $927,090,896,737 $891,165,524,879 $890,662,096,317 $255,092,066 $248,336,496 The Treasury....................................... 227,152,930 21,908,386 21,710,167 7,505 190,714 FRBs ................................................... 160,377,003,025 159,650,798,434 159,650,796,064 - 2,370 Amounts in circulation............................. $766,486,740,782 $731,492,818,059 $730,989,590,086 $255,084,561 $248,143,412 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $35,925,371,858 $3,505,529,008 $32,419,842,850 The Treasury....................................... 205,244,544 173,252,544 31,992,000 FRBs ................................................... 726,204,591 94,586,556 631,618,035 Amounts in circulation............................. $34,993,922,723 $3,237,689,908 $31,756,232,815 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. December 2005 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2005 [Source: Financial Management Service] Currency in circulation by denomination Total (1) Federal Reserve notes 1 (2) U.S. notes (3) Currency no longer issued (4) $1 ...................................................................... $8,304,566,516 $8,160,134,892 $143,503 $144,288,121 $2 ...................................................................... 1,439,547,108 1,307,302,414 132,232,118 12,576 $5 ...................................................................... 9,700,090,455 9,562,539,790 109,232,510 28,318,155 $10 .................................................................... 14,698,245,160 14,676,848,920 6,300 21,389,940 $20 .................................................................... 108,585,791,820 108,565,685,520 3,840 20,102,460 $50 .................................................................... 59,462,745,800 59,451,250,350 500 11,494,950 $100 .................................................................. 528,988,363,100 528,952,922,700 13,455,200 21,985,200 $500 .................................................................. 142,479,500 142,284,500 5,500 189,500 $1,000 ............................................................... 165,763,000 165,551,000 5,000 207,000 $5,000 ............................................................... 1,765,000 1,710,000 - 55,000 $10,000 ............................................................. 3,460,000 3,360,000 - 100,000 Fractional notes 4 .............................................. 600 - 90 510 Total currency ............................................... $731,492,818,059 $730,989,590,086 $255,084,561 $248,143,412 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) Sept. 30, 2005............................................................................................. 766,487 $2,578 Aug. 30, 2005.............................................................................................. 765,711 2,578 July 31, 2005............................................................................................... 762,022 2,568 Sept. 30, 2000............................................................................................. 568,614 2,061 Sept. 30, 1995............................................................................................. 409,272 1,553 Sept. 30, 1990............................................................................................. 278,903 1,105 Sept. 30, 1985............................................................................................. 187,337 782 Sept. 30, 1980............................................................................................. 129,916 581 June 30, 1975 ............................................................................................. 81,196 380 June 30,1970 .............................................................................................. 54,351 265 June 30, 1965 ............................................................................................. 39,719 204 June 30, 1960 ............................................................................................. 32,064 177 June 30, 1955 ............................................................................................. 30,229 183 1 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 fractional denominations not presented for redemption. Based on Bureau of the Census estimates of population. December 2005 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 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 (5) 2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 2004 - Oct .......................................................................... 84,232 11,043 13,041 40,618 19,530 Nov......................................................................... 86,702 11,043 13,478 42,102 20,079 Dec ......................................................................... 86,824 11,045 13,582 42,718 19,479 2005 - Jan .......................................................................... 81,366 11,042 13,342 41,735 15,247 Feb ......................................................................... 80,168 11,042 11,727 42,063 15,336 Mar ......................................................................... 78,942 11,041 11,564 41,061 15,276 Apr.......................................................................... 79,525 11,041 11,610 41,452 15,422 May ........................................................................ 77,742 11,041 11,385 39,910 15,406 June ....................................................................... 76,594 11,041 11,243 39,036 15,274 July......................................................................... 74,620 11,041 11,206 38,935 13,438 Aug......................................................................... 72,244 11,041 8,304 39,563 13,336 Sept........................................................................ 71,273 11,041 8,245 38,742 13,245 Oct.......................................................................... 70,218 11,041 8,224 38,234 12,720 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. Note.—Detail may not add to total due to rounding. December 2005 INTERNATIONAL FINANCIAL STATISTICS 62 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 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 marketable and notes 3 liabilities 2, 4 (5) (6) 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 (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) 2000 - Mar. 8 ........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 2001 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 2002 - June 8 ......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 Series Break .......... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 2002 ....................... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 2003 - June 8 .......... 3,597,378 1,177,090 379,114 610,122 2,876 184,978 1,431,589 961,169 452,617 508,552 27,530 Series Break .......... 3,604,050 1,233,387 379,114 650,336 2,876 201,061 1,431,589 911,397 452,617 458,780 27,677 2003 ...................... 3,863,633 1,340,623 401,856 719,302 2,613 216,852 1,439,484 1,057,445 518,962 538,483 26,081 2004 - June 8 ......... 4,469,893 1,559,811 483,415 844,444 1,568 230,384 1,559,518 1,326,933 666,476 660,457 23,631 Series Break ......... 4,443,613 1,648,168 483,415 910,456 1,569 252,728 1,559,518 1,205,604 666,476 539,128 30,323 2004 - Sept. r ......... 4,592,332 1,707,147 499,355 942,780 1,599 263,413 1,579,348 1,278,540 728,203 550,337 27,297 Oct. r .......... 4,694,546 1,739,768 516,358 958,429 1,609 263,372 1,630,474 1,294,170 740,748 553,422 30,134 Nov. r .......... 4,773,644 1,753,786 503,939 979,478 1,619 268,750 1,643,628 1,347,820 782,012 565,808 28,410 Dec. r .......... 4,762,790 1,775,076 515,582 986,454 1,630 271,410 1,588,101 1,369,970 802,610 567,360 29,643 2005 - Jan. r........... 4,721,147 1,786,229 511,640 994,084 1,640 278,865 1,551,703 1,350,132 760,240 589,892 33,083 Feb. r .......... 4,825,698 1,776,692 483,494 1,005,355 1,650 286,193 1,589,532 1,424,520 803,073 621,447 34,954 Mar. r .......... 4,788,143 1,769,190 490,385 990,376 1,661 286,768 1,530,531 1,457,170 793,014 664,156 31,252 Apr .............. 4,887,033 1,807,439 516,453 1,004,284 1,671 285,031 1,574,797 1,474,663 800,470 674,193 30,134 May............. 4,962,948 1,813,790 509,533 1,011,099 1,682 291,476 1,606,237 1,509,554 814,542 695,012 33,367 June ........... 5,077,755 1,819,525 493,629 1,027,765 911 297,220 1,768,821 1,457,947 765,050 692,897 31,462 July ............. 5,127,785 1,826,823 490,257 1,031,381 917 304,268 1,762,534 1,507,570 789,718 717,852 30,858 Aug. p ......... 5,198,371 1,831,650 490,943 1,034,604 923 305,180 1,813,720 1,521,109 778,465 742,644 31,892 Sept. p ........ 5,234,503 1,828,959 484,925 1,033,470 929 309,635 1,820,837 1,551,979 786,308 765,671 32,728 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 2 December 2005 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000, end-June 2002, end-June 2003, and end-June 2004, respectively, and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 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) Mexico 2 (4) Venezuela 3 (5) 2000 .............................................................................. 5,348 5,348 1,244 3,520 584 2001 .............................................................................. 3,411 3,411 977 1,801 633 2002 .............................................................................. 2,769 2,769 715 1,368 686 2003 .............................................................................. 2,613 2,613 768 1,102 743 2004 - Sept.................................................................... 1,599 1,599 810 - 789 Oct..................................................................... 1,609 1,609 815 - 794 Nov .................................................................... 1,619 1,619 820 - 799 Dec .................................................................... 1,630 1,630 825 - 805 2005 - Jan ..................................................................... 1,640 1,640 830 - 810 Feb .................................................................... 1,650 1,650 835 - 815 Mar .................................................................... 1,661 1,661 840 - 821 Apr..................................................................... 1,671 1,671 845 - 826 May.................................................................... 1,682 1,682 850 - 832 June................................................................... 911 911 74 - 837 July .................................................................... 917 917 74 - 843 Aug .................................................................... 923 923 75 - 848 Sept ................................................................... 929 929 75 - 854 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 $264 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $3,821 million. Note: This issue was paid off in full and retired on January 29, 2004. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. December 2005 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 statistics” below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. Reporting forms and instructions also may be downloaded from the TIC website. Basic definitions The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United December 2005 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 commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in five sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. 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 December 2005 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 visà-vis all foreign-resident affiliated financial intermediaries. • Section V contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. December 2005 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 2004 r 2005 Mar. r Apr. r May r June July Aug. Sept. p Total liabilities to all foreigners............................... 2,924,612 2,833,646 2,909,561 2,951,434 3,045,473 3,059,930 3,101,415 3,111,297 Payable in dollars............................................... 2,832,441 2,745,808 2,821,723 2,863,596 2,944,589 2,959,046 3,000,531 3,010,413 Foreign official institutions 1 ........................... 515,582 490,385 516,453 509,533 493,629 490,257 490,943 484,925 Deposits, excluding negotiable CDs .......... 26,613 32,290 33,267 36,616 39,098 38,951 40,881 39,314 U.S. Treasury bills and certificates ............ 245,197 235,843 230,105 228,961 204,897 203,174 205,404 195,367 Other liabilities............................................ 243,772 222,252 253,081 243,956 249,634 248,132 244,658 250,244 Foreign banks (including own foreign offices) and other foreigners ........................ 2,301,739 2,237,818 2,289,540 2,335,052 2,434,820 2,453,201 2,493,134 2,508,094 Deposits, excluding negotiable CDs .......... 901,033 846,710 890,922 907,066 940,793 926,474 976,349 995,926 U.S. Treasury bills and certificates ............ 71,667 73,308 77,334 77,029 70,388 65,306 63,754 54,468 Other liabilities............................................ 1,329,039 1,317,800 1,321,284 1,350,957 1,423,639 1,461,421 1,453,031 1,457,700 International and regional organizations 2 ..... 15,120 17,605 15,730 19,011 16,140 15,588 16,454 17,394 Deposits, excluding negotiable CDs .......... 6,098 5,343 4,910 4,608 5,359 5,020 5,781 5,615 U.S. Treasury bills and certificates ............ 1,879 934 1,166 2,317 2,247 2,122 2,131 2,097 Other liabilities............................................ 7,143 11,328 9,654 12,086 8,534 8,446 8,542 9,682 Payable in foreign currencies 3 .......................... 92,171 87,838 87,838 87,838 100,884 100,884 100,884 100,884 Banks and other foreigners........................ 88,972 85,727 85,727 85,727 99,051 99,051 99,051 99,051 International and regional organizations 2 ...... 3,199 2,111 2,111 2,111 1,833 1,833 1,833 1,833 Sector: Major currencies: Canadian dollars ........................................ 6,627 6,734 6,734 6,734 8,719 8,719 8,719 8,719 Euro............................................................ 37,654 39,560 39,560 39,560 44,484 44,484 44,484 44,484 United Kingdom pounds sterling................ 7,081 7,592 7,592 7,592 8,292 8,292 8,292 8,292 Japanese yen............................................. 23,568 17,431 17,431 17,431 19,152 19,152 19,152 19,152 Memoranda: 1 Respondents’ own liabilities payable in dollars........................................................... 2,004,813 1,927,680 1,982,989 2,016,226 2,149,793 2,175,068 2,233,839 2,248,545 Liabilities to own foreign offices..................... 1,272,646 1,229,641 1,258,956 1,276,518 1,421,951 1,426,239 1,479,048 1,507,056 Liabilities collaterized by repurchase agreements ............................................. 647,140 606,407 608,955 610,755 649,950 676,383 690,068 687,569 Foreign official institutions 1 ................... 109,506 105,677 122,019 105,474 112,646 121,674 117,948 119,333 Foreign banks and other foreigners....... 536,097 498,281 484,871 501,298 534,892 552,464 569,099 565,935 International and regional organizations 2..... 1,537 2,449 2,065 3,983 2,412 2,245 3,021 2,301 Reported by IBFs ........................................... 369,576 336,030 348,927 371,134 408,982 394,751 466,788 453,230 Respondents’ own liabilities payable in foreign currencies 3 ...................................... 84,163 79,049 79,049 79,049 89,336 89,336 89,336 89,336 Reported by IBFs ........................................... 36,689 33,023 33,023 33,023 35,178 35,178 35,178 35,178 Liabilities held in custody for domestic customers..................................................... 835,636 826,917 847,523 856,159 806,344 795,526 778,240 773,416 Payable in dollars....................................... 827,628 818,128 838,734 847,370 794,796 783,978 766,692 761,868 Payable in foreign currencies 3 .................. 8,008 8,789 8,789 8,789 11,548 11,548 11,548 11,548 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 recent month shown in table. December 2005 CAPITAL MOVEMENTS 68 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ............................................... Belgium 1 ........................................... Bulgaria ............................................. Czech Republic ................................. Denmark............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary............................................. Ireland ............................................... Italy.................................................... Luxembourg 1 .................................... Netherlands....................................... Norway .............................................. Poland ............................................... Portugal............................................. Romania............................................ Russia 2 ............................................. Serbia and Montenegro (formerly Yugoslavia) 3 ................................. Spain ................................................. Sweden ............................................. Switzerland........................................ Turkey ............................................... United Kingdom................................. Channel Islands and Isle of Man 4 .... Other Europe..................................... Total Europe.................................. Canada.................................................. Latin America: Argentina........................................... Brazil ................................................. Chile .................................................. Colombia ........................................... Ecuador............................................. Guatemala......................................... Mexico ............................................... Panama............................................. Peru................................................... Uruguay............................................. Venezuela ......................................... Other Latin America 5 ........................ Total Latin America ....................... Caribbean: Bahamas ........................................... Bermuda............................................ Cayman Islands 6 .............................. Cuba.................................................. Jamaica............................................. Netherlands Antilles .......................... Trinidad and Tobago......................... Other Caribbean 5 ............................. Total Caribbean............................. See footnotes at end of table. December 2005 2002 Calendar year 2003 2004 r May r June 2005 July Aug. Sept. p 2,862 9,641 219 531 5,115 1,711 44,098 42,235 2,996 439 33,146 6,098 32,943 11,419 18,907 4,205 3,676 1,919 23,158 4,841 9,642 224 2,359 3,744 1,821 41,727 53,617 1,266 345 30,888 6,643 37,005 17,150 22,471 3,724 1,011 575 41,694 4,355 13,649 221 1,661 3,151 1,116 59,148 59,127 1,179 770 64,096 7,683 52,348 20,250 32,905 5,680 1,676 1,636 70,203 4,194 14,080 156 1,278 3,949 2,827 60,847 62,052 2,256 449 71,574 8,954 58,562 25,812 18,700 6,273 2,236 1,728 82,068 4,060 16,287 143 1,331 1,882 1,892 78,329 66,556 1,425 263 65,315 9,020 58,140 20,507 20,800 6,457 2,272 1,424 85,040 4,473 16,780 257 1,156 5,714 2,524 83,746 69,433 1,064 320 65,874 8,784 56,889 23,532 21,144 6,316 2,524 1,866 85,181 4,174 15,779 146 1,347 2,015 2,067 88,951 75,004 1,529 963 59,214 9,513 57,186 20,779 22,093 5,937 3,143 1,579 83,633 4,095 18,369 96 702 2,369 873 76,398 72,919 1,114 310 60,072 6,632 59,122 21,759 31,559 5,635 2,859 527 86,039 301 14,499 4,697 133,546 12,132 203,237 47,820 25,108 686,658 32,221 162 10,329 7,377 111,678 13,749 345,235 20,814 17,478 807,569 37,780 110 9,076 6,144 100,649 5,189 461,435 20,905 26,369 1,030,731 35,909 106 9,107 2,035 102,182 4,584 491,424 23,157 24,267 1,084,857 40,807 103 9,043 3,053 107,910 6,800 556,661 26,121 21,397 1,172,231 35,357 104 13,165 4,503 102,511 8,011 550,124 23,658 22,702 1,182,355 40,078 111 12,648 5,326 160,869 6,614 563,219 25,909 21,474 1,251,222 43,452 102 10,047 3,495 148,794 5,748 568,135 27,637 20,878 1,236,285 40,997 10,938 11,332 6,194 4,174 2,307 1,396 37,374 3,903 1,366 2,822 22,540 6,415 110,761 9,880 17,839 4,504 4,277 2,611 1,557 36,952 4,125 1,406 3,688 21,546 6,014 114,399 10,928 16,912 7,368 6,330 2,696 1,540 51,924 4,634 1,972 4,189 24,861 6,422 139,776 9,928 21,603 8,473 6,025 2,771 1,414 39,700 4,899 3,371 4,466 25,284 7,371 135,305 9,772 18,962 7,369 5,634 2,552 2,056 43,836 4,764 3,422 4,982 25,691 7,952 136,992 10,095 16,294 6,971 6,088 2,980 1,971 39,749 4,823 3,555 4,930 26,722 7,821 131,999 9,668 17,281 7,404 6,107 2,594 1,860 43,412 4,440 3,765 5,042 26,207 7,845 135,625 9,424 14,015 7,079 6,181 2,885 1,650 41,756 4,591 3,269 5,038 25,689 7,948 129,525 164,133 25,281 639,443 91 840 5,011 1,420 11,757 847,976 157,689 39,229 745,754 96 720 8,739 1,259 27,662 981,148 188,587 93,039 885,472 110 922 5,867 1,630 40,135 1,215,762 203,383 62,581 876,950 113 911 5,398 2,004 33,052 1,184,392 204,396 60,950 915,168 113 895 4,752 2,026 30,990 1,219,290 192,504 64,222 928,378 115 1,335 5,645 2,424 32,250 1,226,873 187,612 65,381 895,889 115 812 5,843 2,390 31,984 1,190,026 194,758 64,101 926,366 116 1,086 4,846 2,910 30,650 1,224,833 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] Country Asia: China: Mainland..................................... Taiwan........................................ Hong Kong ..................................... India................................................ Indonesia........................................ Israel............................................... Japan.............................................. Korea.............................................. Lebanon ......................................... Malaysia ......................................... Pakistan.......................................... Philippines...................................... Singapore....................................... Syria ............................................... Thailand.......................................... Oil-exporting countries 7 ................. Other Asia ...................................... Total Asia ................................... Africa: Congo (formerly Zaire)................... Egypt .............................................. Ghana............................................. Liberia............................................. Morocco.......................................... South Africa.................................... Oil-exporting countries 8 ................. Other Africa .................................... Total Africa ................................. Other countries: Australia ......................................... New Zealand 9 ................................ All other .......................................... Total other countries .................. Total foreign countries ........... International and regional organizations: International ................................... European regional.......................... Latin American regional ................. Caribbean regional 10 ..................... Asian regional ................................ African regional .............................. Middle Eastern regional ................. Total international and regional ............................ Grand total ............................. 1 2002 Calendar year 2003 2004 r May r June 2005 July Aug. Sept. p 15,483 18,708 33,365 7,968 14,123 7,505 176,331 8,978 651 1,221 2,093 1,813 17,676 35 7,607 18,893 6,819 339,269 13,236 26,835 49,974 14,535 14,374 12,231 170,315 12,659 676 1,640 2,963 1,690 23,766 22 7,232 24,787 7,656 384,591 52,764 26,516 43,893 11,178 5,905 11,238 173,843 12,457 777 2,837 1,196 2,956 28,912 21 11,356 41,253 6,841 433,943 71,189 23,625 44,598 13,406 3,418 8,360 156,262 18,331 800 3,923 1,056 2,235 18,411 20 13,996 43,102 6,884 429,616 59,304 22,122 43,574 12,992 2,447 7,373 153,841 15,670 978 3,590 1,379 2,458 19,616 19 10,292 40,989 6,731 403,375 51,336 19,971 44,723 14,205 2,637 8,123 155,741 17,105 815 4,401 1,208 2,425 18,514 21 9,645 42,818 6,684 400,372 52,204 21,951 43,750 12,746 2,298 7,256 155,145 19,491 1,016 4,221 1,080 2,456 20,195 24 9,213 45,859 7,360 406,265 57,495 20,015 38,303 11,590 2,807 6,694 158,919 20,675 798 3,213 1,178 2,425 19,815 24 10,362 48,711 7,334 410,358 2 2,655 312 141 306 1,118 4,466 3,361 12,361 18 2,336 596 181 376 3,734 3,608 3,113 13,962 4 2,711 468 243 156 3,477 4,347 3,369 14,775 8 3,725 381 330 151 3,881 6,710 3,075 18,261 6 3,499 407 398 133 3,486 7,134 3,193 18,256 8 3,655 382 317 129 3,005 5,280 3,727 16,503 5 3,385 520 366 131 3,232 4,608 3,430 15,677 4 2,439 405 342 166 3,766 5,213 3,273 15,608 12,055 1,918 263 14,236 2,043,482 14,087 2,592 4,174 20,853 2,360,302 23,159 3,725 8,513 35,397 2,906,293 23,735 3,749 9,590 37,074 2,930,312 27,265 2,712 12,022 41,999 3,027,500 28,170 3,917 12,242 44,329 3,042,509 25,397 3,125 12,339 40,861 3,083,128 19,236 3,047 12,181 34,464 3,092,070 20,464 1,511 507 67 85 15 - 18,437 449 502 63 2,221 496 - 14,016 568 2,184 113 358 989 91 17,239 444 1,664 73 535 943 224 14,293 400 1,857 36 413 804 170 13,636 394 2,073 62 245 889 122 14,262 416 2,365 59 343 694 148 14,654 436 3,112 70 292 507 156 22,649 2,066,131 22,168 2,382,470 18,319 2,924,612 21,122 2,951,434 17,973 3,045,473 17,421 3,059,930 18,287 3,101,415 19,227 3,111,297 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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 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 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.” December 2005 CAPITAL MOVEMENTS 70 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2005, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ..................................... Belgium 4 ................................. Bulgaria ................................... Czech Republic....................... Denmark.................................. Finland .................................... France ..................................... Germany ................................. Greece .................................... Hungary................................... Ireland ..................................... Italy.......................................... Luxembourg 4 .......................... Netherlands............................. Norway .................................... Poland ..................................... Portugal................................... Romania.................................. Russia 5 ................................... Serbia and Montenegro (formerly Yugoslavia) 6......... Spain ....................................... Sweden ................................... Switzerland.............................. Turkey ..................................... United Kingdom....................... Channel Islands and Isle of Man 7 ................................. Other Europe ............................. Total Europe.......................... Canada........................................... Latin America: Argentina.................................... Brazil .......................................... Chile ........................................... Colombia.................................... Ecuador...................................... Guatemala ................................. Mexico........................................ Panama...................................... Peru............................................ Uruguay ..................................... Venezuela.................................. Other Latin America .................. Total Latin America ............... Caribbean: Bahamas.................................... Bermuda .................................... Cayman Islands 8 ...................... Cuba........................................... Jamaica...................................... Netherlands Antilles .................. Trinidad and Tobago................. Other Caribbean........................ Total Caribbean .................. See footnotes at end of table. December 2005 Liabilities payable in dollars To foreign official institutions Total liabilities and foreign banks NonShortPayable negotiable term in deposits U.S. Totals foreign Payable and Treasury curren- Own Custody brokerage obliga- Other in cies 1 liabilities liabilities balances 2 tions 3 liabilities dollars Total (2) (3) (1) (4) (5) (6) (7) (8) 4,095 18,369 96 702 2,369 873 76,398 72,919 1,114 310 60,072 6,632 59,122 21,759 31,559 5,635 2,859 527 86,039 4,095 17,892 96 689 2,364 747 74,540 62,794 1,113 300 59,882 5,589 58,619 18,729 31,499 5,606 2,680 519 86,021 102 102 10,047 9,361 3,495 3,078 148,794 147,006 5,748 5,735 568,135 533,166 27,637 27,576 20,878 20,787 1,236,285 1,180,585 40,997 38,215 9,424 9,314 14,015 12,860 7,079 6,987 6,181 6,122 2,885 2,832 1,650 1,638 41,756 40,062 4,591 4,541 3,269 3,183 5,038 4,987 25,689 25,395 7,680 7,948 129,525 125,601 194,758 192,196 64,101 63,691 926,366 915,664 116 116 1,086 981 4,846 4,838 2,910 2,901 30,650 30,385 1,224,833 1,210,772 477 13 5 126 1,858 10,125 1 10 190 1,043 503 3,030 60 29 179 8 18 1,720 12,693 94 137 1,864 473 62,327 54,193 1,033 174 13,806 4,355 27,353 11,562 29,590 1,783 1,683 512 21,144 3,410 6,843 18 80 1,412 332 35,944 32,859 98 92 2,820 2,643 4,869 905 30,648 2,834 141 425 82,304 237 392 21 37 196 45 1,481 1,918 585 57 3,131 733 1,906 1,219 102 63 186 37 325 1 26 3,835 3,106 2,413 87 6,941 130,091 4,340 684 14,304 101,138 52 1,757 2,984 99 2,367 3,614 6,327 4,277 612 914 230,779 61 26,052 1,524 21,510 91 14,495 6,292 7,004 55,700 953,657 226,928 316,160 2,782 29,109 9,106 3,793 22 807 4,886 7,132 38,210 459,737 3,624 17,232 101 686 5,526 417 665 1,788 140,065 13 1,395 34,969 518,862 110 8,429 1,155 12,108 92 5,568 59 3,451 53 2,580 12 1,223 1,694 28,599 50 3,386 86 2,873 51 4,135 294 23,577 268 6,044 3,924 101,973 2,375 5,199 2 552 500 274 12,213 8,601 80 126 46,076 1,234 31,266 7,167 1,909 3,823 997 7 64,877 885 752 1,419 2,671 252 415 11,463 1,155 310 852 1,818 1,636 23,628 289 4,142 55 70 287 230 11,628 20,169 355 25 2,048 1,670 4,093 2,056 449 162 1,359 50 3,377 375 5,022 1,588 375 370 196 10,000 893 1,174 684 10,121 2,339 33,137 2,562 189,322 2,874 140,609 410 44,609 19,082 2,045 10,702 698,437 217,227 299,186 116 13 105 965 16 470 8 3,875 963 1,508 9 2,093 808 1,115 265 17,739 12,646 4,392 14,061 957,156 253,616 449,338 65 2,053 500 324 56 7,990 3,387 41 73 465 4,738 208 133 2,530 65 3 10 To all other foreigners Memoranda ShortNonNegotiable negotiable term CDs Liabilities deposits U.S. held for to own and Treasury all forbrokerage obliga- Other foreign eigners balances 2 tions 3 liabilities offices (13) (12) (9) (10) (11) 1 50 208 183 44 5,039 6 3 366 16 164 6,080 743 45 201 40,436 32,876 241 6 221 1,327 20,143 7,859 3 110 20 50 2,085 2,863 1 51 100 76 274 2,203 20 16 10,662 715 4,810 1,198 614 13 2 19 1,181 201 4,325 101 12,986 5 79 254 1,591 16 308 64 1,269 1,380 134,678 8 53 147 3,188 184,161 386,127 1 1,951 2,121 278 11 2,759 220 741 32,445 3,616 236 4,781 21,913 152 872 378 10,331 323,702 649,179 817 9,133 13,420 250 65 33,139 903 364 2,236 1,060 1,438 530 452 4,597 458 543 1,533 1,248 1,748 16,207 7,722 4,575 3,354 2,566 1,836 897 16,627 2,109 1,165 1,909 12,044 3,136 57,940 238 39,217 437 2,472 89 428,729 5 9 291 566 929 849 394 633 1,733 473,125 4,336 3,614 27,068 88 197 613 595 8,840 45,351 3 46 1 1 33 2 573 526 7 46 2,330 27 933 741 104 3 4 3 386 139 384 386 4 16 650 327 254 188 196 90 3,020 91 4,416 1 1 112 82 16,924 3,935 68 39 49,480 51 42,080 13,600 63 17 926 2 466 838 393 1,174 92 33 3,149 748 44 307 1,770 203 9,217 273 1,850 453 45 130 35 473 440 61 1,445 230 95 5,530 194 52 53 67 25 288 510 129 22 71 216 905 2,532 561 7,235 172,071 3,732 51,391 17,156 5,331 155,261 576,410 10 14 54 24 1,198 740 99 243 195 3,870 12,256 285 13,617 227,608 766,911 207 2,711 1,294 3 25 74 3,204 7,518 CAPITAL MOVEMENTS 71 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2005, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Total liabilities Country Total (1) Asia: China: Mainland ...................... 57,495 Taiwan ......................... 20,015 38,303 Hong Kong....................... 11,590 India.................................. 2,807 Indonesia ......................... 6,694 Israel................................. Japan ............................... 158,919 20,675 Korea................................ 798 Lebanon ........................... 3,213 Malaysia........................... 1,178 Pakistan ........................... 2,425 Philippines........................ 19,815 Singapore......................... 24 Syria ................................. 10,362 Thailand ........................... 56,045 Other Asia........................ Total Asia..................... 410,358 Africa: 4 Congo (formerly Zaire).... 2,439 Egypt ................................ 405 Ghana .............................. 342 Liberia............................... 166 Morocco ........................... 3,766 South Africa ..................... 8,486 Other Africa...................... 15,608 Total Africa .................. Other countries: 19,236 Australia ........................... 3,047 New Zealand ................... 12,181 All other............................ 34,464 Total other countries ... Total foreign countries.............. 3,092,070 International and regional orgs.: International ..................... 14,654 436 European regional........... 3,112 Latin American regional.... 70 Caribbean regional.......... 292 Asian regional.................. 507 African regional................ 156 Middle Eastern regional .. Total international 19,227 and regional ............ Grand total............... 3,111,297 1 Payable in Totals Payable foreign in Own Custody currencies 1 liabilities liabilities dollars (2) (3) (4) (5) 57,494 1 19,982 33 36,873 1,430 11,561 29 2,805 2 6,675 19 153,979 4,940 20,581 94 790 8 3,212 1 1,169 9 2,420 5 17,786 2,029 24 10,361 1 54,173 1,872 399,885 10,473 4 2,437 405 341 166 3,763 8,461 15,577 16,226 41,268 17,418 2,564 13,784 23,089 2,478 9,083 1,882 923 4,334 2,341 49,966 104,013 6,533 14,048 784 6 2,117 1,095 998 171 1,813 607 13,702 4,084 24 8,856 1,505 29,184 24,989 170,099 229,786 2,319 3,726 6,951 813 708 706 19,068 3,584 297 600 356 910 7,322 2 243 15,499 63,104 19,007 1,853 13,223 5,605 900 1,226 95,595 5,876 971 32 320 717 1,319 18,639 165,283 To all other foreigners NonShortnegotiable term deposits U.S. and Treasury brokerage obligabalances 2 tions 3 (10) (9) 33,458 901 9,763 4,063 10,268 2,807 3,926 701 401 791 1,644 2,002 27,211 4,382 9,908 598 385 103 1,509 95 651 82 336 570 4,052 983 22 8,285 379 16,373 1,287 128,170 19,766 Memoranda Other liabilities (11) Liabilities to own foreign offices (12) Negotiable CDs held for all foreigners (13) 30 1,779 56 521 330 3,294 9 507 5 64 1,033 1,003 6,720 2 613 2 3 8 29 1 47 51 233 813 3,899 82 53 186 2,189 2,637 20,925 1,190 904 3,909 482 262 1,203 37,897 1,642 5 193 188 85 8,969 131 11,273 68,333 941 329 586 9 3 98 417 686 3 39 28 36 328 8 1,417 4,928 2 1 3 25 31 4 1,229 206 189 112 3,328 5,731 10,799 1,208 199 152 54 435 2,730 4,778 2 605 55 1 60 426 2,440 3,589 1,148 199 328 1,659 3,334 298 109 25 26 2,125 3,198 5,781 2 336 41 163 27 259 698 1,526 46 2 114 162 50 1 106 51 625 352 1,185 96 1 3 2,080 606 2,786 30 22 76 176 304 18,931 305 2,820 227 633 11,548 22,384 12,080 12,039 2,011 609 14,659 6,892 809 24 7,725 3,973 426 53 4,452 81 359 1 441 12,522 1,556 103 14,181 622 138 263 1,023 493 50 3 546 1,240 291 210 1,741 872 1 24 897 80 21 2 103 2,993,019 99,051 2,237,452 755,567 873,573 12,929 436 3,004 70 292 507 156 1,725 108 - 9,833 360 672 44 168 16 - 3,096 76 2,332 26 124 491 156 - 17,394 1,833 11,093 6,301 - 3,010,413 100,884 2,248,545 761,868 873,573 These data as of June 30, 2005. 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.” 2 Liabilities payable in dollars To foreign official institutions and foreign banks NonShortnegotiable term deposits U.S. and Treasury brokerage obligaOther balances 2 tions 3 liabilities (8) (6) (7) 218,705 1,114,433 161,667 31,130 593,511 1,507,056 49,427 - - 4,607 351 619 23 14 1 - 1,708 14 204 20 61 90 6,614 71 2,181 27 278 445 66 - 918 894 1 57 - - 5,615 2,097 9,682 - 1,870 218,705 1,114,433 167,282 33,227 603,193 1,507,056 51,297 6 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 7 Before January 2001, data included in United Kingdom. 8 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. December 2005 CAPITAL MOVEMENTS 72 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1300 U.S. banking liabilities to foreigners, excluding longterm securities, were recorded at $3.1 trillion in September 2005, a slight increase from the $2.9 trillion recorded for yearend 2004. U.S. banking liabilities increased about $542 billion in 2004 and about $316 billion in 2003. Much of the increase in liabilities to foreigners in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking liabilities increased about $136 billion. (In billions of dollars) 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 Sept. 2005 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 2001 United Kingdom............................ 222,032 All other Europe............................ 334,586 Caribbean banking centers 1,2 ...... 641,952 Japan............................................ 173,640 All other Asia ................................ 140,329 Subtotal ...................................... 1,512,539 All other countries......................... 197,241 Grand total.................................. 1,709,780 1 2 2002 Calendar years 2003 Sept. 2005 203,237 483,421 837,771 176,331 162,938 1,863,698 202,433 345,235 462,334 955,536 170,315 214,276 2,147,696 234,774 461,435 569,296 1,177,599 173,843 260,100 2,642,273 282,339 568,135 668,150 1,194,662 158,919 251,439 2,841,305 269,992 2,066,131 2,382,470 2,924,612 3,111,297 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. December 2005 2004 U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years. Foreigners domiciled in the rest of Europe and in Asia account for about one-third 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] Calendar Year 2003 June 2004 Sept. r Dec. r Mar. June p Total claims.............................................................. 1,706,438 1,975,396 2,025,937 2,173,098 2,123,354 2,294,218 Payable in dollars.................................................. 1,603,404 1,849,608 1,898,582 2,017,162 1,984,158 2,157,694 Own claims on foreigners................................... 1,322,363 1,528,842 1,590,875 1,668,538 1,609,340 1,787,702 Foreign official institutions ............................... 53,328 73,170 64,936 71,892 69,174 81,822 Type of Claim 2005 Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 979,597 1,128,212 1,172,330 1,192,156 1,143,862 1,296,359 All other foreigners .......................................... 289,438 327,460 353,609 404,490 396,304 409,521 Claims of domestic customers.............................. 281,041 320,766 307,707 348,624 374,818 369,992 Payable in foreign currencies .................................. 103,034 125,788 127,355 155,936 139,196 136,524 Own claims on foreigners ..................................... 81,669 104,278 99,897 123,880 107,109 102,985 Canadian dollars .............................................. 12,716 14,240 14,703 15,336 12,495 11,956 Euros................................................................ 39,661 43,587 46,507 56,248 57,846 50,657 United Kingdom pounds sterling...................... 6,882 10,947 7,822 10,782 10,798 10,408 Japanese yen................................................... 16,610 29,429 22,621 34,207 18,568 21,385 Claims of domestic customers.............................. 21,365 21,510 27,458 32,056 32,087 33,539 Canadian dollars .............................................. 3,360 1,646 1,863 3,225 3,417 2,678 Euros................................................................ 8,554 7,774 14,292 17,865 17,691 18,833 United Kingdom pounds sterling...................... 2,602 1,667 2,772 3,805 5,631 7,130 Japanese yen................................................... 3,909 7,289 4,956 3,716 2,398 2,085 Total own claims on foreigners ............................. 1,404,032 1,633,120 1,690,772 1,792,418 1,716,449 1,890,687 Non-negotiable deposits .................................... 538,187 640,852 638,168 675,468 663,910 777,529 Short-term negotiable instruments (payable in dollars)........................................... 5,704 7,995 8,145 8,720 10,170 12,230 Resale agreements ............................................ 344,753 378,174 443,072 478,239 474,085 526,927 of which: of which: Memoranda: Other................................................................... 515,388 606,099 601,387 629,991 568,284 574,001 Claims on own foreign offices............................... 934,166 1,024,154 1,045,012 1,106,491 1,070,511 1,201,757 Claims reported by IBFs ....................................... 321,674 373,623 412,725 411,033 367,794 424,741 Payable in dollars ............................................... 293,898 341,095 374,746 365,267 336,281 395,648 Payable in foreign currencies............................. 27,776 32,528 37,979 45,766 31,513 29,093 Total claims held for domestic customers ............ 302,406 342,276 335,165 380,680 406,905 403,531 Non-negotiable deposits .................................... 141,003 146,338 146,300 161,039 177,839 167,238 Short-term negotiable instruments (payable in dollars)........................................... 135,303 177,194 155,875 181,962 195,819 197,036 Other ..................................................................... 26,100 18,744 32,990 37,679 33,247 39,257 December 2005 CAPITAL MOVEMENTS 74 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .................................................... Belgium 1 ................................................ Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Luxembourg 1 ......................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia 2 .................................................. Serbia and Montenegro (formerly Yugoslavia) 3........................................ Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands and Isle of Man 4 ......... Other Europe.......................................... Total Europe ........................................ Canada...................................................... Latin America: Argentina ................................................ Brazil....................................................... Chile ....................................................... Colombia ................................................ Ecuador .................................................. Guatemala.............................................. Mexico .................................................... Panama .................................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. Other Latin America 5 ............................. Total Latin America.............................. Caribbean: Bahamas ................................................ Bermuda................................................. Cayman Islands 6 ................................... Cuba ....................................................... Jamaica .................................................. Netherlands Antilles ............................... Trinidad and Tobago .............................. Other Caribbean 5 .................................. Total Caribbean ................................... See footnotes at end of table. December 2005 Calendar year 2002 2003 Dec. 2004 Mar. 2005 June Sept. r Dec. r Mar. June p 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 5,650 11,353 59 232 3,606 8,489 89,151 41,851 244 78 12,721 10,553 7,595 29,533 18,713 53 2,765 192 1,259 5,674 13,689 12 107 2,536 9,088 103,563 49,486 212 158 16,324 15,380 7,944 33,847 22,898 1,121 2,812 187 1,057 4,763 14,409 120 234 3,733 11,387 105,003 50,965 263 106 16,266 16,144 6,119 33,051 31,016 956 1,972 194 1,127 6,084 13,558 39 185 3,876 13,024 95,378 48,030 278 101 15,297 18,604 7,208 31,564 27,246 1,794 1,983 226 981 5,894 11,713 106 746 3,214 12,225 119,001 46,234 140 192 23,250 21,943 9,153 33,227 27,739 222 2,039 264 1,104 6,277 15,232 46 1,124 2,001 13,458 115,447 56,544 132 47 26,522 22,810 8,554 23,957 15,677 1,370 2,006 245 1,171 5,697 17,583 23 1,134 2,457 11,165 132,363 46,006 319 125 24,875 23,768 8,149 26,768 34,231 765 2,156 260 1,015 9 8,696 22,789 138,173 3,305 293,642 17,775 1,997 699,781 94,126 5,199 20,044 82,948 2,209 385,701 43,415 3,443 787,056 79,059 24 5,093 24,292 106,867 3,327 460,654 51,345 4,693 942,390 81,535 9,556 23,904 96,329 3,296 479,320 49,116 5,841 965,190 81,821 9,257 22,671 111,754 2,393 511,246 48,652 6,502 997,931 76,150 10,637 27,554 116,718 2,604 563,646 32,435 6,424 1,078,424 76,635 16,727 30,375 91,720 2,618 537,622 33,276 9,047 1,034,005 72,924 14,732 26,940 122,775 3,012 585,714 33,356 5,992 1,131,380 72,721 7,053 16,070 5,322 2,633 469 925 16,249 2,070 1,424 276 3,404 2,780 58,675 4,426 16,571 6,167 2,123 419 817 14,113 1,946 1,398 478 3,093 2,438 53,989 3,712 18,664 6,023 2,173 425 846 13,472 1,928 1,383 412 2,990 2,571 54,599 3,467 17,310 6,246 2,240 453 824 12,278 1,742 1,665 408 2,945 2,665 52,243 2,975 16,514 5,831 2,530 447 764 13,206 1,559 1,647 392 2,736 2,401 51,002 2,442 14,659 6,279 2,708 493 891 14,079 2,020 1,550 422 3,061 2,753 51,357 2,307 17,616 6,674 2,659 509 831 14,730 2,160 1,395 354 2,868 2,542 54,645 2,273 15,703 6,789 2,632 587 893 14,902 2,376 1,545 448 2,685 2,505 53,338 96,358 10,620 417,363 321 6,783 889 3,453 535,787 104,469 15,410 489,806 379 6,736 701 5,108 622,609 100,823 21,171 545,927 388 5,401 829 6,047 680,586 96,490 16,390 578,186 457 5,459 900 6,838 704,720 88,390 26,426 590,730 378 5,357 691 7,051 719,023 126,067 34,802 591,167 351 5,610 760 7,843 766,600 130,751 29,593 596,755 391 5,725 689 9,143 773,047 156,068 30,815 637,371 437 4,939 734 9,791 840,155 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 Asia: China: Mainland .................................... Taiwan ....................................... Hong Kong ................................... India.............................................. Indonesia...................................... Israel............................................. Japan............................................ Korea ............................................ Lebanon........................................ Malaysia ....................................... Pakistan........................................ Philippines .................................... Singapore ..................................... Syria ............................................. Thailand........................................ Oil-exporting countries 7 ............... Other Asia .................................... Total Asia................................... Africa: Congo (formerly Zaire) ................. Egypt ............................................ Ghana........................................... Liberia........................................... Morocco........................................ South Africa.................................. Oil-exporting countries 8 ............... Other Africa .................................. Total Africa ................................ Other countries: Australia........................................ New Zealand ................................ All other ........................................ Total other countries.................. Total foreign countries ............ International and regional orgs: International.................................. European regional........................ Latin American regional ............... Caribbean regional....................... Asian regional............................... African regional ............................ Middle Eastern regional ............... Total international and regional............................ Grand total .............................. Calendar year 2002 2003 Dec. Mar. 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 4,320 9,952 7,927 1,781 877 7,186 74,174 12,416 72 1,028 74 1,751 8,291 2 1,303 8,748 194 140,096 500 12 308 71 653 238 295 2,077 2004 2005 June Sept. r Dec. r Mar. June p 9,836 9,401 9,505 2,141 958 7,444 69,503 20,890 72 1,170 52 1,580 9,075 2 1,198 6,466 122 149,415 9,067 11,312 6,402 2,481 937 5,257 81,777 15,320 60 1,351 88 1,316 8,975 21 809 8,239 173 153,585 12,030 10,140 4,457 2,402 639 5,883 91,539 14,117 56 1,131 64 957 6,625 5 965 10,215 243 161,468 9,425 10,936 6,317 2,298 617 3,119 102,859 16,194 49 1,539 37 1,023 6,588 6 1,450 10,755 234 173,446 13,357 12,576 3,704 2,525 554 5,850 89,018 16,126 44 1,603 57 854 7,336 2 1,668 8,578 111 163,963 10,747 10,752 8,588 2,465 587 3,406 93,722 16,006 42 1,728 37 952 7,119 2 6,092 8,852 140 171,237 251 17 317 66 3,672 158 278 4,759 228 11 257 66 3,876 218 201 4,857 212 11 201 71 434 162 279 1,370 201 19 265 88 350 208 213 1,344 246 22 273 95 631 249 191 1,707 361 16 251 90 462 326 208 1,714 521 19 232 73 300 291 453 1,889 7,793 881 69 8,743 1,512,933 10,599 2,964 46 13,609 1,701,177 13,417 2,590 61 16,068 1,929,450 11,367 1,768 39 13,174 1,972,103 10,714 1,618 79 12,411 2,019,329 14,778 2,244 82 17,104 2,165,273 11,415 2,895 221 14,531 2,114,829 13,528 1,925 109 15,562 2,286,282 3,291 8 179 331 - 3,971 127 265 898 - 5,260 834 283 712 - 2,092 661 232 273 35 - 4,770 191 143 1,463 35 6 6,604 761 311 149 - 5,879 1,698 322 626 - 6,628 861 144 303 - 3,809 1,516,742 5,261 1,706,438 7,089 1,936,539 3,293 1,975,396 6,608 2,025,937 7,825 2,173,098 8,525 2,123,354 7,936 2,294,218 1 4 2 5 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 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. Before January 2001, data included in United Kingdom 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. December 2005 CAPITAL MOVEMENTS 76 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2005 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 5,697 Belgium 1 ........................................... 17,583 Bulgaria ............................................. 23 Czech Republic ................................. 1,134 Denmark............................................ 2,457 Finland............................................... 11,165 France ............................................... 132,363 Germany............................................ 46,006 Greece............................................... 319 Hungary............................................. 125 Ireland................................................ 24,875 Italy .................................................... 23,768 Luxembourg 1 .................................... 8,149 Netherlands ....................................... 26,768 Norway .............................................. 34,231 Poland ............................................... 765 Portugal ............................................. 2,156 Romania ............................................ 260 Russia 2 ............................................. 1,015 Serbia and Montenegro (formerly Yugoslavia) 3 ................................... Spain ................................................. 14,732 Sweden.............................................. 26,940 Switzerland........................................ 122,775 Turkey................................................ 3,012 United Kingdom................................. 585,714 Channel Islands and Isle of Man 4 ........ 33,356 5,992 Other Europe..................................... Total Europe ................................... 1,131,380 72,721 Canada................................................. Latin America: Argentina ........................................... 2,273 Brazil.................................................. 15,703 Chile .................................................. 6,789 Colombia ........................................... 2,632 Ecuador ............................................. 587 Guatemala......................................... 893 Mexico ............................................... 14,902 Panama ............................................. 2,376 Peru ................................................... 1,545 Uruguay............................................. 448 Venezuela ......................................... 2,685 2,505 Other Latin America 5 ........................ 53,338 Total Latin America......................... Caribbean: Bahamas ........................................... 156,068 Bermuda............................................ 30,815 Cayman Islands 6 .............................. 637,371 Cuba .................................................. Jamaica ............................................. 437 Netherlands Antilles .......................... 4,939 Trinidad and Tobago ......................... 734 9,791 Other Caribbean 5 ............................. Total Caribbean .............................. 840,155 See footnotes at end of table. December 2005 Total (2) Claims on foreign official institutions and foreign banks (3) 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) 4,592 13,811 21 1,134 1,006 10,941 108,165 36,167 164 117 14,390 21,327 3,968 22,395 30,772 754 2,137 257 1,011 1,393 12,061 18 1,102 548 10,615 68,407 16,822 14 83 4,981 19,296 2,707 10,033 29,177 734 947 27 568 3,182 1,343 1 24 366 106 27,047 13,238 107 1 8,077 380 1,009 8,669 1,560 6 535 221 433 137 6,285 59 275 10,317 60,896 8,134 4 3,355 17,348 2,168 9,093 798 15 320 144 17 407 2 8 92 220 12,711 6,107 43 33 1,332 1,651 252 3,693 35 14 655 9 10 1,105 3,772 2 1,451 224 24,198 9,839 155 8 10,485 2,441 4,181 4,373 3,459 11 19 3 4 1,095 2,505 2 1,266 215 19,522 8,189 155 10,192 2,410 3,990 2,346 3,415 1 10 3 4 10 1,267 185 9 4,676 1,650 8 293 31 191 2,027 44 10 9 - 13,350 13,873 119,884 2,990 474,758 26,844 1,862 926,690 60,278 11,973 10,657 114,211 2,384 327,507 23,058 1,389 670,712 40,218 161 2,621 2,657 571 111,248 3,665 277 187,505 10,717 10,976 10,404 111,915 74 354,734 23,024 17 630,492 34,724 1,216 595 3,016 35 36,003 121 196 68,473 9,343 1,382 13,067 2,891 22 110,956 6,512 4,130 204,690 12,443 1,353 12,757 2,830 14 104,807 4,898 30 182,009 9,820 29 310 61 8 6,149 1,614 4,100 22,681 2,623 2,043 15,527 6,748 2,608 564 879 14,646 2,122 1,530 438 2,669 2,444 52,218 140 8,557 2,309 1,538 176 423 1,755 1,458 514 122 641 1,098 18,731 1,871 6,434 4,218 995 388 446 12,579 641 1,011 311 1,843 1,345 32,082 140 4,638 402 115 16 42 537 277 166 129 5 216 6,683 32 536 221 75 10 312 23 5 5 185 1 1,405 230 176 41 24 23 14 256 254 15 10 16 61 1,120 194 161 38 17 23 14 241 231 15 10 15 61 1,020 36 15 3 7 15 23 1 100 109,234 28,437 515,767 437 4,890 734 9,698 669,197 104,902 330 404,461 70 1,398 252 689 512,102 3,403 26,311 102,388 363 3,480 482 8,684 145,111 104,637 3,545 338,726 132 1,389 113 38 448,580 929 1,796 8,918 4 12 325 11,984 46,834 2,378 121,604 49 93 170,958 46,793 2,301 117,913 39 93 167,139 41 77 3,691 10 3,819 CAPITAL MOVEMENTS 77 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2005, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Asia: China: Mainland ......................................... Taiwan ............................................ Hong Kong ........................................ India................................................... Indonesia........................................... Israel.................................................. Japan................................................. Korea ................................................. Lebanon............................................. Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Syria .................................................. Thailand............................................. Other Asia ......................................... Total Asia........................................ Africa: Congo (formerly Zaire) ...................... Egypt ................................................. Ghana................................................ Liberia................................................ Morocco............................................. South Africa....................................... Other Africa ....................................... Total Africa ..................................... Other countries: Australia............................................. New Zealand ..................................... All other ............................................. Total other countries....................... Total foreign countries ................. International and regional orgs: International....................................... European regional............................. Latin American regional .................... Caribbean regional............................ Asian regional.................................... African regional ................................. Middle Eastern regional .................... Total international and regional...... Grand total ................................... Total (2) Claims on foreign official institutions and foreign banks (3) 10,747 10,752 8,588 2,465 587 3,406 93,722 16,006 42 1,728 37 952 7,119 2 6,092 8,992 171,237 10,584 10,622 8,272 2,352 580 1,775 90,922 15,965 41 1,691 36 930 5,658 5,840 8,831 164,099 10,188 9,942 3,177 1,954 211 1,553 69,829 14,176 37 1,494 10 799 3,715 5,592 6,343 129,020 333 555 4,578 370 337 195 15,137 1,444 4 181 24 108 579 29 420 24,294 52 1,110 1,274 387 10 1,363 61,613 2,929 273 19 3,192 141 5,571 77,934 63 125 517 28 32 27 5,956 345 16 2 23 1,364 219 2,068 10,785 163 130 316 113 7 1,631 2,800 41 1 37 1 22 1,461 2 252 161 7,138 162 17 67 81 5 1,629 894 29 1 7 1 19 459 2 21 161 3,555 1 113 249 32 2 2 1,906 12 30 3 1,002 231 3,583 521 19 232 73 300 744 1,889 427 9 224 63 258 661 1,642 323 9 23 106 382 843 72 213 16 113 276 690 121 11 262 394 32 11 24 39 3 109 94 10 8 10 42 83 247 74 10 8 10 7 76 185 20 35 7 62 13,528 1,925 109 15,562 2,286,282 9,451 908 109 10,468 1,884,592 6,435 116 4 6,555 1,378,181 2,471 456 100 3,027 403,426 2,947 3 2,950 1,201,757 545 336 5 886 102,985 4,077 1,017 5,094 401,690 3,439 992 4,431 368,159 638 25 663 33,531 6,628 861 144 303 7,936 2,294,218 5,719 1 72 303 6,095 1,890,687 1,378,181 5,719 1 72 303 6,095 409,521 1,201,757 102,985 909 860 72 1,841 403,531 909 852 72 1,833 369,992 8 8 33,539 Total claims (1) Claims on all other foreigners (4) 1 4 2 5 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 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. 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) Before January 2001, data included in United Kingdom. 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. December 2005 CAPITAL MOVEMENTS 78 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 900 In June 2005, U.S. banking claims on foreigners, excluding long-term securities, amounted to about $2.3 trillion, a slight increase from the level recorded at yearend 2004. U.S. banking claims increased $466 billion in 2004 and $190 billion in 2003. In large part, the increase in claims in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking claims increased $18 billion. (In billions of dollars) 800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 June 2005 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 United Kingdom ...................... All other Europe ...................... Caribbean banking centers 1,2 Japan ...................................... All other Asia........................... Subtotal................................. All other countries ................... Grand total ............................ 1 2 2001 300,665 362,960 422,615 40,047 57,326 1,183,613 167,986 1,351,599 2002 293,642 406,139 533,194 59,792 53,952 1,346,719 170,023 1,516,742 2003 2004 June 2005 385,701 401,355 618,367 74,174 65,922 1,545,519 160,919 1,706,438 563,646 514,778 759,666 102,859 70,587 2,011,536 161,562 2,173,098 585,714 545,666 831,569 93,722 77,515 2,134,186 160,032 2,294,218 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. December 2005 As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. CAPITAL MOVEMENTS 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, Foreigners 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 2003 2004 2005 June Total banks’ own claims Calendar year 2003 2004 2005 June 183 241 366 163 259 271 389 222 190 184 16 n.a. 171 n.a. n.a. 83 8 n.a. 425 11,114 167 1,045 964 69 1,744 1,321 40 350 1,284 135 726 158 438 10,436 219 1,128 970 n.a. 2,485 1,297 21 385 1,636 132 799 88 322 9,959 212 1,824 1,082 55 2,876 1,469 30 403 1,819 165 848 104 179 631 18 216 700 n.a. 551 806 43 245 60 62 n.a. 149 163 21 182 698 n.a. 416 1,089 n.a. 54 263 65 49 n.a. 160 134 51 174 665 n.a. 439 946 n.a. 43 275 64 46 2 49 5 1,575 97 548 333 102 7 1,016 n.a. n.a. 235 95 7 1,672 238 233 139 99 6 n.a. n.a. 45 9 n.a. 13 n.a. 27 16 15 139 18 349 16 77 124 113 202 64 n.a. n.a. 82 452 43 167 93 61 n.a. 14 n.a. 28 76 245 546 144 141 36 n.a. n.a. 172 n.a. 228 71 66 n.a. 13 537 35 83 261 156 116 n.a. 20 n.a. n.a. 159 89 199 75 76 n.a. 20 12 n.a. n.a. 9 n.a. n.a. 9 67 n.a. - 26 n.a. 2 6 n.a. n.a. 5 54 n.a. 24 n.a. n.a. n.a. n.a. 60 2 - n.a. n.a. n.a. n.a. - n.a. Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates for the “Other” geographical categories in the regular monthly/quarterly series on U.S. banking liabilities and claims in Capital Movements sections I and II. December 2005 CAPITAL MOVEMENTS 80 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 Total liabilities ................................................ Payable in dollars....................................... Financial................................................. Short-term negotiable securities........ Other .................................................. Commercial............................................ Trade payables .................................. Advance receipts and other............... Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of liability: Financial............................................. Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade payables .............................. Advance receipts and other........... Total claims.................................................... Payable in dollars....................................... Financial................................................. Non-negotiable deposits .................... Negotiable CDs and short-term negotiable instruments..................... Other .................................................. Commercial............................................ Trade receivables .............................. Advance payments and other............ Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of claim: Financial............................................. Non-negotiable deposits ................ Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade receivables .......................... Advance payments and other........ Memoranda: Financial liabilities and claims: Positions with unaffiliated entities: Financial liabilities .............................. Financial claims ................................. Selected positions with affiliated entities: 1 Financial liabilities .............................. Financial claims ................................. 1 2001 66,679 42,925 18,763 n.a. n.a. 24,162 10,893 13,269 23,754 Calendar year 2002 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 June r 104,940 71,833 42,171 1,980 40,191 29,662 17,001 12,661 33,107 2004 Sept. r 103,204 69,707 43,617 2,867 40,750 26,090 17,054 9,036 33,497 Dec. r 108,339 71,716 45,905 1,410 44,495 25,811 16,705 9,106 36,623 Mar. 109,178 72,508 42,618 1,262 41,356 29,890 20,257 9,633 36,670 2005 June p 105,659 78,782 47,792 2,772 45,020 30,990 21,484 9,506 26,877 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,630 11,159 12,031 2,702 3,031 1,913 8,727 18,476 1,915 2,076 2,222 8,708 18,020 1,944 2,603 2,623 10,125 19,041 1,860 2,974 2,496 12,185 17,182 1,693 3,114 1,917 17,211 3,835 1,723 2,191 22,271 n.a. n.a. 1,483 888 595 113,082 103,864 74,471 n.a. 20,717 n.a. n.a. 1,860 1,230 630 102,566 91,551 65,070 n.a. 28,095 12,107 15,988 2,458 1,174 1,284 165,901 148,373 122,879 33,944 30,628 8,888 21,740 2,479 1,385 1,094 188,506 145,115 117,735 41,344 30,201 8,548 21,653 3,296 1,308 1,988 192,336 152,500 124,592 48,986 33,272 10,349 22,923 3,351 1,476 1,875 197,696 149,348 121,909 42,005 33,447 8,791 24,656 3,223 1,421 1,802 202,046 153,418 125,119 45,007 24,003 11,447 12,556 2,874 1,367 1,507 182,229 140,239 111,360 42,385 n.a. n.a. 29,393 25,828 3,565 9,218 n.a. n.a. 26,481 22,635 3,846 11,015 3,047 85,888 25,494 21,245 4,249 17,528 5,272 71,119 27,380 23,626 3,754 43,391 7,436 68,170 27,908 24,123 3,785 39,836 9,739 70,165 27,439 24,778 2,661 48,348 11,768 68,344 28,299 24,588 3,711 48,628 8,541 60,434 28,879 25,611 3,268 41,990 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,469 4,318 4,429 1,420 4,892 2,049 9,730 15,196 8,550 7,866 1,724 14,155 10,787 8,020 5,150 1,841 22,212 10,805 7,583 5,907 7,715 19,170 8,798 6,350 6,595 10,437 12,416 8,808 4,160 6,169 6,816 n.a. n.a. n.a. 2,402 1,685 717 6,319 n.a. n.a. n.a. 4,696 3,750 946 9,453 1,976 164 7,313 8,075 7,373 702 36,361 1,630 196 34,535 7,030 6,258 772 35,960 1,328 159 34,473 3,876 3,223 653 43,072 5,878 153 37,041 5,276 4,451 825 43,824 7,309 144 36,371 4,804 3,979 825 37,626 6,581 353 30,692 4,364 3,529 835 41,034 81,287 39,561 71,389 43,610 67,347 58,084 92,499 57,142 101,867 62,847 110,517 52,835 115,412 45,797 101,625 n.a. n.a. n.a. n.a. 9,540 64,985 14,715 61,597 16,676 58,685 16,330 54,464 23,230 53,531 25,998 47,361 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. December 2005 2003 r 83,240 52,687 25,055 1,895 23,160 27,632 16,000 11,632 30,553 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] Calendar year Country Europe: Austria .................................. Belgium 1 .............................. Bulgaria ................................ Czech Republic.................... Denmark............................... Finland ................................. France .................................. Germany .............................. Greece ................................. Hungary................................ Ireland .................................. Italy....................................... Luxembourg 1 ....................... Netherlands.......................... Norway ................................. Poland .................................. Portugal................................ Romania............................... Russia 2 ................................ Serbia and Montenegro (formerly Yugoslavia) 3..... Spain .................................... Sweden ................................ Switzerland .......................... Turkey .................................. United Kingdom ................... Channel Islands and Isle of Man 4 ..................... Other Europe ....................... Total Europe .................... Canada..................................... Latin America: Argentina.............................. Brazil .................................... Chile ..................................... Colombia.............................. Ecuador................................ Guatemala ........................... Mexico.................................. Panama................................ Peru...................................... Uruguay................................ Venezuela ............................ Other Latin America 5 ........... Total Latin America ............. Caribbean: Bahamas.............................. Bermuda................................... British West Indies 6................. Cayman Islands 6 ................. Cuba..................................... Jamaica................................ Netherlands Antilles............. Trinidad and Tobago............ Other Caribbean 5 ................ Total Caribbean ............... 2004 2000 2001 2002 2003 r June r Sept. r 111 440 2 7 149 91 2,459 3,215 400 8 1,216 1,773 n.a. 2,316 286 42 16 178 91 151 253 3 10 148 86 3,575 3,249 410 27 1,264 1,395 n.a. 3,117 320 43 16 17 48 64 285 4 13 522 56 6,008 3,704 403 32 785 1,271 n.a. 2,415 406 46 17 20 38 82 163 3 6 67 47 4,443 4,386 474 11 856 1,154 705 668 445 26 7 30 71 95 82 2 29 118 34 3,184 4,974 535 20 891 1,063 592 609 7,655 156 22 31 93 83 98 2 26 72 39 3,340 4,356 284 10 1,635 892 712 655 4,664 154 23 43 61 11 468 117 606 408 29,209 14 423 97 884 133 25,131 9 403 115 494 101 25,180 1,068 656 1,884 302 26,911 1,021 762 936 302 32,024 n.a. 182 43,801 2,344 n.a. 211 41,025 2,577 n.a. 201 42,592 2,179 188 44,653 3,405 146 262 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 62 318 55 50 5 13 1,201 61 21 6 178 503 2,473 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 74 1,528 401 n.a. 29 28 11 33 n.a. 2,104 2005 Dec. r Mar. June p 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 147 68 4 37 75 25 3,150 6,296 232 10 1,228 947 622 735 873 179 29 16 47 110 191 3 28 118 11 2,751 8,540 203 3 1,455 525 553 530 3,365 186 28 3 106 1 1,292 746 1,047 123 31,292 2 591 800 1,078 180 32,630 3 347 221 1,022 104 29,600 3 397 491 1,061 94 20,768 3 296 55,529 4,060 1 326 51,977 3,951 2 535 47,720 4,578 400 46,417 4,426 46 283 41,852 4,150 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 101 367 74 96 20 13 1,780 39 79 2 481 88 3,140 75 283 62 136 38 9 1,949 27 18 1 499 77 3,174 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 90 360 196 93 31 4 2,184 23 17 4 651 72 3,725 181 433 232 56 9 6 2,230 30 25 3 527 78 3,810 14 1,224 n.a. 3,154 2 17 3 16 564 4,994 39 3,101 n.a. 3,515 2 21 14 19 630 7,341 35 3,017 n.a. 4,620 2 13 39 12 702 8,440 32 9,230 n.a. 7,279 24 14 15 729 17,323 66 1,312 n.a. 7,900 19 17 40 891 10,245 79 889 n.a. 7,659 11 13 8 993 9,652 See footnotes at end of table. December 2005 CAPITAL MOVEMENTS 82 TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland............................. Taiwan................................ Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea...................................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Thailand.................................. Oil-exporting countries 7 ......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana..................................... Liberia..................................... Morocco.................................. South Africa............................ Oil-exporting countries 8 ......... Other Africa ............................ Total Africa ......................... Other countries: Australia ................................. New Zealand 9 ........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs: International ........................... European regional.................. Latin American regional ......... Caribbean regional 10 ............. Asian regional ........................ African regional ...................... Middle Eastern regional ......... Total international and regional ..................... Grand total ..................... 1 2000 Calendar year 2001 2002 December 2005 June r 2004 Sept. r Dec. r Mar. 2005 June p 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 1,252 659 495 160 100 350 6,124 548 53 140 158 108 1,796 13 118 3,993 247 16,314 1,129 441 583 86 60 519 6,196 1,331 13 188 233 139 1,436 2 34 3,184 284 15,858 3,496 572 714 222 43 481 6,367 1,597 40 256 101 60 1,348 2 54 2,335 283 17,971 3,439 539 736 139 43 377 5,952 692 37 311 109 120 1,165 38 24 3,342 233 17,296 3,983 491 668 103 74 302 5,869 723 35 256 171 117 822 21 79 2,946 303 16,963 3,591 620 644 80 71 365 6,689 695 34 283 142 107 1,247 3 86 3,933 227 18,817 2,923 786 685 101 88 233 6,844 711 33 283 171 96 1,128 3 64 4,250 163 18,562 166 6 18 11 135 483 181 1,000 1 117 3 30 34 111 441 152 889 1 128 2 1 42 130 496 158 958 86 28 4 41 52 464 230 905 2 126 5 37 44 660 326 1,200 131 3 42 41 581 277 1,075 132 2 14 44 36 518 332 1,078 137 5 5 39 51 542 288 1,067 130 1 48 34 36 723 146 1,118 344 n.a. 898 1,242 73,841 584 n.a. 430 1,014 66,649 732 n.a. 238 970 67,590 1,053 71 98 1,222 73,684 574 36 371 981 90,222 464 53 96 613 86,526 1,047 51 98 1,196 92,007 1,075 65 109 1,249 85,946 399 25 86 510 79,654 1 45 n.a. 9 8 - 30 n.a. - 22 3 46 n.a. 3 - 16 - 3 - 2 - 2 - 2 - 2 5 - 63 30 74 16 3 2 2 2 7 73,904 66,679 67,664 73,700 90,225 86,528 92,009 85,948 79,661 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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 2003 r 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 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.” 6 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 Europe: Austria ....................................... Belgium 1 ................................... Bulgaria ..................................... Czech Republic......................... Denmark.................................... Finland ...................................... France ....................................... Germany ................................... Greece ...................................... Hungary..................................... Ireland ....................................... Italy............................................ Luxembourg 1 ............................ Netherlands............................... Norway ...................................... Poland ....................................... Portugal..................................... Romania.................................... Russia 2 ..................................... Serbia and Montenegro (formerly Yugoslavia) 3.......... Spain ......................................... Sweden ..................................... Switzerland ............................... Turkey ....................................... United Kingdom ........................ Channel Islands and Isle of Man 4 .......................... Other Europe ............................ Total Europe ......................... Canada.......................................... Latin America: Argentina................................... Brazil ......................................... Chile .......................................... Colombia................................... Ecuador..................................... Guatemala ................................ Mexico....................................... Panama..................................... Peru........................................... Uruguay..................................... Venezuela ................................. Other Latin America 5 ................ Total Latin America ................... Caribbean: Bahamas................................... Bermuda......................................... British West Indies 6....................... Cayman Islands 6 ...................... Cuba.......................................... Jamaica..................................... Netherlands Antilles.................. Trinidad and Tobago................. Other Caribbean 5 ..................... Total Caribbean .................... Calendar year 2001 2002 2003 r June r 2004 Sept. r Dec. r Mar. June p 498 748 6 67 229 224 4,301 2,830 332 47 616 1,114 n.a. 3,125 308 67 83 16 373 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 1,770 991 9 62 112 624 6,411 5,447 409 51 516 2,963 n.a. 5,138 286 79 222 24 93 1,752 523 14 54 716 176 5,865 4,132 204 53 423 4,069 115 3,184 315 104 161 25 118 1,744 538 27 65 156 198 6,978 4,660 295 33 395 3,222 903 3,319 3,471 72 184 30 150 1,841 457 28 48 235 139 6,202 3,630 160 38 387 3,546 133 3,545 3,415 61 144 38 148 1,816 2,307 37 64 494 617 3,713 6,787 199 46 1,672 2,434 127 7,883 229 57 146 47 157 2,329 2,829 35 44 212 237 6,072 8,604 219 41 419 2,328 189 8,182 257 51 134 36 183 2,304 2,126 31 47 522 263 6,851 6,019 209 76 1,051 3,062 273 2,198 1,401 59 136 18 204 15 860 360 1,462 700 20,402 23 1,042 441 1,200 383 20,343 10 1,370 417 886 503 14,390 13 1,803 779 2,538 474 15,366 10 2,578 597 1,710 465 27,295 17 1,612 867 1,803 499 30,417 14 1,242 648 2,506 594 27,699 27 1,504 627 2,322 498 29,312 7 1,567 663 2,642 498 20,930 n.a. 291 39,074 8,078 n.a. 362 40,140 9,011 n.a. 422 43,205 7,803 546 43,522 8,381 184 595 59,874 6,821 39 591 60,040 8,085 25 611 62,171 8,429 10 1,453 68,154 13,504 337 1,690 55,184 14,029 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 10,485 602 3,036 217 240 112 79 4,180 79 69 30 392 1,102 10,138 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 355 2,774 326 272 74 85 2,950 131 76 17 387 526 7,973 420 2,738 286 288 85 92 3,294 180 87 15 402 519 8,406 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 430 2,887 321 318 93 125 3,586 220 114 66 524 520 9,204 366 2,438 427 209 71 72 3,230 192 89 11 451 453 8,009 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 1,069 1,011 21,547 n.a. 94 45 54 n.a. 23,820 1,075 1,024 n.a. 20,067 16 84 32 100 951 23,349 826 2,100 n.a. 27,679 8 82 40 130 1,046 31,911 1,404 1,829 n.a. 35,312 2 80 36 117 1,046 39,826 1,631 5,358 n.a. 36,320 8 67 37 120 1,085 44,626 1,940 2,719 n.a. 31,237 2 69 13 160 1,054 37,194 3,465 1,897 n.a. 30,591 5 65 15 151 1,053 37,242 2000 2005 See footnotes at end of table. December 2005 CAPITAL MOVEMENTS 84 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 Asia: China: Mainland............................. Taiwan................................ Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea...................................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Thailand ................................. Oil-exporting countries 7......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana .................................... Liberia .................................... Morocco ................................. South Africa ........................... Oil-exporting countries 8......... Other Africa............................ Total Africa......................... Other countries: Australia ................................. New Zealand 9........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs : International ........................... European regional.................. Latin American regional ......... Caribbean regional 10 ............. Asian regional ........................ African regional ...................... Middle Eastern regional ......... Total international and regional ..................... Grand total ..................... 1 2003 r June r 2004 Sept. r Dec. r Mar. June p 867 696 682 743 280 453 3,618 1,738 21 521 17 708 1,044 28 237 897 132 12,682 1,066 783 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 250 1,046 222 12,669 3,246 782 561 424 217 711 2,795 1,656 23 516 50 304 1,091 9 256 1,206 294 14,141 2,900 880 607 659 423 586 2,897 1,472 18 573 52 255 1,267 4 282 1,099 260 14,234 3,688 892 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 326 1,208 309 15,783 3,715 832 668 626 587 482 3,186 1,631 21 520 44 914 1,420 6 270 1,338 294 16,554 3,201 883 811 546 744 428 3,755 1,415 19 502 53 672 1,731 7 271 1,494 262 16,794 233 7 28 35 293 137 326 1,059 18 155 9 50 24 273 120 330 979 2 176 8 109 27 247 150 336 1,055 181 10 23 47 150 232 306 949 5 238 11 52 46 148 212 329 1,041 1 159 4 102 33 193 162 281 935 1 237 25 100 39 174 237 307 1,120 2 291 7 89 33 170 267 392 1,251 2,041 n.a. 359 2,400 90,130 2,150 n.a. 383 2,533 113,082 3,540 n.a. 393 3,933 102,560 3,619 208 83 3,910 100,905 3,820 367 1,043 5,230 126,899 1,458 403 146 2,007 133,639 1,588 441 245 2,274 143,218 2,045 546 178 2,769 148,499 1,757 401 183 2,341 134,850 2 4 n.a. 12 2 7 n.a. - 2 1 1 n.a. 1 1 1 2 6 2 - 2 1 5 2 - 2 5 5 - 3 1 6 1 3 - 4 1 5 5 1 - 4 1 10 3 - 2000 2001 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 14,279 266 5 2 49 266 237 258 1,083 Calendar year 2002 27 - 6 11 10 12 14 16 18 90,157 113,082 102,566 100,916 126,909 133,651 143,232 148,515 134,868 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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 December 2005 2005 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 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.” 6 CAPITAL MOVEMENTS 85 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2005, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium 1 ....................................... Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg 1 ................................ Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia 2 ......................................... Serbia and Montenegro (formerly Yugoslavia) 3 .............. Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man 4 .............................. Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America 5 .................... Total Latin America ....................... Caribbean: Bahamas ....................................... Bermuda............................................. Cayman Islands 6 ............................. Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean 5 ......................... Total Caribbean......................... Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 110 191 3 28 118 11 2,751 8,540 203 3 1,455 525 553 530 3,365 186 28 3 106 24 123 2 1,082 7,591 9 1,378 23 518 129 2,776 2 86 68 3 28 116 11 1,669 949 194 3 77 502 35 401 589 186 28 3 104 2,304 2,126 31 47 522 263 6,851 6,019 209 76 1,051 3,062 273 2,198 1,401 59 136 18 204 2,190 1,912 24 8 458 1 4,593 4,534 67 3 745 1,808 86 1,738 1,272 1 84 71 114 214 7 39 64 262 2,258 1,485 142 73 306 1,254 187 460 129 58 52 18 133 3 397 491 1,061 94 20,768 54 303 114 14 17,582 3 343 188 947 80 3,186 7 1,567 663 2,642 498 20,930 1 851 349 1,237 389 17,764 6 716 314 1,405 109 3,166 46 283 41,852 4,150 48 31,772 2,080 46 235 10,080 2,070 337 1,690 55,184 14,029 250 1,325 41,761 11,898 87 365 13,423 2,131 181 433 232 56 9 6 2,230 30 25 3 527 78 3,810 70 306 20 5 401 111 127 232 56 9 6 2,210 30 25 3 522 78 3,409 366 2,438 427 209 71 72 3,230 192 89 11 451 453 8,009 84 1,486 82 36 6 3 1,392 109 13 62 229 3,502 282 952 345 173 65 69 1,838 83 76 11 389 224 4,507 79 889 7,659 11 13 8 993 9,652 115 7,583 2 7,700 79 774 76 11 13 8 991 1,952 3,465 1,897 30,591 5 65 15 151 1,053 37,242 3,436 1,316 30,448 34 90 119 35,443 29 581 143 5 31 15 61 934 1,799 See footnotes at end of table. December 2005 CAPITAL MOVEMENTS 86 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2005, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland.................................... Taiwan....................................... Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea............................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand 7 ............................... All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International .................................. European regional......................... Latin American regional ................ Caribbean regional 8 ..................... Asian regional ............................... African regional ............................. Middle Eastern regional ................ Total international and regional ............................ Grand total ............................ Total liabilities (1) Liabilities Financial (2) Total claims (4) Claims Financial (5) Commercial (6) 2,923 786 685 101 88 233 6,844 711 33 283 171 96 1,128 3 64 4,413 18,562 1,828 13 47 7 4 1 1,642 57 1 1 9 80 5 2 3,697 1,095 773 638 94 84 232 5,202 654 32 282 171 87 1,048 3 59 4,411 14,865 3,201 883 811 546 744 428 3,755 1,415 19 502 53 672 1,731 7 271 1,756 16,794 2,092 88 250 242 515 122 1,832 818 309 18 487 324 124 180 7,401 1,109 795 561 304 229 306 1,923 597 19 193 35 185 1,407 7 147 1,576 9,393 130 1 48 34 36 869 1,118 1 2 6 99 108 129 1 48 32 30 770 1,010 2 291 7 89 33 170 659 1,251 7 82 12 23 158 282 2 284 7 7 21 147 501 969 399 25 86 510 79,654 29 5 34 45,792 370 20 86 476 33,862 1,757 401 183 2,341 134,850 1,244 69 20 1,333 101,620 513 332 163 1,008 33,230 2 5 - 5 - 2 - 4 1 10 3 - 5 - 4 1 5 3 - 7 5 2 18 5 13 79,661 45,797 33,864 134,868 101,625 33,243 1 4 2 5 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 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. December 2005 Commercial (3) Before January 2001, data included in United Kingdom. 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] Marketable Treasury bonds and notes Net foreign purchase Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (2) (3) (4) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) Calendar year or month Total (1) 2001 ......................................... 2002 ......................................... 2003 r ....................................... 2004 r ....................................... 2005 - Jan. - Sept. p ................ 18,514 119,921 263,580 352,065 247,504 3,474 7,149 103,838 201,140 47,016 15,726 110,761 159,685 150,206 198,311 -686 2,011 57 719 2,177 5,267,730 7,264,450 8,001,517 8,936,045 7,917,810 5,249,216 7,144,529 7,737,937 8,583,980 7,670,306 163,990 195,145 155,800 226,397 173,400 1,201,649 1,727,972 1,440,289 1,209,381 818,286 1,037,659 1,532,827 1,284,489 982,984 644,886 2004 - Sept............................... Oct................................ Nov. r............................ Dec ............................... 2005 - Jan. r ............................. Feb. r. ........................... Mar. r ............................ Apr................................ May............................... June.............................. July ............................... Aug. p ........................... Sept. p .......................... 17,039 19,203 33,722 8,354 30,629 42,510 27,791 24,702 27,586 15,795 28,519 28,183 21,789 10,874 15,649 21,049 6,976 7,630 11,271 -14,979 13,908 6,815 16,666 3,616 3,223 -1,134 6,929 3,085 12,386 1,552 22,532 31,555 42,709 10,037 20,819 -2,115 24,955 24,792 23,027 -764 469 287 -174 467 -316 61 757 -48 1,244 -52 168 -104 788,602 698,172 844,569 763,555 788,656 838,630 929,326 832,268 955,526 937,528 759,663 845,441 1,030,772 771,563 678,969 810,847 755,201 758,027 796,120 901,535 807,566 927,940 921,733 731,144 817,258 1,008,983 8,426 21,938 27,798 26,607 26,015 16,149 7,494 6,673 22,687 20,264 37,771 15,698 20,649 79,263 82,829 94,787 74,481 87,323 86,158 89,842 85,712 82,936 88,913 100,540 96,238 100,624 70,837 60,891 66,989 47,874 61,308 70,009 82,348 79,039 60,249 68,649 62,769 80,540 79,975 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) 2001 .............................................................................. 2002 .............................................................................. 2003 r ............................................................................ 2004 r ............................................................................ 2005 - Jan. - Sept. p ..................................................... 221,955 182,310 265,743 309,491 276,953 741,041 820,747 979,923 1,171,415 950,241 519,086 638,437 714,180 861,924 673,288 116,390 50,189 34,737 28,476 64,157 3,051,332 3,209,760 3,104,232 3,862,043 3,283,079 2,934,942 3,159,571 3,069,495 3,833,567 3,218,922 2004 - Sept. r ................................................................ Oct. r.................................................................. Nov. r................................................................. Dec. r................................................................. 2005 - Jan. r .................................................................. Feb. r ................................................................. Mar. r ................................................................. Apr..................................................................... May.................................................................... June................................................................... July .................................................................... Aug. p ................................................................ Sept. p ............................................................... 45,058 19,740 26,189 40,948 17,691 29,455 22,499 17,936 18,900 54,429 24,722 40,194 51,127 109,666 90,198 110,037 117,597 89,591 107,976 114,754 93,052 96,230 138,570 87,365 109,069 113,634 64,608 70,458 83,848 76,649 71,900 78,521 92,255 75,116 77,330 84,141 62,643 68,875 62,507 -3,346 2,903 13,742 7,939 13,755 1,398 1,330 4,391 507 4,376 10,016 3,833 24,551 273,164 322,610 356,270 352,844 328,292 330,398 390,204 396,240 366,128 365,045 331,399 363,887 411,486 276,510 319,707 342,528 344,905 314,537 329,000 388,874 391,849 365,621 360,669 321,383 360,054 386,935 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. December 2005 CAPITAL MOVEMENTS 88 TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign 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) 2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 2003 r ................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 2004 r ................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 2005 - Jan. - Sept. p ............................ -103,504 -17,507 1,144,198 1,161,705 -85,997 1,503,131 1,589,128 2004 - Sept. r ....................................... -29,904 -25,409 114,847 140,256 -4,495 113,329 117,824 Oct. r......................................... -15,796 -5,594 123,141 128,735 -10,202 131,727 141,929 Nov. r........................................ -11,774 -3,997 122,588 126,585 -7,777 151,624 159,401 Dec. r........................................ -22,378 -8,293 118,920 127,213 -14,085 143,604 157,689 2005 - Jan. r ......................................... -5,139 -63 116,885 116,948 -5,076 134,133 139,209 Feb. r ........................................ -13,856 1,436 129,170 127,734 -15,292 152,684 167,976 Mar. r ........................................ -20,650 -5,899 135,311 141,210 -14,751 193,103 207,854 Apr............................................ -7,135 -4,613 116,793 121,406 -2,522 169,752 172,274 May........................................... -14,769 -9,999 128,622 138,621 -4,770 159,089 163,859 June.......................................... -13,075 -1,236 147,335 148,571 -11,839 160,588 172,427 July ........................................... -13,767 -5,093 111,751 116,844 -8,674 161,550 170,224 Aug. p ....................................... 1,074 17,099 129,836 112,737 -16,025 181,834 197,859 Sept. p ...................................... -16,187 -9,139 128,495 137,634 -7,048 190,398 197,446 Calendar year or month December 2005 Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) 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 Europe: Austria............................. Belgium 1 ........................ Bulgaria........................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Luxembourg 1.................. Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia 2 .......................... Serbia and Montenegro (formerly Yugoslavia) 3 .... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. United Kingdom .............. Channel Islands and Isle of Man 4 ................ Other Europe .................. Total Europe ............... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... Other Latin America ........ Total Latin America ..... Caribbean: Bahamas......................... Bermuda ......................... Cayman Islands .............. Cuba ............................... Jamaica .......................... Netherlands Antilles ........ Trinidad and Tobago....... Other Caribbean ............. Total Caribbean .......... Marketable Treasury bonds and notes 2005 July Jan. Calendar through through year Sept. p Sept. 2004 r (3) (2) (1) U.S. Government corporations and Federal agency bonds 2005 Jan. July Calendar through year through Sept. p Sept. 2004 (6) (5) (4) Corporate bonds 2005 Jan. July Calendar through year through Sept. p Sept. 2004 r (9) (8) (7) Corporate stocks 2005 July Jan. Calendar through through year Sept. p Sept. 2004 r (12) (11) (10) 701 118 -213 1,189 -299 -68 -10,219 8,804 -1,350 230 933 -575 -3,153 10,046 -254 1,962 172 -281 -179 -332 -121 2,142 838 -444 6,124 10,782 -32 3 -1,439 4,384 1,616 -3,799 2,853 1,667 172 -6 1,988 174 347 -10 960 525 -210 2,134 1,200 85 -12 603 2,784 922 -89 -11,999 1,795 242 240 -312 -332 5,649 -6 10 70 255 -239 -123 62 -3 4,224 -278 799 -163 1,569 105 49 1,037 14,783 -143 -622 25 425 443 15 1,937 4,395 4 3,159 556 2,211 1,095 1,252 -708 4 -170 4,427 -89 -111 -3 32 165 -49 1,034 1,106 12 -23 -126 343 1,775 628 848 10 -36 693 266 5,838 63 18 1,023 159 7,608 12,247 115 -7 10,222 703 5,787 2,092 3,510 -33 80 185 161 57 3,641 -9 -57 115 -2 10,054 4,498 37 174 10,135 98 5,761 2,276 2,469 -2 53 2 58 866 -6 -3 101 6 4,558 1,544 -6 180 3,216 101 2,115 867 839 3 35 -2 -133 -348 -12 -12 308 -195 -876 -2,360 79 149 2,153 -1,696 4,534 1,697 1,590 2 25 -45 -180 4,420 -6 -4 335 396 4,766 -3,397 75 -9 1,919 -1,902 6,018 -1,162 1,328 -101 -1 -41 -34 3,780 -2 22 191 247 2,114 -2,406 17 3 293 -445 1,160 -445 732 8 -13 -1 4 135 -1,965 3,236 5,342 4,326 78,661 123 2,428 2,472 -2,718 798 83,646 106 703 113 -1,646 237 37,127 -374 148 3,008 30 53,183 1 318 248 -1,152 3 31,870 106 115 -12 1 16,149 2,047 1,057 3,964 31 107,060 1 3,663 -440 2,875 -12 120,915 2,669 64 207 -3 54,599 -3 60 785 -1,194 -27 15,208 119 361 11 -32 15,884 111 -61 1,284 -13 4,772 1,175 -10,222 88,431 16,098 305 -1,675 111,596 15,815 625 1,093 37,737 4,102 575 192 84,230 5,980 62 -957 48,698 8,515 346 -375 22,539 2,744 5,902 1,935 172,033 6,115 10,545 756 177,603 1,664 3,200 212 75,420 860 -180 62 19,571 1,292 226 387 29,410 17,888 191 232 11,741 17,294 415 1,543 475 214 -32 35 8,352 -492 482 -29 -15 70 11,018 349 11,080 -1,568 1,859 7 330 9,522 -145 -5 -207 196 -249 21,169 142 5,395 -466 401 6 16 3,434 27 1 164 212 -253 9,079 159 1,767 -616 139 142 49 3,849 882 569 332 351 968 8,591 87 602 315 159 -3 37 9,594 428 668 414 11 189 12,501 63 347 55 -37 -63 38 -198 263 306 34 2 7 817 391 747 269 390 42 3 15,084 733 483 349 910 457 19,858 1,133 574 268 245 165 4 1,620 827 390 602 691 616 7,135 229 199 48 -69 5 -1 434 170 106 199 120 234 1,674 -84 109 29 52 -11 -3 -195 7 -101 108 60 -69 -98 121 -223 25 45 -5 -2 187 157 37 40 -67 28 343 71 -26 16 19 -6 294 46 25 16 20 475 4,682 -20,155 18,943 -79 11,596 140 7,399 22,526 17,855 26,485 -3,286 n.a. -7 -154 -99 3,942 44,736 9,249 -3,845 -7,839 n.a. 3 -732 45 4,375 1,256 2,529 1,663 21,610 52 162 259 3,318 29,593 -807 1,518 17,479 n.a. 219 -457 105 2,225 20,282 -400 523 8,408 n.a. 113 -130 20 918 9,452 -398 10,766 32,822 400 450 105 3,807 47,952 667 4,250 29,249 n.a. 167 -77 -33 -629 33,594 553 1,861 12,900 n.a. 54 101 -60 -19 15,390 2,381 1,593 -4,869 10 1,206 -26 434 729 1,741 4,131 2,680 n.a. 10 1,807 15 -646 9,738 957 1,235 2,158 n.a. 7 1,066 14 2,193 7,630 See footnotes at end of table. December 2005 CAPITAL MOVEMENTS 90 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 Asia: China: Mainland................................ Taiwan................................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea......................................... Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Thailand..................................... Oil-exporting countries 5 ............. Other Asia.................................. Total Asia .............................. Africa: Congo (formerly Zaire)............... Egypt ......................................... Ghana........................................ Liberia........................................ Morocco..................................... South Africa ............................... Oil-exporting countries 6 ............. Other Africa ............................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International............................... European regional ..................... Latin American regional ............. Caribbean regional .................... Asian regional............................ African regional.......................... Middle Eastern regional ............. Total international and regional.. Grand total......................... Marketable Treasury bonds and notes 2005 July Jan. Calendar through through year Sept. p Sept. 2004 r (3) (2) (1) U.S. Government corporations and Federal agency bonds 2005 July Jan. Calendar through through year Sept. p Sept. 2004 (6) (5) (4) Corporate stocks 2005 July Jan. Calendar through through year Sept. p Sept. 2004 r (12) (11) (10) 18,895 7,155 1,079 -127 1,166 2,237 166,377 5,856 -4 439 -297 140 3,469 -10 -443 9,041 -199 214,774 28,051 4,302 7,334 411 451 1,818 -398 2,385 3 161 -222 948 2,014 6,688 -1,612 280 52,614 10,329 420 3,712 428 -20 1,986 5,000 1,160 488 -111 598 -456 761 510 270 25,075 16,387 3,187 11,289 11 1,693 722 44,442 10,868 1 551 24 610 2,070 -3 254 4,353 -33 96,426 18,115 6,691 12,460 1 32 234 35,839 2,696 -2 1,643 30 335 1,092 435 3,146 126 82,873 6,625 2,731 6,192 1 -188 87 19,034 1,044 1,082 15 74 341 99 1,271 83 38,491 12,337 1,562 5,714 8 -74 422 33,463 1,646 10 124 1 186 4,244 -9 81 349 57 60,121 19,732 2,417 8,710 7 25 656 16,060 603 6 928 5 88 722 -7 582 -40 50,494 6,588 1,551 3,547 -3 162 5,987 -24 -1 235 14 -3 1,118 -8 220 -13 19,370 -307 -311 -778 -159 21 97 2,832 -46 -2 -106 -10 28 -1,722 3 17 6,485 123 6,165 -360 -312 374 -148 -38 727 -983 -99 44 -128 -1 151 6,746 -3 -23 1,141 -22 7,066 -90 -38 -182 -34 -36 570 -1,104 -23 -5 -39 -2 30 2,104 -3 -24 -310 -7 807 -1 -20 -34 248 31 249 204 677 n.a. 8 4 299 9 572 -17 875 n.a. 6 n.a. -1 50 -43 868 -52 828 13 -431 85 299 95 61 n.a. 10 -196 35 4 153 6 n.a. 10 n.a. -47 49 -2 163 173 23 261 2 -175 200 140 451 n.a. 13 1 124 -1 37 60 147 381 n.a. 1 n.a. 83 -1 -27 55 50 161 18 -2 -151 7 21 -21 87 -41 n.a. 97 80 1 -20 -5 10 163 n.a. 14 n.a. 30 3 -7 -4 28 64 -2,213 -326 361 -2,178 351,346 -1,804 286 40 -1,478 245,327 -231 606 27 402 78,479 370 47 220 637 225,518 449 -101 12 360 173,235 32 -95 8 -55 74,161 1,416 69 -124 1,361 307,891 4,048 34 -10 4,072 274,943 2,109 -6 -4 2,099 114,974 334 793 -129 998 28,616 -454 182 -114 -386 64,222 325 69 -48 346 38,357 2 62 11 -37 634 47 719 352,065 1,777 -25 8 -24 -47 488 2,177 247,504 -70 4 5 -15 88 12 78,491 365 9 168 40 217 2 78 879 226,397 104 8 89 20 -4 -102 50 165 173,400 -17 1 9 2 -22 -40 24 -43 74,118 1,206 120 112 -3 48 104 13 1,600 309,491 1,344 128 159 2 162 211 4 2,010 276,953 738 203 49 19 56 4 1,069 116,043 -135 -2 1 -1 -3 -140 28,476 -59 -8 2 -65 64,157 50 -3 -4 43 38,400 1 4 2 5 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 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. December 2005 Corporate bonds 2005 July Jan. Calendar through through year Sept. p Sept. 2004 r (9) (8) (7) Before January 2001, data included in United Kingdom. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6 Includes Algeria, Gabon, Libya, and Nigeria. 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 2005, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Country Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities MarketBonds able Treasury of U.S. Gov’t and corps Federal and Financing Bank federallyCorporate and sponbonds other Foreign securities sored and notes agencies Bonds Stocks Bonds Stocks (3) (2) (4) (5) (6) (7) Europe: Austria ........................................ 4,070 1,466 Belgium 1 .................................... 25,751 3,912 Bulgaria ...................................... 60 36 Czech Republic........................... 8,739 8,408 Denmark ..................................... 3,866 990 Finland........................................ 3,428 1,981 France ........................................ 309,203 203,894 Germany..................................... 81,453 27,808 Greece........................................ 945 154 Hungary ...................................... 954 86 Ireland......................................... 153,418 105,127 Italy ............................................. 23,464 9,098 Luxembourg 1.............................. 33,549 8,852 Netherlands ................................ 37,407 15,465 Norway ....................................... 65,608 46,649 Poland ........................................ 2,601 2,203 Portugal ...................................... 4,649 3,790 Romania ..................................... 1,083 1,053 Russia 2 ...................................... 11,147 431 Serbia and Montenegro (formerly 3 Yugoslavia) .......................... 280 280 Spain .......................................... 37,630 7,867 Sweden....................................... 24,089 7,486 Switzerland ................................. 40,221 7,768 Turkey......................................... 5,169 4,611 United Kingdom .......................... 1,956,270 1,110,603 Channel Islands and Isle of Man 4..... 20,691 1,809 9,340 Other Europe .............................. 16,463 558 9,990 2 62 196 197 3,700 2,217 14 4 2,288 821 8,726 2,783 10,951 25 111 9,461 176 1,970 1 402 31 5,823 3,698 11 402 6,604 214 4,562 1,963 1,526 6 41 1 820 7,035 4 183 1,291 507 77,400 26,256 253 224 12,473 8,598 6,066 9,710 3,522 143 395 2 409 453 538 16 3 300 40 5,256 15,678 57 38 23,891 1,534 1,845 1,320 809 42 102 26 536 Gross sales by foreigners to U.S. residents Total sales (8) 597 3,758 2,306 20,418 1 64 83 7,775 687 2,872 672 3,367 13,130 300,706 5,796 78,724 456 805 200 720 3,035 148,664 3,199 21,100 3,498 25,719 6,166 36,066 2,151 74,405 182 755 210 4,880 2 929 309 10,944 Domestic securities MarketBonds able Treasury of U.S. Gov’t and corps Federal and Financing Bank federallyCorporate and sponbonds other sored and agencies Bonds Stocks notes (10) (9) (11) (12) 1,292 647 3,565 10,101 46 5 7,448 30 465 31 2,191 246 201,760 2,666 26,608 1,111 69 2 98 27 104,524 2,414 6,314 478 7,930 6,951 15,554 2,155 58,648 10,103 408 25 3,548 101 813 36 743 8,768 118 1,104 7 3 301 25 1,265 2,154 17 222 3,388 113 2,447 1,096 687 3 6 3 854 3,255 6 161 1,100 260 75,286 28,662 236 221 12,180 9,043 4,906 10,155 2,790 135 408 3 405 Foreign securities Bonds (13) Stocks (14) 383 464 350 2,043 3 130 286 689 15 630 5,300 14,429 14,276 5,913 20 461 29 123 23,822 2,336 1,812 3,340 1,411 2,074 1,450 5,656 808 1,369 16 168 29 788 75 2 498 527 174 174 7,233 16,711 1,460 1,589 2,770 35,501 7,164 7,127 14,042 1,349 2,730 3,089 940 228 5,559 486 9,390 26,222 7,373 825 164 5,620 972 11,268 1,435 2,961 18,350 2,038 7,669 39,891 9,414 1,447 2,754 17,066 2,155 7,055 1 26 31 198 302 5,165 4,374 29 44 397 321 58,023 144,552 271,402 167,342 204,348 1,838,664 1,073,476 41,874 89,953 266,630 155,846 210,885 810 7,547 4,571 4,880 1,074 15,819 1,184 464 4,347 4,380 4,451 993 317 284 1,483 1,273 3,766 17,617 8,247 692 72 1,251 2,879 4,476 Total Europe........................... 2,872,208 1,591,167 120,865 199,740 458,147 230,290 271,999 2,721,724 1,553,430 98,326 124,320 446,406 220,013 279,229 6,996 8,007 43,129 38,116 28,098 213,373 108,854 4,252 7,147 25,835 39,940 27,345 Canada............................................ 237,302 112,956 Latin America: Argentina .................................... Brazil........................................... Chile ........................................... Colombia..................................... Ecuador ...................................... Guatemala .................................. Mexico ........................................ Panama ...................................... Peru ............................................ Uruguay ...................................... Venezuela................................... Other Latin America 5 .................. 108 562 399 178 24 59 3,591 804 317 174 53 187 6,456 400 259 172 108 92 3 1,329 479 165 259 265 289 3,820 876 692 500 245 108 15 2,587 646 79 330 578 205 6,861 117,508 74,160 1,478 362,267 161,791 12,958 756,363 302,736 63,342 1,112 467 224 25,511 7,956 347 1,228 263 460 190,780 52,595 1,585 Total Caribbean...................... 1,454,769 599,968 80,394 2,245 8,332 46,915 60 320 15 6,274 64,161 30,914 148,528 263,049 37 13,191 62 104,654 560,435 Total Latin America................. Caribbean: Bahamas..................................... Bermuda ..................................... Cayman Islands 6 ........................ Cuba ........................................... Jamaica ...................................... Netherlands Antilles .................... Trinidad and Tobago................... Other Caribbean 5 ....................... 4,871 24,141 5,695 4,591 525 400 27,799 3,649 1,165 2,636 2,392 4,960 82,824 460 17,856 3,202 1,715 72 234 13,697 435 54 694 541 3,837 42,797 2,171 2,128 900 2,129 85 83 3,623 710 471 980 706 360 14,346 856 2,644 522 216 144 6 2,972 575 79 199 249 82 8,544 4,774 23,835 6,403 5,054 633 361 24,297 3,188 2,114 2,074 2,507 4,942 80,182 3,640 5,071 106,447 4,556 26,102 363,733 31,480 48,841 742,213 322 2 883 738 2,959 25,248 383 45 1,148 2,325 23,347 181,537 43,444 106,367 1,421,209 318 12,461 3,668 1,314 66 218 10,263 408 53 530 329 4,090 33,718 45 215 344 215 87 21 3,789 541 11 140 51 180 5,639 171 60 124 177 87 4 895 309 59 60 145 55 2,146 805 718 484 226 114 15 2,293 600 54 314 558 205 6,386 64,911 1,878 165,636 12,435 310,575 54,934 464 111 8,688 477 218 440 48,220 667 598,712 70,942 1,692 6,471 34,015 6 219 75 6,293 48,771 29,957 147,293 260,891 30 12,125 48 102,461 552,805 2,693 742 6,507 3,874 1,152 631 2,980 142 120 159 97 6 3,453 3,604 982 348 1,823 114 780 250 1,233 191 356 56 22,176 10,117 3,791 4,825 34,934 270 933 324 2,261 47,338 4,218 27,073 46,864 2 2,806 43 21,635 102,641 See footnotes at end of table. December 2005 CAPITAL MOVEMENTS 92 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 2005, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Marketable Treasury Bonds of U.S. and Gov’t Federal Financ- corps and ing Bank federallysponbonds sored and notes agencies (3) (2) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) Asia: China: 52,226 19,137 7,385 538 3,231 439 59,475 41,897 12,512 797 628 413 3,228 Mainland...................... 82,956 3,690 4,973 1,819 2,085 829 3,519 12,421 3,270 2,242 268 2,123 155 4,363 Taiwan......................... 16,915 36,075 11,016 4,795 3,606 3,848 22,359 70,658 32,363 4,824 1,248 3,788 4,102 24,333 Hong Kong ...................... 81,699 4,360 1,427 1 2 63 13 2,854 4,236 999 5 97 14 3,121 India ................................ 1,299 536 2 2 66 105 588 2,021 556 190 2 102 331 840 Indonesia......................... 6,228 148 639 2,314 108 978 7,838 4,242 61 477 1,744 57 1,257 Israel ............................... 10,415 123,709 14,516 4,380 14,013 23,392 74,642 Japan .............................. 268,222 128,709 33,550 10,367 12,909 25,489 57,198 254,652 9,958 4,149 684 136 732 4,646 18,823 8,798 3,105 708 159 617 5,436 Korea............................... 20,305 265 4 1 1 207 8 44 292 4 1 2 212 16 57 Lebanon .......................... 5,987 2,872 1,245 283 121 717 749 3,683 2,384 163 48 160 143 785 Malaysia .......................... 111 9 26 27 28 21 201 120 11 13 30 27 Pakistan........................... 3,844 2,050 714 72 176 685 147 2,897 1,452 640 75 146 392 192 Philippines ....................... 18,075 2,291 2,793 4,512 2,563 8,095 35,327 18,531 1,950 1,675 2,408 1,728 9,035 Singapore ........................ 38,329 3 3 Syria ................................ 3,626 2,586 104 13 105 22 796 3,050 1,825 5 21 129 50 1,020 Thailand........................... 6,103 2,779 807 5,580 1,282 891 15,356 5,323 1,425 600 5,897 1,094 1,017 Other Asia ....................... 17,442 245,473 41,645 10,319 31,639 32,504 129,353 Total Asia .................... 555,775 270,548 80,136 29,689 32,446 39,632 103,324 490,933 Africa: Congo (formerly Zaire)..... 750 21 12 10 324 10 373 768 15 2 9 310 28 404 Egypt ............................... Ghana ............................. 1,110 1 146 111 650 16 186 1,027 2 193 28 620 16 168 Liberia ............................. 59 50 4 5 25 1 1 23 Morocco........................... 1,073 96 49 12 97 60 759 1,833 139 39 104 99 1,452 South Africa..................... 2,321 1,075 240 174 253 296 283 874 259 79 69 229 62 176 Other Africa ..................... 5,313 1,243 447 307 1,328 382 1,606 4,527 415 274 146 1,264 205 2,223 Total Africa .................. Other countries: 13,951 1,761 3,082 3,612 3,219 13,204 38,304 14,182 1,729 973 3,287 4,348 13,785 Australia .......................... 38,829 2,294 1,147 115 36 226 426 344 1,819 541 210 42 157 472 397 New Zealand ................... 387 30 15 6 197 61 78 401 3 7 10 245 40 96 All other countries............ 15,128 1,891 3,124 4,035 3,706 13,626 40,524 14,726 1,946 1,025 3,689 4,860 14,278 Total other countries.... 41,510 Total foreign countries.. 5,249,701 2,633,807 297,185 308,848 1,106,381 369,916 533,564 4,972,472 2,555,328 223,024 193,874 1,068,024 367,036 565,186 International and regional orgs: 3,396 1,846 167 870 304 96 113 2,702 1,916 184 132 254 67 149 International..................... 386 7 14 204 56 105 283 3 13 1 73 193 European regional ........... 170 40 9 49 70 2 139 35 73 31 Latin American regional ... 3 3 1 1 Caribbean regional .......... 86 45 25 6 10 102 60 22 6 6 8 Asian regional.................. 201 131 68 2 95 43 40 12 African regional................ 39 24 4 11 16 15 1 Middle Eastern regional ... Total international 4,281 2,069 217 1,220 391 166 218 3,338 2,057 260 151 348 179 343 and regional............. Grand total .............. 5,253,982 2,635,876 297,402 310,068 1,106,772 370,082 533,782 4,975,810 2,557,385 223,284 194,025 1,068,372 367,215 565,529 1 4 2 5 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 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. December 2005 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. CAPITAL MOVEMENTS 93 TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2004 [In millions of dollars. Source: Treasury International Capital Reporting System] Gross purchases by foreigners from U.S. residents Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal Financ- corps and ing Bank federallyCorporate and sponbonds other Foreign securities sored Total and agencies Bonds purchases Stocks Bonds Stocks notes (3) (1) (4) (5) (6) (7) (2) Gross sales by foreigners to U.S. residents Total sales (8) Domestic securities Marketable Treasury Bonds of U.S. and Federal Gov’t Financ- corps and ing Bank federallyCorporate and sponbonds other sored and Bonds notes agencies Stocks (10) (9) (11) (12) Foreign securities Bonds (13) Stocks (14) 1,453 2,936 7 41 1,610 153 20,252 42,595 530 61 9,650 7,147 4,008 6,012 6,737 620 430 218 1,207 1,412 9,005 182 2,815 1,798 50,998 21,217 1,573 312 14,337 11,675 6,842 17,687 4,386 362 886 1,565 2 49 843 800 5 31 2,832 27,558 8,123 7,324 7,971 81,077 26,468 3,206 25,511 8,063 7,862 14,956 1,597 22,466 1,266 11,382 108,736 50,337 14,808 540 21,681 2,790 8,730 12,447 63,166 9,643 25,225 163,627 52,816 5,722 8,483 64,360 7,705 53 89 141 1,170 1,138 16,072 9,932 23 58 168 4,527 188,611 475,127 1,002,090 768,982 668,111 6,336,994 3,298,060 135,428 368,067 986,882 843,998 7 9,967 18,580 24,541 1,364 704,559 1,660 23,972 14,236 8,828 3,484 55,592 8,690 1,085 18,070 14,416 9,795 5,687 2,905 4,762 6,398 12,800 65,588 35,159 5,495 970 4,700 5,674 Total Europe................... 9,708,785 5,154,264 358,624 655,638 1,753,906 915,844 870,509 9,469,412 5,065,833 274,394 483,605 1,734,335 988,049 24,444 91,302 113,225 78,352 721,726 405,483 10,835 18,329 90,010 117,959 Canada ................................... 745,719 421,581 16,815 3,536 13,590 923,196 79,110 Country Europe: 9,738 Austria ................................ 18,075 Belgium 1 ............................ 100,556 27,250 Bulgaria .............................. 397 248 Czech Republic................... 30,064 28,024 Denmark ............................. 25,896 12,951 Finland................................ 9,422 4,472 France ................................ 1,055,333 573,751 Germany............................. 301,932 138,389 Greece................................ 6,232 3,263 Hungary .............................. 1,909 738 Ireland................................. 494,653 377,387 Italy..................................... 84,480 23,176 Luxembourg 1 ..................... 81,594 18,568 Netherlands ........................ 145,156 67,831 Norway ............................... 312,761 275,343 Poland ................................ 6,161 4,315 Portugal .............................. 22,388 18,785 Romania ............................. 7,087 5,051 Russia 2 .............................. 26,758 2,034 Serbia and Montenegro 986 935 (formerly Yugoslavia) 3 ... Spain .................................. 78,311 24,503 Sweden............................... 105,240 53,573 Switzerland ......................... 177,369 58,158 Turkey................................. 16,849 14,258 United Kingdom .................. 6,479,642 3,376,721 Channel Islands and Isle 9,865 of Man 4........................... 62,045 Other Europe ...................... 57,489 24,937 Latin America: Argentina ............................ Brazil................................... Chile ................................... Colombia ............................ Ecuador .............................. Guatemala .......................... Mexico ................................ Panama .............................. Peru.................................... Uruguay .............................. Venezuela........................... Other Latin America 5 .......... 13,083 1,604 75,024 44,779 19,685 10,466 10,044 3,441 2,763 225 940 41 92,852 26,792 13,145 1,540 3,921 749 9,384 2,426 11,160 1,065 12,597 7,076 Total Latin America ........ 264,598 100,204 1,538 40,194 20 700 2,787 571 4,956 5,589 134 41 20,815 3,554 14,919 6,601 10,075 458 803 1,260 21,080 1,076 1,747 884 891 607 26 17,362 1,736 722 747 1,794 888 28,480 4,185 2,624 1,692 1,104 758 95 6,040 2,460 380 1,752 3,144 892 25,126 1,762 3,896 15 305 1,191 240 18,626 43,261 414 160 12,379 8,239 6,463 5,735 6,613 810 642 486 947 3,621 15,166 3,739 3,240 215 658 17,534 2,620 899 3,096 3,058 2,220 56,066 1,074 17,602 8,898 88,446 6 551 263 28,514 2,691 25,337 1,849 9,133 47,271 1,064,412 18,791 285,124 1,222 7,793 467 1,286 16,332 472,397 9,742 86,592 6,935 68,501 17,961 144,686 3,947 296,609 307 6,206 882 20,064 5,425 1,760 12,205 1,980 7,787 1,390 228 504 28 11,003 1,628 318 775 869 177 26,687 10,765 71,412 19,680 10,496 2,617 1,047 64,648 12,754 2,962 8,453 10,328 11,019 226,181 9,037 27,132 461 26,835 13,250 4,540 583,970 129,585 4,613 508 376,454 23,176 19,143 70,984 265,297 4,569 16,823 4,879 2,315 1,189 43,236 9,991 3,227 257 6 18,440 2,032 267 2,455 1,080 7,006 89,186 1,870 34,545 26 690 2,717 316 5,195 5,712 72 44 16,591 3,832 14,120 6,764 8,506 353 754 223 6,297 458 1,154 2,130 1,001 312 43 10,272 2,279 284 256 879 376 19,444 502 3,328 1,994 12,834 14 43 35 731 1,543 3,402 231 2,095 14,305 389,692 11,944 74,071 45 960 118 243 16,275 39,090 888 39,874 5,868 18,520 6,433 36,806 1,440 10,243 43 259 83 1,088 84 21 61 760 2,401 14,654 4,090 4,466 163 844 18,449 4,040 1,354 3,062 3,563 2,099 59,185 1,763 8,853 1,191 249 551 33 8,974 947 337 638 838 146 24,520 185,877 11,585 18,961 86,123 26,419 20,057 339,892 181,195 9,056 19,359 83,742 25,357 566,404 99,588 50,653 389,949 26,533 56,539 1,194,598 586,559 97,925 39,887 388,356 25,893 840,675 404,861 249,968 829,069 131,876 160,249 2,541,227 821,732 383,251 217,146 833,938 130,473 376 634 500 51 727 23 1,792 455 582 100 41 591 69,117 1,001 2,483 49,099 4,234 10,332 122,791 57,521 839 2,033 47,893 3,810 1,477 986 168 145 674 27 2,882 1,337 727 63 171 567 288,422 9,254 33,619 490,286 10,292 70,212 885,407 281,023 5,936 29,812 489,852 10,724 Total Caribbean.............. 5,199,525 1,952,348 527,909 356,352 1,844,722 200,755 317,439 5,088,589 1,929,822 498,316 308,400 1,843,993 197,415 21,183 55,978 154,687 23 10,695 17 68,060 310,643 Caribbean: Bahamas ............................ 349,022 Bermuda ............................. 1,189,666 Cayman Islands 6 ................ 2,616,698 Cuba................................... Jamaica .............................. 2,311 Netherlands Antilles............ 136,266 Trinidad and Tobago........... 3,477 Other Caribbean 5 ............... 902,085 617 2,921 1,514 1,140 454 92 14,121 3,161 853 588 1,230 1,344 28,035 768 3,195 7,832 12,486 77 31 53 719 2,566 3,710 390 1,900 21,913 388,816 24,191 71,711 160 1,039 111 392 26,497 41,243 1,591 38,178 11,655 23,054 8,525 38,503 4,950 11,833 10 261 163 1,113 269 21 222 715 685 1,000 615 501 565 23 2,278 1,003 239 398 884 431 8,622 4,269 2,515 1,663 1,052 769 98 6,235 2,453 481 1,644 3,084 961 25,224 See footnotes at end of table. December 2005 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 2004, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Marketable Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Foreign securities Bonds (4) Bonds (6) Stocks (5) Stocks (7) Total sales (8) Domestic securities Marketable Treasury Bonds of U.S. and Gov’t Federal Financ- corps and ing Bank federallyCorporate and sponbonds other sored and agencies Bonds notes Stocks (10) (9) (11) (12) Foreign securities Bonds (13) Stocks (14) Asia: China: Mainland................... 274,192 190,141 61,282 13,942 2,148 5,548 1,131 224,841 171,246 44,895 1,605 2,455 2,899 1,741 Taiwan...................... 52,555 20,239 11,839 2,305 5,826 3,432 8,914 41,818 13,084 8,652 743 6,137 1,179 12,023 Hong Kong ................... 243,591 102,596 26,625 9,713 12,765 16,977 74,915 221,394 101,517 15,336 3,999 13,543 14,045 72,954 India ............................. 15,070 8,572 21 67 223 530 5,657 15,640 8,699 10 59 382 15 6,475 Indonesia...................... 10,973 5,812 3,381 16 331 474 959 8,201 4,646 1,688 90 310 361 1,106 Israel ............................ 32,614 16,910 1,341 2,168 7,534 430 4,231 30,871 14,673 619 1,746 7,437 2,163 4,233 Japan ........................... 1,193,822 700,988 112,661 52,138 47,737 99,774 180,524 967,348 534,611 68,219 18,675 44,905 87,247 213,691 Korea............................ 102,803 55,862 25,221 2,537 575 5,417 13,191 87,114 50,006 14,353 891 621 6,529 14,714 Lebanon ....................... 626 9 7 17 478 56 59 652 13 6 7 480 94 52 Malaysia ....................... 13,220 7,949 1,098 179 390 1,253 2,351 13,932 7,510 547 55 496 1,866 3,458 Pakistan........................ 446 158 69 56 82 20 61 716 455 45 55 92 12 57 Philippines .................... 7,037 2,746 1,792 347 467 1,325 360 7,614 2,606 1,182 161 439 2,812 414 Singapore ..................... 164,051 79,364 9,219 11,917 24,311 15,622 23,618 147,050 75,895 7,149 7,673 26,033 6,693 23,607 Syria ............................. 19 4 1 13 1 39 14 4 9 10 1 1 Thailand........................ 6,256 3,014 693 105 384 181 1,879 6,451 3,457 439 24 367 167 1,997 73,889 28,215 10,565 2,809 24,739 3,628 3,933 52,811 19,373 6,245 2,403 18,131 3,286 3,373 Other Asia .................... 98,316 128,003 154,667 321,784 1,826,492 1,007,805 169,389 38,195 121,838 129,369 359,896 Total Asia ................. 2,191,164 1,222,579 265,815 Africa: 1 1 Congo (formerly Zaire).... Egypt ............................ 1,327 132 50 114 573 169 289 1,293 152 37 91 555 65 393 Ghana .......................... 29 29 26 2 24 Liberia .......................... 4,562 6 2,746 333 970 105 402 5,069 40 3,177 72 1,121 95 564 Morocco........................ 404 248 2 69 56 29 128 62 32 34 South Africa.................. 4,967 1,418 120 352 484 622 1,971 5,299 1,387 35 527 463 745 2,142 6,213 1,596 611 478 679 1,844 1,005 2,947 1,143 217 138 613 231 605 Other Africa .................. 17,502 3,400 3,527 1,279 2,775 2,796 3,725 14,763 2,723 3,466 828 2,816 1,168 3,762 Total Africa ............... Other countries: Australia ....................... 132,975 59,320 4,163 3,799 12,347 10,175 43,171 141,474 61,533 3,793 2,383 12,013 16,553 45,199 New Zealand ................ 5,653 874 224 224 1,571 1,604 1,156 5,545 1,200 177 155 778 2,070 1,165 5,347 2,078 578 495 847 966 383 4,740 1,717 358 619 976 589 481 All other countries......... 4,965 4,518 14,765 12,745 44,710 151,759 64,450 4,328 3,157 13,767 19,212 46,845 Total other countries. 143,975 62,272 Total foreign countries........... 18,271,268 8,916,648 1,205,690 1,169,027 3,860,599 1,456,098 1,663,206 17,498,922 8,565,302 980,172 861,136 3,831,983 1,512,357 1,747,972 International and regional orgs.: 18,613 12,065 1,511 1,739 1,087 2,187 24 17,799 12,063 1,146 533 1,222 2,792 43 International ..................... 1,912 203 33 201 3 633 839 11,969 141 24 81 5 10,692 1,026 European regional ............ 1,046 48 317 282 314 85 725 37 149 170 313 56 Latin American regional ...... 62 60 2 60 37 20 3 Caribbean regional ........... 8,759 7,025 1,648 49 3 33 1 8,846 6,391 1,431 1 4 1,017 2 Asian regional................... 209 56 43 104 5 1 51 9 41 1 African regional................. 134 79 13 37 5 44 1 40 3 Middle Eastern regional .... Total international 30,735 19,397 3,691 2,388 1,444 2,945 870 39,494 18,678 2,812 788 1,584 14,558 1,074 and regional............ Grand total.............. 18,302,003 8,936,045 1,209,381 1,171,415 3,862,043 1,459,043 1,664,076 17,538,416 8,583,980 982,984 861,924 3,833,567 1,526,915 1,749,046 1 4 2 5 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 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. December 2005 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. CAPITAL MOVEMENTS 95 CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 500 (In billions of dollars) 450 400 Note: To facilitate comparison of net purchases during 2005 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 350 300 250 200 150 100 50 0 -50 2002 2003 2004 2005 Jan.-Sept. 2005 July-Sept. United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom............................ All other Europe ........................... Caribbean banking centers 1,2 ...... Japan............................................ All other Asia ................................ Subtotal .................................... All other countries ........................ Grand total ............................... 1 2 2002 2003 2004 186,691 57,064 76,144 91,412 109,314 520,625 26,940 547,565 167,329 114,433 90,356 176,587 116,980 665,685 54,175 719,860 254,112 110,153 86,111 247,114 130,372 827,862 88,567 916,429 2005 Jan. - Sept. 2005 July - Sept. 252,315 114,992 104,348 50,518 142,529 664,702 97,312 762,014 112,647 34,790 26,571 28,917 54,826 257,751 49,301 307,052 The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported to the TIC reporting system. Foreign investors also acquired U.S. equities through mergers and reincorporations that involve stock swaps. Net foreign acquisitions of U.S. equities through stock swaps have been modest, amounting to about $7 billion in both 2001 and 2002, $2 billion in 2003, $36 billion in 2004, and $5 billion in the first 9 months of 2005. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps and certain other adjustments are not reported under the TIC reporting system, but are now available on the TIC web site. Annual net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2004, net foreign acquisitions (including stock swaps) of U.S. securities totaled a record $953 billion. Net acquisitions in the first 9 months of 2005 were $767 billion, a pace of aquisitions a bit above that of last year. Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. December 2005 96 CAPITAL MOVEMENTS CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 250 (In billions of dollars) Note: To facilitate comparison of net purchases during 2005 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 200 150 100 50 0 -50 2001 2002 Foreign bonds 2003 2004 2005 2005 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 ................... 2001 2002 -30,502 50,113 19,611 -28,492 1,493 -26,999 2003 -32,046 88,587 56,541 2004 2005 Jan. - Sept. 2005 July - Sept. 67,872 84,970 152,842 17,507 85,997 103,504 -2,867 31,747 28,880 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. December 2005 The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, and $2 billion in the first 9 months of 2005. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are now available on the TIC web site. Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. U.S. investors’ acquisitions of foreign securities (including stock swaps) then slowed over the 2001-2003 period before rebounding to $141 billion in 2004 and a further $106 billion in the first 9 months of 2005. 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 reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. December 2005 FOREIGN CURRENCY POSITIONS 98 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) 04/06/05 .................................................................... 418,688 417,338 -2,818 1.2217 04/13/05 .................................................................... 427,162 426,551 -2,497 1.2368 04/20/05 .................................................................... 438,366 436,132 -2,184 1.2394 04/27/05 .................................................................... 462,355 454,914 -2,521 1.2468 05/04/05 .................................................................... 454,085 451,534 -2,417 1.2505 05/11/05 .................................................................... 455,245 453,333 -2,234 1.2476 05/18/05 .................................................................... 455,848 454,443 -1,304 1.2620 05/25/05 .................................................................... 472,213 470,435 -980 1.2642 06/01/05 .................................................................... 489,257 488,259 -1,081 1.2473 06/08/05 .................................................................... 498,637 497,498 -177 1.2441 06/15/05 .................................................................... 445,705 444,399 731 1.2399 06/22/05 .................................................................... 423,425 424,043 554 1.2354 06/29/05 .................................................................... 433,955 436,170 379 1.2264 07/06/05 .................................................................... 426,923 429,310 152 1.2368 07/13/05 .................................................................... 449,717 451,482 -287 1.2075 07/20/05 .................................................................... 443,766 446,709 1,047 1.2220 07/27/05 .................................................................... 470,357 470,659 420 1.2343 08/03/05 .................................................................... 457,751 457,573 882 1.2131 08/10/05 .................................................................... 451,679 451,160 1,630 1.2115 08/17/05 .................................................................... 471,152 470,370 1,004 1.2076 08/24/05 .................................................................... 472,766 471,650 999 1.1960 08/31/05 .................................................................... 489,385 487,948 987 1.1895 09/07/05 .................................................................... 531,594 532,204 54 1.1856 09/14/05 .................................................................... 562,383 561,658 171 1.1824 09/21/05 .................................................................... 471,637 470,376 -76 1.1685 09/28/05 .................................................................... 476,433 477,132 -236 1.1783 December 2005 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) 2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 2004 - Oct ................... 467,038 478,024 105,864 96,364 61,269 69,845 63,039 55,069 -2,852 1.2212 Nov .................. 502,398 512,727 132,946 99,665 64,872 69,313 61,691 61,384 -918 1.1903 Dec .................. 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 2005 - Jan ................... 430,788 432,654 120,759 101,894 57,617 65,659 62,650 62,309 -2,397 1.2406 Feb .................. 463,409 464,011 117,701 107,786 55,301 63,886 59,477 56,845 -2,910 1.2298 Mar .................. 418,173 418,758 118,320 109,973 59,256 65,599 63,753 61,384 -3,111 1.2097 Apr................... 460,570 461,436 116,407 107,377 58,883 66,432 59,200 56,823 -1,922 1.2570 May.................. 484,466 485,145 120,346 113,012 58,962 72,958 85,041 78,961 -1,054 1.2512 June................. 421,895 425,778 120,893 114,235 59,535 70,588 84,405 82,327 16 1.2257 July .................. 449,846 451,407 131,302 125,252 66,175 75,204 92,481 91,465 886 1.2258 Aug .................. 489,949 489,772 133,796 126,185 75,232 85,741 98,522 98,816 1,011 1.1895 Sept ................. 480,298 483,359 123,960 117,811 75,008 83,323 95,767 96,183 -172 1.1608 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 474 1,433 615 -253 1.5729 750 1,069 1,461 1,491 -2 1.4680 49,932 1,011 1,440 1,478 1,792 68 1.3478 59,073 43,044 n.a. 556 1,251 726 12 1.3499 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 Spot, forward and future contracts Non-capital items Purchased (1) Sold (2) Assets (3) Liabilities (4) 2002 - Dec................... 38,048 41,529 57,695 2003 - Mar................... 45,629 50,134 June................. 28,134 34,279 Sept ................. 27,882 36,685 Dec .................. 27,390 37,777 2004 - Mar................... 30,877 41,235 June................. 30,322 Sept. ................ Report date Options positions Puts Calls Bought (5) Written (6) 69,378 868 53,084 41,777 60,747 Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 2005 - Mar................... 26,156 32,898 101,524 n.a. 154 n.a. 2,534 1,093 -738 1.2097 June.................. 28,892 40,197 136,998 86,955 507 n.a. 2,805 762 n.a. 1.2257 December 2005 FOREIGN CURRENCY POSITIONS 100 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 04/06/05 .................................................................. 193,761 196,152 344 108.69 04/13/05 .................................................................. 197,726 200,896 710 107.35 04/20/05 .................................................................. 199,645 202,724 880 106.84 04/27/05 .................................................................. 208,250 211,310 838 106.00 05/04/05 .................................................................. 221,393 224,499 1,018 104.78 05/11/05 .................................................................. 214,169 218,003 833 105.75 05/18/05 .................................................................. 214,773 218,854 579 107.07 05/25/05 .................................................................. 214,471 217,007 618 107.75 06/01/05 .................................................................. 227,460 230,217 508 108.42 06/08/05 .................................................................. 229,837 232,226 411 106.90 06/15/05 .................................................................. 212,462 215,218 656 109.35 06/22/05 .................................................................. 216,301 220,308 741 108.90 06/29/05 .................................................................. 216,883 220,618 779 110.28 07/06/05 .................................................................. 212,048 215,629 684 112.08 07/13/05 .................................................................. 216,263 219,847 608 112.09 07/20/05 .................................................................. 222,157 225,338 612 113.42 07/27/05 .................................................................. 219,636 222,295 685 112.31 08/03/05 .................................................................. 223,894 226,832 610 111.06 08/10/05 .................................................................. 230,893 234,283 449 110.68 08/17/05 .................................................................. 230,966 233,081 573 109.64 08/24/05 .................................................................. 227,670 230,144 466 110.38 08/31/05 .................................................................. 232,849 236,094 491 110.85 09/07/05 .................................................................. 247,060 250,078 516 110.08 09/14/05 .................................................................. 250,235 254,578 622 110.29 09/21/05 .................................................................. 223,134 226,750 565 111.34 09/28/05 .................................................................. 229,631 232,616 485 113.28 December 2005 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 Report date Purchased (1) Non-capital items Sold (2) Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 2004 - Oct ................... 211,989 215,180 45,916 43,878 60,567 62,386 47,233 46,319 760 106.05 Nov .................. 212,017 214,288 40,997 40,153 64,432 64,842 49,123 49,570 1,469 103.05 Dec .................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 2005 - Jan ................... 218,329 221,044 45,228 42,013 63,038 64,705 53,867 52,278 140 103.57 Feb .................. 227,481 230,528 45,394 45,323 59,963 63,005 53,570 50,726 65 104.27 Mar .................. 214,412 217,078 43,661 45,062 59,379 61,810 53,329 50,800 7 107.25 Apr................... 234,852 238,074 43,931 44,599 50,692 53,153 53,617 52,489 816 104.65 May.................. 214,316 217,173 47,069 48,109 53,640 54,936 53,512 53,419 695 108.00 June................. 237,680 241,045 50,062 50,386 49,583 50,689 54,139 54,634 777 110.92 July .................. 239,594 242,334 48,317 48,867 51,268 52,989 52,528 53,723 708 112.27 Aug .................. 252,629 255,063 49,324 49,872 54,236 55,666 53,585 53,329 345 110.85 Sept ................. 248,598 250,676 51,371 52,754 51,660 52,088 53,157 53,658 716 113.31 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) 2002 - Dec................... 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 Sept ................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 Sept ................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 2005 - Mar................... 6,673 7,384 5,620 3,017 307 297 544 264 n.a. 107.25 June.................. 8,576 9,285 5,570 2,995 407 352 597 281 -406 110.92 December 2005 FOREIGN CURRENCY POSITIONS 102 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) 04/06/05 .................................................................. 454,734 463,488 2,022 1.2064 04/13/05 .................................................................. 464,852 474,388 2,831 1.2003 04/20/05 .................................................................. 520,195 530,735 3,238 1.1802 04/27/05 .................................................................. 526,231 533,418 3,124 1.1922 05/04/05 .................................................................. 495,677 503,095 3,480 1.1930 05/11/05 .................................................................. 505,008 512,187 3,781 1.2068 05/18/05 .................................................................. 519,642 527,553 4,190 1.2192 05/25/05 .................................................................. 550,419 557,371 n.a. 1.2267 06/01/05 .................................................................. 599,627 603,552 548 1.2531 06/08/05 .................................................................. 625,143 631,760 1,740 1.2460 06/15/05 .................................................................. 542,400 555,321 1,868 1.2713 06/22/05 .................................................................. 559,732 570,705 1,736 1.2713 06/29/05 .................................................................. 539,426 547,874 915 1.2788 07/06/05 .................................................................. 535,929 546,631 1,321 1.3046 07/13/05 .................................................................. 569,968 575,766 1,293 1.2902 07/20/05 .................................................................. 577,121 580,641 140 1.2974 07/27/05 .................................................................. 583,773 589,626 -298 1.2989 08/03/05 .................................................................. 572,121 579,784 303 1.2617 08/10/05 .................................................................. 572,656 579,698 152 1.2610 08/17/05 .................................................................. 566,442 574,671 479 1.2600 08/24/05 .................................................................. 588,919 597,414 -434 1.2685 08/31/05 .................................................................. 604,460 614,275 1,208 1.2547 09/07/05 .................................................................. 643,416 654,107 1,277 1.2402 09/14/05 .................................................................. 690,687 700,648 2,339 1.2582 09/21/05 .................................................................. 537,598 550,732 2,740 1.2712 09/28/05 .................................................................. 546,688 558,926 3,257 1.2962 December 2005 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) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 2004 - Oct ................... 540,171 554,896 54,019 56,627 61,589 56,975 53,790 Nov .................. 552,963 566,383 55,051 58,714 63,773 58,992 58,300 Dec .................. 513,527 535,713 52,492 57,292 54,511 52,132 2005 - Jan ................... 586,149 593,598 53,513 57,250 61,591 Feb .................. 643,727 652,833 62,280 67,060 Mar .................. 491,686 501,555 56,418 59,111 Apr................... 529,555 539,042 62,644 May.................. 502,899 508,015 54,748 44,198 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 1,190 1.3818 77,646 278 1.2407 44,014 4,616 1.2010 54,907 6,175 1.1426 53,509 47,728 2,918 1.1417 62,391 56,706 50,204 2,962 1.1880 65,712 64,044 58,165 48,732 1,743 1.1589 63,362 59,179 57,278 47,309 3,110 1.1956 65,455 89,667 84,655 60,050 49,488 3,155 1.1904 57,156 104,110 103,349 86,152 71,474 1,359 1.2449 June................. 554,022 564,714 54,926 58,070 103,375 101,358 82,758 71,669 1,718 1.2829 July .................. 590,744 594,262 58,496 61,473 111,163 114,540 82,099 72,698 -830 1.2873 Aug .................. 630,945 639,047 60,573 62,761 118,307 115,350 83,678 71,693 674 1.2547 Sept ................. 578,535 588,492 56,065 59,954 108,513 101,922 57,801 49,774 3,430 1.2891 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) 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 (Swiss francs per U.S. dollar) (10) 2002 - Dec................... 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 Sept ................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 Sept ................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 2005 - Mar................... 16,896 29,821 38,291 10,119 491 658 1,623 493 n.a. 1.1956 June.................. 17,850 31,127 53,000 10,181 538 n.a. 1,415 n.a. n.a. 1.2829 December 2005 FOREIGN CURRENCY POSITIONS 104 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) 04/06/05 .................................................................. 641,000 630,356 1,137 1.8787 04/13/05 .................................................................. 660,028 656,491 1,407 1.8930 04/20/05 .................................................................. 674,573 667,830 1,987 1.9197 04/27/05 .................................................................. 694,457 691,347 2,074 1.9047 05/04/05 .................................................................. 684,336 678,696 1,672 1.9000 05/11/05 .................................................................. 683,701 678,566 617 1.8735 05/18/05 .................................................................. 694,327 690,820 22 1.8382 05/25/05 .................................................................. 704,072 696,719 176 1.8312 06/01/05 .................................................................. 727,672 721,959 825 1.8120 06/08/05 .................................................................. 761,413 756,855 2,351 1.8368 06/15/05 .................................................................. 701,994 700,348 2,400 1.8219 06/22/05 .................................................................. 694,405 691,319 2,175 1.8218 06/29/05 .................................................................. 690,255 686,477 1,173 1.8080 07/06/05 .................................................................. 699,193 693,080 n.a. 1.7583 07/13/05 .................................................................. 720,099 718,356 3,402 1.7554 07/20/05 .................................................................. 749,955 744,075 3,801 1.7303 07/27/05 .................................................................. 738,431 742,025 3,526 1.7438 08/03/05 .................................................................. 725,418 723,729 4,125 1.7808 08/10/05 .................................................................. 732,625 727,823 4,139 1.7922 08/17/05 .................................................................. 738,711 740,284 4,059 1.8076 08/24/05 .................................................................. 746,390 747,088 4,315 1.7965 08/31/05 .................................................................. 758,939 760,480 4,252 1.8012 09/07/05 .................................................................. 798,427 800,539 4,194 1.8394 09/14/05 .................................................................. 812,400 814,666 4,501 1.8244 09/21/05 .................................................................. 719,409 721,083 3,933 1.8097 09/28/05 .................................................................. 727,827 727,578 3,952 1.7639 December 2005 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) -396 1.6094 2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 2004 - Oct ................... 662,001 653,914 236,163 226,438 47,066 44,365 38,651 40,703 4,801 1.8345 Nov .................. 679,947 673,508 235,802 223,568 51,232 45,898 38,699 46,440 1,814 1.9073 Dec .................. 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 2005 - Jan ................... 679,431 668,728 233,635 221,171 41,784 39,146 34,094 36,884 1,372 1.8850 Feb .................. 710,790 700,896 247,649 234,939 37,725 35,175 32,941 36,574 1,852 1.9249 Mar .................. 651,827 643,792 231,793 219,823 37,851 36,279 36,356 39,891 1,391 1.8888 Apr................... 689,982 690,704 229,252 215,073 60,876 60,130 58,794 65,500 1,971 1.9122 May.................. 672,862 670,510 222,727 210,566 61,151 57,461 63,736 70,856 379 1.8231 June................. 709,800 711,603 227,427 216,639 58,788 55,392 63,288 68,753 1,830 1.7930 July .................. 750,997 757,340 227,710 215,931 61,777 62,561 73,161 79,285 3,848 1.7593 Aug .................. 772,514 782,246 237,834 223,471 62,345 58,888 76,215 81,358 4,249 1.8012 Sept ................. 748,475 755,953 235,467 220,837 64,491 56,309 76,771 80,730 4,563 1.7696 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 (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2002 - Dec................... 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 Sept ................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 Sept ................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 2005 - Mar................... 31,551 42,100 47,135 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 June.................. 38,438 53,284 91,683 53,088 n.a. 553 3,874 3,555 n.a. 1.7930 December 2005 FOREIGN CURRENCY POSITIONS 106 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) 04/06/05 ................................................................ 7,301,387 7,339,891 636 n.a. 04/13/05 ................................................................ 7,407,469 7,411,461 -6,195 n.a. 04/20/05 ................................................................ 7,613,962 7,636,725 -9,558 n.a. 04/27/05 ................................................................ 7,856,604 7,888,975 -7,459 n.a. 05/04/05 ................................................................ 7,819,382 7,842,125 -9,754 n.a. 05/11/05 ................................................................ 7,769,476 7,800,631 -5,333 n.a. 05/18/05 ................................................................ 7,886,565 7,893,198 -7,377 n.a. 05/25/05 ................................................................ 7,926,349 7,935,689 -10,505 n.a. 06/01/05 ................................................................ 8,295,929 8,314,964 -9,690 n.a. 06/08/05 ................................................................ 8,471,013 8,484,118 -14,578 n.a. 06/15/05 ................................................................ 7,807,786 7,824,296 -19,854 n.a. 06/22/05 ................................................................ 7,950,424 7,948,079 -21,238 n.a. 06/29/05 ................................................................ 8,001,605 7,981,665 -16,470 n.a. 07/06/05 ................................................................ 7,812,304 7,798,380 -20,952 n.a. 07/13/05 ................................................................ 8,038,546 8,016,976 -21,606 n.a. 07/20/05 ................................................................ 8,083,721 8,079,963 -26,076 n.a. 07/27/05 ................................................................ 8,160,323 8,158,102 -23,050 n.a. 08/03/05 ................................................................ 8,159,587 8,159,338 -22,474 n.a. 08/10/05 ................................................................ 8,240,445 8,223,571 -16,945 n.a. 08/17/05 ................................................................ 8,340,545 8,352,056 -12,610 n.a. 08/24/05 ................................................................ 8,387,431 8,401,711 -12,269 n.a. 08/31/05 ................................................................ 8,623,039 8,631,362 -13,301 n.a. 09/07/05 ................................................................ 9,033,138 9,039,398 -11,406 n.a. 09/14/05 ................................................................ 9,261,176 9,249,525 -12,041 n.a. 09/21/05 ................................................................ 8,195,831 8,206,069 -11,847 n.a. 09/28/05 ................................................................ 8,329,953 8,327,314 -14,103 n.a. December 2005 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 (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 2004 - Oct ................... 7,376,739 7,430,778 - - 1,020,753 1,035,333 1,238,798 1,276,135 -5,713 n.a. Nov .................. 7,722,251 7,842,997 - - 1,094,821 1,132,451 1,296,941 1,335,573 -13,694 n.a. Dec .................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 2005 - Jan ................... 7,969,071 7,973,126 - - 1,208,933 1,170,552 1,314,675 1,357,263 6,552 n.a. Feb .................. 8,355,432 8,386,945 - - 1,222,120 1,207,448 1,274,898 1,301,192 -1,020 n.a. Mar .................. 7,878,352 7,912,104 - - 1,262,340 1,220,219 1,236,568 1,263,695 1,522 n.a. Apr................... 8,293,742 8,356,941 - - 1,396,743 1,288,031 1,183,632 1,176,618 -8,357 n.a. May.................. 7,754,831 7,782,474 - - 1,344,379 1,294,560 1,209,690 1,233,083 -10,716 n.a. June................. 8,345,528 8,353,702 - - 1,347,555 1,312,386 1,170,162 1,176,726 -16,891 n.a. July .................. 8,660,426 8,660,142 - - 1,277,090 1,288,403 1,108,409 1,176,757 -21,157 n.a. Aug .................. 9,161,206 9,191,265 - - 1,158,387 1,192,576 1,258,131 1,279,228 -12,590 n.a. Sept ................. 8,842,754 8,904,256 - - 1,145,876 1,164,272 1,150,844 1,168,598 -16,290 n.a. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date 2002 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) 356,423 381,746 Non-capital items Assets Liabilities (3) (4) - - Calls Options positions Puts Bought Written (7) (8) Bought (5) Written (6) n.a. n.a. 71,715 Net delta equivalent (9) Exchange rate (10) n.a. 1,272 n.a. 2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. Sept ................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. Sept ................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 2005 - Mar................... 447,805 454,607 - - 11,614 11,133 12,816 n.a. 15,946 n.a. June.................. 466,298 478,539 - - 13,864 12,139 15,821 10,600 10,440 n.a. December 2005 FOREIGN CURRENCY POSITIONS 108 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) 04/06/05 .................................................................. 2,209,762 2,215,509 -3,422 0.7771 04/13/05 .................................................................. 2,276,979 2,278,618 -4,061 0.7741 04/20/05 .................................................................. 2,327,296 2,321,630 -1,505 0.7645 04/27/05 .................................................................. 2,422,413 2,408,956 -3,122 0.7729 05/04/05 .................................................................. 2,410,087 2,406,580 -2,507 0.7730 05/11/05 .................................................................. 2,412,660 2,406,337 -3,809 0.7811 05/18/05 .................................................................. 2,380,530 2,385,091 -375 0.7899 05/25/05 .................................................................. 2,382,959 2,393,118 614 0.7935 06/01/05 .................................................................. 2,577,970 2,593,091 2,846 0.8175 06/08/05 .................................................................. 2,627,117 2,641,363 4,232 0.8117 06/15/05 .................................................................. 2,529,207 2,536,154 5,160 0.8260 06/22/05 .................................................................. 2,546,950 2,560,712 5,724 0.8244 06/29/05 .................................................................. 2,534,240 2,558,346 4,126 0.8264 07/06/05 .................................................................. 2,472,741 2,504,017 7,144 0.8391 07/13/05 .................................................................. 2,580,457 2,602,305 7,247 0.8271 07/20/05 .................................................................. 2,603,258 2,625,270 8,909 0.8302 07/27/05 .................................................................. 2,596,723 2,620,542 7,638 0.8300 08/03/05 .................................................................. 2,608,862 2,638,719 7,195 0.8106 08/10/05 .................................................................. 2,589,809 2,611,333 3,993 0.8100 08/17/05 .................................................................. 2,654,551 2,659,728 2,246 0.8137 08/24/05 .................................................................. 2,695,548 2,711,740 2,695 0.8171 08/31/05 .................................................................. 2,736,058 2,746,934 3,118 0.8110 09/07/05 .................................................................. 2,837,762 2,842,389 1,968 0.8039 09/14/05 .................................................................. 2,925,802 2,934,922 215 0.8142 09/21/05 .................................................................. 2,563,662 2,568,029 818 0.8191 09/28/05 .................................................................. 2,635,960 2,655,675 3,862 0.8322 December 2005 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) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 2004 - Oct ................... 2,193,509 2,224,042 1,074,967 1,014,200 328,338 302,371 287,636 302,683 -1,677 0.7846 Nov .................. 2,324,168 2,375,753 1,066,185 1,001,614 348,482 325,140 297,059 324,504 -2,778 0.7542 Dec .................. 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 2005 - Jan ................... 2,336,298 2,385,448 1,106,604 1,058,238 326,898 293,256 306,125 334,474 -965 0.7663 Feb .................. 2,442,907 2,477,006 1,123,307 1,085,590 291,464 285,805 313,536 339,762 -3,790 0.7534 Mar .................. 2,323,661 2,339,046 1,096,419 1,065,712 316,547 295,261 311,445 341,831 -5,566 0.7711 Apr................... 2,484,698 2,484,953 1,119,763 1,100,777 327,186 288,319 331,656 371,566 -3,307 0.7741 May.................. 2,289,976 2,308,066 1,158,512 1,133,710 353,316 304,575 353,750 410,408 1,564 0.8098 June................. 2,604,992 2,624,294 1,238,831 1,207,527 371,521 301,145 383,421 449,945 6,374 0.8266 July .................. 2,678,150 2,704,008 1,225,893 1,197,828 361,960 309,904 384,320 457,217 7,000 0.8245 Aug .................. 2,820,963 2,828,909 1,267,783 1,241,294 341,456 290,872 398,245 443,589 3,252 0.8110 Sept ................. 2,685,515 2,708,412 1,244,507 1,193,680 347,230 296,777 396,192 431,940 2,508 0.8293 TABLE FCP-VI-3.—Quarterly Report of Large 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) 2002 - Dec................... 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 Sept ................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 Sept ................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 2005 - Mar................... 140,145 149,484 217,956 127,548 9,171 4,963 7,254 8,662 -37 0.7711 June.................. 161,252 178,581 283,116 153,746 9,419 6,000 8,969 8,659 -476 0.8266 December 2005 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, 2005, and June 30, 2005 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital March 31, 2005 April 1, 2005, through June 30, 2005 June 30, 2005 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 12,086,300 17,522 12,103,822 Special drawing rights 1 ........................................................... 11,611,933 -322,108 11,289,825 European euro ..................................................................... 11,585,809 -711,280 10,874,529 Japanese yen....................................................................... Accounts receivable................................................................. 8,809,677 126,284 -293,006 -7,903 8,516,671 118,381 Total assets.......................................................................... 44,220,003 -1,316,775 42,903,228 Accounts payable................................................................. 28,778 836 29,614 Total current liabilities ...................................................... Other liabilities: SDR certificates ................................................................... 28,778 836 29,614 2,200,000 7,402,357 -265,653 2,200,000 7,136,704 9,602,357 -265,653 9,336,704 Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 34,388,868 -1,051,958 200,000 33,336,910 Total capital...................................................................... 34,588,868 -1,051,958 33,536,910 Total liabilities and capital............................................ 44,220,003 -1,316,775 42,903,228 Foreign exchange and securities: Liabilities and capital Current liabilities: SDR allocations ................................................................... Total other liabilities ......................................................... Capital: Capital account .................................................................... See footnote on the following page. December 2005 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 April 1, 2005, through June 30, 2005 Fiscal year to date October 1, 2004, through June 30, 2005 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ -1,081,674 -352,925 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... -153,435 15,331 SDRs............................................................................................ 25,450 86,893 U.S. Government securities......................................................... 88,216 203,828 Foreign exchange ........................................................................ 69,485 215,139 Commissions ............................................................................... - - Income from operations ............................................................... -1,051,958 168,266 Net income (+) or loss (-)............................................................. -1,051,958 168,266 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 years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” December 2005 Trust Funds 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 National Retirement Investment Trust Fund which is managed and invested by the National Retirement Trust is also reflected. 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 2006,” released February 7, 2005. SPECIAL REPORTS Trust Funds 1-8, published in the December issue of the Treasury Bulletin, are scheduled to be discontinued starting with the December 2006 issue. Trust fund information can be found in the Monthly Treasury Statement, www.fms.treas.gov/mts, and the Budget of the United States Government, www.whitehouse.gov/omb/budget. Comments or concerns regarding the discontinuation of these tables can be forwarded to the Treasury Bulletin staff at treasury.bulletin@fms.treas.gov. December 2005 TRUST FUNDS 116 CHART TF-A.—Major Trust Funds Total Net Increase or Decrease in Assets (In billions of dollars) 170 160 150 140 2005 130 2004 120 110 100 90 80 70 60 50 40 30 20 10 0 -10 -20 Federal Old-age and Survivors Insurance Trust Fund Civil Service Retirement and Disability Fund Federal Hospital Insurance Trust Fund Federal Disability Insurance Trust Fund Unemployment Trust Fund Railroad Retirement Account Source: Financial Management Service December 2005 Federal Supplementary Medical Insurance Trust Fund National Service Life Insurance Fund TRUST FUNDS 117 CHART TF-B.—Total Receipts of Major Trust Funds (In billions of dollars) 650 600 2005 550 2004 500 450 400 350 300 250 200 150 100 50 0 Federal Old-age and Survivors Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Federal Disability Insurance Trust Fund Civil Service Retirement and Disability Fund Unemployment Trust Fund Railroad Retirement Account National Service Life Insurance Fund Source: Financial Management Service December 2005 TRUST FUNDS 118 CHART TF-C.—Total Expenditures of Major Trust Funds (In billions of dollars) 450 2005 400 2004 350 300 250 200 150 100 50 0 Federal Old-age and Survivors Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Federal Disability Insurance Trust Fund Civil Service Retirement and Disability Fund Unemployment Trust Fund Source: Financial Management Service December 2005 Railroad Retirement Account National Service Life Insurance Fund TRUST FUNDS 119 TABLE TF-1.—Civil Service Retirement and Disability Fund [In millions of dollars. Source: Financial Management Service] Receipts Total (1) Agencies’ contributions (2) Employees’ contributions (3) Federal contributions (4) Donations, service credit payments, and other miscellaneous receipts (5) 2001 ..................................................... 2002 ..................................................... 2003 ..................................................... 2004 ..................................................... 2005 ..................................................... 77,948 80,070 78,411 82,414 83,690 16,705 17,524 14,645 16,307 17,466 4,190 4,029 4,031 3,989 3,844 21,639 22,108 21,878 25,921 25,618 462 506 552 556 568 34,953 35,903 37,306 35,641 36,194 2006 - Est............................................. 89,865 18,240 4,477 26,572 38 40,538 2004 - Oct ............................................ Nov ........................................... Dec ........................................... 2005 - Jan ............................................ Feb ........................................... Mar ........................................... Apr............................................ May........................................... June.......................................... July ........................................... Aug ........................................... Sept .......................................... 1,615 1,919 19,801 1,631 1,686 2,136 1,732 1,721 19,630 2,083 2,006 27,729 1,266 1,288 1,619 1,291 1,320 1,681 1,339 1,328 1,339 1,669 1,597 1,729 299 298 374 293 297 376 299 294 295 364 346 308 25,618 47 47 51 45 45 49 48 45 46 49 49 47 286 17,758 2 23 31 46 53 17,950 1 14 27 Fiscal year 2005................................... 83,690 17,466 3,844 25,618 568 36,194 Fiscal year or month Interest and profits on investments (6) Total expenditures other than investments (7) Net increase, or decrease (-), in assets (8) Total (9) 2001................................................................................... 2002................................................................................... 2003................................................................................... 2004................................................................................... 2005................................................................................... 47,356 48,970 50,368 52,277 54,790 30,592 31,100 28,043 30,137 28,899 542,091 573,191 601,234 631,371 660,270 542,608 573,713 601,709 631,860 660,750 -517 -522 -475 -489 -480 2006 - Est .......................................................................... 58,574 31,121 662,672 662,664 8 2004 - Oct.......................................................................... Nov ........................................................................ Dec ........................................................................ 2005 - Jan ......................................................................... Feb ........................................................................ Mar ........................................................................ Apr ......................................................................... May........................................................................ June....................................................................... July ........................................................................ Aug ........................................................................ Sept ....................................................................... 4,494 4,394 4,404 4,624 4,535 4,573 4,690 4,582 4,569 4,697 4,591 4,638 -2,879 -2,475 15,397 -2,993 -2,849 -2,436 -2,957 -2,861 15,062 -2,614 -2,585 23,090 628,491 626,017 641,414 638,421 635,572 633,136 630,178 627,317 642,379 639,765 637,180 660,270 628,979 626,509 641,881 639,001 636,078 633,635 630,680 627,819 642,880 640,267 637,680 660,750 -488 -492 -467 -580 -506 -499 -502 -502 -501 -502 -500 -480 Fiscal year 2005 ................................................................ 54,790 28,899 660,270 660,750 -480 Fiscal year or month Assets, end of period Investments Unexpended balance (10) (11) Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006,” released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 TRUST FUNDS 120 TABLE TF-2.—Federal Hospital Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Receipts Fiscal year or month Interest and profits on investments (5) Other (6) * * - 12,338 13,774 14,788 15,074 15,155 2,536 2,966 2,918 3,254 3,742 10,378 * 15,022 20 12,481 13,634 14,751 15,441 11,681 12,678 17,183 12,411 14,945 12,764 13,145 15,683 * * 302 1,620 37 616 4,341 10 1,383 2 1 1,428 - 11 9 7,412 9 5 91 32 5 7,533 4 13 32 208 245 264 321 268 397 300 219 666 285 281 288 166,797 9,742 - 15,155 3,742 Total (1) Net appropriations (2) Federal payments (3) 171,736 179,738 180,255 184,890 195,436 151,257 150,852 153,587 156,814 166,797 5,605 12,146 8,962 9,748 9,742 2006 - Est....................................................... 203,680 178,260 12,700 13,888 22,729 17,392 11,991 13,782 21,856 12,645 24,527 13,055 13,440 17,431 Fiscal year 2005............................................. 195,436 2001 ............................................................... 2002 ............................................................... 2003 ............................................................... 2004 ............................................................... 2005 ............................................................... 2004 - Oct ...................................................... Nov ..................................................... Dec ..................................................... 2005 - Jan ...................................................... Feb ..................................................... Mar ..................................................... Apr...................................................... May..................................................... June.................................................... July ..................................................... Aug ..................................................... Sept .................................................... Fiscal year or month Expenditures other than investments Benefit Administrative Total payments expenses (7) (8) (9) Deposits by States (4) Other (10) Net increase, or decrease (-), in assets (11) Total (12) Assets, end of period Unexpended Investments balance (13) (14) 2001................................................................ 2002................................................................ 2003................................................................ 2004................................................................ 2005................................................................ 141,975 147,051 152,793 165,964 184,611 139,356 145,566 151,250 164,079 182,842 1,425 1,478 1,541 1,874 1,757 1,194 7 2 11 12 29,761 32,687 27,462 18,926 10,825 198,552 231,239 258,701 277,627 288,453 197,137 228,906 251,307 264,375 277,268 1,415 2,333 7,394 13,252 11,185 2006 - Est ....................................................... 186,123 184,962 - 1,161 17,557 271,321 271,321 - 2004 - Oct....................................................... Nov ..................................................... Dec ..................................................... 2005 - Jan ...................................................... Feb ..................................................... Mar ..................................................... Apr ...................................................... May..................................................... June.................................................... July ..................................................... Aug ..................................................... Sept .................................................... 13,523 14,609 16,259 12,577 14,385 16,790 17,361 13,004 17,548 14,603 16,359 17,593 13,386 14,456 16,152 12,558 14,210 16,660 17,195 12,834 17,383 14,402 16,173 17,434 135 150 106 18 174 128 166 169 165 200 186 159 2 3 1 1 1 1 * 1 1 * * - -823 -721 6,471 4,815 -2,394 -3,008 4,496 -359 6,979 -1,548 -2,919 -162 276,804 276,083 282,553 287,368 284,974 281,966 286,462 286,103 293,082 291,534 288,615 288,453 263,733 263,539 270,383 273,910 272,022 268,665 273,207 272,750 282,089 279,936 277,537 277,268 13,071 12,544 12,170 13,458 12,952 13,301 13,255 13,353 10,993 11,598 11,078 11,185 Fiscal year 2005 ............................................. 184,611 182,842 1,757 12 10,825 288,453 277,268 11,185 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 TRUST FUNDS 121 TABLE TF-3.—Federal Disability Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month Receipts Deposits by States (3) Interest and profits on investments (4) Expenditures other than investments Benefit Total payments (6) (7) Total (1) Appropriations (2) 82,980 86,022 88,845 91,383 95,767 74,609 76,300 78,299 80,364 84,421 * * - 7,572 8,714 9,564 9,786 10,128 799 1,007 983 1,233 1,218 60,831 66,434 71,982 78,550 86,468 58,219 64,271 69,846 76,262 83,826 2006 - Est .................................................. 99,457 88,942 - 10,461 54 90,478 87,608 2004 - Oct.................................................. 6,176 Nov ................................................ 6,292 Dec ................................................ 11,618 2005 - Jan ................................................. 8,336 Feb ................................................ 6,440 Mar ................................................ 7,087 Apr ................................................. 9,055 May................................................ 6,771 June............................................... 12,944 July ................................................ 6,839 Aug ................................................ 6,743 Sept ............................................... 7,465 5,806 6,271 6,662 8,037 6,422 7,034 8,759 6,748 7,935 6,566 6,726 7,455 - 20 18 4,953 5 10 38 40 15 5,002 5 13 9 350 3 3 293 8 15 256 8 8 268 4 2 6,737 6,837 6,929 7,039 7,178 7,169 7,372 7,280 7,743 7,463 7,359 7,364 6,599 6,598 6,743 6,877 6,926 7,000 7,184 7,097 7,227 7,204 7,206 7,165 Fiscal year 2005 ........................................ 95,767 84,421 - 10,128 1,218 86,468 83,826 2001........................................................... 2002........................................................... 2003........................................................... 2004........................................................... 2005........................................................... Fiscal year or month Expenditures other than investments, con. Payments to railroad retirement Administrative account expenses Other (8) (9) (10) Other (5) Net increase, or decrease (-), in assets (11) Total (12) Assets, end of period Unexpended Investments balance (13) (14) 2001........................................................... 2002........................................................... 2003........................................................... 2004........................................................... 2005........................................................... 10 154 167 215 338 1,712 1,967 1,938 2,036 2,251 890 43 31 36 52 22,149 19,588 16,863 12,834 9,299 136,882 156,470 173,332 186,166 195,465 135,842 155,287 170,793 182,799 193,263 1,040 1,183 2,539 3,367 2,202 2006 - Est .................................................. 287 2,392 191 8,979 194,279 194,279 - 2004 - Oct.................................................. Nov ................................................ Dec ................................................ 2005 - Jan ................................................. Feb ................................................ Mar ................................................ Apr ................................................. May................................................ June............................................... July ................................................ Aug ................................................ Sept ............................................... 338 - 132 214 183 159 248 166 187 180 175 257 152 198 7 25 3 2 3 3 1 3 2 2 1 - -561 -545 4,690 1,297 -738 -82 1,683 -509 5,202 -624 -616 102 185,605 185,060 189,749 191,046 190,309 190,227 191,910 191,401 196,603 195,979 195,364 195,465 182,242 181,723 186,221 187,502 186,787 186,645 188,414 188,092 193,669 193,244 192,751 193,263 3,363 3,337 3,528 3,544 3,522 3,582 3,496 3,309 2,934 2,735 2,613 2,202 Fiscal year 2005 ........................................ 338 2,251 52 9,299 195,465 193,263 2,202 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 TRUST FUNDS 122 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 railroad retirement Benefit account Total payments (8) (6) (7) Total (1) Appropriations (2) Receipts Deposits by States (3) 513,871 532,888 547,454 563,649 594,191 440,811 451,742 461,096 473,283 497,120 * * * - 61,239 68,105 73,980 76,441 81,708 11,821 13,041 12,378 13,925 15,363 373,037 389,625 402,776 417,306 436,831 367,680 383,956 396,725 411,162 430,394 3,273 3,493 3,580 3,628 3,579 2006 - Est........................................ 619,367 516,795 - 87,683 14,889 454,419 447,891 3,470 39,130 37,022 78,969 50,963 37,892 41,563 55,307 39,981 87,566 42,131 39,694 43,971 34,192 36,934 39,212 47,330 37,819 41,417 51,581 39,734 46,725 38,669 39,612 43,895 - 49 70 39,751 28 45 126 425 233 40,827 25 68 63 4,888 19 7 3,605 29 20 3,302 15 15 3,436 14 13 34,875 34,991 35,569 35,746 36,571 36,269 36,551 36,520 40,104 36,541 36,550 36,543 34,709 34,771 35,339 35,541 36,269 36,054 36,289 36,271 36,282 36,227 36,349 36,292 3,579 - Fiscal year 2005.............................. 594,191 497,120 - 81,708 15,363 436,831 430,394 3,579 Fiscal year or month 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2004 - Oct ....................................... Nov ...................................... Dec ...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Fiscal year or month Net earnings on investments (4) Other (5) Expenditures other than investments, con. Administrative expenses Other (9) (10) Assets, end of period Net increase, or decrease (-), in assets (11) Total (12) Investments (13) Unexpended balance (14) 2001 .......................................................... 2002 .......................................................... 2003 .......................................................... 2004 .......................................................... 2005 .......................................................... 2,084 2,175 2,471 2,516 2,858 - 140,834 143,263 144,678 146,343 157,360 1,041,832 1,185,095 1,329,773 1,476,116 1,633,476 1,034,114 1,173,759 1,313,427 1,452,599 1,616,159 7,718 11,336 16,346 23,517 17,317 2006 - Est.................................................. 3,050 8 164,948 1,618,448 1,618,448 - 2004 - Oct ................................................. Nov ................................................ Dec ................................................ 2005 - Jan ................................................. Feb ................................................ Mar ................................................ Apr................................................. May................................................ June............................................... July ................................................ Aug ................................................ Sept ............................................... 165 219 230 205 302 215 263 249 243 314 201 251 - 4,255 2,031 43,400 15,217 1,322 5,294 18,756 3,462 47,462 5,590 3,144 7,428 1,480,371 1,482,403 1,525,803 1,541,020 1,542,341 1,547,635 1,566,391 1,569,853 1,617,315 1,622,904 1,626,048 1,633,476 1,457,186 1,459,068 1,500,764 1,515,893 1,517,560 1,524,082 1,543,270 1,546,637 1,598,784 1,604,713 1,607,330 1,616,159 23,185 23,335 25,039 25,127 24,781 23,553 23,121 23,216 18,531 18,191 18,718 17,317 Fiscal year 2005........................................ 2,858 - 157,360 1,633,476 1,616,159 17,317 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 TRUST FUNDS 123 TABLE TF-5.—Federal Supplementary Medical Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Receipts Fiscal year or month Total (1) Premiums (2) Federal contributions (3) Interest and profits on investments (4) Other (5) Expenditures other than investments Benefit Total payments (6) (7) 2001 ........................................... 2002 ........................................... 2003 ........................................... 2004 ........................................... 2005 ........................................... 95,361 105,680 110,198 126,805 153,497 22,307 24,427 26,834 30,341 35,939 69,863 78,834 80,910 94,736 115,201 3,187 2,916 2,452 1,727 1,364 4 3 1 1 994 99,452 108,826 124,055 134,121 151,963 97,466 106,995 121,699 131,457 149,615 2006 - Est................................... 238,413 46,331 182,852 2,452 6,778 215,172 214,581 2004 - Oct .................................. Nov ................................. Dec ................................. 2005 - Jan .................................. Feb ................................. Mar ................................. Apr.................................. May................................. June................................ July ................................. Aug ................................. Sept ................................ 11,121 11,406 17,155 12,937 12,976 13,042 13,037 13,064 14,076 13,135 13,267 8,282 2,646 2,684 2,608 3,097 3,080 3,091 3,148 2,598 3,077 3,161 3,165 3,099 8,447 8,652 14,096 9,824 9,878 9,879 9,829 9,966 9,799 9,960 9,907 4,965 28 69 450 14 18 72 59 16 528 14 31 62 * * 1 * 671 165 157 11,598 12,156 13,335 10,175 10,864 12,828 14,089 10,588 14,006 12,738 14,088 15,500 11,362 12,023 13,174 10,212 10,649 12,687 13,851 10,391 13,825 12,508 13,873 15,060 Fiscal year 2005......................... 153,497 35,939 115,201 1,364 994 151,963 149,615 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) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 1,974 1,820 2,342 2,652 2,350 12 10 14 12 -3 -20,225 -3,145 -13,856 -7,316 1,534 25,322 22,176 8,320 1,004 2,538 41,978 38,804 24,849 17,439 17,204 -16,656 -16,628 -16,529 -16,435 -14,666 2006 - Est........................................ 230 361 23,241 28,019 28,019 - 2004 - Oct ....................................... Nov ...................................... Dec ...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 234 144 159 -38 214 140 238 196 180 229 214 441 2 -11 1 1 1 1 * 1 1 * * - -476 -750 3,820 2,762 2,113 214 -1,052 2,476 70 398 -821 -7,218 527 -223 3,597 6,358 8,471 8,685 7,633 10,109 10,179 10,577 9,756 2,538 16,557 15,782 20,273 21,989 23,261 24,122 22,803 25,232 24,819 25,767 24,668 17,204 -16,030 -16,005 -16,676 -15,631 -14,790 -15,437 -15,170 -15,123 -14,640 -15,190 -14,912 -14,666 Fiscal year 2005.............................. 2,350 -3 1,534 2,538 17,204 -14,666 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 TRUST FUNDS 124 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) Receipts Transfers from general and special funds (3) Net increase, or decrease (-), in assets (6) Assets, end of period Unexpended Investments balance (8) (9) Total (1) Premiums and other receipts (2) 2001 ....................... 1,050 194 1 855 1,221 -171 11,665 11,639 26 2002 ....................... 1,008 185 1 823 1,176 -167 11,498 11,465 33 2003 ....................... 960 176 1 784 1,178 -218 11,280 11,246 34 2004 ....................... 934 204 1 730 1,231 -297 10,983 10,949 34 2005 ....................... 855 171 1 682 1,207 -352 10,631 10,597 34 2006 - Est............... 1,085 463 1 621 1,562 -358 10,599 10,588 9 2004 - Oct .............. 16 14 * 2 94 -78 10,906 10,878 28 Nov ............. 17 14 * 3 86 -69 10,837 10,802 35 Dec ............. 353 14 * 339 88 264 11,101 11,067 34 2005 - Jan .............. 16 16 * * 102 -86 11,015 10,982 33 Feb ............. 15 14 * * 97 -82 10,933 10,897 36 Mar ............. 20 19 * 1 124 -104 10,829 10,792 37 Apr.............. 12 11 * 2 108 -96 10,733 10,701 32 May............. 16 13 * 3 103 -87 10,646 10,617 29 June............ 345 15 * 330 99 246 10,892 10,858 34 July ............. 17 17 * * 96 -78 10,814 10,787 27 Aug ............. 13 12 * 1 95 -83 10,731 10,699 32 Sept ............ 15 13 * 2 115 -100 10,631 10,597 34 Fiscal year 2005..... 855 171 1 682 1,207 -352 10,631 10,597 34 Fiscal year or month * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 Total (7) TRUST FUNDS 125 TABLE TF-7.—Railroad Retirement Account [In millions of dollars. Source: Financial Management Service] Receipts Expenditures other than investments Benefit Total payments (5) (6) Total (1) Appropriations (2) Interest and profits on investments (3) 2001 .............................................................................. 2002 .............................................................................. 2003 .............................................................................. 2004 .............................................................................. 2005 .............................................................................. 10,229 10,095 9,195 9,850 12,802 4,272 4,177 3,954 4,026 4,119 2,347 1,935 764 -18 3,514 3,610 3,983 4,478 5,843 5,168 8,569 10,325 28,214 9,756 9,345 3,039 3,397 3,575 3,638 3,541 2006 - Est...................................................................... 11,899 3,971 43 7,885 12,203 8,289 2004 - Oct ..................................................................... Nov .................................................................... Dec .................................................................... 2005 - Jan ..................................................................... Feb .................................................................... Mar .................................................................... Apr..................................................................... May.................................................................... June................................................................... July .................................................................... Aug .................................................................... Sept ................................................................... 860 761 1,391 1,394 141 1,038 150 79 4,496 794 1,117 579 323 327 421 352 423 422 349 426 -76 375 438 338 407 434 870 782 -390 496 -387 -359 535 314 679 132 130 99 261 108 120 188 12 4,037 104 109 753 763 755 765 770 772 769 766 929 769 764 770 305 306 305 307 307 310 307 308 311 171 309 296 Fiscal year 2005............................................................ 12,802 4,119 3,514 5,168 9,345 3,541 Fiscal year or month Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (7) (8) Net increase, or decrease (-), in assets (9) Other (4) Assets, end of period Total (10) Investments (11) Unexpended balance (12) 2001 .................................................................... 2002 .................................................................... 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 91 99 98 101 111 5,438 6,828 24,541 6,017 5,693 1,660 -230 -19,019 95 3,457 13,053 12,823 -6,196 -6,101 -2,645 26,865 25,260 1,179 1,742 2,101 -13,812 -12,437 -7,375 -7,843 -4,746 2006 - Est............................................................ 3,914 - -288 23,317 23,317 - 2004 - Oct ........................................................... Nov .......................................................... Dec .......................................................... 2005 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... 8 10 12 5 11 11 10 7 8 9 11 9 440 447 438 452 452 452 452 451 610 589 445 465 107 -2 635 630 -629 266 -619 -687 3,567 25 353 -190 -5,995 -5,996 -5,361 -4,731 -5,360 -5,094 -5,712 -6,399 -2,832 -2,807 -2,454 -2,645 1,748 1,536 1,443 1,828 1,880 1,856 2,034 1,900 2,448 2,310 2,275 2,101 -7,743 -7,532 -6,804 -6,559 -7,240 -6,950 -7,746 -8,299 -5,280 -5,117 -4,729 -4,746 Fiscal year 2005.................................................. 111 5,693 3,457 -2,645 2,101 -4,746 Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 TRUST FUNDS 126 TABLE TF-8.—Unemployment Trust Fund [In millions of dollars. Source: Financial Management Service] 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) 2001 ..................................................... 2002 ..................................................... 2003 ..................................................... 2004 ..................................................... 2005 ..................................................... 33,993 33,788 38,403 43,678 46,306 20,824 20,911 26,703 32,734 36,074 6,937 6,613 6,520 6,589 6,828 432 718 1,265 1,552 773 51 95 144 130 97 5,749 5,450 3,772 2,673 2,534 2006 - Est............................................. 48,328 37,513 7,357 1,026 114 2,318 2004 - Oct ............................................ Nov ........................................... Dec ........................................... 2005 - Jan ............................................ Feb ........................................... Mar ........................................... Apr............................................ May........................................... June.......................................... July ........................................... Aug ........................................... Sept .......................................... 1,421 4,147 1,658 1,831 3,296 950 4,453 17,372 1,897 2,064 6,647 570 1,096 3,563 352 942 2,931 715 3,175 14,796 612 1,616 5,829 447 284 476 43 859 275 62 1,228 2,453 45 418 668 18 * 52 128 3 65 136 5 68 118 18 135 44 14 13 * 19 8 * 9 12 * 10 11 * 27 43 1,136 7 17 37 36 42 1,121 2 4 61 Fiscal year 2005................................... 46,306 36,074 6,828 773 97 2,534 Fiscal year or month Expenditures other than investments State Repayment of administrative advances from expenses the general fund (9) (10) Total (7) State unemployment benefits (8) 2001 .............................................................................. 2002 .............................................................................. 2003 .............................................................................. 2004 .............................................................................. 2005 .............................................................................. 31,603 54,569 58,486 46,406 37,131 27,896 50,642 54,473 42,484 33,239 3,213 3,452 3,590 3,462 3,410 - 396 371 326 374 407 * - 2006 - Est...................................................................... 40,111 40,111 - - - - 2004 - Oct ..................................................................... Nov .................................................................... Dec .................................................................... 2005 - Jan ..................................................................... Feb .................................................................... Mar .................................................................... Apr..................................................................... May.................................................................... June................................................................... July .................................................................... Aug .................................................................... Sept ................................................................... 2,363 2,846 3,160 3,714 3,452 3,847 3,075 3,159 2,916 2,887 3,023 2,688 2,092 2,416 2,912 3,345 3,130 3,486 2,798 2,831 2,597 2,587 2,723 2,321 233 390 212 315 276 312 236 287 279 262 280 328 - 32 33 28 46 41 41 36 36 36 33 13 32 - Fiscal year 2005............................................................ 37,131 33,239 3,410 - 407 - Fiscal year or month See footnotes at end of table. December 2005 Federal administrative expenses (11) Railroad administrative expenses (12) TRUST FUNDS 127 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) 2001 ......................................................................... 93 4 2,390 100,498 88,638 11,860 2002 ......................................................................... 99 5 -20,782 79,716 68,265 11,451 2003 ......................................................................... 93 4 -20,083 59,634 48,188 11,446 2004 ......................................................................... 83 3 -2,728 56,905 45,239 11,666 2005 ......................................................................... 72 3 9,175 66,081 54,806 11,275 2006 - Est................................................................. 124 - 4,255 46,066 46,066 - 2004 - Oct ................................................................ 6 1 -943 55,963 44,306 11,657 Nov ............................................................... 6 * 1,301 57,264 46,166 11,098 Dec ............................................................... 8 * -1,502 55,762 44,115 11,647 2005 - Jan ................................................................ 9 * -1,884 53,879 41,610 12,269 Feb ............................................................... 4 * -156 53,722 45,521 8,201 Mar ............................................................... 8 * -2,897 50,825 39,260 11,565 Apr................................................................ 5 * 1,378 52,203 39,577 12,626 May............................................................... 5 * 14,213 66,417 54,722 11,695 June.............................................................. 4 * -1,019 65,397 53,823 11,574 July ............................................................... 5 * -823 64,574 52,796 11,778 Aug ............................................................... 6 * 3,625 68,199 56,868 11,331 Sept .............................................................. 6 * -2,118 66,081 54,806 11,275 Fiscal year 2005....................................................... 72 3 9,175 66,081 54,806 11,275 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 2006," released by the Office of Management and Budget Feb. 7, 2005. Details may not add to totals due to rounding. December 2005 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 year 2006. The 24-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal year 2006. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 77 less: Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 11 Unfunded authorizations (fiscal year 2006) ........................................................................................................................................................................ 66 24-month revenue estimate (fiscal years 2007 and 2008) ................................................................................................................................................. 70.70 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 7 less: Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 8 Unfunded authorizations (fiscal year 2006) ........................................................................................................................................................................ -1 24-month revenue estimate (fiscal years 2007 and 2008) ................................................................................................................................................. 11 Note: At the time of publication, analysis of H.R. 3, the “Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legency for Users,” enacted on August 10, 2005, was being finalized. As a result, the numbers above still reflect the fiscal year 2006 President’s Budget, and do not reflect the recent changes to the Byrd Test. The next quarterly publication will be updated with these changes. December 2005 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.” Christopher J. Soares and Mark Warshawsky. January 2003. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1425 New York Ave., NW., Room 1000 Washington, DC 20220 Telephone (202) 622-1519, or fax (202) 622-1294 December 2005 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 2005, the debt limit was $8,184,000 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). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) December 2005 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). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series GLOSSARY 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 December 2005 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)—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 December 2005 from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER