Full text of Treasury Bulletin : December 2006
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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............................ 23 ACCOUNT OF THE U.S. TREASURY Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 29 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 29 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 31 FD-1.—Summary of Federal Debt ...................................................................................................................................... 32 FD-2.—Debt Held by the Public ......................................................................................................................................... 33 FD-3.—Government Account Series................................................................................................................................... 34 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 35 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 36 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 37 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 38 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 40 TREASURY FINANCING ................................................................................................................................................. 40 PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding ............................................................................................................ 44 PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 49 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 50 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes............................................................................................................................ 51 SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 51 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 52 SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 52 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 54 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 55 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 56 December 2006 IV Contents MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 57 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 57 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 58 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 58 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 59 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 63 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 63 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 64 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 65 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 66 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 69 CM-I-2.—Total Liabilities by Country................................................................................................................................ 70 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 72 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 74 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 75 CM-II-2.—Total Claims by Country ................................................................................................................................... 76 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 78 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 80 SECTION III.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 81 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 82 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 84 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 86 SECTION IV.—U.S. International Transactions in Long-Term Securities CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 88 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 89 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 90 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (third quarter)................................................................................................................... 92 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 94 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 96 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 97 December 2006 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 98 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 99 FCP-I-2.—Monthly Report of Major Market Participants ................................................................................................ 100 FCP-I-3.—Quarterly Report of Large Market Participants ............................................................................................... 100 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................. 101 FCP-II-2.—Monthly Report of Major Market Participants ............................................................................................... 102 FCP-II-3.—Quarterly Report of Large Market Participants .............................................................................................. 102 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ............................................................................................... 103 FCP-III-2.—Monthly Report of Major Market Participants.............................................................................................. 104 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................. 104 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ............................................................................................... 105 FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 106 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 106 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 107 FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 108 FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 108 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 109 FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 110 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 110 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 111 ESF-1.—Balance Sheet ..................................................................................................................................................... 111 ESF-2.—Income and Expense ........................................................................................................................................... 112 December 2006 VI Contents SPECIAL REPORTS TRUST FUNDS Introduction.—Highway Trust Fund ................................................................................................................................. 115 TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 115 RESEARCH PAPER INDEX............................................................................................................................................ 116 GLOSSARY ...................................................................................................................................................................... 117 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, previously published in the December issue of the Treasury Bulletin, are discontinued effective December 2006. 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. December 2006 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 ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund) ...................................................................................... √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ December 2006 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 October’s advance estimate of real gross domestic product (GDP) reported annualized growth slowing to 1.6 percent in the third quarter of 2006, following a strong 5.6 percent gain in the first quarter and moderate 2.6 percent growth in the second quarter of 2006. Strong first quarter growth partly reflects recovery from last fall’s hurricanes, while the slowdown in the most recent two quarters is largely due to slowing residential building. A clearer picture emerges when average growth over the third quarter of 2005 to the third quarter of 2006 is considered. Over this five quarter period, real GDP grew at an average rate of 3.2 percent. Real consumer spending accelerated to 3.1 percent annual growth in the third quarter, up from the 2.6 percent pace in the second quarter. A rebound in motor vehicle and parts sales contributed to the 8.4 percent recovery in the durable goods component of consumer spending. The speedup in consumer spending was a major contributor to GDP growth in the third quarter, offsetting some moderation in other areas and adding 2.1 percentage points to overall growth. Investment in business equipment and software rebounded at a 6.4 percent pace in the third quarter after declining slightly in the second quarter. The average growth rate for this volatile series over the past five quarters is 6.9 percent. Overall growth was held down by a sharp 17.4 percent annual rate of decline in residential investment spending, particularly in single family structures, which extended a four quarter string of declines as housing demand weakened, and which reduced GDP growth by 1.1 percentage point. Partially offsetting this was strength in investment in nonresidential structures, which grew 14.0 percent in the third quarter and contributed 0.4 percentage point to GDP growth. The deficit on trade in goods and services increased slightly as a proportion of GDP in the third quarter, subtracting 1.3 percentage points from GDP growth. Real exports showed continued strength, up 6.5 percent in the third quarter after a 6.2 percent gain in the second quarter. However, imports rose at an even faster 7.8 percent pace, rebounding from a 1.4 percent pace in the second quarter. Growth in public sector spending increased 2.0 percent in the third quarter after increasing just 0.8 percent in the second quarter. Federal spending was up 1.7 percent in contrast to a decline of 4.5 percent in the second quarter. Federal outlays added 0.1 percentage point to GDP growth, chiefly due to higher non-defense spending. State and local outlays added 0.25 percentage point to GDP growth. Reinforcing some of the weaker readings in the third quarter was a decrease in inventory investment which subtracted 0.1 percentage point to third quarter GDP growth after having added 0.44 percentage point in the prior quarter. Growth of Real GDP (Quarterly percent change at annual rate) 10 7.5 8 5.6 6 3.5 4 2.7 2.4 2.2 2 3.9 4.0 3.1 2.7 2.6 4.2 3.4 3.3 2.6 1.8 1.2 1.6 0.2 0 2002 2003 2004 2005 2006 December 2006 PROFILE OF THE ECONOMY 4 Inflation Swings in energy prices have been the key driver of changes in the overall inflation rate so far this year. After rising at an average rate of about 0.4 percent during the 6 months from March 2006 to August 2006, the consumer price index declined 0.5 percent in September. Lower energy prices accounted for the decline, down 7.2 percent in September 2006 as gasoline prices retreated by 13.5 percent. During the first 9 months of this year, consumer inflation was 3.4 percent at an annual rate. During the same time, energy costs increased at an 8.3 percent seasonally-adjusted annual rate, while petroleum-based energy costs increased at a 16.3 percent pace. The core consumer price index (which excludes food and energy) rose 0.2 percent in September and was 2.9 percent higher than a year earlier, well above the rates of the previous 4 years from 2002 to 2005. Declines in energy prices in September contributed to a 1.3 percent dip in the Producer Price Index (PPI) for finished goods that month. The sharp decline in producer prices followed slight price increases of 0.1 percent in both July and August. Compared to a year earlier, the September PPI for finished goods was 0.9 percent higher than in September 2005. The core index (finished goods less foods and energy) rose 0.6 percent in September and was up 1.2 percent from a year ago. Prices for finished energy goods at the producer level fell 8.4 percent in September after edging up a slight 0.3 percent in August. More than half of the downturn reflected a 22.2 percent decline in gasoline prices in September following a 2.2 percent increase in August. During the third quarter of 2006, finished energy goods prices fell at a 24.7 percent seasonally-adjusted annual rate after rising at a 22.3 percent pace in the second quarter. The price index for passenger cars rose 2.8 percent in September but was down 3.6 percent from a year earlier. Prices for finished consumer foods slowed from a 1.4 percent increase in August to a 0.7 rise in September, and over the last 12 months were up 2.2 percent. Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 5 Excluding food and energy 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 06 December 2006 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 PROFILE OF THE ECONOMY 5 Employment and unemployment The labor market appeared firm at the start of the fourth quarter. Payroll job growth was moderate in October, but there were sharp upward revisions to payrolls in previous months and the unemployment rate dipped to a 5-1/2 year low. Nonfarm payroll employment rose 92,000 in October, but upward revisions to August and September summed to nearly 140,000. Job gains through October averaged 147,000 per month, down from 165,000 per month for all of 2005. Since employment hit its low point in August 2003, the economy has generated more than 6.0 million jobs. Incorporating the Bureau of Labor Statistics’ preliminary estimate of its benchmark revision to payroll data would push that figure up to 6.9 million jobs over that period. Most of the recent job gains have been in the service sector. Employment in professional and business services increased 43,000 in October, up from the average monthly gain of 32,000 in the third quarter. Payrolls in education and health services rose by 28,000 in October, down from its third quarter average. Employment in leisure and hospitality was up 35,000 in October, on par with the recent monthly trend. Retail employment fell for the third consecutive month in October and has declined a net 100,000 since the beginning of 2006. Turning to goods-producing industries, construction employment fell by 26,000 in October, the largest monthly decline since early 2003. The housing slowdown is likely to blame as declines were concentrated in residential specialty trade contractors. Still, gains in nonresidential specialty trade employment have partly offset the residential contraction. Manufacturing employment dipped by 39,000 in October, although strikes in the rubber products and aerospace industries accounted for about one-third of that decline. On net, manufacturing employment is down about 15,000 over the past year. The unemployment rate declined from 4.6 percent to 4.4 percent in October, the lowest level since May 2001. That is 0.5 percentage points lower than the level in October 2005. The labor force participation rate (the share of the non-institutionalized population over 15 years old in the labor force) remained flat at 66.2 percent in October, but is up from 66.0 percent at the start of 2006 The average workweek edged up from 33.8 hours to 33.9 hours in October and aggregate production worker hours increased 0.3 percent. Nominal average hourly earnings increased 0.4 percent in October and were up 3.9 percent from a year earlier. Adjusting for inflation, real earnings were up 2.4 percent from a year earlier in September (latest data available), the strongest gain since early 2002. Payroll Employment (Average monthly change in thousands from end of quarter to end of quarter) Unemployment Rate (Percent) 250 7.0 210 199 174 6.5 134 150 6.0 160 167 155 179 176 115 167 115 5.5 50 18 5.0 4.5 Oct. 2006 4.4% 4.0 -26 -50 -89 3.5 97 98 99 00 01 02 03 04 05 06 -150 I II III IV I II III IV I II III IV I II December 2006 III 6 PROFILE OF THE ECONOMY Real disposable personal income and consumer spending Personal income and outlays experienced slowing growth in the third quarter of 2006 relative to the first two quarters of the year. Nominal personal income grew 5.7 percent at an annual rate in the third quarter of 2006, following growth of 6.9 percent the second quarter and 9.4 percent in the first quarter. Wages and salaries, accounting for more than half of personal income, rose at a 4.8 percent annual rate in the third quarter following gains of 7.7 percent and 13.3 percent in the second and first quarters, respectively. Personal income receipts on assets rose by a solid 9.4 percent at an annual rate after climbing 11.8 percent during the second quarter. Growth of personal interest income increased at a healthy 7.3 percent annual pace after jumping up 12.7 percent the second quarter. Rental income posted its first positive growth since the fourth quarter of 2004, increasing 18.5 percent at an annual rate. The recent cooling of the housing market has greatly increased rental activity. Real disposable (after-tax) income adjusted for inflation rose 3.7 percent at an annual rate in the third quarter following a 1.7 percent gain in the second quarter and a 4.7 percent gain in the first quarter. September was the strongest month of the quarter due to falling energy prices. Real personal consumption expenditures increased at a 3.1 percent annual pace, 0.5 percent faster than growth in the second quarter. This increase was due in part to moderate unit sales for automobiles, which increased 11.6 percent at an annual rate in the third quarter after falling 9.8 percent in the second quarter. The personal savings rate crept up 0.1 percent to -0.5 percent in the third quarter from -6 percent in the second quarter. Consumer spending has been larger than personal disposable income since the second quarter of 2005. Industrial production and capacity utilization Industrial production from factories, mines, and utilities increased at a 3.6 percent annual rate in the third quarter, after rising at a 6.6 percent pace in the second quarter. Over the 12 months ending in September, output increased 5.6 percent. Manufacturing production, which accounts for about 81 percent of all industrial output, grew 3.8 percent at an annual rate in the third quarter after 5.4 percent in the second quarter. Output of high-technology goods (computers, communications equipment, and semiconductors) grew by 22.7 percent at an annual rate, accelerating from the second quarter’s 18.8 percent pace. In the third quarter, output of semi-conductors and related electronic components led the surge, rising 44 percent at an annual rate (from 13.4 percent in the second quarter). Output of communications equipment slowed to a 7.3 percent annual rate from rates well in excess of 30 percent in each of the previous three quarters. Production of motor vehicles and parts plunged 12 percent at December 2006 an annual rate in the third quarter, after rising by 2.2 percent in the second quarter. In the 12 months through September, output of motor vehicles and parts declined nearly 7 percent. Apart from automobiles, manufacturing output rose at a 5.4 percent annual rate in the third quarter of 2006. Production at utilities, which accounts for roughly 9 percent of total industrial output, rose 4.3 percent at an annual rate in the third quarter, less than the 16.3 percent surge in the second quarter, as warmer weather in September reduced demand for electricity and heat. Weather is usually a factor in this sector, and unseasonable weather in quarters often causes sharp swings in output from one month or quarter to the next. Output at mines (the remaining 10 percent of industrial output) rose 1.9 percent in the third quarter, following double-digit surges in each of the two previous quarters (as oil and gas extraction operations in the Gulf regions continued to be restored). In the 12 months through September, mining output was up 12.2 percent. The capacity utilization rate for the industrial sector edged up to 82.3 percent in the third quarter from 82.0 percent in the second quarter. Capacity utilization has trended higher over the past 2 years or so; in the third quarter it was above its long-term average of 81.0. Capacity utilization ranged between 82 and 85 percent from 1994 through 1999. Capacity utilization in manufacturing was 81.1 percent in the third quarter, up from 80.8 percent in the second quarter, and now exceeds its long-term average of 79.8 percent by 1.3 percentage points. Utilization in the high-technology industries rose more than 3 percentage points to 79.6 percent in the third quarter from 76.2 percent in the second quarter, and also moved above its long-term average of 78.1 percent. Nonfarm productivity and unit labor costs Productivity growth has slowed through the year, and did not grow at all in the third quarter of 2006, according to preliminary data. Over the year ending in the third quarter of 2006, productivity grew 1.3 percent in the nonfarm business sector, roughly half of the 2.7 percent pace during the year ending in the third quarter of 2005. In the third quarter, real output and hours worked both rose at a 1.6 percent annual rate. The slowdown in productivity largely reflects the slowdown in GDP growth in 2006, which itself has been due to reduced activity in the residential building sector. Looking at productivity over longer time periods helps to smooth out temporary fluctuations and the longer-term picture remains good. Since the business cycle peak in the first quarter of 2001, productivity has grown 3.0 percent annual rate, up from 2.5 percent during the preceding 5-year period. Hourly compensation costs in the nonfarm business sector rose 3.7 percent at an annual rate in the third quarter. These costs were up a sharp 6.7 percent over the most recent four quarters. An alternative measure of compensation from the Bureau of Labor Statistics, the employment cost index, shows a rise of 3.3 percent from a year earlier. Unlike the productivity series, the employment cost index shows data PROFILE OF THE ECONOMY on the two main components of compensation–wages and salaries and benefits. Wages and salaries for all civilian workers were up 3.2 percent from a year earlier in the third quarter. Benefits were up 3.3 percent. While the growth in benefit costs has slowed over the past 2 years, benefits continue to account for a disproportionate share of overall compensation gains. Unit labor costs, which represent the interaction of productivity and compensation, increased 3.8 percent at an annual rate in the third quarter. These costs were up 5.3 percent over the latest four quarters, the largest year-overyear increase since late 1990. The year-over-year increase reflects a sharp rise in the first quarter unit labor cost growth has slowed for two straight quarters. Rising unit labor costs can compel some companies to raise prices and could contribute to higher inflation. Productivity in the manufacturing sector rose 5.9 percent at an annual rate in the third quarter and was up 4.3 percent over the most recent four quarters. Over the past 10 years, factory productivity has averaged a strong 4.5 percent at an annual rate. Hourly compensation costs in manufacturing were up 2.9 percent at an annual rate in the third quarter and have advanced 5.1 percent over the most recent four quarters. Factory unit labor costs declined at a 2.9 percent annual rate in the third quarter but were up 0.8 percent over the past four quarters. International transactions The U.S. current account deficit widened in the second quarter of 2006 to an annual rate of $873 billion, but remained steady as a share of GDP (6.6 percent). The current account deficit has accounted for more than 5 percent of GDP over the past 5 years, up from just over 2 percent in the latter half of the 1990s. The U.S. trade deficit, which typically accounts for about 90 percent of the current account deficit, increased by $2.7 billion in the second quarter as the surplus on services edged lower and the merchandise deficit rose. Another component of the current account is the balance on income payments (income receipts on U.S. assets abroad less income payments on foreign assets in the U.S.) In the second quarter of 2006, income payments on foreign assets in the U.S. exceeded income receipts on U.S. assets abroad by $4.1 billion. Although the stock of foreign-owned assets in the U.S. is much higher than the stock of U.S. assets abroad, the balance on income payments has typically been 7 positive as U.S. residents have traditionally earned a higher rate of return on their foreign investments than foreigners earn on their investments in the United States. The third major component of the current account balance, net unilateral transfers from the U.S. to abroad (which are mostly private remittances and government grants), increased slightly in the second quarter of 2006. Net financial inflows, which finance the current account deficit, slowed about $17 billion to $154 billion in the second quarter, or just over $616 billion at an annual rate. U.S.-owned assets abroad rose $212 billion in the second quarter, down from a pace of $356 billion in the first quarter. However, net foreign purchases of U.S. assets slowed more. Foreign-owned assets in the United States increased $366 billion in the second quarter following a $527 billion increase in the first quarter. Exchange rate of the dollar During the first 10 months of 2006, the nominal exchange value of the dollar as measured by a broad index covering the currencies of 26 important US trading partners, has depreciated nearly 3 percent, essentially reversing the 3 percent appreciation posted in 2005. The U.S. currency has generally trended lower after reaching a peak in February 2002: In the 34-month period between the 2002 peak and December 2004, the dollar depreciated by 16 percent and the cumulative drop from the February 2002 peak to October 2006 is 16.3 percent. The aggregate decline since 2002 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 2006, the exchange rate of the dollar compared to an index of these currencies fell by nearly 26 percent. Over this period, the dollar was down by 31 percent against the euro and by 11 percent against the yen. With respect to the currencies of 19 other important trading partners, the dollar generally showed much less movement, actually strengthening somewhat from February 2002 into 2004. Since mid-2004, however, the dollar has depreciated against the index of other important trading partners by about 5 percent. In October 2006, the dollar was 2.1 percent lower against these currencies than at the February 2002 peak. December 2006 PROFILE OF THE ECONOMY 8 Interest rates At its most recent meeting in October 2006, the Federal Open Market Committee (FOMC)-the Federal Reserve’s policy-making arm–maintained the Federal funds target interest rate at 5.25 percent, where it has stood since late June. The Federal has paused in the most recent three meetings, following 17 straight hikes of 25 basis points each in the current cycle of monetary tightening which began in late June 2004. Before that, the FOMC had held the federal funds target (the rate that banks and other financial institutions charge each other for overnight loans) constant at 1 percent for 1 year. The funds target in October 2006 was at its highest level since March 2001. In the Treasury market, the 3-month Treasury bill rate reached 4.9 percent in early November 2006 and has risen by about 350 basis points over the past 2 years. The 10-year yield remained subdued in the face of monetary tightening during 2004 and 2005, but moved significantly higher starting in early 2006. At about 5.2 percent as of early June, the rate was about 145 basis points above its level in early 2004. Since then, the rate has declined, and has traded below the 5 percent mark since early August. As of early November, the rate had fallen to 4.6 percent. Mortgage interest rates have generally followed movements of the 10-year Treasury rate. Low rates contributed to record home sales in 2005 and to high levels of mortgage refinancings. Mortgage rates have generally been on an upward trend since mid-2005, and moved decisively higher through the first half of this year. In early July, the rate for a 30-year fixed rate mortgage reached 6.8 percent, its highest level in over 4 years. Since then it has declined in tandem with the 10-year Treasury rate, to 6.4 percent as of October. Corporate bond yields have also generally followed movements in long-term Treasury yields. Moody’s seasoned Baa yield moved higher earlier this year, reaching a recent peak of 6.9 percent in late June before retreating in recent months (to 6.3 percent as of early November). The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, has remained essentially unchanged through much of 2005 and 2006. This spread had widened to as much as 4.0 percentage points in October 2002, but narrowed to about 1.6 percentage points as of early November 2006. Long-term Interest Rates Short-term Interest Rates (Percent) (Percent) 7.0 10.0 Corporate Baa bond 9.0 Federal funds rate target 6.0 8.0 5.0 7.0 4.0 6.0 3.0 5.0 2.0 3-month Treasury bills 1.0 4.0 Treasury 10-year note 3.0 1999 2000 2001 2002 2003 2004 2005 2006 December 2006 0.0 1999 2000 2001 2002 2003 2004 2005 2006 PROFILE OF THE ECONOMY Housing Housing activity cooled off in the third quarter of 2006. Housing starts continued to decline and sales of singlefamily homes declined for a fourth straight quarter. However, housing affordability began to improve and the homeownership rate remained close to record levels, caused in part by falling prices and decreasing mortgage rates. Housing starts fell to a 1.735 million unit pace in the third quarter from a 1.873 million rate in the second quarter, and well below three-decade high of 2.123 million the first quarter. Real residential investment–a key component of GDP–declined 17.4 percent at an annual rate in the third quarter, following an 11.1 percent decline in the second quarter. Forward-looking housing indicators do not suggest the downtrend will reverse in the near future, although the rate of decline may slow. The number of permits issued for future construction, which fell below starts in September for the third time this year, was 1.709 million at an annual rate in the third quarter, the slowest quarterly rate since the fourth quarter of 2001. However, measures of consumer home buying attitudes and home builder sentiment improved towards the end of the quarter, but builders were much less optimistic than consumers. Sales of new single-family homes fell by 1.1 percent at an annual rate in the third quarter to a 1.027 million unit pace, the lowest level since the first quarter of 2003. Resales of existing single-family homes (which account for nearly 85 percent of all single-family home sales) fell by 23.7 percent at an annual rate to a 5.480 million unit rate, also the lowest level since mid-2003. The homeownership rate edged up by 0.1 percentage point to 68.9 percent in the third quarter. The homeownership rate remains at a historically high level, just 0.4 percent below the peak in spring of 2004. Falling home prices should also help the homeownership rate to stay high. The median sales price of new, single-family homes fell 10.7 percent in the third quarter, while the median price of existing single-family homes fell 4.5 percent. Mortgage interest rates began to decrease in the latter part of the third quarter after hitting the highest level in 4 years in July. The average rate on a 30-year conventional mortgage dropped to 6.40 percent in September. That was 63 9 basis points higher than the 30-year mortgage rate in September 2005, but still well below the 7-½ percent average posted in the second half of the 1990s. The recent decrease in the mortgage interest rate, along with declining housing prices, should help to increase the affordability of homes in the coming months. The National Association of Realtors’ housing affordability index decreased by just 2.1 percent over the year ended in September and should continue to rise as long as mortgage rates stay low. Federal budget Budget results for the 12 months of fiscal year 2006 (from October through September) show that receipts of the U.S. Government totaled $2,407 billion in fiscal year 2006, $253 billion or 11.8 percent higher than in fiscal year 2005. Growth in receipts was led by gains in individual and corporate income tax receipts and social insurance and retirement receipts. As a percent of GDP, receipts rose from a 17.6 percent share in 2005 to 18.4 percent of GDP in 2006. Individual income taxes were $1,044 billion, or $19 billion lower than the Mid-Session Review (MSR) estimate of $2,400 billion. Other sources of receipts (such as excise taxes, customs duties, estate and gift taxes, and miscellaneous receipts) were $171 billion. Total outlays were $2,654 billion, $42 billion below the MSR estimate. Outlays for nearly all agencies were down from the MSR, led by reductions in the Departments of Defense-Military, Health and Human Services, and the Social Security Administration. Higher outlays than had been projected in the MSR occurred for the Departments of Education, Department of Treasury, and Environmental Protection Agency. With total outlays exceeding receipts, the budget total for the fiscal year that ended September 30, 2006, showed a deficit of $248 billion, $71 billion less than the $319 billion deficit in the prior (fiscal year 2005). The $248 billion deficit represents a 2.3 percent share of GDP, down from 3.2 percent of GDP as previously projected. According to the MSR, the deficit is projected to continue to diminish through the remainder of the forecast horizon out to fiscal year 2011, when it is expected to reach just a 0.7 percent share of GDP. December 2006 10 PROFILE OF THE ECONOMY Net national saving and investment Net national saving has been on a downward trend since the 1960s, falling from 11.8 percent of net national product (NNP) in 1960 to a slight 0.1 percent in 2005, and well below a recent high of 7.3 percent in 1998. Net national saving continued to decline to 7.0 percent of NNP in 1999, to 6.7 percent in 2000, to 1.3 percent in 2003 and to 1.0 percent in 2004 before the small 0.1 percent share in 2005. (Net national saving and NNP exclude depreciation to replace worn-out or obsolete equipment, software, and structures used in production.) Private saving hit 12.7 percent of NNP in 1984 before decreasing during the years 1985 through 2005-posting a 4.9 percent share of NNP in 2004 before easing to 2.9 percent of NNP in 2005. Corporate saving, in contrast, increased to 3.3 percent as a percent of NNP in both 2004 and 2005, rising from 3.9 percent in 1997 and settling well above its recent low point of 2.0 percent in 2000. The 2005 corporate saving share of 3.3 percent was the highest since the 3.9 percent share in 1997, exceeded only by a 4.0 percent share in 1977 and by readings above 5.0 percent in the 1960s. Net Government saving (Federal plus State and local) has been negative through much of the period from the 1970s to the present, mostly reflecting Federal Government budget deficits. Net Government deficits as a percent of NNP have narrowed over the last 3 years, however, declining from 4.1 percent of NNP in 2003 to 3.8 percent in 2004 and a modest 2.9 percent in 2005. The Federal deficit narrowed to 2.8 percent of NNP in 2005 from 3.7 percent in 2004 and 3.8 percent in 2003 as the economic expansion boosted tax receipts. Along with a small surplus for State and local Governments, total net Government deficits amounted to 2.9 percent of NNP in 2005, below the 3.3 percent average from 1980 through 1997 and the 3.5 percent average over the period 2002 to 2005. December 2006 Net domestic investment (by Government and private industry in structures, equipment, software, and inventory) rose to 7.8 percent of NNP in 2005, a shade lower than the 8.0 percent in 2004 but the same as the 7.8 percent average over the period 1990 to 2003. A large portion of domestic investment has been financed from abroad. This is reflected in net foreign investment, which shifted from a small surplus of 0.3 percent of NNP in 1991 to average deficits of -3.0 percent from 1992 to 2004 and -7.1 percent through the four quarters of 2005. Through the period from 1998 to 2000 the rate of net investment was 6.3 percent, just slightly below the 6.9 percent average posted from 1998 through 2000. The rate of net investment was considerably higher than readings around 6 percent in the early 1990s. 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 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 2006 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 2006 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 $250.0 billion for the fourth quarter of fiscal year 2006. This is an increase of $16.4 billion over the comparable prior year quarter. Withheld receipts increased by $11.9 billion and non-withheld receipts increased by $8.8 billion during this period. Refunds increased by $4.3 billion over the comparable fiscal year 2005 quarter. There was an increase of $0.2 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2005. Corporate income taxes—Net corporate income tax receipts were $102.7 billion for the fourth quarter of fiscal year 2006. This is an increase of $22.3 billion compared to the prior year fourth quarter. The $22.3 billion change is December 2006 comprised of an increase of $21.7 billion in estimated and final payments, and a decrease of $0.6 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of fiscal year 2006 were $188.8 billion, an increase of $5.3 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 $3.4 billion, $0.6 billion, and $1.4 billion respectively. There was a $1.2 billion accounting adjustment for prior years employment tax liabilities made in the fourth quarter of fiscal year 2006, while there was a $1.4 billion adjustment in the fourth quarter of fiscal year 2005. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the fourth quarter of fiscal year 2006 were $8.6 billion, a decrease of $0.5 billion over the comparable quarter of fiscal year 2005. Net State taxes deposited in the U.S. Treasury decreased by $0.5 billion to $7.4 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 $1.0 billion for the fourth quarter of fiscal year 2006. This is a decrease of $0.2 billion from the comparable quarter of fiscal year 2005. Excise taxes—Net excise tax receipts for the fourth quarter of fiscal year 2006 were $20.3 billion, a decrease of $0.2 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.7 billion, a decrease of $0.7 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.7 billion for the fourth quarter of fiscal year 2006. These receipts represent an increase of $0.3 billion over the same quarter in fiscal year 2005. Customs duties—Customs duties net of refunds were $7.0 billion for the fourth quarter of fiscal year 2006. 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 2006 were $11.8 billion, an increase of $2.7 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $2.6 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 2006 596,942 451,532 145,410 638,716 511,826 126,890 -41,774 -60,293 18,519 2,406,681 1,798,299 608,382 2,654,379 2,232,309 422,069 -247,698 -434,011 186,313 43,369 -6,347 4,753 41,774 236,975 -16,447 27,169 247,698 Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2006 [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 72.6 10.1 59.4 2.9 0.5 6.3 2.0 2.5 3.4 159.8 Aug. Sept. 66.4 6.8 60.4 5.4 0.2 5.7 2.3 2.2 4.5 153.9 111.0 85.9 68.9 0.3 0.3 8.2 2.4 2.3 3.9 283.3 Note.—Detail may not add to totals due to independent rounding. December 2006 FEDERAL FISCAL OPERATIONS 14 CHART FFO-A.— Monthly Receipts and Outlays, 2005-2006 (In billions of dollars) 300 250 On-budget receipts 200 Off-budget receipts On-budget outlays 150 100 Off-budget outlays 50 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, 2005-2006 (In billions of dollars) 1100 1000 2006 900 2005 * 800 700 600 500 400 300 200 100 0 Individual Social Corporate Excise taxes income taxes insurance and income taxes retirement receipts * Prior-year data are for the comparable year. December 2006 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”] On-budget surplus or deficit (-) (8) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) -157,820 -377,140 r -409,917 r -318,746 -247,698 -317,478 -537,973 r -565,149 r -494,011 -434,011 159,658 160,833 155,233 175,265 186,313 428,391 561,811 595,064 551,329 546,436 Total on-budget and off-budget results Total surplus or deficit (-) (7) Total receipts (1) Onbudget receipts (2) 1,853,051 1,782,108 1,879,784 2,153,350 2,406,681 1,337,730 1,258,265 1,345,040 1,575,874 1,798,299 515,321 2,010,871 523,842 2,159,248 534,744 r 2,289,701 577,475 r 2,472,095 608,382 2,654,379 2006 - Est.................... 2,400,456 2007 - Est.................... 2,458,805 1,795,231 1,829,411 605,225 629,394 2,696,294 2,798,037 2,265,360 2,346,132 430,934 451,905 -295,838 -339,232 -470,129 -516,721 174,291 177,489 593,131 623,208 251,628 149,488 138,840 241,883 230,010 112,853 164,563 315,090 192,657 264,355 159,761 153,878 283,303 199,751 108,519 94,831 197,571 172,347 65,092 109,056 250,561 143,483 205,307 113,796 107,135 230,601 51,877 40,969 44,009 44,312 57,663 47,761 55,507 64,529 49,174 59,048 45,965 46,743 52,702 215,972 r 196,935 r 222,300 r 230,723 r 208,627 r 232,177 r 249,934 r 195,488 r 235,170 r 244,083 192,903 218,768 227,269 172,121 r 158,000 r 180,103 r 232,810 r 167,983 r 187,895 r 206,076 r 155,157 r 190,448 r 241,788 151,143 180,016 180,891 43,851 38,936 42,197 -2,087 40,644 44,281 43,859 40,332 44,722 2,295 41,760 38,752 46,378 35,656 r -47,448 r -83,460 r 11,160 r 21,383 r -119,323 r -85,372 r 119,602 r -42,513 r 20,272 -33,142 -64,890 56,034 27,631 r -49,481 r -85,273 r -35,239 r 4,364 r -122,803 r -97,020 r 95,404 r -46,965 r -36,481 -37,346 -72,881 49,710 8,025 2,033 1,812 46,399 17,019 3,480 11,648 24,197 4,452 56,753 4,204 7,991 6,324 2,728 93,384 63,991 78,153 25,212 51,493 98,353 -15,873 856 62,706 25,833 69,194 -6,865 Fiscal year 2006............... 2,406,681 1,798,299 608,382 2,654,379 2,232,309 422,069 -247,698 -434,011 186,313 546,436 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Fiscal year or month 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2005 - Sept.................. Oct................... Nov .................. Dec .................. 2006 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. July .................. Aug .................. Sept ................. Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) 1,655,208 1,796,238 r 1,910,189 r 2,069,885 2,232,309 355,663 363,010 379,512 402,210 422,069 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 (11) (12) (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 (17) (14) (15) (16) 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ...................................... 2006 ...................................... -137 -922 -1,769 -547 -245 207,713 187,324 213,677 254,096 309,215 220,542 373,565 379,618 296,687 236,975 16,667 -25,926 1,390 -669 16,447 790 353 720 -4,537 410 15,724 -7,010 -23,529 -70 673 2,457 3,208 -4,630 -6,195 -6,596 -24,298 -26,352 6,494 9,810 20,994 -2,802 552 662 778 666 157,804 377,140 412,823 318,746 247,698 2006 - Est.............................. 2007 - Est.............................. -362 -549 289,981 264,691 302,788 357,968 - * * * * * * -6,950 -18,736 * * 295,838 339,232 2005 - Sept............................ Oct............................. Nov ............................ Dec ............................ 2006 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May............................ June........................... July ............................ Aug. ........................... Sept. .......................... 66 -132 138 195 -163 -226 132 -214 212 64 -132 -192 75 18,479 44,455 5,422 73,602 15,198 6,138 -2,664 36,586 12,516 73,418 3,473 6,321 34,750 -15,685 48,797 58,706 4,745 9,851 45,128 101,148 -52,674 -11,448 -10,647 22,227 62,681 -41,540 27,116 5,031 -34,722 30,637 32,227 -50,746 -9,912 70,805 -50,926 17,707 -8,083 -21,260 35,690 -59 -21 -44 29 93 7 34 175 186 -86 26 82 -71 -377 r 99 r -532 r 179 r 710 r -539 r -153 r 904 r 347 r -255 172 64 -322 -88 -527 -623 -4,060 -398 * -261 -151 -620 1,299 -443 -747 -64 6,350 3,233 -11,167 10,799 1,398 22,917 -26,213 4,805 2,948 8,850 2,587 -19,652 20,489 271 81 145 190 250 -35,656 r 47,448 r 83,460 r -11,160 r -21,383 r 119,323 r 85,372 r -119,602 r 42,513 r -20,272 33,142 64,890 -56,034 Fiscal year 2006....................... -245 309,215 236,975 16,447 410 673 -6,596 20,994 666 247,698 * Less than $500,000. Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” released by the Office of Management and Budget on July 11, 2006. Detail may not add to totals due to rounding. December 2006 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) 63,396 62,745 41,250 28,814 27,010 148,044 131,778 189,370 278,281 353,915 1,006,389 925,477 998,328 1,205,503 1,397,823 665,381 672,727 686,313 746,129 788,024 1,011 1,699 980 2,585 2,213 664,370 671,028 685,333 743,544 785,811 332,257 324,735 - 332,257 324,735 1,395,631 1,432,452 781,431 812,028 - 781,431 812,028 Refunds (3) Net (4) 750,754 734,647 753,260 786,559 848,954 286,956 252,502 243,324 320,942 387,307 179,365 193,451 187,626 180,279 192,354 858,345 793,699 808,958 927,222 1,043,908 211,439 194,522 230,619 307,095 380,925 2006 - Est...................... 1,063,374 2007 - Est...................... 1,107,717 - - 1,063,374 1,107,717 2002 .............................. 2003 .............................. 2004 .............................. 2005 .............................. 2006 .............................. Withheld (1) Net (7) Other (2) Fiscal year or month Gross (5) Refunds (6) Refunds (10) Net (11) 2005 - Sept.................... Oct..................... Nov .................... Dec .................... 2006 - Jan ..................... Feb .................... Mar .................... Apr..................... May.................... June................... July .................... Aug. ................... Sept. .................. 55,829 67,033 61,787 89,588 81,925 74,715 81,309 58,336 72,135 62,714 70,205 69,022 60,185 45,212 10,536 3,637 8,379 50,161 4,628 10,136 151,139 36,016 47,483 5,377 5,685 54,131 3,838 2,730 6,696 1,161 2,558 45,904 52,178 40,549 22,214 3,721 2,967 8,345 3,331 97,203 74,839 58,729 96,806 129,528 33,439 39,266 168,926 85,937 106,476 72,615 66,361 110,985 71,991 10,549 5,690 73,455 12,407 6,923 39,172 45,984 10,809 68,152 11,589 7,922 88,272 1,476 4,436 2,380 2,201 3,013 2,682 3,224 1,986 1,131 898 1,531 1,111 2,415 70,514 6,113 3,310 71,254 9,394 4,242 35,949 43,998 9,678 67,254 10,057 6,811 85,857 167,717 80,952 62,039 168,060 138,922 37,681 75,215 212,924 95,615 173,730 82,672 73,172 196,842 69,473 54,099 58,296 59,292 74,028 60,483 70,733 83,071 62,425 75,714 58,987 60,067 70,828 2,170 2,213 67,303 54,099 58,296 59,292 74,028 60,483 70,733 83,071 62,425 75,714 58,987 60,067 68,615 Fiscal year 2006 ............... 848,954 387,307 192,354 1,043,908 380,925 27,010 353,915 1,397,823 788,024 2,213 785,811 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) 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 4,185 3,963 4,030 4,123 4,234 8 9 5 3 2 4,177 3,954 4,026 4,119 4,231 668,548 674,982 689,359 747,663 790,042 27,746 33,481 39,582 42,120 43,559 127 115 129 119 139 27,620 33,366 39,453 42,001 43,420 4,533 4,578 4,545 4,409 4,308 61 53 51 50 50 4,594 4,631 4,596 4,460 4,358 2006 - Est.................... 2007 - Est.................... 4,246 4,306 - 4,246 4,306 785,677 816,334 43,708 44,017 - 43,708 44,017 4,423 4,285 49 49 4,472 4,334 2005 - Sept ................. Oct................... Nov.................. Dec.................. 2006 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. 339 389 305 351 425 451 446 333 459 -79 446 379 329 * * * * * * * 1 8 -7 * -1 * 338 388 305 351 425 451 445 332 451 -72 446 379 330 67,641 54,487 58,601 59,643 74,453 60,934 71,178 83,403 62,876 75,642 59,433 60,447 68,945 -522 2,074 3,899 365 2,322 3,331 423 4,007 18,157 369 2,886 5,436 289 11 5 6 4 7 5 24 14 11 16 30 9 7 -533 2,069 3,893 361 2,314 3,326 399 3,993 18,145 353 2,856 5,427 282 359 341 337 415 383 305 452 333 333 405 507 159 338 4 5 5 4 4 4 5 4 5 4 4 4 4 363 346 342 419 387 309 457 336 338 409 511 163 341 Fiscal year 2006 ............... 4,234 2 4,231 790,042 43,559 139 43,420 4,308 50 4,358 See footnote at end of table. December 2006 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 2002............................ 2003............................ 2004............................ 2005............................ 2006............................ 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 Gross Refunds (27) (26) Highway Trust Fund Miscellaneous Net (28) Gross (29) Refunds (30) Net (31) Gross (32) Refunds (33) Net (34) 700,761 712,979 733,408 794,123 837,820 9,090 8,729 9,230 10,415 10,315 60 44 56 101 113 9,030 8,684 9,174 10,314 10,202 567 506 566 610 607 - 567 506 566 610 607 33,682 34,756 35,725 38,897 39,649 1,079 1,032 1,014 1,007 883 32,603 33,724 34,711 37,890 38,766 25,833 25,499 26,260 25,272 25,509 1,044 891 856 994 1,123 24,789 24,608 25,404 24,278 24,386 2006 - Est ................... 833,857 2007 - Est ................... 864,685 10,850 11,616 - 10,850 11,616 609 630 - 609 630 39,521 39,921 - 39,521 39,921 22,185 7,189 - 22,185 7,189 67,471 56,902 62,836 60,424 77,155 64,569 72,034 87,732 81,359 76,404 62,800 66,037 69,568 1,604 173 922 971 809 837 1,035 895 902 746 925 834 1,265 28 * 50 * 17 * 47 1,577 173 922 971 809 787 1,035 896 885 746 925 834 1,218 99 10 57 53 50 52 58 55 50 42 52 48 79 - 99 10 57 53 50 52 58 55 50 42 52 48 79 5,918 692 3,718 3,208 3,260 3,141 3,516 3,349 3,216 3,085 3,301 3,234 5,929 162 -1 193 -1 286 -1 252 155 5,755 693 3,718 3,208 3,260 2,948 3,516 3,350 2,929 3,087 3,301 2,982 5,774 1,258 3,894 1,641 2,286 1,603 709 2,767 1,981 2,233 3,075 2,127 2,076 1,119 105 49 86 123 56 102 104 42 68 248 58 214 -27 1,153 3,845 1,555 2,163 1,547 606 2,663 1,938 2,165 2,826 2,069 1,862 1,146 Fiscal year 2006 .............. 837,820 10,315 113 10,202 607 - 607 39,649 883 38,766 25,509 1,123 24,386 2005 - Sept ................. Oct .................. Nov.................. Dec.................. 2006 - 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) 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 66,989 67,522 69,855 73,093 73,962 27,242 22,827 25,579 25,606 28,688 734 868 749 841 811 26,507 21,959 24,831 24,764 27,877 19,829 21,032 21,806 24,198 25,701 1,227 1,170 723 820 891 18,602 19,862 21,083 23,378 24,810 23,683 21,878 19,652 19,297 29,945 10,120 12,430 12,627 13,190 14,445 33,803 34,309 32,279 32,487 44,390 1,337,730 1,258,265 1,345,040 1,575,874 1,798,299 515,321 523,842 534,744 577,475 608,382 2006 - Est.................... 2007 - Est.................... 73,165 59,356 27,420 23,057 - 27,420 23,057 24,666 28,013 - 24,666 28,013 29,753 34,534 15,964 16,708 45,717 51,242 1,795,231 1,829,411 605,225 629,394 2005 - Sept.................. Oct................... Nov.................. Dec.................. 2006 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. 8,584 4,720 6,253 6,396 5,666 4,394 7,271 6,239 6,030 6,702 6,347 5,726 8,217 2,507 2,128 2,230 2,006 1,925 1,767 4,015 2,912 2,646 2,158 2,068 2,372 2,460 56 75 65 63 68 43 43 59 70 132 54 70 70 2,451 2,053 2,165 1,943 1,857 1,724 3,972 2,853 2,576 2,026 2,014 2,302 2,390 2,212 2,170 2,128 1,989 1,995 1,917 2,020 1,921 2,095 2,187 2,296 2,602 2,379 58 95 56 68 82 73 52 82 79 56 -197 412 33 2,154 2,075 2,073 1,921 1,914 1,844 1,968 1,839 2,017 2,131 2,493 2,190 2,346 1,801 1,525 2,292 1,988 3,391 1,581 2,862 2,408 3,760 2,279 2,268 3,230 2,362 1,450 1,261 1,182 1,152 1,105 1,060 1,240 1,095 1,301 1,084 1,166 1,220 1,579 3,250 2,786 3,474 3,140 4,496 2,641 4,102 3,503 5,061 3,362 3,434 4,451 3,941 199,751 108,519 94,831 197,571 172,347 65,092 109,056 250,561 143,483 205,307 113,796 107,135 230,601 51,877 40,969 44,009 44,312 57,663 47,761 55,507 64,529 49,174 59,048 45,965 46,743 52,702 Fiscal year 2006 .............. 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,445 44,390 1,798,299 608,382 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 estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” released by the Office of Management and Budget on July 11, 2006. * Less than $500,000. Detail may not add to totals due to rounding. December 2006 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) Legislative branch (1) Judicial branch (2) Department of Agriculture (3) 3,228 3,404 3,900 3,995 4,129 4,828 5,128 5,393 5,543 5,820 68,875 72,860 71,572 85,333 93,534 5,322 5,670 5,829 6,147 6,374 332,037 388,741 437,043 474,374 499,355 46,376 57,144 62,779 72,857 93,427 17,760 19,380 19,894 21,274 19,652 465,803 505,024 542,895 581,463 614,318 16,013 32,133 26,802 38,717 69,100 2006 - Est ............... 4,427 2007 - Est ............... 4,463 6,084 6,382 94,649 88,296 6,581 6,673 512,099 537,308 88,441 66,623 20,312 21,583 627,449 687,946 328 440 313 319 387 335 318 306 304 332 372 321 381 473 431 466 485 555 442 552 403 460 600 468 486 473 6,409 15,005 11,338 9,955 9,439 7,382 6,766 6,764 5,118 5,365 5,206 4,807 6,388 541 511 543 563 594 451 554 472 471 417 600 569 629 46,858 44,157 37,179 47,218 34,986 38,516 48,467 37,985 39,757 46,588 35,273 44,153 45,076 5,999 5,718 5,155 4,280 8,129 5,644 5,594 5,265 21,317 5,209 3,367 5,230 18,518 2,887 2,226 1,395 1,340 2,000 1,407 2,574 1,954 1,421 1,791 950 1,058 1,536 Fiscal year 2006........ 4,129 5,820 93,534 6,374 499,355 93,427 19,652 Fiscal year or month 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2005 - Sept............. Oct.............. Nov ............. Dec ............. 2006 - Jan .............. Feb ............. Mar ............. Apr.............. May............. June............ July ............. Aug ............. Sept ............ Fiscal year or month Department of State (14) 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) Corps of Engineers (19) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 31,792 37,406 44,989 42,448 42,434 9,748 9,204 8,615 9,288 9,063 21,477 21,029 29,576 22,366 23,320 64,685 69,562 56,679 46,943 43,139 72,633 49,302 45,856 45,891 9,635 9,952 22,597 24,643 47,097 50,218 52,832 44,090 50,207 49,732 49,949 48,104 63,944 41,162 55,702 65,716 41,532 58,402 45,779 6,716 5,829 11,934 7,040 8,228 6,244 5,818 4,150 3,943 3,645 3,885 3,804 4,580 3,054 3,398 3,136 3,207 3,444 2,853 3,351 2,855 6,981 3,631 3,228 3,251 3,100 1,223 765 731 962 870 654 626 575 197 1,008 786 892 997 1,956 1,901 1,879 2,156 2,122 1,637 1,960 2,253 1,985 1,344 2,112 1,750 2,222 2,640 3,276 3,455 4,099 4,964 753 5,214 3,841 3,891 3,676 3,433 3,578 2,960 614,318 69,100 42,434 9,063 23,320 43,139 Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) General InterServices national Admin- Assistance istration Program (23) (24) 2002 ....................... 9,360 2003 ....................... 9,341 2004 ....................... 10,925 2005 ....................... 12,754 2006 ....................... 12,957 56,333 50,454 54,872 56,597 60,141 332,537 318,149 321,566 352,350 405,872 38,518 49,674 r 51,178 r 58,376 58,395 50,900 56,956 59,585 69,844 69,808 4,728 4,680 4,732 4,720 6,946 35,158 39,881 41,732 43,484 44,435 7,451 8,044 8,328 7,911 8,322 453 387 3,349 7,689 5,378 -279 338 -452 17 22 13,267 13,461 13,660 15,034 13,914 2006 - Est............... 14,023 2007 - Est............... 15,225 61,432 65,928 400,208 440,627 56,488 58,626 70,356 74,032 7,288 7,758 45,700 47,540 7,980 7,875 5,362 3,644 409 881 15,946 17,246 1,362 930 1,124 1,462 512 1,220 943 756 1,098 1,002 1,020 1,526 1,364 6,151 5,022 4,665 4,859 4,471 4,240 4,350 4,574 4,626 5,467 4,739 6,533 6,596 16,822 18,804 26,912 93,067 13,849 21,243 19,694 19,621 26,062 98,255 23,296 24,213 20,854 - 6,503 r 897 r 2,059 r 714 r 5,031 r 29,453 r 11,501 r 5,268 r 1,562 r 3,287 1,644 2,052 -5,073 7,888 3,014 5,558 9,020 3,168 5,631 7,274 3,084 5,982 9,259 3,024 6,104 8,689 548 590 884 799 633 699 820 416 606 623 498 101 276 3,535 3,754 3,206 4,080 4,114 3,561 4,105 3,339 3,710 3,606 4,073 3,132 3,755 650 611 686 696 713 682 831 704 623 722 653 887 514 767 504 545 493 489 458 512 404 463 456 372 322 360 91 -104 56 6 -93 -64 279 14 56 106 -128 42 -149 313 1,133 1,597 4,017 457 784 1,676 398 -87 1,200 1,274 477 988 Fiscal year 2006 .......... 12,957 60,141 405,872 58,395 69,808 6,946 44,435 8,322 5,378 22 13,914 2005 - Sept ............ Oct.............. Nov............. Dec............. 2006 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... July............. Aug............. Sept............ See footnote at end of table. December 2006 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”] National Aeronautics and Space Administration (25) National Science Foundation (26) 2002 ....................... 14,404 4,187 2003 ....................... 14,610 2004 ....................... Office of Personnel Management (27) 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) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) 52,541 492 488,241 15,761 -42,782 -153,316 -5,024 -2 1,655,208 355,663 4,730 54,135 1,559 507,733 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * r 1,910,189 379,512 2005 ....................... 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 r 2,069,885 402,210 2006 ....................... 15,125 5,546 62,400 905 585,742 12,352 -60,856 -169,295 -7,282 -113 2,232,309 422,069 2006 - Est............... 15,562 5,759 63,457 1,387 591,108 16,554 -63,082 -169,183 -8,210 -110 2,265,360 430,934 2007 - Est............... 16,350 5,837 67,428 1,433 621,979 21,919 -64,841 -181,184 -9,826 -19,720 2,346,132 451,905 2005 - Sept ............ 1,694 528 5,083 53 49,542 1,985 -5,221 -418 -655 -160 172,121 43,851 Oct.............. 678 449 5,267 60 44,373 1,444 -16,788 -1,023 -427 * r 158,000 r 38,936 Nov............. 1,383 427 5,045 92 46,861 1,361 -3,096 -4,236 -559 * r 180,103 r 42,197 Dec............. 1,384 423 4,736 92 50,607 2,801 -4,174 -75,318 -396 * r 232,810 r -2,087 2006 - Jan .............. 1,060 384 5,344 115 46,327 1,498 -4,440 374 -1,045 * r 167,983 40,644 Feb ............. 1,150 435 5,119 113 48,809 -45 -3,711 -1,438 -586 - r 187,895 44,281 Mar ............. 1,273 467 5,217 -414 52,260 -958 -4,131 -1,062 -442 - r 206,076 43,859 Apr.............. 1,037 359 5,541 123 46,745 1,022 -3,885 -1,661 -356 * r 155,157 40,332 May ............ 1,403 438 5,109 148 49,722 1,018 -3,783 -4,089 -1,043 * r 190,448 44,722 June ........... 1,325 504 5,030 111 56,465 -113 -4,386 -77,247 -911 -1 r 241,788 2,295 July............. 1,048 518 5,704 160 46,785 2,211 -3,907 -736 -560 - 151,143 41,760 Aug............. 1,353 590 5,111 160 44,095 1,085 -4,296 -2,474 -547 - 180,016 38,752 Sept............ 2,030 551 5,176 142 52,693 1,027 -4,259 -385 -410 -111 180,891 46,378 Fiscal year 2006........ 15,125 5,546 62,400 905 585,742 12,352 -60,856 -169,295 -7,282 -113 2,232,309 422,069 Fiscal year or month * Less than $500,000. Total outlays OnOffbudget budget (35) (36) Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” released by the Office of Management and Budget on July 11, 2006. Detail may not add to totals due to rounding. December 2006 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, September 2006 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,043,858 Corporation income taxes ........................................... 353,914 Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ 21,772 Estate and gift taxes ................................................... 27,877 Customs duties ........................................................... 16,150 Miscellaneous receipts................................................ 31,912 Total receipts....................................................... 1,495,483 (On-budget)..................................................... 1,495,483 (Off-budget)..................................................... Budget outlays: Legislative branch ....................................................... 3,956 Judicial branch ............................................................ 5,678 Department of Agriculture ........................................... 69,499 Department of Commerce........................................... 6,368 Department of Defense-military .................................. 497,136 Department of Education ............................................ 93,420 Department of Energy................................................. 22,089 Department of Health and Human Services ............... 458,246 Department of Homeland Security.............................. 54,052 Department of Housing and Urban Development....... 44,235 Department of the Interior ........................................... 9,961 Department of Justice ................................................. 22,173 Department of Labor ................................................... 10,222 Department of State.................................................... 12,705 Department of Transportation..................................... 12,459 Department of the Treasury: Interest on the public debt....................................... 405,872 Other ....................................................................... 59,609 Department of Veterans Affairs .................................. 70,588 Corps of Engineers ..................................................... 6,165 Other defense civil programs...................................... 40,135 Environmental Protection Agency............................... 8,308 Executive Office of the President................................ 5,377 General Services Administration ................................ 134 International Assistance Program............................... 16,609 National Aeronautics and Space Administration ........ 15,154 National Science Foundation...................................... 5,455 Office of Personnel Management ............................... 36,662 Small Business Administration ................................... 944 Social Security Administration .................................... 53,249 Other independent agencies....................................... 6,320 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -6,502 Total outlays........................................................ 2,046,279 (On-budget)..................................................... 2,046,279 (Off-budget)..................................................... Surplus or deficit (-)............................................. -550,796 (On-budget)..................................................... -550,796 (Off-budget)..................................................... - - No transactions. * Less than $500,000. December 2006 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) 50 - 1 1,043,908 353,915 927,169 278,278 53 - 4 927,222 278,281 689 7,383 11,632 19,754 19,754 - 608,382 181,660 43,420 4,358 51,501 1,277 845 891,444 283,062 608,382 608,382 181,660 43,420 4,358 73,962 27,877 24,810 44,390 2,406,681 1,798,299 608,382 21,822 24,764 15,293 21,137 1,288,463 1,288,463 - 724 6,967 10,509 18,254 18,254 - 577,475 170,187 42,001 4,460 50,546 1,119 841 846,633 269,157 577,475 577,475 170,187 42,001 4,460 73,093 24,764 23,378 32,487 2,153,350 1,575,874 577,475 125 136 22,874 5 2,272 6 -2,441 -180 14,734 -1,801 -1,245 1,090 -2,538 -221 -262 48 6 1,161 1 -53 * 4 156,252 313 * 346 57 35,456 474 47,944 4,129 5,820 93,534 6,374 499,355 93,427 19,652 614,318 69,100 42,434 9,063 23,320 43,139 12,957 60,141 3,949 5,409 65,482 6,211 471,520 72,732 23,310 407,879 39,039 43,489 10,169 21,095 10,333 12,466 5,561 -22 122 19,060 -65 2,802 125 -2,036 -203 -519 -1,041 -1,218 1,109 171 -163 -50 67 12 791 * 52 * * 173,787 197 * 338 162 36,439 451 51,087 3,995 5,543 85,333 6,147 474,374 72,857 21,274 581,463 38,717 42,448 9,288 22,366 46,943 12,754 56,597 -1,098 -1,833 -167 -13,324 -20 * -112 -1,507 -31 44 -62 -39 3 3,239 -116 1,053 947 17,624 34 * -1,188 * 48 25,801 * 532,491 2,794 405,872 58,395 69,808 6,946 44,435 8,322 5,378 22 13,914 15,125 5,546 62,400 905 585,742 12,352 352,350 58,739 70,420 4,033 37,177 7,919 7,688 147 16,387 15,601 5,369 33,603 2,553 54,538 10,103 -239 -1,612 -100 -11,368 -53 * -129 -1,792 -2 43 -120 -50 15 980 -125 1,036 787 17,676 45 * 438 1 19 26,017 * 506,779 3,336 352,350 58,376 69,844 4,720 43,484 7,911 7,689 17 15,034 15,600 5,432 59,500 2,503 561,333 14,419 -12,031 5,615 6,690 -1,075 14,139 13,065 1,075 -169,295 -49,718 602,484 179,341 423,144 288,959 103,721 185,238 -169,295 -68,251 2,654,379 2,232,309 422,069 -247,698 -434,011 186,313 -5,258 1,870,013 1,870,013 -581,550 -581,550 - -11,537 -7,892 -6,100 -1,791 26,145 24,354 1,791 -160,992 -48,428 609,974 205,972 404,002 236,659 63,185 173,474 -160,992 -65,223 2,472,095 2,069,885 402,210 -318,746 -494,011 175,265 Note.—Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 21 TABLE FFO-5.—Internal Revenue Receipts by State, 2006 [In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] Individual income and employment taxes State Total Internal Revenue collections 1 (1) Corporation income tax 2 (2) Total (3) Income tax not withheld and SECA tax 3, 4 (4) Income tax withheld and FICA tax 3 (5) Unemployment insurance tax (7) Railroad retirement tax (6) Estate tax (8) Gift tax (9) Excise taxes 1 (10) United States, total......................2,518,680,229 380,924,573 2,051,078,589 432,320,219 1,606,551,780 4,673,471 7,533,119 26,717,493 1,970,031 57,989,543 Alabama ........................................ 19,597,752 1,815,533 17,409,030 3,612,875 13,711,347 1,469 83,339 201,185 6,945 165,059 Alaska............................................ 3,624,188 255,042 3,309,769 769,079 2,525,906 1,448 13,336 15,337 7 44,033 Arizona .......................................... 33,595,431 3,672,111 29,106,427 7,246,071 21,717,570 422 142,364 247,107 12,185 557,601 Arkansas ....................................... 25,398,237 6,440,664 16,756,931 1,950,876 14,655,179 1,939 148,937 1,579,543 11,300 609,799 56,716,118 166,302,774 6,432 831,322 3,492,421 349,188 3,215,346 California ....................................... 265,806,165 34,892,564 223,856,646 Colorado........................................ 34,871,449 2,425,761 30,982,554 6,646,866 24,213,864 10,600 111,224 305,131 10,253 1,147,750 Connecticut ................................... 44,504,145 8,339,880 35,240,769 8,212,673 26,933,328 941 93,827 537,022 44,945 341,529 Delaware ....................................... 15,846,988 4,332,484 11,207,608 1,648,298 9,527,574 273 31,463 165,112 4,180 137,604 District of Columbia ....................... 11,443,816 873,166 10,478,395 1,330,397 8,817,168 312,119 18,711 78,989 9,214 4,052 8,495,698 107,933,994 31,704,849 75,161,298 626,115 441,732 1,785,287 162,572 962,939 Florida ........................................... 119,340,490 Georgia.......................................... 64,832,664 11,098,952 50,248,015 8,519,082 41,477,951 2,213 248,769 381,554 13,989 3,090,154 Hawaii............................................ 6,201,450 491,069 5,515,490 1,562,431 3,930,836 - 22,223 68,902 3,078 122,911 Idaho ............................................. 6,139,907 275,875 5,781,867 1,477,736 4,272,330 1,038 30,763 37,662 7,816 36,687 Illinois ............................................ 112,439,720 16,431,866 93,335,960 16,755,264 76,026,066 209,555 345,075 938,051 124,036 1,609,807 Indiana........................................... 35,365,573 3,992,969 30,775,045 4,748,929 25,885,322 21,504 119,290 197,992 17,490 382,077 Iowa............................................... 15,703,955 1,627,635 13,757,307 2,270,453 11,423,856 3,354 59,644 170,743 3,982 144,288 Kansas .......................................... 18,977,316 1,971,623 15,509,414 2,634,730 11,958,990 845,753 69,941 103,848 9,983 1,382,448 Kentucky........................................ 19,893,559 1,366,707 18,085,843 2,783,035 15,216,629 6,081 80,098 148,251 7,270 285,488 Louisiana....................................... 24,513,279 988,196 23,093,240 2,667,822 20,345,737 2,742 76,939 137,129 7,748 286,966 Maine............................................. 5,454,710 356,718 4,997,028 1,088,534 3,880,684 4,017 23,793 70,335 1,514 29,115 Maryland........................................ 42,215,201 2,580,077 39,028,140 7,501,546 31,368,000 17,305 141,289 451,347 35,849 119,788 Massachusetts .............................. 67,521,183 5,827,228 60,528,149 11,296,584 49,014,062 49,696 167,807 650,567 35,461 479,778 Michigan........................................ 63,167,374 6,046,220 56,115,735 7,640,417 48,225,254 15,490 234,574 686,801 79,060 239,558 Minnesota...................................... 64,909,697 11,411,625 51,921,179 5,744,488 45,912,458 64,641 199,592 285,158 43,807 1,247,928 Mississippi..................................... 8,685,147 655,983 7,673,234 1,434,607 6,196,964 1,278 40,385 101,808 3,677 250,445 Missouri......................................... 40,749,906 4,658,326 34,521,051 5,085,642 29,225,341 61,087 148,981 338,172 69,132 1,163,225 Montana ........................................ 3,959,061 196,456 3,678,598 911,696 2,733,580 15,854 17,468 32,489 1,158 50,360 Nebraska....................................... 15,302,036 3,885,454 11,209,516 1,641,264 8,520,260 1,001,404 46,588 102,889 14,867 89,310 Nevada.......................................... 16,758,390 2,144,122 14,369,123 5,396,606 8,911,565 81 60,871 139,432 9,809 95,904 New Hampshire............................. 8,403,099 354,090 7,752,296 1,637,865 6,086,232 227 27,972 100,900 4,230 191,583 New Jersey ................................... 96,933,358 13,662,628 81,029,604 12,552,626 68,121,633 96,767 258,578 538,170 63,804 1,639,152 New Mexico................................... 6,691,895 249,139 6,310,276 1,538,711 4,742,581 134 28,850 49,053 8,267 75,160 30,727,433 122,913,256 267,678 600,914 2,168,426 286,008 1,132,507 26,820 293,139 New York....................................... 187,026,749 28,930,527 154,509,281 North Carolina ............................... 12,726,322 57,065,340 43,664,533 7,420,161 36,035,188 5,113 204,071 354,526 North Dakota ................................. 2,989,334 254,876 2,706,463 611,008 2,080,360 2,806 12,289 9,038 1,025 17,932 Ohio............................................... 81,023,654 11,163,211 66,564,663 8,800,000 57,437,670 19,975 307,018 652,254 33,238 2,610,288 Oklahoma...................................... 25,992,523 6,156,132 14,694,808 3,602,443 11,020,621 2,238 69,506 124,791 3,373 5,013,419 Oregon .......................................... 21,121,890 1,641,212 19,026,842 3,704,435 15,238,505 957 82,945 234,349 17,606 201,881 See footnotes at end of table. December 2006 FEDERAL FISCAL OPERATIONS 22 TABLE FFO-5.—Internal Revenue Receipts by State, 2006, con. [In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management OS:CFO:R] Individual income and employment taxes Total Internal Revenue collections 1 (1) Corporation income tax 2 (2) 93,197,433 10,286,085 Rhode Island ............................ 9,006,889 1,704,680 7,219,866 1,188,406 5,996,227 - 35,233 71,536 2,886 7,921 South Carolina ......................... 28,759,844 891,163 27,534,611 3,377,222 24,075,445 2,595 79,349 157,982 11,350 164,738 State Pennsylvania............................ Total (3) Income tax not withheld and SECA tax 3, 4 (4) Income tax withheld and FICA tax 3 (5) Railroad retirement tax (6) Unemployment insurance tax (7) Estate tax (8) 79,694,193 12,825,473 66,496,713 55,042 316,965 701,887 Gift tax (9) Excise taxes 1 (10) 44,848 2,470,420 South Dakota ........................... 3,698,700 171,435 3,432,928 1,089,752 2,314,884 14,762 13,530 57,880 2,794 33,663 Tennessee ............................... 40,167,842 5,056,883 34,125,238 5,141,050 28,802,161 2,189 179,838 161,927 9,168 814,626 28,651,380 129,636,834 26,970,999 102,096,784 14,790 554,261 909,374 Texas........................................ 175,202,473 125,343 15,879,542 Utah.......................................... 12,004,719 888,162 10,462,938 2,504,112 7,901,629 2,905 54,292 122,280 5,143 526,196 Vermont.................................... 3,215,649 151,842 2,998,048 646,309 2,337,668 1,892 12,179 41,460 690 23,609 Virginia ..................................... 54,467,844 7,702,779 44,978,304 9,420,446 34,832,113 555,838 169,907 498,904 42,434 1,245,423 Washington .............................. 50,500,288 7,392,404 41,764,349 9,353,444 32,216,735 7,213 186,957 321,665 36,828 985,042 West Virginia ............................ 5,391,914 402,129 4,833,496 969,818 3,842,417 357 20,904 66,946 1,661 87,682 Wisconsin................................. 36,929,958 4,732,101 31,641,564 5,323,032 26,165,963 4,179 148,390 204,451 62,850 288,992 Wyoming .................................. 3,447,351 394,615 2,774,672 1,174,666 1,589,627 385 9,994 43,570 7,749 226,745 International and U.S. Territories 6 ........................... 13,699,408 1,627,204 11,844,148 2,468,838 9,329,493 1,010 44,807 38,328 7,427 182,301 International ............................. 4,508,853 799,931 3,493,315 1,897,783 1,591,567 1,010 2,955 36,239 6,826 172,542 U.S. Armed Services overseas and Territories other than Puerto Rico ........ 5,175,340 11,635 5,155,596 305,650 4,846,365 - 3,581 1,389 601 6,119 38,271 700 - 3,640 1,549 2,648,564 26,571 38,381 Puerto Rico .......................... 4,015,215 815,638 3,195,237 265,405 2,891,561 - Other 7 ...................................... 8,869,606 54,875 6,101,215 5,475,238 624,421 7 Adjustments and credits 5 ........ 2,640,566 249,507 2,391,059 2,391,059 - - - - - - Highway and Airport and Airways Trust Funds ........ 368,019 249,507 118,512 118,512 - - - - - - Excess Federal Insurance Contributions Act (FICA) credits ................... 2,213,400 - 2,213,400 2,213,400 - - - - - - Advance earned income tax credit........................... 59,147 - 59,147 59,147 - - - - - - 88,128,695 189,351,362 62,797,764 121,310,744 329,561 62,476 2,988,968 37,403 5,547,252 Undistributed 8 ......................... 286,053,680 1 Excludes excise taxes collected by the Customs Service and the Alcohol and Tobacco Tax and Trade Bureau. Includes tax-exempt business income taxes totaling $884.6 million, of which $635.3 million were from tax on “unrelated business income” (Forms 990-T) and $249.2 million were from tax on farmers’ cooperatives (Forms 990-C). 3 Collections of individual income tax are not reported by payers separately from old-age, survivors, disability, and hospital insurance (OASDHI) taxes on salaries and wages (under the Federal Insurance Contributions Act or FICA), and on self-employment income (under the Self-Employment Insurance Contributions Act or SECA). 4 Includes estate and trust income tax collections of $17.1 billion. 5 Adjustments and credits are not shown by State, but are included in the U.S. totals. In prior years, adjustments and credits were included in "Undistributed" gross collections. 6 U.S. Armed Services overseas and territories other than Puerto Rico. Includes returns filed from Army Post Offices, Fleet Post Offices, and U.S. possessions such as American Samoa, Guam, and the Virgin Islands. 7 Returns filed with undefined locations. 8 Includes tax payments not classified by State as of the end of the fiscal year because they have not been applied to taxpayer accounts. 2 Detail may not add to totals due to rounding. December 2006 NOTES: Amounts include adjustments to prior years made in fiscal year 2006. These adjustments may result in negative amounts of collections being shown in this table. Collection and refund data by State may not be comparable. Collections primarily relate to fiscal year 2006. However, refunds may be issued for a tax paid in a prior year, and therefore, the total refund may exceed the collection amount. Classification by State is based on the individual's address (or in the case of businesses, the location of the principal office or place of business). However, some individuals may use the address of a tax attorney or accountant, or, in the case of certain individuals who were sole proprietors, partners in a partnership, or share- holders in an S corporation, the business address. Such addresses could have been located in a State other than the State in which the individual resided. Similarly, taxes withheld reported by employers located near a State boundary might include substantial amounts withheld from salaries of employees who reside in a neighboring State. Also, while taxes of corporations may be paid from the principal office, the operations of these corporations may be located in one or more other State(s). Through an improved location methodology, entities are now more accurately distributed by State. Beginning with fiscal year 2006, the ZIP Code on the tax return is used to classify returns by State. In prior years, the location of the IRS District Office associated with the taxpayer's account was used to determine State distribution. FEDERAL FISCAL OPERATIONS 23 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 2006 Headquarters: National Finance Center ..................................................... $1,842,125,838.88 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..................... Calais, ME.......................................... 10115..................... Limestone, ME ................................... 10118..................... Bridgewater, ME................................. 10127..................... Portsmouth, NH.................................. 10131..................... Belfast, ME......................................... 10132..................... Manchester, NH User Fee Airport ......... 10182..................... Total District .................................................................. 41,348,367.93 207,119.35 60,267.87 2,687,776.98 6,683,166.83 2,472,825.97 50,486.47 443,563.43 65,450.16 45,900.84 2,948,484.80 295.54 15,653.72 2,425,197.93 1,223,544.07 224,355.05 60,902,456.94 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 .................................................................. 623,655.77 30,363.31 481,252.33 40,664.12 15,332,107.31 7,755,225.80 46,800,125.40 71,063,394.04 Boston, Massachusetts: Boston, MA......................................... 10401..................... Springfield, MA................................... 10402..................... Worchester, MA ................................. 10403..................... Glouchester, MA ................................ 10404..................... New Bedford, MA ............................... 10405..................... Salem, MA.......................................... 10408..................... 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 .................................................................. 242,183,169.49 29,678.52 94,581,172.86 16,494.52 5,318,597.84 2,070,375.18 3,036,184.21 8,750,513.56 17,793,593.24 2,440,558.58 97,097.87 102,934,492.70 257,402.55 479,509,331.12 Providence, Rhode Island: Newport, RI ........................................ 10501..................... Providence, RI.................................... 10502..................... Total District .................................................................. 58,095.70 83,310,763.93 83,368,859.63 District and Port of Collection Port Code Collection Fiscal Year 2006 Ogdensburg, New York: Ogdensburg, NY ................................ 10701.................... Massena, NY ..................................... 10704.................... Alexandria Bay, NY............................ 10708.................... Champlain, NY................................... 10712.................... Trout River, NY .................................. 10715.................... Total District................................................................. 5,916,424.69 4,535,901.99 28,716,949.13 140,553,503.45 22,872,188.93 202,594,968.19 Buffalo, New York: Buffalo, NY......................................... 10901.................... Rochester, NY ................................... 10903.................... Oswego, NY....................................... 10904.................... Syracuse, NY..................................... 10906.................... Border Patrol Tonawanda, NY........... 10950.................... TNT Skypak, NY ................................ 10971.................... Binghampton User Fee Airport .......... 10981.................... Total District................................................................. 235,652,651.50 8,428,701.93 2,885,439.10 10,143,031.28 -415.71 -17.03 134,156.99 257,243,548.06 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 Corp (JFK).............. 24770.................... NYACC, Jamaica, NY........................ 24771.................... DHL Airways, Jamaica, NY ............... 24772.................... TNT Skypak (JFK) ............................. 24778.................... Total District................................................................. 370,295,114.57 2,318,437.81 15,809,231.37 22,032,782.04 3,986,241,525.38 9,806,779.64 193,756.17 1,218,066,550.56 10,138.90 1,531,511.97 10,702,396.63 1,261,138.59 5,638,269,363.63 Philadelphia, Pennsylvania: Philadelphia, PA ................................ 11101.................... Chester, PA........................................ 11102.................... Wilmington, DE .................................. 11103.................... Pittsburgh, PA.................................... 11104.................... Wilkes-Barre/Scranton, PA................ 11106.................... Philadelphia Int'l. Airport .................... 11108.................... Harrisburg, PA ................................... 11109.................... Allentown, PA .................................... 11119.................... Easton User Fee Airport, PA ............. 11181.................... Atlantic City, NJ User Fee Airport ........ 11182.................... Trenton/Mercer User Fee Airport....... 11183.................... UPS (Philadelphia, PA)...................... 11195.................... Total District................................................................. 395,546,331.01 60,743,627.41 27,639,269.01 57,223,984.00 835,240.91 36,770,637.09 17,351,008.93 13,564,294.79 2,490.21 139,571.06 188,149.40 37,900,971.23 647,905,575.05 Baltimore, Maryland: Annapolis, MD ................................... 11301.................... Cambridge, MD.................................. 11302.................... Baltimore, MD .................................... 11303.................... BWI Airport......................................... 11305.................... Dover, DE .......................................... 11307.................... Total District................................................................. 25.36 2,416.73 580,713,802.15 13,274,789.31 2,103.77 593,993,137.32 December 2006 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 2006 Norfolk, Virginia: Norfolk, VA ......................................... 41401..................... Newport News, VA............................. 41402..................... Richmond-Petersburg, VA ................. 41404..................... Charleston, WV .................................. 41409..................... Front Royal, VA.................................. 41410..................... New River Valley Airport, VA ............. 41412..................... New River Valley User Fee Airport .... 41481..................... Total District .................................................................. 601,569,946.59 38,206,240.81 39,154,741.25 11,197,241.95 6,852.55 1,805,432.11 3,664,107.82 695,604,563.08 Charlotte, North Carolina: Wilmington, NC .................................. 41501..................... Winston Salem, NC............................ 41502..................... Durham, NC ....................................... 41503..................... Beaufort-Morehead, NC..................... 41511..................... Charlotte, NC ..................................... 41512..................... Total District .................................................................. 48,540,974.24 20,018,767.43 19,181,417.94 1,667,905.13 216,117,646.49 305,526,711.23 Charleston, South Carolina: Charleston, SC................................... 41601..................... Georgetown, SC................................. 41602..................... Greenville-Spartanburg, SC............... 41603..................... Columbia, SC ..................................... 41604..................... Myrtle Beach User Fee Airport........... 41681..................... Total District .................................................................. 1,038,855,966.31 704,884.10 124,262,979.49 16,188,480.72 94,227.95 1,180,106,538.57 Savannah, Georgia: Brunswick, GA.................................... 41701..................... Savannah, GA.................................... 41703..................... Atlanta, GA......................................... 41704..................... Total District .................................................................. 118,813,561.53 614,141,013.88 558,834,444.46 1,291,789,019.87 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..................... Leesburg, FL User Fee Airport .......... 41887..................... Total District .................................................................. 92,074,010.88 330,500,204.00 597,171.88 11,050,287.70 24,767.90 52,012.43 4,709,664.60 27,517,118.70 88,635.65 24,236,452.86 348,804.52 200,453.21 467,552.34 276,687.86 174,184.47 492,318,009.00 Mobile, Alabama: Mobile, AL .......................................... 51901..................... Gulfport, MS ....................................... 51902..................... Pascagoula, MS ................................. 51903..................... Birmingham, AL.................................. 51904..................... Huntsville, AL ..................................... 51910..................... Total District .................................................................. 31,653,034.90 30,423,106.89 2,303,828.70 57,912,893.81 38,633,270.68 160,926,134.98 December 2006 District and Port of Collection Port Code Collection Fiscal Year 2006 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.................... Vicksburg, MS.................................... 52015.................... Knoxville, TN...................................... 52016.................... Lake Charles, LA ............................... 52017.................... Shrevesport/Bossler, LA.................... 52018.................... FT. Smith, AR .................................... 52024.................... Fayetteville, AR.................................. 52025.................... Texarkana, AR................................... 52026.................... Tri City User Fee Airport.................... 52082.................... Rogers Mun. Airport, AR ................... 52084.................... Federal Express (Memphis, TN)........ 52095.................... Total District................................................................. 6,924,872.79 126,060,629.98 25,471,449.05 21,979,738.86 3,818.87 452,877,465.74 84,411,205.86 1,432,048.08 18,296,294.46 10,798,058.19 43,710,136.61 8,998,876.12 284,194.10 1,701.00 21,280.00 18,267.00 3,295,851.50 169,025.03 138,295,030.10 943,049,943.34 Port Arthur, Texas: Port Arthur, TX................................... 62101.................... Beaumont, TX.................................... 62104.................... Border Patrol, Yuma, AZ ................... 62150.................... Border Patrol, Blythe, CA .................. 62151.................... Total District................................................................. 26,762,468.08 1,392,027.51 180,593.00 8,093.70 28,343,182.29 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.................... Border Patrol, Comstock, TX............. 62351.................... Border Patrol, Carrizo Springs, TX.... 62352.................... Border Patrol, Del Rio, TX ................. 62353.................... Border Patrol, Eagle Pass, TX........... 62354.................... Border Patrol, Brackettville, TX ......... 62355.................... Border Patrol, Uvalde, TX.................. 62356.................... Total District................................................................. 24,225,118.96 2,049,357.43 17,305,163.31 306,613,180.54 48,189,994.18 275,190.04 417,694.58 723,913.07 118,768.88 1,673.28 2,830.00 2,800.00 690.00 3,800.00 1,100.00 399,931,274.27 El Paso, Texas: El Paso, TX........................................ 62402.................... Presidio, TX ....................................... 62403.................... Fabens, TX ........................................ 62404.................... Columbus, TX .................................... 62406.................... Albuquerque, NM............................... 62407.................... Santa Teresa, NM.............................. 62408.................... Roswell, NM....................................... 62482.................... Total District................................................................. 158,845,271.41 673,164.06 36,879.00 326,853.92 2,446,173.09 3,359,364.93 124,512.12 165,812,218.53 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 2006 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 .................................................................. 154,975,957.89 236,942.94 1,509,364.07 5,195,764.10 18,483,616.25 76,246,845.21 21,491,940.81 278,140,431.27 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 .................................................................. 1,339,598.54 248,743.05 82,734.59 61,708,304.60 35,411,424.12 35,257.25 2,963,972.27 1,063,578.48 15,718.74 131,906.07 155,439.06 103,156,676.77 Los Angeles, California: Los Angeles, CA ................................ 72704..................... Port San Luis Harbor, CA .................. 72707..................... Long Beach, CA................................. 72709..................... Port Hueneme, CA............................. 72713..................... LAX..................................................... 72720..................... Las Vegas, NV ................................... 72722..................... DHL (LAX).......................................... 72770..................... Virgin Atlantic Cargo (LAX) ................ 72774..................... TNT Express Worldwide .................... 72775..................... Int'l. Bonded Couriers......................... 72776..................... Palm Springs User Fee Airport .......... 72781..................... So. California Logistics Airport, CA.... 72783..................... DHL LAX Airport, CA ......................... 72791..................... UPS Ontario ....................................... 72795..................... Total District .................................................................. 6,676,655,985.30 392.00 8,134.10 21,393,175.31 561,884,829.59 30,583,883.78 13,359,290.40 88,721.28 841,202.96 216,752.87 156,138.35 171,066.82 1,172,386.03 11,204,747.08 7,317,736,705.87 San Francisco, California: San Francisco Int'l. Airport................. 72801..................... Eureka, CA......................................... 72802..................... Fresno, CA ......................................... 72803..................... Monterey, CA ..................................... 72805..................... San Francisco, CA ............................. 72809..................... Oakland, CA....................................... 72811..................... Sacramento, CA................................. 72816..................... Reno, NV..............................................72833..................... San Jose, CA ..................................... 72834..................... DHL (SFO) ......................................... 72870..................... IBC (SFO)........................................... 72873..................... Sacramento User Fee Airport ............ 72881..................... Fresno Yosemite Airport, CA ............. 72882..................... Federal Express (SFO) ..................... 72895..................... Total District .................................................................. 132,537,479.68 18,151.82 3,100,474.25 70.24 789,857,596.24 9,836.45 39.00 3,694,211.55 394,228.25 2,839,823.83 -0.09 766,582.03 513,084.88 25,351,806.15 959,083,384.28 District and Port of Collection Port Code Collection Fiscal Year 2006 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.................... 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.................... Casper, WY........................................ 33382.................... Jefferson County Airport.................... 33383.................... Arapahoe County Airport ................... 33384.................... Eagle County User Fee Airport.......... 33385.................... Total District................................................................. 128,443.75 23,566,125.81 46,742,049.59 458,400.08 25.00 23,612.50 88,167,343.41 2,935,207.24 1,290.37 17,631,688.54 62,285.12 1,773.78 7,659,617.35 27,189.67 408.26 9,987.02 32,575.74 424.00 146,702.00 918.00 139,533.16 166,211.58 141,483.36 188,043,295.33 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.................... 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................................................................. 24,793,219.88 20,343,149.49 62,723,257.00 11,332.35 2,015.50 3,800.65 18,555.13 368.66 242.00 514.00 29,712.48 1,531.74 1,861.10 4,906.25 3,793.38 3,610.40 1,011.00 443,373.22 176,808.26 26,562.55 1,532.68 383,113.62 2,436.01 24,979.64 24,371.56 109,026,058.55 December 2006 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 2006 Minneapolis, Minnesota: Minneapolis, MN ..................................33501..................... Sioux Falls, SD.....................................33502..................... Duluth, MN ...........................................33510..................... Omaha, NE ..........................................33512..................... Des Moines, IA.....................................33513..................... Rochester User Fee Airport .................33581..................... Total District .................................................................. 134,232,673.93 963,047.11 2,660,335.45 30,154,476.50 2,898,232.58 139,080.25 171,047,845.82 Duluth, Minnesota: Duluth, MN ...........................................33601..................... Int’l. Falls/Ranier, MN...........................33604..................... Superior, WI .........................................33608..................... Grand Portage, MN..............................33613..................... Total District .................................................................. 1,088.54 185,951,228.99 4,901.72 3,307,825.57 189,265,044.82 Milwaukee, Wisconsin: Milwaukee, WI.....................................33701..................... Marinette, WI........................................33702..................... Green Bay, WI......................................33703..................... Manitowoc, WI......................................33706..................... Racine, WI............................................33708..................... Total District .................................................................. 32,549,392.85 2,452.77 470,657.56 2.00 518,080.80 33,540,585.98 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..................... Total District .................................................................. 364,838.55 114.00 124,816.32 395,923,281.81 3,090,659.86 92,839.51 157.85 4,943.12 399,601,651.02 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..................... Algonac, MI ..........................................33814..................... Oakland County User Fee Airport........33881..................... Willow Run User Fee Airport................33882..................... Total District .................................................................. 434,856,731.66 113,887,392.28 20,463,801.74 86,983.25 13,344,042.76 15,782,934.90 45,175,974.55 6,985.47 385,729.30 595,249.34 644,585,825.25 December 2006 District and Port of Collection Port Code Collection Fiscal Year 2006 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.................... Dupage User Fee Airport.....................33984.................... Decatur User Fee Airport.....................33985.................... Total District................................................................. 1,383,090,082.98 19,399,916.62 5,434,623.73 15,712.86 77,136.59 10,914,750.76 16,461,282.06 173,968.75 112,053.08 -4,579.33 127,750.48 148,224.97 112,216.84 1,436,063,140.39 Cleveland, Ohio: Cleveland, OH .....................................34101.................... Cincinnati, OH/Lawrenceburg, IN........34102.................... Columbus, OH .....................................34103.................... Dayton, OH ..........................................34104.................... Toledo/Sandusky, OH..........................34105.................... Erie, PA................................................34106.................... Ft Mitchell, KY......................................34107.................... Indianapolis, IN ....................................34110.................... Akron, OH ............................................34112.................... Louisville, KY .......................................34115.................... Owensboro, KY....................................34116.................... Ashtabula/Conneaut, OH.....................34122.................... Burlington Air Express .........................34170.................... Airborne Airpark User Fee Airport .......34181.................... Ft. Wayne User Fee Airport.................34183.................... Bluegrass User Fee Airport .................34184.................... Airborne Express .................................34191.................... BAX GlobalEmery Worldwide..............34192.................... DHL Express........................................34194.................... Emery Courier......................................34195.................... UPS......................................................34196.................... DHL (Cincinnati) ..................................34197.................... Federal Express (Indianapolis)............34198.................... Total District................................................................. 124,578,501.74 85,329,977.02 458,865,984.28 3,758,130.76 5,543,368.01 601,824.82 386,060.98 106,914,613.35 29,977.44 257,440,326.89 6,563,501.86 168,272.17 -5,633.02 123,262.13 147,055.70 594,072.86 8,918.15 4,086,111.51 31,212,712.65 11,062,558.19 131,339,690.01 24,987.26 25,733,487.07 1,254,507,761.83 St. Louis, Missouri: Kansas City, MO .................................34501.................... St. Joseph, MO ....................................34502.................... St. Louis, MO .......................................34503.................... Wichita, KA ..........................................34504.................... Springfield, MO ....................................34505.................... Spirit of St. Louis, Airport.....................34506.................... Total District................................................................. 100,919,797.53 330.62 130,217,167.18 29,695,241.41 12,373,255.95 30.67 273,205,823.36 FEDERAL FISCAL OPERATIONS 27 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 2006 Preclearance-Canada: North Central Regional ........................37900..................... 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 .................................................................. 250.00 648,391.68 779,988.00 243,805.00 617,441.38 2,006,555.94 101,840.00 151,726.83 4,549,998.83 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 .................................................................. 737,058.90 920,980.72 2,321,128.18 14,315,895.37 98,802,396.11 9,121,452.98 126,218,912.26 Virgin Islands of the United States: Charlotte Amalie, VI .............................45101..................... Cruz Bay, VI .........................................45102..................... Coral Bay, VI ........................................45103..................... Christiansted, VI...................................45104..................... Frederiksted, VI....................................45105..................... Total District .................................................................. 8,555,139.04 195,751.29 5.00 5,984,998.04 122.50 14,736,015.87 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 .................................................................. 463,358,479.97 90,568.37 203,188,463.54 6,278,835.97 66,297.76 94,260,335.67 195,213.61 25.65 1,329,571.46 308.79 10,030.46 291,706.67 830,142.31 117,282.81 2,714,186.17 772,731,449.21 Washington, DC: Dulles Int'l. Airport ................................45401..................... Alexandria, VA .....................................45402..................... Total District .................................................................. 28,900,221.52 519.83 28,900,741.35 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 .................................................................. 189,204.42 4,011.32 37,388.30 21,243.50 131,537.38 5,387.75 388,772.67 District and Port of Collection Port Code Collection Fiscal Year 2006 Ireland Preclearance: Dublin, IE .............................................57541.................... Shannon, IE .........................................57542.................... Total District................................................................. 315.00 6,230.00 6,545.00 Houston, Texas: Houston, TX.........................................65301.................... Tulsa, OK .............................................65305.................... Texas City, TX .....................................65306.................... Houston Intercontinental......................65309.................... Galveston, TX ......................................65310.................... Freeport, TX.........................................65311.................... Corpus Christi, TX ...............................65312.................... Port Lavaca, TX ...................................65313.................... Sugar Land, TX User Fee Airport........65381.................... Total District................................................................. 725,637,605.11 -486.00 2,272.14 34,300,448.56 15,652,075.85 12,410,624.06 13,074,893.96 808,744.53 138,444.89 802,024,623.10 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.................... Marfa, TX Border Patrol.......................65554.................... Sierra Blanca Border Patrol.................65560.................... Midland User Fee Airport.....................65582.................... Ft. Worth Airport ..................................65583.................... Addison User Fee Airport ....................65584.................... McKinney User Fee Airport .................65585.................... Total District................................................................. 395,434,751.46 166,930.74 5,430.35 5,586,364.77 5,845,962.79 6,293,163.60 12,698,957.29 1,010.00 31,207.00 136,986.40 133,682.29 157,874.81 129,652.10 426,621,973.60 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.................... Oroville, WA .........................................73019.................... Frontier, WA.........................................73020.................... Spokane, WA.......................................73022.................... Lynden, WA .........................................73023.................... Metaline Falls, WA...............................73025.................... Olympia, WA........................................73026.................... Seattle-Tacoma Airport........................73029.................... UPS (SEATAC)....................................73071.................... Moses Lake User Fee Airport..............73082.................... Total District................................................................. 709,871,909.12 412,769,323.01 48,707.57 161,030,544.10 2,607,558.00 1,766,341.91 205,063.09 75,557.14 54,365,931.26 579,191.88 350.63 164,660.41 394,923.49 103,175.92 5,651.71 19,946,411.25 211,095.04 8,801,498.37 976,269.44 207,635.98 1,731,634.12 2,839,227.27 213,308.96 37,757,907.01 896,258.62 207,956.93 1,417,778,092.23 December 2006 FEDERAL FISCAL OPERATIONS 28 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 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..................... Pelican, AK...........................................73124..................... Anchorage, AK .....................................73126..................... Kodiak, AK ...........................................73127..................... Federal Express ...................................73195..................... UPS ......................................................73196..................... Total District .................................................................. December 2006 Collection Fiscal Year 2006 137,917.50 205,323.98 26,133.90 459,327.24 3,811.64 21,697.25 3,563.62 7,435.73 9,889.46 408.00 7,782,759.43 730.18 96,437,603.28 395,507.51 105,492,108.72 District and Port of Collection Port Code Collection Fiscal Year 2006 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................................................................. 33,184,538.00 53,885.34 165,459.68 21,604.94 7,955,438.17 313,227.27 41,694,153.40 Total Customs and Border Protection Collections for fiscal year 2006...................................... $32,638,531,684.80 29 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) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 6,160,448 6,450,164 7,094,904 7,485,532 7,839,784 367,327 426,493 469,641 468,563 501,945 6,529,692 6,877,311 7,565,782 7,955,702 8,340,659 1,231,160 1,148,226 1,168,663 1,339,363 1,478,945 1,212,577 1,173,496 1,166,036 1,338,425 1,463,568 2005 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2006 - Jan....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 686,060 524,182 573,559 627,464 594,893 634,537 715,388 677,342 812,718 747,766 575,577 701,006 653,769 44,456 33,937 35,552 50,258 40,428 35,131 45,559 44,578 39,839 51,768 37,385 38,196 50,897 731,785 556,788 610,189 677,783 634,288 670,250 760,516 722,591 854,704 796,646 613,941 738,841 704,122 148,138 97,803 89,322 172,910 122,033 104,907 144,933 131,138 106,537 147,719 103,252 96,103 162,287 119,752 94,103 122,966 142,212 90,840 155,071 155,275 59,662 155,316 132,901 110,356 117,725 127,141 See footnotes at end of table. December 2006 ACCOUNT OF THE U.S. TREASURY 30 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 Tax and loan Federal note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and loan Federal note Reserve accounts (10) (11) Average Tax and loan Federal note Reserve accounts (12) (13) 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 2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 2005 - Sept............................ 4,381 31,300 7,434 67,207 4,229 1,379 5,338 28,273 Oct............................. 5,712 34,999 5,712 36,665 4,071 2,511 4,865 18,737 Nov ............................ 4,634 1,355 5,994 22,956 3,575 544 4,917 8,941 Dec ............................ 4,573 32,053 6,385 43,591 4,243 709 5,135 23,027 2006 - Jan ............................. 5,606 63,247 5,888 63,247 3,715 1,282 4,942 28,389 Feb ............................ 5,024 13,082 6,172 60,185 3,973 265 5,155 17,096 Mar ............................ 5,455 2,739 5,908 26,753 2,844 97 5,032 11,424 Apr............................. 4,784 74,215 6,760 74,215 3,646 1,226 5,036 21,857 May............................ 2,637 25,436 6,738 93,784 2,637 9,480 5,264 41,381 June........................... 5,525 40,255 5,570 58,476 4,257 1,838 5,052 27,197 July ............................ 4,546 33,152 5,570 40,255 4,087 5,408 5,013 12,548 Aug ............................ 4,907 11,531 5,498 17,725 2,907 430 4,885 6,590 Sept ........................... 5,451 46,676 7,507 70,575 3,646 78 4,939 30,017 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 2006 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. 31 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.” 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.” • 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 marketbased special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. • 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 2006 FEDERAL DEBT 32 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) 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 6,255,111 6,809,272 7,403,237 7,956,346 8,530,366 6,228,236 6,783,320 7,379,053 7,932,710 8,506,974 26,874 25,952 24,183 23,637 23,392 2,675,648 2,859,291 3,075,687 3,331,333 3,663,773 2,675,648 2,859,291 3,075,687 3,331,332 3,663,766 1 1 7 2005 - Sept .................... Oct ..................... Nov..................... Dec..................... 2006 - Jan...................... Feb..................... Mar..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... 7,956,346 8,050,629 8,115,965 8,194,251 8,219,745 8,293,333 8,394,740 8,379,083 8,380,354 8,443,683 8,467,856 8,538,350 8,530,366 7,932,710 8,027,123 8,092,322 8,170,413 8,196,070 8,269,886 8,371,156 8,355,718 8,356,776 8,420,042 8,444,347 8,515,034 8,506,974 23,637 23,505 23,643 23,837 23,674 23,448 23,584 23,365 23,577 23,641 23,509 23,317 23,392 3,331,333 3,376,354 3,382,666 3,455,808 3,471,422 3,499,204 3,498,354 3,536,001 3,549,086 3,622,594 3,624,439 3,629,882 3,663,773 3,331,332 3,376,354 3,382,665 3,455,806 3,471,420 3,499,202 3,498,352 3,535,999 3,549,084 3,622,592 3,624,436 3,629,875 3,663,766 1 1 1 2 2 2 2 2 2 2 2 8 7 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) 3,579,462 3,949,981 4,327,550 4,625,013 4,866,593 3,552,588 3,924,029 4,303,366 4,601,378 4,843,208 26,874 25,952 24,182 23,636 23,385 4,625,013 4,674,275 4,733,299 4,738,443 4,748,323 4,794,129 4,896,386 4,843,082 4,831,268 4,821,089 4,843,417 4,908,468 4,866,593 4,601,378 4,650,769 4,709,657 4,714,607 4,724,650 4,770,683 4,872,804 4,819,719 4,807,692 4,797,450 4,819,911 4,885,159 4,843,208 23,636 23,504 23,642 23,835 23,672 23,446 23,582 23,363 23,575 23,639 23,507 23,309 23,385 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 6,255,111 6,809,272 7,403,237 7,956,346 8,530,366 57,278 50,551 51,219 53,546 81,375 6,197,833 6,758,722 7,352,017 7,902,800 8,448,991 2,675,648 2,859,291 3,075,687 3,331,333 3,663,773 17,541 13,860 16,596 18,145 41,371 2,658,107 2,845,430 3,059,091 3,313,188 3,622,403 3,579,463 3,949,981 4,327,550 4,625,013 4,866,593 39,737 36,691 34,623 35,401 40,004 3,539,726 3,913,291 4,292,926 4,589,612 4,826,588 2005 - Sept..................... Oct...................... Nov ..................... Dec ..................... 2006 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May..................... June ................... July..................... Aug..................... Sept.................... 7,956,346 8,050,629 8,115,965 8,194,251 8,219,745 8,293,333 8,394,740 8,379,083 8,380,354 8,443,683 8,467,856 8,538,350 8,530,366 53,546 54,577 55,785 55,723 56,168 78,490 81,408 81,843 82,045 82,605 81,077 82,570 81,375 7,902,800 7,996,052 8,060,180 8,138,528 8,163,577 8,214,843 8,313,332 8,297,240 8,298,308 8,361,078 8,386,779 8,455,781 8,448,991 3,331,333 3,376,354 3,382,666 3,455,808 3,471,422 3,499,204 3,498,354 3,536,001 3,549,086 3,622,594 3,624,439 3,629,882 3,663,773 18,145 18,712 19,601 19,141 19,557 41,201 43,015 44,075 44,645 44,735 43,106 42,229 41,371 3,313,188 3,357,642 3,363,065 3,436,667 3,451,865 3,458,003 3,455,339 3,491,925 3,504,442 3,577,859 3,581,333 3,587,653 3,622,403 4,625,013 4,674,275 4,733,299 4,738,443 4,748,323 4,794,129 4,896,386 4,843,082 4,831,268 4,821,089 4,843,417 4,908,468 4,866,593 35,401 35,865 36,184 36,582 36,611 37,289 38,393 37,768 37,400 37,870 37,971 40,341 40,004 4,589,612 4,638,410 4,697,115 4,701,862 4,711,712 4,756,840 4,857,993 4,805,315 4,793,867 4,783,219 4,805,446 4,868,127 4,826,588 December 2006 FEDERAL DEBT 33 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) 2002 .................................. 2003 .................................. 2004 .................................. 2005 .................................. 2006 .................................. 3,553,180 3,924,090 4,307,345 4,601,239 4,843,121 3,121,357 3,460,330 3,845,855 4,066,053 4,283,804 868,220 918,196 961,449 910,323 908,474 1,521,572 1,799,424 2,109,494 2,328,213 2,445,307 592,695 576,590 551,904 520,507 534,473 138,870 166,120 223,008 307,011 395,550 431,823 463,760 461,490 535,186 559,317 2005 - Sept........................ Oct......................... Nov ........................ Dec ........................ 2006 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May........................ June ...................... July........................ Aug........................ Sept....................... 4,601,239 4,650,516 4,709,403 4,714,821 4,724,637 4,771,117 4,872,485 4,819,949 4,807,517 4,797,204 4,819,732 4,884,685 4,843,121 4,066,053 4,112,465 4,166,481 4,165,847 4,176,332 4,259,473 4,321,654 4,264,460 4,250,516 4,235,126 4,261,336 4,325,311 4,283,804 910,323 932,554 982,960 960,701 952,800 997,284 1,039,036 962,168 951,623 913,803 929,926 959,323 908,474 2,328,213 2,335,503 2,339,284 2,360,155 2,360,363 2,390,260 2,408,302 2,408,208 2,406,354 2,425,710 2,414,905 2,437,098 2,445,307 520,507 520,491 516,430 516,425 516,418 526,498 526,501 526,510 522,965 522,924 522,918 534,473 534,473 307,011 323,918 327,807 328,567 346,751 345,431 347,815 367,573 369,573 372,689 393,587 394,417 395,550 535,186 538,051 542,920 548,975 548,306 511,644 550,830 555,489 557,001 562,078 558,396 559,374 559,317 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) Nonmarketable, con. End of fiscal year or month 2002 ....................................... 2003 ....................................... 2004 ....................................... 2005 ....................................... 2006 ....................................... 193,312 201,561 204,201 203,645 203,656 14,991 - 12,519 11,007 5,881 3,086 2,986 47,605 53,463 58,528 67,961 78,129 144,286 148,366 158,214 225,283 238,835 29,995 29,995 29,995 29,995 29,995 4,107 4,377 4,669 5,214 5,715 2005 - Sept............................. Oct.............................. Nov ............................. Dec ............................. 2006 - Jan .............................. Feb ............................. Mar ............................. April ............................ May............................. June............................ July ............................. Aug ............................. Sept ............................ 203,645 203,890 204,579 205,162 205,605 205,901 205,976 206,067 205,669 205,227 204,825 204,025 203,656 - 3,086 3,086 2,986 3,786 3,786 3,586 3,386 3,186 2,986 2,986 2,986 2,986 2,986 67,961 68,939 68,681 69,097 70,277 32,414 71,258 72,082 73,698 76,289 77,631 78,224 78,129 225,283 226,929 231,467 235,566 233,441 234,545 234,844 238,663 239,174 242,022 237,425 238,603 238,835 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 5,214 5,211 5,213 5,368 5,201 5,203 5,370 5,494 5,478 5,558 5,533 5,541 5,715 December 2006 FEDERAL DEBT 34 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust tration Fund (9) (10) 2002 .............. 2003 .............. 2004 .............. 2005 .............. 2006 .............. 2,707,295 2,912,216 3,129,990 3,380,605 3,722,747 10,997 10,518 9,892 10,047 7,893 30,542 31,054 32,089 32,733 46,216 25,350 26,778 28,107 29,485 31,282 9,717 10,502 10,319 15,238 15,711 155,256 170,762 182,769 193,263 202,178 570,168 613,718 631,749 660,109 689,812 228,906 251,307 264,375 277,268 302,186 21,251 23,823 23,325 22,646 22,036 1,173,759 1,313,427 1,452,599 1,616,159 1,793,129 2005 - Sept.... Oct..... Nov .... Dec .... 2006 - Jan ..... Feb .... Mar .... Apr..... May.... June... July .... Aug .... Sept ... 3,380,605 3,426,716 3,432,818 3,506,577 3,523,210 3,513,085 3,551,185 3,589,106 3,604,230 3,680,235 3,683,171 3,689,211 3,722,747 10,047 10,907 11,084 11,661 11,999 11,894 12,136 11,685 11,321 11,378 10,771 10,262 7,893 32,733 32,641 33,015 32,799 32,850 33,126 32,954 33,142 33,891 45,776 46,242 46,216 29,485 29,513 29,923 29,996 30,032 30,387 30,384 30,386 30,787 30,851 30,889 31,244 31,282 15,238 15,286 15,267 15,320 15,377 15,372 15,399 15,456 15,524 15,548 15,617 15,645 15,711 193,263 192,198 191,461 195,715 196,841 196,377 196,701 198,773 198,170 203,646 202,715 202,198 202,178 660,109 657,077 654,138 670,101 653,893 650,289 661,190 657,952 654,859 670,501 667,218 664,463 689,812 277,268 278,448 278,417 285,941 288,996 287,856 283,296 295,171 292,941 299,470 300,797 297,012 302,186 22,646 23,355 23,679 23,800 23,749 23,965 23,965 23,964 21,320 21,319 21,319 21,543 22,036 1,616,159 1,618,658 1,620,345 1,663,726 1,679,132 1,682,806 1,693,145 1,715,423 1,719,732 1,772,302 1,777,547 1,785,216 1,793,129 End of fiscal year or month Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 2006 ..................... 2,800 2,963 3,013 3,123 3,029 38,804 24,849 17,439 17,204 33,061 18,840 13,578 10,212 8,271 10,998 11,465 11,246 10,949 10,597 10,189 1,430 2,651 1,283 1,218 4,233 23,383 503 627 570 477 - 68,265 48,188 45,239 54,806 66,213 316,362 356,349 406,004 427,868 484,104 2005 - Sept........... Oct............ Nov ........... Dec ........... 2006 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... July ........... Aug ........... Sept .......... 3,123 3,104 3,114 3,080 3,090 3,100 3,113 3,123 3,065 2,978 2,992 3,005 3,029 17,204 19,418 18,621 23,929 25,290 27,237 25,887 29,146 31,151 27,246 31,101 30,895 33,061 8,271 8,312 9,610 9,972 10,796 10,854 11,970 13,470 13,524 13,451 12,826 12,820 10,998 10,597 10,524 10,450 10,687 10,598 10,514 10,407 10,328 10,240 10,452 10,375 10,289 10,189 1,218 1,687 2,509 1,747 1,866 2,274 3,159 3,532 3,868 2,930 2,519 3,091 4,233 570 500 361 357 473 501 571 544 454 575 609 496 477 - 54,806 53,499 55,634 53,975 51,557 52,787 49,800 49,734 66,332 65,279 64,277 68,310 66,213 427,868 471,589 475,190 473,771 486,671 473,746 497,108 497,277 497,051 532,309 485,823 486,480 484,104 Note.—Detail may not add to totals due to rounding. December 2006 FEDERAL DEBT 35 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) 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 2006 ..................................... 23,392 - 112 - 22,899 - 381 2005 - Sept .......................... 23,637 - 146 - 23,097 - 394 Oct............................ 23,505 - 149 - 22,961 - 395 Nov........................... 23,643 - 149 - 23,097 - 396 Dec........................... 23,837 - 161 - 23,278 - 398 2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 Feb ........................... 23,448 - 85 - 22,971 - 391 Mar ........................... 23,584 - 80 - 23,112 - 392 Apr............................ 23,365 - 85 - 22,891 - 389 May .......................... 23,577 - 87 - 23,099 - 390 June ......................... 23,641 - 90 - 23,159 - 391 July........................... 23,509 - 90 - 23,026 - 393 Aug........................... 23,317 - 90 - 22,846 - 380 Sept.......................... 23,392 - 112 - 22,899 - 381 Note.—Detail may not add to totals due to rounding. December 2006 FEDERAL DEBT 36 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) 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. 2006 ............................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. 2005 - Sept..................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. Oct...................... 3,376,594 1,136,101 1,278,315 508,135 280,839 173,203 4 yrs. 9 mos. Nov ..................... 3,426,982 1,201,621 1,248,485 526,593 276,571 173,712 4 yrs. 9 mos. Dec ..................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. Apr...................... 3,483,412 1,198,187 1,273,413 543,174 292,741 175,897 4 yrs. 9 mos. May..................... 3,492,721 1,178,383 1,288,303 573,995 275,911 176,129 4 yrs. 10 mos. June.................... 3,473,551 1,136,203 1,302,488 582,153 276,216 176,491 4 yrs. 10 mos. July ..................... 3,563,832 1,195,210 1,316,350 581,832 290,832 179,608 4 yrs. 10 mos. Aug ..................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. Sept .................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. End of fiscal year or month Note.—Detail may not add to totals due to rounding. December 2006 Average length (7) FEDERAL DEBT 37 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) 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 2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 2005 - Sept...................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 Oct....................................... 8,184,000 7,964,782 7,964,648 133 8,027,123 133 62,475 Nov ...................................... 8,184,000 8,028,918 8,028,773 145 8,092,322 145 63,549 Dec ...................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 Apr....................................... 8,965,000 8,262,718 8,262,647 71 8,355,718 71 93,071 May...................................... 8,965,000 8,263,812 8,263,741 71 8,356,777 71 93,035 June..................................... 8,965,000 8,330,646 8,330,572 74 8,420,042 74 89,470 July ...................................... 8,965,000 8,352,614 8,352,521 92 8,444,347 92 91,826 Aug ...................................... 8,965,000 8,423,321 8,423,225 97 8,515,034 97 91,809 Sept ..................................... 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 End of fiscal year or month 1 Debt subject to limit Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. December 2006 FEDERAL DEBT 38 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 Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 213,555 224,472 213,321 211,763 228,065 25,074 24,858 15,956 26,851 22,578 16,312 15,291 16,560 18,489 20,432 10,780 11,497 11,937 12,608 12,911 417 379 474 461 485 906 1,321 1,897 1,979 1,358 2005 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 211,763 206,224 224,663 234,407 236,924 246,465 243,973 246,842 251,249 246,122 251,390 256,546 228,065 26,851 18,585 24,050 27,221 21,158 22,104 23,033 23,308 22,580 23,051 22,326 22,382 22,578 18,489 18,489 18,498 18,725 18,850 18,993 19,133 19,648 19,648 19,648 19,648 19,648 20,432 12,608 12,608 12,697 12,735 13,050 13,164 13,284 13,637 13,637 13,637 13,637 13,637 12,911 461 461 465 469 476 482 486 496 499 499 499 499 485 1,979 1,121 1,121 1,123 1,123 1,108 1,108 1,128 1,128 1,146 1,561 1,358 1,358 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 89,713 91,938 96,530 104,471 105,522 2,770 2,698 2,900 2,777 2,482 7,553 8,794 7,635 7,548 6,258 2,640 2,640 1,203 239 - 24,693 36,657 29,305 12,413 16,618 2005 - Sept ..................................... Oct....................................... Nov...................................... Dec...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... 104,471 108,816 109,384 113,474 117,016 121,325 121,325 122,359 125,810 123,133 128,209 133,043 105,522 2,777 2,727 2,687 2,687 2,687 2,687 2,772 2,707 2,707 2,707 2,717 2,647 2,482 7,548 7,548 7,548 7,548 7,549 7,549 7,549 7,549 7,549 7,549 7,549 7,549 6,258 239 239 239 239 239 - 12,413 12,547 12,757 12,990 12,621 13,232 12,982 13,016 14,277 14,408 14,394 14,591 16,618 December 2006 FEDERAL DEBT 39 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 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 2006 ...................................... 4,911 2,958 9,303 22,249 2005 - Sept ........................... 5,848 2,973 7,695 7,411 Oct............................. 5,848 3,250 7,695 6,289 Nov............................ 5,848 3,504 9,506 16,358 Dec............................ 5,848 3,787 9,506 18,056 2006 - Jan ............................ 5,848 4,068 11,624 20,615 Feb ............................ 5,848 4,309 12,953 22,711 Mar ............................ 4,911 4,582 9,303 23,505 Apr............................. 4,911 4,856 9,303 23,924 May ........................... 4,911 5,106 9,303 24,094 June .......................... 4,911 2,144 9,303 23,987 July............................ 4,911 2,428 9,303 24,208 Aug............................ 4,911 2,677 9,303 24,303 Sept........................... 4,911 2,958 9,303 22,249 End of fiscal year or month Note.—Detail may not add to totals due to rounding. December 2006 40 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/ debt-management/investor_class_auction.shtml. TREASURY FINANCING: JULY-SEPTEMBER [Source: Bureau of the Public Debt, Office of Financing] JULY Auction of 10-Year Treasury Inflation-Protected Security (TIPS) On July 10, 2006, Treasury announced it would auction $9,000 million of 10-year TIPS to raise new cash. The 10-year TIPS of Series D-2016 were dated July 15 and issued July 17. They are due July 15, 2016, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS 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 $15,863 million; Treasury accepted $9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.550 percent with an equivalent adjusted price of $99.593010. Treasury accepted in full all competitive tenders at yields lower than 2.550. Tenders at the high yield were allotted 88.43 percent. The median yield was 2.510 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $98 million. Competitive tenders accepted from private investors totaled $8,902 million. Adjusted accrued interest of $0.13591 per $1,000 must be paid for the period from July 15 to July 17. Both the unadjusted price of $99.561150 and the unadjusted December 2006 accrued interest of $0.13587 were adjusted by an index ratio of 1.00032 for the period from July 15 to July 17. In addition to the $9,000 million of tenders accepted in the auction process, Treasury accepted $1,588 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2016 is $1,000. Auction of 19-Year 6-Month 2-Percent TIPS On July 20, 2006, Treasury announced it would auction $7,000 million of 19-year 6-month 2 percent TIPS to raise new cash. The 19-year 6-month TIPS of January 2026 were dated July 15 and issued July 31. They are due January 15, 2026, 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 25. Tenders totaled $15,684 million; Treasury accepted $7,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.494 percent with an equivalent adjusted price of $94.278150. Treasury accepted in full all competitive tenders at yields lower than 2.494. Tenders at the high yield were allotted 66.85 percent. The median yield was 2.480 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $29 million. PUBLIC DEBT OPERATIONS 41 TREASURY FINANCING: JULY-SEPTEMBER, con. Competitive tenders accepted from private investors totaled $6,971 million. Adjusted accrued interest of $0.88705 per $1,000 must be paid for the period from July 15 to July 31. Both the unadjusted price of $92.420498 and the unadjusted accrued interest of $0.86957 were adjusted by an index ratio of 1.02010, for the period from January 15 to July 31. In addition to the $7,000 million of tenders accepted in the auction process, Treasury accepted $1,235 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of January 2026 is $1,000. Auction of 2-Year Notes On July 24, 2006, Treasury announced it would auction $22,000 million of 2-year notes of Series X-2008. The issue was to refund $22,522 million of securities maturing July 31 and to raise new cash of approximately $13,478 million. The notes of Series X-2008 were dated and issued on July 31. They are due July 31, 2008, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 5 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on July 26. Tenders totaled $44,716 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.090 percent with the equivalent price of $99.830895. Treasury accepted in full all competitive tenders at yields lower than 5.090 percent. Tenders at the high yield were allotted 5.70 percent. The median yield was 5.069 percent, and the low yield was 5.000 percent. Noncompetitive tenders totaled $1,120 million. Competitive tenders accepted from private investors totaled $20,880 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $4,424 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series X-2008 is $1,000. Auction of 5-Year Notes On July 24, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series L-2011. The issue was to refund $22,522 million of securities maturing July 31 and to raise new cash of approximately $13,478 million. The notes of Series L-2011 were dated and issued on July 31. They are due July 31, 2011, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on July 27. Tenders totaled $31,978 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.995 percent with an equivalent price of $99.474808. Treasury accepted in full all competitive tenders at yields lower than 4.995 percent. Tenders at the high yield were allotted 6.56 percent. The median yield was 4.966 percent, and the low yield was 4.920 percent. Noncompetitive tenders totaled $213 million. Competitive tenders accepted from private investors totaled $13,787 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $2,830 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2011 is $1,000. AUGUST August Quarterly Financing On August 2, 2006, Treasury announced it would auction $21,000 million of 3-year notes of Series T-2009, $13,000 million of 10-year notes of Series E-2016, and $10,000 million of 29-year 6-month Bonds of February 2036 to refund $22,378 million of Treasury securities maturing on August 15 and to raise new cash of approximately $21,622 million. The 3-year notes of Series T-2009 were dated and issued August 15. They are due August 15, 2009, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 7. Tenders totaled $44,887 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.898 percent with an equivalent price of $99.936548. Treasury accepted in full all competitive tenders at yields lower than 4.898 percent. Tenders at the high yield were allotted 35.37 percent. The median yield was 4.871 percent, and the low yield was 4.840 percent. Noncompetitive tenders totaled $322 million. Competitive tenders accepted from private investors totaled $20,678 million. In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $2,418 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2009 is $1,000. The 10-year notes of Series E-2016 were dated and issued August 15. They are due August 15, 2016, with December 2006 PUBLIC DEBT OPERATIONS 42 TREASURY FINANCING: JULY-SEPTEMBER, con. interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 9. Tenders totaled $28,929 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.930 percent with an equivalent price of $99.569877. Treasury accepted in full all competitive tenders at yields lower than 4.930 percent. Tenders at the high yield were allotted 88.83 percent. The median yield was 4.909 percent, and the low yield was 4.870 percent. Noncompetitive tenders totaled $88 million. Competitive tenders accepted from private investors totaled $12,912 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $1,557 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2016 is $1,000. The 29-year 6-month bonds of February 2036 were dated and issued August 15. They are due February 15, 2036, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on August 10. Tenders totaled $17,721 million; Treasury accepted $10,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.080 percent with an equivalent price of $91.181992. Treasury accepted in full all competitive tenders at yields lower than 5.080 percent. Tenders at the high yield were allotted 38.21 percent. The median yield was 5.039 percent, and the low yield was 4.990 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $9,981 million. In addition to the $10,000 million of tenders accepted in the auction process, Treasury accepted $1,557 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2036 is $1,000. Auction of 2-Year Notes On August 24, 2006, Treasury announced it would auction $22,000 million of 2-year notes of Series Y-2008. The issue was to refund $23,810 million of securities maturing August 31 and to raise new cash of approximately $12,190 million. December 2006 The notes of Series Y-2008 were dated and issued August 31. They are due August 31, 2008, with interest payable on the last calendar day of February and August until maturity. Treasury set an interest rate of 4-7/8 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 August 29. Tenders totaled $51,007 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.921 percent with an equivalent price of $99.913392. Treasury accepted in full all competitive tenders at yields lower than 4.921 percent. Tenders at the high yield were allotted 1.16 percent. The median yield was 4.898 percent, and the low yield was 4.850 percent. Noncompetitive tenders totaled $1,068 million. Competitive tenders accepted from private investors totaled $20,927 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $4,504 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2008 is $1,000. Auction of 5-Year Notes On August 24, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series M-2011. The issue was to refund $23,810 million of securities maturing August 31 and to raise new cash of approximately $12,190 million. The notes of Series M-2011 were dated and issued August 31. They are due August 31, 2011, with interest payable on the last calendar day of February and August until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 30. Tenders totaled $43,537 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.738 percent with an equivalent price of $99.502144. Treasury accepted in full all competitive tenders at yields lower than 4.738 percent. Tenders at the high yield were allotted 77.64 percent. The median yield was 4.720 percent, and the low yield was 4.694 percent. Noncompetitive tenders totaled $216 million. Competitive tenders accepted from private investors totaled $13,774 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $3,500 million from PUBLIC DEBT OPERATIONS 43 TREASURY FINANCING: JULY-SEPTEMBER, con. FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2011 is $1,000. SEPTEMBER Cash Management Bills On August 28, 2006, Treasury announced it would auction $29,000 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 $70,816 million; Treasury accepted $29,000 million. The high bank discount rate was 5.170 percent. On September 1, Treasury announced it would auction $12,000 million of 8-day bills. They were issued September 7 and matured September 15. The issue was to raise new cash. Treasury auctioned the bills on September 5. Tenders totaled $38,742 million; Treasury accepted $12,000 million. The high bank discount rate was 5.165 percent. On September 11, Treasury announced it would auction $8,000 million of 1-day bills. They were issued September 14 and matured September 15. The issue was to raise new cash. Treasury auctioned the bills on September 13. Tenders totaled $35,137 million; Treasury accepted $8,000 million. The high bank discount rate was 5.200 percent. Auction of 9-Year 11-Month 4-7/8 Percent Notes On September 7, 2006, Treasury announced that it would auction $8,000 million of 9-year 11-month 4-7/8 percent notes of Series E-2016. The issue was to raise new cash. The notes of Series E-2016 were dated August 15 and issued September 15. They are due August 15, 2016, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on September 12. Tenders totaled $23,245 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.810 percent with an equivalent price of $100.499835. Treasury accepted in full all competitive tenders at yields lower than 4.810 percent. Tenders at the high yield were allotted 78.98 percent. The median yield was 4.797 percent, and the low yield was 4.750 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $7,966 million. Accrued interest of $4.10666 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-2016 is $1,000. December 2006 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, 2006 [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 2006 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 .......................................................... Sept. 30 ......................................................... Oct. 31........................................................... Nov. 15 .......................................................... Nov. 15, 07-12............................................... Nov. 30 .......................................................... Dec. 31 .......................................................... 6-1/2%-D note 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 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 4%-V note 1 4-1/4%-W note 1 3%-G note 10-3/8% bond 1 4-1/4%-X note 1 4-3/8%-Y note 1 1 December 2006 All other investors (5) Issue date (2) Total (3) 10/15/96 11/01/04 11/16/81 11/15/01 11/17/03 11/30/04 12/31/04 Total ............................. 22,460 29,569 4,048 35,380 26,536 30,049 31,952 179,994 5,160 7,087 975 4,133 3,293 7,375 7,948 35,970 17,299 22,482 3,073 31,247 23,243 22,674 24,004 144,023 20,238 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 26,591 26,553 50,620 10,126 26,667 26,667 600,986 2,270 6,091 1,820 1,666 8,672 8,000 10,125 3,365 3,810 4,114 7,716 6,667 6,779 6,096 3,766 3,220 7,297 6,861 7,427 6,609 2,412 6,717 6,667 128,167 17,968 22,936 11,284 23,803 23,335 24,001 21,872 10,593 20,542 23,450 21,403 19,998 19,090 19,541 21,645 21,453 19,375 19,730 19,126 44,010 7,714 19,950 20,000 472,820 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 09/30/05 10/31/05 11/15/02 11/15/82 11/30/05 01/03/06 Total ............................. See footnote at end of table. Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) 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, 2006, 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) Issue date (2) 3-5/8%-A note 4-3/8%-R note 1 5-1/2%-B note 1 3%-E note 1 3-3/8%-M note 1 4-5/8%-S note 1 4-5/8%-T note 1 4-7/8%-U note 1 5-5/8%-C note 1 2-5/8%-F note 1 3-3/4%-N note 1 4-7/8%-V note 1 5-1/8%-W note 1 5%-X note 12% bond 1 3-1/4%-G note 1 4-1/8%-P note 1 4-7/8%-Y 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 4-3/8%-Q note 1 3-3/8%-L note 01/15/98 01/31/06 02/17/98 02/18/03 02/15/05 02/28/06 03/31/06 05/01/06 05/15/98 05/15/03 05/16/05 05/31/06 06/30/06 07/31/06 08/15/83 08/15/03 08/15/05 08/31/06 09/15/03 10/15/03 11/16/98 11/17/03 11/15/05 12/15/03 Date of final maturity 2008 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 29 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 31 ........................................................... Aug. 15, 08-13............................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 15 ......................................................... Oct. 15........................................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Dec. 15 .......................................................... 2009 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Feb. 15............................................................ Mar. 15............................................................ Apr. 15 ............................................................ May 15, 09-14................................................. May 15 ............................................................ May 15 ............................................................ May 15 ............................................................ June 15........................................................... July 15 ............................................................ Aug. 15, 09-14 ................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Aug. 15 ........................................................... Sept. 15 .......................................................... Oct. 15 ............................................................ Nov. 15, 09-14 ................................................ Nov. 15 ........................................................... Dec. 15 ........................................................... 1 1 3-7/8%-A note 3-1/4%-D note 1 3%-E note 1 4-1/2%-R 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 4-7/8%-S 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 1 4-7/8%-T 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 1 1 Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) Total............................. 21,174 27,168 13,583 27,489 23,885 26,504 26,842 26,837 27,191 33,338 26,708 25,933 26,499 26,429 11,917 21,357 20,291 26,504 16,002 15,996 25,083 18,181 21,450 16,000 552,362 2,343 5,163 2,491 3,762 2,658 4,685 6,150 4,833 6,465 2,013 4,707 3,929 4,497 4,424 3,041 4,222 2,287 4,504 1,221 604 3,548 2,427 3,449 1,322 84,744 18,831 22,005 11,092 23,727 21,228 21,819 20,692 22,004 20,726 31,326 22,001 22,004 22,002 22,004 8,876 17,135 18,004 22,001 14,781 15,392 21,535 15,754 18,001 14,678 467,618 01/15/99 01/15/04 02/17/04 02/15/06 03/15/04 04/15/04 05/15/84 05/17/99 05/17/04 05/15/06 06/15/04 07/15/04 08/15/84 08/16/99 08/16/04 08/15/06 09/15/04 10/15/04 11/15/84 11/15/04 12/15/04 Total............................. 19,731 16,003 17,434 22,309 16,001 16,003 4,481 14,795 18,060 27,380 15,005 15,005 4,388 27,400 17,295 23,420 15,005 15,005 5,015 18,752 15,002 343,488 2,709 1,226 1,830 1,307 1,071 925 1,021 2,625 4,208 6,379 687 1,234 1,007 5,755 2,500 2,418 148 510 1,195 4,104 398 43,256 17,022 14,777 15,604 21,002 14,931 15,078 3,459 12,170 13,852 21,001 14,318 13,771 3,381 21,645 14,794 21,003 14,857 14,495 3,820 14,648 14,604 300,231 See footnote at end of table. December 2006 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, 2006, 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 ............................................................ Oct. 15 .............................................................. Nov. 15 ............................................................. Dec. 15 ............................................................. 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%-L note 1 5-3/4%-C note 1 4-1/8%-M note 1 3-7/8%-N note 1 4-1/4%-P note 1 4-1/2%-Q note 1 4-3/8%-R note 1 1 Issue date (2) 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 10/17/05 11/15/05 12/15/05 Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) Total ............................. 13,692 15,005 23,356 16,617 15,005 30,076 15,001 18,749 14,001 13,001 22,438 14,963 13,001 13,001 15,961 13,001 266,867 1,517 1,350 4,705 2,328 716 1,104 1,218 3,859 404 7 3,595 2,282 358 490 2,961 315 27,208 12,175 13,655 18,651 14,289 14,290 28,971 13,783 14,890 13,597 12,994 18,842 12,682 12,643 12,511 13,000 12,686 239,659 2011 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Feb. 28............................................................ Mar. 31............................................................ Apr. 15 ............................................................ Apr. 30 ............................................................ May 31 ............................................................ June 30 ........................................................... July 31 ............................................................ Aug. 15 ........................................................... Aug. 31 ........................................................... 4-1/4%-D note 3-1/2%-A note 1 5%-B note 1 4-1/2%-E note 1 4-3/4%-F note 1 2-3/8%-G note 1 4-7/8%-H note 1 4-7/8%-J note 1 5-1/8%-K note 1 4-7/8%-L note 1 5%-C note 1 4-5/8%-M note 01/17/06 01/16/01 02/15/01 02/28/06 03/31/06 04/28/06 05/01/06 05/31/06 06/30/06 07/31/06 08/15/01 08/31/06 Total ............................. 13,001 12,862 23,436 17,500 17,498 11,274 17,501 17,145 17,500 16,831 26,635 17,501 208,685 635 3,583 3,575 3,551 383 3,500 3,143 3,500 2,830 3,206 3,500 31,406 13,001 12,227 19,853 13,925 13,947 10,891 14,001 14,001 14,000 14,001 23,430 14,001 177,279 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 ............................. 6,881 24,780 26,049 19,648 18,113 95,470 103 4,461 2,701 3,297 236 10,797 6,777 20,319 23,348 16,351 17,877 84,673 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 22,167 33,521 30,637 124,077 1,670 252 325 4,454 2,456 9,156 17,829 18,002 21,842 29,067 28,181 114,921 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 ............................. 23,128 28,081 27,303 20,513 24,722 25,473 149,219 732 1,956 2,993 2,235 2,739 10,656 22,395 26,125 24,310 20,513 22,487 22,734 138,563 See footnote at end of table. December 2006 1 1 1 1 1 1 1 1 PUBLIC DEBT OPERATIONS 47 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006, 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 Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 2015 Jan. 15 ........................................................... Feb. 15............................................................ Feb. 15............................................................ May 15 ............................................................ July 15 ............................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Nov. 15 ........................................................... Nov. 15 ........................................................... 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 4-1/2%-F 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 11/15/05 11/29/85 Total ......................... 20,249 10,520 24,215 24,472 17,784 4,024 22,470 23,221 5,585 152,539 1,846 1,367 2,471 191 1,167 1,472 2,221 1,007 11,741 20,249 8,675 22,848 22,001 17,592 2,857 20,998 21,000 4,578 140,798 2016 Jan. 15............................................................. Feb. 15 ............................................................ Feb. 15 ............................................................ May 15 ............................................................ May 15............................................................. July 15 ............................................................. Aug. 15 ............................................................ Nov. 15 ............................................................ 1 2% note 9-1/4% bond 1 4-1/2%-B note 1 7-1/4% bond 1 5-1/8%-C note 1 2-1/2%-D note 1 4-7/8%-E note 1 7-1/2% bond 01/17/06 02/18/86 02/15/06 05/15/86 05/15/06 07/17/06 08/15/06 11/17/86 Total.......................... 17,429 5,432 21,842 18,824 23,294 10,669 22,557 18,787 138,833 1,037 841 1,923 2,294 1,600 1,557 2,816 12,069 17,429 4,395 21,001 16,900 21,000 9,069 21,000 15,971 126,765 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 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 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 4,596 9,401 8,546 8,449 7,848 26,036 50,880 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 2017 May 15 ............................................................ Aug. 15 ........................................................... 2018 May 15 ............................................................ Nov. 15 ........................................................... 2019 Feb. 15............................................................ Aug. 15 ........................................................... 2020 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... 2021 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... Nov. 15 ........................................................... 2022 Aug. 15 ........................................................... Nov. 15 ........................................................... 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7-1/4% bond 7-5/8% bond See footnote at end of table. December 2006 PUBLIC DEBT OPERATIONS 48 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 2006, 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 2023 Feb. 15.............................................................. Aug. 15 ............................................................. 2024 Nov. 15 ............................................................. 2025 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. 2026 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2027 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2028 Apr. 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2029 Feb. 15.............................................................. Apr. 15 .............................................................. Aug. 15 ............................................................. 2030 May 15 .............................................................. 2031 Feb. 15.............................................................. 2032 Apr. 15 .............................................................. 2036 Feb. 15.............................................................. 1 All other investors (5) 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total ........................... 15,782 22,659 38,441 2,636 2,893 5,528 13,147 19,767 32,913 7-1/2% bond 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 ........................... 30,227 9,509 11,187 50,923 3,411 1,594 1,800 6,804 26,815 7,916 9,388 44,119 2% bond 6% bond 1 6-3/4% bond 1 6-1/2% bond 01/31/06 02/15/96 08/15/96 11/15/96 Total ............................ 20,504 12,838 8,810 10,860 53,013 3,076 1,675 1,614 1,724 8,089 17,428 11,163 7,196 9,136 44,924 6-5/8% bond 6-3/8% bond 1 6-1/8% bond 02/18/97 08/15/97 11/17/97 Total ........................... 9,522 9,197 22,021 40,740 1,485 1,640 3,349 6,473 8,037 7,557 18,673 34,267 3-5/8% bond 5-1/2% bond 1 5-1/4% bond 04/15/98 08/17/98 11/16/98 Total ........................... 21,115 11,776 10,947 43,838 3,192 1,772 1,611 6,575 17,923 10,004 9,336 37,263 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 24,132 11,179 46,661 1,670 3,517 1,670 6,857 9,680 20,616 9,509 39,805 1 6-1/4% bond 02/15/00 Total ........................... 17,043 17,043 2,224 2,224 14,819 14,819 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 ........................... 5,746 5,746 305 305 5,441 5,441 1 4-1/2% bond 2/15/06 Total ........................... 26,397 26,397 2,398 2,398 23,999 23,999 1 1 1 1 1 1 1 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 2006 Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) PUBLIC DEBT OPERATIONS 49 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 (6) (4) (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) 2006 - July 06................... 2006 - Aug. 03 28 41,765.3 19,622.1 14,514.8 335.3 99.631722 4.735 4.819 Oct. 05 91 44,512.9 22,227.9 12,494.8 2,070.4 98.747486 4.955 5.088 2007 - Jan. 04 182 35,303.8 20,179.1 11,911.1 1,807.0 97.426722 5.090 5.297 2006 - Aug. 10 28 41,786.8 19,234.1 14,635.3 364.8 99.626278 4.805 4.890 Oct. 12 91 46,556.6 22,023.3 12,837.0 2,083.3 98.755069 4.925 5.056 5.313 July 13 ................. July 20 ................. July 27 ................. Aug. 03 ................ Aug. 10 ................ Aug. 17 ................ Aug. 24 ................ Aug. 31 ................ Sept. 07 ............... Sept. 14 ............... Sept. 21 ............... Sept. 28 ............... 1 2007 - Jan. 11 182 40,332.1 20,199.1 11,473.5 2,019.5 97.419139 5.105 2006 - Aug. 17 28 39,262.2 19,513.0 14,677.6 322.7 99.622778 4.850 4.936 Oct. 19 91 44,452.8 23,275.1 13,719.3 2,096.7 98.744958 4.965 5.098 5.297 2007 - Jan. 18 182 38,840.5 20,107.0 11,658.4 1,964.9 97.426722 5.090 2006 - Aug. 24 28 47,419.9 27,051.3 22,645.9 344.4 99.617333 4.920 5.007 Oct. 26 91 41,371.9 23,017.2 13,718.8 2,081.3 98.742431 4.975 5.108 2007 - Jan. 25 182 41,268.4 21,523.7 12,720.8 2,009.9 97.441889 5.060 5.265 2006 - Aug. 31 28 65,869.0 30,955.2 26,650.5 349.5 99.601778 5.120 5.212 Nov. 02 91 51,592.8 24,611.7 14,598.9 2,111.9 98.742431 4.975 5.108 2007 - Feb. 01 182 42,169.5 21,535.1 12,543.7 1,906.4 97.484861 4.975 5.174 2006 - Sept. 07 28 67,312.9 27,258.9 23,464.5 435.6 99.600611 5.135 5.227 Nov. 09 91 47,014.0 24,574.0 14,625.7 2,124.4 98.738639 4.990 5.124 2007 - Feb. 08 182 41,657.8 23,050.2 13,885.4 1,889.7 97.477278 4.990 5.190 2006 - Sept. 14 28 56,579.9 27,401.4 23,627.5 372.5 99.605278 5.075 5.166 Nov. 16 91 47,571.0 24,566.3 14,414.3 2,253.0 98.741167 4.980 5.114 5.233 2007 - Feb. 15 182 44,109.6 22,924.0 13,772.6 1,952.4 97.457056 5.030 2006 - Sept. 21 28 58,527.6 28,063.3 23,632.8 357.5 99.605278 5.075 5.166 Nov. 24 92 47,970.0 24,036.8 14,743.5 2,156.7 98.728611 4.975 5.109 5.174 2007 - Feb. 22 182 46,411.3 23,169.2 13,665.0 2,078.6 97.484861 4.975 2006 - Sept. 28 28 57,089.0 28,051.2 22,597.2 404.9 99.603333 5.100 5.191 Nov. 30 91 49,246.6 24,617.6 14,771.6 1,974.1 98.746222 4.960 5.093 2007 - Mar. 01 182 39,708.5 23,072.4 13,902.9 1,816.4 97.487389 4.970 5.169 2006 - Oct. 05 28 36,943.2 16,015.8 11,357.4 442.7 99.627444 4.790 4.875 Dec. 07 91 44,858.4 25,469.7 15,502.0 1,951.9 98.772764 4.855 4.984 2007 - Mar. 08 182 41,546.0 23,079.2 13,839.7 1,835.4 97.512667 4.920 5.116 2006 - Oct. 12 28 35,336.7 13,780.7 9,647.4 352.6 99.636389 4.675 4.757 Dec. 14 91 50,331.4 25,684.3 16,007.1 1,887.1 98.781611 4.820 4.947 2007 - Mar. 15 182 47,959.2 22,995.2 14,050.1 1,744.2 97.505083 4.935 5.132 2006 - Oct. 19 28 35,376.9 11,824.1 7,683.8 316.3 99.639111 4.640 4.721 Dec. 21 91 44,298.5 25,613.2 15,820.1 1,884.9 98.782875 4.815 4.942 2007 - Mar. 22 182 43,763.6 22,936.1 13,798.7 1,901.5 97.512667 4.920 5.116 2006 - Oct. 26 28 31,542.4 11,313.8 6,712.4 287.7 99.646500 4.545 4.624 Dec. 28 91 51,127.7 25,220.3 16,099.5 1,740.7 98.794250 4.770 4.895 2007 - Mar. 29 182 43,871.6 22,704.3 14,030.7 1,744.3 97.568278 4.810 4.998 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 2006 PUBLIC DEBT OPERATIONS 50 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) 10/05/05 10/12/05 10/13/05 10/25/05 10/26/05 11/07/05 11/08/05 11/09/05 11/10/05 11/23/05 11/29/05 11/30/05 12/07/05 12/07/05 12/08/05 12/29/05 12/29/05 01/11/06 01/12/06 01/24/06 01/25/06 02/07/06 02/08/06 02/09/06 02/22/06 02/23/06 03/01/06 03/07/06 03/09/06 03/14/06 03/27/06 03/29/06 03/30/06 04/05/06 04/06/06 04/12/06 04/12/06 04/25/06 04/26/06 04/27/06 05/09/06 05/11/06 05/24/06 05/25/06 05/30/06 06/05/06 06/08/06 06/27/06 06/28/06 07/13/06 07/25/06 07/26/06 07/27/06 08/07/06 08/09/06 08/10/06 08/29/06 08/30/06 08/30/06 09/05/06 09/12/06 09/13/06 10/06/05 10/17/05 10/17/05 10/28/05 10/31/05 11/09/05 11/15/05 11/15/05 11/15/05 11/30/05 12/01/05 12/02/05 12/08/05 12/15/05 12/15/05 01/03/06 01/03/06 01/17/06 01/17/06 01/31/06 01/31/06 02/15/06 02/15/06 02/15/06 02/28/06 02/28/06 03/03/06 03/08/06 03/15/06 03/14/06 03/31/06 03/31/06 04/03/06 04/06/06 04/07/06 04/13/06 04/17/06 04/28/06 05/01/06 05/01/06 05/15/06 05/15/06 05/31/06 05/31/06 06/02/06 06/06/06 06/15/06 06/30/06 06/30/06 07/17/06 07/31/06 07/31/06 07/31/06 08/15/06 08/15/06 08/15/06 08/31/06 08/31/06 09/01/06 09/07/06 09/15/06 09/14/06 1 Description of securities 1 (2) 3.500% bill—10/17/05 4-1/4% note—10/15/10-P 1-7/8% TIPS—07/15/15-D 0-7/8%TIPS—04/15/10-D 4-1/4% note—10/31/07-W 3.850% bill—11/10/05 4-3/8% note—11/15/08-Q 4-1/2% note—11/15/10-Q 4-1/2% note—11/15/15-F 4-1/4% note—11/30/07-X 3.980% bill—12/15/05 3.960% bill—12/15/05 4.080% bill—12/15/05 4-3/8% note—12/15/10-R 4-1/2% note—11/15/15-F 4.100% bill—01/17/06 4-3/8% note—12/31/07-Y 4-1/4% note—01/15/11-D 2% TIPS—01/15/16-A 2% TIPS—01/15/26 4-3/8% note—01/31/08-R 4-1/2% note—02/15/09-R 4-1/2% note—02/15/16-B 4-1/2% bond—02/15/36 4-5/8% note—02/29/08-S 4-1/2% note—02/28/11-E 4.445% bill—03/15/06 4.380% bill—03/14/06 4-1/2% note—02/15/16-B 4.410% bill—03/15/06 4-5/8% note—03/31/08-T 4-3/4% note—03/31/11-F 4.685% bill—04/17/06 4.675% bill—04/17/06 4.685% bill—04/17/06 4.720% bill—04/17/06 2% TIPS—01/15/16-A 2-3/8% TIPS—04/15/11-G 4-7/8% note—04/30/08-U 4-7/8% note—04/30/11-H 4-7/8% note—05/15/09-S 5-1/8% note—05/15/16-C 4-7/8% note—05/31/08-V 4-7/8% note—05/31/11-J 4.870% bill—06/15/06 4.875% bill—06/15/06 5-1/8% note—05/15/16-C 5-1/8% note—06/30/08-W 5-1/8% note—06/30/11-K 2-1/2% TIPS—07/15/16-D 2% TIPS—01/15/26 5% note—07/31/08-X 4-7/8% note—07/31/11-L 4-7/8% note—08/15/09-T 4-7/8% note—08/15/16-E 4-1/2% bond—02/15/36 4-7/8% note—08/31/08-Y 4-5/8% note—08/31/11-M 5.170% bill—09/15/06 5.165% bill—09/15/06 4-7/8% note—08/15/16-E 5.200% bill—09/15/06 Period to final maturity (years, months, days) 2 (3) 5y 9y 4y 2y 9m 6m 1d 3y 5y 10y 2y 5y 9y 14d 13d 7d 11m 2y 5Y 10y 20y 2y 3y 10y 30y 2y 5y 9y 11m 2y 5Y 9y 5y 2y 5y 3y 10y 2y 5y 9m 9y 2y 5y 10y 19y 2y 5y 3y 10y 29y 2y 5y 11m 9y 11m 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 2006 11d 14d 12d 6d 1d 14d 11d 10d 4d 13d 9d 6m 6m 14d 8d 1d Amount tendered (4) Amount accepted 3, 4 (5) 34,870 35,749 16,875 11,575 50,825 20,513 46,964 36,945 31,297 49,832 45,658 58,340 33,535 30,891 17,519 25,200 54,987 27,260 16,609 16,568 51,525 43,942 30,985 29,562 53,765 34,002 64,333 30,051 22,947 18,006 51,536 35,055 48,464 40,730 27,650 44,766 15,623 16,042 49,910 29,665 54,873 35,124 60,706 31,468 48,407 29,616 21,815 54,595 32,190 17,452 16,919 49,140 34,807 47,305 30,485 19,278 55,511 47,037 70,816 38,742 23,245 35,137 13,000 13,000 8,000 7,000 26,551 4,000 21,449 15,961 15,221 26,667 20,000 18,000 11,000 13,000 8,000 12,000 26,667 13,000 9,000 11,765 27,163 22,307 13,841 14,841 26,500 17,500 25,000 7,000 8,000 4,000 26,834 17,500 20,000 13,000 8,000 17,000 8,000 11,000 26,834 17,500 27,379 15,294 25,929 17,143 22,000 9,000 8,000 26,497 17,500 10,588 8,235 26,424 16,830 23,418 14,557 11,557 26,504 17,500 29,000 12,000 8,000 8,000 Accepted yield and equivalent price for notes and bonds (6) 4.270 - 99.910409 1.979 - 99.796392 1.740 - 99.769334 4.365 - 99.782022 4.458 - 99.769326 4.525 - 99.889244 4.578 - 99.379727 4.349 - 99.812313 4.435 - 99.733563 4.490 - 100.072479 4.404 - 99.944505 4.370 - 99.466250 2.025 - 99.722833 2.039 - 98.949064 4.427 - 99.901510 4.595 - 99.736583 4.540 - 99.681335 4.530 - 99.510492 4.689 - 99.879165 4.622 - 99.460872 4.760 - 97.955698 4.730 - 99.801852 4.785 - 99.845985 2.409 - 99.480271 2.379 - 100.067434 4.975 - 99.811765 4.964 - 99.610037 4.995 - 99.669485 5.140 - 99.883851 4.933 - 99.890815 4.945 - 99.693242 4.975 - 101.154246 5.239 - 99.786183 5.203 - 99.660453 2.550 - 99.593010 2.494 - 94.278150 5.090 - 99.830895 4.995 - 99.474808 4.898 - 99.936548 4.930 - 99.569877 5.080 - 91.181992 4.921 - 99.913392 4.738 - 99.502144 4.810 - 100.499835 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. 51 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, 2006 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Sales 1 (1) Accrued discount (2) Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 Series E, EE, H, and HH................................. 405,787 254,912 660,698 493,002 153,332 14,368 Series I ............................................................ 35,264 5,566 40,829 5,002 35,825 - 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 1,469 - 70 Total ............................................................ 477,813 263,534 741,347 537,745 189,157 14,442 Series Sales plus accrued discount (3) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 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 2006 U.S. SAVINGS BONDS AND NOTES 52 TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Redemptions Period Fiscal years: 1935-03 .............................. 2004 2 ................................. 2005 2 ................................. 2006 2.................................. Sales (1) Accrued discount (2) Sales plus accrued discount (3) 452,475 10,334 6,501 8,505 242,351 6,924 6,728 7,533 694,826 17,258 13,229 16,038 493,324 14,618 13,783 16,023 343,936 6,276 6,614 8,109 149,388 8,342 7,170 7,914 192,563 194,062 189,912 189,157 8,938 10,078 13,673 14,442 Calendar years: 1935-02 .............................. 2003 ................................... 2004 2 ................................. 2005 2 ................................. 441,981 13,924 8,711 7,955 236,934 7,169 6,806 6,843 678,914 21,092 15,517 14,797 484,042 12,164 14,922 14,089 339,746 5,456 6,520 6,883 144,295 6,708 8,402 7,206 184,698 192,160 191,674 191,167 10,174 11,641 12,721 13,936 2005 - Sept......................... Oct.......................... Nov ......................... Dec ......................... 2006 - Jan .......................... Feb ......................... Mar ......................... Apr.......................... May......................... June........................ July ......................... Aug ......................... Sept ........................ 378 594 1,364 1,303 1,517 874 816 605 398 285 254 262 233 541 659 525 564 648 599 589 713 592 630 712 674 628 919 1,253 1,889 1,867 2,165 1,473 1,405 1,318 990 914 966 935 860 1,082 1,008 1,200 1,284 1,722 1,176 1,330 1,227 1,388 1,357 1,367 1,735 1,229 505 488 675 685 796 522 626 587 720 690 738 966 616 578 520 525 599 926 654 704 640 668 667 629 769 613 189,912 190,035 190,636 191,167 191,604 191,866 191,911 191,864 191,424 190,941 190,391 189,577 189,157 13,673 13,795 13,884 13,936 13,942 13,976 14,006 14,145 14,188 14,228 14,377 14,391 14,442 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Sales price 1 (5) Accrued discount 1 (6) 2 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, 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: 1941-03 ............. 2004 2 ................ 2005 2 ................ 2006 2................. 384,193 3,037 2,554 1,941 237,968 5,890 5,553 5,502 622,161 8,927 8,107 7,443 427,510 10,403 11,414 12,792 301,378 4,614 4,474 5,112 153,485 8,274 7,062 7,680 27,353 2,485 122 - 158,536 153,433 146,482 140,382 8,761 9,903 13,426 14,177 Calendar years: 1941-02 ............. 2003 .................. 2004 2 ................ 2005 2 ................ 381,988 3,366 2,951 2,430 233,007 6,459 5,788 5,523 614,995 9,825 8,740 7,953 418,864 9,513 10,704 11,757 305,656 4,052 4,710 4,678 141,309 6,666 8,326 7,085 28,101 1,204 2,332 6 158,083 155,722 150,352 145,349 9,948 11,417 12,490 13,682 2005 - Sept........ Oct......... Nov ........ Dec ........ 2006 - Jan ......... Feb ........ Mar ........ Apr......... May........ June....... July ........ Aug ........ Sept ....... 149 202 184 294 202 94 132 129 139 148 139 144 134 424 537 398 431 508 452 425 533 398 430 505 455 430 573 739 582 726 710 546 557 662 537 578 644 599 564 887 828 1,012 1,083 1,483 964 1,094 1,016 1,068 1,060 1,059 1,238 887 320 319 497 495 571 322 403 388 423 416 454 519 305 566 509 515 588 912 642 691 627 645 644 605 720 582 - 146,482 146,273 145,757 145,349 144,579 144,123 143,554 143,064 142,490 141,965 141,407 140,755 140,382 13,426 13,545 13,632 13,682 13,680 13,717 13,749 13,886 13,929 13,972 14,114 14,127 14,177 Period See footnotes at end of table. December 2006 Total Sales price (4) (5) Series E and EE Accrued discount (6) U.S. SAVINGS BONDS AND NOTES 53 TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, 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) Redemptions Total (4) Series I Sales price (5) Accrued discount (6) Exchange of E and EE bonds for H and HH bonds 1 (7) Amount outstanding Interestbearing debt (8) Matured non-interestbearing debt (9) Fiscal years: 1998-03........... 20,057 1,326 21,383 1,121 1,070 51 - 20,262 - 2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 2005 2 .............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 2006 2............... 6,563 2,030 8,593 1,949 1,723 226 - 35,825 - Calendar years: 1998-02 ........... 12,957 869 13,826 706 677 29 - 13,120 - 2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 2005 2 .............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 2005 - Sept...... 230 117 346 101 91 10 - 29,183 - Oct....... 391 122 514 97 86 10 - 29,600 - Nov ...... 1,180 127 1,307 103 93 10 - 30,804 - Dec...... 1,009 133 1,142 109 98 11 - 31,837 - 2006 - Jan ....... 1,315 140 1,455 124 111 13 - 33,167 - Feb ...... 780 147 927 98 86 11 - 33,997 - Mar ...... 684 164 848 109 97 12 - 34,736 - Apr....... 476 180 656 101 89 12 - 35,291 - May...... 259 194 453 211 189 22 - 35,533 - June .... 137 200 337 185 163 23 - 35,684 - July...... 115 207 322 200 177 23 - 35,806 - Aug...... 118 219 336 375 326 49 - 35,767 - Sept ..... 99 197 296 238 208 30 - 35,825 - 1 Exchange of E and EE bonds for H and HH bonds are not included in sales and redemption figures. 2 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. December 2006 54 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 2006 • 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 55 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] End of fiscal year or month Total Federal securities outstanding (1) Public debt securities Held by U.S. Government accounts Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 6,255,406 6,809,272 7,403,236 7,956,346 8,530,366 6,228,236 6,783,320 7,379,053 7,932,710 8,506,974 2,675,647 2,859,291 3,075,703 3,331,333 3,663,773 311 311 142 1 1 2,675,336 2,858,980 3,075,561 3,331,332 3,663,772 628,414 654,593 698,207 733,439 764,828 2005 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 7,956,346 8,050,629 8,115,965 8,194,251 8,219,745 8,293,333 8,394,740 8,379,083 8,380,354 8,443,683 8,467,856 8,538,350 8,530,366 7,932,710 8,027,123 8,092,322 8,170,413 8,196,070 8,269,886 8,371,156 8,355,718 8,356,776 8,420,042 8,444,347 8,515,034 8,506,974 3,331,333 3,376,354 3,382,666 3,455,808 3,471,422 3,499,204 3,498,354 3,536,001 3,549,086 3,622,594 3,624,439 3,629,882 3,663,773 1 1 1 1 1 1 1 1 1 1 1 1 1 3,331,332 3,376,353 3,382,665 3,455,807 3,471,421 3,499,203 3,498,353 3,536,000 3,549,085 3,622,593 3,624,438 3,629,881 3,663,772 733,439 737,557 740,849 732,861 745,610 751,565 755,193 756,289 758,865 762,595 760,863 762,732 764,828 Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Nonmarketable (9) Total outstanding (10) Held by private investors (11) Total (7) Marketable (8) 2002 .................................................................... 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 2006 .................................................................... 2,924,175 3,269,347 3,605,143 3,867,938 4,078,373 2,507,997 2,805,814 3,147,752 3,351,440 3,538,210 416,178 463,443 457,391 516,498 540,163 27,170 25,952 24,183 23,637 23,392 27,170 25,952 24,183 23,637 23,392 2005 - Sept.......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2006 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... 3,867,938 3,913,212 3,968,807 3,981,745 3,979,038 4,019,117 4,117,609 4,063,428 4,048,826 4,034,853 4,059,045 4,122,420 4,078,373 3,351,440 3,393,738 3,444,413 3,451,097 3,449,221 3,526,004 3,585,206 3,526,915 3,510,378 3,491,421 3,519,546 3,581,939 3,538,210 516,498 519,475 524,393 530,647 529,818 493,112 532,404 536,513 538,448 543,431 539,499 540,481 540,163 23,637 23,505 23,643 23,837 23,674 23,448 23,584 23,365 23,577 23,641 23,509 23,317 23,392 23,637 23,505 23,643 23,837 23,674 23,448 23,584 23,365 23,577 23,641 23,509 23,317 23,392 December 2006 OWNERSHIP OF FEDERAL SECURITIES 56 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) 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........ Dec......... 2006 - Mar......... June ....... Sept........ 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 8,170.4 8,371.2 8,420.0 8,507.0 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 4,199.8 4,257.2 4,389.2 4,432.8 1 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 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 3,970.6 4,113.9 4,030.8 4,074.2 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.6 210.4 222.8 153.1 145.4 146.9 154.0 162.7 159.9 139.9 127.5 142.1 127.2 125.0 117.2 115.4 116.8 n.a. 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.5 204.6 204.2 204.4 204.2 204.2 203.6 205.1 206.0 205.2 203.7 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 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." 2 December 2006 Private 6 (6) 142.1 142.9 142.3 143.0 144.7 144.9 141.6 140.4 141.7 142.1 143.0 144.1 141.3 139.0 135.5 133.2 135.5 142.9 150.9 153.0 150.2 149.0 147.9 145.0 153.4 148.5 149.9 144.6 150.6 149.0 151.4 150.8 162.9 167.3 164.6 169.2 167.0 170.1 170.6 170.5 174.3 177.6 181.0 181.6 184.4 191.4 n.a. 7 State and Insurance compalocal nies 3 governments (7) (8) 225.0 217.2 211.3 208.2 213.5 221.1 213.4 212.8 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.1 147.9 142.5 133.6 130.5 130.4 127.1 130.1 122.6 126.4 130.2 127.4 n.a. 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 152.4 155.0 159.0 160.4 162.9 164.5 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 222.3 205.4 207.8 225.7 225.3 221.0 234.1 261.9 266.1 253.8 256.8 281.0 296.5 302.9 287.7 281.6 281.6 259.5 255.7 254.9 261.9 249.6 245.0 252.2 249.3 242.9 n.a. 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.6 298.8 299.6 305.1 307.1 310.1 308.7 310.9 317.9 325.7 321.9 329.3 328.7 334.4 339.3 355.6 350.7 348.7 357.9 363.9 373.7 379.7 379.4 386.4 407.5 429.3 446.5 454.6 457.9 467.2 n.a. Foreign Other and international 8 investors 9 (11) (12) 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 1,742.0 1,801.1 1,855.8 1,958.7 1,882.2 1,933.2 2,039.0 2,082.6 2,091.7 2,140.0 831.4 855.2 836.7 864.5 848.6 810.1 829.7 793.8 786.2 708.0 682.0 674.9 696.8 614.4 660.4 609.5 594.3 496.3 458.9 521.2 656.3 522.6 509.9 489.1 507.2 362.3 419.1 400.0 380.0 303.8 287.2 268.0 321.4 318.4 362.1 387.8 352.1 338.0 378.5 387.4 427.3 447.7 448.4 434.1 525.2 423.7 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, the June 2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. For additional information see: http://www.treas.gov/tic/ticsec2.shtml. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 MARKET YIELDS 57 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 30 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These Constant Maturity Treasury rates (CMTs) are interpolated from the Treasury yield curve and published daily at Treasury’s Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as quoted in the secondary bond market 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. Treasury discontinued the 30-year constant maturity yield during the time period February 18, 2002, through February 8, 2006. Thus, 30-year yields for that time frame are not available. 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) 20-yr. (10) 30-yr. (11) Monthly average: 2005 - Oct....................................... Nov ..................................... Dec ..................................... 2006 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... 3.51 3.91 3.69 4.12 4.38 4.55 4.61 4.70 4.71 4.90 5.16 4.77 3.79 3.97 3.97 4.34 4.54 4.63 4.72 4.84 4.92 5.08 5.09 4.93 4.13 4.30 4.33 4.47 4.69 4.79 4.90 5.01 5.17 5.27 5.17 5.08 4.18 4.33 4.35 4.45 4.68 4.77 4.90 5.00 5.16 5.22 5.08 4.97 4.27 4.42 4.40 4.40 4.67 4.73 4.89 4.97 5.12 5.12 4.90 4.77 4.29 4.43 4.39 4.35 4.64 4.74 4.89 4.97 5.09 5.07 4.85 4.69 4.33 4.45 4.39 4.35 4.57 4.72 4.90 5.00 5.07 5.04 4.82 4.67 4.38 4.48 4.41 4.37 4.56 4.71 4.94 5.03 5.08 5.05 4.83 4.68 4.46 4.54 4.47 4.42 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.74 4.83 4.73 4.65 4.73 4.91 5.22 5.35 5.29 5.25 5.08 4.93 n.a. n.a. n.a. n.a. n.a. 4.73 5.06 5.20 5.15 5.13 5.00 4.85 End of month: 2005 - Oct....................................... Nov ..................................... Dec ..................................... 2006 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... 3.77 4.00 4.01 4.37 4.47 4.65 4.60 4.75 4.54 5.02 5.12 4.60 3.98 3.95 4.08 4.47 4.62 4.63 4.77 4.86 5.01 5.10 5.05 4.89 4.26 4.31 4.37 4.59 4.74 4.81 4.91 5.08 5.24 5.18 5.11 5.02 4.31 4.34 4.38 4.58 4.73 4.82 4.90 5.07 5.21 5.11 5.01 4.91 4.40 4.42 4.41 4.54 4.69 4.82 4.87 5.04 5.16 4.97 4.79 4.71 4.41 4.41 4.37 4.49 4.67 4.83 4.87 5.03 5.13 4.93 4.71 4.62 4.45 4.42 4.35 4.47 4.61 4.82 4.92 5.04 5.10 4.91 4.70 4.59 4.49 4.45 4.36 4.49 4.57 4.83 4.98 5.06 5.11 4.93 4.70 4.60 4.57 4.49 4.39 4.53 4.55 4.86 5.07 5.12 5.15 4.99 4.74 4.64 4.84 4.81 4.61 4.74 4.70 5.07 5.31 5.35 5.31 5.17 4.95 4.84 n.a. n.a. n.a. n.a. 4.51 4.90 5.17 5.21 5.19 5.07 4.88 4.77 Period * Rates are from the Treasury yields curve. December 2006 58 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, 2006 [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) $971,922,146,480 $934,337,922,577 $933,837,988,310 $252,690,466 $247,243,801 The Treasury....................................... 172,189,250 25,920,706 25,716,519 7,505 196,682 FRBs ................................................... 181,193,945,424 180,320,969,603 180,320,958,446 - 11,157 Amounts in circulation............................. $790,556,011,806 $753,991,032,268 $753,491,313,345 $252,682,961 $247,035,962 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $37,584,223,903 $3,505,529,008 $34,078,694,895 The Treasury....................................... 146,268,544 115,242,544 31,026,000 FRBs ................................................... 872,975,821 83,530,368 789,445,453 Amounts in circulation............................. $36,564,979,538 $3,306,756,096 $33,258,223,442 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. December 2006 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59 TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2006 [Source: Financial Management Service] Currency in circulation by denomination $1 ...................................................................... Total (1) Federal Reserve notes 1 (2) $8,650,785,898 $8,506,856,809 U.S. notes (3) Currency no longer issued (4) $143,503 $143,785,586 $2 ...................................................................... 1,499,221,110 1,367,006,016 132,202,518 12,576 $5 ...................................................................... 9,878,821,350 9,741,881,910 109,086,910 27,852,530 $10 .................................................................... 14,954,388,630 14,933,116,860 6,300 21,265,470 $20 .................................................................... 110,214,758,980 110,194,652,500 3,840 20,102,640 $50 .................................................................... 59,608,039,800 59,596,542,850 500 11,496,450 $100 .................................................................. 548,871,717,400 548,838,503,400 11,228,800 21,985,200 $500 .................................................................. 142,401,500 142,209,000 5,500 187,000 $1,000 ............................................................... 165,672,000 165,474,000 5,000 193,000 $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 ............................................... $753,991,032,268 $753,491,313,345 $252,682,961 $247,035,962 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) Sept. 30, 2006...................................................................................... 790,556 $2,637 Aug. 30, 2006....................................................................................... 797,518 2,662 July 31, 2006........................................................................................ 792,595 2,648 Sept. 30, 2005...................................................................................... 766,487 2,578 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 2006 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 63 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) 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 ................................................................................... 86,824 11,045 13,582 42,718 19,479 2005 - Oct .......................................................................... 70,218 11,041 8,224 38,234 12,720 Nov ......................................................................... 68,773 11,041 8,180 37,455 12,097 Dec ......................................................................... 65,127 11,043 8,210 37,838 8,036 2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 Apr ......................................................................... 66,846 11,041 8,518 40,068 7,219 May........................................................................ 67,706 11,041 8,704 40,742 7,219 June....................................................................... 67,935 11,041 8,618 40,370 7,906 July ........................................................................ 67,559 11,041 8,644 40,414 7,460 Aug ........................................................................ 66,606 11,041 8,726 40,124 6,715 Sept ....................................................................... 66,217 11,041 8,655 39,902 6,619 Oct ......................................................................... 65,588 11,041 8,676 40,294 5,577 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 2006 INTERNATIONAL FINANCIAL STATISTICS 64 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 ........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 21,690 Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 27,677 Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 2005 - June 8 r....... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 Series Break r ........ 5,072,556 1,938,132 493,704 1,057,481 911 386,036 1,791,611 1,297,908 776,836 521,072 44,905 2005 - Sept. r ......... 5,249,931 1,949,250 486,155 1,065,091 929 397,074 1,854,485 1,399,065 809,160 589,905 47,131 Oct. r........... 5,264,753 1,964,342 490,461 1,071,064 936 401,881 1,830,448 1,421,764 808,656 613,108 48,199 Nov. r .......... 5,406,117 1,987,542 503,901 1,075,874 942 406,825 1,915,584 1,455,706 794,704 661,002 47,285 Dec. r .......... 5,371,863 1,993,214 498,510 1,081,647 948 412,109 1,888,320 1,442,898 770,901 671,997 47,431 2006 - Jan. r........... 5,451,292 2,023,976 511,715 1,087,949 954 423,357 1,920,764 1,459,193 791,456 667,737 47,359 Feb. r .......... 5,562,522 2,033,508 503,209 1,100,686 960 428,653 1,970,757 1,508,340 832,009 676,331 49,917 Mar. r .......... 5,583,403 2,040,859 511,316 1,093,431 967 435,145 2,000,491 1,495,120 809,215 685,905 46,933 Apr .............. 5,751,837 2,046,486 498,792 1,104,392 973 442,329 2,135,426 1,523,837 845,943 677,894 46,088 May............. 5,870,312 2,060,395 515,449 1,090,757 980 453,209 2,194,839 1,568,359 869,405 698,954 46,719 June............ 5,746,873 2,036,675 489,641 1,086,055 986 459,993 2,093,032 1,557,152 825,995 731,157 60,014 July ............. 5,827,185 2,063,843 495,714 1,094,295 993 472,841 2,130,625 1,575,139 845,976 729,163 57,578 Aug. p ......... 5,866,404 2,079,840 482,306 1,111,181 999 485,353 2,129,018 1,603,703 847,154 756,549 53,843 Sept. p ........ 5,907,745 2,093,975 479,022 1,118,887 1,006 495,060 2,163,618 1,593,330 844,850 748,480 56,822 1 Includes Bank for International Settlements for data before June 2006. 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. For data as of June 2006, also includes Bank for International Settlements. 2 December 2006 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, end-June 2004, and end-June 2005, 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 65 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) 2001 .............................................................................. 3,411 3,411 2002 .............................................................................. 2,769 2003 .............................................................................. Mexico 2 (4) Venezuela 3 (5) 977 1,801 633 2,769 715 1,368 686 2,613 2,613 768 1,102 743 2004 .............................................................................. 1,630 1,630 825 - 805 2005 - Sept.................................................................... 929 929 75 - 854 Oct..................................................................... 936 936 76 - 860 Nov .................................................................... 942 942 76 - 866 Dec .................................................................... 948 948 77 - 871 2006 - Jan ..................................................................... 954 954 77 - 877 Feb .................................................................... 960 960 77 - 883 Mar .................................................................... 967 967 78 - 889 Apr..................................................................... 973 973 78 - 895 May.................................................................... 980 980 79 - 901 June................................................................... 986 986 79 - 907 July .................................................................... 993 993 80 - 913 Aug .................................................................... 999 999 80 - 919 Sept ................................................................... 1,006 1,006 81 - 925 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. Argentina 1 (3) 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 2006 66 INTRODUCTION: Capital Movements Background Basic definitions 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 and quarterly 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 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. Requests for public comments on proposed changes are published in the Federal Register, and any further modifications are based on the comments received. The most recent revisions to selected reporting forms and instructions were effective June 30, 2006. 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 Federal Reserve banks. Reporting forms and instructions also may be downloaded from the TIC website. The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including: U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. Effective beginning with data for June 2006, information pertaining to the Bank for International Settlements is now included with data for international organizations, and information for the European Central Bank is distributed across the individual euro-area countries. For prior dates, information for these organizations 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. December 2006 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 the data. Notices of these changes and requests for public CAPITAL MOVEMENTS improve the quality of the series by closing known gaps in the data. 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. 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 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. Effective with the reports filed for June 2006, the country coverage of the monthly TIC forms was expanded significantly and the semiannual reports, which covered the smaller market economies, were discontinued. Country coverage was also expanded for the quarterly banking forms, the Form S, the Form D, and the Forms CQ-1 and CQ-2, effective with reports filed for June 2006. 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. 67 Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in four 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. The expansion of the country coverage on the standard report forms allows for publication of additional country detail for data beginning as of June 2006. As a result, the former Capital Movements Section III, which listed bank-reported claims and liabilities of selected countries from the semiannual reports, has been discontinued. • 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 issued by foreigners. Further, the foreigner December 2006 68 CAPITAL MOVEMENTS category, 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 (formerly reported as Section IV) shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the TIC reports CQ-1 and CQ-2 exclude accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. Such accounts with foreign affiliates are reported by business enterprises to Commerce on its direct investment forms. There was an exception when reporting of foreign affiliate positions of insurance underwriting subsidiaries and financial intermediaries was included in Section B of Form CQ-1 for reports between end-March 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. • Section IV (formerly 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 December 2006 and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 69 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 Total liabilities to all foreigners ................................... Payable in dollars .................................................. Foreign official institutions ................................. Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... Foreign banks (including own foreign offices) and other foreigners ............................ Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... International and regional organizations 1 .......... Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... Payable in foreign currencies 2 .............................. Sector: Banks and other foreigners............................ International and regional organizations 1 .......... Major currencies: Canadian dollars............................................ Euro............................................................... United Kingdom pounds sterling.................... Japanese yen ................................................ Memoranda: Respondents’ own liabilities payable in dollars.............................................................. Liabilities to own foreign offices ........................ Liabilities collaterized by repurchase agreements................................................. Foreign official institutions ........................ Foreign banks and other foreigners........... International and regional organizations 1 .......... Reported by IBFs........................................... Respondents’ own liabilities payable in foreign currencies 2 .......................................... Reported by IBFs........................................... Liabilities held in custody for domestic customers and selected other liabilities 3 ......... Payable in dollars .......................................... of which: short-term negotiable securities and negotiable CDs................ of which: short-term U.S. Government agency securities................................ of which: negotiable CDs........................ Payable in foreign currencies 2 ...................... Calendar Year 2005 r Mar. r Apr. r May r 3,180,482 3,080,496 498,510 45,426 201,863 3,343,438 3,234,225 511,316 45,012 215,489 3,501,326 3,392,113 498,792 45,652 197,456 3,600,729 3,491,516 515,449 49,598 195,085 3,443,487 3,331,109 489,641 42,223 185,138 3,504,327 3,391,949 495,714 44,688 186,321 3,486,876 3,374,498 482,306 49,020 190,699 3,518,878 3,406,500 479,022 50,291 181,570 125,663 125,558 101,287 149,528 105,499 150,185 117,647 153,119 123,249 139,031 121,242 143,463 115,834 126,753 112,410 134,751 2,561,193 990,014 56,895 2,702,107 1,047,506 60,948 2,873,770 1,141,243 60,325 2,956,645 1,192,406 59,335 2,808,311 1,095,118 59,109 2,865,885 1,111,605 66,139 2,865,456 1,066,158 66,103 2,897,752 1,084,003 63,413 391,722 1,122,562 20,793 8,361 1,085 400,206 1,193,447 20,802 9,209 1,399 413,552 1,258,650 19,551 9,470 1,081 431,860 1,273,044 19,422 8,846 1,057 484,559 1,169,525 33,157 17,846 4,158 509,776 1,178,365 30,350 16,192 2,222 520,336 1,212,859 26,736 14,792 2,522 527,092 1,223,244 29,726 18,901 1,322 4,096 7,251 99,986 3,330 6,864 109,213 4,293 4,707 109,213 4,059 5,460 109,213 3,903 7,250 112,378 4,107 7,829 112,378 3,889 5,533 112,378 2,774 6,729 112,378 98,028 1,958 107,599 1,614 107,599 1,614 107,599 1,614 110,716 1,662 110,716 1,662 110,716 1,662 110,716 1,662 9,235 50,778 8,399 9,595 8,602 50,910 9,722 15,784 8,602 50,910 9,722 15,784 8,602 50,910 9,722 15,784 9,423 54,532 11,462 15,231 9,423 54,532 11,462 15,231 9,423 54,532 11,462 15,231 9,423 54,532 11,462 15,231 2,299,172 1,552,017 2,451,566 1,663,851 2,609,907 1,789,164 2,682,473 1,842,412 2,470,993 1,660,779 2,502,142 1,656,367 2,475,115 1,642,760 2,517,919 1,678,012 712,549 113,425 595,467 3,657 447,584 768,352 136,912 628,773 2,667 453,240 810,396 136,275 671,874 2,247 513,248 853,179 141,100 709,098 2,981 552,327 768,738 131,713 634,033 2,992 434,042 782,105 129,603 649,049 3,453 413,828 784,160 116,516 663,659 3,985 385,221 804,635 121,552 678,838 4,245 379,436 85,841 33,223 94,756 40,051 94,756 40,051 94,756 40,051 100,448 49,015 100,448 49,015 100,448 49,015 100,448 49,015 795,469 781,324 797,116 782,659 796,663 782,206 823,500 809,043 872,046 860,116 901,737 889,807 911,313 899,383 900,511 888,581 319,826 304,169 326,126 349,693 359,109 366,723 365,416 359,313 136,783 53,594 14,145 116,621 52,170 14,457 118,948 55,515 14,457 131,981 58,867 14,457 143,632 56,697 11,930 136,007 58,913 11,930 124,441 63,069 11,930 117,918 62,597 11,930 2006 1 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. Beginning with data for June 2006, also includes the Bank for International Settlements. June July Aug. Sept. p 2 Data may be as of preceding quarter-end for most recent month shown in table. 3 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. December 2006 CAPITAL MOVEMENTS 70 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 ............................................... Bulgaria ............................................... Cyprus 1 .............................................. Czech Republic.................................... Denmark .............................................. Finland................................................. France ................................................. Germany.............................................. Greece................................................. Hungary ............................................... Iceland 1 .............................................. Ireland.................................................. Italy...................................................... Kazakhstan 1 ....................................... Luxembourg ........................................ Monaco 1 ............................................ Netherlands ......................................... Norway ................................................ Poland ................................................. Portugal ............................................... Romania .............................................. Russia ................................................. Serbia and Montenegro 2 .................... Spain ................................................... Sweden................................................ Switzerland .......................................... Turkey.................................................. Ukraine 1 ............................................. United Kingdom ................................... Channel Islands .................................. All other Europe 1 ................................. Total Europe .................................... Memo: Euro Area 3 Memo: European Union 4 ................... Canada .................................................... Latin America: Argentina ............................................. Belize 5 ................................................ Bolivia 5 ............................................... Brazil.................................................... Chile .................................................... Colombia ............................................. Costa Rica 5 ........................................ Ecuador ............................................... El Salvador 5 ....................................... Guatemala ........................................... Guyana 5 ............................................. Honduras 5 .......................................... Mexico ................................................. Nicaragua 5 ......................................... Panama ............................................... Paraguay 5 .......................................... Peru..................................................... Suriname 5 .......................................... Uruguay ............................................... Venezuela............................................ All other Latin America 5 ...................... Total Latin America.......................... Caribbean: Anguilla 6 ............................................ Antigua and Barbuda 6 ........................ Aruba 6 ................................................ Bahamas ............................................. Barbados 6 .......................................... Bermuda .............................................. British Virgin Islands 6 ......................... Cayman Islands .................................. Cuba.................................................... Dominican Republic 6 .......................... French West Indies 6 ........................... Haiti 6 .................................................. Jamaica ............................................... Netherlands Antilles............................. See footnotes at end of table. December 2006 2003 Calendar year 2004 2005 May r June 2006 July Aug. Sept. p 4,841 9,642 224 n.a. 2,359 3,744 1,821 41,727 53,617 1,266 345 n.a. 30,888 6,643 n.a. 37,005 n.a. 17,150 22,471 3,724 1,011 575 41,694 162 10,329 7,377 111,678 13,749 n.a. 345,235 20,814 17,478 807,569 215,940 n.a. 37,780 4,355 13,649 221 n.a. 1,661 3,151 1,116 83,951 76,040 1,179 770 n.a. 64,199 7,683 n.a. 52,548 n.a. 20,272 32,907 5,680 1,676 1,636 70,203 110 9,078 6,144 100,660 5,189 n.a. 501,721 21,327 26,369 1,113,495 335,746 n.a. 36,499 3,607 17,105 139 n.a. 1,446 1,544 3,767 76,019 70,779 1,212 527 n.a. 68,669 8,149 n.a. 62,205 n.a. 16,423 27,927 6,340 2,883 565 101,355 119 10,060 4,796 141,215 9,923 n.a. 588,300 29,737 23,540 1,278,351 340,878 n.a. 37,001 5,442 15,048 167 n.a. 1,164 1,693 2,270 110,409 68,863 1,606 517 n.a. 70,863 7,942 n.a. 66,672 n.a. 28,667 49,382 7,932 2,448 1,579 93,511 113 8,614 5,275 208,663 10,956 n.a. 732,732 28,478 27,050 1,558,056 388,844 n.a. 43,036 6,227 15,170 167 406 1,375 1,684 3,268 77,394 73,667 1,355 1,307 262 74,682 7,347 5,390 66,997 277 23,759 61,714 6,215 3,129 1,730 76,313 196 10,035 3,860 89,272 7,879 1,402 707,068 27,676 3,338 1,360,559 363,028 1,085,801 42,936 5,827 17,650 174 451 1,326 1,868 1,207 81,865 73,766 1,419 897 263 74,899 7,897 6,529 68,914 241 27,075 55,735 7,044 3,364 2,740 69,554 202 10,230 3,349 59,303 8,629 1,120 707,038 27,210 4,429 1,332,216 374,114 1,097,363 44,292 4,326 16,831 176 454 1,233 2,278 1,401 76,901 69,099 1,195 642 324 75,848 8,248 6,031 69,543 259 24,864 53,732 7,480 2,546 1,170 53,421 236 9,591 3,922 43,455 10,177 1,398 723,669 27,168 3,575 1,301,195 360,395 1,100,781 46,804 3,866 17,156 152 436 1,353 2,338 1,112 72,218 70,862 1,625 339 320 75,151 6,878 4,954 74,225 217 24,983 58,011 7,267 2,534 577 49,184 249 8,630 4,007 47,376 9,870 1,117 723,431 27,574 3,666 1,301,677 359,239 1,099,193 48,297 9,880 n.a. n.a. 17,839 4,504 4,277 n.a. 2,611 n.a. 1,557 n.a. n.a. 36,952 n.a. 4,125 n.a. 1,406 n.a. 3,688 21,546 6,014 114,399 10,932 n.a. n.a. 16,912 7,368 6,353 n.a. 2,707 n.a. 1,544 n.a. n.a. 51,954 n.a. 4,641 n.a. 1,975 n.a. 4,189 24,861 6,422 139,858 9,775 n.a. n.a. 12,899 9,045 6,521 n.a. 3,426 n.a. 1,660 n.a. n.a. 44,738 n.a. 5,349 n.a. 3,062 n.a. 4,976 27,536 8,595 137,582 10,323 n.a. n.a. 19,963 12,030 11,178 n.a. 2,794 n.a. 1,593 n.a. n.a. 44,103 n.a. 5,837 n.a. 3,204 n.a. 5,223 21,805 10,622 148,675 10,171 897 2,829 17,047 12,717 11,279 1,920 2,715 2,087 1,443 87 2,379 54,263 224 5,438 673 3,324 169 5,573 22,731 10 157,976 10,149 336 2,628 18,680 14,161 11,935 2,144 2,733 2,310 1,635 97 2,400 51,862 244 5,872 668 4,131 173 5,817 22,946 5 160,926 10,344 249 2,391 15,128 14,358 11,982 2,009 2,621 2,181 1,557 97 2,343 54,392 223 5,963 646 3,252 107 5,547 22,447 7 157,844 10,408 282 1,668 14,653 16,054 12,124 1,956 2,882 2,072 1,516 102 2,261 54,175 256 5,900 685 3,521 100 5,670 22,593 10 158,888 n.a. n.a. n.a. 157,689 n.a. 39,229 n.a. 745,754 96 n.a. n.a. n.a. 720 8,739 n.a. n.a. n.a. 188,604 n.a. 93,040 n.a. 894,069 110 n.a. n.a. n.a. 922 5,867 n.a. n.a. n.a. 213,833 n.a. 52,379 n.a. 922,285 120 n.a. n.a. n.a. 970 6,399 n.a. n.a. n.a. 237,872 n.a. 48,307 n.a. 1,044,309 124 n.a. n.a. n.a. 878 10,202 1,368 174 481 227,641 12,598 46,034 15,629 1,080,721 125 3,480 38 414 791 9,872 1,719 169 485 229,248 12,448 45,175 14,742 1,147,598 127 3,558 50 360 863 6,427 2,533 189 594 238,190 12,388 46,724 14,817 1,139,564 127 3,486 38 377 972 7,920 1,486 163 664 239,569 13,370 52,042 15,421 1,162,689 127 3,521 18 415 1,082 7,287 CAPITAL MOVEMENTS 71 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 Caribbean con. St. Kitts and Nevis 6 .......................... Trinidad and Tobago......................... Turks and Caicos Islands 6 ............... All other Caribbean 6 ........................ Total Caribbean ............................ Asia: Bangladesh 7 .................................... China, Mainland ............................... Hong Kong........................................ India.................................................. Indonesia .......................................... Israel................................................. Japan................................................ Jordan 7 ............................................ Korea................................................ Laos 7 .............................................. Lebanon............................................ Malaysia ........................................... Pakistan............................................ Philippines ........................................ Singapore ......................................... Syria ................................................. Taiwan.............................................. Thailand............................................ Yemen 7 ........................................... Oil exporting countries 8 .................... All other Asia 7 ................................. Total Asia ..................................... Africa: Botswana 9 ....................................... Egypt ................................................ Ghana............................................... Kenya 9 ............................................ Liberia............................................... Mauritius 9 ........................................ Morocco............................................ Mozambique 9 .................................. South Africa ...................................... Tanzania 9 ........................................ Uganda 9 .......................................... Zambia 9 .......................................... Zimbabwe 9 ...................................... Oil exporting countries 10 .................. All other Africa 9 ............................... Total Africa ................................... Other countries: Australia............................................ New Zealand .................................... French Polynesia 11 ......................... All other 11 ........................................ Total other ................................... All countries .......................................... International and regional orgs: International organizations............... Regional organizations 12 ................ Total international and regional organizations................ Grand total................................ 1 2003 Calendar year 2004 n.a. 1,259 n.a. 27,662 981,148 2006 2005 May r June July Aug Sept. p n.a. 1,630 n.a. 40,297 1,224,539 n.a. 2,836 n.a. 32,621 1,231,443 n.a. 3,039 n.a. 35,382 1,380,113 66 2,965 216 135 1,402,748 78 2,888 215 150 1,466,300 80 2,730 228 155 1,471,112 83 2,795 227 150 1,501,109 n.a. 13,236 49,974 14,535 14,374 12,231 170,315 n.a. 12,659 n.a. 676 1,640 2,963 1,690 23,766 22 26,835 7,232 n.a. 24,787 7,656 384,591 n.a. 52,768 43,913 11,178 5,905 11,238 173,872 n.a. 12,457 n.a. 777 2,837 1,196 2,956 28,912 21 26,524 11,356 n.a. 41,263 6,841 434,014 n.a. 46,489 35,253 13,894 4,213 9,828 160,664 n.a. 27,201 n.a. 797 2,288 1,794 3,781 20,291 28 23,288 9,970 n.a. 50,663 7,266 417,708 n.a. 30,242 31,846 15,345 5,422 8,094 141,609 n.a. 22,593 n.a. 958 3,411 1,008 3,753 20,238 29 20,133 12,759 n.a. 59,072 7,313 383,825 756 35,088 29,481 15,904 4,033 6,746 138,703 1,282 21,517 99 818 3,576 1,077 3,942 20,642 31 17,747 11,581 194 64,786 4,965 382,968 807 39,010 32,950 16,674 4,568 6,778 146,732 1,261 21,993 85 1,197 3,439 1,236 3,570 19,043 31 21,384 11,044 219 67,823 5,074 404,918 918 50,477 36,650 16,437 4,685 6,308 144,659 1,245 22,009 106 848 3,118 1,075 3,658 20,112 30 20,055 10,260 186 68,253 5,300 416,389 670 55,145 36,125 14,833 5,359 9,555 137,919 1,248 23,225 134 883 3,594 1,163 3,932 17,267 28 23,231 9,983 138 69,333 5,026 418,791 n.a. 2,336 596 n.a. 181 n.a. 376 n.a. 3,734 n.a. n.a. n.a. n.a. 3,608 3,131 13,962 n.a. 2,711 468 n.a. 266 n.a. 156 n.a. 3,477 n.a. n.a. n.a. n.a. 4,347 3,373 14,798 n.a. 4,954 572 n.a. 217 n.a. 138 n.a. 3,054 n.a. n.a. n.a. n.a. 6,880 4,313 20,128 n.a. 3,425 421 n.a. 375 n.a. 122 n.a. 1,633 n.a. n.a. n.a. n.a. 7,701 4,473 18,150 351 4,228 534 182 566 560 154 95 1,608 249 675 72 80 6,934 2,184 18,472 375 3,409 501 233 573 1,577 208 93 1,616 460 824 70 58 6,935 2,897 19,829 399 2,769 459 182 559 241 198 127 1,920 340 833 73 91 7,846 3,699 19,736 298 2,145 431 215 519 390 174 80 1,448 260 873 98 79 8,293 2,884 18,187 14,087 2,592 n.a. 4,174 20,853 2,360,302 23,579 3,725 n.a. 8,513 35,817 2,999,020 17,878 3,028 n.a. 14,612 35,518 3,157,731 27,569 5,070 n.a. 15,199 47,838 3,579,693 25,910 4,504 57 12,538 43,009 3,408,668 26,686 4,370 59 12,719 43,834 3,472,315 27,738 4,881 60 12,719 45,398 3,458,478 22,759 4,977 78 12,727 40,541 3,487,490 18,437 3,731 14,550 4,303 17,598 5,153 16,494 4,542 29,980 4,839 26,963 5,049 23,595 4,803 27,371 4,017 22,168 2,382,470 18,853 3,017,873 22,751 3,180,482 21,036 3,600,729 34,819 3,443,487 32,012 3,504,327 28,398 3,486,876 31,388 3,518,878 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All other Caribbean.” 7 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 8 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. December 2006 CAPITAL MOVEMENTS 72 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2006, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country December 2006 Other liabilities 2 Total Held by Held by Total foreign Total liabilities foreign Of which: Of which: Total Total own custody payable in official short-term other shortofficial liabilities liabilities institutions Held by all dollars and liabilities liabilities U.S. term Of which: institutions Held by all payable in other other foreign payable in payable in payable in and foreign Treasury negotiable negotiable and foreign foreign dollars dollars dollars currency foreigners obligations securities banks foreigners currency 3 banks CDs (2) (3) (4) (6) (8) (10) (11) (12) (1) (5) (7) (9) Europe: Austria .................................... 3,866 3,857 Belgium .................................. 17,156 16,267 Cyprus 4.................................. 436 436 Czech Republic ...................... 1,353 1,337 Denmark................................. 2,338 2,303 Finland.................................... 1,112 945 France .................................... 72,218 68,488 Germany................................. 70,862 57,475 Greece.................................... 1,625 1,564 Hungary.................................. 339 331 Ireland .................................... 75,151 74,916 Italy......................................... 6,878 5,827 Kazakhstan 4 .......................... 4,954 4,946 Luxembourg ........................... 74,225 73,254 Monaco 4 ................................ 217 200 Netherlands ............................ 24,983 24,205 Norway ................................... 58,011 57,749 Poland .................................... 7,267 7,251 Portugal.................................. 2,534 2,417 Romania ................................. 577 564 Russia .................................... 49,184 49,160 Spain ...................................... 8,630 7,503 Sweden................................... 4,007 3,828 Switzerland ............................. 47,376 39,779 Turkey..................................... 9,870 9,849 Ukraine 4 ................................. 1,117 1,113 United Kingdom ...................... 723,431 691,865 Channel Islands...................... 27,574 27,457 4,387 4,386 All other Europe 4 ...................... 1,301,677 1,239,270 Total Europe......................... Memo: Euro Area 5 ............... 359,239 336,716 48,297 45,110 Canada.......................................... Latin America: Argentina................................... 10,408 10,291 Belize 6 ...................................... 282 282 Bolivia 6 ..................................... 1,668 1,663 Brazil ......................................... 14,653 14,433 Chile .......................................... 16,054 15,880 Colombia................................... 12,124 12,094 Costa Rica 6 .............................. 1,956 1,942 Ecuador..................................... 2,882 2,857 El Salvador 6 ............................. 2,072 2,072 Guatemala ................................ 1,516 1,498 6 Honduras ................................ 2,261 2,230 Mexico....................................... 54,175 53,045 Panama..................................... 5,900 5,844 Paraguay 6 ................................ 685 670 Peru........................................... 3,521 3,510 Uruguay .................................... 5,670 5,620 Venezuela ................................. 22,593 22,405 468 468 All other Latin America 6 ........... Total Latin America .............. 158,888 156,804 Caribbean: Aruba 7 ...................................... 664 664 Bahamas................................... 239,569 238,619 Barbados 7 ................................ 13,370 13,227 Bermuda ................................... 52,042 51,596 British Virgin Islands 7 ............... 15,421 15,257 See footnotes at end of table. Negotiable CDs and short-term negotiable securities 1,334 11,253 425 264 2,162 350 57,276 48,284 1,514 163 8,451 4,840 1,451 41,783 87 12,887 51,146 1,986 2,003 333 8,175 5,078 1,011 30,545 1,922 1,113 671,381 25,558 3,670 996,444 195,052 32,174 2,523 5,014 11 1,073 141 594 11,213 9,191 50 168 66,465 987 3,495 31,470 113 11,318 6,603 5,265 414 231 40,985 2,425 2,817 9,234 7,927 20,484 1,899 716 242,826 141,664 12,936 548 2,162 214 147 309 190 15,622 17,168 602 27 2,554 2,221 746 7,395 32 2,222 189 124 1,754 35 3,722 2,622 120 22,407 1,208 881 128,667 23,122 951 237,961 55,060 5,327 238 253 197 37 185 66 1,603 1,757 729 55 1,924 753 9 728 28 1,410 166 209 186 74 735 1,371 199 4,600 96 30 16,395 331 405 34,769 11,018 4,995 175 2,929 5 1,000 73 101 6,836 4,239 29 80 1,900 557 660 6,634 109 2,408 382 4,251 33 5 366 542 82 4,611 7,827 5,175 668 545 52,222 26,383 4,742 384 101 5 3 64 255 3,672 668 12 87 46,972 52 2,835 18,526 3 6,145 5,853 1,013 353 225 40,564 110 487 3,396 86 9,767 576 32 142,247 77,251 4,521 1,943 1,984 1 70 3 192 679 2,444 6 1 15,251 20 5,609 2,392 340 1 28 1 7 1,759 2,208 1,202 13 3,322 556 18 40,050 32,307 2,276 492 5,308 4 80 1,668 141 30,997 30,031 184 81 1,809 2,094 696 454 1 621 50,661 1,653 26 224 3,763 736 732 3,354 618 202 334,323 577 1,765 473,296 72,894 15,930 77 3,529 10 1 9,079 1,168 1 4,506 131 33,907 27 9,006 158 37 3 362 209 1 194,216 1,627 670 258,725 61,803 7,319 9 890 16 35 167 3,729 13,387 61 8 235 1,051 8 971 17 778 262 16 117 13 24 1,127 179 7,597 21 4 31,566 117 1 62,407 22,523 3,187 8,833 258 1,281 13,612 8,391 4,772 1,381 2,550 1,358 1,314 2,176 35,543 3,899 629 3,383 4,676 20,595 438 115,089 1,458 24 382 821 7,489 7,322 561 307 714 184 54 17,502 1,945 41 127 944 1,810 30 41,715 354 90 394 6,115 4,166 749 553 372 911 160 1,431 16,571 1,271 118 1,863 906 7,380 153 43,557 7,990 121 812 4,277 3,325 3,247 561 1,810 334 978 684 17,305 2,134 489 1,147 1,767 12,223 225 59,429 715 4 56 264 708 3,660 110 23 53 48 4 10,160 428 11 42 573 376 4 17,239 301 13 111 473 6,707 3,459 60 229 406 52 15 6,779 895 21 59 145 1,156 9 20,890 348 7 213 80 74 203 390 55 205 83 35 547 315 9 25 226 278 17 3,110 408 47 72 2,592 804 756 259 95 156 150 51 682 360 8 366 1,819 610 56 9,291 175 5 632 96 20 9 273 7 27 10 1,001 441 14 8 184 382 4 3,288 117 5 220 174 30 14 25 18 31 1,130 56 15 11 50 188 2,084 402 235,499 4,498 33,881 9,019 262 3,120 8,729 17,715 6,238 191 153,503 3,851 2,521 132 133 3,283 358 6,018 8,150 198 654 422 4,098 3,862 13 786 5,018 11,980 987 51 160 3,188 1,489 1,129 63 74,436 17 408 5 15 5,797 373 25,082 992 950 143 446 164 CAPITAL MOVEMENTS 73 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2006, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total Held by Total liabilities foreign Of which: custody payable in Total own Total own official other shortliabilities institutions Held by all term U.S. liabilities dollars and liabilities payable in payable in payable in and foreign other foreign Treasury dollars dollars dollars currency foreigners obligations banks (2) (3) (4) (6) (1) (5) (7) Caribbean, con. Cayman Islands ....................... 1,162,689 Dominican Republic 7 ............... 3,521 Haiti 7 ........................................ 415 Jamaica.................................... 1,082 Netherlands Antilles................. 7,287 Trinidad and Tobago................ 2,795 2,254 All other Caribbean 7 ................ Total Caribbean.................. 1,501,109 Asia: China, Mainland....................... 55,145 Hong Kong............................... 36,125 India ......................................... 14,833 Indonesia ................................. 5,359 Israel ........................................ 9,555 Japan ....................................... 137,919 Jordan 8 .................................... 1,248 Korea........................................ 23,225 Malaysia................................... 3,594 Pakistan ................................... 1,163 Philippines................................ 3,932 Singapore................................. 17,267 Taiwan...................................... 23,231 Thailand ................................... 9,983 76,212 All other Asia 8.......................... Total Asia............................. Africa: Egypt ........................................ Ghana ...................................... Kenya 9..................................... Liberia ...................................... Morocco ................................... South Africa ............................. All other Africa 9 ....................... Total Africa........................... Other countries: Australia ................................... New Zealand............................ All other .................................... 1,151,010 844,531 3,519 3,318 415 367 1,047 1,010 7,280 3,957 2,760 2,066 2,198 1,877 1,487,592 1,140,425 Held by foreign Total Of which: official liabilities other shortterm Of which: institutions Held by all payable in other foreign negotiable negotiable and foreign banks foreigners currency 3 securities CDs (8) (10) (11) (12) (9) 306,479 201 48 37 3,323 694 321 347,167 432,284 859 77 472 2,365 1,379 143 597,777 23,430 2,344 204 335 441 370 591 45,657 5,490 132 7 28 2,974 101 234 18,200 32,499 34 37 5 327 583 44 52,313 1,304 35 4 4 22 10 35 7,431 521,036 34 80 191 242 315 34 596,861 134,967 81 6 12 909 2 1,117 169,353 11,679 2 35 7 35 56 13,517 418,791 18,594 20,749 4,514 1,402 4,907 41,361 1,142 9,228 2,204 1,038 2,465 12,520 20,833 8,541 27,783 177,281 36,517 14,067 10,318 3,957 4,638 85,491 106 13,870 1,388 115 1,463 3,676 2,364 1,439 45,345 224,754 4,945 10,744 2,436 592 1,179 13,671 879 6,185 783 436 1,604 7,127 3,936 711 12,298 67,526 1,023 4,391 988 614 1,689 4,704 58 461 114 117 497 1,191 4,093 351 1,430 21,721 16,925 662 5,323 3,923 3,952 74,706 104 1,414 1,017 18 792 1,549 1,385 1,311 32,285 145,366 18,795 12,588 4,919 20 545 7,371 11,689 274 81 624 1,742 455 108 9,712 68,923 778 766 8 14 141 280 2 728 43 8 47 367 514 14 3,326 7,036 12,132 3,805 1,105 196 2,030 22,886 205 2,620 1,356 488 304 4,107 12,798 7,480 13,695 85,207 513 1,860 53 9 3,234 1 5 5 60 113 16 5 382 6,256 34 1,309 1 10 11,067 127 2 10 4 1,071 34 3 3,084 16,756 2,145 431 215 519 174 1,448 13,255 18,187 2,145 431 215 517 174 1,442 13,233 18,157 1,533 232 213 420 149 1,153 7,344 11,044 612 199 2 97 25 289 5,889 7,113 961 112 92 9 95 779 4,799 6,847 85 25 53 136 27 196 693 1,215 528 199 62 1 247 5,297 6,334 31 33 20 13 162 259 53 2 2 29 400 486 487 95 68 52 28 178 1,865 2,773 223 3 17 243 2 6 22 30 21,992 14,852 4,958 4,249 856 731 27,806 19,832 3,376,774 2,492,289 7,140 709 125 7,974 884,485 5,380 666 121 6,167 965,162 856 166 324 1,346 169,132 370 439 71 880 244,983 6,131 230 50 6,411 295,564 542 5,838 40 3,334 4 124 586 9,296 60,975 1,192,654 2,875 83 162 3,120 448,304 767 19 11,949 12,735 110,716 2,124 1,972 - 17,445 1,456 1,034 288 141 1,011 6,152 577 1,650 12 International and regional orgs: International organizations....... 27,371 4,017 Regional organizations 10 ........ Total International and 31,388 regional organizations ...... Grand total ...................... 3,518,878 25,721 4,005 23,597 2,033 29,726 25,630 4,096 - 18,901 1,322 1,152 3,406,500 2,517,919 888,581 965,162 188,033 246,305 296,716 Excludes negotiable certificates of deposit. Includes both banks’ own liabilities and banks’ customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and non-negotiable short-term securities. 3 These data as of June 30, 2006. 4 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 5 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 2 Other liabilities 2 55,111 34,816 14,832 5,359 9,545 126,852 1,248 23,098 3,592 1,153 3,928 16,196 23,197 9,980 73,128 402,035 22,759 4,977 12,805 40,541 Total other........................... All countries.................................. 3,487,490 1 Negotiable CDs and short-term securities 949 673 - 1,622 - 6,729 1,662 62,597 1,192,654 455,033 112,378 6 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are included in “all other Latin America.” 7 Before June 2006, data for Aruba, Barbados, British Virgin Islands, Dominican Republic, and Haiti are included in “All other Caribbean.” 8 Before June 2006, data for Jordan are included in “All other Asia.” 9 Before June 2006, data for Kenya are included in “All other Africa.” 10 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. December 2006 CAPITAL MOVEMENTS 74 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1600 1500 (In billions of dollars) 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 Sept. 2006 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 United Kingdom............................. All other Europe............................. Caribbean banking centers 1,2 ....... Japan............................................. All other Asia ................................. Subtotal ....................................... All other countries.......................... Grand total................................... 1 2 2002 2003 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 2,066,131 2,382,470 Calendar years 2004 2005 Sept. 2006 501,721 611,774 1,186,221 173,872 260,142 2,733,730 284,143 588,300 690,051 1,200,245 160,664 257,044 2,896,304 284,178 723,431 578,246 1,467,487 137,919 280,872 3,187,955 330,923 3,017,873 3,180,482 3,518,878 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. December 2006 U.S. liabilities to foreigners reported by U.S. banks were recorded at $3.5 trillion in September 2006, an increase of $338 billion from yearend 2005. U.S. banking liabilities include foreign holdings of U.S. short-term securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities increased about $163 billion in 2005, about $635 billion in 2004, and about $316 billion in 2003. Much of the increase in liabilities to foreigners in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking liabilities increased about $136 billion. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years. Foreigners domiciled in the rest of Europe and in Asia account for about one-third of U.S. banking liabilities. CAPITAL MOVEMENTS 75 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 2004 June r 2005 Sept. r Dec. r Mar. June p Total claims.............................................................. 2,188,441 2,369,109 2,463,685 2,440,488 2,644,151 2,752,357 Payable in dollars.................................................. 2,026,841 2,209,988 2,316,822 2,292,500 2,472,324 2,555,782 Own claims on foreigners................................... 1,664,223 1,814,600 1,904,804 1,864,006 1,999,618 2,042,757 Foreign official institutions ............................... 71,892 81,840 79,523 72,871 73,577 82,941 Type of Claim 2006 Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 1,187,954 1,301,376 1,392,273 1,391,180 1,499,158 1,539,635 All other foreigners .......................................... 404,377 431,384 433,008 399,955 426,883 420,181 Claims of domestic customers.............................. 362,618 395,388 412,018 428,494 472,706 513,025 Payable in foreign currencies .................................. 161,600 159,121 146,863 147,988 171,827 196,575 Own claims on foreigners ..................................... 129,544 112,451 101,745 93,290 106,489 107,859 Canadian dollars .............................................. 15,336 11,816 13,199 13,613 12,308 13,321 Euros................................................................ 62,138 58,294 53,347 54,584 61,377 57,434 United Kingdom pounds sterling...................... 10,388 10,572 11,592 10,841 13,047 15,048 Japanese yen................................................... 34,207 22,230 15,324 6,773 9,622 10,270 Claims of domestic customers.............................. 32,056 46,670 45,118 54,698 65,338 88,716 Canadian dollars .............................................. 3,225 2,689 2,875 3,782 4,871 4,566 of which: of which: Euros................................................................ 17,865 30,602 32,446 37,606 40,727 65,812 United Kingdom pounds sterling...................... 3,805 7,136 4,581 7,902 12,120 11,307 Japanese yen................................................... 3,716 2,086 633 814 855 1,278 Total own claims on foreigners ............................. 1,793,767 1,927,051 2,006,549 1,957,296 2,106,107 2,150,616 Non-negotiable deposits .................................... 719,257 808,160 797,705 791,798 880,318 947,479 Short-term negotiable instruments (payable in dollars)........................................... 7,858 11,895 12,983 10,080 12,462 11,081 Resale agreements ............................................ 479,422 531,886 535,782 481,470 516,346 504,427 Memoranda: Other................................................................... 587,203 575,090 660,063 673,948 696,981 687,629 Claims on own foreign offices............................... 1,097,873 1,223,449 1,317,432 1,303,731 1,433,195 1,479,119 Claims reported by IBFs ....................................... 411,693 426,617 468,136 478,683 524,667 535,869 Payable in dollars ............................................... 365,267 395,645 440,893 448,031 488,254 498,015 Payable in foreign currencies............................. 46,426 30,972 27,243 30,652 36,413 37,854 Total claims held for domestic customers ............ 394,674 442,058 457,136 483,192 538,044 601,741 Non-negotiable deposits .................................... 161,039 181,098 195,088 197,693 230,587 251,518 Short-term negotiable instruments (payable in dollars)........................................... 195,956 220,228 220,701 232,059 245,431 264,581 Other ..................................................................... 37,679 40,732 41,347 53,440 62,026 85,642 December 2006 CAPITAL MOVEMENTS 76 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................................................... Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Kazakhstan 1 ........................................... Luxembourg ........................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia..................................................... Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands...................................... All other Europe 1 .................................... Total Europe ........................................ Memo: Euro Area 2 .................................... Memo: European Union 3 .......................... Canada...................................................... Latin America: Argentina ................................................ Bolivia 4 ................................................... Brazil....................................................... Chile ....................................................... Colombia ................................................ Costa Rica 4 ............................................ Ecuador .................................................. El Salvador 4 ........................................... Guatemala.............................................. Honduras 4 .............................................. Mexico .................................................... Nicaragua 4 ............................................. Panama .................................................. Paraguay 4 .............................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. All other Latin America 4 ......................... Total Latin America.............................. Caribbean: Anguilla 5 ................................................. Bahamas ................................................ Barbados 5 .............................................. See footnotes at end of table. December 2006 Calendar year 2003 2004 Dec. 2005 2006 Mar. r June r Sept. r Dec. r Mar. June p 5,650 11,353 59 232 3,606 8,489 89,151 41,548 244 78 12,728 10,553 n.a. 7,708 29,533 18,648 53 2,765 192 1,259 5,199 20,109 82,899 2,209 385,701 43,429 3,443 786,838 224,921 n.a. 79,014 5,732 11,676 106 746 2,736 12,365 126,728 47,300 140 192 23,245 21,748 n.a. 9,151 35,244 27,739 222 2,039 264 1,104 11,365 28,445 118,486 2,604 567,001 31,814 6,424 1,094,616 306,733 n.a. 78,707 6,167 15,245 45 1,124 1,668 14,362 121,676 58,609 132 47 26,932 22,723 n.a. 10,273 26,362 19,253 1,373 2,007 245 1,175 17,575 30,875 96,195 2,618 553,537 32,646 18,410 1,081,274 322,063 n.a. 75,851 5,685 17,581 22 1,134 2,008 11,181 143,495 47,392 169 125 25,109 23,712 n.a. 9,490 28,819 34,360 768 2,166 265 1,023 15,627 27,992 127,408 3,049 610,121 32,735 17,906 1,189,342 330,426 n.a. 77,062 6,017 17,867 50 2,247 2,810 9,610 133,850 55,198 148 112 29,875 22,870 n.a. 10,332 32,835 25,914 1,683 2,056 275 1,044 12,557 29,905 175,428 3,329 635,797 35,416 17,392 1,264,617 333,215 n.a. 84,012 5,402 14,079 23 3,413 2,619 9,610 131,157 47,903 106 121 41,916 23,177 n.a. 13,481 30,322 19,083 1,837 1,138 288 1,320 10,809 27,865 151,784 3,409 625,416 42,827 18,988 1,228,093 329,100 n.a. 93,940 5,977 22,041 40 3,457 1,872 10,153 142,714 50,759 242 168 33,370 21,381 n.a. 14,058 29,832 26,714 1,169 958 272 2,154 14,104 30,895 172,122 3,337 701,885 42,539 21,701 1,353,914 345,589 n.a. 91,895 6,833 27,052 45 3,875 3,162 12,909 176,147 57,198 689 50 35,675 25,187 501 16,795 33,805 30,051 1,552 1,934 273 1,458 11,561 27,537 124,162 3,438 721,810 40,083 1,740 1,365,520 405,783 1,164,093 110,039 4,426 n.a. 16,571 6,167 2,123 n.a. 419 n.a. 817 n.a. 14,113 n.a. 1,946 n.a. 1,398 478 3,093 2,438 53,989 2,442 n.a. 14,659 6,279 2,708 n.a. 493 n.a. 891 n.a. 14,179 n.a. 2,020 n.a. 1,550 422 3,086 2,753 51,482 2,317 n.a. 17,735 6,673 2,657 n.a. 509 n.a. 831 n.a. 14,736 n.a. 2,160 n.a. 1,393 359 2,874 2,543 54,787 2,280 n.a. 15,839 6,788 2,630 n.a. 588 n.a. 893 n.a. 14,917 n.a. 2,375 n.a. 1,543 454 2,690 2,497 53,494 2,625 n.a. 14,470 6,487 2,712 n.a. 548 n.a. 753 n.a. 14,088 n.a. 2,113 n.a. 1,345 491 2,760 2,379 50,771 2,507 n.a. 15,621 6,990 2,506 n.a. 602 n.a. 903 n.a. 15,193 n.a. 2,359 n.a. 1,242 486 2,613 2,632 53,654 2,457 n.a. 16,460 6,862 2,961 n.a. 586 n.a. 1,005 n.a. 15,373 n.a. 2,537 n.a. 1,200 467 2,500 2,563 54,971 2,544 155 16,039 7,226 2,678 734 552 811 910 409 18,426 95 2,713 41 1,253 425 2,208 26 57,245 n.a. 98,317 n.a. n.a. 126,048 n.a. n.a. 132,868 n.a. n.a. 161,984 n.a. n.a. 167,401 n.a. n.a. 169,191 n.a. n.a. 192,933 n.a. 2,589 239,869 391 CAPITAL MOVEMENTS 77 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 Caribbean, con. Bermuda....................................... British Virgin Islands 5 ................... Cayman Islands............................ Dominican Republic 5 ................... Haiti 5............................................. Jamaica ........................................ Netherlands Antilles ..................... Trinidad and Tobago .................... All other Caribbean 5 .................... Total Caribbean ......................... Asia: China, Mainland. .......................... Hong Kong ................................... India.............................................. Indonesia...................................... Israel............................................. Japan............................................ Jordan 6 ......................................... Korea ............................................ Lebanon........................................ Malaysia ....................................... Pakistan........................................ Philippines .................................... Singapore ..................................... Taiwan .......................................... Thailand........................................ Oil exporting countries 7 ............... All other Asia 6 .............................. Total Asia................................... Africa: Cameroon 8 ................................... Egypt ............................................ Ghana........................................... Liberia........................................... Morocco........................................ South Africa.................................. Oil exporting countries 9 ............... All other Africa 8 ............................ Total Africa ................................ Other countries: Australia........................................ New Zealand ................................ All other ........................................ Total other countries.................. Total foreign countries ............ International and regional orgs: International.................................. Regional organizations 10 ............. Total international and regional organizations.......... Grand total .............................. 1 Calendar year 2003 2004 Dec. Mar. r 2005 15,410 n.a. 489,791 n.a. n.a. 379 6,736 701 5,108 616,442 34,495 n.a. n.a. n.a. 351 5,610 760 7,843 762,888 29,566 n.a. 594,032 n.a. n.a. 391 5,725 690 9,140 772,412 4,320 7,927 1,781 877 7,186 74,174 n.a. 12,416 72 1,028 74 1,751 8,291 9,952 1,303 8,748 196 140,096 9,425 6,316 2,298 617 3,119 102,859 n.a. 16,194 49 1,539 37 1,023 6,604 10,935 1,450 10,755 240 173,460 n.a. 251 17 317 66 3,672 158 278 4,759 2006 Sept. r Dec. r Mar. June p 30,030 n.a. 642,189 n.a. n.a. 438 4,940 734 9,787 850,102 24,011 n.a. 643,181 n.a. n.a. 423 5,105 832 9,560 850,513 20,875 n.a. 622,189 n.a. n.a. 448 4,558 957 8,687 826,905 24,756 n.a. 678,857 n.a. n.a. 469 4,622 821 9,392 911,850 23,106 3,258 696,121 403 49 592 4,410 948 255 971,991 13,355 3,732 2,532 556 5,865 89,543 n.a. 16,172 44 1,605 57 853 7,330 12,578 1,667 8,579 113 164,581 10,744 8,588 2,467 601 3,429 94,252 n.a. 16,045 42 1,730 37 952 7,136 10,753 6,091 8,853 141 171,861 17,493 7,530 2,866 638 4,860 92,589 n.a. 17,139 46 1,417 42 1,112 8,937 8,234 8,778 13,152 221 185,054 14,930 8,944 2,669 512 5,827 112,026 n.a. 17,488 53 834 33 1,820 8,210 8,909 8,181 13,670 187 204,293 16,975 8,500 2,334 456 4,775 111,897 n.a. 12,167 33 987 29 1,224 7,963 6,680 7,232 10,988 124 192,364 19,671 10,890 2,098 578 5,378 113,383 23 18,172 22 980 29 1,264 7,494 4,411 8,281 13,726 163 206,563 n.a. 246 22 273 95 631 249 191 1,707 n.a. 361 16 251 112 463 342 227 1,772 n.a. 521 18 232 95 306 312 494 1,978 n.a. 553 11 228 108 312 361 207 1,780 n.a. 661 19 267 94 414 336 252 2,043 n.a. 771 37 245 84 444 304 875 2,760 21 1,156 32 283 105 653 309 259 2,818 10,600 2,954 46 13,600 1,694,738 15,211 2,243 82 17,536 2,180,396 13,143 2,896 221 16,260 2,166,937 14,948 2,111 109 17,168 2,361,007 13,260 2,732 93 16,085 2,452,832 17,829 3,600 178 21,607 2,430,535 20,879 3,973 333 25,185 2,632,939 22,176 3,188 402 25,766 2,739,942 3,971 1,290 6,856 1,189 6,095 2,635 6,794 1,308 10,492 361 8,086 1,867 9,058 2,154 10,960 1,455 5,261 1,699,999 8,045 2,188,441 8,730 2,175,667 8,102 2,369,109 10,853 2,463,685 9,953 2,440,488 11,212 2,644,151 12,415 2,752,357 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, Nicaragua and Paraguay are included in “All other Latin America.” 2 June r 5 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican Republic, and Haiti are included in “All other Caribbean.” 6 Before June 2006, data for Jordan are included in “All other Asia.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Before June 2006, data for Cameroon are included in “All other Africa.” 9 Includes Algeria, Gabon, Libya, and Nigeria. 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East organizations. December 2006 CAPITAL MOVEMENTS 78 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2006 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Europe: Austria ............................................... Belgium.............................................. Czech Republic ................................. Denmark............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary............................................. Ireland................................................ Italy .................................................... Kazakhstan1 ...................................... Luxembourg ...................................... Netherlands ....................................... Norway .............................................. Poland ............................................... Portugal ............................................. Romania ............................................ Russia................................................ Spain ................................................. Sweden.............................................. Switzerland........................................ Turkey................................................ United Kingdom................................. Channel Islands .................................. All other Europe 1 ............................... Total Europe ................................... Memo: Euro Area 2 ............................... Canada................................................. Latin America: Argentina ........................................... Bolivia 3 .............................................. Brazil.................................................. Chile .................................................. Colombia ........................................... Costa Rica 3 ....................................... Ecuador ............................................. El Salvador 3 ...................................... Guatemala......................................... Honduras 3 ......................................... Mexico ............................................... Panama ............................................. Peru ................................................... Uruguay............................................. Venezuela ......................................... All other Latin America 3 .................... Total Latin America......................... See footnotes at end of table. December 2006 Total claims (1) Total own claims (2) 6,833 4,913 27,052 19,302 3,875 3,874 3,162 1,467 12,909 11,194 176,147 119,269 57,198 25,393 689 133 50 48 35,675 16,822 25,187 20,379 501 501 16,795 12,211 33,805 26,388 30,051 24,769 1,552 1,549 1,934 1,101 273 273 1,458 1,451 11,561 8,806 27,537 9,801 124,162 119,630 3,438 3,410 721,810 604,136 40,083 29,847 1,785 1,034 1,365,520 1,067,700 405,783 265,910 110,039 79,008 2,544 155 16,039 7,226 2,678 734 552 811 910 409 18,426 2,713 1,253 425 2,208 162 57,245 2,389 155 15,842 7,219 2,647 730 543 810 909 407 18,255 2,658 1,244 421 2,061 159 56,449 Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in customer Payable in foreign claims dollars currencies (7) (8) (9) 4,817 18,777 3,849 1,295 11,128 105,320 20,467 129 11 15,913 18,789 499 10,260 23,883 24,613 1,536 830 242 1,390 7,717 9,249 115,678 3,293 575,363 29,277 911 1,005,236 238,030 67,075 1,478 17,764 3,826 1,127 11,002 83,157 10,693 25 9 6,295 18,602 374 2,347 11,340 22,885 1,514 584 15 1,145 7,565 8,048 111,548 2,494 448,742 25,364 573 798,516 170,852 55,054 3,339 1,013 23 168 126 22,163 9,774 104 2 9,618 187 125 7,913 12,543 1,728 22 246 227 245 152 1,201 4,130 799 126,621 3,913 338 206,720 67,178 12,021 96 525 25 172 66 13,949 4,926 4 37 909 1,590 2 1,951 2,505 156 13 271 31 61 1,089 552 3,952 117 28,773 570 123 62,464 27,880 11,933 1,920 7,750 1 1,695 1,714 56,877 31,805 556 2 18,853 4,808 4,584 7,417 5,282 3 834 7 2,755 17,736 4,532 28 117,674 10,236 751 297,820 139,873 31,031 1,228 4,071 1,663 1,048 37,695 12,538 2 16,620 987 4,001 3,356 4,986 170 7 447 16,842 4,487 8 104,120 7,081 744 222,101 82,163 26,586 692 3,679 1 32 666 19,182 19,267 554 2 2,233 3,821 583 4,061 296 3 664 2,308 894 45 20 13,554 3,155 7 75,719 57,710 4,445 2,348 153 15,585 6,900 2,620 728 541 809 892 404 17,316 2,449 1,240 412 1,989 159 54,545 275 6 8,837 2,635 1,624 289 172 397 364 183 1,560 1,577 286 144 401 32 18,782 2,073 147 6,748 4,265 996 439 369 412 528 221 15,756 872 954 268 1,588 127 35,763 41 2 257 319 27 2 2 1 17 3 939 209 4 9 72 1,904 155 197 7 31 4 9 1 1 2 171 55 9 4 147 3 796 146 154 6 13 1 9 1 1 2 144 52 9 4 145 3 690 9 43 1 18 3 27 3 2 106 CAPITAL MOVEMENTS 79 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2006, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Caribbean: Bahamas ........................................... Bermuda............................................ British Virgin Islands 4 ........................ Cayman Islands................................. Dominican Republic 4 ........................ Jamaica ............................................. Netherlands Antilles .......................... Trinidad and Tobago ......................... All other Caribbean 4 ......................... Total Caribbean .............................. Asia: China, Mainland ............................... Hong Kong ........................................ India................................................... Indonesia........................................... Israel.................................................. Japan................................................. Korea ................................................. Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Taiwan ............................................... Thailand............................................. All other Asia ..................................... Total Asia........................................ Africa: Egypt ................................................. Ghana................................................ Liberia................................................ Morocco............................................. South Africa....................................... All other Africa ................................... Total Africa ..................................... Other countries: Australia............................................. New Zealand ..................................... All other ............................................. Total other countries....................... Total foreign countries ................. International and regional orgs: International....................................... Regional organizations 5 .................... Total international and regional organizations ................................ Grand total ................................... 1 Total claims (1) Total own claims (2) Claims on all other foreigners (5) Claims of domestic customers Total Payable in customer Payable in foreign claims dollars currencies (7) (8) (9) Payable in foreign currencies (6) 239,869 23,106 3,258 696,121 403 592 4,410 948 3,284 971,991 163,112 20,909 3,214 525,867 403 592 4,280 902 3,274 722,553 161,802 19,776 2,760 511,093 384 569 4,276 902 3,129 704,691 156,847 56 753 416,122 63 103 1,017 219 53 575,233 4,955 19,720 2,007 94,971 321 466 3,259 683 3,076 129,458 1,310 1,133 454 14,774 19 23 4 145 17,862 76,757 2,197 44 170,254 130 46 10 249,438 76,665 2,101 44 166,684 128 46 9 245,677 92 96 3,570 2 1 3,761 19,671 10,890 2,098 578 5,378 113,383 18,172 980 29 1,264 7,494 4,411 8,281 13,934 206,563 19,559 10,294 1,906 572 4,016 108,878 17,747 955 28 1,257 6,215 4,271 8,019 13,868 197,585 19,556 9,768 1,835 551 3,986 103,439 17,509 932 26 1,247 4,655 4,004 7,825 10,472 185,805 18,236 5,424 1,596 248 3,776 93,671 16,263 835 11 987 3,426 3,511 7,819 9,039 164,842 1,320 4,344 239 303 210 9,768 1,246 97 15 260 1,229 493 6 1,433 20,963 3 526 71 21 30 5,439 238 23 2 10 1,560 267 194 3,396 11,780 112 596 192 6 1,362 4,505 425 25 1 7 1,279 140 262 66 8,978 112 223 163 2 1,356 3,649 376 12 1 4 177 7 9 66 6,157 373 29 4 6 856 49 13 3 1,102 133 253 2,821 1,156 32 283 105 653 589 2,818 612 27 283 102 478 556 2,058 587 27 274 75 435 550 1,948 174 27 2 75 363 175 816 413 272 72 375 1,132 25 9 27 43 6 110 544 5 3 175 33 760 4 5 1 153 32 195 540 2 22 1 565 22,176 3,188 402 25,766 2,739,942 13,982 1,029 402 15,413 2,140,766 12,381 827 402 13,610 2,032,910 8,839 485 9 9,333 1,622,576 3,542 342 393 4,277 410,334 1,601 202 1,803 107,856 8,194 2,159 10,353 599,176 7,001 2,069 9,070 510,476 1,193 90 1,283 88,700 10,960 1,455 9,519 331 9,519 328 - 9,519 328 3 1,441 1,124 1,437 1,112 4 12 12,415 9,850 9,847 - 9,847 3 2,565 2,549 16 2,752,357 2,150,616 2,042,757 1,622,576 420,181 107,859 601,741 513,025 88,716 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 3 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in “All other Latin America.” 2 Foreign official institutions and foreign banks (4) Total own claims payable in dollars (3) 4 Before June 2006, data for the British Virgin Islands and Dominican Republic are included in “All other Caribbean.” 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations December 2006 CAPITAL MOVEMENTS 80 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1100 In June 2006, U.S. claims on foreigners reported by U.S. banks amounted to about $2.8 trillion, an increase of $312 billion from the level recorded at yearend 2005. U.S. banking claims include holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $252 billion in 2005, $488 billion in 2004, and $183 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 $12 billion. (In billions of dollars) 1000 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 June 2006 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 2005 June 2006 293,642 406,139 533,194 59,792 53,952 1,346,719 170,023 385,701 401,137 612,200 74,174 65,922 1,539,134 160,865 567,001 527,615 755,954 102,859 70,601 2,024,030 164,411 625,416 602,677 819,172 112,026 92,267 2,251,558 188,930 721,810 643,710 966,219 113,383 93,180 2,538,302 214,055 1,516,742 1,699,999 2,188,441 2,440,488 2,752,357 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. December 2006 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 81 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-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........ 2002 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 Calendar year 2003 73,700 43,147 15,515 1,895 23,160 27,632 16,000 11,632 30,553 2004 92,009 55,386 29,575 1,410 44,495 25,811 16,705 9,106 36,623 June 71,802 54,927 21,917 2,851 45,064 33,010 21,130 11,880 16,875 2005 Sept. 66,468 52,129 17,794 1,520 44,249 34,335 22,487 11,848 14,339 Dec. 73,912 56,727 22,090 1,335 42,444 34,637 21,722 12,915 17,185 Mar. 75,153 57,129 19,198 849 42,562 37,931 24,563 13,368 18,024 2006 June p 76,953 59,515 18,516 1,143 17,373 40,999 27,936 13,919 17,438 n.a. n.a. n.a. n.a. n.a. 1,630 11,159 12,031 2,702 3,031 2,623 10,125 19,041 1,860 2,974 1,929 5,632 2,787 1,341 5,186 2,023 5,058 3,138 1,687 2,433 2,525 5,061 2,761 2,327 4,511 1,589 7,384 3,160 1,638 4,253 1,806 4,627 3,303 1,516 6,186 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 1,284 100,916 83,388 57,894 33,944 33,272 10,349 22,923 3,351 1,476 1,875 143,232 94,884 67,445 42,005 14,001 6,725 7,276 2,874 1,367 1,507 129,812 90,125 61,778 42,391 11,553 3,918 7,635 2,786 1,298 1,488 135,339 93,822 66,405 42,026 14,361 4,917 9,444 2,824 1,328 1,496 144,950 105,700 75,802 42,140 15,076 4,172 10,904 2,948 1,336 1,612 129,493 91,235 60,724 32,700 13,963 4,377 9,586 3,475 1,339 1,280 133,927 107,106 74,257 34,745 n.a. n.a. 26,481 22,635 3,846 11,015 3,047 21,365 25,494 21,245 4,249 17,528 9,739 16,314 27,439 24,778 2,661 48,348 8,541 11,467 28,347 25,086 3,261 39,687 11,513 13,118 27,417 24,354 3,063 41,517 12,888 20,774 29,898 26,080 3,818 39,250 12,129 15,920 30,511 26,687 3,824 38,258 12,614 26,898 32,849 29,956 3,815 26,821 n.a. n.a. n.a. n.a. n.a. 2,469 4,318 4,429 1,420 4,892 1,841 22,212 10,805 7,583 5,907 10,438 10,773 8,625 3,979 5,872 11,209 11,483 9,475 4,086 5,264 9,829 10,643 8,341 3,724 6,713 8,267 9,937 9,061 3,636 7,357 9,014 6,377 5,418 760 5,252 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 43,072 5,878 153 37,041 5,276 4,451 825 35,362 6,584 353 28,425 4,325 3,490 835 37,808 7,703 332 29,773 3,709 3,181 528 35,592 8,009 292 27,291 3,658 3,151 507 34,119 7,890 236 25,993 4,139 3,491 648 23,168 6,422 173 16,573 3,653 2,229 502 December 2006 CAPITAL MOVEMENTS 82 TABLE CM-III-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 ............... See footnotes at end of table. December 2006 2005 2001 2002 2003 2004 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 71 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 14 423 97 884 133 25,131 9 403 115 494 101 25,180 1,068 656 1,884 302 26,911 n.a. 211 41,025 2,577 n.a. 201 42,592 2,179 50 325 56 82 4 13 935 49 41 8 168 284 2,015 209 1,551 1,672 n.a. 42 12 46 38 n.a. 3,570 June 2006 Sept. Dec. Mar. June p 124 191 3 28 118 11 2,756 3,797 436 3 1,455 972 545 530 3,361 186 29 3 106 137 88 13 76 28 2,860 3,431 475 11 1,388 1,390 583 708 795 225 28 6 115 68 73 17 78 20 2,631 3,646 401 12 1,636 1,174 378 895 3,537 229 39 4 64 103 83 10 72 20 2,557 4,154 344 12 1,312 1,220 454 1,012 449 316 47 3 73 93 110 14 137 74 3,249 3,655 358 15 1,242 990 368 875 347 326 49 5 120 2 591 800 1,078 180 32,878 3 404 495 1,007 103 16,248 7 384 431 1,159 150 12,801 4 399 747 1,235 137 12,601 5 262 774 945 283 12,302 2 567 170 1,200 217 13,295 188 44,653 3,405 2 286 47,720 4,578 46 242 33,203 4,259 502 350 28,143 4,894 501 250 30,777 4,651 760 319 27,892 4,380 35 258 27,771 4,889 62 318 55 50 5 13 1,201 61 21 6 178 503 2,473 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 179 367 232 56 9 6 2,218 30 25 6 522 77 3,727 114 212 325 142 28 8 1,949 49 3 2 738 83 3,653 148 288 387 106 10 23 2,234 56 8 2 681 105 4,048 180 216 392 179 5 18 2,768 48 19 3 499 60 4,387 199 289 444 218 8 7 2,826 80 10 3 467 112 4,663 74 1,528 401 n.a. 29 28 11 33 n.a. 2,104 14 1,224 n.a. 3,154 2 17 3 16 564 4,994 32 9,230 n.a. 7,279 24 14 15 729 17,323 79 889 n.a. 7,645 11 13 8 1,000 9,645 74 698 n.a. 6,589 17 14 13 849 8,254 70 1,704 n.a. 6,522 14 13 44 886 9,253 82 1,457 n.a. 8,963 15 11 42 408 10,978 64 1,089 n.a. 8,818 17 2 42 974 11,006 CAPITAL MOVEMENTS 83 TABLE CM-III-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. .................... Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea...................................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... 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 organizations..... Regional organizations 10 ....... Total international and regional organizations...... Grand total ..................... 1 2001 Calendar year 2002 2003 2004 June 2005 Sept. Dec. June p 735 560 179 44 195 5,850 897 57 393 94 1,100 1,793 6 819 105 2,649 83 15,559 1,252 495 160 100 350 6,124 548 53 140 158 108 1,796 13 659 118 3,993 247 16,314 1,129 583 86 60 519 6,196 1,331 13 188 233 139 1,436 2 441 34 3,184 284 15,858 3,983 668 103 74 302 5,869 723 35 256 171 117 822 21 491 79 2,946 303 16,963 2,897 632 101 88 255 6,832 1,675 33 281 171 96 1,038 3 786 64 4,223 163 19,338 2,690 684 135 68 223 7,196 1,714 35 384 194 102 1,523 2 701 194 3,897 306 20,048 3,825 746 158 89 613 7,354 1,743 42 335 230 109 1,823 4 1,010 212 4,159 298 22,750 3,743 918 267 60 386 7,229 1,770 27 439 186 105 2,541 4 1,271 499 5,535 216 25,196 4,077 684 275 48 417 7,447 1,859 13 417 143 120 2,396 3 1,098 789 5,991 230 26,007 1 117 3 30 34 111 441 152 889 1 128 2 1 42 130 496 158 958 86 28 4 41 52 464 230 905 132 2 14 44 36 518 332 1,078 130 1 48 34 35 723 145 1,116 121 2 40 53 555 202 973 119 1 1 42 950 590 210 1,913 1 141 4 6 46 953 440 145 1,736 1 131 3 69 43 805 755 280 2,087 584 n.a. 430 1,014 66,649 732 n.a. 238 970 67,590 1,053 71 98 1,222 73,684 1,047 51 98 1,196 92,007 399 27 86 512 71,800 391 29 80 500 66,465 397 38 83 518 73,910 466 28 86 580 75,149 486 23 7 516 76,939 30 22 52 16 2 2 3 2 4 14 30 74 16 2 2 3 2 4 14 66,679 67,664 73,700 92,009 71,802 66,468 73,912 75,153 76,953 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 2006 Mar. 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 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 6 December 2006 CAPITAL MOVEMENTS 84 TABLE CM-III-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 .................... See footnotes at end of table. December 2006 2001 Calendar year 2002 2003 2004 June 2005 Sept. Dec. 2006 Mar. June p 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 1,816 2,307 37 64 494 617 3,713 6,787 199 46 1,672 2,434 127 7,883 229 57 146 47 157 2,302 2,126 24 43 517 263 6,826 4,517 210 76 1,051 3,063 206 2,157 1,397 59 130 17 201 2,071 823 26 47 290 728 6,346 3,405 168 33 884 3,118 357 3,610 354 51 123 25 307 2,159 1,822 29 49 341 336 5,063 4,238 380 57 795 3,702 391 3,387 402 58 60 22 359 2,309 1,412 14 54 184 385 3,947 3,787 241 58 468 2,035 354 3,796 268 58 62 26 731 1,977 525 17 55 135 408 5,271 4,128 199 84 738 2,017 474 2,201 233 71 85 17 684 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 14 1,242 648 2,506 594 27,699 7 1,566 606 2,504 455 20,196 12 1,737 469 2,607 567 24,853 17 2,032 503 1,876 638 24,772 9 1,232 486 2,184 787 24,671 12 1,410 455 2,075 472 26,407 n.a. 362 40,140 9,011 n.a. 422 43,205 7,803 546 43,522 8,381 25 607 62,171 8,429 337 867 51,723 14,044 70 945 54,027 16,291 16 1,315 54,820 16,122 26 918 50,502 14,375 9 862 51,021 15,544 810 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 8,019 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 366 2,432 424 209 71 72 3,222 192 89 11 455 453 7,996 367 2,692 302 274 75 114 3,762 183 87 29 546 512 8,943 350 2,972 303 299 95 100 4,108 198 117 5 539 485 9,571 411 2,520 290 261 92 100 3,578 237 129 11 536 405 8,570 430 2,684 289 337 124 135 3,078 233 131 12 498 265 8,216 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 1,631 5,358 n.a. 36,320 8 67 37 120 1,085 44,626 3,465 1,897 n.a. 30,580 5 65 15 151 1,051 37,229 3,703 1,611 n.a. 30,557 1 65 17 135 1,255 37,344 1,631 2,238 n.a. 36,416 12 70 42 119 1,721 42,249 2,400 2,303 n.a. 29,438 2 59 34 120 1,035 35,391 3,841 2,758 n.a. 28,565 3 72 15 142 1,542 36,938 CAPITAL MOVEMENTS 85 TABLE CM-III-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. .................... Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea...................................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... 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 organizations..... Regional organizations 10 ....... Total international and regional organizations...... Grand total ..................... 1 2001 Calendar year 2002 2003 June 2005 Sept. Dec. 2006 Mar. June p 1,052 1,094 638 239 700 3,610 1,850 16 645 44 1,001 1,120 11 853 232 985 189 14,279 867 682 743 280 453 3,618 1,738 21 521 17 708 1,044 28 696 237 897 132 12,682 1,066 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 783 250 1,046 222 12,669 3,688 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 892 326 1,208 309 15,783 3,133 797 547 726 427 2,714 1,320 19 449 58 672 1,654 7 883 271 1,431 257 15,365 3,798 815 550 616 475 2,327 1,220 18 494 96 420 1,425 5 865 302 1,364 317 15,107 4,958 941 413 445 403 2,696 1,244 22 536 57 275 1,944 6 853 295 1,800 408 17,296 4,600 1,183 413 387 390 2,663 1,216 28 327 56 109 1,345 7 743 337 1,670 288 15,762 4,684 1,259 593 392 452 2,824 1,063 30 386 65 302 1,525 3 996 338 2,594 221 17,727 233 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 1 159 4 102 33 193 162 281 935 2 264 5 89 24 135 249 387 1,155 2 166 12 92 12 162 289 398 1,133 1 194 16 98 23 1,075 295 419 2,121 4 213 13 89 26 1,095 349 396 2,185 13 169 15 75 58 980 351 426 2,087 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 1,588 441 245 2,274 143,218 1,722 394 183 2,299 129,811 1,851 433 199 2,483 135,328 2,144 420 207 2,771 144,950 2,121 381 197 2,699 129,484 2,169 164 49 2,382 133,915 - 2 4 1 10 3 11 1 - 1 10 - 2 7 11 1 - 6 11 14 1 11 - 9 12 113,082 102,566 100,916 143,232 129,812 135,339 144,950 129,493 133,927 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 2004 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. December 2006 CAPITAL MOVEMENTS 86 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2006, 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......................... See footnotes at end of table. December 2006 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 93 110 14 137 74 3,249 3,655 358 15 1,242 990 368 875 347 326 49 5 120 24 3 2 15 1,328 2,410 21 7 936 22 340 453 10 3 14 69 110 11 135 59 1,921 1,245 337 8 306 968 28 422 337 326 46 5 106 1,977 525 17 55 135 408 5,271 4,128 199 84 738 2,017 474 2,201 233 71 85 17 684 1,924 310 13 18 71 178 2,867 2,453 64 50 112 599 270 1,721 128 5 32 543 53 215 4 37 64 230 2,404 1,675 135 34 626 1,418 204 480 105 66 53 17 141 2 567 170 1,200 217 13,295 242 11 289 21 9,970 2 325 159 911 196 3,325 12 1,410 455 2,075 472 26,407 615 248 1,409 335 22,340 12 795 207 666 137 4,067 35 258 27,771 4,889 35 21 16,177 1,281 237 11,594 3,608 9 862 51,021 15,544 693 36,998 12,823 9 169 14,023 2,721 199 289 444 218 8 7 2,826 80 10 3 467 112 4,663 5 69 7 28 15 124 194 220 437 218 8 7 2,798 65 10 3 467 112 4,539 430 2,684 289 337 124 135 3,078 233 131 12 498 265 8,216 53 1,703 69 23 33 47 1,182 140 16 2 148 120 3,536 377 981 220 314 91 88 1,896 93 115 10 350 145 4,680 64 1,089 8,818 17 2 42 974 11,006 238 8,189 6 6 5 8,444 64 851 629 11 2 36 969 2,562 3,841 2,758 28,565 3 72 15 142 1,542 36,938 3,802 1,597 28,077 41 3 69 199 33,788 39 1,161 488 3 31 12 73 1,343 3,150 CAPITAL MOVEMENTS 87 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2006, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland ............................ Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea............................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Taiwan........................................... 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 organizations............ Regional organizations 8 ............... Total international and regional organizations............. Grand total ............................ 1 Total liabilities (1) Liabilities Financial (2) Total claims (4) Claims Financial (5) Commercial (6) 4,077 684 275 48 417 7,447 1,859 13 417 143 120 2,396 3 1,098 789 230 26,007 3,293 135 40 14 2 1,265 65 3 3 2 19 77 16 3 28 5,612 784 549 235 34 415 6,182 1,794 10 414 141 101 2,319 3 1,082 786 202 20,395 4,684 1,259 593 392 452 2,824 1,063 30 386 65 302 1,525 3 996 338 221 17,727 3,588 696 164 285 56 665 506 8 121 239 140 60 209 76 7,564 1,096 563 429 107 396 2,159 557 22 265 65 63 1,385 3 936 129 145 10,163 1 131 3 69 43 805 280 2,087 1 2 777 11 791 1 131 3 68 41 28 269 1,296 13 169 15 75 58 980 426 2,087 13 1 75 11 832 155 1,123 168 15 47 148 271 964 486 23 7 516 76,939 43 6 1 50 32,479 443 17 6 466 44,460 2,169 164 49 2,382 133,915 1,481 90 22 1,593 97,425 688 74 27 789 36,490 14 - 14 11 1 - 11 1 14 - 14 12 - 12 76,953 32,479 44,474 133,927 97,425 36,502 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. 2 Commercial (3) 4 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 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 5 December 2006 CAPITAL MOVEMENTS 88 SECTION IV.—U.S. International Transactions in Long-Term Securities TABLE CM-IV-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 purchases 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) 2002 ......................................... 2003 ......................................... 2004 ......................................... 2005 r ....................................... 2006 - Jan. - Sept. p ................ 119,921 263,580 352,079 338,543 114,477 7,149 103,838 201,140 68,475 37,240 110,761 159,685 150,220 267,116 76,483 2,011 57 719 2,952 754 7,264,450 8,001,517 8,936,045 10,061,571 7,682,925 7,144,529 7,737,937 8,583,966 9,723,028 7,568,448 195,145 155,800 226,401 219,434 225,506 1,727,972 1,440,289 1,209,381 1,098,131 1,043,088 1,532,827 1,284,489 982,980 878,697 817,582 2005 - Sept. r ........................... Oct. r............................. Nov. r............................ Dec. r............................ 2006 - Jan. r. ............................ Feb. r ............................ Mar. r ............................ Apr................................ May............................... June ............................. July ............................... Aug. p ........................... Sept. p .......................... 22,199 29,608 52,775 17,062 2,467 21,069 1,993 3,356 8,185 27,013 6,617 44,151 -374 -1,116 5,973 4,810 5,773 6,302 12,737 -7,255 10,961 -13,635 -4,702 8,240 16,886 7,706 23,423 23,203 47,894 10,995 -4,260 8,594 9,574 -8,011 21,060 32,203 -1,994 27,386 -8,069 -108 432 71 294 425 -262 -326 406 760 -488 371 -121 -11 1,013,739 809,209 844,726 603,752 809,263 819,243 921,648 691,917 1,040,062 874,437 769,231 876,851 880,273 991,540 779,601 791,951 586,690 806,796 798,174 919,655 688,561 1,031,877 847,424 762,614 832,700 880,647 19,197 32,799 11,226 11,276 27,884 30,271 18,923 15,137 34,616 22,922 18,470 31,217 26,066 96,726 112,145 89,997 94,810 110,187 110,616 106,328 116,264 138,544 114,660 113,735 117,193 115,561 77,529 79,346 78,771 83,534 82,303 80,345 87,405 101,127 103,928 91,738 95,265 85,976 89,495 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) 2002 .............................................................................. 2003 .............................................................................. 2004 .............................................................................. 2005 r ............................................................................ 2006 - Jan. - Sept. p ..................................................... 182,310 265,743 309,500 372,222 341,289 820,747 979,923 1,171,415 1,277,006 1,085,207 638,437 714,180 861,915 904,784 743,918 50,189 34,737 28,476 80,374 87,263 3,209,760 3,104,232 3,862,043 4,740,672 4,528,209 3,159,571 3,069,495 3,833,567 4,660,298 4,440,946 2005 - Sept. r ................................................................ Oct. r.................................................................. Nov. r................................................................. Dec. r................................................................. 2006 - Jan. r .................................................................. Feb. r ................................................................. Mar. r ................................................................. Apr..................................................................... May.................................................................... June................................................................... July .................................................................... Aug. p ................................................................ Sept. p ............................................................... 44,009 36,305 38,297 35,841 28,247 35,326 49,182 37,356 41,976 40,029 19,037 37,422 52,714 114,276 101,238 111,065 107,408 97,179 120,032 140,421 108,176 134,568 127,324 90,218 122,925 144,364 70,267 64,933 72,768 71,567 68,932 84,706 91,239 70,820 92,592 87,295 71,181 85,503 91,650 23,033 7,431 5,411 10,021 21,660 16,602 19,223 6,593 2,704 -3,971 10,432 4,380 9,640 445,019 465,585 422,066 425,507 457,675 438,434 516,363 456,731 609,929 551,041 478,553 527,451 492,032 421,986 458,154 416,655 415,486 436,015 421,832 497,140 450,138 607,225 555,012 468,121 523,071 482,392 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. December 2006 CAPITAL MOVEMENTS 89 TABLE CM-IV-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) 2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 2005 r ................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 2006 - Jan. - Sept. p ............................ -138,614 -86,246 1,278,637 1,364,883 -52,368 2,543,978 2,596,346 2005 - Sept. r ....................................... -24,131 -17,822 122,213 140,035 -6,309 198,605 204,914 Oct. r......................................... -3,730 2,247 148,155 145,908 -5,977 234,829 240,806 Nov. r........................................ -17,756 -337 108,319 108,656 -17,419 237,208 254,627 Dec. r........................................ -22,036 -5,615 117,158 122,773 -16,421 230,215 246,636 2006 - Jan. r ......................................... -13,682 -2,605 139,963 142,568 -11,077 243,908 254,985 Feb. r ........................................ -12,754 -207 141,170 141,377 -12,547 271,741 284,288 Mar. r ........................................ -18,856 -7,154 165,624 172,778 -11,702 294,550 306,252 Apr............................................ -16,217 -8,119 129,758 137,877 -8,098 268,954 277,052 May........................................... -20,494 -15,644 168,141 183,785 -4,850 371,188 376,038 June.......................................... -9,220 -10,339 139,733 150,072 1,119 307,312 306,193 July ........................................... -21,755 -18,759 119,475 138,234 -2,996 246,861 249,857 Aug. p ....................................... -2,728 -9,877 135,072 144,949 7,149 272,938 265,789 Sept. p ...................................... -22,908 -13,542 139,701 153,243 -9,366 266,526 275,892 Calendar year or month Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) December 2006 CAPITAL MOVEMENTS 90 TABLE CM-IV-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........................... Bulgaria........................... Cyprus 1 .......................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Kazakhstan 1 ................... Luxembourg.................... Monaco 1 ......................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia............................. Serbia and Montenegro 2... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. Ukraine 1 ......................... United Kingdom .............. Channel Islands .............. All other Europe 1 ............ Total Europe ............... Memo: Euro Area 3 .............. Memo: European Union 4 .... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica 5 .................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... All other Latin America 5 ... Total Latin America ..... See footnotes at end of table. December 2006 Marketable Treasury bonds and notes 2006 Jan. July Calendar year through through Sept. Sept. p 2005 r (2) (3) (1) U.S. Government corporations and Federal agency bonds 2006 Jan. July. Calendar year through through Sept. Sept. p 2005 r (5) (6) (4) Corporate bonds 2006 July Jan. Calendar through year through Sept. Sept. p 2005 r (8) (9) (7) Corporate stocks 2006 Jan. July Calendar year through through Sept. Sept. p 2005 r (11) (12) (10) 53 500 -108 n.a. 3,072 -713 -116 9,559 14,497 129 19 1,246 3,753 n.a. 2,046 n.a. -6,095 6,414 2,352 -264 107 1,974 217 3,859 1,832 -4,904 403 n.a. 134,118 419 -731 173,638 29,167 n.a. 21,419 -207 607 -41 n.a. 613 -2,949 -114 -9,112 1,927 313 191 1,360 462 n.a. -451 n.a. -1,317 -10,291 -2,253 -509 87 5,203 47 -1,199 1,590 -183 5,130 n.a. 61,318 -28 -318 49,875 -8,241 n.a. 21,303 132 -149 -17 -9 146 25 -65 -6,588 3,172 202 147 950 -278 -67 129 33 -1,201 13,422 454 -116 24 1,969 55 -727 -324 -489 1,714 -114 6,085 -287 365 18,593 -4,539 2,117 8,558 13 -398 34 n.a. -205 540 52 500 5,938 16 -26 3,591 721 n.a. 1,583 n.a. 1,259 1,238 -708 42 -145 3,101 1 213 252 -1,971 8 n.a. 40,819 54 -958 55,564 13,530 n.a. 12,553 -93 -3 13 n.a. -188 24 141 -1,060 3,208 15 -2,828 4,019 657 n.a. 5,322 n.a. -448 5,796 3 68 788 11,266 -6 735 -356 3 n.a. 39,541 42 781 67,441 11,821 n.a. 8,596 9 -61 5 -1 -130 -238 6 1,232 237 3 -2,730 1,755 211 86 2,012 51 -49 2,143 1 -10 432 3,578 128 125 82 2 30 6,916 238 85 16,149 5,474 9,522 2,454 -74 3,625 -12 n.a. -57 -921 -80 13,156 6,488 10 190 12,184 -53 n.a. 4,610 n.a. 2,772 3,100 -15 21 5 1 7,101 -370 3,742 4 n.a. 168,881 16,570 831 241,709 49,760 n.a. 2,279 231 -168 12 n.a. 5 -99 53 12,507 5,173 20 -1,156 9,964 -682 n.a. 4,408 n.a. 1,580 4,273 -36 86 1 28 5,929 912 5,864 -1 n.a. 158,462 8,563 193 216,121 39,100 n.a. 5,683 -154 -1,709 16 233 5 88 -75 7,474 498 11 -1,178 4,329 257 100 1,432 10 295 1,608 7 -63 25 1,872 841 2,870 -2 1 45,431 2,744 -68 66,899 14,168 59,619 575 -88 5,757 -13 n.a. 95 663 429 7,675 -3,278 53 -22 1,660 -2,567 n.a. 7,924 n.a. -2,326 2,300 -9 -50 -1 -52 -26 -486 1,334 -43 n.a. 18,199 350 538 38,016 15,163 n.a. 16,549 -60 3,073 -9 n.a. 88 1,941 287 11,747 -4,972 2 94 646 -1,021 n.a. 9,586 n.a. -1,817 -443 -19 153 -2 70 -1 246 126 2,501 -60 n.a. 38,730 1,054 277 62,215 17,868 n.a. 9,779 -226 475 12 5 197 249 3,338 -1,205 9 18 188 -755 -17 760 39 453 325 -25 8 -2 -14 203 13 429 -37 15,946 -161 -3 20,222 3,497 19,681 2,324 403 12,269 -1,507 1,512 n.a. 16 365 9,756 282 -39 393 518 -600 23,368 -20 16,196 -19 -2,107 n.a. 34 -165 5,400 73 -79 387 -71 818 20,447 -118 11,591 105 -55 174 31 61 -403 -52 -52 -101 -88 838 11,931 109 629 335 560 n.a. 1 39 11,874 531 767 539 -13 102 15,473 28 4,325 277 185 n.a. 67 21 909 234 553 411 63 1 7,074 9 2,753 88 44 76 31 6 694 65 126 80 44 13 4,029 1,248 524 226 270 n.a. 250 -6 1,618 837 433 630 500 673 7,203 522 291 364 618 n.a. 166 -30 2,864 588 476 179 1,464 112 7,614 67 75 123 37 44 79 -5 1,480 116 369 111 571 -27 3,040 -2 -218 121 82 n.a. -9 -4 -266 202 18 67 -111 17 -103 92 -68 201 104 n.a. -25 -11 1,375 15 166 77 -284 21 1,663 30 -161 46 -127 -7 -19 -4 -8 25 -19 -17 -12 -273 CAPITAL MOVEMENTS 91 TABLE CM-IV-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 Caribbean: Anguilla 6 ................................... Bahamas ................................... Barbados 6 ................................. Bermuda .................................... British Virgin Islands 6 ................ Cayman Islands ......................... Cuba.......................................... Jamaica ..................................... Netherlands Antilles................... Trinidad and Tobago.................. All other Caribbean 6 .................. Total Caribbean ..................... Asia: China, Mainland......................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea......................................... Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand..................................... Oil exporting countries 7 ............. All other Asia.............................. Total Asia .............................. Africa: Egypt ......................................... Liberia........................................ Morocco..................................... South Africa ............................... Oil exporting countries 8 ............. All other Africa ........................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other ............................. Total foreign countries ....... International and regional orgs: International organizations......... Regional organizations 9 ............ Total international and regional organizations.............. Grand total......................... Marketable Treasury bonds and notes 2006 Jan. July Calendar year through through Sept. Sept. p 2005 r (1) (2) (3) U.S. Government corporations and Federal agency bonds 2006 Jan. July Calendar year through through Sept. Sept. p 2005 r (4) (5) (6) Corporate bonds 2006 Jan. July Calendar year through through Sept. Sept. p 2005 r (7) (8) (9) Corporate stocks 2006 Jan. July Calendar year through through Sept. Sept. p 2005 r (10) (11) (12) n.a. 5,454 n.a. 33,924 n.a. -7,678 -135 839 -77 14,074 46,401 n.a. -9,586 n.a. 4,017 n.a. -22,199 -209 -699 377 2,840 -25,459 -7 4,354 884 -6,480 508 -5,040 -6 -759 -9 -3 -6,558 n.a. -72 n.a. 1,876 n.a. 12,467 294 -465 159 3,045 17,304 n.a. 548 n.a. 925 n.a. 20,957 155 319 -6 3,008 25,906 -50 237 1,698 583 4 11,349 -6 335 -27 -30 14,093 n.a. 1,110 n.a. 5,448 n.a. 34,154 167 124 -72 -443 40,488 n.a. 931 n.a. 6,649 n.a. 37,599 49 304 -49 4,646 50,129 285 433 231 1,775 897 17,446 -16 150 10 197 21,408 n.a. 2,176 n.a. 4,763 n.a. 5,034 5 2,657 9 770 15,414 n.a. -2,452 n.a. 3,856 n.a. 1,050 3 -239 38 1,033 3,289 292 -833 -11 920 445 582 2 1,720 11 -14 3,114 37,369 12,313 526 1,243 641 -5,955 1,459 2 1,056 -39 1,070 2,391 4,355 8,423 2,063 460 67,377 28,067 13,625 -1,066 1,364 -201 -6,556 9,128 -3 -2,295 -75 -70 94 -2,773 -43 6,619 548 46,363 8,182 23,026 881 16,289 218 7 71 -191 -277 270 6,549 59,201 2,718 4,006 -2 -3 140 1,795 -40 28 -188 380 -1,445 1,566 -1,817 8,983 1,846 437 -488 1,810 336 158 16,684 117,762 33,436 25,015 253 -933 336 39,037 2,198 2 2,407 -27 74 328 6,864 -14 6,125 123 115,224 11,626 7,328 -182 128 12,646 2,293 1,450 -3 65 -27 748 -19 2,943 -24 38,972 26,130 11,012 1 34 947 25,617 775 5 1,315 32 74 1,036 2,962 -3 1,022 -27 70,932 22,911 10,008 -31 152 200 6,550 2,159 -4 827 -11 118 4,129 1,891 34 4,441 146 53,520 5,717 3,086 -55 16 64 3,256 592 -4 237 -18 50 1,595 388 20 1,093 31 16,068 -528 1,050 -179 -62 1,312 72 -101 62 -165 -5 146 7,215 -3 -356 -24 1,789 -35 10,188 -306 418 -203 3 808 968 -115 67 -18 -3 -20 -117 -3 107 -11 7,814 -10 9,379 -90 256 -86 -20 68 -666 -1 16 -29 -5 -1 -1,911 -2 -57 -22 1,269 -2 -1,283 59 -11 51 63 2,027 33 2,222 -34 15 50 102 3,154 39 3,326 17 -264 71 4 69 -103 3 -129 17 2 23 -84 -52 -6 18 -40 33 140 -1 -27 85 164 394 20 73 -83 14 174 198 -1 79 -30 153 201 101 48 -3 60 -12 87 281 -15 -2 -9 68 10 144 196 -71 10 1 -21 6 -15 -90 143 994 29 1,166 335,591 -2,164 30 2 -2,132 113,723 -97 712 6 -113 1 9 -90 608 50,155 219,161 1,043 3 49 1,095 225,252 260 17 35 312 75,969 6,259 6,529 76 194 30 40 6,365 6,763 369,370 340,028 654 -13 5 646 108,837 140 80 -148 72 80,417 1,021 -301 -20 700 87,221 423 33 -26 430 24,444 2,555 397 451 303 83 190 134 120 -68 -148 482 779 234 102 -42 -1 33 9 8 2,952 338,543 754 114,477 239 273 50,394 219,434 254 225,506 -216 75,753 2,852 1,261 372,222 341,289 336 109,173 -43 80,374 42 87,263 8 24,452 179 9 100 29 517 203 1,037 292 -53 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 1,750 1,102 Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. Before June 2006, data for Costa Rica are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other Caribbean.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 5 December 2006 CAPITAL MOVEMENTS 92 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 2006, Preliminary [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 Marketable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: 5,786 2,756 Austria ....................................... 12,483 2,660 Belgium...................................... 59 30 Bulgaria...................................... 15,587 30 Cyprus 1 ..................................... 1,600 663 Czech Republic.......................... 4,985 955 Denmark .................................... 2,360 256 Finland....................................... France ....................................... 394,968 199,952 56,785 20,988 Germany.................................... 1,448 309 Greece....................................... 837 207 Hungary ..................................... Ireland........................................ 186,964 103,536 20,777 5,410 Italy ............................................ 1,641 522 Kazakhstan 1 .............................. 42,637 4,508 Luxembourg............................... 987 360 Monaco 1 .................................... 47,208 14,076 Netherlands ............................... 70,651 43,647 Norway....................................... 2,913 2,379 Poland ....................................... 1,408 107 Portugal ..................................... 1,564 835 Romania .................................... 9,499 4,152 Russia........................................ 216 203 Serbia and Montenegro 2 ........... 17,951 3,937 Spain ......................................... 25,982 2,922 Sweden...................................... 38,132 4,549 Switzerland ................................ 6,683 4,805 Turkey........................................ 361 305 Ukraine 1 .................................... United Kingdom ......................... 2,187,545 1,202,042 17,402 1,194 Channel Islands ......................... All other Europe 1 ....................... Canada........................................... Latin America: Argentina ................................... Brazil.......................................... Chile .......................................... Colombia.................................... Ecuador ..................................... Costa Rica 4 ............................... Guatemala ................................. Mexico ....................................... Panama ..................................... Peru ........................................... Uruguay ..................................... Venezuela.................................. All other Latin America 4............. Total Latin America................ Caribbean: Anguilla 5 .................................... Bahamas.................................... Barbados 5 ................................. See footnotes at end of table. December 2006 Corporate and other Bonds Stocks (4) (5) Foreign securities Stocks Bonds (6) (7) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal federallyFinancing Total Bank bonds sponsored agencies sales and notes (10) (9) (8) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 464 250 5 5 229 146 114 2,729 2,848 44 5,498 1,000 897 13,659 51 2,696 13,806 52 84 704 3,873 298 628 1,245 3 30 612 2,175 16 260 5 299 29 11,294 3,564 21 101 9,814 572 112 8,264 17 1,806 2,636 13 40 28 7,460 940 5,004 2 1 899 4,410 7 568 501 2,182 615 156,127 10,105 454 129 9,208 7,814 4 10,367 466 11,241 4,664 23 679 179 1,408 7,843 16,463 52 17 481 672 977 1 457 505 5,595 11,129 63 162 53,461 1,262 101 2,577 25 3,918 2,656 274 247 19 86 13 1,458 2,159 1,836 299 6 573 5,898 2,315 21,668 1 75 13,747 16,193 201 1,530 946 5,117 840 1,693 19,271 386,534 8,150 48,874 557 1,151 238 4,524 5,448 184,772 4,719 23,310 5 1,525 3,263 43,128 68 864 13,470 43,096 3,242 50,976 172 2,425 251 1,813 6 1,085 1,181 5,018 148 3,390 20,797 11,490 24,757 9,035 33,960 1,522 5,397 2 457 2,624 2,809 47 39 517 930 322 206,540 17,817 106 60 102,585 5,687 589 4,379 327 15,277 30,225 1,925 222 811 2,183 148 4,665 3,246 5,038 3,091 419 454 311 6 359 384 109 1,498 2,611 41 2,730 3,743 788 811 11,646 2,745 11,663 51 94 272 295 169 503 1,163 1 - 766 3,883 27 211 104 3,820 3,066 10 1,279 5,485 315 12 6,832 7 1,511 1,028 6 103 3 5,588 99 2,134 4 - 1,126 3,936 7 556 496 1,985 366 152,789 11,311 446 111 9,020 8,568 21 9,607 427 10,788 4,339 48 670 2 193 1,205 7,830 16,034 89 17 320 8,050 939 2 356 24 4,159 4,861 45 145 58,832 3,545 85 7,664 22 2,557 1,793 175 520 494 4,738 1,148 1,944 753 12 608 2,679 21 14,626 156 1,251 770 17,727 9,208 502 199 5,106 4,406 7 3,000 81 10,218 1,928 220 203 1,850 4,432 11,931 7,647 1,459 9 83,050 165,912 325,916 146,066 264,559 2,155,915 1,195,957 76,134 120,481 309,970 174,902 278,471 790,775 247,135 358,495 114,550 904 283 135,594 29,683 13,340 4,036 42,317 7,334 4,174 749 674 395 27,205 3,273 1,603 3,405 2,591 1,375 99,131 261 27,332 3,530 1,430 301 44 295 4,899 368 68 1,533 223 946 41,230 92 2,847 206 493 90 99 8 4,102 228 260 246 98 58 8,827 148 372 309 256 71 177 1 2,265 435 397 182 760 27 5,400 1,142 1,193 780 412 122 46 40 3,942 751 192 434 469 115 9,638 1,414 5,716 1,038 1,251 128 10 37 4,672 865 481 689 877 185 17,363 979 4,857 1,471 332 37 298 14 7,325 626 205 321 164 44 16,673 4,176 28,357 6,354 5,842 401 551 324 20,715 3,134 800 4,120 3,147 803 78,724 379 15,741 3,425 1,485 127 13 234 5,302 420 120 1,634 311 108 29,299 83 94 118 449 14 68 2 3,408 163 134 166 54 45 4,798 81 297 186 219 27 98 6 785 319 28 71 189 54 2,360 1,112 1,354 734 539 129 65 40 3,946 759 167 453 486 127 9,911 1,585 5,051 807 2,908 82 11 34 2,470 970 170 1,495 1,432 350 17,365 936 5,820 1,084 242 22 296 8 4,804 503 181 301 675 119 14,991 21,600 66,318 4,138 1,914 26,004 1,418 1,498 2,015 729 1,624 435 15,992 25,427 161 684 2,953 47 2,281 8,812 62 21,082 61,022 1,435 1,921 21,650 534 50 1,261 317 444 1,191 204 15,700 26,260 172 886 2,863 119 2,081 7,797 89 3,965 1,373 Total Europe.......................... 3,181,384 1,629,668 Memo: Euro Area 3 ......................... Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Domestic securities 8,791 246 230,035 45,652 7,539 3,493 844 576,679 213,328 31,307 933 958 238,397 81,369 43,189 2,087 15,115 1,481 261 6,665 1,008 371,011 3,114,479 1,611,075 62,248 782,733 363,034 37,210 238,844 105,992 666 198 119,445 24,209 10,886 6,047 314 163,136 31,484 6,964 3,654 847 556,457 209,831 28,983 1,954 1,313 4,047 251 284,088 380,278 95,317 58,858 47,701 38,318 CAPITAL MOVEMENTS 93 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 2006, 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 Country Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Bonds Stocks agencies (3) (4) (5) Bonds (6) 91,206 2,953 359,201 421 10,166 361 260 493,904 5,906 453 75,831 126 993 559 71 87,452 9,126 4,571 64,891 86 470 50 230 82,212 185,943 114,897 484,591 503 12,967 51 393 840,925 5,026 2,605 39,999 327 953 165 76 52,835 26,076 25,350 13,158 1 14 268 41,171 7,135 1,758 5 84 1,923 2,134 2 5,120 98,123 7,548 4,576 5 19 677 8,099 767 1 313 3 84 3,839 698 26 2,509 29,164 1,461 4,561 87 117 2,711 8,773 152 180 57 34 265 4,985 2,781 135 6,928 33,227 4 330 17 77 428 3 115 25 232 375 88 372 22 109 178 769 1,897 166 46 2,109 2,074 44 15 2,133 5,102 300 48 5,450 Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean, con. Bermuda ................................... 336,528 British Virgin Islands 5 ............... 151,147 Cayman Islands ........................ 1,133,295 Cuba ......................................... Jamaica .................................... 1,481 Netherlands Antilles .................. 30,570 Trinidad and Tobago................. 1,458 1,111 All other Caribbean 5 ................. Total Caribbean.................... 1,747,646 Asia: China, Mainland. ....................... 66,318 Hong Kong............................. 93,892 32,004 India....................................... 3,749 1,117 Indonesia ............................... 3,053 1,891 Israel...................................... 7,652 1,239 Japan..................................... 281,483 125,036 Korea ..................................... 34,628 20,707 Lebanon................................. 255 1 Malaysia................................. 4,309 591 Pakistan................................. 84 1 Philippines ............................. 1,939 858 Singapore .............................. 35,678 11,219 Syria ...................................... Taiwan ................................... 14,956 3,430 Thailand................................. 3,997 3,119 23,014 5,682 All other Asia.......................... Total Asia........................... 575,007 232,971 Africa: Egypt ..................................... 572 242 Liberia.................................... 1,284 19 Morocco................................. 183 150 South Africa ........................... 1,370 213 2,436 859 All other Africa ....................... 5,845 1,483 Total Africa ........................ Other countries: Australia................................. 40,520 9,495 New Zealand.......................... 1,258 123 170 6 All other ................................. 41,948 9,624 Total other countries .......... Total foreign countries ... 5,898,096 2,523,430 International and regional orgs: International organizations ..... 5,849 2,534 Regional organizations 6 ........ 5,015 391 Total international and 10,864 2,925 regional organizations..... Grand total..................... 5,908,960 2,526,355 1 345,873 239 377 616 346,489 356,858 1,497,995 342 307 22 19 649 41 357,507 1,498,036 Marketable Treasury and Federal Financing Bank bonds and notes (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Bonds Stocks agencies (10) (11) (12) 39,321 343,380 25,668 148,249 108,782 1,108,007 18 1,437 5,021 27,309 272 1,451 81 982 190,318 1,714,354 97,686 2,445 364,241 427 10,925 370 263 500,462 5,323 449 64,482 132 658 586 101 73,359 7,351 3,674 47,445 102 320 40 33 60,804 185,023 114,452 484,009 501 11,247 40 407 837,811 7,142 2,441 39,947 255 831 186 44 54,714 40,855 24,788 107,883 20 3,328 229 134 187,204 5,075 3,445 14 523 153 14,692 794 10 203 12 397 2,890 1,123 36 1,293 30,660 808 36,148 2,525 489 2,604 83,712 5,073 63 1,387 29 251 10,822 4,790 679 1,482 150,862 38,657 82,569 3,745 2,937 6,859 257,325 27,941 274 2,813 209 2,923 36,866 2 13,880 2,227 19,377 498,604 17,894 31,123 899 1,820 1,516 118,487 17,989 3 451 41 1,046 12,664 5,247 1,273 5,834 216,287 13,724 5,830 1 196 140 28,525 4,842 308 8 19 1,950 1,386 21 2,201 59,151 1,831 1,490 60 3 613 4,843 175 5 76 21 34 2,244 310 6 1,385 13,096 1,551 4,305 173 137 2,643 9,439 153 164 86 39 266 6,896 2 2,838 157 5,661 34,510 2,563 3,251 263 108 53 12,604 473 9 287 13 1,287 1,920 378 43 2,441 25,693 1,094 36,570 2,349 673 1,894 83,427 4,309 93 1,605 87 271 11,192 3,721 727 1,855 149,867 52 126 142 667 987 183 322 11 864 423 1,803 687 1,214 110 1,397 830 4,238 63 10 50 184 139 446 4 382 23 59 468 4 36 55 79 174 159 362 21 130 187 859 77 26 1 172 23 299 380 398 38 833 343 1,992 4,292 17,660 144 481 7 48 4,443 18,189 39,845 1,182 232 41,259 9,592 117 5 9,714 1,637 149 11 1,797 1,420 57 10 1,487 4,679 267 74 5,020 4,575 122 28 4,725 17,942 470 104 18,516 387,874 786,066 5,690,502 2,473,275 269,904 248,021 1,473,551 434,585 791,166 1,144 697 211 161 Foreign securities Total sales (8) 2,688 3,686 24 235 4,034 2,043 2,242 444 6,374 259 6,077 2,686 832 394,248 786,325 5,696,579 2,475,961 270,736 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 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 December 1994 for the former Yugoslav Republic of Macedonia. 2 Stocks (7) 307 525 Foreign securities Bonds (13) Stocks (14) 108 205 22 11 313 33 1,841 372 248,334 1,473,584 436,426 791,538 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other Caribbean.” 6 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. December 2006 CAPITAL MOVEMENTS 94 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2005 [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 Markeable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: 17,174 7,324 Austria............................... 16,005 Belgium............................. 100,220 305 190 Bulgaria............................. 28,516 26,520 Czech Republic................. 18,952 5,851 Denmark ........................... 10,918 5,377 Finland .............................. France............................... 1,230,699 804,377 Germany ........................... 268,230 114,041 4,174 673 Greece .............................. 2,346 295 Hungary ............................ Ireland............................... 598,968 409,336 86,907 28,080 Italy ................................... 25,647 Luxembourg ...................... 115,735 47,282 Netherlands....................... 128,088 Norway.............................. 287,724 225,225 9,383 7,098 Poland............................... 15,543 11,364 Portugal............................. 4,032 3,249 Romania............................ 11,023 4,232 Russia............................... 861 859 Serbia and Montenegro 1 .. 32,425 Spain................................. 139,819 37,013 Sweden............................. 106,975 39,675 Switzerland ....................... 167,706 20,180 16,835 Turkey............................... United Kingdom................. 7,850,118 4,373,819 88,687 8,395 Channel Islands ................ Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 2,449 39,946 42 640 1,151 663 12,571 9,365 49 57 14,665 3,186 24,441 9,628 30,482 299 833 140 3,510 1 29,395 5,228 6,467 13 733 8,468 3 1,729 101 25,615 17,979 205 538 31,284 1,289 17,579 7,201 6,811 24 148 13 1 55,152 1,260 15,301 126 3,269 20,609 31 927 5,024 1,725 321,345 86,211 1,155 668 46,900 36,814 28,993 35,952 13,657 542 1,842 6 1,596 5,842 22,805 67,457 171 985 2,906 34 8 1,378 166 7,521 15,805 275 267 82,305 1,701 9,242 5,723 3,793 822 435 381 400 5,062 1,406 8,529 977 2,414 16,957 12,286 89,321 5 373 421 25,643 3,819 19,155 2,886 11,200 59,270 1,210,979 24,829 244,448 1,817 3,812 521 2,224 14,478 574,744 15,837 85,934 9,833 101,503 22,302 134,786 7,756 274,326 598 7,395 921 16,618 256 3,963 1,272 6,363 642 11,943 134,505 39,263 116,442 30,277 172,363 2,058 23,329 7,271 15,505 298 23,448 6,564 5,493 794,818 99,544 544 276 408,090 24,327 23,601 53,377 218,811 4,746 11,628 3,142 2,258 642 28,566 35,181 44,579 16,432 2,436 40,344 8 845 611 611 12,071 3,427 33 83 11,074 2,465 22,858 8,369 29,244 1,007 791 285 409 29,182 4,976 8,438 5 807 4,843 15 57 2,650 181 12,459 11,491 195 348 19,100 1,342 12,969 4,429 3,711 39 127 8 48,051 1,630 11,559 122 3,357 14,852 44 832 4,361 1,296 313,670 89,489 1,102 690 45,240 39,381 21,069 38,278 11,357 551 1,892 7 1,648 5,868 23,291 66,123 214 730 1,261 4 31 976 48 14,503 13,717 150 277 78,724 1,200 11,821 6,206 4,503 436 446 488 176 9,733 6,009 9,021 4,350 2,356 12,516 4 430 3,993 3,571 63,458 26,780 1,788 550 12,516 17,219 9,185 24,127 6,700 616 1,734 41 1,864 13,105 45,355 32,643 2,206 224,586 594,808 1,106,734 710,717 839,454 7,534,483 4,239,701 183,767 425,927 1,088,535 729,784 866,769 Total Europe ................. 11,376,693 6,282,801 4,311 2,777 426,895 37,125 17,960 16,473 1,781 7,156 5,374 825,274 1,835,391 882,685 4,423 70,329 7,976 14,708 67,598 32,345 1,123,647 10,949,435 6,109,163 4,257 3,735 371,331 20,555 17,610 950 6,618 583,565 1,797,375 15,633 4,298 7,368 16,582 917,595 1,170,406 Memo: Euro Area 2 ................ 2,716,475 1,501,931 All other Europe 1 .............. Canada ................................. Latin America: Argentina........................... Brazil................................. Chile.................................. Colombia........................... Ecuador............................. Guatemala ........................ Mexico .............................. Panama............................. Peru .................................. Uruguay ............................ Venezuela ......................... All other Latin America ...... Total Latin America ....... See footnotes at end of table. December 2006 63,410 31,614 147,191 165,754 590,657 132,126 178,816 2,624,807 1,472,764 133,661 115,994 575,494 138,539 188,355 894,288 441,240 34,242 31,377 120,180 149,558 117,691 846,047 419,821 21,689 29,098 103,631 150,913 120,895 15,502 82,428 22,102 18,786 2,608 1,751 101,174 13,697 3,818 10,763 9,583 19,851 302,063 1,656 57,443 12,766 8,748 163 1,361 37,881 1,328 129 3,386 1,685 15,589 142,135 338 1,084 1,842 1,276 271 68 21,695 3,331 811 848 191 508 32,263 1,734 1,246 803 815 599 20 5,783 1,919 599 877 1,380 1,033 16,808 3,096 11,609 2,003 764 1,086 23 12,336 1,675 330 889 818 224 34,853 13,721 80,920 23,888 18,112 2,861 1,568 82,288 13,298 3,931 9,093 9,905 20,024 279,609 1,253 45,174 14,273 7,236 147 996 28,125 1,046 168 2,993 1,167 16,189 118,767 229 455 1,507 716 270 29 9,821 2,800 44 309 204 406 16,790 486 722 577 545 349 26 4,165 1,082 166 247 880 360 9,605 3,552 3,192 1,780 932 242 90 9,410 2,681 338 1,299 2,699 803 27,018 5,149 15,670 3,262 8,120 792 398 16,652 3,883 2,614 3,306 4,231 2,042 66,119 3,052 15,707 2,489 563 1,061 29 14,115 1,806 601 939 724 224 41,310 3,550 2,974 1,901 1,014 233 86 9,144 2,883 356 1,366 2,588 820 26,915 5,128 8,072 2,787 6,169 256 193 14,335 2,561 1,593 3,397 2,921 1,677 49,089 CAPITAL MOVEMENTS 95 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2005, 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 Domestic securities Market able Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Bahamas .............................. 443,618 291,507 Bermuda ............................... 1,444,626 670,364 Cayman Islands .................... 3,313,922 1,050,031 Cuba..................................... 4,305 1,435 Jamaica ................................ 34,918 Netherlands Antilles.............. 101,875 5,445 1,678 Trinidad and Tobago............. 5,104 36,673 242,866 702 1,387 2,050 6,635 295,417 7,498 107,076 34,226 579,832 203,367 1,429,104 225 274 1,359 48,362 112 139 22,489 435,281 269,276 2,600,068 14,648 17,785 24,799 98,732 152,639 235,915 1,643 26 4,305 11,544 1,306 160 16,747 93,390 216,087 457,552 433,858 286,053 1,402,080 636,440 3,263,379 1,057,709 3,736 1,570 98,130 34,079 5,364 1,755 654,752 83,973 5,861,299 2,101,579 5,176 34,797 230,399 408 1,852 1,891 3,590 278,113 189,422 110,291 3,452 3,577 12,315 485,265 39,958 23 11,084 23 4,931 66,984 13,046 13,761 25,131 979,263 77,840 34,530 8 510 594 131,993 16,512 16 2,325 42 2,774 7,989 15,477 452 8,906 299,968 31,050 16,723 16 50 3,279 45,431 3,853 16 1,576 51 336 10,459 4,268 35 2,762 119,905 2,605 13,864 246 299 9,099 49,843 529 731 413 89 704 23,384 1 8,258 476 25,641 136,182 10,815 1,630 14,557 98,514 146 10,167 1,083 2,063 401 4,497 90,509 254,964 4,696 19,136 80 133 1,224 3,436 13 70 2,344 774 11,504 28,536 3,528 14,477 156 2,975 5,347 3,626 146,403 444,998 224,092 254,897 15,258 8,933 28,209 1,011,912 78,604 919 15,575 408 10,621 135,704 4 48,342 10,126 62,407 1,906,011 152,053 97,978 2,926 2,334 11,674 491,220 38,499 21 10,028 62 3,861 64,593 8,691 5,338 22,608 911,886 54,814 18,241 1 701 324 72,792 12,506 19 530 14 2,394 6,423 6,494 15 6,938 182,206 4,920 5,711 15 16 2,332 19,814 3,078 11 261 19 262 9,423 1,306 38 1,767 48,973 19,561 109 13 364 274 4,627 5,387 23 451 103 340 917 52 331 114 807 1,304 896 2,200 64 511 917 4,588 54 88 4 511 806 1,463 1,665 658 29 2,622 928 5,902 2,669 3,782 476 5,722 5,786 18,435 50 24 313 211 2,567 3,165 6 715 32 267 1,020 141,110 5,800 1,904 148,814 48,056 1,408 152 49,616 6,673 399 80 7,152 8,717 144 84 8,945 13,992 950 720 15,662 11,053 1,512 475 13,040 52,619 1,387 393 54,399 148,013 4,719 1,814 154,546 47,913 414 123 48,450 5,961 512 71 6,544 Country Total purchases (1) Caribbean 672,589 98,047 5,986,380 2,147,980 Total Caribbean................ All other Caribbean ............... Asia: China, Mainland ............... 313,362 Hong Kong ........................ 288,479 14,035 India .................................. 7,582 Indonesia........................... 30,185 Israel ................................. Japan ................................ 1,058,005 84,684 Korea ................................ 999 Lebanon ............................ 20,058 Malaysia............................ 288 Pakistan ............................ 11,863 Philippines......................... Singapore.......................... 148,856 1 Syria.................................. 59,054 Taiwan .............................. 17,855 Thailand ............................ 71,413 All other Asia ..................... Total Asia ...................... 2,126,719 Africa: 2,799 Egypt................................. 3,741 Liberia ............................... 461 Morocco ............................ 4,135 South Africa....................... 8,425 All other Africa................... Total Africa.................... Other countries: Australia ............................ New Zealand ..................... All other............................. Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Total other countries...... Total foreign countries ............... 20,854,518 10,048,422 1,096,854 1,272,889 4,738,986 1,458,325 2,239,042 20,015,382 9,712,831 International and regional orgs: 17,981 12,110 837 2,551 1,329 914 240 13,755 9,555 International organizations... 4,867 1,039 440 1,566 357 643 822 10,047 642 Regional organizations 3 ..... Total international and 22,848 13,149 1,277 4,117 1,686 1,557 1,062 23,802 10,197 regional organizations....... Grand total................... 20,877,366 10,061,571 1,098,131 1,277,006 4,740,672 1,459,882 2,240,104 20,039,184 9,723,028 1 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 “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 877,693 754 250 1,004 878,697 Corporate and other Bonds Stocks (11) (12) 6,388 104,900 28,778 575,069 169,213 1,424,070 58 269 1,235 45,705 184 130 22,932 434,511 228,788 2,584,654 Foreign securities Bonds Stocks (13) (14) 15,088 25,124 149,474 1,407 4,573 1,244 17,501 214,411 16,253 101,872 232,514 24 10,686 160 92,245 453,754 3,133 12,814 425 361 7,787 49,771 630 669 578 94 558 16,169 4 8,614 500 23,887 125,994 2,686 13,706 811 3,021 539 83,346 3,682 54 527 8 2,737 7,525 917 715 3,948 124,222 6,486 106,447 11,080 2,500 5,553 294,969 20,209 145 3,651 211 809 31,571 22,320 3,520 3,259 512,730 19 191 1 141 558 910 795 2,152 67 451 842 4,307 108 59 704 385 1,256 1,691 641 95 4,183 1,167 7,777 2,458 68 54 2,580 13,852 870 868 15,590 20,602 1,424 240 22,266 57,227 1,431 458 59,116 903,519 4,658,569 1,496,782 2,365,988 998 7,197 276 1,136 801 464 1,371 358 1,265 1,729 8,195 1,412 904,784 4,660,298 1,504,977 2,367,400 2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. December 2006 96 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 650 600 (In billions of dollars) 550 Note: To facilitate comparison of net purchases during 2006 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 500 450 400 350 300 250 200 150 100 50 0 -50 2003 2004 2005 2006 Jan.- Sept. 2006 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 ................................. 2006 2006 Jan. - Sept. July. - Sept. 2003 2004 2005 167,329 114,433 78,538 176,587 116,980 653,867 65,993 254,112 110,153 87,638 247,114 130,399 829,416 87,040 362,017 146,910 103,663 78,935 187,324 878,849 131,724 298,051 97,601 42,890 39,999 184,487 663,028 105,507 74,378 47,485 26,893 21,785 48,656 219,197 40,575 719,860 916,456 1,010,573 768,535 259,772 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. December 2006 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 $2 billion in 2003, $36 billion in 2004, $6 billion in 2005, and $1 billion in the first 9 months of 2006. (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. The TIC website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows on foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments, also are not reported under the TIC system, are estimated to have reduced foreign net purchases of U.S. securities by $123 billion in 2003, $86 billion in 2004, $141 billion in 2005, and $104 billion for the first 9 months of 2006. Net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2003, net foreign acquisitions of U.S. securities (including stock swaps and accounting for ABS repayment flows) totaled $599 billion. Net acquisitions increased to $866 billion in 2004, and rose to a new record of $875 billion in 2005. Data for the first 9 months of 2006 show net acquisitions of $665 billion, similar to the pace in 2005. CAPITAL MOVEMENTS 97 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 300 (In billions of dollars) Note: To facilitate comparison of net purchases during 2006 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 250 200 150 100 50 0 -50 2002 2003 Foreign bonds 2004 2005 2006 2006 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 ..................... 2002 2003 2004 2005 2006 Jan. - Sept. 2006 July- Sept. -28,492 1,493 -26,999 -32,046 88,587 56,541 67,872 84,970 152,842 45,095 127,296 172,391 86,246 52,368 138,614 42,178 5,213 47,391 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, $4 billion in 2005, and $6 billion in the first 9 months of 2006. (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 $176 billion in 2005. In the first 9 months of 2006, U.S. investors acquired $145 billion in foreign securities, a pace of acquisition that was slightly higher than in 2005. December 2006 98 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. December 2006 A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. FOREIGN CURRENCY POSITIONS 99 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 04/05/06 .................................................................... 479,931 486,451 4,327 1.1619 04/12/06 .................................................................... 497,384 506,689 4,608 1.1479 04/19/06 .................................................................... 509,392 519,995 5,155 1.1367 04/26/06 .................................................................... 532,275 542,272 6,548 1.1271 05/03/06 .................................................................... 530,302 544,343 6,184 1.1072 05/10/06 .................................................................... 529,746 547,822 7,412 1.1005 05/17/06 .................................................................... 548,652 567,711 6,655 1.1116 05/24/06 .................................................................... 565,871 583,239 5,996 1.1228 05/31/06 .................................................................... 561,116 580,667 5,900 1.1027 06/07/06 .................................................................... 582,369 600,398 6,231 1.1117 06/14/06 .................................................................... 613,285 628,588 6,483 1.1121 06/21/06 .................................................................... 509,040 523,334 6,695 1.1042 06/28/06 .................................................................... 520,046 531,947 5,565 1.1240 07/05/06 .................................................................... 508,785 521,132 5,158 1.1115 07/12/06 .................................................................... 519,118 529,614 n.a. 1.1353 07/19/06 .................................................................... 543,677 554,261 n.a. 1.1353 07/26/06 .................................................................... 541,342 545,792 n.a. 1.1375 08/02/06 .................................................................... 546,296 553,222 n.a. 1.1258 08/09/06 .................................................................... 568,705 576,862 n.a. 1.1197 08/16/06 .................................................................... 571,283 582,960 n.a. 1.1160 08/23/06 .................................................................... 586,116 599,618 5,623 1.1100 08/30/06 .................................................................... 597,503 613,733 5,877 1.1099 09/06/06 .................................................................... 643,020 656,114 5,545 1.1052 09/13/06 .................................................................... 657,212 671,129 4,978 1.1191 09/20/06 .................................................................... 541,582 557,609 n.a. 1.1272 09/27/06 .................................................................... 542,273 559,066 n.a. 1.1150 December 2006 FOREIGN CURRENCY POSITIONS 100 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Office of International Monetary and Financial Policy] 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) 2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 2005 - Oct ................... 502,884 514,528 153,407 134,295 80,140 87,957 92,076 90,371 -137 1.1796 Nov .................. 540,825 549,962 148,363 126,720 71,368 73,116 69,578 69,059 2,806 1.1670 Dec .................. 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 Apr................... 519,848 532,981 170,064 154,319 68,240 67,161 78,300 77,958 6,055 1.1203 May.................. 560,039 580,758 174,499 154,485 72,693 70,186 87,548 88,881 6,156 1.1027 June................. 505,810 516,196 167,922 149,903 70,159 65,375 76,587 78,921 5,511 1.1150 July .................. 543,484 550,749 175,085 156,506 68,831 66,468 76,505 76,586 n.a. 1.1309 Aug .................. 601,998 616,249 170,353 150,803 74,981 71,810 82,379 82,167 5,631 1.1066 Sept ................. 530,755 549,613 169,857 152,331 72,604 66,917 83,597 88,294 5,635 1.1151 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) n.a. 1,334 1,160 620 -39 1.2972 n.a. 199 1,080 2,556 635 -517 1.3116 n.a. n.a. 736 1,786 747 -13 1.3331 n.a. 378 445 2,178 1,334 -195 1.2619 n.a. 465 406 2,251 1,852 -232 1.2041 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 Spot, forward and future contracts Non-capital items Purchased (1) Sold (2) Assets (3) Liabilities (4) 27,390 37,777 60,864 35,554 2004 - Mar................... 30,877 41,235 94,200 June................. 30,322 50,196 95,204 Sept. ................ 24,725 34,609 97,007 Dec .................. 25,555 34,582 96,398 2005 - Mar................... 25,265 32,483 June ................. 28,178 39,883 Sept.................. 25,097 Report date 2003 - Dec................... Options positions Puts Calls Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 2006 - Mar................... 24,604 30,803 n.a. n.a. 662 824 2,870 905 -826 1.167 June.................. 25,026 29,920 n.a. n.a. 463 758 2,501 688 -700 1.115 December 2006 FOREIGN CURRENCY POSITIONS 101 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Exchange rate (Japanese yen per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 04/05/06 .................................................................. 248,082 249,760 -466 117.59 04/12/06 .................................................................. 245,768 248,224 -827 118.47 04/19/06 .................................................................. 248,632 250,712 -813 117.58 04/26/06 .................................................................. 267,596 268,734 -823 114.72 05/03/06 .................................................................. 267,877 268,622 -762 113.44 05/10/06 .................................................................. 270,770 271,202 -1,408 110.55 05/17/06 .................................................................. 284,057 285,427 -1,424 110.60 05/24/06 .................................................................. 289,918 289,832 -1,152 112.80 05/31/06 .................................................................. 290,813 289,895 -898 112.26 06/07/06 .................................................................. 298,497 297,993 -794 113.35 06/14/06 .................................................................. 315,848 315,081 -640 114.85 06/21/06 .................................................................. 275,848 274,511 -722 114.76 06/28/06 .................................................................. 270,635 268,904 -485 116.42 07/05/06 .................................................................. 278,064 276,235 -516 115.65 07/12/06 .................................................................. 282,456 279,533 -863 115.41 07/19/06 .................................................................. 287,453 285,266 -1,080 117.08 07/26/06 .................................................................. 279,936 277,673 -296 116.85 08/02/06 .................................................................. 291,223 289,538 -916 114.54 08/09/06 .................................................................. 285,432 283,594 -1,000 115.14 08/16/06 .................................................................. 291,524 289,366 -439 115.71 08/23/06 .................................................................. 290,476 287,878 -684 116.43 08/30/06 .................................................................. 298,937 296,035 -1,113 117.07 09/06/06 .................................................................. 302,375 300,958 -1,386 116.73 09/13/06 .................................................................. 306,990 305,112 -927 117.47 09/20/06 .................................................................. 280,846 278,773 -1207 117.29 09/27/06 .................................................................. 281,893 279,938 -804 117.53 Report date December 2006 FOREIGN CURRENCY POSITIONS 102 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2003 - Dec.................. 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 2005 - Oct .................. 256,320 258,052 53,648 54,732 51,696 53,838 67,532 66,826 -396 116.36 Nov. ................ 284,309 286,789 54,894 53,600 53,909 54,342 54,477 53,570 -40 119.66 Dec. ................ 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 2006 - Jan .................. 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 Feb ................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 Mar ................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 Apr.................. 294,033 294,109 64,789 66,067 76,809 77,965 66,271 63,658 -725 113.79 May................. 285,022 284,069 61,373 61,954 87,985 90,864 71,927 68,004 -1,475 112.26 June................ 297,203 295,494 63,441 63,875 88,696 89,726 71,975 68,708 -515 114.51 July ................. 312,459 310,916 62,849 62,834 86,999 93,658 76,131 73,012 -878 114.44 Aug ................. 318,012 315,284 63,059 63,237 83,278 85,278 76,063 73,256 -1,130 117.35 Sept ................ 299,128 296,874 60,314 60,431 87,003 89,562 77,269 74,421 -833 117.99 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 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) 2003 - 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................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 2006 - Mar................... 9,559 10,001 9,742 5,812 823 n.a. 1,041 n.a. -78 117.48 June.................. 8,764 8,954 7,684 4,052 1066 n.a. 505 n.a. 198 114.51 December 2006 FOREIGN CURRENCY POSITIONS 103 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 04/05/06 .................................................................. 668,606 679,519 10,936 1.2857 04/12/06 .................................................................. 673,484 676,561 9,329 1.2995 04/19/06 .................................................................. 698,574 712,441 9,573 1.2705 04/26/06 .................................................................. 700,341 709,295 9,701 1.2675 05/03/06 .................................................................. 723,638 733,514 7,358 1.2351 05/10/06 .................................................................. 705,278 713,308 8,737 1.2186 05/17/06 .................................................................. 704,620 716,220 7,466 1.2178 05/24/06 .................................................................. 720,964 728,282 7,090 1.2188 05/31/06 .................................................................. 667,797 673,956 7,562 1.2159 06/07/06 .................................................................. 711,606 715,758 8,290 1.2208 06/14/06 .................................................................. 737,819 742,572 9,494 1.2271 06/21/06 .................................................................. 528,929 538,580 7,966 1.2329 06/28/06 .................................................................. 520,543 525,943 9,017 1.2479 07/05/06 .................................................................. 532,171 543,773 10,986 1.2336 07/12/06 .................................................................. 564,876 576,293 10,626 1.2344 07/19/06 .................................................................. 607,221 611,406 6,279 1.2497 07/26/06 .................................................................. 589,828 592,578 6,079 1.2488 08/02/06 .................................................................. 599,874 608,327 7,818 1.2293 08/09/06 .................................................................. 578,955 584,615 7,977 1.2228 08/16/06 .................................................................. 618,729 625,693 8,808 1.2272 08/23/06 .................................................................. 625,211 632,668 9,026 1.2357 08/30/06 .................................................................. 639,825 649,381 9,093 1.2293 09/06/06 .................................................................. 722,446 731,794 9,954 1.2378 09/13/06 .................................................................. 775,432 785,635 9,387 1.2491 09/20/06 .................................................................. 589,567 602,343 9,152 1.2498 09/27/06 .................................................................. 588,845 604,836 10,195 1.2451 December 2006 FOREIGN CURRENCY POSITIONS 104 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) 60,600 2003 - Dec................... 335,009 347,189 52,350 54,773 2004 - Dec................... 513,527 535,713 52,492 57,292 2005 - Oct ................... 608,329 620,749 61,422 64,259 Nov .................. 651,659 666,250 55,424 49,847 Dec .................. 599,163 609,505 58,736 2006 - Jan ................... 640,273 653,345 Feb .................. 733,504 Mar .................. 670,466 Apr................... Options positions Puts Written Bought Written (6) (7) (8) Calls Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 54,918 78,846 77,646 278 1.2407 54,511 52,132 53,509 47,728 2,918 1.1417 110,535 106,318 84,209 71,116 2,538 1.2900 90,053 83,866 63,868 53,043 2,193 1.3148 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 63,431 63,686 115,713 104,059 85,278 70,203 5,369 1.2784 713,614 79,629 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 681,666 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 772,327 783,403 91,363 95,077 95,885 91,527 108,354 106,916 9,118 1.2411 May.................. 644,787 651,170 72,754 73,612 110,911 105,578 122,077 117,845 1,759 1.2159 June................. 546,074 552,858 69,993 70,944 104,742 94,686 116,673 115,261 10,107 1.2247 July .................. 576,765 579,881 67,686 69,097 116,188 112,484 122,892 119,621 8,346 1.2311 Aug .................. 640,777 643,594 65,950 70,881 118,631 120,353 113,945 114,436 9,421 1.2336 Sept ................. 592,282 607,776 61,941 67,928 164,396 161,305 180,438 185,248 13,880 1.2504 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 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) 2003 - 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................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 2006 - Mar................... 20,009 28,592 41,540 10,966 n.a. n.a. 745 575 n.a. 1.3025 June.................. 17,596 21,001 44,998 11,526 n.a. n.a. 623 479 n.a. 1.2247 December 2006 FOREIGN CURRENCY POSITIONS 105 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 04/05/06 .................................................................. 767,083 772,101 7,329 1.7497 04/12/06 .................................................................. 782,049 787,173 7,543 1.7508 04/19/06 .................................................................. 801,203 807,220 8,960 1.7895 04/26/06 .................................................................. 826,317 839,166 8,321 1.7897 05/03/06 .................................................................. 821,098 832,798 9,416 1.8446 05/10/06 .................................................................. 833,229 849,580 9,687 1.8648 05/17/06 .................................................................. 891,057 907,284 9,352 1.8820 05/24/06 .................................................................. 848,475 860,672 8,600 1.8678 05/31/06 .................................................................. 813,210 822,430 7,979 1.8732 06/07/06 .................................................................. 826,836 838,825 6,176 1.8585 06/14/06 .................................................................. 862,336 870,460 5,478 1.8491 06/21/06 .................................................................. 720,687 730,218 6,058 1.8460 06/28/06 .................................................................. 724,834 732,197 4,443 1.8159 07/05/06 .................................................................. 702,589 711,726 5,282 1.8342 07/12/06 .................................................................. 713,715 721,872 5,012 1.8347 07/19/06 .................................................................. 752,893 768,098 6,123 1.8377 07/26/06 .................................................................. 755,857 767,746 6,377 1.8474 08/02/06 .................................................................. 754,444 768,411 5,842 1.8781 08/09/06 .................................................................. 777,451 793,612 6,447 1.9089 08/16/06 .................................................................. 784,096 801,042 6,169 1.8999 08/23/06 .................................................................. 793,842 815,613 5,902 1.8929 08/30/06 .................................................................. 813,062 832,186 6,268 1.9042 09/06/06 .................................................................. 843,109 864,089 4,763 1.8810 09/13/06 .................................................................. 862,108 884,053 3,969 1.8767 09/20/06 .................................................................. 754,536 766,417 3,740 1.8894 09/27/06 .................................................................. 777,899 799,320 1,847 1.8866 December 2006 FOREIGN CURRENCY POSITIONS 106 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 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) 2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 2005 - Oct ................... 761,450 775,272 287,499 256,854 68,502 59,856 82,301 85,893 4,536 1.7689 Nov .................. 795,767 806,868 273,944 257,257 70,294 64,813 81,263 84,796 4,670 1.7321 Dec .................. 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 Apr................... 835,022 846,351 354,455 308,103 64,594 53,009 66,218 72,061 8,979 1.8220 May.................. 836,629 845,419 364,089 312,446 71,914 66,346 72,405 79,071 7,380 1.8732 June................. 725,150 736,071 355,843 303,614 68,589 63,326 66,706 71,128 5,207 1.8491 July .................. 755,506 765,260 359,328 314,167 66,022 58,513 68,251 69,619 5,967 1.8685 Aug .................. 821,972 838,655 377,759 331,135 68,908 63,446 65,708 69,177 6,279 1.9024 Sept ................. 774,062 799,307 375,214 319,165 65,845 63,047 65,939 67,262 1,357 1.8716 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 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) 2003 - 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................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 2006 - Mar................... 24,371 39,982 61,619 30,338 409 336 n.a. 1,923 -810 1.7393 June.................. 23,891 37,629 65,463 31,087 394 336 3,774 n.a, -607 1.8491 December 2006 FOREIGN CURRENCY POSITIONS 107 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 International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 04/05/06 ................................................................ 9,341,884 9,501,978 -14,446 n.a. 04/12/06 ................................................................ 9,374,453 9,598,450 -11,364 n.a. 04/19/06 ................................................................ 9,477,394 9,701,880 -15,086 n.a. 04/26/06 ................................................................ 10,036,257 10,260,397 -15,817 n.a. 05/03/06 ................................................................ 10,156,646 10,391,572 -16,249 n.a. 05/10/06 ................................................................ 10,398,197 10,615,672 -9,901 n.a. 05/17/06 ................................................................ 10,807,233 11,064,144 583 n.a. 05/24/06 ................................................................ 10,851,087 11,062,187 931 n.a. 05/31/06 ................................................................ 10,371,595 10,608,203 -203 n.a. 06/07/06 ................................................................ 10,587,684 10,825,797 5,384 n.a. 06/14/06 ................................................................ 10,954,431 11,167,446 3,141 n.a. 06/21/06 ................................................................ 9,567,897 9,804,238 4,531 n.a. 06/28/06 ................................................................ 9,524,935 9,703,672 7,295 n.a. 07/05/06 ................................................................ 9,554,304 9,815,404 14,316 n.a. 07/12/06 ................................................................ 9,758,536 10,001,539 9,730 n.a. 07/19/06 ................................................................ 9,921,507 10,182,370 9,251 n.a. 07/26/06 ................................................................ 9,803,594 10,076,680 4,702 n.a. 08/02/06 ................................................................ 10,023,600 10,284,975 3,483 n.a. 08/09/06 ................................................................ 9,930,581 10,168,737 2,532 n.a. 08/16/06 ................................................................ 10,235,438 10,503,192 2,111 n.a. 08/23/06 ................................................................ 10,280,050 10,538,456 2,897 n.a. 08/30/06 ................................................................ 10,569,550 10,828,783 361 n.a. 09/06/06 ................................................................ 10,733,354 10,960,580 2,164 n.a. 09/13/06 ................................................................ 11,019,969 11,260,077 2,192 n.a. 09/20/06 ................................................................ 9,847,225 10,092,029 3,188 n.a. 09/27/06 ................................................................ 10,019,313 10,187,577 6,867 n.a. December 2006 FOREIGN CURRENCY POSITIONS 108 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 International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (10) 2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 2005 - Oct ................... 9,175,337 9,222,161 - - 1,194,152 1,210,907 1,408,923 1,420,156 -5,214 n.a. Nov .................. 9,613,292 9,676,066 - - 1,194,640 1,209,079 1,166,477 1,188,580 -13,615 n.a. Dec .................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. Apr................... 10,778,208 11,007,781 - - 1,567,422 1,496,237 1,635,862 2,709,089 -21,552 n.a. May.................. 10,421,788 10,650,275 - - 1,716,677 1,963,147 1,829,209 1,892,706 286 n.a. June................. 10,068,313 10,239,643 - - 1,675,501 1,666,363 1,856,663 1,861,828 -13,169 n.a. July .................. 10,330,311 10,544,212 - - 1,691,002 1,763,124 1,813,144 1,913,506 -151 n.a. Aug .................. 10,871,483 11,065,800 - - 1,741,868 1,773,783 1,870,581 1,939,367 -7,922 n.a. Sept ................. 10,162,395 10,236,779 - - 1,747,941 1,790,264 2,061,336 2,056,604 -3,040 n.a. Mar .................. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date 2003 - Dec................... 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) 14,580 11,154 Net delta equivalent (9) Exchange rate (10) 2,186 n.a. 419,759 427,434 - - 18,627 12,023 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................... 444,804 450,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. Sept .................. 435,999 419,841 - - 12,959 11,423 8,008 7,764 9,741 n.a. Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 2006 - Mar................... 453,038 441,138 - - 21,745 19,340 18,901 20,373 1,909 n.a. June.................. 453,241 459,206 - - 16,802 19,028 17,032 18,063 655 n.a. December 2006 FOREIGN CURRENCY POSITIONS 109 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 04/05/06 ............................................................................. 3,189,825 3,153,613 -4,325 0.8149 04/12/06 ............................................................................. 3,206,791 3,129,373 -2,993 0.8260 04/19/06 ............................................................................. 3,232,930 3,164,079 -1,834 0.8100 04/26/06 ............................................................................. 3,415,513 3,347,124 -2,936 0.8023 05/03/06 ............................................................................. 3,468,064 3,395,336 -532 0.7912 05/10/06 ............................................................................. 3,419,486 3,351,507 -3,154 0.7813 05/17/06 ............................................................................. 3,425,467 3,346,747 -8,902 0.7860 05/24/06 ............................................................................. 3,532,096 3,449,524 -10,095 0.7845 05/31/06 ............................................................................. 3,240,390 3,166,091 -8,120 0.7792 06/07/06 ............................................................................. 3,352,995 3,276,120 -8,578 0.7813 06/14/06 ............................................................................. 3,479,937 3,386,876 -8,412 0.7917 06/21/06 ............................................................................. 3,052,183 2,987,925 -7,369 0.7896 06/28/06 ............................................................................. 2,969,008 2,952,120 -9,863 0.7980 07/05/06 ............................................................................. 3,037,364 2,970,439 -13,247 0.7858 07/12/06 ............................................................................. 3,138,801 3,069,281 -9,526 0.7870 07/19/06 ............................................................................. 3,220,308 3,147,415 -7,499 0.7962 07/26/06 ............................................................................. 3,171,896 3,115,946 -8,336 0.7919 08/02/06 ............................................................................. 3,240,151 3,170,715 -7,092 0.7814 08/09/06 ............................................................................. 3,193,992 3,121,894 -8,471 0.7759 08/16/06 ............................................................................. 3,304,114 3,226,574 -10,351 0.7774 08/23/06 ............................................................................. 3,315,201 3,236,022 -8,311 0.7816 08/30/06 ............................................................................. 3,409,344 3,329,357 -4,212 0.7797 09/06/06 ............................................................................. 3,395,512 3,324,894 -2,157 0.7820 09/13/06 ............................................................................. 3,520,237 3,448,441 -2,588 0.7869 09/20/06 ............................................................................. 3,139,445 3,077,492 -1,195 0.7873 09/27/06 ............................................................................. 3,110,568 3,082,398 -1,942 0.7875 December 2006 FOREIGN CURRENCY POSITIONS 110 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] 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) 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 - 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 - Oct ................... 2,803,470 2,810,865 1,322,375 1,281,551 374,295 323,139 512,573 552,082 3,046 0.8337 Nov .................. 3,005,763 3,002,145 1,208,602 1,145,199 390,570 347,311 413,338 460,223 7,573 0.8482 Dec .................. 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 Apr................... 3,471,295 3,407,520 1,721,131 1,666,382 584,294 588,514 445,431 522,863 -850 0.7921 May.................. 3,080,902 3,007,061 1,482,020 1,424,586 710,526 826,561 459,928 531,130 998 0.7792 June................. 3,051,598 3,042,657 1,520,413 1,411,160 656,565 766,673 440,688 509,901 -11,244 0.7825 July .................. 3,150,032 3,121,396 1,444,554 1,389,799 654,064 755,023 447,559 519,735 -10,853 0.7835 Aug .................. 3,303,572 3,271,323 1,436,080 1,392,072 662,842 756,995 459,556 529,779 -4,385 0.7817 Sept ................. 2,938,940 2,941,237 1,376,828 1,320,973 658,124 723,444 459,974 551,851 -1,928 0.7882 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2003 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) 153,335 144,106 157,491 77,634 2004 - Mar................... 175,305 179,774 210,250 127,055 June................. 178,189 190,395 200,735 129,209 Sept ................. 145,258 149,813 198,168 112,634 Dec .................. 146,656 155,582 191,031 2005 - Mar................... 138,011 148,004 206,505 Calls Bought (5) 8,294 Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 7,684 9,465 6,754 -781 0.7952 10,418 11,420 14,269 13,505 -3,231 0.8120 14,878 13,521 9,764 10,856 -2,450 0.8200 13,785 n.a. 9,761 10,839 455 0.8042 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 127,548 9,171 4,963 7,254 8,662 -37 0.7711 June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 2006 - Mar................... 142,022 157,084 228,750 139,702 12,373 7,893 7,038 5,441 -239 0.8238 June.................. 140,544 144,101 236,836 141,087 5,877 5,389 7,499 4,766 102 0.7825 December 2006 111 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, 2006, and June 30, 2006 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital March 31, 2006 April 1, 2006, through June 30, 2006 June 30, 2006 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 15,399,148 148,511 15,547,659 Special drawing rights 1 ........................................................... 8,389,254 280,333 8,669,587 European euro ..................................................................... 11,126,739 660,854 11,787,593 Japanese yen....................................................................... 8,040,710 211,529 8,252,239 Accounts receivable................................................................. 119,470 15,703 135,173 Total assets.......................................................................... 43,075,321 1,316,930 44,392,251 Accounts payable................................................................. 38,844 4,860 43,704 Total current liabilities ...................................................... 38,844 4,860 43,704 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... 2,200,000 7,059,488 188,729 2,200,000 7,248,217 Foreign exchange and securities: Liabilities and capital Current liabilities: Total other liabilities ......................................................... 9,259,488 188,729 9,448,217 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 33,576,989 1,123,341 200,000 34,700,330 Total capital...................................................................... 33,776,989 1,123,341 34,900,330 Total liabilities and capital............................................ 43,075,321 1,316,930 44,392,251 See footnote on the following page. December 2006 EXCHANGE STABILIZATION FUND 112 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, 2006, through June 30, 2006 Fiscal year to date October 1, 2005, through June 30, 2006 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ 801,568 580,126 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... 34,764 27,548 SDRs............................................................................................ 11,825 30,845 U.S. Government securities......................................................... 188,666 477,462 Foreign exchange ........................................................................ 86,518 232,110 Commissions ............................................................................... - - Income from operations ............................................................... 1,123,341 1,348,091 Net income (+) or loss (-)............................................................. 1,123,341 1,348,091 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. December 2006 Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” Trust Funds TRUST FUNDS 115 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 2007. The 48-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 2007. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 87.0 less: Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.4 Unfunded authorizations (fiscal year 2007) ........................................................................................................................................................................ 79.6 48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)............................................................................................................................ 147.8 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 10.2 less: Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.7 Unfunded authorizations (fiscal year 2007) ........................................................................................................................................................................ 2.5 48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)........................................................................................................................... 20.6 Note: Detail may not add to totals due to rounding. December 2006 TECHNICAL PAPERS 116 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 2006 117 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 2006, the debt limit was $8,965,000 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.) 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 December 2006 118 GLOSSARY 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 December 2006 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), Series HH bonds (issued since January 1980 through October 1982) mature in 20 years, and savings notes issued between May 1967 and October 1970 have a final maturity of 30 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. GLOSSARY 119 Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “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.) and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS 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. 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. 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.) 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 (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State 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). December 2006
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