Full text of Treasury Bulletin : December 2007
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BULLETIN DECEMBER 2007 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Additional Financial Management Service Releases on Federal Finances Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.† Monthly Treasury Statement of Receipts and Outlays of the United States Government. Provides Federal budget results, including receipts and outlays of funds, the surplus or deficit, and the means of financing the deficit or disposing of the surplus. Preparation based on agency reporting. Subscription price: $58.00 per year (domestic), $81.20 (foreign). Combined Statement of Receipts, Outlays, and Balances of the United States Government. This statement presents budget results and the cash-related assets and liabilities of the Federal Government with supporting details. Single copy price: $65.00 (domestic), $91.00 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service. The Budget Reports Division, Governmentwide Accounting, compiles statistical data from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9938/9939 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fms.treas.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Financial Management Service’s home page. www.fms.treas.gov/ 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.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 44 PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 45 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 46 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 47 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 49 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 49 December 2007 IV Contents U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 50 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 50 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 51 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 55 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 55 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 56 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 57 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 58 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61 CM-I-2.—Total Liabilities by Country................................................................................................................................ 62 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 66 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 67 CM-II-2.—Total Claims by Country ................................................................................................................................... 68 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 72 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 73 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 74 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 76 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 78 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 ............................................ 80 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 81 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 82 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (third quarter)................................................................................................................... 84 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 86 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 88 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89 December 2007 V Contents SECTION V.—Holdings of, and Transactions in, Financial Derivatives Contracts with Foreigners Reported by Businesses in the United States CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 90 CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 91 CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 92 CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 93 CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 94 FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 95 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 96 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 97 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 97 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 98 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 99 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 99 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ............................................................................................... 100 FCP-III-2.—Monthly Report of Major Market Participants.............................................................................................. 101 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................. 101 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ............................................................................................... 102 FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 103 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 103 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 104 FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 105 FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 105 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 106 FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 107 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 107 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 108 ESF-1.—Balance Sheet ..................................................................................................................................................... 108 ESF-2.—Income and Expense ........................................................................................................................................... 109 December 2007 VI Contents SPECIAL REPORTS TRUST FUNDS Introduction.—Highway Trust Fund ................................................................................................................................. 113 TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 113 RESEARCH PAPER INDEX............................................................................................................................................ 114 GLOSSARY ...................................................................................................................................................................... 116 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. December 2007 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 2007 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 of 3.9 percent in the third quarter of 2007, following a similarly strong 3.8 percent gain in the second quarter and a more modest 0.6 percent increase in the first quarter of 2007. Strong third quarter growth was led by a pickup in consumer spending, the largest increase in exports in nearly 4 years, and continued growth in business investment. These areas have helped to offset double-digit declines in residential fixed investment, ranging from roughly 12 to 20 percent, in each of the last six quarters. Over that period, real GDP growth has averaged 2.3 percent. Real consumer spending accelerated to 3.0 percent annual growth in the third quarter, up from the 1.4 percent pace in the second quarter. Spending on motor vehicles and parts declined but was more than offset by gains in most other spending categories. The third quarter’s 4.4 percent rise in the durable goods component of consumer spending followed a 1.7 percent increase in the second quarter. The generally broad-based acceleration in consumer spending was the 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 increased by a solid 5.9 percent in the third quarter after rising at a 4.7 percent pace in the second quarter. The average growth rate for this volatile series over the past five quarters is 1.8 percent. Investment in nonresidential structures was strong, growing 12.3 percent in the third quarter and contributing 0.4 percentage point to GDP growth. Residential investment spending–mostly homebuilding activity–dropped a sharp 20.1 percent (annual rate), extending a six-quarter string of declines and reducing GDP growth by 1.1 percentage points. Inventories rose in the third quarter, adding almost 0.4 percentage point to the quarter’s GDP growth after adding 0.2 percentage point in the prior quarter. The foreign trade deficit decreased slightly as a proportion of GDP in the third quarter, adding 0.9 percentage points to GDP growth. Real exports posted a very solid gain, up 16.2 percent in the third quarter after a 7.5 percent rise in the second quarter. However, real import growth rebounded to a 5.2 percent increase after a 2.7 percent decline in the second quarter. Growth in public sector spending slowed somewhat in the third quarter, increasing 3.7 percent after a 4.1 percent rise in the second quarter. Federal spending was up 6.8 percent, though, a faster pace than the 6.0 percent rate of the second quarter. Federal outlays added about 0.5 percentage point to GDP growth, chiefly due to higher non-defense spending. State and local outlays added 0.25 percentage point to GDP growth. Growth of Real GDP (Quarterly percent change at annual rate) 10.0 7.5 8.0 6.0 4.5 4.0 3.5 3.0 2.7 4.8 3.9 3.8 3.5 3.6 3.1 2.8 2.5 2.0 1.2 2.4 2.1 1.2 1.1 0.6 0.0 2003 2004 2005 2006 2007 December 2007 PROFILE OF THE ECONOMY 4 Inflation Fluctuations in energy prices, as well as rising prices for food, have been the key factors behind changes in the overall inflation rate in 2007. In the 12 months through October 2007, the consumer price index (CPI) increased 3.5 percent, well above the 1.3 percent pace of the previous 12 months. On a quarterly basis inflation has slowed: the CPI rose 2.7 percent in the second quarter of 2007 and 2.4 percent in the third quarter of 2007, after averaging 3.3 percent over the 8 quarters of 2005 and 2006. Energy prices declined in the third quarter of 2007, by 1.7 percent, following a 10.3 percent surge in the second quarter. Gasoline prices fell even more rapidly, by 2.4 percent, after jumping 19.4 percent in the second quarter. However, food prices have increased, rising 1.3 percent in each of the first two quarters of 2007 and by 1.2 percent in the third quarter, after quarterly increases in 2006 ranging from 0.3 to 0.8 percent. The core consumer price index (which excludes food and energy) rose 2.2 percent in the 12 months through October 2007, slower Consumer Prices than the 2.7 percent increase of a year earlier. Core inflation was 2.1 percent at an annual rate over the 3 months ending in October 2007. More recent increases in energy prices at the producer level contributed to a higher rise in the producer price index (PPI) for finished goods, which was up 6.1 percent in the 12 months through October 2007. Prices were up 1.2 percent in the previous 12 month period. Prices for finished energy goods at the producer level increased 5.3 percent in the third quarter of 2007 and 4.7 percent in the second quarter of 2007 on a quarter-over-quarter basis. Nonetheless, these rises followed two consecutive quarterly declines, and were themselves much smaller than increases of roughly 10 percent to 22 percent in each of the previous 10 quarters. The core PPI (finished goods less food and energy) was up 2.5 percent in the 12 months through October 2007, well up from the year-earlier increase of 1.0 percent. Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 6 8 5 6 Excluding food and energy Excluding food and energy 4 4 3 2 2 0 Total 1 -2 0 Total -4 98 99 December 2007 00 01 02 03 04 05 06 07 98 99 00 01 02 03 04 05 06 07 PROFILE OF THE ECONOMY Employment and unemployment The labor market remained broadly healthy heading into the fourth quarter of 2007. Job creation continued, but at a slower pace than in the first half of 2007. The unemployment rate has ticked up slightly since the spring, but remains relatively low. Workers continued to see their inflation-adjusted earnings grow, although recent gains have been held down by rising consumer prices. Growth of nonfarm payroll employment averaged 112,000 in the 4 months ending in October, down from about 134,000 a month in the first half of 2007. Job losses accelerated in manufacturing and residential construction, accounting for much of the slowdown. Residential construction has been trimming payrolls since the spring of 2006 as homebuilders attempt to address high inventories and declining sales. Monthly job losses averaged 20,000 from June to October, up sharply from 7,000 job cuts per month in the first half of 2007. Outside of manufacturing and construction, the monthly pace of job creation has changed very little. In the 4 months through October, the Payroll Employment (Percent) 7.0 350 300 6.5 264 250 150 private service-providing industries added 123,000 jobs per month on average compared to 128,000 in the first half of 2007. The unemployment rate stood at 4.7 percent in October, up from a recent low of 4.4 percent in March. After rising in 2005 and 2006, the labor force participation rate resumed its downward trend and in October eased to 65.9 percent. Participation had fallen fairly steadily earlier in the decade from an all-time high of 67.1 percent from 1997 through 2000. Average hourly earnings of production and other nonsupervisory workers grew by 3.8 percent over the 12 months ending in October, and recent nominal earnings gains have been among the strongest in 6 years. In real terms, earnings rose by 1.2 percent over the 12 months ended in September (latest available). That was down from gains of around 2.5 percent in the final quarter of 2006. Recent fluctuations in real wage growth reflect movements in overall inflation, largely caused by sharp swings in oil prices. Unemployment Rate (Average monthly change in thousands from end of quarter to end of quarter) 200 5 219 6.0 211 220 194 163 252 202 5.5 177 151 142 145 5.0 124 112 94 100 4.5 50 4.0 0 Oct. 2007 4.7% 3.5 2004 2005 2006 2007 00 01 02 03 04 05 06 07 December 2007 6 PROFILE OF THE ECONOMY Real disposable personal income and consumer spending Personal income and outlays grew steadily during the third quarter of 2007, surpassing the second quarter pace of growth but still less than the rapid 10 percent annual rate of growth during the first quarter of the year (which was higher than normal due to bonuses and exercised stock options). Nominal personal income rose 5.8 percent at an annual rate in the third quarter of 2007, slightly above the 5.3 percent growth in the second quarter. Wages and salaries, accounting for more than 50 percent of personal income, rose at a 5.2 percent annual rate in the third quarter, following a gain of 4.5 percent in the second quarter. Growth of personal income receipts on assets–interest and dividends–slowed a bit with an 8.4 percent annual rate increase after two quarters of more than 10 percent growth. Growth of personal interest income increased at a 5.7 percent annual pace after rising 8.7 percent in the first quarter and 8.2 percent in the second quarter. Real disposable (after-tax) income rebounded in the third quarter, rising 4.4 percent at an annual rate following paltry second quarter growth of 0.6 percent. Real personal consumption expenditure growth also picked up to a 3.0 percent annual rate, more than double the second quarter growth rate. The personal saving rate (personal saving as a percentage of disposable personal income) edged up in the third quarter to 0.8 percent from 0.6 percent during the second quarter. Industrial production and capacity utilization Production at factories, mines, and utilities increased 4.4 percent at an annual rate in the third quarter of 2007 after rising at a 3.5 percent pace in the second quarter. Over the 12 months ending in October, output increased 1.8 percent. On an annual basis, industrial production grew 4 percent in 2006, the fastest rate since 2000. Manufacturing production, which accounts for about 82 percent of all industrial output, rose 4.1 percent at an annual rate in the third quarter of 2007, following a 4.3 percent increase in the second quarter. A strong gain in the output of high-technology goods led the overall manufacturing increase. The output of high-technology goods (computers, communications equipment, and semiconductors) grew by 28.5 percent at an annual rate, up from the second quarter’s 16.6 percent pace. Production of motor vehicles and parts– which can be very volatile–was up 1.3 percent at an annual rate after growing 13.3 percent at an annual rate in the second quarter of 2007. In the 12 months through October, output of motor vehicles and parts was up 0.9 percent. Apart from automobiles, manufacturing output increased at a 4.3 percent annual rate in the third quarter of 2007. December 2007 Utilities output, accounting for roughly 9.5 percent of total industrial output, rose 5.9 percent at an annual rate in the third quarter of 2007 (following a 1 percent decline in the second quarter). Weather is usually a factor contributing to swings in this sector; unseasonable weather in quarters often causes sharp swings in output from one month or quarter to the next. Output at mines (the remaining 8.5 percent of industrial output) grew 5.5 percent in the third quarter of 2007, following a 0.1 percent increase in the second quarter. In the 12 months through October 2007, mining output, which includes crude oil production, rose 0.4 percent. The capacity utilization rate for the industrial sector edged up to 82.2 percent in the third quarter of 2007 from 81.7 percent in the second quarter. In manufacturing, capacity utilization was 80.7 percent in the third quarter of 2007, up slightly from 80.3 percent in the second quarter. Capacity utilization has trended higher over the past 2 years or so; measures for the industrial sector and for manufacturing have been at or above their respective longterm averages since 2005. Nonfarm productivity and unit labor costs Productivity growth accelerated during the third quarter of 2007, according to preliminary data, continuing the trend seen in the second quarter. Productivity in the nonfarm business sector grew at an annual rate of 4.9 percent in the third quarter, the fastest growth since 2003, after rising by 2.2 percent in the second quarter. Output grew 4.3 percent in the third quarter while hours worked declined 0.5 percent. Over the most recent four quarters, productivity increased 2.4 percent, considerably higher than the 0.1 percent increase of the previous four quarters. Since the business cycle peak in the first quarter of 2001, productivity has grown at an annual rate of 2.6 percent, about the same as the 2.5 percent rate between the fourth quarter of 1995 and the first quarter of 2001. Hourly compensation costs in the nonfarm business sector rose 4.7 percent at an annual rate in the third quarter, up slightly from the second quarter’s 4.4 percent rate but slower than the 6.7 percent pace over the most recent four quarters. In real terms, hourly compensation was up 4.3 percent over the most recent four quarters. Although the nonfarm compensation measure does not provide detailed data on how its components have moved recently, another measure, the Employment Cost Index (ECI), does include data on the two main components of compensation: wages and salaries and benefits. The ECI shows that nominal hourly compensation rose 3.3 percent in the 12 months through September 2007. Wages and salaries for all civilian workers were up 3.3 percent through September 2007 from a year earlier. Although benefit costs grew at a rapid 6 percent annual pace over 2003 to 2005, there has been a significant slowing over the past several quarters, and these costs rose 3.2 percent in the 12 months through September 2007. PROFILE OF THE ECONOMY Unit labor costs, which represent the interaction of productivity and compensation, fell 0.2 percent at an annual rate in the third quarter, slowing from the second quarter’s 2.2 percent rise. These costs were up 4.3 percent over the latest four quarters. Productivity in the manufacturing sector rose 4.6 percent at an annual rate in the third quarter and was up 2.7 percent over the most recent four quarters. Over the past 5 years, factory productivity has grown at a 4.0 percent annual rate, slowing from the 4.6 percent pace of the previous 5-year period. Hourly compensation costs in manufacturing advanced 2.3 percent at an annual rate in the third quarter and were up 7.2 percent over the most recent four quarters. Factory unit labor costs fell by 2.2 percent at an annual rate in the third quarter but have risen 4.4 percent over the past four quarters. International transactions The U.S. current account (which measures trade in goods and services as well as investment income flows and unilateral transfers) has been in deficit almost continuously since the early 1980s but has fluctuated significantly over time. In 2006, the current account deficit reached a record $812 billion (equivalent to 6.1 percent of GDP). The deficit has narrowed appreciably since then, however, as the trade balance has improved. In the first half of 2007, the current account deficit amounted to $776 billion at an annual rate (5.7 percent of GDP). The current account is matched by offsetting transactions in the capital and financial accounts, with any differences in the recorded flows listed as a statistical discrepancy. Net capital account payments (mainly debt forgiveness and wealth transfers associated with immigration) have been fairly stable in recent quarters, averaging roughly $2.3 billion at an annual rate since mid-2006. Net financial inflows (the difference between outflows for U.S. purchases of assets overseas and inflows for foreign purchases of assets in the United States) slowed sharply in the first half of 2007 to $636 billion at an annual rate from an all-time high of $804 billion in 2006. Within the financial account, U.S. purchases of assets overseas accelerated to $1.8 trillion at an annual rate in the first half of 2007 from just under $1.1 billion in 2006. U.S. 7 direct investment abroad and U.S. purchases of foreign securities both picked up slightly. Net foreign purchases of U.S. assets also rose in the first half of 2007, but by less than U.S. purchases of assets abroad. Foreign purchases of assets in the United States amounted to nearly $2.5 trillion at an annual rate, up from $1.9 trillion in 2006. Foreign acquisitions of U.S. securities (excluding Treasuries) rose, and transactions in Treasury securities shifted from net sales in 2006 back to net purchases in the first half of 2007. However, the pace of foreign direct investment in the United States eased slightly compared to 2006. Exchange rate of the dollar The value of the U.S. dollar compared to the currencies of America’s key trading partners slipped in the third quarter of 2007. The nominal exchange value of the dollar relative to a broad index covering the currencies of 26 important U.S. trading partners depreciated 2.1 percent during the third quarter of 2007. In the second quarter of 2007, the nominal exchange value of the dollar depreciated 2.4 percent. In October, the dollar settled at its lowest nominal level in almost 11 years. Since peaking in February 2002, the U.S. currency as measured by this broad index has depreciated by nearly 23 percent. The aggregate decline since 2002 mainly reflected dollar weakness against the currencies of seven major trading partners, including the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland. Between February 2002 and October 2007, the exchange rate of the dollar compared to an index of these currencies fell by nearly 34 percent. Over this period, the dollar was down by 39 percent against the euro–reaching an all-time low–and by 13 percent against the yen. The dollar generally showed much less movement with respect to the currencies of the other 19 important trading partners (including Mexico, China, and India). It strengthened somewhat from February 2002 through the first half of 2004, but since then, the dollar has depreciated against this index by about 12 percent. In October 2007, the dollar was 7 percent lower against this basket of currencies than at the February 2002 peak. December 2007 PROFILE OF THE ECONOMY 8 Interest rates At its most recent meeting in October 2007, the Federal Open Market Committee (FOMC)–the Federal Reserve’s policy-making arm–cut the Federal funds target interest rate by 25 basis points to 4.5 percent. The FOMC began its current cycle of easing the policy target at its September 18 meeting, when it reduced the target by 50 basis points. Before that, the Federal Reserve had maintained the target rate at 5.25 percent for 10 straight meetings, following 17 straight hikes of 25 basis points each in a cycle of monetary tightening which began in late June 2004. The funds target in October 2007 was at its lowest level since January 2006. In the Treasury market, the 3-month Treasury bill rate rose to about 4.9 percent by the end of July 2007, and had risen by about 150 basis points over the preceding 2 years. Since then, the rate has declined by roughly 100 basis points, and stood at 3.9 percent as of early November 2007. The 10year yield has fluctuated over the past 2 years, rising above the 5 percent level by mid-2006 before retracing virtually all of the increase by year-end. The rate then resumed its upward trend in 2007, moving back above the 5 percent mark to a year-to-date peak of 5.2 percent in July. Since then, the rate has declined by about 80 basis points, to 4.4 percent as of early November, on signs of slower growth and on safe-have flows, the latter in connection with investors’ concerns about credit markets. Mortgage interest rates have generally followed movements of the 10-year Treasury rate, trending up over the past 2 years, and moving decisively higher through the first half of 2006. In early July 2006, the rate for a 30-year fixed rate mortgage reached 6.8 percent, its highest level in over 4 years. During the latter half of 2006, the mortgage rate generally declined in tandem with the 10-year Treasury rate to about 6.1 percent in December, then retraced again during the first half of 2007 to about 6.7 percent as of early August. Since then, the 30-year rate has declined and stood at 6.3 percent as of early November. Corporate bond yields have also generally followed movements in long-term Treasury yields. Moody’s seasoned Baa yield moved higher earlier last year, reaching a recent peak of 6.9 percent in late June 2006, but during the latter half of 2006 and early 2007, it retreated, trading between 6.1 percent and 6.5 percent. After trading in a higher range of 6.6 percent to 6.8 percent over the summer, the yield declined and was 6.4 percent as of early November. The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, remained essentially unchanged through much of 2005 and 2006. This spread had widened to as much as 4.0 percentage points in October 2002, and for much of 2007, had been quite stable at roughly 1.7 percentage points. During the fall of 2007, however, the spread has increased to approximately 1.9 percentage points. Short-term Interest Rates Long-term Interest Rates (Percent) (Percent) 9.0 7.0 Federal funds rate target 6.0 8.0 Corporate Baa bond 5.0 7.0 4.0 6.0 3.0 5.0 2.0 0.0 2003 December 2007 4.0 3-month Treasury bills 1.0 2004 2005 2006 Treasury 10-year note 2007 3.0 2003 2004 2005 2006 2007 PROFILE OF THE ECONOMY Housing Housing activity continued to decline in the third quarter of 2007. Both housing starts and permits plummeted. Homebuilder and home-buyer sentiment fell further, caused in part by turmoil in the mortgage market. The homeownership rate also edged down for the fourth consecutive quarter, but remained near its record high level. Housing starts plunged to the lowest level in 14 years, falling below a 1.3 million unit pace in the third quarter from a 1.5 million rate in the second quarter. Housing permits signal continued slow growth. The number of permits issued for future construction was 1.3 million at an annual rate in the third quarter, the slowest rate for a quarter in 10 years. Residential investment, a key component of GDP, declined for the seventh straight quarter, subtracting 1 percentage point from real GDP in the third quarter. Measures of consumer home buying attitudes and home builder sentiment continued to fall in the third quarter. The National Association of Home Builders’ housing market index dropped 8.0 points from June to September. The net loss for the Michigan survey of consumer sentiment’s home buying conditions was 8.0 points during the same time period, on top of a 6 point decline in the second quarter. The housing market index dropped another 2 points in October, while the Michigan survey’s home buying conditions index regained its 8 point loss, suggesting more favorable conditions for buyers in the coming months but tough times for builders. Sales of new single-family homes plunged 35 percent at an annual rate in the third quarter to a 768,000 unit pace from an 855,000 unit pace in the second quarter. This decline more than offset the 0.8 percent rise in the previous quarter, and ensured that sales remained well below the most recent peak rate of 1.3 million units in 2005. Resales of existing single-family homes, accounting for nearly 85 percent of all one-family home sales, fell more than 29 percent at an annual rate to a 5.4 million unit rate, the slowest pace since the fourth quarter of 2001. The homeownership rate slipped by 0.2 percentage point to 68.1 percent in the third quarter but remains near a historically high level, less than 1 percent below its peak in the spring of 2004. After rising 5.1 percent in the second quarter, existing home prices declined in the third quarter by 1.2 percent to $220,800. Mortgage interest rates crept up in the third quarter but have edged down slightly at the start of the fourth quarter, due in part to the reductions in the Federal Funds target. The average rate on a 30-year conventional mortgage rose from an average of 6.37 percent in the second quarter to 6.55 9 percent in the third. In October, the rate averaged 6.38 percent, just above the 30-year mortgage rate in October 2006. The relatively low mortgage interest rate and the decline in existing home prices should help to make housing more affordable and keep the homeownership rate high. The National Association of Realtors’ housing affordability index rose to 114.8 in September from a reading of 104.9 in June, well above the 2006 average of 106.2. Federal budget Budget results for fiscal year 2007 (from October through September) show that receipts of the U.S. Government totaled $2,568 billion in fiscal year 2007, $161 billion or 6.7 percent higher than in fiscal year 2006. As a percent of GDP, total receipts rose from 18.5 percent in 2006 to 18.8 percent in 2007. Growth in receipts was led by gains in individual and corporate income tax receipts. Individual income tax receipts rose 11.4 percent and were $1,163 billion, accounting for about 45 percent of total receipts. Corporate income taxes rose 4.6 percent to about $370 billion, accounting for roughly 14 percent of total receipts. Other sources of receipts (such as excise taxes, customs duties, estate and gift taxes, and miscellaneous receipts) amounted to $164 billion. Total outlays were $2,731 billion, $76 billion or 2.9 percent higher than in fiscal year 2006. Outlays for Medicare rose the most, by 13.8 percent, largely reflecting the prescription drug benefit. The next largest increase in outlays, at 6.9 percent, was for Social Security. Together, outlays for Medicare and Social Security rose by more than $83 billion, or roughly 110 percent of the $76 billion rise in fiscal year 2007 outlays. Department of Defense outlays rose by 5.8 percent. However, a sharp decline in outlays for Community and Regulatory Development (a drop of nearly 47 percent) and from other sources helped to offset these increases. With total outlays exceeding receipts, the budget balance for the fiscal year that ended September 30, 2007, showed a deficit of $163 billion, $85 billion less than the $248 billion deficit in the prior fiscal year (2006). The $163 billion deficit represents a 1.2 percent share of GDP; the average deficit over the last 40 years is 2.4 percent of GDP. According to the Mid-Session Review of the fiscal year 2008 budget, the deficit is projected to continue to diminish over the remainder of the forecast horizon out to fiscal year 2011, and in fiscal year 2012, the budget balance is projected to be in a surplus equivalent to 0.2 percent of GDP. December 2007 PROFILE OF THE ECONOMY 10 Net national saving and investment Economic theory suggests that countries that save and invest greater portions of their output eventually accumulate more capital, which raises productivity and, over the long run, the general standard of living. In the United States, the net national saving rate–net national saving as a share of net national product (NNP)–has trended down for over 4 decades due to declining private saving and rising Federal budget deficits. During this time, national saving fell from 12.2 percent of NNP in the 1960s to an all-time low of 1.1 percent in 2005. Recently, however, this measure has turned higher and in the first half of 2007 net national saving was equivalent to 2.0 percent of NNP. The rise in the net national saving rate since 2005 is mainly due to an improvement in the Federal government’s fiscal position. In the first half of 2007, government saving– including Federal as well as State and local governments– stood at -1.7 percent of NNP, up from -2.8 percent in 2005. The Federal budget deficit narrowed and its share of NNP improved to -1.7 percent from -2.9 percent in 2005 and a 10year low of -3.8 percent in 2003. State and local government budgets were essentially in balance in the first half of 2007. The private saving rate (for households and businesses combined) eased to 3.7 percent in the first half of 2007 from 3.8 percent in 2006. Private saving as a share of NNP has declined fairly steadily since peaking at 12.7 percent in 1984. Over this period, personal saving as a share of NNP fell from 9.0 percent to a 73-year low of 0.3 percent in 2006 Net National Saving before rebounding slightly to 0.7 percent in the first half of 2007. The corporate saving rate has fluctuated between 2 and 4 percent for the better part of the past 4 decades and in the first half of 2007 stood at 2.9 percent. Net domestic investment was equivalent to 7.5 percent of NNP in the first half of 2007, down from 8.8 percent in 2006. Private industry outlays for structures, equipment, software, and inventories declined to 6.1 percent of NNP from a 6-year high of 7.4 percent in 2006. With the national saving rate trending down, a growing share of domestic investment has been financed from abroad. In the first half of 2007, net foreign investment in the United States was equivalent to 6.2 percent of NNP. That was down from a record 6.8 percent in 2006 but well above readings from the mid 1990s of around 1-1/2 percent. The inflow of foreign saving allows the United States to finance higher levels of domestic investment than would be possible if only domestic saving were available. Net domestic investment was equivalent to 9.1 percent of NNP in 2006. That was up from 7.8 percent in 2005. The increase was mostly accounted for by a pickup in private industry outlays for structures, equipment and software, and inventory, which rose to 7.7 percent of NNP in 2006. Net private domestic investment was around 6.5 percent of NNP in each of the prior 2 calendar years. A growing portion of domestic investment has been financed from abroad in recent years. In 2006, foreign inflows were equivalent to 6.9 percent of NNP. That was up from around 1-1/2 percent of NNP in the mid-1990s. Net National Saving (Saving as a percent of NNP, quarterly) (Saving as a percent of NNP, annual) 15 15 Total Total 10 10 5 5 0 0 -5 -5 Public Public -10 -10 60 66 December 2007 72 77 82 87 92 97 02 07 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 2007 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 2007 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 $278.4 billion for the fourth quarter of fiscal year 2007. This is an increase of $28.4 billion over the comparable prior year quarter. Withheld receipts increased by $16.9 billion and non-withheld receipts increased by $6.3 billion during this period. Refunds decreased by $5.2 billion over the comparable fiscal year 2006 quarter. There was an increase of $2.3 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2006. Corporate income taxes—Net corporate income tax receipts were $90.7 billion for the fourth quarter of fiscal year 2007. This is a decrease of $12.0 billion compared to the prior year fourth quarter. The $12.0 billion change is December 2007 comprised of a decrease of $12.7 billion in estimated and final payments, and a decrease of $0.7 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of fiscal year 2007 were $197.8 billion, an increase of $8.9 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 $5.8 billion, $1.0 billion, and $2.2 billion respectively. There was a -$1.1 billion accounting adjustment for prior years’ employment tax liabilities made in the fourth quarter of fiscal year 2007, while there was a $1.2 billion adjustment in the fourth quarter of fiscal year 2006. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the fourth quarter of fiscal year 2007 were $8.0 billion, a decrease of $0.5 billion over the comparable quarter of fiscal year 2006. Net State taxes deposited in the U.S. Treasury decreased by $0.5 billion to $6.9 billion. Net Federal Unemployment Tax Act taxes did not change significantly from $1.1 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 $1.1 billion for the fourth quarter of fiscal year 2007. This was a negligible change from the comparable quarter of fiscal year 2006. Excise taxes—Net excise tax receipts for the fourth quarter of fiscal year 2007 were $19.4 billion, a decrease of $0.9 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.1 billion, an increase of $0.4 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.3 billion for the fourth quarter of fiscal year 2007. These receipts represent a decrease of $0.4 billion over the same quarter in fiscal year 2006. Customs duties—Customs duties net of refunds were $7.3 billion for the fourth quarter of fiscal year 2007. This is an increase of $0.3 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the fourth quarter of fiscal year 2007 were $13.4 billion, an increase of $1.6 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $1.4 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on- and off-budget results: Total receipts ................................................................ On-budget receipts ................................................... Off-budget receipts ................................................... Total outlays.................................................................. On-budget outlays..................................................... Off-budget outlays..................................................... Total surplus or deficit (-) .............................................. On-budget surplus or deficit (-)................................. Off-budget surplus or deficit (-)................................. Means of financing: Borrowing from the public ............................................. Reduction of operating cash......................................... Other means ................................................................. Total on- and off-budget financing............................ Fourth quarter July - Sept. Fiscal Year 2007 622,337 470,177 152,160 664,073 519,045 664,073 -41,736 -48,868 7,132 2,567,671 1,932,583 635,088 2,730,505 2,276,868 453,637 -162,833 -344,284 181,451 105,617 -50,029 -13,852 41,736 206,325 -23,110 -20,381 162,833 Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2007 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... July Aug. Sept. 79.6 9.6 63.1 2.8 0.4 6.0 1.8 2.4 4.7 170.5 77.6 4.3 63.9 5.0 0.3 5.8 2.3 2.6 4.6 166.5 121.2 76.7 70.7 0.2 0.3 7.5 2.2 2.3 4.2 285.3 Note.—Detail may not add to totals due to independent rounding. December 2007 FEDERAL FISCAL OPERATIONS 14 CHART FFO-A.— Monthly Receipts and Outlays, 2006-2007 (In billions of dollars) 350 On-budget receipts 300 Off-budget receipts 250 200 On-budget outlays 150 Off-budget outlays 100 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, 2006-2007 (In billions of dollars) 1200 1100 1000 2007 2006 * 900 800 700 600 500 400 300 200 100 0 Individual income taxes Social insurance and retirement receipts * Prior-year data are for the comparable year. December 2007 Corporate income taxes Excise taxes Misc. receipts Estate/gift taxes Customs duties FEDERAL FISCAL OPERATIONS 15 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) -377,140 -412,986 -318,298 r -248,197 -162,709 -537,973 -568,219 -493,562 r -434,510 -344,158 160,833 155,233 175,265 186,313 181,450 561,811 595,064 551,329 546,436 499,977 Total on-budget and off-budget results Total receipts (1) Onbudget receipts (2) 1,782,108 1,879,784 2,153,350 2,406,675 2,567,673 1,258,265 1,345,040 1,575,874 1,798,293 1,932,586 523,842 2,159,248 534,744 2,292,770 577,475 2,471,647 608,382 r 2,654,873 635,088 2,730,379 2007 - Est.................... 2,573,907 2008 - Est.................... 2,659,371 1,941,062 1,990,734 632,845 668,637 2,778,632 2,917,713 2,325,647 2,450,663 452,985 467,050 -204,725 -258,341 -384,585 -459,929 179,860 201,587 512,665 565,289 283,298 167,693 145,866 259,969 260,609 120,312 166,490 383,641 164,239 276,517 170,439 166,545 285,353 230,596 124,682 99,872 214,180 199,519 69,732 107,504 315,639 112,584 218,697 121,679 117,166 231,332 52,702 43,011 45,994 45,789 61,090 50,580 58,987 68,002 51,655 57,820 48,760 49,379 54,021 227,135 217,014 218,907 218,007 222,372 240,305 262,761 205,967 231,937 249,036 206,886 283,518 173,794 180,757 176,517 173,720 223,858 179,869 193,617 215,714 160,504 184,566 249,332 163,434 207,951 147,785 46,378 40,497 45,187 -5,851 42,504 46,688 47,047 45,462 47,371 -296 43,452 75,567 26,009 56,162 -49,321 -73,042 41,961 38,236 -119,993 -96,270 177,674 -67,699 27,481 -36,447 -116,973 111,559 49,839 -51,836 -73,849 -9,678 19,650 -123,885 -108,210 155,135 -71,982 -30,635 -41,755 -90,785 83,547 6,324 2,514 807 51,639 18,586 3,892 11,940 22,540 4,284 58,116 5,308 -26,188 28,012 -6,865 77,642 47,812 46,940 26,836 71,105 70,004 -7,718 -12,445 37,943 65,919 72,779 3,160 Fiscal year 2007............... 2,567,673 1,932,586 635,088 2,730,504 2,276,867 453,637 -162,834 -344,283 181,450 499,977 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Fiscal year or month 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 2007 - Sept.................. Oct................... Nov .................. Dec .................. 2007 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. July .................. Aug .................. Sept ................. Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) 1,796,238 1,913,259 2,069,437 r 2,232,804 2,276,742 363,010 379,512 402,210 422,069 453,637 Total surplus or deficit (-) (7) 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) 2003 ...................................... 2004 ...................................... 2005 ...................................... 2006 ...................................... 2007 ...................................... -922 -1,769 -547 -245 -433 187,324 213,677 254,096 309,215 293,343 373,565 379,618 296,687 236,975 206,201 -25,926 1,390 -669 16,447 23,111 353 720 -4,537 410 647 -7,010 -23,669 -182 196 1,310 3,208 -4,630 -6,195 -6,626 -2,156 -26,352 6,377 9,698 22,315 -21,362 552 662 778 -666 782 377,140 r 412,846 r 318,746 r 248,197 162,709 2007 - Est.............................. 2008 - Est.............................. -174 -552 284,246 300,402 228,245 264,335 7,873 -15,000 - - - -15,647 -20,992 - 204,725 258,343 2006 - Sept............................ Oct............................. Nov ............................ Dec ............................ 2007 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May............................ June........................... July ............................ Aug ............................ Sept ........................... 75 -181 134 169 -183 -212 67 -204 18 162 125 -286 -42 34,750 39,569 -3,384 77,663 13,247 5,865 -3,684 38,890 13,250 75,889 5,475 -19,119 49,682 -41,540 37,892 51,330 -30,554 13,406 65,028 73,755 -46,812 -25,677 -37,784 60,569 91,612 -46,564 35,690 5,148 -36,372 9,763 53,160 -72,315 -5,542 117,751 -97,589 -922 22,132 -37,895 65,792 -71 22 214 -20 -84 129 32 83 -28 16 93 46 144 -167 -168 -60 757 -620 -78 -144 1,010 -167 615 -251 305 111 -94 -1,043 -268 -271 -185 20 -26 -293 -70 89 -205 20 76 20,985 15,388 -14,774 -1,178 597 -17,279 16,765 -12,311 -4,478 9,771 -2,478 -12,163 778 -250 32 70 330 350 -56,162 49,321 73,042 -41,961 -38,236 119,993 96,270 -177,674 67,699 -27,481 36,447 116,973 -111,559 Fiscal year 2007....................... -433 293,218 206,325 23,111 647 1,310 -2,156 -21,362 782 162,834 Note.—These estimates are based on the Mid-Session Review of the Fiscal Year 2008 Budget, released by the Office of Management and Budget on July 11, 2007. Detail may not add to totals due to rounding. December 2007 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 Withheld (1) Net (7) Net income taxes (8) Gross (9) 62,745 41,250 28,814 27,010 25,292 131,778 189,370 278,281 353,915 370,241 925,477 998,328 1,205,503 1,397,823 1,533,713 672,727 686,313 746,129 788,024 822,216 1,699 980 2,585 2,213 2,220 671,028 685,333 743,544 785,811 819,996 371,655 343,022 - 371,655 343,022 1,539,953 1,569,647 817,132 865,472 - 817,132 865,472 Other (2) Refunds (3) Net (4) 734,647 753,260 786,559 848,954 928,582 252,502 243,324 320,942 387,307 437,666 193,451 187,626 180,279 192,354 202,778 793,699 808,958 927,222 1,043,908 1,163,472 194,522 230,619 307,095 380,925 395,533 2007 - Est...................... 1,168,298 2008 - Est...................... 1,226,625 - - 1,168,298 1,226,625 Fiscal year or month 2003 .............................. 2004 .............................. 2005 .............................. 2006 .............................. 2007 .............................. Gross (5) Refunds (6) Refunds (10) Net (11) 2006 - Sept.................... Oct..................... Nov .................... Dec .................... 2007 - Jan ..................... Feb .................... Mar .................... Apr..................... May.................... June................... July .................... Aug .................... Sept ................... 60,185 73,220 68,137 95,104 97,486 81,394 81,743 72,560 72,884 69,751 77,006 75,982 63,315 54,131 16,618 4,042 8,277 59,696 4,878 9,191 197,811 11,283 54,397 5,687 5,343 60,443 3,331 3,622 9,111 1,891 2,610 47,851 55,521 44,112 23,977 4,680 3,093 3,707 2,603 110,985 86,217 63,067 101,491 154,572 38,421 35,413 226,260 60,190 119,468 79,600 77,618 121,155 88,272 13,263 6,475 86,643 12,513 8,155 44,016 49,076 10,722 69,574 11,099 6,104 77,893 2,415 3,910 2,005 1,672 1,598 4,106 3,809 2,386 460 954 1,454 1,767 1,171 85,857 9,353 4,469 84,971 10,916 4,049 40,207 46,691 10,262 68,620 9,645 4,336 76,722 196,842 95,570 67,536 186,462 165,488 42,470 75,620 272,951 70,452 188,088 89,245 81,954 197,877 70,828 56,756 60,895 60,398 78,381 64,104 75,387 87,662 65,623 74,217 62,669 63,500 72,624 2,213 2,220 68,615 56,756 60,895 60,398 78,381 64,104 75,387 87,662 65,623 74,217 62,669 63,500 70,404 Fiscal year 2007 ............... 928,582 437,666 202,778 1,163,472 395,533 25,292 370,241 1,533,713 822,216 2,220 819,996 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) 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 3,963 4,030 4,123 4,234 4,264 9 5 3 2 2 3,954 4,026 4,119 4,231 4,261 674,982 689,359 747,663 790,042 824,257 33,481 39,582 42,120 43,559 41,216 115 129 119 139 124 33,366 39,453 42,001 43,420 41,091 4,578 4,545 4,409 4,308 4,208 53 51 50 50 53 4,631 4,596 4,460 4,358 4,259 2007 - Est.................... 2008 - Est.................... 4,234 4,374 - 4,234 4,374 821,366 869,846 43,562 43,941 - 43,562 43,941 4,704 4,634 38 33 4,742 4,667 2006 - Sept ................. Oct................... Nov.................. Dec.................. 2007 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. 329 405 307 340 429 468 393 406 420 -92 446 410 332 * 1 * * * * * * 2 -1 330 404 307 340 429 468 393 405 420 -92 446 408 333 68,945 57,160 61,202 60,738 78,810 64,572 75,780 88,067 66,043 74,125 63,115 63,908 70,737 289 2,166 3,583 313 2,257 3,193 388 7,482 13,492 262 2,787 5,055 238 7 7 8 2 3 3 16 22 12 12 15 12 12 282 2,159 3,575 311 2,254 3,190 372 7,460 13,480 250 2,771 5,043 226 338 329 334 407 379 330 346 325 326 394 372 340 326 4 5 4 4 4 4 4 5 4 4 3 5 7 341 334 338 411 383 334 350 330 330 398 375 344 332 Fiscal year 2007 ............... 4,264 2 4,261 824,257 41,216 124 41,091 4,208 53 4,259 See footnote at end of table. December 2007 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 2003............................ 2004............................ 2005............................ 2006............................ 2007............................ 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) 712,979 733,408 794,123 837,820 869,607 8,729 9,230 10,415 r 10,531 11,534 44 56 101 r 105 66 8,684 9,174 10,314 r 10,425 11,469 506 566 610 607 638 - 506 566 610 607 638 34,756 35,725 38,897 r 39,433 40,403 1,032 1,014 1,007 r 891 1,040 33,724 34,711 37,890 r 38,542 39,362 25,499 26,260 25,272 25,509 18,735 891 856 994 1,123 5,132 24,608 25,404 24,278 24,386 13,602 2007 - Est ................... 869,670 2008 - Est ................... 918,454 11,316 11,898 - 11,316 11,898 623 628 - 623 628 38,546 39,588 - 38,546 39,588 14,733 14,124 - 14,733 14,124 69,568 59,653 65,115 61,460 81,446 68,096 76,501 95,857 79,853 74,773 66,262 69,295 71,296 1,265 164 832 870 778 1,009 842 903 1,059 1,253 1,002 1,149 1,673 47 * 42 9 -8 10 13 1,218 164 832 870 778 967 842 903 1,051 1,261 1,002 1,139 1,660 79 9 47 55 44 52 50 53 69 55 54 66 84 - 79 9 47 55 44 52 50 53 69 55 54 66 84 5,929 632 3,121 3,353 2,903 4,297 3,108 3,326 4,067 3,149 3,249 3,002 6,196 155 -2 264 295 8 296 179 5,774 634 3,121 3,353 2,903 4,033 3,108 3,326 3,772 3,141 3,249 2,706 6,016 1,119 3,511 1,762 2,053 1,541 -1,051 3,006 1,519 682 1,732 1,928 2,074 -22 -27 103 111 201 402 1,086 1,101 847 531 185 189 178 198 1,146 3,407 1,651 1,852 1,139 -2,137 1,905 672 152 1,547 1,739 1,896 -221 Fiscal year 2007 .............. 869,607 11,534 66 11,469 638 - 638 40,403 1,040 39,362 18,735 5,132 13,602 2006 - Sept ................. Oct .................. Nov.................. Dec.................. 2007 - 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 Off-budget (45) (46) 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 67,522 69,855 73,093 73,962 65,068 22,827 25,579 25,606 28,688 26,977 868 749 841 811 934 21,959 24,831 24,764 27,877 26,043 21,032 21,806 24,198 25,701 27,548 1,170 723 820 891 1,537 19,862 21,083 23,378 24,810 26,011 21,878 19,652 19,297 29,945 32,043 12,430 r 12,628 13,190 14,439 15,186 34,309 r 32,280 32,487 44,384 47,227 1,258,265 1,345,040 1,575,874 1,798,293 1,932,586 523,842 534,744 577,475 608,382 635,088 2007 - Est.................... 2008 - Est.................... 65,218 66,238 25,800 26,369 - 25,800 26,369 26,466 29,051 - 26,466 29,051 31,410 34,726 15,390 14,886 46,800 49,612 1,941,062 1,990,734 632,845 668,637 2006 - Sept.................. Oct................... Nov.................. Dec.................. 2007 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. 8,217 4,215 5,651 6,131 4,863 2,914 5,905 4,954 5,042 6,004 6,043 5,807 7,539 2,460 2,434 1,874 2,281 2,351 1,527 2,111 3,808 2,212 1,858 1,924 2,379 2,218 70 121 94 88 48 81 79 62 78 80 78 68 57 2,390 2,313 1,780 2,193 2,303 1,446 2,032 3,746 2,133 1,778 1,847 2,311 2,161 2,379 2,514 2,354 2,156 2,249 2,074 2,217 2,069 2,159 2,245 2,444 2,668 2,399 33 57 124 650 89 84 64 88 98 73 72 62 76 2,346 2,457 2,230 1,505 2,161 1,991 2,153 1,981 2,060 2,172 2,372 2,606 2,323 2,362 2,114 2,352 1,322 3,064 2,363 2,649 3,000 3,238 2,637 3,363 3,206 2,735 1,574 1,371 1,200 897 1,283 1,033 1,629 1,153 1,461 1,064 1,307 1,366 1,422 3,936 3,484 3,553 2,219 4,347 3,395 4,278 4,152 4,698 3,702 4,670 4,572 4,157 230,601 124,682 99,872 214,180 199,519 69,732 107,504 315,639 112,584 218,697 121,679 117,166 231,332 52,702 43,011 45,994 45,789 61,090 50,580 58,987 68,002 51,655 57,820 48,760 49,379 54,021 Fiscal year 2007 .............. 65,068 26,977 934 26,043 27,548 1,537 26,011 32,043 15,186 47,227 1,932,586 635,088 Note.—These estimates are based on the Mid-Session Review of the Fiscal Year 2008 Budget, released by the Office of Management and Budget on July 11, 2007. * Less than $500,000. Detail may not add to totals due to rounding. December 2007 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 Agriculture (3) DepartDepartment of Depart- Department of Defense, ment of ment of Commerce military Education Energy (6) (7) (4) (5) Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 37,406 44,989 42,448 42,434 45,559 9,204 8,615 9,288 9,063 10,489 21,029 29,576 22,366 23,320 23,349 69,562 56,679 46,943 43,139 47,544 46,279 39,782 45,633 45,298 10,495 10,082 24,222 24,664 47,523 50,606 45,774 58,088 55,844 53,608 54,800 52,964 67,822 45,732 60,112 66,663 44,582 67,116 44,705 4,580 3,617 3,205 3,422 3,189 2,943 3,361 3,031 2,840 3,951 2,957 3,371 3,284 3,100 3,936 3,626 3,574 3,519 3,195 3,711 4,195 3,514 4,178 4,218 4,015 3,878 997 787 725 652 935 638 784 895 782 1,066 1,215 1,053 957 2,222 2,108 1,975 1,875 2,061 1,969 1,894 1,937 1,812 1,971 2,440 2,070 1,237 2,960 3,383 3,158 4,262 5,661 2,987 5,181 3,693 4,329 3,882 3,466 4,042 3,500 672,036 39,171 45,559 10,489 23,351 47,544 Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) Legislative branch (1) Judicial branch (2) 3,404 3,900 3,995 4,129 4,305 5,128 5,393 5,543 5,820 6,007 72,860 71,572 85,333 93,533 84,435 5,670 5,829 6,147 6,374 6,478 388,741 437,043 474,374 499,355 529,871 57,144 62,779 72,857 93,427 66,371 19,380 19,894 21,274 19,653 20,116 505,024 542,812 581,463 614,313 672,036 32,133 26,802 38,717 69,100 39,171 2007 - Est ............... 4,428 2008 - Est ............... 4,751 6,082 6,678 88,913 91,897 6,612 7,339 538,825 577,104 67,919 60,220 21,505 22,183 679,183 712,536 381 371 335 305 422 302 329 491 328 384 372 346 320 473 512 451 561 512 463 429 509 484 579 494 532 481 6,388 14,601 8,665 8,905 9,033 6,501 6,262 5,556 4,242 3,909 5,267 5,460 6,034 629 437 595 506 614 462 523 394 563 550 705 574 555 45,076 48,657 44,039 48,485 39,856 37,808 49,418 38,683 42,169 48,322 40,288 48,136 44,010 18,518 5,742 4,305 5,418 8,000 5,850 5,358 4,503 5,130 5,531 3,024 7,773 5,737 1,537 1,812 1,504 2,085 1,827 502 2,362 1,417 2,137 2,116 850 1,292 2,212 Fiscal year 2007........ 4,305 6,007 84,435 6,478 529,871 66,371 20,116 Fiscal year or month 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 2006 - Sept............. Oct.............. Nov ............. Dec ............. 2007 - Jan .............. Feb ............. Mar ............. Apr.............. May............. June............ July ............. Aug ............. Sept ............ Fiscal year or month 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... Department of State (14) 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) General InterServices national Admin- Assistance istration Program (23) (24) 9,341 10,925 12,754 12,957 13,624 50,454 54,872 56,597 60,141 61,691 318,149 321,566 352,350 405,872 429,977 49,674 54,330 57,927 58,873 60,639 56,956 59,585 69,844 69,808 72,820 4,680 4,732 4,720 6,946 3,917 39,881 41,732 43,484 44,435 47,112 8,044 8,328 7,911 8,322 8,258 387 3,349 7,689 5,378 2,958 338 -452 17 22 33 13,461 13,660 15,034 13,945 12,765 2007 - Est............... 16,668 2008 - Est............... 17,261 64,073 68,731 429,266 460,040 59,373 58,178 74,782 84,775 6,715 7,703 47,651 49,342 7,864 7,810 2,931 1,339 279 838 16,754 18,505 1,364 1,416 860 1,285 1,277 1,050 1,278 555 1,379 568 1,237 1,360 1,484 6,596 5,478 5,197 4,868 4,526 3,308 3,908 4,626 5,095 5,432 5,646 7,156 6,451 20,854 22,293 20,305 95,909 18,132 24,170 21,253 25,657 26,969 104,755 25,659 25,688 19,187 -5,227 574 1,254 1,204 5,551 30,789 12,016 5,611 3,582 2,332 1,923 1,101 -5,298 8,689 3,485 5,864 9,641 3,262 6,159 8,376 3,543 6,459 9,834 3,386 9,457 3,354 276 -100 311 272 379 355 390 274 408 230 385 553 460 3,755 3,618 4,221 4,371 4,705 3,659 4,006 3,311 3,626 3,794 4,079 3,555 4,167 514 788 648 647 735 651 736 627 552 710 700 788 676 360 258 318 356 289 266 326 256 250 169 164 170 136 -149 -89 51 50 -46 -151 276 94 38 10 -9 -63 -128 1,018 812 626 340 731 624 3,489 1,167 1,618 1,120 752 1,325 161 Fiscal year 2007 ......... 13,749 61,691 429,977 60,639 72,820 3,917 47,112 8,258 2,958 33 12,765 2006 - Sept ............ Oct.............. Nov............. Dec............. 2007 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... July............. Aug............. Sept............ See footnote at end of table. December 2007 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) 2003 ....................... 14,610 4,730 2004 ....................... 15,150 2005 ....................... 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) 54,135 1,559 507,733 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 2006 ....................... 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,808 422,069 2007 ....................... 15,860 5,531 58,449 1,175 621,762 18,271 -61,776 -177,963 -6,762 -13,699 2,276,867 453,637 2007 - Est............... 16,182 5,944 59,448 1,263 621,771 20,081 -61,801 -178,060 -6,391 -13,780 2,325,647 452,985 2008 - Est............... 17,295 6,136 64,714 751 656,091 18,715 -64,895 -188,330 -8,124 -12,302 2,450,663 467,050 2006 - Sept ............ 2,030 546 5,176 142 52,693 1,027 -4,259 -385 -410 -111 180,757 46,378 Oct.............. 662 410 5,751 160 46,987 783 -17,739 -1,672 -911 * 176,517 40,497 Nov............. 1,242 436 4,852 155 49,513 538 -3,764 -1,541 -607 * 173,720 45,187 Dec............. 1,431 417 5,142 97 53,463 2,369 -4,150 -80,339 -299 -12,728 223,858 -5,851 2007 - Jan .............. 1,196 406 5,668 132 48,673 1,641 -4,096 -73 -790 -357 179,869 42,504 Feb ............. 1,191 386 5,477 21 51,744 268 -3,652 -2,095 -500 - 193,617 46,688 Mar ............. 1,445 421 5,761 98 55,100 1,262 -4,002 -573 -228 -12 215,714 47,047 Apr.............. 1,265 471 3,007 75 48,849 2,747 -3,948 -2,447 -807 - 160,504 45,462 May ............ 1,399 435 5,638 98 52,922 400 -3,963 -2,538 -621 -252 184,566 47,371 June ........... 1,497 521 5,368 81 59,720 -1,714 -4,289 -83,534 -321 -350 249,332 -296 July............. 1,282 512 5,698 80 49,094 2,640 -4,230 -1,037 -952 * 163,434 43,452 Aug............. 1,479 618 5,848 91 84,385 802 -3,938 -2,019 -616 * 207,951 75,567 Sept............ 1,771 498 239 87 21,312 6,535 -4,005 -95 -110 * 147,785 26,009 Fiscal year 2007........ 15,860 5,531 58,449 1,175 621,762 18,271 -61,776 -177,963 -6,762 -13,699 2,276,867 453,637 Fiscal year or month Note.—These estimates are based on the Mid-Session Review of the Fiscal Year 2008 Budget, released by the Office of Management and Budget on July 11, 2007. Total outlays OnOffbudget budget (35) (36) * Less than $500,000. Detail may not add to totals due to rounding. December 2007 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, September 2007 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,163,411 Corporation income taxes ........................................... 370,240 Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ 10,242 Estate and gift taxes ................................................... 26,044 Customs duties ........................................................... 16,730 34,154 Miscellaneous receipts................................................ Total receipts....................................................... 1,620,822 (On-budget)..................................................... 1,620,822 (Off-budget)..................................................... Budget outlays: Legislative branch ....................................................... 4,126 Judicial branch ............................................................ 5,749 Department of Agriculture ........................................... 72,509 Department of Commerce........................................... 6,438 Department of Defense-military .................................. 528,406 Department of Education ............................................ 67,169 Department of Energy................................................. 22,134 Department of Health and Human Services ............... 487,285 Department of Homeland Security.............................. 41,133 Department of Housing and Urban Development....... 47,090 Department of the Interior ........................................... 10,107 Department of Justice ................................................. 21,731 Department of Labor ................................................... 10,387 Department of State.................................................... 12,881 Department of Transportation..................................... 10,731 Department of the Treasury: Interest on the public debt....................................... 429,978 Other ....................................................................... 61,773 Department of Veterans Affairs .................................. 73,981 Corps of Engineers ..................................................... 3,002 Other defense civil programs...................................... 41,769 Environmental Protection Agency............................... 8,157 Executive Office of the President................................ 2,899 General Services Administration ................................ 99 International Assistance Program............................... 15,530 National Aeronautics and Space Administration ........ 15,865 National Science Foundation...................................... 5,468 Office of Personnel Management ............................... 39,698 Small Business Administration ................................... 1,197 Social Security Administration .................................... 54,916 Other independent agencies....................................... 7,224 Undistributed offsetting receipts: Interest .................................................................... -12,320 Other ....................................................................... Total outlays........................................................ 2,097,110 (On-budget)..................................................... 2,097,110 (Off-budget)..................................................... Surplus or deficit (-)............................................. -476,288 (On-budget)..................................................... -476,288 (Off-budget)..................................................... - - No transactions. * Less than $500,000. December 2007 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) 61 - 3 1,163,472 370,243 1,043,858 353,914 50 - 1 1,043,908 353,915 833 7,941 12,414 21,248 21,248 - 635,088 189,170 41,091 4,258 53,994 1,339 659 925,601 290,514 635,088 635,088 189,170 41,091 4,258 65,069 26,044 26,010 47,227 2,567,671 1,932,583 635,088 21,772 27,877 16,150 31,912 1,495,483 1,495,483 - 689 7,383 11,632 19,754 19,754 - 608,382 181,660 43,420 4,358 51,501 1,277 840 891,438 283,056 608,382 608,382 181,660 43,420 4,358 73,962 27,877 24,810 44,384 2,406,675 1,798,293 608,382 155 265 10,885 40 1,367 -819 -2,018 -36 -2,217 -1,532 -35 1,592 566 350 -260 25 -7 1,043 * 99 22 * 184,788 256 * 416 28 36,591 518 51,222 4,306 6,008 84,437 6,479 529,871 66,372 20,117 672,036 39,172 45,559 10,488 23,351 47,543 13,749 61,693 3,956 5,678 69,514 6,368 497,131 93,420 21,959 458,242 54,052 44,235 9,961 22,173 10,222 12,705 12,463 125 136 22,858 5 2,272 6 -2,310 -181 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 47,940 4,129 5,820 93,533 6,374 499,350 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139 12,957 60,141 -1,027 -2,203 -129 -12,050 -17 59 -66 -1,141 -5 52 -25,690 -22 * 9,295 -108 1,042 1,045 17,394 118 * * -1,625 * 10 44,443 * 566,845 1,752 429,978 60,637 72,820 3,918 47,112 8,258 2,957 32 12,764 15,861 5,529 58,450 1,175 621,761 18,271 405,872 59,610 70,588 6,165 40,135 8,308 5,377 134 16,640 15,154 5,455 36,662 944 53,249 6,319 -620 -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 * 43 25,801 * 532,491 2,794 405,872 58,873 69,808 6,946 44,435 8,322 5,378 22 13,945 15,125 5,541 62,400 905 585,742 12,351 -19,690 -44,332 -49,426 5,093 65,581 70,674 -5,093 -177,963 -50,227 677,728 229,184 448,544 247,874 61,330 186,544 -177,963 -82,237 2,730,505 2,276,868 453,637 -162,833 -344,284 181,451 -6,502 2,046,190 2,046,190 -550,707 -550,707 - -12,031 6,207 7,282 -1,075 13,547 12,472 1,075 -169,295 -49,718 602,476 179,332 423,144 288,963 103,725 185,238 -169,295 -68,251 2,654,873 2,232,803 422,069 -248,197 -434,510 186,313 Note.—Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 21 TABLE FFO-5.—Internal Revenue Receipts by State, 2007 [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) Excise taxes 1 (10) Gift tax (9) United States, total......................2,691,537,557 395,535,826 2,215,974,166 487,497,228 1,716,342,303 4,717,897 7,416,738 24,557,815 2,420,138 53,049,612 Alabama ........................................ 22,211,144 2,944,873 18,923,715 4,286,317 14,552,964 1,695 82,739 175,131 32,842 134,583 Alaska............................................ 3,865,743 217,545 3,597,327 867,782 2,714,325 1,764 13,456 6,643 228 43,999 Arizona .......................................... 34,798,724 3,306,736 30,024,816 7,574,945 22,315,380 1,270 133,221 252,423 13,055 1,201,695 Arkansas ....................................... 18,243,532 6,441,492 11,117,341 2,152,131 8,899,202 2,055 63,954 115,950 3,459 565,290 58,825,549 174,833,453 10,205 834,043 3,935,699 383,035 3,043,776 280,852 46,423 1,221,920 California ....................................... 274,272,870 Colorado........................................ 40,955,409 Connecticut ................................... Delaware ....................................... District of Columbia ....................... 32,407,111 234,503,250 3,103,252 36,302,963 7,609,605 28,569,177 11,137 113,044 50,213,862 9,143,666 40,258,033 8,975,270 31,188,643 3,714 90,406 392,904 64,148 355,111 12,696,756 4,300,411 8,219,734 1,890,743 6,306,346 237 22,409 153,855 8,245 14,511 18,934,454 3,322,181 15,390,720 1,634,283 13,436,144 302,777 17,515 150,460 10,558 60,536 6,784,087 113,191,045 33,776,820 78,349,517 627,595 437,113 1,602,943 171,086 704,891 Florida ........................................... 122,454,052 Georgia.......................................... 66,656,247 9,576,538 54,693,309 9,808,614 44,620,965 2,273 261,456 425,652 24,378 1,936,371 Hawaii............................................ 6,470,299 458,669 5,817,013 1,598,564 4,196,243 - 22,206 74,006 2,997 117,614 Idaho ............................................. 15,104,905 581,166 14,448,296 1,688,500 12,629,021 1,086 129,688 47,270 4,106 24,067 17,674,761 96,231,215 19,297,714 76,436,055 162,341 335,106 756,435 90,103 4,594,197 4,034,297 33,083,660 5,053,445 27,891,087 22,802 116,326 222,280 15,472 332,627 1,716,491 14,709,817 2,579,660 12,070,963 587 58,607 125,769 1,655 121,893 Illinois ............................................ 119,346,711 Indiana........................................... 37,688,336 Iowa............................................... 16,675,626 Kansas .......................................... 19,681,858 1,613,784 16,942,930 3,033,470 12,976,695 862,704 70,062 72,249 11,719 1,041,176 Kentucky........................................ 20,800,648 1,151,831 19,266,574 3,002,112 16,176,880 7,908 79,674 111,613 37,969 232,662 Louisiana....................................... 30,894,887 1,834,335 28,562,803 5,973,020 22,503,308 7,116 79,360 209,528 26,620 261,601 Maine............................................. 5,802,615 247,174 5,320,205 1,190,702 4,102,686 3,631 23,185 80,024 6,900 148,311 Maryland........................................ 43,883,145 2,255,966 41,166,547 8,099,621 32,919,637 11,333 135,956 312,775 54,715 93,142 Massachusetts .............................. 67,878,139 6,177,913 60,575,049 12,263,876 48,089,950 50,374 170,849 594,645 55,037 475,494 Michigan........................................ 63,432,594 5,548,272 56,881,399 7,768,215 48,850,568 41,434 221,182 786,148 31,446 185,329 Minnesota...................................... 69,723,539 12,441,901 55,839,971 6,127,403 49,448,288 63,803 200,477 188,959 42,845 1,209,862 Mississippi..................................... 9,931,992 683,973 8,938,206 2,241,903 6,652,185 1,333 42,785 60,682 3,389 245,743 Missouri......................................... 44,180,700 4,714,922 38,251,832 5,548,673 32,492,159 62,896 148,104 255,856 25,491 932,598 Montana ........................................ 4,069,643 188,059 3,783,850 1,127,452 2,622,282 17,295 16,820 46,575 1,387 49,772 Nebraska....................................... 15,810,572 4,018,363 11,621,964 1,833,739 8,739,005 1,003,897 45,323 76,965 29,041 64,239 Nevada.......................................... 16,646,906 2,000,406 14,374,773 5,291,322 9,023,413 128 59,910 163,443 24,856 83,429 New Hampshire............................. 8,342,831 443,952 7,720,740 1,750,566 5,944,411 169 25,595 50,812 51,146 76,180 18,754,309 88,073,684 13,906,039 73,811,848 101,297 254,500 608,544 94,412 1,228,143 293,891 7,124,752 1,839,086 5,256,494 144 29,027 71,320 5,085 24,639 36,457,178 136,133,009 280,996 417,456 2,111,347 431,554 987,192 333,857 New Jersey ................................... 108,759,092 New Mexico................................... 7,519,687 New York....................................... 214,225,476 North Carolina ............................... 67,281,999 37,406,744 173,288,639 15,233,307 51,275,117 8,417,016 42,626,769 4,763 226,569 412,103 27,615 North Dakota ................................. 3,280,944 262,236 2,959,729 686,166 2,257,865 3,192 12,505 43,512 65 15,402 Ohio............................................... 95,097,315 13,283,287 78,722,271 9,560,176 68,832,173 19,771 310,151 526,655 47,683 2,517,420 Oklahoma...................................... 26,800,268 5,924,574 16,423,157 4,338,792 12,010,488 1,681 72,195 153,006 6,462 4,293,069 Oregon .......................................... 22,576,318 1,696,641 20,532,475 4,163,114 16,283,524 818 85,019 175,871 14,275 157,057 See footnotes at end of table. December 2007 FEDERAL FISCAL OPERATIONS 22 TABLE FFO-5.—Internal Revenue Receipts by State, 2007, con. [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) Pennsylvania............................ 101,628,293 Rhode Island ............................ 10,321,135 South Carolina ......................... 18,289,697 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) Railroad retirement tax (6) Unemployment insurance tax (7) Estate tax (8) 11,421,917 87,090,508 14,033,980 72,688,000 58,677 309,850 776,772 58,120 2,362,506 7,899,947 1,265,571 6,598,312 4 36,059 46,828 3,727 8,127 1,022,843 16,933,281 3,878,775 12,977,818 -373 77,061 188,669 4,227 140,678 Gift tax (9) Excise taxes 1 (10) 2,280,976 South Dakota ........................... 4,248,997 194,007 4,002,953 1,471,699 2,501,671 15,425 14,158 20,271 6,478 25,289 Tennessee ............................... 45,120,554 5,189,986 39,102,878 6,118,873 32,800,603 1,601 181,800 237,490 17,340 572,859 31,443,387 144,753,070 Texas........................................ 190,281,585 Utah.......................................... 13,471,365 33,309,314 110,862,016 16,180 1,012,682 11,606,751 2,846,041 8,695,820 5,783 565,561 1,207,596 59,106 88,820 209,346 12,668,185 11,313 751,799 Vermont.................................... 3,349,748 154,369 3,112,960 743,822 2,354,855 1,999 12,284 51,705 2,856 27,858 Virginia ..................................... 57,199,223 6,564,058 50,075,255 10,019,126 39,333,056 546,438 176,636 377,390 31,220 151,299 Washington .............................. 55,637,198 9,499,713 45,085,884 10,022,093 34,875,639 5,468 182,684 400,178 47,445 603,977 West Virginia ............................ 5,880,148 534,797 5,217,202 1,010,451 4,185,329 387 21,035 25,449 2,480 100,220 Wisconsin................................. 41,430,637 4,949,630 35,958,116 5,908,966 29,860,838 34,409 153,902 200,306 34,892 287,693 Wyoming .................................. 4,127,313 499,983 3,468,728 1,664,841 1,793,138 481 10,267 69,113 10,103 79,386 International and U.S. Territories 5 ........................... 13,996,143 938,379 12,766,262 3,160,308 9,555,624 736 49,593 72,380 16,805 202,318 International ............................. 6,711,385 905,886 5,529,220 2,674,059 2,845,303 736 9,122 70,714 15,039 190,526 10,076 U.S. Armed Services overseas and Territories other than Puerto Rico ........ 659,121 4,629 642,016 203,165 436,037 - 2,814 634 1,766 Puerto Rico .......................... 6,625,637 27,864 6,595,025 283,085 6,274,284 - 37,657 1,032 - 1,716 Other 6 ...................................... 11,468,969 58,040 8,701,568 8,041,780 657,718 26 2,044 2,659,825 34,121 15,415 Adjustments and credits 7 ........ 2,593,353 216,171 2,377,182 2,377,182 - - - - - - Highway and Airport and Airways Trust Funds ........ 318,620 216,171 102,449 102,449 - - - - - - Excess Federal Insurance Contributions Act (FICA) credits ................... 2,208,843 - 2,208,843 2,208,843 - - - - - - Advance earned income tax credit........................... 65,890 - 65,890 65,890 - - - - - - 77,500,411 202,039,881 71,712,225 122,504,462 332,430 106,702 2,304,122 28,162 6,004,135 Undistributed 8 ......................... 287,876,711 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 $869.4 million, of which $795.3 million were from tax on “unrelated business income” (Forms 990-T) and $74.1 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 $21.5 billion. 5 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. 6 Returns filed with undefined locations. 7 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. 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 2007 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 2007 Headquarters: Revenue Division ................................................................ $1,900,298,679.49 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 ................... Bar Harbor, ME .................................. 10112 ................... Calais, ME.......................................... 10115 ................... Limestone, ME ................................... 10118 ................... Bridgewater, ME................................. 10127 ................... Portsmouth, NH.................................. 10131 ................... Belfast, ME......................................... 10132 ................... Manchester, NH User Fee Airport......... 10182 ................... Total District .................................................................. 46,606,259.47 152,718.55 47,241.78 504,057.83 6,077,693.94 2,820,056.13 40,282.50 77,011.83 80,892.27 24,584.00 3,111,893.60 360.94 7,969.28 2,368,251.72 1,159,064.95 241,051.65 63,319,390.44 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 .................................................................. 12,066,824.68 17,886.08 92,566.81 45,050.66 7,546,319.98 828,961.75 35,245,178.06 55,842,788.02 Boston, Massachusetts: Boston, MA......................................... 10401 ................... Springfield, MA................................... 10402 ................... Worchester, MA ................................. 10403 ................... Glouchester, MA ................................ 10404 ................... New Bedford, MA ............................... 10405 ................... Plymouth, MA..................................... 10406 ................... 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 .................................................................. 271,689,323.37 38,668.82 97,359,702.95 24,557.43 4,541,480.89 64.96 2,790,890.38 2,819,558.02 8,512,329.23 13,428,672.52 859,442.73 128,834.38 96,106,418.20 234,912.38 498,534,856.26 Providence, Rhode Island: Newport, RI ........................................ 10501 ................... Providence, RI.................................... 10502 ................... Total District .................................................................. 57,126.96 92,064,707.84 92,121,834.80 District and Port of Collection Port Code Collection Fiscal Year 2007 Ogdensburg, New York: Ogdensburg, NY................................ 10701.................... Massena, NY..................................... 10704.................... Alexandria Bay, NY ........................... 10708.................... Champlain, NY .................................. 10712.................... Trout River, NY.................................. 10715.................... Total District................................................................... 5,923,682.89 3,548,247.54 25,782,799.19 120,574,435.52 1,899,624.14 157,728,789.28 Buffalo, New York: Buffalo, NY ........................................ 10901.................... Rochester, NY ................................... 10903.................... Oswego, NY ...................................... 10904.................... Syracuse, NY..................................... 10906.................... Binghamton, NY ............................... 10981.................... Total District................................................................... 197,190,386.71 7,055,542.22 254,674.34 11,897,143.51 100,474.69 216,498,221.47 New York, New York: New York, NY.................................... 21001.................... Albany, NY......................................... 21002.................... UPS, Newark, NJ .............................. 24670.................... Federal Express, Newark, NJ ........... 24671.................... Newark, NJ ........................................ 24601.................... Perth Amboy, NJ ............................... 24602.................... Morristown, NJ User Fee Airport....... 24681.................... JFK .................................................... 24701.................... Federal Express Corp (Newark)........ 24770.................... NYACC, Jamaica, NY ....................... 24771.................... DHL Airways, Jamaica, NY ............... 24772.................... Dworkin/Cosell Courier, Jamaica, NY ... 24775.................... TNT Skypak (JFK)............................. 24778.................... Total District................................................................... 459,128,306.71 6,271,710.17 16,648,583.75 24,224,011.81 4,125,272,039.55 11,534,108.50 166,489.65 1,228,010,248.02 5,228.00 1,052,600.17 11,926,885.61 187.43 1,411,625.29 5,885,652,024.66 Philadelphia, Pennsylvania: Philadelphia, PA ................................ 11101.................... Chester, PA ....................................... 11102.................... Wilmington, DE.................................. 11103.................... Pittsburgh, PA.................................... 11104.................... Wilkes-Barre/Scranton, PA ............... 11106.................... Philadelphia, PA ................................ 11107.................... Philadelphia Int'l. Airport.................... 11108.................... Harrisburg, PA................................... 11109.................... Allentown, PA .................................... 11119.................... Atlantic City, NJ User Fee Airport ..... 11182.................... Trenton/Mercer User Fee Airport ...... 11183.................... UPS (Philadelphia, PA) ..................... 11195.................... Total District................................................................... 389,138,959.11 62,752,357.67 30,561,320.47 55,974,471.67 1,147,276.58 263.71 39,348,413.85 25,951,559.73 14,800,155.45 108,321.82 123,988.23 45,584,617.36 665,491,705.65 Baltimore, Maryland: Annapolis, MD ................................... 11301.................... Baltimore, MD.................................... 11303.................... BWI Airport ........................................ 11305.................... Total District................................................................... 19,508.28 600,079,287.68 9,254,685.41 609,353,481.37 December 2007 24 FEDERAL FISCAL OPERATIONS 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 2007 Norfolk, Virginia: Norfolk, VA ......................................... 41401 ................... Newport News, VA ............................. 41402 ................... Norfolk Subport .................................. 41403 ................... 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 .................................................................. 628,125,682.29 23,565,242.76 45.00 38,967,902.61 11,170,007.83 26,962.99 31,686,435.14 -966.07 733,541,312.55 Charlotte, North Carolina: Wilmington, NC .................................. 41501 ................... Winston Salem, NC............................ 41502 ................... Durham, NC ....................................... 41503 ................... Beaufort-Morehead, NC..................... 41511 ................... Charlotte, NC ..................................... 41512 ................... Total District .................................................................. 55,909,727.86 26,328,884.65 18,175,685.49 877,401.90 219,136,858.35 320,428,558.25 Charleston, South Carolina: Charleston, SC................................... 41601 ................... Georgetown, SC................................. 41602 ................... Greenville-Spartanburg, SC............... 41603 ................... Columbia, SC ..................................... 41604 ................... Myrtle Beach User Fee Airport........... 41681 ................... Total District .................................................................. 886,459,592.43 70,201.50 135,762,502.18 14,808,815.93 94,309.84 1,037,195,421.88 Savannah, Georgia: Brunswick, GA.................................... 41701 ................... Savannah, GA.................................... 41703 ................... Atlanta, GA......................................... 41704 ................... Dalton ................................................. 41706 ................... Total District .................................................................. 109,899,434.25 781,896,804.80 579,557,025.07 42.00 1,471,353,306.12 Tampa, Florida: Tampa, FL.......................................... 41801 ................... Jacksonville, FL.................................. 41803 ................... Fernandina, FL................................... 41805 ................... Orlando, FL ........................................ 41808 ................... Orlando/Sanford, FL .......................... 41809 ................... St. Petersburg, FL .............................. 41814 ................... Port Canaveral, FL ............................. 41816 ................... Panama City, FL ................................ 41818 ................... Pensacola, FL .................................... 41819 ................... Port St. Joe, FL .................................. 41820 ................... 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 Regional User Fee Airport .. 41887 ................... Total District .................................................................. 71,688,689.08 386,695,740.26 480,845.37 11,846,389.36 18,865.44 61,922.43 3,075,118.85 25,096,469.76 33,437.01 79.66 35,544,951.22 723,543.99 147,205.52 252,974.41 272,874.94 100,958.86 536,040,066.16 Mobile, Alabama: Mobile, AL .......................................... 51901 ................... Gulfport, MS ....................................... 51902 ................... Pascagoula, MS ................................. 51903 ................... Birmingham, AL.................................. 51904 ................... Huntsville, AL ..................................... 51910 ................... Total District .................................................................. 33,800,667.89 24,806,730.30 1,313,263.30 49,095,362.37 36,574,465.47 145,590,489.33 December 2007 District and Port of Collection Port Code Collection Fiscal Year 2007 New Orleans, Louisiana: Morgan City, LA................................. 52001.................... New Orleans, LA ............................... 52002.................... Little Rock, AR................................... 52003.................... Baton Rouge, LA ............................... 52004.................... 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.................... Fayetteville, AR ................................. 52025.................... Port of Tri-Cities, Blountville, TN ....... 52027.................... Tri City User Fee Airport.................... 52082.................... Arkansas Aeroplex, Blytheville, AR... 52083.................... Rogers User Fee Airport, AR ............ 52084.................... Federal Express (Memphis, TN) ....... 52095.................... Total District................................................................... 6,778,949.70 164,283,607.56 19,411,304.67 21,066,687.93 508,675,365.96 87,426,482.67 1,040,005.28 19,653,449.18 11,680,633.19 47,153,868.93 9,483,235.02 260,909.85 1,846.00 1,272,694.73 2,184,186.36 36.23 99,559.43 165,370,818.47 1,065,843,641.16 Port Arthur, Texas: Port Arthur, TX........................... 62101.................... Sabine, TX................................. 62102.................... Orange, TX ................................ 62103.................... Beaumont, TX............................ 62104.................... Border Patrol, Wellton, AZ, ....... 62153.................... Border Patrol, Laredo, TX ......... 62250.................... Total District................................................................... 24,813,464.33 466.62 6,482.86 7,852,682.68 20,380.00 63,653.57 32,757,130.06 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, HQ Del Rio, TX .......... 62350.................... Border Patrol, Comstock, TX ............ 62351.................... Border Patrol, Carrizo Springs, TX.... 62352.................... Border Patrol, Eagle Pass, TX .......... 62354.................... Border Patrol, Brackettville, TX ......... 62355.................... Border Patrol, Uvalde, TX ................. 62356.................... Border Patrol, Abilene, TX ................ 62360.................... Total District................................................................... 25,357,086.00 1,913,075.37 14,351,577.15 316,909,940.00 57,718,614.05 229,922.43 535,953.75 633,919.28 50,179.99 250.00 18,853.60 536.98 6,850.00 7,275.00 3,682.28 417,737,715.88 El Paso, Texas: El Paso, TX........................................ 62402.................... Presidio, TX ....................................... 62403.................... Fabens, TX........................................ 62404.................... Columbus, TX.................................... 62406.................... Albuquerque, NM .............................. 62407.................... Santa Teresa, NM ............................. 62408.................... Total District................................................................... 198,789,396.97 723,833.96 41,023.51 300,994.83 1,948,722.22 2,806,843.68 204,610,815.17 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 2007 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 .................................................................. 200,080,458.89 292,216.21 1,472,435.57 5,000,615.44 19,887,658.56 66,427,732.89 16,899,352.57 310,060,470.13 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, HQ Tucson, AZ........... 62650 ................... Casa Grande Border Patrol, AZ......... 62651 ................... Scottsdale User Fee Airport............... 62681 ................... Williams Gateway User Fee Airport .... 62682 ................... Total District .................................................................. 1,267,304.83 266,985.37 101,041.16 50,918,505.39 33,303,398.21 29,633.00 2,278,269.28 712,664.95 34,283.62 250.00 102,211.08 119,976.25 89,134,523.14 Los Angeles, California: Los Angeles, CA ................................ 72704 ................... Long Beach, CA................................. 72709 ................... Port Hueneme, CA............................. 72713 ................... LAX 72720 ................... Ontario Int’l Airport, Ontario, CA ........ 72721 ................... Las Vegas, NV ................................... 72722 ................... DHL (LAX).......................................... 72770 ................... Virgin Atlantic Cargo (LAX) ................ 72774 ................... TNT Express Worldwide .................... 72775 ................... Int'l. Bonded Couriers......................... 72776 ................... Micom, Inglewood, CA ....................... 72777 ................... Los Angeles Int’l Airport, CA .............. 72779 ................... Palm Springs User Fee Airport .......... 72781 ................... San Bernardino U.F. Airport, CA ....... 72714 ................... So. California Logistics Airport, CA.... 72783 ................... Santa Marie Airport, CA ..................... 72784 ................... March Inland, Riverside, CA .............. 72785 ................... DHL HUB Los Angeles, CA ............... 72791 ................... DHL HUB Riverside, CA .................... 72792 ................... UPS Ontario ....................................... 72795 ................... Total District .................................................................. 7,622,545,330.53 3,985.90 15,331,544.20 544,194,608.73 775.78 37,143,517.17 72,077.77 21,811.08 193,606.63 56,039.12 5,718.18 159.49 134,687.98 82,319.40 364,996.97 82,539.29 6,380.89 12,249,544.36 1,066,384.35 13,973,551.07 8,247,529,578.89 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 ................... Reno, NV............................................ 72833 ................... San Jose, CA ..................................... 72834 ................... Sacramento Int’l Airport, CA .............. 72835 ................... DHL (SFO) ......................................... 72870 ................... Sacramento User Fee Airport ............ 72881 ................... Fresno Yosemite User Fee Airport .... 72882 ................... Federal Express (SFO) ..................... 72895 ................... Total District .................................................................. 163,023,021.71 19,428.52 356,458.71 9.75 880,372,329.04 2,239.09 2,940,978.23 243,947.20 23,732.43 2,894,107.33 171,687.44 756,539.88 25,939,510.95 1,076,743,990.28 District and Port of Collection Port Code Collection Fiscal Year 2007 Great Falls, Montana: Raymond, MT.................................... 33301.................... Eastport, ID........................................ 33302.................... Salt Lake City, UT ............................. 33303.................... Great Falls, MT.................................. 33304.................... Butte, MT ........................................... 33305.................... Turner, MT......................................... 33306.................... Denver, CO........................................ 33307.................... Porthill, ID .......................................... 33308.................... Scoby, MT ......................................... 33309.................... Sweetgrass, MT ................................ 33310.................... Whitetail, MT...................................... 33312.................... Piegan, MT ........................................ 33316.................... Ophiem, MT....................................... 33317.................... Roosville, MT..................................... 33318.................... Morgan, MT ....................................... 33319.................... Whitlash, MT...................................... 33321.................... Del Bonita, MT................................... 33322.................... Wildhorse, MT ................................... 33323.................... Kalispell, MT ...................................... 33324.................... Willow Creek, MT .............................. 33325.................... Jefferson County Airport.................... 33383.................... Arapahoe County Airport................... 33384.................... Eagle County User Fee Airport ......... 33385.................... Total District................................................................... 157,635.45 7,932,731.72 46,960,406.09 1,075,853.99 38.82 15,650.21 98,350,374.24 2,136,488.20 3,222.55 10,652,520.13 353.75 49,842.13 5,118.68 314,917.53 65,807.37 1,286.12 4,843.97 26,321.97 458.84 122,484.00 106,943.59 138,096.13 112,458.39 168,233,853.87 Pembina, North Dakota: Pembina, ND ..................................... 33401.................... Noyes, ND ......................................... 33402.................... Portal, ND .......................................... 33403.................... Neche, ND ......................................... 33404.................... St. John, ND ...................................... 33405.................... Northgate, ND.................................... 33406.................... Walhalla, ND...................................... 33407.................... Hannah, ND....................................... 33408.................... Sarles, ND ......................................... 33409.................... Ambrose, ND..................................... 33410.................... Antler, ND .......................................... 33413.................... Sherwood, ND ................................... 33414.................... Hansboro, ND.................................... 33415.................... Maida, ND.......................................... 33416.................... Fortuna, ND ....................................... 33417.................... Westhope, ND ................................... 33419.................... Noonan, ND....................................... 33420.................... Carbury, ND....................................... 33421.................... Dunseith, ND ..................................... 33422.................... Warroad, MN ..................................... 33423.................... Baudette, MN..................................... 33424.................... Pinecreek, MN................................... 33425.................... Roseau, MN....................................... 33426.................... Grand Forks Airport, ND.................... 33427.................... Lancaster, MN ................................... 33430.................... Minot Airport, ND............................... 33434.................... Hector User Fee Airport .................... 33481.................... Total District................................................................... 16,622,914.05 50,686.25 6,103,824.47 16,255.12 4,758.80 7,232.44 15,199.88 223.25 1,821.75 7,219.25 2,477.05 94,045.51 3,794.20 3,872.90 7,803.00 5,177.99 7,956.54 2,520.10 560,555.04 29,832.42 38,866.22 874.08 183,025.42 2,285.88 11,958.56 46.00 15,570.86 23,800,797.03 December 2007 26 FEDERAL FISCAL OPERATIONS 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 2007 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 .................................................................. 142,000,040.40 409,184.62 4,669,337.87 30,293,933.88 2,983,719.40 108,344.19 180,464,560.36 Duluth, Minnesota: Duluth, MN ......................................... 33601 ................... Int’l. Falls/Ranier, MN......................... 33604 ................... Grand Portage, MN ............................ 33613 ................... Total District .................................................................. 7,904.05 6,552,299.22 965,633.60 7,525,836.87 Milwaukee, Wisconsin: Milwaukee, WI................................... 33701 ................... Green Bay, WI.................................... 33703 ................... Racine, WI.......................................... 33708 ................... Total District .................................................................. 34,485,092.74 256,518.16 480,100.39 35,221,711.29 Portland, Oregon: Astoria, OR......................................... 72901 ................... Newport, OR ...................................... 72902 ................... Coos Bay, OR .................................... 72903 ................... Portland, OR ...................................... 72904 ................... Longview, WA .................................... 72905 ................... Boise, ID............................................. 72907 ................... Vancouver, WA .................................. 72908 ................... Kalama, WA ....................................... 72909 ................... Portland Int'l. Airport........................... 72910 ................... Total District .................................................................. 403,679.99 1,436.00 114,067.22 450,904,666.07 6,518,271.84 183,108.44 20,502.47 14.09 44,010.16 458,189,756.28 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 .................................................................. 406,721,157.24 62,710,775.68 2,875,127.11 57,444.58 13,564,470.88 12,249,183.67 51,712,268.86 3,576.25 283,921.68 281,469.69 550,459,395.64 December 2007 District and Port of Collection Port Code Collection Fiscal Year 2007 Chicago, Illinois: Chicago, IL ........................................ 33901.................... Peoria, IL ........................................... 33902.................... Omaha, NE........................................ 33903.................... East Chicago, IL ................................ 33904.................... 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 User Fee Airport ... 33982.................... Pal-waukee User Fee Airport ............ 33983.................... Dupage User Fee Airport .................. 33984.................... Decatur User Fee Airport .................. 33985.................... Total District................................................................... 1,499,907,997.06 20,931,945.56 767,642.28 71.53 3,851.26 12,346,985.46 39,540,577.17 144,417.76 112,447.42 290.64 131,967.68 117,794.55 114,331.20 1,574,120,319.57 Cleveland, Ohio: Cleveland, OH ................................... 34101.................... Cincinnati, OH/Lawrenceburg, IN...... 34102.................... Columbus, OH................................... 34103.................... Dayton, OH........................................ 34104.................... Toledo/Sandusky, OH ....................... 34105.................... Erie, PA ............................................. 34106.................... Northern KY-Ft Mitchell, KY .............. 34107.................... Indianapolis, IN.................................. 34110.................... Louisville, KY..................................... 34115.................... Owensboro, KY ................................. 34116.................... Ashtabula/Conneaut, OH .................. 34122.................... London, KY........................................ 34130.................... Burlington Air Express....................... 34170.................... Airborne Airpark User Fee Airport..... 34181.................... Ft. Wayne User Fee Airport .............. 34183.................... Bluegrass User Fee Airport............... 34184.................... Hulman User Fee Airport................... 34185.................... Airborne Express............................... 34191.................... BAX Global Emery Worldwide .......... 34192.................... DHL Express ..................................... 34194.................... Emery Courier ................................... 34195.................... UPS 34196.................... DHL (Cincinnati) ................................ 34197.................... Federal Express (Indianapolis) ......... 34198.................... Total District................................................................... 134,118,847.12 94,463,171.38 540,892,820.13 4,166,991.83 3,253,306.36 558,041.41 169,600.00 121,423,284.41 257,820,220.00 5,760,903.64 197,863.47 754,600.00 -8.54 62,820.70 110,998.95 618,537.85 111.00 574.23 5,191,035.28 32,904,993.64 57,908.41 162,466,748.51 394,215.00 29,308,463.33 1,394,696,048.11 St. Louis, Missouri: Kansas City, MO .............................. 34501.................... St. Louis, MO..................................... 34503.................... Wichita, KA ........................................ 34504.................... Springfield, MO.................................. 34505.................... Midamerica Airport, Mascoutah, IL ... 34581.................... Total District................................................................... 104,340,478.66 147,778,713.43 28,085,311.25 10,060,485.64 3,095.43 290,268,084.41 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 2007 Preclearance-Canada: Vancouver, Canada, Preclearance.... 37922 ................... Calgary, Canada, Preclearance......... 37923 ................... Edmonton, Canada, Preclearance..... 37924 ................... Montreal, Canada, Preclearance ....... 37925 ................... Toronto, Canada, Preclearance......... 37926 ................... Winnepeg, Canada, Preclearance..... 37928 ................... Ottawa, Canada, Preclearance.......... 37929 ................... Halifax, Canada Preclearance ........... 37931 ................... Total District .................................................................. 539,740.68 1,022,652.28 265,595.23 517,968.59 1,519,507.15 121,545.22 114,712.60 60,845.00 4,162,566.75 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 .................................................................. 687,756.51 513,825.34 1,113,867.93 12,838,921.95 96,889,116.31 11,113,375.61 123,156,863.65 Virgin Islands of the United States: Charlotte Amalie, VI ........................... 45101 ................... Cruz Bay, VI ....................................... 45102 ................... Christiansted, VI................................. 45104 ................... Frederiksted, VI.................................. 45105 ................... Total District .................................................................. 9,181,404.38 177,721.45 6,577,067.64 255.00 15,936,448.47 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 .................................................................. 468,139,080.04 87,046.83 201,682,641.68 6,012,283.24 91,977.22 85,669,110.79 555,881.97 1.69 1,001,462.27 1,943.44 5,273.71 115,810.46 1,010,789.19 117,609.00 2,542,312.52 767,033,224.05 Washington, DC: Dulles Int'l. Airport .............................. 45401 ................... Alexandria, VA ................................... 45402 ................... Total District .................................................................. 26,777,282.14 278.51 26,777,560.65 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 .................................................................. 233,501.98 3,641.36 34,223.94 17,094.38 152,637.80 3,399.70 444,499.16 District and Port of Collection Port Code Collection Fiscal Year 2007 Ireland Preclearance: Dublin, IE ........................................... 57541.................... Shannon, IE....................................... 57542.................... Total District................................................................... 14,545.00 10,845.00 25,390.00 Houston, Texas: Houston, TX....................................... 65301.................... Houston Intercontinental ................... 65309.................... Galveston, TX.................................... 65310.................... Freeport, TX ...................................... 65311.................... Corpus Christi, TX ............................. 65312.................... Port Lavaca, TX................................. 65313.................... Sugar Land User Fee Airport ............ 65381.................... Total District................................................................... 753,788,186.34 34,131,299.61 14,622,844.54 10,563,976.48 24,761,148.35 980,302.05 102,131.63 838,949,889.00 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.................... Border Patrol Sector HQ, Marfa, TX...... 65550.................... Marfa, TX Border Patrol .................... 65554.................... Border Patrol, Sierra Blanca ............ 65560.................... Van Horn, TX..................................... 65561.................... Midland User Fee Airport .................. 65582.................... Ft. Worth Alliance User Fee Airport .. 65583.................... Addison User Fee Airport.................. 65584.................... McKinney User Fee Airport ............... 65585.................... Total District................................................................... 423,036,292.43 179,982.27 9,856.19 4,419,331.50 3,700,348.18 5,782,648.86 12,709,570.27 3,697.00 714.63 66,153.25 550.00 103,800.43 100,556.71 126,346.80 96,442.93 450,336,291.45 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.................... DHL (SEATAC).................................. 73073.................... Moses Lake Grant County User Fee Airport..................................... 73082.................... Total District................................................................... 730,883,871.75 448,079,235.60 1,626,483.05 32,815,152.35 3,672,968.04 2,205,945.73 206,948.50 9,958.44 4,689,354.04 913,731.16 187.25 6,440.23 1,635.24 143,608.68 8,700.16 513,076.81 277,575.92 2,065,811.70 487.06 123,833.16 298,934.11 49,751.17 1,359,237.21 40,754,725.26 1,116,600.19 -86.97 151,354.99 1,271,975,520.83 December 2007 28 FEDERAL FISCAL OPERATIONS 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 ................... Anchorage, AK ................................... 73126 ................... Kodiak, AK ......................................... 73127 ................... Federal Express ................................. 73195 ................... UPS 73196 ................... Total District .................................................................. December 2007 Collection Fiscal Year 2007 70,705.45 247,558.30 23,842.80 468,080.62 4,549.64 17,463.78 16,229.32 10,708.15 14,024.51 5,373,504.04 654.62 104,185,657.30 296,823.82 110,729,802.35 District and Port of Collection Port Code Collection Fiscal Year 2007 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................................................................... 31,359,609.96 499,044.64 94,776.58 8,639.36 8,246,846.74 250,178.93 40,459,096.21 Total Customs and Border Protection Collections for fiscal year 2007 ....................................... $34,166,376,306.44 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) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 6,450,164 7,094,904 7,485,532 7,839,784 8,455,356 426,493 469,641 468,563 501,945 528,724 6,877,311 7,565,782 7,955,702 8,340,659 8,983,992 1,148,226 1,168,663 1,339,363 1,478,945 1,571,322 1,173,496 1,166,036 1,338,425 1,463,568 1,548,300 2006 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2007 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 653,769 641,358 744,683 622,390 674,218 704,103 768,562 820,607 763,489 654,470 569,224 850,144 642,108 50,897 37,450 37,727 56,643 45,937 35,848 45,862 50,278 40,616 50,732 39,238 39,031 49,361 704,122 678,642 783,654 678,698 718,810 740,811 815,373 845,625 828,269 705,893 607,985 889,722 690,510 162,287 103,843 96,232 183,298 135,526 115,963 151,438 151,062 106,333 155,675 110,456 103,928 157,567 127,141 98,861 131,360 173,870 83,713 187,419 156,030 58,571 179,758 155,907 88,800 141,276 92,735 See footnotes at end of table. December 2007 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) 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 2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 2006 - Sept............................ 5,451 46,676 7,507 70,575 3,646 78 4,939 30,017 Oct............................. 5,617 51,658 12,396 51,658 4,103 5,946 5,404 19,348 Nov ............................ 4,373 16,531 5,563 48,202 4,128 418 4,906 19,275 Dec ............................ 4,708 25,959 7,083 54,288 4,418 75 5,223 24,290 2007 - Jan ............................. 6,053 77,773 6,156 77,773 4,312 8,258 4,974 28,486 Feb ............................ 5,194 6,317 5,816 61,288 4,404 1,169 4,931 17,835 Mar ............................ 4,245 1,725 6,285 33,734 4,245 1,639 4,992 13,995 Apr............................. 29,504 94,216 29,504 94,216 3,307 497 6,289 24,635 May............................ 5,340 20,791 26,577 98,264 4,125 8,446 6,242 40,399 June........................... 4,649 20,560 6,022 59,059 4,039 3,175 5,024 25,854 July ............................ 5,126 42,215 5,690 42,215 3,821 834 4,727 13,373 Aug ............................ 4,579 4,866 5,508 44,900 4,366 4,866 4,909 20,184 Sept ........................... 5,539 69,698 7,550 89,158 3,239 1,534 4,956 39,707 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 2007 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 2007 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) 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 6,809,272 7,403,237 7,956,346 8,530,366 9,030,612 6,783,320 7,379,053 7,932,710 8,506,974 9,007,653 25,952 24,183 23,637 23,392 22,959 2,859,291 3,075,687 3,331,333 3,663,773 3,958,417 2,859,291 3,075,687 3,331,332 3,663,766 3,958,411 1 1 7 6 2006 - Sept .................... Oct ..................... Nov..................... Dec..................... 2007 - Jan...................... Feb..................... Mar..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... 8,530,366 8,607,540 8,656,590 8,703,738 8,730,892 8,801,230 8,872,851 8,863,150 8,851,992 8,890,838 8,955,724 9,028,649 9,030,612 8,506,974 8,584,329 8,633,245 8,680,224 8,707,561 8,778,111 8,849,665 8,840,168 8,828,992 8,867,677 8,932,438 9,005,648 9,007,653 23,392 23,211 23,345 23,514 23,331 23,119 23,186 22,982 23,000 23,162 23,287 23,001 22,959 3,663,773 3,703,455 3,703,130 3,779,021 3,793,255 3,798,192 3,795,393 3,833,569 3,847,913 3,924,650 3,928,865 3,908,720 3,958,417 3,663,766 3,703,449 3,703,125 3,779,016 3,793,249 3,798,186 3,795,387 3,833,563 3,847,907 3,924,644 3,928,859 3,908,714 3,958,411 7 7 5 5 6 6 6 6 6 6 6 6 6 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) 3,949,981 4,327,550 4,625,013 4,866,593 5,072,195 3,924,029 4,303,366 4,601,378 4,843,208 5,049,242 25,952 24,182 23,636 23,385 22,953 4,866,593 4,904,085 4,953,460 4,924,717 4,937,637 5,003,038 5,077,458 5,029,581 5,004,079 4,966,188 5,026,859 5,119,929 5,072,195 4,843,208 4,880,880 4,930,120 4,901,208 4,914,312 4,979,925 5,054,278 5,006,605 4,981,085 4,943,033 5,003,579 5,096,934 5,049,242 23,385 23,204 23,340 23,509 23,325 23,113 23,180 22,976 22,994 23,156 23,281 22,995 22,953 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 6,809,272 7,403,237 7,956,346 8,530,366 9,030,612 50,551 51,219 53,546 81,375 82,078 6,758,722 7,352,017 7,902,800 8,448,991 8,948,534 2,859,291 3,075,687 3,331,333 3,663,773 3,958,417 13,860 16,596 18,145 41,371 42,796 2,845,430 3,059,091 3,313,188 3,622,403 3,915,621 3,949,981 4,327,550 4,625,013 4,866,593 5,072,195 36,691 34,623 35,401 40,004 39,282 3,913,291 4,292,926 4,589,612 4,826,588 5,032,913 2006 - Sept .................... Oct...................... Nov..................... Dec..................... 2007 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... July..................... Aug..................... Sept.................... 8,530,366 8,607,540 8,656,590 8,703,738 8,730,892 8,801,230 8,872,851 8,863,150 8,851,992 8,890,838 8,955,724 9,028,649 9,030,612 81,375 81,089 82,193 82,231 82,732 82,177 83,727 81,949 83,218 83,960 82,802 83,233 82,078 8,448,991 8,526,452 8,574,398 8,621,507 8,648,160 8,719,053 8,789,124 8,781,201 8,768,774 8,806,879 8,872,923 8,945,416 8,948,534 3,663,773 3,703,455 3,703,130 3,779,021 3,793,255 3,798,192 3,795,393 3,833,569 3,847,913 3,924,650 3,928,865 3,908,720 3,958,417 41,371 41,458 44,516 42,769 43,757 42,828 43,713 43,000 44,094 44,942 43,682 42,781 42,796 3,622,403 3,661,997 3,658,614 3,736,251 3,749,498 3,755,363 3,751,679 3,790,569 3,803,819 3,879,708 3,885,183 3,865,939 3,915,621 4,866,593 4,904,085 4,953,460 4,924,717 4,937,637 5,003,038 5,077,458 5,029,581 5,004,079 4,966,188 5,026,859 5,119,929 5,072,195 40,004 39,631 37,677 39,462 38,975 39,349 40,014 38,949 39,124 39,018 39,120 40,452 39,282 4,826,588 4,864,454 4,915,784 4,885,256 4,898,662 4,963,689 5,037,444 4,990,632 4,964,955 4,927,171 4,987,740 5,079,477 5,032,913 December 2007 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) 2003 .................................. 2004 .................................. 2005 .................................. 2006 .................................. 2007 .................................. 3,924,090 4,307,345 4,601,239 4,843,121 5,049,306 3,460,330 3,845,855 4,066,053 4,283,804 4,428,405 918,196 961,449 910,323 908,474 954,607 1,799,424 2,109,494 2,328,213 2,445,307 2,456,100 576,590 551,904 520,507 534,473 560,922 166,120 223,008 307,011 395,550 456,776 463,760 461,490 535,186 559,317 620,900 2006 - Sept ....................... Oct......................... Nov........................ Dec........................ 2007 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May ....................... June ...................... July........................ Aug........................ Sept....................... 4,843,121 4,880,611 4,929,567 4,901,047 4,913,961 4,979,111 5,053,940 5,007,058 4,980,871 4,943,090 5,003,717 5,096,938 5,049,306 4,283,804 4,318,562 4,361,354 4,322,860 4,328,152 4,388,757 4,449,390 4,393,948 4,358,641 4,319,570 4,383,662 4,476,346 4,428,405 908,474 926,025 985,399 940,772 928,217 977,623 1,029,109 940,888 915,490 865,668 888,747 1,010,426 954,607 2,445,307 2,442,789 2,432,207 2,440,466 2,458,553 2,459,428 2,467,393 2,481,730 2,461,180 2,469,083 2,491,975 2,448,153 2,456,100 534,473 534,472 530,439 530,548 530,550 540,363 540,372 540,398 547,151 547,131 547,033 560,908 560,922 395,550 415,277 413,309 411,075 410,832 411,343 412,515 430,931 434,820 437,688 455,907 456,858 456,776 559,317 562,049 568,213 578,186 585,809 590,354 604,550 613,110 622,230 623,520 620,054 620,592 620,900 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 2003 ....................................... 2004 ....................................... 2005 ....................................... 2006 ....................................... 2007 ....................................... 201,561 204,201 203,645 203,656 197,126 14,991 - 11,007 5,881 3,086 2,986 2,986 53,463 58,528 67,961 78,129 88,153 148,366 158,214 225,283 238,835 296,513 29,995 29,995 29,995 29,995 29,995 4,377 4,669 5,214 5,715 6,126 2006 - Sept............................. Oct.............................. Nov ............................. Dec ............................. 2007 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May............................. June ........................... July............................. Aug............................. Sept............................ 203,656 203,210 202,800 202,433 201,358 200,891 200,335 199,784 199,168 198,648 198,094 197,426 197,126 - 2,986 2,986 2,986 2,986 2,986 2,986 3,486 3,486 2,986 2,986 2,986 2,986 2,986 78,129 78,434 78,940 79,269 79,491 80,161 82,920 82,624 83,802 84,217 85,264 87,585 88,153 238,835 241,728 247,794 257,634 266,119 270,456 281,928 291,250 300,303 301,624 297,699 296,590 296,513 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 5,715 5,695 5,697 5,869 5,858 5,865 5,886 5,970 5,975 6,050 6,016 6,009 6,126 December 2007 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) 2003 .............. 2004 .............. 2005 .............. 2006 .............. 2007 .............. 2,912,216 3,129,990 3,380,605 3,722,747 4,026,772 10,518 9,892 10,047 7,893 7,931 31,054 32,089 32,733 46,216 47,515 26,778 28,107 29,485 31,282 32,965 10,502 10,319 15,238 15,711 16,436 170,762 182,769 193,263 202,178 213,830 613,718 631,749 660,109 689,812 702,043 251,307 264,375 277,268 302,186 319,377 23,823 23,325 22,646 22,036 22,410 1,313,427 1,452,599 1,616,159 1,793,129 1,968,262 2006 - Sept.... Oct..... Nov .... Dec .... 2007 - Jan ..... Feb .... Mar .... Apr..... May.... June... July .... Aug .... Sept ... 3,722,747 3,762,745 3,762,962 3,839,348 3,853,802 3,859,356 3,859,248 3,897,297 3,912,291 3,989,271 3,994,227 3,976,442 4,026,772 7,893 8,703 9,224 9,588 9,392 10,440 9,816 10,243 10,741 10,363 9,973 9,780 7,931 46,216 46,141 46,582 46,487 46,565 47,075 46,630 46,984 46,827 46,353 47,025 47,440 47,515 31,282 31,296 31,802 31,894 31,920 32,178 32,174 32,180 32,615 32,671 32,731 32,929 32,965 15,711 15,784 15,817 15,884 15,960 15,997 16,067 16,140 16,211 16,254 16,328 16,394 16,436 202,178 200,726 199,672 203,922 205,092 204,538 204,829 206,773 205,891 210,795 209,866 205,677 213,830 689,812 686,514 683,367 699,611 696,373 692,680 689,408 685,819 682,413 681,009 677,734 674,415 702,043 302,186 299,621 296,959 305,387 309,045 306,758 302,090 314,303 311,838 318,504 319,869 312,288 319,377 22,036 22,155 23,327 22,367 22,444 22,680 22,750 22,768 21,574 22,127 22,147 22,387 22,410 1,793,129 1,795,430 1,796,899 1,845,339 1,862,271 1,866,742 1,877,697 1,900,457 1,904,800 1,959,116 1,964,689 1,948,810 1,968,262 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) 2003 ..................... 2004 ..................... 2005 ..................... 2006 ..................... 2007 ..................... 2,963 3,013 3,123 3,029 3,182 24,849 17,439 17,204 33,061 39,248 13,578 10,212 8,271 10,998 12,205 11,246 10,949 10,597 10,189 9,752 2,651 1,283 1,218 4,233 979 503 627 570 477 596 - 48,188 45,239 54,806 66,213 74,923 356,349 406,004 427,868 484,104 555,118 2006 - Sept........... Oct............ Nov ........... Dec ........... 2007 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... July ........... Aug ........... Sept .......... 3,029 3,042 3,055 3,068 3,082 3,095 3,099 3,113 3,127 3,140 3,153 3,166 3,182 33,061 31,249 32,100 33,128 34,385 35,235 34,506 37,692 37,366 34,802 39,308 46,780 39,248 10,998 11,072 11,013 12,029 11,803 13,731 13,260 14,381 14,868 15,002 14,412 13,020 12,205 10,189 10,113 10,046 10,265 10,177 10,096 9,987 9,903 9,820 10,018 9,936 9,845 9,752 4,233 1,898 2,738 1,937 1,913 3,389 979 477 470 361 347 468 497 495 509 438 432 578 603 596 - 66,213 65,014 67,020 65,909 63,511 64,365 61,071 1,479 76,146 75,135 73,723 77,160 74,923 484,104 535,415 535,718 534,123 531,314 533,249 535,369 592,655 534,878 551,613 550,842 552,359 555,118 Note.—Detail may not add to totals due to rounding. December 2007 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) 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 2007 ..................................... 22,959 - 85 - 22,506 - 368 2006 - Sept .......................... 23,392 - 112 - 22,899 - 381 Oct............................ 23,211 - 112 - 22,717 - 382 Nov........................... 23,345 - 111 - 22,850 - 383 Dec........................... 23,514 - 110 - 23,020 - 385 2007 - Jan ........................... 23,331 - 117 - 22,828 - 386 Feb ........................... 23,119 - 87 - 22,654 - 378 Mar ........................... 23,186 - 88 - 22,724 - 375 Apr............................ 22,982 - 88 - 22,519 - 376 May .......................... 23,000 - 86 - 22,537 - 377 June ......................... 23,162 - 86 - 22,698 - 378 July........................... 23,287 - 84 - 22,823 - 379 Aug........................... 23,001 - 83 - 22,551 - 367 Sept.......................... 22,959 - 85 - 22,506 - 368 Note.—Detail may not add to totals due to rounding. December 2007 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 End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (7) 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 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 2006 - Sept..................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. Oct...................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. Nov ..................... 3,594,275 1,186,116 1,328,664 626,014 283,386 170,096 4 yrs. 9 mos. Dec ..................... 3,524,921 1,136,717 1,303,590 632,680 282,368 169,566 4 yrs. 10 mos. 2007 - Jan...................... 3,554,471 1,124,464 1,335,480 634,734 290,298 169,494 4 yrs. 10 mos. Feb ..................... 3,613,660 1,171,311 1,332,822 640,611 298,399 170,517 4 yrs. 10 mos. Mar ..................... 3,649,732 1,220,193 1,324,286 636,049 298,554 170,648 4 yrs. 9 mos. April .................... 3,611,093 1,128,525 1,357,728 655,774 298,188 170,878 4 yrs. 10 mos. May..................... 3,573,898 1,123,310 1,305,310 682,977 286,028 176,272 4 yrs. 11 mos. June ................... 3,514,691 1,075,672 1,296,936 679,143 286,376 176,564 4 yrs. 11 mos. July..................... 3,598,529 1,102,053 1,349,349 677,402 292,887 176,838 4 yrs. 11 mos. Aug..................... 3,702,458 1,215,692 1,333,432 682,935 291,975 178,425 4 yrs. 10 mos. Sept .................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. Note.—Detail may not add to totals due to rounding. December 2007 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) 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 2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 2006 - Sept...................................... 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 Oct....................................... 8,965,000 8,498,016 8,497,920 96 8,584,329 96 86,409 Nov ...................................... 8,965,000 8,545,715 8,545,621 95 8,633,246 95 87,625 Dec ...................................... 8,965,000 8,592,513 8,592,419 94 8,680,224 94 87,805 2007 - Jan ....................................... 8,965,000 8,619,499 8,619,427 72 8,707,561 72 88,134 Feb ...................................... 8,965,000 8,690,921 8,690,850 71 8,778,111 71 87,261 Mar ...................................... 8,965,000 8,760,735 8,760,663 72 8,849,665 72 89,003 Apr....................................... 8,965,000 8,753,070 8,752,999 71 8,840,168 71 87,170 May...................................... 8,965,000 8,740,892 8,740,822 70 8,828,992 70 88,171 June..................................... 8,965,000 8,779,168 8,779,098 70 8,867,675 70 88,577 July ...................................... 8,965,000 8,845,417 8,845,348 68 8,932,438 68 87,090 Aug ...................................... 8,965,000 8,918,493 8,918,425 67 9,005,649 67 87,224 Sept ..................................... 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 End of fiscal year or month 1 Debt subject to limit Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. December 2007 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) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 224,472 213,321 211,763 228,065 219,079 24,858 15,956 26,851 22,578 10,662 15,291 16,560 18,489 20,432 22,803 11,497 11,937 12,608 12,911 13,803 379 474 461 485 420 1,321 1,897 1,979 1,358 1,448 2006 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2007 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept ..................................... 228,065 223,955 231,064 226,323 237,813 238,401 236,743 237,187 236,902 234,174 234,676 232,552 219,079 22,578 16,583 20,477 14,636 16,917 17,418 17,642 15,762 14,366 14,291 13,645 12,796 10,662 20,432 20,512 20,692 20,418 21,391 21,391 21,391 22,161 22,161 22,217 22,251 22,695 22,803 12,911 12,942 13,054 13,091 13,492 13,501 13,501 14,017 14,026 14,026 14,031 14,307 13,803 485 486 490 493 499 499 499 507 507 507 507 518 420 1,358 1,358 1,429 1,429 1,429 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 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) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 91,938 96,530 104,471 105,522 103,973 2,698 2,900 2,777 2,482 2,241 8,794 7,635 7,548 6,258 4,573 2,640 1,203 239 - 36,657 29,305 12,413 16,618 17,609 2006 - Sept ..................................... Oct....................................... Nov...................................... Dec...................................... 2007 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... 105,522 108,836 108,836 108,836 115,925 115,925 115,925 116,974 116,974 116,974 118,159 114,432 103,973 2,482 2,482 2,482 2,442 2,417 2,417 2,487 2,347 2,347 2,462 2,412 2,301 2,241 6,258 6,258 6,258 6,258 6,258 6,258 6,258 6,258 6,258 6,258 6,258 6,258 4,573 - 16,618 14,466 14,374 15,052 14,723 14,393 14,675 14,687 15,044 15,273 14,696 15,757 17,609 December 2007 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) 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 2007 ...................................... 4,364 2,945 11,366 22,872 2006 - Sept ........................... 4,911 2,958 9,303 22,249 Oct............................. 4,911 3,240 9,303 22,578 Nov............................ 4,911 3,491 11,903 22,667 Dec............................ 4,911 3,773 12,347 22,637 2007 - Jan ............................. 4,911 4,050 12,954 22,848 Feb ............................ 4,911 4,284 13,092 22,866 Mar ............................ 4,911 4,553 10,863 22,591 Apr............................. 4,364 4,821 10,863 22,978 May ........................... 4,364 5,074 10,863 23,470 June .......................... 4,364 2,120 10,863 23,371 July............................ 4,364 2,407 10,866 23,632 Aug............................ 4,364 2,660 11,366 23,652 Sept........................... 4,364 2,945 11,366 22,872 End of fiscal year or month Note.—Detail may not add to totals due to rounding. December 2007 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 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-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Note: Additional information, including maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding, can now be found on the Bureau of Public Debt’s website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ pdotables_downloadable_files.htm. TREASURY FINANCING: JULY-SEPTEMBER [Source: Bureau of the Public Debt, Office of Financing] JULY Auction of 2-Year Notes On June 21, 2007, Treasury announced it would auction $18,000 million of 2-year notes of Series AA-2009. The issue was to refund $19,740 million of securities maturing June 30 and to raise new cash of approximately $11,260 million. The notes of Series AA-2009 were dated June 30 and issued on July 2. They are due June 30, 2009, with interest payable on December 31 and June 30 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 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 June 26. Tenders totaled $50,373 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.906 percent with the equivalent price of $99.941145. Treasury accepted in full all competitive tenders at yields lower than 4.906 percent. Tenders at the high yield were allotted 1.37 percent. The median yield was 4.890 percent, and the low yield was 4.850 percent. Noncompetitive tenders totaled $865 million. Competitive tenders accepted from private investors totaled $17,135 million. Accrued interest of $0.26495 per $1,000 must be paid for the period from June 30 to July 2. December 2007 In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $4,020 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2009 is $1,000. Auction of 5-Year Notes On June 21, 2007, Treasury announced it would auction $13,000 million of 5-year notes of Series M-2012. The issue was to refund $19,740 million of securities maturing June 30 and to raise new cash of approximately $11,260 million. The notes of Series M-2012 were dated June 30 and issued on July 2. They are due June 30, 2012, with interest payable on December 31 and June 30 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 June 27. Tenders totaled $35,524 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.940 percent with the equivalent price of $99.714754. Treasury accepted in full all competitive tenders at yields lower than 4.940 percent. Tenders at the high yield were allotted 35.38 percent. The median yield was 4.926 percent, and the low yield was 4.887 percent. Noncompetitive tenders totaled $187 million. Competitive tenders accepted from private investors totaled PUBLIC DEBT OPERATIONS 41 TREASURY FINANCING: JULY-SEPTEMBER, con. $12,813 million. Accrued interest of $0.26495 per $1,000 must be paid for the period from June 30 to July 2. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $2,903 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2012 is $1,000. Auction of 10-Year Treasury Inflation-Protected Security (TIPS) On July 9, 2007, Treasury announced it would auction $8,000 million of 10-year TIPS to raise new cash. The 10-year TIPS of Series D-2017 were dated July 15 and issued July 16. They are due July 15, 2017, with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 2-5/8 percent after determining which tenders were accepted on a yield auction basis. 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 12. Tenders totaled $15,735 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.749 percent with an equivalent adjusted price of $98.942199. Treasury accepted in full all competitive tenders at yields lower than 2.749. Tenders at the high yield were allotted 22.64 percent. The median yield was 2.709 percent, and the low yield was 2.650 percent. Noncompetitive tenders totaled $71 million. Competitive tenders accepted from private investors totaled $7,929 million. Adjusted accrued interest of $0.07134 per $1,000 must be paid for the period from July 15 to July 16. Both the unadjusted price of $98.922415 and the unadjusted accrued interest of $0.07133 were adjusted by an index ratio of 1.00020, for the period from July 15 to July 16. The minimum par amount required for STRIPS of TIPS of Series D-2017 is $1,000. Auction of 19-Year 6-Month 2-3/8 Percent TIPS On July 19, 2007, Treasury announced it would auction $6,000 million of 19-year 6-month 2-3/8 percent TIPS to raise new cash. The 19-year 6-month TIPS of January 2027 were dated July 15 and issued July 31. They are due January 15, 2027, 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 24. Tenders totaled $13,373 million; Treasury accepted $6,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.600 percent with an equivalent adjusted price of $99.570169. Treasury accepted in full all competitive tenders at yields lower than 2.600. Tenders at the high yield were allotted 35.55 percent. The median yield was 2.589 percent, and the low yield was 2.550 percent. Noncompetitive tenders totaled $27 million. Competitive tenders accepted from private investors totaled $5,973 million. Adjusted accrued interest of $1.06458 per $1,000 must be paid for the period from July 15 to July 31. Both the unadjusted price of $96.580051 and the unadjusted accrued interest of $1.03261 were adjusted by an index ratio of 1.03096 for the period from January 15 to July 31. In addition to the $6,000 million of tenders accepted in the auction process, Treasury accepted $1,294 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of January 2027 is $1,000. Auction of 2-Year Notes On July 23, 2007, Treasury announced it would auction $18,000 million of 2-year notes of Series AB-2009. The issue was to refund $17,891 million of securities maturing July 31 and to raise new cash of approximately $13,109 million. The notes of Series AB-2009 were dated and issued on July 31. They are due July 31, 2009, with interest payable on January 31 and July 31 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 12:00 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 $46,561 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.735 percent with the equivalent price of $99.792429. Treasury accepted in full all competitive tenders at yields lower than 4.735 percent. Tenders at the high yield were allotted 68.97 percent. The median yield was 4.720 percent, and the low yield was 4.680 percent. Noncompetitive tenders totaled $698 million. Competitive tenders accepted from private investors totaled $17,303 million. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $3,882 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AB-2009 is $1,000. Auction of 5-Year Notes On July 23, 2007, Treasury announced it would auction $13,000 million of 5-year notes of Series N-2012. The issue December 2007 42 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JULY-SEPTEMBER, con. was to refund $17,891 million of securities maturing July 31 and to raise new cash of approximately $13,109 million. The notes of Series N-2012 were dated and issued on July 31. They are due July 31, 2012, with interest payable on January 31 and July 31 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 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on July 26. Tenders totaled $27,944 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.640 percent with an equivalent price of $99.933745. Treasury accepted in full all competitive tenders at yields lower than 4.640 percent. Tenders at the high yield were allotted 73.09 percent. The median yield was 4.610 percent, and the low yield was 4.500 percent. Noncompetitive tenders totaled $122 million. Competitive tenders accepted from private investors totaled $12,878 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $2,804 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series N-2012 is $1,000. AUGUST Cash Management Bills On August 9, 2007, Treasury announced it would auction $26,000 million of 1-day bills. They were issued August 15 and matured August 16. The issue was to raise new cash. Treasury auctioned the bills on August 14. Tenders totaled $63,185 million; Treasury accepted $26,000 million. The high bank discount rate was 5.030 percent. On August 15, Treasury announced it would auction $10,000 million of 8-day bills. They were issued August 15 and matured August 23. The issue was to raise new cash. Treasury auctioned the bills on August 15. Tenders totaled $31,550 million; Treasury accepted $10,000 million. The high bank discount rate was 4.100 percent. On August 27, Treasury announced it would auction $20,000 million of 17-day bills. They were issued August 31 and matured September 17. The issue was to raise new cash. Treasury auctioned the bills on August 29. Tenders totaled $49,304 million; Treasury accepted $20,000 million. The high bank discount rate was 4.500 percent. August Quarterly Financing On August 1, 2007, Treasury announced it would auction $13,000 million of 10-year notes of Series E-2017 and $9,000 million of 29-year 9-month Bonds of May 2037 to refund December 2007 $62,639 million of Treasury securities maturing on August 15 and to pay down approximately $40,639 million. The 10-year notes of Series E-2017 were dated and issued August 15. They are due August 15, 2017, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 8. Tenders totaled $29,896 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.855 percent with an equivalent price of $99.175936. Treasury accepted in full all competitive tenders at yields lower than 4.855 percent. Tenders at the high yield were allotted 53.43 percent. The median yield was 4.829 percent, and the low yield was 4.740 percent. Noncompetitive tenders totaled $155 million. Competitive tenders accepted from private investors totaled $12,845 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $7,000 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2017 is $1,000. The 29-year 9-month Bonds of May 2037 were dated May 15 and issued August 15. They are due May 15, 2037, with interest payable on November 15 and May 15 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 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 9. Tenders totaled $14,115 million; Treasury accepted $9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.059 percent with an equivalent price of $99.081933. Treasury accepted in full all competitive tenders at yields lower than 5.059 percent. Tenders at the high yield were allotted 76.79 percent. The median yield was 5.000 percent, and the low yield was 4.900 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled $8,995 million. Accrued interest of $12.50000 per $1,000 must be paid for the period from May 15 to August 15. In addition to the $9,000 million of tenders accepted in the auction process, Treasury accepted $4,846 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2037 is $1,000. PUBLIC DEBT OPERATIONS 43 TREASURY FINANCING: JULY-SEPTEMBER, con. Auction of 2-Year Notes On August 27, 2007, Treasury announced it would auction $18,000 million of 2-year notes of Series AC-2009. The issue was to refund $19,299 million of securities maturing August 31 and to raise new cash of approximately $11,701 million. The notes of Series AC-2009 were dated and issued August 31. They are due August 31, 2009, with interest payable on the last calendar day of February and August until maturity. Treasury set an interest rate of 4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 29. Tenders totaled $71,416 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.115 percent with an equivalent price of $99.781361. Treasury accepted in full all competitive tenders at yields lower than 4.115 percent. Tenders at the high yield were allotted 81.55 percent. The median yield was 4.097 percent, and the low yield was 3.950 percent. Noncompetitive tenders totaled $856 million. Competitive tenders accepted from private investors totaled $17,144 million. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $4,280 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AC-2009 is $1,000. Auction of 5-Year Notes On August 27, 2007, Treasury announced it would auction $13,000 million of 5-year notes of Series P-2012. The issue was to refund $19,229 million of securities maturing August 31 and to raise new cash of approximately $11,701 million. The notes of Series P-2012 were dated and issued August 31. They are due August 31, 2012, with interest payable on the last calendar day of February and August until maturity. Treasury set an interest rate of 4-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on August 30. Tenders totaled $35,641 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.248 percent with an equivalent price of $99.451138. Treasury accepted in full all competitive tenders at yields lower than 4.248 percent. Tenders at the high yield were allotted 18.43 percent. The median yield was 4.225 percent, and the low yield was 4.190 percent. Noncompetitive tenders totaled $198 million. Competitive tenders accepted from private investors totaled $12,802 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $3,091 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series P-2012 is $1,000. SEPTEMBER Cash Management Bills On September 10, 2007, Treasury announced it would auction $7,000 million of 4-day bills. They were issued September 13 and matured September 17. The issue was to raise new cash. Treasury auctioned the bills on September 12. Tenders totaled $28,056 million; Treasury accepted $7,000 million. The high bank discount rate was 4.620 percent. Auction of 9-Year 11-Month 4-3/4 Percent Notes On September 11, 2007, Treasury announced that it would auction $8,000 million of 9-year 11-month 4-3/4 percent notes of Series E-2017. The issue was to raise new cash. The notes of Series E-2017 were dated August 15, and issued September 17. They are due August 15, 2017, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on September 13. Tenders totaled $23,613 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.493 percent with an equivalent price of $102.029801. Treasury accepted in full all competitive tenders at yields lower than 4.493 percent. Tenders at the high yield were allotted 84.29 percent. The median yield was 4.475 percent, and the low yield was 4.440 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $7,982 million. Accrued interest of $4.25951 per $1,000 must be paid for the period from August 15, to September 17. The minimum par amount required for STRIPS of notes of Series E-2017 is $1,000. December 2007 PUBLIC DEBT OPERATIONS 44 TABLE PDO-1.—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) Regular weekly: (4 week, 13 week, and 26 week) 2007 - July 05................... 2007 - Aug. 02 Oct. 04 2008 - Jan. 03 July 12 ................. 2007 - Aug. 09 Oct. 11 2008 - Jan. 10 July 19 ................. 2007 - Aug. 16 Oct. 18 2008 - Jan. 17 July 26 ................. 2007 - Aug. 23 Oct. 25 2008 - Jan. 24 Aug. 02 ................ 2007 - Aug. 30 Nov. 01 2008 - Jan. 31 Aug. 09 ................ 2007 - Sept. 06 Nov. 08 2008 - Feb. 07 Aug. 16 ................ 2007 - Sept. 13 Nov. 15 2008 - Feb. 14 Aug. 23 ................ 2007 - Sept. 20 Nov. 23 2008 - Feb. 21 Aug. 30 ................ 2007 - Sept. 27 Nov. 29 2008 - Feb. 28 Sept. 06 ............... 2007 - Oct. 04 Dec. 06 2008 - Mar. 06 Sept. 13 ............... 2007 - Oct. 11 Dec. 13 2008 - Mar. 13 Sept. 20 ............... 2007 - Oct. 18 Dec. 20 2008 - Mar. 20 Sept. 27 ............... 2007 - Oct. 25 Dec. 27 2008 - Mar. 27 1 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 92 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 38,326.8 49,694.0 43,728.1 35,391.0 46,420.0 38,809.1 33,870.9 47,162.8 41,892.5 50,754.4 47,403.6 49,664.5 67,017.2 53,850.7 41,510.0 69,066.4 52,637.6 46,373.9 64,909.7 56,443.1 47,957.6 35,669.2 36,053.4 35,769.5 99,522.4 79,778.9 56,664.2 99,466.1 70,178.6 59,532.0 52,847.9 62,105.2 57,998.0 48,024.5 46,495.1 41,567.6 44,105.5 54,058.8 44,821.8 Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (6) (4) (5) High price per hundred (7) 17,818.5 22,744.1 20,573.3 15,371.1 22,501.8 20,552.5 14,812.4 23,248.5 21,711.9 21,172.1 24,240.3 22,944.9 28,069.7 27,823.5 24,010.9 29,703.5 29,147.2 25,469.8 28,648.8 29,264.7 24,089.8 32,000.0 26,239.9 24,126.1 30,000.1 28,434.7 26,475.2 26,971.2 30,069.6 23,972.8 20,629.8 27,671.6 21,379.0 16,662.2 24,412.9 18,336.8 15,040.3 21,591.7 18,347.0 99.637556 98.789194 97.568278 99.638333 98.782875 97.548056 99.637556 98.776556 97.540472 99.615778 98.765181 97.527833 99.606833 98.780347 97.573333 99.612667 98.794250 97.608722 99.645333 98.829639 97.618833 99.630556 99.271667 98.003056 99.642222 98.837222 97.679500 99.667111 98.900417 97.785667 99.688889 99.039444 97.967667 99.694333 98.976250 97.912056 99.745667 99.034389 97.977778 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. December 2007 12,615.8 13,085.0 11,905.7 10,624.1 13,041.4 11,837.9 10,653.9 13,995.8 12,853.4 17,308.1 14,218.9 12,917.3 25,567.4 17,947.8 14,768.9 27,513.2 18,876.7 15,793.7 26,534.4 18,654.5 14,616.6 31,601.3 18,796.9 14,548.0 28,761.7 21,447.1 16,472.0 24,578.3 20,240.5 15,129.6 17,625.9 18,310.1 13,195.3 13,650.5 16,354.0 11,079.9 10,735.8 13,632.6 10,488.4 364.3 1,802.0 1,894.4 376.1 1,808.7 1,952.2 346.1 1,904.5 1,871.6 354.5 2,022.4 2,123.3 427.7 2,022.3 1,916.1 487.1 2,023.3 1,981.4 465.7 2,160.6 2,108.4 398.7 2,103.2 2,227.0 485.0 1,590.9 1,550.6 411.9 1,649.8 1,645.4 374.1 1,590.0 1,604.9 349.5 1,546.1 1,586.7 299.4 1,480.0 1,511.9 High discount rate (percent) (8) High investment rate (percent) 4 (9) 4.660 4.790 4.810 4.650 4.815 4.850 4.660 4.840 4.865 4.940 4.885 4.890 5.055 4.825 4.800 4.980 4.770 4.730 4.560 4.630 4.710 4.750 2.850 3.950 4.600 4.600 4.590 4.280 4.350 4.380 4.000 3.800 4.020 3.930 4.050 4.130 3.270 3.820 4.000 4.755 4.930 5.012 4.745 4.956 5.055 4.755 4.982 5.071 5.042 5.029 5.098 5.160 4.966 5.001 5.083 4.909 4.927 4.653 4.763 4.905 4.847 2.919 4.098 4.693 4.732 4.777 4.366 4.472 4.554 4.079 3.901 4.172 4.008 4.160 4.288 3.333 3.922 4.151 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. PUBLIC DEBT OPERATIONS 45 TABLE PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) Description of securities 1 (2) 10/12/06 10/23/06 10/24/06 10/26/06 11/08/06 11/09/06 11/13/06 11/14/06 11/28/06 11/29/06 11/29/06 12/04/06 12/13/06 12/27/06 12/28/06 01/11/07 01/23/07 01/24/07 01/25/07 02/06/07 02/07/07 02/08/07 02/15/07 02/21/07 02/22/07 03/01/07 03/13/07 03/28/07 03/28/07 03/29/07 04/02/07 04/04/07 04/10/07 04/12/07 04/12/07 04/24/07 04/25/07 04/26/07 05/07/07 05/08/07 05/10/07 05/29/07 05/30/07 05/31/07 06/04/07 06/12/07 06/26/07 06/27/07 07/12/07 07/24/07 07/25/07 07/26/07 08/08/07 08/09/07 08/14/07 08/15/07 08/29/07 08/29/07 08/30/07 09/12/07 09/13/07 10/16/06 10/31/06 10/31/06 10/31/06 11/15/06 11/15/06 11/15/06 11/15/06 11/30/06 11/30/06 12/01/06 12/05/06 12/15/06 01/02/07 01/02/07 01/16/07 01/31/07 01/31/07 01/31/07 02/15/07 02/15/07 02/15/07 02/16/07 02/28/07 02/28/07 03/02/07 03/15/07 03/30/07 04/02/07 04/02/07 04/03/07 04/05/07 04/12/07 04/13/07 04/16/07 04/30/07 04/30/07 04/30/07 05/15/07 05/15/07 05/15/07 05/31/07 05/31/07 06/01/07 06/05/07 06/15/07 07/02/07 07/02/07 07/16/07 07/31/07 07/31/07 07/31/07 08/15/07 08/15/07 08/15/07 08/15/07 08/31/07 08/31/07 08/31/07 09/13/07 09/17/07 2-1/2% TIPS—07/15/16-D 2-3/8% TIPS—04/15/11-G 4-7/8% note—10/31/08-AA 4-5/8% note—10/31/11-P 4-5/8% note—11/15/09-U 4-5/8% note—11/15/16-F 5.170% bill—11/30/06 5.190% bill—11/16/06 4-5/8% note—11/30/08-AB 4-1/2% note—11/30/11-Q 5.215% bill—12/15/06 5.195% bill—12/15/06 4-5/8% note—11/15/16-F 4-3/4% note—12/31/08-AC 4-5/8% note—12/31/11-R 2-3/8% TIPS—01/15/17-A 2-3/8% TIPS—01/15/27 4-7/8% note—01/31/09-V 4-3/4% note—01/31/12-F 4-3/4% note—02/15/10-S 4-5/8% note—02/15/17-B 4-3/4% bond—02/15/37 5.140% bill—02/22/07 4-3/4% note—02/28/09-W 4-5/8% note—02/29/12-G 5.185% bill—03/15/07 4-5/8% note—02/15/17-B 5.070% bill—04/16/07 4-1/2% note—03/31/09-X 4-1/2% note—03/31/12-H 5.195% bill—04/16/07 5.200% bill—04/17/07 5.230% bill—04/17/07 5.210% bill—04/18/07 2-3/8% TIPS—01/15/17-A 2% TIPS—04/15/12-J 4-1/2% note—04/30/09-Y 4-1/2% note—04/30/12-K 4-1/2% note—05/15/10-T 4-1/2% note—05/15/17-C 4-3/4% bond—02/15/37 4-7/8% note—05/31/09-Z 4-3/4% note—05/31/12-L 5.090% bill—06/15/07 5.090% bill—06/15/07 4-1/2% note—05/15/17-C 4-7/8% note—06/30/09-AA 4-7/8% note—06/30/12-M 2-5/8% TIPS—07/15/17-D 2-3/8% TIPS—01/15/27 4-5/8% note—07/31/09-AB 4-5/8% note—07/31/12-N 4-3/4% note—08/15/17-E 5% bond—05/15/37 5.030% bill—08/16/07 4.100% bill—08/23/07 4.500% bill—09/17/07 4% note—08/31/09-AC 4-1/8% note—08/31/12-P 4.620% bill—09/17/07 4-3/4% note—08/15/17-E 1 Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) 9y 4y 2y 5y 3y 10y 18,122 22,389 60,966 31,861 48,845 31,083 33,865 24,355 64,800 34,988 69,636 39,280 19,866 54,046 35,591 17,300 17,602 63,558 30,637 48,937 32,525 22,966 25,182 59,787 35,262 55,200 21,130 46,991 55,157 31,162 35,361 39,478 36,500 34,845 11,294 21,727 57,545 33,171 38,429 34,529 11,622 50,088 37,076 69,025 44,845 20,436 54,393 38,428 15,735 14,667 50,443 30,747 36,896 18,961 63,185 31,550 49,304 75,697 38,732 28,056 23,613 9,412 9,181 22,726 16,181 24,772 15,294 11,000 5,000 24,338 17,037 29,000 11,000 8,000 24,817 16,131 11,250 9,189 22,971 14,931 17,468 14,193 9,826 6,000 23,035 16,637 23,000 8,000 17,000 22,645 16,355 16,000 16,000 15,000 8,000 6,000 10,123 22,777 16,450 18,939 17,586 6,764 22,480 16,236 27,001 12,001 8,000 22,020 15,903 8,000 7,294 21,882 15,804 20,000 13,846 26,000 10,000 20,000 22,280 16,091 7,000 8,000 9m 6m 15d 1d 2y 5y 9y 2y 5y 10y 20y 2y 5y 3y 10y 30y 11m 6d 2y 5y 9y 11m 2y 5y 9y 5y 2y 5y 3y 10y 29y 2y 5y 9m 9y 2y 5y 10y 19y 2y 5y 10y 29y 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. 13d 17d 13d 12d 5d 5d 9m 14d 10d 6m 9m 2y 5y 9y 14d 10d 11m 1d 8d 17d 4d Accepted yield and equivalent price for notes and bonds (6) 2.426 - 101.503690 2.691 - 101.365114 4.894 - 99.964216 4.694 - 99.695653 4.666 - 99.886450 4.627 - 99.984133 4.692 - 99.873505 4.507 - 99.968974 4.580 - 100.348304 4.765 - 99.971175 4.704 - 99.651392 2.449 - 99.342280 2.420 - 99.213485 4.930 - 99.896458 4.855 - 99.538790 4.800 - 99.861835 4.740 - 99.092517 4.812 - 99.020970 4.830 - 99.849212 4.719 - 99.585650 4.523 - 100.801596 4.514 - 99.973043 4.535 - 99.844593 2.284 - 101.434007 2.114 - 99.730733 4.606 - 99.799666 4.579 - 99.650503 4.574 - 99.794740 4.612 - 99.110793 4.838 - 98.605471 4.886 - 99.979281 4.818 - 99.701026 5.230 - 94.399130 4.906 - 99.941145 4.940 - 99.714754 2.749 - 98.942199 2.600 - 99.570169 4.735 - 99.792429 4.640 - 99.933745 4.855 - 99.175936 5.059 - 99.081933 4.115 - 99.781361 4.248 - 99.451138 4.493 - 102.029801 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. December 2007 46 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in this table to agree with the Bureau of the Public Debt’s publication changes. • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated 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.) December 2007 OWNERSHIP OF FEDERAL SECURITIES 47 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) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 6,809,272 7,403,236 7,956,346 8,530,366 9,030,612 6,783,320 7,379,053 7,932,710 8,506,974 9,007,653 2,859,291 3,075,703 3,331,333 3,663,773 3,958,417 311 142 1 1 1 2,858,980 3,075,561 3,331,332 3,663,772 3,958,416 654,593 698,207 733,439 764,828 774,913 2006 - Sept...................................... Oct....................................... Nov ...................................... Dec ...................................... 2007 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ...................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 8,530,366 8,607,540 8,656,590 8,703,738 8,730,892 8,801,230 8,872,851 8,863,150 8,851,992 8,890,838 8,955,724 9,028,649 9,030,612 8,506,974 8,584,329 8,633,245 8,680,224 8,707,561 8,778,111 8,849,665 8,840,168 8,828,992 8,867,677 8,932,438 9,005,648 9,007,653 3,663,773 3,703,455 3,703,130 3,779,021 3,793,255 3,798,192 3,795,393 3,833,569 3,847,913 3,924,650 3,928,865 3,908,720 3,958,417 1 1 1 1 1 1 1 1 1 1 1 1 1 3,663,772 3,703,454 3,703,129 3,779,020 3,793,254 3,798,191 3,795,392 3,833,568 3,847,912 3,924,649 3,928,864 3,908,719 3,958,416 764,828 764,264 768,492 774,988 775,470 777,348 777,348 783,414 786,150 786,149 786,150 774,913 774,913 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) 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 2006 .................................................................... 2007 .................................................................... 3,269,347 3,605,143 3,867,938 4,078,373 4,274,323 2,805,814 3,147,752 3,351,440 3,538,210 3,673,220 463,443 457,391 516,498 540,163 601,103 25,952 24,183 23,637 23,392 22,959 25,952 24,183 23,637 23,392 22,959 2006 - Sept.......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2007 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr .......................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... 4,078,373 4,116,610 4,161,624 4,126,215 4,138,836 4,202,571 4,276,924 4,223,185 4,194,929 4,156,876 4,217,423 4,322,016 4,274,323 3,538,210 3,573,704 3,612,518 3,566,969 3,571,971 3,631,212 3,691,438 3,628,970 3,592,122 3,552,951 3,617,270 3,721,285 3,673,220 540,163 542,906 549,105 559,246 566,865 571,359 585,486 594,215 602,808 603,925 600,153 600,730 601,103 23,392 23,211 23,345 23,514 23,331 23,119 23,186 22,983 23,000 23,162 23,287 23,001 22,959 23,392 23,211 23,345 23,514 23,331 23,119 23,186 22,983 23,000 23,162 23,287 23,001 22,959 December 2007 OWNERSHIP OF FEDERAL SECURITIES 48 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) 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........ Dec......... 2007 - Mar......... June....... Sept ....... 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 8,680.2 8,849.7 8,867.7 9,007.7 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 3,905.6 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 4,389.2 4,432.8 4,558.1 4,576.6 4,715.1 4,738.0 1 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 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 3,690.6 3,855.4 3,803.0 3,864.9 3,970.6 4,114.0 4,030.8 4,074.2 4,122.1 4,273.1 4,152.6 4,269.7 322.1 318.7 310.9 296.6 317.3 300.2 292.8 300.3 308.3 290.9 244.5 237.4 247.4 240.6 241.2 248.7 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.7 209.3 222.9 153.9 145.9 147.4 153.6 163.2 159.6 139.6 125.2 141.9 127.0 125.4 117.2 115.4 117.4 113.9 115.1 120.4 110.8 n.a. 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.4 204.6 204.1 204.4 204.2 204.2 203.6 205.1 206.0 205.2 203.7 202.4 200.3 198.6 197.1 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 2007 Private 6 (6) 144.7 144.9 141.6 140.4 141.7 142.1 143.0 144.1 141.3 139.0 135.5 133.2 135.5 142.9 150.9 153.0 150.2 149.0 147.9 145.0 153.4 148.5 149.9 144.6 150.6 149.0 151.4 150.8 162.9 167.3 164.6 169.2 167.0 170.2 170.6 170.5 174.3 177.5 180.9 181.2 183.0 188.4 191.2 193.2 198.5 202.3 n.a. 7 State and Insurance compalocal nies 3 governments (7) (8) 213.5 221.1 213.4 212.8 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.1 147.9 142.5 133.6 130.5 130.4 127.1 130.1 130.1 129.4 128.9 132.1 132.1 134.7 134.8 135.9 n.a. 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.5 160.6 151.4 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 152.4 155.0 159.0 160.4 161.3 161.2 160.6 159.0 160.2 162.0 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 240.8 230.4 226.4 227.2 221.6 216.4 221.3 232.3 234.6 230.8 231.7 257.6 245.0 228.1 222.5 228.7 222.3 205.4 207.8 225.7 225.3 221.0 234.1 261.9 266.1 253.8 256.8 281.0 296.6 302.3 287.1 280.8 280.8 258.7 255.0 254.1 261.1 248.7 244.7 251.3 248.7 244.2 235.3 250.7 264.2 266.3 n.a. 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.4 298.6 299.2 304.5 306.3 309.3 307.9 310.0 316.9 324.8 321.2 328.4 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 380.8 387.4 408.0 431.5 448.4 456.2 456.5 466.2 463.0 484.2 499.4 510.9 n.a. Foreign Other and international 8 investors 9 (11) (12) 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 1,739.6 1,798.7 1,853.4 1,956.3 1,879.6 1,930.6 2,036.0 2,084.5 1,979.8 2,027.3 2,116.7 2,208.4 2,205.4 2,248.9 848.8 810.3 830.1 794.0 786.5 708.2 682.3 674.9 696.9 614.4 660.3 605.4 603.4 496.3 461.1 521.7 657.2 523.5 510.8 490.0 508.1 363.1 419.8 400.8 381.0 304.6 287.9 268.9 321.7 319.5 363.1 388.8 352.6 339.9 380.2 415.5 430.1 449.4 442.1 433.7 529.6 536.2 547.1 466.1 486.7 360.3 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, the June 2005 benchmark to February 2006, and the June 2006 benchmark to February 2007. 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 49 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: 2006 - Oct....................................... Nov ..................................... Dec ..................................... 2007 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... 4.97 5.21 4.87 4.94 5.18 5.21 4.99 4.82 4.52 4.82 4.20 3.78 5.05 5.07 4.97 5.11 5.16 5.08 5.01 4.87 4.74 4.96 4.32 3.99 5.12 5.15 5.07 5.15 5.16 5.10 5.07 4.98 4.95 5.04 4.55 4.20 5.01 5.01 4.94 5.06 5.05 4.92 4.93 4.91 4.96 4.96 4.47 4.14 4.80 4.74 4.67 4.88 4.85 4.57 4.67 4.77 4.98 4.82 4.31 4.01 4.72 4.64 4.58 4.79 4.75 4.51 4.60 4.69 5.00 4.82 4.34 4.06 4.69 4.58 4.53 4.75 4.71 4.48 4.59 4.67 5.03 4.88 4.43 4.20 4.69 4.58 4.54 4.75 4.71 4.50 4.62 4.69 5.05 4.93 4.53 4.33 4.73 4.60 4.56 4.76 4.72 4.56 4.69 4.75 5.10 5.00 4.67 4.52 4.94 4.78 4.78 4.95 4.93 4.81 4.95 4.98 5.29 5.19 5.00 4.84 4.85 4.69 4.68 4.85 4.82 4.72 4.87 4.90 5.20 5.11 4.93 4.79 End of month: 2006 - Oct....................................... Nov ..................................... Dec ..................................... 2007 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... 5.18 5.22 4.75 5.00 5.24 5.07 4.80 4.78 4.28 5.13 4.02 3.43 5.08 5.03 5.02 5.12 5.16 5.04 4.91 4.73 4.82 4.96 4.01 3.82 5.13 5.10 5.09 5.16 5.12 5.06 5.03 4.96 4.93 4.99 4.21 4.09 4.99 4.94 5.00 5.09 4.96 4.90 4.89 4.95 4.91 4.85 4.19 4.05 4.71 4.62 4.82 4.94 4.65 4.58 4.60 4.92 4.87 4.56 4.15 3.97 4.62 4.52 4.74 4.85 4.55 4.54 4.54 4.88 4.89 4.55 4.16 4.03 4.57 4.45 4.70 4.82 4.52 4.54 4.51 4.86 4.92 4.60 4.25 4.23 4.57 4.45 4.70 4.82 4.53 4.58 4.55 4.87 4.96 4.67 4.36 4.38 4.61 4.46 4.71 4.83 4.56 4.65 4.63 4.90 5.03 4.78 4.54 4.59 4.81 4.66 4.91 5.02 4.78 4.92 4.88 5.10 5.21 5.00 4.87 4.89 4.72 4.56 4.81 4.93 4.68 4.84 4.81 5.01 5.12 4.92 4.83 4.83 Period * Rates are from the Treasury yields curve. December 2007 50 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, 2007 [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) $1,039,297,466,081 $1,001,154,872,178 $1,000,658,449,847 $250,265,766 $246,156,565 The Treasury....................................... 361,168,573 26,107,029 25,889,553 7,505 209,971 FRBs ................................................... 228,358,787,580 227,216,690,345 227,216,687,670 20 2,655 Amounts in circulation............................. $810,577,509,928 $773,912,074,804 $773,415,872,624 $250,258,241 $245,943,939 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $38,142,593,903 $3,505,529,008 $34,637,064,895 The Treasury....................................... 335,061,544 285,689,544 49,372,000 FRBs ................................................... 1,142,097,235 292,207,564 849,889,671 Amounts in circulation............................. $36,665,435,124 $2,927,631,900 $33,737,803,224 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. December 2007 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 51 TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2007 [Source: Financial Management Service] Currency in circulation by denomination $1 ...................................................................... Total (1) U.S. notes (3) Currency no longer issued (4) $8,810,410,961 $143,503 $143,263,548 Federal Reserve notes 1 (2) $8,953,818,012 $2 ...................................................................... 1,566,468,622 1,434,287,528 132,168,518 12,576 $5 ...................................................................... 10,156,929,100 10,020,566,915 108,949,410 27,412,775 $10 .................................................................... 15,258,105,590 15,236,960,180 6,300 21,139,110 $20 .................................................................... 113,202,215,780 113,182,114,540 3,820 20,097,420 $50 .................................................................... 59,989,308,100 59,977,812,500 500 11,495,100 $100 .................................................................. 564,472,012,000 564,441,060,500 8,975,600 21,975,900 $500 .................................................................. 142,347,000 142,155,500 5,500 186,000 $1,000 ............................................................... 165,645,000 165,434,000 5,000 206,000 $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 ............................................... $773,912,074,804 $773,415,872,624 $ 250,258,241 $245,943,939 Amounts (in millions) (1) Per capita 5 (2) Sept. 30, 2007...................................................................................... $810,578 $2,674 Aug. 31, 2007....................................................................................... 814,983 2,691 July 31, 2007........................................................................................ 813,415 2,688 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 Comparative totals of currency and coins in circulation—selected dates 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Represents value of certain fractional denominations not presented for redemption. Based on Bureau of the Census estimates of population. December 2007 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 55 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] 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) 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 ................................................................................... 65,127 11,043 8,210 37,838 8,036 2006 - Oct .......................................................................... 65,588 11,041 8,676 40,294 5,577 Nov ......................................................................... 66,705 11,041 8,890 41,465 5,309 Dec ......................................................................... 65,895 11,041 8,870 40,943 5,040 2007 - Jan .......................................................................... 65,063 11,041 8,786 40,381 4,855 Feb ......................................................................... 66,082 11,041 8,915 41,251 4,874 Mar ......................................................................... 66,551 11,041 8,948 41,716 4,846 Apr.......................................................................... 66,720 11,041 9,030 42,095 4,553 May......................................................................... 66,008 11,041 9,002 41,483 4,481 June........................................................................ 66,127 11,041 9,018 41,495 4,573 July ......................................................................... 67,029 11,041 9,111 42,508 4,369 Aug ......................................................................... 67,508 11,041 9,157 42,922 4,388 Sept ........................................................................ 69,070 11,041 9,301 44,266 4,463 Oct.......................................................................... 69,626 11,041 9,392 44,800 4,394 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 2007 INTERNATIONAL FINANCIAL STATISTICS 56 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 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) Total (1) Total (2) 2000 - Mar. 8 ........... Series Break........... 2000 ....................... 2001 ....................... 2002 - June 8 ......... Series Break........... 2002 ....................... 2003 - June 8 .......... Series Break........... 2003 ....................... 2004 - June 8 ......... Series Break .......... 2004 ....................... 2005 - June 8 ........ Series Break .......... 2005 ....................... 2006 - June 8 r ....... Series Break r ........ 2,585,384 2,445,944 2,565,942 2,724,292 3,002,222 3,003,380 3,235,231 3,586,765 3,603,925 3,863,508 4,469,769 4,407,294 4,819,747 5,071,533 5,066,404 5,371,689 6,068,142 6,056,852 807,303 900,117 916,095 923,501 981,627 1,039,702 1,075,034 1,169,600 1,233,261 1,340,497 1,559,686 1,648,167 1,775,080 1,821,338 1,957,191 2,012,633 2,070,222 2,275,684 301,358 301,358 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 431,184 490,145 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 1,030,763 1,077,953 1,102,333 1,112,617 1,211,819 5,734 5,734 5,348 3,411 3,000 3,000 2,769 2,876 2,876 2,613 1,569 1,569 1,630 911 911 948 986 986 69,027 102,880 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 933,296 933,296 1,049,619 1,125,812 1,299,551 1,299,551 1,382,628 1,431,589 1,431,589 1,439,484 1,559,518 1,559,518 1,677,951 1,791,611 1,791,611 1,895,920 2,189,751 2,189,751 813,312 586,996 581,302 653,367 696,781 642,437 750,877 957,712 911,398 1,057,446 1,326,934 1,169,285 1,336,538 1,424,082 1,272,697 1,415,705 1,747,236 1,536,930 196,440 196,440 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 1,041,237 1,041,237 616,872 390,556 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 31,473 25,535 18,926 21,612 24,263 21,690 26,692 27,864 27,677 26,081 23,631 30,324 30,178 34,502 44,905 47,431 60,933 54,487 2006 - Sept. r ......... Oct. r........... Nov. r .......... Dec. r .......... 2007 - Jan. r........... Feb. r .......... Mar. r .......... Apr. r........... May............. June............ July ............. Aug. p ......... Sept. p ........ 6,250,812 6,344,465 6,533,042 6,504,120 6,661,626 6,799,137 6,881,110 7,050,627 7,148,333 7,104,283 7,276,346 7,222,846 7,226,348 2,331,659 2,326,015 2,340,605 2,374,272 2,401,412 2,435,647 2,465,405 2,481,436 2,482,280 2,514,737 2,552,132 2,534,524 2,549,522 479,571 448,191 454,212 461,656 476,234 498,192 507,585 497,644 486,314 492,637 528,451 533,473 520,019 1,245,603 1,264,066 1,265,705 1,273,366 1,268,506 1,270,678 1,272,055 1,281,419 1,276,829 1,283,262 1,276,337 1,246,652 1,261,272 1,006 1,013 1,019 1,026 1,033 1,040 1,047 1,053 1,060 1,067 1,075 1,082 1,089 605,479 612,745 619,669 638,224 655,639 665,737 684,718 701,320 718,077 737,771 746,269 753,317 767,142 2,280,745 2,351,928 2,450,623 2,403,277 2,439,331 2,513,514 2,510,285 2,605,078 2,669,806 2,599,027 2,629,463 2,642,097 2,645,969 1,586,639 1,615,672 1,687,753 1,676,443 1,767,792 1,791,535 1,848,260 1,911,525 1,944,964 1,940,706 2,044,815 1,995,416 1,981,884 1,068,888 1,090,859 1,124,257 1,105,934 1,176,124 1,184,289 1,211,502 1,283,716 1,290,180 1,265,812 1,372,439 1,295,944 1,270,923 517,751 524,813 563,496 570,509 591,668 607,246 636,758 627,809 654,784 674,894 672,376 699,472 710,961 51,769 50,850 54,061 50,128 53,091 58,441 57,160 52,588 51,283 49,813 49,937 50,809 48,973 1 Includes Bank for International Settlements for data before June 2006. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 2006, also includes Bank for International Settlements. 2 3 December 2007 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, end-June 2005, and end-June 2006, 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 57 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) 2002 .............................................................................. 2,769 2,769 715 1,368 686 2003 .............................................................................. 2,613 2,613 768 1,102 743 2004 .............................................................................. 1,630 1,630 825 - 805 2005 .............................................................................. 948 948 77 - 871 2006 - Sept.................................................................... 1,006 1,006 81 - 925 Oct ..................................................................... 1,013 1,013 81 - 931 Nov .................................................................... 1,019 1,019 82 - 938 Dec .................................................................... 1,026 1,026 82 - 944 2007 - Jan ..................................................................... 1,033 1,033 83 - 950 Feb..................................................................... 1,040 1,040 83 - 956 Mar..................................................................... 1,047 1,047 84 - 963 Apr ..................................................................... 1,053 1,053 84 - 969 May .................................................................... 1,060 1,060 85 - 976 June ................................................................... 1,067 1,067 85 - 982 July .................................................................... 1,075 1,075 86 - 989 Aug .................................................................... 1,082 1,082 86 - 996 Sept ................................................................... 1,089 1,089 87 - 1,002 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) Mexico 2 (4) Venezuela 3 (5) 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 2007 58 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. The reporting forms and instructions may be downloaded from the TIC website. Copies of the reporting forms and instructions also may be obtained from the Global Economics Group, 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. 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 2007 Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to and dollar claims on foreigners in a number of countries. 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. TIC Form D is filed quarterly by all U.S. resident banks, securities dealers, and other firms with worldwide holding of derivatives in their own and in their customers’ accounts exceeding $100 billion in notional value. Data from this information collection was first released on May 15, 2007, with data on holdings beginning from end-December 2005, and data on net settlements beginning from the first quarter of 2006. Quarterly reports are also 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 59 capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in 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, December 2007 60 CAPITAL MOVEMENTS 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of issued by foreigners. Further, the foreigner 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 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 December 2007 market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. • Section V presents quarterly data on holdings and net cash settlements of cross-border derivatives contracts reported by banks, securities brokers, dealers, and nonfinancial companies in the U.S. with sizable holdings of derivatives contracts. Total holdings are divided between those contracts with positive fair values and those contracts with negative fair values from the perspective of the reporter. The fair (market) value is generally defined as the amount for which a derivative contract could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The data on U.S. net settlements with foreign residents include all cash receipts and payments made during the quarter for the acquisition, sale, or final closeout of derivatives, including all settlement payments under the terms of derivatives contracts such as the periodic settlement under a swap agreement and the daily settlement of an exchange-traded contract. In calculating net settlements, U.S. receipts of cash from foreign persons are positive amounts (+), and U.S. payments of cash to foreign persons are negative amounts (-). Items excluded from net settlements are: (a) collateral including initial and maintenance margins, whether or not in the form of cash; and (b) purchases of underlying commodities, securities, or other noncash assets. (e.g., the purchase/sale by foreigners of a long-term security is reported on TIC Form S). The gross fair (market) values and net settlement payments on derivatives are reported by type of derivative and by country based on the residence of the direct foreign counterparty. Positions of foreign customers on U.S. exchanges are reported opposite the country in which the foreign counterparty resides. In the case of U.S. residents’ futures contracts on foreign exchanges, the country of the exchange is reported as the country of the foreign counterparty. NOTE: Current and historical data on United States transactions with foreigners in long-term securities on the gross foreign liabilities and claims reported by banks and nonbanks in the United States and on derivatives contracts with foreigners are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 61 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 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: other 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 2006 r Mar. r Apr. r May r June July Aug. Sept. p 4,002,003 3,851,560 461,656 51,380 176,829 4,267,530 4,111,080 507,585 50,868 194,914 4,419,976 4,263,526 497,644 56,477 177,958 4,478,260 4,321,810 486,314 59,112 172,500 4,389,827 4,201,515 492,637 58,169 160,745 4,562,752 4,374,440 528,451 58,666 176,036 4,504,960 4,316,648 533,473 55,686 179,837 4,468,378 4,280,066 520,019 53,379 178,065 105,873 127,574 105,871 155,932 101,431 161,778 101,832 152,870 106,450 167,273 107,404 186,345 134,785 163,165 143,705 144,870 3,360,479 1,244,891 73,257 3,567,399 1,275,136 78,192 3,734,406 1,353,071 70,464 3,805,598 1,362,259 71,860 3,678,669 1,329,833 65,688 3,815,732 1,350,634 69,066 3,751,871 1,340,804 86,243 3,730,722 1,395,454 77,642 567,506 1,474,825 29,425 19,021 800 599,462 1,614,609 36,096 22,527 4,535 607,353 1,703,518 31,476 21,635 710 614,074 1,757,405 29,898 19,895 355 611,366 1,671,782 30,209 20,532 383 647,760 1,748,272 30,257 20,632 287 633,409 1,691,415 31,304 21,208 353 638,669 1,618,957 29,325 20,535 418 2,855 6,749 150,443 3,290 5,744 156,450 3,396 5,735 156,450 3,175 6,473 156,450 3,373 5,921 188,312 3,385 5,953 188,312 3,186 6,557 188,312 3,131 5,241 188,312 148,732 1,711 154,388 2,062 154,388 2,062 154,388 2,062 186,170 2,142 186,170 2,142 186,170 2,142 186,170 2,142 11,680 73,061 17,560 18,154 13,151 74,215 17,287 18,586 13,151 74,215 17,287 18,586 13,151 74,215 17,287 18,586 19,825 77,033 18,399 29,929 19,825 77,033 18,399 29,929 19,825 77,033 18,399 29,929 19,825 77,033 18,399 29,929 2,924,440 1,938,224 3,124,816 2,080,807 3,302,214 2,211,685 3,358,014 2,243,836 3,253,510 2,157,911 3,370,502 2,190,491 3,278,835 2,176,026 3,238,436 2,180,126 1,028,974 114,524 911,155 3,295 377,931 1,189,342 149,651 1,036,954 2,737 393,955 1,247,462 151,129 1,093,535 2,798 372,548 1,264,884 142,367 1,118,818 3,699 394,655 1,216,061 157,551 1,055,860 2,650 413,960 1,319,817 177,489 1,138,916 3,412 399,595 1,209,155 153,562 1,051,856 3,737 437,509 1,128,992 136,612 989,909 2,471 451,900 132,515 54,624 137,180 53,712 137,180 53,712 137,180 53,712 164,780 56,551 164,780 56,551 164,780 56,551 164,780 56,551 945,048 927,120 1,005,534 986,264 980,582 961,312 983,066 963,796 971,537 948,005 1,027,470 1,003,938 1,061,345 1,037,813 1,065,162 1,041,630 371,732 386,447 396,916 401,325 412,694 440,091 451,853 465,547 113,865 66,155 17,928 112,819 70,605 19,270 106,150 72,258 19,270 109,999 74,674 19,270 114,527 88,512 23,532 120,756 93,276 23,532 149,999 96,646 23,532 161,938 93,212 23,532 2007 1 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. 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 2007 CAPITAL MOVEMENTS 62 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 2007 2004 Calendar year 2005 2006 r May r June 2007 July Aug. Sept. p 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 76,016 70,867 1,212 527 n.a. 68,669 8,149 n.a. 62,804 n.a. 16,460 27,927 6,340 2,883 565 101,355 119 10,060 4,796 141,498 10,006 n.a. 590,505 29,737 23,540 1,281,643 341,599 n.a. 38,051 3,934 15,595 88 634 1,353 969 3,362 76,630 92,769 1,488 820 431 84,390 9,335 6,145 73,989 380 26,781 42,401 7,475 2,720 492 62,736 295 9,805 3,890 63,545 10,457 919 926,008 33,857 3,852 1,567,546 400,799 1,342,726 49,396 3,376 15,964 192 687 1,390 816 1,018 76,221 91,729 2,300 573 244 86,295 7,560 2,699 96,156 278 51,555 58,127 9,389 3,462 256 52,932 325 10,380 7,993 77,220 14,674 1,376 1,168,296 34,223 4,481 1,882,187 446,016 1,636,508 64,980 4,640 17,215 140 1,042 980 659 2,605 69,482 98,910 1,536 327 449 96,277 7,834 2,461 100,645 192 42,558 74,579 10,359 3,600 226 50,642 289 13,639 7,154 75,332 14,737 1,592 1,100,186 36,891 4,962 1,842,140 458,941 1,581,217 63,569 6,635 15,399 212 793 1,402 729 991 69,700 100,478 1,498 342 536 104,556 7,535 2,584 112,983 178 41,917 84,570 11,757 3,678 355 49,060 293 10,171 7,130 73,703 14,745 1,552 1,177,481 35,633 5,970 1,944,566 475,542 1,676,836 69,592 5,827 20,141 236 778 1,055 1,158 1,802 73,795 103,565 1,358 1,094 304 96,865 6,636 4,846 99,133 217 30,910 72,610 10,899 3,711 373 59,069 339 9,777 4,339 68,901 15,562 1,413 1,118,884 32,363 4,472 1,852,433 453,521 1,593,008 69,966 6,085 14,653 166 600 1,201 893 994 76,107 115,834 1,673 846 228 100,769 7,893 3,766 99,815 158 25,893 56,637 11,628 3,260 474 70,274 530 11,064 5,318 56,265 13,553 1,399 1,059,242 25,427 5,329 1,777,974 464,040 1,545,196 70,178 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. 12,898 9,045 6,521 n.a. 3,426 n.a. 1,660 n.a. n.a. 44,738 n.a. 5,334 n.a. 3,062 n.a. 4,976 27,535 8,595 137,565 10,638 484 2,123 16,271 16,926 11,702 2,967 3,431 1,964 1,444 98 2,594 45,846 238 7,183 672 4,281 128 6,139 22,886 8 158,023 11,086 406 2,327 20,122 16,676 11,654 3,195 3,420 3,216 1,688 112 2,595 48,695 222 7,306 741 4,880 149 7,098 22,316 14 167,918 10,743 333 2,590 21,246 14,366 11,335 3,495 3,482 3,216 1,966 105 2,672 45,708 252 7,682 754 5,701 124 6,739 21,888 14 164,411 10,735 292 2,655 24,127 15,908 11,026 3,444 3,329 2,892 1,862 131 2,693 49,297 212 6,974 764 6,049 122 6,672 22,358 13 171,555 11,065 300 2,767 25,972 14,950 10,921 3,349 3,307 2,521 1,817 114 2,484 55,562 211 7,042 736 5,603 164 6,712 22,295 12 177,904 11,323 293 2,490 28,834 14,998 9,880 3,031 3,022 2,211 1,648 124 2,216 56,426 206 7,242 650 5,910 134 7,149 21,558 37 179,382 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. 52,361 n.a. 922,518 120 n.a. n.a. n.a. 970 6,398 3,149 186 408 257,200 18,680 55,502 22,082 1,316,473 82 3,895 19 495 1,056 8,503 8,395 235 460 233,140 20,570 51,527 23,629 1,458,841 83 3,922 27 450 1,072 5,871 7,196 203 502 212,348 22,984 51,092 24,895 1,412,957 83 3,943 26 393 986 10,618 8,952 239 485 214,150 22,363 47,734 27,052 1,476,337 83 3,992 26 401 943 7,231 10,102 229 527 235,471 22,195 52,932 30,455 1,447,959 84 3,991 27 432 855 5,063 6,432 236 498 239,872 20,273 47,450 29,093 1,479,280 84 3,802 30 442 874 5,148 CAPITAL MOVEMENTS 63 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 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, South..................................... 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 2004 Calendar year 2005 2007 2006 r May r June July Aug. Sept. p n.a. 1,630 n.a. 40,297 1,224,539 n.a. 2,836 n.a. 32,620 1,231,656 90 3,354 165 157 1,691,496 91 3,887 216 171 1,812,586 119 3,766 197 201 1,752,508 127 3,975 208 210 1,814,507 141 4,049 203 186 1,814,901 124 3,651 230 236 1,837,754 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. 46,466 35,246 13,860 4,213 9,828 161,951 n.a. 27,200 n.a. 797 2,287 1,768 3,780 20,291 28 23,287 9,966 n.a. 50,659 7,258 418,885 824 44,474 44,639 18,813 4,386 7,327 140,402 2,146 28,099 120 1,168 3,847 1,282 3,857 30,831 25 22,952 8,319 179 70,316 5,893 439,899 764 47,061 32,613 20,614 4,013 10,647 135,331 1,353 28,026 316 677 3,429 1,490 4,010 33,371 25 23,635 9,898 200 71,545 7,910 436,928 1,143 47,887 34,714 17,218 4,235 10,039 151,659 1,482 24,317 298 584 2,913 2,998 4,543 33,526 26 24,203 10,869 199 68,981 7,749 449,583 785 59,421 38,798 18,410 4,648 9,204 136,541 1,456 24,617 310 864 3,180 3,389 4,029 33,354 24 23,687 12,603 223 62,453 6,642 444,638 943 73,513 36,871 20,102 3,375 9,533 157,957 1,295 22,960 318 554 3,437 2,700 3,739 35,513 25 21,410 9,953 177 70,497 5,942 480,814 823 81,537 42,980 18,003 4,190 8,544 170,819 1,293 19,464 371 787 3,333 2,759 4,573 34,782 25 21,884 10,168 216 72,106 6,000 504,657 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. 4,953 572 n.a. 217 n.a. 138 n.a. 3,054 n.a. n.a. n.a. n.a. 6,880 4,313 20,127 236 2,252 389 234 469 641 198 87 1,565 363 926 143 78 4,457 2,981 15,019 281 5,897 270 276 520 754 167 99 2,264 250 1,124 118 90 5,298 3,172 20,580 226 4,075 966 247 571 740 169 80 1,982 382 1,220 177 74 4,932 3,644 19,485 268 3,942 355 350 943 582 192 132 2,697 382 1,170 157 83 5,801 3,547 20,601 616 3,943 245 371 641 743 183 127 3,899 313 1,215 148 84 5,022 3,017 20,567 554 3,304 179 267 617 1,413 137 163 1,854 323 1,252 150 95 4,462 3,010 17,780 23,579 3,725 n.a. 8,513 35,817 2,999,020 18,427 3,028 n.a. 14,612 36,067 3,163,994 26,178 4,543 63 18,704 49,488 3,970,867 37,478 3,587 63 19,993 61,121 4,446,300 38,187 3,370 64 24,159 65,780 4,357,476 37,540 2,864 59 24,431 64,894 4,530,353 27,571 3,107 63 24,188 54,929 4,471,514 22,264 2,541 64 24,317 49,186 4,436,911 14,550 4,303 17,598 5,153 26,862 4,274 28,029 3,931 28,048 4,303 28,085 4,314 29,422 4,024 27,608 3,859 18,853 3,017,873 22,751 3,186,745 31,136 4,002,003 31,960 4,478,260 32,351 4,389,827 32,399 4,562,752 33,446 4,504,960 31,467 4,468,378 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 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 “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. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 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. As of January 2007, also includes Bulgaria and Romania. 2 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 2007 CAPITAL MOVEMENTS 64 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2007, 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 Total Held by Total liabilities foreign Of which: Total Total own custody payable in official short-term liabilities institutions Held by all dollars and liabilities liabilities U.S. other foreign payable in payable in payable in and foreign Treasury dollars dollars dollars currency foreigners obligations banks (2) (3) (4) (6) (1) (5) (7) Europe: Austria .................................... 6,085 6,064 1,850 Belgium .................................. 14,653 14,502 9,125 Cyprus 4.................................. 600 600 592 Czech Republic ...................... 1,201 1,195 440 Denmark................................. 893 886 588 Finland.................................... 994 814 396 France .................................... 76,107 67,385 60,002 Germany................................. 115,834 89,983 70,157 Greece.................................... 1,673 1,665 1,609 Hungary.................................. 846 841 476 Ireland .................................... 100,769 100,113 11,085 Italy......................................... 7,893 6,586 5,645 Kazakhstan 4 .......................... 3,766 3,665 1,532 Luxembourg ........................... 99,815 98,444 54,004 4 Monaco ................................ 158 147 92 Netherlands ............................ 25,893 24,457 18,147 Norway ................................... 56,637 56,616 53,513 Poland .................................... 11,628 11,609 4,573 Portugal.................................. 3,260 2,617 2,401 Romania ................................. 474 473 472 Russia .................................... 70,274 70,248 7,252 Spain ...................................... 11,064 9,436 6,790 Sweden................................... 5,318 5,268 1,904 Switzerland ............................. 56,265 45,109 31,217 Turkey..................................... 13,553 13,275 1,726 Ukraine 4 ................................. 1,399 1,396 1,396 United Kingdom ...................... 1,059,242 1,020,914 984,330 Channel Islands...................... 25,427 25,332 22,525 6,253 6,200 5,198 All other Europe 4 ...................... Total Europe......................... 1,777,974 1,685,840 1,359,038 Memo: Euro Area 5 ............... 464,040 422,066 241,213 70,178 61,892 43,446 Canada.......................................... Latin America: Argentina................................... 11,323 11,159 9,894 Belize 6 ...................................... 293 293 268 Bolivia 6 ..................................... 2,490 2,477 1,653 Brazil ......................................... 28,834 28,542 20,873 Chile .......................................... 14,998 14,760 8,713 Colombia................................... 9,880 9,823 4,510 Costa Rica 6 .............................. 3,031 3,020 2,225 Ecuador..................................... 3,022 3,002 2,792 El Salvador 6 ............................. 2,211 2,211 1,223 Guatemala ................................ 1,648 1,617 1,380 Honduras 6 ................................ 2,216 2,204 2,138 Mexico....................................... 56,426 55,894 36,312 Panama..................................... 7,242 7,200 5,246 Paraguay 6 ................................ 650 643 608 Peru........................................... 5,910 5,681 5,304 Uruguay .................................... 7,149 7,018 5,750 Venezuela ................................. 21,558 21,353 19,675 501 501 478 All other Latin America 6 ........... Total Latin America .............. 179,382 177,398 129,042 Caribbean: Aruba 7 ...................................... 498 498 391 Bahamas................................... 239,872 238,799 235,144 Barbados 7 ................................ 20,273 20,181 5,232 Bermuda ................................... 47,450 46,697 27,988 7 British Virgin Islands ............... 29,093 28,264 17,248 See footnotes at end of table. December 2007 Negotiable CDs and short-term negotiable securities Other Miscellaneous liabilities 2 Held by Of which: foreign Total other shortofficial liabilities term negotiable Of which: institutions Held by all payable in other foreign securities negotiable and foreign banks foreigners currency 3 (excl. CDs) CDs (8) (10) (11) (12) (9) 4,214 5,377 8 755 298 418 7,383 19,826 56 365 89,027 941 2,133 44,440 55 6,309 3,103 7,036 216 1 62,996 2,646 3,364 13,892 11,549 36,584 2,807 1,002 326,802 180,854 18,446 512 1,673 312 219 171 221 16,500 35,358 331 318 2,635 3,391 575 8,695 14 5,290 204 681 1,839 38 5,457 4,171 369 14,601 1,091 1,034 154,912 20,978 1,346 282,936 80,616 6,084 241 398 278 35 181 78 1,493 1,693 844 53 2,389 778 8 618 78 2,213 267 62 252 40 272 1,203 308 1,800 95 22 23,111 826 434 40,070 12,200 5,661 252 1,208 3 703 35 185 2,774 4,218 32 109 1,505 418 1,188 9,322 38 791 672 3,411 47 4 647 136 4,691 11,525 5,446 386 822 50,569 21,400 6,352 641 1,010 1 51 206 35 3,623 10,467 15 229 59,019 59 733 27,078 16 3,237 1,407 3,622 158 62,881 100 1,023 6,357 8 19,772 1,006 16 202,769 105,441 5,905 3,143 3,144 4 1 21 198 434 2,842 8 15 24,274 198 12 6,583 1 1,274 1,024 3 10 1 6 1,762 2,144 2,323 13 5,325 1,186 19 55,968 43,870 5,232 1,271 5,204 2 186 272 97 27,781 31,976 434 87 2,495 1,689 1,149 2,291 659 53,020 3,830 26 394 1,619 1,457 1,287 14,663 540 340 416,416 271 3,475 572,932 75,381 26,303 5 1,864 14,780 3,429 1 30 7,795 54 43,857 10,993 22 285 9 96 1 674 3 395,932 679 87 480,596 83,159 6,355 21 151 6 7 180 8,722 25,851 8 5 656 1,307 101 1,371 11 1,436 21 19 643 1 26 1,628 50 11,156 278 3 38,328 95 53 92,134 41,974 8,286 1,265 25 824 7,669 6,047 5,313 795 210 988 237 66 19,582 1,954 35 377 1,268 1,678 23 48,356 889 47 519 4,580 3,203 1,017 1,299 462 580 137 1,389 16,790 2,147 93 3,210 1,411 5,576 142 43,491 8,100 140 1,059 3,839 4,860 2,967 593 2,085 466 1,114 685 18,232 2,718 489 1,127 1,652 13,117 280 63,523 624 7 130 398 337 2,472 94 25 113 94 2 11,796 667 2 216 752 223 1 17,953 216 10 380 7,161 5,586 2,528 65 131 484 47 21 7,036 974 12 130 239 1,064 5 26,089 423 8 312 67 122 313 636 54 341 72 43 708 305 21 29 272 283 17 4,026 736 37 72 12,092 570 505 324 148 220 100 46 733 257 3 958 2,591 498 51 19,941 171 44 5 405 82 21 9 97 7 53 18 599 132 23 11 101 592 5 2,375 164 13 292 238 57 11 20 31 12 532 42 7 229 131 205 1,984 107 3,655 14,949 18,709 11,016 222 180,641 3,907 3,155 123 128 5,549 629 10,182 15,425 62 765 1,112 5,700 5,436 16 584 8,189 11,599 3,967 29 2,187 5,630 1,223 1,205 27 41,823 27 535 1 14 7,250 687 14,303 2,107 1,073 92 753 829 CAPITAL MOVEMENTS 65 TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2007, 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 Grand total ...................... 4,468,378 1,451,328 1,109,497 3,786 3,637 442 421 846 812 5,115 3,925 3,640 2,838 7,038 6,643 1,806,634 1,413,776 341,831 149 21 34 1,190 802 395 392,858 534,606 1,238 130 487 2,543 1,926 225 729,203 90,874 2,272 209 227 567 502 4,238 130,802 12,734 6 30 615 2 226 26,688 27,890 77 13 423 694 143 53,595 5,213 66 8 4 145 11 22 15,743 612,131 45 76 94 561 408 16 655,744 167,880 82 6 4 261 97 2,168 194,859 27,952 16 28 33 11 333 31,120 81,501 39,986 17,968 4,190 8,527 148,055 1,292 19,145 3,273 2,748 4,568 32,777 21,843 10,166 80,042 476,081 24,549 32,166 7,820 1,138 6,727 63,968 1,090 10,195 2,352 2,251 3,439 27,958 18,443 3,485 31,048 236,629 56,952 7,820 10,148 3,052 1,800 84,087 202 8,950 921 497 1,129 4,819 3,400 6,681 48,994 239,452 7,421 12,171 2,924 811 1,192 25,208 886 5,687 1,351 781 2,672 22,270 7,062 631 13,591 104,658 1,414 5,101 1,186 235 2,450 4,898 46 680 108 115 384 1,169 5,324 281 1,566 24,957 18,301 636 3,536 2,990 735 69,390 100 463 358 271 885 3,462 1,575 6,609 39,128 148,439 37,784 6,141 6,131 41 902 9,955 1 6,223 495 187 207 920 428 45 8,251 77,711 736 925 8 21 129 1,791 101 2,186 49 8 37 409 1,381 12 1,492 9,285 15,773 4,162 3,972 92 3,096 30,841 155 3,770 891 1,357 281 4,418 6,050 2,585 15,969 93,412 72 10,850 211 23 5,972 3 136 21 29 102 129 23 3 45 17,619 36 2,994 35 17 22,764 1 319 60 11 5 2,005 41 2 286 28,576 3,299 179 267 574 137 1,850 11,394 17,700 1,842 179 265 348 123 1,326 8,638 12,721 1,457 2 226 14 524 2,756 4,979 925 90 163 7 74 850 5,717 7,826 100 32 66 267 30 223 894 1,612 1,406 47 461 2,644 4,558 11 177 37 76 301 40 2 2 2 26 35 107 817 57 36 71 22 249 1,995 3,247 3 9 4 33 49 5 43 4 28 80 21,941 16,071 5,870 6,291 2,406 1,382 1,024 56 849 555 294 122 25,196 18,008 7,188 6,469 4,250,741 3,212,660 1,038,081 1,180,667 1,132 155 254 1,541 268,166 543 501 104 1,148 255,707 3,837 509 179 4,525 370,895 1,135 7,391 14 1,144 11 177 1,160 8,712 91,521 1,380,291 1,612 27 2 1,641 703,494 323 135 23,532 23,990 186,170 18,745 1,790 240 178 293 1,147 4,716 525 2,132 10 25,476 3,849 23,461 2,315 2,015 1,534 - 29,325 25,776 3,549 - 20,535 418 1,440 4,280,066 3,238,436 1,041,630 1,180,667 288,701 256,125 372,335 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 nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end. 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. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 2 Other Miscellaneous liabilities 2 Total Held by Held by Of which: Total foreign Of which: other shortforeign Total liabilities custody Total Total own official short-term payable in official liabilities term liabilities institutions Held by all liabilities dollars and liabilities U.S. negotiable Of which: institutions Held by all payable in payable in payable in payable in and foreign Treasury securities negotiable and foreign other other foreign foreign dollars dollars dollars currency banks foreigners obligations (excl. CDs) banks foreigners currency 3 CDs (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (1) Caribbean, con. Cayman Islands ....................... 1,479,280 Dominican Republic7 ............... 3,802 Haiti 7 ........................................ 442 Jamaica.................................... 874 Netherlands Antilles................. 5,148 Trinidad and Tobago................ 3,651 7,371 All other Caribbean 7 ................ Total Caribbean.................. 1,837,754 Asia: China, Mainland....................... 81,537 Hong Kong............................... 42,980 India ......................................... 18,003 Indonesia ................................. 4,190 Israel ........................................ 8,544 Japan ....................................... 170,819 8 Jordan .................................... 1,293 Korea, South............................ 19,464 Malaysia................................... 3,333 Pakistan ................................... 2,759 Philippines................................ 4,573 Singapore................................. 34,782 Taiwan...................................... 21,884 Thailand ................................... 10,168 8 80,328 All other Asia .......................... Total Asia............................. 504,657 Africa: Egypt ........................................ 3,304 Ghana ...................................... 179 Kenya 9..................................... 267 Liberia ...................................... 617 Morocco ................................... 137 South Africa ............................. 1,854 9 11,422 All other Africa ....................... 17,780 Total Africa........................... Other countries: Australia ................................... 22,264 New Zealand............................ 2,541 24,381 All other .................................... 49,186 Total other........................... All countries.................................. 4,436,911 International and regional orgs: International organizations....... 27,608 3,859 Regional organizations10 ......... Total International and 31,467 regional organizations ...... 1 Negotiable CDs and short-term negotiable securities 1,482 209 - 1,691 - 5,241 2,142 93,212 1,380,291 708,735 188,312 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 American, Caribbean, Asian, African, and Middle East regional organizations. December 2007 CAPITAL MOVEMENTS 66 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1900 U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.5 trillion in September 2007, an increase of $466 billion from yearend 2006. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. longterm securities. U.S. banking liabilities increased about $815 billion in 2006, about $169 billion in 2005, and about $635 billion in 2004. However, much of the increase in liabilities to foreigners in 2006 reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking liabilities increased about $241 billion. (In billions of dollars) 1800 1700 1600 1500 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2003 2004 2005 2006 Sept. 2007 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 ........ Japan ...................................... All other Asia........................... Subtotal................................. All other countries ................... Grand total ............................ 2003 2004 345,235 462,334 955,536 170,315 214,276 2,147,696 234,774 501,721 611,774 1,186,221 173,872 260,142 2,733,730 284,143 2,382,470 3,017,873 Calendar years 2005 2006 Sept. 2007 590,505 691,138 1,200,444 161,951 256,934 2,900,972 285,773 926,008 641,538 1,666,943 140,402 299,192 3,674,388 327,615 1,059,242 718,732 1,808,085 170,819 333,838 4,090,716 377,662 3,186,745 4,002,003 4,468,378 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. December 2007 U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than 60 percent 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-quarter of U.S. banking liabilities. CAPITAL MOVEMENTS 67 SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar Year 2005 June r 2006 Sept. r Dec. r Mar. June p Total claims.............................................................. 2,500,399 2,931,518 3,023,043 3,132,470 3,358,556 3,576,312 Payable in dollars.................................................. 2,344,155 2,726,616 2,831,860 2,945,748 3,159,407 3,356,272 Own claims on foreigners................................... 1,864,834 2,148,403 2,207,809 2,305,591 2,525,274 2,637,323 Foreign official institutions ............................... 72,919 82,209 97,067 98,010 92,666 96,012 Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 1,391,775 1,582,240 1,626,309 1,677,056 1,863,007 1,913,795 Type of Claim 2007 All other foreigners .......................................... 400,140 483,954 484,433 530,525 569,601 627,516 Claims of domestic customers.............................. 479,321 578,213 624,051 640,157 634,133 718,949 Payable in foreign currencies .................................. 156,244 204,902 191,183 186,722 199,149 220,040 Own claims on foreigners ..................................... 100,144 121,111 106,937 123,358 121,891 138,755 of which: Canadian dollars .............................................. 13,613 12,446 10,956 15,962 13,755 24,135 Euros................................................................ 56,203 63,335 54,064 59,980 65,744 62,906 United Kingdom pounds sterling...................... 11,739 17,842 17,677 18,816 15,008 15,106 Japanese yen................................................... 10,338 12,579 11,895 13,239 14,442 16,800 Claims of domestic customers.............................. 56,100 83,791 84,246 63,364 77,258 81,285 of which: Canadian dollars .............................................. 4,536 4,246 6,000 4,448 4,796 4,261 Euros................................................................ 38,671 64,953 64,409 47,240 62,721 67,539 United Kingdom pounds sterling...................... 8,621 11,226 9,917 7,065 4,612 3,348 Japanese yen................................................... 952 1,104 1,521 1,676 1,345 381 Total own claims on foreigners ............................. 1,964,978 2,269,514 2,314,746 2,428,949 2,647,165 2,776,078 Non-negotiable deposits .................................... 792,262 960,229 950,499 991,476 1,062,137 1,073,266 Memoranda: Short-term negotiable instruments (payable in dollars)........................................... 9,738 10,131 10,397 15,508 18,053 19,833 Resale agreements ............................................ 482,090 611,780 651,613 664,373 739,410 794,401 Other................................................................... 680,888 687,374 702,237 757,592 827,564 888,553 Claims on own foreign offices............................... 1,304,277 1,544,474 1,578,206 1,639,462 1,842,075 1,920,328 Claims reported by IBFs ....................................... 478,683 535,870 545,207 560,423 655,125 644,962 Payable in dollars ............................................... 448,031 498,016 511,023 524,907 619,843 606,879 Payable in foreign currencies............................. 30,652 37,854 34,184 35,516 35,282 38,083 Total claims held for domestic customers ............ 535,421 662,004 708,297 703,521 711,391 800,234 Non-negotiable deposits .................................... 248,616 314,074 297,410 299,490 326,501 343,144 Short-term negotiable instruments (payable in dollars)........................................... 232,059 266,568 337,401 353,604 335,487 407,302 Other ..................................................................... 54,746 81,362 73,486 50,427 49,403 49,788 December 2007 CAPITAL MOVEMENTS 68 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 2007 Calendar year 2004 2005 Dec. 2006 Mar. r June r 2007 Sept. r Dec. r Mar. June p 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 5,432 14,095 23 3,413 2,619 9,610 131,334 48,290 116 121 41,916 23,200 n.a. 14,772 30,557 19,083 1,840 1,138 288 1,320 10,809 27,865 151,785 3,459 627,105 42,827 18,996 1,232,013 331,269 n.a. 94,997 6,007 22,076 40 3,460 1,874 10,156 142,517 49,273 243 168 32,912 20,011 n.a. 15,299 29,964 26,448 1,191 959 272 1,273 14,106 29,693 172,232 3,342 795,994 41,957 21,754 1,443,221 343,523 n.a. 93,373 6,915 27,060 45 3,849 3,331 12,907 176,142 57,215 682 50 34,728 25,727 501 17,498 34,989 29,093 1,565 1,937 273 1,474 11,662 27,782 124,533 3,453 826,601 40,163 1,556 1,471,729 407,460 1,270,974 107,385 8,478 19,955 38 2,583 1,845 15,054 171,400 54,150 902 133 47,427 35,173 446 17,569 39,309 32,130 1,593 1,953 265 1,765 14,942 37,832 141,708 4,112 865,767 41,027 2,460 1,560,017 426,313 1,336,373 101,468 8,563 20,258 38 3,546 2,770 10,360 159,074 45,429 1,081 157 62,729 41,479 510 16,033 38,722 35,117 1,115 1,988 290 4,254 15,943 29,377 112,027 5,429 938,064 45,533 4,193 1,604,079 421,659 1,397,824 106,212 8,309 33,993 39 3,232 5,699 14,933 184,462 59,150 1,421 181 69,379 38,379 725 17,679 45,298 28,204 1,842 2,245 217 1,826 32,363 28,572 170,746 3,754 975,657 48,523 3,501 1,780,329 507,611 1,524,632 108,872 8,572 43,170 38 3,604 1,757 15,143 194,937 71,014 1,442 183 69,480 34,823 863 25,873 60,368 25,101 3,454 2,506 209 1,777 25,159 31,026 183,067 3,678 1,046,461 56,782 3,744 1,914,231 552,487 1,641,088 134,093 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 2,507 n.a. 15,621 6,990 2,506 n.a. 602 n.a. 903 n.a. 15,194 n.a. 2,359 n.a. 1,242 486 2,613 2,632 53,655 2,464 n.a. 16,473 6,863 2,993 n.a. 588 n.a. 1,005 n.a. 15,377 n.a. 2,559 n.a. 1,200 481 2,493 2,374 54,870 2,565 155 16,050 7,252 2,707 734 555 852 925 409 18,507 101 2,725 41 1,284 430 2,205 26 57,523 2,435 173 15,003 7,335 2,766 721 589 874 919 382 18,466 99 2,928 40 1,360 527 2,582 77 57,276 2,980 157 20,455 7,153 2,926 733 612 872 1,055 433 17,937 89 2,557 41 1,474 362 2,477 37 62,350 2,880 139 22,343 6,120 4,104 780 581 871 1,135 461 19,257 89 2,641 60 1,416 1,119 2,632 147 66,775 3,631 172 25,568 6,489 4,295 782 777 901 1,108 417 19,794 82 3,504 79 2,250 341 2,770 34 72,994 n.a. 126,048 n.a. n.a. 167,880 n.a. n.a. 192,132 n.a. 3,141 241,032 391 4,373 208,785 429 5,281 194,514 471 2,575 200,233 372 3,481 194,119 794 CAPITAL MOVEMENTS 69 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 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, South ................................ Lebanon........................................ Malaysia ....................................... Pakistan........................................ Philippines .................................... Singapore ..................................... Taiwan .......................................... Thailand........................................ Asian oil exporters 7 ..................... All other Asia 6 .............................. Total Asia................................... Africa: Cameroon 8 ................................... Egypt ............................................ Ghana........................................... Liberia........................................... Morocco........................................ South Africa.................................. African oil exporters 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 organizations ........... Regional organizations 10 ............. Total international and regional organizations.......... Grand total .............................. 1 Calendar year 2004 2005 Dec. Mar. r 2006 34,495 n.a. 587,781 n.a. n.a. 351 5,610 760 7,843 762,888 20,875 n.a. 674,769 n.a. n.a. 448 4,558 957 8,687 878,174 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 Sept. r Dec. r Mar. June p 22,960 n.a. 755,478 n.a. n.a. 472 4,624 822 11,181 987,669 18,963 4,513 772,459 412 49 602 4,412 948 252 1,047,174 22,964 4,828 769,663 488 34 721 3,962 792 362 1,017,401 21,725 4,270 836,827 650 50 695 2,686 1,055 383 1,068,607 29,255 5,485 881,945 615 56 768 2,897 1,034 563 1,125,798 18,880 6,695 939,620 571 67 592 2,634 680 580 1,168,713 14,957 9,042 2,669 523 5,827 114,713 n.a. 17,470 53 834 33 1,820 8,210 8,909 8,183 13,670 187 207,100 16,987 8,534 2,345 475 4,777 111,806 n.a. 12,171 33 989 29 1,224 7,988 6,685 7,235 10,979 368 192,625 19,588 11,046 2,108 585 5,363 113,783 23 18,201 22 983 29 1,279 6,429 4,402 8,281 13,735 166 206,023 15,413 10,316 3,072 477 6,284 139,368 23 29,474 21 851 63 1,177 7,745 5,921 7,798 11,951 133 240,087 15,915 8,300 3,209 559 6,568 155,587 21 25,258 20 864 29 1,020 5,519 3,607 6,134 11,789 424 244,823 19,326 6,473 3,209 549 6,390 134,981 21 24,841 27 627 42 1,094 5,347 3,880 6,131 13,281 614 226,833 20,709 7,479 3,514 525 7,680 129,058 33 26,815 39 1,104 105 1,123 6,810 6,140 5,607 15,470 929 233,140 n.a. 246 22 273 95 631 249 191 1,707 n.a. 661 19 267 94 414 339 252 2,046 n.a. 773 37 247 84 444 307 863 2,755 21 1,156 32 287 105 662 309 269 2,841 22 1,181 8 316 71 473 335 447 2,853 20 1,778 13 296 84 640 414 251 3,496 16 1,692 19 266 77 416 326 269 3,081 16 1,331 8 322 85 438 295 388 2,883 15,211 2,243 82 17,536 2,180,396 18,569 3,601 178 22,348 2,490,333 21,590 3,973 416 25,979 2,800,492 22,621 3,335 402 26,358 2,919,033 29,344 3,276 219 32,839 3,011,941 26,591 4,147 242 30,980 3,120,547 32,769 2,929 364 36,062 3,347,750 36,830 2,839 335 40,004 3,566,058 6,856 1,189 8,086 1,980 9,037 2,156 10,950 1,535 10,270 832 11,279 644 10,236 570 9,779 475 8,045 2,188,441 10,066 2,500,399 11,193 2,811,685 12,485 2,931,518 11,102 3,023,043 11,923 3,132,470 10,806 3,358,556 10,254 3,576,312 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. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 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. As of January 2007, also includes Bulgaria and Romania. 4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, Nicaragua and Paraguay are included in “All other Latin America.” 2 2007 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 2007 CAPITAL MOVEMENTS 70 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2007 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 8,572 Belgium.............................................. 43,170 Czech Republic ................................. 3,604 Denmark............................................ 1,757 Finland............................................... 15,143 France ............................................... 194,937 Germany............................................ 71,014 Greece............................................... 1,442 Hungary............................................. 183 Ireland................................................ 69,480 Italy .................................................... 34,823 Kazakhstan1 ...................................... 863 Luxembourg ...................................... 25,873 Netherlands ....................................... 60,368 Norway .............................................. 25,101 Poland ............................................... 3,454 Portugal ............................................. 2,506 Romania ............................................ 209 Russia................................................ 1,777 Spain ................................................. 25,159 Sweden.............................................. 31,026 Switzerland........................................ 183,067 Turkey................................................ 3,678 United Kingdom................................. 1,046,461 56,782 Channel Islands .................................. 3,782 All other Europe 1 ............................... Total Europe ................................... 1,914,231 552,487 Memo: Euro Area 2 ............................... 134,093 Canada................................................. Latin America: Argentina ........................................... 3,631 Bolivia 3 .............................................. 172 Brazil.................................................. 25,568 Chile .................................................. 6,489 Colombia ........................................... 4,295 Costa Rica 3 ....................................... 782 Ecuador ............................................. 777 El Salvador 3 ...................................... 901 Guatemala......................................... 1,108 Honduras 3 ......................................... 417 Mexico ............................................... 19,794 Panama ............................................. 3,504 Peru ................................................... 2,250 Uruguay............................................. 341 Venezuela ......................................... 2,770 195 All other Latin America 3 .................... 72,994 Total Latin America......................... See footnotes at end of table. December 2007 Total own claims (2) Total own claims payable in dollars (3) 3,738 3,713 34,836 34,567 3,599 3,589 830 762 13,679 13,579 150,397 140,602 30,911 24,718 155 135 127 68 33,387 28,227 25,588 23,856 854 826 12,825 11,573 52,120 49,535 18,876 18,619 3,447 3,405 1,039 987 198 169 1,777 1,731 17,730 16,617 5,403 4,704 177,544 172,834 3,606 3,304 863,202 830,531 43,577 43,447 2,095 906 1,501,540 1,433,004 376,405 348,109 108,265 92,110 3,582 172 25,425 6,484 4,279 774 777 900 1,107 415 19,703 3,491 2,249 339 2,516 193 72,406 3,473 167 24,630 5,894 4,266 772 772 900 1,074 415 18,387 3,253 2,247 334 2,429 192 69,205 Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) 1,047 33,483 3,577 317 13,494 131,196 16,809 30 15,474 23,513 680 2,150 17,545 17,911 3,400 785 10 1,501 16,503 1,887 166,515 2,544 535,384 37,008 648 1,043,411 272,029 76,042 2,666 1,084 12 445 85 9,406 7,909 105 68 12,753 343 146 9,423 31,990 708 5 202 159 230 114 2,817 6,319 760 295,147 6,439 258 389,593 76,080 16,068 25 269 10 68 100 9,795 6,193 20 59 5,160 1,732 28 1,252 2,585 257 42 52 29 46 1,113 699 4,710 302 32,671 130 1,189 68,536 28,296 16,155 4,834 8,335 5 927 1,464 44,540 40,103 1,287 56 36,093 9,235 9 13,048 8,247 6,225 7 1,467 11 7,429 25,623 5,523 72 183,259 13,205 1,687 412,691 176,082 25,828 3,414 5,218 698 270 31,599 24,086 8 33,409 416 10,076 4,881 5,674 5 251 2,049 24,672 5,488 1 175,644 12,506 1,210 341,575 115,677 21,672 1,420 3,117 5 229 1,194 12,941 16,017 1,279 56 2,684 8,819 9 2,972 3,366 551 2 1,216 11 5,380 951 35 71 7,615 699 477 71,116 60,405 4,156 721 1 11,915 2,276 2,265 222 246 200 470 160 1,127 2,350 619 76 425 56 23,129 2,752 166 12,715 3,618 2,001 550 526 700 604 255 17,260 903 1,628 258 2,004 136 46,076 109 5 795 590 13 2 5 33 1,316 238 2 5 87 1 3,201 49 143 5 16 8 1 1 2 91 13 1 2 254 2 588 34 136 3 16 1 1 2 41 13 1 2 254 2 506 15 7 2 8 50 82 Payable in foreign currencies (6) Claims of domestic customers Total Payable in customer Payable in foreign claims dollars currencies (7) (8) (9) CAPITAL MOVEMENTS 71 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2007, 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, South ..................................... 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 organizations ................ Regional organizations 5 .................... Total international and regional organizations ................................ Grand total ................................... 1 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) 194,119 18,880 6,695 939,620 571 592 2,634 680 4,922 1,168,713 135,713 16,296 6,570 674,410 571 592 2,605 680 4,916 842,353 133,440 14,966 5,348 643,684 567 566 2,514 678 4,553 806,316 129,602 51 46 541,056 118 135 214 100 332 671,654 3,838 14,915 5,302 102,628 449 431 2,300 578 4,221 134,662 2,273 1,330 1,222 30,726 4 26 91 2 363 36,037 58,406 2,584 125 265,210 29 6 326,360 58,209 2,583 125 263,481 29 6 324,433 197 1 1,729 1,927 20,709 7,479 3,514 525 7,680 129,058 26,815 1,104 105 1,123 6,810 6,140 5,607 16,471 233,140 20,632 7,006 3,472 523 6,424 121,866 26,335 356 105 1,118 6,635 6,001 5,602 16,368 222,443 20,279 6,249 3,256 488 6,399 113,884 25,927 320 103 1,098 5,333 5,650 5,587 15,022 209,595 19,943 4,099 2,506 245 6,201 100,856 25,282 275 84 856 4,057 2,213 5,559 14,083 186,259 336 2,150 750 243 198 13,028 645 45 19 242 1,276 3,437 28 939 23,336 353 757 216 35 25 7,982 408 36 2 20 1,302 351 15 1,346 12,848 77 473 42 2 1,256 7,192 480 748 5 175 139 5 103 10,697 67 75 29 2 1,243 6,338 438 3 1 120 6 5 76 8,403 10 398 13 13 854 42 745 4 55 133 27 2,294 1,331 8 322 85 438 699 2,883 400 8 322 85 378 674 1,867 399 8 314 58 329 663 1,771 159 8 7 57 283 219 733 240 307 1 46 444 1,038 1 8 27 49 11 96 931 60 25 1,016 7 50 20 77 924 10 5 939 36,830 2,839 335 40,004 3,566,058 16,821 993 335 18,149 2,767,023 15,065 867 335 16,267 2,628,268 8,056 519 4 8,579 2,009,807 7,009 348 331 7,688 618,461 1,756 126 1,882 138,755 20,009 1,846 21,855 799,035 19,301 1,827 21,128 717,794 708 19 727 81,241 9,779 475 8,713 342 8,713 342 - 8,713 342 - 1,066 133 1,048 107 18 26 Total claims (1) Claims of domestic customers Total Payable in customer Payable in foreign claims dollars currencies (7) (8) (9) 10,254 9,055 9,055 - 9,055 - 1,199 1,155 44 3,576,312 2,776,078 2,637,323 2,009,807 627,516 138,755 800,234 718,949 81,285 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. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 3 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in “All other Latin America.” 2 Payable in foreign currencies (6) 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 2007 CAPITAL MOVEMENTS 72 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1200 In June 2007, U.S. claims on foreigners reported by U.S. banks amounted to about $3.6 trillion, an increase of $444 billion from the level recorded at yearend 2006. U.S. banking claims include holdings of foreign shortterm securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $632 billion in 2006, but part of the increase reflects changes in coverage in the bankreported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking claims increased about $201 billion. Banking claims increased $312 billion in 2005 and $488 billion in 2004. (In billions of dollars) 1100 1000 900 800 700 600 500 400 300 200 100 0 2003 2004 2005 2006 June 2007 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 2003 United Kingdom ......................... All other Europe......................... Caribbean banking centers 1 ..... Japan ......................................... All other Asia.............................. Subtotal.................................... All other countries...................... Grand total ............................... 385,701 401,137 612,200 74,174 65,922 1,539,134 160,865 1,699,999 2004 2005 2006 June 2007 567,001 527,615 755,954 102,859 70,601 2,024,030 164,411 627,105 604,908 870,441 114,713 92,387 2,309,554 190,845 938,064 666,015 1,062,579 155,587 89,236 2,911,481 220,989 1,046,461 867,770 1,165,452 129,058 104,082 3,312,823 263,489 2,188,441 2,500,399 3,132,470 3,576,312 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. December 2007 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 73 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........ 2003 Calendar year 2004 2005 June 2006 Sept. r Dec. r Mar. 2007 June p 73,700 43,147 15,515 1,895 13,620 27,632 16,000 11,632 30,553 92,009 55,386 29,575 1,410 28,165 25,811 16,705 9,106 36,623 76,710 58,728 24,003 3,248 20,755 34,725 21,751 12,974 17,982 78,195 61,390 19,395 6,939 12,456 41,995 28,827 13,877 16,805 85,780 69,494 29,323 7,876 21,447 40,171 27,299 13,846 16,286 89,217 72,331 35,033 8,266 26,767 37,298 24,415 13,903 16,886 89,729 66,250 27,136 3,093 24,043 39,114 25,801 14,493 23,479 106,789 82,317 31,679 2,220 29,459 50,638 27,472 24,339 24,472 1,630 11,159 12,031 2,702 3,031 2,623 10,125 19,041 1,860 2,974 2,525 5,041 3,640 2,326 4,450 1,763 4,131 3,356 1,516 6,039 2,936 4,288 3,145 1,560 4,357 3,536 5,239 4,494 1,770 1,847 1,860 11,315 5,862 1,775 2,667 2,029 12,030 4,585 2,778 3,050 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 15,246 5,802 9,444 2,736 1,299 1,437 144,950 105,700 75,802 42,140 13,600 4,547 9,053 3,205 1,292 1,204 118,575 92,779 59,240 36,002 13,233 4,572 8,661 3,053 1,265 814 124,815 96,318 63,946 29,750 13,679 3,351 10,328 3,207 1,258 929 126,032 100,031 66,871 28,380 19,953 4,599 15,354 3,526 1,364 982 131,225 98,336 64,047 25,922 21,060 4,563 16,497 3,412 1,245 994 136,049 105,121 66,583 24,649 3,047 21,365 25,494 21,245 4,249 17,528 9,739 16,314 27,439 24,778 2,661 48,348 12,888 20,774 29,898 26,080 3,818 39,250 445 22,793 33,539 30,502 3,835 25,796 2,044 32,152 32,372 29,363 3,889 28,497 2,624 35,867 33,160 30,225 4,371 26,001 498 37,627 34,289 30,757 4,472 32,889 1,294 40,640 38,538 34,651 4,825 30,928 2,469 4,318 4,429 1,420 4,892 1,841 22,212 10,805 7,583 5,907 9,829 10,643 8,341 3,724 6,713 8,897 5,979 5,135 760 5,025 10,962 7,682 4,945 889 4,019 9,194 6,951 4,675 1,027 4,154 4,944 17,640 5,670 998 3,637 4,354 16,571 4,557 1,125 4,321 9,453 1,976 164 7,313 8,075 7,373 702 43,072 5,878 153 37,041 5,276 4,451 825 35,592 8,009 292 27,291 3,658 3,151 507 22,421 5,962 99 16,360 3,375 2,075 502 24,909 4,628 108 20,173 3,588 1,974 734 21,775 3,529 120 18,126 4,226 2,577 213 29,026 2,415 81 26,530 3,863 2,503 420 27,136 3,351 82 23,703 3,792 2,384 470 December 2007 CAPITAL MOVEMENTS 74 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 2007 2006 2007 2002 2003 2004 2005 June Sept. r Dec. r Mar. June p 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 68 73 17 78 20 2,631 3,646 401 12 1,636 1,174 378 895 3,537 229 39 4 64 93 110 14 137 74 3,460 5,019 349 15 642 989 299 876 346 326 49 5 120 41 118 34 19 76 47 2,628 11,095 338 14 315 933 311 1,067 460 317 24 6 101 91 181 44 14 132 140 2,562 12,391 182 18 316 1,040 977 1,709 545 330 27 9 110 64 95 54 17 132 28 2,497 5,729 163 13 168 1,117 816 1,096 274 360 35 14 121 97 434 48 14 133 80 2,183 8,485 180 14 592 1,197 643 959 480 410 146 6 169 9 403 115 494 101 25,180 1,068 656 1,884 302 26,911 2 591 800 1,078 180 32,878 4 399 747 1,237 137 15,093 2 353 168 1,225 217 15,989 1 231 925 1,491 230 15,964 1 269 952 1,070 261 17,339 11 268 912 1,807 348 25,615 1 417 819 1,687 487 29,277 n.a. 201 42,592 2,179 188 44,653 3,405 2 286 47,720 4,578 501 250 33,271 4,905 35 260 31,172 6,399 10 369 37,165 7,092 15 421 41,146 7,694 310 42,064 5,953 363 49,321 7,101 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 3,149 148 288 387 106 10 23 2,234 56 8 2 681 105 4,048 183 269 444 218 29 7 2,822 80 10 3 461 112 4,638 154 252 474 231 28 15 2,551 57 11 1 465 38 4,277 138 264 406 208 89 25 2,150 57 6 13 353 24 3,733 183 165 440 222 35 7 2,346 56 12 18 571 53 4,108 213 370 465 292 235 18 2,522 120 51 44 677 65 5,072 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 70 1,704 n.a. 6,522 14 13 44 936 9,303 65 856 n.a. 8,361 17 2 42 1,297 10,640 85 720 n.a. 10,025 18 2 19 1,065 11,934 70 777 n.a. 12,804 20 2 25 761 14,459 109 793 n.a. 12,663 22 5 16 1,145 14,753 163 1,317 n.a. 12,987 33 58 21 1,030 15,609 CAPITAL MOVEMENTS 75 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, South .......................... 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 2002 Calendar year 2003 2004 2005 June 2006 Sept. r Dec. r Mar. June p 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 3,825 746 158 89 613 7,354 1,743 42 335 230 109 1,823 4 1,010 212 4,159 298 22,750 863 662 256 48 409 7,447 1,850 11 416 143 110 2,449 3 1,081 789 5,991 230 22,758 849 1,129 360 51 307 7,254 1,620 14 325 151 125 2,590 5 1,182 616 6,178 254 23,010 1,297 564 418 57 385 7,210 1,350 11 471 171 95 2,839 8 1,093 599 3,955 156 20,679 780 576 401 48 355 7,271 1,337 8 419 180 108 2,797 8 1,161 629 4,715 185 20,978 3,207 697 1,106 133 295 7,082 1,665 6 327 324 53 3,792 7 1,005 376 6,870 251 27,196 1 128 2 1 42 130 496 158 958 86 28 4 41 52 464 230 905 132 2 14 44 36 518 332 1,078 119 1 1 42 950 590 210 1,913 1 131 3 69 41 798 755 280 2,078 112 3 2 39 738 591 217 1,702 132 6 3 42 35 283 379 880 159 2 3 43 35 599 141 982 209 2 1 90 40 637 315 1,294 732 n.a. 238 970 67,590 1,053 71 98 1,222 73,684 1,047 51 98 1,196 92,007 397 38 83 518 76,708 471 18 7 496 78,181 507 20 47 574 85,754 560 36 15 611 89,202 843 17 12 872 89,710 1,096 72 5 1,173 106,766 22 52 16 2 2 14 3 23 15 2 17 23 74 16 2 2 14 26 15 19 23 67,664 73,700 92,009 76,710 78,195 85,780 89,217 89,729 106,789 Before March 2003, 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 March 2003, data included in United Kingdom. 2 2007 5 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” Beginning March 2003, 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 March 2003, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 6 December 2007 CAPITAL MOVEMENTS 76 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 2007 2002 Calendar year 2003 2004 2005 June r 2006 Sept. r Dec. r Mar. 2007 June p 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 2,159 1,822 29 49 341 336 5,063 4,238 380 57 795 3,702 391 3,387 402 58 60 22 359 1,977 512 17 55 135 408 5,229 4,103 192 84 940 2,018 473 2,127 235 71 85 18 684 2,041 782 7 51 158 521 4,622 10,723 207 37 1,135 2,026 311 3,137 325 81 63 28 723 2,031 419 3 50 149 591 3,420 10,148 163 45 858 2,337 352 3,570 366 99 64 36 774 2,013 447 44 181 599 4,233 10,212 170 49 749 2,467 479 5,015 316 101 94 47 892 2,037 1,864 1 52 240 515 5,511 10,778 206 104 1,384 2,544 1,618 5,804 935 113 91 39 918 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 17 2,032 503 1,876 638 24,772 12 1,381 448 1,523 472 13,671 10 1,380 502 1,838 519 15,777 10 1,425 652 1,424 420 17,483 4 1,469 722 1,552 454 26,081 6 1,730 681 1,865 554 22,898 n.a. 422 43,205 7,803 546 43,522 8,381 25 607 62,171 8,429 16 1,315 54,820 16,122 9 862 37,741 16,138 29 1,024 48,057 17,593 19 1,267 48,175 17,520 26 1,036 59,452 13,027 22 1,241 63,751 15,352 602 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 9,000 350 2,972 303 299 95 100 4,108 198 117 5 539 485 9,571 423 2,676 277 335 124 135 3,072 233 131 12 507 265 8,190 499 2,465 307 362 112 120 3,252 225 138 11 466 311 8,268 470 2,927 299 349 119 116 3,242 266 164 12 481 376 8,821 919 2,569 374 508 136 144 3,078 188 169 17 542 362 9,006 434 2,450 315 467 109 141 3,121 198 148 45 599 358 8,385 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 1,631 2,238 n.a. 36,416 12 70 42 119 1,721 42,249 3,841 2,768 n.a. 29,468 3 72 15 142 1,553 37,862 4,494 2,095 n.a. 23,709 2 62 17 135 1,349 31,863 3,949 1,734 n.a. 26,051 2 60 30 125 1,264 33,215 5,791 1,958 n.a. 21,286 2 93 95 134 1,707 31,066 2,119 2,278 n.a. 21,232 2 65 8 112 1,537 27,353 CAPITAL MOVEMENTS 77 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, South .......................... 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 2002 Calendar year 2003 2004 June r 2006 Sept. r Dec. r 2007 Mar. June p 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 4,958 941 413 445 403 2,696 1,244 22 536 57 275 1,944 6 853 295 1,800 408 17,296 1,473 1,253 615 392 440 2,823 1,063 16 385 66 93 1,533 3 987 340 2,548 221 14,251 1,504 907 437 308 406 2,986 1,383 22 373 41 103 1,651 3 873 346 2,936 290 14,569 1,772 1,009 654 231 360 3,349 1,143 19 270 86 109 1,811 10 972 312 1,814 328 14,249 1,713 1,125 626 160 486 4,067 1,191 15 303 89 106 1,525 904 323 1,682 375 14,690 2,128 998 597 136 540 4,605 1,225 13 353 59 110 1,640 7 1,299 299 2,797 368 17,174 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 1 194 16 98 23 1,075 295 419 2,121 13 169 15 65 57 977 351 426 2,073 12 196 16 76 25 964 393 422 2,104 11 165 3 73 21 221 332 411 1,237 8 209 10 72 26 260 299 443 1,327 6 223 2 70 32 240 354 433 1,360 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 2,144 420 207 2,771 144,950 2,099 160 49 2,308 118,563 2,143 156 50 2,349 124,803 2,365 351 76 2,792 126,009 2,374 181 71 2,626 131,194 2,412 164 23 2,599 135,974 2 4 1 10 3 11 - 11 1 4 8 4 19 9 22 26 49 6 11 14 - 12 12 23 31 75 102,566 100,916 143,232 144,950 118,575 124,815 126,032 131,225 136,049 Before March 2003, 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 March 2003, data included in United Kingdom. 2 2005 5 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning March 2003, 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 March 2003, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. December 2007 CAPITAL MOVEMENTS 78 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2007, 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 2007 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 97 434 48 14 133 80 2,183 8,485 180 14 592 1,197 643 959 480 410 146 6 169 27 332 3 3 16 621 6,264 22 8 284 98 531 204 11 105 14 70 102 48 11 130 64 1,562 2,221 158 6 308 1,099 112 755 469 410 41 6 155 2,037 1,864 1 52 240 515 5,511 10,778 206 104 1,384 2,544 1,618 5,804 935 113 91 39 918 1,962 1,585 14 108 209 3,557 9,058 75 65 692 669 1,400 5,138 787 46 17 13 641 75 279 1 38 132 306 1,954 1,720 131 39 692 1,875 218 666 148 67 74 26 277 1 417 819 1,687 487 29,277 63 513 313 24 24,956 1 354 306 1,374 463 4,321 6 1,730 681 1,865 554 22,898 776 401 806 430 18,377 6 954 280 1,059 124 4,521 363 49,321 7,101 31 34,443 2,371 332 14,878 4,730 22 1,241 63,751 15,352 791 47,617 11,317 22 450 16,134 4,035 213 370 465 292 235 18 2,522 120 51 44 677 65 5,072 3 15 13 2 35 15 14 1 98 210 355 452 292 233 18 2,487 105 51 44 663 64 4,974 434 2,450 315 467 109 141 3,121 198 148 45 599 358 8,385 15 1,580 106 66 17 35 1,166 102 12 1 158 140 3,398 419 870 209 401 92 106 1,955 96 136 44 441 218 4,987 163 1,317 12,987 33 58 21 1,030 15,609 5 12,388 7 3 150 12,553 163 1,312 599 26 58 18 880 3,056 2,119 2,278 21,232 2 65 8 112 1,537 27,353 2,086 1,264 20,747 20 57 458 24,632 33 1,014 485 2 45 8 55 1,079 2,721 CAPITAL MOVEMENTS 79 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, June 30, 2007, 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, South ................................. 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) 3,207 697 1,106 133 295 7,082 1,665 6 327 324 53 3,792 7 1,005 376 251 27,196 166 166 26 11 2 1,392 136 2 8 4 4 111 7 6 35 3,164 3,041 531 1,080 122 293 5,690 1,529 4 319 320 49 3,681 7 998 370 216 24,032 2,128 998 597 136 540 4,605 1,225 13 353 59 110 1,640 7 1,299 299 368 17,174 503 245 152 55 45 1,465 487 93 51 104 50 189 137 4,687 1,625 753 445 81 495 3,140 738 13 260 59 59 1,536 7 1,249 110 231 12,487 209 2 1 90 40 315 1,294 1 8 18 27 209 2 90 32 297 1,267 6 223 2 70 32 240 433 1,360 6 9 1 70 13 89 157 378 214 1 19 151 276 982 1,096 72 5 1,173 106,766 76 5 2 83 52,739 1,020 67 3 1,090 54,027 2,412 164 23 2,599 135,974 1,599 87 1,686 93,715 813 77 23 913 42,259 23 - 23 26 49 4 26 45 23 - 23 75 4 71 106,789 52,739 54,050 136,049 93,719 42,330 Before March 2003, 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 March 2003, data included in United Kingdom. Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 7 Before March 2003, data included in “All other countries.” 8 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 5 December 2007 CAPITAL MOVEMENTS 80 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) 2003 ......................................... 2004 ......................................... 2005 ......................................... 2006 r ....................................... 2007 - Jan. - Sept. p ................ 263,580 352,079 338,112 207,263 126,872 103,838 201,140 68,689 71,831 -12,094 159,685 150,220 266,471 134,674 140,452 57 719 2,952 758 -1,486 8,001,517 8,936,045 10,051,248 10,986,214 11,266,288 7,737,937 8,583,966 9,713,136 10,778,951 11,139,416 155,800 226,401 219,256 294,068 187,886 1,440,289 1,209,381 1,097,458 1,633,299 1,469,433 1,284,489 982,980 878,202 1,339,231 1,281,547 2006 - Sept............................... Oct................................ Nov. r............................ Dec. r............................ 2007 - Jan. r ............................. Feb. r ............................ Mar. r ............................ Apr. r............................. May .............................. June ............................. July ............................... Aug. p ........................... Sept. p .......................... 2,293 25,357 40,908 14,554 16,148 17,699 31,101 463 22,658 24,682 -9,367 -2,764 26,252 7,589 18,463 1,639 7,661 -4,860 2,172 1,377 9,364 -4,590 6,433 -6,925 -29,685 14,620 -5,285 7,062 38,683 7,013 21,159 15,578 29,512 -8,949 26,975 20,110 -2,518 27,096 11,489 -11 -168 586 -120 -151 -51 212 48 273 -1,861 76 -175 143 907,546 956,490 1,012,666 967,606 882,067 1,112,067 1,490,732 1,036,536 1,186,840 1,373,277 1,244,821 1,723,233 1,216,715 905,253 931,133 971,758 953,052 865,919 1,094,368 1,459,631 1,036,073 1,164,182 1,348,595 1,254,188 1,725,997 1,190,463 25,452 13,768 19,525 31,611 36,253 5,223 15,148 36,121 27,044 39,594 8,666 8,355 11,482 123,862 127,613 167,177 188,706 158,797 142,900 159,064 159,266 165,332 171,020 164,857 166,107 182,090 98,410 113,845 147,652 157,095 122,544 137,677 143,916 123,145 138,288 131,426 156,191 157,752 170,608 Corporate and other securities Bonds 1 Calendar year or month Net foreign purchases (10) Stocks Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2003 .............................................................................. 2004 .............................................................................. 2005 .............................................................................. 2006 r ............................................................................ 2007 - Jan. - Sept. p ..................................................... 265,743 309,500 372,222 513,998 301,554 979,923 1,171,415 1,277,006 1,684,657 1,481,612 714,180 861,915 904,784 1,170,659 1,180,058 34,737 28,476 81,950 150,615 125,198 3,104,232 3,862,043 4,731,749 6,882,746 7,579,916 3,069,495 3,833,567 4,649,799 6,732,131 7,454,718 2006 - Sept. r ................................................................ Oct. r.................................................................. Nov. r................................................................. Dec. r................................................................. 2007 - Jan. r .................................................................. Feb. r ................................................................. Mar. r ................................................................. Apr. r.................................................................. May ................................................................... June .................................................................. July .................................................................... Aug. p ................................................................ Sept. p ............................................................... 62,989 39,900 64,883 38,471 48,505 48,566 45,370 33,627 78,308 28,536 4,475 -934 15,101 162,018 148,282 177,410 172,193 162,219 161,842 188,513 142,698 215,879 183,722 137,269 155,190 134,280 99,029 108,382 112,527 133,722 113,714 113,276 143,143 109,071 137,571 155,186 132,794 156,124 119,179 14,702 27,103 6,734 -10,982 22,377 11,956 9,485 27,460 42,044 28,840 21,222 -40,725 2,539 557,610 637,372 608,894 576,993 630,400 630,096 880,537 690,355 861,753 881,343 927,052 1,278,775 799,605 542,908 610,269 602,160 587,975 608,023 618,140 871,052 662,895 819,709 852,503 905,830 1,319,500 797,066 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. December 2007 CAPITAL MOVEMENTS 81 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) Net foreign purchases from U.S. (5) 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 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 2006 r ................................................... -251,793 -144,090 1,881,727 2,025,817 -107,703 3,645,363 3,753,066 2007 - Jan. - Sept. p ............................ -222,557 -119,269 2,329,784 2,449,053 -103,288 3,771,248 3,874,536 2006 - Sept........................................... -23,731 -15,153 146,233 161,386 -8,578 271,458 280,036 Oct............................................ -16,828 -9,006 162,165 171,171 -7,822 336,651 344,473 Nov. r........................................ -33,442 -11,355 195,031 206,386 -22,087 335,848 357,935 Dec. r........................................ -51,447 -31,035 195,946 226,981 -20,412 321,335 341,747 2007 - Jan. r ......................................... -14,272 -938 218,853 219,791 -13,334 337,493 350,827 Feb. r ........................................ -20,764 -4,365 232,982 237,347 -16,399 361,661 378,060 Mar. r ........................................ -41,752 -34,339 275,843 310,182 -7,413 431,137 438,550 Apr............................................ -17,324 -9,666 261,522 271,188 -7,658 370,379 378,037 May........................................... -37,643 -21,190 293,776 314,966 -16,453 448,533 464,986 June.......................................... -21,764 -8,245 279,057 287,302 -13,519 451,421 464,940 July ........................................... -5,541 879 290,035 289,156 -6,420 469,307 475,727 Aug. p ....................................... -34,531 -21,679 279,607 301,286 -12,852 544,210 557,062 Sept. p ...................................... -28,966 -19,726 198,109 217,835 -9,240 357,107 366,347 Calendar year or month Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) December 2007 CAPITAL MOVEMENTS 82 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 2007 Marketable Treasury bonds and notes 2007 Jan. July Calendar year through through Sept Sept. p 2006 r (2) (3) (1) U.S. Government corporations and Federal agency bonds 2007 Jan. July Calendar year through through Sept. Sept. p 2006 r (5) (6) (4) Corporate bonds 2007 July Jan. Calendar through year through Sept. Sept. p 2006 r (8) (9) (7) Corporate stocks 2007 Jan. July Calendar year through through Sept. Sept. p 2006 r (11) (12) (10) -928 379 -26 n.a. 540 -2,901 -39 -1,597 2,050 302 147 -1,368 217 n.a. -1,203 n.a. 640 7,723 -1,323 -798 514 5,830 301 -1,254 972 -2,949 4,320 n.a. 92,824 -267 1,052 103,158 -3,599 n.a. 14,144 -96 -1,682 -3 -3 -183 336 99 -7,782 -1,252 -401 45 896 -299 1,210 101 -328 1,334 -29,342 325 395 -508 6,313 387 499 3,286 -3,580 69 -455 173,159 -270 -385 141,884 -8,189 168,005 -3,965 -163 -444 -1 4 272 138 -8,426 -4,324 -115 74 375 -570 -651 94 -28 -1,304 19,443 -381 254 -710 -1,739 197 53 -326 -1,876 -347 -195 71,953 303 115 71,676 -14,431 56,434 -7,397 -92 -274 49 n.a. -317 -14 77 -261 4,921 6 -3,062 4,197 356 n.a. 5,028 n.a. -1,465 10,744 -123 -130 592 12,738 -265 707 -160 3 n.a. 51,343 1,637 2,106 88,339 12,096 n.a. 9,303 -78 -686 -2 -5 -238 -207 -48 2,939 1,050 -1 -398 52 -386 -279 -3,455 31 225 2,530 177 -450 467 10,842 4 -128 -322 -1,144 132 157 47,202 4,438 -105 62,315 -965 45,760 3,547 -53 -769 -2 -14 -159 -517 -69 848 669 14 -232 452 -155 -1,194 -2,940 -2 598 927 -287 -28 199 964 -147 -236 -92 87 157 13,073 541 -190 11,444 -1,579 10,123 929 372 -2,097 32 n.a. 11 -401 100 22,121 -11,754 67 -1,207 14,396 -506 n.a. 3,346 n.a. 3,220 5,618 -35 11 2 63 6,580 2,206 9,735 65 n.a. 255,764 10,337 392 318,437 35,855 n.a. 7,966 -1,009 -6,434 5 66 -7 1,330 188 4,537 4,075 9 -1,219 6,308 59 42 -11,373 -27 -349 3,107 -23 -237 32 399 -1,572 1,346 1,614 95 21 183,454 -4,634 1,134 180,936 -5,799 179,113 11,681 -289 -1,211 -1 7 -5 369 14 511 1,739 -3 -497 262 -233 6 -12,440 -58 -30 54 1 -64 28 -227 362 -786 14 -1 16,718 -14,351 -66 -10,177 -11,971 4,949 3,206 -71 1,662 -9 n.a. 69 2,161 113 21,727 -8,045 -230 42 -1,802 -2,301 n.a. 11,592 n.a. -5,301 -530 -38 120 -12 -1 -1 289 668 1,116 -78 n.a. 76,188 136 148 97,612 17,753 n.a. 11,909 32 23,100 97 -1,859 n.a. 40 -107 -322 34 -78 -116 242 763 21,826 310 57,396 3,120 -210 301 6 -19 -5,859 -55 934 266 103 56 56,349 -16 15,482 41 -199 -268 -3 -65 -9,816 -169 631 -185 35 33 5,501 81 5,166 307 613 n.a. 217 33 6,171 270 641 324 185 -37 13,971 40 2,902 597 1,565 167 17 4 1,527 -283 1,184 -16 74 394 8,172 -18 132 179 551 102 -74 3 -533 -47 851 80 19 198 1,443 591 617 713 957 n.a. 128 -32 3,863 539 694 282 1,516 148 10,016 15 1,044 203 533 218 107 -22 1,245 159 597 146 -268 18 3,995 51 304 87 54 90 66 -2 885 -59 77 43 -73 16 1,539 181 -344 254 117 n.a. -28 -7 2,926 117 176 102 -183 29 3,340 -117 71 -726 21 142 114 143 6 626 222 214 101 12,138 1,244 -4,617 -5,516 197 -18 84 3 237 158 -2,851 424 -10 -14 -2,844 -1,759 -1,284 -1,207 8,890 371 1,023 1,187 -41 -29 113 -37 -12 -10 6 26 640 490 1,409 671 -2,928 -593 10 -53 2 45,511 -12,092 1,068 -62 132 22 57,155 -16,258 11,274 -4,449 59,231 -15,576 2,760 2,988 438 -1,336 281 171 -34 27 4 1,312 -359 -33 224 6 -16 685 149 -314 -8 125 -7 7 -6 -268 260 129 115 33 -2 213 CAPITAL MOVEMENTS 83 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, South.............................. 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 2007 Jan. July Calendar year through through Sept. Sept. p 2006 r (1) (2) (3) U.S. Government corporations and Federal agency bonds 2007 Jan. July Calendar year through through Sept. Sept. p 2006 r (4) (5) (6) Corporate bonds 2007 Jan. July Calendar year through through Sept. Sept. p 2006 r (7) (8) (9) Corporate stocks 2007 Jan. July Calendar year through through Sept. Sept. p 2006 r (10) (11) (12) n.a. -2,991 n.a. 2,777 n.a. -17,035 -174 12,857 626 1,547 -2,393 1,078 -2,258 586 123 2,990 -14,731 17 -1,611 -450 153 -14,103 366 1,512 18 -1,066 -462 10,785 37 541 -51 8 11,688 n.a. 307 n.a. 5,894 n.a. 34,604 216 278 27 5,161 46,487 -111 -226 2,132 -17,790 38 849 149 -37 192 774 -14,030 -51 -27 382 -14,069 -131 1,769 59 -37 49 178 -11,878 n.a. 2,072 n.a. 9,914 n.a. 72,067 40 395 -63 6,314 90,739 -1,168 1,142 305 6,821 1,549 14,431 6 369 -80 193 23,568 -373 258 86 3,539 349 -6,302 11 36 -73 -83 -2,552 n.a. -1,978 n.a. 5,949 n.a. 26,691 4 -507 47 3,518 33,724 2,552 1,577 78 4,932 3,179 34,290 45 -954 71 47 45,817 -2,009 1,614 -24 -3,829 -1,546 -5,842 39 -730 34 -12,293 41,706 16,129 -730 2,074 6,004 1,119 6,173 1 -2,410 -42 -392 -2,155 -4,849 1,292 4,323 716 68,959 -4,825 3,450 -85 4,474 -1,226 -39,525 -16,678 -3 584 -141 1,718 382 -6,870 -716 3,487 262 -55,712 -17,158 35,459 -4,654 31,967 -707 248 -23 -1,291 -803 320 -30,190 45,254 -3,950 3,351 -8 2 -2,131 3,189 -39 -41 57 142 -1,509 -425 1 -4,729 8,697 771 -11 -2,108 7,075 -247 218 -67,428 134,155 61,508 24,473 110 -437 173 7,631 18,922 -1 3,839 -54 151 214 1,086 434 9,261 172 127,482 13,245 8,191 73 -217 122 -1,386 6,365 840 -15 -6 227 -1,038 -9 83 88 26,563 31,247 16,149 54 180 284 12,660 3,195 -11 1,122 -14 185 5,953 2,452 119 4,666 169 78,410 28,273 9,200 35 434 -1 20,804 6,488 107 1,794 -8 -15 4,284 936 25 2,185 -48 74,493 6,182 2,713 -11 156 -125 11,762 2,758 106 342 -7 38 1,249 187 -20 647 -14 25,963 471 -584 -300 -6 955 -646 -142 123 -20 -5 9 -4,667 -4 88 -48 7,964 -12 3,176 2,557 21,808 -369 -76 -500 -5,239 105 69 -29 -4 10 -6,521 -2 267 -26 2,500 14 14,564 -133 9,826 -164 -54 -339 -1,119 -6 5 22 -29 -1,790 -72 2 2,153 -84 8,218 610 16 199 292 2,400 -31 3,486 334 -44 -29 51 4,068 -179 4,201 1 -193 25 -68 37 -198 6 34 48 -13 -73 39 41 -4 -2 10 4 2 -5 5 32 -115 -71 27 -59 -186 1 -61 -66 -37 -55 -218 -8 -18 -78 -23 -127 -80 -28 -9 87 11 108 89 -27 45 -10 -44 -7 -127 -170 -15 29 -5 48 -5 -57 -5 -2,619 -68 12 -2,675 206,505 -318 48 -26 -296 128,358 -483 1,546 55 31 -6 72 -434 1,649 14,077 293,706 362 -117 -1 244 187,771 62 -61 -17 -16 28,490 7,280 5,124 287 711 24 -5 7,591 5,830 512,973 300,285 -60 96 3 39 17,891 1,002 -259 -22 721 150,571 4,197 185 48 4,430 125,241 206 -11 8 203 -16,934 1,140 -171 -1,041 -445 236 174 -131 246 -81 94 1,553 -284 908 -157 32 12 -8 -35 6 -36 758 207,263 -1,486 126,872 44 362 14,121 294,068 115 187,886 13 28,503 1,025 1,269 513,998 301,554 751 18,642 44 150,615 -43 125,198 -30 -16,964 227 -7 -43 -1 347 -52 471 187 -143 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. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 239 751 Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 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. December 2007 CAPITAL MOVEMENTS 84 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 2007, 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: 5,363 1,242 Austria ....................................... 17,319 1,514 Belgium...................................... 62 Bulgaria...................................... 2,059 13 Cyprus 1 ..................................... 1,468 822 Czech Republic.......................... 10,078 3,436 Denmark .................................... 2,959 676 Finland....................................... France ....................................... 726,197 353,336 30,189 Germany.................................... 155,952 1,482 369 Greece....................................... 650 74 Hungary ..................................... Ireland........................................ 572,511 227,865 23,712 2,172 Italy ............................................ 455 271 Kazakhstan 1 .............................. 88,551 3,931 Luxembourg............................... 1,624 174 Monaco 1 .................................... 88,909 20,301 Netherlands ............................... 91,750 54,978 Norway....................................... 4,180 3,430 Poland ....................................... 1,649 464 Portugal ..................................... 486 277 Romania .................................... 12,810 7,872 Russia........................................ 391 391 Serbia and Montenegro 2 ........... 29,775 11,165 Spain ......................................... 46,059 6,044 Sweden...................................... 57,549 5,539 Switzerland ................................ 4,205 3,117 Turkey........................................ 495 231 Ukraine 1 .................................... United Kingdom ......................... 3,704,547 2,259,847 16,914 1,279 Channel Islands ......................... All other Europe 1 ....................... Total Latin America................ Caribbean: Anguilla 5 .................................... Bahamas.................................... Barbados 5 ................................. See footnotes at end of table. December 2007 461 1,707 62 97 119 782 823 7,200 18,777 42 152 300,642 3,562 2 2,725 137 3,952 5,113 141 209 8 132 5,172 4,145 1,702 194 54 192,143 2,066 407 552,730 345,274 64,304 1,408 5,894 1,406 9,079 27,731 1,958 153 1,546 2,089 14 134 1,452 818 1,251 9,462 3,164 800 2,281 538 31,995 733,226 361,762 12,295 156,178 34,513 606 1,598 483 184 1,335 10,928 572,145 227,490 6,769 21,362 2,742 42 2,331 922 5,077 119,187 3,836 108 2,791 202 19,469 88,793 21,605 2,872 69,678 35,535 204 4,908 3,811 223 2,014 210 2 1,011 987 1,340 13,405 9,611 194 194 7,395 28,127 11,112 22,754 40,626 6,370 14,413 62,876 7,415 583 4,266 3,464 1 570 426 440,640 3,651,997 2,187,894 3,251 33,836 976 439 3,059 559 595,809 5,664,575 2,930,017 106,045 1,758,536 667,655 59,694 394,160 198,579 261 1,034 2 15 293 1,073 295 2,579 2,942 7 247 10,170 543 1,313 61,258 7 3,459 17,437 635 43 2,305 219 624 2,939 40 91,875 450 472 202,536 82,809 6,009 Corporate and other Bonds Stocks (11) (12) 617 1,645 1,815 4,128 1 5 276 5 253 478 2,984 35 284 5,000 323,483 3,410 91,446 7 459 575 144 11,970 10,064 422 10,207 6 23 18,542 14,157 66 2,399 1,834 38,956 3,229 5,953 6 79 79 760 10 5 138 4,149 1,559 149 11,546 5,584 28,843 263 1 12 179,470 522,873 18,397 5,343 142 817 255,999 1,079,101 47,880 497,145 9,457 54,457 Foreign securities Bonds Stocks (13) (14) 653,224 191,182 5,064 56,704 10,727 8,331 986 996 319 32,142 3,525 3,933 6,441 1,489 1,059 131,716 264 36,327 5,019 3,660 203 6 113 12,149 352 1,173 3,004 183 487 62,940 57 2,376 385 1,074 132 30 17 3,147 169 914 214 60 241 8,816 121 443 238 245 130 192 3 1,743 324 264 177 101 44 4,025 1,514 2,788 1,552 1,048 203 80 35 4,297 1,288 480 1,306 510 128 15,229 1,583 5,199 1,835 1,656 245 10 129 2,762 657 543 978 453 96 16,146 1,525 5,021 9,571 44,989 1,698 9,422 648 8,848 73 851 678 966 22 291 8,044 41,485 735 3,442 559 1,880 762 6,241 182 1,685 63 771 24,560 125,892 280 20,845 4,978 3,859 471 9 178 21,965 521 542 3,189 148 454 57,439 75 2,244 206 523 30 104 14 3,680 216 63 134 41 43 7,373 70 139 151 191 40 126 5 858 383 187 134 174 28 2,486 1,365 3,102 1,560 923 210 73 41 4,565 1,028 351 1,191 477 130 15,016 1,195 3,131 867 2,161 53 11 22 2,175 536 155 758 662 36 11,762 2,036 15,528 1,660 1,191 47 643 31 8,242 758 582 835 183 80 31,816 124,357 185,027 1,745 3,344 86,001 246 1 1,289 681 416 4,231 344 110,888 49,767 252 350 27,058 96 9,357 127,081 16,681 183,403 126 1,505 2,978 84,489 228 52 1,316 299 789 3,973 258 112,897 48,153 276 698 26,580 227 9,667 18,892 217 674 328 1,716 604 4,149 12 390 259 847 3,206 49 384 5,511 324,727 5,149 85,930 4 441 78 147 12,232 10,222 189 10,631 12 9 6,102 12,398 8 1,192 1,804 39,327 3,283 7,140 7 50 15 723 33 164 3,922 2,049 511 12,217 4,798 28,250 14 210 12 196,188 510,781 4,046 5,281 76 838 245,822 1,062,843 35,909 492,697 12,663 57,445 Foreign securities Stocks Bonds (6) (7) 392,226 2,716 Memo: Euro Area 3 ......................... 1,714,379 All other Latin America 4............. Corporate and other Bonds Stocks (4) (5) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal federallyFinancing Total Bank bonds sponsored agencies sales and notes (10) (9) (8) 208 265 1 134 556 226 3,427 3,611 21 15 10,622 388 119 58,318 5 4,057 18,364 348 15 199 3,269 72 388 2,847 87 197 104,948 991 282 213,980 81,230 6,938 Total Europe.......................... 5,672,877 3,001,693 Canada........................................... Latin America: Argentina ................................... Brazil.......................................... Chile .......................................... Colombia.................................... Costa Rica 4 ............................... Ecuador ..................................... Guatemala ................................. Mexico ....................................... Panama ..................................... Peru ........................................... Uruguay ..................................... Venezuela.................................. Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Domestic securities 333 1,632 11,450 7,346 2 148 132 1,647 13 70 422 1,341 32 1,097 7,443 32,959 12,968 10,899 42 600 267 102 303,052 9,399 973 6,475 32 35 15,261 6,133 4 113 3,942 18,999 4,377 3,147 73 304 680 243 8 6 65 1,281 5,249 5,839 637 21,300 2,397 15,698 119 420 37 54 232,396 437,489 5,690 2,980 373 696 608,470 588,452 361,426 101,621 63,712 61,946 CAPITAL MOVEMENTS 85 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 2007, 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 Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean, con. Bermuda ................................... 538,605 British Virgin Islands 5 ............... 190,653 Cayman Islands ........................ 2,188,750 Cuba ......................................... 1,278 Jamaica .................................... 39,158 Netherlands Antilles .................. 1,689 Trinidad and Tobago................. 161,384 22,133 411,369 351 11,495 196 135 696,654 23,060 1,347 136,855 535 1,205 830 339 166,142 63,441 148,537 6,987 3,947 12,330 336,690 35,162 590 8,817 365 3,087 48,649 14,450 5,733 27,580 716,365 20,216 14,649 1,067 2,483 2,906 138,302 8,533 51 2,918 1,599 10,570 2,265 3,916 3,249 212,724 31,378 17,467 73 1,495 29,350 13,377 2,101 13 151 5,152 2,282 251 4,603 107,693 7,579 4,151 21 161 1,659 16,636 3,356 108 465 3 60 3,554 599 28 1,522 39,902 1,526 1,074 45 1,740 2,708 7,093 400 1 25 108 639 1,173 38 152 10 20 80 300 3 73 11 20 107 64,219 15,075 2,845 209 115 1 67,179 15,285 Total other countries ......... Total foreign countries .. 10,259,768 4,181,651 5,837 843 6,680 510,549 All other Caribbean 5 ................. 1,050 Total Caribbean.................... 3,272,312 Asia: China, Mainland. ....................... Hong Kong............................ India...................................... Indonesia .............................. Israel..................................... Japan.................................... Korea, South......................... Lebanon................................ Malaysia................................ Pakistan................................ Philippines ............................ Singapore ............................. Syria ..................................... Taiwan .................................. Thailand................................ All other Asia......................... Total Asia.......................... Africa: Egypt .................................... Liberia................................... Morocco................................ South Africa .......................... All other Africa ...................... Total Africa ....................... Other countries: Australia................................ New Zealand......................... All other ................................ International and regional orgs: 4,219 1,504 International organizations .... 4,382 1,614 Regional organizations 6 ....... Total international and 8,601 3,118 regional organizations.... Grand total.................... 10,268,369 4,184,769 1 Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Bonds Stocks agencies (3) (4) (5) 653 1,852 2,505 513,054 Foreign securities Bonds (6) 16,647 261,987 11,572 6,603 121,787 7,579 92,579 1,223,510 45,448 17 54 310 432 20,048 916 45 94 119 99 207 54 121,413 1,788,594 93,502 1,253 1,309 25,357 2,092 87 263 99 117 3,318 225 13,659 18,363 324 1,725 203 85 169 318 166 8 307 290 7,786 4,327 3,450 522 127 103 13,921 2,302 70,226 32,049 184 649 2 253 233 1,321 126 8 597 940 1,671 Total sales (8) 63,955 561,843 31,204 193,935 278,989 2,204,938 11 982 5,062 41,186 405 1,754 217 1,043 406,007 3,317,670 162,450 22,595 400,584 314 10,954 247 127 684,966 1,706 84,821 5,476 1,087 2,727 120,380 7,847 143 2,846 175 680 17,260 5,332 1,308 1,983 253,771 60,471 129,995 8,300 3,902 13,643 351,758 29,135 461 9,556 657 3,217 47,359 20,549 5,480 25,569 710,052 37,374 19,303 1,774 2,506 3,709 168,492 12,483 59 5,049 39 1,542 12,079 6,994 3,145 5,604 280,152 775 191 8 751 796 2,521 949 1,334 86 2,283 2,607 7,259 173 8 68 109 344 702 1,597 9,287 5,473 26,950 61,931 15,558 166 369 659 599 4,580 154 12 62 3 37 394 7 1,775 9,718 6,135 27,586 66,905 15,719 425,707 3,005,376 766,537 1,369,948 10,286,513 4,167,574 990 42 38 18 972 242 62 614 2,277 4,315 1,317 1,757 1,032 56 1,214 676 6,592 3,074 426,739 3,005,432 767,751 1,370,624 10,293,105 4,170,648 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. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 2 Stocks (7) Marketable Treasury and Federal Financing Bank bonds and notes (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (11) (12) (10) 37,129 13,108 265,816 1,478 6,254 123,333 135,086 98,881 1,229,352 476 6 15 1,242 396 20,778 781 118 60 161 182 207 178,020 123,965 1,800,887 18,133 1,397 9,276 1,438 32 217 5 1,373 1,784 30,736 4,874 7,012 598 2 1,261 123 28 10 157 22 4,925 2,305 3,320 412 260 48 4,432 889 81,130 13,939 42 154 16 83 295 11 91 89 43 234 Foreign securities Bonds (13) Stocks (14) 11,322 6,366 45,014 139 830 92 38 91,306 72,018 33,909 296,021 32 6,986 456 328 438,526 1,386 15,531 251 153 3,657 14,778 330 198 147 166 336 9,576 3,522 125 11,852 62,008 796 2,151 107 163 200 15,168 2,072 509 3 317 1,738 407 525 975 25,131 1,385 82,296 6,136 858 2,920 117,710 6,640 202 2,467 411 843 16,736 5,894 1,377 1,817 247,692 199 620 7 205 295 1,326 64 19 401 604 1,088 460 442 11 1,463 1,238 3,614 5,775 1,657 9,081 4,104 25,756 904 70 380 2,566 506 17 9 54 2 305 6,696 1,736 9,515 6,672 26,567 482,059 407,816 3,022,310 808,141 1,398,613 734 1,758 82 199 32 54 4 132 108 415 2,492 281 86 136 523 484,551 408,097 3,022,396 808,277 1,399,136 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 2007 CAPITAL MOVEMENTS 86 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2006 [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: Austria............................... 22,676 9,961 Belgium............................. 57,586 11,669 Bulgaria............................. 232 91 Czech Republic................. 5,073 2,892 Denmark ........................... 25,977 5,849 Finland .............................. 9,601 1,437 France............................... 1,616,227 841,989 Germany ........................... 286,417 85,154 Greece .............................. 5,537 843 Hungary ............................ 3,083 404 Ireland............................... 817,574 441,813 Italy ................................... 96,371 23,115 Luxembourg ...................... 191,459 15,136 Netherlands....................... 203,912 67,634 Norway.............................. 268,200 149,410 Poland............................... 10,783 8,898 Portugal............................. 7,455 1,811 Romania............................ 5,306 3,508 Russia............................... 31,615 12,013 Serbia and Montenegro 1 .. 1,534 1,444 Spain................................. 94,396 25,341 Sweden............................. 121,483 16,608 Switzerland ....................... 180,502 24,040 Turkey............................... 27,110 19,767 United Kingdom................. 9,224,126 5,001,631 Channel Islands ................ 78,258 6,659 All other Europe 1 .............. 60,464 14,581 Total Europe ................. 13,452,956 6,793,699 Memo: Euro Area 2 ................ 3,409,210 1,525,904 Canada ................................. 1,043,824 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 2007 16,660 127,493 25,388 18,825 2,285 2,283 132,052 14,059 6,470 15,542 11,513 10,579 383,149 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) Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 1,775 2,148 3,719 2,711 2,361 22,782 10,890 779 8,569 19,008 4,922 12,638 75,408 11,290 49 44 37 11 205 117 551 11 965 141 513 4,827 2,352 899 1,406 10,973 2,181 4,669 26,844 8,750 825 353 2,195 997 3,792 9,735 1,476 14,149 38,158 618,115 22,718 81,098 1,580,089 843,586 13,986 19,377 93,936 36,965 36,999 291,234 83,104 96 109 1,502 678 2,308 5,289 541 171 444 1,332 732 6,530 257 31,286 40,417 37,537 246,055 20,465 816,922 443,181 3,130 1,523 37,931 8,867 21,805 99,548 22,898 73,032 27,844 47,980 9,945 17,522 185,641 16,339 14,929 10,056 51,214 14,743 45,337 200,471 66,994 67,351 10,586 18,796 12,169 9,888 245,153 141,687 153 17 192 877 646 12,143 10,221 188 243 3,239 645 1,329 10,388 2,610 1,314 2 7 458 17 3,878 2,994 14,706 113 826 714 3,243 14,240 6,183 73 13 4 1,218 1,143 8,028 30,577 5,971 7,105 17,374 104,213 26,595 3,760 3,537 35,202 7,570 54,806 115,554 15,636 7,224 23,677 77,885 7,864 39,812 172,926 26,989 4 99 292 2,424 4,524 22,217 15,447 350,156 748,447 1,248,303 692,793 1,182,796 8,906,246 4,908,807 4,934 32,386 19,666 5,830 8,783 64,868 6,926 5,730 1,861 8,349 4,061 25,882 67,633 13,529 619,034 1,001,732 2,344,357 1,094,779 1,599,355 13,066,202 6,690,541 1,867 1,054 868 913 748 14,410 9,065 91 3,062 27,090 2,774 68,004 16,394 56,607 276 318 722 1,968 8,293 3,053 7,384 1 298,813 3,297 3,624 530,695 1,776 3,790 1,336 3,123 10,665 17,346 22,789 12,263 12 46 3 27 896 43 668 1,807 8,812 1,849 4,713 253 2,082 248 4,928 16,037 596,388 23,506 86,162 31,132 101,980 25,117 40,837 42 1,732 513 2,371 1,378 402 690 741 26,021 39,339 260,375 20,916 2,029 40,232 10,637 20,977 24,498 36,389 24,568 15,844 6,836 56,515 11,550 42,182 4,968 19,326 12,884 9,681 52 230 589 775 232 3,119 2,743 1,367 19 140 3 50 827 297 4,915 74 1 23,997 5,682 22,098 17,547 1,331 34,534 5,948 55,052 13,942 76,769 8,000 39,842 34 370 2,020 4,345 492,683 1,172,115 790,442 1,243,386 22,049 19,530 6,178 6,888 1,469 8,201 12,829 27,981 683,295 2,246,745 1,247,391 1,667,535 162,203 179,375 922,347 356,352 263,029 3,401,720 1,529,503 459,161 53,370 39,987 127,850 207,697 155,759 1,018,437 1,217 77,445 12,574 5,467 147 1,847 45,338 1,994 285 7,131 1,439 6,895 161,779 313 6,417 1,059 1,728 376 44 18,799 1,150 901 1,283 407 330 32,807 1,030 1,162 1,322 1,414 524 35 7,577 1,850 938 645 3,290 606 20,393 4,704 5,003 2,957 1,777 183 151 17,487 3,302 941 1,645 2,168 1,076 41,394 5,129 14,989 3,468 6,953 53 149 18,761 3,318 2,505 3,166 3,380 1,350 63,221 4,267 22,477 4,008 1,486 1,002 57 24,090 2,445 900 1,672 829 322 63,555 16,639 106,267 24,284 20,421 1,931 2,968 116,229 13,027 4,382 16,124 14,155 10,264 346,691 150,107 143,520 904,594 405,479 268,517 445,017 44,067 32,021 115,941 218,377 163,014 1,185 54,345 12,477 7,326 107 1,954 45,660 1,960 363 7,247 1,197 6,132 139,953 232 1,251 752 1,115 159 11 12,628 880 260 959 222 367 18,836 439 545 609 457 396 67 3,714 1,311 244 363 1,774 458 10,377 4,523 5,347 2,703 1,660 211 158 14,561 3,185 765 1,543 2,351 1,047 38,054 5,781 16,866 3,430 8,528 47 731 15,473 3,543 2,002 4,520 6,318 1,845 69,084 4,479 27,913 4,313 1,335 1,011 47 24,193 2,148 748 1,492 2,293 415 70,387 CAPITAL MOVEMENTS 87 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2006, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Market able Treasury and Federal Financing Bank bonds and notes (2) Caribbean: 177,866 Bahamas .............................. 457,541 475,784 Bermuda ............................... 1,520,294 Cayman Islands .................... 6,010,708 1,836,477 Cuba..................................... 5,245 1,872 Jamaica ................................ 59,254 Netherlands Antilles.............. 142,148 7,483 3,035 Trinidad and Tobago............. Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 24,143 139,043 42,747 735,986 285,482 2,506,257 236 1,031 1,597 54,646 251 149 28,513 717,229 382,969 4,154,341 51,298 32,182 221,856 1,440 4,365 1,590 24,296 337,027 54,182 173,049 586,676 38 17,951 653 155,598 988,147 9,630 52,864 446,611 639 2,813 2,374 9,535 524,466 26,215 137,065 52,661 741,935 357,549 2,532,948 276 1,035 1,992 54,139 188 196 34,827 720,747 473,708 4,188,065 52,744 54,021 458,846 180,857 26,172 170,878 1,503,941 473,007 227,049 610,074 5,865,790 1,853,512 1,379 44 5,214 2,046 4,898 19,052 127,491 46,397 999 691 7,399 2,409 22,440 160,043 983,644 53,634 335,681 1,014,803 8,952,325 2,611,862 9,323 46,970 412,007 423 2,535 2,347 4,374 477,979 144,737 140,249 2,837 8,418 14,632 409,816 56,319 13 5,772 96 4,206 52,818 11,309 9,658 33,911 894,791 105,560 54,225 261 54 998 143,307 23,767 2 4,994 5 495 11,195 1 15,848 81 18,289 379,082 38,085 21,790 132 196 2,799 34,317 4,082 4 1,818 31 338 15,839 3,797 143 8,571 131,942 5,774 18,359 479 550 11,544 43,309 828 1,042 747 248 981 23,938 1 10,989 560 35,114 154,463 19,108 15,788 217 874 916 72,384 5,401 64 1,149 21 2,562 12,914 3,456 868 6,726 142,448 103,031 124,120 3,567 6,344 8,628 408,697 50,146 12 8,182 138 4,598 54,973 16,158 8,366 28,872 825,832 70,101 22,258 13 1,345 678 98,053 20,416 1,805 46 353 11,620 7,151 92 10,996 244,927 6,838 5,641 78 16 2,515 21,657 887 15 696 45 153 9,886 1,345 24 3,736 53,532 5,303 18,943 779 556 10,589 43,955 970 919 767 253 972 28,605 5 10,901 608 27,162 151,287 6,535 14,165 473 481 2,140 67,953 3,089 32 1,835 819 3,113 8,082 1,212 706 7,794 118,429 9,306 223,272 15,770 2,228 8,335 393,732 25,297 321 6,124 479 1,405 49,139 23,003 3,961 5,675 768,047 25,921 2,021 52 650 666 4,202 7,591 17 1,528 61 175 1,781 72 428 74 1,043 1,617 513 1,750 79 599 1,367 4,308 273 243 865 456 1,837 1,657 1,284 71 3,379 2,396 8,787 4,521 5,816 581 7,328 6,745 24,991 1,411 36 451 374 1,833 4,105 16 1,721 36 206 1,979 40 543 145 1,075 1,803 593 1,778 88 512 1,248 4,219 308 164 2 550 237 1,261 2,153 1,574 40 5,711 2,146 11,624 194,782 6,703 1,232 202,717 48,068 627 47 48,742 16,137 1,047 133 17,317 11,967 522 122 12,611 20,224 1,264 373 21,861 23,926 1,581 23 25,530 74,460 1,662 534 76,656 196,706 6,989 1,299 204,994 50,687 695 35 51,417 14,591 1,016 61 15,668 4,687 235 98 5,020 19,222 1,523 395 21,140 26,917 1,932 141 28,990 80,602 1,588 569 82,759 All other Caribbean ............... 1,002,773 55,181 9,146,192 2,609,469 Total Caribbean................ Asia: China, Mainland ............... 317,442 Hong Kong ........................ 452,488 17,045 India .................................. 12,660 Indonesia........................... 39,529 Israel ................................. Japan ................................ 1,094,678 Korea, South ..................... 115,390 1,490 Lebanon ............................ 19,409 Malaysia............................ 679 Pakistan ............................ 9,732 Philippines......................... Singapore.......................... 160,146 2 Syria.................................. 64,349 Taiwan .............................. 14,528 Thailand ............................ All other Asia ..................... 108,228 Total Asia ...................... 2,427,795 Africa: 4,553 Egypt................................. 5,285 Liberia ............................... 800 Morocco ............................ 5,644 South Africa....................... 9,639 All other Africa................... Total Africa.................... Other countries: Australia ............................ New Zealand ..................... All other............................. Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Domestic securities 4,178 201,114 202,077 408,399 13,119 20,680 2,568 10,970 8,640 32,885 391,545 1,034,047 24,993 100,805 365 1,299 4,929 19,409 278 1,780 1,150 10,594 43,442 162,305 5 18,950 59,770 3,218 13,757 5,617 84,235 725,069 2,162,054 Total other countries...... Total foreign countries ............... 26,682,554 10,975,232 1,627,857 1,681,990 6,882,298 1,871,193 3,643,984 25,775,694 10,768,727 1,334,151 1,169,017 6,731,727 2,020,559 3,751,513 International and regional orgs: 13,718 6,739 1,534 1,167 317 3,746 215 11,636 5,599 1,298 928 285 3,124 402 International organizations... 14,508 1,520 3,440 1,465 131 6,788 1,164 9,075 1,691 3,266 714 119 2,134 1,151 Regional organizations 3 ..... Total international and 31,452 10,982 5,442 2,667 448 10,534 1,379 24,161 10,224 5,080 1,642 404 5,258 1,553 regional organizations....... Grand total................... 26,714,006 10,986,214 1,633,299 1,684,657 6,882,746 1,881,727 3,645,363 25,799,855 10,778,951 1,339,231 1,170,659 6,732,131 2,025,817 3,753,066 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. 2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. December 2007 88 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 700 600 500 (In billions of dollars) Note: To facilitate comparison of net purchases during 2007 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 400 300 200 100 0 -100 -200 2004 2005 2006 2007 Jan.-Sept. 2007 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 .......... Japan .............................................. All other Asia................................... Subtotal....................................... All other countries........................... Grand total .................................. 1 2006 2007 2007 Jan. - Sept. July - Sept. 2004 2005 254,112 110,153 87,638 247,114 130,399 829,416 87,040 363,593 146,910 102,259 79,814 187,284 879,860 131,680 476,119 131,427 152,322 58,387 226,313 1,044,568 121,376 449,326 -7,036 34,145 -16,329 177,156 637,262 104,248 89,652 -32,967 -13,653 -20,933 14,249 36,348 7,954 916,456 1,011,540 1,165,944 741,510 44,302 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. December 2007 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, $4 billion in 2006, and $7 billion in the first three quarters of 2007. (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 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 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, $144 billion in 2005, $155 billion in 2006, and nearly $148 billion in the first three quarters of 2007. 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 picked up to $866 billion in 2004, grew a bit further to $873 billion in 2005, and reached a new record of nearly $1,015 billion in 2006. Net purchases were $601 billion in the first three quarters of 2007, a pace of acquisition below that in 2006 because of a slow third quarter. CAPITAL MOVEMENTS 89 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 400 (In billions of dollars) 350 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. 300 250 200 150 100 50 0 -50 2003 2004 Foreign bonds 2005 2006 2007 2007 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 ..................... 2003 2004 -32,046 88,587 56,541 67,872 84,970 152,842 2005 2006 2007 Jan. - Sept. 2007 July - Sept. 45,095 127,296 172,391 144,090 107,703 251,793 119,269 103,288 222,557 40,526 28,512 69,038 * 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 longterm 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, $8 billion in 2005, $21 billion in 2006, and $9 billion in the first three quarters of 2007. (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 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 $180 billion in 2005. The pace of U.S. acquisitions picked up further in 2006, as U.S. investors acquired $272 billion in foreign securities. This strength continued in the first three quarters of 2007, as U.S. investors acquired $231 billion in foreign securities. December 2007 CAPITAL MOVEMENTS 90 SECTION V.—Holdings of, and Transactions in, Financial Derivatives Contracts with Foreigners Reported by Businesses in the United States TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, by Type of Contract [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2005 Dec. 2006 June Sept. 2007 Dec. r Mar. June p Gross total of holdings with negative fair values ........................... 1,132,114 1,228,111 1,133,857 1,179,159 1,198,603 1,489,898 Total over-the-counter (OTC) contracts..................................... 1,116,479 1,204,780 1,114,914 1,156,241 1,176,646 1,462,713 Single-currency interest rate contracts .................................. 815,068 859,969 766,008 749,009 760,432 969,166 Forwards ............................................................................ 1,461 9,577 1,862 541 550 2,042 Swaps ................................................................................ 745,319 781,527 696,989 678,413 683,914 885,613 Options............................................................................... 68,288 68,865 67,157 70,055 75,968 81,511 Foreign exchange contracts .................................................. 132,101 140,948 131,233 151,046 140,273 166,586 Forwards ............................................................................ 39,547 44,932 36,822 47,068 41,760 51,084 Swaps ................................................................................ 69,131 71,149 71,607 78,390 71,766 84,892 Options............................................................................... 23,423 24,867 22,804 25,588 26,747 30,610 Other contracts ...................................................................... 169,310 203,863 217,673 256,186 275,941 326,961 Total exchange-traded contracts ............................................... 15,635 23,331 18,943 22,918 21,957 27,185 Own contracts on foreign exchanges .................................... 2,892 5,163 3,897 4,042 4,052 4,803 U.S. customers’ contracts on foreign exchanges.................. 3,380 3,153 2,943 2,738 2,845 2,729 Foreign counterparty contracts on U.S. exchanges .............. 9,363 15,015 12,103 16,138 15,060 19,653 Contracts with own foreign office........................................... 282,193 265,717 268,397 312,724 335,867 420,988 Contracts with foreign official institutions .............................. 13,462 13,174 10,123 9,586 8,879 10,572 Contracts of U.S. depository institutions with foreigners....... 334,677 463,520 397,472 391,948 395,519 485,572 Gross total of holdings with positive fair values............................. 1,190,029 1,296,050 1,194,164 1,238,995 1,255,575 1,546,712 Total over-the-counter (OTC) contracts..................................... 1,171,172 1,270,737 1,173,055 1,213,354 1,232,097 1,516,672 Single-currency interest rate contracts .................................. 853,993 902,011 803,357 793,057 798,480 1,004,345 Memorandum items: Forwards ............................................................................ 1,132 5,240 1,688 1,027 1,003 2,312 Swaps ................................................................................ 768,817 814,689 715,285 702,386 703,564 908,641 Options............................................................................... 84,044 82,082 86,384 89,644 93,913 93,392 Foreign exchange contracts .................................................. 147,057 159,565 148,117 176,267 169,301 196,449 Forwards ............................................................................ 37,635 40,094 33,783 44,941 38,584 47,015 Swaps ................................................................................ 84,581 92,413 88,817 102,795 101,064 114,228 Options............................................................................... 24,841 27,058 25,517 28,531 29,653 35,206 Other contracts ...................................................................... 170,122 209,161 221,581 244,030 264,316 315,878 Total exchange-traded contracts ............................................... 18,857 25,313 21,109 25,641 23,478 30,040 Own contracts on foreign exchanges .................................... 3,557 5,587 4,571 4,590 4,724 6,005 Customers’ contracts on foreign exchanges ......................... 3,582 3,610 2,793 2,882 2,709 2,192 Foreign counterparty contracts on U.S. exchanges .............. 11,718 16,116 13,745 18,169 16,045 21,843 290,693 275,686 277,792 318,870 337,374 427,383 Memorandum items: Contracts with own foreign office........................................... Contracts with foreign official institutions .............................. 12,281 12,050 10,961 10,385 9,846 10,821 Contracts of U.S. depository institutions with foreigners....... 353,435 483,430 407,250 407,594 408,855 501,678 December 2007 CAPITAL MOVEMENTS 91 TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2005 Country 2006 Dec. June Sept. 2007 Dec. r Mar. June p Europe: Belgium .......................................................................... 11,388 8,321 9,533 9,338 8,696 9,409 France ............................................................................ 72,467 76,192 69,565 67,056 67,904 77,359 Germany ........................................................................ 91,334 87,400 84,216 85,235 86,348 101,391 Ireland ............................................................................ 34,382 46,594 34,702 115,002 106,725 128,092 Italy................................................................................. 9,031 6,172 6,235 5,850 5,112 5,379 Netherlands.................................................................... 19,773 19,777 19,965 21,114 21,285 24,152 Switzerland .................................................................... 27,999 30,452 27,793 28,036 27,421 31,898 United Kingdom ............................................................. 679,961 733,364 682,020 632,362 663,276 863,035 All other Europe ............................................................. 30,659 30,317 29,326 30,383 31,124 37,320 Total Europe .............................................................. 976,994 1,038,590 963,355 994,376 1,017,891 1,278,035 Memo: Euro Area ........................................................ 257,799 265,434 243,584 323,436 317,096 371,630 Memo: European Union 2............................................... n.a. 1,005,123 932,271 963,045 986,853 1,241,915 Canada............................................................................... 28,926 29,730 28,394 27,239 25,675 32,131 Total Latin America ............................................................ 10,497 10,048 12,599 13,299 11,914 14,668 1 Caribbean: Cayman Islands ............................................................. 40,066 50,046 44,268 57,234 57,369 69,515 All other Caribbean ........................................................ 10,849 13,539 12,430 15,655 14,361 16,607 Total Caribbean ......................................................... 50,915 63,585 56,698 72,889 71,730 86,122 Japan ............................................................................. 32,273 46,054 35,605 37,077 35,307 38,566 All other Asia.................................................................. 14,443 20,390 18,576 16,367 17,454 22,725 Total Asia ................................................................... 46,716 66,444 54,181 53,444 52,761 61,291 Total Africa......................................................................... 3,013 2,846 2,597 2,153 1,929 2,251 Australia ......................................................................... 7,558 11,357 10,384 10,567 11,867 10,909 All other .......................................................................... 1,121 542 415 576 585 841 Total other countries .................................................. 8,679 11,899 10,799 11,143 12,452 11,750 Total foreign countries ........................................... 1,125,740 1,223,142 1,128,623 1,174,543 1,194,352 1,486,248 Total International and regional organizations .................. 6,370 4,967 5,234 4,616 4,250 3,650 Grand total ................................................................. 1,132,114 1,228,111 1,133,857 1,179,159 1,198,603 1,489,898 Asia: Other countries: 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 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. As of January 2007, also includes Bulgaria and Romania. 2 December 2007 CAPITAL MOVEMENTS 92 TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2005 Country Dec. 2006 June Sept. 2007 Dec. r Mar. June p Europe: Belgium .......................................................................... 11,616 8,904 9,726 9,806 8,912 8,842 France ............................................................................ 77,606 81,038 73,689 73,478 73,207 83,389 Germany......................................................................... 101,760 102,194 94,658 97,012 98,356 117,155 Ireland ............................................................................ 38,558 48,757 37,638 120,433 112,496 133,020 Italy................................................................................. 14,548 11,372 11,756 12,119 11,957 12,016 Netherlands.................................................................... 22,789 22,320 23,315 23,547 24,160 26,664 Switzerland..................................................................... 27,298 30,254 27,953 29,175 29,596 34,479 United Kingdom.............................................................. 707,004 767,812 710,356 658,948 686,388 886,400 All other Europe ............................................................. 22,931 24,568 21,894 23,466 23,938 29,745 Total Europe............................................................... 1,024,110 1,097,219 1,010,985 1,047,984 1,069,011 1,331,710 Memo: Euro Area 1 ......................................................... 280,163 288,038 263,663 349,741 342,463 396,621 Memo: European Union 2 ............................................... n.a. 1,063,436 979,750 1,015,511 1,036,441 1,293,805 Canada............................................................................... 33,094 34,436 32,727 31,611 29,244 37,100 Total Latin America ............................................................ 10,593 10,501 13,623 14,278 13,204 16,905 Cayman Islands ............................................................. 41,723 47,725 45,692 49,702 51,721 58,765 All other Caribbean ........................................................ 13,394 14,172 14,575 17,461 16,053 16,627 Total Caribbean.......................................................... 55,117 61,897 60,267 67,163 67,774 75,392 Caribbean: Asia: Japan.............................................................................. 33,410 46,666 36,415 38,327 35,427 40,831 All other Asia .................................................................. 15,608 22,641 20,401 19,560 19,752 22,538 Total Asia ................................................................... 49,018 69,307 56,816 57,887 55,179 63,369 Total Africa ......................................................................... 3,590 3,828 3,734 3,088 3,127 3,075 Australia ......................................................................... 9,663 14,180 12,198 13,509 14,605 15,424 All other .......................................................................... 1,758 549 701 762 766 968 Total other countries .................................................. 11,421 14,729 12,899 14,271 15,371 16,392 Total foreign countries ........................................... 1,186,943 1,291,917 1,191,051 1,236,282 1,252,910 1,543,943 Total international and regional organizations................... 3,087 4,134 3,113 2,713 2,665 2,770 Grand total ................................................................. 1,190,029 1,296,050 1,194,164 1,238,995 1,255,575 1,546,712 Other countries: 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. December 2007 2 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. As of January 2007, also includes Bulgaria and Romania. CAPITAL MOVEMENTS 93 TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract [In millions of dollars. Source: Treasury International Capital Reporting System] 2006 2006 July - Sept. 2007 Type of Derivatives Contract Total Apr. - June Oct. - Dec. r Jan. - Mar. Apr. - June p Total over-the-counter (OTC) contracts................................................. 15,516 11,039 9,093 -1,474 10,206 862 Single-currency interest rate contracts .............................................. 12,092 6,341 6,911 -1,830 507 6,557 Foreign exchange contracts............................................................... -231 -1,033 -61 122 2,053 -2,814 Other contracts................................................................................... 3,655 5,731 2,243 234 7,646 -2,881 Total exchange-traded contracts ........................................................... 14,194 3,051 6,041 327 4,589 -1,869 Own contracts on foreign exchanges ................................................ 6,613 3,684 2,103 147 1,079 1,229 U.S. customers’ contracts on foreign exchanges .............................. 3,737 -543 1,516 894 1,418 1,300 Foreign counterparty contacts on U.S. exchanges ........................... 3,844 -90 2,422 -714 2,092 -4,398 Total net cash settlements from foreigners ........................................... 29,710 14,090 15,134 -1,147 14,795 -1,007 2,120 399 307 211 -443 1,315 Memorandum items: Contracts with foreign official institutions....................................... Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. December 2007 CAPITAL MOVEMENTS 94 TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country [In millions of dollars. Source: Treasury International Capital Reporting System] Country 2006 Total Apr. - June 2006 July - Sept. Oct. - Dec. r 2007 Jan. - Mar. Apr.- June p Europe: Belgium .............................................................................................. -317 171 124 -17 -503 139 France ................................................................................................ 776 450 66 -554 -728 -1,679 Germany ............................................................................................ -687 -1,182 -412 -1,515 1,974 -424 Ireland ................................................................................................ 4,435 2,741 943 360 -3,114 1,103 Italy..................................................................................................... 216 102 850 -556 -269 55 Netherlands........................................................................................ 1,912 288 614 437 -56 928 Switzerland ........................................................................................ 4,848 1,659 4,004 -1,372 3,458 1,847 United Kingdom ................................................................................. 6,378 5,984 3,150 4,347 11,476 -1,185 All other Europe ................................................................................. 2,164 1,152 1,520 -1,017 -507 3,057 Total Europe .................................................................................. 19,724 11,367 10,859 113 11,731 3,841 Memo: Euro area 1 ............................................................................. 9,200 4,590 3,380 -2,445 -3,380 3,462 Memo: European Union ................................................................... n.a. 10,105 6,698 2,035 7,958 2,187 Canada................................................................................................... -3,425 -1,159 -1,281 715 2,630 -3,865 Total Latin America ................................................................................ -1,464 -591 -69 -1,369 -805 485 Cayman Islands ................................................................................. 4,846 1,056 1,677 -699 1,073 -1,238 All other Caribbean ............................................................................ 485 216 -355 97 922 -33 Total Caribbean ............................................................................. 5,331 1,272 1,322 -602 1,995 -1,271 Japan ................................................................................................. -355 742 -412 -942 -14 -936 All other Asia...................................................................................... 6,208 1,329 2,996 1,035 195 2,041 Total Asia ....................................................................................... 5,853 2,071 2,584 93 181 1,105 Total Africa............................................................................................. 610 151 70 243 -263 -212 Australia ............................................................................................. -2,494 -733 -813 -1,637 -649 -2,012 All other .............................................................................................. 177 -24 -33 94 -136 -38 Total other countries ...................................................................... -2,317 -757 -846 -1,543 -785 -2,050 2 Caribbean: Asia: Other countries: Total foreign countries ............................................................... 24,312 12,354 12,639 -2,350 14,684 -1,967 Total international and regional organizations....................................... 5,396 1,734 2,491 1,203 112 959 Grand total ..................................................................................... 29,710 14,090 15,134 -1,147 14,795 -1,007 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Note.—Negative figures indicate net cash payments or a net outflow of capital from the United the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes States. Slovenia; however, separate data for Slovenia are not available. 2 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. As of January 2007, also includes Bulgaria and Romania. December 2007 95 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. December 2007 FOREIGN CURRENCY POSITIONS 96 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) 04/04/07 .................................................................... 658,739 660,755 1,127 1.1583 04/11/07 .................................................................... 675,021 677,150 -596 1.1449 04/18/07 .................................................................... 695,210 698,489 -584 1.1288 04/25/07 .................................................................... 702,591 707,263 -1,152 1.1146 05/02/07 .................................................................... 706,892 714,908 -1,073 1.1087 05/09/07 .................................................................... 707,184 713,472 -579 1.1063 05/16/07 .................................................................... 745,680 754,880 -396 1.1028 05/23/07 .................................................................... 767,489 774,542 -358 1.0816 05/30/07 .................................................................... 832,781 843,886 -428 1.0753 06/06/07 .................................................................... 878,697 892,137 -28 1.0586 06/13/07 .................................................................... 988,570 999,242 -682 1.0668 06/20/07 .................................................................... 718,322 723,194 -1,992 1.0646 06/27/06 .................................................................... 738,570 747,396 -684 1.0716 07/04/07 .................................................................... 751,805 760,820 125 1.0593 07/11/07 .................................................................... 761,232 767,484 68 1.0557 07/18/07 .................................................................... 772,690 780,376 547 1.0435 07/25/07 .................................................................... 747,118 756,635 119 1.0423 08/01/07 .................................................................... 811,134 821,296 -345 1.0565 08/08/07 .................................................................... 812,305 815,981 54 1.0497 08/15/07 .................................................................... 847,923 849,765 -1,377 1.0746 08/22/07 .................................................................... 858,964 860,173 -839 1.0620 08/29/07 .................................................................... 885,015 887,463 -216 1.0592 09/05/07 .................................................................... 938,684 943,828 29 1.0508 09/12/07 .................................................................... 982,460 995,874 -181 1.0372 09/19/07 .................................................................... 766,386 773,356 163 1.0147 09/26/07 .................................................................... 792,099 802,467 461 1.0045 December 2007 FOREIGN CURRENCY POSITIONS 97 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) Foreign currency denominated 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) 2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 2005 - Dec................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 2006 - Oct ................... 565,745 580,031 173,293 153,737 74,503 65,361 90,281 95,720 5,738 1.1227 Nov .................. 654,823 674,367 170,986 155,681 77,995 70,318 108,599 112,230 4,454 1.1413 Dec .................. 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 2007 - Jan ................... 693,314 703,213 175,461 161,242 96,374 94,915 105,981 108,696 4,404 1.1792 Feb .................. 761,098 772,554 195,000 182,669 96,699 98,678 105,174 98,538 -535 1.1700 Mar .................. 673,062 678,375 179,321 170,772 99,472 99,130 98,946 93,950 1,360 1.1530 Apr................... 703,335 705,891 197,081 183,494 100,272 101,973 103,892 99,343 -1,428 1.1068 May.................. 835,516 843,140 198,097 184,884 103,663 103,304 94,983 92,435 -103 1.0701 June................. 768,610 774,305 185,505 178,673 92,670 93,856 91,574 91,663 -625 1.0634 July .................. 811,751 820,117 204,717 194,650 69,720 69,176 75,050 76,816 248 1.0656 Aug. ................. 913,249 916,582 189,997 189,500 76,818 76,789 87,481 89,594 667 1.0560 Sept. ................ 782,885 797,555 207,260 189,165 77,656 73,218 78,891 86,866 346 0.9959 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 406 2,251 1,852 -232 1.2041 154 n.a. 2,534 1,093 -738 1.2097 507 n.a. 2,805 762 n.a. 1.2257 63,854 665 1,575 2,515 718 n.a. 1.1608 n.a. 451 n.a. 2,157 660 n.a. 1.1656 n.a. n.a. 662 824 2,870 905 -826 1.167 27,397 n.a. n.a. 463 758 2,501 688 -700 1.115 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 Spot, forward and future contracts Foreign currency denominated Purchased (1) Sold (2) Assets (3) Liabilities (4) 25,555 34,582 96,398 n.a. 465 2005 - Mar................... 25,265 32,4834 100,674 n.a. June ................. 28,178 39,883 136,087 86,970 Sept.................. 25,097 32,244 99,718 Dec................... 25,109 32,454 96,654 2006 - Mar................... 21,479 27,460 June ................. 22,757 Sept.................. Report date 2004 - Dec................... Options positions Puts Calls Bought (5) Written (6) Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 2007 - Mar................... 13,202 21,632 63,546 32,113 444 n.a. n.a. n.a. n.a. 1.153 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 December 2007 FOREIGN CURRENCY POSITIONS 98 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) 04/04/07 .................................................................. 361,988 362,285 -809 118.72 04/11/07 .................................................................. 353,240 353,741 -188 119.36 04/18/07 .................................................................. 364,638 364,152 -335 118.27 04/25/07 .................................................................. 359,117 358,179 -199 118.62 05/02/07 .................................................................. 360,531 361,080 -78 120.05 05/09/07 .................................................................. 362,384 362,577 -88 119.80 05/16/07 .................................................................. 368,370 368,745 -190 120.74 05/23/07 .................................................................. 378,106 379,513 474 121.52 05/30/07 .................................................................. 390,637 389,095 651 121.48 06/06/07 .................................................................. 406,330 404,549 n.a. 121.08 06/13/07 .................................................................. 430,354 428,983 743 122.37 06/20/07 .................................................................. 374,559 372,978 751 123.60 06/27/07 .................................................................. 386,216 383,699 1,001 122.52 07/04/07 .................................................................. 385,274 383,075 n.a. 122.40 07/11/07 .................................................................. 406,412 404,296 n.a. 122.13 07/18/07 .................................................................. 395,453 393,598 1,692 121.83 07/25/07 .................................................................. 410,428 407,915 1,517 120.33 08/01/07 .................................................................. 432,116 431,285 1,620 118.71 08/08/07 .................................................................. 435,841 429,420 1,309 119.76 08/15/07 .................................................................. 454,818 447,744 1,001 117.19 08/22/07 .................................................................. 461,541 456,258 1,070 114.95 08/29/07 .................................................................. 472,366 468,254 1,063 115.52 09/05/07 .................................................................. 467,992 464,000 969 115.15 09/12/07 .................................................................. 465,175 463,375 639 114.24 09/19/07 .................................................................. 412,650 412,045 445 116.21 09/26/07 .................................................................. 405,093 399,522 665 115.66 Report date December 2007 FOREIGN CURRENCY POSITIONS 99 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) Foreign currency denominated Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 2006 - Oct .................. 317,530 315,192 61,954 61,378 83,887 82,683 80,317 79,722 -900 116.82 Nov ................. 345,933 341,167 58,849 58,313 82,898 85,863 81,961 79,345 -1,470 115.55 Dec ................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 2007 - Jan .................. 371,865 367,446 63,810 64,423 84,808 89,996 88,173 85,209 -1,598 121.02 Feb ................. 406,543 402,221 66,115 66,808 83,615 90,146 89,956 87,565 -995 118.33 Mar ................. 378,473 376,626 67,960 68,363 101,356 108,874 95,925 93,389 -205 117.56 Apr.................. 387,004 386,335 71,036 70,236 90,774 98,647 96,423 93,867 -12 119.44 May................. 376,572 375,097 70,775 70,382 94,976 102,855 104,885 100,956 750 121.76 June................ 411,301 408,609 74,830 71,898 101,024 110,200 108,797 103,767 1,184 123.39 July ................. 460,613 460,112 71,939 71,388 104,491 113,062 110,260 107,607 1,492 119.13 Aug ................. 434,288 427,589 66,653 67,865 120,413 127,160 118,776 116,538 998 115.83 Sept ................ 426,224 426,823 68,112 69,272 109,823 117,283 116,910 116,266 76 114.97 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) Foreign currency denominated 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) 2004 - 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................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 2007 - Mar................... 4,884 5,052 5,765 2,904 910 n.a. 1,749 1,166 -325 117.56 June.................. 4,408 5,575 7,463 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 December 2007 FOREIGN CURRENCY POSITIONS 100 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) 04/04/07 .................................................................. 748,490 764,738 12,754 1.2194 04/11/07 .................................................................. 752,283 762,793 13,885 1.2194 04/18/07 .................................................................. 764,871 776,669 14,035 1.2056 04/25/07 .................................................................. 746,764 759,898 15,285 1.2030 05/02/07 .................................................................. 833,362 839,758 13,617 1.2138 05/09/07 .................................................................. 859,142 864,841 13,096 1.2165 05/16/07 .................................................................. 896,839 902,467 10,013 1.2220 05/23/07 .................................................................. 915,580 916,693 -3,527 1.2266 05/30/07 .................................................................. 963,527 970,312 -2,860 1.2259 06/06/07 .................................................................. 1,011,414 1,015,794 -940 1.2176 06/13/07 .................................................................. 1,128,502 1,129,117 -2,634 1.2447 06/20/07 .................................................................. 906,050 920,566 1,458 1.2374 06/27/07 .................................................................. 921,443 930,563 1,080 1.2291 07/04/07 .................................................................. 952,945 963,330 2,641 1.2152 07/11/07 .................................................................. 983,250 993,809 5,156 1.2044 07/18/07 .................................................................. 995,806 1,006,269 5,709 1.1997 07/25/07 .................................................................. 1,047,530 1,059,121 12,322 1.2140 08/01/07 .................................................................. 1,173,880 1,184,064 3,824 1.2013 08/08/07 .................................................................. 1,126,784 1,129,335 3,531 1.1946 08/15/07 .................................................................. 1,168,289 1,168,186 4,157 1.2181 08/22/07 .................................................................. 1,209,905 1,202,483 3,021 1.2062 08/29/07 .................................................................. 1,233,944 1,227,438 3,426 1.1986 09/05/07 .................................................................. 1,292,568 1,286,788 3,576 1.2025 09/12/07 .................................................................. 1,390,949 1,386,943 2,651 1.1844 09/19/07 .................................................................. 1,069,796 1,072,308 2,510 1.1856 09/26/07 .................................................................. 1,053,870 1,056,755 3,161 1.1710 December 2007 FOREIGN CURRENCY POSITIONS 101 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) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 2006 - Oct ................... 658,618 673,562 65,123 64,107 142,039 128,958 161,356 Nov .................. 795,736 813,606 74,946 73,814 139,351 128,709 160,901 Dec .................. 603,056 627,243 79,535 75,067 132,261 124,219 2007 - Jan ................... 792,186 815,128 73,494 72,384 153,153 144,073 47,728 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 2,918 1.1417 64,881 3,016 1.3148 166,004 12,737 1.2424 169,130 n.a. 1.1966 155,127 164,475 n.a. 1.2195 181,612 190,993 13,814 1.2470 Feb .................. 930,899 962,448 93,613 92,812 164,990 148,762 199,482 208,741 n.a. 1.2189 Mar .................. 800,135 818,490 109,086 102,562 177,461 168,084 215,797 225,404 n.a. 1.2126 Apr................... 795,507 805,325 206,498 204,926 197,326 189,969 223,565 228,300 n.a. 1.2064 May.................. 1,010,928 1,015,254 95,282 97,760 324,014 316,357 275,758 273,750 -4,634 1.2252 June................. 961,604 972,823 97,094 90,236 294,486 293,339 247,707 246,774 1,134 1.2240 July .................. 1,133,989 1,144,688 n.a. n.a. 295,584 291,067 251,256 251,490 3,028 1.2021 Aug .................. 1,167,250 1,161,001 79,217 81,849 316,811 315,049 279,324 272,879 4,092 1.2071 Sept ................. 1,069,553 1,068,660 93,438 95,560 313,725 314,888 264,687 255,240 2,460 1.1672 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) Foreign currency denominated 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) 2004 - 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................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 2007 - Mar................... 23,635 25,413 46,616 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 June.................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 December 2007 FOREIGN CURRENCY POSITIONS 102 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) 04/04/07 .................................................................. 1,017,740 1,042,457 5,153 1.9756 04/11/07 .................................................................. 985,712 1,010,570 5,284 1.9786 04/18/07 .................................................................. 1,029,996 1,055,713 3,759 2.0041 04/25/07 .................................................................. 1,012,421 1,040,100 3,543 2.0042 05/02/07 .................................................................. 1,049,555 1,073,510 4,017 1.9910 05/09/07 .................................................................. 1,043,067 1,067,855 5,392 1.9963 05/16/07 .................................................................. 1,065,644 1,093,357 5,255 1.9774 05/23/07 .................................................................. 1,067,042 1,092,243 6,376 1.9879 05/30/07 .................................................................. 1,103,906 1,127,136 5,538 1.9747 06/06/07 .................................................................. 1,113,899 1,133,487 5,287 1.9915 06/13/07 .................................................................. 1,204,417 1,223,012 4,153 1.9728 06/20/07 .................................................................. 1,030,723 1,050,188 6,231 1.9937 06/27/07 .................................................................. 1,058,835 1,079,098 5,871 1.9965 07/04/07 .................................................................. 1,052,849 1,076,715 2,641 2.0168 07/11/07 .................................................................. 1,082,451 1,107,173 3,621 2.0320 07/18/07 .................................................................. 1,093,380 1,116,807 3,299 2.0534 07/25/07 .................................................................. 1,120,714 1,144,354 3,073 2.0511 08/01/07 .................................................................. 1,157,041 1,179,818 3,606 2.0309 08/08/07 .................................................................. 1,136,593 1,159,164 4,007 2.0368 08/15/07 .................................................................. 1,161,790 1,174,845 2,529 1.9923 08/22/07 .................................................................. 1,166,114 1,180,563 1,739 1.9916 08/29/07 .................................................................. 1,191,346 1,204,695 2,973 2.0182 09/05/07 .................................................................. 1,195,386 1,210,141 3,709 2.0221 09/12/07 .................................................................. 1,261,726 1,272,317 4,979 2.0314 09/19/07 .................................................................. 1,122,045 1,135,235 4,410 1.9983 09/26/07 .................................................................. 1,088,366 1,108,019 3,587 2.0159 December 2007 FOREIGN CURRENCY POSITIONS 103 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) Foreign currency denominated 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) 2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 2006 - Oct ................... 844,905 863,283 405,285 351,894 73,435 67,458 72,904 73,764 3,091 1.9084 Nov .................. 909,677 934,410 397,105 345,588 86,311 85,218 80,470 80,317 2,279 1.9693 Dec .................. 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 2007 - Jan ................... 956,808 983,199 382,640 334,433 102,079 92,769 97,068 93,566 3,065 1.9611 Feb .................. 1,037,192 1,071,521 385,211 339,747 98,992 86,040 89,867 89,637 2,992 1.9613 Mar .................. 978,756 1,013,819 420,023 374,801 105,478 89,465 95,554 99,963 3,841 1.9685 Apr................... 1,041,127 1,073,733 416,591 367,200 111,418 101,642 89,179 98,155 3,623 2.0000 May.................. 1,112,998 1,140,624 435,440 380,683 98,265 94,329 84,704 97,460 5,203 1.9797 June................. 1,080,044 1,108,259 483,216 409,532 103,416 96,207 102,690 108,345 3,381 2.0063 July .................. 1,182,008 1,214,237 457,250 387,327 92,156 90,678 96,477 107,658 2,887 2.0364 Aug .................. 1,111,865 1,136,913 401,821 357,969 98,705 93,872 104,946 117,804 2,650 2.0165 Sept ................. 1,137,887 1,150,885 443,238 363,358 86,357 80,897 96,692 109,324 3,593 2.0389 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) Foreign currency denominated 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) 2004 - 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................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 2007 - Mar................... 13,187 22,790 61,982 22,609 267 69 n.a. n.a. -441 1.9685 June.................. 9,617 19,187 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 December 2007 FOREIGN CURRENCY POSITIONS 104 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) 04/04/07 ................................................................ 12,073,534 12,117,590 -9,384 n.a. 04/11/07 ................................................................ 12,017,228 12,062,447 -8,883 n.a. 04/18/07 ................................................................ 12,276,358 12,327,372 -4,788 n.a. 04/25/07 ................................................................ 12,353,458 12,414,983 -5,289 n.a. 05/02/07 ................................................................ 13,044,678 13,111,991 -8,296 n.a. 05/09/07 ................................................................ 12,879,264 12,945,779 -11,130 n.a. 05/16/07 ................................................................ 13,165,957 13,205,032 -9,908 n.a. 05/23/07 ................................................................ 13,392,591 13,414,664 -6,186 n.a. 05/30/07 ................................................................ 13,933,185 13,974,116 -558 n.a. 06/06/07 ................................................................ 14,300,883 14,347,122 -6,584 n.a. 06/13/07 ................................................................ 15,088,169 15,112,381 34 n.a. 06/20/07 ................................................................ 13,206,306 13,205,281 8,594 n.a. 06/27/07 ................................................................ 13,685,759 13,693,932 8,287 n.a. 07/04/07 ................................................................ 13,444,713 13,472,402 12,906 n.a. 07/11/07 ................................................................ 13,865,235 13,872,631 4,824 n.a. 07/18/07 ................................................................ 13,764,965 13,785,110 8,496 n.a. 07/25/07 ................................................................ 14,358,974 14,366,410 3,630 n.a. 08/01/07 ................................................................ 15,046,195 15,039,072 979 n.a. 08/08/07 ................................................................ 14,840,652 14,854,408 1,380 n.a. 08/15/07 ................................................................ 15,268,577 15,302,695 13,286 n.a. 08/22/07 ................................................................ 15,594,702 15,655,099 21,271 n.a. 08/29/07 ................................................................ 16,231,487 16,292,449 15,277 n.a. 09/05/07 ................................................................ 16,118,918 16,163,701 11,505 n.a. 09/12/07 ................................................................ 16,805,675 16,852,499 8,307 n.a. 09/19/07 ................................................................ 15,027,073 15,012,238 14,033 n.a. 09/26/07 ................................................................ 14,929,534 15,002,653 11,537 n.a. December 2007 FOREIGN CURRENCY POSITIONS 105 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] Foreign currency denominated Spot, forward and future contracts Report date Purchased (1) Sold (2) Options positions Puts Calls Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Net delta equivalent (9) Written (8) Exchange rate (10) 2004 - Dec.................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 2005 - Dec.................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 2006 - Oct .................. 10,681,385 10,780,324 - - 1,900,053 1,844,507 1,965,291 1,957,859 -8,833 n.a. Nov ................. 11,668,046 11,734,248 - - 1,966,802 1,987,505 2,072,970 2,089,732 919 n.a. Dec ................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 2007 - Jan .................. 12,101,309 12,282,778 - - 1,964,664 2,002,753 2,009,474 2,067,275 -13,166 n.a. Feb ................. 13,107,346 13,258,898 - - 1,931,196 1,932,102 2,231,096 2,603,339 -13,099 n.a. Mar ................. 12,650,037 12,726,566 - - 3,033,699 3,192,309 4,021,879 2,778,976 -14,011 n.a. Apr.................. 12,922,809 13,005,876 - - 2,210,881 2,195,463 2,236,207 2,320,622 -6,691 n.a. May................. 13,543,352 13,613,528 - - 3,897,815 3,102,531 2,957,423 4,116,365 -675 n.a. June................ 14,373,581 14,521,489 - - 2,389,015 2,308,366 2,356,054 2,353,096 8,902 n.a. July ................. 15,753,880 15,837,324 - - 3,753,809 2,581,925 4,075,030 4,066,175 5,014 n.a. Aug ................. 15,298,456 15,472,068 - - 2,506,587 2,424,323 2,452,767 2,504,774 20,960 n.a. Sept ................ 15,739,511 15,790,032 - - 2,678,649 2,727,181 3,285,582 n.a. 6,443 n.a. 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 Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2004 - Dec................... 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 2005 - Mar................... 444,804 440,894 - - 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................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. Sept. ................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 2007 - Mar................... 233,929 223,369 - - 33,632 23,046 17,873 20,639 122 n.a. June.................. 266,817 227,436 - - 36,519 32,361 21,051 n.a. 2,341 n.a. December 2007 FOREIGN CURRENCY POSITIONS 106 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) 04/04/07 ............................................................................. 3,289,367 3,243,942 -3,472 0.7483 04/11/07 ............................................................................. 3,317,512 3,273,566 -6,605 0.7443 04/18/07 ............................................................................. 3,376,081 3,333,475 -8,008 0.7367 04/25/07 ............................................................................. 3,391,604 3,343,647 -8,697 0.7328 05/02/07 ............................................................................. 3,672,687 3,610,025 -7,023 0.7354 05/09/07 ............................................................................. 3,685,639 3,619,093 -5,734 0.7381 05/16/07 ............................................................................. 3,671,431 3,585,515 -4,418 0.7395 05/23/07 ............................................................................. 3,710,805 3,644,910 2,044 0.7417 05/30/07 ............................................................................. 3,832,212 3,778,293 624 0.7452 06/06/07 ............................................................................. 3,917,990 3,865,346 770 0.7412 06/13/07 ............................................................................. 4,031,953 3,987,197 4,783 0.7522 06/20/07 ............................................................................. 3,582,182 3,541,149 3,038 0.7448 06/27/07 ............................................................................. 3,738,174 3,698,282 2,502 0.7444 07/04/07 ............................................................................. 3,632,132 3,588,403 -231 0.7345 07/11/07 ............................................................................. 3,671,031 3,637,093 2,430 0.7269 07/18/07 ............................................................................. 3,651,633 3,610,971 471 0.7242 07/25/07 ............................................................................. 3,782,383 3,759,003 -482 0.7293 08/01/07 ............................................................................. 3,900,790 3,877,408 2,086 0.7309 08/08/07 ............................................................................. 3,821,025 3,806,999 4,698 0.7242 08/15/07 ............................................................................. 3,998,967 3,977,700 1,571 0.7419 08/22/07 ............................................................................. 4,020,523 3,988,367 1,423 0.7388 08/29/07 ............................................................................. 4,219,529 4,182,001 445 0.7313 09/05/07 ............................................................................. 4,138,892 4,106,207 -182 0.7316 09/12/07 ............................................................................. 4,317,331 4,267,461 608 0.7192 09/19/07 ............................................................................. 3,874,667 3,830,664 -971 0.7169 09/26/07 ............................................................................. 3,897,185 3,833,087 -1,150 0.7079 December 2007 FOREIGN CURRENCY POSITIONS 107 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) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 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 - 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 - Oct ................... 3,106,968 3,102,984 1,450,067 1,392,160 698,951 688,800 476,597 565,953 -2,437 0.7829 Nov .................. 3,384,224 3,371,697 1,528,203 1,476,998 668,561 727,152 514,595 566,983 -15,568 0.7541 Dec .................. 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 2007 - Jan ................... 3,363,078 3,333,264 1,503,055 1,459,883 664,259 688,121 523,245 617,987 -3,257 0.7694 Feb .................. 3,592,432 3,550,606 1,542,538 1,508,173 637,575 636,420 512,272 586,248 -3,688 0.7559 Mar .................. 3,377,403 3,348,012 1,592,041 1,544,266 642,229 633,530 528,043 607,599 -9,520 0.7477 Apr................... 3,423,871 3,388,202 1,730,245 1,686,731 635,961 628,625 557,077 627,086 -10,498 0.7321 May.................. 3,551,428 3,511,700 2,033,874 1,989,201 652,850 685,623 566,224 608,515 -1,090 0.7433 June................. 3,797,523 3,762,766 2,074,178 2,037,821 632,657 661,465 572,027 615,043 -1,382 0.7396 July .................. 4,007,241 3,987,654 2,008,584 1,970,638 653,507 680,183 576,605 612,605 -2,108 0.7293 Aug .................. 3,924,829 3,889,859 1,849,619 1,804,429 624,663 651,976 584,010 586,306 -2,883 0.7331 Sept ................. 3,955,184 3,917,424 1,984,769 1,953,872 645,472 654,971 559,351 577,244 -3,379 0.7033 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2004 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) 146,656 155,582 191,031 113,571 2005 - Mar................... 138,011 148,004 206,505 127,548 June ................. 158,930 176,765 268,363 175,607 Sept.................. 123,785 150,408 211,076 160,009 Dec................... 117,211 137,716 198,507 2006 - Mar................... 131,132 149,125 223,971 Calls Bought (5) 9,384 Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 1,319 0.7387 5,229 9,136 8,488 9,171 4,963 7,254 8,662 -37 0.7711 9,419 6,000 8,969 8,659 -476 0.8266 6,319 4,585 7,799 6,168 245 0.8293 129,312 11,011 7,622 7,232 6,209 -867 0.8445 135,999 10,580 6,100 6,992 5,441 -1,532 0.8238 June ................. 130,803 137,764 232,161 136,551 6,763 3,575 7,462 4,729 -934 0.7825 Sept.................. 141,600 146,199 220,610 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 2007 - Mar................... 75,535 84,447 190,307 118,068 9,318 3,549 11,618 4,045 -611 0.7477 June.................. 68,705 81,195 204,439 125,903 7,443 3,408 10,670 3,743 -1,051 0.7396 December 2007 108 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, 2007, and June 30, 2007 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital March 31, 2007 April 1, 2007, through June 30, 2007 June 30, 2007 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 16,067,297 186,814 16,254,111 Special drawing rights 1 ........................................................... 8,947,527 70,524 9,018,051 European euro ..................................................................... 12,655,259 239,520 12,894,779 7,681,122 Foreign exchange and securities: Japanese yen....................................................................... 8,053,674 -372,552 Accounts receivable................................................................. 199,445 24,753 224,198 Total assets.......................................................................... 45,923,202 149,059 46,072,261 Accounts payable................................................................. 50,650 1,714 52,364 Total current liabilities ...................................................... 50,650 1,714 52,364 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... 2,200,000 7,399,221 26,360 2,200,000 7,425,581 Liabilities and capital Current liabilities: Total other liabilities ......................................................... 9,599,221 26,360 9,625,581 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 36,073,331 120,985 200,000 36,194,316 Total capital...................................................................... 36,273,331 120,985 36,394,316 Total liabilities and capital............................................ 45,923,202 149,059 46,072,261 See footnote on the following page. December 2007 EXCHANGE STABILIZATION FUND 109 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, 2007, through June 30, 2007 Fiscal year to date October 1, 2006, through June 30, 2007 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ -241,532 437,381 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... 5,410 39,552 SDRs............................................................................................ 16,453 47,110 U.S. Government securities......................................................... 209,945 627,896 Foreign exchange ........................................................................ 130,709 357,587 Commissions ............................................................................... - - Income from operations ............................................................... 120,985 1,509,526 Net income (+) or loss (-)............................................................. 120,985 1,509,526 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” December 2007 Trust Funds TRUST FUNDS 113 TABLE TF-6A.—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 2008. 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 2008. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 86 less: Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 2 Unfunded authorizations (fiscal year 2008) ........................................................................................................................................................................ 85 48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 145 Note.—Detail may not add to totals due to rounding. Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 13 less: Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6 Unfunded authorizations (fiscal year 2008) ........................................................................................................................................................................ 7 48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 21 December 2007 TECHNICAL PAPERS 114 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. December 2007 TECHNICAL PAPERS 115 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 December 2007 116 Glossary With References to Applicable Sections and Tables Source: Financial Management Service 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. 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 2007, the debt limit was $9,815,000 million; the limit may change from year to year. Average discount rate (PDO-1, -2)—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. 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). 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-1)—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. 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 December 2007 Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—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 issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and GLOSSARY 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-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. 117 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. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—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.) December 2007 118 GLOSSARY 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 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. 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, December 2007 Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-2)—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). 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