Full text of Treasury Bulletin : June 2001
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Contents FINANCIAL OPERATIONS JUNE 2001 PROFILE OF THE ECONOMY Analysis.—Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Analysis.—Budget results and financing of the U.S. Government and second-quarter receipts by source . . . . . . . . . . . . . . . 10 FFO-A.—Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-B.—Chart: Budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-1.—Summary of fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-2.—On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 FFO-3.—On-budget and off-budget outlays by agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 FFO-4.—Summary of U.S. Government receipts by source and outlays by agency, March 2001 and other periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 UST-1.—Elements of change in Federal Reserve and tax and loan note account balances. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 FEDERAL DEBT Introduction.—Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 FD-1.—Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 FD-2.—Debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 FD-2.—Interest-bearing public debt (historical) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 FD-3.—Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 FD-4.—Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 FD-5.—Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . 27 FD-6.—Debt subject to statutory limit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 FD-6.—Debt subject to statutory limitation (historical) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 FD-7.—Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . 29 FD-A.—Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 PUBLIC DEBT OPERATIONS Introduction.—Public debt operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 PDO-1.—Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 PDO-2.—Offerings of regular weekly Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 PDO-3.—Offerings of marketable securities other than regular weekly Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 PDO-4A.—Allotments by investor class for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . . 43 PDO-4B.—Allotments by investor class for marketable public debt securities, 52-week bills. . . . . . . . . . . . . . . . . . . . . . . . . 45 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-1.—Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-2.—Sales and redemptions by period, all series of savings bonds and notes combined. . . . . . . . . . . . . . . . . . . . . . . . . . 47 SBN-3.—Sales and redemptions by period, series E, EE, H, HH and I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 OFS-1.—Distribution of Federal securities by class of investors and type of issues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 OFS-1.—Distribution of Federal securities by class of investors and type of issues (historical) . . . . . . . . . . . . . . . . . . . . . . . 51 OFS-2.—Estimated ownership of U.S. Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 MARKET YIELDS Introduction.—Market yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 MY-1.—Treasury market bid yields at constant maturities: bills, notes and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 MY-A.—Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 MY-2.—Average yields of long-term Treasury, corporate and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 MY-B.—Chart: Average yields of long-term Treasury, corporate and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 IV Contents U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. currency and coin outstanding and in circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 USCC-1.—Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 USCC-2.—Amounts outstanding and in circulation; by denomination, per capita comparative totals. . . . . . . . . . . . . . . . . . . 60 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 IFS-1.—U.S. Reserve assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 IFS-2.—Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 IFS-3.—Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 CAPITAL MOVEMENTS Introduction.—Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 SECTION I.—LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.—Total liabilities by type and holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 CM-I-2.—Total liabilities by country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 CM-I-3.—Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 CM-A.—Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 SECTION II.—CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.—Total claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 CM-II-2.—Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 CM-II-3.—Total claims on foreigners by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 CM-B.—Chart: U.S. claims on foreigners reported by U.S. banks, brokers and dealers with respect to selected countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 SECTION III.—SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES CM-III-1.—Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately . . 80 SECTION IV.—LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CM-IV-1.—Total liabilities and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 CM-IV-2.—Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 CM-IV-3.—Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 CM-IV-4.—Total claims by country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 CM-IV-5.—Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 CM-C.—Chart: Net purchases of long-term domestic securities by foreigners, selected countries . . . . . . . . . . . . . . . . . . . . . 90 SECTION V.—U.S. INTERNATIONAL TRANSACTIONS IN LONG-TERM SECURITIES CM-V-1.—U.S. transactions with foreigners in long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 CM-V-2.—U.S. transactions with foreigners in long-term foreign securities by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 CM-V-3.—Net foreign transactions in long-term domestic securities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 CM-V-4.—U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during first quarter 2001. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 CM-V-5.—U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during calendar year 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 CM-D.—Chart: Net purchases of long-term foreign securities by U.S. investors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FOREIGN CURRENCY POSITIONS Introduction.—Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 SECTION I.—CANADIAN DOLLAR POSITIONS FCP-I-1.—Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-I-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-I-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 V Contents SECTION II.—GERMAN MARK POSITIONS FCP-II-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-II-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-II-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SECTION III.—JAPANESE YEN POSITIONS FCP-III-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 FCP-III-2.—Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 FCP-III-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 SECTION IV.—SWISS FRANC POSITIONS FCP-IV-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 FCP-IV-2.—Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 FCP-IV-3.—Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 SECTION V.—STERLING POSITIONS FCP-V-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 FCP-V-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 FCP-V-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 SECTION VI.—U.S. DOLLAR POSITIONS FCP-VI-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 FCP-VI-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 FCP-VI-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 SECTION VII.—EURO POSITIONS FCP-VII-1.—Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 FCP-VII-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 FCP-VII-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 ESF-1.—Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 ESF-2.—Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 SPECIAL REPORTS FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Introduction.—Financial Report excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Financial Report excerpt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 TRUST FUNDS Introduction.—Airport and Airway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 TF-10.—Airport and Airway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 Introduction.—Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 TF-14.—Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Introduction.—Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 TF-15—Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Introduction.—Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 TF-17.—Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 TF-D.—Chart: Major trust funds, interest on investments, fiscal 1999 and 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 TF-E.—Chart: Major trust funds, receipts and expenses, fiscal 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 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. VI 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. Issues March June Sept. Dec. Federal Fiscal Operations FFO-5.—Summary of internal revenue receipts by regions and districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . � Special Reports Financial Report of the United States Government excerpt. . . . . . . . . . . . Trust Fund Reports: Airport and Airway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Civil Service Retirement and Disability Fund . . . . . . . . . . . . . . . . . . . Federal Disability Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . Federal Hospital Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Federal Old-Age and Survivors Insurance Trust Fund . . . . . . . . . . . . . Federal Supplementary Medical Insurance Trust Fund. . . . . . . . . . . . . Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investments of specified trust accounts. . . . . . . . . . . . . . . . . . . . . . . . . Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . National Service Life Insurance Fund. . . . . . . . . . . . . . . . . . . . . . . . . . Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . � � � � � � � � � � � � � � � � � � � � � � � 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product (GDP) Growth in real GDP strengthened to a 2.0 percent annual rate in the first quarter of 2001, according to the advance esti mate. Although this was double the small 1.0 percent annual rate of growth in the fourth quarter of 2000, the first quarter increase was still below most estimates of the economy’s poten tial rate. Growth was led by a 3.1 percent annual rate increase in per sonal consumption expenditures and by a substantial drop in imports. Exports edged down as well but by much less than imports. The reduction in the foreign trade deficit added 1.4 percentage points to GDP growth, only the second time in 4 years that the quarterly trade deficit narrowed. Investment in equipment and software decreased at a 2.1 percent annual pace in the first quarter after falling 3.3 percent in the fourth. Those were the first back-to-back declines in this category since the 1991 recession. There was a large inventory correction in the first quarter that subtracted 2-1/2 points from real GDP growth. Much of the reduction in inventories and in equipment investment came out of imports. The national accounts measures of inflation accelerated in the first quarter primarily because of higher food and energy prices, the annual Federal pay raise (which is treated as a price increase), and a pickup in prices for consumer services. The GDP price index rose at a 3.2 percent annual rate in the first Inflation Inflation picked up in the first 3 months of 2001. Productivity growth was little changed in the first quarter and hourly com pensation rose by a sizable amount, resulting in higher labor costs. Consumer prices increased at a 4.0 percent annual rate for the 3-month period ending in March, an acceleration of a little more than 1/2 percentage point from the previous year. Prices jumped sharply in January before registering more moderate increases in February and March. Core Consumer Price Index (CPI) inflation (excluding the food and energy components) picked up to a 3.5 percent pace during the first 3 months of the year from 2.6 percent in 2000. Food prices rose at a 4.1 percent annual rate, an acceleration of about 1-1/4 percentage points from the previous year. Energy prices were up at an annual rate of 6.0 percent, well below the double-digit increases registered in the previous 2 years. At the producer level, the pattern for finished goods prices so far this year has generally mirrored developments at the con sumer level. Finished goods prices rose at a 4.9 percent annual quarter compared with 2.0 percent in the fourth quarter. Ex cluding food and energy, the core rate moved up to 2.3 percent from 1.9 percent. Growth of Real GDP (Percent change, fourth quarter to fourth quarter) 7 6 5 4.1 4.3 4.6 5.0 4 3 3.4 2.2 2.0 2 1 0 95 96 97 98 99 00 01* * Based on first quarter rate during the first 3 months of the year, up from 3.6 percent in the previous year. Virtually all of the increase occurred in January. Core inflation continued to be moderate, increasing at a 1.9 percent rate during the first quarter. This was still at a slightly faster rate than the 1.2 percent increase in 2000. The increase in energy prices slowed to an annual rate of just under 11 percent during the first quarter of the year from more than 17 percent last year. Further back in the production chain, core prices for crude goods dropped by 12-1/2 percent while core intermediate goods prices moved up at a moderate pace. Productivity in the nonfarm business sector edged down by 0.1 percent in the first quarter of 2001, following strong gains over the last several years. Hourly compensation costs rose by 5.2 percent in the quarter, pushing unit labor costs up by a sim ilar 5.2 percent. The employment cost index for total compen sation, a separate compensation measure that also is closely watched, increased by 4.1 percent for the 12-month period ending in March. This was less than the increase in compensa tion in the productivity series (which includes stock options) and a slight deceleration from the 4.3 percent gain during the year ending in March 2000. 4 PROFILE OF THE ECONOMY Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 10 7 8 6 6 5 Excluding food and energy 4 Excluding food and energy 4 2 3 0 2 -2 Total Total -4 1 89 90 91 92 93 94 95 96 97 98 99 00 01 Employment and unemployment Payroll employment has declined in recent months, and the unemployment rate has risen to 4.5 percent. Despite the emergence of weaker labor market conditions, wage growth has shown no signs of slowing. Employment on nonfarm payrolls plunged by 223,000 in April 2001 on top of a 53,000 decline in March. The April loss was the steepest since February 1991, when the economy was officially in recession. The downturn recorded in the 2 latest months followed a year-long slowdown in payroll growth characterized by notable job losses in the manufacturing sector. Steady declines in factory employment since the middle Unemployment Rate 89 90 91 92 93 94 95 96 97 98 99 00 01 of 2000 resulted in 550,000 fewer jobs by April 2001. Weakness in manufacturing likely contributed to steep job losses in the temporary help supply industry, which places a large portion of workers in factory jobs. Temporary help supply businesses have slashed payrolls by 370,000 since September 2000. The private service-producing sector (excluding help supply) continued to hire in April, albeit at a very sluggish pace compared to just a few months ago. The construction industry shed 64,000 workers in April, but strong gains averaging 62,000 per month in the first quarter and wet weather in parts of the country may have played a role. Establishment Employment (Percent) (Average monthly change in thousands) 7.0 400 6.5 300 6.0 200 5.5 100 5.0 0 4.5 -100 4.0 -200 3.5 -300 94 95 96 97 98 99 00 01 324 258 256 192 212 213 124 25 52 -223 99-I II III IV 00-I II *Based on April data III IV I II* PROFILE OF THE ECONOMY 5 The unemployment rate rose from 4.3 percent in March to 4.5 percent in April, the highest reading since October 1998. This suggests some loosening of labor market tightness since last fall, when the unemployment rate reached a 3-decade low of 3.9 percent. The labor force participation rate eased to 67.1 percent in April from 67.2 percent in the prior 2 months but remains well within the range of recent experience. Nominal wage gains, as measured in the payroll employ ment survey, have yet to moderate but still remain relatively tame. Average hourly earnings of production and other nonsupervisory workers grew by 4.3 percent over the 12 months ended in April, up from 3.8 percent in the year-earlier period but still less than the 4.4 percent gain posted in early 1998. Adjusted for inflation, average hourly earnings increased by a strong 1.4 percent during the year ended in March, building on the gains registered since 1995. fourth quarter. For all of last year, the personal saving rate was -0.1 percent, down from a recent high of 8.7 percent in 1992. This was the first time that the saving rate had been negative since the midst of the Great Depression in 1933. Of course, the circumstances are entirely different today. Even with the decline in equity markets during 2000 and 2001, household net worth has benefited from tremendous gains in the stock market in recent years. This “wealth effect” has been a major factor behind the decline in the personal saving rate. Increases in asset values are not counted as income in the national income and product accounts, from which saving is calculated, but nonetheless contribute to the willingness and ability of consumers to spend. Real disposable personal income and consumer spending Output in the industrial sector declined for the seventh straight month in April 2001, falling by a seasonally adjusted 0.3 percent. Due to downward revisions in the previous month’s data, the first quarter showed a 6.5 percent annual rate contraction. This was the largest quarterly decline since the 8.3 percent drop in the first quarter of 1991, when the economy was in recession. Over the past 12 months, industrial produc tion has fallen by 1.0 percent—a dramatic reversal from year-over-year gains of around 6-1/2 percent registered last spring. Manufacturing production, which accounts for just over 87 percent of all industrial output, also declined by 0.3 percent in April, on top of a dramatic 7.7 percent annual rate drop in the first quarter of 2001. Production of motor vehicles and parts, which has played a significant role in the recent contraction in the factory sector, was flat in April. There were sizable declines in such cyclically sensitive sectors as industrial machin ery and equipment and electrical equipment. The high-tech sector, which includes computers, communi cations equipment and semiconductors, has been slashing output in recent months due to an inventory overhang. Although declines in this sector have not yet approached the magnitude of other manufacturing industries, the slowdown since last spring has been quite remarkable. After growing by 25.2 percent at an annual rate in the fourth quarter of 2000, production in the high-tech sector declined by 4.3 percent in the first quar ter of 2001. Excluding high-tech, manufacturing production fell by 0.3 percent in April and by 8.2 percent in the first quarter. The rate of industrial capacity utilization, which has been edging downward for 8 consecutive months, dipped to a 10-year low of 78.5 percent in April. This rate is 5.9 percentage points below the expansion peak of 84.4 percent achieved in early 1995 and 3.5 points lower than its long-term average. Personal income in nominal terms rose at a 5.9 percent an nual rate in the first quarter of 2001. This was up from an increase of about 4 percent in the fourth quarter of 2000 but close to the pace registered over the previous 2 years. Wage and sal ary disbursements (58 percent of income) continued to rise at about a 6-1/2 percent annual rate in the first quarter. Strength was concentrated in the distributive and service industries, and in government wages and salaries, which were boosted by the annual cost-of-living adjustment for Federal civilian and mili tary personnel. Manufacturing payrolls declined in the first quarter for the first time in 7 years, contributing to a decelera tion in wage growth in the goods producing industries. Interest payments slowed in the first quarter of the year, reflecting declines in interest rates. On a real after-tax basis, personal income rose at a 2.0 percent annual rate in the first quarter of 2001. This was close to the 2.2 percent increase last year but down from 3.1 percent registered in 1999. Real consumer spending was up at a 3.1 percent annual rate in the first quarter, close to the 2.8 percent rate in the fourth quarter but off from the 4.5 percent pace for all of last year. Growth of expenditures on durable goods rose sharply, led by a near 20 percent annual rate increase in spending for motor ve hicles. Manufacturers’ incentive programs aimed at reducing inventories contributed to the first quarter jump in consumer spending on motor vehicles. Spending on services only grew by 1.7 percent in the first quarter, the smallest increase in more than 2 years. Sharp increases in energy costs were a factor. With real consumer spending growing at a faster pace than after-tax income, the personal saving rate moved down to -1.0 percent in the first quarter from a negative 0.7 percent in the Industrial production and capacity utilization 6 PRO FILE OF THE ECONOMY Nonfarm productivity and unit labor costs U.S. productivity tapered off in the first quarter of 2001 from the extremely strong readings of recent years. Nonfarm business productivity (real output per hour worked) fell by 0.1 percent at an annual rate, the first decline since the first quarter of 1995. The latest reading stands in contrast to the solid 2.0 percent rate of increase in the fourth quarter and the strong 3.3 percent rate of growth for all of 2000. During the 5 years from 1995 to 2000, nonfarm productivity advanced at a 2.9 percent annual rate, the fastest rate of growth for any such period since 1968. While the latest quarter represents a significant fallback from this trend, the quarterly productivity numbers tend to be extremely volatile. Hourly compensation costs in the nonfarm business sector rose at a 5.2 percent annual rate in the first quarter after jump ing by 6.0 percent or more in each of the previous three quar ters. Over the latest four quarters, growth in hourly compensation has accelerated from 4.5 percent a year earlier to 6.0 percent in the first quarter—a pace not seen since the first quarter of 1992. The decline in productivity, coupled with a sizeable increase in compensation, caused unit labor costs to surge by 5.2 percent at an annual rate in the first quarter. This boosted the four-quarter increase to 3.1 percent, up from 2.3 percent during 2000. The sharp rise in unit labor costs threatens to intensify a squeeze on unit profits that developed in the second half of last year. Productivity growth in the manufacturing sector slowed to a narrow 0.3 percent annual rate in the first quarter from 5.5 percent in the fourth quarter and 6.7 percent during all of last year. From 1995 to 2000, manufacturing productivity averaged a 5.4 percent annual rate of advance—strength unprecedented in the post-World War II era. Hourly compensation increased at a 4.7 percent annual rate in the first quarter, slower than the 6.2 percent pace last year. Factory unit labor costs rose by 4.4 percent at an annual rate in the first quarter, after having fallen on average in each of the past 7 years. Current account balance The current account measures trade in goods and services as well as the flow of investment income and unilateral transfers. The current account has been in deficit almost continuously since the early 1980s. In the fourth quarter of 2000, the current account deficit swelled to $461 billion at an annual rate. That brought the deficit for the entire year to a record high $435 bil lion, or 4.6 percent of nominal GDP. The current account deficit has widened substantially over the past decade primarily because of a deterioration in the merchandise trade balance. Growth in U.S. domestic demand has outpaced that of our major trading partners, causing im ports to grow much more rapidly than exports. The apprecia tion of the dollar in recent years and higher prices for imported oil since 1998 also have contributed to the burgeoning trade gap. As a result, the deficit on merchandise trade has more than doubled since the mid-1990s, reaching a new high of $473 billion at an annual rate in the fourth quarter. Significant improvement was recorded in the first 2 months of 2001, however, as demand for merchandise imports softened notably. Other major components of the current account also have fueled the growing deficit. The surplus on trade in services has narrowed somewhat since 1997. Moreover, what had been a positive balance on investment income turned negative in 1998, as weak foreign growth depressed interest earnings on U.S. investments abroad and U.S. growth supported strong in terest income on foreign investments in the United States. The balance on investment income swung back into positive terri tory once again in the fourth quarter, however. The improve ment was attributed to a large increase in direct investment receipts. The current account deficit is, by definition, matched by offsetting transactions in the financial and capital accounts, with any difference in the recorded flows listed as a statistical dis crepancy. Continuing inflows of foreign funds reflect the at tractiveness of the United States as an investment outlet. In the final quarter of last year, the financial account recorded inflows for foreign assets in the United States that exceeded outflows for U.S. assets abroad by $347 billion at an annual rate, down from $408 billion in the third quarter and a huge $611 billion net financial inflow recorded in the second quarter. The moderation was due in large part to a doubling of financial outflows for U.S.-owned assets abroad, which outweighed a jump in foreign acquisitions of assets in the United States. For the entire year, net financial inflows totaled $399 billion, up from $323 billion in 1999. Exchange rate of the dollar Since the end of 1999, the exchange rate of the dollar against a broad index of 26 currencies of important U.S. trading part ners has strengthened significantly, rising by 9.5 percent over the 16 months ended in April 2001. This followed a 2-year pe riod of relative stability after a sharp increase in 1996 and 1997. Nearly all of the appreciation since 1999 has been fueled by improvement of the dollar against the currencies of the United States’ major trading partners, including the euro-area coun tries, Canada, Japan, the United Kingdom, Australia, Sweden and Switzerland. Between January 2000 and April 2001, the exchange value of the dollar in relation to the currencies of the United States’ major trading partners jumped by 12.8 percent. The dollar/euro exchange rate climbed by 13.5 percent during the same period, and the dollar/yen exchange rate rose by 17.5 percent. The strength of the dollar mainly reflected the faster pace of growth in the United States. The perception that U.S. asset markets would continue to present generally attractive invest ment opportunities relative to foreign markets also contrib uted to the stronger performance of the dollar. Other factors such as differing central bank policies and concerns over for eign exchange policy, the course of structural reforms in the euro area and the pace of Japan’s economic recovery also have played a role. PROFILE OF THE ECONOMY Interest rates The Federal Reserve eased monetary conditions in the first 5 months of 2001. It cut interest rates five times over that span by 50 basis points each time. The Federal Reserve described its actions as the appropriate policy in light of weak consumer and investment demand due to lower confidence, tighter credit conditions, and the effect of high energy prices on household purchasing power and business profits. In announcing its latest reduction on May 15, the Federal Reserve noted that profit ex pectations and the business outlook overall seem “likely to hold down capital spending going forward.” The easing trend followed a period of nearly a year during which interest rates were left unchanged. The actions lowered the target for the federal funds rate (the rate that banks and other financial institutions charge each other for overnight loans) from 6.5 percent at the end of December to 4.0 percent by mid-May. The discount rate (the rate the Federal Reserve charges banks for short-term funds) was lowered from 6.0 7 percent to 3.5 percent. The market interest rate for the 3-month Treasury bill, which usually centers around the level of the dis count rate, moved down to about 3.6 percent. Rates on long-term Treasury securities declined through most of 2000 and in early 2001 but then turned upward in April. Long-term rates are influenced by a number of factors. The downtrend in the bond yield, which moves inversely to its price, partly reflected a shrinking supply of Treasury securities due to growing budget surpluses. Weakness in equity markets and in the economy in general last year, as well as uncertainty about prospects going forward, contributed to the decline as well. Mortgage interest rates generally follow the pattern of the 10-year Treasury note. The interest rate on a conventional 30-year fixed rate loan declined from a recent peak of 8.5 percent in May 2000 to 7 percent by the end of last year. The rate has held at about that level through the first 4 months of 2001.The decline of roughly 150 basis points in the mortgage interest rate prompted some renewed strength in housing de mand during the latter part of last year and into 2001. Short-term Interest Rates Long-term Interest Rates (Percent) (Percent) 7.0 7.0 6.5 Federal f unds rate 6.5 30-year bond 6.0 6.0 5.5 5.5 5.0 Discount rate 5.0 4.5 10-year note 4.0 3.5 4.5 3-month Treasury bills 1999 2000 2001 Housing Housing continued to be a strong sector of the economy in the first quarter of 2001. Sales of new single-family homes av eraged 990,000 at an annual rate in the quarter, well above the selling pace of 904,000 in 2000 and the record 907,000 in 1999. In the month of March, new home sales hit an all-time high of 1.021 million at an annual rate. Sales of existing sin gle-family homes also were strong through the first quarter, and in March were just shy of their all-time record. A decline in mortgage interest rates over the second half of last year and into 2001 provided support for the high level of home sales. The mortgage rate for a 30-year loan fell by about 1-1/2 percentage points since last May and in the first quarter averaged a low 7 percent. 4.0 1999 2000 2001 A high level of sales of both new and existing homes over the past several years led to a dramatic increase in home ownership. The number of new homeowners grew by 11 million dur ing the 1990s, and the home ownership rate rose to a record 67.6 percent by the first quarter of 2001. Expansion in home ownership has been particularly notable for minority groups. Construction of new housing units lagged behind new home sales in the second half of 2000. This led to a reduction in the inventory of new houses for sale and a decline in residential investment in both the third and fourth quarters. By the first quarter of 2001, construction began to catch up with demand. Housing starts jumped 23 percent at an annual rate in the first quarter, and real residential investment increased at a 3.3 percent pace. 8 PRO FILE OF THE ECONOMY Federal budget The Federal budget posted a unified surplus of $237 billion in fiscal 2000, or 2.4 percent in relation to GDP. That was the largest surplus ever in dollar terms and the largest relative to GDP since fiscal 1948. The surplus in fiscal 2000 was the third in a row. Receipts jumped by 10.8 percent in fiscal 2000, the fastest rate of growth since 1987. The increase reflected large gains in the income and wealth of individuals as well as a marked im provement in corporate profits in fiscal 2000, following weak ness in the past several years. Outlays of the Federal Government increased by 5.0 percent in fiscal 2000, an acceleration from average growth of 3.0 percent per year over the prior 7 years. Despite the speedup in spending, growth in outlays was slower than growth in the economy in fiscal 2000, and outlays in relation to GDP de clined to the lowest in almost 35 years. Among major spending categories, outlays accelerated in fiscal 2000 for such func tions as defense, Medicaid, Social Security and farm price Net national saving and investment Net national saving slowed to 6.0 percent of net national product (NNP) in the fourth quarter of 2000 (the latest period for which full detail is available) from an average of 6.7 percent in the first three quarters of the year. (Net saving and Net National Saving NNP exclude depreciation to replace wornout or obsolete (Saving as a percent of NNP) equip ment, software and 15 structures used in production.) For all of 2000, net saving av eraged 6.5 percent. This was 10 down somewhat from 6.8 percent in 1999 and 7.5 percent in 1998 but was well above the 5 55-year low of 3.9 percent in 1993. 0 A further decline in private saving to 2.1 percent in the fourth quarter from 3.2 perPublic -5 cent averaged in the first three quarters of the year accounted for the weakening in net na -10 tional saving at the end of 60 65 70 75 2000. Household saving dropped to -0.6 percent of NNP in the fourth quarter from near zero earlier in the year. Despite falling equity prices last year, wealth generated by the surging stock market in other recent years has reduced the desire of households to save out of current income. (Gains in wealth achieved through higher asset valuations are not in cluded in conventional definitions of saving.) Corporate sav ing also declined in the fourth quarter but was still positive at support, among others. Outlays for Medicare, which did not increase at all from 1997 to 1999, began to grow again in 2000. Net interest expenses declined for the third consecutive year as debt owed to the public was reduced. The budget surplus in fiscal 2000 resulted in a $223 billion reduction in debt held by the public that year. Over the last 3 years, publicly held debt has been cut by a total of $361 billion, or 9.6 percent. At the end of fiscal 2000, debt held by the public represented 34.7 percent of GDP, down from nearly 50 percent 7 years ago and the smallest ratio since 1984. The surplus is projected to rise to $281 billion this fiscal year and continue to grow over at least the next 10 years. Over the fiscal years 2002 to 2011, the cumulative surplus is expected to be $5.6 trillion. About $2.6 trillion of that is off-budget, re served for the Social Security Trust Fund. The Administration proposes using the remaining on-budget surpluses to reduce taxes, continue to retire the Federal debt and provide a reserve for contingencies. 2.7 percent of NNP. For all of 2000, total private saving averaged 2.9 percent of NNP, down from approximately 9 percent in the early 1990s. The swing in the Federal budget from large deficits into sur plus has more than offset the decline in private saving since the first part of the last decade. The total public sector moved from dissaving equivalent to 5.4 percent in 1992 to saving of 3.6 percent in 2000. Most of the Total improvement was in the Federal budget, although State and l o c a l gov e r n m e n t sav i n g strength ened somewhat, as well. Government saving rose further at the end of last year to 3.9 percent in the fourth quarter from 3.5 percent averaged in the first three quarters of the year. Net domestic investment (by government and private indus try in structures, equipment, 80 85 90 95 00 soft ware, a n d i n ven tory) slowed somewhat to 10.2 percent of NNP in the fourth quar ter from 10.6 percent averaged in the first three quarters of the year. Even so, the 10.5 percent averaged for the entire year was the strongest since 1984 and was up sharply from a very low 5.2 percent of NNP in 1991. A large portion of this investment has been financed from abroad, as U.S. net foreign investment swung from 0.3 percent of NNP in 1991 to -4.9 percent last year. 9 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 ap propriated 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 in terest 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 cred its 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 re ceipts 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 appropria tions or fund accounts, or offsetting receipts (i.e., amounts de posited in receipt accounts). The former normally can be used without 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 appro priations. 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); offset ting 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 catego ries: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt ac counts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Govern ment accounts; and (3) offsetting governmental receipts which 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 transac tions—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 au thority 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 off-budget Federal entities) as employers into employees’ retirement funds; (2) in terest 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 pre sentation 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 enti ties 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 In surance 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 Emer gency 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 900-922)] 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. 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 enti ties 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 Re ceipts and Outlays of the United States Government.” 10 FEDERAL FISCAL OPERATIONS • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Fed eral securities, monetary assets and balances in Treasury oper ating 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, ex cise taxes, estate and gift taxes, customs duties and net miscel laneous 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 regions and districts and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liabil ity 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 de linquent 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. Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Second-Quarter Receipts The following capsule analysis of budget receipts, by source, for the second quarter of fiscal 2001 sup plements fiscal data reported in the March 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 $217.3 billion for the second quarter of fis cal 2001. This is an increase of $15.5 billion over the compara ble prior year quarter. Withheld receipts increased by $14.6 billion and non-withheld receipts increased by $5.7 billion dur ing this period. Refunds increased by $4.8 billion over the com parable fiscal 2000 quarter. There was a decrease of $4.0 billion in accounting adjustments between individual income tax re ceipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 2000. Corporate income taxes—Net corporate income tax re ceipts were $26.4 billion for the second quarter of fiscal 2001. This is a decrease of $5.0 billion compared to the prior year sec ond quarter. The $5.0 billion change is comprised of a decrease of $1.3 billion in estimated and final payments, and an increase of $3.7 billion in corporate refunds. Em ploy ment taxes and contri bu tions—Em ploy ment taxes and contributions receipts for the second quarter of fiscal 2001 were $172.6 billion, an increase of $13.4 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 $8.3 billion, $1.5 billion, and $3.5 billion, respectively. There was a $3.8 bil lion accounting adjustment for prior years employment tax lia bilities made in the second quarter of fiscal 2001, while there was a -$0.2 billion adjustment in the second quarter of fiscal 2000. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the second quarter of fiscal 2001 were $4.0 billion, a negligible change over the comparable quarter of fiscal 2000. Net State taxes deposited in the U.S. Treasury increased by $0.1 billion to $2.9 billion. Net Fed eral Unemployment Tax Act (FUTA) taxes did not change significantly from $1.1 billion. Contributions for other insurance and retirement— Contributions for other insurance and retirement were $1.2 billion for the second quarter of 2001. This was an increase of $0.1 billion from the comparable quarter of fiscal 2000. The growth in contributions will remain relatively flat over the next few years as the number of employees covered by the Federal Employees’ Retirement System (FERS) grows slowly relative to those covered under the Civil Service Retirement System (CSRS). Excise taxes—Net excise tax receipts for the second quarter of fiscal 2001 were $16.4 billion, an increase of $0.3 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.5 billion, a decrease of $0.1 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.5 billion for the second quarter of fiscal 2001. These receipts represent an increase of $0.2 billion over the same quarter in fiscal 2000. Customs duties—Customs duties net of refunds were $4.8 billion for the second quarter of fiscal 2001. This is an increase of $0.5 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the second quarter of fiscal 2001 were $10.5 billion, an increase of $1.0 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve Banks increasing by $0.9 billion. FEDERAL FISCAL OPERATIONS 11 Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source, con. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: Financial Management Service] Second quarter January - March Actual fiscal year to date Budget estimates (February 2001) full fiscal 2001 Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,767 2,392,473 2,136,946 On-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,676 1,794,450 1,633,076 Off-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,091 598,024 503,870 Total outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,218 2,317,368 1,856,238 On-budget outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,203 1,921,641 1,508,504 Off-budget outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,015 395,728 347,734 Total surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22,451 75,106 280,708 On-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -87,527 -127,192 124,572 Off-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,078 202,297 156,136 Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,667 -84,304 -235,935 Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7,215 41,748 2,659 Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,999 -32,550 -47,432 Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,451 -75,106 280,708 Means of financing: Second-Quarter Net Budget Receipts by Source, Fiscal 2001 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Jan. Feb. Mar. Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135.7 48.0 33.6 Corporate income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7 -1.5 22.1 Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62.3 50.9 59.5 Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 2.1 0.2 Contributions for other insurance and retirement. . . . . . . . . . . . . . . . . . . . . . 0.4 0.5 0.4 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 4.1 7.1 Estate and gift taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 1.9 2.2 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 1.5 1.7 Miscellaneous receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 3.1 3.3 Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219.2 110.5 130.1 Note: Detail may not sum to totals due to independent rounding. 12 FEDERAL FISCAL OPERATIONS CHART FFO-A.— Monthly Receipts and Outlays, 2000-2001 (In billions of dollars) 300 On-budget receipts 250 200 Off-budget receipts 150 100 On-budget outlays 50 0 Off-budget outlays -50 A M CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2000-2001 J J A S O N D J F M A (In billions of dollars) 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2001 2000 * Individual Social Corporate income insurance income taxes and taxes retirement receipts Excise taxes Misc. receipts Estate/gift Customs taxes duties * Prior-year data are for the comparable period. Notes: Miscellaneous receipts 2001—Receipts and outlays have been increased by $3 million in March 2001 to reflect the reclassification of the “Gift and donations, National Space Grant prrogram” from an offsetting intrabudgetary receipt to a budgetary receipt. Miscellaneous receipts 2000—Receipts have been increased and outlays have been correspondingly increased by $16 million in September 2000 to reflect additional reporting by the Department of Housing and Urban Development. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Total receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) 1996 1 . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . 1999 . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . 1,452,763 1,578,977 1,721,421 1,827,302 2,025,038 1,085,271 1,186,987 1,305,621 1,382,834 1,544,455 367,492 391,989 415,800 444,468 480,583 1,560,094 1,601,595 1,651,383 1,702,942 1,788,140 1,259,638 1,290,594 1,334,781 1,382,164 1,457,375 300,455 311,000 316,602 320,778 330,765 -107,331 -22,618 70,039 124,360 236,897 -174,367 -103,607 -29,160 670 87,079 67,036 80,989 99,198 123,691 149,818 252,891 189,634 112,831 128,230 23,761 2001 - Est . . . . . . . . . 2002 - Est . . . . . . . . . 2,136,946 2,191,734 1,633,076 1,660,814 503,870 530,920 1,856,238 1,960,564 1,508,504 1,601,414 347,734 359,150 280,708 231,170 124,572 59,400 156,136 171,770 -3,454 39,048 2000 - Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 2001 - Jan . . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . 135,582 295,148 146,002 214,875 134,074 138,128 219,471 135,111 125,666 200,489 219,215 110,481 130,071 94,587 244,662 107,469 168,318 97,681 101,429 176,692 101,120 89,215 161,737 171,001 70,555 84,120 40,996 50,486 38,533 46,556 36,393 36,699 42,779 33,990 36,450 38,752 48,214 39,926 45,951 170,962 135,651 149,612 158,986 129,013 148,555 153,744 146,431 149,356 167,823 142,836 158,649 180,733 137,864 105,742 114,829 152,307 99,404 115,540 114,843 115,839 116,736 132,747 144,448 123,573 145,182 33,098 29,909 34,783 6,679 29,609 33,016 38,901 30,592 32,620 35,075 -1,612 35,076 35,551 -35,380 159,497 -3,611 55,888 5,061 -10,427 65,726 -11,321 -23,690 32,666 76,379 -48,168 -50,662 -43,278 138,920 -7,360 16,012 -1,723 -14,110 61,849 -14,719 -27,521 28,990 26,553 -53,018 -61,062 7,897 20,577 3,750 39,877 6,784 3,683 3,878 3,398 3,831 3,677 49,827 4,850 10,401 39,628 -87,214 -37,953 39,216 -23,764 18,627 -2,839 -16,018 50,734 -46,117 56,109 19,853 36,646 Fiscal 2001 to date . . 921,032 677,748 243,284 945,827 778,526 167,302 -24,795 -100,778 75,983 101,208 Fiscal year or month Fiscal year or month Borrowing from the public— Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) Means of financing—net transactions, con. Cash and monetary assets (deduct) Reserve position U.S. on the U.S. Treasury Special quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) On-budget surplus or deficit (-) (8) Means of financing -net transactions Borrowing from the public— Off-budget Federal surplus securities or Public deficit debt (-) securities (9) (10) Other (18) Transactions not applied to year’s surplus or deficit (19) Total financing (20) 1996 1 . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . 8,088 -1,857 -3,814 -854 -832 131,266 149,606 160,067 216,070 245,736 129,713 38,171 -51,051 -88,694 -222,807 6,276 -603 -4,743 17,580 -3,799 -408 338 108 2,178 4,033 -4,626 -3,034 3,381 783 908 746 -1,383 7,110 -1,173 -6,292 -21,009 -20,711 -13,701 -17,307 -16,027 615 472 569 1,009 -3,213 107,331 22,618 -70,039 -124,360 -236,897 2001 - Est. . . . . . . . . . . 2002 - Est. . . . . . . . . . . -596 -343 231,885 266,097 -235,935 -227,392 -2,659 - * * * * * * -47,432 -3,778 * * -280,708 -231,170 2000 - Mar . . . . . . . . . . Apr . . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . Oct . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 2001 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . 75 -213 -280 618 -554 -82 31 -458 35 128 -219 -279 -62 -43 25,239 15,523 62,966 6,989 8,550 29,662 13,190 9,444 -9,299 79,881 4,473 4,028 39,746 -112,667 -53,755 -23,131 -31,307 9,995 -32,470 -29,666 41,325 -36,689 -23,990 15,100 32,557 22,808 47,787 -69,470 34,350 -23,384 -20,874 39,479 -42,653 1,432 9,632 45,761 -45,717 7,171 60 788 187 1,135 -187 93 966 -147 200 1,169 757 -655 -262 -191 61 -321 -726 -51 79 927 725 96 -651 824 -949 248 296 -2,464 -32 51 -342 -1,283 -114 -158 -38 1,335 254 -974 -327 18,680 -227 -11,294 2,729 2,750 -20,917 7,956 166 -15,474 16,494 -4,032 -14,987 25,925 -73 -431 -976 -676 -468 -636 46 -1,412 -471 -985 -761 -240 -990 35,380 -159,497 3,611 -55,888 -5,061 10,427 -65,726 11,321 23,690 -32,666 -76,379 48,168 50,662 Fiscal 2001 to date. . . . -855 101,717 -1,364 -24,374 1,062 296 92 8,092 -4,859 24,795 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” the source for this table. Note.—These figures are based on the fiscal 2002 budget, released by the Office of Management and Budget on April 9, 2001. 14 FEDERAL FISCAL OPERATIONS 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”] Income taxes Fiscal year or month Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) So cial insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . 533,080 580,207 646,483 693,940 780,397 212,234 250,819 281,590 308,246 358,110 88,897 93,560 99,476 122,706 134,046 656,417 737,466 828,597 879,480 1,004,461 189,055 204,492 213,270 216,325 235,655 17,231 22,199 24,593 31,645 28,367 171,824 182,294 188,677 184,680 207,288 828,241 919,760 1,017,274 1,064,160 1,211,749 474,134 503,749 537,733 578,244 618,075 1,644 1,051 2,071 1,508 1,965 472,490 502,698 535,662 576,736 616,110 2001 - Est . . . . . . . . . . . 2002 - Est . . . . . . . . . . . 1,072,927 1,078,789 - - 1,072,927 1,078,789 213,069 218,786 - 213,069 218,786 1,285,996 1,297,575 651,098 685,018 - 651,098 685,018 2000 - Mar. . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 2001 - Jan . . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . 75,161 56,113 65,946 59,516 64,474 62,057 59,766 68,287 62,855 78,133 84,319 70,179 67,068 7,867 155,467 23,359 44,169 4,068 7,851 48,230 8,799 2,321 6,468 52,714 3,462 7,676 38,239 27,343 25,619 3,228 2,241 1,874 3,593 1,118 4,686 1,116 1,330 25,610 41,153 44,789 184,237 63,687 100,458 66,301 68,033 104,402 75,969 60,489 83,485 135,702 48,030 33,591 27,546 30,256 7,427 41,899 6,605 6,579 46,183 7,113 4,292 53,192 7,778 3,474 26,986 3,273 2,562 1,654 1,366 1,592 1,903 2,746 5,404 2,245 1,886 2,066 4,973 4,849 24,272 27,694 5,773 40,534 5,013 4,674 43,437 1,709 2,047 51,307 5,712 -1,499 22,137 69,061 211,931 69,460 140,992 71,314 72,707 147,839 77,678 62,536 134,792 141,414 46,531 55,728 52,117 64,743 48,750 60,078 46,677 49,704 55,328 44,839 48,235 52,598 61,804 50,499 59,074 1,965 * - 52,117 64,743 48,750 60,078 46,677 47,739 55,328 44,839 48,235 52,598 61,804 50,498 59,074 Fiscal 2001 to date . . . . 430,840 81,440 75,014 437,266 102,836 21,424 81,412 518,678 317,049 - 317,048 Fiscal year or month Social insurance and retirement receipts, con. Em ployment and general retirement, con. Net Unemployment insurance employment Net Railroad retirement and general unemployment Gross Refunds Net retirement Gross Refunds insurance (12) (13) (14) (15) (16) (17) (18) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 1996 1 . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . 3,966 4,063 4,381 4,150 4,348 93 12 28 7 8 3,872 4,052 4,353 4,143 4,338 476,362 506,750 540,016 580,880 620,447 28,687 28,307 27,595 26,655 27,755 103 105 111 175 115 28,584 28,202 27,484 26,480 27,641 4,389 4,344 4,261 4,399 4,693 80 74 74 73 70 4,469 4,418 4,335 4,472 4,763 2001 - Est . . . . . . . . . . 2002 - Est . . . . . . . . . . 4,407 4,513 - 4,407 4,513 655,505 689,531 29,560 31,946 - 29,560 31,946 4,523 4,259 68 62 4,591 4,321 2000 - Mar . . . . . . . . . . Apr . . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept . . . . . . . . . Oct . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 2001 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . 452 353 466 -44 465 394 347 410 301 334 455 378 416 4 * 3 * 6 * -7 2 * * * 9 -9 447 352 464 -44 459 394 354 408 301 334 455 370 424 52,565 65,095 49,212 60,034 47,136 48,132 55,682 45,247 48,536 52,932 62,259 50,868 59,499 336 2,578 10,789 323 2,161 3,600 175 1,512 2,435 264 1,601 2,150 227 19 22 11 12 17 16 7 3 4 4 5 3 19 317 2,557 10,778 311 2,145 3,584 168 1,509 2,431 260 1,596 2,147 209 441 364 398 420 365 359 437 395 410 361 355 450 422 6 7 5 7 4 7 7 4 7 6 4 8 5 447 370 403 426 369 366 443 399 416 367 359 457 427 Fiscal 2001 to date . . . 2,294 2 2,292 319,341 8,190 38 8,152 2,393 33 2,426 See footnote at end of table. FEDERAL FISCAL OPERATIONS 15 TABLE FFO-2.—On-budget and Off-budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Social insurance and retirement receipts, con. Net social insurExcise taxes Highway Trust Fund ance and Airport and Airway Trust Fund Black Lung Disability Trust Fund retirement receipts Gross Gross Refunds Net Gross Refunds Net Refunds Net (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) Gross (32) Miscellaneous Refunds Net (33) (34) 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . 509,415 539,371 571,835 611,832 652,851 2,405 4,044 7,556 10,395 9,784 21 37 43 4 46 2,384 4,007 7,513 10,391 9,739 614 614 636 596 518 - 614 614 636 596 518 25,309 24,665 26,515 40,325 36,514 329 798 805 1,148 1,015 24,980 23,867 25,710 39,177 35,499 27,698 29,368 24,524 20,760 23,831 1,662 931 714 524 721 26,036 28,437 23,810 20,236 23,110 2001 - Est . . . . . . . . . . . 2002 - Est . . . . . . . . . . . 689,656 725,798 10,414 11,183 - 10,414 11,183 555 570 - 555 570 35,431 36,539 - 35,431 36,539 24,748 25,728 - 24,748 25,728 2000 - Mar . . . . . . . . . . . Apr . . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . Sept . . . . . . . . . . Oct . . . . . . . . . . . Nov . . . . . . . . . . . Dec . . . . . . . . . . . 2001 - Jan . . . . . . . . . . . Feb . . . . . . . . . . . Mar . . . . . . . . . . . 53,329 68,022 60,394 60,771 49,650 52,082 56,293 47,155 51,383 53,559 64,214 53,473 60,135 685 775 849 952 789 864 1,497 496 876 596 758 763 684 * 13 9 11 21 - 685 775 836 952 789 855 1,487 496 876 596 758 742 684 23 47 52 24 53 49 51 37 49 6 50 42 33 - 23 47 52 24 53 49 51 37 49 6 50 42 33 2,092 2,617 3,475 3,799 3,511 3,465 4,640 2,078 2,805 1,533 2,876 2,770 1,875 2 229 278 216 1 322 - 2,090 2,617 3,246 3,799 3,511 3,187 4,424 2,077 2,805 1,533 2,876 2,447 1,875 3,034 2,548 1,277 1,409 1,715 1,545 1,863 1,681 2,348 3,851 1,692 857 4,507 110 53 20 91 45 57 56 56 48 120 70 14 36 2,924 2,495 1,257 1,318 1,669 1,488 1,807 1,625 2,300 3,730 1,623 842 4,471 Fiscal 2001 to date . . . . 329,919 4,174 21 4,153 217 - 217 13,937 323 13,614 14,936 344 14,595 Fiscal year or month Ex cise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Net mis cellaneous receipts Deposits Universal serof earn ings vice fund Customs duties by Federal and all Gross Refunds Net Reserve Banks other Total (39) (40) (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) 1996 1 . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . 54,015 56,926 57,669 70,399 68,866 17,592 20,356 24,631 28,386 29,722 403 511 555 603 711 17,189 19,845 24,076 27,782 29,010 19,788 19,872 19,689 19,486 21,139 1,117 1,945 1,392 1,150 1,226 18,671 17,927 18,297 18,336 19,913 20,477 19,636 24,540 25,917 32,293 4,755 5,513 7,730 8,860 10,354 25,232 25,149 32,270 34,777 42,647 1,085,271 1,186,987 1,305,621 1,382,817 1,544,455 367,492 391,989 415,800 444,468 480,583 2001 - Est . . . . . . . . . . 2002 - Est . . . . . . . . . . 71,148 74,020 31,072 28,699 - 31,072 28,699 21,442 22,537 - 21,442 22,537 26,599 31,893 11,033 11,212 37,632 1,633,076 43,105 1,660,814 503,870 530,920 2000 - Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept. . . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 2001 - Jan. . . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . 5,722 5,934 5,391 6,093 6,022 5,580 7,769 4,235 6,030 5,865 5,307 4,074 7,064 2,438 4,291 2,546 2,139 1,919 2,371 2,224 2,966 2,214 1,919 2,449 1,944 2,270 59 49 67 52 47 67 56 98 73 56 46 64 54 2,379 4,243 2,480 2,087 1,872 2,304 2,168 2,868 2,141 1,863 2,403 1,879 2,215 1,799 1,561 1,682 1,850 1,858 2,130 1,873 1,972 1,737 1,576 1,752 1,540 1,729 119 58 83 83 77 59 49 72 97 115 58 66 76 1,681 1,503 1,598 1,767 1,781 2,071 1,823 1,900 1,640 1,461 1,694 1,474 1,653 2,482 2,797 5,949 2,447 2,584 2,471 2,304 1,024 1,252 2,236 3,227 2,064 2,143 930 718 729 718 851 912 1,276 251 684 713 955 985 1,133 3,412 3,515 6,678 3,165 3,435 3,383 3,579 1,275 1,935 2,949 4,183 3,050 3,276 94,587 244,662 107,469 168,318 97,681 101,429 176,692 101,120 89,215 161,737 171,001 70,555 84,120 40,996 50,486 38,533 46,556 36,393 36,699 42,779 33,990 36,450 38,752 48,214 39,926 45,951 Fiscal 2001 to date . . 32,576 13,762 392 13,369 10,306 484 9,822 11,946 4,723 16,669 677,748 243,284 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” the source for this table. Note.—These figures are based on the fiscal 2002 budget, released by the Office of Management and Budget on April 9, 2001. 16 FEDERAL FISCAL OPERATIONS 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”] DepartDepartDepart- ment of DepartJudicial ment of ment of Defense, ment of branch Agriculture Commerce military Education (2) (3) (4) (5) (6) Department Department Depart- of Health of Housing Department of and Human and Urban ment of Energy Services Development the Interior (7) (8) (9) (10) Department of Justice (11) Department of Labor (12) Fiscal year or month Legislative branch (1) 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . 2,272 2,361 2,543 2,612 2,913 3,061 3,259 3,463 3,793 4,087 54,338 52,558 53,949 62,839 75,658 3,703 3,780 4,047 5,036 7,931 253,258 258,330 256,136 261,379 281,234 29,900 30,013 30,492 32,435 33,308 16,199 14,470 14,444 16,054 15,010 319,803 339,492 350,564 359,700 382,627 25,512 27,833 30,224 32,736 30,830 6,720 6,724 7,234 7,814 8,020 11,951 14,291 16,129 18,318 19,561 32,496 30,461 30,003 32,459 31,355 2001 - Est . . . . . . . . . . . 2002 - Est . . . . . . . . . . . 3,086 3,268 4,300 4,856 69,599 63,250 5,549 5,182 283,915 303,449 36,652 45,230 16,739 17,245 430,466 468,787 37,299 34,791 8,687 9,275 20,689 22,527 38,220 42,042 2000 - Mar. . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 2001 - Jan . . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . 237 209 271 219 201 187 197 521 229 229 228 207 247 408 306 319 323 322 346 411 283 401 338 350 353 459 4,183 4,467 3,841 4,470 3,462 4,421 10,048 8,379 6,756 7,248 7,122 5,245 5,892 729 731 1,406 983 594 631 485 511 490 442 358 376 415 28,278 20,425 22,708 28,523 18,665 23,683 27,142 20,093 23,335 28,040 20,746 21,541 30,002 4,293 2,534 2,997 2,689 1,415 3,513 1,483 2,558 2,756 4,032 3,272 3,898 4,562 1,136 1,080 1,222 1,384 1,097 1,121 1,973 1,245 1,261 1,447 1,367 1,128 1,593 38,100 27,601 32,255 36,311 27,909 34,894 31,676 34,353 33,622 35,379 32,107 32,554 39,761 3,667 1,924 2,732 3,573 1,546 2,456 2,267 2,932 2,860 3,748 1,206 2,155 3,660 565 597 491 783 516 573 980 858 786 670 596 581 582 1,876 1,438 1,894 1,604 1,406 1,687 1,595 1,878 2,057 1,728 1,912 1,509 1,710 2,350 2,589 2,401 2,621 2,620 2,752 2,504 2,601 2,596 2,892 3,902 2,065 3,608 Fiscal 2001 to date . . . . 1,661 2,184 40,642 2,592 143,758 21,078 8,043 207,777 16,561 4,073 10,795 17,665 Fiscal year or month Department of Depart- the Treasury, DepartDepartDepart- ment of interest ment of the ment of Corps ment Transpor- on the Treasury, Veterans of of State tation Public Debt other Affairs Engineers (13) (14) (15) (16) (17) (18) Other EnvironFederal Defense, mental Executive Emergency civil Protection Office of the Management programs Agency President Agency (19) (20) (21) (22) General InterServices national Admin- Assistance istration Program (23) (24) 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . 4,953 5,237 4,585 6,463 6,849 38,777 39,838 39,468 41,836 45,965 343,955 355,796 363,824 353,511 362,118 21,375 23,585 26,276 33,191 29,125 36,915 39,279 41,775 43,169 47,087 3,833 4,186 4,334 32,535 33,833 31,215 32,008 32,861 6,046 6,167 6,300 6,752 7,240 202 219 213 416 284 2,101 4,040 3,143 625 1,083 1,136 -46 25 9,716 10,191 9,001 10,061 12,084 2001 - Est . . . . . . . . . . . 2002 - Est . . . . . . . . . . . 9,302 9,700 50,611 54,861 357,907 350,951 30,642 30,588 45,235 51,480 4,571 4,351 34,400 35,402 7,495 7,596 289 309 3,145 3,216 603 -223 11,351 12,058 2000 - Mar. . . . . . . . . . . Apr . . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . . Oct . . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 2001 - Jan . . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . 481 483 486 478 536 458 566 1,010 671 862 611 524 641 3,743 3,180 3,900 4,228 3,787 4,856 4,181 4,731 4,216 4,043 3,396 3,500 3,916 20,889 19,879 26,802 75,884 19,333 22,301 18,231 19,755 25,690 19,506 79,731 19,810 18,724 8,076 3,016 2,312 1,494 1,453 471 -4,203 479 571 649 633 16,371 7,983 5,857 2,174 4,015 5,279 1,921 3,719 5,618 2,247 3,623 5,493 2,096 4,049 6,270 332 327 330 423 355 403 399 397 440 413 289 364 337 2,771 2,779 2,765 2,742 2,743 2,755 2,751 2,742 2,796 2,791 2,874 2,882 2,900 691 553 637 629 544 646 771 670 565 607 562 625 595 25 21 23 20 21 22 21 17 22 17 20 27 46 233 208 216 279 120 140 150 248 248 258 215 236 388 137 45 101 46 -108 -107 -230 426 -396 167 38 -63 24 369 1,457 499 528 1,344 852 959 748 669 4,264 1,008 532 1,208 Fiscal 2001 to date . . . . 4,320 23,802 183,216 26,687 23,777 2,241 16,985 3,625 152 1,594 197 8,431 See footnote at end of table. FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3.—On-budget and Off-budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and National Office of Small Space Science Personnel Business AdminisFoun- Manage- Administration dation ment tration (25) (26) (27) (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and Employer Interest royalties share, received on the Outer employee by trust Continental retirement funds Shelf lands (31) (32) (33) Allowances and other (34) Total outays OnOffbudget budget (35) (36) 1996 1 . . . . . . . . . . . . . . 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455 1997 1 . . . . . . . . . . . . . . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 1998 1 . . . . . . . . . . . . . . 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 1999 . . . . . . . . . . . . . . . 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 2000 . . . . . . . . . . . . . . . 13,442 3,487 48,660 -422 441,810 10,361 -37,851 -128,911 -4,580 -1,503 1,457,375 330,765 2001 - Est . . . . . . . . . . . 13,777 3,967 50,978 -971 463,006 4,933 -39,153 -142,548 -6,931 -1,572 1,508,504 347,734 2002 - Est . . . . . . . . . . . 14,248 4,359 53,351 687 488,182 21,351 -41,559 -152,402 -5,884 -1,960 1,601,414 359,150 2000 - Mar. . . . . . . . . . . 1,214 281 4,081 166 38,488 1,691 -2,963 -1,119 -307 * 137,864 33,098 Apr . . . . . . . . . . . 1,065 252 4,360 213 33,759 929 -2,755 -100 -93 * 105,742 29,909 May . . . . . . . . . . 1,183 258 3,820 37 38,100 960 -2,918 -5,674 -779 * 114,829 34,783 June. . . . . . . . . . 1,276 318 4,082 51 43,109 -4,083 -2,936 -57,907 -435 * 152,307 6,679 July . . . . . . . . . . 972 316 4,303 23 34,301 2,552 -2,831 -86 -837 -1,502 99,404 29,609 Aug . . . . . . . . . . 1,197 379 4,050 -430 36,994 -1,414 -2,827 -1,727 -448 * 115,540 33,016 Sept . . . . . . . . . . 1,196 317 4,118 298 39,708 5,317 -6,638 -420 -127 * 114,843 38,901 Oct . . . . . . . . . . . 1,153 262 4,288 64 34,663 954 -2,837 -859 -938 * 115,839 30,592 Nov . . . . . . . . . . 1,217 304 3,872 160 36,599 262 -2,932 -5,778 -616 * 116,736 32,620 Dec . . . . . . . . . . 1,316 295 4,308 -74 40,046 1,537 -2,733 -1,979 -156 - 132,747 35,075 2001 - Jan. . . . . . . . . . . 889 281 4,426 -50 35,907 517 -2,810 -60,009 -957 - 144,448 -1,612 Feb . . . . . . . . . . 1,103 279 4,098 56 38,473 766 -2,836 -1,797 -942 -1,024 123,573 35,076 Mar . . . . . . . . . . 1,270 282 4,173 54 41,148 1,639 -3,081 -206 -69 - 145,182 35,551 Fiscal 2001 to date . . . . 6,948 1,702 25,164 210 226,834 5,674 -17,227 -70,629 -3,679 -1,025 778,526 167,302 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” the source for this table. Note.—These figures are based on the fiscal 2002 budget, released by the Office of Management and Budget on April 9, 2001. 18 FEDERAL FISCAL OPERATIONS TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, March 2001 and Other Periods [In millions of dollars. Source: Financial Management Service] Classification Budget receipts: Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . Corporation income taxes . . . . . . . . . . . . . . . . . . . . . Social insurance and retirement receipts: Employment and general retirement (off-budget) . . . . . . . . . . . . Employment and general retirement (on-budget) . . . . . . . . . . . . Unemployment insurance . . . . . . . . . . . . . . . . . . Other retirement . . . . . . . . . . . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . (On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . (Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . Budget outlays: Legislative branch . . . . . . . . . . . . . . . . . . . . . . . . . . . Judicial branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Department of Agriculture . . . . . . . . . . . . . . . . . . . . . Department of Commerce. . . . . . . . . . . . . . . . . . . . . Department of Defense-military . . . . . . . . . . . . . . . . Department of Education . . . . . . . . . . . . . . . . . . . . . Department of Energy . . . . . . . . . . . . . . . . . . . . . . . . Department of Health and Human Services . . . . . . . Department of Housing and Urban Development . . . Department of the Interior . . . . . . . . . . . . . . . . . . . . . Department of Justice . . . . . . . . . . . . . . . . . . . . . . . . Department of Labor . . . . . . . . . . . . . . . . . . . . . . . . . Department of State . . . . . . . . . . . . . . . . . . . . . . . . . Department of Transportation . . . . . . . . . . . . . . . . . . Department of theTreasury: Interest on the public debt . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Department of Veterans Affairs. . . . . . . . . . . . . . . . . Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . Other defense civil programs . . . . . . . . . . . . . . . . . . Environmental Protection Agency . . . . . . . . . . . . . . . Executive Office of the President . . . . . . . . . . . . . . . Federal Emergency Management Agency . . . . . . . . General Services Administration. . . . . . . . . . . . . . . . International Assistance Program . . . . . . . . . . . . . . . National Aeronautics and Space Administration . . . . National Science Foundation . . . . . . . . . . . . . . . . . . Office of Personnel Management . . . . . . . . . . . . . . . Small Business Administration . . . . . . . . . . . . . . . . . Social Security Administration. . . . . . . . . . . . . . . . . . Other independent agencies. . . . . . . . . . . . . . . . . . . Undistributed offsetting receipts: Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . (On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . (Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . Surplus (+) or deficit (-) . . . . . . . . . . . . . . . . . . . (On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . (Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . - No transactions. * Less than $500,000. This fiscal year to date Prior fiscal year to date Management, Management, consolidated, consolidated, revolving and revolving and Trust General funds special funds Trust funds Total funds General funds special funds funds (1) (2) (3) (4) (5) (6) (7) Total funds (8) 437,242 81,409 24 - 4 437,266 81,412 417,320 80,160 23 - 3 417,343 80,163 - - 243,284 243,284 - - 229,136 229,136 13,999 13,369 6,429 12,513 564,961 283 2,993 3,712 7,011 76,056 8,152 2,426 18,294 400 443 349,060 76,056 8,152 2,426 32,576 13,369 9,822 16,669 921,032 12,332 13,857 6,051 14,892 544,612 246 2,970 3,760 6,998 66,020 8,098 2,384 19,499 349 241 325,730 66,020 8,098 2,384 32,077 13,857 9,370 18,893 877,340 564,961 7,011 105,775 677,748 544,612 6,998 96,593 648,204 - - 243,284 243,284 - - 229,136 229,136 1,321 2,039 23,374 2,522 141,135 21,093 9,346 138,795 18,724 4,091 6,423 4,014 4,065 844 281 165 16,993 69 2,567 -15 -1,303 63 -2,164 -162 349 -975 134 -180 59 -19 275 * 56 * * 68,920 * 144 4,023 14,627 121 23,137 1,661 2,184 40,642 2,592 143,758 21,078 8,043 207,778 16,561 4,073 10,795 17,665 4,320 23,801 1,273 1,601 22,649 2,987 138,324 18,694 8,927 127,388 17,944 3,814 6,513 3,788 3,617 524 344 300 22,302 115 1,726 -16 -1,795 -19 -1,613 76 529 -767 125 -115 11 158 -4 * 37 * * 64,609 188 2,894 12,848 100 21,425 1,628 2,060 44,948 3,102 140,087 18,677 7,132 191,979 16,332 4,079 9,936 15,869 3,842 21,834 183,216 27,728 23,663 1,713 16,119 3,727 152 1,783 90 9,173 6,951 1,683 2,728 393 20,936 3,626 -1,054 -395 152 4 -50 * -189 107 -823 4 21 -184 * -2,099 13 509 376 862 -53 * * * 82 -3 15 22,415 * 205,898 4,147 183,216 26,687 23,778 2,241 16,985 3,625 152 1,594 197 8,431 6,948 1,702 25,164 210 226,835 5,675 179,689 25,803 24,123 1,572 15,330 3,520 155 1,714 103 7,503 6,554 1,625 2,480 -696 24,016 3,820 -1,234 -273 122 * -43 * 315 174 -687 * 5 81 * -1,743 14 511 404 996 -18 * * * -369 * 22 21,441 * 191,823 4,026 179,689 24,583 24,361 2,098 16,325 3,459 155 2,030 278 6,447 6,554 1,647 23,925 -615 215,840 6,103 -4,705 676,761 2 11,317 -70,629 -17,227 257,750 -70,629 -21,931 945,827 -1,860 653,494 * 17,911 -62,997 -16,946 241,175 -62,997 -18,806 912,579 676,761 12,766 88,999 778,526 653,494 19,225 81,993 754,711 - -1,449 168,751 167,302 - -1,314 159,182 157,868 -111,800 -4,306 91,310 -24,795 -108,881 -10,912 84,555 -35,239 -111,800 -5,755 16,777 -100,778 -108,881 -12,226 14,601 -106,507 - 1,449 74,534 75,983 - 1,314 69,954 71,268 19 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The De part ment of the Trea sury’s (Trea sury’s) op er at ing cash is main tained in ac counts with the Fed eral Re serve Banks (FRBs) and branches, as well as in tax and loan ac counts in other fi nan cial in sti tu tions. Ma jor infor ma tion sources in clude FRBs, Trea sury Re gional Financial Cen ters, In ter nal Rev e nue Ser vice Cen ters, Bu reau of the Pub lic Debt and var i ous elec tronic sys tems. As the FRB ac counts are de pleted, funds are called in (with drawn) from thou sands of tax and loan ac counts at fi nan cial in sti tu tions through out the coun try. est-bearing ob li ga tions can par tic i pate. The pro gram per mits Trea sury to col lect funds through fi nan cial in sti tu tions and to leave the funds in TT&L depositaries and in the fi nan cial com mu ni ties in which they arise un til Trea sury needs the funds for its op er a tions. In this way, Trea sury is able to neu tral ize the ef fect of its fluc tu at ing op er a tions on TT&L fi nan cial in sti tu tion reserves and on the economy. Likewise, those institutions wish ing to re mit the funds to the Trea sury ac count at FRBs do so as col lec tor depositaries. Under authority of Pub lic Law 95-147 (cod i fied at 31 United States Code 323), Trea sury im ple mented a pro gram on November 2, 1978, to in vest a por tion of its op er at ing cash in ob li ga tions ofdepositaries main tain ing tax and loan ac counts. Un der the Trea sury tax and loan (TT&L) in vest ment pro gram, depositary financial insti tu tions se lect the manner in which they will partic i pate. Fi nan cial in sti tu tions wish ing to re tain funds deposited into their tax and loan accounts in in ter De posits to tax and loan ac counts oc cur as cus tom ers of fi nan cial in sti tu tions de posit tax pay ments, which the fi nan cial institutions use to purchase Government securities. In most cases, this in volves a trans fer of funds from a cus tomer’s ac count to the tax and loan ac count in the same fi nan cial in sti tu tion. Also, Trea sury can di rect theFRBs to in vest ex cess funds in tax and loan ac counts di rectly from the Trea sury ac count at the FRBs. TA BLE UST-1.—El e ments of Change in Fed eral Re serve and Tax and Loan Note Ac count Bal ances [In mil lions of dol lars. Source: Fi nan cial Man age ment Servic e] Credits and with draw als Fis cal year or month Fed eral Re serve ac counts Credits 1 Re ceived through re mit tance op tion tax and Re ceived di rectly loan depositaries (1) (2) With drawals (3) 2 Tax and loan note ac counts Withdrawals (trans fers to Fed eral 3 Taxes Re serve ac counts) (4) (5) 1996 . . . . . . . . . . . . . . . 4,366,413 194,156 4,561,495 629,083 621,887 1997 . . . . . . . . . . . . . . . 4,263,210 191,134 4,454,345 775,799 776,394 1998 . . . . . . . . . . . . . . . 4,238,957 259,197 4,500,895 969,668 971,671 1999 . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . 4,893,279 259,019 5,150,608 1,048,120 1,032,230 4,921,490 253,060 5,172,731 1,189,835 1,195,453 2000 - Mar . . . . . . . . . . . 498,369 22,969 521,985 114,557 91,103 Apr . . . . . . . . . . . May . . . . . . . . . . 484,630 21,079 494,199 103,024 66,748 443,369 19,902 473,694 90,790 149,837 June. . . . . . . . . . July . . . . . . . . . . 400,829 24,136 424,203 114,290 80,702 300,458 19,529 320,803 88,465 111,033 Aug . . . . . . . . . . 385,320 20,049 404,800 86,804 108,247 Sept . . . . . . . . . . 358,343 21,567 377,412 114,239 77,258 Oct. . . . . . . . . . . 345,471 23,028 371,598 90,496 130,050 Nov . . . . . . . . . . Dec . . . . . . . . . . 391,392 23,201 415,670 92,324 89,915 360,311 37,075 396,619 148,829 139,964 2001 - Jan . . . . . . . . . . . 435,357 30,632 465,777 119,774 74,136 Feb . . . . . . . . . . 404,264 26,349 430,914 97,112 142,528 Mar . . . . . . . . . . 409,750 30,301 439,350 122,393 115,924 See foot notes at end of ta ble. 20 AC COUNT OF THE U.S. TREA SURY TA BLE UST-1.—El e ments of Change in Fed eral Re serve and Tax and Loan Note Ac count Bal ances, con. [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Balances Fis cal year or month End of pe riod Federal Tax and loan Reserve note accounts (6) (7) High Federal Tax and loan Reserve note ac counts (8) (9) Dur ing pe riod Low Federal Tax and loan Reserve note ac counts (10) (11) Federal Reserve (12) Average Tax and loan note ac counts (13) 1996 . . . . . . . . . . . . . . . 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 1997 . . . . . . . . . . . . . . . 7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 1998 . . . . . . . . . . . . . . . 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 1999 . . . . . . . . . . . . . . . 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 2000 . . . . . . . . . . . . . . . 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 2000 - Mar . . . . . . . . . . 4,357 40,413 7,611 65,592 4,357 6,200 5,344 14,148 Apr . . . . . . . . . . 15,868 92,557 29,444 105,593 4,357 21,839 6,396 48,357 May . . . . . . . . . 5,445 23,087 25,635 97,979 3,428 23,087 7,060 64,520 June . . . . . . . . . 6,208 51,299 13,668 76,650 3,387 227 6,232 37,036 July. . . . . . . . . . 5,392 28,661 6,208 52,749 4,267 27,439 5,172 37,435 Aug. . . . . . . . . . 5,961 7,218 6,262 24,165 3,943 1,958 5,047 9,466 Sept . . . . . . . . . 8,459 44,199 11,392 54,308 3,717 853 6,695 21,950 Oct. . . . . . . . . . 5,360 4,646 8,459 44,199 4,207 426 6,338 13,246 Nov. . . . . . . . . . 4,382 7,055 6,228 32,813 4,231 860 5,093 10,621 Dec. . . . . . . . . . 5,149 15,920 10,984 30,535 3,872 2,609 5,758 11,603 2001 - Jan . . . . . . . . . . 5,256 61,574 14,460 68,650 3,832 11,090 6,682 36,481 Feb. . . . . . . . . . 4,956 16,158 6,713 45,805 3,446 5,083 4,894 16,003 Mar. . . . . . . . . . 5,657 22,627 8,284 32,582 4,057 97 5,390 6,732 1 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties other than Gov ern ment ac count se ries and taxes. 2 Rep re sents checks paid, wire trans fer pay ments,drawdownson let ters of credit, re demp tions of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds out of this ac count to the tax and loan note ac counts. 3 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be ginning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion income taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988. 21 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Fed eral agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed infor mation 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 ac counts in Federal securities is published in the “Monthly Trea sury Statement of Receipts and Outlays of the United States Government.” Effective January 1, 2001, Treasury’s Bureau of the Pub lic 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 Ta ble 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) com piles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in these tables to agree with the Bureau of the Public Debt’s publication changes. • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and dis count 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 classi fied as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. • Table FD-2 (Historical) categorizes by type interest bearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securi ties—that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates de termined by law. Others invest in market-based special Trea sury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has de clined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Fed eral 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 in terest 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 longterm securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securi ties by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is com prised of an average of remaining periods to maturity, weighted by the amount of each security held by private inves tors. 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 be ing subject to the debt ceiling. • In table FD-6 (Historical), the same debt information is compared as in table FD-6. Changes in the non-interestbearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital pro jects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 22 FEDERAL DEBT TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Amount outstanding End of fiscal year or month 1996 . 1997 . 1998 . 1999 . 2000 . . . . . . . . . . . . . . . . Government accounts Total Public debt securities Agency securities (1) (2) The public Total Public debt securities Agency securities Total Public debt securities Agency securities (3) (4) (5) (6) (7) (8) (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,259,842 5,446,320 5,555,552 5,684,776 5,701,850 5,224,811 5,413,146 5,526,193 5,656,271 5,674,178 35,030 33,173 29,359 28,505 27,672 1,454,609 1,603,862 1,767,778 1,989,308 2,235,763 1,447,003 1,596,765 1,763,860 1,988,674 2,235,710 7,606 7,098 3,917 634 51 3,805,233 3,842,458 3,787,774 3,695,468 3,466,087 3,777,808 3,816,381 3,762,333 3,667,597 3,438,469 27,424 26,075 25,442 27,871 27,621 2000 - Mar. . Apr. . May . June . July . Aug . Sept . Oct. . Nov . Dec . 2001 - Jan . . Feb . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,801,544 5,713,047 5,674,829 5,714,216 5,686,531 5,705,463 5,701,850 5,684,542 5,736,948 5,689,593 5,743,229 5,762,738 5,800,558 5,773,392 5,685,108 5,647,170 5,685,938 5,658,807 5,677,822 5,674,178 5,657,328 5,709,699 5,662,216 5,716,071 5,735,859 5,773,740 28,152 27,939 27,659 28,278 27,724 27,641 27,672 27,214 27,249 27,377 27,158 26,879 26,818 2,085,801 2,111,144 2,127,690 2,190,276 2,197,107 2,206,204 2,235,763 2,248,673 2,258,532 2,248,726 2,328,712 2,333,804 2,339,405 2,085,418 2,110,760 2,127,639 2,190,225 2,197,056 2,206,153 2,235,710 2,248,622 2,258,481 2,248,675 2,328,662 2,333,753 2,339,354 384 384 51 51 51 51 51 51 51 51 51 51 51 3,715,743 3,601,903 3,547,139 3,523,940 3,489,424 3,499,259 3,466,087 3,435,869 3,478,416 3,440,867 3,414,517 3,428,934 3,461,153 3,687,974 3,574,348 3,519,531 3,495,713 3,461,751 3,471,669 3,438,468 3,408,706 3,451,218 3,413,541 3,387,409 3,402,106 3,434,386 27,768 27,555 27,608 28,227 27,673 27,590 27,621 27,163 27,198 27,326 27,107 26,828 26,767 Federal debt securities Net unamortized Amount outpremium standing face Accrual and discount value amount (10) (11) (12) End of fiscal year or month 1996 . 1997 . 1998 . 1999 . 2000 . . . . . . . . . . . . . . . . Securities held by Government accounts Net Amount outunamortized standing face premium Accrual value and discount amount (13) (14) (15) Securities held by the public Net unamortized Amount outpremium Accrual standing face and discount amount value (16) (17) (18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,259,842 5,446,320 5,555,552 5,684,776 5,701,850 77,933 76,633 76,849 78,696 72,842 5,181,910 5,369,687 5,478,704 5,606,080 5,629,009 1,454,609 1,603,862 1,767,778 1,989,308 2,235,763 5,643 7,000 10,687 16,148 16,867 1,448,966 1,596,862 1,757,090 1,973,160 2,218,896 3,805,233 3,842,458 3,787,774 3,695,468 3,466,087 72,289 69,633 66,162 62,548 55,975 3,732,944 3,772,825 3,721,613 3,632,920 3,410,113 2000 - Mar. . Apr. . May . June . July . Aug . Sept . Oct. . Nov . Dec . 2001 - Jan . . Feb . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,801,544 5,713,047 5,674,829 5,714,216 5,686,531 5,705,463 5,701,850 5,684,542 5,736,948 5,689,593 5,743,229 5,762,738 5,800,558 78,130 77,059 77,074 76,625 73,259 73,648 72,842 72,009 73,646 72,280 70,026 69,962 71,196 5,723,415 5,635,988 5,597,755 5,637,590 5,613,272 5,631,817 5,629,009 5,612,533 5,663,302 5,617,313 5,673,204 5,692,777 5,729,362 2,085,801 2,111,144 2,127,690 2,190,276 2,197,107 2,206,204 2,235,761 2,248,673 2,258,532 2,248,726 2,328,712 2,333,804 2,339,405 15,834 15,937 16,960 16,580 16,423 16,970 16,867 16,718 17,002 16,496 16,601 17,219 18,793 2,069,968 2,095,207 2,110,730 2,173,695 2,180,684 2,189,234 2,218,896 2,231,955 2,241,530 2,232,230 2,312,111 2,316,585 2,320,613 3,715,743 3,601,903 3,547,139 3,523,940 3,489,424 3,499,259 3,466,087 3,435,869 3,478,416 3,440,867 3,414,517 3,428,934 3,461,153 62,296 61,122 60,114 60,045 56,836 56,676 55,975 55,291 56,644 55,784 53,425 52,743 52,403 3,653,447 3,540,781 3,487,025 3,463,895 3,432,588 3,442,583 3,410,113 3,380,578 3,421,772 3,385,083 3,361,093 3,376,193 3,408,749 FEDERAL DEBT 23 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) Inflation-indexed notes and bonds (6) Nonmarketable Total (7) 2001 - Jan. . . . . . . . 3,388,014 2,961,864 656,148 1,555,056 623,368 127,292 426,149 Feb . . . . . . . 3,402,738 2,973,797 680,659 1,534,890 631,024 127,225 428,940 Mar . . . . . . . 3,435,029 3,002,409 712,032 1,534,868 627,510 127,999 432,621 End of fiscal year or month U.S. savings securities (8) Foreign series (9) Nonmarketable, con. Government State and local account series government series (10) (11) Domestic series (12) Other (13) 2001 - Jan . . . . . . . . . . . . . . . 184,596 24,936 35,649 147,898 29,996 3,074 Feb . . . . . . . . . . . . . . 184,693 24,936 36,338 149,904 29,996 3,074 Mar . . . . . . . . . . . . . . 184,815 24,736 37,047 152,887 29,996 3,139 * Effective June 2001, FMS revised procedures and categories in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” 24 FEDERAL DEBT TABLE FD-2.—Interest-Bearing Public Debt (Historical) [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Total interest-bearing public debt (1) End of fiscal year or month 1996. 1997. 1998. 1999. 2000. . . . . . . . . . . . . . . . Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Treasury inflation-indexed notes and bonds (6) Federal Financing Bank (7) Nonmarketable Total (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,220,790 5,407,528 5,518,681 5,647,241 5,622,092 3,418,371 3,439,616 3,331,030 3,232,998 2,992,752 761,232 701,909 637,648 653,165 616,174 2,098,670 2,122,172 2,009,115 1,828,775 1,611,326 543,469 576,151 610,444 643,695 635,263 24,384 58,823 92,365 114,988 15,000 15,000 15,000 15,000 15,000 1,802,419 1,967,912 2,187,651 2,414,242 2,629,341 2000 - Mar . Apr . May . June . July . Aug . Sept . Oct . Nov . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,763,794 5,646,150 5,637,059 5,675,889 5,648,865 5,667,989 5,622,092 5,647,557 5,700,007 5,618,061 3,261,231 3,119,260 3,092,397 3,070,730 3,046,111 3,056,536 2,992,752 2,993,882 3,036,727 2,966,885 753,288 651,307 636,604 629,928 620,616 647,355 616,174 618,548 682,134 646,855 1,732,606 1,693,993 1,692,174 1,679,094 1,663,128 1,642,643 1,611,326 1,608,758 1,589,592 1,557,304 652,964 650,964 639,739 637,739 633,239 636,763 635,263 631,262 629,012 626,512 107,373 107,996 108,879 108,970 114,127 114,774 114,988 120,313 120,989 121,215 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 2,502,564 2,526,890 2,544,662 2,605,158 2,602,754 2,611,454 2,629,341 2,653,675 2,663,279 2,651,176 End of fiscal year or month 1996 . 1997 . 1998 . 1999 . 2000 . . . . . . . . . . . . . . . . U.S. savings securities (9) Foreign series (10) Nonmarketable, con. Government State and local account series government series (11) (12) Domestic series (13) Other (14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,147 182,665 180,816 180,019 177,724 37,488 34,909 35,079 30,970 25,431 1,454,690 1,608,478 1,777,329 2,005,166 2,242,900 95,674 111,863 164,431 168,091 153,288 29,995 29,995 29,995 29,995 29,996 424 1 1 1 1 2000 - Mar . Apr. . May . June . July . Aug . Sept . Oct. . Nov . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,625 178,526 177,754 177,726 177,813 177,669 177,724 177,949 178,142 176,866 28,768 28,668 28,518 27,731 25,431 25,431 25,431 25,431 25,111 27,161 2,103,309 2,127,484 2,146,678 2,209,352 2,214,507 2,223,995 2,242,900 2,267,351 2,277,298 2,266,127 161,865 162,216 161,716 160,352 155,007 154,362 153,288 152,948 152,731 151,026 29,995 29,995 29,996 29,996 29,996 29,996 29,996 29,996 29,996 29,996 1 1 1 1 1 1 1 1 1 1 FEDERAL DEBT 25 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 1996. 1997. 1998. 1999. 2000. . . . . . . . . . . . . . . . Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Federal Employees Exchange Disability Life Insur Stabilization Insurance ance Fund Fund Trust Fund (4) (5) (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-age and Housing Survivors Administra Insurance tion Trust Fund (9) (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,454,690 1,608,478 1,777,329 2,005,166 2,242,900 7,682 6,360 8,550 12,414 13,097 22,186 26,329 27,445 28,359 29,126 16,962 18,038 19,377 20,755 22,372 11,853 15,460 15,981 12,382 11,029 50,051 63,513 76,947 92,622 113,667 377,677 407,202 440,145 474,692 507,225 125,805 116,621 118,250 153,767 168,859 7,894 13,643 14,518 15,152 17,267 499,403 567,445 653,282 762,226 893,519 2000 - Mar . Apr . May . June . July . Aug . Sept . Oct . Nov . Dec . 2001 - Jan. . Feb . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,103,309 2,127,484 2,146,678 2,209,352 2,214,507 2,223,995 2,242,900 2,267,351 2,277,298 2,266,127 2,348,243 2,354,000 2,360,298 12,605 12,809 12,888 13,121 13,209 13,199 13,097 13,441 14,136 14,402 13,654 13,740 13,703 28,468 28,260 29,008 29,993 29,042 29,281 29,126 29,339 29,673 29,360 29,818 30,010 30,146 21,603 21,129 21,985 22,027 22,038 22,375 22,372 22,431 22,758 22,562 22,727 23,025 23,026 13,337 13,504 13,577 12,645 12,714 12,637 11,029 10,951 10,876 9,929 9,984 10,026 10,069 101,069 104,501 105,451 110,623 111,510 112,500 113,667 114,122 114,798 114,695 120,689 121,623 123,356 478,204 475,706 474,235 489,286 486,710 484,250 507,225 504,825 502,533 500,188 515,284 512,711 510,317 146,069 154,147 153,584 161,848 163,771 163,625 168,859 168,069 169,272 171,622 183,507 183,604 182,106 16,634 16,634 16,457 16,986 16,987 17,642 17,267 16,764 18,012 18,011 19,028 18,631 19,956 823,344 840,622 843,466 877,948 883,378 889,172 893,519 896,121 898,026 901,597 945,071 948,901 958,190 Unemploy ment Trust Fund (19) Other (20) End of fiscal year or month 1996 . 1997 . 1998 . 1999 . 2000 . . . . . . . . . . . Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplemen tary Medical Government Insurance Life InsurHighway Trust Fund ance Fund Trust Fund (12) (13) (14) National Service Life Railroad Insurance Retirement Postal Fund Service Fund Account (15) (16) (17) Treasury deposit funds (18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694 1,806 2,087 2,304 2,508 27,175 34,464 39,502 26,528 45,075 99 - 11,660 22,341 17,926 28,083 31,023 12,007 12,023 12,008 11,954 11,804 860 860 1,000 1,086 14,763 17,486 19,764 22,347 22,628 77 74 71 71 62 53,849 61,880 70,598 77,357 86,399 213,993 222,933 239,878 264,153 266,154 2000 - Mar . Apr . May June July Aug Sept Oct . Nov Dec 2001 - Jan . Feb. Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,331 2,328 2,340 2,354 2,383 2,430 2,508 2,428 2,441 2,455 2,468 2,477 2,487 44,709 46,950 46,275 45,265 46,042 45,392 45,075 45,133 44,346 42,846 45,055 45,579 45,560 - 26,152 26,334 27,297 27,550 28,756 29,188 31,023 30,269 30,859 24,545 25,316 26,023 25,712 11,881 11,803 11,723 12,066 11,990 11,907 11,804 11,727 11,653 11,581 11,914 11,827 11,727 69 615 1,086 600 403 - 22,206 22,261 22,381 22,372 22,531 22,660 22,628 22,708 22,756 22,722 22,764 22,838 22,950 69 69 66 66 66 62 62 62 18 18 - 75,739 75,056 84,542 85,915 85,267 87,882 86,399 85,477 86,897 85,269 85,902 85,941 83,139 278,889 275,371 281,403 279,287 278,044 279,178 266,154 293,484 298,244 293,727 294,657 297,044 297,854 26 FEDERAL DEBT TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government” and Financial Management Service] Federal Deposit Insurance Corporation Total outstanding (1) Federal Savings and Loan Insurance Corporation, Resolution Fund (2) Department of Housing and Urban Development Federal Housing Administration (3) Farm Credit System Financial Assistance Corp. (4) Other independent Tennessee Valley Authority (5) 1996 . . . . . . . . . . . . . . . . . 35,030 126 82 1,261 1997 . . . . . . . . . . . . . . . . . 33,173 95 68 1998 . . . . . . . . . . . . . . . . . 29,359 63 1999 . . . . . . . . . . . . . . . . . 28,505 2000 . . . . . . . . . . . . . . . . . Postal Service (6) Other (7) 28,683 4,406 472 1,261 27,386 3,898 465 174 1,261 26,685 717 458 63 114 863 26,378 634 451 27,672 63 227 775 25,987 51 569 2000 - Mar . . . . . . . . . . . . . . 28,152 63 168 864 26,225 384 448 Apr . . . . . . . . . . . . . . 27,939 63 173 864 26,005 384 450 May . . . . . . . . . . . . . . 27,659 63 184 864 26,046 51 451 June. . . . . . . . . . . . . . 28,278 63 185 864 26,663 51 452 July . . . . . . . . . . . . . . 27,724 63 205 864 26,088 51 453 Aug . . . . . . . . . . . . . . 27,641 63 210 864 25,886 51 568 Sept . . . . . . . . . . . . . . 27,672 63 227 775 25,987 51 569 Oct . . . . . . . . . . . . . . 27,214 63 237 775 25,517 51 570 Nov . . . . . . . . . . . . . . 27,249 63 239 775 25,549 51 572 Dec . . . . . . . . . . . . . . 27,377 63 255 775 25,660 51 573 2001 - Jan . . . . . . . . . . . . . . 27,158 63 275 775 25,420 51 574 Feb . . . . . . . . . . . . . . 26,879 63 291 775 25,135 51 564 Mar . . . . . . . . . . . . . . 26,818 63 307 775 25,057 51 565 End of fiscal year or month FEDERAL DEBT 27 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 Market Finance, 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) 1996 . . . . . . . . . . . . . . 3,011,185 1,058,558 1,212,258 1997 . . . . . . . . . . . . . . 2,998,846 1,017,913 1998 . . . . . . . . . . . . . . 2,856,637 1999 . . . . . . . . . . . . . . 10-20 years (5) 20 years or more (6) 306,643 111,360 322,366 5 yrs. 3 mos. 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos. 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos. 2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos. 2000 . . . . . . . . . . . . . . 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 2000 - Mar . . . . . . . . . . . 2,743,400 1,001,796 889,900 372,500 151,049 328,156 5 yrs. Apr . . . . . . . . . . . 2,600,311 893,167 857,878 371,881 151,048 326,337 5 yrs. 10 mos. May . . . . . . . . . . . 2,570,193 876,491 860,823 362,767 155,082 315,031 5 yrs. 10 mos. June . . . . . . . . . . 2,549,041 877,788 842,755 362,792 151,975 313,732 5 yrs. 10 mos. July . . . . . . . . . . . 2,524,546 871,922 822,703 367,915 150,725 311,281 5 yrs. Aug . . . . . . . . . . . 2,530,893 887,294 822,565 355,767 168,672 296,595 5 yrs. 10 mos. Sept . . . . . . . . . . 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. Oct . . . . . . . . . . . 2,451,427 847,999 784,391 354,418 164,211 300,407 5 yrs. 10 mos. Nov . . . . . . . . . . . 2,491,065 908,769 773,442 345,276 164,211 299,365 5 yrs. Dec . . . . . . . . . . . 2,423,503 871,579 746,162 344,615 162,096 299,050 5 yrs. 10 mos. 2001 - Jan. . . . . . . . . . . . 2,428,525 879,611 741,178 348,632 162,096 297,008 5 yrs. Feb . . . . . . . . . . . 2,434,842 876,447 749,391 342,160 169,386 297,457 5 yrs. 10 mos. Mar . . . . . . . . . . . 2,430,055 902,824 722,106 342,556 168,191 294,378 5 yrs. 1 Beginning September 1976, the maturity distribution and average length were calculated on the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in 1997) are excluded from the average length calculation. Published data were changed for the end of the fiscal years back through 1967. Note.— Details may not add to totals due to rounding. Average length 1 (7) 7 mos. 9 mos. 9 mos. 9 mos. 9 mos. 28 FEDERAL DEBT TABLE FD-6.—Debt Subject to Statutory Limit* [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Securities outstanding subject to limit Debt subject to limit End of fiscal year or month Statutory debt limit (1) Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2001 - Jan . . . . . . . . . . . . . . . . 5,950,000 5,636,375 5,636,231 144 5,716,071 144 79,840 Feb . . . . . . . . . . . . . . . 5,950,000 5,655,895 5,655,754 140 5,735,859 140 80,105 Mar . . . . . . . . . . . . . . . 5,950,000 5,692,496 5,692,323 173 5,773,740 173 81,416 1 Consists of guaranteed debt issued by the Federal Housing Administration. * Effective June 2001, FMS revised procedures and categories in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” TABLE FD-6.—Debt Subject to Statutory Limitation (Historical) [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Debt outstanding subject to limitation End of fiscal year or month 1 Statutory debt limit (1) Total (2) Public debt (3) Interest-bearing debt subject to limitation Other debt 1 (4) Public debt (5) Other debt (6) Non-interestbearing debt subject to limitation (7) 1996 . . . . . . . . . . . . . . . . . . . 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956 1997 . . . . . . . . . . . . . . . . . . . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546 1998 . . . . . . . . . . . . . . . . . . . 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448 1999 . . . . . . . . . . . . . . . . . . . 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 2000 . . . . . . . . . . . . . . . . . . . 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 2000 - Mar . . . . . . . . . . . . . . . . 5,950,000 5,686,853 5,686,734 119 5,677,792 119 8,942 Apr . . . . . . . . . . . . . . . . 5,950,000 5,622,637 5,622,518 118 5,613,733 118 8,785 May . . . . . . . . . . . . . . . 5,950,000 5,646,910 5,646,762 147 5,638,139 147 8,623 June . . . . . . . . . . . . . . . 5,950,000 5,686,504 5,686,344 160 5,677,802 160 8,542 July . . . . . . . . . . . . . . . 5,950,000 5,599,334 5,599,168 166 5,561,264 166 37,904 Aug . . . . . . . . . . . . . . . 5,950,000 5,561,420 5,561,245 176 5,552,188 176 9,057 Sept . . . . . . . . . . . . . . . 5,950,000 5,600,647 5,600,471 177 5,591,475 177 8,996 Oct . . . . . . . . . . . . . . . . 5,950,000 5,576,713 5,576,517 196 5,567,628 196 8,889 Nov . . . . . . . . . . . . . . . 5,950,000 5,594,586 5,594,384 201 5,585,603 201 8,781 Dec . . . . . . . . . . . . . . . 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 Consists of guaranteed debt issued by the Federal Housing Administration. FEDERAL DEBT 29 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture End of fiscal year or month 1996 1997 1998 1999 2000 . . . . . . . . . . . . . . . Total Farm-Service Agency Rural Utilities Service Rural Housing and Community Development Service Rural Business and Cooperative Development Service Foreign Agricultural Service (1) (2) (3) (4) (5) (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,292 133,301 154,155 182,988 191,596 3,273 9,818 19,937 32,625 27,323 12,040 12,925 13,295 13,837 14,690 6,430 6,676 7,808 8,506 9,413 113 157 203 261 305 647 670 642 761 729 2000 - Mar . Apr . May. June July . Aug. Sept Oct . Nov . Dec . 2001 - Jan . Feb . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,232 180,538 181,581 188,710 187,035 187,370 191,596 200,258 182,032 186,407 195,339 196,484 200,210 24,383 25,923 26,148 27,206 27,808 23,166 27,323 32,149 14,808 17,455 21,257 22,506 23,934 14,931 14,931 14,930 14,740 14,740 14,739 14,690 14,425 14,376 14,421 15,028 15,074 15,074 9,665 9,665 9,665 9,665 9,665 9,665 9,413 9,413 9,413 9,423 9,423 9,423 9,423 307 307 307 307 307 307 305 305 305 320 320 320 361 761 761 761 761 761 780 729 725 725 725 725 739 739 Department of Energy End of fiscal year or month 1996 1997 1998 1999 2000 . . . . . . . . . . . . . . . Department of Education (7) Bonneville Power Administration (8) Department of Housing and Urban Development Federal Other Housing Housing Administration programs (9) (10) Department of the Treasury Department of Veterans Affairs Federal Financing Bank (11) Direct Loan Fund (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,399 23,532 35,610 52,440 65,716 2,456 2,499 2,499 2,515 2,513 3,123 3,639 6,579 7,996 7,155 6,909 6,174 5,293 4,628 3,653 47,046 34,944 34,036 28,115 27,836 * * - 2000 - Mar . Apr . May. June July . Aug . Sept Oct . Nov . Dec . 2001 - Jan . Feb . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,414 56,414 56,414 62,913 62,913 67,792 65,716 70,616 70,616 70,616 75,963 75,963 76,158 2,559 2,599 2,464 2,464 2,546 2,453 2,513 2,513 2,513 2,513 2,648 2,648 2,648 7,996 7,996 7,996 7,996 7,996 7,996 7,155 7,155 7,155 7,155 7,155 7,155 7,155 4,203 4,203 4,203 4,203 4,203 4,203 3,653 3,653 3,653 3,653 3,653 3,653 3,653 24,305 23,699 24,102 23,512 23,142 23,039 27,836 26,279 25,169 25,574 24,347 23,923 24,351 - 30 FEDERAL DEBT TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Veterans Affairs, con. End of fiscal year or month Loan Guaranty Fund (13) Export-Import Bank of the United States (14) Railroad Retirement Board (15) Small Business Administration (16) Other (17) 1996 . . . . . . . . . . 1,270 2,736 5,018 8,811 4,021 1997 . . . . . . . . . . 2,028 3,140 5,039 9,406 12,651 1998 . . . . . . . . . . - 3,956 4,993 9,559 9,745 1999 . . . . . . . . . . - 6,603 4,848 9,825 10,030 2000 . . . . . . . . . . - 6,683 4,874 10,012 10,694 2000 - Mar . . . . . . . - 6,665 6,342 8,981 12,720 Apr . . . . . . . - 6,665 6,606 8,981 11,787 May . . . . . . - 6,970 6,851 8,981 11,789 June . . . . . . - 6,970 4,138 9,954 13,879 July. . . . . . . - 4,921 4,397 9,954 13,681 Aug. . . . . . . - 4,921 4,611 10,012 13,684 Sept . . . . . . - 6,683 4,874 10,012 10,694 Oct . . . . . . . - 6,683 5,129 10,012 11,201 Nov. . . . . . . - 6,683 5,365 10,012 11,241 Dec. . . . . . . - 6,683 5,635 9,329 12,908 2001 - Jan . . . . . . . - 6,683 5,912 9,329 12,897 Feb . . . . . . . - 6,683 6,165 9,329 12,905 Mar . . . . . . . - 7,327 6,430 10,083 12,876 * Less than $500,000. FEDERAL DEBT 31 CHARTS FD-A.—Average Length of Privately Held Marketable Debt (Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.) Years 6 5.5 March 31, 2001 5 Years, 9 Months 5 J F M A M J J 81 85 A S O N D Years 12 June 1947 10 Years, 5 Months 10 8 Dec. 1975 2 Years, 5 Months 6 4 2 0 45 49 53 57 61 65 69 73 77 89 93 97 01 32 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Trea sury securities. The Secretary determines the terms and condi tions 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 State ment of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to mar ketable Treasury securities. • Table PDO-1 provides a maturity schedule of inter est-bearing marketable Treasury notes and bonds. All unmatured Treasury notes and bonds are listed in maturity or der, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Fed eral Reserve Banks (FRBs), so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 13- and 26-week bills. Treasury bills mature each Thursday. Issues of 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 pre sented, with the dollar value of awards made on both competi tive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The FRBs tally into investor classes the tenders in each auction of marketable se curities other than weekly auctions of 13- and 26-week bills. TREASURY FINANCING: JANUARY-MARCH [Source: Bureau of the Public Debt, Office of Financing] JANUARY Auction of 10-Year Inflation-Indexed Notes On January 3, 2001, Treasury announced it would auction $6,000 million of 10-year inflation-indexed notes to raise cash. The 10-year inflation-indexed notes of January 2011 were dated January 15, 2001, and issued January 16, 2001. They are due January 15, 2011, with interest payable on July 15 and Jan uary 15 until maturity. Accrued interest of $0.09669 per $1,000, covering the period from January 15, 2001, to January 16, 2001, was payable with each accepted tender. Treasury received tenders for the notes before 12 noon eastern standard time (e.s.t.) for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on January 10. Tenders totaled $10,110 million; Treasury accepted $6,000 million at the high yield of 3.522 percent with an equivalent adjusted price of 99.818. Tenders at the high yield were allot ted 17 percent. The median yield was 3.470 percent, and the low yield was 3.370 percent. Noncompetitive tenders totaled $79 million. Competitive tenders accepted from private inves tors totaled $5,922 million. The minimum par amount required for STRIPS of infla tion-indexed notes is $1,000. Auction of 2-Year Note On January 17, Treasury announced it would auction $10,000 million of 2-year notes of Series L-2003. The issue was to refund $28,398 million of securities maturing January 31 and to pay down about $18,398 million. The notes of Series L-2003 were dated and issued January 31, 2001. They are due January 31, 2003, with interest payable on July 31 and January 31 until maturity. Treasury set an inter est 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 noon e.s.t for noncompetitive tenders and before 1 p.m. e.s.t. for compet itive tenders on January 24. Tenders totaled $26,358 million; Treasury accepted $10,004 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.760 percent with the equivalent price of 99.981. Tenders at the high yield were allotted 1 percent. The median yield was 4.740 percent, and the low yield was 4.690 percent. Noncompetitive tenders totaled $981 million. Competitive tenders accepted from private investors totaled $9,023 million. In addition to the $10,004 million of tenders accepted in the auction process, Treasury accepted $2,100 million from Fed eral Reserve Banks (FRBs) as agents for foreign and interna tional monetary authorities. It also accepted $3,333 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2003 is $800,000. Cash Management Bills On December 28, 2000, Treasury announced it would auc tion $30,000 million of 14-day bills. They were issued January PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: JANUARY-MARCH, con. 2, 2001, and matured January 16, 2001. The issue was to raise new cash. Treasury auctioned the bills on January 2, 2001. They totaled $62,790 million. Treasury accepted $30,013 million. The high bank discount rate was 6.44 percent. Debt Buyback Operations In the debt buyback operation held on January 18, 2001, for settlement on January 22, Treasury received $5,242 million of offers. It accepted $1,750 million par amount for a total price paid of $2,120 million (less accrued interest). In the debt buyback operation held on January 25, 2001, for settlement on January 29, Treasury received $5,158 million of offers. It accepted $1,000 million par amount for a total price paid of $1,381 million (less accrued interest). FEBRUARY February Quarterly Financing On January 31, Treasury announced it would auction $11,000 million of 4-3/4-year notes of Series F-2005, $11,000 million of 10-year notes of Series B-2011, and $10,000 million of 30-year bonds. The issue was to refund $25,049 million of Treasury securities maturing February 15 and to raise about $6,951 million of new cash. The 4-3/4-year 5-3/4 percent notes of Series F-2005 were dated November 15, 2000, and issued February 15, 2001. They are due November 15, 2005, with interest payable on May 15 and November 15 until maturity. Accrued interest of $14.61326 per $1,000, covering the period from November 15, 2000, to February 15, 2001, was payable with each ac cepted tender. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for compet itive tenders on February 6. Tenders totaled $21,957 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.904 percent with an equivalent price of 103.527. Treasury accepted in full all competitive tenders at yields lower than 4.904 percent. Tenders at the high yield were allotted 12 percent. The median yield was 4.880 percent, and the low yield was 4.840 percent. Noncompetitive tenders to taled $324 million. Competitive tenders accepted from private investors totaled $10,676 million. In addition to the $11,000 million of tenders accepted in the auction process, Treasury accepted $1,279 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2005 is $800,000. The 10-year notes of Series B-2011 were dated and issued February 15, 2001. They are due February 15, 2011, with in terest payable on August 15 and February 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 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for compet itive tenders on February 7. Tenders totaled $23,061 million; Treasury accepted $11,004 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.067 percent with an equivalent price of 99.479. Tenders at the high yield were allotted 100 percent. Treasury accepted in full all competitive tenders at yields lower than 5.067 percent. The median yield was 5.050 percent, and the low yield was 4.990 percent. Noncompetitive tenders totaled $134 million, including $50 million from FRBs as agents for foreign and international monetary authorities. Competitive tenders accepted from private investors totaled $10,870 million. In addition to the $11,004 million of tenders accepted in the auction process, Treasury accepted $971 million from FRBs for their own account. The minimum par amount required for STRIPS of Series B-2011 is $40,000. The bonds of February 2031 were dated and issued Febru ary 15, 2001. They are due February 15, 2031, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 5-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 8. Tenders totaled $19,491 million; Treasury accepted $10,004 million. All noncompeti tive and successful competitive bidders were allotted securi ties at the high yield of 5.460 percent with an equivalent price of 98.753. Tenders at the high yield were allotted 80 percent. Treasury accepted in full all competitive tenders at yields lower than 5.460 percent. The median yield was 5.448 percent, and the low yield was 5.390 percent. Noncompetitive tenders totaled $60 million, including $25 million from FRBs as agents for foreign and international monetary authorities. Competitive tenders accepted from private investors totaled $9,944 million. In addition to the $10,004 million of tenders accepted in the auction process, Treasury accepted $883 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2031 is $1,600,000. Auction of 2-Year Notes On February 14, Treasury announced it would auction $11,000 million of 2-year notes. The issue was to refund $27,211 million of securities maturing February 28 and to pay down about $16,211 million. The notes of Series M-2003 were dated and issued February 28, 2001. They are due February 28, 2003, with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which ten ders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for compet itive tenders on February 21. Tenders totaled $26,235 million; Treasury accepted $11,009 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.685 percent with an equivalent price of 99.887. Tenders at the high yield were allotted 78 percent. Treasury ac cepted in full all competitive tenders at yields lower than 4.685 percent. The median yield was 4.663 percent, and the low 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. yield was 4.620 percent. Noncompetitive tenders totaled $921 million. Competitive tenders accepted from private investors totaled $10,088 million. In addition to the $11,009 million of tenders accepted in the auction process, Treasury accepted $3,667 million from FRBs for their own accounts. 52-Week Bills On February 22, Treasury announced it would auction $10,000 million of 364-day Treasury bills. They were dated March 1, 2001, and will mature February 28, 2002. The issue was to refund $31,177 million of all maturing bills and to pay down about $1,177 million. Treasury auctioned the bills on February 27. Tenders totaled $18,513 million; Treasury ac cepted $10,002 million. That included $1,125 million of non competitive tenders from the public. Treasury issued an additional $2,757 million to FRBs for their own accounts. The high bank discount rate was 4.240 percent. Cash Management Bills On February 22, Treasury announced it would auction $28,000 million of 50-day bills. The bills were issued Febru ary 28, 2001, and matured April 19, 2001. The issue was to raise new cash. Treasury auctioned the bills on February 27. They totaled $46,911 million. Treasury accepted $28,036 million. The high bank discount rate was 4.95 percent. On February 22, Treasury announced it would auction $26,000 million of 13-day bills. The bills were issued March 2, 2001, and matured March 15, 2001. The issue was to raise new cash. Treasury auctioned the bills on February 28. They to taled $55,963 million. Treasury accepted $26,027 million. The high bank discount rate was 5.39 percent. Debt Buyback Operations In the debt buyback operation held on February 22, 2001, for settlement on February 26, Treasury received $5,536 million of offers. It accepted $1,750 million par amount for a total price paid of $2,385 million (less accrued interest). MARCH Auction of 2-Year Notes On March 21, Treasury announced it would auction $11,000 million of 2-year notes. The issue was to refund $30,047 million of securities maturing March 31 and to pay down about $19,047 million. The notes of Series N-2003 were dated March 31, 2001, and issued April 2, 2001. They are due March 31, 2003, with inter est payable on September 30 and March 31 until maturity. Treasury set an interest rate of 4-1/4 percent after determining which tenders were accepted on a yield auction basis. Accrued interest of $0.23224 per $1,000, covering the period from March 31, 2001, to April 2, 2001, was payable with each ac cepted tender. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for compet itive tenders on March 28. Tenders totaled $30,710 million; Treasury accepted $11,007 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.300 percent with an equivalent price of 99.905. Tenders at the high yield were allotted 4 percent. Treasury ac cepted in full all competitive tenders at yields lower than 4.300 percent. The median yield was 4.285 percent, and the low yield was 4.240 percent. Noncompetitive tenders totaled $1,131 million. Competitive tenders accepted from private in vestors totaled $9,876 million. In addition to the $11,007 million of tenders accepted in the auction process, Treasury accepted $3,667 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series N-2003 is $1,000. Cash Management Bills On March 22, 2001, Treasury announced it would auction $40,000 million of 21-day bills. The bills were issued March 29, 2001, and matured April 19, 2001. The issue was to raise new cash. Treasury auctioned the bills on March 27, 2001. They totaled $59,555 million. Treasury accepted $40,010 million. The high bank discount rate was 4.93 percent. Debt Buyback Operations In the debt buyback operation held on March 1, 2001, for settlement on March 5, Treasury received $5,490 million of offers. It accepted $1,750 million par amount for a total price paid of $2,357 million (less accrued interest). In the debt buyback operation held on March 22, 2001, for settlement on March 26, Treasury received $3,750 million of offers. It accepted $1,750 million par amount for a total price paid of $2,118 million (less accrued interest). In the debt buyback operation held on March 29, 2001, for settlement on April 2, Treasury received $6,197 million of of fers. It accepted $1,000 million par amount for a total price paid of $1,380 million (less accrued interest). PUBLIC DEBT OPERATIONS 35 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 2001 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2001 Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6-1/4%-H note 1 5%-X note 13-1/8% bond 1 8%-B note 1 5-5/8%-T note 6-1/2%-J note 1 5-1/4%-Y note 1 5-3/4%-Z note 6-5/8%-K note 6-5/8%-L note 1 5-1/2%-AB note 1 7-7/8%-C note 13-3/8% bond 6-1/2%-M note 1 5-1/2%-AC note 6-3/8%-N note 1 5-5/8%-AD note 6-1/4%-P note 1 5-7/8%-AE note 15-3/4% bond 1 7-1/2%-D note 5-7/8%-Q note 6-1/8%-R note Issue date (2) 04/30/96 04/30/99 04/02/81 05/15/91 05/15/98 05/31/96 06/01/99 06/30/99 07/01/96 07/31/96 08/02/99 08/15/91 07/02/81 09/03/96 08/31/99 09/30/96 09/30/99 10/31/96 11/01/99 10/07/81 11/15/91 12/02/96 12/31/96 Total . . . . . . . . . . . . . . . . . . 2002 Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 6-3/8%-R note 7-5/8% bond 14-1/4% bond 6-1/4%-D note 1 6-1/2%-S note 6-5/8%-E note 1 6-1/2%-T note 6-5/8%-F note 1 6-3/8%-U note 1 7-1/2%-A note 6-1/2%-G note 1 6-5/8%-V note 6-1/4%-H note 1 6-3/8%-W note 1 3-5/8%-J note 6%-K note 1 6-1/4%-X note 1 6-3/8%-B note 6-1/4%-L note 1 6-1/8%-Y note 1 5-7/8%-M note 1 6%-Z note 1 5-3/4%-N note 7-7/8% bond 11-5/8% bond 1 5-3/4%-P note 1 5-5/8%-AC note 1 5-5/8%-Q note 1 5-1/8%-AD note 1 01/31/97 01/31/00 02/15/77 01/06/82 02/28/97 02/29/00 03/31/97 03/31/00 04/30/97 05/01/00 05/15/92 06/02/97 05/31/00 06/30/97 06/30/00 07/15/97 07/31/97 07/31/00 08/17/92 09/02/97 08/31/00 09/30/97 10/02/00 10/31/97 11/15/77 09/29/82 12/01/97 11/30/00 12/31/97 01/02/01 Total . . . . . . . . . . . . . . . . . . See footnote at end of table. Total (3) Amount of maturities Held by U.S. Govern ment accounts and Federal ReAll other investors serve Banks (4) (5) 13,780 21,034 1,750 12,398 12,874 13,722 19,886 19,001 14,282 14,137 20,541 12,339 1,753 14,000 20,119 14,519 18,798 14,640 19,196 1,753 24,226 33,505 31,166 369,419 2,001 3,629 409 2,031 3,192 1,701 3,657 3,285 2,537 1,785 3,810 1,779 277 1,490 3,746 1,856 3,449 1,216 2,890 245 3,787 4,219 5,128 58,119 11,779 17,405 1,341 10,367 9,682 12,021 16,229 15,716 11,746 12,352 16,731 10,560 1,476 12,511 16,372 12,663 15,349 13,424 16,306 1,508 20,439 29,285 26,039 311,300 13,453 19,381 4,234 1,759 13,800 16,563 14,301 17,238 14,475 17,391 11,714 13,504 14,872 13,059 14,321 18,383 12,231 15,058 23,859 12,732 15,072 12,807 15,144 26,594 1,495 2,753 12,121 15,059 12,052 14,822 410,246 1,386 4,045 1,546 275 1,790 3,584 2,165 3,889 2,165 3,872 2,197 1,679 4,241 1,626 4,211 984 782 4,238 3,876 1,114 3,451 1,344 3,701 4,507 379 684 1,412 3,333 992 3,333 72,799 12,068 15,337 2,688 1,484 12,010 12,980 12,137 13,349 12,310 13,519 9,517 11,825 10,631 11,433 10,110 17,399 11,449 10,820 19,983 11,618 11,621 11,462 11,443 22,087 1,116 2,069 10,709 11,725 11,060 11,489 337,447 36 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 2001, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2003 Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 5-1/2%-C note 1 4-3/4%-L note 10-3/4% bond 1 6-1/4%-A note 1 5-1/2%-D note 1 4-5/8%-M note 1 5-1/2%-E note 1 5-3/4%-F note 10-3/4% bond 1 5-1/2%-G note 1 5-3/8%-H note 8-3/8% bond 11-1/8% bond 1 5-3/4%-B note 1 5-1/4%-J note 8-3/4% bond 11-7/8% bond 4-1/4%-K note Issue date (2) Total (3) 02/02/98 01/31/01 01/04/83 02/16/93 03/02/98 02/28/01 03/31/98 04/30/98 04/04/83 06/01/98 06/30/98 08/15/78 07/05/83 08/16/93 08/17/98 11/15/78 10/05/83 11/16/98 13,101 15,453 3,007 23,563 13,670 14,685 14,173 12,573 3,249 13,132 13,127 2,103 3,501 28,011 19,852 5,230 7,260 18,626 224,315 1,330 3,333 739 2,564 2,337 3,667 2,968 2,550 741 1,712 1,349 789 842 4,188 3,144 1,666 1,653 1,518 37,091 11,771 12,119 2,267 20,999 11,333 11,018 11,205 10,023 2,508 11,420 11,778 1,314 2,659 23,823 16,708 3,564 5,606 17,107 187,224 12,955 17,823 4,606 3,755 14,440 18,925 4,000 13,346 18,090 4,201 8,302 14,374 32,658 167,476 650 2,078 1,061 868 2,333 2,621 874 875 1,617 1,076 1,806 2,774 3,320 21,951 12,305 15,745 3,545 2,887 12,107 16,305 3,127 12,471 16,473 3,125 6,496 11,600 29,338 145,525 2,451 13,835 2,987 4,261 14,740 28,562 9,270 15,003 4,516 15,210 28,063 138,897 858 2,207 1,177 846 2,000 4,441 1,862 2,086 1,261 1,960 3,683 22,381 1,593 11,628 1,811 3,414 12,740 24,121 7,408 12,916 3,256 13,250 24,380 116,516 4,756 15,514 4,284 16,015 22,740 22,460 882 1,943 1,074 2,631 4,277 3,933 3,874 13,571 3,210 13,384 18,464 18,527 Total. . . . . . . . . . . . . . . . . . 2004 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-7/8%-A 1 4-3/4%-E note note 9-1/8% bond 12-3/8% bond 1 7-1/4%-B note 1 5-1/4%-F note 13-3/4% bond 1 7-1/4%-C note 1 6%-G note 10-3/8% bond 1 11-5/8% bond 1 7-7/8%-D note 1 5-7/8%-H note 02/15/94 02/16/99 05/15/79 04/05/84 05/16/94 05/17/99 07/10/84 08/15/94 08/16/99 11/15/79 10/30/84 11/15/94 11/15/99 Total. . . . . . . . . . . . . . . . . . 2005 Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond note 10% bond 1 12% bond 1 6-1/2%-B note 1 6-3/4%-E note 1 10-3/4% bond 1 6-1/2%-C note 12-3/4% bond 1 5-7/8%-D note 1 5-3/4%-F note 1 7-1/2%-A 02/15/80 02/15/95 05/15/80 04/02/85 05/15/95 05/15/00 07/02/85 08/15/95 11/17/80 11/24/95 11/15/00 Total. . . . . . . . . . . . . . . . . . 2006 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnote at end of table. 1 9-3/8% bond 1 5-5/8%-A note 13-7/8% bond 1 6-7/8%-B note 1 7%-C note 1 6-1/2%-D note Amount of maturities Held by U.S. Govern ment accounts and Federal ReAll other serve Banks investors (4) (5) 01/15/86 02/15/96 05/15/81 05/15/96 07/15/96 10/15/96 PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 2001, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity Description (1) 2006 con. Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond Issue date (2) Total (3) 11/16/81 4,489 90,257 975 15,715 3,513 74,543 17,412 13,104 13,958 25,637 10,452 80,562 1,680 1,227 2,064 3,930 1,919 10,819 15,732 11,877 11,894 21,707 8,533 69,743 18,217 13,583 27,191 13,459 25,083 97,533 1,872 1,730 4,425 3,041 3,409 14,477 16,345 11,853 22,766 10,418 21,674 83,057 16,975 4,481 14,795 4,781 27,400 6,006 74,438 964 869 2,249 906 3,425 1,195 9,608 16,012 3,611 12,546 3,875 23,975 4,811 48,818 11,780 23,356 22,438 57,573 407 3,740 2,529 6,676 11,373 19,616 19,909 50,898 6,036 11,976 18,012 111 971 1,081 5,926 11,005 16,931 11,351 5,106 5,891 22,348 1,846 1,167 1,007 4,020 9,505 3,939 4,884 18,328 6,348 18,824 18,824 43,996 1,037 1,099 1,635 3,771 5,311 17,724 17,189 40,225 Total . . . . . . . . . . . . . . . . . . 2007 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-3/8%-A note 1 6-1/4%-B note 1 6-5/8%-C note 1 6-1/8%-D note 10-3/8% bond 02/06/97 02/18/97 05/15/97 08/15/97 11/15/82 Total . . . . . . . . . . . . . . . . . . 2008 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-5/8%-A note 1 5-1/2%-B note 1 5-5/8%-C note 12% bond 4-3/4%-D note 01/15/98 02/17/98 05/15/98 08/15/83 11/16/98 Total . . . . . . . . . . . . . . . . . . 2009 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-7/8%-A note 13-1/4% bond 5-1/2%-B note 12-1/2% bond 1 6%-C note 1 11-3/4% bond 1 1 01/15/99 05/15/84 05/17/99 08/15/84 08/16/99 11/15/84 Total . . . . . . . . . . . . . . . . . . 2010 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4-1/4%-A note 1 6-1/2%-B note 1 5-3/4%-C note 01/18/00 02/15/00 08/15/00 Total . . . . . . . . . . . . . . . . . . 2011 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-1/2%-A note 1 5%-B note ..................................................... 2015 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01/16/01 02/15/01 Total . . . . . . . . . . . . . . . . . . 1 1 11-1/4% bond 10-5/8% bond 1 9-7/8% bond 02/15/85 08/15/85 11/29/85 Total . . . . . . . . . . . . . . . . . . 2016 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9-1/4% bond 7-1/4% bond 7-1/2% bond 02/18/86 05/15/86 11/17/86 Total . . . . . . . . . . . . . . . . . . See footnote at end of table. Amount of maturities Held by U.S. Govern ment accounts and Federal ReAll other investors serve Banks (4) (5) 38 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 2001, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2017 May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 1 8-3/4% bond 8-7/8% bond Issue date (2) Total (3) 05/15/87 08/17/87 16,622 12,674 29,296 2,755 2,058 4,813 13,867 10,616 24,483 7,217 7,639 14,857 1,240 815 2,055 5,978 6,824 12,802 16,330 19,316 35,646 2,296 2,164 4,460 14,034 17,152 31,186 9,888 8,254 18,638 36,780 1,439 1,502 1,982 4,923 8,449 6,752 16,656 31,858 10,255 10,674 10,503 31,432 62,864 945 1,618 1,658 3,093 7,313 9,310 9,056 8,845 28,339 55,551 10,243 8,500 18,742 884 1,601 2,485 9,359 6,899 16,258 17,004 22,659 39,663 2,636 1,554 4,189 14,369 21,106 35,474 9,864 9,864 1,615 1,615 8,249 8,249 10,869 11,715 22,584 1,459 1,800 3,258 9,411 9,916 19,326 12,838 10,303 11,298 34,440 1,115 1,614 1,724 4,453 11,723 8,689 9,574 29,987 Total . . . . . . . . . . . . . . . . . . 2018 May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/16/88 11/22/88 Total . . . . . . . . . . . . . . . . . . 2019 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total . . . . . . . . . . . . . . . . . . 2020 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8-1/2% bond 8-3/4% bond 8-3/4% bond 02/15/90 05/15/90 08/15/90 Total. . . . . . . . . . . . . . . . . . 2021 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 7-7/8% bond 8-1/8% bond 8-1/8% bond 1 8% bond 02/15/91 05/15/91 08/15/91 11/15/91 Total . . . . . . . . . . . . . . . . . . 2022 Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total . . . . . . . . . . . . . . . . . . 2023 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total . . . . . . . . . . . . . . . . . . 2024 Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total . . . . . . . . . . . . . . . . . . 2025 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total . . . . . . . . . . . . . . . . . . 2026 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6% bond 6-3/4% bond 6-1/2% bond 02/15/96 08/15/96 11/15/96 Total . . . . . . . . . . . . . . . . . . See footnote at end of table. Amount of maturities Held by U.S. Govern ment accounts and Federal ReAll other investors serve Banks (4) (5) PUBLIC DEBT OPERATIONS 39 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 2001, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2027 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 6-5/8% 1 6-3/8% 1 6-1/8% bond bond bond Issue date (2) 02/18/97 08/15/97 11/17/97 Total . . . . . . . . . . . . . . . . . . 2028 Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-5/8% 1 5-1/2% 1 5-1/4% bond bond bond 04/15/98 08/17/98 11/16/98 Total . . . . . . . . . . . . . . . . . . 2029 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-1/4% 1 3-7/8% 1 6-1/8% bond bond bond 02/16/99 04/15/99 08/16/99 Total . . . . . . . . . . . . . . . . . . 2030 May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-1/4% bond 02/15/00 Total . . . . . . . . . . . . . . . . . . 2031 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-3/8% bond 02/15/01 Total . . . . . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” Total (3) Amount of maturities Held by U.S. Govern ment accounts and Federal ReAll other investors serve Banks (4) (5) 10,211 10,196 22,326 42,733 1,191 1,640 3,312 6,142 9,020 8,556 19,015 36,591 18,193 11,776 10,947 40,916 976 1,772 1,075 3,823 17,217 10,004 9,872 37,093 11,350 21,002 11,179 43,531 1,459 992 1,075 3,526 9,891 20,010 10,104 40,005 17,043 17,043 1,894 1,894 15,149 15,149 10,887 10,887 883 883 10,004 10,004 40 PUBLIC DEBT OPERATIONS TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Issue date Description of new issue Number Amount of days to of bids Maturity date maturity 1 tendered (1) (2) (3) Amounts of bids accepted On nonOn competi- competitive Total amount tive basis 2 basis 3 (4) (5) (6) On total competitive bids accepted High price per High discount hundred rate (percent) (7) (8) High investment rate (percent) 4 (9) Regular weekly: (13 week and 26 week) 2001 - Jan. 4 . . . . . . 2001 - Apr. 5 91 30,218.4 19,739.2 9,733.8 1,316.6 98.559 5.700 5.864 July 5 182 27,151.5 16,163.3 5,388.2 1,699.3 97.290 5.360 5.586 Apr. 12 91 28,881.0 17,639.2 9,855.9 1,430.3 98.723 5.050 5.188 July 12 182 26,311.0 15,416.2 5,863.0 1,287.2 97.561 4.825 5.014 Apr. 19 91 28,622.6 17,358.6 10,836.6 1,289.3 98.681 5.220 5.361 July 19 182 25,025.1 15,510.0 5,897.3 1,634.4 97.444 5.055 5.261 Apr. 26 91 30,545.1 17,429.5 10,619.5 1,337.7 98.713 5.090 5.229 July 26 182 27,062.4 15,561.5 6,167.1 1,185.6 97.513 4.920 5.115 May 3 91 33,819.8 20,277.8 10,656.0 1,518.3 98.741 4.980 5.114 Aug. 2 182 27,545.7 16,928.2 5,651.3 1,778.8 97.553 4.840 5.031 May 10 91 31,919.5 17,823.8 10,446.6 1,388.9 98.756 4.920 5.053 Aug. 9 182 30,167.2 14,989.2 8,703.6 1,227.5 97.596 4.755 4.940 May 17 91 29,748.1 15,721.6 9,320.9 1,443.6 98.761 4.900 5.032 Aug. 16 182 29,094.7 14,468.7 8,317.2 1,640.2 97.601 4.745 4.929 May 24 91 30,475.7 14,770.4 8,086.6 1,378.3 98.760 4.905 5.036 Aug. 23 182 30,529.8 14,857.8 8,864.6 1,142.9 97.589 4.770 4.955 May 31 91 30,540.8 13,216.1 8,386.2 1,365.9 98.809 4.710 4.835 Aug. 30 182 24,464.6 11,977.3 8,588.2 1,212.3 97.728 4.495 4.662 June 7 91 35,309.9 15,400.8 8,470.9 1,346.1 98.812 4.700 4.822 Sept. 6 182 28,752.7 15,388.3 8,857.5 1,121.2 97.710 4.530 4.700 June 14 91 30,561.2 15,107.6 8,533.3 1,410.6 98.857 4.520 4.638 Sept. 13 182 25,158.9 13,428.6 7,418.1 1,538.8 97.765 4.420 4.585 June 21 91 28,714.4 15,067.9 8,472.8 1,379.4 98.895 4.370 4.482 Sept. 20 182 22,006.0 11,855.0 6,715.1 1,189.8 97.867 4.220 4.371 June 28 91 25,805.3 14,361.8 7,602.9 1,277.0 98.938 4.200 4.305 Sept. 27 182 28,276.5 12,204.5 6,311.9 1,436.2 97.917 4.120 4.266 11 . . . . . 18 . . . . . 25 . . . . . Feb. 1 ...... 8 ...... 15 . . . . . 22 . . . . . Mar. 1 ...... 8 ...... 15 . . . . . 22 . . . . . 29 . . . . . 1 All 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 amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve Banks. 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of ac cepted competitive bids. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. PUBLIC DEBT OPERATIONS 41 TABLE PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) Description of securities 1 Period to final maturity (years, months, days) 2 (2) (3) Amount tendered Amount accepted 3,4 (4) (5) Accepted yield and equivalent price for notes and bonds (6) 04/26/00 05/01/00 6-3/8% note—04/30/02-U 2y 33,052 17,372 05/09/00 05/15/00 6-3/4% note—05/15/05-E 5y 27,183 15,458 6.789 - 99.837 05/10/00 05/15/00 6-1/2% note—02/15/10-B-reopening 9y 11,076 6.475 - 100.153 05/24/00 05/31/00 6-5/8% note—05/31/02-V 2y 30,049 14,838 6.749 - 99.772 05/31/00 06/01/00 6.000% bill—05/31/01 364d 30,672 13,618 06/01/00 06/02/00 5.20% bill—06/14/00 12d 20,045 7,018 06/28/00 06/30/00 6-3/8% note—06/30/02-W 2y 31,326 14,311 6.483 - 99.800 07/12/00 07/17/00 4-1/4% note—01/15/10-A-reopening 9y 11,741 5 5,002 4.030 - 103.539 07/26/00 07/31/00 6-1/4% note—07/31/02-X 2y 31,358 15,037 6.284 - 99.937 08/08/00 08/15/00 6-3/4% note—05/15/05-E-reopening 4y 33,786 13,189 6.060 - 102.787 08/09/00 08/15/00 5-3/4% note—08/15/10-C 10y 21,811 12,357 5.840 - 99.326 08/10/00 08/15/00 6-1/4% bond—05/15/30-reopening 29y 19,340 5,774 5.697 - 107.860 08/14/00 08/15/00 6.35% bill—09/21/00-reopening 57,909 21,018 08/23/00 08/31/00 6-1/8% note—08/31/02-y 31,979 15,038 08/29/00 08/31/00 5.880% bill—08/30/01 364d 26,458 13,033 08/31/00 09/01/00 6.44% bill—09/15/00 14d 61,503 25,011 09/27/00 10/02/00 6% note—09/30/02-Z 2y 34,515 15,184 6.002 - 99.995 10/11/00 10/16/00 3-7/8% bond—4/15/29-reopening 28y 9,923 5,000 3.953 - 103.628 10/25/00 10/31/00 5-3/4% note—10/31/02-N 2y 31,654 14,839 5.845 - 99.823 10/31/00 11/01/00 6.38% bill—12/21/00 52,233 32,021 11/07/00 11/15/00 5-3/4% note—11/15/05-F 5y 24,635 15,804 5.870 - 99.486 11/08/00 11/15/00 5-3/4% note—8/15/10-C-reopening 9y 23,105 10,075 5.865 - 99.134 11/14/00 11/15/00 6.37% bill—12/18/00 33d 36,160 12,035 11/28/00 11/30/00 5.710% bill—11/29/01 364d 26,695 12,512 11/29/00 11/30/00 5-5/8% note—11/30/02-AC 36,474 15,048 11/30/00 12/01/00 6.45% bill—12/15/00 67,780 36,033 12/27/00 01/02/01 5-1/8% note—12/31/02-AD 29,928 14,834 01/02/01 01/02/01 6.44% bill—01/16/01 62,790 30,013 01/10/01 01/16/01 3-1/2% note—01/15/11-A 10,110 6,000 01/24/01 01/31/01 4-3/4% note—01/31/03-L 2y 31,792 15,437 4.760 - 99.981 02/06/01 02/15/01 5-3/4% note—11/15/05-F-reopening 4y 23,236 12,279 4.904 - 103.527 02/07/01 02/15/01 5% note—02/15/11-B 10y 24,031 11,975 5.067 - 99.479 02/08/01 02/15/01 5-3/8% bond—02/15/31 30y 20,374 10,887 5.460 - 98.753 02/21/01 02/28/01 4-5/8% note—02/28/03-M 2y 29,901 14,675 4.685 - 99.887 02/27/01 02/28/01 4.95% bil—04/19/01 50d 46,911 28,036 02/27/01 03/01/01 4.240% bill—02/28/02 364d 21,270 12,759 02/28/01 03/02/01 5.39% bill—03/15/01 13d 55,963 26,027 03/27/01 03/29/01 4.93% bill—04/19/01 21d 59,555 40,010 03/28/01 04/02/01 4-1/4% note—03/31/03-N 34,377 14,674 See footnotes at end of table. 9m 24,011 6m 9m 9m 37d 2y 6m 50d 9m 2y 14d 2y 14d 10y 2y 9m 5 6.484 - 99.798 6.204 - 99.854 5.695 - 99.869 5.130 - 99.990 3.522 - 99.818 4.300 - 99.905 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 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 eligi ble 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. 4 Includes securities issued to U.S. Government accounts and Federal Reserve Banks; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. 5 Interest began to accrue before the issue date (settlement date) of this loan. Note.— Starting with the January 5, 1999, auction, amounts listed as tendered and accepted are amounts tendered and awarded on auction day. Before the January 5, 1999, auction, amounts listed as tendered and accepted are amounts tendered and awarded on issue day. PUBLIC DEBT OPERATIONS 43 TABLE PDO-4A.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Date of financing Description of securities Total issue (1) Federal Reserve Banks (2) Depository institutions 1 (3) Individ uals 2 (4) Dealers and brokers (5) Private pension and retire ment funds (6) Invest ment funds (7) Insurance com panies (8) Foreign and interna tional (9) Other 3 (10) 07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188 08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51 08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68 08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83 08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163 08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185 09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130 10/15/99 3-7/8% note—4/15/29-reopening 7,370 368 499 80 3,127 255 2,722 - 279 40 11/01/99 5-7/8% note—10/31/99-AE 19,196 2,682 71 1,192 12,568 1 634 5 2,005 38 11/15/99 5-7/8% note—11/15/04-H 18,406 2,190 1,020 501 11,565 1 1,638 - 1,465 26 11/15/99 6% note—8/15/09-C-reopening 12,643 2,135 251 81 8,846 * 394 5 800 131 11/30/99 5-7/8% note—11/30/01-Q 19,473 3,143 664 1,157 11,803 6 901 * 1,660 139 12/31/99 6-1/8% note—12/31/01-R 17,195 2,175 606 1,206 12,223 7 843 * 75 60 01/18/00 4-1/4% note—1/15/10-A 6,318 316 602 68 2,552 37 2,335 5 400 3 01/31/00 6-3/8% note—1/31/02-R 19,381 4,045 392 1,513 11,409 2 168 * 1,820 32 02/15/00 5-7/8% note—11/15/04-H-reopening 14,252 1,130 81 897 9,961 * 98 * 1,854 231 02/15/00 6-1/2% note—2/15/10-B 12,278 1,170 75 488 8,713 * 562 - 1,145 125 02/15/00 6-1/4% bond—5/15/30 11,269 1,170 232 127 7,749 - 1,475 - 223 293 02/29/00 6-1/2% note—2/28/02-S 16,563 3,219 217 1,425 8,937 7 760 2 1,795 201 03/31/00 6-1/2% note—3/31/02-T 17,238 3,515 337 1,849 8,897 1 300 1 2,047 r 291 05/01/00 6-3/8% note—4/30/02-U 17,391 3,869 291 1,638 9,065 3 473 * 2,020 32 05/15/00 6-3/4% note—5/15/05-E 15,426 2,357 109 995 10,466 2 193 1 1,230 73 05/15/00 6-1/2% note—2/15/10-B-reopening 11,078 2,570 111 210 6,668 * 644 * 839 36 05/31/00 6-5/8% note—5/31/02-V 14,872 3,838 67 1,845 7,674 1 125 1 1,296 25 06/30/00 6-3/8% note—6/30/02-W 14,321 3,109 58 1,517 7,831 7 112 1 1,476 210 07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9 07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310 08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6 08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350 See footnotes at end of table. 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Date of financing Description of securities Total issue (1) Federal Reserve Banks (2) Depository institutions 1 (3) Individ uals 2 (4) Dealers and brokers (5) Private pension and retirement funds (6) Invest ment funds (7) Insurance com panies (8) Foreign and interna tional (9) Other 3 (10) 08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262 08/31/00 6-1/8% note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269 10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 02/15/01 5% note—2/15/01-B 11,976 971 11 89 8,865 * 860 - 1,155 25 02/15/31 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 04/02/01 4-1/4% note—3/31/03-N 14,677 3,667 60 2,083 5,990 1 1,025 * 1,841 10 * Less than $500,000. Depository institutions include banks. Includes partnerships and personal trust accounts. 3 Residual. 1 2 PUBLIC DEBT OPERATIONS 45 TABLE PDO-4B.—Allotments by Investor Class for Marketable Public Debt Securities, 52-Week Bills** [Dollar amounts in millions. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Date of financing Date of maturity (1) High rate (percent) (2) Total amount issued (3) Allotments by investor class Federal Foreign Reserve Depository Dealers and Pension and Investment Insurance and inter 1 2 Banks institutions Individuals brokers retirement funds companies national (4) (5) (6) (7) (8) (9) (10) (11) All other 3 (12) 10/14/99 10/12/00 5.110 16,734 4,950 9 767 7,933 1 201 - 2,858 15 11/12/99 11/09/00 5.170 15,453 4,540 9 709 8,068 2 273 1 1,833 18 12/09/99 12/07/00 5.350 14,819 4,815 12 755 7,739 1 837 * 634 26 01/06/00 01/04/01 5.645 14,942 4,925 19 904 7,626 2 52 - 1,390 24 02/03/00 02/01/01 5.905 16,226 5,420 9 1,109 7,201 * 100 * 2,362 25 03/02/00 03/01/01 5.840 15,616 4,805 17 1,077 6,931 2 101 1 2,506 176 06/01/00 05/31/01 6.000 13,616 3,605 11 656 6,155 1 308 1 2,365 514 08/31/00 08/30/01 5.880 13,033 3,027 12 457 7,710 2 51 * 1,761 13 11/30/00 11/29/01 5.710 12,517 2,508 7 282 7,388 * 242 - 2,081 9 03/01/01 02/28/02 4.240 12,763 2,757 15 1,132 7,930 1 286 2 601 39 * Less than $500,000. 1 Depository institutions include banks. 2 Includes partnerships and personal trust accounts. 3 Residual. Note.—This series of bills has been discontinued. For detail of offerings, see table PDO-3. ** Beginning July 1999, different procedures and categories are used to classify the bids by type of investor. 46 INTRODUCTION: Savings Bonds and Notes Se ries EE bonds, on sale since July 1, 1980, and se ries I bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds cur rently be ing sold. Se ries HH bonds are is sued in ex change for Se ries E and EE sav ings bonds and sav ings notes. Se ries A-D were sold from March 1, 1935, through April 30, 1941. Se ries E was on sale from May 1, 1941, through De cem ber 31, 1979 (through June 1980 to pay roll sav ers only). Se ries F and G were sold from May 1, 1941, through April 30, 1952. Se ries H was sold from June 1, 1952, through De cem ber 31, 1979. Se ries HH bonds were sold for cash from January 1, 1980, through Oc to ber 31, 1982. Se ries J and K were sold from May 1, 1952, through April 30, 1957. U.S. sav ings notes were on sale May 1, 1967, through June 30, 1970. The notes were el i gi ble for purchase by individuals with the simultaneous pur chase of se ries E sav ings bonds. The prin ci pal terms and con di tions for pur chase and re demption and in for ma tion on in vest ment yields of sav ings notes ap pear in the “Trea sury Bul le tins” of March 1967 and June 1968; and in the An nual Re port of the Sec re tary of the Trea sury for fis cal 1974. TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Mar. 31, 2001 [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Sales 1 (1) Se ries A-D 2 . . . . . . . . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1 Se ries E, EE, H and HH. . . . . . . . . . . . . . 362,395 218,267 580,662 379,201 177,305 7,299 Se ries I. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,005 41 2,046 69 2,152 - Se ries F and G. . . . . . . . . . . . . . . . . . . . . 28,396 1,125 29,521 29,517 - 3 Se ries J and K. . . . . . . . . . . . . . . . . . . . . 3,556 198 3,754 3,753 - - Sav ings notes . . . . . . . . . . . . . . . . . . . . . 862 707 1,569 1,286 27 144 401,163 221,392 622,555 418,828 179,484 7,447 Series Sales plus ac crued dis count (3) Amount out stand ing InterestMa tured nonbear ing debt interest-bearingdebt (5) (6) Accrued discount (2) Redemptions 1 (4) Sav ings bonds: To tal . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H andHH bonds. 2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be foundin the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.” U.S. SAV INGS BONDS AND NOTES 47 TA BLE SBN-2.—Sales and Re demp tions by Pe riod, All Se ries of Sav ings Bonds and Notes Com bined [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Redemptions Sales price 1 (5) To tal (4) Amount out stand ing Matured Interestnon-interestbear ing debt bear ing debt (7) (8) Accrued dis count 1 (6) Fis cal years: 1935-95 . . . . . . . . . . . . . . . . . 370,682 1996 . . . . . . . . . . . . . . . . . 5,936 1997 . . . . . . . . . . . . . . . . . 5,334 1998 . . . . . . . . . . . . . . . . . 4,765 1999 . . . . . . . . . . . . . . . . . 6,530 2000 . . . . . . . . . . . . . . . . . 5,645 173,465 9,822 9,083 9,141 8,394 6,940 544,147 15,758 14,417 13,906 14,924 12,585 360,585 2,495 2,084 14,338 16,614 14,511 279,529 7,234 8,435 6,897 8,072 7,050 80,996 5,261 5,968 7,441 6,781 5,864 181,529 184,423 182,589 180,744 166,529 177,659 1,997 2,292 3,601 5,091 6,169 6,544 Cal en dar years: 1935-97 . . . . . . . . . . . . . . . 392,209 1998 . . . . . . . . . . . . . . . . . 4,870 1999 . . . . . . . . . . . . . . . . . 6,054 2000 . . . . . . . . . . . . . . . . . 996 215,309 9,156 8,788 1,478 607,518 14,026 14,842 2,474 410,423 13,254 14,523 3,144 308,019 6,577 8,510 1,482 102,404 6,677 6,013 1,662 181,133 180,254 179,277 178,900 5,359 6,273 7,005 6,697 649 801 605 649 762 677 641 789 617 665 781 694 662 1,189 1,256 1,119 1,279 1,352 1,398 1,181 1,335 1,180 1,302 1,499 1,252 1,359 1,657 1,464 1,349 1,420 1,351 1,633 1,189 1,144 1,043 1,039 1,693 1,129 1,203 784 694 644 687 672 872 575 556 508 485 838 488 561 656 580 540 579 562 626 483 462 422 459 692 360 433 178,558 178,459 177,688 177,660 177,747 177,604 177,659 177,884 178,079 176,802 176,772 177,049 177,305 6,554 6,435 6,957 6,831 6,734 6,630 6,544 6,493 6,418 7,794 7,607 7,430 7,299 2000 - Mar. . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 2001 - Jan . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . 540 455 514 630 590 721 540 546 563 637 719 558 698 1 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions be tween sales price and ac crued dis count has been es ti mated. TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Sales (1) Accrued discount (2) Fis cal years: 1941-95 . . . . . . . . . 1996 . . . . . . . . . . . 1997 . . . . . . . . . . . 1998 . . . . . . . . . . . 1999 . . . . . . . . . . . 2000 . . . . . . . . . . . 329,121 6,035 5,334 4,765 4,630 3,848 169,936 9,708 9,067 9,141 8,349 6,899 499,057 15,743 14,401 13,906 12,979 10,747 302,428 11,809 8,435 14,136 12,407 11,161 223,816 6,480 7,541 6,954 6,744 5,853 77,650 5,315 6,456 7,182 7,500 6,583 17,980 1,173 1,254 1,190 1,090 924 170,005 172,483 169,969 180,744 166,529 162,749 1,977 2,276 3,584 5,091 6,169 6,525 Cal en dar years: 1941-97 . . . . . . . . . 1998 . . . . . . . . . . . 1999 . . . . . . . . . . . 2000 . . . . . . . . . . . 342,127 4,870 5,460 744 202,456 9,152 8,774 1,473 544,583 14,022 14,234 2,460 336,971 14,123 13,804 1,481 248,824 6,669 6,171 1,258 94,839 6,326 6,435 1,481 21,937 1,981 1,101 188 168,802 167,375 165,702 165,146 5,359 6,250 6,983 6,677 2000 - Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June. . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 2001 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . 430 369 387 378 324 329 336 334 351 414 396 319 375 647 797 601 644 757 671 633 780 607 652 767 679 646 1,184 1,254 1,115 1,276 1,349 1,270 1,177 1,331 1,178 1,243 1,488 1,251 1,356 766 1,354 1,249 1,317 1,246 1,392 1,103 1,057 963 1,023 1,578 1,030 1,106 656 580 540 579 562 626 483 462 422 463 714 382 454 766 686 611 652 600 666 542 520 468 499 810 597 579 112 89 98 86 84 101 78 74 73 69 97 94 114 164,719 164,558 163,679 163,420 163,267 162,876 162,749 162,807 162,799 161,386 161,053 161,101 161,029 6,534 6,416 6,934 6,810 6,713 6,610 6,525 6,448 6,377 7,739 7,560 7,386 7,259 Period See note at end of ta ble. Redemptions Sales Total price (4) (5) Se ries E and EE Accrued discount (6) Amount out stand ing Ex change of Matured E bonds for Interestnon-interestH and HH bonds bear ing debt bear ing debt (7) (8) (9) Sales plus accrued discount (3) 48 TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I, con. [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Period Sales plus accrued discount (3) Accrued discount (2) Sales (1) Redemptions Sales price (5) Total (4) Accrued discount (6) Amount out stand ing Ex change of Matured E bonds for Interestnon-interestH and HH bonds bear ing debt bear ing debt (7) (8) (9) Se ries H and HH Fis cal years: 1952-95. . . . . . . . . 13,556 - 13,556 19,727 19,727 - 17,980 170,005 1,977 16 10 56 167 165 - 16 10 56 167 165 744 893 941 1,280 1,154 744 893 941 1,280 1,154 - 1,173 1,254 1,108 1,080 924 11,940 12,294 12,541 12,813 12,759 16 17 19 19 20 1952-97. . . . . . . . . 1998 . . . . . . . . . . . 1999 . . . . . . . . . . . 2000 . . . . . . . . . . . 13,546 68 40 14 - 13,546 68 40 14 22,313 906 820 217 22,313 906 820 217 - 21,671 857 1,101 188 12,331 12,594 12,869 12,855 23 23 22 20 2000 - Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June. . . . . . . . July . . . . . . . . . 5 1 4 3 3 - 5 1 4 3 3 123 110 100 103 105 123 110 100 103 105 - 112 89 98 86 84 12,839 12,821 12,810 12,797 12,781 20 19 23 22 21 Aug . . . . . . . . . Sept . . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 2001 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . 8 4 3 2 59 - 8 4 3 2 59 105 86 88 80 15 105 86 88 80 15 - 101 78 74 73 69 12,770 12,759 12,724 12,723 12,704 20 20 45 41 56 12 - 12 115 115 - 97 12,705 48 3 - 3 99 87 99 87 - 94 114 12,704 12,722 44 40 1996 1997 1998 1999 2000 ........... ........... ........... ........... ........... Cal en dar years: Se ries I Fis cal years: 1999-00. . . . . . . . . Cal en dar years: 1,730 41 1,771 49 49 - - 2,152 - 1998 . . . . . . . . . . . 1999 . . . . . . . . . . . 2000 . . . . . . . . . . . 117 568 237 1 5 117 569 242 14 7 14 7 - - 117 469 898 - 2000 - Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 105 85 122 249 263 2 3 4 5 6 107 88 126 254 269 4 4 4 5 5 4 4 4 5 5 - - 1,000 1,080 1,198 1,443 1,700 - 264 200 208 209 163 6 7 9 11 12 270 207 217 220 175 6 6 7 6 7 6 6 7 6 7 - - 1,958 2,152 2,353 2,556 2,712 - 2001 - Jan . . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . 311 238 320 13 15 16 324 253 336 10 8 10 10 8 10 - - 3,014 3,244 3,554 - Note—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buy ers. 49 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 Pub lic 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 Ta ble 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) com piles 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 pub lication changes. • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agen cies held by Government accounts, the FRBs and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account hold ings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is ob tained from sources such as the Federal financial institution regulatory agencies. State, local and foreign holdings include special issues of nonmarketable securities to municipal enti ties 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.) 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues* [In millions of dollars. Source: Financial Management Service] Total Federal securities outstanding (1) Total outstanding (2) 2001 - Jan . . . . . . . . . . . . . . . . . . . . . . . 5,743,229 5,716,071 2,328,662 460 2,328,202 533,216 Feb . . . . . . . . . . . . . . . . . . . . . . . 5,762,738 5,735,859 2,333,753 460 2,333,293 538,811 Mar . . . . . . . . . . . . . . . . . . . . . . . 5,800,558 5,773,740 2,339,354 460 2,338,894 542,176 End of fiscal year or month End of fiscal year or month Total (7) Public debt securities Public debt securities, con. Held by private investors Marketable Nonmarketable (8) (9) Total (3) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Total outstanding (10) Public issues held by Federal Reserve Banks (6) Agency securities Held by U.S. Government accounts and Federal Reserve Banks (11) Held by private investors (12) 2001 - Jan . . . . . . . . . . . . . . . . . . 2,854,193 2,443,652 410,540 27,158 51 27,107 Feb . . . . . . . . . . . . . . . . . . 2,863,295 2,449,987 413,309 26,879 51 26,828 Mar . . . . . . . . . . . . . . . . . . 2,892,210 2,475,233 416,977 26,818 51 26,767 * Effective June 2001, FMS revised procedures and categories in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” OWNERSHIP OF FEDERAL SECURITIES 51 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) [In millions of dollars. Source: Financial Management Service] Total Federal securities outstanding (1) Total outstanding (2) 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . . . . . . . . . . . 5,259,842 5,446,320 5,555,552 5,684,776 5,701,850 5,220,790 5,407,528 5,518,681 5,647,241 5,622,092 1,447,003 1,596,765 1,763,860 1,988,674 2,235,710 1,506 1,254 1,254 1,123 461 1,445,497 1,595,511 1,762,606 1,987,551 2,235,249 390,924 436,496 458,131 496,472 511,413 2000 - Mar . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . 5,801,544 5,713,047 5,674,829 5,714,216 5,686,531 5,705,463 5,701,850 5,684,542 5,736,948 5,689,593 5,763,794 5,646,150 5,637,059 5,675,889 5,648,865 5,667,989 5,622,092 5,647,557 5,700,007 5,618,061 2,085,418 2,110,760 2,127,639 2,190,225 2,197,056 2,206,153 2,235,710 2,248,622 2,258,481 2,248,675 1,123 1,123 459 459 461 461 461 461 461 461 2,084,295 2,109,637 2,127,180 2,189,766 2,196,595 2,205,692 2,235,249 2,248,161 2,258,020 2,248,214 501,708 506,696 506,744 504,950 506,103 510,182 511,413 526,994 530,201 532,815 End of fiscal year or month End of fiscal year or month Interest-bearing public debt securities Interest-bearing public debt securities, con. Held by private investors Total Marketable Nonmarketable (7) (8) (9) Total (3) Matured public debt and debt bearing no interest (10) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Total outstanding (11) Agency securities Held by U.S. Government accounts and Federal Reserve Banks (12) Public issues held by Federal Reserve Banks (6) Held by private investors (13) 1996 . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . . . . . . . 3,382,863 3,374,267 3,296,690 3,162,094 2,874,969 3,025,941 3,001,866 2,871,645 2,735,403 2,480,878 356,922 372,401 425,045 426,691 394,092 4,021 5,618 7,512 9,030 52,086 35,030 33,173 29,359 28,505 27,672 7,606 7,098 3,917 634 51 27,424 26,075 25,442 27,871 27,621 2000 - Mar . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . 3,176,668 3,028,694 3,002,676 2,980,714 2,945,706 2,951,654 2,874,969 2,871,941 2,911,325 2,836,571 2,758,400 2,611,441 2,585,194 2,565,321 2,539,547 2,545,893 2,480,878 2,466,427 2,506,065 2,433,609 418,269 417,253 417,482 415,392 406,159 405,762 394,092 405,514 405,259 402,962 9,597 38,958 10,111 10,050 9,943 9,833 52,086 9,770 9,693 44,155 28,152 27,939 27,659 28,278 27,724 27,641 27,672 27,214 27,249 27,377 384 384 51 51 51 51 51 51 51 51 27,768 27,555 27,608 28,227 27,673 27,590 27,621 27,163 27,198 27,326 52 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Federal Reserve and Govern Total ment ac privately held counts 2 (2) (3) Pension funds U.S. savings bonds 5 (5) Private 6 (6) End of month 1990 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 3,052.0 3,143.8 3,233.3 3,364.8 935.4 1,003.8 1,026.0 1,059.5 2,116.6 2,140.0 2,207.3 2,305.3 218.8 214.2 214.8 206.5 119.9 121.9 123.9 126.2 116.6 122.6 126.5 129.7 139.0 144.6 146.4 144.5 132.3 133.7 136.4 138.2 142.7 141.2 147.6 162.8 401.1 405.0 407.3 410.6 445.4 451.0 463.8 487.1 400.8 405.7 440.7 499.8 1991 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 3,465.2 3,538.0 3,665.3 3,801.7 1,104.6 1,139.1 1,166.9 1,223.2 2,360.6 2,398.9 2,498.4 2,578.5 222.5 231.5 251.7 271.5 129.7 133.2 135.4 138.1 122.9 122.8 126.2 126.9 153.4 155.0 140.2 141.7 147.2 156.8 171.4 181.8 186.1 180.1 199.5 221.8 415.6 416.8 430.2 435.5 492.0 502.0 506.3 520.9 491.2 500.7 537.6 540.3 1992 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 3,881.3 3,984.7 4,064.6 4,177.0 1,215.5 1,272.3 1,282.4 1,329.7 2,665.8 2,712.4 2,782.2 2,847.3 300.5 315.1 337.1 348.3 142.0 145.4 150.3 157.3 116.9 116.7 120.0 121.1 140.7 146.7 166.4 172.3 188.4 192.8 194.8 197.5 227.9 235.2 245.1 259.5 460.0 435.6 429.3 418.2 536.4 558.2 562.8 576.7 553.0 566.7 576.5 596.4 1993 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 4,230.6 4,352.0 4,411.5 4,535.7 1,328.6 1,400.6 1,422.2 1,476.1 2,902.0 2,951.4 2,989.3 3,059.6 362.6 361.0 366.2 373.0 163.6 166.5 169.1 171.9 112.1 111.6 125.1 119.3 171.2 176.9 188.7 186.3 208.0 217.8 229.4 234.5 261.5 269.2 283.9 294.0 434.0 441.2 434.0 447.8 585.9 596.8 619.1 650.3 603.2 610.4 573.9 582.5 1994 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 4,575.9 4,645.8 4,692.8 4,800.2 1,476.0 1,547.5 1,562.8 1,622.6 3,099.9 3,098.3 3,130.0 3,177.6 397.4 383.9 364.0 339.6 175.0 177.1 178.6 180.5 119.6 128.9 135.9 139.4 195.0 193.4 191.9 192.1 233.4 238.1 243.7 240.1 278.0 271.6 265.3 273.0 443.4 425.2 398.2 370.0 661.1 659.9 682.0 667.3 597.0 620.3 670.4 775.6 1995 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 4,864.1 4,951.4 4,974.0 4,988.7 1,619.3 1,690.1 1,688.0 1,681.0 3,244.8 3,261.3 3,286.0 3,307.7 352.9 340.0 330.8 315.4 181.4 182.6 183.5 185.0 141.1 142.0 141.4 142.0 203.1 197.2 193.0 191.7 244.2 245.0 245.2 241.5 273.1 263.9 272.6 286.5 350.5 313.7 304.3 289.8 707.0 762.5 820.4 835.2 791.6 814.6 794.8 820.6 1996 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 5,117.8 5,161.1 5,224.8 5,323.2 1,731.1 1,806.7 1,831.6 1,892.0 3,386.7 3,354.4 3,393.2 3,431.2 322.1 318.7 310.9 296.6 185.8 186.5 186.8 187.0 143.7 143.9 140.5 139.3 198.9 208.2 202.4 203.5 239.4 229.5 226.8 214.1 310.4 306.5 308.4 315.8 283.6 283.3 263.8 257.0 908.1 929.7 993.4 1,102.1 794.7 748.1 760.2 715.8 1997 - Mar . . . . . . . June . . . . . . . Sept . . . . . . . Dec . . . . . . . . 5,380.9 5,376.2 5,413.1 5,502.4 1,928.7 1,998.9 2,011.5 2,087.8 3,452.2 3,377.3 3,401.6 3,414.6 317.3 300.2 292.8 300.3 186.5 186.3 186.2 186.5 140.6 141.0 141.6 142.5 203.7 209.3 219.7 216.9 182.2 183.6 187.3 176.6 310.6 305.4 311.4 321.5 250.6 243.3 237.7 239.3 1,157.6 1,182.7 1,230.5 1,241.6 703.1 625.5 594.3 589.5 1998 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 5,542.4 5,547.9 5,526.2 5,614.2 2,104.9 2,198.6 2,213.0 2,280.2 3,437.5 3,349.3 3,313.2 3,334.0 308.2 290.7 244.4 237.3 186.3 186.0 186.0 186.7 142.8 145.2 150.6 r 157.6 211.9 214.8 211.2 217.7 169.4 160.6 151.3 144.5 325.1 319.4 319.7 343.2 238.1 258.5 266.4 269.3 1,250.5 1,256.0 1,224.2 1,278.7 605.2 518.1 559.4 r 499.0 1999 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 5,651.6 5,638.8 5,656.3 5,776.1 2,324.1 2,439.6 2,480.9 2,542.2 3,327.5 3,199.2 3,175.4 3,233.9 246.5 240.6 239.9 246.4 186.5 186.5 186.2 186.4 r 160.7 r 164.3 r 164.2 r 167.7 218.4 222.5 217.3 213.2 140.3 136.3 130.6 125.3 351.7 334.9 338.3 348.6 272.5 279.1 271.6 266.8 r 1,272.3 r 1,258.8 r 1,281.4 r 1,268.7 r 478.6 r 376.2 r 345.9 r 410.8 2000 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 5,773.4 5,685.9 5,674.2 5,662.2 2,590.6 2,698.6 2,737.9 2,781.9 3,182.8 2,987.4 2,936.2 2,880.4 234.9 219.3 r 218.3 p 197.9 185.3 184.6 r 184.4 184.8 r 171.0 r 173.6 r 179.2 p 181.3 211.1 210.5 r 199.9 p 194.5 124.0 121.3 r 120.7 p 119.5 339.6 322.5 r 323.7 p 336.5 257.2 256.4 246.9 p 246.2 1,273.8 1,248.8 1,225.2 r 1,201.4 r 385.9 r 250.4 r 237.9 r 218.3 2001 - Mar . . . . . . . 5,773.7 2,880.9 2,892.9 n.a. p 184.8 n.a. n.a. n.a. n.a. n.a. p 1,196.2 n.a. Source: “Monthly Statement of the Public Debt of the United States.” Face value. Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of condition, for System Open Market Accounts; and U. S. Treasury for Government accounts. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." State and Insurance local govern compaMutual ments nies 3 funds 3,7 (7) (8) (9) State and local govern3 ments (10) Total public debt 1 (1) 1 2 Depository institutions3,4 (4) 3 Foreign and inter- 8 Other 9 national investors (11) (12) 7 Includes money market mutual funds, mutual funds and closed-end investment companies. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarket able foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to date. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update ownership categories and to incorporate greater reliance on Flow of Funds data of the Federal Reserve Board. 53 INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. • Table MY-1 lists Treasury market bid yields at con stant maturities for bills, notes and bonds. The Treasury yield curve in the accompanying chart is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. The Treasury uses quotations obtained by the FRB of New York to derive the yield curve, based on semiannual in terest payments and read at constant maturity points to de velop a consistent data series. Yields on Treasury bills are coupon equivalent yields of bank discount rates at which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury constant maturity data series in its weekly H.15 press release. • Table MY-2 shows average yields of long-term Trea sury, corporate and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The cor porate bond average yield is developed by Treasury by calcu lating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors Service. The municipal bond average yield prior to 1991 was compiled by Treasury. Beginning with January 1991, the average yield is the “Municipal Bond Yield Average,” published by Moody’s Investors Service for 20-year reoffering yields on se lected Aa-rated general obligations. See the footnotes for fur ther explanation. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds* [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Period 3-mo. (1) 6-mo. (2) Monthly average: 2000 - Apr . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . 2001 - Jan . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . 5.82 5.99 5.86 6.14 6.28 6.18 6.29 6.36 5.94 5.29 5.01 4.54 6.07 6.39 6.24 6.27 6.35 6.25 6.32 6.34 5.92 5.15 4.89 4.44 End of month: 2000 - Apr . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . 2001 - Jan . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . 5.82 5.63 5.88 6.27 6.31 6.23 6.38 6.21 5.89 4.99 4.85 4.30 6.12 6.35 6.23 6.42 6.38 6.28 6.36 6.18 5.70 4.83 4.70 4.09 * Rates are from the Treasury yields curve. 1-yr. (3) 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) 6.15 6.33 6.17 6.08 6.18 6.13 6.01 6.09 5.60 4.81 4.68 4.30 6.40 6.81 6.48 6.34 6.23 6.08 5.91 5.88 5.35 4.76 4.66 4.34 6.36 6.77 6.43 6.28 6.17 6.02 5.85 5.79 5.26 4.77 4.71 4.43 6.26 6.69 6.30 6.18 6.06 5.93 5.78 5.70 5.17 4.86 4.89 4.64 6.27 6.69 6.33 6.22 6.05 5.98 5.84 5.78 5.28 5.13 5.10 4.88 5.99 6.44 6.10 6.05 5.83 5.80 5.74 5.72 5.24 5.16 5.10 4.89 5.85 6.15 5.93 5.85 5.72 5.83 5.80 5.78 5.49 5.54 5.45 5.34 6.24 6.37 6.08 6.07 6.22 6.07 6.12 5.92 5.32 4.60 4.47 4.09 6.68 6.69 6.38 6.30 6.18 5.98 5.94 5.61 5.11 4.62 4.41 4.18 6.64 6.66 6.31 6.24 6.09 5.91 5.87 5.52 5.06 4.67 4.48 4.33 6.56 6.54 6.18 6.16 5.98 5.85 5.83 5.42 4.99 4.85 4.70 4.62 6.49 6.52 6.25 6.19 5.98 5.93 5.87 5.50 5.16 5.08 4.93 4.86 6.23 6.29 6.03 6.04 5.73 5.80 5.77 5.48 5.12 5.19 4.92 4.93 5.97 6.02 5.90 5.79 5.67 5.88 5.79 5.60 5.46 5.54 5.34 5.46 54 MARKET YIELDS CHART MY-A.—Yields of Treasury Securities, March 30, 2001* Based on closing bid quotations (in percentages) 6.0 5.5 5.0 Note: The curve is based only on the most ac tively traded issues. Market yields on coupon issues due in less than 3 months are excluded. 4.5 4.0 0 2 4 6 8 10 12 14 16 18 Years to maturity * Source: Office of Market Finance 20 22 24 26 28 30 MARKET YIELDS 55 TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES �AVERAGES OF DAILY OR WEEKLY SERIES 1990 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1993 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 56 MARKET YIELDS TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 1994 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1996 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1997 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 6.81 6.48 6.55 7.00 7.14 7.58 7.81 7.87 8.00 7.97 7.68 7.84 7.69 7.43 7.45 5.41 5.41 5.57 5.72 5.73 5.82 5.82 5.69 5.62 5.53 5.47 5.47 6.83 6.69 6.93 7.09 6.94 6.77 6.51 6.58 6.50 6.33 6.11 5.99 7.62 7.54 7.85 8.04 7.90 7.71 7.44 7.30 7.04 6.90 6.79 6.68 5.53 5.40 5.59 5.73 5.53 5.39 5.27 5.27 5.25 5.26 5.23 5.07 MARKET YIELDS 57 TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 1998 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1999 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2000 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2001 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 5.81 5.89 5.95 5.92 5.93 5.70 5.68 5.54 5.20 5.01 5.25 5.06 6.62 6.66 6.63 6.59 6.63 6.43 6.36 6.34 6.26 6.21 6.42 6.13 4.93 4.96 5.10 5.10 5.17 5.01 5.04 5.06 4.94 4.82 4.93 4.90 5.16 5.37 5.58 5.55 5.81 6.04 5.98 6.07 6.07 6.26 6.15 6.35 6.14 6.33 6.52 6.58 6.86 7.21 7.20 7.36 7.38 7.51 7.35 7.55 4.94 4.89 5.02 5.00 5.15 5.31 5.30 5.56 5.67 5.84 5.90 5.91 6.63 6.23 6.05 5.85 6.15 5.93 5.85 5.72 5.83 5.80 5.78 5.49 7.83 7.59 7.54 7.49 7.85 7.75 7.66 7.47 7.50 7.50 7.41 7.21 6.02 5.95 5.80 5.64 5.94 5.74 5.59 5.48 5.50 5.56 5.50 5.23 5.54 5.45 5.34 7.15 7.08 6.87 5.07 5.14 5.08 2 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 58 MARKET YIELDS CHART MY-B.—Average Yields of Long-Term Treasury, Corporate and Municipal Bonds* Monthly averages (in percentages) 11 10 Aa corporate bonds 9 8 Treasury 30-yr. bonds 7 6 Aa municipal bonds 5 4 88 89 90 91 92 93 94 95 96 Calendar years *Source: Office of Market Finance 97 98 99 00 01 59 INTRODUCTION: U.S. Currency and Coin Out stand ing and in Cir cu la tion The U.S. Cur rency and Coin Out stand ing and in Cir cu la tion (USCC ) state ment informs the pub lic of the to tal face value of cur rency and coin used as a me dium of ex change that is in cir cu la tion at the end of a given ac count ing month. The state ment de fines the to tal amount of cur rency and coin outstanding and the portion deemed to be in circu la tion. It in cludes some old and cur rent rare is sues that do not cir cu late or that may do so to a lim ited ex tent. Trea sury in cludes them in the state ment be cause the is sues were orig i nally in tended for gen eral cir cu la tion. is sues of pa per money. It also gives an es ti mated av er age of cur rency and coin held by each in di vid ual, us ing es ti mates of pop u la tion from the Bu reau of the Cen sus. USCCin for ma tion has been pub lished by Trea sury since 1888, and was pub lished sep a rately un til 1983, when it was in cor po rated into the “Trea sury Bul le tin.” The USCC co mes from monthly re ports com piled by Treasury offices, various U.S. Mint offices, t h e Federal Reserve Banks (FRBs) and the Federal Reserve Board. The USCC state ment pro vides a de scrip tion of the var i ous TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Mar. 30, 2001 [Source: Fi nan cial Man age ment Ser vice] To tal cur rency and coin (1) To tal currency (2) $773,612,318,646 $741,860,432,148 $741,341,757,344 $265,066,416 $253,608,388 408,703,362 15,869,362 15,666,335 20,739 182,288 FRBs . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,287,681,277 186,108,911,186 186,108,909,546 - 1,640 Amounts in cir cu la tion . . . . . . . . . . . . . . . . $585,915,934,007 $555,735,651,600 $555,217,181,463 $265,045,677 $253,424,460 Cur rency Amounts out stand ing. . . . . . . . . . . . . . . . . Fed eral Re serve notes1 (3) U.S. notes (4) Cur rency no lon ger is sued (5) Less amounts held by: The Trea sury. . . . . . . . . . . . . . . . . . . . . Coins 2 Amounts out stand ing. . . . . . . . . . . . . . . . . . . To tal (1) $31,751,886,498 Dol lars 3 (2) $3,451,273,398 Frac tional coins (3) $28,300,613,100 Less amounts held by: The Trea sury. . . . . . . . . . . . . . . . . . . . . . . . 392,834,000 336,738,000 56,096,000 FRBs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,178,770,091 366,688,712 812,081,379 Amounts in cir cu la tion . . . . . . . . . . . . . . . . . . $30,180,282,407 See foot notes fol low ing ta ble USCC-2. $2,747,846,686 $27,432,435,721 60 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Mar. 30, 2001 [Source: Fi nan cial Man age ment Ser vice] To tal (1) Cur rency in cir cu la tion by de nom i na tion Fed eral Re serve notes 1 (2) U.S. notes (3) Cur rency no lon ger is sued (4) $1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,317,081,875 $7,170,230,596 $143,481 $2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,243,196,440 1,110,789,202 132,394,666 12,572 $5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,396,403,285 8,256,012,605 109,918,110 30,472,570 $10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,657,583,810 13,635,490,150 5,950 22,087,710 $20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,565,471,110 91,545,363,960 3,380 20,103,770 $50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,848,556,030 52,837,058,250 - 11,497,780 $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . 380,392,602,150 380,348,029,200 22,580,000 21,992,950 $500 . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,117,300 142,929,500 - 187,800 $1,000. . . . . . . . . . . . . . . . . . . . . . . . . . 166,444,000 166,238,000 - 206,000 $5,000. . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000 $10,000. . . . . . . . . . . . . . . . . . . . . . . . . 3,440,000 3,340,000 - 100,000 Frac tional parts. . . . . . . . . . . . . . . . . . . 485 - - 485 Par tial notes 4 . . . . . . . . . . . . . . . . . . . . . . . 115 - 90 25 To tal cur rency . . . . . . . . . . . . . . . . . . $555,735,651,600 $555,217,181,463 $265,045,677 $253,424,460 Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates 1 2 3 $146,707,798 Amount (in mil lions) Per ca pita 5 (1) (2) Mar. 30, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585,916 $2,121.82 Feb. 28, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585,211 2,112.83 Jan. 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,930 1,986.53 July 31, 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 533,492 1,953.25 Sept. 30, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90 Is sued on or af ter July 1, 1929. Ex cludes coins sold to col lec tors at pre mium prices. In cludes $481,781,898 in stan dard sil ver dol lars. 4 5 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion. Based on Bu reau of the Cen sus es ti mates of pop u la tion. 63 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Gov ernment reserve assets, liabilities to foreigners and its interna tional financial position. All monetary figures are in dollars or dollar equivalents. (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • 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 • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other resi dents of foreign countries. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreign ers, which are used in the U.S. balance of payments statistics. 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 posi tion in Interna tional Monetary Fund 1,5,6 (5) 1996 . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435 1997 . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071 1998 . . . . . . . . . . . . . . . . 81,761 11,046 10,603 36,001 24,111 1999 . . . . . . . . . . . . . . . . 71,516 11,048 10,336 32,182 17,950 2000 - Apr . . . . . . . . . . . . 66,587 11,048 10,122 30,014 15,403 May . . . . . . . . . . . 67,160 11,048 10,310 30,429 15,373 June . . . . . . . . . . . 67,955 11,046 10,444 31,037 15,428 July. . . . . . . . . . . . 66,516 11,046 10,257 30,130 15,083 Aug. . . . . . . . . . . . 65,333 11,046 10,371 30,118 13,798 Sept . . . . . . . . . . . 66,256 11,046 10,316 31,209 13,685 Oct . . . . . . . . . . . . 65,257 11,046 10,169 30,514 13,528 Nov. . . . . . . . . . . . 65,523 11,046 10,369 30,617 13,491 Dec. . . . . . . . . . . . 67,647 11,046 10,539 31,238 14,824 2001 - Jan . . . . . . . . . . . . 67,542 11,046 10,497 30,920 15,079 Feb . . . . . . . . . . . . 66,486 11,046 10,641 30,692 14,107 Mar . . . . . . . . . . . . 64,222 11,046 10,379 29,020 13,777 Apr . . . . . . . . . . . . 64,731 11,046 10,420 29,449 13,816 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 6 Includes an SDR $361 million loan to the IMF under the General Arrangements to Borrow in July 1998, and an SDR $619 million loan to the IMF under the New Arrangements to Borrow in December 1998. 64 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Liabilities to other foreigners Official institutions 1 End of calendar year or month Total (1) Total (2) Marketable Liabilities U.S. reported by Treasury banks in bonds United and States notes 2 (3) (4) Nonmarketable U.S. Treasury bonds and notes 3 (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities reported by banks in the United States (9) Marketable U.S. Treasury bonds and notes 2, 6 (10) Liabilities to nonmonetary international and regional organiza tions 7 (11) 1996 . . . . . . . . . . . 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412 1997 . . . . . . . . . . . 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 1998 . . . . . . . . . . . 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 1999 . . . . . . . . . . . 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 2000 - Mar. r . . . . 2,614,600 805,904 301,358 430,243 5,734 68,569 968,918 815,701 198,807 616,894 24,077 Apr. r . . . . . 2,634,351 811,205 295,923 436,646 5,770 72,866 973,328 823,852 198,877 624,975 25,966 May r . . . . . 2,680,465 803,122 285,257 435,241 5,808 76,816 1,022,145 827,213 207,653 619,560 27,985 June r . . . . 2,664,016 812,939 293,976 433,829 5,740 79,394 1,010,656 813,903 210,528 603,375 26,518 July r. . . . . . 2,690,713 824,088 301,256 433,190 5,180 84,462 1,039,386 806,077 207,809 598,268 21,162 Aug. r . . . . . 2,659,911 826,420 298,040 433,639 5,213 89,528 1,005,411 808,973 211,272 597,701 19,107 Sept. r . . . . 2,658,109 825,516 299,168 427,013 5,247 94,088 1,004,971 807,929 212,343 595,586 19,693 Oct. r . . . . . 2,718,067 826,216 301,553 419,863 5,280 99,520 1,042,140 828,387 228,873 599,514 21,324 Nov. . . . . . . 2,720,695 825,116 302,692 414,896 5,313 102,215 1,052,036 822,396 231,874 590,522 21,147 Dec. . . . . . . 2,707,451 821,939 297,660 415,964 5,348 102,967 1,056,580 811,446 231,896 579,550 17,486 2001 - Jan . . . . . . . 2,745,976 843,001 314,238 418,190 4,923 105,650 1,083,799 803,845 235,052 568,793 15,331 Feb. p . . . . . 2,733,872 842,842 312,937 418,857 4,953 106,095 1,064,458 810,544 235,446 575,098 16,028 Mar. p . . . . . 2,684,719 840,700 309,036 419,106 4,984 107,574 1,024,768 803,176 223,468 579,708 16,075 1 6 Includes marketable U.S. Government bonds and notes held by foreign 2 7 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and 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.” banks. Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank and the Asian Development Bank. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 65 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] End of calendar year or month Argentina 1 (3) Pay able in dollars Mexico 2 (4) Venezuela 3 (5) Grand total (1) Total (2) 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . 6,074 6,074 1,172 3,991 911 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . 6,111 6,111 1,259 4,313 539 2000 - Mar . . . . . . . . . . . . . . . . . . . . . 5,734 5,734 1,282 3,902 550 Apr . . . . . . . . . . . . . . . . . . . . . . 5,770 5,770 1,289 3,927 554 May . . . . . . . . . . . . . . . . . . . . . 5,808 5,808 1,297 3,953 558 June. . . . . . . . . . . . . . . . . . . . . 5,740 5,740 1,200 3,979 561 July . . . . . . . . . . . . . . . . . . . . . 5,180 5,180 1,207 3,408 565 Aug . . . . . . . . . . . . . . . . . . . . . 5,213 5,213 1,214 3,430 569 Sept . . . . . . . . . . . . . . . . . . . . . 5,247 5,247 1,222 3,452 573 Oct. . . . . . . . . . . . . . . . . . . . . . 5,280 5,280 1,229 3,474 577 Nov . . . . . . . . . . . . . . . . . . . . . 5,313 5,313 1,236 3,497 580 Dec . . . . . . . . . . . . . . . . . . . . . 5,348 5,348 1,244 3,520 584 2001 - Jan. . . . . . . . . . . . . . . . . . . . . . 4,923 4,923 1,252 3,083 588 Feb. . . . . . . . . . . . . . . . . . . . . . 4,953 4,953 1,259 3,102 592 Mar . . . . . . . . . . . . . . . . . . . . . 4,984 4,984 1,266 3,122 596 1 Beginning April 1993, includes current value (principal and accrued interest) of zero-coupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of the issue is $6,148 million. 2 Includes the current value of the following zero-coupon, Treasury bond issues to the govern ment of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,508 million that was retired in full in April 1997; and beginning March 1990, 30-year maturity issue with remaining face value of $13,412 million. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. 66 INTRODUCTION: Capital Movements Treasury collects information about the transference of fi nancial assets and other portfolio capital movements between the United States and foreigners and has since 1935. Commer cial banks and other depository institutions, bank holding com panies, securities brokers and dealers, and nonbanking enterprises in the United States file capital movement reports with district FRBs. Beginning in late 1998, the Federal Reserve Board also performs services on behalf of the Treasury in support of this data collection system. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms and nonbanking enterprises. The most recent revisions to selected reporting forms and instructions were effective Janu ary 31, 2001. The major changes are outlined below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. A number of reporting forms and instructions also may be downloaded from the Treasury International Capital (TIC) reporting system website at the address highlighted in the NOTE at the end of the INTRODUCTION text. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. However, information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and so 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 coun try that has sovereignty over the institutions. Transactions with international and regional organizations are not reported oppo site any country, but are accounted for in regional groupings of such organizations. The only exception is information pertain ing to the Bank for International Settlements, which is reported opposite “Other Europe.” For purposes of publication only, information on the European Central Bank also is included in “Other Europe.” Banks and other depository institutions, bank holding com panies, securities brokers and dealers, and nonbanking enter prises in the United States must file reports. These enterprises include the branches, agencies, subsidiaries and other affiliates in the United States of foreign banking and nonbanking firms. Those with liabilities, claims or securities transactions below specified exemption levels are exempt from reporting. Banks and other depository institutions, and some brokers and dealers, file monthly reports covering their dollar liabilities to, and dollar claims on, foreigners in a number of coun tries. Twice a year, June 30 and December 31, they also report the same liabilities and claims items attributed to foreigners in countries not shown separately on the monthly reports. Quar terly reports are filed for liabilities and claims denominated in foreign currencies. Beginning January 2001, the geographical detail of the international banking transactions forms was changed to add lines for Luxembourg, the combined Channel Islands and Isle of Man, the Caribbean region, New Zealand, and the European Central Bank. In addition, the British West Indies line was replaced with a line for the Cayman Islands. At the same time, the exemption level applicable to the banking reports was raised from $15 million to $50 million. The new 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 enterprises report monthly their transac tions with foreigners by country in long-term securities. This country list was amended in January 2001 as outlined in the reporting of international banking activity above. Respondents must report securities transactions with foreigners if their ag gregate purchases or their aggregate sales amount to at least $50 million during the covered month. Prior to January 2001, this exception level had been set at $2 million. Exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository insti tutions and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more at the end of the cov ered quarter. Nonbanking enterprises also report each month their aggre gate U.S. dollar denominated deposit and certificates of deposit claims of $10 million or more on banks abroad. The data in these tables do not cover all types of reported capital movements between the United States and other coun tries. 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 capi tal transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce (Commerce) in its regular reports on the U.S. balance of payments. • Section I presents liabilities to foreigners reported by U.S. banks and other depository institutions, as well as brokers and dealers. Dollar liabilities are reported monthly; those de nominated in foreign currencies are reported quarterly. Re spondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Beginning with the June 2001 issue, new table CM-I-1 replaces former tables CM-I-1 and CM-I-2 and includes new breakouts of liabilities arising under repurchase agreements and from foreign ownership of short-term securities issued by U.S. Government and Federally-sponsored agencies. The remaining tables in this section have been renumbered accordingly. • Section II presents claims on foreigners reported by U.S. banks and other depository institutions, brokers and deal- CAPITAL MOVEMENTS ers. Data on banks’ claims held for their own account are col lected monthly. Information on claims held for their domestic customers as well as on foreign currency claims is collected on a quarterly basis only. Maturity data are reported according to time remaining to maturity. Reporting also covers certain items held by brokers and dealers in the United States. Begin ning with the June 2001 issue, table CM-II-1 in this section has been revised to include a new breakout of claims on foreigners arising under resale agreements. • Section III contains supplementary data on dollar lia bilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The sup plementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaf filiated foreigners of exporters, importers, industrial and com mercial concerns, financial institutions (other than banks, other depos i tory insti tu tions and brokers), and other nonbanking enterprises in the United States. Information does not include accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to Commerce on its direct investment forms. Data exclude claims on foreigners held through banks in the United States. • Section V contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, brokers and other entities in the United States. The data cover transactions executed in the United 67 States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their do mestic customers. This includes transactions in newly issued securities as well as transactions in and redemptions of outstanding issues. However, the data do not include nonmarket able Treasury bonds and notes shown in table IFS-3. The geographical breakdown of the transactions data does not necessarily reflect the domicile of the ultimate owners or the original issuers of the securities. This is because the path of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a reportable transaction. That is, before it enters and after it departs the reporting system, own ership of a security may be transferred between foreigners of different countries. Such transfers may occur any number of times and are concealed among the net figures for U.S. trans actions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of the foreign buyers and sellers of securities in a particular round of transac tions. NOTE: Current and historical data on United States trans actions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the Treasury International Capital (TIC) reporting system website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each coun try or geographical area regularly shown in the capital move ments tables. Also available on this website is a table on “Major Foreign Holders of Treasury Securities,” showing esti mated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated on the last business day of each month. 68 CAPITAL MOVEMENTS 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] Calendar Type of Liability year 1999 Total liabilities to all foreigners . . . . . . . . . . . . . . Payable in dollars . . . . . . . . . . . . . . . . . . . . . . . Foreign official institutions 1 . . . . . . . . . . . . . . Demand deposits . . . . . . . . . . . . . . . . . . . . Time deposits . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury bills and certificates . . . . . . . Short-term U.S. agency obligations . . . . . . Other liabilities . . . . . . . . . . . . . . . . . . . . . . Unaffiliated foreign banks and other foreigners . . . . . . . . . . . . . . . . . . . . . . . . . Demand deposits . . . . . . . . . . . . . . . . . . . . Time deposits . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury bills and certificates . . . . . . . Short-term U.S. agency obligations . . . . . . Other liabilities . . . . . . . . . . . . . . . . . . . . . . Banks’ own foreign offices . . . . . . . . . . . . . . . International and regional organizations 2 . . . Demand deposits . . . . . . . . . . . . . . . . . . . . Time deposits . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury bills and certificates . . . . . . . Short-term U.S. agency obligations . . . . . . Other liabilities . . . . . . . . . . . . . . . . . . . . . . Payable in foreign currencies 3 . . . . . . . . . . . . . Sector: Banks and other foreigners . . . . . . . . . . . . International and regional organizations . . . Major foreign currencies: Canadian dollar. . . . . . . . . . . . . . . . . . . . . . Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United Kingdom pound sterling . . . . . . . . . . Japanese yen . . . . . . . . . . . . . . . . . . . . . . . Memoranda: Banks’ own liabilities to foreigners . . . . . . . . . . Collateralized by repurchase agreements . . . Foreign official institutions. . . . . . . . . . . . . . Foreign banks and other foreigners . . . . . . International and regional organizations . . . Reported by International Banking Facilities . Payable in dollars . . . . . . . . . . . . . . . . . . . . Payable in foreign currencies . . . . . . . . . . . Custody liabilities of domestic customers. . . . . 1 2000 Sept. r Oct. r Dec. Jan. Feb. Mar. p 1,497,277 1,408,740 295,024 3,341 28,942 156,177 n.a. 106,564 1,532,495 1,453,643 299,168 5,213 36,699 155,498 n.a. 101,758 1,590,025 1,511,173 301,553 4,361 34,035 155,101 n.a. 108,056 1,604,031 1,525,179 302,692 4,702 35,335 155,061 n.a. 107,594 1,599,789 1,523,669 297,660 3,950 35,638 153,010 n.a. 105,062 1,645,120 1,569,000 314,238 3,195 33,008 158,967 45,384 73,684 1,625,530 1,549,410 312,937 4,438 30,210 155,667 49,594 73,028 1,570,010 1,493,890 309,036 3,502 27,199 155,204 53,295 69,836 489,262 39,445 124,330 28,819 n.a. 296,668 609,179 15,275 98 10,348 680 n.a. 4,149 88,537 502,940 26,732 140,498 18,883 n.a. 316,827 635,878 15,657 19 7,626 223 n.a. 7,789 78,852 527,554 25,091 145,501 18,668 n.a. 338,294 664,962 17,104 48 5,918 215 n.a. 10,923 78,852 543,066 26,969 150,545 18,586 n.a. 346,966 662,347 17,074 30 6,542 249 n.a. 10,253 78,852 562,956 29,562 149,889 24,480 n.a. 359,025 650,493 12,560 41 6,264 252 n.a. 6,003 76,120 579,128 27,633 148,791 23,015 20,778 358,911 664,771 10,863 27 5,566 294 26 4,950 76,120 588,224 31,300 157,324 23,362 23,968 352,270 636,653 11,596 19 4,984 248 108 6,237 76,120 555,214 30,336 149,115 16,322 17,632 341,809 617,995 11,645 23 5,252 229 137 6,004 76,120 87,653 884 78,497 355 78,497 355 78,497 355 75,028 1,092 75,028 1,092 75,028 1,092 75,028 1,092 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 971,536 n.a. 419,871 367,688 52,183 437,204 1,027,138 n.a. 449,655 402,379 47,276 426,505 1,074,575 n.a. 467,388 420,112 47,276 436,598 1,073,536 n.a. 454,196 406,920 47,276 451,643 1,049,070 n.a. 437,030 391,330 45,700 474,599 1,086,260 124,561 41,331 82,481 749 445,007 399,307 45,700 482,740 1,065,577 119,804 44,980 72,735 2,089 423,653 377,953 45,700 483,833 1,033,319 129,468 45,721 82,650 1,097 404,370 358,670 45,700 460,571 Includes Bank for International Settlements. Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 2 2001 Nov. 3 Data as of preceding quarter for non-quarter-end months. CAPITAL MOVEMENTS 69 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 1997 Calendar year 1998 1999 Nov. r Dec. Jan. 2001 Feb. Mar. p 3,388 46,246 729 564 1,903 2,869 52,148 30,589 1,558 1,064 4,376 15,498 n.a. 8,359 341 5,112 3,736 734 7,979 19,878 2,834 46,065 4,068 212,790 3,474 45,004 776 323 1,720 2,098 49,839 30,898 2,085 911 8,485 10,103 n.a. 12,163 788 6,053 3,788 311 2,441 16,991 3,237 53,891 4,358 202,280 2,960 46,078 472 790 2,357 1,749 58,317 29,004 3,877 871 7,691 9,756 n.a. 9,365 1,363 4,274 2,501 768 5,476 11,091 4,744 64,092 7,972 190,706 2,863 33,326 313 671 3,658 1,878 46,646 30,857 3,349 1,189 9,475 7,379 n.a. 13,826 5,205 3,738 2,504 802 20,027 7,302 7,505 88,051 4,539 193,975 2,787 34,232 367 626 3,135 1,413 41,282 41,423 2,044 1,127 8,131 6,762 n.a. 8,025 2,310 3,649 2,530 850 19,054 8,250 6,507 76,404 7,636 188,154 2,429 8,188 426 613 3,525 1,156 52,487 36,138 1,919 1,207 8,358 6,680 27,095 9,044 4,767 4,253 2,697 913 17,267 8,578 5,657 84,768 7,871 198,113 2,187 6,538 272 743 4,316 1,668 48,977 36,061 1,994 816 10,281 6,753 24,123 8,953 6,336 3,863 2,751 1,024 19,063 8,689 5,968 85,691 5,479 189,437 2,241 6,263 226 494 3,053 1,287 46,202 36,550 1,527 670 10,873 7,453 12,585 7,805 8,366 3,569 1,857 1,229 18,659 9,949 6,747 55,700 5,723 200,954 Other Europe. . . . . . . . . . . . . . . n.a. 239 14,394 n.a. 233 14,384 n.a. 286 14,778 n.a. 284 18,006 n.a. 282 16,518 406 293 16,660 498 300 14,274 649 300 12,643 Total Europe . . . . . . . . . . . . . . 487,461 476,634 481,338 507,368 483,498 511,508 497,055 463,574 Canada. . . . . . . . . . . . . . . . . . . . . Latin America: Argentina . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . Guatemala. . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . Peru. . . . . . . . . . . . . . . . . . . . . . Uruguay. . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . 33,185 34,708 40,579 37,117 37,052 29,920 29,938 29,311 20,279 31,407 4,126 3,668 2,084 1,497 35,295 4,269 901 2,403 21,771 9,067 19,037 16,483 5,047 4,639 1,575 1,338 38,644 3,869 843 2,522 20,202 9,808 18,650 12,944 7,095 5,685 1,959 1,632 32,263 4,420 1,143 2,393 20,459 10,916 17,960 12,018 5,380 4,581 2,064 1,696 34,725 4,044 1,194 3,061 26,182 10,298 19,542 11,827 5,949 4,574 2,124 1,655 34,032 4,405 1,452 3,039 25,033 10,467 18,985 11,416 5,701 4,571 2,162 1,599 34,596 3,728 1,372 2,831 27,250 7,097 18,466 12,347 6,009 4,464 2,259 1,553 36,243 3,998 1,476 2,877 26,729 7,246 12,924 11,451 5,229 4,363 2,184 1,527 34,869 4,127 1,805 3,398 27,068 7,258 136,767 124,007 119,559 123,203 124,099 121,308 123,667 116,203 Other Caribbean 5 . . . . . . . . . . . . . . 114,319 7,138 283,470 n.a. 66 475 5,446 597 n.a. 126,029 7,279 309,090 n.a. 62 604 5,308 475 n.a. 139,425 8,005 331,546 n.a. 75 547 4,205 601 n.a. 178,505 8,684 384,120 n.a. 88 763 5,326 755 n.a. 191,217 9,822 388,715 n.a. 90 849 5,522 915 n.a. 187,943 9,615 n.a. 399,043 130 826 6,591 807 13,390 187,325 8,405 n.a. 390,908 84 979 5,563 896 13,128 175,937 8,528 n.a. 387,100 85 1,272 4,530 1,058 12,580 Total Caribbean . . . . . . . . . . . 411,511 448,847 484,404 578,241 597,130 618,345 607,288 591,090 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 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . Channel Islands and Isle of Man 3 . . . . . . . . . . . . . . . . . . . Yugoslavia 4 . . . . . . . . . . . . . . . . Other Latin America 5 . . . . . . . . Total Latin America . . . . . . . . . . Caribbean: Bahamas . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . British West Indies 6 . . . . . . . . . Cayman Islands 6 . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . Trinidad and Tobago . . . . . . . . . See footnotes at end of table. 2000 70 CAPITAL MOVEMENTS TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland . . . . . . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . Malaysia . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . Syria . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . Oil-exporting countries 7 . . . . . . . Other Asia . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . Africa: Congo (formerly Zaire) . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . Oil-exporting countries 8 . . . . . . . Other Africa . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . New Zealand 9 . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . 1997 Calendar year 1998 1999 Nov. r 2000 Dec. 18,252 11,859 19,216 4,574 3,616 6,282 172,352 13,107 1,102 1,737 1,335 3,255 18,412 35 6,505 15,490 3,873 13,441 12,748 21,779 5,372 8,326 7,756 193,202 12,525 1,190 2,392 847 3,564 24,838 40 7,363 17,068 3,975 12,325 13,644 28,260 7,368 6,571 7,489 170,614 12,991 1,212 3,851 813 3,806 32,840 55 6,052 22,565 5,387 15,835 17,660 26,218 5,174 8,386 6,574 162,521 6,838 760 1,760 1,561 2,338 28,942 58 3,494 25,673 5,072 16,538 17,712 27,317 4,544 8,524 8,101 162,473 8,061 681 2,339 1,028 2,434 28,678 59 3,224 24,936 5,313 27,451 19,850 27,562 4,209 8,536 7,712 160,769 7,249 936 1,825 793 1,773 29,294 41 3,252 23,601 5,798 31,654 18,614 28,223 4,070 9,027 7,308 162,578 6,367 910 1,800 923 1,426 27,945 98 3,500 22,789 5,493 39,899 17,913 29,634 4,559 8,605 8,849 158,480 5,780 590 2,233 1,029 1,432 24,867 73 3,347 23,243 5,155 301,002 336,426 335,843 318,864 321,962 330,651 332,725 335,688 10 1,667 302 257 138 2,163 3,143 2,766 5 1,343 213 269 97 1,539 3,177 2,492 14 2,023 147 423 179 1,497 3,010 2,280 4 1,655 147 306 100 856 4,115 2,429 4 2,622 193 322 148 1,012 4,141 2,536 10 2,552 118 268 166 844 4,406 2,330 10 2,336 109 284 148 915 4,839 2,485 8 2,282 112 290 142 652 4,682 2,538 10,446 9,135 9,573 9,612 10,978 10,694 11,126 10,706 6,377 n.a. 916 5,528 n.a. 1,158 8,408 n.a. 1,413 11,020 n.a. 1,177 10,129 n.a. 1,288 8,893 1,032 738 9,558 328 1,156 9,487 424 789 Jan. 2001 Feb. Mar. p Total other countries . . . . . . . . 7,293 6,686 9,821 12,197 11,417 10,663 11,042 10,700 Total foreign countries . . . . . International and regional organizations: International . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . Latin American regional . . . . . . . Caribbean regional 10 . . . . . . . . . Asian regional . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . 1,387,665 1,436,443 1,481,117 1,586,602 1,586,136 1,633,089 1,612,841 1,557,272 11,592 111 493 n.a. 562 123 5 10,648 577 750 n.a. 477 67 - 13,758 504 1,150 n.a. 607 141 - 16,406 176 523 n.a. 232 92 - 12,211 453 740 n.a. 175 74 - 9,947 389 1,493 141 61 - 11,734 472 223 29 121 110 - 11,657 510 272 217 81 1 12,886 1,400,551 12,519 1,448,962 16,160 1,497,277 17,429 1,604,031 13,653 1,599,789 12,031 1,645,120 12,689 1,625,530 12,738 1,570,010 Middle Eastern regional . . . . . . . Total international and regional . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . 1 2 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugoslav Republic of Macedonia. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as com bined “Other Latin America and Caribbean.” Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya and Nigeria. 9 Before January 2001, data included “All other.” 10 Before January 2001, included in “Latin American regional.” 6 CAPITAL MOVEMENTS 71 TABLE CM-I-3.—Total Liabilities by Type and Country, Mar. 31, 2001, Preliminary [Position 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 . . . . . . . . . . . . . . . Luxembourg . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 4 . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Channel Islands and Isle of Man 5 . . . . . . . Yugoslavia 6 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . Canada . . . . . . . . . . . . . . Latin America: Argentina . . . . . . . . . . . Brazil . . . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Mexico . . . . . . . . . . . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America . . . Total Latin America . . Caribbean: Bahamas . . . . . . . . . . . Bermuda . . . . . . . . . . . Cayman Islands . . . . . . Cuba . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . Netherlands Antilles . . . Trinidad and Tobago . . Other Caribbean . . . . . Total Caribbean. . . . . See footnotes at end of table. Liabilities payable in dollars To foreign official institutions and unafMemoTotal liabilities filiated foreign banks To all other foreigners randum Totals ShortLiabilities NegotiaPayable term U.S. to banks’ Short-term ble CDs in foreign Banks’ Treasury own forU.S. Treaheld for Deposits Deposits Payable curren- own lia Custody obliga- Other lia- eign ofsury obliga- Other lia- all forTotal in dollars cies 1 bilities liabilities Demand Time 2 tions 3 bilities fices Demand Time 2 tions 3 bilities eigners (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 2,241 2,178 63 6,263 5,432 831 226 226 494 439 55 3,053 2,919 134 1,287 1,286 1 46,202 42,760 3,442 36,550 30,662 5,888 1,527 1,496 31 670 666 4 10,873 10,642 231 7,453 5,770 1,683 12,585 12,585 n.a. 7,805 7,265 540 8,366 8,361 5 3,569 3,499 70 1,857 1,731 126 1,229 1,226 3 18,659 18,625 34 9,949 9,500 449 6,747 6,738 9 55,700 54,028 1,672 5,723 5,635 88 200,954 182,284 18,670 649 300 12,643 649 294 12,332 n.a. 6 311 1,601 577 4,597 835 108 118 433 6 2,837 82 349 937 22,861 19,899 22,810 7,852 842 654 117 549 3,261 7,381 5,296 474 7,013 5,572 6,430 835 8,324 37 1,255 2,244 571 1,160 326 900 3,562 15,063 7,526 1,974 5,214 1,524 46,868 7,160 3,265 2,370 169,740 12,544 552 294 9,062 97 3,270 463,574 429,228 34,346 335,114 94,114 29,311 23,318 5,993 18,869 4,449 12,924 11,451 5,229 4,363 2,184 1,527 34,869 4,127 1,805 3,398 27,068 7,258 12,875 10,577 5,175 4,344 2,179 1,509 33,994 4,014 1,788 3,365 26,814 7,189 116,203 113,823 49 11,216 874 9,927 54 4,557 19 4,013 5 2,070 18 1,420 875 26,868 113 3,151 17 1,740 33 2,962 254 17,295 69 6,749 1,659 650 618 331 109 89 7,126 863 48 403 9,519 440 2,380 91,968 21,855 83 617 107 403 3 24 10 233 52 45 511 2,229 390 4,677 36 192 18 115 270 299 762 276 1,145 282 946 488 39 299 118 80 7 1 304 90 174 400 59 105 406 699 116 159 4,507 21,810 58 8 157 237 48 3,817 8,668 39,243 1,192 1,514 317 223 172 33 15 45 298 76 12 54 151 155 2,460 2,009 551 117 93 114 4,901 215 71 269 2,811 1,759 1,551 15,370 67 1,130 17 96 4,147 122 118 73 2 3 90 8 40 2,694 77 255 915 34 16,248 6,824 13,513 735 10,975 6,607 590 243 65 301 318 5 35 3,176 105 118 1,554 2,182 807 2,804 3,776 284 1,347 2,202 28 7,786 14 1,225 1,681 229 1,066 170 52 440 756 7 6,750 11,112 274 161 4,940 2,515 89 641 2,897 2,774 4,527 43,289 2,339 2,081 775 402 14,969 120,357 11 67 3 10 15 20 178 290 62 13 244 118 199 136 14 7 18 4 29 114 27 161 17 1,244 170 294 3 85 10 15 410 641 236 11 346 398 439 345 22 17 153 10 61 887 122 417 102 2,146 42 16 5 1 26 19 5 359 31 168 91 15 24 3 1,193 9 1,046 41 180 26 1 2,821 6,328 67 5,992 308 2,971 1,632 9 2 59 1 5 285 2,795 562 37 15,803 83 62 2 636 824 6,580 42 1,505 69 270 49 10 4 5 156 912 733 7 2,147 97 32 1 56 66 18 188 44 40 49 72 224 252 37,440 90,547 199,221 1,579 3,849 8,670 3,090 653 7,612 1,237 3,137 109 2,469 300 150 55 2 2,508 2 152 7,603 153 163 147 5,284 40,270 14,348 4,515 215 1,684 1,892 810 732 40 250 8,934 399 74 1,066 4,277 1,212 178 1,205 833 46 151 1 2,174 444 71 796 174 257 785 5,909 530 3,994 271 2,044 380 2,605 250 1,357 119 932 1,372 11,296 143 1,855 439 1,029 66 730 1,224 9,590 318 2,952 253 115 69 118 10 1 327 402 1 37 66 28 989 459 370 313 263 45 2,184 478 91 195 918 355 206 187 296 160 59 23 739 91 18 68 100 58 10,925 21,370 6,330 5,897 44,293 1,427 6,660 2,005 2,005 913 2,772 57 125 324 144 4,253 546 495 759 12 54 1,007 6,710 3,813 37,804 8 102 3,111 5 3,331 303 144 1,353 2 16 4 590 1,010 10,593 2,873 54,884 2,412 175,937 174,174 1,763 162,375 11,799 8,528 8,401 127 4,615 3,786 387,100 372,492 14,608 229,133 143,359 85 85 83 2 1,272 1,238 34 1,123 115 4,530 4,504 26 4,375 129 1,058 1,048 10 988 60 12,580 12,580 n.a. 8,411 4,169 159 71 30 3 20 19 50 136 953 235 3,237 8 451 191 553 472 104 11,071 152,478 211 2,584 5 105 138,841 188,796 9 2 457 50 4 411 350 227 41 138 1,859 831 591,090 574,522 16,568 411,103 163,419 488 6,100 564 155,459 342,551 148 74 148 19 40 28 553 72 CAPITAL MOVEMENTS TABLE CM-I-3.—Total Liabilities by Type and Country, Mar. 31, 2001, Preliminary, con. [Position in millions of dollars. Source: Treasury International Capital Reporting System] Country Liabilities payable in dollars To foreign official institutions and unaf Memofiliated foreign banks To all other foreigners Total liabilities randum Totals ShortLiabilities Negotia Payable term U.S. to banks’ Short-term ble CDs Treasury own for held for in foreign Banks’ U.S. Trea Deposits Deposits obliga Other lia eign of sury obliga Other lia all for Payable curren own lia Custody 1 Total in dollars cies fices Demand Time 2 tions 3 bilities eigners bilities liabilities Demand Time 2 tions 3 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Asia: China: Mainland . . . . . . . . . . . 39,899 39,899 Taiwan . . . . . . . . . . . . 17,913 17,891 Hong Kong. . . . . . . . . . . 29,634 29,085 India . . . . . . . . . . . . . . . . 4,559 4,547 Indonesia . . . . . . . . . . . . 8,605 8,605 Israel . . . . . . . . . . . . . . . 8,849 8,803 Japan . . . . . . . . . . . . . . . 158,480 146,441 Korea . . . . . . . . . . . . . . . 5,780 5,686 Lebanon . . . . . . . . . . . . . 590 590 Malaysia. . . . . . . . . . . . . 2,233 2,180 Pakistan . . . . . . . . . . . . . 1,029 1,009 Philippines . . . . . . . . . . . 1,432 1,428 Singapore . . . . . . . . . . . 24,867 23,432 Syria. . . . . . . . . . . . . . . . 73 69 Thailand . . . . . . . . . . . . . 3,347 3,252 28,398 27,221 Other Asia . . . . . . . . . . . Total Asia . . . . . . . . . . 335,688 320,138 Africa: Congo (formerly Zaire). . 8 8 Egypt . . . . . . . . . . . . . . . 2,282 2,282 Ghana . . . . . . . . . . . . . . 112 106 Liberia . . . . . . . . . . . . . . 290 289 Morocco . . . . . . . . . . . . . 142 133 South Africa . . . . . . . . . . 652 651 7,220 7,095 Other Africa . . . . . . . . . . Total Africa . . . . . . . . . 10,706 10,564 Other countries: Australia. . . . . . . . . . . . . 9,487 9,448 New Zealand . . . . . . . . . 424 424 789 779 All other . . . . . . . . . . . . . Total other countries. . . . . . . . . . 10,700 10,651 Total foreign countries . . . . . . . . 1,557,272 1,482,244 International and regional organizations: International . . . . . . . . . . 11,657 10,734 European regional . . . . . 510 341 Latin American regional . 272 272 Caribbean regional . . . . Asian regional . . . . . . . . 217 217 African regional . . . . . . . 81 81 Middle Eastern 1 1 regional . . . . . . . . . . . . Total international and regional . . . . . . . 12,738 11,646 Grand total . . . . . . . . 1,570,010 1,493,890 22 549 12 46 12,039 94 53 20 4 1,435 4 95 1,177 7,328 32,571 335 14,811 3,080 299 21,201 7,884 462 2,335 2,212 181 2,037 6,568 245 4,086 4,717 99 50,993 95,448 1,375 3,254 2,432 211 580 10 29 1,669 511 158 906 103 52 1,232 196 263 20,664 2,768 518 67 2 14 1,039 2,213 114 20,154 7,067 1,338 15,550 152,356 167,782 5,693 2,583 2,627 2,922 105 305 187 19,349 162 49 80 33 129 5,945 93 2,097 7,700 28,129 404 2,326 8,757 500 674 13,619 7,536 1,275 1,594 1,020 6,536 823 210 4,442 1,106 281 78,707 6,237 24,216 961 2,002 2,060 381 6 453 580 559 40 321 481 44 542 48 1,134 2,841 12,152 9 1,990 281 359 3,141 9,103 9,841 36,666 109,423 76,325 59,673 64 347 330 80 138 93 747 61 5 28 23 66 106 2 35 195 395 2,637 2,144 160 340 2,333 1,300 174 110 316 53 300 397 42 192 654 22 17 91 1 9 203 1 4 3 14 127 136 267 37 381 149 1,307 37 132 8 7 8 253 66 14,307 2,604 54 33 6 5 6 2 6 8 33 17 325 67 2 2 61 5 716 731 2,320 11,547 628 17,863 3,779 6 1 9 1 125 8 1,049 102 177 131 624 5,870 1,233 123 4 16 112 1 2 32 27 74 1,225 1,674 139 31 1 2 801 1,035 1,086 589 39 5 54 263 2,052 5 285 1 10 4 607 1 17 6 15 3 80 319 2 54 9 155 33 93 240 1 16 1 7 39 4 96 1 134 309 45 11 1 6 9 142 7,961 2,603 1,920 974 2,121 3,002 912 441 586 25 583 72 39 n.a. 10 3,950 397 500 5,498 27 279 372 39 12 338 1 - 973 26 75 6,549 265 148 467 12 159 378 60 54 83 20 137 9 192 279 1,660 1 2 1 49 4,847 5,804 423 339 1,074 6,962 638 492 240 201 282 1,661 13,903 76,108 8,400 125,058 24,492 75,028 1,022,218 460,026 19,935 100,206 163,126 357,514 617,995 923 169 n.a. - 10,517 41 245 216 81 217 300 27 1 - - - - - - 6 11 3 2 1 5,122 1 127 1 - 66 163 - 5,539 166 142 214 80 26 - - 1 - - - - - - - 1 - - - 23 5,252 13,926 81,360 229 8,629 1,092 11,101 545 76,120 1,033,319 460,571 19,935 100,206 163,126 357,514 617,995 1 5 2 6 These data as of Dec. 31, 2000. Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 6,141 26 131,199 24,518 Before January 2001, data included in United Kingdom. Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 73 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries In the first quarter of 2001, U.S. banking liabilities fell $30 billion, due to decreases opposite Europe and the Caribbean financial centers. Last year, U.S. banking liabilities increased $103 billion, due entirely to strong increases opposite the Caribbean financial centers. 700 (In billions of dollars) 600 500 U.S. banking liabilities to foreigners, excluding long-term securities, are concentrated in international financial centers. The data on this page show that nearly one-half of U.S. banking liabilities currently is reported opposite the United Kingdom and the banking centers in the Caribbean. Foreigners domiciled in the rest of Europe and in Asia hold an additional 40 percent. 400 300 200 100 0 1997 1998 1999 2000 Mar. 2001 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 United Kingdom. . . . . . . . . . . . . . 212,790 202,280 190,706 188,154 200,954 All other Europe. . . . . . . . . . . . . . 274,671 274,354 290,632 295,344 262,620 Caribbean banking centers1,2 . . . . 414,642 451,575 487,601 599,681 580,222 Japan. . . . . . . . . . . . . . . . . . . . . . 172,352 193,202 170,614 162,473 158,480 All other Asia . . . . . . . . . . . . . . . . 128,650 143,224 165,229 159,489 177,208 Subtotal . . . . . . . . . . . . . . . . . . . 1,203,105 1,264,635 1,304,782 1,405,141 1,379,484 197,446 184,327 192,495 194,648 190,526 Grand total . . . . . . . . . . . . . . . . 1,400,551 1,448,962 1,497,277 1,599,789 1,570,010 All other countries. . . . . . . . . . . . . 1 2 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. U.S. banking liabilities in the mid-1990s went through a growth spurt. The annual growth rate between 1993 and 1997 averaged 10 percent. In 1998 and 1999, growth slowed to less than 5 percent per year, more in line with the 1989 through 1992 period. In 2000, growth increased to 7 percent. 74 CAPITAL MOVEMENTS 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] 1999 2000 Calendar year 1998 June Sept. Dec. Sept. Dec. p Total claims . . . . . . . . . . . . . . . . . . . . . . 974,771 973,405 974,817 1,033,128 1,093,146 1,099,153 1,105,229 1,189,244 Payable in dollars. . . . . . . . . . . . . . . . . 875,891 890,343 896,247 944,937 1,007,901 1,012,489 1,025,751 1,102,595 Banks’ own claims on foreigners. . . . 734,995 742,675 752,518 793,139 810,535 828,591 856,474 911,879 Foreign public borrowers . . . . . . . . 19,925 32,616 30,831 30,527 32,277 36,501 35,572 33,641 Deposits. . . . . . . . . . . . . . . . . . . . 27,230 24,549 24,556 34,538 24,377 22,371 23,765 23,886 Other . . . . . . . . . . . . . . . . . . . . . . Own foreign offices . . . . . . . . . . . . . . 78,976 484,535 80,096 479,349 77,750 479,621 62,648 529,682 65,546 553,459 66,585 559,145 63,379 592,647 75,736 630,105 All other foreigners . . . . . . . . . . . . . . Claims of banks’ domestic customers . . . . . . . . . . . . Deposits . . . . . . . . . . . . . . . . . . . . . 124,329 126,065 139,760 135,744 134,876 143,989 141,111 148,511 140,896 79,363 147,668 94,642 143,729 88,789 151,798 88,006 197,366 129,327 183,898 105,846 169,277 87,108 190,716 99,846 Negotiable and readily transferable instruments . . . . . . . Collections and other . . . . . . . . . . . 47,914 13,619 42,670 10,356 40,804 14,136 51,161 12,631 56,032 12,007 62,975 15,077 70,334 11,835 78,147 12,723 Payable in foreign currencies. . . . . . . . 98,880 83,062 78,570 88,191 85,245 86,664 79,478 86,649 Banks’ own claims on foreigners of which . . . . . . . . . . . . . . . . . . . 78,162 59,588 67,036 67,365 63,492 67,862 60,355 56,867 Canadian dollars . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Euros . . . . . . . . . . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. U.K. pounds . . . . . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Japanese yen. . . . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Claims of banks’ domestic customers of which . . . . . . . . . . . . . . . . . . 20,718 23,474 11,534 20,826 21,753 18,802 19,123 29,782 Canadian dollars . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Euros . . . . . . . . . . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. U.K. pounds . . . . . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Japanese yen. . . . . . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Claims reported by IBFs . . . . . . . . . . . Payable in dollars . . . . . . . . . . . . . . 252,310 217,416 231,843 206,365 265,562 231,836 274,611 243,765 305,668 274,219 293,805 260,829 306,933 277,198 308,736 281,615 Payable in foreign currencies . . . . . Customer liability on acceptances . . . . 34,894 4,520 25,478 4,456 33,726 4,532 30,846 4,553 31,449 4,462 32,976 5,055 29,735 4,701 27,121 4,258 Collateralized by resale agreements . . Foreign public borrowers . . . . . . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks and other foreigners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. International and regional orgs. . . . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,095 176,431 21,580 164,914 19,019 177,753 18,328 169,566 19,250 156,163 21,001 160,813 19,713 154,937 17,443 170,388 9,798 54,094 11,405 63,369 12,082 61,244 11,933 67,255 12,729 68,394 15,025 72,065 15,306 73,427 15,528 77,864 Type of claim Mar. r June r Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: On foreign public borrowers. . . . . . . . . On all other unaffiliated foreigners . . . . Claims with remaining maturity of more than 1 year: On foreign public borrowers. . . . . . . . . On all other unaffiliated foreigners . . . . CAPITAL MOVEMENTS 75 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Calendar year 1998 1999 June Sept. Other Europe . . . . . . . . . . . . . . . . . 2,744 11,989 3 162 4,367 1,292 27,708 46,117 1,072 54 5,495 13,064 n.a. 15,875 1,560 706 866 59 858 7,760 9,196 53,678 3,781 162,874 n.a. 62 5,430 4,605 14,206 3 202 3,529 1,991 28,965 49,506 974 40 5,082 11,313 n.a. 20,716 1,477 1,257 1,471 91 823 8,204 7,421 82,747 4,146 189,014 n.a. 54 8,134 4,283 10,644 1 113 4,848 2,244 31,077 49,703 910 34 4,596 12,199 n.a. 16,581 1,592 1,116 1,817 85 838 6,495 7,653 96,079 2,867 180,432 n.a. 51 7,559 Total Europe . . . . . . . . . . . . . . . . 376,772 445,971 Canada . . . . . . . . . . . . . . . . . . . . . . . Latin America: Argentina . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . 73,578 2000 Mar. r June r Sept. Dec. p 4,651 15,774 7 152 3,223 2,426 36,433 58,385 1,165 37 4,612 12,765 n.a. 19,928 1,160 1,219 1,927 68 731 5,400 8,508 85,388 9,906 172,345 n.a. 50 9,515 6,515 15,162 4 113 2,381 2,569 42,174 68,671 1,309 44 6,741 11,073 n.a. 22,981 2,633 436 1,539 66 725 4,689 14,450 120,877 9,613 186,682 n.a. 50 8,519 5,546 12,598 3 183 4,837 3,272 41,906 62,063 1,128 33 7,830 13,597 n.a. 23,030 3,036 403 2,217 64 763 5,029 15,312 96,164 4,757 210,761 n.a. 49 8,962 6,561 10,745 6 140 5,307 4,258 38,909 58,083 1,092 46 6,213 11,129 n.a. 23,206 5,613 240 2,195 79 661 4,163 15,280 105,410 4,270 209,080 n.a. 49 9,312 4,877 10,098 23 139 4,963 8,711 53,275 70,703 1,259 41 7,226 12,586 n.a. 23,228 5,655 434 2,105 80 690 4,776 16,060 88,034 4,571 229,523 n.a. 50 9,858 443,817 455,775 530,016 523,543 522,047 558,965 54,632 53,446 56,906 61,857 62,380 54,785 57,088 10,909 18,195 8,498 6,671 1,461 1,149 24,011 3,742 3,296 1,156 3,217 5,109 11,381 16,013 7,624 5,683 1,128 1,066 20,677 3,481 2,992 1,069 3,742 5,077 11,510 15,958 6,974 4,852 873 1,080 19,092 3,109 2,615 980 3,677 4,983 11,486 18,733 6,743 4,543 780 1,162 19,160 3,512 2,559 822 3,720 5,135 11,477 17,260 6,674 3,954 702 1,206 17,948 3,132 2,251 786 3,799 5,376 11,803 18,971 6,319 3,808 626 1,256 17,798 3,295 2,492 641 3,592 5,260 12,322 20,185 6,115 3,870 640 1,255 17,391 3,048 2,719 746 3,595 4,972 12,904 22,112 6,053 4,388 651 1,280 18,262 3,241 2,824 685 3,751 5,278 87,414 79,933 75,703 78,355 74,565 75,861 76,858 81,429 Other Caribbean 5 . . . . . . . . . . . . . 100,955 5,418 187,464 n.a. 6,816 461 n.a. 66,742 6,336 204,479 n.a. 5,576 557 n.a. 80,950 8,711 193,254 n.a. 13,382 591 n.a. 112,826 8,117 210,411 n.a. 6,051 609 n.a. 99,150 7,498 211,583 n.a. 6,415 637 n.a. 97,013 6,391 215,991 n.a. 6,513 685 n.a. 109,301 6,569 218,658 n.a. 5,784 599 n.a. 132,643 9,568 237,398 n.a. 5,812 609 n.a. Total Caribbean . . . . . . . . . . . . . . . 301,361 284,010 297,222 338,313 325,615 326,889 341,252 386,385 Europe: Austria . . . . . . . . . . . . . . . . . . . . . . Belgium 1 . . . . . . . . . . . . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Luxembourg 1 . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . . Russia 2 . . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Channel Islands and Isle of Man 3 . Yugoslavia 4 . . . . . . . . . . . . . . . . . . Other Latin America 5 . . . . . . . . . . . Total Latin America . . . . . . . . . . Caribbean: Bahamas. . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . British West Indies 6 . . . . . . . . . . . Cayman Islands 6. . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Trinidad and Tobago. . . . . . . . . . . See footnotes at end of table. Dec. 76 CAPITAL MOVEMENTS 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 1999 2000 Calendar year 1998 June Sept. Dec. 1,297 1,196 10,408 1,600 2,239 4,586 55,170 8,432 35 1,096 645 1,664 7,591 1 1,885 20,132 3,772 1,079 9,047 1,714 1,810 5,245 32,601 11,481 29 1,426 918 1,702 4,366 1,872 10,749 2,080 1,120 5,868 1,869 1,770 4,241 34,381 11,201 4,616 1,174 1,084 1,512 4,830 1,488 12,427 2,160 1,639 6,580 1,874 1,853 5,061 34,627 9,625 29 1,092 405 1,466 3,988 1,556 15,502 Mar. r June r Sept. Dec. p 3,206 1,373 5,126 1,880 1,903 6,559 33,140 11,921 27 1,136 526 1,722 2,758 3 1,181 12,588 1,722 1,764 5,224 2,047 1,905 4,632 37,997 16,185 55 1,031 670 1,922 3,739 1 1,289 13,246 1,558 3,151 7,119 2,144 2,034 4,127 39,895 14,706 36 1,047 742 1,545 3,094 2 1,123 11,182 1,668 2,719 7,392 2,346 1,944 5,588 39,320 8,077 39 848 165 1,832 4,575 12 1,404 11,372 Asia: China: Mainland . . . . . . . . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 7 . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . . 281 429 826 437 511 332 310 324 Total Asia . . . . . . . . . . . . . . . . . . Africa: Congo (formerly Zaire). . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Oil-exporting countries 8 . . . . . . . . 118,258 88,240 90,487 87,894 85,560 93,761 93,815 89,625 1 320 26 627 446 768 936 379 1 326 17 632 479 825 416 355 323 39 542 577 627 324 316 25 308 22 513 377 714 277 276 2 320 18 556 304 480 198 282 3 272 16 528 287 821 431 285 1 199 18 594 290 393 917 280 228 18 545 241 435 477 357 3,503 3,051 2,748 2,512 2,160 2,643 2,692 2,301 9,459 n.a. 806 12,863 n.a. 640 7,490 n.a. 311 8,308 n.a. 486 8,460 n.a. 604 9,050 n.a. 303 8,313 n.a. 602 8,338 n.a. 427 10,265 13,503 7,801 8,794 9,064 9,353 8,915 8,765 971,151 969,331 971,228 1,028,549 1,088,837 1,094,430 1,100,364 1,184,558 3,499 42 79 n.a. - 3,963 1 107 n.a. 3 - 3,532 26 31 n.a. - 4,555 10 14 n.a. - 4,294 15 n.a. - 4,677 5 41 n.a. - 4,544 42 78 n.a. 201 - 4,582 104 n.a. - 3,620 974,771 4,074 973,405 3,589 974,817 4,579 1,033,128 4,309 1,093,146 4,723 1,099,153 4,865 1,105,229 4,686 1,189,244 Other Africa . . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . . New Zealand 9 . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Caribbean regional 10 . . . . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 1 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugoslav Republic of Macedonia. 2 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Before January 2001, data for Cayman Islands included in British West Indies. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other.” 10 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 77 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2000 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Reporting banks’ own claims Memorandum Claims of banks’ domestic customers Customers’ liability on acceptances Total Payable in dollars Payable in foreign currencies (6) (7) (8) (9) Total claims Total banks’ own claims On foreign public bor rowers and unaffiliated foreigners (1) (2) (3) 4,877 10,098 23 139 4,963 8,711 53,275 70,703 1,259 41 7,226 12,586 n.a. 23,228 5,655 434 2,105 80 690 4,776 16,060 88,034 4,571 229,523 3,271 6,681 20 139 4,008 7,977 43,923 43,366 1,044 30 6,309 9,684 n.a. 18,645 5,100 418 1,602 80 530 3,254 9,898 84,387 3,268 163,931 2,938 4,534 7 79 904 381 8,380 13,993 351 23 2,876 3,497 n.a. 9,929 5,011 334 1,084 75 514 1,471 2,330 3,765 3,079 39,035 3 1,006 58 2,408 7,021 31,923 22,980 307 1 2,979 4,132 n.a. 7,365 1 49 298 3 3 1,377 6,971 78,618 96 109,840 330 1,141 13 2 696 575 3,620 6,393 386 6 454 2,055 n.a. 1,351 88 35 220 2 13 406 597 2,004 93 15,056 11 24 3 3 n.a. 127 3 49 308 184 1,606 3,417 3 955 734 9,352 27,337 215 11 917 2,902 n.a. 4,583 555 16 503 160 1,522 6,162 3,647 1,303 65,592 1,537 3,155 3 925 109 8,145 18,855 152 716 1,886 n.a. 3,618 380 2 365 5 1,419 5,708 3,137 1,289 59,823 69 262 30 625 1,207 8,482 63 11 201 1,016 n.a. 965 175 14 138 155 103 454 510 14 5,769 n.a. 50 9,858 n.a. 50 2,237 n.a. 50 1,787 n.a. 10 n.a. 440 n.a. - n.a. 7,621 n.a. 2,788 n.a. 4,833 Total Europe . . . . . . . . . . 558,965 419,852 106,427 277,449 35,976 712 139,113 114,017 25,096 Canada . . . . . . . . . . . . . . . . . 57,088 44,465 11,720 28,348 4,397 5 12,623 10,808 1,815 Latin America: Argentina . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . Panama . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . Other Latin America 5 . . . . 12,904 22,112 6,053 4,388 651 1,280 18,262 3,241 2,824 685 3,751 5,278 12,275 20,772 5,922 4,379 641 1,261 17,698 3,128 2,815 684 3,702 5,205 10,294 12,786 5,797 4,245 613 1,164 17,296 2,039 2,058 517 3,408 4,217 1,252 7,781 19 125 22 82 134 896 750 158 112 849 729 205 106 9 6 15 268 193 7 9 182 139 29 385 2 6 7 26 249 26 16 3 11 72 629 1,340 131 9 10 19 564 113 9 1 49 73 497 859 108 9 10 19 453 113 9 1 49 73 132 481 23 111 - Total Latin America . . . . . . 81,429 78,482 64,434 12,180 1,868 832 2,947 2,200 747 Caribbean: Bahamas . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . British West Indies 6 . . . . . Cayman Islands 6 . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . Trinidad and Tobago . . . . . Other Caribbean 5 . . . . . . . 132,643 9,568 237,398 n.a. 355 5,812 609 n.a. 116,673 9,380 197,428 n.a. 355 5,812 608 n.a. 7,293 9,243 36,460 n.a. 325 1,444 484 n.a. 106,797 100 152,855 n.a. 30 4,357 124 n.a. 2,583 37 8,113 n.a. 11 n.a. 30 11 183 n.a. 1 n.a. 15,970 188 39,970 n.a. 1 n.a. 15,969 188 39,516 n.a. 1 n.a. 1 454 n.a. n.a. Total Caribbean . . . . . . . . . 386,385 330,256 55,249 264,263 10,744 225 56,129 55,674 455 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 . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . Channel Islands and Isle of Man 3 . . . . . . . . . . . . . . . . Yugoslavia 4 . . . . . . . . . . . . Other Europe . . . . . . . . . . . See footnotes at end of table. On own foreign offices Payable in foreign currencies (4) (5) 78 CAPITAL MOVEMENTS TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2000, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Reporting banks’ own claims On foreign public bor rowers and Payable in unaffiliated On own forforeign foreigners eign offices currencies (3) (4) (5) Memorandum Claims of banks’ domestic customers Customers’ liability on acceptances (6) Total (7) Payable in dollars (8) Payable in foreign currencies (9) Total claims (1) Total banks’ own claims (2) 1,668 2,719 7,392 2,346 1,944 5,588 39,320 8,077 39 848 165 1,832 4,575 12 1,404 11,696 1,616 2,306 7,087 2,185 1,937 2,729 36,741 7,901 28 811 163 1,826 4,077 11 1,385 11,458 1,215 575 4,308 1,767 1,836 2,524 6,947 5,411 27 644 81 1,707 2,152 9 648 3,089 391 1,672 2,407 411 78 205 28,162 2,373 1 150 82 77 1,864 733 7,216 10 59 372 7 23 1,632 117 17 42 61 2 4 1,153 16 2 30 20 7 3 41 2,184 2 16 20 1 54 52 413 305 161 7 2,859 2,579 176 11 37 2 6 498 1 19 238 52 94 265 121 6 2,852 1,769 77 11 3 1 5 486 1 19 234 319 40 40 1 7 810 99 34 1 1 12 4 89,625 82,261 32,940 45,822 3,499 2,396 7,364 5,996 1,368 228 18 545 241 435 834 204 13 545 231 390 826 198 13 545 203 366 734 3 1 88 3 27 24 4 34 1 3 24 5 10 45 8 23 5 10 10 8 1 35 - 2,301 2,209 2,059 92 58 38 92 56 36 8,338 n.a. 427 6,160 n.a. 375 4,046 n.a. 213 1,915 n.a. 36 199 n.a. 126 49 n.a. 1 2,178 n.a. 52 1,929 n.a. 36 249 n.a. 16 8,765 6,535 4,259 1,951 325 50 2,230 1,965 265 1,184,558 964,060 277,088 630,105 56,867 4,258 220,498 190,716 29,782 4,582 104 n.a. - 4,582 104 n.a. - 4,582 104 n.a. - n.a. - n.a. - n.a. - n.a. - n.a. - n.a. - 4,686 1,189,244 4,686 968,746 4,686 281,774 630,105 56,867 4,258 220,498 190,716 29,782 Asia: China: Mainland . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . Hong Kong. . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . Singapore . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . Africa: Congo (formerly Zaire). . . . Egypt . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . Other Africa . . . . . . . . . . . . Total Africa . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . New Zealand 7 . . . . . . . . . . All other . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . Total foreign countries . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . European regional . . . . . . . Latin American regional. . . Caribbean regional 8 . . . . . Asian regional . . . . . . . . . . African regional . . . . . . . . . Middle Eastern regional. . . Total international and regional . . . . . . . . . Grand total . . . . . . . . . . 1 Before January 2001, combined data reported for Belgium-Luxembourg. December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: since December 1992 for 2 Since Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugoslav Republic of Macedonia. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Before January 2001, data for Cayman Islands included in British West Indies. 7 Before January 2001, data included in “All other.”. 8 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 79 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries In 2000, banking claims on foreigners grew strongly, due to strong growth in the first and fourth quar ters. For the year, claims increased $156 billion, primarily due to a $103 billion increase in claims opposite Europe. 400 (In billions of dollars) 300 U.S. banking claims on foreigners, excluding long-term securities, are concentrated in international financial centers. The data on this page show that over three-quarters of U.S. claims currently are reported opposite the United Kingdom, “All other Europe,” and the banking centers in the Caribbean. Foreigners domiciled in Asia hold less than 10 percent of U.S. claims, down from 20 percent at the end of 1996. 200 After extremely strong growth in the mid-1990s, total U.S. banking claims on foreigners leveled off in 1998 and 1999, growing at only about 5 percent per year. In 2000, growth reached 15 percent, matching the growth rate of 1997. 100 0 1996 1997 1998 1999 2000 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 1997 1998 1999 2000 United Kingdom . . . . . . . . . . . . . . . . . . . 129,301 All other Europe. . . . . . . . . . . . . . . . . . . 144,459 Caribbean banking centers1. . . . . . . . . . 243,575 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . 92,172 151,645 176,991 297,995 86,759 162,874 213,888 304,395 55,170 172,345 283,430 340,917 34,627 229,523 329,442 388,662 39,320 76,413 79,301 63,088 53,267 50,305 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . 685,920 792,691 799,415 884,586 1,037,252 All other countries. . . . . . . . . . . . . . . . . . 134,995 Grand total . . . . . . . . . . . . . . . . . . . . . 820,915 151,390 175,356 148,542 151,992 944,081 974,771 1,033,128 1,189,244 All other Asia.. . . . . . . . . . . . . . . . . . . . . 1 1996 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 80 CAPITAL MOVEMENTS SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Total liabilities Calendar year Country 1999 r 2000 Calendar year June r Dec. 1999 r 332 63 179 222 103 224 140 116 161 295 1,693 103 726 1,403 66 1,760 982 52 345 1,537 114 886 178 325 1,696 149 554 1,471 50 1,445 1,074 37 315 1,713 182 931 169 61 5 512 n.a. 221 368 Total banks’ own claims 2000 June Dec. 63 11 n.a. 49 n.a. 132 42 13 n.a. 366 1,429 149 807 1,402 81 1,637 641 51 297 1,746 130 839 172 n.a. 813 n.a. 582 586 13 787 965 7 16 328 60 98 67 n.a. 1,095 43 491 554 n.a. 858 888 n.a. 20 269 82 92 80 n.a. 629 42 367 647 37 952 1,030 n.a. 53 287 98 88 50 49 8 386 91 131 399 55 5 392 62 208 325 59 n.a. n.a. n.a. 82 41 1 66 n.a. 29 4 203 19 n.a 28 55 228 26 125 110 4 57 32 16 11 214 124 121 52 73 287 16 135 24 62 138 19 137 127 2 43 44 13 11 214 163 84 50 62 390 23 137 40 74 117 n.a. 116 199 3 66 18 13 12 295 66 95 107 56 n.a. 8 n.a. n.a. 22 4 3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8 n.a. n.a. 13 13 n.a. 13 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7 n.a. 20 5 n.a. n.a. n.a. n.a. n.a. 16 n.a. 3 100 1 n.a. n.a. 774 n.a. 370 n.a. 721 n.a. 215 27 129 n.a. 148 27 Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean: Aruba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . . . . . . . . . . . . . . . . Belize . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bolivia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . . . . . . . . . . . . . . . . Dominica . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dominican Republic . . . . . . . . . . . . . . . . . . . . El Salvador. . . . . . . . . . . . . . . . . . . . . . . . . . . French West Indies and French Guiana . . . . Haiti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . . . . . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . . . . . . . . . . . . . . . . Suriname . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Asia: Afghanistan . . . . . . . . . . . . . . . . . . . . . . . . . . Burma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ivory Coast. . . . . . . . . . . . . . . . . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . . . . . . . . . . . . . . . . Mauritius . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mozambique . . . . . . . . . . . . . . . . . . . . . . . . . Niger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sudan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uganda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zimbabwe . . . . . . . . . . . . . . . . . . . . . . . . . . . All other: New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . . . . . . . . . . Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates for the “Other” geographical categories in the regular monthly series in the “Treasury Bulletin.” CAPITAL MOVEMENTS 81 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year 1999 2000 Type of liability or claim 1996 1997 1998 Dec. Mar. June Sept. Dec. p Total liabilities. . . . . . . . . . . . . . . . . . . . . . . 61,782 57,382 46,570 53,020 53,489 70,534 76,644 74,107 Payable in dollars . . . . . . . . . . . . . . . . . . 39,542 41,543 36,668 37,605 35,614 47,864 51,451 49,424 Financial . . . . . . . . . . . . . . . . . . . . . . . . 11,913 12,630 10,371 13,883 12,858 22,803 26,159 25,246 Trade payables . . . . . . . . . . . . . . . . . 11,683 9,599 10,133 11,720 11,267 12,691 12,936 12,236 Advance receipts and other . . . . . . . . 15,946 19,314 16,164 12,002 11,489 12,370 12,356 11,942 Payable in foreign currencies . . . . . . . . . 22,240 15,839 9,902 15,415 17,875 22,670 25,193 24,683 Financial . . . . . . . . . . . . . . . . . . . . . . . . 21,136 14,247 8,884 14,097 16,322 21,265 23,736 22,173 Trade payables . . . . . . . . . . . . . . . . . 1,037 1,305 845 1,114 1,134 1,073 982 2,069 Advance receipts and other . . . . . . . . 67 287 173 204 419 332 475 441 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 65,897 68,128 77,462 76,642 84,266 80,725 94,803 90,951 Payable in dollars . . . . . . . . . . . . . . . . . . 59,156 62,173 72,171 69,170 74,331 72,294 82,872 81,176 Deposits . . . . . . . . . . . . . . . . . . . . . . . 20,852 21,060 28,549 16,373 21,442 15,361 27,974 21,015 Other . . . . . . . . . . . . . . . . . . . . . . . . . 12,374 11,806 14,049 18,593 19,659 22,384 20,541 25,142 Trade receivables . . . . . . . . . . . . . . . . 23,495 26,157 25,743 30,624 28,512 29,584 29,568 30,745 Advance payments and other. . . . . . . 2,435 3,150 3,830 3,580 4,718 4,965 4,789 4,274 Payable in foreign currencies . . . . . . . . . 6,741 5,955 5,291 7,472 9,935 8,431 11,931 9,775 Deposits . . . . . . . . . . . . . . . . . . . . . . . 772 1,849 1,650 2,193 1,874 2,101 2,954 2,359 Other . . . . . . . . . . . . . . . . . . . . . . . . . 3,525 2,244 2,012 3,072 4,823 4,457 6,834 4,515 Trade receivables . . . . . . . . . . . . . . . . 2,256 1,379 1,459 1,978 2,931 1,693 1,962 2,713 Advance payments and other. . . . . . . 188 483 170 229 307 180 181 188 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 82 CAPITAL MOVEMENTS TABLE CM-IV-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country 1999 2000 1995 1996 1997 1998 Dec Mar. June Sept. Dec p Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands. . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal. . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . Spain. . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 177 171 233 1,308 118 13,706 6 67 1,111 2 22 93 161 1,771 2,836 72 12 449 911 1,322 424 30 33 9 105 222 204 1,323 129 21,464 9 112 852 5 38 170 281 2,189 3,232 89 13 1,136 923 933 242 7 36 165 115 334 244 936 285 15,753 6 118 357 3 105 132 83 2,017 3,455 120 3 1,307 1,177 1,835 188 11 29 149 82 546 171 654 211 9,677 8 112 171 26 105 48 2,331 3,105 141 9 827 749 2,503 266 46 34 159 251 501 158 773 384 19,592 11 93 82 1 25 138 38 2,388 2,794 283 9 1,226 1,312 2,618 126 52 19 236 194 389 161 633 446 19,240 6 95 341 2 26 131 47 2,413 2,619 223 5 2,513 1,515 2,597 185 81 16 184 122 478 147 702 511 24,445 7 131 370 1 25 173 42 2,015 3,155 356 11 1,184 1,537 2,464 195 48 15 180 34 381 145 825 543 31,552 8 111 440 2 7 149 91 2,459 3,214 400 8 1,216 1,773 2,315 286 42 16 178 91 468 117 606 408 29,207 11 Other Europe . . . . . . . . . . . . . . . . 188 165 159 181 201 187 220 196 182 Total Europe. . . . . . . . . . . . . . . . 23,322 32,946 28,255 22,619 32,503 32,696 39,625 45,586 43,797 Canada . . . . . . . . . . . . . . . . . . . . . . 1,672 2,491 3,549 2,083 2,059 2,337 2,767 2,138 2,343 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 272 299 347 274 1,044 160 123 5 27 12 16 682 53 12 44 144 6 329 219 157 432 363 616 150 120 22 30 18 591 23 16 30 75 20 262 118 21 299 304 967 111 72 5 19 12 12 406 44 16 35 34 8 204 169 23 157 271 540 64 141 27 58 6 13 912 19 67 28 15 8 305 247 10 288 243 512 94 111 22 22 26 46 827 15 62 25 18 7 193 202 88 1,316 265 485 99 156 18 70 18 20 1,099 24 69 23 12 7 239 186 120 1,559 299 520 61 76 19 40 20 15 1,114 16 27 25 11 7 124 146 37 2,020 262 482 52 131 20 32 10 16 867 32 32 24 36 27 286 364 393 418 426 379 364 1,271 1,651 1,994 3,523 4,242 3,562 3,113 3,202 3,132 5,481 5,890 6,506 Europe: Latin America and Caribbean: Argentina. . . . . . . . . . . . . . . . . . . . Bahamas. . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador. . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica. . . . . . . . . . . . . . . . . . . . . Mexico. . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama. . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 83 TABLE CM-IV-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country 1995 China: Mainland . . . . . . . . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . . 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 1996 1999 1997 1998 2000 Dec. Mar. June Sept. 627 1,175 223 519 83 160 5,751 543 56 118 37 169 917 8 165 2,555 606 1,115 347 355 70 188 5,259 695 60 139 31 114 1,237 6 200 2,312 781 1,096 790 330 89 185 8,224 2,477 55 102 85 104 2,093 24 218 3,494 526 985 430 284 111 633 6,780 3,165 52 238 75 105 2,785 10 203 3,714 Dec. p Asia: 990 697 610 181 314 205 10,483 1,558 72 586 77 110 908 61 473 2,193 1,250 936 750 170 213 176 8,602 1,150 29 766 60 222 1,252 23 405 3,138 708 898 388 387 154 228 7,439 945 27 141 33 169 1,240 15 362 2,852 497 970 639 309 80 468 8,968 941 53 162 96 114 2,279 27 203 2,843 Other Asia . . . . . . . . . . . . . . . . . . . 206 327 211 141 217 222 271 357 290 Total Asia . . . . . . . . . . . . . . . . . . Africa: Congo (formerly Zaire). . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . . 16,409 19,845 19,353 16,127 13,323 12,956 20,418 20,453 18,939 157 16 24 42 376 198 29 21 154 532 90 28 1 49 255 408 39 9 9 41 189 393 9 86 1 2 31 138 499 10 100 2 2 12 148 536 1 115 3 10 141 575 1 154 4 16 12 130 663 166 6 18 11 135 475 Other Africa . . . . . . . . . . . . . . . . . . 154 144 103 142 212 161 138 288 181 Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . . 769 1,078 934 822 978 971 983 1,268 992 461 230 945 125 911 810 949 852 634 300 450 910 294 930 324 929 344 898 691 1,070 1,721 1,801 934 1,360 1,224 1,253 1,242 46,386 61,672 57,374 46,565 52,975 53,452 70,498 76,588 73,819 2 60 - 55 55 - 8 - 5 - 1 44 - 37 - 36 - 56 - 4 249 3 31 1 - - - - - - - - - 62 46,448 110 61,782 8 57,382 5 46,570 45 53,020 37 53,489 36 70,534 56 76,644 288 74,107 All other . . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independ ent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya and Nigeria. 84 CAPITAL MOVEMENTS TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2000, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial liabilities Country Total liabilities (1) Europe: Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . Total Payable in dollars Payable in foreign currencies Commercial liabilities (2) (3) (4) (5) Other Europe . . . . . . . . . . . . . . . . . 111 440 2 7 149 91 2,459 3,214 400 8 1,216 1,773 2,315 286 42 16 178 91 468 117 606 408 29,207 11 182 17 147 1 7 44 1,480 2,168 4 1 1,044 413 2,016 3 9 9 18 249 24 104 9 26,362 43 144 1 6 1,092 1,372 4 1 325 94 1,988 3 9 3 9 224 24 86 9 8,907 42 17 3 7 38 388 796 719 319 28 6 9 25 18 17,455 1 94 293 2 6 142 47 979 1,046 396 7 172 1,360 299 283 33 7 178 73 219 93 502 399 2,845 11 139 Total Europe . . . . . . . . . . . . . . . . 43,797 34,172 14,343 19,829 9,625 Canada . . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . 2,343 411 376 35 1,932 146 37 2,020 262 482 52 131 20 32 10 16 867 32 32 24 36 27 286 59 6 1,739 148 406 8 2 2 26 9 1 5 2 10 5 1,739 24 406 8 2 2 13 9 1 5 1 49 1 124 13 1 87 31 281 114 76 44 129 20 32 10 14 841 23 32 23 31 27 284 1,994 1,712 1,705 7 282 6,506 4,125 3,930 195 2,381 See footnotes at end of table. CAPITAL MOVEMENTS 85 TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2000, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial liabilities Country Payable in dollars Payable in foreign currencies Commercial liabilities (4) (5) Total liabilities Total (1) (2) (3) Mainland . . . . . . . . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . . 497 970 639 309 80 468 8,968 941 53 162 96 114 2,279 27 203 95 2 432 7 8 248 6,216 89 5 1 1 813 24 56 2 409 3 5 248 4,918 87 5 1 789 1 39 23 4 3 1,298 2 1 24 23 402 968 207 302 72 220 2,752 852 48 161 96 113 1,466 27 179 Other Asia . . . . . . . . . . . . . . . . . . . 3,133 24 24 - 3,109 Total Asia . . . . . . . . . . . . . . . . . . 18,939 7,965 6,548 1,417 10,974 Congo (formerly Zaire). . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . 166 6 18 11 135 6 17 16 5 17 - 1 16 160 6 1 11 119 Other Africa . . . . . . . . . . . . . . . . . . 656 13 13 - 643 Total Africa . . . . . . . . . . . . . . . . . 992 52 35 17 940 Asia: China: Africa: Other countries: Australia . . . . . . . . . . . . . . . . . . . . . 344 79 7 72 265 All other . . . . . . . . . . . . . . . . . . . . . 898 615 7 608 283 Total other countries . . . . . . . . . . 1,242 694 14 680 548 Total foreign countries . . . . . . . 73,819 47,419 25,246 22,173 26,400 International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . 4 249 3 31 1 - - - 4 249 3 31 1 Middle Eastern regional . . . . . . . . . Total international and regional. . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . - - - - - International and regional orgs.: 288 - - - 288 74,107 47,419 25,246 22,173 26,688 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recog nized by the United States. Data for entities of the former Yugoslavia recognized as independ- ent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 86 CAPITAL MOVEMENTS TABLE CM-IV-4.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year 1999 Country 1995 1996 1997 1998 Dec. Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 300 537 288 1,018 256 6,959 13 159 411 19 34 101 173 2,338 1,613 148 17 274 1,039 1,055 251 108 92 14 239 645 372 1,116 222 10,868 6 126 734 32 42 155 211 2,811 2,041 386 62 277 1,466 1,274 303 124 78 7 221 623 504 988 379 13,997 11 146 899 11 67 81 244 3,035 2,126 316 66 244 1,257 1,342 165 111 153 20 232 527 565 897 236 12,535 14 208 845 6 26 310 261 3,203 2,464 487 54 340 1,284 2,658 273 62 91 11 293 715 339 1,253 464 13,388 17 Other Europe . . . . . . . . . . . . . . . . . 153 214 267 251 Total Europe . . . . . . . . . . . . . . . . 17,433 21,528 27,119 Canada . . . . . . . . . . . . . . . . . . . . . . . 4,802 5,607 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 2000 Mar. June Sept. Dec. p 445 811 5 37 197 249 4,355 2,703 482 50 434 1,268 3,318 192 70 91 11 369 766 358 1,223 705 14,398 17 257 742 13 42 156 257 3,984 2,482 441 54 494 1,190 3,226 201 61 121 15 398 905 321 1,187 591 16,597 45 297 697 21 43 234 212 4,398 2,855 327 47 589 1,193 3,796 252 66 106 9 340 903 368 1,310 419 21,384 37 498 748 6 67 229 224 4,301 2,830 332 47 616 1,114 3,125 308 67 83 16 373 860 360 1,462 700 20,402 15 360 353 402 289 291 25,540 29,412 32,907 34,182 40,192 39,074 5,973 5,120 5,310 6,263 9,049 10,470 8,081 617 1,588 415 2,771 15,726 374 422 5 107 98 40 1,585 114 109 201 25 42 388 688 2,335 352 2,475 10,571 327 424 101 93 52 1,929 153 145 147 20 49 612 893 427 575 1,859 24,492 320 279 103 88 45 2,790 37 173 183 55 59 456 896 1,613 401 2,381 12,280 263 349 82 85 52 3,476 45 168 148 46 68 487 855 1,314 415 2,495 15,909 387 324 2 60 121 80 3,508 72 202 170 58 70 500 891 703 415 2,560 7,802 313 335 1 57 73 34 3,613 97 194 112 45 70 544 826 1,433 409 2,549 15,777 329 326 83 93 82 3,892 37 201 122 53 60 480 1,108 1,390 395 2,783 12,733 298 350 1 66 106 126 3,955 84 244 171 59 35 413 705 681 820 1,176 1,325 1,302 2,807 727 842 18,864 25,308 21,293 34,010 24,165 27,844 20,666 27,479 25,159 Europe: Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 87 TABLE CM-IV-4.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year 1999 2000 Country 1995 1996 1997 1998 Dec. Mar. June Sept. Dec. p China: Mainland . . . . . . . . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . . 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 992 511 669 402 665 323 3,038 822 41 560 99 245 781 7 288 993 1,076 814 562 439 704 347 2,799 988 37 547 44 144 779 11 280 1,118 825 770 331 348 417 327 2,875 1,084 26 492 37 148 734 12 489 1,144 760 1,097 400 599 408 336 5,336 1,378 14 516 23 258 1,041 5 651 1,648 1,018 1,129 958 486 386 419 4,103 1,481 22 513 32 235 825 10 208 1,562 1,012 1,345 861 553 446 527 3,292 1,432 25 672 110 141 984 5 192 1,283 1,034 1,338 458 664 376 393 3,800 1,542 40 733 23 127 832 8 153 1,284 1,086 1,299 593 661 407 479 4,422 1,745 36 743 37 106 1,065 11 344 1,104 Other Asia . . . . . . . . . . . . . . . . . . . 108 161 157 160 152 144 216 183 195 Asia: Total Asia . . . . . . . . . . . . . . . . . . 8,891 10,597 10,846 10,219 14,622 13,531 13,096 12,988 14,333 Africa: Congo (formerly Zaire). . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . . . . 11 160 16 13 57 321 92 13 155 15 29 27 277 180 3 286 9 8 28 322 134 1 136 14 11 29 272 181 186 6 3 35 323 186 192 25 11 44 262 97 2 236 28 8 42 266 199 2 223 26 27 272 395 266 5 2 49 266 236 Other Africa . . . . . . . . . . . . . . . . . . 260 224 209 226 178 317 305 234 258 Total Africa . . . . . . . . . . . . . . . . . Other countries: 930 920 999 870 917 948 1,086 1,179 1,082 Australia . . . . . . . . . . . . . . . . . . . . . 1,310 1,536 1,485 1,398 1,889 2,124 2,105 2,005 2,041 All other . . . . . . . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . 270 265 390 286 351 638 536 485 359 1,580 1,801 1,875 1,684 2,240 2,762 2,641 2,490 2,400 52,500 65,761 68,105 77,443 76,639 84,255 80,720 94,798 90,129 8 1 - 60 58 2 13 3 18 5 - 15 3 1 2 1 10 1 4 1 4 1 80 628 39 67 1 - - - - - - - - 7 Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 9 136 23 19 3 11 5 5 822 52,509 65,897 68,128 77,462 76,642 84,266 80,725 94,803 90,951 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independ ent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya and Nigeria. 88 CAPITAL MOVEMENTS TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 2000, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial claims Total claims Total Denominated in dollars Denominated in foreign currencies Commercial claims (1) (2) (3) (4) (5) Other Europe . . . . . . . . . . . . . . . . . 498 748 6 67 229 224 4,301 2,830 332 47 616 1,114 3,125 308 67 83 16 373 860 360 1,462 700 20,402 15 291 427 296 16 112 2 1,206 848 242 2 313 286 1,396 206 5 2 100 352 132 699 499 15,900 95 426 284 16 112 1,043 493 241 1 311 258 840 192 1 100 328 125 673 498 12,920 80 1 12 2 163 355 1 1 2 28 556 14 5 1 24 7 26 1 2,980 15 71 452 6 51 117 222 3,095 1,982 90 45 303 828 1,729 102 62 81 16 273 508 228 763 201 4,502 15 196 Total Europe . . . . . . . . . . . . . . . . 39,074 23,136 18,942 4,194 15,938 Canada . . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . 8,081 4,576 3,930 646 3,505 1,108 1,390 395 2,783 12,733 298 350 1 66 106 126 3,955 84 244 171 59 35 413 498 1,353 19 1,827 12,596 27 91 11 25 52 2,448 43 22 7 4 9 87 484 1,348 19 1,808 12,596 26 84 10 23 50 2,408 43 21 7 2 2 60 14 5 19 1 7 1 2 2 40 1 2 7 27 610 37 376 956 137 271 259 1 55 81 74 1,507 41 222 164 55 26 326 842 198 185 13 644 25,159 19,317 19,176 141 5,842 Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 89 TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 2000, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial claims Total claims Total Denominated in dollars Denominated in foreign currencies Commercial claims (1) (2) (3) (4) (5) Mainland . . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel. . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . . Malaysia . . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore . . . . . . . . . . . . . . . . . . . . Syria . . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . . 1,086 1,299 593 661 407 479 4,422 1,745 36 743 37 106 1,065 11 344 231 256 242 326 143 124 1,631 726 452 4 16 221 188 223 41 125 290 142 121 267 725 379 4 15 211 186 8 215 117 36 1 3 1,364 1 73 1 10 2 855 1,043 351 335 264 355 2,791 1,019 36 291 33 90 844 11 156 Other Asia . . . . . . . . . . . . . . . . . . . 1,299 137 134 3 1,162 Total Asia. . . . . . . . . . . . . . . . . . . 14,333 4,697 2,863 1,834 9,636 Congo (formerly Zaire) . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana. . . . . . . . . . . . . . . . . . . . . . . Liberia. . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . 266 5 2 49 266 166 1 73 161 1 73 5 - 100 5 2 48 193 Other Africa . . . . . . . . . . . . . . . . . . 494 171 168 3 323 Total Africa . . . . . . . . . . . . . . . . . 1,082 411 403 8 671 Australia . . . . . . . . . . . . . . . . . . . . . 2,041 753 713 40 1,288 All other . . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . . . 359 134 123 11 225 2,400 887 836 51 1,513 90,129 53,024 46,150 6,874 37,105 International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asian regional. . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . 80 628 39 67 1 - - - 80 628 39 67 1 Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 7 7 7 - - Country Asia: China: Africa: Other countries: International and regional orgs.: 1 822 7 7 - 815 90,951 53,031 46,157 6,874 37,920 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independ- ent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 90 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries U.S. banks, brokers and other persons report foreigners’ transactions in long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks), which are con ducted largely through international financial centers. The data on this page present aggregate net purchases on an annual basis for 1997 through 2000, as well as activity for the first quarter of 2001. The figures show that foreigners’ annual net purchases (gross purchases minus gross sales) of U.S. securities have maintained an ex tremely high level since 1997. 300 (In billions of dollars) Note: To facilitate comparison of net pur chases during 2001 with those in prior years, the chart depicts data for all periods at an annualized rate. 250 200 150 Annual net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2000, net foreign pur chases of U.S. securities set a new record, surpassing the previous one set in 1997. For the year, net purchases amounted to $456 billion, of which $294 billion was reported opposite Europe. Net purchases accelerated in the first quarter of 2001, totaling $155 billion. 100 50 0 1997 1998 1999 2000 2001 Jan. - Mar. 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 1997 1998 1999 2000 2001 Jan. - Mar. United Kingdom. . . . . . . . . . . . . . . . . . . . 174,918 137,970 129,014 165,219 67,332 All other Europe . . . . . . . . . . . . . . . . . . . . 104,375 84,047 71,492 128,437 30,900 Country Caribbean banking centers 1, 2. ........ 24,999 11,738 43,142 19,882 9,022 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,504 20,261 43,366 51,492 4,017 All other Asia.. . . . . . . . . . . . . . . . . . . . . . 26,669 11,050 34,168 52,151 26,603 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . 365,465 265,066 321,182 417,181 137,874 All other countries. . . . . . . . . . . . . . . . . . . 22,514 12,725 28,979 39,163 17,145 Grand total . . . . . . . . . . . . . . . . . . . . . . 387,979 277,791 350,161 456,344 155,019 1 2 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. Over the past few years, the composi tion of foreigners’ net purchases has changed dramatically. In the mid-1990s, the majority of foreigners’ net purchases consisted of U.S. Trea sury bonds and notes. Since 1997, however, foreigners increasingly have turned to other long-term securities. In fact, in 2000, foreigners purchased record amounts of corporate bonds, agency bonds and corporate stocks. CAPITAL MOVEMENTS 91 SECTION V.—U.S. International Transactions in Long-Term Securities TABLE CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Calendar year or month Marketable Treasury bonds and notes Net foreign purchases Foreign countries Official Other International Gross foreign institutions foreigners and regional purchases (2) (3) (4) (5) Total (1) Gross foreign sales (6) U.S. Government corporations and federally sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) 1997. . . . . . . . . 1998. . . . . . . . . 1999. . . . . . . . . 2000. . . . . . . . . 2001 - Jan. - Mar. p . . . . . . . . . . . . . . . . 184,171 49,039 -9,953 -53,790 2,804 43,959 4,123 -9,861 -6,302 3,142 139,729 42,447 -657 -47,028 158 483 2,469 565 -460 -496 4,865,145 5,154,155 4,288,138 3,874,560 1,330,536 4,680,974 5,105,116 4,298,091 3,928,350 1,327,732 49,853 56,802 92,200 152,841 42,380 259,296 524,384 486,000 728,931 271,129 209,443 467,582 393,800 576,090 228,749 2000 - Mar . Apr . May . June . July . Aug . Sept . Oct. r . Nov . Dec . 2001- Jan . . Feb. p Mar. p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -16,871 14,520 -7,018 -17,932 -6,061 -114 -8,516 -3,037 -14,106 -9,789 -9,064 7,011 4,857 -569 6,403 -1,405 -1,412 -639 449 -6,626 -7,150 -4,967 1,068 2,226 667 249 -16,523 8,081 -5,415 -16,185 -5,107 -567 -2,115 3,928 -8,992 -10,972 -10,757 6,305 4,610 221 36 -198 -335 -315 4 225 185 -147 115 -533 39 -2 374,673 335,420 330,828 291,954 238,934 261,054 288,657 355,253 303,634 336,144 471,956 410,898 447,682 391,544 320,900 337,846 309,886 244,995 261,168 297,173 358,290 317,740 345,933 481,020 403,887 442,825 14,744 9,017 13,871 6,468 10,178 16,311 16,397 18,186 18,343 9,930 13,308 9,486 19,586 59,366 61,185 57,950 53,147 53,485 61,079 64,605 64,319 72,605 75,999 86,184 80,374 104,571 44,622 52,168 44,079 46,679 43,307 44,768 48,208 46,133 54,262 66,069 72,876 70,888 84,985 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate and other securities Calendar year or month Net foreign purchases (10) Bonds 1 Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Stocks Gross foreign purchases (14) Gross foreign sales (15) 1997 . . . . . . . . 1998 . . . . . . . . 1999 . . . . . . . . 2000 . . . . . . . . 2001 - Jan. - Mar. p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,358 121,930 160,392 182,403 68,158 350,873 381,262 368,692 477,731 183,423 266,515 259,332 208,300 295,328 115,265 69,597 50,020 107,522 174,890 41,677 1,097,958 1,573,696 2,340,659 3,605,196 846,279 1,028,361 1,523,676 2,233,137 3,430,306 804,602 2000 - Mar . . Apr . . May . . June . July . . Aug . . Sept . Oct . . Nov . . Dec . . 2001- Jan . . Feb. p. Mar. p. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,795 8,687 7,677 25,735 10,392 21,983 13,762 13,156 18,747 17,831 13,659 28,392 26,107 46,816 27,370 31,810 54,173 34,095 46,729 41,779 38,709 42,081 41,905 52,110 66,296 65,017 32,021 18,683 24,133 28,438 23,703 24,746 28,017 25,553 23,334 24,074 38,451 37,904 38,910 24,232 3,304 6,313 17,793 15,573 24,273 8,559 16,336 9,054 11,127 23,944 9,678 8,055 402,373 309,778 268,500 300,356 271,572 286,819 297,677 339,995 284,909 286,161 301,650 259,101 285,528 378,141 306,474 262,187 282,563 255,999 262,546 289,118 323,659 275,855 275,034 277,706 249,423 277,473 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. 92 CAPITAL MOVEMENTS TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Calendar year or month Net foreign pur chases of for Net foreign pur eign securities chases from from U.S. U.S. (1) (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign pur chases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) 1997. . . . . . . . . . . . . . . . . -89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957 1998. . . . . . . . . . . . . . . . . -11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 1999. . . . . . . . . . . . . . . . . 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 2000 . . . . . . . . . . . . . . . . -13,175 -3,878 959,408 963,286 -9,297 1,802,452 1,811,749 2001 - Jan. - Mar. p . . . . . . . . . -19,604 350 342,930 342,580 -19,954 413,215 433,169 2000 - Mar . . . . . . . . . . . . . -12,045 -3,776 84,033 87,809 -8,269 179,305 187,574 Apr . . . . . . . . . . . . . . 817 792 63,921 63,129 25 154,830 154,805 May . . . . . . . . . . . . . 12,718 4,244 79,536 75,292 8,474 146,766 138,292 June . . . . . . . . . . . . . 2,460 5,751 82,953 77,202 -3,291 152,855 156,146 July . . . . . . . . . . . . . -21,458 -6,488 68,425 74,913 -14,970 136,467 151,437 Aug . . . . . . . . . . . . . -2,140 -2,812 74,803 77,615 672 142,850 142,178 Sept. r . . . . . . . . . . . . 10,482 265 92,179 91,914 10,217 148,664 138,447 Oct. r. . . . . . . . . . . . . -432 -3,443 98,519 101,962 3,011 152,872 149,861 Nov . . . . . . . . . . . . . 13,997 8,434 94,938 86,504 5,563 141,600 136,037 Dec . . . . . . . . . . . . . -4,370 -1,175 83,721 84,896 -3,195 135,417 138,612 2001 - Jan. . . . . . . . . . . . . . -4,300 -1,360 120,666 122,026 -2,940 148,111 151,051 Feb. p . . . . . . . . . . . . 669 3,160 104,820 101,660 -2,491 130,972 133,463 Mar. p . . . . . . . . . . . . -15,973 -1,450 117,444 118,894 -14,523 134,132 148,655 CAPITAL MOVEMENTS 93 TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Marketable Treasury bonds and notes 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (1) (2) (3) 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 . . . . . . . Spain . . . . . . . . Sweden . . . . . . . Switzerland . . . . . Turkey . . . . . . . . United Kingdom . . . Channel Islands and Isle of Man 3 . . . Yugoslavia 4 . . . . . Other Europe . . . . U.S. Government corporations and Federal agency bonds 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (4) (5) (6) Corporate bonds 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (7) (8) (9) Corporate stocks 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (10) (11) (12) . -613 . 73 . -10 . 606 . -1,373 . 368 . -4,146 . -7,304 . -371 . -249 . 1,047 . 2,069 . n.a. . 2,140 . 1,179 . -1,526 . 1,568 . 239 . 379 . -802 . 1,082 . -10,326 . 1,104 . -33,669 -33 277 5 363 -954 294 -1,467 -1,826 3 -38 -566 -59 n.a. -1,175 528 -236 672 32 4 -2,213 106 -294 -385 -14,027 -452 -517 106 487 -129 -525 -225 -2,817 224 74 -1,104 -860 19 -1,689 -505 -1,087 483 111 331 -740 -1,814 796 -918 8,069 813 1,318 774 965 272 58 2,489 133 140 1,577 816 n.a. 1,365 -365 121 35 176 41 7,176 598 1,554 1,216 30,185 371 38 729 543 -77 320 305 -101 -4 215 9 n.a. 973 -519 12 33 103 -14 593 109 29 6 11,235 -331 77 137 28 1,428 3,010 -15 23 233 -384 -66 260 255 350 62 -286 648 423 265 968 2 10,493 360 9,451 186 409 341 2,158 1,578 78 13 2,352 308 n.a. -235 120 26 -28 -23 42 1,292 2,279 -721 109,967 125 4,218 -1 154 222 90 437 587 32 13 315 33 n.a. 333 -262 21 -3 1 12 352 715 -1 27,045 150 600 41 25 440 93 899 1,703 7 30 173 239 1,267 992 22 26 135 1 127 96 1,702 -18 37,306 1,076 18,218 14 3,162 836 5,727 31,752 804 140 4,926 12,230 n.a. 4,915 3,018 38 96 1 141 4,271 2,489 11,960 65 58,736 143 3,899 -1 12 870 272 2,205 3,148 42 133 798 1,701 n.a. 1,879 426 7 -15 -1 32 209 277 -794 -7 17,266 372 1,261 46 -2 1,686 110 3,153 3,771 54 6 731 1,754 1,494 4,375 603 -3 39 -3 378 825 2,082 3 11,464 . . . n.a. n.a. -559 -21,548 -2,505 56 n.a. 2,641 15 -2,793 n.a. 1,278 52,735 10,111 n.a. n.a. 302 15,210 1,676 -131 n.a. -177 17,272 1,382 n.a. 32 -3,014 126,971 3,176 n.a. n.a. 399 34,837 814 457 n.a. 407 46,920 336 n.a. -5 44 164,654 5,956 n.a. n.a. -197 32,304 3,139 -155 n.a. -19 34,025 4,422 -239 1,121 -87 537 -1 -9 -1,343 -35 56 703 -254 449 1,335 2,591 -119 97 4 -17 2,254 -123 9 -138 377 -36 6,234 899 903 147 -92 40 16 2,838 484 486 192 2,152 2,371 10,436 148 60 16 16 3 3 925 101 125 49 788 486 2,720 1,269 1,209 -5 76 -1 2 702 156 120 2 72 434 4,036 725 -79 -114 549 79 33 1,090 379 22 229 298 1,049 4,260 155 -18 16 59 27 2 336 19 2 22 46 93 759 127 16 77 230 36 17 573 149 11 75 116 189 1,616 746 136 325 210 48 30 394 368 46 243 301 259 3,106 116 -90 50 75 9 3 196 -78 7 71 -164 75 270 61 -39 31 24 29 -9 -36 -131 2 92 -1 -33 -10 790 -3,427 2,911 n.a. n.a. 5 2,486 -3 n.a. 2,762 538 -1,565 n.a. 2,689 n.a. 6 -4,072 17 2,903 516 -4 6,131 11,439 n.a. -7 1,782 16 n.a. 19,357 -107 430 4,905 n.a. n.a. 31 532 4 n.a. 5,795 92 931 n.a. 1,512 n.a. -115 -430 -9 -1,060 921 640 10,881 12,972 n.a. 37 846 14 n.a. 25,390 244 1,697 4,316 n.a. n.a. 203 10 n.a. 6,470 173 3,444 n.a. 7,407 n.a. 2 274 56 1,700 13,056 -1,335 -10,052 -970 n.a. 35 -8,617 21 n.a. -20,918 -1,840 -3,672 -4,617 n.a. n.a. 12 -300 9 n.a. -10,408 645 -2,928 n.a. -483 n.a. 1 744 -7 -960 -2,988 n.a. -2,169 Total Europe . . . . . -50,704 -308 Canada . . . . . . . . . Latin America: Argentina . . . . . . . -3,374 Brazil. . . . . . . . . . 846 Chile . . . . . . . . . . 68 Colombia . . . . . . . 842 Ecuador . . . . . . . . -727 Guatemala . . . . . . . Mexico . . . . . . . . . 2,425 Panama . . . . . . . . -57 Peru . . . . . . . . . . -18 Uruguay . . . . . . . . -345 Venezuela . . . . . . . 1,288 -844 Other Latin America 5 . 104 Total Latin America . Caribbean: Bahamas . . . . . . . 353 Bermuda . . . . . . . . -7,351 British West Indies 6 . . -3,386 Cayman Islands 6 . . . n.a. Cuba . . . . . . . . . . Jamaica . . . . . . . . 7 Netherlands Antilles . . 5,379 Trinidad and Tobago . -20 n.a. Other Caribbean 5 . . . Total Caribbean . . . -5,018 See footnotes at end of table. 94 CAPITAL MOVEMENTS TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Marketable Treasury bonds and notes 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (1) (2) (3) Asia: China: Mainland . . . . . . -3,971 Taiwan . . . . . . . -10,089 Hong Kong . . . . . . -341 India . . . . . . . . . 1,409 Indonesia . . . . . . 227 Israel . . . . . . . . . 671 Japan . . . . . . . . 10,580 Korea . . . . . . . . 4,827 Lebanon . . . . . . . -174 Malaysia . . . . . . . -219 Pakistan . . . . . . . -2 Philippines . . . . . . 722 Singapore . . . . . . -6,167 Syria . . . . . . . . . Thailand . . . . . . . 1,202 Oil-exporting countries 7 . . . . . 3,482 -519 Other Asia . . . . . . 1,638 Total Asia . . . . . Africa: Congo (formerly Zaire) Egypt. . . . . . . . . -324 Ghana . . . . . . . . Liberia . . . . . . . . 323 Morocco . . . . . . . -230 South Africa . . . . . -35 Oil-exporting countries 8 . . . . . -148 Other Africa . . . . . -414 Total Africa . . . . . Other countries: Australia . . . . . . . 1,435 New Zealand 9 . . . . n.a. -63 All other . . . . . . . Total other 1,372 countries . . . . . Total foreign countries . . . . -53,330 International and regional orgs.: International . . . . . -483 European regional . . -122 Latin American regional . . . . . . 76 Caribbean regional 10 n.a. Asian regional . . . . 63 African regional . . . 2 Middle Eastern 4 regional . . . . . . Total international and regional . . . Grand total . . . . -460 -53,790 U.S. Government corporations and Federal agency bonds 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (4) (5) (6) Corporate bonds 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (7) (8) (9) Corporate stocks 2000 2001 Calendar Oct. Jan. year through through 2000 Dec. Mar. p (10) (11) (12) -2,579 -4,278 1,297 380 -687 624 2,198 1,838 -1 -307 -1 64 -3,659 407 2,671 2,471 2,329 969 -1,583 2,409 -4,219 758 16 -87 40 159 -4,488 346 18,819 3,877 8,669 119 8 772 23,802 1,807 1 25 1 -67 317 1 -16 6,390 1,706 1,358 122 147 10,586 -667 9 -109 883 2 8,249 509 3,931 -20 -1 108 7,759 -2,876 1 -5 83 51 1 2 808 972 1,853 28 15 542 15,040 -795 1 106 1 213 1,276 1 51 158 415 800 3 11 141 3,471 -19 -2 -5 121 92 25 1,333 547 1,470 9 23 99 -365 71 5 4 118 1,306 33 -103 -147 215 -6 158 -1,102 2,070 -160 249 3 45 17 10,788 28 -58 1 -82 -131 -24 5 -124 4,917 -16 54 10 6 -25 5,779 2 -5 -22 55 182 11 25 -167 842 -16 17 -14 -12 -32 5,655 -9 -3 -1,564 -167 -6,435 -2,135 49 -295 477 15 58,627 434 -52 20,809 945 -20 18,717 1,565 18 21,695 1,026 3 6,240 847 -58 5,442 9,189 497 21,683 1,371 234 11,972 152 92 6,756 n.a. 2 n.a. -17 -60 -15 -35 n.a. -70 -40 11 772 4 -53 n.a. 14 n.a. 5 4 n.a. -2 50 1 -2 -14 17 -2 -37 n.a. -10 n.a. 20 -14 -1 6 n.a. 4 47 -9 -40 -20 -6 271 n.a. 2 n.a. -4 -1 5 -21 n.a. -289 -3 39 24 -66 -4 34 -115 -2 176 908 108 131 -111 -62 3 65 30 32 28 -1 125 180 63 156 415 10 -4 8 -47 104 -217 290 n.a. -32 -326 20 44 495 n.a. 216 157 n.a. 148 116 9 62 169 n.a. 738 173 n.a. 372 153 -22 242 1,437 n.a. -1,432 258 n.a. -992 -389 8 -65 258 -262 711 305 187 907 545 373 5 -734 -446 -27,085 3,300 152,885 46,646 42,453 182,429 49,693 67,923 174,901 36,551 41,542 -83 -2 -480 -10 -45 -5 -186 - -82 - -5 -46 58 -46 230 18 -47 - -20 - 142 - 33 n.a. 203 2 7 -38 25 9 n.a. 2 - -1 n.a. - -6 15 -5 n.a. 30 -1 n.a. 30 -13 100 n.a. 2 -2 -14 n.a. -1 - -4 -3 - - n.a. -5 - n.a. - - n.a. -64 1 n.a. 153 -26,932 -496 2,804 -44 152,841 -187 46,459 -73 42,380 -26 182,403 41 49,734 235 68,158 -11 174,890 -34 36,517 135 41,677 1 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as com- 2 bined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other.” 10 Before January 2001, included in “Latin American regional.” Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 95 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2001, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Country Gross purchases by foreigners from U.S. residents Domestic securities Market able Bonds of Treasury U.S. and Gov’t. Federal corps. Financ and fed ing Bank erally Corporate and bonds spon Total other Foreign securities and pur sored chases notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Europe: Austria . . . . . . . . 5,784 2,463 Belgium 1 . . . . . . . 15,030 4,701 Bulgaria . . . . . . . . 599 240 Czech Republic . . . . 3,462 1,716 Denmark . . . . . . . 14,939 7,144 Finland . . . . . . . . 6,931 1,642 France . . . . . . . . 116,414 49,639 Germany . . . . . . . 100,638 42,078 Greece . . . . . . . . 3,615 2,116 Hungary . . . . . . . . 345 164 Ireland. . . . . . . . . 76,238 49,955 Italy . . . . . . . . . . 43,058 11,127 Luxembourg 1 . . . . . 23,044 3,205 Netherlands . . . . . . 53,975 24,316 Norway . . . . . . . . 57,381 47,197 Poland . . . . . . . . 3,225 2,305 Portugal . . . . . . . . 3,999 2,607 Romania . . . . . . . 900 339 Russia 2 . . . . . . . . 7,555 3,395 Spain . . . . . . . . . 19,020 8,965 Sweden . . . . . . . . 15,964 5,030 Switzerland . . . . . . 51,510 10,379 Turkey. . . . . . . . . 16,107 1,029 United Kingdom . . . . 1,198,518 506,849 Channel Islands and Isle of Man 3 . . . . 4,002 389 Yugoslavia 4 . . . . . . 14,533 10,593 Other Europe . . . . . Total Europe . . . . 1,856,786 799,583 160,435 83,801 Canada . . . . . . . . . Latin America: Argentina . . . . . . . 14,253 1,552 Brazil . . . . . . . . . 17,387 5,653 Chile . . . . . . . . . 4,668 2,652 Colombia . . . . . . . 2,886 863 Ecuador . . . . . . . . 360 7 Guatemala . . . . . . 231 73 Mexico . . . . . . . . 16,682 8,757 Panama . . . . . . . . 2,545 317 Peru . . . . . . . . . . 417 13 Uruguay . . . . . . . . 1,514 241 Venezuela. . . . . . . 2,338 985 3,102 375 Other Latin America 5 . 66,383 21,488 Total Latin America . Caribbean: Bahamas . . . . . . . 43,765 20,274 Bermuda . . . . . . . 183,291 53,360 British West Indies 6 . n.a. n.a. Cayman Islands 6 . . . 398,036 105,818 Cuba . . . . . . . . . Jamaica . . . . . . . . 401 164 Netherlands Antilles. . 58,020 16,440 Trinidad and Tobago . 241 48 Other Caribbean 5 . . . 116,867 10,043 800,621 206,147 Total Caribbean . . . See footnotes at end of table. 651 599 1,355 332 2,201 6,972 160 60 2,467 946 3,387 2,539 4,025 627 109 545 3,933 826 788 2,667 2 61,372 Total sales (8) Gross sales by foreigners to U.S. residents Domestic securities Market able Bonds of Treasury U.S. and Gov’t. Federal corps. Financ and fed ing Bank erally Corporate and bonds spon Foreign securities other and sored notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 207 1,563 342 558 5,701 2,915 985 6,326 640 1,779 13,450 5,218 43 285 2 29 393 134 25 26 2 1,693 2,012 1,229 859 3,792 737 1,052 12,739 7,273 97 450 48 4,362 5,454 2,167 3,070 47,716 1,866 11,922 112,451 49,864 2,887 25,578 6,352 16,771 93,720 44,895 72 513 267 487 3,287 1,892 30 25 66 201 90 2,063 10,927 4,857 5,969 76,490 51,059 812 21,880 2,481 5,812 44,073 11,987 2,529 10,157 1,551 2,215 20,429 3,186 1,994 13,947 2,827 8,352 48,888 26,005 180 1,936 3,113 930 56,312 47,702 26 11 192 64 3,969 3,392 168 431 161 523 3,511 2,124 1 15 1,068 228 1 150 29 47 6,635 3,064 274 3,176 1,573 4,206 18,831 9,705 566 6,577 216 2,787 16,802 6,844 2,639 25,335 1,481 9,009 48,109 9,583 2 222 14,614 238 17,570 1,947 87,400 201,684 177,000 164,213 1,150,934 498,780 982 57 522 385 2 1,218 419 304 4 773 2,171 3,962 1,184 175 65 37 2,234 1,890 1,330 573 3,453 1,262 2,279 1,002 3,770 158 277 47 33 831 3,285 403 147 523 470 1,699 937 20 50,879 50,094 1,191 195 361 5,065 974 1,286 239 18 28 755 2,106 430 1,293 340 4 2,635 44,563 2,750 12,330 21,807 5,810 16,062 459 124 572 19 55 10,196 4,164 6,947 20,126 2,587 7,470 8,663 746 3,119 9,572 2,866 7,164 1,333 2,598 751 14 187 99 392 110 805 1 8 153 68 65 2,798 1,402 4,376 5,752 221 2,992 23,253 1,280 11,357 219 14,435 949 190,220 188,882 172,079 26 796 2,087 215 489 3,823 333 710 793 1,433 581 423 11,469 7,952 97,299 108,518 386,228 221,147 244,011 1,778,321 799,568 2,971 2,992 37,203 11,410 22,058 153,857 86,594 157 339 887 386 80,027 61,598 1,589 2,656 2,242 381 371 1,452 370 422 352,203 230,584 254,341 32,781 11,002 19,235 1,680 2,162 33 575 39 7 804 310 145 80 132 888 6,855 671 9,728 n.a. 72,633 124 1,914 76 1,892 87,038 299 370 230 544 46 46 1,004 357 18 113 167 291 3,485 979 487 549 253 221 64 1,316 935 85 419 501 1,153 6,962 8,998 5,285 883 623 34 30 2,341 491 67 571 479 265 20,067 745 3,430 321 28 13 11 2,460 135 89 90 74 130 7,526 2,635 10,590 11,698 77,994 n.a. n.a. 30,875 138,972 3 34 1,439 29,554 69 44 4,458 89,848 51,177 347,036 4,502 22,749 n.a. 22,640 71 3,511 2 1,604 55,079 5,093 7,762 n.a. 27,098 5 5,162 2 9,022 54,144 10,386 13,271 4,366 2,088 256 296 12,391 3,179 244 1,280 1,784 2,444 51,985 217 3,062 2,771 766 3 90 6,503 440 4 379 608 411 15,254 42,643 19,736 184,650 54,925 n.a. n.a. 385,687 103,129 499 158 61,013 20,512 200 31 114,074 7,140 788,766 205,631 411 953 38 499 40 5 102 154 25 78 60 454 2,819 172 354 153 314 10 29 431 208 7 38 51 102 1,869 918 526 518 229 192 73 1,352 1,066 83 327 502 1,186 6,972 7,894 4,869 579 268 2 27 1,653 1,064 37 383 469 156 17,401 774 3,507 307 12 9 72 2,350 247 88 75 94 135 7,670 579 2,462 8,797 8,254 n.a. n.a. 71,121 23,468 239 1 2,344 1,165 85 13 2,952 2,758 86,117 38,121 9,945 80,922 n.a. 139,455 33 28,810 51 90,808 350,024 4,414 21,365 n.a. 22,551 63 2,571 9 1,138 52,111 5,507 10,387 n.a. 25,963 5 5,611 11 9,278 56,762 96 CAPITAL MOVEMENTS TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2001, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Country Gross purchases by foreigners from U.S. residents Domestic securities Marketable Bonds of Treasury U.S. and Gov’t. Federal corps. Financ- and feding Bank erally Corporate and Total bonds sponForeign securities other purand sored chases notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Asia: China: Mainland . . . . . . 49,102 29,952 15,311 1,472 Taiwan . . . . . . . 11,985 4,094 1,429 615 Hong Kong . . . . . . 61,039 20,851 13,058 2,142 India. . . . . . . . . . 3,520 2,686 25 9 Indonesia . . . . . . . 624 293 23 Israel . . . . . . . . . 7,527 3,749 327 202 Japan . . . . . . . . . 235,944 103,782 35,947 5,921 Korea . . . . . . . . . 23,111 19,952 967 90 Lebanon. . . . . . . . 530 22 1 6 Malaysia . . . . . . . 461 50 8 23 Pakistan. . . . . . . . 95 40 Philippines . . . . . . 1,576 728 155 160 Singapore . . . . . . . 51,038 13,940 4,833 3,174 Syria . . . . . . . . . 56 1 Thailand. . . . . . . . 3,345 3,093 2 34 22,341 4,919 3,095 1,813 Other Asia. . . . . . . 472,294 208,151 75,159 15,684 Total Asia . . . . . . Africa: Congo (formerly Zaire) 5 Egypt . . . . . . . . . 154 12 4 14 Ghana . . . . . . . . . Liberia . . . . . . . . . 372 2 11 24 Morocco. . . . . . . . 64 50 South Africa . . . . . . 903 304 15 48 1,743 221 169 213 Other Africa . . . . . . 3,241 539 249 299 Total Africa . . . . . Other countries: Australia. . . . . . . . 21,838 9,306 1,034 680 New Zealand 7. . . . . 580 53 9 21 1,760 247 430 276 All other . . . . . . . . Total other 24,178 9,606 1,473 977 countries. . . . . . Total foreign countries. . . . . 3,383,938 1,329,315 271,044 183,132 International and regional orgs.: International. . . . . . 1,247 513 62 259 1,396 32 18 European regional . . Latin American regional . . . . . . . 238 24 8 14 Caribbean regional 8 . 640 626 Asian regional. . . . . 41 26 15 African regional . . . . Middle Eastern 12 regional . . . . . . . Total international 3,574 1,221 85 291 and regional . . . . Grand total . . . . 3,387,512 1,330,536 271,129 183,423 1 687 1,941 5,386 346 136 1,903 22,026 100 422 80 51 202 17,002 20 56 11,176 61,534 1,544 1,931 2,407 5 77 95 21,803 247 45 52 1 180 4,350 50 386 33,173 136 1,975 17,195 449 95 1,251 46,465 1,755 34 248 3 151 7,739 35 110 952 78,593 36,495 7,552 53,662 2,822 2,080 5,295 237,592 26,455 444 583 70 1,263 47,045 74 3,089 22,527 447,048 27,281 1,623 18,522 1,717 1,876 1,340 108,001 19,194 6 137 569 18,428 2,747 7,005 208,446 7,062 920 9,127 45 1 219 28,188 3,843 13 72 4,782 2,170 56,442 139 68 672 103 6,286 19 1 19 42 1,868 1 1,024 10,242 709 1,886 5,204 335 111 2,070 21,184 116 405 94 63 234 11,347 29 59 10,932 54,778 1,146 191 1,825 3 3 35 20,967 172 11 47 2 144 4,602 163 236 29,547 158 2,864 18,312 722 89 1,528 52,966 3,111 21 273 5 202 6,018 45 119 1,160 87,593 97 308 13 242 532 1,192 4 5 11 2 381 403 1 22 16 1 292 227 559 1 211 748 19 927 1,609 3,515 47 72 344 191 654 4 13 14 280 311 1 8 20 1 89 119 118 597 16 203 475 1,409 8 22 6 340 376 26 24 3 359 234 646 5,075 187 308 1,076 196 275 4,667 114 224 22,289 478 1,510 9,632 33 203 918 368 527 43 34 5,464 179 373 890 169 206 4,858 54 326 5,570 1,547 5,005 24,277 9,868 1,286 604 6,016 1,265 5,238 115,209 804,183 342,286 431,485 845,725 342,826 411,896 3,247,769 1,326,015 228,591 376 - 18 78 19 1,268 1,738 1,681 993 42 144 - 29 - 234 - 284 9 54 1,630 155 12 - 8 - 29 2 - 205 679 14 17 664 1 14 - 14 13 159 15 - 1 - - 11 - 1 11 - - - 11 - - 56 419 115,265 804,602 294 342,580 1,684 433,169 554 104 1,319 4,328 1,717 158 846,279 342,930 413,215 3,252,097 1,327,732 228,749 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 Includes Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: since December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugoslav Republic of Macedonia. 2 Total sales (8) Gross sales by foreigners to U.S. residents Domestic securities Market able Bonds of Treasury U.S. and Gov’t. Federal corps. Financ- and fed ing Bank erally Corporate and bonds sponForeign securities other and sored notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other.” 8 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 97 TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2000 [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 . . . . . . Spain . . . . . . . Sweden . . . . . . Switzerland . . . . Turkey . . . . . . . United Kingdom . . Channel Islands and Isle of Man 3. . Yugoslavia 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 . Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities Marketable Bonds of Treasury U.S. and Gov’t. Federal corps. Financand feding Bank erally Corporate and bonds sponForeign securities other and sored notes agencies Bonds Stocks Bonds Stocks (2) (3) (4) (5) (6) (7) Total sales (8) Gross sales by foreigners to U.S. residents Domestic securities Market able Bonds of TreasU.S. ury and Gov’t. Federal corps. Financ- and fed ing Bank erally Corporate and bonds sponForeign securities other and sored notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 23,559 142,660 132 8,522 30,718 26,710 423,294 319,706 8,238 2,719 277,763 199,378 n.a. 171,458 82,679 4,954 12,112 2,437 17,333 85,715 68,705 231,654 43,586 3,923,568 9,868 3,211 19,686 8,563 23 5,127 814 10,810 3,235 7,771 1,324 162,996 3,748 95,317 7,656 3,149 330 1,765 364 166,220 14,857 60,593 4,917 n.a. n.a. 49,307 8,282 56,504 12,067 3,791 357 6,533 198 975 1,356 3,438 12,650 36,399 7,750 23,373 1,824 17,344 8,268 4,593 1,216 1,589,020 171,218 531 15,125 1 186 1,339 410 7,229 7,395 98 13 5,738 2,315 n.a. 4,023 1,224 26 79 4 673 2,323 5,519 77 253,657 n.a. 71 35,144 6,142,815 563,423 n.a. n.a. 15,712 2,978 2,350,314 277,183 250,082 16,351 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 32 16 6 17 68 21 47 2,237 9,282 1,476 3,459 38,965 17,881 1,700 5,251 9,238 1,392 3,503 310,254 1,561,118 607,857 1,036,089 5,872,782 2,401,018 224,448 183,283 1,396,464 642,038 1,025,531 13,093 156,702 45,641 81,554 548,344 250,390 6,240 9,917 150,746 40,707 90,344 43,997 50,586 9,150 9,133 1,087 747 60,857 12,916 2,044 5,596 12,204 1,085 6,206 1,813 4,486 16 22 27,204 306 4 701 1,956 1,396 1,581 277 694 123 19 3,437 836 628 359 2,322 2,071 638 746 1,008 115 93 2,465 881 30 330 458 6,632 832 2,485 21,241 10,481 77,185 5,673 16,428 109,103 19,613 40 64 4 131 33 124 147 2,124 7,359 4,521 9,799 1,403 4,132 27,594 12,183 2,243 118 14,844 23,547 7,403 194,423 8,082 46,816 419,064 167,142 122,398 8,921 78,019 290,452 102,621 3,498 123 1,040 7,610 3,520 206 14 357 2,611 2,014 39,391 21,014 30,543 263,591 165,173 93,298 4,020 34,235 181,512 58,524 n.a. n.a. n.a. n.a. n.a. 61,743 9,690 38,413 168,503 47,167 7,824 2,166 2,894 77,669 55,325 192 216 372 6,234 5,317 3,225 315 1,762 10,065 4,965 55 51 2,018 736 694 221 326 16,870 3,059 17,695 4,367 18,831 72,859 37,201 24,385 1,643 15,157 61,251 22,291 151,784 5,305 43,434 233,022 27,670 725 32,708 4,267 43,366 3,489 734,261 499,333 676,079 3,788,077 1,622,689 5,475 29,221 3,331 21,029 3,208 1,785 1,633 1,131 758 43 503 34 6,999 8,443 8,378 1,306 505 321 2,019 1,885 4,450 1,518 43,342 51,800 8,819 7,379 1,626 634 51,445 11,267 1,224 5,186 7,527 4,459 5,360 1,745 3,644 743 22 24,779 363 22 1,046 668 497 678 130 786 83 3 599 352 142 167 170 1,346 717 860 459 36 60 1,375 502 8 101 160 5,556 653 1,982 58,967 4,221 13,383 40 34 23 110 133 2,555 6,637 940 4,634 1,407 72 13,544 188,696 9,525 44,940 90,646 16,760 69,441 2,694 239 940 66 31 276 34,465 16,353 30,934 81,068 3,638 32,174 n.a. n.a. n.a. 56,828 12,414 40,919 4,806 1,221 2,781 154 210 317 3,129 258 1,443 54 48 553 226 396 13,424 3,876 17,153 21,896 1,355 13,452 139,824 4,391 51,183 660 32,896 5,523 675,525 531,200 673,940 4,729 3,195 2,883 1,423 710 473 6,605 8,010 459 1,776 4,149 27,720 21,853 1,366 939 37 22 7,542 930 196 1,734 1,082 4,591 19,997 1,835 128 17 54 10,545 1,110 397 362 1,298 17,147 3,554 3,169 1,465 1,152 1,114 14,492 4,398 798 416 6,434 1,115 1,331 225,464 47,353 14,841 10,300 43,952 67,868 41,150 204,741 47,249 4,405 6,040 40,846 64,536 41,665 145,890 914,327 52,185 138,101 3,950 56,096 6,955 31,353 51,101 11,122 553,446 84,628 20,577 50,703 148,112 915,575 51,832 3,954 145,452 49,965 6,315 20,472 52,436 563,498 10,590 82,342 22,985 53,846 267,607 160,684 n.a. n.a. 164 54 59,842 n.a. 38 806,954 48,493 104,571 1,432,045 n.a. n.a. n.a. n.a. 2 2 233 247 29 510 270,993 149,245 n.a. n.a. 157 61 46,870 n.a. 1 807,924 n.a. 2 198 44,220 112,793 n.a. n.a. 78 15 291,748 73,038 12,102 4,719 148,938 11,635 18 216 54 33 338 n.a. n.a. n.a. n.a. n.a. 103,771 1,552,273 156,114 205,806 2,788,330 106 n.a. n.a. 541,578 215,327 1,448,151 n.a. 2 765 279,650 423 n.a. 2,789,208 See footnotes at end of table. 78,417 13,884 86 16 n.a. n.a. 536,560 234,684 5,565 6,693 4,749 17,801 1,321 181 32 76 12,309 1,209 556 302 1,500 2,398 171 7,245 5,674 1 40 2,270 930 1,052 69 3,690 5,071 5,167 5,817 197 20 224 13,280 3,386 4,101 2,007 n.a. n.a. 6,917 4,258 12,432 1,104 236 163 107 1,180 12,609 27 574 631 1,226 1,031 6,714 3,240 798 141,033 143,690 140,321 11,570 29,893 41,316 4 195 5 28 n.a. n.a. n.a. n.a. 78,381 1,573,191 148,870 230,983 98 CAP I TAL MOVE MENTS TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 2000, con. [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Country Total pur chases (1) Gross pur chases by for eign ers from U.S. resi dents Do mes tic se cu ri ties Market able Bonds of U.S. Treasury Gov’t. and corps. Federal Financ and fed ing Bank erally Cor po rate and bonds spon other For eign se cu ri ties sored and agencies Bonds Stocks Bonds Stocks notes (2) (3) (4) (5) (6) (7) Asia: China: Mainland . . . . 91,647 57,944 Taiwan . . . . . 37,108 7,289 Hong Kong. . . . 176,525 49,480 India . . . . . . . 9,556 5,414 Indonesia. . . . . 4,774 2,535 Israel . . . . . . . 32,469 12,629 Japan . . . . . . 894,272 349,370 Korea. . . . . . . 51,618 33,809 Lebanon . . . . . 3,728 4 Malaysia . . . . . 3,376 582 Pakistan . . . . . 678 Philippines . . . . 6,216 3,169 Singapore . . . . 156,436 64,602 Syria . . . . . . . 225 Thailand . . . . . 9,283 8,006 117,165 42,487 Other Asia . . . . Total Asia . . . 1,595,076 637,320 Africa: Congo (formerly Zaire) . . . . . 36 Egypt. . . . . . . 2,465 1,110 Ghana . . . . . . 9 Liberia . . . . . . 3,135 857 Morocco . . . . . 216 118 South Africa . . . 4,295 741 6,049 469 Other Africa . . . 16,205 3,295 Total Africa . . Other coun tries: Australia . . . . . 93,276 43,190 New Zealand 7 . . n.a. n.a. All other countries . . . . 10,671 1,590 Total other 103,947 44,780 countries . . . Total foreign countries . . 11,436,138 3,869,704 In ter na tional and re gional orgs.: International . . . 5,688 3,160 European regional. . . . . 3,792 152 Latin American regional. . . . . 945 158 Caribbean n.a. n.a. regional 8 . . . . Asian regional . . 1,470 1,375 African regional . 32 2 Middle Eastern 213 9 regional. . . . . Total internationaland 12,140 4,856 regional. . . . Grand total. . . . 11,448,278 3,874,560 1 2 Total sales (8) Gross sales by for eign ers to U.S. res i dents Do mes tic se cu ri ties Mar ket able Bonds of Treas ury U.S. Gov’t. and Fed eral corps. Fi nanc and fed ing Bank erally Cor po rate and bonds spon other For eign se cu ri ties and sored notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 26,490 4,794 15,910 124 13 1,000 104,216 5,863 1 32 1 248 9,110 1 11 10,605 178,419 1,162 1,026 2,555 28 33 773 21,775 100 12 120 1 313 5,847 1 65 3,558 37,369 2,836 2,258 957 74,526 61,915 7,671 354 2,939 450 11,081 3,166 9,752 40,466 17,378 917 5 4 11,228 404 19,399 6,699 82,482 168,163 49,821 7,241 702 19,184 5,715 1,357 44 2,589 8,280 4,005 5 1,363 57 978 215 1,000 4,077 2,308 5 18 820 197 11,206 548 6,313 33,743 11,958 228 231 12,308 707 116,968 42,754 259,189 820,894 338,790 80,414 6,735 114,898 38,244 734 2,064 9,048 46,600 28,982 4,056 895 894 699 3,246 263 202 3,442 178 11 2,997 53 593 235 1,814 3,281 801 7 14 590 308 629 3 44 683 2 584 11 1,162 584 740 4,925 2,447 315 100 1,145 161 39,151 11,196 26,530 146,180 70,769 8,793 4,571 28,363 10,303 205 5 13 219 177 410 275 516 7,996 6,804 27 14 468 180 55,359 1,172 3,984 101,983 39,524 10,113 1,975 45,673 696 265,314 71,481 405,173 1,465,458 635,682 119,792 15,674 243,631 58,185 1,197 10,485 85,500 2,850 729 8,311 241,813 11,074 203 1,561 86 757 23,381 42 503 4,002 392,494 69 1,111 7 12 550 1,749 58 211 122 109 500 8 927 5 825 80 1,229 3,006 6,080 44 22 1 58 764 889 28 257 4 109 10 2,133 1,151 3,692 38 2,781 5 2,089 477 3,277 5,652 14,319 1,434 534 348 776 617 3,709 58 339 3 65 376 841 2 72 194 2 159 41 470 17 967 5 845 86 958 2,787 5,665 38 69 11 15 691 824 19 212 108 27 1,304 1,140 2,810 3,957 n.a. 1,172 n.a. 15,197 n.a. 6,527 n.a. 23,233 n.a. 87,407 n.a. 41,755 n.a. 3,462 n.a. 1,003 n.a. 13,760 n.a. 4,881 n.a. 22,546 n.a. 957 950 2,984 2,512 1,678 11,197 1,653 741 212 4,416 2,411 1,764 4,914 2,122 18,181 9,039 24,911 98,604 43,408 4,203 1,215 18,176 7,292 24,310 728,141 477,409 3,603,620 958,889 1,798,375 10,992,578 3,923,034 575,256 294,9803,428,719 962,452 1,808,137 694 231 717 259 627 6,722 3,643 739 236 764 540 800 52 2 1 231 3,354 3,401 274 57 48 1 287 2,734 42 58 623 6 58 748 82 33 63 523 - 47 n.a. 2 - n.a. 1 30 n.a. 40 - n.a. 23 - n.a. 29 - n.a. 1,387 2 n.a. 1,312 - n.a. - n.a. 1 - n.a. 38 2 n.a. 7 - n.a. 29 - - - 195 - 9 271 5 5 - 259 - 2 790 322 1,576 519 4,077 12,531 5,316 834 348 1,587 834 3,612 728,931 477,731 3,605,196 959,408 1,802,452 11,005,109 3,928,350 576,090 295,3283,430,306 963,286 1,811,749 Be fore Jan u ary 2001, com bined data re ported for Bel gium-Luxembourg. Since De cem ber 1992, data for all other re pub lics of the for mer U.S.S.R. in cluded in “Other Eu rope.” 3 Be fore Jan u ary 2001, data in cluded in United King dom. 4 In cludes Ser bia and Montenegro, which pres ently form an en tity not for mally rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: since De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 5 Be fore Jan u ary 2001, “Other Latin Amer ica” and “Other Ca rib bean” were re ported as com bined “Other Latin Amer ica and Ca rib bean.” 6 Be gin ning Jan u ary 2001, Cayman Is lands re placed Brit ish West In dies in the data se ries. 7 Be fore Jan u ary 2001, data in cluded in “All other.” 8 Be fore Jan u ary 2001, in cluded in “Latin Amer i can re gional.” CAPITAL MOVEMENTS 99 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors * 150 (In billions of dollars) Note: To facilitate comparison of net purchases during 2001 with those in prior years, the chart depicts data for all periods at an annualized rate. 100 50 0 -50 1996 1997 1998 1999 2000 Foreign stocks Foreign bonds 2001 Jan.-Mar. Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Cal endar years Type 2000 2001 Jan. - Mar. 1996 1997 1998 1999 Foreign bonds . . . . . 51,369 48,144 17,349 5,676 3,878 -350 Foreign stocks . . . . . 59,268 40,939 -6,212 -15,640 9,297 19,954 Total . . . . . . . . . 110,637 89,083 11,137 -9,964 13,175 19,604 *Net purchases by U.S. investors equal net sales by foreigners,or gross sales minus gross purchases of securities. The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the Treasury Interna tional Capital (TIC) reporting sys tem. However, in the past several years, U.S. investors also have ac quired a substantial amount of for eign stocks, mostly European, through mergers that involve stock swaps. Net acquisitions through stock swaps amounted to $96 bil lion in 1998, $123 billion in 1999, $84 billion in 2000, and a charac teristically low $4 billion in the first quarter of 2001. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to sub stantial revisions.) These stock swaps are not reported under the TIC reporting system. Taking into account the stock swaps, annual U.S. net purchases of long-term foreign securities have averaged about $100 billion since the mid-1990s, without much variation from year to year. In the past few years, the acquisitions have been concentrated in foreign stocks, as net purchases of foreign bonds have been negligible, far below the levels of the mid-1990s. In 1999, net stock purchases, in cluding the stock swaps, totaled $107 billion, mostly through Eu rope and Japan. In 2000, taking into account the estimated $84 bil lion in foreign stocks acquired through mergers, U.S. residents acquired approximately $94 billion in foreign stocks. In the first quar ter of 2001, acquisitions of foreign stocks (including swaps) totaled $24 billion, with near zero net pur chases of foreign bonds. 100 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 increas ingly 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 six major foreign currencies (Canadian dollar, German mark, 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" cur rency positions of reporting institutions. U.S.-based busi nesses file a consolidated report for their domestic and foreign subsidiaries, branches and agencies. U.S. subsidiaries of for eign entities file only for themselves, not for their foreign par ents. 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 seven sections correspond ing to each of the major currencies covered by the reports. Ta bles I-1 through VII-1 present the currency data reported weekly by major market participants. Tables I-2 through VII-2 present more detailed currency data of major market participants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through VII-3 present quarterly consolidated currency data reported by large market participants and FFIEC reporters that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this prac tice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. FOREIGN CURRENCY POSITIONS 101 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Exchange rate (Canadian dollars per U.S. dollar) Purchased Sold Net options positions (1) (2) (3) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . 325,922 335,040 564 1.495 10/11/00 . . . . . . . . . . . . . . . . . . . . . . 319,633 327,388 682 1.506 10/18/00 . . . . . . . . . . . . . . . . . . . . . . 322,838 331,466 838 1.514 10/25/00 . . . . . . . . . . . . . . . . . . . . . . 333,481 342,060 112 1.518 11/01/00 . . . . . . . . . . . . . . . . . . . . . . 349,814 359,475 -317 1.535 11/08/00 . . . . . . . . . . . . . . . . . . . . . . 346,494 355,870 652 1.543 11/15/00 . . . . . . . . . . . . . . . . . . . . . . 351,667 360,411 1,163 1.554 11/22/00 . . . . . . . . . . . . . . . . . . . . . . 355,899 363,825 883 1.547 11/29/00 . . . . . . . . . . . . . . . . . . . . . . 360,277 367,794 637 1.543 12/06/00 . . . . . . . . . . . . . . . . . . . . . . 371,321 372,673 1,321 1.529 12/13/00 . . . . . . . . . . . . . . . . . . . . . . 385,379 391,872 1,033 1.522 12/20/00 . . . . . . . . . . . . . . . . . . . . . . 365,665 371,749 1,200 1.524 12/27/00 . . . . . . . . . . . . . . . . . . . . . . 353,716 356,315 1,615 1.512 01/03/01 . . . . . . . . . . . . . . . . . . . . . . 336,224 340,098 1,238 1.500 01/10/01 . . . . . . . . . . . . . . . . . . . . . . 361,780 366,824 3,136 1.503 01/17/01 . . . . . . . . . . . . . . . . . . . . . . 362,945 367,019 1,495 1.512 01/24/01 . . . . . . . . . . . . . . . . . . . . . . 369,061 373,207 807 1.513 01/31/01 . . . . . . . . . . . . . . . . . . . . . . 372,369 377,011 874 1.499 02/07/01 . . . . . . . . . . . . . . . . . . . . . . 388,746 395,363 596 1.510 02/14/01 . . . . . . . . . . . . . . . . . . . . . . 374,594 378,688 523 1.529 02/21/01 . . . . . . . . . . . . . . . . . . . . . . 366,658 372,903 186 1.537 02/28/01 . . . . . . . . . . . . . . . . . . . . . . 364,015 369,750 -595 1.537 03/07/01 . . . . . . . . . . . . . . . . . . . . . . 372,931 375,141 -492 1.551 03/14/01 . . . . . . . . . . . . . . . . . . . . . . 375,012 372,386 -760 1.558 03/21/01 . . . . . . . . . . . . . . . . . . . . . . 354,657 356,632 -198 1.576 03/28/01 . . . . . . . . . . . . . . . . . . . . . . 379,717 381,086 -1,038 1.564 Report date (4) 102 FOREIGN CURRENCY POSITIONS SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Calls Puts Exchange rate Cross cur (Canadian rency inter dollars per U.S. est rate swaps dollar) (10) (11) 1997 - Dec . . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.430 1998 - Dec . . . . . . . . 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.532 1999 - Dec . . . . . . . . 301,513 299,999 48,830 46,714 29,403 32,548 24,040 25,542 43 n.a. 1.447 2000 - Apr. . . . . . . . . 309,792 313,769 59,274 59,889 27,450 30,023 22,514 23,191 -36 n.a. 1.481 May . . . . . . . . 313,111 315,568 61,736 63,970 27,760 30,106 21,713 24,321 956 n.a. 1.497 June. . . . . . . . 296,123 302,626 69,864 68,626 25,627 26,642 20,527 22,127 1,276 n.a. 1.481 July . . . . . . . . 320,210 325,276 68,705 61,632 25,197 25,018 19,356 21,212 1,282 n.a. 1.488 Aug . . . . . . . . 332,934 339,272 69,128 61,140 22,890 21,521 17,700 18,330 987 n.a. 1.472 Sept . . . . . . . . 322,979 329,937 70,881 63,624 20,808 20,516 16,948 17,738 477 n.a. 1.504 Oct . . . . . . . . . 348,003 357,793 65,566 61,648 19,131 19,985 16,168 16,653 99 n.a. 1.523 Nov . . . . . . . . 360,321 366,124 70,895 64,264 20,609 21,161 16,533 18,898 925 n.a. 1.536 Dec . . . . . . . . 368,065 351,224 73,277 69,548 19,303 20,495 18,106 19,916 1,285 n.a. 1.500 2001 - Jan. . . . . . . . . 374,109 378,807 81,520 78,567 19,647 21,860 22,608 24,423 889 n.a. 1.499 Feb . . . . . . . . 364,880 370,510 65,016 66,865 21,773 23,567 22,732 23,722 -623 n.a. 1.537 Mar . . . . . . . . 377,773 383,869 64,301 62,363 25,870 27,342 24,086 24,249 -1,059 n.a. 1.564 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Exchange Cross cur rate rency inter (Canadian Net delta est rate dollars per equivalent swaps U.S. dollar) (9) (10) (11) 1997 - Dec . . . . . . . . 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.430 1998 - Mar . . . . . . . . 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.420 June. . . . . . . . 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.469 Sept . . . . . . . . 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.532 1.532 Dec . . . . . . . . 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1999 - Mar . . . . . . . . 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 n.a. 1.509 June. . . . . . . . 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. n.a. 1.463 1.468 Sept . . . . . . . . 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. n.a. Dec . . . . . . . . 22,143 23,486 63,486 65,638 168 n.a. n.a. n.a. n.a. n.a. 1.447 2000 - Mar . . . . . . . . 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. n.a. 1.449 June. . . . . . . . 19,402 23,303 49,544 43,279 323 n.a. 406 290 -93 n.a. 1.481 Sept . . . . . . . . 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 n.a. 1.504 Dec . . . . . . . . 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 n.a. 1.500 FOREIGN CURRENCY POSITIONS 103 SECTION II.—German Mark Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In millions of German marks. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Report date Purchased (1) Sold (2) Net options positions (3) Exchange rate (Deutsche marks per U.S. dollar) (4) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . 15,531 n.a. n.a. 2.237 10/11/00 . . . . . . . . . . . . . . . . . . . . . . 15,105 15,522 n.a. 2.250 10/18/00 . . . . . . . . . . . . . . . . . . . . . . 15,213 15,154 n.a. 2.328 10/25/00 . . . . . . . . . . . . . . . . . . . . . . 14,353 14,782 n.a. 2.362 11/01/00 . . . . . . . . . . . . . . . . . . . . . . 13,916 n.a. n.a. 2.272 11/08/00 . . . . . . . . . . . . . . . . . . . . . . 14,247 n.a. n.a. 2.286 11/15/00 . . . . . . . . . . . . . . . . . . . . . . 14,039 n.a. n.a. 2.281 11/22/00 . . . . . . . . . . . . . . . . . . . . . . 13,975 n.a. n.a. 2.320 11/29/00 . . . . . . . . . . . . . . . . . . . . . . 13,593 n.a. n.a. 2.281 12/06/00 . . . . . . . . . . . . . . . . . . . . . . 13,652 n.a. n.a. 2.195 12/13/00 . . . . . . . . . . . . . . . . . . . . . . 13,615 n.a. n.a. 2.232 12/20/00 . . . . . . . . . . . . . . . . . . . . . . 13,637 n.a. n.a. 2.151 12/27/00 . . . . . . . . . . . . . . . . . . . . . . 12,436 n.a. n.a. 2.102 01/03/01 . . . . . . . . . . . . . . . . . . . . . . 12,325 n.a. n.a. 2.106 01/10/01 . . . . . . . . . . . . . . . . . . . . . . 12,240 n.a. n.a. 2.087 01/17/01 . . . . . . . . . . . . . . . . . . . . . . 12,405 n.a. n.a. 2.093 01/24/01 . . . . . . . . . . . . . . . . . . . . . . 12,097 n.a. n.a. 2.122 01/31/01 . . . . . . . . . . . . . . . . . . . . . . 12,343 n.a. n.a. 2.089 02/07/01 . . . . . . . . . . . . . . . . . . . . . . 11,958 n.a. n.a. 2.106 02/14/01 . . . . . . . . . . . . . . . . . . . . . . 11,942 n.a. n.a. 2.132 02/21/01 . . . . . . . . . . . . . . . . . . . . . . 11,804 n.a. n.a. 2.151 02/28/01 . . . . . . . . . . . . . . . . . . . . . . 11,769 n.a. n.a. 2.119 03/07/01 . . . . . . . . . . . . . . . . . . . . . . 11,616 n.a. n.a. 2.104 03/14/01 . . . . . . . . . . . . . . . . . . . . . . 12,005 n.a. n.a. 2.147 03/21/01 . . . . . . . . . . . . . . . . . . . . . . 11,934 n.a. n.a. 2.184 03/28/01 . . . . . . . . . . . . . . . . . . . . . . 11,840 10,922 n.a. 2.195 104 FOREIGN CURRENCY POSITIONS SECTION II.—German Mark Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In millions of German marks. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) 1997 - Dec . . . . . . . . 2,105,621 1998 - Dec . . . . . . . . 2,137,633 1999 - Dec . . . . . . . . 27,357 2000 - Apr. . . . . . . . . 15,895 May . . . . . . . . 15,501 June. . . . . . . . 15,380 July . . . . . . . . 17,562 Aug . . . . . . . . 15,561 Sept . . . . . . . . 16,205 Oct . . . . . . . . . 14,333 Nov . . . . . . . . 13,709 Dec . . . . . . . . 11,153 2001 - Jan. . . . . . . . . 12,459 Feb . . . . . . . . 11,879 Mar . . . . . . . . 11,612 2,111,401 2,095,888 35,643 17,268 16,800 15,036 16,505 15,945 16,003 n.a. n.a. n.a. n.a. n.a. 11,041 Non-capital items Assets Liabilities (3) (4) 267,177 275,795 8,371 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 20,075 19,182 19,111 n.a. 261,206 276,946 11,700 36,340 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 23,477 19,652 19,503 n.a. Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 565,018 538,892 9,254 3,932 3,702 n.a. n.a. n.a. n.a. n.a. n.a. 2,332 2,080 n.a. 1,320 581,794 569,968 11,991 5,437 4,994 4,431 4,539 4,041 3,935 3,948 4,029 2,922 2,823 2,334 n.a. 591,231 535,282 14,709 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6,418 n.a. n.a. n.a. 619,946 564,736 11,246 n.a. n.a. 3,822 n.a. n.a. n.a. 3,542 3,644 3,327 2,660 2,718 2,663 2,728 5,041 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 382,295 434,747 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 1.799 1.693 1.942 2.147 2.087 2.051 2.110 2.204 2.218 2.304 2.243 2.077 2.089 2.119 2.117 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross cur rency in terest rate swaps (10) Exchange rate (Deutsche marks per U.S. dollar) (11) 1997 - Dec . . . . . . . . 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.799 1998 - Mar . . . . . . . . 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.849 June. . . . . . . . 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.809 Sept . . . . . . . . 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.668 Dec . . . . . . . . 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.693 1999 - Mar . . . . . . . . 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.106 June. . . . . . . . 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. n.a. 1.891 Sept . . . . . . . . 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. n.a. 1.829 Dec . . . . . . . . 20,244 11,582 65,344 68,401 266 121 n.a. n.a. n.a. n.a. 1.942 2000 - Mar . . . . . . . . 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. n.a. 2.047 June. . . . . . . . 10,471 5,011 29,156 30,563 n.a. n.a. n.a. n.a. n.a. n.a. 2.051 Sept . . . . . . . . 9,645 n.a. 27,070 23,899 19 32 n.a. n.a. n.a. n.a. 2.218 Dec . . . . . . . . 10,587 4,802 36,052 28,045 n.a. n.a. n.a. n.a. n.a. n.a. 2.077 FOREIGN CURRENCY POSITIONS 105 SECTION III.—Japanese Yen Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Exchange rate (Japa nese yen per U.S. dollar) Purchased Sold Net options positions (1) (2) (3) (4) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . 157,102 161,392 1,207 109.40 10/11/00 . . . . . . . . . . . . . . . . . . . . . . 158,917 163,359 1,533 107.62 10/18/00 . . . . . . . . . . . . . . . . . . . . . . 157,197 161,442 1,452 107.91 10/25/00 . . . . . . . . . . . . . . . . . . . . . . 156,085 160,827 1,193 108.19 11/01/00 . . . . . . . . . . . . . . . . . . . . . . 154,685 158,939 1,101 108.22 11/08/00 . . . . . . . . . . . . . . . . . . . . . . 153,828 158,168 1,293 107.34 11/15/00 . . . . . . . . . . . . . . . . . . . . . . 155,364 159,635 1,190 108.94 11/22/00 . . . . . . . . . . . . . . . . . . . . . . 156,451 160,491 1,110 110.31 11/29/00 . . . . . . . . . . . . . . . . . . . . . . 156,543 160,782 880 111.22 12/06/00 . . . . . . . . . . . . . . . . . . . . . . 158,754 164,136 1,040 110.37 12/13/00 . . . . . . . . . . . . . . . . . . . . . . 167,381 172,825 880 112.40 12/20/00 . . . . . . . . . . . . . . . . . . . . . . 161,373 166,954 1,055 112.73 12/27/00 . . . . . . . . . . . . . . . . . . . . . . 157,446 163,092 1,164 114.37 01/03/01 . . . . . . . . . . . . . . . . . . . . . . 163,761 169,309 1,165 113.68 01/10/01 . . . . . . . . . . . . . . . . . . . . . . 167,473 172,853 1,093 116.55 01/17/01 . . . . . . . . . . . . . . . . . . . . . . 172,464 178,110 1,274 118.90 01/24/01 . . . . . . . . . . . . . . . . . . . . . . 169,136 174,514 1,231 117.88 01/31/01 . . . . . . . . . . . . . . . . . . . . . . 168,114 173,395 1,139 116.42 02/07/01 . . . . . . . . . . . . . . . . . . . . . . 171,697 177,208 1,166 116.41 02/14/01 . . . . . . . . . . . . . . . . . . . . . . 175,105 180,498 1,195 116.52 02/21/01 . . . . . . . . . . . . . . . . . . . . . . 175,063 180,571 1,235 116.61 02/28/01 . . . . . . . . . . . . . . . . . . . . . . 175,466 180,491 1,203 117.38 03/07/01 . . . . . . . . . . . . . . . . . . . . . . 178,571 183,715 1,241 120.04 03/14/01 . . . . . . . . . . . . . . . . . . . . . . 187,396 192,550 1,322 121.14 03/21/01 . . . . . . . . . . . . . . . . . . . . . . 186,530 191,118 1,240 123.45 03/28/01 . . . . . . . . . . . . . . . . . . . . . . 187,420 192,544 1,624 122.23 Report date 106 FOREIGN CURRENCY POSITIONS SECTION III.—Japanese Yen Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross cur rency in terest rate swaps (10) Exchange rate (Japanese yen per U.S. dollar) (11) 1997 - Dec . . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58 1998 - Dec . . . . . . . . 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30 1999 - Dec . . . . . . . . 146,337 149,239 27,179 23,957 22,474 21,436 36,816 39,114 1,050 n.a. 102.31 2000 - Apr. . . . . . . . . 164,181 168,279 22,919 20,676 25,454 23,979 39,892 42,920 1,096 n.a. 107.46 May . . . . . . . . 163,511 169,121 25,742 22,879 23,890 22,461 53,384 53,724 1,281 n.a. 107.81 June. . . . . . . . 163,600 168,221 27,305 24,831 22,991 21,971 53,936 54,371 1,252 n.a. 106.07 July . . . . . . . . 160,222 165,016 24,126 22,462 22,774 22,392 54,979 54,882 1,029 n.a. 109.42 Aug . . . . . . . . 160,018 165,632 26,873 25,170 24,214 23,415 54,957 55,112 1,194 n.a. 106.72 Sept . . . . . . . . 159,853 163,889 24,925 23,938 22,841 22,348 50,755 50,928 1,207 n.a. 108.21 Oct . . . . . . . . . 156,295 160,553 24,881 23,216 25,212 25,012 50,612 51,092 1,121 n.a. 109.14 Nov . . . . . . . . 160,196 164,953 25,530 23,935 21,408 20,667 51,269 51,843 1,072 n.a. 110.40 Dec . . . . . . . . 157,318 162,804 25,262 24,120 19,555 18,884 47,477 48,889 1,142 n.a. 114.42 2001 - Jan. . . . . . . . . 170,052 175,360 28,085 27,095 24,012 22,647 53,082 53,945 1,100 n.a. 116.42 Feb . . . . . . . . 178,012 182,917 28,432 27,271 22,094 20,787 50,323 50,874 1,149 n.a. 117.38 Mar . . . . . . . . 187,776 194,559 29,381 27,724 25,893 22,894 54,581 56,581 1,529 n.a. 122.23 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Options positions Report date 1997 - Dec . . . . . . . . Spot, forward and future contracts Purchased Sold (1) (2) 12,623 Non-capital items Assets Liabilities (3) (4) 14,720 9,377 9,182 Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 1,317 1,475 2,265 1,594 -447 Calls Puts Exchange Cross cur rate rency inter (Japanese est rate yen per U.S. swaps dollar) (10) (11) 2,745 130.58 1998 - Mar . . . . . . . . 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23 June . . . . . . . 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98 Sept. . . . . . . . 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55 Dec . . . . . . . . 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30 1999 - Mar . . . . . . . . 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 n.a. 118.90 June . . . . . . . 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 n.a. 121.25 Sept. . . . . . . . 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 n.a. 106.35 Dec . . . . . . . . 8,483 9,378 9,278 9,553 398 840 987 539 n.a. n.a. 102.31 2000 - Mar . . . . . . . . 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. n.a. 102.80 June . . . . . . . 9,758 9,480 6,558 6,359 558 855 992 722 115 n.a. 106.07 Sept. . . . . . . . 7,826 7,612 6,232 6,901 580 984 1,068 748 100 n.a. 108.21 Dec . . . . . . . . 7,538 8,215 6,392 5,286 455 663 727 409 16 n.a. 114.42 FOREIGN CURRENCY POSITIONS 107 SECTION IV.—Swiss Franc Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Exchange rate (Swiss francs per U.S. dollar) Purchased Sold Net options positions (1) (2) (3) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . 452,944 454,304 -1,177 1.737 10/11/00 . . . . . . . . . . . . . . . . . . . . . . 459,135 459,039 -2,347 1.740 10/18/00 . . . . . . . . . . . . . . . . . . . . . . 463,224 463,532 -3,190 1.789 10/25/00 . . . . . . . . . . . . . . . . . . . . . . 446,069 447,537 -3,220 1.820 11/01/00 . . . . . . . . . . . . . . . . . . . . . . 447,453 450,374 -1,632 1.775 11/08/00 . . . . . . . . . . . . . . . . . . . . . . 442,931 449,954 -2,558 1.776 11/15/00 . . . . . . . . . . . . . . . . . . . . . . 448,231 456,137 -2,614 1.779 11/22/00 . . . . . . . . . . . . . . . . . . . . . . 412,479 418,000 -3,408 1.802 11/29/00 . . . . . . . . . . . . . . . . . . . . . . 457,816 462,975 -3,263 1.762 12/06/00 . . . . . . . . . . . . . . . . . . . . . . 484,791 487,652 -3,460 1.701 12/13/00 . . . . . . . . . . . . . . . . . . . . . . 475,966 474,387 -2,479 1.716 12/20/00 . . . . . . . . . . . . . . . . . . . . . . 433,811 435,227 -2,721 1.669 12/27/00 . . . . . . . . . . . . . . . . . . . . . . 407,627 413,957 -2,182 1.637 01/03/01 . . . . . . . . . . . . . . . . . . . . . . 427,606 433,935 -2,254 1.631 01/10/01 . . . . . . . . . . . . . . . . . . . . . . 451,173 454,352 -2,779 1.629 01/17/01 . . . . . . . . . . . . . . . . . . . . . . 441,328 445,056 -2,257 1.646 01/24/01 . . . . . . . . . . . . . . . . . . . . . . 444,140 446,536 -1,816 1.659 01/31/01 . . . . . . . . . . . . . . . . . . . . . . 441,538 441,358 -1,715 1.636 02/07/01 . . . . . . . . . . . . . . . . . . . . . . 456,414 458,713 -1,750 1.654 02/14/01 . . . . . . . . . . . . . . . . . . . . . . 484,619 487,213 -1,111 1.671 02/21/01 . . . . . . . . . . . . . . . . . . . . . . 459,278 459,798 -2,586 1.687 02/28/01 . . . . . . . . . . . . . . . . . . . . . . 461,539 460,773 -2,225 1.670 03/07/01 . . . . . . . . . . . . . . . . . . . . . . 457,757 459,957 -1,897 1.658 03/14/01 . . . . . . . . . . . . . . . . . . . . . . 506,177 504,607 -3,064 1.691 03/21/01 . . . . . . . . . . . . . . . . . . . . . . 469,628 467,398 -2,408 1.711 03/28/01 . . . . . . . . . . . . . . . . . . . . . . 467,994 460,068 -2,784 1.727 Report date (4) 108 FOREIGN CURRENCY POSITIONS SECTION IV.—Swiss Franc Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Exchange rate Cross cur (Swiss rency inter francs per U.S. est rate swaps dollar) (10) (11) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 3,309 121,149 1.463 Calls Puts 1997 - Dec . . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 1998 - Dec . . . . . . . . 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.375 1999 - Dec . . . . . . . . 348,405 346,553 24,246 24,346 63,446 66,092 62,096 58,039 -4,618 n.a. 1.591 2000 - Apr. . . . . . . . . 475,056 474,761 31,918 34,837 69,895 78,116 63,750 54,998 -5,762 n.a. 1.719 May . . . . . . . . 544,131 543,870 37,480 41,356 70,363 79,420 68,083 59,577 -4,389 n.a. 1.682 June. . . . . . . . 473,652 472,016 41,044 46,388 68,404 71,941 63,283 58,426 -2,309 n.a. 1.634 July . . . . . . . . 473,117 469,697 36,202 43,318 66,314 69,495 58,315 56,492 -3,300 n.a. 1.671 Aug . . . . . . . . 494,864 490,869 46,272 51,063 69,271 70,120 66,537 66,237 -4,016 n.a. 1.742 Sept . . . . . . . . 457,553 457,927 37,604 44,327 79,217 74,571 73,134 74,131 -1,090 n.a. 1.727 Oct . . . . . . . . . 445,195 446,969 44,711 51,168 83,680 81,501 75,315 76,735 -2,119 n.a. 1.798 Nov . . . . . . . . 475,265 477,843 48,580 51,858 75,301 74,948 64,606 63,180 -3,199 n.a. 1.730 Dec . . . . . . . . 391,980 400,664 67,268 70,627 60,340 58,622 55,933 52,641 -2,020 n.a. 1.613 2001 - Jan. . . . . . . . . 447,647 443,017 63,925 71,067 67,744 66,191 66,222 64,934 -1,214 n.a. 1.636 Feb . . . . . . . . 463,309 463,207 58,303 67,451 70,041 67,494 66,720 62,967 -1,599 n.a. 1.670 Mar . . . . . . . . 466,789 462,150 64,769 70,358 69,839 63,675 66,474 68,121 -1,662 n.a. 1.727 Cross cur rency in terest rate swaps (10) Exchange rate (Swiss francs per U.S. dollar) (11) TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Net delta equivalent (9) 1997 - Dec . . . . . . . . 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.463 1998 - Mar . . . . . . . . 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.524 June. . . . . . . . 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.521 Sept . . . . . . . . 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.381 1.375 Dec . . . . . . . . 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1999 - Mar . . . . . . . . 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 n.a. 1.482 June. . . . . . . . 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 n.a. 1.551 Sept . . . . . . . . 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 n.a. 1.495 Dec . . . . . . . . 29,996 32,669 26,008 22,409 n.a. n.a. 2,416 1,886 -248 n.a. 1.591 2000 - Mar . . . . . . . . 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 n.a. 1.664 June. . . . . . . . 28,559 32,190 23,290 12,700 n.a. n.a. n.a. n.a. n.a. n.a. 1.634 Sept . . . . . . . . 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. n.a. 1.727 Dec . . . . . . . . 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. n.a. 1.613 FOREIGN CURRENCY POSITIONS 109 SECTION V.—Sterling Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Purchased Sold Net options positions Exchange rate (U.S. dollars per pound) (1) (2) (3) (4) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . 494,503 491,876 1,801 1.458 10/11/00 . . . . . . . . . . . . . . . . . . . . . . 507,723 509,131 2,223 1.463 10/18/00 . . . . . . . . . . . . . . . . . . . . . . 512,871 513,694 2,044 1.443 10/25/00 . . . . . . . . . . . . . . . . . . . . . . 507,076 507,249 1,558 1.433 11/01/00 . . . . . . . . . . . . . . . . . . . . . . 505,372 505,236 1,940 1.452 11/08/00 . . . . . . . . . . . . . . . . . . . . . . 518,221 515,754 1,855 1.425 11/15/00 . . . . . . . . . . . . . . . . . . . . . . 515,765 511,665 2,468 1.427 11/22/00 . . . . . . . . . . . . . . . . . . . . . . 520,499 510,824 1,560 1.406 11/29/00 . . . . . . . . . . . . . . . . . . . . . . 524,553 521,527 2,144 1.423 12/06/00 . . . . . . . . . . . . . . . . . . . . . . 533,199 531,103 2,197 1.442 12/13/00 . . . . . . . . . . . . . . . . . . . . . . 538,837 536,667 2,108 1.454 12/20/00 . . . . . . . . . . . . . . . . . . . . . . 512,505 510,635 1,835 1.478 12/27/00 . . . . . . . . . . . . . . . . . . . . . . 499,667 496,276 1,669 1.497 01/03/01 . . . . . . . . . . . . . . . . . . . . . . 504,044 501,805 1,819 1.490 01/10/01 . . . . . . . . . . . . . . . . . . . . . . 531,431 530,192 1,541 1.488 01/17/01 . . . . . . . . . . . . . . . . . . . . . . 534,692 530,875 1,011 1.473 01/24/01 . . . . . . . . . . . . . . . . . . . . . . 542,674 541,297 2,355 1.456 01/31/01 . . . . . . . . . . . . . . . . . . . . . . 531,865 531,304 2,300 1.464 02/07/01 . . . . . . . . . . . . . . . . . . . . . . 521,608 521,294 2,122 1.454 02/14/01 . . . . . . . . . . . . . . . . . . . . . . 528,666 528,214 1,831 1.455 02/21/01 . . . . . . . . . . . . . . . . . . . . . . 513,622 514,557 2,394 1.443 02/28/01 . . . . . . . . . . . . . . . . . . . . . . 517,916 518,934 2,262 1.445 03/07/01 . . . . . . . . . . . . . . . . . . . . . . 520,500 522,281 2,300 1.460 03/14/01 . . . . . . . . . . . . . . . . . . . . . . 531,875 530,555 2,337 1.445 03/21/01 . . . . . . . . . . . . . . . . . . . . . . 524,935 526,022 2,011 1.430 03/28/01 . . . . . . . . . . . . . . . . . . . . . . 550,736 552,362 2,432 1.437 Report date 110 FOREIGN CURRENCY POSITIONS SECTION V.—Sterling Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Options positions Spot, forward and future contracts Report date Purchased (1) Sold (2) 1997 - Dec . . . . . . . . 1998 - Dec . . . . . . . . 1999 - Dec . . . . . . . . 2000 - Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . Aug . . . . . . . . Sept . . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . Dec . . . . . . . . 2001 - Jan. . . . . . . . . Feb . . . . . . . . Mar . . . . . . . . 387,578 451,435 431,852 519,581 555,033 520,539 514,698 514,722 507,570 508,043 525,924 481,136 532,986 521,729 546,984 372,725 436,782 417,589 506,509 547,157 509,635 511,881 513,438 505,852 504,514 520,714 476,681 534,464 522,321 549,708 Non-capital items Assets (3) 82,499 90,311 82,826 108,944 108,955 112,633 112,472 119,784 134,723 131,141 127,240 132,953 128,112 122,989 139,233 Calls Puts Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) 90,336 83,682 85,068 109,325 108,297 111,197 110,417 115,727 128,031 129,740 123,787 130,552 120,429 119,293 126,469 60,600 62,967 33,780 36,994 56,464 67,267 68,323 65,893 60,289 62,564 57,386 52,053 56,783 55,990 55,806 62,696 59,537 40,959 42,749 59,518 66,540 65,305 62,687 56,789 60,089 54,895 49,904 56,194 54,464 54,337 63,212 84,861 38,668 44,776 60,228 56,604 59,749 56,798 49,457 43,471 38,298 34,092 38,054 37,751 36,674 68,012 81,929 36,834 46,006 58,190 55,430 59,849 60,341 n.a. 47,039 40,369 35,317 39,293 37,777 36,672 Cross cur Exchange rate rency inter est rate (U.S. dollars Net delta per pound) swaps equivalent (9) (10) (11) 809 1,817 -1,112 -2,214 -182 -511 2,405 2,658 2,250 2,004 1,819 1,692 2,328 2,080 1,928 78,781 106,491 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1.648 1.655 1.618 1.553 1.500 1.517 1.499 1.449 1.474 1.449 1.426 1.492 1.464 1.445 1.437 TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Options positions Spot, forward and future contracts Report date Purchased (1) Non-capital items Calls Puts Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Cross cur Exchange rency inter rate est rate (U.S. dollars Net delta swaps per pound) equivalent (9) (10) (11) 1997 - Dec . . . . . . . . . . 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.648 1998 - Mar . . . . . . . . . . 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.672 June . . . . . . . . . 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.667 Sept . . . . . . . . . . 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.700 Dec . . . . . . . . . . 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.655 1999 - Mar . . . . . . . . . . 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 n.a. 1.612 June . . . . . . . . . 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 n.a. 1.577 Sept . . . . . . . . . . 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. n.a. 1.647 Dec . . . . . . . . . . 20,688 29,551 59,303 49,273 1,095 1,514 2,415 1,230 n.a. n.a. 1.618 2000 - Mar . . . . . . . . . . 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 n.a. 1.593 June . . . . . . . . . 28,418 32,246 43,338 34,513 1,581 1,505 1,702 1,275 -44 n.a. 1.517 Sept . . . . . . . . . . 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 n.a. 1.474 Dec . . . . . . . . . . 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 n.a. 1.492 FOREIGN CURRENCY POSITIONS 111 SECTION VI.—U.S. Dollar Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Report date Purchased Sold Net options positions Exchange rate (1) (2) (3) (4) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,020,884 5,054,191 9,004 n.a. 10/11/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,009,484 5,039,732 7,003 n.a. 10/18/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,014,636 5,036,279 8,545 n.a. 10/25/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,005,743 5,023,389 8,923 n.a. 11/01/00 . . . . . . . . . . . . . . . . . . . . . . . . . 4,968,906 4,983,546 6,596 n.a. 11/08/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,017,754 5,037,922 6,224 n.a. 11/15/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,069,610 5,096,948 7,847 n.a. 11/22/00 . . . . . . . . . . . . . . . . . . . . . . . . . 4,914,733 4,950,009 8,721 n.a. 11/29/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,047,675 5,076,754 10,117 n.a. 12/06/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,137,724 5,159,775 6,810 n.a. 12/13/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,302,197 5,339,396 8,844 n.a. 12/20/00 . . . . . . . . . . . . . . . . . . . . . . . . . 5,058,497 5,106,979 6,771 n.a. 12/27/00 . . . . . . . . . . . . . . . . . . . . . . . . . 4,926,470 4,968,472 5,947 n.a. 01/03/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,048,384 5,081,011 5,724 n.a. 01/10/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,209,174 5,237,323 5,273 n.a. 01/17/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,236,847 5,263,067 3,657 n.a. 01/24/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,233,700 5,247,117 3,975 n.a. 01/31/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,238,135 5,262,666 7,119 n.a. 02/07/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,208,951 5,244,864 6,721 n.a. 02/14/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,220,969 5,239,794 5,772 n.a. 02/21/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,240,216 5,250,711 4,581 n.a. 02/28/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,260,826 5,277,548 4,759 n.a. 03/07/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,246,363 5,267,030 6,404 n.a. 03/14/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,412,752 5,413,944 5,764 n.a. 03/21/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,291,710 5,288,560 5,346 n.a. 03/28/01 . . . . . . . . . . . . . . . . . . . . . . . . . 5,494,310 5,489,563 3,821 n.a. 112 FOREIGN CURRENCY POSITIONS SECTION VI.—U.S. Dollar Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Calls Non-capital items Assets Liabilities (3) (4) Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 1999 - Dec. . . . . . . . 4,428,661 4,469,330 - - 554,465 538,078 606,475 464,834 4,031 n.a. 2000 - Jan . . . . . . . . 5,206,175 5,242,291 - - 645,121 616,411 760,544 551,734 15,669 n.a. Feb . . . . . . . . 5,259,655 5,294,417 - - 561,186 526,371 647,577 514,353 n.a. n.a. Mar . . . . . . . . 5,194,805 5,229,059 - - 736,426 718,276 647,870 506,808 4,441 n.a. Apr . . . . . . . . 5,134,570 5,172,691 - - 753,239 702,905 614,161 611,089 10,296 n.a. May . . . . . . . 5,260,644 5,295,815 - - 760,960 719,820 624,200 623,237 8,402 n.a. June . . . . . . . 5,177,385 5,227,331 - - 748,964 706,451 601,481 616,160 9,562 n.a. July. . . . . . . . 5,095,365 5,100,472 - - 767,980 741,771 629,466 626,458 11,853 n.a. Aug. . . . . . . . 5,160,323 5,176,532 - - 815,700 762,732 643,074 638,424 8,835 n.a. Sept . . . . . . . 5,114,514 5,150,028 - - 765,572 719,018 640,860 615,555 5,439 n.a. Oct . . . . . . . . 5,043,018 5,061,759 - - 782,150 748,119 655,836 633,993 5,429 n.a. Nov. . . . . . . . 5,176,487 5,208,287 - - 770,457 722,232 586,828 570,735 7,624 n.a. Dec. . . . . . . . 4,903,805 4,922,496 - - 696,817 665,879 549,766 523,288 5,750 n.a. 2001 - Jan . . . . . . . . 5,326,590 5,350,533 - - 754,066 730,584 498,000 461,015 7,235 n.a. Feb . . . . . . . . 5,326,090 5,330,088 - - 763,783 738,457 476,681 442,186 5,278 n.a. Mar . . . . . . . . 5,579,991 5,554,365 - - 762,898 727,536 485,566 456,021 6,150 n.a. Cross cur rency in terest rate swaps (10) Exchange rate (11) TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Options positions Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Puts Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 1999 - Mar . . . . . . . 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. June . . . . . . 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. n.a. n.a. Sept . . . . . . 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a. Dec . . . . . . . 322,693 356,352 - - 38,983 n.a. 13,480 48,511 n.a. n.a. n.a. 2000 - Mar . . . . . . . 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. n.a. June . . . . . . 355,103 382,402 - - 32,925 55,328 44,033 47,386 1,030 n.a. n.a. Sept . . . . . . 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. n.a. Dec . . . . . . . 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. n.a. FOREIGN CURRENCY POSITIONS 113 SECTION VII.—Euro Positions TABLE FCP-VII-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Report date Purchased Sold Net options positions Exchange rate (Euros per U.S. dollar) (1) (2) (3) (4) 10/04/00 . . . . . . . . . . . . . . . . . . . . . . 1,949,220 1,954,291 -10,429 1.144 10/11/00 . . . . . . . . . . . . . . . . . . . . . . 1,994,630 1,993,638 -9,821 1.150 10/18/00 . . . . . . . . . . . . . . . . . . . . . . 2,024,708 2,031,560 -5,326 1.190 10/25/00 . . . . . . . . . . . . . . . . . . . . . . 2,021,316 2,031,907 -5,385 1.208 11/01/00 . . . . . . . . . . . . . . . . . . . . . . 2,019,107 2,030,420 -6,345 1.162 11/08/00 . . . . . . . . . . . . . . . . . . . . . . 2,029,291 2,037,929 -6,801 1.169 11/15/00 . . . . . . . . . . . . . . . . . . . . . . 2,068,951 2,070,420 -7,396 1.167 11/22/00 . . . . . . . . . . . . . . . . . . . . . . 1,929,080 1,933,671 -6,687 1.186 11/29/00 . . . . . . . . . . . . . . . . . . . . . . 2,087,039 2,084,823 -5,975 1.166 12/06/00 . . . . . . . . . . . . . . . . . . . . . . 2,104,616 2,101,899 -8,215 1.122 12/13/00 . . . . . . . . . . . . . . . . . . . . . . 2,130,269 2,126,881 -9,717 1.141 12/20/00 . . . . . . . . . . . . . . . . . . . . . . 2,031,831 2,024,908 -10,081 1.100 12/27/00 . . . . . . . . . . . . . . . . . . . . . . 1,988,189 1,995,724 -10,678 1.075 01/03/01 . . . . . . . . . . . . . . . . . . . . . . 2,055,243 2,054,197 -10,428 1.077 01/10/01 . . . . . . . . . . . . . . . . . . . . . . 2,123,099 2,130,933 -10,139 1.067 01/17/01 . . . . . . . . . . . . . . . . . . . . . . 2,123,706 2,129,218 -10,927 1.070 01/24/01 . . . . . . . . . . . . . . . . . . . . . . 2,121,890 2,127,887 -13,694 1.085 01/31/01 . . . . . . . . . . . . . . . . . . . . . . 2,166,578 2,164,984 -13,564 1.068 02/07/01 . . . . . . . . . . . . . . . . . . . . . . 2,077,595 2,081,201 -13,151 1.077 02/14/01 . . . . . . . . . . . . . . . . . . . . . . 2,069,617 2,074,404 -13,604 1.090 02/21/01 . . . . . . . . . . . . . . . . . . . . . . 2,122,864 2,134,345 -13,691 1.100 02/28/01 . . . . . . . . . . . . . . . . . . . . . . 2,124,216 2,144,449 -13,707 1.083 03/07/01 . . . . . . . . . . . . . . . . . . . . . . 2,092,279 2,107,787 -14,497 1.076 03/14/01 . . . . . . . . . . . . . . . . . . . . . . 2,155,223 2,180,915 -13,782 1.098 03/21/01 . . . . . . . . . . . . . . . . . . . . . . 2,092,978 2,112,739 -13,224 1.117 03/28/01 . . . . . . . . . . . . . . . . . . . . . . 2,169,526 2,184,536 -14,796 1.129 114 FOREIGN CURRENCY POSITIONS SECTION VII.—Euro Positions, con. TABLE FCP-VII-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Options positions Puts Bought Written (7) (8) Calls Non-capital items Assets Liabilities (3) (4) Bought (5) Written (6) Net delta equivalent (9) Exchange rate (10) 1999 - Dec . . . . . . . 1,452,015 1,461,276 474,121 446,461 409,670 402,166 258,738 242,453 -7,254 0.993 2000 - Jan. . . . . . . . 1,724,560 1,737,462 442,897 428,201 619,530 628,646 346,236 355,194 -7,403 1.031 Feb . . . . . . . 1,860,625 1,880,888 487,896 467,967 584,483 590,403 372,396 362,992 -4,988 1.036 Mar . . . . . . . 1,899,472 1,901,388 523,523 494,884 349,396 574,205 347,514 356,175 -2,206 1.047 Apr . . . . . . . . 1,837,189 1,851,992 544,210 517,698 542,414 538,238 323,798 340,003 -2,612 1.098 May . . . . . . . 1,983,047 1,987,957 590,288 559,869 568,659 562,206 329,385 366,305 -6,890 1.067 June. . . . . . . 1,981,586 1,992,473 612,848 578,082 583,899 592,389 351,444 358,027 -9,478 1.049 July . . . . . . . 1,909,976 1,911,383 586,314 536,754 519,554 506,348 369,129 378,158 -10,343 1.079 Aug . . . . . . . 1,992,118 1,998,899 573,805 525,502 454,621 468,412 392,990 386,854 -7,744 1.127 Sept . . . . . . . 2,006,795 2,014,112 608,334 547,769 421,739 424,720 384,653 371,919 -8,987 1.134 Oct . . . . . . . . 2,005,978 2,016,298 656,950 559,093 379,876 365,534 351,453 385,327 -6,529 1.178 Nov . . . . . . . 2,121,354 2,119,639 639,786 585,005 300,549 288,753 298,360 334,643 -8,718 1.147 Dec . . . . . . . 1,962,446 1,957,163 657,186 619,882 262,483 249,899 257,504 278,235 -10,079 1.062 2001 - Jan. . . . . . . . 2,177,901 2,177,193 663,015 614,349 272,224 261,075 234,604 254,006 -13,804 1.068 Feb . . . . . . . 2,104,913 2,123,049 658,959 625,401 259,240 241,115 232,624 253,345 -13,912 1.083 Mar . . . . . . . 2,171,835 2,193,308 656,005 670,869 270,259 253,666 248,555 267,475 -14,661 1.129 TABLE FCP-VII-3.—Quarterly Report of Large Market Participants [In billions of euros. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Cross cur Net delta rency interest Exchange equivalent rate swaps rate (9) (10) (11) 1999 - Mar . . . . . . . 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 n.a. 0.929 June . . . . . . 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 n.a. 0.967 Sept . . . . . . 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 n.a. 0.935 Dec . . . . . . . 104,331 98,139 107,006 91,185 5,263 9,552 9,898 7,093 -3,796 n.a. 0.993 2000 - Mar . . . . . . . 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 n.a. 1.047 June . . . . . . 153,599 144,972 225,865 86,355 10,660 11,704 13,871 12,373 -447 n.a. 1.049 Sept . . . . . . 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 n.a. 1.134 Dec . . . . . . . 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 n.a. 1.062 115 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 autho rized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the Presi dent. Subsequent amendment of the Gold Reserve Act modi fied 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 ac crual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 bil lion, 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 quar ter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on for eign exchange” includes realized profits or losses. “Adjust ment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and al locations for the quarter. TABLE ESF-1.—Balances as of Oct. 1, 2000, and Dec. 31, 2000 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities and capital Assets U.S. dollars: Held with Treasury: U.S. Government securities . . . . . . . . . . . . . . . . . Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . . . . Foreign exchange and securities: European euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Japanese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . July 1, 2000, through Sept. 30, 2000 Dec. 31, 2000 11,028,570 10,316,415 -1,099,178 222,123 9,929,392 10,538,538 6,869,302 8,733,757 503,788 -462,034 7,373,090 8,271,723 Sept. 30, 2000 146,839 23,593 170,432 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,094,883 -811,708 36,283,175 Liabilities and capital Current liabilities: Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . 188,124 -137,576 50,548 Total current liabilities . . . . . . . . . . . . . . . . . . . . . 188,124 -137,576 50,548 Other liabilities: SDR certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . SDR allocations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200,000 -1,000,000 2,200,000 6,359,053 24,591 6,383,644 Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . 9,559,053 -975,409 8,583,644 Capital: Capital account . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income (+) or loss (-) (see table ESF-2) . . . . . . 200,000 - 200,000 27,147,706 301,277 27,448,983 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,347,706 301,277 27,648,983 Total liabilities and capital . . . . . . . . . . . . . . . . 37,094,883 -811,708 36,283,175 See footnote on the following page. 116 EXCHANGE STABILIZATION FUND TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Oct. 1, 2000, through Dec. 31, 2000 Fiscal year to date Oct. 1, 2000, through Dec. 31, 2000 Income and expense Profit (+) or loss (-) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -57,589 -57,589 Adjustment for change in valuation of SDR holdings and allocations1 . . . . . . . . . . . . . . . . . . . . . . 17,609 17,609 SDRs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,266 48,266 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . 177,476 177,476 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,296 88,296 Commissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,058 274,058 Net income (+) or loss (-) . . . . . . . . . . . . . . . . . . . . . . . . 274,058 274,058 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subse quent 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.” FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT 119 INTRODUCTION: Financial Report of the United States Government The fol low ing pages are ex cerpted from the 2000 “Fi nan cial Re port of the United States Gov ern ment.” The re port and ac com pa ny ing in for ma tion, pre pared and pub lished an nu ally by the Fi nan cial Man age ment Ser vice, are mod eled af ter cor porate-type re ports and are de vel oped on an ac crual ba sis of ac counting. The ex cerpts rep re sent some of the most notewor thy in forma tion con tained in the Fi nan cial Re port. Data for the Fi nancial Re port are com piled from Fed eral pro gram agency ac- count ing sys tems Governmentwide. Trea sury also pres ents a man age ment dis cus sion and anal y sis, the cus tom ary notes to the fi nan cial state ments, a sec tion on “Stew ard ship In for mation” and sup ple men tal in for ma tion, in the com plete doc ument. The Gen eral Ac count ing Of fice (GAO) is re quired by law to au dit the Fi nan cial Re port. GAO’s re port, as well as the com plete Fi nan cial Re port, can be eas ily ac cessed through the in ternet at www.fms.treas.gov/cfs. Statement of Operations and Changes in Net Position Statement of Net Cost This State ment pres ents the net cost of fis cal 2000 Gov ernment op er a tions. It also shows the cost to carry out na tional priorities as de ter mined by law. It cat e go rizes costs by ma jor func tion. It pres ents costs in much the same way as does the bud get, ex cept that costs are al lo cated to func tions based on Gen erally Ac cepted Ac count ing Prin ci ples (GAAP). Thus, this State ment re ports costs on an ac crual ba sis and in some cases al lo cates them dif fer ently than the bud get. For ex am ple, this State ment al lo cates the cost of pen sions and post-retirement health ben e fits among all the func tions that em ploy work ers. The bud get cat e go rizes pen sion pay ments to ci vil ian re tir ees, mil i tary re tir ees and ben e fi cia ries as a subfunction un der “In come se cu rity.” The bud get cat e go rizes agency contri bu tions to re tire ment funds as intragovernmental out lays dis trib uted among all the func tions that em ploy work ers. A de scrip tion of each of the func tions and the com po nents of net cost for the ac tiv i ties in cluded in each func tion is pre sented in Sup ple men tal In for ma tion as “Net cost de tail.” This State ment con tains the fol low ing three com po nents for each func tion: • The gross cost of Gov ern ment op er a tions. • The rev e nues earned from the sale of goods and pro vi sion of ser vices to the pub lic. • The net cost of Gov ern ment op er a tions, which is gross cost less rev e nue earned. Gross Cost “Gross Cost” in cludes the full cost of all func tions. These Unreconciled Transactions costs may be di rectly traced, as signed on a cause-and-effect “Un rec on ciled Trans ac tions” are ad just ments needed to net ba sis, or rea son ably al lo cated to the func tion. po si tion due to un rec on ciled and un ac counted for dif fer ences Earned Revenue in the pro cess of con sol i dat ing all the agen cies’ fi nan cial state This is rev e nue the Gov ern ment earned by pro vid ing goods ments. and ser vices to the pub lic at a price. Net Position, Beginning of Period Net Cost The “Net Po si tion, Be gin ning of Pe riod” re flects the net po The “Net Cost” of Gov ern ment op er a tions is com puted by si tion re ported on the prior year’s Bal ance Sheet as of the end sub tract ing “Earned Rev e nue” from “Gross Cost.” of that fis cal year. Balance Sheet Prior Period Adjustments “Prior Pe riod Ad just ments” are re vi sions to ad just the be gin The Bal ance Sheet shows the Gov ern ment’s as sets and li a ning net po si tion. Re fer to Note 17—Prior Pe riod Ad just ments bil i ties. When com bined with Stew ard ship In for ma tion, this for de tailed in for ma tion. in for ma tion pres ents a more com pre hen sive un der stand ing of the Gov ern ment’s fi nan cial po si tion. All of the line items on Net Position, End of Period This amount re flects the net po si tion as of the end of the fis the Bal ance Sheet are de scribed in the Notes to the Fi nan cial State ments. For ex am ple, the first note pro vides in for ma tion cal year. on the ac count ing pol i cies for as sets and li a bil i ties. This State ment re ports the re sults of Gov ern ment op er a tions. This in cludes rev e nues prin ci pally gen er ated by the Gov ern ment’s sov er eign power to tax, levy du ties, and as sess fines and pen al ties. This State ment cov ers the cost of Gov ern ment op er a tions, net of rev e nue earned from the sale of goods and ser vices to the pub lic. It also in cludes any ad just ments and un rec on ciled trans ac tions that af fect the net po si tion. Revenue “In di vid ual In come Tax and Tax With hold ings” con sist of Fed eral in di vid ual in come taxes, So cial Se cu rity taxes, Medicare taxes, and rail road re tire ment taxes, net of re lated re funds. “Mis cel la neous Earned Rev e nues” con sist of earned rev e nues re ceived from the pub lic with vir tu ally no as so ci ated cost. This cat e gory in cludes rev e nues gen er ated by the Fed eral Com mu ni ca tions Com mis sion from the sale of spec trum li censes to pro mote open-air com mu ni ca tion ser vices to the pub lic (spec trum auc tions). It also in cludes rents and roy al ties on the Outer Con ti nen tal Shelf Lands re sult ing from the leas ing and de vel op ment of min eral re sources on pub lic lands. Net Cost of Government Operations The State ment of Net Cost sum ma rizes the “Net Cost of Gov ern ment Op er a tions,” which is gross cost less earned rev e nue. 120 FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT United States Government Statement of Operations and Changes in Net Position for the Year Ended September 30, 2000 (In billions of dollars) Revenue: Individual income tax and tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,635.2 Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204.3 Unemployment taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.6 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.3 Estate and gift taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.9 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4 Other taxes and receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.3 Miscellaneous earned revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,044.8 Net Cost of Government Operations: National defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397.3 Human resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,119.7 Physical resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121.0 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230.2 Other functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130.6 Total net cost of Government operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,998.8 Excess of revenue over net cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.0 Unreconciled transactions affecting the change in net position (Note 16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 Increase in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.3 Net position, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prior period adjustments (Note 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net position, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ac com pa ny ing notes in the com plete doc u ment are an in te gral part of these fi nan cialstatements. (6,026.2) 35.8 (5,937.1) FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT 121 United States Government Statement of Net Cost for the Year Ended September 30, 2000 (In bil lions of dol lars) National defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross C ost Earned Revenue Net Cost 408.7 11.4 397 .3 Education, training, employment, and social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.6 3 .3 5 3.3 Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 2.9 1 .2 151 .7 Medicare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1.3 21.9 199 .4 Income security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 4.7 4 .9 189 .8 Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1 0.1 0 .0 410 .1 Veterans benefits and services . . . . . . . . . . . . . . . . . . . . . . . 1 1 7.6 2 .2 115 .4 Total human resources . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,153.2 33.5 1,119.7 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2 13.7 2.5 Natural resources and environment. . . . . . . . . . . . . . . . . . . . 30.5 3 .8 2 6.7 Commerce and housing credit. . . . . . . . . . . . . . . . . . . . . . . . 1 0 8.2 77.4 3 0.8 Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.6 0 .1 4 8.5 Community and regional development . . . . . . . . . . . . . . . . . . 15.3 2 .8 1 2.5 Total physical resources. . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 8.8 97.8 121 .0 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 0.2 0 .0 230 .2 International affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.9 3 .0 2 3.9 General science, space, and technology . . . . . . . . . . . . . . . . 17.7 0 .1 1 7.6 Agriculture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.1 3 .9 3 5.2 Administration of justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.3 2 .9 3 4.4 General government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9 4 .4 1 9.5 Total other functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 4.9 14.3 130 .6 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,155.8 157.0 1,998.8 Hu man Re sources: Physical Resources: Other Functions: 122 FI NAN CIAL RE PORT OF THE UNITED STATES GOV ERN MENT, EX CERPT United States Government Balance Sheet as of September 30, 2000 (In billions of dollars) Assets : Cash and other monetary assets (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . 104.9 Accounts receivable (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.3 Loans receivable (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207.6 Taxes receivable (Note 5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.3 Inventories and related property (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . 185.2 Property, plant, and equipment (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . 298.5 Other assets (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59.7 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 911.5 Liabilities : Accounts payable (Note 9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.0 Federal debt securities held by the public (Note 10). . . . . . . . . . . . . . . . . 3,408.5 Federal employee and veteran benefits payable (Note 11) . . . . . . . . . . . . 2,757.8 Environmental and disposal liabilities (Note 12) . . . . . . . . . . . . . . . . . . . . 301.2 Benefits due and payable (Note 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.8 Loan guarantee liabilities (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.3 Other liabilities (Note 14). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.0 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,848.6 Commitments and contingencies (Note 18) Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities and net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The ac com pa ny ing notes in the com plete doc u ment are an in te gral part of these fi nan cialstatements. (5,937.1) 911.5 123 INTRODUCTION: Airport and Airway Trust Fund The Air port and Air way Trust Fund was es tab lished on the books of Trea sury in fis cal 1971, ac cord ing to pro vi sions of the Air port and Air way Rev e nue Act of 1970 [49 United States Code 1742(a), repealed]. The Tax Equ ity and Fiscal Re spon si bil ity Act of 1982 (Pub lic Law 97-248, dated Sep tember 3, 1982) re es tab lished the trust fund in the In ter nal Revenue Code (26 United States Code 9502) effective Sep tem ber 1, 1982. Trea sury trans fers from the gen eral fund to the trust fund amounts equiv a lent to the taxes re ceived from trans por ta tion of per sons and prop erty by air, gas o line and jet fuel used in com mer cial and non com mer cial air craft, and an in ter na tional de par ture tax. The Om ni bus Bud get Rec on cil i a tion Act of 1990 (Public Law 101-508, dated No vem ber 5, 1990) in creased rates for the ex cise taxes trans ferred to the fund. Trea sury bases these trans fers on es ti mates made by the Sec re tary of the Trea sury. These are sub ject to ad just ments in later trans fers in the amount of ac tual tax re ceipts. The Tax payers Re lief Act of 1997 (Pub lic Law 105-34), ef fec tive Oc to ber 1, 1997, ex tended the avi a tion ex cise taxes for 10 years. The Act in cluded other pro vi sions that: • Re tained the ex ist ing freight way bill and gen eral avi a tion fuel/gas taxes. It also re tained a spe cial rule applied to flights be tween the con ti nen tal United States and Alaska or Ha waii. The $6 de par ture tax is in dexed to the Consumer Price In dex. Ef fec tive fiscal year 2001, the tax is $6.40. • Con verted the 10 per cent ad va lo rem tax on do mes tic pas sen ger tick ets to a com bi na tion of ad va lo rem/flight seg ment tax over 3 years, be gin ning Oc to ber 1, 1997. Be gin ning Oc to ber 1999 through Sep tem ber 30, 2007, the tax is 7.5 percent, plus in 2001, a $2.75 tax per seg ment. • Im posed a new 7.5 per cent tax on pay ments to air lines for fre quent flyer and sim i lar awards by banks and credit card com pa nies, mer chants and fre quent flyer program partners, such as other air lines, ho tels or rental car com pa nies, and other businesses. • In creased the cur rent $6 in ter na tional de par ture tax to $12 per pas sen ger and added a $12 in ter na tional ar rival tax, in dexed to the Con sumer Price In dex. Ef fec tive 2001, the tax is $12.80. • Lowered tax rates on flights to cer tain ru ral air ports to 7.5 per cent with out a flight seg ment com po nent. • Trans ferred rev e nues from the 4.3 cents-per-gallon avi a tion fuel tax ded i cated to re duc ing the na tional def i cit from the gen eral fund to the Air port and Air way Trust Fund. When the pro vi sions of 26 United States Code 9602(b) are met, amounts avail able in the fund ex ceed out lay re quire ments, Trea sury in vests ex cess amounts in pub lic debt se cu ri ties and cred its the in ter est to the fund. Ad di tional sums from the gen eral fund also are cred ited as au tho rized and made avail able, by law, if they are needed to meet out lay re quire ments. Trea sury makes avail able to the Fed eral Avi a tion Ad min istration (FAA), Department of Transportation (DOT), amounts re quired for out lays to carry out the Air port and Airway pro gram. The Secretary of the Treasury makes other charges to the trust fund to trans fer cer tain re funds of taxes and certain out fits, un der sec tion 34 of the In ter nal Rev e nue Code (IRC). An nual re ports to Con gress, re quired by 26 U.S.C. 9602 (a), are sub mit ted by the Sec re tary of the Trea sury, af ter con sul ta tion with the Sec re tary of Trans por ta tion. These re ports are re quired to cover the fi nan cial con di tion and re sults of op er a tions of the fund dur ing the past fis cal year and those ex pected dur ing the next 5 fis cal years. 124 TRUST FUNDS TA BLE TF-10.—Air port and Air way Trust Fund Re sults of Op er a tions, Fis cal 2000 [Source: DOT] Description IRC sec tion (26 United States Code) Amount Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,444,459,620 Receipts: Ex cise taxes (trans ferred from gen eral fund): Liq uid fuel other than gas o line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trans por ta tion by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of in ter na tional travel fa cil i ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trans por ta tion of prop erty, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross ex cise taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,286,000 714,949,000 7,003,361,000 1,348,518,000 500,327,000 9,784,441,000 Less re funds of taxes (re im bursed to gen eral fund): Liq uid fuel other than gas o line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Air line tax ex pired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal re funds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,783,189 15,777,422 200,524 45,761,135 9,738,679,865 805,233,167 10,543,913,032 Off setting col lec tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,176,244 Expenses: Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fa cil ities and equip ment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Re search, en gi neer ing and de vel op ment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Air car ri ers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,222,078,448 1,578,022,015 2,076,738,648 165,971,391 88,630 9,042,899,132 Off setting col lec tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,176,224 Per ma nently cancelled balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,572,995 Bal ance Sept. 30, 2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,934,900,525 TA BLE TF-10.—Air port and Air way Trust Fund, Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 [In mil lions of dol lars. Source: DOT] 2001 2002 2003 2004 2005 Bal . . .ance . . . .Oct.1 . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 13,934 Receipts: Ex cise taxes, net of re funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In ter est on in vest ments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off setting col lec tions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,633 16,680 17,843 19,357 10,414 871 96 11,381 11,183 996 96 12,275 11,875 1,120 96 13,091 12,578 1,273 96 13,947 13,311 1,477 96 14,884 Expenses: Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off setting col lec tions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -9,586 -96 15,633 -11,132 -96 16,680 -11,832 -96 17,843 -12,337 -96 19,357 -12,855 -96 21,290 125 INTRODUCTION: Hazardous Substance Superfund The Haz ard ous Sub stance Re sponse Trust Fund was es tab lished on the books of the Trea sury in fis cal 1981, in ac cor dance with sec tion 221 of the Haz ard ous Sub stance Re sponse R evenue Act of 1980 [42 United States Code 9631(a), re pealed]. The trust fund was renamed the Haz ard ous Sub stance Superfund (Superfund) and re lo cated in ac cor dance with sec tion 517 of the Superfund Amend ments and Reauthorization Act of 1986 [Pub lic Law 99-499, dated Oc to ber 17, 1986 (26 United States Code 9507)]. The authority to collect excise taxes on pe tro leum and chem i cals, and an en vi ron men tal tax for all cor po ra tions with mod i fied al ter na tive tax able in come in ex cess of $2 mil lion, expired in 1995. To implement the Superfund program, amounts are ap pro pri ated from the Superfund to the En vi ron mental Pro tec tion Agency (EPA) for pro gram matic and ad ministrative expenses. An an nual re port to Con gress by the Sec re tary of Trea sury is re quired by 26 United States Code 9602(a). These reports pres ent the fi nan cial con di tion of the Superfund and the re sults of op er a tion for the past fis cal year, and its ex pected con di tion dur ing the next 5 fis cal years. TA BLE TF-14.—Haz ard ous Sub stance Superfund Re sults of Op er a tions, Fis cal 2000 [Source: EPA] Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,499,000,000 Receipts: Crude and pe tro leum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cer tain chem i cals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporateenvironmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gen eral fund ap pro pri a tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cost re cov er ies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . Fi nes and pen al ties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 2,200,000 3,000,000 700,000,000 231,000,000 1,000,000 226,000,000 To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1,163,430,000 Expenses: EPA ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Na tional Oce anic and At mo spheric Ad min is tra tion expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fed eral Emer gency Man age ment Ad min is tra tion ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Agency for Toxic Sub stance and Dis ease Reg is try and Na tional In sti tute of En vi ron men tal Health Sci ences expense . . . . . . . . . . . . . . . . . . . . . . . . De part ment of In te rior ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oc cu pa tional Safety and Health Ad min is tra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . De part ment of Jus tice ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Coast Guard ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,291,767,000 2,450,000 1,100,000 70,000,000 1,000,000 650,000 28,663,000 4,800,000 To tal ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,430,000 Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,262,000,000 TA BLE TF-14.—Haz ard ous Sub stance Superfund, con. Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 [In mil lions of dol lars. Source: EPA] 2001 2002 2003 2004 2005 1,262 955 539 109 362 199 203 634 118 178 634 105 178 633 84 178 651 59 178 670 To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,036 930 916 913 907 Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,342 1,346 1,345 1,383 1,422 Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955 539 109 -362 -878 Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Re cov eries, fines and pen al ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gen eral rev e nues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 INTRODUCTION: Highway Trust Fund The High way Trust Fund was es tab lished on the books of the Treasury in fiscal 1957, ac cord ing to pro vi sions of the High way Rev e nue Act of 1956 (Act of June 29, 1956, chap ter 462, sec tion 209). It has been amended and ex tended by var i ous high way, sur face trans por ta tion and other acts since 1959. Section 9002 of the Transportation Equity Act for the 21st Cen tury (TEA-21) (Pub lic Law 105-178) ex tended the Highway Trust Fund and its taxes through Sep tem ber 30, 2005. Amounts equiv a lent to taxes on gas o line, die sel fuel, spe cial mo tor fu els, cer tain tires, heavy trucks and trail ers, and heavy ve hi cle use are des ig nated by the Act to be ap pro pri ated and trans ferred from the gen eral fund of the Trea sury to the trust fund. These trans fers are made twice monthly based on es ti mates by the Sec re tary of the Trea sury, sub ject to later adjust ments to re flect the amount of ac tual tax re ceipts. Amounts avail able in the fund ex ceed ing out lay re quire ments are invested in non-interest-bearing pub lic debt se cu ri ties. Within the fund is a mass tran sit ac count, funded by a por tion of the ex cise tax col lec tions un der sec tions 4041 and 4081 of the IRC (ti tle 26 United States Code). The funds from this ac count are used for ex pen di tures in ac cor dance with sec tion 5338 of ti tle 49 United States Code, the Intermodal Sur face Transportation Ef fi ciency Act of 1991 (Pub lic Law 102-240), or the TEA-21. The re main ing ex cise taxes are in cluded in a separate ac count within the trust fund com monly re ferred to as the highway account. Expenditures from this account are made according to the pro vi sions of var i ous trans por ta tion acts. Amounts re quired for out lays to carry out the el i gi ble sur face trans por ta tion pro grams are made avail able to the re spon sible operating administrations within the Department o f Transportation. Other charges to the trust fund are made by the Sec re tary of the Trea sury for trans fer of cer tain taxes to the Land and Water Conservation Fund and the Aquatic Resources Trust Fund. Funds also are trans ferred to the gen eral fund of the Trea sury for the pay ment of tax re funds. The Sec re tary of the Trea sury, in con sul ta tion with the Sec re tary of Trans por ta tion, is re quired to sub mit an nual reports to Con gress by sec tion 9602(a) of ti tle 26 United States Code. These re ports cover the fi nan cial con di tion and re sults of op er a tions of the fund for the past fis cal year and ex pected con di tion and op er a tions dur ing the next 5 fis cal years. TA BLE TF-15.—High way Trust Fund Re sults of Op er a tions, Fis cal 2000 [Source: DOT] Description IRC sec tion (26 United States Code) Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Ex cise taxes (trans ferred from gen eral fund): Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas man u fac ture gas o hol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks, buses, trail ers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Die sel and spe cial mo tor fu els . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tires used on high way ve hi cles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4071 (a) (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash Man age ment Im prove ment Act Interest . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of cer tain ve hi cles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fi nes and pen al ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Trans fer to land and wa ter con ser va tion fund. . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trans fer to aquatic re serve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less re funds of taxes (re im bursed to gen eral fund): Die sel-powered ve hi cle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas o line 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas o hol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Die sel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Spe cial mo tor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas to make gas o hol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Die sel fuel, bus use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ex empt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal re funds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In vest ment in come: In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ac crued in ter est in come . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal in vest ment in come . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $28,959,376,656 1,808,897,000 8,419,659,000 4,684,280,000 21,297,638,000 163,330 12,909,380 36,223,546,710 1,000,000 235,336,000 35,987,210,710 110,000 271,720,214 13,969,000 483,030,162 -2,831,330 186,113,900 62,321,250 1,014,433,196 34,972,777,514 $34,972,777,514 TRUST FUNDS 127 TA BLE TF-15.—High way Trust Fund Re sults of Op er a tions, Fis cal 2000, con. [Source: DOT] Description IRC sec tion (26 United States Code) Expenses: Fed eral aid to high ways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Right-of-way re volv ing fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Na tional High way Traf fic Safety Ad min is tra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trust fund share of high way pro grams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bal ti more-Washington Park way . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High way safety re search and de vel op ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mount St. Helen’s (Agriculture) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High way-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Al a bama high way by pass dem on stra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ur ban air port ac cess safety dem on stra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Intermodalur ban dem on stra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uni ver sity trans por ta tion cen ter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Carpool andvanpool grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Met ro pol i tan plan ning pro ject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Na tional Park Ser vice con struc tion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mo tor car rier safety grants/ad min is tra tion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mass tran sit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . Safety im prove ment pro ject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Safety eco nomic de vel op ment dem on stra tion pro ject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Railroadadministration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ve hic u lar and pe des trian safety dem on stra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Highwaydemonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cor ri dor safety im prove ment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bridge ca pac ity im prove ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High way rail road grade cross ing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ur ban high way/cor ri dor bi cy cle trans por ta tion dem on stra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nu clear waste trans por ta tion safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ken tucky bridge dem on stra tion pro gram . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Penn syl va nia re con struc tion dem on stra tion pro ject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mineola grade cross ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tran sit pro gram . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Climbing lane and high way safety demonstration projects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High way demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $24,936,139,454 -49,264,849 264,129,304 -129,340 22,030 505,971 521,804 4,827,349 5,286 1,493,376 155,121,862 7,477,894,568 246,706 223,755 2,713,592 15,255 26,486,444 1,087,940 189,404 5,732,561 240,731 2,240,472 607,391 173 32,830,905,859 Outlays: Out lays to Cash Man age ment Im prove ment Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259,987 Bal ances ex pired or per ma nently cancelled. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,100,988,324 128 TRUST FUNDS TA BLE TF-15.—High way Trust Fund, con. Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 [In bil lions of dol lars. Source: DOT] Combined State ment High way and Mass Tran sit Ac counts 2001 2002 2003 2004 2005 Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.1 32.6 32.9 33.3 33.4 Receipts: Ex cise taxes, net of re funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In ter est, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.4 36.5 37.6 38.7 39.8 - - - - - To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.4 36.5 37.6 38.7 39.8 Outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.6 36.2 337.5 38.6 39.7 Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.6 32.9 33.0 33.4 33.5 Mass Tran sit Ac count 2001 2002 2003 2004 2005 Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 7.2 6.0 4.9 3.9 Receipts: Ex cise taxes, net of re funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In ter est, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 4.8 4.9 5.0 5.1 - - - - - To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 4.8 4.9 5.0 5.1 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.0 6.0 6.0 6.0 Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 6.0 4.9 3.9 3.0 High way Ac count 2001 2002 2003 2004 2005 22.6 25.7 27.2 28.4 29.5 Ex cise taxes, net of re funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In ter est, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.7 31.7 32.7 33.7 34.7 - - - - - To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.7 31.7 32.7 33.7 34.7 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.6 30.2 31.5 32.6 33.7 Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7 27.2 28.4 29.5 30.5 Un funded au tho ri za tions (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - 24-month rev e nue es ti mate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: 129 TA BLE TF-15A.—High way Trust Fund The following in for ma tion is re leased ac cord ing to the pro vi sions of the Byrd Amend ment to theIntermodalSur face Trans por ta tion Ef fi ciency Act of 1991 [cod i fied at 26 United States Code 9503(d)] and represents data concerning the High way Trust Fund. The fig ure de scribed as “un funded autho ri za tions” is the lat est es ti mate re ceived from the DOT for fis cal 2002. The 24-month revenue estimates for the highway and mass transit accounts, respectively, include the latest esti mates re ceived from Trea sury’s Of fice of Tax Anal y sis for ex cise taxes, net of re funds. They rep re sent net high way re ceipts for those pe ri ods be gin ning at the close of fiscal 2002. High way Ac count [In bil lions of dol lars. Source: DOT] Com mit ments (unobligated bal ances plus un paid ob li ga tions, EOY ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75.6 less: Cash bal ance ( EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2 Un funded au tho ri za tions (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.4 24-month rev e nue es ti mate (fis cal 2003 and 2004) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.4 Mass Transit Ac count [In mil lions of dol lars. Source: DOT] Com mit ments (unobligated bal ances plus un paid ob li ga tions, EOY ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 less: Cash bal ance ( EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Un funded au tho ri za tions (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5.6 24-month rev e nue es ti mate (fis cal 2003 and 2004) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9 130 INTRODUCTION: Leaking Un der ground Stor age Tank Trust Fund The Leaking Un der ground Stor age Tank (LUST) Trust Fund was es tab lished in fis cal 1981 ac cord ing to pro vi sions of the Compre hen sive En vi ron men tal Re sponse, Com pen sa tion and Li a bil ity Act of 1980 (Pub lic Law 96-510, cod i fied at 26 United States Code 9508), as amended by the Superfund Amend ments and Re-authorization Act of 1986 (Pub lic Law 99-499, dated October 17, 1986), sections 13163(c) and 13242(d)(42) of the Omnibus Bud get Rec on cil i a tion Act of 1993 (Pub lic Law 103-66, dated Au gust 10, 1993), and sec tion 1032(e)(13) of the Tax payer Re lief Act of 1987 (Pub lic Law 105-34, dated Au gust 5, 1997). The LUST Trust Fund is fi nanced by taxes col lected on gas o line, die sel fu els, spe cial mo tor fu els, avi a tion fu els and fu els used in com mer cial trans por ta tion on in land wa ter ways. Amounts avail able in the LUST Trust Fund, ex ceed ing current ex pen di ture re quire ments, are in vested by the Sec re tary of the Treasury in interest-bearing Government securities (e.g., Trea sury bills). All in ter est earned is cred ited di rectly to the LUST Trust Fund. To carry out the LUST pro gram, amounts are ap pro pri ated for the LUST Trust Fund to the EPA for pro gram matic and ad min is tra tive ex penses. An annual report to Congress by the Secretary of the Trea sury is re quired by 26 United States Code 9602(a). These re ports pres ent the fi nan cial con di tion of the LUST Trust Fund and re sults of op er a tions for the past fis cal year and its ex pected con di tion and op er a tions dur ing the next 5 fis cal years. TA BLE TF-17.—Leaking Un der ground Stor age Tank Trust Fund Re sults of Op er a tions, Fis cal 2000 [Source: EPA] Bal ance Oct. 1, 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,377,000,000 Receipts: Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 184,000,000 Gross tax re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,000,000 Undisbursed bal ances: EPA LUST bal ances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000,000 To tal undisbursed bal ances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000,000 77,000,000 Expenses: EPA LUST ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,000,000 To tal ex penses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,000,000 Bal ance Sept. 30, 2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,574,000,000 TA BLE TF-17.—Ex pected Con di tion and Re sults of Op er a tions Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 [In millions of dollars. Source: EPA] 2001 2002 2003 2004 2005 Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,574.00 1,768.00 1,983.00 2,218.00 2,500.00 190.00 196.00 200.00 207.00 Receipts: Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185.00 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.90 96.79 112.69 124.89 138.23 To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271.90 286.79 308.69 324.89 345.23 Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.00 72.00 74.00 76.00 78.00 Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,768.00 1,983.00 2,218.00 2,500.00 2,734.00 TRUST FUNDS 131 CHARTS TF-D and E.—Major Trust Funds [Data depicted in these charts are derived from the Trust Fund tables, which are provided by various Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18 in the March and June issues of the Treasury Bulletin.] 18 00 Interest on Investments, Fiscal 1999-2000 15 00 12 00 1999 2000 (In millions of dol lars) 9 00 6 00 3 00 * In ter est on these in vest ments was zero. 0 Airp ort an d Airw ay Trust Fu nd Receipts and Expenses, Fiscal 2000 Hazardo us Substan ce S uperfu nd Nuclear Wast e Fund * Highw ay Trust Fund 40 35 30 Receipts 25 Expenses 20 (In bil lions of dol lars) 15 10 5 0 Highw ay Trust Fund A irport and A irway Tru st Fund Hazardou s Substanc e Superfund Nuc lear Wa ste Fu nd Black Lung Trust Fund 132 TECH NI CAL PA PERS Research Paper Series Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy 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. Copies may be ob tained by writ ing to: Ann Bailey, De part ment of the Trea sury 1500 Penn syl va nia Ave., NW., Room 4422 Wash ing ton, D.C. 20220 Tele phone (202) 622-1519, or fax (202) 622-1294 or 622-2563. 133 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Accrued discount (SBN-1, -2, -3)—Interest that accumulates on savings bonds from the date of purchase until the date of re demption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, I and J are discount or accrual type bonds—meaning principal and interest are paid when bonds are redeemed. Series G, H, HH and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Amounts outstanding and in circulation (USCC)—In cludes 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. Average discount rate (PDO-2, -3)—In Treasury bill auc tions, purchasers tender competitive bids on a discount rate ba sis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Con gress passes laws giving budget authority to Government enti ties, 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, au thority 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 spe cific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Com pet i tive tenders (“Trea sury Financing Oper a tions”)—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.) Coupon issue—The issue of bonds or notes (public debt). Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes and 1890 Series Treasury notes. Cur rent income bonds (“U.S. Savings Bonds and Notes”)—Bonds paying semiannual interest to holders. Inter est is not included in accrued discount. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of March 2001, the debt limit was $5,950,000 million; the limit may change from year to year. 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 cer tain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchas ing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (cou pon-equivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Do mes tic series (FD-2)—Nonmarketable, interest and non-interest-bearing securities issued periodically by Trea sury to the Resolution Funding Corporation (RFC) for invest ment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Opera tions”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Fed eral funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Govern ment to the public through the Federal Reserve Banks and their member banks. They represent money owed by the Gov ernment 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 cur rently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)—Loca tions 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 institu tions of countries other than the United States; and interna tional 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”)—In cludes central governments of foreign countries, including all 134 Glossary 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”)—In cludes foreign official institutions, as defined above, the cor porations and agencies of foreign central governments, including development banks and institutions, and other agen cies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institu tions, foreign central banks or monetary authorities, or to in ternational organizations in which the United States held membership. Sold as companion issues, they could be con verted to domestic (normal) Treasury notes with the same ma turity 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 stat utes 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 Trea sury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five hold ers: 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 transac tions (“Federal Fiscal Oper a tions”)—Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt ac count 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. Intrabudgetary transactions (“Federal Fiscal Opera tions”)—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 ex cluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, I, J and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (“Treasury Financing Opera tions”)—Offers by an investor to purchase Treasury securi ties at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auc tion. Noncompetitive tenders are always accepted in full. Off-budget Federal entities (“Federal Fiscal Opera tions”)—Federally owned and controlled entities whose transactions are excluded from the budget totals under provi sions 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 obli gations 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 inter est. Quar terly financ ing (“Trea sury Financing Oper a tions”)—Treasury has historically offered packages of sev eral “coupon” security issues on the 15th of February, May, August and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital or services, as well as collections from the public (budget receipts), such as taxes, fines, duties and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional interna tional reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (FD-2)—(SLUGs) Spe cial nonmarketable certificates, notes and bonds offered to 135 Glossary State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and matu rities comply with IRS arbitrage provisions. SLUGs are of fered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes ma ture 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, Trea sury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Inter est 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), they are sold at a discount. Trust fund transac tion (“Federal Fiscal Oper a tions”)—An intrabudgetary transaction in which both pay ments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER