Full text of Treasury Bulletin : June 2003
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Contents JUNE 2003 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations............................................................................................................................ 10 Analysis.—Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source ................... 11 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................. 13 FFO-B.—Chart: Budget Receipts by Source ....................................................................................................................... 13 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 14 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 15 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 17 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 19 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 20 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 20 FEDERAL DEBT Introduction.—Federal Debt ................................................................................................................................................ 22 FD-1.—Summary of Federal Debt....................................................................................................................................... 23 FD-2.—Debt Held by the Public.......................................................................................................................................... 24 FD-2.—Interest-Bearing Public Debt (Historical) ............................................................................................................... 25 FD-3.—Government Account Series ................................................................................................................................... 26 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 27 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors..................................................................................................................................................... 28 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 29 FD-6.—Debt Subject to Statutory Limitation (Historical)................................................................................................... 29 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 30 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 ....................................................................................................... 39 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills.................................................. 40 PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 41 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes ............................................................................................................................ 42 SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 42 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 43 SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I ............................................................................ 43 IV Contents OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 45 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 46 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) .................................... 47 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 49 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds ....................................................... 49 MY-A.—Chart: Yields of Treasury Securities .................................................................................................................... 50 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 51 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 51 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 52 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 55 IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 55 IFS-2.—Selected U.S. Liabilities to Foreigners................................................................................................................... 56 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 57 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 58 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61 CM-I-2.—Total Liabilities by Country................................................................................................................................ 62 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries...................................................................................................................... 66 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 67 CM-II-2.—Total Claims by Country ................................................................................................................................... 68 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries...................................................................................................................... 72 SECTION III.—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 ......................................................................................................................................... 73 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............................................................................................................... 74 CM-IV-2.—Total Liabilities by Country............................................................................................................................. 75 CM-IV-3.—Total Liabilities by Type and Country ............................................................................................................. 77 V Contents CM-IV-4.—Total Claims by Country.................................................................................................................................. 79 CM-IV-5.—Total Claims by Type and Country.................................................................................................................. 81 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 .............................................. 83 CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (first quarter) .................................................................................................................... 87 CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 89 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92 FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions ......................................................................................................................... 93 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 94 FCP-I-2.—Monthly Report of Major Market Participants................................................................................................... 95 FCP-I-3.—Quarterly Report of Large Market Participants.................................................................................................. 95 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 96 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 97 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 98 FCP-III-2.—Monthly Report of Major Market Participants ................................................................................................ 99 FCP-III-3.—Quarterly Report of Large Market Participants ............................................................................................... 99 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ............................................................................................... 100 FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 101 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 101 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 102 FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 103 FCP-V-3.—Quarterly Report of Large Market Participants .............................................................................................. 103 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 104 FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 105 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 105 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 ESF-1.—Balance Sheet...................................................................................................................................................... 106 ESF-2.—Income and Expense ........................................................................................................................................... 107 VI Contents SPECIAL REPORTS FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Introduction.—Financial Report Excerpt........................................................................................................................... 111 Financial Report Excerpt ................................................................................................................................................... 112 TRUST FUNDS Introduction.—Highway Trust Fund.................................................................................................................................. 121 TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 121 RESEARCH PAPER INDEX............................................................................................................................................ 122 GLOSSARY ...................................................................................................................................................................... 123 ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p = Preliminary; n.a. = Not available; r = Revised. VII Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State ................................................................ v FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports ................................ v Special Reports Financial Report of the United States Government excerpt................................................................ v Trust Fund Reports: Airport and Airway Trust Fund................................................................................................ v Aquatic Resources Trust Fund ................................................................................................ v Black Lung Disability Trust Fund................................................................................................ v Civil Service Retirement and Disability Fund ................................................................ v Federal Disability Insurance Trust Fund ................................................................ v Federal Hospital Insurance Trust Fund ................................................................ v Federal Old-Age and Survivors Insurance Trust Fund................................................................ v Federal Supplementary Medical Insurance Trust Fund................................................................ v Harbor Maintenance Trust Fund ................................................................................................ v Hazardous Substance Superfund................................................................................................ v Highway Trust Fund ................................................................................................v Inland Waterways Trust Fund ................................................................................................ v Investments of Specified Trust Accounts................................................................ v Leaking Underground Storage Tank Trust Fund ................................................................ v National Service Life Insurance Fund................................................................ v Nuclear Waste Fund................................................................................................ v Oil Spill Liability Trust Fund................................................................................................ v Railroad Retirement Account................................................................................................ v Reforestation Trust Fund ................................................................................................ v Unemployment Trust Fund ................................................................................................ Uranium Enrichment Decontamination and Decommissioning Fund................................ v Vaccine Injury Compensation Trust Fund ................................................................v Wool Research, Development, and Promotion Trust Fund................................ v v OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations U.S. Savings Bonds and Notes Ownership of Federal Securities Market Yields U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product (GDP) Real GDP–the output of goods and services produced by labor and property located in the United States–increased at an annual rate of 1.6 percent in the first quarter of 2003, according to advance estimates released by the Bureau of Economic Analysis at the Department of Commerce. In the fourth quarter of 2002, real GDP increased 1.4 percent. Personal consumption expenditures (PCE) added almost 1.0 percentage point to real GDP growth in the first quarter. Nevertheless, growth in PCE eased to 1.4 percent at an annual rate in the quarter, down from 1.7 percent in the previous quarter. A majority of the decrease in PCE growth during the first quarter was in the purchase of durable goods (particularly motor vehicles), which declined 1.1 percent at an annual rate, on top of a drop of 8.2 percent in the fourth quarter of 2002. Government consumption expenditures and gross investment, mostly at the Federal level, added another 0.2 of a percentage point to real GDP growth in the first quarter. Federal Government spending increased 2.6 percent at an annual rate, down from 11.0 percent in the fourth quarter of 2002. Meanwhile, State and local government spending declined 0.1 percent at an annual rate, after having increased 1.2 percent in the preceding quarter. Business fixed investment fell at a 4.2 percent annual rate in the first quarter, following a 2.3 percent rate of increase in the previous quarter. The weakness reflected a decline in equipment and software investment in the quarter and a smaller decrease in investment in structures. Investment in equipment and software fell at a 4.4 percent annual rate in the first quarter, after having increased in each of the previous three quarters at an annual average rate of 5.4 percent. Disinvestment in nonresidential structures continued at a 3.4 percent annual rate, compared to an annual rate of 9.9 percent in the fourth quarter of 2002. Inflation Inflation has accelerated in the early part of 2003, reflecting the impact of sharply higher crude oil prices and a slight pickup in the rate of increase in the cost of food. The consumer price index (CPI) rose at a 5.2 percent annual rate during the first three months of 2003, a little more than twice the 2.4 percent pace recorded during 2002. Energy prices jumped at an annual rate of just over 75 percent during the three-month period ending in March, fueled by a surge of 125 percent in the cost of petroleum-based energy products. Energy prices were up by 10.7 percent last year. The cost of Investment in residential structures grew at a rapid 12.0 percent annual rate in the first quarter, up from 9.4 percent in the previous quarter. However, the change in private inventories was a negative factor in real GDP growth in the quarter, shaving almost 0.5 of a percentage point. For the first time in eight quarters, net exports of goods and services were a positive influence on real GDP growth, adding almost 0.9 of a percentage point, as the trade deficit narrowed. Exports declined by less than imports in the first quarter. Exports fell 3.2 percent at an annual rate, compared to 5.8 percent increase in the previous quarter. Imports fell 7.9 percent at an annual rate, after having increased 7.4 percent in the fourth quarter of 2002. Growth of Real GDP (Percent change, fourth quarter to fourth quarter) 7 6 5 4.1 4.3 4.8 4.3 4 2.9 3 2.3 1.6 2 1 0.1 0 96 97 98 99 00 01 02 03* *2003 based on first quarter food increased at a 2.7 percent annual rate during the first three months of this year following a 1.5 percent advance last year. “Core” inflation (prices excluding food and energy), a gauge of the underlying inflation rate, decelerated to a very low 0.8 percent pace during the first quarter of 2003 from a 1.9 percent rate last year. At the producer level, finished goods prices rose at a 17.4 percent annual rate during the first three months of the year. This followed a slight 1.2 percent increase during 2002. As with the CPI, much of the acceleration reflects a jump in energy costs, which followed an increase of almost 12 percent in 2002 with an annual rate increase of 100 4 PROFILE OF THE ECONOMY percent during the first three months of this year. Core finished goods and food prices are also contributing to the overall acceleration in finished goods inflation. Both core and food prices are up so far this year after registering slight declines last year. Further back in the production chain, increases in core intermediate materials prices have picked up this year, reflecting to some degree the pass through of higher crude oil prices. Hourly compensation costs (including stock options) as calculated in the national income accounts for the private nonfarm business sector were up by 3.5 percent at an annual Consumer Prices rate in the first quarter of 2003. This was faster than the 1.6 percent annual rate rise in productivity, yielding a 1.9 percent increase in unit labor costs in the first quarter. This compares with a 0.9 percent decline across the four quarters of 2002. The employment cost index (ECI) for total compensation, a fixed-weighted compensation measure that does not account for stock options, increased at a rapid 5.3 percent annual rate during the first quarter, boosted by a surge in benefit costs. For the 12-month period ending in March, the ECI rose by 3.9 percent, unchanged from the figure for the comparable year-earlier period. Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 5 Excluding food and energy 4 4 Excluding food and energy 2 3 0 2 1 Total -2 Total -4 0 91 92 93 94 95 96 97 98 99 00 01 02 03 Employment and unemployment The labor market softened further in early 2003. Payroll employment continued to decline, and the unemployment rate crept back up to its December peak of 6.0 percent. A number of special factors (including geopolitical concerns, the activation of military reservists, poor weather, and the outbreak of SARS) were present, however, and likely accounted for at least some of the recent weakness. Nonfarm payroll employment declined by 48,000 in April, after falling by 477,000 over the previous two months combined. The April drop was the fifth in 6 months and reflected substantial job losses in manufacturing–a sector which has been shedding workers continuously since July 2000–and a handful of travel-related industries. The latter losses may have been influenced by concerns related to the war in Iraq and SARS. Construction and some serviceproducing industries posted small gains in April, while most 91 92 93 94 95 96 97 98 99 00 01 02 03 other private sector industries continued to show little to no change. Recent declines have pulled payroll employment down to its lowest level since November 1999, with 2.1 million jobs eliminated since the economy peaked in March 2001. The unemployment rate rose by a 0.2 percentage point in April to 6.0 percent, matching the December level as the highest since August 1994. This is still low compared to highs of 7.8 percent in 1992 and 10.8 percent in 1982. Sluggish labor markets continued to have a dampening effect on wage growth. Over the 12 months ended in April, average hourly earnings of nonfarm production workers rose by 3.1 percent, little changed from the 3.2 percent increase posted over the year-earlier period and down from readings in excess of 3.5 percent from late 1996 through the start of 2002. Higher energy prices have recently boosted inflation, eating into nominal wage gains. In March, earnings adjusted for inflation turned slightly negative compared to a year earlier. PROFILE OF THE ECONOMY 5 Establishment Employment Unemployment Rate (Percent) (Average monthly change in thousands) 7.0 500 6.5 400 330 300 6.0 200 5.5 176 99 100 33 47 12 31 0 5.0 -100 4.5 -118-96 -200 4.0 -53 -63 -91 -48 -300 -310 -400 3.5 94 95 96 97 98 99 00 01 02 03 00-I II III IV 0I-I II III IV 02-I II III IV 03-I II* *Based on April data Real disposable personal income and consumer spending Personal income in nominal terms grew at a 3.9 percent annual rate in the first quarter of 2003. This was the same as averaged across the four quarters of 2002. Growth in wages and salaries, which account for just under 60 percent of personal income, accelerated to a 4.2 percent annual rate in the first quarter from 2.5 percent during the previous year. Transfer payments from government to individuals were up at a 6.9 percent annual rate in the first quarter, down from a 9.5 percent pace last year. Gains in other labor income, mainly consisting of employer contributions to pension funds and health insurance, slowed from 9.4 percent last year to a 5.8 percent annual rate in the first quarter. Dividend income continued to grow by more than 6 percent. Interest income, on the other hand, dropped by 2.3 percent at an annual rate in the first quarter, reflecting the continued downtrend in interest rates. Growth in disposable (after-tax) income adjusted for inflation slowed to a 1.1 percent annual rate in the first quarter, the smallest gain since 2001. Real income rose by 5.5 percent last year, boosted by reduced withholding that had been legislated in the Economic Growth and Tax Relief and Reconciliation Act of 2001. Real consumer spending in the first quarter was weak for a second consecutive quarter, posting an annual rate gain of only 1.4 percent on top of a modest 1.7 percent rise in the fourth quarter of 2002. These followed an increase of 4.2 percent in the third quarter. On again/off again automobile sales incentives have contributed to the pattern over the last several quarters. Because consumer spending slightly grew faster than after-tax income in the first quarter, the personal saving rate inched down to 3.7 percent from 3.8 percent in the fourth quarter. The saving rate averaged 3.7 percent during 2002, up from a 64-year low of 2.3 percent in 2001. Industrial production and capacity utilization The string of weak readings posted during the second half of 2002 has extended into 2003. Output from factories, mines, and utilities eked out an annual rate increase of 0.4 percent in the first quarter, but monthly output in April fell by 0.5 percent for the second consecutive month. Over the past 12 months, production has contracted by 0.4 percent. Manufacturing production, which accounts for about 85 percent of all industrial output, declined by 0.6 percent in April, the largest monthly fallback since December. Production of motor vehicles and parts fell by 2.0 percent, the third consecutive monthly decline for that industry. Apart from automobiles, manufacturing output was down by 0.5 percent in April. Factory output contracted by 0.6 percent in the first quarter on top of the fourth quarter’s sharp 3.7 percent drop. Production in the high-technology industries (computers, communications equipment, and semiconductors) advanced by a solid 7.8 percent in the first quarter, mainly due to a boost in production of computers and office equipment. Communications equipment remains the softest segment of the high-technology industries as it grew by a slim 0.8 percent in the first quarter and declined 1.4 percent in April. Nondurable manufacturing declined by 6 PROFILE OF THE ECONOMY 2.0 percent at an annual rate in the first quarter as food and beverage, and paper production fell back. The capacity utilization rate for the industrial sector decreased 0.4 percentage point in April to 74.4 percent, the lowest level since 1983, and nearly 7 percentage points below the long-term average of 81.3 percent. Capacity utilization in the manufacturing sector dipped 0.5 of a percentage point to 72.5 percent in April, 7.7 percentage points below its long-term average of 80.2. Utilization in the high-tech industries has edged up since the end of 2002 and reached 62.4 percent in April. That is still well below the recent peak of 88.4 percent in 2000. Nonfarm productivity and unit labor costs Productivity has remained remarkably strong over the past year despite the largely uneven economic recovery. Nonfarm business productivity (real output per hour worked) advanced by 1.6 percent at an annual rate in the first quarter, up from 0.7 percent in the fourth quarter. Over the most recent four quarters, labor productivity rose by 2.3 percent, roughly in line with the “New Economy” productivity growth of 2.6 percent averaged since 1995 and significantly better than the 1.4 percent averaged from 1973 to 1995. Hourly labor compensation rose by 3.5 percent at an annual rate in the first quarter and by 3.3 percent during the past four quarters. Given the robust productivity growth, however, unit labor costs remain tame. These costs advanced by a moderate 1.9 percent annual rate in the first quarter. Over the past four quarters, unit labor costs are up just 0.9 percent. During 2002, these costs actually declined by 0.9 percent. That was the largest fourth-to-fourth quarter decline since 1983. This excellent cost performance has helped to restrain inflation and may improve the outlook for business investment and future business expansion. Productivity in manufacturing grew by 2.1 percent at an annual rate in the first quarter following a 0.5 percent contraction in the fourth quarter, the first quarterly decline in factory productivity since the beginning of 2001. Factory output per hour worked increased by 2.8 percent over the most recent four quarters. During 2002, manufacturing productivity rose by 4.5 percent, up sharply from the sluggish 0.8 percent rate posted in 2001. Recent growth in factory productivity has been driven more by a decline in hours worked, however, than by an appreciable boost in output. Hourly compensation in manufacturing advanced by 4.8 percent at an annual rate in the first quarter and by 4.1 percent over the past four quarters. Robust productivity has kept pace with moderate compensation growth, thereby controlling unit labor costs. These costs were up 1.3 percent over the year ending in the first quarter. Factory unit labor costs declined by 1.2 percent during 2002, the largest yearly fall in these costs since 1997, helping to enhance international competitiveness. International transactions The current account measures trade in goods and services as well as the flow of investment income and unilateral transfers (including government grants and pension payments and private transfers to and from foreigners). The current account has been in deficit almost continuously since the early 1980s but has fluctuated widely over time. In the fourth quarter of 2002, the current account deficit rose by $42.1 billion at an annual rate to a new high of $547.4 billion, or 5.2 percent of GDP, after shrinking slightly in the third quarter. For the entire year, the current account deficit amounted to a record $503.4 billion, or 4.8 percent of GDP, up from $393.4 billion, or 3.9 percent of GDP, in 2001. As in the fourth quarter, much of the increase recorded in 2002 was due to a growing trade deficit, which reached an all-time high of $435.5 billion last year. A shift in the balance on investment income from a $14.4 billion surplus in 2001 to an $11.9 billion deficit in 2002 was also a factor. The swing in investment income was mainly due to a rebound in the profitability of foreign investments in the United States from depressed 2001 levels. This helped boost payments to foreign investors, more than offsetting a small increase in direct investment receipts from abroad. Net income on portfolio investment was little changed, on balance, in 2002. The current account is, by definition, matched by offsetting transactions in the capital and financial accounts, with any difference in the recorded flows listed as a statistical discrepancy. Capital account transactions, which mainly consist of debt forgiveness and wealth transfers associated with immigration, are typically small and have remained relatively stable near $0.8 billion since early 2000. In the second half of 2002, however, the capital account edged lower, pulling the total for the year down a shade to $0.7 billion. The financial account measures transactions that alter the foreign financial assets and liabilities of the United States. Net foreign investment in the United States eased in the fourth quarter to $576.5 billion at an annual rate from a record high of $678.4 billion in the prior quarter, but for the entire year totaled $474.2 billion. That was up sharply from $381.8 billion in 2001 and represented the highest annual total on record. The jump in net capital inflows in 2002 occurred even as foreign acquisitions of U.S. assets slowed for a second straight year to $630.4 billion from $752.8 billion in 2001 and a peak of $1,016.0 billion in 2000. The pullback reflected reduced demand by private investors for U.S. securities other than Treasuries as well as a sharp drop in foreign direct investment. Concerns about the performance of the U.S. economy and equity markets were likely responsible. U.S. purchases of foreign assets totaled just $156.2 billion in 2002, down from $371.0 billion in 2001 and $606.5 billion in 2000. The drop in U.S. holdings of foreign assets (which is treated as an outflow) exceeded the decline in foreign investment activity (which is considered an inflow), producing the net increase in foreign investment recorded for 2002. PROFILE OF THE ECONOMY Exchange rate of the dollar The dollar’s trend lower continues at a somewhat faster pace since the currency reached a peak in February 2002. In the 14 months between that peak and April, the nominal exchange value of the dollar relative to a broad index covering the currencies of 26 important U.S. trade partners has depreciated by 5.7 percent. This decline follows a period of sustained appreciation that saw the dollar’s value surge by 12 percent between December 1999 and February 2002. The decline has been a function mainly of dollar weakness against the seven currencies of the United States’ major trading partners, including the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland. Since February 2002, the exchange rate of the dollar compared to an index of these currencies fell by 13.5 Interest rates The Federal Reserve eased monetary conditions multiple times in 2001 and once last year in response to weakened economic conditions, all of which actions reduced the target for the federal funds rate (the rate that banks and other financial institutions charge each other for overnight loans) by a total of 5-1/4 percentage points to its current rate at mid-May of 1-1/4 percent. This is the lowest level of federal funds rates since 1961. In response to the monetary easing, the interest rate for the 3-month Treasury bill has fallen since the beginning of 2001 from levels above 5 percent to current levels at mid-May around 1.10 percent. Rates on long-term Treasury securities declined on balance during 2002. Starting at over 5 percent early in the year, the 10-year Treasury rate was averaging below 4 percent by October, the lowest level since 1963, and this year through mid-May it has remained below 4 percent. Long-term rates are influenced by several factors. Recent weakness in the economy has helped push them down. In addition, Treasury securities are desirable as safe havens against economic and geopolitical uncertainty. 7 percent. Dollar depreciation against the yen and the euro, whose combined weights account for roughly 55 percent of the major index, has been largely responsible. Over the same period, the dollar/euro exchange rate fell by nearly 20 percent and the dollar/yen exchange rate fell by 10.3 percent, reflecting global investors’ concerns about the pace of U.S. economic recovery. The dollar remains relatively strong compared with the currencies of many other important trading partners, although the pace of its appreciation has begun to slow somewhat. Since February 2002, the exchange value of the dollar compared to an index of currencies that includes Mexico, China, Brazil, and seven other Asian countries has appreciated by 4.7 percent. Since December 1999, this index has risen by 11.1 percent. . Mortgage interest rates generally follow the pattern of the 10-year Treasury rate. The interest rate on a conventional 30-year fixed-rate loan has declined from a recent peak of 81/2 percent in May 2000 to 5-3/4 percent or below at midMay 2003–lows not seen since the mid-1960s. These exceptionally favorable mortgage rates have encouraged many homeowners to refinance, thereby providing funds to support more consumption spending. Corporate bond yields are influenced by long-term Treasury rates, but they are also affected by many other factors. Moody’s seasoned Baa yield on corporate bonds peaked in May 2000, and then underwent a series of declines to its current levels at mid-May around 6-1/2 percent. The spread between the Baa yield and the 10-year Treasury yield rose sharply late in 2002, averaging over 3-3/4 percent last October, reflecting concerns about the reliability of corporate financial statements and an increased perception of corporate and economic risk. The spread has since declined to about 2-3/4 percent by mid-May, which is still high by historical standards. 8 PROFILE OF THE ECONOMY Long-term Interest Rates Short-term Interest Rates (Percent) (Percent) 10.0 7.0 Federal funds rate target 6.0 5.0 8.0 4.0 7.0 ` 3.0 Corporate Baa bond 9.0 6.0 3-month Treasury bills 2.0 5.0 1.0 4.0 0.0 1999 2000 2001 2002 2003 Housing Conditions in the housing sector continued to be very favorable in the first quarter of 2003 after an extraordinarily strong fourth quarter. Sales of new single-family homes maintained a 977,000 annual selling rate in the first quarter. Except for the breakneck pace in the last two quarters of 2002 when sales were running over 1 million at an annual rate, that was the highest quarterly total since the series started in 1963. Sales of existing single-family homes hit an annual rate of 5.83 million in the first quarter, a 35-year record. Strong demand for new homes led to large gains in housing starts in 2002, and starts edged up further in the first quarter of 2003. Total housing starts (including multi-family dwellings) reached 1.75 million at an annual rate in that quarter, the highest since 1986. Starts of single-family homes held at a 1.41-million unit pace, matching the fourth quarter of 2002 as the highest since 1978. Expansion in new home demand, as well as a boom in spending on major home improvements fueled by cash-out mortgage refinancing, resulted in increased real residential investment. Growth in such investment accelerated from an annual rate of 1.1 percent in the third quarter of 2002 to 9.4 percent in the fourth quarter and 12.0 percent in the first quarter of 2003. The stepped-up pace of residential investment in the first quarter added slightly more than onehalf of a percentage point to real GDP growth that quarter. Very low mortgage rates, favorable demographic conditions, the relative safety of housing as an investment and strong home price appreciation have spurred the demand for homes. The mortgage interest rate for a 30-year conventional fixed-rate loan dipped to a more than 30-year 3.0 1999 Treasury 10-year note 2000 2001 2002 2003 record low of 5.61 percent for one week in mid-March and a 5.84 percent average for the first quarter as a whole. The low rates have made home ownership possible for a growing number of households, a record 68.3 percent in the final quarter of 2002. They have also allowed homeowners to reduce their monthly mortgage payment or tap into their rising home equity through mortgage refinancing. The extra cash has supported growth in consumer spending and has allowed homeowners to pay down higher-interest debt such as credit card debt. Federal budget After 4 straight years of surplus, the Federal budget posted a $158 billion deficit in fiscal year 2002. In relation to GDP, that represented a modest 1.5 percent share. The shift from surpluses to deficit primarily reflected the effects of the economic recession in 2001, declines in the stock market, and the increased spending required to combat terrorism and provide for domestic security. Debt held by the public rose by about $220 billion in fiscal 2002 to $3.54 trillion. That represented a 34.2 percent share of GDP, up from 33.1 percent in fiscal 2001 but otherwise the lowest since 1984. The deficit continued to rise during the first 6 months of fiscal 2003 as economic growth remained sub-par and military and other security-related expenses rose. In the first half of fiscal 2003 the deficit totaled $253 billion, almost twice as much as during the comparable period of the previous fiscal year. The Administration’s budget projects the deficit to total $304 billion in fiscal 2003, and the latest Congressional Budget Office forecast for the 2003 deficit is also just over $300 billion. In relation to the almost PROFILE OF THE ECONOMY 9 $11 trillion U.S. economy, that deficit would still be a moderate 2.8 percent. Receipts through the first half of fiscal 2003 were about 6 percent lower than in the same period of fiscal 2002. Part of the decline represented a legislated shift in the timing of a corporate tax payment from fiscal 2001 to fiscal 2002, which boosted receipts in the last fiscal year. Even after adjustment, corporate tax receipts were about 20 percent lower in the first half of fiscal 2003 than the same months of the prior year due to weakness in corporate profits. Growth in outlays through 6 months of fiscal 2003 was about 6-1/2 percent, led by significant increases in Defense, Medicare, and income security programs such as unemployment insurance. Net national saving and investment rates in January 2002. Retained earnings of corporations were up slightly to 1.5 percent of NNP in 2002 from 1.4 percent in 2001. Net domestic investment (by government and private industry in structures, equipment, software, and inventory) slowed to 6.1 percent of NNP in 2002 from 6.8 percent in 2001 and almost 10 percent in each of the prior 3 years. Nevertheless, the 2002 rate of investment is still above rates of less than 5-1/2 percent in 1991 and 1992. A large part of investment during the last decade was financed from abroad. U.S. net foreign investment swung from 0.3 percent of NNP in 1991 to -5.4 percent in 2002. Net national saving, the source of funds for new investment, fell to 2.0 percent of net national product (NNP) in 2002 (latest available data) from 3.8 percent in 2001, and a recent high of 7.5 percent in 1998. (Net national saving and NNP exclude depreciation to replace worn-out or obsolete equipment, software, and structures used in production.) For the most part, the 2002 decline in the net national saving rate came from a swing in the Federal budget from a surplus of 0.8 percent of NNP in calendar year 2001 to a deficit of 2.2 percent of NNP in calendar year 2002. This reversal largely reflected the effects of the recession and the need for spending on homeland security following the terrorist attacks in 2001. The deficit of State and local governments relative to NNP also widened a bit in 2002 because of the weaker economy. Combined, the public sector deficit was 2.8 percent of NNP in calendar year 2002, compared to a surplus of 0.5 percent in 2001. All the same, this figure is considerably below public sector deficits averaging 3.9 percent of NNP from 1982 to 1995. In 2002, private saving rose to 4.8 percent of NNP from 3.3 percent in 2001, which was the lowest rate since 1938. Both personal saving and retained earnings reached lows in 2001 not seen in at least 50 years. Personal saving rose substantially to 3.2 percent of NNP in 2002 from 1.9 percent in 2001. The low personal saving rate in 2001 reflected the huge growth in the stock market before 2001 that boosted household wealth so much that there was less incentive to save from income. In contrast, last year’s rise in saving indicated greater caution on the part of consumers in the face of the stock market declines and the weak economy; moreover, saving got further impetus from the increase in after-tax income generated by the reduction in marginal tax Net National Saving (Saving as a percent of NNP) 15 Total 10 5 0 -5 Public -10 60 65 70 75 80 85 90 95 00 10 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former 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 appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2 and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. 11 • Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. • Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. • Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and 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 2003 supplements 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 $174.4 billion for the second quarter of fiscal 2003. This is an increase of $1.6 billion over the comparable prior year quarter. Withheld receipts increased by $9.5 billion and non-withheld receipts decreased by $7.1 billion during this period. Refunds increased by $0.8 billion over the comparable fiscal 2002 quarter. There was an increase of $5.6 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 2002. Corporate income taxes—Net corporate income tax receipts were $11.6 billion for the second quarter of fiscal 2003. This is a decrease of $11.1 billion compared to the prior year second quarter. The $11.1 billion change is comprised of a decrease of $8.1 billion in estimated and final payments, and an increase of $2.9 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the second quarter of fiscal 2003 were $171.5 billion, a decrease of $3.6 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by -$1.3 billion, -$0.2 billion, and -$1.9 billion respectively. There were -$4.9 billion in accounting adjustments for prior years employment tax liabilities made in the second quarter of fiscal 2003, while there were $0.7 billion in adjustments in the second quarter of fiscal 2002. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the second quarter of fiscal 2003 were $3.8 billion, an increase of $0.3 billion over the comparable quarter of fiscal 2002. Net State taxes deposited in the United States Treasury increased by $0.2 billion to $2.8 billion. Net Federal Unemployment Tax Act (FUTA) taxes did not change significantly from $1.0 billion. Contributions for other insurance and retirement— Contributions for other retirement were $1.1 billion for the second quarter of fiscal 2003. This was a negligible change from the comparable quarter of fiscal 2002. 12 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source, con. Customs duties—Customs duties net of refunds were $4.8 billion for the second quarter of fiscal 2003. This is an increase of $0.7 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the second quarter of fiscal 2003 were $9.7 billion, an increase of $1.9 billion over the comparable prior year quarter. Excise taxes—Net excise tax receipts for the second quarter of fiscal 2003 were $15.3 billion, a decrease of $3.8 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.5 billion, not a significant change over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $5.5 billion for the second quarter of fiscal 2003. These receipts represent a decrease of $0.8 billion over the same quarter in fiscal 2002. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Budget estimates (February 2003) full fiscal 2003 Second quarter January - March Actual fiscal year to date 397,764 262,924 134,840 541,694 431,158 110,536 -143,931 -168,234 24,303 825,156 572,341 252,815 1,077,805 902,452 175,353 -252,649 -330,111 77,462 1,836,218 1,304,653 531,565 2,140,377 1,772,280 368,097 -304,159 -467,627 163,468 Other means .................................................................. 63,540 19,755 60,636 160,407 47,635 44,606 338,011 10,886 -44,738 Total on- and off-budget financing............................. 143,931 252,649 304,159 Total on- and off-budget results: Total receipts ................................................................ On-budget receipts .................................................... Off-budget receipts .................................................... Total outlays................................................................... On-budget outlays...................................................... Off-budget outlays...................................................... Total surplus or deficit (-) ............................................... On-budget surplus or deficit (-).................................. Off-budget surplus or deficit (-).................................. Means of financing: Borrowing from the public .............................................. Reduction of operating cash.......................................... Second-Quarter Net Budget Receipts by Source, Fiscal 2003 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment taxes and contributions................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... Note.—Detail may not add to totals due to independent rounding. Jan. Feb. Mar. 108.8 1.2 63.6 1.4 0.4 5.4 2.0 1.7 3.4 187.9 25.0 -1.2 52.5 2.1 0.3 5.2 1.6 1.5 2.4 89.5 40.6 11.6 55.4 0.3 0.4 4.7 1.9 1.6 3.9 120.4 FEDERAL FISCAL OPERATIONS 13 CHART FFO-A.— Monthly Receipts and Outlays, 2002-2003 (In billions of dollars) 300 On-budget receipts 250 200 Off-budget receipts 150 On-budget outlays 100 50 Off-budget outlays 0 -50 A M J J A S O N D J F M A CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2002-2003 (In billions of dollars) 600 550 500 2003 450 2002 * 400 350 300 250 200 150 100 50 0 Individual income taxes Social insurance and retirement receipts * Prior-year data are for the comparable year. Corporate income taxes Excise taxes Misc. receipts Estate/gift taxes Customs duties 14 FEDERAL FISCAL OPERATIONS TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt securities deficit (-) (10) (9) 112,831 99,198 123,691 128,230 149,818 23,761 160,682 141,902 159,658 428,391 On-budget outlays (5) 1,334,781 1,380,550 1,457,378 1,516,931 1,655,299 Off-budget outlays (6) 316,602 320,778 330,765 346,838 355,663 Total surplus or deficit (-) (7) 70,039 125,974 236,917 127,276 -157,666 On-budget surplus or deficit (-) (8) -29,160 2,283 87,099 -33,406 -317,324 2,140,377 2,229,425 1,772,280 1,847,924 368,097 381,505 -304,159 -307,400 -467,627 -482,067 163,468 174,667 554,283 568,979 45,596 54,997 42,273 48,495 39,235 39,493 44,456 36,492 39,366 42,117 49,200 41,320 44,320 175,458 170,257 183,127 153,562 163,568 179,328 151,102 178,549 179,135 178,426 176,786 185,826 179,082 138,167 136,765 146,685 151,152 130,838 141,405 109,106 146,520 141,939 182,834 142,064 148,114 140,980 37,291 33,492 36,442 2,410 32,730 37,923 41,995 32,028 37,196 -4,408 34,722 37,712 38,102 -64,238 67,170 -80,631 29,071 -29,159 -54,709 41,659 -53,992 -59,099 4,373 11,111 -96,330 -58,711 -72,543 45,664 -86,462 -17,014 -35,663 -56,279 39,199 -58,456 -61,268 -42,153 -3,367 -99,938 -64,929 8,306 21,505 5,831 46,085 6,505 1,570 2,460 4,464 2,170 46,525 14,478 3,608 6,217 1,988 -20,217 34,745 108,353 33,695 50,709 18,442 55,342 63,065 64,863 -3,037 43,991 15,044 252,815 1,077,805 902,452 175,353 -252,649 -330,111 77,462 239,268 Transactions not applied to year’s surplus or deficit (19) 569 1,009 -3,207 -9,430 -2,836 Total Financing (20) -70,039 -125,974 -236,917 -127,276 157,666 Total On-budget receipts receipts Fiscal year or month (1) (2) 1998 1 ................................ 1,721,421 1,305,621 1999 ................................ 1,827,302 1,382,834 2000 ................................ 2,025,060 1,544,477 2001 ................................ 1,991,044 1,483,525 1,853,296 1,337,975 2002 ................................ Off-budget receipts Total outlays (3) (4) 415,800 1,651,383 444,468 1,701,328 480,583 1,788,143 507,519 1,863,769 515,321 2,010,962 2003 - Est................................ 1,836,218 1,922,025 2004 - Est................................ 1,304,653 1,365,857 531,565 556,168 2002 - Mar................................ 111,220 237,426 Apr................................ May................................ 102,496 June................................ 182,633 July ................................ 134,409 124,619 Aug ................................ Sept................................ 192,761 Oct................................ 124,557 120,037 Nov................................ Dec................................ 182,799 2003 - Jan ................................ 187,897 89,496 Feb ................................ Mar ................................ 120,371 65,624 182,429 60,223 134,138 95,174 85,126 148,306 88,065 80,671 140,682 138,697 48,176 76,051 825,156 572,341 Fiscal 2003 to date................................ Means of financing—net transactions, con. Borrowing from the publicFederal securities, con. Investments of Agency Government Total Fiscal year securities accounts 10+11-12 or month (11) (12) (13) 1998 1 ................................................................ -3,814 160,067 -51,051 1999 ................................................................ -854 216,740 -89,364 2000 ................................................................ -832 245,736 -222,807 2001 ................................................................ -661 231,370 -90,130 159 207,708 220,842 2002 ................................................................ Cash and monetary assets (deduct) Reserve position U.S. Treasury Special on the U.S. operating drawing quota in the cash rights Other IMF (deduct) (14) (15) (16) (17) -4,743 108 3,381 7,110 17,580 2,178 783 -1,173 -3,799 4,033 953 -6,292 -8,440 1,603 8,181 4,717 16,667 790 15,714 2,457 Other (18) -13,701 -18,251 -16,008 -21,655 -24,712 2003 - Est................................ 2004 - Est................................ -651 -242 215,621 281,113 338,011 287,624 -10,886 - * * * * * * -44,738 19,776 * * 304,159 307,400 2002 - Mar................................ Apr................................ May................................ June................................ July ................................ Aug ................................ Sept................................ Oct................................ Nov................................ Dec................................ 2003 - Jan ................................ Feb ................................ Mar ................................ -53 -48 119 375 -284 -267 896 -445 138 412 -353 -520 478 -193 21,247 3,847 77,147 -2,712 -6,973 23,431 21,511 -42 65,038 7,508 -1,752 -13,693 2,128 -41,512 31,017 31,582 36,123 57,415 -4,093 33,385 63,245 237 -10,897 45,222 29,215 -30,544 24,687 -30,478 31,326 164 -13,278 34,369 -17,172 -12,771 2,062 -1,835 -22,615 4,695 46 180 309 348 -70 177 -43 -24 169 311 -868 70 24 -11,510 99 58 -1,030 7,069 908 1,132 -18,105 -8,114 9,106 2,599 -33,494 -1,898 -90 -891 310 3,344 18 183 818 -273 -108 1,497 -25 -266 1,173 20,012 -727 19,812 -26,665 217 -14,716 -1,866 -14,967 -24,970 8,366 -343 -5,339 33,524 * -856 1 576 142 -34 64,238 -67,170 80,631 -29,071 29,159 54,709 -41,659 53,992 59,099 -4,373 -11,111 96,330 58,711 Fiscal 2003 to date................................-291 78,570 160,407 -47,635 -317 -49,905 1,997 -3,729 108 252,649 * 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 2004 budget released by the Office of Management and Budget on February 3, 2003. Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 15 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Net (7) 188,677 184,680 207,288 151,075 148,044 Net income taxes (8) 1,017,274 1,064,160 1,211,749 1,145,414 1,006,389 Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) 537,733 2,071 535,662 578,244 1,508 576,736 618,075 1,965 616,110 660,276 3,106 657,170 665,381 1,011 664,370 Income taxes Fiscal year Withheld or month (1) 1998 1 ................................ 646,483 1999 ................................ 693,940 2000 ................................ 780,397 793,386 2001 ................................ 2002 ................................ 750,756 Individual Other Refunds (2) (3) 281,590 99,476 308,246 122,706 358,110 134,046 383,204 182,251 286,956 179,365 Net (4) 828,597 879,480 1,004,461 994,339 858,345 Gross (5) 213,270 216,325 235,655 186,732 211,438 Corporation Refunds (6) 24,593 31,645 28,367 35,657 63,396 849,053 2003 - Est................................ 2004 - Est................................ 849,880 - - 849,053 849,880 143,186 169,060 - 143,186 169,060 992,239 1,018,940 683,840 715,952 - 683,840 715,952 65,528 2002 - Mar................................ Apr................................ 55,265 May................................ 60,797 June................................ 48,738 July ................................ 63,636 Aug ................................ 57,567 Sept................................ 56,151 Oct................................ 61,465 60,752 Nov................................ Dec................................ 70,693 2003 - Jan ................................ 68,904 Feb ................................ 63,030 Mar ................................ 69,540 6,272 120,215 4,425 35,296 4,460 4,928 39,818 8,224 2,420 5,663 43,775 2,230 5,603 46,778 38,149 39,241 3,245 3,519 3,767 4,229 2,003 8,162 1,388 3,853 40,278 34,538 25,022 137,330 25,980 80,789 64,577 58,727 91,740 67,686 55,010 74,968 108,825 24,981 40,604 23,444 20,789 5,336 29,371 6,842 3,211 35,346 6,691 3,107 43,066 4,883 3,897 21,861 8,117 10,957 4,089 2,899 5,168 3,550 4,525 11,181 5,252 3,443 3,690 5,098 10,277 15,327 9,831 1,247 26,473 1,675 -340 30,821 -4,490 -2,145 39,623 1,193 -1,201 11,585 40,349 147,161 27,227 107,262 66,252 58,387 122,561 63,196 52,865 114,591 110,018 23,780 52,189 57,910 70,757 53,710 62,150 50,439 50,528 57,481 47,981 51,904 55,663 63,234 52,147 54,994 1 * * * 1,011 * 1 - 57,909 70,757 53,710 62,150 50,439 50,528 56,470 47,981 51,904 55,662 63,234 52,147 54,994 Fiscal 2003 to date ................................ 394,383 67,913 90,221 372,076 83,506 38,940 44,566 416,642 325,924 1 325,923 Fiscal year Gross or month (12) 1998 1 ................................ 4,381 1999 ................................ 4,150 2000 ................................ 4,348 2001 ................................ 4,281 2002 ................................ 4,185 Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement and general employment Gross Refunds Refunds Net retirement insurance (16) (17) (13) (14) (15) (18) 28 4,353 540,016 27,595 111 27,484 7 4,143 580,880 26,655 175 26,480 8 4,338 620,447 27,755 115 27,641 9 4,272 661,442 27,939 127 27,812 5 4,178 668,548 27,746 127 27,620 2003 - Est................................ 3,992 2004 - Est................................ 3,911 Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 4,261 74 4,335 4,399 73 4,472 4,693 70 4,763 4,647 66 4,712 4,533 61 4,594 - 3,992 3,911 687,832 719,863 34,230 40,206 - 34,230 40,206 4,479 4,433 52 46 4,531 4,479 2002 - Mar................................ 426 Apr................................ 358 May................................ 408 June................................ -56 July ................................ 446 Aug ................................ 342 Sept................................ 388 Oct................................. 378 Nov................................ 350 Dec................................ 324 2003 - Jan ................................ 364 Feb ................................ 379 Mar ................................ 425 * * * * * * * 1 r1 * 426 357 408 -57 446 342 388 377 350 323 364 379 424 58,335 71,114 54,116 62,093 50,886 50,870 56,858 48,358 52,254 55,986 63,598 52,526 55,418 282 5,115 8,490 911 2,204 3,112 257 1,544 2,433 299 1,364 2,123 327 11 21 12 15 14 19 7 8 12 2 13 271 5,094 8,478 896 2,190 3,093 250 1,537 2,433 287 1,362 2,123 315 432 380 431 337 351 426 359 433 354 354 426 326 383 6 5 4 6 6 5 4 5 3 6 4 4 4 438 384 435 343 356 430 363 438 358 360 431 330 387 Fiscal 2003 to date ................................ 2,220 2 2,218 328,141 8,091 35 8,056 2,277 26 2,303 See footnote at end of table. 16 FEDERAL FISCAL OPERATIONS TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts, con. Net social insurance and retirement Fiscal year or receipts month (22) 1998 1 ................................ 571,835 1999 ................................ 611,832 2000 ................................ 652,851 2001 ................................ 693,967 2002 ................................ 700,762 Gross (23) 7,556 10,395 9,784 9,244 9,090 Refunds (24) 43 4 46 83 60 Net (25) 7,513 10,391 9,739 9,161 9,030 Gross (26) 636 596 518 522 567 Refunds (27) - Net (28) 636 596 518 522 567 Gross (29) 26,515 40,325 36,514 32,629 33,812 2003 - Est................................ 726,593 2004 - Est................................ 764,548 9,381 10,218 - 9,381 10,218 561 574 - 561 574 32,815 34,912 928 788 879 771 770 839 924 125 865 589 709 707 611 * 9 * 7 14 * 13 - 928 788 870 771 771 832 910 125 865 589 709 694 611 48 44 53 51 47 51 78 8 56 37 46 44 42 - 48 44 53 51 47 51 78 8 56 37 46 44 42 338,501 3,607 Fiscal 2003 to date ................................ 13 3,594 233 - 233 Airport and Airway Trust Fund 2002 - Mar................................ 59,044 76,593 Apr................................ May................................ 63,029 June................................ 63,333 53,432 July ................................ Aug ................................ 54,393 Sept................................ 57,471 50,333 Oct................................ Nov................................ 55,044 Dec................................ 56,633 65,391 2003 - Jan ................................ Feb ................................ 54,979 Mar ................................ 56,120 Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Refunds (30) 805 1,148 1,015 996 1,079 Miscellaneous Net (31) 25,710 39,177 35,499 31,633 32,733 Gross (32) 24,524 20,760 23,831 25,935 25,703 Refunds (33) 714 524 721 1,020 1,044 Net (34) 23,810 20,236 23,110 24,916 24,659 - 32,815 34,912 25,659 25,201 - 25,659 25,201 2,575 2,635 3,207 2,798 2,807 3,159 4,946 465 3,469 2,390 2,839 2,636 3,093 2 179 2 288 219 1 271 - 2,575 2,633 3,027 2,798 2,805 2,871 4,727 464 3,469 2,390 2,839 2,366 3,093 2,583 3,168 1,378 2,195 2879 1,853 1,436 4,089 1,613 2,546 1,869 1,910 1,317 70 115 134 122 109 67 68 74 45 81 70 -213 375 2,512 3,053 1,244 2,072 2,770 1,787 1,367 4,015 1,568 2,465 1,800 2,123 942 14,892 272 14,621 13,345 432 12,913 Net miscellaneous receipts Excise taxes, con. Net excise taxes Fiscal year or month (35) 1998 1 ................................ 57,669 1999 ................................ 70,399 68,866 2000 ................................ 2001 ................................ 66,232 2002 ................................ 66,989 Gross (36) 24,631 28,386 29,722 29,248 27,242 2003 - Est................................ 68,416 2004 - Est................................ 70,905 20,209 23,379 Estate and gift taxes Net (38) 24,076 27,782 29,010 28,400 26,507 Gross (39) 19,689 19,486 21,139 20,543 19,829 - 20,209 23,379 19,052 20,713 - 19,052 20,713 23,565 27,078 2,116 3,397 1,969 2,043 2,447 2,118 1,984 2,085 1,746 1,961 2,055 1,629 1,999 42 100 58 53 63 68 41 68 91 76 55 69 59 2,074 3,297 1,912 1,990 2,384 2,051 1,943 2,017 1,655 1,885 2,000 1,561 1,941 1,305 1,312 1,572 1,626 1,974 2,063 1,817 1,843 1,742 1,749 1,743 1,604 1,659 86 104 16 69 90 103 299 280 115 93 62 76 82 1,219 1,207 1,556 1,557 1,883 1,960 1,518 1,563 1,627 1,655 1,681 1,527 1,577 Fiscal 2003 to date ................................ 31,361 11,476 418 11,058 10,339 708 9,631 2002 - Mar................................ 6,063 Apr................................ 6,518 May................................ 5,196 June................................ 5,691 July ................................ 6,393 Aug ................................ 5,541 Sept ................................ 7,082 Oct................................ 4,612 Nov ................................ 5,958 Dec ................................ 5,480 2003 - Jan ................................ 5,395 Feb ................................ 5,226 Mar ................................ 4,689 Refunds (37) 555 603 711 848 734 Customs duties Refunds (40) 1,392 1,150 1,226 1,175 1,227 * 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. Net (41) 18,297 18,336 19,913 19,368 18,602 Deposits of earnings by Federal Universal Reserve service fund Banks and all other (43) (42) 24,540 7,730 25,917 8,864 32,293 10,376 26,124 11,540 23,683 10,366 Total receipts Total (44) 32,270 34,781 42,669 37,664 34,049 On-budget Off-budget (45) (46) 1,305,621 415,800 1,382,834 444,468 1,544,477 480,583 1,483,525 507,519 1,337,975 515,321 11,144 11,462 34,709 38,540 1,304,653 1,365,857 531,565 556,168 1,864 1,801 2,708 1,887 3,149 1,507 1,593 1,968 2,033 1,879 2,551 1,524 1,469 608 849 868 914 916 780 594 868 853 674 860 898 2,387 2,471 2,650 3,576 2,801 4,065 2,287 2,186 2,835 2,887 2,554 3,411 2,422 3,856 65,624 182,429 60,223 134,138 95,174 85,126 148,306 88,065 80,671 140,682 138,697 48,176 76,051 45,596 54,997 42,273 48,495 39,235 39,493 44,456 36,492 39,366 42,117 49,200 41,320 44,320 11,424 6,540 17,964 572,341 252,815 Note.—These figures are based on the fiscal 2004 budget released by the Office of Management and Budget on February 3, 2003. Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of DepartDefense, ment of military Education (6) (5) 256,136 30,492 261,379 31,492 281,234 33,309 291,030 35,724 332,116 46,285 Department of Energy (7) 14,444 16,054 15,010 16,420 17,772 Department of Health and Human Services (8) 350,564 359,700 382,627 426,391 466,104 5,790 5,778 358,155 370,707 59,481 58,891 19,796 21,030 502,013 539,015 28,155 27,942 37,987 36,486 10,357 10,722 22,156 24,271 70,746 58,118 6,242 4,383 4,191 3,890 3,856 4,223 4,754 9,336 7,857 8,657 7,753 5,031 5,591 375 569 398 342 361 446 581 427 481 525 437 408 464 30,286 27,015 32,474 25,348 27,952 31,977 27,116 28,745 31,293 33,607 29,762 28,613 28,889 3,703 3,544 5,350 3,913 2,331 3,358 5,697 4,237 3,449 4,123 6,631 5,376 9,087 2,162 1,033 1,457 1,615 1,333 800 1,669 2,255 1,886 1,156 1,635 1,153 1,713 38,749 40,830 44,450 35,802 40,477 42,732 36,321 43,869 42,388 41,935 41,675 38,867 37,741 1,761 2,223 2,258 1,649 5,010 2,366 4,299 2,075 3,717 2,006 2,710 2,570 973 3,654 2,982 3,222 3,053 2,544 2,808 822 787 432 946 634 707 922 1,017 547 732 338 559 705 2,052 2,729 1,917 1,774 1,755 1,902 2,259 r 2,048 r 1,470 r 1,650 1,672 1,521 1,971 5,198 6,806 6,535 5,769 6,338 5,998 5,245 r 5,914 r 5,287 r 5,460 6,682 5,377 6,173 44,225 2,742 180,909 32,903 9,799 246,478 15,266 18,262 3,899 10,332 34,892 Legislative Judicial Fiscal year branch branch or month (1) (2) 2,543 3,463 1998 1 ................................ 1999 ................................ 2,612 3,793 2000 ................................ 2,913 4,087 2001 ................................ 3,030 4,409 2002 ................................ 3,230 4,824 Department of Agriculture (3) 53,949 62,839 75,658 68,156 68,989 Department of Commerce (4) 4,047 5,036 7,929 5,017 5,322 2003 - Est................................ 3,961 5,419 2004 - Est................................ 4,336 5,663 72,773 74,124 488 378 386 382 383 509 410 412 407 399 520 404 380 1,753 2,522 Fiscal 2003 to date ................................ 2002 - Mar................................ 199 Apr................................ 288 May................................ 277 June................................ 260 242 July ................................ 241 Aug ................................ 326 Sept ................................ 335 Oct................................ 259 Nov ................................ 274 Dec ................................ 291 2003 - Jan ................................ 253 Feb ................................ 340 Mar ................................ Department of Fiscal year State or month (14) 1998 1 ................................ 4,585 1999 ................................ 6,463 2000 ................................ 6,849 2001 ................................ 7,446 2002 ................................ 9,453 Department of Transportation (15) 39,468 41,836 45,966 54,075 61,282 Department of the Treasury, interest on Treasury Department Department debt of the of securities Treasury, Veterans Corps of (gross) other Affairs Engineers (16) (19) (17) (18) 363,824 26,276 41,775 3,833 352,841 33,191 43,169 4,186 361,998 29,238 47,087 4,334 359,508 30,442 45,043 4,726 332,537 41,979 50,881 4,798 Department of Homeland Security (9) - Department of Housing and Urban Development (10) 30,224 32,736 30,829 33,937 31,880 Department of the Interior (11) 7,234 7,814 8,022 8,001 9,641 Department of Justice (12) 16,129 18,318 19,561 20,810 24,197 Department of Labor (13) 30,003 32,459 31,355 39,271 64,252 Other Defense, civil programs (20) 31,215 32,008 32,861 34,161 35,159 Environmental Protection Agency (21) 6,300 6,752 7,240 7,390 7,451 Executive Federal General Office Emergency Services of the Management AdminPresident Agency istration (22) (23) (24) 213 2,101 1,136 416 4,040 -46 281 3,143 25 280 4,415 -8 496 4,236 -271 International Assistance Program (25) 9,001 10,061 12,084 11,771 13,309 2003 - Est................................ 10,977 52,280 2004 - Est................................ 10,205 53,680 328,316 351,481 40,487 40,487 56,946 61,889 4,146 4,117 40,148 40,442 7,958 8,270 334 341 - 424 80 13,020 15,235 2002 - Mar................................ 607 4,439 Apr................................ 690 4,633 May................................ 814 4,942 June................................ 654 4,742 July ................................ 557 5,671 Aug ................................ 601 6,126 Sept................................ 830 5,770 Oct................................ 1,283 r 4,961 Nov................................ 902 r 3,654 Dec................................ 858 r 4,458 2003 - Jan ................................ 426 2,930 Feb ................................ 642 1,131 Mar ................................ 791 3,313 14,028 16,775 21,635 81,889 14,631 18,325 14,868 13,677 19,552 84,989 13,163 15,835 13,418 9,038 4,933 2,557 2,329 1,465 1,384 -5,183 r 1,896 r 1,512 r 775 2,077 20,910 10,411 3,518 4,209 4,331 2,133 4,387 6,837 2,481 4,446 6,461 4,495 4,925 4,570 2,974 337 365 490 377 392 335 439 580 436 396 385 382 351 2,929 2,966 2,949 2,940 2,901 2,929 2,946 3,461 3,112 3,222 3,534 3,208 3,566 737 623 559 685 575 642 719 643 604 627 683 587 706 32 68 34 25 26 31 30 26 25 r 23 38 22 26 471 455 226 383 326 276 557 366 400 353 483 3,094 - -76 384 -97 -148 -28 -211 -98 45 32 60 -43 -348 304 986 537 717 318 922 861 -102 897 1,292 605 1,018 1,573 1,824 Fiscal 2003 to date ................................ 4,903 20,447 160,635 37,581 27,874 2,528 20,103 3,850 160 4,695 50 7,211 See footnote at end of table . 18 FEDERAL FISCAL OPERATIONS TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] National Aeronautics and Space Administration (26) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands (32) (33) (34) National Science Foundation (27) Office of Personnel Management (28) Small Business Administration (29) Social Security Administration (30) Independent agencies (31) 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 6,903 -35,594 -118,593 -3,098 -1,754 1,380,550 320,778 2000 ................................ 13,443 3,487 48,660 -422 441,810 10,549 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765 2001 ................................ 14,094 3,691 50,916 -569 461,748 13,393 -38,792 -143,936 -7,194 -1,025 1,516,931 346,838 2002 ................................ 14,429 4,187 52,512 492 488,694 15,729 -42,782 -153,196 -5,024 -2 1,655,299 355,663 2003 - Est................................ 14,599 4,853 55,793 1,553 509,910 10,756 -45,906 -157,501 -4,300 -80 1,772,280 368,097 2004 - Est................................ 15,255 5,092 58,495 770 530,765 14,183 -49,479 -164,230 -3,989 -200 1,847,924 381,501 2002 - Mar................................ 1,173 289 4,206 22 40,693 744 -3,365 202 -129 * 138,167 37,291 Apr................................ 1,099 301 4,447 177 40,647 2,013 -3,064 -1,796 -644 * 136,765 33,492 May................................ 1,298 349 3,947 68 43,370 1,046 -3,728 -5,753 -208 * 146,685 36,442 June................................ 1,185 388 4,604 20 41,721 -1,377 -3,146 -67,875 -328 * 151,152 2,410 July ................................ 1,228 372 4,711 79 40,869 9 -3,240 -174 -485 - 130,838 32,730 Aug ................................ 1,272 499 4,057 -4 43,884 1,622 -3,498 -2,150 45 - 141,405 37,923 Sept................................ 1,350 388 4,543 -203 38,448 6,052 -7,161 -1,162 -683 -1 109,106 41,995 Oct................................ 1,130 387 4,721 91 r 40,866 -144 -3,476 -63 -282 -605 146,520 32,028 Nov................................ 1,067 366 4,310 -359 r 43,916 841 -3,101 -5,204 -209 -604 141,939 37,196 Dec................................ 1,207 333 4,553 456 r 41,579 385 -3,163 -70,185 -557 -686 182,834 -4,408 2003 - Jan ................................ 1,137 338 4,507 58 41,881 1,842 -3,473 216 -304 -652 142,064 34,772 Feb ................................ 1,030 331 4,203 85 41,811 1,181 -3,160 -2,126 -412 -750 148,114 37,712 Mar ................................ 1,249 339 4,549 32 39,299 2,078 -3,254 -77 -357 -688 140,980 38,102 Fiscal 2003 to date................................ 6,820 2,094 26,841 363 249,347 6,185 -19,627 -77,439 -2,120 -3,985 902,452 175,353 Fiscal year or month * 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. Allowances and other (35) Total outlays OnOffbudget budget (36) (37) Note.—These figures are based on the fiscal 2004 budget released by the Office of Management and Budget on February 3, 2003. Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 19 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, March 2003 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes .....................................................372,053 Corporation income taxes.................................................. 44,665 Social insurance and retirement receipts: Employment and general retirement (off-budget).......... Employment and general retirement (on-budget).......... Unemployment insurance .............................................. Other retirement............................................................. Excise taxes................................................................ 12,301 Estate and gift taxes .......................................................... 11,058 Customs duties ................................................................ 6,222 Miscellaneous receipts ...................................................... 12,130 Total receipts .............................................................458,430 (On-budget)............................................................458,430 (Off-budget)............................................................ Budget outlays: Legislative branch.............................................................. 1,615 Judicial branch ................................................................ 2,202 Department of Agriculture.................................................. 28,029 Department of Commerce ................................................. 2,689 Department of Defense-military.........................................178,584 Department of Education................................................... 32,918 Department of Energy........................................................ 10,895 Department of Health and Human Services......................167,535 Department of Homeland Security ................................ 16,021 Department of Housing and Urban Development ............. 18,186 Department of the Interior.................................................. 4,288 Department of Justice........................................................ 9,614 Department of Labor.......................................................... 5,989 Department of State........................................................... 4,428 Department of Transportation............................................ -3,887 Department of the Treasury: Interest on the public debt .............................................160,635 Other .............................................................................. 37,709 Department of Veterans Affairs ......................................... 28,128 Corps of Engineers ............................................................ 1,955 Other defense civil programs............................................. 32,332 Environmental Protection Agency ................................ 3,835 Executive Office of the President ................................ 159 General Services Administration ................................ 73 International Assistance Program................................ 7,565 National Aeronautics and Space Administration ............... 6,820 National Science Foundation............................................. 2,067 3,337 Office of Personnel Management................................ Small Business Administration .......................................... 422 Social Security Administration ........................................... 23,833 Other independent agencies.............................................. 4,410 Undistributed offsetting receipts: Interest ........................................................................... Other .............................................................................. -2,122 Total outlays...............................................................790,262 (On-budget)............................................................790,262 (Off-budget)............................................................ Surplus (+) or deficit (-) ..............................................-331,833 (On-budget)............................................................-331,833 (Off-budget)............................................................ - No transactions. * Less than $500,000. This fiscal year to date Management, consolidated, revolving and Trust special funds funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 22 - -99 372,076 44,566 399,176 78,327 28 - 7 399,204 78,334 291 3,002 5,605 8,920 8,920 - 252,815 75,327 8,056 2,303 18,769 408 229 357,807 104,992 252,815 252,815 75,327 8,056 2,303 31,361 11,058 9,631 17,964 825,156 572,341 252,815 11,763 12,931 5,861 11,697 519,755 519,755 - 293 2,720 4,299 7,340 7,340 - 246,372 76,238 7,619 2,281 18,513 339 479 351,848 105,476 246,372 246,372 76,238 7,619 2,281 30,569 12,931 8,919 16,475 878,943 632,571 246,372 126 338 16,158 52 2,346 -15 -1,096 96 -864 82 -512 577 -578 297 -103 13 -18 39 1 -21 * 78,846 110 -5 122 140 29,482 177 24,437 1,753 2,522 44,225 2,742 180,909 32,903 9,799 246,477 15,266 18,262 3,899 10,332 34,892 4,903 20,447 1,474 2,279 27,172 2,633 158,451 22,861 10,214 159,510 7,988 19,916 4,773 9,096 5,268 4,982 863 128 116 16,548 -8 1,820 -19 -350 42 -663 -2,078 348 647 -1,360 231 7 -9 -19 -42 3 -37 * 65,947 156 * 92 468 23,866 164 26,096 1,593 2,375 43,679 2,628 160,234 22,843 9,864 225,499 7,480 17,838 5,213 10,211 27,773 5,377 26,967 -117 -740 185 -12,083 -2 * -23 -727 11 26 -58 -2,631 -11 486 389 -147 17 * * 373 * 16 23,478 * 225,515 4,407 160,635 37,581 27,874 2,528 20,103 3,850 160 50 7,211 6,820 2,094 26,841 363 249,348 6,185 164,414 32,724 24,539 1,876 17,080 3,761 279 73 10,132 6,996 1,864 3,097 435 22,748 3,905 360 -525 142 * -68 * -147 -865 8 2 -80 * -1,873 -3 489 381 447 -54 866 * 18 23,102 * 216,777 4,409 164,414 33,081 24,503 2,400 17,527 3,639 279 -74 10,133 6,997 1,890 26,202 355 239,526 6,441 -3,984 -3,239 1,417 -4,656 12,158 7,502 4,656 -77,439 -19,627 290,781 110,772 180,009 67,026 -5,780 72,806 -77,439 -25,732 1,077,805 902,452 175,353 -252,649 -330,111 77,462 -2,724 728,682 728,682 -208,927 -208,927 - 2 12,364 16,257 -3,894 -5,023 -8,917 3,894 -74,357 -18,944 269,818 95,256 174,563 82,030 10,220 71,810 -74,357 -21,667 1,010,864 840,195 170,669 -131,920 -207,623 75,703 20 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve Banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments, which the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1998 ................................................ 1999 ................................................ 2000 ................................................ 2001 ................................................ 2002 ................................................ 2002 - Mar.......................................... Apr.......................................... May......................................... June........................................ July ......................................... Aug ......................................... Sept........................................ Oct.......................................... Nov......................................... Dec......................................... 2003 - Jan .......................................... Feb ......................................... Mar ......................................... See footnotes at end of table. Federal Reserve accounts Credits 1 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Reserve accounts) Taxes 3 (4) (5) 4,238,957 4,893,279 4,921,490 5,050,444 6,160,448 259,197 259,019 253,060 340,364 367,327 4,500,895 5,150,608 5,172,731 5,389,954 6,529,692 969,668 1,048,120 1,189,835 1,271,952 1,231,160 971,671 1,032,230 1,195,453 1,281,245 1,212,577 445,253 599,248 589,180 483,678 492,425 543,483 552,486 537,802 472,130 541,311 570,072 544,891 504,962 31,359 34,937 29,872 31,923 27,659 25,735 33,839 26,592 26,217 38,484 29,387 26,710 39,196 476,672 634,490 618,555 513,368 521,959 570,587 583,320 566,395 499,297 580,302 598,370 572,842 541,680 114,126 101,479 88,541 102,823 94,140 83,918 111,295 88,666 89,490 131,025 104,465 91,227 105,875 144,609 76,487 119,515 73,729 92,101 95,828 79,932 103,837 101,311 128,455 107,388 112,601 103,656 ACCOUNT OF THE U.S. TREASURY 21 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Federal Tax and loan Reserve note accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Federal Tax and loan Reserve note accounts (10) (11) Federal Reserve (12) Average Tax and loan note accounts (13) 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 2001 ....................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 2002 ....................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 2002 - Mar.............................. 5,692 8,403 7,396 36,432 3,080 7,977 5,551 16,861 Apr.............................. 5,387 33,395 8,088 33,395 3,680 44 6,127 5,838 May............................. 5,883 2,421 6,260 26,164 3,947 2,202 5,056 7,508 June............................ 8,116 31,514 8,116 31,514 4,319 2,421 5,126 16,288 July ............................. 6,242 33,553 6,417 33,553 2,593 104 5,279 11,781 Aug ............................. 4,874 21,643 6,479 30,671 3,990 4,134 5,068 18,257 Sept............................ 7,879 53,007 8,668 55,050 4,348 2,207 5,838 27,700 Oct.............................. 5,878 37,836 5,878 40,457 4,064 6,306 4,873 18,600 Nov............................. 4,928 26,016 6,116 30,026 4,296 1,715 5,024 16,062 Dec............................. 4,420 28,585 7,390 29,163 2,986 74 4,891 15,329 2003 - Jan .............................. 5,509 25,661 7,435 30,223 4,034 39 5,773 13,153 Feb ............................. 4,268 4,286 7,091 25,661 3,527 510 5,053 5,651 Mar ............................. 6,746 6,504 7,029 11,773 3,607 131 5,339 4,132 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series and taxes. 2 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970 and individual estimated income taxes beginning October 1988. 22 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in these tables to agree with the Bureau of the Public Debt’s publication changes. • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. • Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities— that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long- term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. • In table FD-6 (Historical), the same debt information is compared as in table FD-6. Changes in the non-interest-bearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. FEDERAL DEBT 23 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Government accounts Public debt Agency Total Total Securities securities (7) (4) (6) (5) Total (1) Amount outstanding Public debt securities (2) Agency securities (3) 5,555,552 5,684,776 5,701,851 5,834,475 6,255,406 5,526,193 5,656,271 5,674,179 5,807,464 6,228,236 29,359 28,505 27,672 27,011 27,170 1,767,778 1,989,308 2,235,763 2,468,757 2,675,648 1,763,860 1,988,674 2,235,712 2,468,757 2,675,648 3,917 634 51 - 2002 - Mar..............................6,032,411 Apr..............................6,011,008 May.............................6,045,782 June............................6,153,295 July .............................6,186,282 Aug .............................6,236,756 Sept............................6,255,406 Oct..............................6,309,253 Nov.............................6,370,323 Dec.............................6,432,982 2003 - Jan ..............................6,428,300 Feb .............................6,472,192 Mar .............................6,487,656 6,006,032 5,984,677 6,019,332 6,126,469 6,159,741 6,210,482 6,228,236 6,282,528 6,343,460 6,405,707 6,401,377 6,445,790 6,460,776 26,379 26,331 26,450 26,826 26,541 26,274 27,170 26,725 26,863 27,275 26,923 26,402 26,880 2,562,358 2,582,932 2,586,104 2,662,925 2,659,878 2,652,793 2,675,648 2,696,538 2,694,624 2,758,322 2,764,927 2,763,503 2,749,997 2,562,358 2,582,932 2,586,104 2,662,925 2,659,878 2,652,793 2,675,648 2,696,538 2,694,624 2,758,322 2,764,927 2,763,503 2,749,997 - End of fiscal year or month 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ End of fiscal year or month 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized outstanding premium Accrual face value and discount amount (13) (14) (15) The public Public debt securities (8) Agency securities (9) 3,787,774 3,695,468 3,466,088 3,365,718 3,579,758 3,762,333 3,667,597 3,438,467 3,338,707 3,552,589 25,442 27,871 27,621 27,011 27,170 3,470,053 3,428,076 3,459,678 3,490,370 3,526,404 3,583,963 3,579,758 3,612,715 3,675,699 3,674,660 3,663,373 3,708,689 3,737,659 3,443,674 3,401,745 3,433,228 3,463,544 3,499,863 3,557,689 3,552,589 3,585,990 3,648,836 3,647,385 3,636,450 3,682,287 3,710,779 26,379 26,331 26,450 26,826 26,541 26,274 27,170 26,725 26,863 27,275 26,923 26,402 26,880 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (18) (16) (17) 5,555,552 5,684,776 5,701,851 5,834,475 6,255,406 76,849 79,367 73,513 64,897 57,278 5,478,704 5,605,409 5,628,338 5,769,579 6,198,129 1,767,778 1,989,308 2,235,763 2,468,757 2,675,648 10,687 16,148 16,867 18,490 17,673 1,757,090 1,973,160 2,218,896 2,450,266 2,657,974 3,787,774 3,695,468 3,466,088 3,365,719 3,579,758 66,162 63,219 56,646 46,407 39,605 3,721,613 3,632,249 3,409,442 3,319,312 3,540,155 2002 - Mar..............................6,032,411 Apr..............................6,011,008 May.............................6,045,782 June............................6,153,295 July .............................6,186,282 Aug .............................6,236,756 Sept............................6,255,406 Oct..............................6,309,253 Nov.............................6,370,323 Dec.............................6,432,982 2003 - Jan ..............................6,428,300 Feb .............................6,472,192 Mar .............................6,487,656 60,129 58,993 58,903 57,686 57,263 57,295 57,278 56,228 54,095 51,480 50,186 50,608 50,550 5,972,281 5,952,016 5,986,880 6,095,609 6,129,019 6,179,462 6,198,129 6,253,026 6,316,229 6,381,504 6,378,115 6,421,585 6,437,106 2,562,358 2,582,932 2,586,104 2,662,925 2,659,878 2,652,793 2,675,648 2,696,538 2,694,624 2,758,322 2,764,927 2,763,503 2,749,997 20,357 19,684 19,009 18,683 18,348 18,237 17,673 17,053 15,180 13,840 12,937 13,266 13,453 2,542,001 2,563,248 2,567,095 2,644,242 2,641,529 2,634,556 2,657,974 2,679,486 2,679,444 2,744,482 2,751,989 2,750,238 2,736,545 3,470,053 3,428,076 3,459,678 3,490,370 3,526,404 3,583,963 3,579,758 3,612,715 3,675,699 3,674,660 3,663,373 3,708,689 3,737,659 39,772 39,309 39,894 39,003 38,914 39,058 39,605 39,175 38,914 37,640 37,249 37,342 37,097 3,430,281 3,388,768 3,419,785 3,451,367 3,487,490 3,544,905 3,540,155 3,573,540 3,636,785 3,637,022 3,626,125 3,671,347 3,700,562 Note.—Detail may not add to totals due to rounding. 24 FEDERAL DEBT TABLE FD-2.—Debt Held by the Public* [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total public debt securities outstanding (1) Marketable Total (2) 2001....................................... 3,339,310 2,915,225 2002....................................... 3,553,180 3,121,357 2002 - Mar ............................. 3,444,137 Apr............................. 3,402,337 May............................ Nonmarketable Total (7) Notes (4) Bonds (5) Inflation-indexed notes and bonds (6) 734,856 1,432,956 612,521 134,891 424,085 868,220 1,521,572 592,695 138,870 431,823 3,019,527 834,378 1,443,242 596,325 145,582 424,610 2,977,390 793,469 1,445,361 592,710 145,850 424,947 3,433,836 3,029,777 816,096 1,474,313 592,705 146,663 404,059 June........................... 3,464,147 3,036,922 822,439 1,474,296 592,704 147,482 427,225 July ............................ 3,500,452 3,080,525 862,246 1,486,932 592,702 138,645 419,927 Aug ............................ 3,558,277 3,130,242 890,698 1,508,127 592,699 138,719 428,033 Sept ........................... 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 Oct ............................. 3,586,524 3,148,300 881,840 1,527,415 592,689 146,356 438,223 Nov ............................ 3,649,353 3,205,328 901,417 1,568,838 588,465 146,607 444,025 Dec ............................ 3,647,940 3,204,902 888,741 1,580,860 588,450 146,850 443,038 2003 - Jan.............................. 3,636,978 3,196,818 869,317 1,586,144 588,446 152,913 440,160 Feb ............................ 3,683,888 3,273,353 918,767 1,616,553 585,446 152,589 410,535 Mar ............................ 3,711,312 3,316,603 955,018 1,622,917 585,440 153,228 394,709 Bills (3) 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 ....................................... 186,464 18,269 39,488 146,364 29,995 3,505 2002 ....................................... 193,312 12,519 47,605 144,286 29,995 4,107 2002 - Mar.............................. 191,962 14,578 43,269 141,053 29,995 3,752 Apr.............................. 192,406 14,778 43,562 140,295 29,995 3,911 May............................. 192,594 14,378 16,856 146,380 29,995 3,855 June............................ 192,771 13,319 44,420 142,746 29,995 3,974 July ............................. 192,958 12,919 45,242 134,840 29,995 3,974 Aug ............................. 193,092 12,719 46,624 141,631 29,995 3,974 Sept............................ 193,312 12,519 47,605 144,286 29,995 4,107 Oct.............................. 193,855 12,719 47,986 149,573 29,995 4,096 Nov............................. 194,443 12,519 48,883 154,090 29,995 4,095 Dec............................. 194,933 11,207 49,538 153,398 29,995 3,967 2003 - Jan .............................. 195,813 11,207 50,604 148,574 29,995 3,966 Feb ............................. 196,424 11,607 18,982 149,561 29,995 3,965 Mar ............................. 196,930 12,207 2,720 148,826 29,995 4,030 * 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.” FEDERAL DEBT 25 TABLE FD-2.—Interest-Bearing Public Debt (Historical) [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Total interestbearing public debt (1) 1998....................................... Treasury inflation-indexed notes and bonds (6) Federal Financing Bank (7) Nonmarketable Total (8) 610,444 58,823 15,000 2,187,651 1,828,775 643,695 92,365 15,000 2,414,242 1,611,326 635,263 114,988 15,000 2,629,341 Total (2) Treasury bills (3) Treasury notes (4) 5,518,681 3,331,030 637,648 2,009,115 1999....................................... 5,647,241 3,232,998 653,165 2000....................................... 5,622,092 2,992,752 616,174 End of fiscal year or month Nonmarketable, con. Government State and local account series government series (11) (12) U.S. savings securities (9) Foreign series (10) 1998 ....................................... 180,816 35,079 1,777,329 1999 ....................................... 180,019 30,970 2000 ....................................... 177,724 25,431 End of fiscal year or month Note.—Detail may not add to totals due to rounding. Treasury bonds (5) Domestic series (13) Other (14) 164,431 29,995 1 2,005,166 168,091 29,995 1 2,242,900 153,288 29,996 1 26 FEDERAL DEBT TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) Federal Old-Age and Survivors Insurance Trust Fund (10) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) 1998................................ 1,777,329 1999................................ 2,005,166 2000................................ 2,242,900 2001................................ 2,492,141 2002................................ 2,707,295 8,550 12,414 13,097 13,660 10,997 27,445 28,359 29,126 30,277 30,542 19,377 20,755 22,372 23,690 25,350 15,981 12,382 11,029 10,014 9,717 76,947 92,622 113,667 135,801 155,256 440,145 474,692 507,225 538,381 570,168 118,250 153,767 168,859 197,137 228,906 14,518 15,152 17,267 17,289 21,251 653,282 762,226 893,519 1,034,114 1,173,759 2002 - Mar ............................. 2,589,665 Apr............................. 2,610,543 May............................ 2,586,992 June........................... 2,691,373 July ............................ 2,689,163 Aug ............................ 2,683,462 Sept ........................... 2,707,295 Oct ............................. 2,743,628 Nov ............................ 2,742,628 Dec ................................ 2,806,946 2003 - Jan.............................. 2,814,641 Feb ............................ 2,780,528 Mar................................ 2,736,824 13,500 13,410 13,342 13,277 13,026 12,736 10,997 11,707 12,572 13,433 13,324 13,953 11,365 29,328 29,568 29,734 29,304 30,382 30,622 30,542 30,521 30,919 30,918 31,044 30,437 30,254 24,306 24,754 25,223 25,097 25,165 25,341 25,350 25,386 25,428 25,796 25,836 26,133 26,110 9,813 9,828 9,761 9,775 9,790 9,805 9,717 9,732 9,742 9,753 10,677 10,596 8,634 144,686 147,571 148,355 153,949 154,208 154,502 155,256 155,158 155,251 160,349 161,968 162,280 162,954 541,352 538,814 532,613 551,963 549,182 546,810 570,168 583,191 580,491 595,859 593,352 590,583 572,873 214,168 221,104 217,728 229,943 228,748 225,648 228,906 227,309 226,775 235,326 237,672 237,618 238,922 20,244 20,486 20,979 21,000 21,494 21,494 21,251 22,223 22,449 23,453 23,685 24,377 24,679 1,096,981 1,115,478 1,119,990 1,160,809 1,165,549 1,167,643 1,173,759 1,176,380 1,178,345 1,217,702 1,230,857 1,233,775 1,239,102 End of fiscal year or month End of fiscal year or month Total (1) Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 1998 ................................ 2,087 1999 ................................ 2,304 2000 ................................ 2,508 2001 ................................ 2,650 2002 ................................ 2,800 39,502 26,528 45,075 41,978 38,804 17,926 28,083 31,023 24,115 18,840 12,008 11,954 11,804 11,639 11,465 1,000 1,086 1,430 19,764 22,347 22,628 24,983 23,383 71 71 62 - 70,598 77,357 86,399 88,638 68,265 239,878 264,153 266,154 297,775 316,362 2002 - Mar.............................. 2,719 Apr.............................. 2,722 May............................. 2,777 June............................ 2,781 July ............................. 2,793 Aug ............................. 2,797 Sept............................ 2,800 Oct.............................. 2,857 2,859 Nov............................. Dec............................. 2,897 2003 - Jan .............................. 2,901 Feb ............................. 2,911 Mar ............................. 2,913 42,788 42,050 39,502 41,551 40,239 37,651 38,804 36,951 34,668 34,135 33,791 33,424 33,149 19,969 20,061 20,654 20,861 20,442 20,053 18,840 19,046 20,029 18,483 19,379 18,971 16,445 11,561 11,476 11,393 11,720 11,640 11,563 11,465 11,386 11,322 11,632 11,546 11,465 11,371 416 656 754 878 3,075 2,794 1,430 396 1,100 2,410 1,417 1,728 2,074 25,023 25,049 25,042 24,993 24,883 24,896 23,383 19,182 14,420 11,946 8,918 4,829 744 - 75,874 72,400 78,390 76,992 73,024 72,127 68,265 64,743 63,474 61,117 56,735 54,244 49,271 316,937 315,116 290,755 316,480 315,523 316,980 316,362 347,460 352,784 351,731 351,539 323,204 305,964 Note.—Detail may not add to totals due to rounding. FEDERAL DEBT 27 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total outstanding (1) Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation, Resolution Fund (2) Department of Housing and Urban Development Federal Housing Administration (3) Farm Credit System Financial Assistance Corporation (4) Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) 1998 ....................................... 29,359 63 174 1,261 26,685 717 458 1999 ....................................... 28,505 63 114 863 26,378 634 451 2000 ....................................... 27,672 63 227 775 25,987 51 569 2001 ....................................... 27,011 63 231 775 25,381 - 561 2002 ....................................... 27,170 - 298 775 25,557 - 540 2002 - Mar.............................. 26,379 63 166 775 24,818 - 556 Apr.............................. 26,331 63 182 775 24,753 - 557 May ............................ 26,450 63 202 775 24,851 - 558 June ........................... 26,826 63 217 775 25,211 - 559 July............................. 26,541 63 217 775 24,925 - 561 Aug............................. 26,274 63 158 775 24,725 - 553 Sept............................ 27,170 - 298 775 25,557 - 540 Oct.............................. 26,725 - 312 775 25,096 - 542 Nov............................. 26,863 - 336 775 25,209 - 543 Dec............................. 27,275 - 344 775 25,612 - 544 2003 - Jan .............................. 26,923 - 354 775 25,248 - 545 Feb ............................. 26,402 - 152 775 24,937 - 538 Mar............................. 26,880 - 166 775 25,402 - 536 Note.—Detail may not add to totals due to rounding. 28 FEDERAL DEBT 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 Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length 1 (7) 1998 ................................ 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 10 mos. 1999 ................................ 2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos. 2000 ................................ 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 2001 ................................ 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 2002 ................................ 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 2002 - Mar.............................. 2,400,776 953,703 696,282 307,424 197,398 245,968 5 yrs. 9 mos. Apr.............................. 2,375,274 904,062 725,849 306,097 195,227 244,040 5 yrs. 9 mos. May............................. 2,419,549 912,351 761,718 305,994 195,227 244,258 5 yrs. 8 mos. June............................ 2,402,091 916,256 740,340 305,792 195,227 244,478 5 yrs. 8 mos. July ............................. 2,457,756 922,600 781,212 314,301 195,227 244,416 5 yrs. 7 mos. Aug ............................. 2,483,538 968,597 764,257 311,100 203,816 235,768 5 yrs. 7 mos. Sept............................ 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. Oct.............................. 2,519,727 951,452 810,083 318,435 203,816 235,940 5 yrs. 5 mos. Nov............................. 2,555,144 992,371 794,585 328,363 209,639 230,186 5 yrs. 5 mos. Dec............................. 2,575,371 981,309 825,882 328,290 209,639 230,251 5 yrs. 4 mos. 2003 - Jan .............................. 2,567,292 964,715 845,144 317,542 209,639 230,253 5 yrs. 4 mos. Feb ............................. 2,636,316 995,366 878,201 322,940 222,785 217,023 5 yrs. 4 mos. Mar ............................. 2,675,019 1,031,783 880,646 322,672 222,785 217,132 5 yrs. 2 mos. End of fiscal year or month 1 Beginning September 1976, the maturity distribution and average length were calculated on the interest-bearing marketable debt privately held. Published data were changed for the end of the fiscal years back through 1967. Note.—Detail may not add to totals due to rounding. Quarterly refunding charts can be accessed from the Office of Domestic Finance/Debt Management website at www.treas.gov/offices/domestic-finance/debt-management/qrc. FEDERAL DEBT 29 TABLE FD-6.—Debt Subject to Statutory Limit* [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Statutory debt limit (1) Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 2002 - Mar....................................... 5,950,000 5,935,108 5,934,951 156 6,006,032 156 71,080 Apr....................................... 5,950,000 5,914,816 5,914,647 169 5,984,677 169 70,030 May...................................... 5,950,000 5,949,975 5,949,787 188 6,019,332 188 69,546 June..................................... 6,400,000 6,058,313 6,058,110 203 6,126,469 203 68,359 July ...................................... 6,400,000 6,092,050 6,091,906 144 6,159,741 144 67,834 Aug ...................................... 6,400,000 6,142,835 6,142,665 170 6,210,482 170 67,817 Sept..................................... 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 Oct....................................... 6,400,000 6,231,284 6,230,985 299 6,282,528 299 51,542 Nov...................................... 6,400,000 6,294,480 6,294,158 322 6,343,460 322 49,302 Dec...................................... 6,400,000 6,359,412 6,359,082 330 6,405,707 330 46,626 2003 - Jan ....................................... 6,400,000 6,355,812 6,355,696 116 6,401,377 116 45,681 Feb ...................................... 6,400,000 6,399,975 6,399,840 135 6,445,790 135 45,950 Mar ...................................... 6,400,000 6,399,975 6,399,825 150 6,460,776 150 60,952 End of fiscal year or month 1 Debt subject to limit Consists of guaranteed debt issued by the Federal Housing Administration. Securities outstanding subject to limit * 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 Public debt (3) Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interestbearing debt subject to limitation (7) End of fiscal year or month Statutory debt limit (1) Total (2) 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 1 Consists of guaranteed debt issued by the Federal Housing Administration. Other debt 1 (4) Note.—Detail may not add to totals due to rounding. 30 FEDERAL DEBT TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Business and Cooperative Development Service (5) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 1998 ................................................ 1999 ................................................ 2000 ................................................ 2001 ................................................ 2002 ................................................ 154,155 182,988 191,596 203,200 213,555 19,937 32,625 27,323 28,817 25,074 13,295 13,837 14,690 15,128 16,312 7,808 8,506 9,413 10,168 10,780 203 261 305 336 417 642 761 729 970 906 2002 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2003 - Jan ....................................... Feb ...................................... Mar ...................................... 217,140 220,143 220,447 214,751 221,997 222,084 213,555 234,282 239,224 226,347 230,867 232,548 218,620 26,026 26,380 26,924 24,258 24,189 24,127 25,074 28,574 32,437 19,643 22,530 23,548 22,794 15,778 15,903 15,903 15,903 15,903 15,903 16,312 16,082 16,082 16,082 15,677 16,208 16,561 11,416 11,416 11,416 11,421 11,421 11,421 10,780 10,780 10,780 10,780 10,780 10,780 11,799 395 395 395 395 395 395 417 417 417 417 417 437 437 889 889 889 889 889 904 906 906 906 906 754 754 754 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Foreign Agricultural Service (6) Department of the Treasury Federal Financing Bank (11) 1998 ................................................ 1999 ................................................ 2000 ................................................ 2001 ................................................ 2002 ................................................ 35,610 52,440 65,716 77,448 89,713 2,499 2,515 2,513 2,689 2,770 6,579 7,996 7,155 4,544 7,553 5,293 4,628 3,653 3,103 2,640 34,036 28,115 27,836 27,862 24,693 2002 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2003 - Jan ....................................... Feb ...................................... Mar ...................................... 89,853 92,407 92,407 92,407 98,051 98,051 89,713 94,070 94,070 94,066 101,378 101,378 101,378 2,829 2,829 2,829 2,929 2,929 2,929 2,770 2,820 2,820 2,860 2,800 2,800 2,800 5,044 5,044 5,044 5,044 5,544 5,544 7,553 7,553 8,053 8,053 8,053 8,053 8,053 3,103 3,103 3,103 3,103 3,103 3,103 2,640 2,640 2,640 2,640 2,640 2,640 2,640 23,075 22,687 22,223 22,138 22,877 22,011 24,693 37,238 37,572 37,172 36,147 35,948 20,425 FEDERAL DEBT 31 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) 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 2001 ....................................... 7,045 2,884 10,087 12,120 2002 ....................................... 6,657 2,870 11,036 12,133 2002 - Mar.............................. 6,062 6,547 10,653 15,472 Apr.............................. 6,182 6,822 10,653 15,435 May............................. 6,185 7,076 10,653 15,401 June............................ 6,231 4,195 10,653 15,185 July ............................. 6,231 4,471 10,653 15,340 Aug ............................. 6,231 4,722 11,503 15,239 Sept............................ 6,657 2,870 11,036 12,133 Oct.............................. 6,657 3,149 11,036 12,358 Nov............................. 6,657 3,386 11,036 12,367 Dec............................. 6,657 3,662 11,190 12,216 2003 - Jan .............................. 6,657 3,943 6,735 12,354 Feb ............................. 6,657 4,196 6,735 12,411 Mar ............................. 6,875 4,475 6,735 12,891 End of fiscal year or month Note.—Detail may not add to totals due to rounding. Other (15) 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 Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 provides a maturity schedule of interest-bearing marketable Treasury notes and bonds. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks (FRBs), so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 4-, 13- and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. Issues of cash management bills also are presented. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The FRBs tally into investor classes the tenders in each auction of marketable securities other than weekly auctions of 4-, 13- and 26-week bills. TREASURY FINANCING: JANUARY-MARCH [Source: Bureau of the Public Debt, Office of Financing] JANUARY Auction of 9-1/2-Year Inflation-Indexed Notes On January 6, 2003, Treasury announced it would auction $6,000 million of 9-1/2-year inflation-indexed notes to raise cash. The 9-1/2 year, 3 percent inflation-indexed notes of Series C-2012 were dated July 15, 2002, and issued January 15, 2003. They are due July 15, 2012, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the notes before 12 noon eastern standard time (e.s.t.) for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on January 6. Tenders totaled $13,300 million; Treasury accepted $6,000 million at the high yield of 2.340 percent with an equivalent adjusted price of $106.474. Tenders at the high yield were allotted 99.38 percent. The median yield was 2.300 percent, and the low yield was 2.220 percent. Noncompetitive tenders totaled $199 million. Competitive tenders accepted from private investors totaled $13,101 million. The unadjusted price of $105.593 was adjusted by an index ratio of 1.00834 for the period from July 15, 2002, through January 15, 2003. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of inflation-indexed notes is $1,000. Auction of 2-Year Notes On January 27, 2003, Treasury announced it would auction $27,000 million of 2-year notes of Series G-2005. The issue was to refund $21,719 million of securities maturing January 31 and to raise new cash of approximately $5,281 million. The notes of Series G-2005 were dated January 31. They are due January 31, 2005, with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 1-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on January 29. Tenders totaled $39,916 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.710 percent with the equivalent price of $99.834. Tenders at the high yield were allotted 65.21 percent. The median yield was 1.670 percent, and the low yield was 1.600 percent. Noncompetitive tenders totaled $882 million. Competitive tenders accepted from private investors totaled $26,118 million. In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $6,834 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of notes of Series G-2005 is $1,000. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: JANUARY-MARCH, con. FEBRUARY February Quarterly Financing On February 5, 2003, Treasury announced it would auction $24,000 million of 5-year notes of Series E-2008 and $18,000 million of 10-year notes of Series A-2013 to refund $21,589 million of Treasury securities maturing February 15 and to raise about $20,411 million of new cash. The notes of Series E-2008 were dated February 15. They are due February 15, 2008, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 3 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 competitive tenders on February 11. Tenders totaled $34,162 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.029 percent with an equivalent price of $99.866. Treasury accepted in full all competitive tenders at yields lower than 3.029. Tenders at the high yield were allotted 71.96 percent. The median yield was 2.980 percent, and the low yield was 2.900 percent. Noncompetitive tenders totaled $237 million. Competitive tenders accepted from private investors totaled $23,733 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,484 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2008 is $1,000. The 10-year notes of Series A-2013 were dated and issued February 15. They are due February 15, 2013, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 12. Tenders totaled $33,083 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.960 percent with an equivalent price of $99.304. Treasury accepted in full all competitive tenders at yields lower than 3.960 percent. Tenders at the high yield were allotted 51.28 percent. The median yield was 3.930 percent, and the low yield was 3.894 percent. Noncompetitive tenders totaled $128 million. Competitive tenders accepted from private investors totaled $17,822 million. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $1,497 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series A-2013 is $1,000. Auction of 2-Year Notes On February 24, 2003, Treasury announced it would auction $27,000 million of 2-year notes. The issue was to refund $20,022 million of securities maturing February 28 and to raise new cash of approximately $6,978 million. The notes of Series H-2005 were dated and issued February 28. They are due February 28, 2005, with interest payable on the last day of August and February until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on February 26. Tenders totaled $53,881 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.575 percent with an equivalent price of $99.853. Treasury accepted in full all competitive tenders at yields lower than 1.575 percent. Tenders at the high yield were allotted 90.26 percent. The median yield was 1.540 percent, and the low yield was 1.500 percent. Noncompetitive tenders totaled $820 million. Competitive tenders accepted from private investors totaled $26,180 million. In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $8,333 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series H-2005 is $1,000. Cash Management Bills On February 25, 2003, Treasury announced it would auction $26,000 million of 14-day bills. They were issued March 3 and matured March 17. The issue was to raise new cash. Treasury auctioned the bills on February 27. Tenders totaled $61,265 million; Treasury accepted $26,000 million. The high bank discount rate was 1.240 percent. MARCH Auction of 2-Year Notes On March 24, 2003, Treasury announced it would auction $27,000 million of 2-year notes of Series J-2005. The issue was to refund $20,637 million of securities maturing March 31 and to raise new cash of approximately $6,363 million. The notes of Series J-2005 were dated and issued March 31. They are due March 31, 2005, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 1-5/8 percent after determining which tenders were accepted on a yield auction basis. 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on March 26. Tenders totaled $49,696 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.692 percent with an equivalent price of $99.869. Treasury accepted in full all competitive tenders at yields lower than 1.692 percent. Tenders at the high yield were allotted 5.67 percent. The median yield was 1.674 percent, and the low yield was 1.600 percent. Noncompetitive tenders totaled $945 million. Competitive tenders accepted from private investors totaled $26,050 million. In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $8,211 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series J-2005 is $1,000. 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, March 31, 2003 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity Description (1) Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve Banks (4) All other investors (5) 2003 1 5-3/4%-F note 04/30/98 Apr. 30................................................................ 1 4%-P note 04/30/01 Apr. 30................................................................ 10-3/4% bond 04/04/83 May 15................................................................ 06/01/98 May 31................................................................ 1 5-1/2%-G note 05/31/01 May 31................................................................ 1 4-1/4%-Q note 06/30/98 June 30................................................................ 1 5-3/8%-H note 06/30/01 June 30................................................................ 1 3-7/8%-R note 1 3-7/8%-S note 07/31/01 July 31................................................................ 08/15/78 Aug. 15, 03-08................................................................8-3/8% bond 11-1/8% bond 07/05/83 Aug. 15 ................................................................ 08/16/93 Aug. 15 ................................................................ 1 5-3/4%-B note 08/17/98 Aug. 15 ................................................................ 1 5-1/4%-J note 08/31/01 Aug. 31 ................................................................ 1 3-5/8%-T note 10/01/01 Sept. 30................................................................ 1 2-3/4%-U note 1 2-3/4%-V note 10/31/01 Oct. 31................................................................ 11/15/78 Nov. 15, 03-08................................................................8-3/4% bond 11-7/8% bond 10/05/83 Nov. 15 ................................................................ 11/16/98 Nov. 15 ................................................................ 1 4-1/4%-K note 1 3%-W note 11/30/01 Nov. 30 ................................................................ Dec. 31 ................................................................ 1 3-1/4%-X note 12/31/01 Total ............................................... 12,573 13,339 3,249 13,132 13,332 13,127 14,671 16,003 2,103 3,501 28,011 19,852 18,665 22,675 25,148 5,230 7,260 18,626 26,171 29,667 306,335 3,568 3,725 978 2,411 3,482 2,548 4,152 4,826 789 860 4,659 3,468 5,162 6,423 6,143 1,908 2,531 1,640 6,190 7,498 72,961 2004 1 3%-J note Jan. 31................................................................ 01/31/02 1 5-7/8%-A note Feb. 15 ................................................................ 02/15/94 1 4-3/4%-E note Feb. 15 ................................................................ 02/16/99 1 3%-K note Feb. 29 ................................................................ 02/28/02 1 3-5/8%-L note Mar. 31 ................................................................ 04/01/02 1 3-3/8%-M note Apr. 30................................................................ 04/30/02 May 15, 04-09 ................................................................ 9-1/8% bond 05/15/79 May 15................................................................ 12-3/8% bond 04/05/84 1 7-1/4%-B note May 15................................................................ 05/16/94 1 5-1/4%-F note May 15................................................................ 05/17/99 1 3-1/4%-N note May 31................................................................ 05/31/02 1 2-7/8%-P note June 30................................................................ 07/31/02 1 2-1/4%-Q note July 31................................................................ 07/31/02 Aug. 15 ................................................................ 13-3/4% bond 07/10/84 1 7-1/4%-C note Aug. 15 ................................................................ 08/15/94 1 6%-G note Aug. 15 ................................................................ 08/16/99 1 2-1/8%-R note Aug. 31 ................................................................ 09/03/02 1 1-7/8%-S note Sept. 30................................................................ 09/30/02 1 2-1/8%-T note Oct. 31................................................................ 10/31/02 Nov. 15, 04-09................................................................10-3/8% bond 11/15/79 1 11-5/8% bond Nov. 15 ................................................................ 10/30/84 1 7-7/8%-D note Nov. 15 ................................................................ 11/15/94 1 5-7/8%-H note Nov. 15................................................................ 11/15/99 1 2%-U note Nov. 30 ................................................................ 12/02/02 1 1-3/4%-V note Dec. 31 ................................................................ 12/31/02 Total ............................................... 30,776 12,955 17,823 31,746 32,874 32,655 4,606 3,755 14,440 18,925 33,297 34,050 33,250 4,000 13,346 18,090 34,541 34,656 32,440 4,201 8,302 14,374 32,658 32,871 33,203 563,835 6,226 940 2,274 7,762 8,334 8,333 1,236 925 3,567 2,721 6,298 7,531 6,662 942 1,939 2,034 7,607 7,652 5,435 1,076 2,026 3,532 4,888 5,879 6,546 112,364 24,549 12,015 15,549 23,984 24,540 24,322 3,369 2,830 10,873 16,205 26,999 26,519 26,588 3,059 11,408 16,056 26,935 27,003 27,005 3,125 6,276 10,841 27,770 26,992 26,658 451,471 33,837 2,315 13,835 35,332 35,213 6,834 858 2,964 8,333 8,211 27,003 1,457 10,871 26,999 27,003 2005 1 1-5/8%-G note Jan. 31................................................................ Feb. 15, 05-10................................................................11-3/4% bond 1 7-1/2%-A note Feb. 15 ................................................................ 1 1-1/2%-H note Feb. 28 ................................................................ 1 1-5/8%-J note Mar. 31 ................................................................ See footnote at end of table. 01/31/03 02/15/80 02/15/95 02/28/03 03/31/03 9,005 9,613 2,271 10,721 9,850 10,579 10,519 11,177 1,314 2,641 23,352 16,384 13,503 16,253 19,005 3,322 4,729 16,986 19,981 22,169 233,374 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, March 31, 2003, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity Description (1) Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve Banks (4) All other investors (5) 2005 con. May 15, 05-10 ................................................................ 10% bond 05/15/80 1 12% bond May 15................................................................ 04/02/85 1 6-1/2%-B note May 15................................................................ 05/15/95 1 6-3/4%-E note May 15................................................................ 05/15/00 1 10-3/4% bond Aug. 15 ................................................................ 07/02/85 1 6-1/2%-C note Aug. 15 ................................................................ 08/15/95 Nov. 15, 05-10................................................................12-3/4% bond 11/17/80 1 5-7/8%-D note Nov. 15 ................................................................ 11/24/95 1 5-3/4%-F note Nov. 15 ................................................................ 11/15/00 Total.....................…....................... 2,987 4,261 14,740 28,562 9,270 15,003 4,081 15,210 28,063 242,709 1,177 941 2,216 6,251 2,165 2,229 1,261 2,133 4,293 49,865 1,811 3,319 12,524 22,311 7,105 12,773 2,821 13,077 23,770 192,844 2006 1 9-3/8% bond Feb. 15 ................................................................ 01/15/86 1 5-5/8%-A note Feb. 15 ................................................................ 02/15/96 May 15, 06-11 ................................................................13-7/8% bond 05/15/81 1 6-7/8%-B note May 15................................................................ 05/15/96 1 4-5/8%-E note May 15................................................................ 05/15/01 1 7%-C note July 15................................................................ 07/15/96 1 6-1/2%-D note Oct. 15................................................................ 10/15/96 Nov. 15, 06-11................................................................ 14% bond 11/16/81 1 3-1/2%-F note Nov. 15 ................................................................ 11/15/01 Total.....................…....................... 4,756 15,514 3,545 16,015 27,798 22,740 22,460 4,048 35,380 152,256 1,044 1,943 1,074 3,680 3,798 5,114 4,858 975 3,805 26,291 3,712 13,571 2,471 12,335 24,000 17,627 17,601 3,073 31,575 125,965 2007 1 3-3/8%-A note Jan. 15................................................................ 02/06/97 1 6-1/4%-B note Feb. 15 ................................................................ 02/18/97 1 6-5/8%-C note May 15................................................................ 05/15/97 1 4-3/8%-E note May 15................................................................ 05/15/02 1 6-1/8%-D note Aug. 15 ................................................................ 08/15/97 1 3-1/4%-F note Aug. 15 ................................................................ 08/15/02 1 3%-G note Nov. 15 ................................................................ 11/15/02 Nov. 15, 07-12................................................................10-3/8% bond 11/15/82 Total..............…............................. 18,069 13,104 13,958 24,351 25,637 25,411 23,311 10,126 153,968 1,744 1,254 2,754 2,464 5,082 3,406 1,308 2,033 20,043 16,326 11,850 11,205 21,888 20,555 22,005 22,003 8,093 133,924 18,905 13,583 27,489 27,191 11,917 25,083 124,169 2,064 1,890 3,484 5,380 3,041 3,448 19,307 16,841 11,693 24,005 21,811 8,876 21,635 104,862 17,616 4,481 14,795 4,388 27,400 5,015 73,695 1,992 869 2,625 906 4,934 1,195 12,521 15,624 3,611 12,170 3,482 22,466 3,820 61,174 12,225 23,356 22,438 58,018 1,079 4,089 3,595 8,763 11,146 19,266 18,842 49,254 2008 1 3-5/8%-A note Jan. 15 ................................................................ 01/15/98 1 5-1/2%-B note Feb. 15................................................................ 02/17/98 1 3%-E note Feb. 15................................................................ 02/18/03 1 5-5/8%-C note May 15 ................................................................ 05/15/98 Aug. 15, 08-13 ............................................................... 12% bond 08/15/83 1 4-3/4%-D note Nov. 15................................................................ 11/16/98 Total ............................................... 2009 1 3-7/8%-A note Jan. 15 ................................................................ 01/15/99 May 15, 09-14................................................................ 13-1/4% bond 05/15/84 1 5-1/2%-B note May 15 ................................................................ 05/17/99 Aug. 15, 09-14 ............................................................... 12-1/2% bond 08/15/84 1 6%-C note Aug. 15................................................................ 08/16/99 Nov. 15, 09-14 ...............................................................1 11-3/4% bond 11/15/84 Total ............................................... 2010 1 4-1/4%-A note Jan. 15 ................................................................ 01/18/00 1 6-1/2%-B note Feb. 15................................................................ 02/15/00 1 5-3/4%-C note Aug. 15................................................................ 08/15/00 Total ............................................... See footnote at end of table. 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, March 31, 2003, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2011 Jan. 15 ................................................................ Feb. 15................................................................ Aug. 15................................................................ 2012 Jan. 15 ................................................................ Feb. 15................................................................ July 15................................................................ Aug. 15................................................................ Nov. 15................................................................ 2013 Feb. 15................................................................ 2015 Feb. 15................................................................ Aug. 15................................................................ Nov. 15................................................................ 2016 Feb. 15................................................................ May 15 ................................................................ Nov. 15................................................................ 2017 May 15 ................................................................ Aug. 15................................................................ Description (1) 252 3,583 3,181 7,015 11,232 19,853 23,455 54,540 note 01/15/02 note 02/15/02 1 3%-C note 07/15/02 1 4-3/8%-D note 08/15/02 1 4%-E note 11/15/02 Total ............................................... 6,143 24,780 23,258 19,648 18,113 91,941 1,494 1,311 1,645 111 4,561 6,143 23,286 21,946 18,003 18,002 87,380 02/18/03 note Total ............................................... 19,498 19,498 1,497 1,497 18,002 18,002 1 11-1/4% 02/15/85 bond bond 08/15/85 1 9-7/8% bond 11/29/85 Total ............................................... 10,520 4,024 5,585 20,129 1,846 1,167 1,007 4,020 8,675 2,857 4,578 16,109 1 9-1/4% bond 02/18/86 bond 05/15/86 1 7-1/2% bond 11/17/86 Total ............................................... 5,432 18,824 18,787 43,043 1,037 1,099 1,751 3,887 4,395 17,724 17,036 39,156 05/15/87 bond bond 08/17/87 Total ............................................... 15,559 10,968 26,528 2,755 2,058 4,813 12,804 8,910 21,715 6,717 7,174 13,892 1,240 1,053 2,293 5,478 6,121 11,599 13,090 18,941 32,031 2,373 2,731 5,104 10,717 16,210 26,927 9,476 7,582 17,059 34,118 1,486 1,502 2,629 5,617 7,990 6,081 14,430 28,501 10,076 10,067 9,506 30,632 60,281 1,530 1,618 1,658 4,286 9,091 8,546 8,449 7,848 26,346 51,190 note 01/16/01 note 02/15/01 1 5%-C note 08/15/01 Total ............................................... 1 5%-B 1 3-3/8%-A 1 4-7/8%-B 1 3-7/8%-A 1 10-5/8% 1 7-1/4% 1 8-3/4% 1 8-7/8% 1 9-1/8% 2019 Feb. 15................................................................ Aug. 15................................................................ 1 8-7/8% bond 05/16/88 bond 11/22/88 Total ............................................... 1 9% bond 02/15/89 bond 08/15/89 Total ............................................... 1 8-1/8% 1 8-1/2% bond bond 1 8-3/4% bond 1 8-3/4% 02/15/90 05/15/90 08/15/90 Total ............................................... 2021 Feb. 15................................................................ May 15 ................................................................ Aug. 15................................................................ Nov. 15................................................................ See footnote at end of table. All other investors (5) 11,483 23,436 26,635 61,555 1 3-1/2%-A 2018 May 15 ................................................................ Nov. 15................................................................ 2020 Feb. 15................................................................ May 15 ................................................................ Aug. 15................................................................ Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve Banks (4) (3) 1 7-7/8% bond 02/15/91 bond 05/15/91 1 8-1/8% bond 08/15/91 1 8% bond 11/15/91 Total ............................................... 1 8-1/8% 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, March 31, 2003, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2022 Aug. 15................................................................ Nov. 15................................................................ Description (1) 2024 Nov. 15................................................................ 2025 Feb. 15................................................................ Aug. 15................................................................ 2026 Feb. 15................................................................ Aug. 15................................................................ Nov. 15................................................................ 2027 Feb. 15................................................................ Aug. 15................................................................ Nov. 15................................................................ 2028 Apr. 15 ................................................................ Aug. 15................................................................ Nov. 15................................................................ 2029 Feb. 15................................................................ Apr. 15 ................................................................ Aug. 15................................................................ 2030 May 15 ................................................................ 2031 Feb. 15................................................................ 2032 Apr. 15 ................................................................ All other investors (5) Issue date (2) Total (3) 08/17/92 11/16/92 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 15,782 22,659 38,441 2,636 1,610 4,245 13,147 21,050 34,196 bond 08/15/94 Total ............................................... 9,604 9,604 1,615 1,615 7,989 7,989 02/15/95 bond 08/15/95 bond Total ............................................... 9,509 11,187 20,696 1,594 1,800 3,393 7,916 9,388 17,303 bond 02/15/96 bond 08/15/96 1 6-1/2% bond 11/15/96 Total ............................................... 12,838 8,810 10,860 32,509 1,164 1,614 1,724 4,502 11,674 7,196 9,136 28,007 1 6-5/8% bond 02/18/97 bond 08/15/97 1 6-1/8% bond 11/17/97 Total ............................................... 9,522 9,197 22,021 40,740 1,485 1,640 3,349 6,473 8,037 7,557 18,673 34,267 04/15/98 bond bond 08/17/98 1 5-1/4% bond 11/16/98 Total ............................................... 18,852 11,776 10,947 41,575 2,795 1,772 1,611 6,178 16,057 10,004 9,336 35,397 1 5-1/4% Total ............................................... 11,350 21,546 11,179 44,075 1,670 2,741 1,670 6,081 9,680 18,805 9,509 37,994 1 6-1/4% bond 02/15/00 Total ............................................... 17,043 17,043 1,894 1,894 15,149 15,149 1 5-3/8% bond 02/15/01 Total ............................................... 16,428 16,428 1,423 1,423 15,005 15,005 1 3-3/8% bond 10/15/01 Total ............................................... 5,130 5,130 160 160 4,970 4,970 1 7-1/4% 1 7-5/8% bond bond Total ............................................... 2023 Feb. 15................................................................ Aug. 15................................................................ Amount of maturities held by U.S. Government accounts and Federal Reserve Banks (4) 1 7-1/8% bond 02/16/93 bond 08/16/93 Total ............................................... 1 6-1/4% 1 7-1/2% 1 7-5/8% 1 6-7/8% 1 6% 1 6-3/4% 1 6-3/8% 1 3-5/8% 1 5-1/2% bond bond 1 6-1/8% bond 1 3-7/8% 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” 02/16/99 04/15/99 08/16/99 PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Number Amount of days to of bids Maturity date maturity 1 tendered (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive basis basis 3 amount 2 (4) (5) (6) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) 1.175 1.185 1.220 1.145 1.185 1.240 1.135 1.180 1.230 1.135 1.160 1.190 1.155 1.140 1.160 1.145 1.155 1.185 1.155 1.150 1.165 1.155 1.160 1.180 1.220 1.175 1.175 1.190 1.175 1.170 1.120 1.055 1.030 1.165 1.115 1.110 1.180 1.150 1.150 1.187 1.207 1.245 1.161 1.207 1.265 1.148 1.199 1.255 1.148 1.179 1.215 1.174 1.159 1.182 1.161 1.175 1.209 1.174 1.171 1.188 1.174 1.179 1.204 1.240 1.195 1.198 1.217 1.198 1.196 1.138 1.077 1.053 1.191 1.137 1.135 1.204 1.174 1.175 Regular weekly: (4 week, 13 week and 26 week) 2003 - Jan. 2 ................................ 2003 - Jan. 30 Apr. 3 July 3 Jan. 9................................ Feb. 6 Apr. 10 July 10 Jan. 16................................Feb. 13 Apr. 17 July 17 Jan. 23................................Feb. 20 Apr. 24 July 24 Jan. 30................................Feb. 27 May 1 July 31 Feb. 6 ................................ Mar. 6 May 8 Aug. 7 Feb. 13 ................................Mar. 13 May 15 Aug. 14 Feb. 20 ................................Mar. 20 May 22 Aug. 21 Feb. 27 ................................Mar. 27 May 29 Aug. 28 Mar. 6 ................................ Apr. 3 June 5 Sept. 4 Mar. 13 ................................Apr. 10 June 12 Sept. 11 Mar. 20 ................................Apr. 17 June 19 Sept. 18 Mar. 27 ................................Apr. 24 June 26 Sept. 25 1 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 46,596.8 32,339.5 31,780.9 42,212.0 49,243.6 41,301.3 40,065.3 47,639.2 42,902.6 42,448.1 44,192.5 39,326.2 40,031.4 41,386.4 40,239.2 55,227.8 50,672.5 42,089.1 45,245.0 40,736.4 39,239.1 44,955.8 41,487.8 40,058.4 40,841.7 41,497.8 45,792.8 50,585.2 40,150.5 43,821.9 50,819.6 41,893.5 48,210.4 43,870.4 37,329.2 37,206.0 43,104.0 34,657.9 37,928.9 18,798.3 19,156.2 21,917.5 15,454.6 20,576.6 20,541.6 13,442.7 22,183.4 20,555.5 16,398.1 23,699.8 20,588.6 18,060.2 24,823.7 21,881.1 23,607.5 25,670.6 23,057.7 21,651.2 24,306.7 21,702.5 21,511.4 22,828.9 21,667.3 26,878.0 23,346.6 22,637.0 26,861.3 21,929.1 21,328.7 23,460.1 21,754.7 22,550.3 28,510.6 21,537.5 22,589.2 24,299.1 21,846.5 22,760.4 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. 15,964.2 12,435.9 14,820.9 12,957.7 13,271.4 13,850.3 10,969.2 14,335.7 13,677.4 13,966.7 15,264.0 14,033.4 15,960.8 15,889.5 14,193.3 21,953.3 17,085.9 15,899.6 19,953.8 16,337.7 14,541.1 19,964.9 15,399.4 14,982.7 24,944.1 16,120.5 15,035.3 24,947.0 15,319.8 14,978.7 21,947.6 15,355.9 15,657.2 26,954.5 15,231.8 15,975.8 22,950.8 15,305.8 15,824.7 3 35.9 1,414.2 1,079.1 42.5 1,558.8 974.8 30.9 1,464.3 1,197.7 33.7 1,516.6 966.6 39.5 1,647.1 1,240.9 47.2 1,639.8 1,026.0 46.5 1,537.6 1,264.0 35.7 1,450.7 967.7 56.2 1,539.4 1,421.5 53.6 1,515.8 971.7 52.6 1,519.1 1,193.2 45.6 1,518.2 924.5 49.7 1,445.4 1,100.3 99.909 99.700 99.383 99.911 99.700 99.373 99.912 99.702 99.378 99.912 99.707 99.398 99.910 99.712 99.414 99.911 99.708 99.401 99.910 99.709 99.411 99.910 99.707 99.403 99.905 99.703 99.406 99.907 99.703 99.409 99.913 99.733 99.479 99.909 99.718 99.439 99.908 99.709 99.419 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. 40 PUBLIC DEBT OPERATIONS 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] Description of securities 1 (2) Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3,4 (5) Accepted yield and equivalent price for notes and bonds (6) Auction date Issue date (1) 04/03/02 04/04/02 1.78% bill—04/16/02 12d 76,750 23,000 04/10/02 04/11/02 1.71% bill—04/15/02 4d 50,470 16,000 04/24/02 04/30/02 3-3/8% note—04/30/04-M 2y 57,596 32,648 3.375 - 100.000 05/07/02 05/15/02 4-3/8% note—05/15/07-E 5y 40,155 24,341 4.475 - 99.556 05/08/02 05/15/02 4-7/8% note—2/15/12-B-reopening 9y 24,073 11,392 5.170 - 97.746 05/09/02 05/10/02 1.725% bill—05/17/02 46,445 12,000 05/29/02 05/31/02 3-1/4% note—05/31/04-N 78,800 33,298 05/31/02 06/03/02 1.72% bill—06/12/02 9d 49,165 20,000 06/11/02 06/12/02 1.715% bill—06/18/02 6d 60,990 21,001 06/28/02 07/01/02 2-7/8% note—06/30/04-P 2y 42,484 34,047 2.970 - 99.817 07/10/02 07/15/02 3% note—07/15/12-C 10y 22,871 10,010 3.099 - 99.154 07/24/02 07/31/02 2-1/4% note—07/31/04-Q 2y 48,414 33,237 2.270 - 99.961 08/06/02 08/15/02 3-1/4% note—08/15/07-F 5y 42,148 25,396 3.348 - 99.552 08/07/02 08/15/02 4-3/8% note—08/15/12-D 10y 24,852 19,645 4.390 - 99.880 08/28/02 09/03/02 2-1/8% note—8/31/04-R 2y 68,430 34,537 2.220 - 99.816 1 9m 7d 2y 09/10/02 09/11/02 1.695% bill—09/16/02 09/25/02 09/30/02 1-7/8% note—09/30/04-S 2y 5d 10/09/02 10/15/02 3% note—07/15/12-C 9y 10/23/02 10/31/02 2-1/8% note—10/31/04-T 11/05/02 11/15/02 11/06/02 11/27/02 3.274 - 99.954 31,985 9,000 61,699 34,652 1.960 - 99.834 9,494 7,000 2.260 - 106.777 2y 51,167 32,435 2.140 - 99.971 3% note—11/15/07-G 5y 44,424 23,308 3.030 - 99.862 11/15/02 4% note—11/15/12-E 10y 34,293 18,111 4.095 - 99.227 12/02/02 2% note—11/30/04-U 2y 53,660 32,864 2.120 - 99.767 12/09/02 12/10/02 1.235% bill—12/16/02 47,119 13,001 12/23/02 12/31/02 1-3/4% note—12/31/04-V 2y 57,198 33,195 1.820 - 99.863 01/08/03 01/15/03 3% note—07/15/12-C 9y 13,300 6,000 2.340 - 106.474 01/29/03 01/31/03 1-5/8% note—01/31/05-G 2y 46,750 33,834 1.710 - 99.834 02/11/03 02/18/03 3% note—02/15/08-E 5y 37,646 27,484 3.029 - 99.866 02/12/03 02/18/03 3-7/8% note—02/15/13-A 10y 34,758 19,497 3.960 - 99.304 02/26/03 02/28/03 1-1/2% note—02/28/05-H 2y 62,214 35,333 1.575 - 99.853 02/27/03 03/03/03 1.24% bill—03/17/03 61,265 26,000 03/26/03 03/31/03 1-5/8% note—03/31/05-J 57,907 35,211 9m 6d 6m 14d 2y Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. 1.692 - 99.869 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. PUBLIC DEBT OPERATIONS 41 TABLE PDO-4.—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] Issue Date Coupon rate (1) SeSecurity Series quence type code number (4) (3) (2) 07/02/01 07/16/01 07/31/01 08/15/01 08/15/01 08/15/01 08/31/01 10/01/01 10/05/01 10/15/01 10/31/01 11/15/01 11/15/01 11/30/01 12/31/01 01/15/02 01/31/02 02/15/02 02/15/02 02/28/02 04/01/02 04/30/02 05/15/02 05/15/02 05/31/02 07/01/02 07/15/02 07/31/02 08/15/02 08/15/02 09/03/02 09/30/02 10/15/02 10/31/02 11/15/02 11/15/02 12/02/02 12/31/02 01/15/03 01/31/03 02/18/03 02/18/03 02/28/03 03/31/03 3-7/8% 3-1/2% 3-7/8% 5-3/8% 5% 4-5/8% 3-5/8% 2-3/4% 5% 3-3/8% 2-3/4% 3-1/2% 5% 3% 3-1/4% 3-3/8% 3% 4-7/8% 3-1/2% 3% 3-5/8% 3-3/8% 4-3/8% 4-7/8% 3-1/4% 2-7/8% 3% 2-1/4% 3-1/4% 4-3/8% 2-1/8% 1-7/8% 3% 2-1/8% 3% 4% 2% 1-3/4% 3% 1-5/8% 3% 3-7/8% 1-1/2% 1-5/8% note IIS note note bond note note note note note IIS bond note note note note note IIS note note note note note note note note note note note IIS note note note note note note IIS note note note note note note IIS note note note note note note R A S C E T U C V F C W X A J B F K L M E B N P C Q F D R S C T G E U V C G E A H J 0 1 0 1 0 1 0 0 1 0 0 0 2 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 2 0 0 0 0 0 * Less than $500,000. 1 Depository institutions include banks. Includes partnerships and personal trust accounts. 3 Residual. 2 Maturity date (5) Total issue (6) Federal Reserve Banks (7) 06/30/03 01/15/11 07/31/03 02/15/31 08/15/11 05/15/06 08/31/03 09/30/03 08/15/11 04/15/32 10/31/03 11/15/06 08/15/11 11/30/03 12/31/03 01/15/12 01/31/04 02/15/12 11/15/06 02/29/04 03/31/04 04/30/04 05/15/07 02/15/12 05/31/04 06/30/04 07/15/12 07/31/04 08/15/07 08/15/12 08/31/04 09/30/04 07/15/12 10/31/04 11/15/07 11/15/12 11/30/04 12/31/04 07/15/12 01/31/05 02/15/08 02/15/13 02/28/05 03/31/05 14,671 5,000 16,003 5,541 12,046 11,617 18,665 22,675 6,000 5,012 25,148 18,801 8,590 26,171 29,667 6,004 30,776 13,389 16,579 31,746 32,874 32,655 24,351 11,391 33,297 34,050 10,015 33,250 25,411 19,648 34,541 34,656 6,999 32,440 23,311 18,113 32,871 33,203 6,004 33,837 27,489 19,498 35,332 35,211 3,667 4,000 540 1,043 623 4,667 5,667 6,143 2,799 1,592 5,167 6,666 5,766 753 944 6,735 7,873 7,648 2,341 391 6,298 7,046 1,010 6,237 3,396 1,645 7,537 7,652 5,435 1,308 111 5,864 6,195 6,834 3,484 1,497 8,333 8,211 Depository institutions 1 (8) Individuals 2 (9) 58 76 51 55 1 8 51 138 4 45 3,009 201 55 41 17 75 13 13 171 175 87 19 6 83 307 4 43 14 351 53 51 1 30 11 755 65 176 5 61 113 2 37 35 1,050 135 1,043 53 109 168 1,042 893 * 88 698 192 77 738 852 535 1,065 187 235 1,271 1,394 1,283 501 145 1,527 1,114 659 1,515 441 192 1,093 915 221 2,225 204 110 734 4,391 196 835 1,963 134 773 901 Dealers and brokers (10) 7,377 2,967 7,868 3,681 7,043 9,447 9,875 10,361 4,651 2,065 11,415 9,201 5,548 14,299 14,373 2,565 18,830 8,122 13,130 19,705 17,800 18,784 15,287 8,023 19,066 23,674 5,992 19,019 14,239 13,355 19,014 18,437 5,153 17,402 16,499 13,443 20,619 16,783 3,221 17,003 16,861 9,864 18,279 12,675 Private pension and retirement funds (11) Investment funds (12) Insurance companies (13) Foreign and international (14) Other 3 (15) 1 50 3 10 * * 15 1 370 10 1 * * 1 5 1 116 5 1 1 3 1 * 2 1 15 1 * 3 4 1 16 1 * 3 40 1 50 * 4 2 145 741 1,025 1,013 1,652 738 662 128 1,112 1,826 751 206 200 501 5,202 2,524 976 2,617 900 619 1,709 269 1,879 1,545 2,102 945 2,166 1,885 658 1,499 2,225 308 1,536 74 835 1,590 222 451 1,638 532 799 5,080 551 6,603 1 422 1 1 * 54 * 25 * 1 * 2 1 2 55 41 * * 1 2 * * * 4 1 1 3 3 * 2,233 352 2,000 188 2,090 635 2,309 5,475 175 338 6,037 3,360 975 5,400 2,478 355 4,030 1,580 1,340 2,867 3,675 4,345 2,636 579 4,155 709 40 4,531 6,658 2,187 4,590 7,274 56 6,235 3,000 2,103 4,558 4,215 759 7,208 3,603 2,313 6,670 5,430 139 257 12 1 108 43 12 62 267 49 8 11 53 3 33 1 10 376 245 181 1,687 702 23 254 129 18 3 416 25 18 16 1,038 1,454 1 805 988 144 1,360 616 608 682 1,354 42 INTRODUCTION: Savings Bonds and Notes 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and in the Annual Report of the Secretary of the Treasury for fiscal 1974. Series EE bonds, on sale since July 1, 1980, and series I bonds, on sale since September 1, 1998, are the savings bonds currently being sold. Series HH bonds are issued in exchange for series E and EE savings bonds and savings notes. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2003 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Sales 1 (1) Accrued Discount (2) 3,949 1,054 5,003 5,002 - 1 851,550 232,644 1,084,194 389,359 172,165 9,486 Series I ............................................................... 13,703 716 14,419 683 15,106 - Series F and G ................................................... 28,396 1,125 29,521 29,517 - 3 Series J and K.................................................... 3,556 198 3,754 3,753 - - Savings notes..................................................... 862 711 1,573 1,330 - 107 Total ............................................................... 902,016 236,448 1,138,464 429,644 187,271 9,597 Series Sales plus accrued discount (3) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) Redemptions 1 (4) Savings bonds: Series A-D 2........................................................ Series E, EE, H and HH.................................. 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and HH bonds. 2 Details by series on a cumulative basis and by period of series A-D combined can be found in the February 1952 and previous issues of the “Treasury Bulletin.” U.S. SAVINGS BONDS AND NOTES 43 TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Redemptions Amount outstanding Matured non-interestInterestbearing debt bearing debt (8) (7) Period Fiscal years: 1935-99 ................................ 393,247 2000 ....................................... 5,645 2001 ....................................... 8,047 2002 ....................................... 12,542 Accrued discount (2) Sales plus accrued discount (3) Total (4) Sales price 1 (5) Accrued discount 1 (6) 209,905 6,940 8,381 7,719 603,152 12,585 16,428 20,261 396,116 14,511 13,846 12,494 310,167 7,050 6,480 5,487 85,949 7,461 7,366 7,007 166,529 177,659 179,515 185,495 6,169 6,544 6,751 7,638 Calendar years: 1935-99 ................................ 403,133 2000 ....................................... 6,732 2001 ....................................... 11,557 2002 ....................................... 2,181 233,253 8,333 8,289 1,383 636,386 15,065 19,846 3,564 438,200 16,433 13,509 2,346 323,106 7,959 6,223 950 115,094 8,474 7,286 1,396 179,277 176,802 181,416 182,961 7,005 7,794 8,780 8,364 477 755 569 610 715 638 592 725 545 587 691 608 565 1,500 1,587 1,282 1,193 1,395 1,307 1,194 1,568 1,483 1,625 2,294 1,560 1,523 1,001 1,096 1,045 964 1,159 1,124 925 978 851 1,093 1,252 896 970 424 465 470 419 535 506 427 432 385 511 553 406 395 577 631 575 545 624 618 498 546 466 582 699 490 575 183,540 184,110 184,407 184,684 184,967 185,199 185,495 186,078 186,739 184,698 185,863 186,604 187,271 8,235 8,110 8,003 7,904 7,808 7,713 7,638 7,599 7,527 10,058 9,776 9,647 9,487 Sales (1) 2002 - Mar.............................. Apr.............................. May............................. June............................ July ............................. Aug ............................. Sept............................ Oct.............................. Nov............................. Dec............................. 2003 - Jan .............................. Feb ............................. Mar ............................. 1,023 832 713 583 679 669 602 843 938 1,038 1,603 952 958 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Accrued discount (6) Exchange of E bonds for H and HH bonds (7) Redemptions Total (4) Sales price (5) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (8) (9) Series E and EE Fiscal years: 1941-99 .................. 349,885 2000 ....................... 3,848 2001 ....................... 4,307 2002 ....................... 5,689 206,201 6,899 8,271 7,227 556,086 10,747 12,578 12,916 349,215 11,161 12,822 11,187 251,535 5,853 5,330 4,197 97,680 5,308 7,492 6,990 22,687 924 1,160 1,470 166,529 162,749 161,044 160,038 6,169 6,525 6,710 7,588 Calendar years: 1941-99 .................. 352,457 2000 ....................... 4,396 2001 ....................... 4,591 2002 ....................... 929 220,382 8,262 8,064 1,309 572,839 12,658 12,655 2,238 364,898 12,951 12,349 2,133 261,664 6,631 5,012 633 103,234 6,320 7,337 1,500 25,019 663 1,234 275 165,702 161,386 159,365 159,596 6,983 7,739 6,710 8,295 433 708 522 560 666 589 543 667 501 544 650 573 526 973 1,122 920 945 1,129 1,060 975 1,221 1,017 1,137 1,289 930 918 895 981 922 850 1,025 996 812 855 743 983 1,228 781 857 281 234 225 190 262 249 207 310 278 403 421 293 283 614 747 697 660 763 747 605 545 465 580 807 488 574 136 138 123 113 137 139 120 138 124 138 216 116 103 159,662 159,786 159,764 159,844 159,905 159,922 160,038 160,361 160,575 158,083 158,199 158,354 158,466 8,171 8,050 7,947 7,849 7,756 7,661 7,588 7,503 7,440 9,948 9,677 9,555 9,400 2002 - Mar.............. Apr.............. May............. June............ July ............. Aug ............. Sept............ Oct.............. Nov............. Dec............. 2003 - Jan .............. Feb ............. Mar ............. See note at end of table. 540 414 398 385 463 471 432 554 516 593 639 357 392 44 U.S. SAVINGS BONDS AND NOTES TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Accrued discount (6) 23,585 1,154 1,023 921 - 22,595 924 1,160 1,470 12,813 12,759 12,815 13,361 19 20 41 50 24,039 2,291 1,053 167 24,039 2,291 1,053 167 - 23,629 1,052 1,225 274 12,869 12,704 12,860 12,986 22 56 85 69 82 80 80 72 85 78 67 77 68 67 88 77 73 82 80 80 72 85 78 67 77 68 67 88 77 73 - 136 138 123 113 137 139 120 138 124 138 216 116 103 13,042 13,100 13,147 13,188 13,244 13,307 13,361 13,380 13,447 13,496 13,630 13,667 13,699 63 59 57 55 53 51 50 96 87 110 99 93 87 Accrued discount (2) Fiscal years: 1952-99 ................................ 13,805 2000 ................................ 165 2001 ................................ 101 2002 ................................ 47 - 13,805 165 101 47 23,585 1,154 1,023 921 Calendar years: 1952-99 ................................ 13,654 2000 ................................ 106 2001 ................................ 47 2002 ................................ 23 - 13,654 106 47 23 2002 - Mar..............................3 Apr..............................3 May.............................1 June............................1 July .............................2 Aug ............................. Sept............................1 Oct..............................3 Nov.............................3 Dec.............................1 2003 - Jan ..............................5 Feb .............................9 Mar .............................4 - 3 3 1 1 2 1 3 3 1 5 9 4 Period Sales (1) Amount outstanding Matured non-interestInterestbearing debt bearing debt (9) (8) Exchange of E bonds for H and HH bonds (7) Redemptions Sales plus accrued discount (3) Total Sales price (4) (5) Series H and HH Series I Fiscal years: 1,730 1999-00 ................................ 2001 ................................3,633 2002 ................................6,806 41 195 490 1,771 3,828 7,295 49 131 366 49 131 366 - - 2,152 5,656 12,096 - Calendar years: 1999 ................................ 685 2000 ................................1,898 2001 ................................6,543 2002 ................................1,229 1 70 243 73 685 1,968 6,786 1,302 14 61 165 42 14 61 165 42 - - 469 2,712 9,192 10,379 - 2002 - Mar.............................. 479 Apr.............................. 415 May............................. 313 June............................ 197 July ............................. 214 Aug ............................. 198 Sept............................ 170 Oct.............................. 286 Nov............................. 419 Dec............................. 443 2003 - Jan .............................. 959 Feb ............................. 585 Mar ............................. 562 45 47 47 50 50 50 49 47 44 43 41 35 39 524 462 360 247 264 248 219 333 463 486 1,000 620 601 22 27 42 40 48 48 44 45 39 41 45 36 39 22 27 42 40 48 48 44 45 39 41 45 36 39 - - 10,837 11,225 11,496 11,652 11,819 11,969 12,096 12,337 12,717 13,120 14,034 14,583 15,106 - Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. 45 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in this table to agree with the Bureau of the Public Debt’s publication changes. • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. State, local and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) 46 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] End of fiscal year or month Total Federal securities outstanding (1) Public debt securities Held by U.S. Government accounts Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve Banks (6) 2001 ................................................................5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 2002 ................................................................6,255,406 6,228,236 2,675,648 311 2,675,336 628,414 2002 - Mar................................................................ 6,032,411 6,006,032 2,562,358 311 2,562,047 595,082 6,011,008 Apr................................................................ 5,984,677 2,582,932 311 2,582,621 601,978 May................................................................ 6,045,782 6,019,332 2,586,104 311 2,585,793 610,097 June................................................................ 6,153,295 6,126,469 2,662,925 311 2,662,614 614,366 6,186,282 July ................................................................ 6,159,741 2,659,878 311 2,659,567 622,640 Aug ................................................................ 6,236,756 6,210,482 2,652,793 311 2,652,482 626,312 Sept................................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414 Oct................................................................ 6,309,253 6,282,528 2,696,538 311 2,696,227 628,457 Nov................................................................ 6,370,323 6,343,460 2,694,624 311 2,694,313 628,730 Dec................................................................ 6,432,982 6,405,707 2,758,322 311 2,758,011 629,406 2003 - Jan ................................................................ 6,428,300 6,401,377 2,764,927 311 2,764,616 628,154 Feb ................................................................ 6,472,192 6,445,790 2,763,503 311 2,763,192 635,688 6,487,656 Mar ................................................................ 6,460,776 2,749,997 311 2,749,686 640,151 Public debt securities, con. Held by private investors End of fiscal year or month Total (7) Marketable (8) Agency securities Nonmarketable (9) Total outstanding (10) Held by private investors (11) 2001 ................................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 2002 ................................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 2002 - Mar................................................................ 2,848,592 2,439,632 408,960 26,379 26,379 Apr................................................................ 2,799,767 2,390,460 409,307 26,331 26,331 May................................................................ 2,823,131 2,434,729 388,402 26,450 26,450 June................................................................ 2,849,178 2,437,614 411,564 26,826 26,826 July ................................................................ 2,877,223 2,472,941 404,282 26,541 26,541 Aug ................................................................ 2,931,377 2,518,988 412,389 26,274 26,274 Sept................................................................ 2,924,175 2,507,997 416,178 27,170 27,170 Oct................................................................ 2,957,533 2,519,895 437,638 26,725 26,725 Nov................................................................ 3,020,106 2,576,649 443,458 26,863 26,863 Dec................................................................ 3,017,979 2,575,545 442,435 27,275 27,275 2003 - Jan ................................................................ 3,008,296 2,568,715 439,581 26,923 26,923 Feb ................................................................ 3,046,599 2,637,711 408,888 26,402 26,402 Mar ................................................................ 3,070,628 2,691,501 379,127 26,880 26,880 * 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 47 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) [In millions of dollars. Source: Financial Management Service] Interest-bearing public debt securities Held by U.S. Government accounts Total Federal securities outstanding (1) Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) 1998 ................................................................ 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 1999 ................................................................ 5,684,776 5,647,241 r 1,988,674 1,123 1,987,551 496,472 2000 ................................................................ 5,701,851 5,622,092 r 2,235,710 461 2,235,249 511,413 End of fiscal year or month Nonmarketable (9) Matured public debt and debt bearing no interest (10) Interest-bearing public debt securities, con. Held by private investors End of fiscal year or month Total (7) Marketable (8) Public issues held by Federal Reserve Banks (6) Total outstanding (11) Agency securities Held by U.S. Government accounts and Federal Reserve Banks (12) Held by private investors (13) 1998 ........................................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 1999 ........................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 2000 ........................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 Note.—Detail may not add to totals due to rounding. 48 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] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 1992 - Mar................................ 3,881.3 June ................................ 3,984.7 Sept................................ 4,064.6 Dec................................ 4,177.0 4,230.6 1993 - Mar................................ 4,352.0 June ................................ Sept................................ 4,411.5 4,535.7 Dec................................ 1994 - Mar................................ 4,575.9 June ................................ 4,645.8 4,692.8 Sept................................ Dec................................ 4,800.2 1995 - Mar................................ 4,864.1 June ................................ 4,951.4 Sept................................ 4,974.0 Dec................................ 4,988.7 1996 - Mar................................ 5,117.8 June ................................ 5,161.1 Sept................................ 5,224.8 Dec................................ 5,323.2 1997 - Mar................................ 5,380.9 June ................................ 5,376.2 Sept................................ 5,413.1 Dec................................ 5,502.4 1998 - Mar................................ 5,542.4 June ................................ 5,547.9 Sept................................ 5,526.2 Dec................................ 5,614.2 1999 - Mar................................ 5,651.6 June ................................ 5,638.8 Sept................................ 5,656.3 Dec................................ 5,776.1 2000 - Mar................................ 5,773.4 June ................................ 5,685.9 Sept................................ 5,674.2 Dec................................ 5,662.2 2001 - Mar................................ 5,773.7 5,726.8 June ................................ Sept................................ 5,807.5 Dec................................ 5,943.4 2002 - Mar................................ 6,006.0 June ................................ 6,126.5 Sept................................ 6,228.2 Dec................................ 6,405.7 2003 - Mar................................ 6,460.4 1 1,215.5 1,272.3 1,282.4 1,329.7 1,328.6 1,400.6 1,422.2 1,476.1 1,476.0 1,547.5 1,562.8 1,622.6 1,619.3 1,690.1 1,688.0 1,681.0 1,731.1 1,806.7 1,831.6 1,892.0 1,928.7 1,998.9 2,011.5 2,087.8 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,404.8 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (5) (3) (4) Private 6 (6) 2,665.8 2,712.4 2,782.2 2,847.3 2,902.0 2,951.4 2,989.3 3,059.6 3,099.9 3,098.3 3,130.0 3,177.6 3,244.8 3,261.3 3,286.0 3,307.7 3,386.7 3,354.4 3,393.2 3,431.2 3,452.2 3,377.3 3,401.6 3,414.6 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 r 2,987.3 r 2,936.3 2,880.4 r 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,055.6 116.9 116.7 120.0 121.1 112.1 111.6 125.1 119.3 119.6 128.9 135.9 139.6 141.1 142.1 141.5 142.2 143.8 144.0 140.7 139.4 140.9 141.4 142.4 143.5 135.9 129.0 120.5 112.5 108.8 110.3 110.1 109.8 107.9 109.3 109.7 108.4 105.7 105.9 103.2 104.2 106.3 108.8 110.9 r 111.4 n.a. 300.5 315.1 337.2 348.3 362.6 360.9 366.2 373.0 397.4 383.8 364.0 339.6 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.1 220.5 201.4 188.0 188.1 189.1 181.5 187.6 204.4 r 210.4 r 223.2 n.a. 142.0 145.4 150.3 157.3 163.6 166.5 169.1 171.9 175.0 177.1 178.6 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 192.0 192.8 193.3 194.9 197.7 Source: “Monthly Statement of the Public Debt of the United States.” Face value. Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve Banks, statement of condition, for System Open Market Accounts; and U. S. Treasury for Government accounts. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 7 Includes money market mutual funds, mutual funds and closed-end investment companies. 2 State and Insurance compalocal nies 3 governments (7) (8) 141.7 146.7 166.4 172.3 171.2 176.9 189.2 186.6 195.3 193.4 191.9 191.9 203.1 197.2 193.0 191.7 198.9 208.2 202.4 203.5 203.7 209.3 219.7 216.9 211.9 214.8 211.2 217.7 218.4 222.5 215.3 211.2 211.1 210.5 200.7 195.7 195.3 204.4 187.7 177.4 187.0 177.2 r 174.1 r 172.8 n.a. 188.4 192.8 194.8 197.5 208.0 217.8 229.4 234.5 233.4 238.0 243.7 240.1 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.8 110.2 109.1 108.1 106.8 105.7 108.4 110.3 r 116.0 r 117.4 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 193.8 193.7 195.9 200.4 202.0 207.5 217.6 227.1 212.8 204.6 201.6 209.4 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 221.8 r 205.3 207.0 220.8 220.7 217.4 231.5 257.5 264.8 250.0 r 253.7 r 278.1 n.a. 460.0 435.6 429.3 418.2 434.0 441.2 434.0 447.8 443.4 425.2 398.2 370.0 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 266.8 257.2 256.4 241.9 236.2 239.0 r 241.4 248.9 256.5 261.2 271.7 269.4 r 274.2 n.a. Foreign and international 8 (11) 536.4 558.2 562.8 576.7 585.9 596.8 619.1 650.3 661.1 659.9 682.0 667.3 707.0 762.5 820.4 835.2 908.1 929.7 993.4 1,102.1 1,157.6 1,182.7 1,230.5 1,241.6 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 r 1,051.2 r 1,067.0 r 1,101.9 r 1,167.1 r 1,212.7 p 1,250.5 Other investors 9 (12) 586.0 608.2 625.5 655.5 662.7 672.2 639.7 649.2 661.9 687.4 734.1 839.8 854.0 875.8 855.7 881.8 864.1 823.9 841.7 804.1 794.4 714.2 686.4 r 677.6 702.5 622.8 677.4 636.6 630.1 539.9 517.2 590.3 734.9 r 600.6 r 600.5 588.7 r 620.3 r 471.3 520.6 r 495.2 r 474.9 r 432.7 r 429.9 r 433.8 n.a. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1984 benchmark to December 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to March 2000. The March 2000 benchmark was released in 2002. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. Note.—Ownership data were revised (in June 1999) back to March 1989 in order to update ownership categories and to incorporate greater reliance on Flow of Funds data of the Federal Reserve Board. 49 INTRODUCTION: Market Yields The table and chart in this section present yields on Treasury marketable securities for maturities ranging from 1-month to 20-years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes and bonds. The Treasury yield curve in the accompanying chart is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. The Treasury uses quotations obtained by the Federal Reserve Bank of New York to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. The Board of Governors of the Federal Reserve System publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant maturity yield, and Table MY-1 now includes a 1-month maturity beginning on that date. On February 18, 2002, Treasury discontinued the 30-year constant maturity yield. In lieu of the 30-year yield, Table MY-1 will include a 20-year maturity. Historical data for the 20-year maturity is available from the Board of Governors’ Statistical Release H.15. Prior to January 2003, this section also included data on long-term Treasury, corporate and municipal yields (Table MY-2). Effective January 2003, Table MY-2 and Chart MYB have been discontinued because Treasury no longer issues long-term bonds and no longer calculates or estimates longterm corporate rates. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes and Bonds* [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) 20-yr. (10) Monthly average: 2002 - Apr................................................................ 1.72 May ................................................................ 1.74 June ................................................................ 1.72 July................................................................ 1.72 Aug................................................................ 1.68 Sept................................................................ 1.67 Oct ................................................................ 1.62 Nov................................................................ 1.26 Dec................................................................ 1.20 2003 - Jan................................................................ 1.17 Feb................................................................ 1.20 Mar................................................................ 1.18 1.75 1.76 1.73 1.71 1.65 1.66 1.61 1.25 1.21 1.19 1.19 1.15 1.98 1.91 1.83 1.74 1.64 1.64 1.59 1.30 1.27 1.22 1.20 1.16 2.48 2.35 2.20 1.96 1.76 1.72 1.65 1.49 1.45 1.36 1.30 1.24 3.42 3.26 2.99 2.56 2.13 2.00 1.91 1.92 1.84 1.74 1.63 1.57 4.01 3.80 3.49 3.01 2.52 2.32 2.25 2.32 2.23 2.18 2.05 1.98 4.65 4.49 4.19 3.81 3.29 2.94 2.95 3.05 3.03 3.05 2.90 2.78 5.02 4.90 4.60 4.30 3.88 3.50 3.54 3.64 3.63 3.60 3.45 3.34 5.21 5.16 4.93 4.65 4.26 3.87 3.94 4.05 4.03 4.05 3.90 3.81 5.85 5.81 5.65 5.51 5.19 4.87 5.00 5.04 5.01 5.02 4.87 4.82 End of month: 2002 - Apr................................................................ 1.77 May ................................................................ 1.72 June ................................................................ 1.69 July................................................................ 1.73 Aug................................................................ 1.70 Sept................................................................ 1.60 Oct ................................................................ 1.48 Nov................................................................ 1.25 Dec................................................................ 1.20 2003 - Jan................................................................ 1.17 Feb................................................................ 1.21 Mar................................................................ 1.16 1.77 1.74 1.70 1.71 1.69 1.57 1.44 1.22 1.22 1.18 1.20 1.14 1.91 1.91 1.75 1.70 1.67 1.51 1.43 1.30 1.23 1.19 1.19 1.13 2.35 2.34 2.06 1.80 1.74 1.53 1.46 1.56 1.32 1.31 1.24 1.19 3.24 3.22 2.90 2.23 2.14 1.72 1.68 2.08 1.61 1.72 1.53 1.51 3.83 3.73 3.37 2.67 2.50 2.02 2.05 2.51 1.99 2.16 1.91 1.93 4.53 4.37 4.09 3.53 3.22 2.63 2.81 3.28 2.78 3.02 2.69 2.78 4.88 4.77 4.52 4.09 3.78 3.25 3.45 3.88 3.36 3.55 3.24 3.35 5.11 5.08 4.86 4.51 4.14 3.63 3.93 4.22 3.83 4.00 3.71 3.83 5.74 5.77 5.65 5.41 5.06 4.75 5.03 5.18 4.83 4.93 4.70 4.84 Period * Rates are from the Treasury yields curve. 1-mo. (1) 50 MARKET YIELDS CHART MY-A.—Yields of Treasury Securities, March 31, 2003* Based on closing bid quotations of actively traded issues (in percentages) 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 Note: The yield curve is based on actively traded issues. 1.5 1.0 0 2 4 6 8 10 12 Years to maturity * Source: Office of Market Finance 14 16 18 20 51 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, various U.S. Mint offices, the Federal Reserve banks (FRBs) and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2003 [Source: Financial Management Service] Currency Amounts outstanding ................................ Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) Currency no longer issued (5) U.S. notes (4) $802,418,308,066 $767,168,784,208 $766,656,625,768 $261,160,316 $250,998,124 334,264,765 The Treasury................................................................ 33,721,765 33,512,506 20,739 188,520 FRBs ................................................................ 115,295,688,715 114,189,348,327 114,189,345,803 - 2,524 $686,788,354,586 $652,945,714,116 $652,433,767,459 $261,139,577 $250,807,080 Less amounts held by: Amounts in circulation................................ Coins 2 Amounts outstanding ................................ Total (1) Dollars 3 (2) Fractional coins (3) $35,249,523,858 $4,464,089,008 $30,785,434,850 300,543,000 284,395,000 16,148,000 1,106,340,388 170,596,451 935,743,937 $33,842,640,470 $4,009,097,557 $29,833,542,913 Less amounts held by: The Treasury................................................................ FRBs ................................................................ Amounts in circulation................................ See footnotes following table USCC-2. 52 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2003 [Source: Financial Management Service] Currency no longer issued (4) Currency in circulation by denomination $1 ....................................................................................... $7,653,468,440 $7,507,775,030 $143,481 $145,549,929 $2 ....................................................................................... 1,312,310,036 1,179,976,394 132,321,066 12,576 $5 ....................................................................................... 8,934,659,030 8,795,705,815 109,563,110 29,390,105 $10 ..................................................................................... 14,063,602,720 14,041,879,430 5,950 21,717,340 $20 ..................................................................................... 97,726,858,540 97,706,753,340 3,380 20,101,820 $50 ..................................................................................... 57,025,572,350 57,014,076,950 - 11,495,400 $100 ................................................................................... 465,915,241,400 465,874,148,500 19,102,500 21,990,400 $500 ................................................................................... 142,745,000 142,557,000 - 188,000 $1,000 ................................................................ 166,061,000 165,855,000 - 206,000 $5,000 ................................................................ 1,755,000 1,700,000 - 55,000 $10,000 ................................................................ 3,440,000 3,340,000 - 100,000 485 - - 485 115 - 90 25 Total currency ................................................................ $652,945,714,116 $652,433,767,459 $261,139,577 $250,807,080 Fractional parts ................................................................ Partial notes 4 ................................................................ Federal Reserve notes 1 (2) U.S. notes (3) Total (1) Amounts (in millions) (1) Per capita 5 (2) Mar. 31, 2003 ..................................................................... 686,788 $2,365.21 Feb. 28, 2003 ..................................................................... 681,631 2,347.45 Jan. 31, 2003 ..................................................................... 674,756 2,325.31 Sept. 30, 2000.................................................................... 568,614 2.061.26 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 Comparative totals of currency and coins in circulation—selected dates 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 55 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5, 6 (5) 1998 ................................................................................... 81,761 11,046 10,603 36,001 24,111 1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950 2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 2002 - Apr........................................................................... 67,844 11,044 10,988 29,628 16,184 May......................................................................... 69,579 11,044 11,297 30,740 16,498 June........................................................................ 74,696 11,044 11,645 32,166 19,841 July ......................................................................... 74,751 11,042 11,575 32,271 19,863 Aug ......................................................................... 75,307 11,042 11,752 32,470 20,043 Sept........................................................................ 75,860 11,042 11,710 32,251 20,857 Oct.......................................................................... 75,499 11,042 11,700 32,171 20,586 Nov......................................................................... 75,690 11,043 11,855 32,312 20,480 Dec......................................................................... 79,006 11,043 12,166 33,818 21,979 2003 - Jan .......................................................................... 78,434 11,043 11,298 34,140 21,953 Feb ......................................................................... 78,579 11,043 11,368 34,482 21,686 Mar ......................................................................... 80,049 11,043 11,392 34,756 22,858 Apr......................................................................... 80,405 11,043 11,476 35,148 22,738 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. 56 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 Official institutions 1 End of calendar year or month Total (1) Total (2) Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Treasury Other bonds readily and marketable notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and States notes 2, 6 Total (8) (9) (10) Liabilities to nonmonetary international and regional organizations 7 (11) 1998 ................................ 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 1999 ................................ 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 2000 - Mar. 8................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 Series Break................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 2000 ................................ 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 2,725,272 2001 ................................ 898,260 285,144 454,306 3,411 155,399 1,126,270 656,183 287,480 368,703 44,559 2,759,837 2002 - Mar. r................................ 906,240 284,021 454,362 3,159 164,698 1,158,219 653,049 272,248 380,801 42,329 Apr. r................................ 2,786,364 909,966 287,248 452,757 3,179 166,782 1,181,744 649,679 276,417 373,262 44,975 May r ................................ 2,818,617 924,511 299,865 452,688 3,199 168,759 1,189,995 661,942 277,584 384,358 42,169 2,863,913 June r ................................ 953,913 323,406 454,849 3,000 172,658 1,182,753 680,034 283,637 396,397 47,213 July r ................................ 2,878,127 958,645 329,955 449,581 3,020 176,089 1,140,013 732,421 306,304 426,117 47,048 2,945,242 Aug. r ................................ 961,217 327,008 450,216 3,040 180,953 1,179,951 757,564 328,150 429,414 46,510 2,947,571 962,605 Sept. r ................................ 328,300 446,705 3,058 184,542 1,157,232 779,719 324,860 454,859 48,015 Oct. r................................ 3,042,530 960,571 325,195 446,152 3,078 186,146 1,258,111 773,728 312,322 461,406 50,120 3,006,928 Nov. ................................ 982,214 328,607 462,729 3,097 187,781 1,201,270 774,252 308,246 466,006 49,192 Dec ................................ 3,065,455 994,969 331,394 469,437 2,769 191,369 1,236,223 782,049 308,790 473,259 52,214 2003 - Jan ................................ 3,037,706 1,002,692 334,833 468,682 2,786 196,391 1,189,423 791,839 316,457 475,382 53,752 Feb. p ................................ 3,199,094 1,022,077 345,807 471,223 2,803 202,244 1,207,917 918,131 449,749 468,382 50,969 3,205,650 1,031,476 Mar. p ................................ 354,931 471,705 2,821 202,019 1,153,762 972,202 478,701 493,501 48,210 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank and the Asian Development Bank. 2 3 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on a benchmark survey as of end-March 2000 and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 57 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) Argentina 1 (3) Mexico 2 (4) 1998 ................................................................................... 6,074 6,074 1,172 3,991 911 1999 ................................................................................... 6,111 6,111 1,259 4,313 539 2000 ................................................................................... 5,348 5,348 1,244 3,520 584 2001 ................................................................................... 3,411 3,411 977 1,801 633 2002 - Mar.......................................................................... 3,159 3,159 677 1,836 646 Apr.......................................................................... 3,179 3,179 681 1,848 650 May......................................................................... 3,199 3,199 685 1,860 654 June........................................................................ 3,000 3,000 689 1,652 659 July ......................................................................... 3,020 3,020 694 1,663 663 Aug ......................................................................... 3,040 3,040 698 1,674 668 Sept........................................................................ 3,058 3,058 702 1,684 672 Oct.......................................................................... 3,078 3,078 706 1,695 677 Nov......................................................................... 3,097 3,097 710 1,706 681 Dec......................................................................... 2,769 2,769 715 1,368 686 2003 - Jan .......................................................................... 2,786 2,786 719 1,377 690 Feb ........................................................................ 2,803 2,803 723 1,385 695 Mar ......................................................................... 2,821 2,821 728 1,394 699 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of the issue is $3,060 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $5,126 million. 3 Venezuela 3 (5) 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. 58 INTRODUCTION: Capital Movements Background Data relating to U.S. international transactions in financial instruments and on other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly, quarterly, and semiannual reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertook services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data and to some sensitive data aggregates is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilation published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. The most recent revisions to selected reporting forms and instructions were effective February 28, 2003. The major changes are outlined under “Description of Statistics” below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. Reporting forms and instructions also may be downloaded from the TIC website. Basic definitions The term “foreigner” as used in Treasury reports covers all institutions and individuals resident outside the United States, including U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. 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 country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite “Other Europe.” For purposes of publication only, information on the European Central Bank also is included in “Other Europe.” “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below a specified reporting threshold are exempt from reporting. Beginning in February 2003, a number of revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment, to reduce reporting burden, to clarify reporting concepts and instructions, and to improve the quality of the series by closing known gaps in the data. A notice of these changes and a request for public comments on them was published in the Federal Register last year and some modifications were made in view of the comments. A detailed outline of the changes affecting each form may be accessed on the TIC website. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to, and dollar claims on foreigners in a number of countries. Twice a year, June 30 and December 31, they also report the same liabilities and claims items attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with foreigners. Except as noted below under “Description of Statistics,” the reportable liabilities and claims positions are with unaffiliated foreigners. Separate reports are filed for financial balances and for commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable for Form CQ-1 for reporting financial liabilities to, and claims on foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in five sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer 59 respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported these positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, and securities brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions and securities brokers and dealers), and other nonbanking enterprises in the United States. Currently, the information does not include any accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to Commerce on its direct investment forms. Data exclude claims on foreigners held through banks in the United States. As noted under “Reporting coverage” above, effective with reports filed as of March 31, 2003, the thresholds were raised for reporting on the nonbanking C-series forms. At 60 CAPITAL MOVEMENTS that time, changes were introduced as well in the coverage and reporting formats for these forms. Data series drawn from reporting on the revised C-series forms will be initially published in the Treasury Bulletin for September, and details of the changes will be outlined in that issue. However, one major revision is the addition of Section B to Form CQ-1 to capture foreign affiliate positions (including those with affiliates of the respondent’s parent) of insurance underwriting subsidiaries and financial intermediaries. Insurance underwriting subsidiaries of BHCs/FHCs will include positions vis-à-vis all foreign-resident affiliates. As of the end of March 2003, financial intermediaries are to report positions vis-à-vis all foreign-resident affiliated financial intermediaries. • Section V contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, brokers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 61 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners................................ Calendar Year 2001 Sept. r Oct. r Nov. r Dec. Jan. 2002 2003 Feb. Mar. p 1,715,901 1,829,841 1,916,434 1,858,081 1,899,058 1,864,519 2,024,740 2,086,482 Payable in dollars........................................................... 1,636,538 1,748,122 1,834,715 1,776,362 1,818,517 1,783,978 1,944,199 2,005,941 Foreign official institutions 1 ................................ r 285,144 328,300 325,195 328,607 331,394 334,833 345,807 354,931 Deposits, excluding negotiable CDs......................22,668 15,912 17,736 17,525 20,629 17,162 25,430 23,560 U.S. Treasury bills and certificates........................ 161,719 185,187 188,474 190,111 190,375 194,762 196,344 206,153 100,757 Other liabilities ....................................................... 127,201 118,985 120,971 120,390 122,909 124,033 125,218 Foreign banks (including own foreign 1,340,564 offices) and other foreigners................................ 1,408,110 1,496,451 1,435,534 1,473,654 1,434,521 1,586,307 1,641,633 Deposits, excluding negotiable CDs...................... 165,283 135,177 140,143 142,536 145,404 142,924 696,223 726,293 U.S. Treasury bills and certificates........................23,796 38,781 34,498 35,431 38,047 35,917 36,849 38,547 Other liabilities ....................................................... 1,151,485 1,234,152 1,321,810 1,257,567 1,290,203 1,255,680 853,235 876,793 International and regional organizations 2 .................10,830 11,712 13,069 12,221 13,469 14,624 12,085 9,377 Deposits, excluding negotiable CDs...................... 3,791 5,669 6,178 5,245 5,769 5,298 6,305 5,039 U.S. Treasury bills and certificates........................ 600 765 597 760 1,089 687 621 4 Other liabilities ....................................................... 6,439 5,278 6,294 6,216 6,611 8,639 5,159 4,334 79,363 81,719 81,719 81,719 80,541 80,541 80,541 80,541 Banks and other foreigners................................ 73,186 73,982 73,982 73,982 71,359 71,359 71,359 71,359 International and regional organizations 2 .................. 6,177 7,737 7,737 7,737 9,182 9,182 9,182 9,182 Payable in foreign currencies 3 ................................ Sector: Major currencies: Canadian dollars.................................................... 5,812 Euro................................................................ 31,619 6,371 6,371 6,371 6,610 6,610 6,610 6,610 37,702 37,702 37,702 38,491 38,491 38,491 38,491 United Kingdom pounds sterling............................ 6,238 6,187 6,187 6,187 6,949 6,949 6,949 6,949 Japanese yen.........................................................26,645 23,068 23,068 23,068 20,041 20,041 20,041 20,041 Respondents’ own liabilities payable in 1,181,097 dollars................................................................ 1,218,134 1,305,674 1,242,279 1,274,227 1,241,101 1,389,180 1,452,048 Liabilities to own foreign offices................................ 792,291 788,198 877,900 820,247 852,471 804,006 911,346 948,277 Liabilities collaterized by repurchase agreements ......................................................... 151,143 213,172 200,313 190,283 190,134 210,349 306,017 338,431 Foreign official institutions 1 ...............................45,960 62,980 55,389 56,445 54,035 60,990 60,295 64,115 273,438 Memoranda: 1 Foreign banks and other foreigners................... 102,507 147,870 140,830 131,818 134,087 145,237 244,698 International and regional organizations 2 .................. 2,676 2,322 4,094 2,020 2,012 4,122 1,024 878 389,264 Reported by IBFs...................................................... 385,938 462,272 431,642 406,375 344,464 354,758 341,702 Respondents’ own liabilities payable in foreign currencies 3 ...............................................79,363 81,719 81,719 81,719 80,541 80,541 80,541 80,541 Reported by IBFs......................................................52,652 51,816 51,816 51,816 51,786 51,786 51,786 51,786 Liabilities held in custody for domestic 455,441 customers................................................................ 529,988 529,041 534,083 544,290 542,877 555,019 553,893 Payable in dollars ............................................... 455,441 529,988 529,041 534,083 544,290 542,877 555,019 553,893 Payable in foreign currencies 3 ........................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Includes Bank for International Settlements. Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. 2 3 Data may be as of preceding quarter-end for most recent month shown in table. 62 CAPITAL MOVEMENTS TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1999 Europe: Austria ................................................................ 2,960 Belgium 1 ................................................................ 46,078 Bulgaria................................................................ 472 Czech Republic.............................................................. 790 Denmark................................................................2,357 Finland ................................................................1,749 France ................................................................58,317 Germany ................................................................ 29,004 Greece ................................................................3,877 Hungary................................................................ 871 Ireland ................................................................ 7,691 Italy................................................................ 9,756 Luxembourg 1 ................................................................ n.a. Netherlands................................................................ 9,365 Norway................................................................1,363 Poland ................................................................ 4,274 Portugal................................................................2,501 Romania................................................................ 768 Russia 2 ................................................................5,476 Spain ................................................................ 11,091 Sweden ................................................................4,744 Switzerland ................................................................ 64,092 Turkey ................................................................ 7,972 United Kingdom ................................ 190,706 Channel Islands and Isle of Man 3 ................................ n.a. Yugoslavia 4 ................................................................ 286 14,778 Other Europe ................................................................ 481,338 Total Europe .............................................................. Canada................................................................ 40,579 Latin America: Argentina................................................................ 18,650 Brazil ................................................................ 12,944 Chile ................................................................ 7,095 Colombia................................................................ 5,685 Ecuador................................................................1,959 Guatemala................................................................ 1,632 Mexico................................................................32,263 Panama................................................................4,420 Peru................................................................ 1,143 Uruguay................................................................2,393 Venezuela ................................................................ 20,459 10,916 Other Latin America 5................................ Total Latin America................................ 119,559 Caribbean: 139,425 Bahamas................................................................ Bermuda................................................................8,005 British West Indies 6 ................................ 331,546 Cayman Islands 6 ................................ n.a. Cuba................................................................ 75 Jamaica................................................................ 547 Netherlands Antilles................................ 4,205 Trinidad and Tobago................................ 601 n.a. Other Caribbean 5 ................................ 484,404 Total Caribbean ................................ See footnotes at end of table. Calendar year 2000 2001 Nov. r 2002 2,755 34,230 367 626 3,134 1,412 41,275 41,416 2,042 1,127 8,115 6,755 n.a. 7,587 2,310 3,649 2,529 850 19,052 8,236 6,506 76,307 7,636 187,145 n.a. 282 16,518 481,861 36,975 3,277 6,863 267 612 3,786 1,446 57,924 26,353 2,308 730 16,752 7,382 17,334 12,708 3,746 3,695 4,082 1,481 20,808 9,251 3,451 67,400 7,486 222,321 36,342 309 19,397 557,511 31,540 2,541 8,150 185 644 3,394 2,646 51,597 36,713 3,394 262 18,649 6,116 27,872 8,498 14,694 4,154 3,187 1,976 25,454 16,410 3,903 142,288 11,790 196,740 39,192 332 19,186 649,967 30,014 2,517 8,716 219 531 4,889 1,711 43,339 41,983 2,996 270 20,995 5,358 29,624 11,302 18,895 4,205 3,677 1,919 23,159 14,492 4,706 132,157 12,132 199,157 45,954 301 25,107 660,311 29,857 2,230 8,963 185 837 6,506 2,601 40,430 39,525 3,226 161 20,185 4,951 31,536 12,674 17,751 4,021 3,550 1,558 24,390 15,310 3,817 106,001 12,755 185,691 26,553 353 23,228 598,988 32,778 2,370 9,742 175 796 6,612 1,879 43,366 47,229 2,927 267 25,439 5,335 36,996 16,804 10,964 4,469 2,980 1,230 27,655 16,500 4,054 120,062 11,972 295,958 23,246 337 25,600 744,964 33,493 2,169 11,951 109 909 6,760 863 43,579 51,202 2,023 270 23,633 5,531 33,923 15,034 14,195 4,642 2,904 829 28,930 14,380 4,661 115,090 10,996 317,440 21,941 332 28,236 762,532 36,886 19,500 11,726 5,946 4,561 2,117 1,619 33,041 4,353 1,444 3,036 24,984 10,094 122,421 10,786 15,219 4,993 4,716 2,396 1,900 40,548 3,646 1,368 3,222 25,311 6,311 120,416 11,695 11,977 5,407 4,659 2,261 1,403 33,723 3,704 1,363 2,615 22,820 5,921 107,548 11,278 11,329 6,112 4,174 2,307 1,398 37,417 3,963 1,366 2,814 22,485 5,890 110,533 11,312 11,878 5,639 4,163 2,405 1,453 38,141 4,008 1,367 2,688 20,552 5,888 109,494 10,599 12,274 5,853 4,900 2,246 1,491 35,989 4,107 1,363 2,464 20,186 5,686 107,158 10,714 13,486 5,768 4,469 2,377 1,415 37,237 3,688 1,333 2,733 18,933 5,817 107,970 191,061 9,763 382,868 n.a. 90 828 5,454 904 n.a. 590,968 179,382 10,681 n.a. 445,888 88 1,222 3,273 1,281 12,230 654,045 146,567 27,177 n.a. 494,843 94 860 5,484 1,595 11,566 688,186 162,786 24,430 n.a. 507,954 91 840 5,026 1,420 11,425 713,972 170,710 28,033 n.a. 520,970 93 894 6,336 1,374 11,140 739,550 166,505 38,691 n.a. 528,668 210 861 4,531 1,399 11,711 752,576 176,328 41,159 n.a. 554,761 266 1,007 4,401 1,388 11,876 791,186 Dec. Jan. 2003 Feb. Mar. p CAPITAL MOVEMENTS 63 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1999 Calendar year 2000 Asia: China: Mainland................................................................ 12,325 Taiwan................................................................ 13,644 28,260 Hong Kong ................................................................ India ................................................................ 7,368 Indonesia................................................................ 6,571 Israel ................................................................ 7,489 Japan ................................................................ 170,614 Korea................................................................12,991 1,212 Lebanon ................................................................ Malaysia ................................................................ 3,851 Pakistan ................................................................813 3,806 Philippines................................................................ Singapore................................................................ 32,840 Syria ................................................................ 55 6,052 Thailand ................................................................ Oil-exporting countries 7................................ 22,565 5,387 Other Asia ................................................................ 335,843 Total Asia ................................................................ Africa: Congo (formerly Zaire)................................ 14 Egypt................................................................ 2,023 Ghana ................................................................ 147 Liberia ................................................................ 423 Morocco ................................................................179 South Africa ................................................................ 1,497 Oil-exporting countries 8................................ 3,010 2,280 Other Africa................................................................ 9,573 Total Africa................................................................ Other countries: Australia ................................................................ 8,408 New Zealand 9................................ n.a. 1,413 All other................................................................ Total other countries ................................ 9,821 1,481,117 Total foreign countries ................................ International and regional organizations: International ................................................................ 13,758 European regional................................ 504 Latin American regional................................ 1,150 Caribbean regional 10 ................................ n.a. Asian regional ................................ 607 African regional................................ 141 Middle Eastern regional................................ Total international 16,160 and regional ................................ Grand total ................................ 1,497,277 1 2002 2001 Dec. Jan. 2003 Feb. Mar. p 16,531 17,374 26,996 4,530 8,514 8,099 162,449 7,960 681 2,335 1,024 2,320 28,638 59 3,212 24,939 5,312 320,973 10,510 17,729 27,197 3,708 12,424 7,908 174,067 9,057 563 1,299 1,971 1,777 17,447 67 4,757 21,274 5,787 317,542 14,488 23,564 31,486 7,545 12,916 8,907 181,190 6,554 722 1,608 2,627 1,465 15,665 36 8,703 13,948 7,078 338,502 15,504 18,641 33,344 7,970 14,110 7,213 175,995 8,942 652 1,220 2,093 1,795 17,039 35 7,607 18,892 6,756 337,808 13,544 22,162 37,074 8,091 12,858 9,621 176,774 7,420 572 1,041 1,750 1,366 14,901 35 6,668 17,704 7,017 338,598 13,636 23,872 36,007 8,850 12,414 10,180 181,064 7,052 509 1,386 1,506 1,526 14,212 39 5,033 14,719 7,086 339,091 17,733 19,934 33,262 8,689 11,943 11,769 191,002 6,740 508 1,504 1,852 1,766 15,189 31 5,289 12,451 6,842 346,504 4 2,621 188 318 148 1,011 4,141 2,535 10,966 4 2,783 133 229 274 843 4,461 2,738 11,465 2 2,493 337 152 254 702 5,075 3,075 12,090 2 2,652 312 141 306 1,118 4,466 3,353 12,350 3 2,494 333 171 259 729 4,222 3,076 11,287 5 3,608 299 161 346 2,407 4,648 3,004 14,478 3 3,549 283 181 280 1,811 4,083 2,895 13,085 10,109 n.a. 1,281 11,390 1,575,554 5,634 328 413 6,375 1,698,894 9,360 2,209 247 11,816 1,838,123 9,397 1,918 261 11,576 1,876,407 8,301 1,442 275 10,018 1,840,713 9,180 2,060 473 11,713 2,003,473 6,905 2,297 558 9,760 2,067,923 12,193 453 740 n.a. 175 74 - 15,508 689 480 84 213 33 - 17,984 1,081 478 73 321 21 - 20,465 1,511 508 67 85 15 - 22,041 1,074 372 94 145 80 - 19,399 1,017 547 105 157 42 - 17,137 395 686 103 196 42 - 13,635 1,589,189 17,007 1,715,901 19,958 1,858,081 22,651 1,899,058 23,806 1,864,519 21,267 2,024,740 18,559 2,086,482 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2 Nov. r 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya and Nigeria. 9 Before January 2001, data included in “All other.” 10 Before January 2001, included in “Latin American regional.” 64 CAPITAL MOVEMENTS TABLE CM-I-3.—Total Liabilities by Type and Country, Mar. 31, 2003, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars To foreign official institutions and unaffiliated foreign banks To all other foreigners Total liabilities Country Total (1) Payable in Payable foreign in currendollars cies 1 (2) (3) Europe: Austria ................................................................ 2,169 2,125 44 Belgium ................................................................ 11,951 11,846 105 Bulgaria................................................................ 109 109 Czech Republic................................ 909 897 12 Denmark................................................................ 6,760 6,751 9 Finland ................................................................ 863 845 18 France ................................................................ 43,579 39,880 3,699 Germany ................................................................ 51,202 43,617 7,585 Greece ................................................................ 2,023 2,002 21 Hungary................................................................ 270 263 7 Ireland ................................................................ 23,633 23,560 73 Italy................................................................ 5,531 5,001 530 Luxembourg ................................ 33,923 32,925 998 Netherlands................................ 15,034 14,454 580 Norway................................................................ 14,195 14,167 28 Poland ................................................................ 4,642 4,622 20 Portugal................................................................ 2,904 2,802 102 Romania................................................................ 829 823 6 Russia 4 ................................................................ 28,930 28,918 12 Spain ................................................................ 14,380 13,920 460 Sweden ................................................................ 4,661 4,611 50 Switzerland................................ 115,090 114,439 651 Turkey ................................................................ 10,996 10,995 1 United Kingdom................................ 317,440 300,173 17,267 Channel Islands and Isle of Man 5 ................................ 21,941 21,715 226 Yugoslavia 6 ................................ 332 332 166 Other Europe................................ 28,236 28,070 762,532 729,862 32,670 Total Europe................................ 36,886 31,988 4,898 Canada................................................................ Latin America: Argentina ................................................................ 10,714 10,654 60 Brazil ................................................................ 13,486 12,194 1,292 Chile................................................................ 5,768 5,720 48 Colombia................................................................ 4,469 4,453 16 Ecuador ................................................................ 2,377 2,369 8 Guatemala................................................................ 1,415 1,398 17 Mexico................................................................ 37,237 35,972 1,265 Panama ................................................................ 3,688 3,649 39 Peru................................................................ 1,333 1,330 3 Uruguay ................................................................ 2,733 2,726 7 Venezuela................................................................ 18,933 18,332 601 5,817 5,769 48 Other Latin America................................ 107,970 104,566 3,404 Total Latin America................................ Caribbean: Bahamas ................................................................ 176,328 175,738 590 Bermuda................................................................ 41,159 40,552 607 Cayman Islands ................................ 554,761 545,764 8,997 Cuba ................................................................ 266 266 Jamaica ................................................................ 1,007 996 11 Netherlands Antilles................................ 4,401 4,394 7 Trinidad and Tobago................................ 1,388 1,373 15 11,876 11,793 83 Other Caribbean................................ 791,186 780,876 10,310 Total Caribbean ................................ See footnotes at end of table. Memorandum Nonnegotiable Totals deposits and Banks’ own Custody brokerage liabilities liabilities balances 2 (4) (6) (5) Shortterm U.S. Treasury obliga- Other tions 3 liabilities (7) (8) NonShortnegotiable term deposits U.S. and Treasury brokerage obliga- Other balances 2 tions 3 liabilities (9) (10) (11) Liabilities Negotiable to banks’ CDs own held for foreign all foroffices eigners (12) (13) 1,112 10,869 71 136 5,209 194 24,134 34,518 1,620 143 4,442 3,983 12,787 9,486 14,140 1,446 572 340 3,927 10,868 2,519 101,677 1,355 286,724 331 5,888 11 69 68 74 8,046 12,490 689 23 1,055 2,119 6,340 2,047 73 76 260 61 2,422 1,430 258 94,232 221 94,801 318 428 32 410 1,216 136 11,641 1,626 241 114 163 719 3,189 1,769 14 1,875 2,049 170 661 868 49 6,288 9,529 1,648 1,178 2,372 59 396 5,169 588 11,630 21,311 526 85 4,739 1,408 13,346 2,696 13,976 2,627 230 577 25,661 9,953 1,442 5,698 924 101,737 206 205 7 22 39 40 813 1,469 407 35 524 553 282 2,262 63 41 223 15 117 1,030 168 1,311 82 10,489 48 166 249 6 10 68 50 6 2,312 50 121 364 1 2 1 47 400 1,703 5 3,537 6 1,900 1 1 19 45 9,477 18,119 310 2 138 692 10,437 4,774 243 38 41 426 2,804 108 98,390 185 203,100 21,553 162 21,198 332 28 12,346 15,724 5,578 566,503 163,359 259,888 21,338 10,650 4,783 14,986 60,139 4,144 108 180 7,062 235,678 15,068 93 13 327 20,836 2,176 151 165 21,056 3 111 80 37 45 13 9,377 143,944 372,357 17,484 671 5,146 11,773 209 438 3,956 751 225 295 298 3,429 469 145 217 1,772 1,787 13,782 2 46 11 5,753 27 99 2,436 91 8,465 1,570 2,231 1,573 1,597 400 155 11,590 694 180 864 1,449 1,037 23,340 7,744 5,601 2,827 2,453 1,562 871 12,787 1,900 907 1,082 12,040 2,652 52,426 434 94 197 22 14 23 558 251 46 231 61 55 1,986 171,394 4,344 109,562 32,720 7,832 529 400,550 145,214 200,834 263 3 12 955 41 484 4,287 107 638 1,298 75 686 8,956 2,837 1,295 620,423 160,453 314,040 602 240 126 32 186 1,186 53,924 3,560 203,256 4 324 661 355 790 262,874 4,492 4,850 7,384 65 184 674 260 5,780 23,689 860 1,053 2,673 3 48 14 923 5,574 9,149 11,351 4,020 3,284 2,222 1,303 22,227 3,036 1,233 2,225 15,422 5,298 80,770 1,013 977 38 761 1,542 651 15,746 9,099 382 120 19,118 1,018 20,138 4,968 27 3,176 2,230 483 24,991 3,052 2,092 12,762 9,640 13,449 1,505 843 1,700 1,169 147 95 13,745 613 97 501 2,910 471 23,796 44 2,787 10 1 7,740 6,653 89 14,767 152 9,647 5,316 40 3 38 56 592 2,294 5,207 234 87,961 466 312 372 110 98 40 1,855 308 52 233 574 147 4,567 554 14 52 509 721 5,719 65 1,570 156 774 47 5 29 9 139 1,282 3,248 27 2,548 460 1,096 426 26 102 36 2,977 577 62 317 184 215 6,478 210 184 230 128 34 15 582 190 25 129 114 84 1,925 6,298 154,135 30,320 2,971 131,491 317,425 182 4 27 2,341 484 58 165 2,819 314 173,513 475,521 337 311 5,289 28 22 6 676 6,669 CAPITAL MOVEMENTS 65 TABLE CM-I-3.—Total Liabilities by Type and Country, Mar. 31, 2003, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars To foreign official institutions and unaffiliated foreign banks To all other foreigners Total liabilities Country Total (1) Payable in dollars (2) Asia: China: Mainland................................ 17,733 17,733 Taiwan................................19,934 19,919 Hong Kong................................33,262 32,965 8,689 8,672 India ................................................................ Indonesia ................................11,943 11,943 11,769 11,741 Israel ................................................................ Japan ................................ 191,002 176,338 Korea ................................ 6,740 6,730 508 508 Lebanon................................ Malaysia................................ 1,504 1,461 Pakistan................................ 1,852 1,844 1,764 Philippines ................................1,766 Singapore ................................15,189 13,024 Syria................................................................ 31 31 Thailand................................ 5,289 5,287 16,764 Other Asia................................19,293 346,504 326,724 Total Asia ................................ Africa: Congo (formerly Zaire)................................ 3 3 3,549 3,549 Egypt................................................................ Ghana................................ 283 283 Liberia ................................ 181 179 280 280 Morocco................................ South Africa................................1,811 1,807 6,874 Other Africa ................................6,978 13,085 12,975 Total Africa ................................ Other countries: Australia................................ 6,905 6,841 New Zealand ................................ 2,297 2,175 558 557 All other................................ 9,760 9,573 Total other countries................................ Total foreign 2,067,923 1,996,564 countries ................................ International and regional orgs.: 17,137 7,955 International................................ European regional................................ 395 395 Latin American regional ................................ 686 686 Caribbean regional................................ 103 103 Asian regional................................196 196 42 42 African regional ................................ Middle Eastern regional ................................ Total international 18,559 9,377 and regional................................ Grand total ................................ 2,086,482 2,005,941 Payable in foreign currencies 1 (3) NonShortnegotiable term Totals U.S. deposits Treasury Banks’ and own Custody brokerage obligaOther liabilities liabilities balances 2 tions 3 liabilities (4) (5) (6) (7) (8) 15 297 17 28 14,664 10 43 8 2 2,165 2 2,529 19,780 11,916 17,291 10,713 1,518 1,437 3,354 62,347 3,905 489 1,209 1,044 1,511 11,148 30 1,317 11,367 140,596 5,817 2,628 22,252 7,154 10,506 8,387 113,991 2,825 19 252 800 253 1,876 1 3,970 5,397 186,128 2 4 104 110 3 1,194 163 81 278 1,797 5,378 8,894 2,355 120 98 2 10 1,496 4,081 537 35 2 46 93 2,933 3,646 64 122 1 187 2,480 1,252 461 4,193 4,361 923 96 5,380 990 38 61 1,089 71,359 1,442,717 553,847 9,182 - 7,945 391 666 103 184 42 - 1,710 1,012 3,855 1,829 5,088 12,263 816 5,229 716 9,051 445 7,442 13,532 99,585 741 1,285 144 419 214 296 691 535 38 5,936 789 7 345 3,884 4,198 4,805 38,783 148,117 714 2,621 1,962 247 349 1,742 2,780 224 100 46 80 410 577 18 199 938 13,007 72 189 159 97 431 2 1 8 110 17 115 1,201 476 479 1,279 618 29 778 11,694 313 14 22 376 80 970 1 92 731 17,952 2,086 1,124 6,565 599 236 237 52,676 2,513 2 122 525 70 8,023 73 4,855 79,706 71 400 260 12 18 127 518 11 17 5 6 30 23 1 12 41 1,552 1,942 120 1,027 3,089 594 110 2 210 1,567 1,942 4,425 3 259 16 77 23 122 682 1,182 2 19 1 26 48 215 2 79 25 264 585 117 1 3 1,361 686 2,168 204 33 5 8 250 582 36 15 633 4,837 1,873 320 7,030 283 143 100 526 47 16 7 70 102 69 54 225 238 1 35 274 270 8 3 281 636,011 225,773 656,079 113,842 18,927 345,932 - - - 636,011 225,773 656,079 1 5 2 6 These data as of December 31, 2002. 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.” NonShortnegotiable term Liabilities Negotiable U.S. deposits to banks’ CDs and Treasury own held for brokerage obligaOther foreign all forbalances 2 tions 3 liabilities offices eigners (9) (10) (11) (12) (13) 13,749 10,946 12,214 1,762 1,798 1,237 48,316 4,167 248 760 400 693 4,642 5 750 5,977 107,664 10 4 20 12 - 9,182 9,331 46 80,541 1,452,048 553,893 Memorandum 4,403 373 222 8 30 3 - 4 - 3,552 18 464 95 166 39 - 5,039 4 118,881 18,931 4,334 350,266 948,277 28,370 - 10 20 - 30 948,277 28,400 Before January 2001, data included in United Kingdom. On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 66 CAPITAL MOVEMENTS CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries 800 U.S. banking liabilities to foreigners were recorded at more than $2 trillion in March 2003, an increase of $187 billion from year-end 2002. In large part, the increase in liabilities to foreigners in the first quarter of this year reflects changes to the reporting scope of the Treasury International Capital (TIC) reporting system effective February 2003. In particular, these figures now include positions with affiliated foreign nonbanking offices reported by U.S. brokers and dealers. U.S. banking liabilities increased $183 billion in 2002 and $127 billion in 2001. (In billions of dollars) 700 600 500 400 300 200 100 0 1999 2000 2001 2002 Mar. 2003 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Country 1999 United Kingdom................................ 190,706 All other Europe ................................ 290,632 Caribbean banking centers 1,2 ................................ 487,601 Japan................................................................170,614 All other Asia ................................................................ 165,229 Subtotal ................................................................ 1,304,782 All other countries ................................ 1 2 2000 187,145 294,716 593,499 162,449 158,524 1,396,333 Calendar years 2001 222,321 335,190 642,870 174,067 143,475 1,517,923 2002 Mar. 2003 199,157 461,154 704,159 175,995 161,813 1,702,278 317,440 445,092 780,337 191,002 155,502 1,889,373 192,495 192,856 197,978 196,780 197,109 Grand total ................................................................ 1,497,277 1,589,189 1,715,901 1,899,058 2,086,482 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 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 recorded against the United Kingdom and banking centers in the Caribbean. These two areas also recorded most of the reported increase in liabilities during the first 3 months of 2003. Foreigners domiciled in the rest of Europe and in Asia account for nearly 40 percent of U.S. banking liabilities. In the mid-1990s, U.S. banking liabilities grew rapidly, with annual growth averaging about 10 percent. Growth slowed to about 5 percent per year from 1998 through 2000, but picked up again to 8 percent in 2001 and more than 10 percent in 2002. CAPITAL MOVEMENTS 67 SECTION II.—Claims on Foreigners Reported by Banks in the United States Table CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar Year 2000 June 2001 Sept. r Dec. r Mar. r June r Sept. Dec. p Total claims................................................................ 1,177,192 1,277,113 1,221,304 1,347,134 1,359,307 1,430,400 1,355,084 1,394,057 Payable in dollars............................................................ 1,095,869 1,178,541 1,131,313 1,254,863 1,266,270 1,325,628 1,253,664 1,290,232 Banks’ own claims on foreigners ................................ 904,642 991,445 962,525 1,055,069 1,061,745 1,109,983 1,063,550 1,080,271 Foreign public borrowers................................ 33,221 47,500 42,232 44,458 49,966 47,005 58,661 45,317 Deposits................................................................ 23,886 20,336 20,113 26,387 26,305 23,995 24,196 20,665 Other................................................................71,357 71,352 72,500 73,980 69,852 68,815 70,711 60,768 Own foreign offices ......................................................... 630,137 686,555 662,466 749,124 752,777 792,152 732,318 787,198 All other foreigners.......................................................... 146,041 165,702 165,214 161,120 162,845 178,016 177,664 166,323 Claims of banks’ domestic customers ............................ 191,227 187,096 168,788 199,794 204,525 215,645 190,114 209,961 Deposits................................................................ 100,352 93,656 71,537 93,565 92,674 94,129 86,862 79,512 Negotiable and readily transferable instruments................................ 78,147 77,192 87,416 90,412 99,159 109,111 90,919 124,159 Collections and other ................................ Type of Claim 2002 Unaffiliated foreign banks: 12,728 16,248 9,835 15,817 12,692 12,405 12,333 6,290 Payable in foreign currencies................................ 81,323 98,572 89,991 92,271 93,037 104,772 101,420 103,825 Banks’ own claims on foreigners of which ................................................................ 56,912 70,193 77,428 69,106 74,640 76,395 88,924 80,945 n.a. 5,420 6,170 6,106 6,064 6,848 6,704 6,785 Euros................................................................ n.a. 32,993 28,555 42,980 42,662 55,294 48,459 39,413 Canadian dollars ................................ n.a. 9,022 6,996 6,296 6,559 6,631 8,294 5,957 n.a. Japanese yen......................................................... U.K. pounds sterling................................ 11,196 10,489 9,892 13,296 12,131 8,417 8,688 Claims of banks’ domestic customers of which ................................................................ 24,411 21,144 20,885 17,631 16,642 15,848 20,475 33,632 n.a. 811 892 935 1,419 1,198 1,267 1,148 Euros................................................................ n.a. Canadian dollars ................................ 6,378 9,008 3,097 2,756 4,858 7,916 6,551 n.a. 2,114 1,745 1,133 896 2,344 1,434 2,272 Japanese yen......................................................... n.a. 874 359 351 540 1,911 2,458 7,508 U.K. pounds sterling................................ Memoranda: Claims reported by IBFs ................................ 308,953 344,659 311,172 339,685 345,525 363,363 333,880 346,417 Payable in dollars......................................................... 281,707 312,578 281,395 306,381 309,417 322,421 300,318 315,536 Payable in foreign currencies................................27,246 32,081 29,777 33,304 36,108 40,942 33,562 30,881 Customer liability on acceptances ................................ 4,257 3,054 2,468 2,588 2,139 2,356 2,353 2,450 Collateralized by resale agreements .............................. n.a. 129,693 112,143 137,979 123,199 158,784 166,568 161,585 Foreign public borrowers................................ n.a. 28,463 21,427 27,033 30,471 27,843 39,321 25,903 n.a. Foreign banks and other foreigners ............................. 96,770 86,357 106,194 87,738 126,888 124,751 132,130 International and regional orgs ................................n.a. 4,460 4,359 4,752 4,990 4,053 2,496 3,552 Claims with remaining maturity of 1 year or less: On foreign public borrowers................................17,443 23,171 16,858 23,932 27,257 29,449 40,195 28,905 On all other unaffiliated foreigners ............................... 168,660 168,808 161,600 176,308 187,116 206,770 209,881 184,067 On foreign public borrowers................................15,108 23,770 24,504 19,947 22,050 16,942 18,024 16,179 On all other unaffiliated foreigners ............................... 72,798 86,555 95,962 85,139 71,863 64,046 62,707 63,945 Claims with remaining maturity of more than 1 year: 68 CAPITAL MOVEMENTS TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Calendar year 2000 Europe: Austria ................................................................ 4,862 Belgium 1 ................................................................ 9,957 Bulgaria ................................................................ 23 Czech Republic ............................................................... 139 Denmark................................................................ 4,923 Finland................................................................ 8,691 France ................................................................ 53,007 Germany................................................................70,564 Greece................................................................ 1,247 Hungary................................................................ 41 Ireland................................................................ 6,970 Italy ................................................................ 12,586 Luxembourg 1 ................................................................ n.a. Netherlands ................................................................ 22,974 Norway ................................................................ 5,655 Poland ................................................................ 434 Portugal ................................................................ 2,105 Romania ................................................................ 80 Russia 2 ................................................................ 690 Spain ................................................................ 4,531 Sweden................................................................ 15,985 Switzerland................................................................ 87,736 Turkey................................................................ 4,455 United Kingdom............................................................... 223,976 Channel Islands and Isle of Man 3 ................................ n.a. Yugoslavia 4................................................................ 50 7,029 Other Europe................................................................ 548,710 Total Europe ................................................................ Canada................................................................ 55,908 Latin America: Argentina ................................................................12,911 Brazil................................................................ 22,130 Chile ................................................................ 6,067 Colombia ................................................................ 4,388 Ecuador ................................................................ 651 Guatemala................................................................1,279 Mexico ................................................................ 18,247 Panama ................................................................ 3,239 Peru ................................................................ 2,823 Uruguay................................................................ 702 Venezuela................................................................3,749 5,277 Other Latin America 5 ................................ 81,463 Total Latin America................................ Caribbean: Bahamas ................................................................ 132,681 Bermuda................................................................ 9,485 British West Indies 6 ................................ 237,770 Cayman Islands 6 ............................................................ n.a. Netherlands Antilles ................................ 5,812 Trinidad and Tobago ................................ 609 n.a. Other Caribbean 5............................................................ 386,712 Total Caribbean ............................................................ See footnotes at end of table. June 2001 Sept. r Dec. r Mar. r 2002 4,405 6,200 2 129 6,691 9,173 70,110 82,705 868 19 3,852 12,410 8,529 24,912 7,301 192 2,106 61 1,091 5,452 18,847 123,875 3,983 255,731 3,276 49 2,489 654,458 3,849 6,988 1 147 4,175 11,199 69,085 61,492 521 59 3,477 10,651 9,642 25,070 5,264 427 1,765 62 969 5,789 19,302 79,789 4,056 261,893 4,171 4 2,571 592,418 7,353 7,483 2 600 3,472 10,877 86,046 54,304 517 25 9,022 8,115 3,760 22,481 6,994 535 2,159 99 606 4,767 19,758 97,702 3,370 299,262 4,513 2,894 656,716 68,008 67,078 13,233 22,959 5,603 3,657 538 1,229 17,874 3,389 2,583 446 3,124 3,103 77,738 106,643 6,790 n.a. 245,975 5,802 949 4,380 370,840 June r Sept. Dec. r 4,738 8,648 291 2,959 14,952 85,360 61,726 547 134 6,715 8,011 6,756 22,817 8,463 615 2,417 109 1,673 6,872 20,003 125,048 5,314 298,271 4,033 3,009 699,481 5,220 7,819 3 172 2,742 16,780 91,815 68,434 514 33 6,292 7,856 5,835 26,066 10,703 165 2,200 102 1,176 4,690 26,089 127,668 3,968 296,792 4,466 2,364 719,964 4,951 6,375 14 188 4,566 16,144 82,893 48,805 590 51 3,826 7,569 3,625 26,378 12,968 177 2,372 92 818 6,488 19,393 115,472 3,872 290,683 6,361 1,786 666,457 3,972 8,254 10 149 2,228 15,104 76,731 43,010 653 210 4,668 7,750 4,508 32,520 14,918 179 2,641 107 896 8,692 22,789 134,040 3,305 279,916 17,775 9 1,997 687,031 76,107 80,021 90,431 85,440 85,526 13,273 24,007 5,544 3,625 524 1,297 17,624 3,606 2,448 552 3,385 3,323 79,208 11,587 20,846 5,465 3,646 507 1,536 16,915 3,441 2,201 459 3,209 3,404 73,216 10,825 21,377 5,555 3,731 491 1,456 17,571 3,080 2,064 524 3,626 2,928 73,228 11,520 20,244 4,993 3,286 511 924 17,214 2,926 1,845 349 3,556 2,993 70,361 8,015 18,451 5,194 3,098 478 969 16,661 2,151 1,613 369 3,480 2,893 63,372 7,053 16,070 5,322 2,633 469 925 16,170 2,070 1,424 276 3,404 2,780 58,596 114,984 8,401 n.a. 239,752 9,900 944 3,634 377,984 103,541 8,470 n.a. 304,898 6,741 940 3,791 428,799 98,873 8,500 n.a. 275,313 7,168 971 3,528 394,850 110,791 11,850 n.a. 292,196 6,923 866 3,803 426,790 93,025 13,332 n.a. 282,477 6,228 930 3,456 399,911 96,358 10,620 n.a. 312,269 6,783 889 3,453 430,693 CAPITAL MOVEMENTS 69 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Calendar year 2000 Asia: China: Mainland ................................................................ 1,658 2,720 Taiwan ................................................................ Hong Kong ................................................................ 7,346 India................................................................2,341 Indonesia................................................................ 1,944 Israel................................................................5,588 39,179 Japan................................................................ Korea................................................................8,014 Lebanon................................................................39 Malaysia ................................................................ 849 Pakistan................................................................ 165 1,833 Philippines ................................................................ Singapore ................................................................ 4,576 Syria ................................................................ 12 Thailand................................................................ 1,404 Oil-exporting countries 7 ................................10,627 324 Other Asia................................................................ 88,619 Total Asia................................................................ Africa: Congo (formerly Zaire)................................ Egypt ................................................................ 228 Ghana................................................................ 18 Liberia................................................................545 Morocco................................................................ 241 South Africa................................................................ 378 Oil-exporting countries 8 ................................ 477 357 Other Africa ................................................................ 2,244 Total Africa ................................ Other countries: Australia................................................................ 8,228 n.a. New Zealand 9 ................................ 427 All other ................................................................ Total other countries................................ 8,655 1,172,311 Total foreign countries................................ International and regional orgs.: International................................................................ 4,777 European regional................................ Latin American regional ................................ 104 Caribbean regional 10 ................................ n.a. Asian regional................................ African regional ................................ Middle Eastern regional ................................ Total international 4,881 and regional................................ Grand total ................................ 1,177,192 1 June 2001 Sept. r Dec. r Mar. r June r Sept. 4,479 2,657 9,543 1,763 1,972 5,149 39,815 11,480 58 869 547 1,874 1,767 3 1,598 10,308 314 94,196 3,541 3,347 6,842 1,747 1,985 6,356 38,216 12,003 35 861 647 2,109 4,093 3 1,291 9,512 242 92,830 2,138 4,573 10,365 1,477 1,795 6,984 41,989 10,755 45 731 129 2,598 3,513 3 2,544 9,222 357 99,218 4,220 4,699 6,925 1,377 1,750 5,622 37,217 14,081 42 931 328 2,078 3,436 2 1,516 11,176 497 95,897 6,107 6,669 6,373 1,595 1,584 5,858 43,858 15,093 43 1,178 488 2,008 3,352 2 753 12,248 548 107,757 7,307 8,836 8,890 1,340 1,443 7,517 51,772 17,481 46 844 669 2,188 3,633 2 1,879 11,532 726 126,105 5,241 3,945 7,777 1,314 1,763 6,979 59,624 11,209 48 921 77 2,180 4,355 2 1,443 10,487 246 117,611 551 20 476 211 579 147 324 2,308 2 426 23 376 170 535 157 314 2,003 430 25 377 123 769 175 311 2,210 371 14 330 104 820 218 346 2,203 430 6 395 96 719 241 311 2,198 346 9 350 75 659 311 332 2,082 500 12 308 71 653 238 295 2,077 5,826 614 182 6,622 6,119 436 566 7,121 7,272 512 40 7,824 7,043 922 13 7,978 7,557 802 148 8,507 7,885 1,018 33 8,936 7,791 881 69 8,741 1,272,164 1,216,632 1,342,082 1,353,658 1,426,008 1,352,303 1,390,275 4,488 8 105 348 - 4,446 7 104 115 - 4,322 14 237 479 - 5,237 12 212 188 - 3,848 53 238 253 - 2,121 23 252 385 - 3,264 8 179 331 - Dec. r 4,949 4,672 5,052 5,649 4,392 2,781 3,782 1,277,113 1,221,304 1,347,134 1,359,307 1,430,400 1,355,084 1,394,057 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2 2002 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.” 70 CAPITAL MOVEMENTS TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2002 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Reporting banks’ own claims Country Total claims (1) Total banks’ own claims (2) Europe: Austria ................................................................ 3,972 3,722 Belgium 1 ................................................................ 8,254 6,124 Bulgaria ................................................................ 10 8 Czech Republic ............................................................... 149 149 Denmark................................................................ 2,228 1,141 Finland................................................................ 15,104 8,555 France ................................................................ 76,731 62,258 Germany................................................................ 43,010 26,726 Greece................................................................ 653 522 Hungary................................................................ 210 209 Ireland................................................................ 4,668 2,845 Italy ................................................................7,750 5,834 Luxembourg 1 ................................................................ 4,508 3,587 Netherlands ................................................................ 32,520 24,684 Norway ................................................................ 14,918 13,976 Poland ................................................................ 179 168 Portugal ................................................................ 2,641 2,550 Romania ................................................................ 107 107 Russia 2 ................................................................ 896 890 Spain ................................................................ 8,692 7,041 Sweden................................................................ 22,789 16,056 Switzerland................................................................ 134,040 129,036 Turkey................................................................ 3,305 2,155 United Kingdom............................................................... 279,916 192,190 Channel Islands and Isle of Man 3 ................................ 17,775 17,459 Yugoslavia 4................................................................ 9 9 1,997 1,995 Other Europe................................................................ 687,031 529,996 Total Europe ................................................................ 85,526 67,250 Canada................................................................ Latin America: Argentina ................................................................ 7,053 6,954 Brazil................................................................ 16,070 15,812 Chile ................................................................ 5,322 5,274 Colombia ................................................................ 2,633 2,615 Ecuador ................................................................ 469 457 Guatemala................................................................ 925 915 Mexico ................................................................ 16,170 15,827 Panama ................................................................ 2,070 2,019 Peru ................................................................ 1,424 1,414 Uruguay................................................................ 276 275 Venezuela................................................................ 3,404 3,392 2,749 Other Latin America 5 ................................ 2,780 57,703 Total Latin America................................ 58,596 Caribbean: Bahamas ................................................................ 96,358 96,258 Bermuda................................................................ 10,620 10,277 Cayman Islands 6 ................................ 312,269 265,324 Cuba................................................................ Jamaica ................................................................ 321 321 Netherlands Antilles ................................ 6,783 6,783 Trinidad and Tobago ................................ 889 889 3,453 3,444 Other Caribbean 5................................ 383,296 Total Caribbean ................................ 430,693 See footnotes at end of table. On foreign public borrowers and unaffiliated foreigners (3) On own foreign offices (4) Payable in foreign currencies (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Payable in Payable in foreign Total dollars currencies (8) (7) (9) 3,536 5,265 3 88 1,071 171 8,590 13,957 419 197 2,664 1,897 2,985 9,404 13,883 41 1,373 95 877 4,179 4,987 7,086 2,094 27,642 2,406 1,782 116,692 9,671 67 779 2 46 38 8,347 39,115 8,524 58 10 61 1,856 422 13,729 2 15 853 1,192 10,902 119,872 18 146,354 15,051 42 367,355 50,913 119 80 3 15 32 37 14,553 4,245 45 2 120 2,081 180 1,551 91 112 324 12 13 1,670 167 2,078 43 18,194 2 9 171 45,949 6,666 1 21 12 2 16 6 106 26 26 216 4 250 2,130 2 1,087 6,549 14,473 16,284 131 1 1,823 1,916 921 7,836 942 11 91 6 1,651 6,733 5,004 1,150 87,726 316 2 157,035 18,276 1 1,879 2 1,083 190 10,180 12,099 131 1,384 1,891 837 7,108 873 91 6 1,549 6,623 4,989 1,131 80,414 316 132,777 16,931 249 251 4 6,359 4,293 4,185 1 439 25 84 728 69 11 102 110 15 19 7,312 2 24,258 1,345 5,716 9,757 5,061 2,512 439 797 15,519 1,714 1,167 205 3,236 2,561 48,684 1,067 5,662 189 102 18 95 139 201 244 50 18 173 7,958 171 393 24 1 23 169 104 3 20 138 15 1,061 5 117 2 2 7 10 79 46 45 8 49 370 99 258 48 18 12 10 343 51 10 1 12 31 893 94 241 48 18 12 10 321 51 10 1 4 24 834 5 17 22 8 7 59 3,685 9,894 50,601 305 2,718 678 2,970 70,851 91,899 8 206,474 16 3,972 211 281 302,861 674 375 8,249 93 193 9,584 73 15 88 100 343 46,945 9 47,397 100 342 46,531 9 46,982 1 414 415 CAPITAL MOVEMENTS 71 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 2002, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Reporting banks’ own claims Country Total claims (1) Total banks’ own claims (2) Asia: China: Mainland ................................................................ 5,241 1,057 Taiwan ................................................................ 3,945 3,880 Hong Kong ................................................................ 7,777 7,532 India................................................................ 1,314 1,235 Indonesia................................................................ 1,763 1,571 Israel................................................................ 6,979 4,672 Japan................................................................ 59,624 50,507 Korea................................................................ 11,209 11,141 Lebanon................................................................ 48 44 Malaysia ................................................................ 921 911 Pakistan................................................................ 77 76 Philippines ................................................................ 2,180 2,157 Singapore ................................................................ 4,355 3,326 Syria ................................................................ 2 Thailand................................................................ 1,443 1,424 10,733 10,425 Other Asia................................................................ 117,611 99,958 Total Asia................................................................ Africa: Congo (formerly Zaire)................................ Egypt ................................................................ 500 488 Ghana................................................................ 12 2 Liberia................................................................ 308 308 Morocco................................................................ 71 61 South Africa................................................................ 653 638 533 518 Other Africa ................................................................ 2,077 2,015 Total Africa ................................................................ Other countries: Australia................................................................ 7,791 5,828 New Zealand 7 ................................................................ 881 698 43 All other ................................................................ 69 6,569 Total other countries................................ 8,741 1,390,275 1,146,787 Total foreign countries................................ International and regional orgs.: International................................................................ 3,264 3,231 European regional................................ 8 6 Latin American regional ................................ 179 109 Caribbean regional 8................................ Asian regional................................................................ 331 331 African regional .............................................................. Middle Eastern regional ................................ 3,782 3,677 Total international and regional................................ Grand total ................................................................ 1,394,057 1,150,464 1 On own foreign offices (4) Payable in foreign currencies (5) 935 3,180 3,773 979 1,205 3,055 9,062 8,830 41 885 61 2,051 1,599 495 1,123 37,274 122 592 3,485 256 33 1,605 38,538 2,288 3 25 14 86 1,530 672 6,932 56,181 108 274 333 12 2,907 23 1 1 20 197 257 2,370 6,503 16 22 29 6 1 13 1,550 1 6 51 2 22 1,719 4,184 65 245 79 192 2,307 9,117 68 4 10 1 23 1,029 2 19 308 17,653 4,184 24 160 76 188 2,307 2,009 63 4 7 1 5 1,017 2 17 307 10,371 41 85 3 4 7,108 5 3 18 12 2 1 7,282 181 2 308 53 538 490 1,572 306 79 20 405 1 8 21 8 38 40 1 1 42 12 10 10 15 15 62 11 10 10 6 12 49 1 9 3 13 4,042 569 41 4,652 289,396 1,524 1 1,525 787,198 262 129 1 392 70,193 11 11 2,450 1,963 183 26 2,172 243,488 1,738 172 2 1,912 209,856 225 11 24 260 33,632 3,231 6 109 331 3,677 293,073 787,198 70,193 2,450 33 2 70 105 243,593 33 2 70 105 209,961 33,632 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for 2 Claims of banks’ domestic customers Payable in Payable in foreign Total dollars currencies (8) (7) (9) On foreign public borrowers and unaffiliated foreigners (3) Memorandum Customers’ liability on acceptances (6) Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Before January 2001, data for Cayman Islands included in British West Indies. 7 Before January 2001, data included in “All other.” 8 Before January 2001, included in “Latin American regional.” 72 CAPITAL MOVEMENTS CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries 500 In 2002, U.S. banking claims increased a little under $50 billion, about one-third of the annual average increase over the previous 2 years. U.S. bank claims increased nearly $170 billion in 2001 and $144 billion in 2000. Most of the increase in 2002 was in claims opposite Europe other than the United Kingdom, and in claims opposite Japan. Claims against the United Kingdom declined somewhat, whereas claims against Caribbean banking centers were about unchanged. (In billions of dollars) 400 300 200 100 0 1998 1999 2000 2001 2002 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 1999 Calendar years 2000 2001 2002 United Kingdom................................ 162,874 All other Europe ................................ 213,888 Caribbean banking centers 1,2 ................................ 304,395 Japan................................................................ 55,170 All other Asia ................................................................ 63,088 172,345 283,430 340,917 34,627 53,267 223,976 324,734 388,987 39,179 49,440 299,262 357,454 427,091 41,989 57,229 279,916 407,115 428,110 59,624 57,987 Subtotal ................................................................ 799,415 884,586 1,026,316 1,183,025 1,232,752 All other countries ................................ 175,356 Grand total ................................................................ 974,771 1 2 148,542 150,876 164,109 161,305 1,033,128 1,177,192 1,347,134 1,394,057 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 claims on foreigners, excluding longterm securities, are concentrated in international financial centers. About 80 percent of these claims are reported opposite the United Kingdom, “All other Europe,” and banking centers in the Caribbean. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. U.S. banking claims on foreigners grew markedly in the mid-1990s, but claims leveled off in 1998 and 1999, growing on average about 5 percent per year. In 2000 and 2001, claims grew 14 percent, matching the growth rate in 1997, but growth in banking claims slowed again in 2002 to less than 4 percent. CAPITAL MOVEMENTS 73 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 Country Other Europe: Cyprus ................................................................ Iceland ................................................................ Monaco................................................................ Other Latin America and Caribbean: Aruba................................................................ Barbados ................................................................ Belize................................................................ Bolivia ................................................................ Costa Rica................................................................ Dominica................................................................ Dominican Republic ........................................................ El Salvador ................................................................ French West Indies and French Guiana ......................... Haiti ................................................................................. Honduras................................................................ Nicaragua ................................................................ Paraguay ................................................................ Suriname ................................................................ Other Asia: Afghanistan ................................................................ Burma ................................................................ Jordan................................................................ Macau................................................................ Sri Lanka ................................................................ Yemen ................................................................ Other Africa: Angola ................................................................ Cameroon................................................................ Ethiopia................................................................ Guinea ................................................................ Ivory Coast ................................................................ Kenya ................................................................ Mauritius................................................................ Mozambique................................................................ Rwanda ................................................................ Senegal ................................................................ Somalia................................................................ Sudan ................................................................ Tanzania................................................................ Tunisia ................................................................ Uganda ................................................................ Zambia................................................................ Zimbabwe................................................................ All other: Papua New Guinea ......................................................... Total banks’ own claims Calendar year 2001 June Dec. r 181 56 r 300 165 163 127 143 104 238 r 238 r 2,127 147 r 781 r 1,076 53 r 1,937 r 764 21 r 295 r 1,768 r 159 r 825 r 315 218 r 1,395 179 893 1,096 45 1,621 698 29 233 1,855 155 763 151 56 8 n.a. 41 196 393 2002 Calendar year 2001 2002 June Dec. 28 n.a. n.a. 7 n.a. n.a. 22 n.a. n.a. 255 1,356 319 879 934 45 1,460 651 26 257 1,718 126 789 201 n.a. 831 n.a. 257 910 n.a. 976 1,150 n.a. 31 338 85 84 n.a. n.a. 542 71 289 728 33 1,031 915 n.a. 32 346 n.a. 87 n.a. 292 619 n.a. 214 708 n.a. 1,085 887 n.a. 24 362 84 77 11 44 8 r 599 63 n.a. 326 45 9 n.a. 84 n.a. 185 n.a. 103 11 2 93 11 n.a. 82 n.a. n.a. n.a. 13 249 38 n.a. r 147 r 81 55 44 n.a. 11 7 229 172 79 70 81 n.a. 21 n.a. 42 n.a. 134 256 n.a. 66 35 13 9 226 152 105 n.a. r 52 n.a. 16 n.a. 28 n.a. 106 117 n.a. 91 30 9 5 279 n.a. 202 87 63 n.a. 9 n.a. 15 n.a. 4 n.a. n.a. n.a. 5 89 2 - n.a. 13 44 n.a. n.a. n.a. 9 n.a. n.a. n.a. - n.a. 14 n.a. n.a. 2 n.a. n.a. n.a. 84 n.a. n.a. - n.a. n.a. n.a. 12 n.a. n.a. Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates for the “Other” geographical categories in the regular monthly/quarterly series on U.S. banking liabilities and claims in Capital Movements sections I and II. 74 CAPITAL MOVEMENTS SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of liability or claim 1998 Calendar year 1999 2000 2001 Dec. Mar. r June r 2002 Sept. Dec. p Total liabilities ................................................................ 46,570 53,020 73,904 66,679 74,867 70,638 68,644 67,304 Payable in dollars............................................................. 36,668 37,605 48,931 42,925 47,062 48,103 44,815 44,557 Financial................................................................10,371 13,883 25,246 18,763 20,367 21,892 18,775 18,674 Trade payables ......................................................... 10,133 11,720 12,162 10,893 13,757 13,142 12,841 13,109 Advance receipts and other ................................16,164 12,002 11,523 13,269 12,938 13,069 13,199 12,774 9,902 15,415 24,973 23,754 27,805 22,535 23,829 22,747 Financial................................................................ 8,884 14,097 22,173 22,271 26,041 20,934 22,536 20,887 Trade payables .............................................................. 845 1,114 2,131 888 1,115 817 717 1,230 173 204 669 595 649 784 576 630 Total claims................................................................77,462 76,642 90,157 113,082 115,764 116,148 112,099 102,385 Payable in dollars............................................................. 72,171 69,170 79,558 103,864 106,192 107,106 103,877 91,173 28,549 Deposits ................................................................ 16,373 21,015 27,850 40,002 40,323 36,382 24,689 Other ................................................................ 14,049 18,593 25,142 46,621 39,553 41,875 42,734 39,935 25,743 Trade receivables ............................................................ 30,624 30,007 25,828 23,220 22,090 21,302 22,703 Advance payments and other................................ 3,830 3,580 3,394 3,565 3,417 2,818 3,459 3,846 5,291 7,472 10,599 9,218 9,572 9,042 8,222 11,212 Deposits ................................................................ 1,650 2,193 2,359 1,951 1,811 1,813 1,692 2,387 Other ................................................................ 2,012 3,072 4,515 4,865 4,015 3,313 3,225 4,129 Trade receivables ............................................................ 1,459 1,978 3,097 1,685 2,398 2,173 2,189 3,750 229 628 717 1,348 1,743 1,116 946 Commercial: Payable in foreign currencies ................................ Commercial: Advance receipts and other................................ Financial: Commercial: Payable in foreign currencies ................................ Financial: Commercial: Advance payments and other................................ 170 CAPITAL MOVEMENTS 75 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 1997 Europe: Austria ................................................................ 112 Belgium-Luxembourg................................852 Bulgaria................................................................ 5 Czech Republic................................ 38 Denmark................................................................ 170 Finland ................................................................ 281 France ................................................................ 2,189 Germany ................................................................ 3,232 Greece ................................................................ 89 Hungary................................................................ 13 Ireland ................................................................ 1,136 Italy................................................................ 923 933 Netherlands................................ Norway................................................................ 242 Poland ................................................................ 7 Portugal................................................................ 36 Romania................................................................ 165 Russia 1 ................................................................ 115 334 Spain ................................................................ Sweden ................................................................ 244 Switzerland ................................ 936 Turkey ................................................................ 285 United Kingdom ................................ 15,753 Yugoslavia 2 ................................ 6 Other Europe ................................ 159 Total Europe ................................ 28,255 Canada................................................................ 3,549 Latin America and Caribbean: Argentina................................................................ 219 Bahamas................................................................ 157 Bermuda................................................................ 432 363 Brazil ................................................................ British West Indies ................................ 616 Chile ................................................................ 150 Colombia................................................................ 120 Cuba................................................................Ecuador................................................................ 22 30 Guatemala................................ Jamaica................................................................ 18 591 Mexico................................................................ Netherlands Antilles................................ 23 Panama................................................................ 16 30 Peru................................................................ Trinidad and Tobago................................ 75 20 Uruguay................................................................ Venezuela ................................ 262 Other Latin America and Caribbean ................................ 418 Total Latin America and Caribbean ................................ 3,562 See footnotes at end of table. 2001 2002 1998 1999 2000 Dec. Mar. r June r Sept. Dec. p 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 8 181 22,619 2,083 112 171 26 105 48 2,331 3,105 141 9 827 749 2,503 266 46 34 159 251 501 158 773 384 19,592 11 201 32,503 2,059 111 440 2 7 149 91 2,459 3,215 400 8 1,216 1,773 2,316 286 42 16 178 91 468 117 606 408 29,209 11 182 43,801 2,344 151 253 3 10 148 86 3,575 3,249 410 27 1,264 1,395 3,117 320 43 16 17 48 423 97 884 133 25,131 14 211 41,025 2,577 118 224 1 9 578 94 4,244 3,566 334 12 1,260 1,317 2,414 370 194 14 18 34 381 94 721 141 31,377 14 247 47,776 2,865 128 214 2 14 252 195 4,898 3,192 299 22 1,010 1,270 2,704 343 362 10 21 40 513 96 810 140 26,739 10 195 43,479 3,105 112 366 4 14 79 164 4,235 3,720 400 27 830 2,016 3,104 361 41 17 14 32 478 128 653 74 26,492 9 192 43,562 2,153 64 285 4 13 522 165 6,020 3,730 403 32 789 1,278 2,419 406 46 29 20 38 403 115 494 101 25,071 9 202 42,658 1,975 118 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 8 305 146 37 2,020 262 482 52 131 20 32 10 16 867 32 32 24 36 27 286 50 209 1,551 325 1,672 56 82 42 4 13 12 935 46 49 41 38 8 168 109 28 1,269 312 679 74 54 23 3 10 11 1,484 13 149 23 17 7 282 65 17 1,048 358 1,046 44 23 23 9 13 13 983 146 45 26 39 6 209 87 14 1,056 355 424 37 32 23 8 15 16 1,023 8 43 26 28 5 328 62 74 1,528 318 401 55 50 29 5 13 28 1,141 11 61 21 33 6 178 426 379 1,994 284 454 463 410 503 3,113 3,202 6,506 5,585 5,001 4,576 3,938 4,517 76 CAPITAL MOVEMENTS 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 1997 Asia: China: Mainland................................................................ 1,250 Taiwan................................................................ 936 Hong Kong ................................ 750 India................................................................ 170 Indonesia................................................................ 213 Israel................................................................ 176 Japan................................................................ 8,602 Korea................................................................ 1,150 Lebanon ................................................................ 29 Malaysia ................................................................ 766 Pakistan................................................................ 60 Philippines................................ 222 Singapore ................................................................ 1,252 Syria ................................................................ 23 Thailand................................................................ 405 Oil-exporting countries 3 ................................ 3,138 Other Asia ................................ 211 Total Asia ................................ 19,353 Africa: Congo (formerly Zaire)................................ Egypt ................................................................ 90 Ghana................................................................ 28 Liberia................................................................ 1 Morocco................................................................ 49 South Africa................................ 255 Oil-exporting countries 4 ................................ 408 Other Africa ................................ 103 Total Africa ................................ 934 Other countries: Australia ................................................................ 911 All other ................................................................ 810 Total other countries ................................ 1,721 Total foreign countries ................................ 57,374 International and regional orgs.: International ................................ European regional................................ 8 Latin American regional ................................ Asian regional ................................ African regional ................................ Middle Eastern regional ................................ Total international 8 and regional ................................ Grand total ................................ 57,382 1 2001 1999 2000 Dec. Mar. r June r Sept. Dec. p 708 898 388 387 154 228 7,439 945 27 141 33 169 1,240 15 362 2,852 141 16,127 627 1,175 223 519 83 160 5,751 543 56 118 37 169 917 8 165 2,555 217 13,323 497 970 640 309 81 468 8,973 941 53 162 96 114 2,280 27 203 2,844 290 18,948 735 819 560 179 44 195 5,850 897 57 393 94 1,100 1,793 6 105 2,649 83 15,559 875 946 388 270 47 404 7,580 766 57 272 94 120 1,721 11 44 3,157 227 16,979 2,271 623 255 221 55 485 6,530 607 55 164 99 130 2,033 11 50 3,273 322 17,184 1,266 449 290 167 37 1,335 6,478 541 49 118 85 109 1,700 17 38 3,685 352 16,716 1,252 659 491 153 100 350 6,124 548 53 136 158 108 1,795 13 118 3,737 247 16,042 39 9 9 41 189 393 142 822 9 86 1 2 31 138 499 212 978 166 6 18 11 135 483 181 1,000 1 117 3 30 34 111 441 152 889 1 153 4 27 164 545 204 1,098 1 154 3 38 159 440 241 1,036 1 124 4 41 138 536 160 1,004 79 128 2 1 42 130 496 158 1,036 949 852 1,801 46,565 634 300 934 52,975 344 898 1,242 73,841 584 430 1,014 66,649 682 429 1,111 74,830 736 492 1,228 70,608 818 430 1,248 68,621 776 226 1,002 67,230 5 - 1 44 - 1 45 9 8 - 30 - 30 4 3 - 21 8 1 - 22 1 - 22 3 46 3 - 5 46,570 45 53,020 63 73,904 30 66,679 37 74,867 30 70,638 23 68,644 74 67,304 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.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for 2 2002 1998 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. CAPITAL MOVEMENTS 77 TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2002, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial liabilities Country Total liabilities (1) Europe: Austria ................................................................ 64 Belgium-Luxembourg................................ 285 Bulgaria................................................................ 4 13 Czech Republic................................................................ Denmark................................................................ 522 Finland ................................................................ 165 France ................................................................ 6,020 Germany ................................................................3,730 Greece ................................................................ 403 Hungary................................................................ 32 Ireland ................................................................ 789 Italy................................................................ 1,278 Netherlands................................................................ 2,419 Norway................................................................ 406 Poland ................................................................ 46 Portugal................................................................ 29 Romania................................................................ 20 Russia 1 ................................................................ 38 Spain ................................................................ 403 Sweden ................................................................ 115 Switzerland ................................................................ 494 Turkey ................................................................ 101 United Kingdom ............................................................... 25,071 Yugoslavia 2 ................................................................ 9 202 Other Europe ................................................................ Total Europe ................................................................ 42,658 Canada................................................................ 1,975 Latin America and Caribbean: Argentina................................................................ 62 Bahamas................................................................ 74 Bermuda................................................................1,528 Brazil ................................................................ 318 British West Indies ................................ 401 Chile ................................................................ 55 Colombia................................................................ 50 Cuba................................................................ 29 Ecuador................................................................ 5 Guatemala................................................................ 13 Jamaica................................................................ 28 Mexico................................................................ 1,141 Netherlands Antilles................................ 11 Panama................................................................ 61 Peru................................................................ 21 Trinidad and Tobago................................ 33 Uruguay................................................................ 6 Venezuela ................................................................178 Other Latin America 503 and Caribbean ............................................................... Total Latin America and 4,517 Caribbean ................................................................ See footnotes at end of table. Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) 7 144 471 127 5,243 2,923 11 3 554 358 1,829 4 14 13 137 61 8 22,422 34 34,363 591 1 144 470 18 3,716 2,171 10 3 441 8 1,824 4 2 5 136 47 8 5,359 33 14,400 338 6 1 109 1,527 752 1 113 350 5 12 8 1 14 17,063 1 19,963 253 57 141 4 13 51 38 777 807 392 29 235 920 590 402 46 15 20 25 266 115 433 93 2,649 9 168 8,295 1,384 4 23 990 65 365 7 4 2 31 2 5 1 4 23 990 40 365 7 1 2 15 2 5 - 25 3 16 1 58 51 538 253 36 48 46 29 5 13 26 1,110 11 61 19 28 6 177 5 2 3 498 1,504 1,456 48 3,013 78 CAPITAL MOVEMENTS TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 2002, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial liabilities Country Total liabilities (1) Asia: China: Mainland ................................................................ 1,252 Taiwan ................................................................ 659 Hong Kong................................................................ 491 India ................................................................ 153 100 Indonesia ................................................................ Israel ................................................................ 350 Japan ................................................................ 6,124 Korea ................................................................ 548 Lebanon................................................................ 53 136 Malaysia................................................................ Pakistan ................................................................ 158 Philippines................................................................ 108 Singapore................................................................ 1,795 Syria................................................................ 13 Thailand ................................................................ 118 Other Asia................................................................ 3,984 Total Asia................................................................16,042 Africa: Congo (formerly Zaire) ................................ 79 Egypt................................................................ 128 Ghana ................................................................ 2 Liberia ................................................................ 1 Morocco ................................................................ 42 South Africa ................................................................ 130 Other Africa................................................................ 654 Total Africa................................................................1,036 Other countries: Australia................................................................ 776 All other................................................................ 226 Total other countries................................ 1,002 Total foreign countries................................ 67,230 International and regional orgs.: International................................................................ 22 European regional ........................................................... 3 Latin American regional................................ 46 Asian regional................................................................ 3 African regional................................................................ Middle Eastern regional................................ Total international and regional................................ 74 Grand total ................................................................ 67,304 Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) 724 7 88 15 4 1 1,832 29 9 3 170 1 699 2 70 3 4 1 1,354 23 7 134 1 25 5 18 12 478 6 2 3 36 - 528 652 403 138 96 349 4,292 519 44 136 158 105 1,625 13 117 33 2,916 33 2,331 585 3,951 13,126 14 2 14 12 3 2 2 11 79 114 2 1 40 116 101 131 101 116 15 553 905 47 24 23 729 9 56 39,561 9 33 18,674 23 20,887 217 946 27,669 - - - 22 3 46 3 - 39,561 18,674 20,887 74 27,743 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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 79 TABLE CM-IV-4.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1997 Europe: Austria ................................................................ 126 Belgium-Luxembourg................................ 734 Bulgaria................................................................ 32 Czech Republic................................ 42 Denmark................................................................ 155 Finland ................................................................ 211 France ................................................................ 2,811 Germany ................................................................ 2,041 Greece ................................................................ 386 Hungary................................................................ 62 Ireland ................................................................ 277 Italy................................................................ 1,466 Netherlands................................................................ 1,274 303 Norway................................................................ Poland ................................................................ 124 78 Portugal................................................................ Romania................................................................ 7 Russia 1 ................................................................ 221 Spain ................................................................ 623 Sweden ................................................................ 504 Switzerland ................................................................ 988 379 Turkey ................................................................ United Kingdom ................................ 13,997 11 Yugoslavia 2 ................................ Other Europe ................................ 267 Calendar year 1998 1999 2000 2001 Dec. Mar. r 2002 June r Sept. Dec. p 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 14 251 208 845 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 17 360 498 748 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 1,985 893 13 79 138 238 4,371 2,726 339 66 821 1,434 2,667 257 77 71 34 137 1,042 441 1,200 383 20,343 23 362 2,004 1,023 11 60 234 281 6,372 5,312 367 53 621 2,401 3,668 185 81 60 33 127 1,805 480 744 491 21,489 7 732 3,026 1,004 12 57 87 298 6,749 5,135 369 43 764 2,480 4,374 275 56 77 19 95 1,067 736 1,482 600 19,424 7 488 1,626 910 7 58 86 893 6,826 5,450 354 57 938 2,980 4,433 306 71 214 18 115 945 592 1,539 476 14,587 10 516 1,807 971 9 62 112 624 6,412 5,451 409 51 482 2,975 5,138 270 79 222 24 93 1,370 409 889 503 14,253 10 422 27,119 25,540 29,412 39,074 40,140 48,641 48,724 44,007 43,047 Canada................................................................ 5,973 5,120 5,310 8,078 9,011 8,231 8,289 8,108 7,807 893 427 575 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 1,109 1,390 395 2,784 12,733 302 351 1 66 106 126 3,955 84 244 171 59 35 415 810 1,018 1,287 3,081 33,060 242 240 2 62 90 93 4,466 70 105 79 45 20 371 628 1,239 1,033 2,729 27,423 375 302 6 66 100 93 4,002 79 93 143 55 33 391 553 1,360 918 2,865 29,617 225 290 7 95 82 74 4,106 67 102 75 47 17 376 559 750 1,427 3,088 30,871 209 261 4 84 76 76 4,055 62 92 57 29 16 411 604 1,007 1,011 3,062 21,385 217 240 111 79 94 4,178 49 79 68 54 31 390 1,176 1,325 842 919 1,123 1,165 1,019 1,099 34,010 24,165 25,168 46,060 39,913 42,041 43,146 33,758 Total Europe ................................ Latin America and Caribbean: Argentina................................................................ 688 Bahamas................................................................ 2,335 352 Bermuda................................................................ Brazil ................................................................ 2,475 British West Indies ................................ 10,571 Chile ................................................................327 Colombia................................................................ 424 Cuba................................................................ Ecuador................................................................ 101 Guatemala................................................................ 93 Jamaica................................................................ 52 Mexico................................................................ 1,929 Netherlands Antilles................................ 153 Panama................................................................ 145 Peru................................................................147 Trinidad and Tobago................................ 20 Uruguay................................................................ 49 Venezuela ................................................................ 612 Other Latin America 820 and Caribbean ................................ Total Latin America and Caribbean ................................ 21,293 See footnotes at end of table. 80 CAPITAL MOVEMENTS TABLE CM-IV-4.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1997 Asia: China: Mainland................................................................ 1,076 Taiwan................................................................ 814 Hong Kong ................................ 562 India ................................................................ 439 Indonesia................................................................ 704 Israel ................................................................ 347 Japan ................................................................ 2,799 Korea................................................................ 988 Lebanon ................................................................ 37 Malaysia ................................................................ 547 Pakistan ................................................................ 44 144 Philippines................................ Singapore................................................................ 779 Syria ................................................................ 11 Thailand ................................................................ 280 Oil-exporting countries 3................................ 1,118 Other Asia ................................ 157 Total Asia ................................ 10,846 Africa: Congo (formerly Zaire)................................ 3 Egypt................................................................ 286 Ghana ................................................................ 9 Liberia ................................................................ 8 Morocco ................................................................ 28 South Africa ................................ 322 Oil-exporting countries 4................................ 134 Other Africa................................ 209 Total Africa................................ 1999 2000 2001 Dec. Mar. r June r 2002 Sept. Dec. p 825 770 331 348 417 327 2,875 1,084 26 492 37 148 734 12 489 1,144 160 760 1,097 400 599 408 336 5,336 1,378 14 516 23 258 1,041 5 651 1,648 152 1,096 1,299 593 661 407 458 4,427 1,745 36 743 37 106 1,065 11 344 1,104 195 1,052 853 1,094 638 239 700 3,610 1,850 16 645 44 1,001 1,120 11 232 985 189 1,101 776 925 584 258 724 3,984 1,932 20 594 51 911 1,052 3 229 736 122 1,505 982 683 475 217 569 3,157 1,749 22 606 35 727 1,136 1 183 967 121 848 820 779 554 202 802 3,504 1,735 19 605 24 897 840 35 178 907 150 870 698 807 745 279 454 3,564 1,738 21 586 17 701 1,055 28 237 891 131 10,219 14,622 14,327 14,279 14,002 13,135 12,899 12,822 1 136 14 11 29 272 181 226 186 6 3 35 323 186 178 266 5 2 49 266 237 258 233 7 28 35 293 137 326 1 206 7 26 33 262 160 325 150 8 51 32 302 158 335 182 6 48 43 288 136 313 18 155 9 50 24 273 120 329 870 917 1,083 1,059 1,020 1,036 1,016 978 Other countries: Australia ................................................................ 1,485 All other................................................................ 390 1,398 286 1,889 351 2,041 359 2,150 383 3,588 361 2,566 355 2,601 322 3,556 411 Total other countries ................................ 1,875 1,684 2,240 2,400 2,533 3,949 2,921 2,923 3,967 Total foreign countries ................................ 68,105 77,443 76,639 90,130 113,082 115,756 116,146 112,099 102,379 International and regional orgs.: International ................................ 18 European regional................................ 5 Latin American regional................................ Asian regional ................................ African regional................................ Middle Eastern regional................................ - 15 3 1 - 2 1 - 2 4 12 2 7 - 2 4 2 - 2 - - 2 1 1 1 1 23 19 3 27 - 8 2 - 6 68,128 77,462 76,642 90,157 113,082 115,764 116,148 112,099 102,385 Total international and regional ................................ Grand total ................................ 1 999 Calendar year 1998 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.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for 2 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. CAPITAL MOVEMENTS 81 TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 2002, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial claims Country Total claims (1) Europe: Austria ................................................................1,807 Belgium-Luxembourg................................ 971 Bulgaria ................................................................ 9 Czech Republic ................................................................ 62 Denmark................................................................112 Finland................................................................ 624 France ................................................................6,412 Germany................................................................ 5,451 Greece................................................................ 409 Hungary................................................................ 51 Ireland ................................................................ 482 Italy................................................................ 2,975 Netherlands................................................................ 5,138 Norway ................................................................ 270 Poland ................................................................ 79 Portugal................................................................ 222 Romania................................................................ 24 Russia 1 ................................................................ 93 Spain ................................................................ 1,370 Sweden ................................................................ 409 Switzerland................................................................ 889 Turkey ................................................................ 503 14,253 United Kingdom................................................................ Yugoslavia 2 ................................................................ 10 Other Europe................................................................ 422 Total Europe................................................................ 43,047 Canada................................................................7,807 Latin America and Caribbean: Argentina................................................................604 Bahamas ................................................................ 1,007 Bermuda................................................................ 1,011 Brazil ................................................................ 3,062 British West Indies ................................ 21,385 Chile ................................................................ 217 Colombia ................................................................240 Cuba................................................................ Ecuador................................................................ 111 Guatemala................................................................79 Jamaica................................................................ 94 Mexico ................................................................4,178 Netherlands Antilles ................................ 49 Panama................................................................ 79 Peru................................................................ 68 Trinidad and Tobago................................ 54 Uruguay................................................................ 31 Venezuela ................................................................ 390 Other Latin America and Caribbean................................ 1,099 Total Latin America and 33,758 Caribbean................................................................ See footnotes at end of table. Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) 1,662 722 25 31 381 3,247 4,244 154 5 294 1,811 3,648 158 4 112 11 727 168 383 354 10,503 178 28,822 5,013 1,660 680 24 31 380 3,192 3,674 153 4 271 1,588 3,314 138 4 111 10 695 158 361 353 7,895 164 24,860 4,208 2 42 1 1 55 570 1 1 23 223 334 20 1 1 32 10 22 1 2,608 14 3,962 805 145 249 9 37 81 243 3,165 1,207 255 46 188 1,164 1,490 112 75 110 24 82 643 241 506 149 3,750 10 244 14,225 2,794 300 976 724 2,310 21,366 49 46 27 26 47 2,917 18 44 8 31 2 99 411 292 973 709 2,305 21,364 47 44 27 25 46 2,822 18 44 7 31 2 96 401 8 3 15 5 2 2 2 1 1 95 1 3 10 304 31 287 752 19 168 194 84 53 47 1,261 31 35 60 23 29 291 688 29,401 29,253 148 4,357 82 CAPITAL MOVEMENTS TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31 , 2002, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Financial claims Country Total claims (1) Asia: China: 870 Mainland................................................................ Taiwan................................................................ 698 Hong Kong ................................................................ 807 India ................................................................ 745 Indonesia................................................................279 Israel ................................................................ 454 Japan ................................................................3,564 Korea................................................................ 1,738 Lebanon ................................................................ 21 Malaysia ................................................................586 Pakistan ................................................................ 17 Philippines................................................................ 701 Singapore................................................................ 1,055 28 Syria ................................................................ Thailand ................................................................237 Other Asia ................................................................ 1,022 Total Asia ................................................................ 12,822 Africa: Congo (formerly Zaire)................................ 18 Egypt................................................................ 155 Ghana ................................................................ 9 Liberia ................................................................ 50 Morocco ................................................................ 24 South Africa ................................................................ 273 Other Africa................................................................ 449 Total Africa................................................................ 978 Other countries: 3,556 Australia ................................................................ All other................................................................ 411 Total other countries ................................ 3,967 Total foreign countries ................................102,379 International and regional orgs.: International ................................................................ 2 European regional................................ 1 Latin American regional................................ 1 Asian regional ................................................................ African regional................................................................ 1 Middle Eastern regional................................ 1 Total international and regional ................................ 6 Grand total ................................................................ 102,385 1 Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) 236 101 539 466 112 196 1,212 1,173 426 610 176 132 223 74 165 277 111 191 544 1,170 338 606 165 116 13 27 374 189 1 5 668 3 88 4 11 16 634 597 268 279 167 258 2,352 565 21 160 17 91 879 28 105 104 5,483 101 4,081 3 1,402 918 7,339 38 2 46 15 156 35 2 46 15 151 3 5 18 117 7 4 9 117 137 394 137 386 8 312 584 1,826 1,654 172 1,730 201 2,027 71,140 182 1,836 64,624 19 191 6,516 210 1,940 31,239 - - - 2 1 1 1 71,140 64,624 6,516 1 6 31,245 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 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 83 SECTION V.—U.S. International Transactions in Long-Term Securities TABLE CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Calendar year or month Total (1) Marketable Treasury bonds and notes Net foreign purchase Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (2) (3) (4) (5) 1999 ................................................................ -9,953 -9,861 2000 ................................................................ -54,032 -6,302 2001 ................................................................ 18,514 3,474 121,698 15,131 2002 r................................................................ 2003 - Jan. - Mar. p................................ 22,598 2,268 2002 - Mar. r ................................ Apr. r ................................ May r ................................ June r ................................ July r................................ Aug. r................................ Sept. r................................ Oct................................ Nov................................ Dec................................ 2003 - Jan ................................ Feb. p ................................ Mar. p ................................ 19,332 -8,834 10,527 14,323 24,358 4,347 21,946 6,742 21,097 14,290 1,751 -4,703 25,550 5,233 -1,605 -69 2,161 -5,268 635 -3,511 -553 16,577 6,708 -755 2,541 482 Gross foreign sales (6) U.S. Government corporations and federally sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) -657 -47,270 15,726 104,556 20,242 565 -460 -686 2,011 88 4,288,138 3,870,511 5,267,730 7,376,751 1,963,561 4,298,091 3,924,543 5,249,216 7,255,053 1,940,963 92,200 152,842 163,990 195,461 49,126 486,000 728,930 1,201,649 1,728,857 511,321 393,800 576,088 1,037,659 1,533,396 462,195 13,950 -7,539 11,096 12,039 29,720 3,297 25,445 6,547 4,600 7,253 2,123 -7,000 25,119 149 310 -500 123 -94 415 12 748 -80 329 383 -244 -51 583,760 563,822 658,689 570,020 733,113 688,585 683,310 701,313 698,601 509,761 589,561 624,782 749,218 564,428 572,656 648,162 555,697 708,755 684,238 661,364 694,571 677,504 495,471 587,810 629,485 723,668 19,560 24,423 18,367 12,064 11,816 17,414 21,057 22,144 18,797 15,764 24,074 8,583 16,469 137,443 145,612 139,430 133,771 164,425 156,965 153,124 147,517 165,233 144,534 151,825 139,075 220,421 117,883 121,189 121,063 121,707 152,609 139,551 132,067 125,373 146,436 128,770 127,751 130,492 203,952 Corporate and other securities Bonds 1 Stocks Net foreign purchases (10) Gross foreign purchases (11) Gross foreign sales (12) 1999 ................................................................................... 2000 ................................................................................... 2001 ................................................................................... 2002 r ................................................................................. 2003 - Jan. - Mar. p............................................................ 160,392 184,128 221,955 182,317 65,816 368,692 479,456 741,041 820,968 232,233 208,300 295,328 519,086 638,651 166,417 107,522 174,890 116,390 49,442 -2,031 2,340,659 3,605,196 3,051,332 3,202,907 654,735 2,233,137 3,430,306 2,934,942 3,153,465 656,766 2002 - Mar.......................................................................... Apr.......................................................................... May r ...................................................................... June r ................................................................ July ......................................................................... Aug ........................................................................ Sept........................................................................ Oct.......................................................................... Nov......................................................................... Dec......................................................................... 2003 - Jan .......................................................................... Feb. p ................................................................ Mar. p ................................................................ 26,532 17,851 26,644 20,961 3,918 14,492 3,874 9,892 22,157 13,106 23,622 14,318 27,876 82,434 71,798 80,191 70,749 56,690 63,949 55,478 69,885 94,072 62,846 76,620 68,383 87,230 55,902 53,947 53,547 49,788 52,772 49,457 51,604 59,993 71,915 49,740 52,998 54,065 59,354 6,854 7,769 -314 4,045 9,653 4,614 -6,466 3,616 6,480 2,416 -2,782 -2,089 2,840 293,932 279,771 282,357 256,034 318,210 257,265 206,729 297,181 264,359 216,659 216,695 201,372 236,668 287,078 272,002 282,671 251,989 308,557 252,651 213,195 293,565 257,879 214,243 219,477 203,461 233,828 Calendar year or month 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 84 CAPITAL MOVEMENTS TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Calendar year or month Net foreign purchases of foreign securities from U.S (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) 1999 ................................................................ 9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 2000 ................................................................-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 2001 ................................................................-19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 2002 r ................................................................26,777 28,406 1,377,020 1,348,614 -1,629 1,260,278 1,261,907 -6,839 9,893 430,243 420,350 -16,732 269,407 286,139 2002 - Mar. r................................................................ 13,005 7,331 109,872 102,541 5,674 116,719 111,045 Apr. r................................................................ -2,753 394 99,876 99,482 -3,147 115,294 118,441 May r ................................................................ -490 7,325 125,354 118,029 -7,815 113,650 121,465 June r ................................................................ 657 5,574 118,968 113,394 -4,917 111,896 116,813 21,073 July r................................................................ 7,722 120,870 113,148 13,351 139,362 126,011 Aug. r................................................................ 1,329 -1,749 112,167 113,916 3,078 92,759 89,681 Sept. r................................................................ 1,829 1,064 126,078 125,014 765 87,083 86,318 Oct. r................................................................ 764 6,920 123,139 116,219 -6,156 100,763 106,919 Nov. r................................................................ 1,288 2,269 137,931 135,662 -981 101,821 102,802 Dec. r................................................................ -7,908 -5,157 117,917 123,074 -2,751 81,804 84,555 -1,915 140,513 142,428 -6,893 94,622 101,515 Feb. p ................................................................ 19 4,493 122,893 118,400 -4,474 83,683 88,157 Mar. p ................................................................ 1,950 7,315 166,837 159,522 -5,365 91,102 96,467 2003 - Jan. - Mar. p................................ 2003 - Jan ................................................................ -8,808 CAPITAL MOVEMENTS 85 TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Marketable Treasury bonds and notes 2002 2003 Calendar Oct. Jan. year through through 2002 Dec. Mar. p (1) (2) (3) Europe: Austria ................................ -683 81 Belgium 1 ................................ 2,046 110 -107 Bulgaria ................................ -185 Czech Republic................................ 546 258 Denmark................................ 54 451 Finland................................ 106 190 France ................................ -333 73 Germany................................ -3,910 2,799 Greece................................ 263 -164 Hungary................................ -188 -143 Ireland ................................ 572 -65 Italy................................................................ -284 -1,993 Luxembourg 1 ................................n.a. -279 Netherlands................................ -17,020 1,832 Norway ................................ -8,375 527 Poland ................................ -278 614 Portugal................................ 1,518 565 Romania................................ 507 101 Russia 2 ................................ 3,182 1,598 Spain ................................ 407 2,331 Sweden ................................ 2,923 2,351 Switzerland................................ -508 -1,881 Turkey ................................ 2,193 2,252 United Kingdom................................ 60,995 2,287 Channel Islands and Isle of Man 3 ................................ n.a. -499 Yugoslavia 4 ................................ 2 n.a. 1,514 -418 Other Europe................................ 44,169 12,871 Total Europe ................................ -5,198 1,744 Canada................................ Latin America: Argentina................................ 817 340 Brazil ................................ 1,873 713 Chile ................................ -229 -437 Colombia ................................ -1,426 -693 Ecuador................................ -1 -2 Guatemala................................ 7 4 Mexico ................................ 4,019 1,159 Panama................................ -12 5 Peru................................................................ 236 92 Uruguay................................ -375 42 Venezuela ................................ -59 -69 164 -283 Other Latin America 5................................ 5,014 871 Total Latin America................................ Caribbean: Bahamas ................................15,994 -173 Bermuda................................ 1,596 -676 British West Indies 6 ................................ n.a. Cayman Islands 6 ................................ n.a. 6,404 Cuba................................ n.a. Jamaica................................ 8 9 Netherlands Antilles ................................ -780 5,148 Trinidad and Tobago................................ 34 3 n.a. -51 Other Caribbean 5 ................................ 16,102 10,664 Total Caribbean ................................ See footnotes at end of table. U.S. Government corporations and Federal agency bonds 2002 2003 Calendar Oct. Jan. year through through 2002 Dec. Mar. p (4) (5) (6) Corporate bonds 2002 2003 Calendar Oct. Jan. year through through 2002 Dec. Mar. p (7) (8) (9) Corporate stocks 2002 2003 Calendar Oct. Jan. year through through 2002 Dec. Mar. p (10) (11) (12) -194 -730 -18 33 661 -115 -3,983 -1,710 18 -27 661 -375 516 -1,766 1,026 309 192 688 -886 -1,484 1,134 -69 -1,436 1,657 104 -226 51 1 -154 -20 1,178 3,172 291 4 724 -202 n.a. -1,956 2,339 422 44 122 8,154 795 436 3,649 8 33,104 -160 -167 22 -1 -21 -60 116 845 51 937 19 2,999 -49 574 241 60 -25 -624 231 185 685 8 11,474 102 1,712 4 110 -92 14 -127 169 11 34 521 512 120 149 107 21 85 -35 651 -589 -108 284 2 14,838 379 3,733 23 46 662 35 2,593 1,977 -85 37 5,107 225 n.a. 1,550 2,868 9 133 13 -2 374 211 4,872 -18 76,732 36 1,311 -17 12 50 -2 922 891 23 10 254 -37 -46 118 408 3 -5 5 -2 197 -117 717 -5 13,958 54 541 -3 -32 424 39 1,424 1,195 -9 8 1,156 776 1,880 578 822 4 -57 52 7 278 20 2,763 1 22,720 -39 1,707 18 -13 -181 166 2,127 -127 33 -7 2,119 1,539 n.a. 4,535 1,927 -4 122 -2 36 -895 790 2,656 12 15,173 2 172 14 10 -509 7 1,335 825 -81 7 798 140 -587 2,181 634 -1 -10 -17 -159 -69 2,314 7 4,249 -57 -408 -7 4 -59 -8 2,292 -911 13 -3 446 -676 -166 942 2,115 -4 2 10 38 376 -1,736 38 -1,081 35 n.a. -958 -6,821 -787 n.a. 7 56,933 -1,454 353 n.a. 152 17,845 -753 691 n.a. 682 19,868 -1,561 n.a. -888 110,639 417 7,762 n.a. -117 26,329 -1,644 10,400 n.a. 97 45,138 2,031 n.a. 3 97 33,006 7,433 95 n.a. 120 11,477 1,135 -61 n.a. -28 1,071 2,262 124 1,639 430 -813 11 -2 2,212 -5 198 2 140 69 4,005 -43 -507 679 216 59 104 4,971 1,092 1,020 695 712 226 9,224 231 -382 529 91 31 676 353 106 167 204 132 2,138 -914 -649 -152 355 77 20 1,015 321 106 77 124 221 601 256 196 290 7 66 13 2,169 684 155 147 599 464 5,046 100 34 241 -9 36 -44 1,286 334 47 104 15 113 2,257 39 91 5 67 25 23 824 84 25 114 71 125 1,493 199 -82 341 -19 -6 -9 482 -82 224 90 32 -146 1,024 -49 -63 267 5 13 -6 -16 44 42 44 -12 39 308 -108 6 -138 -3 -18 86 -100 2 17 -19 -33 -308 -2,425 6,007 n.a. 6,249 1 -1,017 19 -167 8,667 1,510 5,165 n.a. 527 1,871 98 n.a. 32,713 331 947 n.a. 1,887 n.a. 193 842 38 291 4,529 380 3,404 n.a. -6,470 96 -217 51 405 -2,351 665 11,171 n.a. 97 675 59 n.a. 35,854 119 1,468 n.a. 5,812 n.a. 5 585 2 274 8,265 720 2,726 n.a. 6,816 3 -127 20 501 10,659 101 -9,168 n.a. 12 -537 -6 n.a. -16,460 105 -2,302 n.a. -1,331 n.a. 19 780 2 -111 -2,838 -298 -2,256 n.a. -2,427 -2 3 -518 5 -1,087 -6,580 86 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] Marketable Treasury bonds and notes Country Calendar year 2002 (1) 2002 Oct. through Dec. (2) Asia: China: Mainland ................................................................ 24,077 13,776 Taiwan................................................................ -597 326 Hong Kong ................................................................ -9,059 -2,221 India................................................................ -855 683 Indonesia................................................................ 770 628 Israel................................................................ 5,132 2,364 Japan................................................................ 30,730 3,538 Korea................................................................ 12,935 1,809 Lebanon ................................................................ 1 1 Malaysia ................................................................ 861 -250 Pakistan................................................................ Philippines................................................................ 179 61 Singapore................................................................ -2,591 -1,495 Syria ................................................................ 4 n.a. Thailand................................................................ -1,917 -2,086 Oil-exporting countries 7................................ -3,918 -3,041 98 86 Other Asia ................................................................ Total Asia ................................ 55,850 14,179 Africa: Congo (formerly Zaire)................................n.a. Egypt ................................................................ -321 -6 Ghana................................................................ 506 n.a. Liberia................................................................ 1 1 Morocco................................................................ -11 South Africa................................................................ 112 -14 Oil-exporting countries 8................................ 29 56 525 48 Other Africa ................................................................ 841 85 Total Africa................................ Other countries: Australia ................................................................ 3,326 311 New Zealand 9................................ n.a. -79 486 All other countries ................................ 279 2,909 718 Total other countries................................ 119,687 41,132 Total foreign countries................................ International and regional orgs.: International ................................ 1,642 807 European regional................................ 325 301 Latin American regional ................................ -3 -15 Caribbean regional 10 ................................ n.a. n.a. Asian regional ................................ 86 -96 African regional ................................ -34 -5 Middle Eastern regional ................................ 2,011 997 Total international and regional................................ Grand total................................121,698 42,129 U.S. Government corporations and Federal agency bonds 2003 Jan. through Mar. p (3) 2002 2003 Oct. Jan. through through Dec. Mar. p (5) (6) Calendar year 2002 (4) 14,045 80 1,277 -304 640 -1,836 7,871 -1,346 466 160 626 -1 -1,087 -3,615 187 17,163 29,264 10,758 12,589 11 455 -48 37,556 668 15 1,323 39 253 2,162 99 2,002 58 97,204 7,254 2,119 4,555 6 45 79 15,802 761 6 60 -14 1,466 n.a. -16 407 66 32,596 n.a. -11 n.a. -10 -1 47 25 72 1 29 1 -39 355 314 733 n.a. 26 n.a. -36 -1 -16 50 1 24 115 -146 289 258 22,510 373 n.a. -2 365 195,718 24 10 13 47 56,426 -69 n.a. -81 n.a. 228 10 88 -389 52 -9 n.a. 76 12 1 -257 81 52 n.a. 134 11 1 279 22,598 195,461 56,705 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Before January 2001, data included in United Kingdom. 4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 1 2 3 Corporate bonds Corporate stocks Calendar year 2002 (7) 2002 Oct. through Dec. (8) 2003 Jan. through Mar. p (9) Calendar year 2002 (10) 2002 Oct. through Dec. (11) 2003 Jan. through Mar. p (12) 8,183 3,729 2,905 -33 149 183 9,531 6,527 -1 157 26 -85 970 -2 162 -118 125 32,408 5,962 1,382 3,868 41 59 583 10,926 1,483 -13 69 173 144 1,326 2 167 313 96 26,581 725 85 870 10 25 74 5,022 466 1 -7 142 3 1,802 n.a. 35 56 2 9,311 1,358 504 1,476 11 9 177 516 279 5 17 26 243 -1 171 788 81 5,660 161 260 1,792 -44 -4 -148 12,337 112 22 -35 6 -40 8,245 -4 4 -1,293 18 21,389 -31 -93 -20 -30 -27 -31 -2,099 71 -32 -12 2 -4 4,628 n.a. -10 -251 4 2,065 -42 317 282 -31 14 2 1,509 6 -7 33 -3 2,469 1 1 -144 -12 4,395 n.a. 15 n.a. 522 1 11 50 197 796 37 13 -4 5 30 46 127 n.a. 22 n.a. -5 -1 12 2 12 42 n.a. 12 n.a. 92 -21 -11 44 116 1 -5 -26 -17 24 -2 -47 -72 n.a. -18 n.a. -13 -5 27 -4 -45 -58 n.a. -31 n.a. 4 -3 1 -11 40 - -32 3,038 -28 n.a. 80 104 20 3,133 49,781 181,797 145 84 15 244 44,804 279 -10 173 442 65,539 2,902 n.a. -55 3,175 49,495 428 3 -37 394 12,483 -2,839 7 2 -2,830 -1,990 510 -50 57 n.a. 2 1 520 329 10 12 n.a. 351 252 n.a. 15 n.a. 1 9 277 -12 -45 n.a. 7 -3 -53 27 8 n.a. -2 -4 29 -35 n.a. -9 n.a. 3 -41 49,126 182,317 45,155 65,816 49,442 12,512 -2,031 -210 n.a. -40 n.a. -380 -25 -655 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and 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, data included in “Latin American regional.” 5 6 CAPITAL MOVEMENTS 87 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2003, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Country Gross purchases by foreigners from U.S. residents Domestic securities MarketBonds able Treasury of U.S. Gov’t and corps Federal and Financing Bank federally Corporate and sponTotal bonds other Foreign securities sored purand chases notes agencies Bonds Stocks Bonds Stocks (3) (1) (2) (4) (5) (6) (7) Europe: Austria ................................................................ 4,060 1,836 642 148 726 478 230 Belgium ................................................................ 24,275 10,296 5,805 2,386 4,458 622 708 Bulgaria ................................................................ 54 13 9 1 25 6 Czech Republic................................ 2,173 1,783 110 11 216 18 35 Denmark................................................................ 6,515 3,177 720 663 969 539 447 Finland................................................................ 2,345 1,382 84 57 283 17 522 France ................................................................ 145,718 80,372 1,122 3,980 45,718 5,734 8,792 Germany ................................................................ 95,963 46,225 3,332 3,387 9,006 29,461 4,552 Greece................................................................ 1,985 1,242 113 25 207 310 88 Hungary................................................................ 327 77 34 8 45 136 27 Ireland ................................................................ 68,193 41,551 3,571 4,302 13,561 2,975 2,233 Italy................................................................ 26,113 11,113 1,346 1,108 7,055 3,152 2,339 Luxembourg ................................................................ 14,524 2,646 2,956 2,921 4,142 1,104 755 Netherlands................................................................ 73,156 38,406 18,563 1,023 8,889 1,592 4,683 Norway ................................................................ 82,608 70,644 3,870 1,032 3,453 3,078 531 Poland ................................................................ 2,862 1,441 102 4 10 1,271 34 Portugal ................................................................ 4,023 2,851 367 24 333 226 222 Romania................................................................ 1,658 1,348 206 52 50 2 Russia 1 ................................................................ 11,154 3,924 6,283 60 210 117 560 Spain ................................................................ 11,576 5,989 323 303 1,127 1,894 1,940 Sweden ................................................................ 17,821 8,664 1,329 154 5,047 473 2,154 Switzerland................................................................ 40,427 15,830 3,648 4,016 10,047 2,377 4,509 Turkey ................................................................ 3,099 2,871 3 1 52 47 125 United Kingdom ................................ 1,246,625 686,359 50,338 94,470 115,426 196,598 103,434 2 Channel Islands and Isle of Man ................................ 16,808 1,235 2,247 10,864 1,898 357 207 Yugoslavia 3 ................................................................ 11,315 7,422 1,464 286 750 722 671 Other Europe................................ Total Europe................................ 1,915,377 1,048,697 108,587 131,286 233,653 253,354 139,800 217,722 119,461 7,719 Canada ................................................................ Latin America: Argentina................................................................ 2,655 295 269 Brazil ................................................................ 16,017 10,007 1,023 Chile ................................................................ 4,526 2,038 318 Colombia ................................................................ 3,438 895 838 Ecuador ................................................................ 447 52 93 Guatemala................................................................ 124 3 25 Mexico................................................................ 14,963 5,794 2,153 Panama................................................................ 2,637 125 639 Peru................................................................906 257 180 Uruguay................................................................ 1,448 120 207 Venezuela ................................................................ 1,104 185 227 5,976 297 Other Latin America................................ 8,644 56,909 25,747 6,269 Total Latin America ................................ Caribbean: Bahamas ................................................................ 78,808 44,508 1,359 Bermuda................................................................ 387,395 187,930 41,665 4 Cayman Islands ................................ 746,882 242,370 242,723 Cuba................................................................ Jamaica................................................................ 373 19 239 Netherlands Antilles ................................ 60,827 29,080 10,635 Trinidad and Tobago................................ 294 80 56 2,448 Other Caribbean ................................ 97,372 13,816 1,371,951 517,803 299,125 Total Caribbean................................ See footnotes at end of table. 4,947 50,150 22,282 13,163 153 201 434 249 27 25 1,478 620 99 195 114 342 3,937 861 434 522 204 200 20 1,057 593 99 346 252 511 5,099 906 3,557 1,065 1,222 7 40 2,712 464 162 512 225 1,472 12,344 171 795 149 30 68 11 1,769 196 109 68 101 46 3,513 5,393 16,519 14,454 95,191 47,019 142,583 11 5 778 16,999 29 21 6,213 65,202 73,897 336,520 7,046 38,688 47,444 99 1,046 97 1,975 96,395 3,983 9,467 24,743 2,289 11 7,718 48,211 Gross sales by foreigners to U.S. residents Domestic securities Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federally sponsored agencies (10) Corporate and other Foreign securities Bonds (11) Bonds (13) Stocks (14) 94 783 565 1,845 4,866 355 4 32 11 43 212 23 239 1,028 408 18 291 52 2,556 43,426 7,085 2,192 9,917 31,340 34 194 131 48 87 3,146 13,115 1,451 332 7,731 2,983 1,041 4,308 976 445 7,947 1,807 210 1,338 3,579 14 1,299 81 331 33 58 53 200 199 25 1,089 2,767 134 4,671 313 1,253 11,783 2,143 14 779 71,750 116,507 186,773 464 1,959 198 189 778 705 86,148 232,582 246,120 217 719 63 462 935 10,146 4,969 100 41 2,359 2,442 802 3,274 372 16 141 1 324 1,601 2,277 5,025 322 110,039 187 614 147,448 Stocks (12) 4,229 2,030 22,904 11,026 83 31 2,091 1,750 5,465 2,516 2,863 1,497 148,817 84,355 99,516 47,935 1,785 1,224 280 104 64,011 40,890 25,810 11,488 12,093 2,130 72,059 40,172 78,880 69,618 2,542 1,132 3,527 2,659 960 660 11,218 4,810 13,867 7,473 16,362 7,530 39,467 15,899 5,423 4,307 1,205,271 684,702 5,564 1,200 11,448 8,380 1,856,535 1,055,518 540 4,093 5 812 70 1,249 3,163 102 3,050 834 2,836 18,414 3,763 81 282 241 5,632 912 1,437 3,364 1 35,500 1,556 782 88,719 211,586 120,248 9,280 2,916 47,888 18,183 13,071 171 8,368 1,608 1,708 41 5 3,582 130 59 118 45 5,907 21,742 1,183 1,672 470 483 16 5 1,138 318 74 130 103 76 5,668 114 110 429 182 2 2 654 536 74 81 43 217 2,444 969 428 660 207 218 20 971 693 97 329 271 544 5,407 525 3,478 1,884 1,610 3 59 3,754 373 167 415 227 1,423 13,918 203 1,148 155 16 60 5 1,986 159 85 49 105 35 4,006 80,185 46,933 379,151 181,923 748,722 236,121 2 222 18 63,250 30,097 160 61 98,202 13,983 1,369,894 509,136 979 38,261 249,193 143 10,852 5 2,043 301,476 4,673 16,817 6,833 11,728 97,447 39,176 40,203 145,010 52,916 2 8 2 51 905 17,517 1,042 9 16 65 5,712 66,289 2,117 63,238 343,100 102,200 3,950 10,616 25,279 2,837 4 8,058 50,744 3,165 15,204 5,206 4,206 340 96 12,085 2,209 556 1,122 794 8,202 53,185 88 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 2003, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents Domestic securities Country Total purchases (1) Marketable Treasury Bonds of U.S. and Gov’t Federal Financ- corps and ing Bank federally sponbonds sored and notes agencies (3) (2) Domestic securities Corporate and other Foreign securities Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federally sponsored agencies (10) Bonds (11) Stocks (12) Bonds (13) Stocks (14) Corporate and other Foreign securities Bonds (4) Stocks (5) Bonds (6) Stocks (7) Total sales (8) 30,326 4,600 7,525 2 385 352 26,065 10,762 2 501 26 288 4,294 252 1,904 87,284 1,918 661 2,425 48 26 356 5,675 499 9 47 85 2,976 173 1,526 16,424 421 1,533 2,196 49 89 1,127 9,694 163 54 113 5 43 6,432 1 57 3,561 25,538 1,736 1,351 3,482 35 92 117 29,713 1,095 11 198 303 2,899 28 467 41,527 157 5,431 9,848 284 86 317 37,246 1,651 23 315 4 70 3,011 23 137 332 58,935 66,288 12,064 44,218 2,556 1,188 7,175 193,601 21,213 100 2,074 16 1,433 30,862 34 6,019 16,450 405,291 42,491 4,108 20,529 2,052 724 5,193 95,641 13,672 5 1,276 742 15,292 27 5,642 9,614 217,008 22,143 871 4,620 35 236 169 16,534 4,235 3 344 373 3,324 2 90 1,897 54,876 560 157 949 37 17 179 5,159 220 4 30 59 2,733 1 2 657 10,764 463 1,216 1,914 80 75 1,125 8,185 157 61 80 5 46 3,963 56 3,717 21,143 531 375 3,327 1 31 97 28,089 1,180 10 114 11 158 2,676 58 330 36,988 100 5,337 12,879 351 105 412 39,993 1,749 17 230 55 2,874 4 171 235 64,512 18 566 1 11 339 935 14 115 266 58 453 60 94 60 3 84 197 498 16 20 169 95 300 1 1 2 62 271 105 442 61 176 258 9 978 862 2,344 29 70 100 367 566 3 44 92 139 2 23 287 25 337 60 125 56 6 83 168 498 5 15 134 92 246 1 12 50 3 374 118 558 849 46 149 1,044 768 12 180 960 2,829 79 162 3,070 3,065 536 235 3,836 4,962 126 36 5,124 27,532 972 703 29,207 12,829 419 348 13,596 881 74 69 1,024 489 22 7 518 5,668 72 160 5,900 2,202 233 66 2,501 5,463 152 53 5,668 510,963 231,904 654,528 430,038 Asia: China: Mainland ................................ 91,094 56,536 Taiwan ................................ 17,764 4,188 Hong Kong ................................47,282 21,806 India................................................................ 2,166 1,748 Indonesia................................ 2,042 1,364 Israel................................................................ 5,626 3,357 Japan................................ 211,905 103,512 Korea................................ 26,496 12,326 Lebanon ................................ 104 5 Malaysia ................................ 2,916 1,742 Pakistan ................................ 35 Philippines................................ 1,691 902 Singapore................................ 35,530 15,918 Syria ................................................................ 50 26 Thailand ................................ 5,202 4,555 6,186 Other Asia ................................13,976 463,879 234,171 Total Asia................................ Africa: Congo (formerly Zaire)................................ 61 Egypt ................................ 161 18 Ghana................................ 2 Liberia................................ 883 60 Morocco ................................ 4 South Africa................................ 900 99 414 Other Africa................................1,208 3,219 591 Total Africa................................ Other countries: Australia ................................ 25,417 12,944 New Zealand................................ 1,072 273 1,399 637 All other countries ................................ 27,888 13,854 Total other countries................................ 4,056,945 1,960,324 Total foreign countries................................ International and regional orgs.: International ................................2,894 2,366 European regional................................ 379 Latin American regional................................ 202 68 Caribbean regional................................ Asian regional ................................ 1,054 793 African regional................................19 10 7 Middle Eastern regional................................ Total international 4,555 3,237 and regional................................ Grand total................................ 4,061,500 1,963,561 95 8 255 - 294 25 1 9 - 95 100 5 7 35 169 1 - 358 329 207 205 511,321 232,233 654,735 430,243 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” Before January 2001, data included in United Kingdom. On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other 1 2 3 269,188 3,928,042 1,937,814 9 210 - 2,940 283 331 1,205 25 4 2,435 149 565 - 219 4,788 3,149 269,407 3,932,830 1,940,963 461,182 166,365 656,518 305 48 635 25 - 42 10 - 130 109 5 4 1,013 52 248 462,195 166,417 656,766 420,156 286,007 14 165 15 - 14 118 - 194 132 420,350 286,139 Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 4 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. CAPITAL MOVEMENTS 89 TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2002 [In millions of dollars. Source: Treasury International Capital Reporting System] Country Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal Financ- corps and ing Bank federally Corporate and sponbonds other Foreign securities sored and agencies Bonds notes Stocks Bonds Stocks (3) (2) (4) (5) (6) (7) Europe: Austria ................................................................ 15,601 5,599 3,541 786 Belgium 1 ................................................................ 69,270 22,128 15,304 9,898 Bulgaria ................................................................ 447 82 104 68 Czech Republic................................ 4,724 3,905 2 67 Denmark................................................................ 43,360 30,241 1,958 2,499 Finland ................................................................ 12,490 6,935 1,180 202 France................................................................ 592,394 286,045 9,660 11,488 Germany ................................................................ 336,614 172,932 12,691 12,043 Greece ................................................................ 7,746 5,096 648 121 Hungary................................................................ 1,587 663 45 39 Ireland ................................................................ 264,770 151,894 11,567 15,111 Italy................................................................ 119,485 56,069 3,742 1,898 Luxembourg 1 ................................ 69,498 9,928 17,118 6,362 Netherlands................................................................ 361,197 247,171 32,987 6,211 Norway ................................................................ 482,083 437,583 13,235 6,522 11,503 6,636 787 9 Poland ................................................................ Portugal................................................................ 23,687 19,807 1,342 269 5,539 4,157 1,324 13 Romania................................................................ Russia 2 ................................................................ 58,849 15,532 38,744 46 Spain ................................................................ 48,701 28,791 2,841 616 68,690 32,026 9,814 1,071 Sweden ................................................................ Switzerland ................................................................ 175,613 57,913 15,755 11,589 8,380 6,571 13 3 Turkey ................................................................ United Kingdom ................................ 4,756,486 2,482,932 187,465 346,486 Channel Islands and Isle 34,648 4,995 7,869 12,110 of Man 3 ................................................................ Yugoslavia 4 ................................ 11 2 25,662 3,002 1,631 Other Europe ................................ 37,581 Total Europe................................7,610,954 4,121,295 392,738 447,158 807,175 465,786 30,580 15,383 Canada ................................................................ Latin America: 12,208 1,573 1,744 798 Argentina................................................................ Brazil ................................................................ 57,360 16,858 4,309 1,385 16,398 6,111 1,139 1,714 Chile ................................................................ Colombia................................................................ 14,968 3,999 1,527 1,420 Ecuador................................................................ 1,822 140 177 137 Guatemala ................................................................ 699 55 119 111 Mexico................................................................ 52,976 17,346 8,121 5,476 Panama................................................................ 10,977 550 2,147 1,726 Peru................................................................ 4,068 799 1,429 242 Uruguay................................................................ 6,423 1,717 1,163 581 Venezuela ................................................................ 6,960 1,125 1,165 1,213 25,963 12,986 871 1,713 Other Latin America 5 ................................ 210,822 63,259 23,911 16,516 Total Latin America ................................ Caribbean: Bahamas ................................................................ 281,521 160,857 5,629 18,271 Bermuda................................................................ 1,263,188 382,719 102,093 52,964 6 Cayman Islands ................................ 2,845,838 931,253 877,171 172,120 Cuba................................................................Jamaica................................................................ 2,483 287 1,268 249 Netherlands Antilles................................ 370,703 194,841 9,574 5,161 Trinidad and Tobago................................663 70 132 108 419,817 46,123 5,948 17,023 Other Caribbean 5 ................................ 5,184,213 1,716,150 1,001,815 265,896 Total Caribbean................................ See footnotes at end of table. Gross sales by foreigners to U.S. residents Domestic securities Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federally sponsored agencies (10) Corporate and Foreign securities other Bonds Stocks Bonds Stocks (11) (12) (13) (14) 3,398 1,131 1,146 15,307 2,998 3,635 117 75 1 450 139 161 5,022 1,528 2,112 2,000 203 1,970 229,557 25,857 29,787 54,623 55,168 29,157 1,273 208 400 434 140 266 62,621 11,715 11,862 39,342 8,727 9,707 25,495 4,943 5,652 42,384 9,761 22,683 8,081 14,432 2,230 33 3,820 218 1,347 395 527 40 5 911 1,775 1,841 7,133 2,915 6,405 17,245 1,308 7,226 61,996 7,374 20,986 172 645 976 552,963 662,072 524,568 16,135 60,827 496 4,148 42,073 12,662 589,888 336,545 7,355 1,585 252,484 117,095 63,644 369,454 479,839 11,784 21,853 4,991 46,334 49,311 63,780 167,112 6,468 4,564,997 6,282 3,437 407 3,437 1,553 1,019 20,082 15,530 6,165 13,600 2,369 3,081 267 53 45 99 31 1 3,359 1 21 463 216 88 30,187 2,112 1,837 5,203 899 1,835 6,829 1,200 167 1,834 435 2,197 286,378 8,482 8,895 227,430 28,572 30,131 176,842 9,519 10,066 54,750 57,581 27,787 4,833 357 206 1,240 118 601 851 41 2 441 52 198 151,322 10,843 10,004 60,502 8,147 11,666 56,353 3,944 1,673 37,803 7,910 9,412 11,537 13,243 6,471 24,026 3,132 5,235 264,191 34,943 4,661 37,849 8,212 19,598 445,958 10,896 3,654 6,154 11,134 2,043 6,914 365 37 4,328 140 18,289 1,298 136 1,225 360 545 3,650 1,202 2 135 2 12,350 30,590 48 875 830 1,641 28,384 2,046 242 8,028 4,097 6,514 29,103 9,378 860 16,455 1,449 6,535 58,421 12,106 6,717 59,340 6,186 24,342 4,378 5 21 160 796 1,108 2,421,937 154,361 269,754 537,790 649,953 531,202 7,116 707 1,851 8 1 3,502 1,205 2,579 1,142,530 819,281 687,952 23,309 5 36,626 7,350,800 4,281 6,858 1,948 7,371 999 1,852 5 24,148 2,995 2,519 3,405 1,265 2,294 4,077,126 335,805 336,519 1,109,524 800,759 691,067 170,711 60,472 64,243 801,128 470,984 32,034 14,966 163,278 59,663 60,203 3,864 2,216 2,706 915 865 116 4,502 2,931 576 1,370 1,443 2,557 24,061 2,572 23,625 3,849 6,988 42 272 9,835 2,912 746 1,266 1,711 7,603 61,421 1,657 8,967 879 119 461 26 7,696 711 276 326 303 233 21,654 10,339 55,248 14,856 15,682 1,660 441 42,787 9,160 2,742 6,092 5,464 25,121 189,592 756 14,985 6,340 5,425 141 48 13,327 562 563 2,092 1,184 12,822 58,245 1,787 4,816 460 1,311 118 15 3,150 1,055 409 468 453 645 14,687 542 1,189 1,424 1,413 71 98 3,307 1,042 87 434 614 1,249 11,470 2,040 21,982 3,713 6,473 25 133 9,946 2,711 1,092 1,505 1,436 7,499 58,555 1,549 9,978 554 126 434 22 9,037 777 239 313 366 203 23,598 51,989 27,726 17,049 546,323 131,436 47,653 643,078 107,693 114,523 48 595 36 135,513 8,472 17,142 78 269 6 312,472 6,124 32,127 1,689,501 282,315 228,536 264,869 1,254,454 2,795,689 1,603 368,044 342 427,363 5,112,364 3,665 2,298 2,365 934 871 125 4,020 3,013 352 1,280 1,411 2,703 23,037 144,863 4,119 17,606 51,888 28,408 17,985 381,123 96,928 41,793 555,491 130,713 48,406 922,038 854,544 149,046 650,864 103,488 115,709 279 741 152 36 371 24 195,621 7,703 4,486 136,050 8,433 15,751 36 34 49 84 134 5 56,088 5,033 16,910 311,548 5,624 32,160 1,700,048 969,102 230,042 1,705,961 277,171 230,040 90 CAPITAL MOVEMENTS TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2002, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Bank Total bonds purand chases notes (1) (2) Bonds of U.S. Gov’t corps and federally sponsored agencies (3) Asia: China: Mainland................................ 241,057 167,234 59,073 Taiwan ................................ 54,737 13,937 15,736 Hong Kong................................ 212,313 93,782 37,974 India ................................................................ 11,059 8,854 13 Indonesia ................................ 6,685 4,540 797 Israel................................................................ 36,645 25,459 1,510 Japan................................................................ 886,937 446,729 114,430 Korea ................................................................ 99,362 66,822 13,644 Lebanon................................ 831 5 23 Malaysia ................................ 13,062 7,643 2,729 Pakistan................................ 295 43 Philippines ................................ 5,993 2,611 977 Singapore ................................ 161,333 60,292 14,710 Syria................................................................ 36 14 Thailand................................ 17,649 15,839 293 6,339 Other Asia................................ 66,523 34,098 1,814,517 947,859 268,291 Total Asia ................................ Africa: Congo (formerly Zaire) ................................ 115 Egypt ................................ 1,053 257 90 Ghana................................ 745 506 1 Liberia................................ 1,102 53 226 Morocco................................ 195 160 2 South Africa................................3,134 283 31 1,224 1,162 Other Africa ................................5,227 11,571 2,483 1,512 Total Africa................................ Other countries: Australia ................................ 100,882 47,219 5,561 New Zealand 7................................ 4,450 1,247 416 5,485 1,642 1,007 All other countries ................................ 110,817 50,108 6,984 Total other countries................................ 15,750,069 7,366,940 1,725,831 Total foreign countries International and regional orgs.: International ................................ 8,306 5,473 1,307 European regional................................ 2,118 638 52 Latin American regional................................ 1,214 346 71 Caribbean regional 8 ................................ Asian regional................................5,009 3,353 1,580 African regional ................................ 20 1 15 Middle Eastern 45 1 regional................................ Total international 16,712 9,811 3,026 and regional................................ Grand total................................ 15,766,781 7,376,751 1,728,857 Domestic securities Corporate and other Foreign securities Bonds of U.S. Gov’t corps and federally sponsored agencies (10) Bonds (11) 143,157 14,534 102,841 9,709 3,770 20,327 415,999 53,887 4 6,782 2,432 62,883 10 17,756 37,918 892,009 29,809 4,978 25,385 2 342 1,558 76,874 12,976 8 1,406 4 724 12,548 194 4,279 171,087 1,656 954 4,383 1 56 875 13,795 1,034 26 105 1 220 9,649 62 3,244 36,061 Corporate and other Foreign securities Bonds (4) Stocks (5) Bonds (6) 7,618 2,336 8,251 42 115 1,458 24,721 2,517 13 174 174 364 10,975 2 229 3,653 62,642 1,845 6,196 11,380 373 462 5,338 65,427 959 654 250 57 297 44,867 12 359 19,119 157,595 4,892 6,008 13,007 118 401 480 94,909 4,831 83 678 5 1,369 13,298 377 1,839 142,295 72 79 265 215 631 114 367 17 402 13 663 1,402 2,978 183 219 130 6 433 649 1,620 1 84 2 212 14 1,459 575 2,347 118 1,163 23 976 227 4,351 3,463 10,321 578 52 171 171 670 1,642 18 197 1 70 493 779 35 66 4 260 139 504 113 372 17 428 30 639 1,451 3,050 107 58 16 1,583 199 1,963 5 53 6 175 5 1,628 511 2,383 10,988 440 336 11,764 11,941 807 1,509 14,257 7,816 818 723 9,357 17,357 722 268 18,347 90,800 4,688 4,963 100,451 43,893 1,943 1,363 47,199 5,188 422 1,009 6,619 7,950 449 232 8,631 9,039 479 1,564 11,082 7,341 686 525 8,552 17,389 709 270 18,368 3,201,633 1,376,761 1,258,914 15,176,558 7,247,253 1,530,113 819,990 Stocks (7) 395 178,128 10,524 37,320 47,919 199,609 1,659 12,035 370 5,300 2,400 31,371 140,721 804,507 10,589 86,383 53 815 1,588 12,141 16 94 375 6,995 17,191 149,352 8 31 552 19,081 1,475 68,740 235,835 1,611,902 Stocks (12) Bonds (13) Stocks (14) 1,684 1,393 429 5,936 1,442 9,476 9,588 10,712 46,700 417 40 1,866 466 244 422 5,486 317 2,808 53,090 102,951 141,798 847 7,866 9,773 632 81 64 285 1,220 2,343 51 3 35 337 2,945 337 36,622 11,030 16,620 16 5 355 124 590 20,394 1,225 1,680 136,206 141,593 234,946 638,193 3,152,138 1,348,256 1,260,605 774 30 624 - 55 189 73 1,209 6,738 1,695 3,831 313 1,696 - 264 80 636 - 156 183 155 1,119 144 29 1 562 46 - 12 3 79 1 - 1,165 4,841 38 349 3,267 35 80 1,504 3 87 27 - 607 39 - 19 - 23 4 - - 42 - 2 51 5 - - 45 - 1 1,274 259 1,364 14,528 7,800 3,283 458 1,327 358 1,302 3,202,907 1,377,020 1,260,278 15,191,086 7,255,053 1,533,396 978 820,968 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 Before January 2001, data included in United Kingdom. 4 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 1 2 Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) 638,651 3,153,465 1,348,614 1,261,907 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other countries.” 8 Before January 2001, data included in “Latin American regional.” 5 CAPITAL MOVEMENTS 91 CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 250 (In billions of dollars) Note: To facilitate comparison of net purchases during 2002 with those in prior years, the chart depicts data for all periods at an annualized rate. 200 150 100 50 0 1999 2000 2001 2002 2003 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 Country 1999 United Kingdom................................ 129,014 All other Europe ................................ 71,492 Caribbean banking centers 1,2 ................................ 43,142 Japan................................................................ 43,366 All other Asia ................................ 34,168 Subtotal ................................................................ 321,182 All other countries ................................ 28,979 Grand total ................................ 1 2 350,161 2000 2001 2002 166,290 128,577 19,883 52,006 52,151 418,907 183,986 78,921 57,817 56,589 110,995 488,308 186,004 58,743 77,075 91,549 109,475 522,846 2003 Jan. - Mar. 38,134 21,122 10,847 19,427 40,199 129,729 38,921 32,541 26,072 5,780 457,828 520,849 548,918 135,509 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported to the TIC reporting system. Foreign investors also acquire U.S. equities through mergers that involve stock swaps. These stock swaps are not reported under the TIC reporting system. Net foreign acquisition of U.S. equities through stock swaps amounted to $14 billion in 1999, $21 billion in 2000, $7 billion in 2001, and $7 billion in 2002. The data present aggregate net purchases on an annual basis for 1999 through 2002, as well as the amount for the first quarter of 2003. The figures show that foreigners’ annual net purchases (gross purchases minus gross sales) of U.S. securities have maintained an extremely high level since 1999. Annual net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2002, net foreign acquisitions (including stock swaps) of U.S. securities totaled a record $556 billion. In the first 3 months of 2003, foreign acquisitions of U.S. securities totaled $136 billion, about the same average quarterly pace of acquisition over the past 3 years. There were no estimated foreign acquisitions of U.S. equities through stock swaps in the first quarter of this year. 92 CAPITAL MOVEMENTS 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 2002 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 100 50 0 -50 1998 1999 Foreign bonds 2000 2001 2002 Foreign stocks 2003 Jan. - Mar. Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years 1998 1999 2000 2001 2002 2003 Jan. - Mar. Foreign bonds ................................17,349 5,676 4,054 -30,502 -28,406 -9,893 Foreign stocks ................................-6,212 -15,640 13,088 50,113 1,629 16,732 -9,964 17,142 19,611 -26,777 6,839 Type Total................................ 11,137 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. In the past several years, U.S. investors also have acquired a substantial amount for stocks, mostly European, through mergers that involve stock swaps. These stock swaps are not reported under the TIC reporting system. Net acquisitions through stock swaps amounted to $98 billion in 1998, $123 billion in 1999, $80 billion in 2000, $45 billion in 2001, but only $3 billion in 2002. In the first 3 months of 2003, acquisition of foreign securities through stock swaps is estimated at $14 billion. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions). Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000. In 2001, U.S. investors sold $31 billion in foreign bonds, but U.S. purchases of foreign equities held up, and U.S. acquisitions of foreign securities (including foreign stock swaps) only fell to $64 billion. In 2002, U.S. investors again sold foreign bonds ($28 billion), but U.S. purchases of foreign stocks (including stock swaps) fell sharply and on net U.S. investors sold $24 billion in foreign securities. In the first 3 months of 2003, U.S. investors acquired $21 billion in foreign securities, with sales of foreign bonds ($10 billion) more than offset by acquisition of foreign equities ($31 billion including stock swaps). 93 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury and Federal Financial Institutions Examination Council (FFIEC) 035 reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants and FFIEC reporters that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. 94 FOREIGN CURRENCY POSITIONS SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 10/02/02................................................................ 329,175 328,182 -924 1.5874 10/09/02................................................................ 330,397 330,954 -1,076 1.5982 10/16/02................................................................ 330,943 334,582 -1,036 1.5841 10/23/02................................................................ 344,215 344,861 -1,121 1.5665 10/30/02................................................................ 346,945 344,796 -1,369 1.5661 11/06/02................................................................ 347,530 349,148 -1,539 1.5543 11/13/02................................................................ 355,356 353,832 -717 1.5753 11/20/02................................................................ 358,537 361,321 -1,298 1.5862 11/27/02................................................................ 371,846 377,441 -967 1.5733 12/04/02................................................................ 354,587 356,623 -1,739 1.5604 12/11/02................................................................ 359,362 365,002 -1,778 1.5565 12/18/02................................................................ 337,237 339,796 -1,802 1.5525 12/25/02................................................................ 325,216 332,227 -1,690 1.5490 01/01/03................................................................ 327,799 329,365 -2,444 1.5720 01/08/03................................................................ 334,280 337,908 -2,323 1.5622 01/15/03................................................................ 349,700 349,870 -1,786 1.5372 01/22/03................................................................ 353,985 357,211 -2,243 1.5322 01/29/03................................................................ 365,078 368,727 -2,023 1.5224 02/05/03................................................................ 371,707 375,699 -2,428 1.5217 02/12/03................................................................ 372,443 374,472 -1,778 1.5295 02/19/03................................................................ 386,847 386,553 -1,995 1.5132 02/26/03................................................................ 380,693 384,803 -1,799 1.4950 03/05/03................................................................ 415,123 419,869 -1,445 1.4692 03/12/03................................................................ 424,878 429,437 -675 1.4755 03/19/03................................................................ 385,789 389,018 -1,579 1.4829 03/26/03................................................................ 371,835 376,608 -2,161 1.4698 FOREIGN CURRENCY POSITIONS 95 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2000 - Dec................................ 367,705 350,994 73,277 69,548 19,300 20,492 18,100 19,909 1,286 1.4997 2001 - Dec................................ 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 299,532 2002 - Apr................................ 298,157 77,836 75,497 31,565 35,871 29,137 25,956 -1,603 1.5690 May................................ 306,051 309,502 86,322 87,328 34,119 39,153 29,764 27,085 -1,503 1.5284 June................................ 299,286 302,547 82,104 80,916 39,785 42,318 37,814 34,860 -491 1.5166 July ................................ 321,827 325,353 90,302 93,311 46,414 48,869 43,003 37,247 -2,346 1.5831 327,998 Aug ................................ 328,948 89,554 93,874 45,982 49,956 44,349 39,796 -2,074 1.5591 Sept................................ 340,298 341,562 111,416 110,619 38,607 42,308 38,686 34,707 -1,184 1.5875 Oct................................ 342,524 345,097 115,443 114,270 39,043 43,658 38,794 34,497 -1,510 1.5579 Nov................................ 352,604 359,597 116,490 115,390 38,887 42,113 37,440 34,834 -1,739 1.5652 328,764 Dec................................ 328,623 115,070 113,164 38,202 44,315 39,474 33,245 -2,240 1.5729 2003 - Jan ................................ 370,635 370,476 118,156 114,626 54,557 58,979 53,794 50,310 -2,263 1.5219 Feb ................................ 394,491 394,737 125,613 120,107 63,412 70,204 65,980 55,896 -2,132 1.4844 372,471 Mar ................................ 376,108 113,759 117,700 74,015 81,600 71,059 61,867 -1,053 1.4680 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought (5) (6) (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 1999 - Dec................................ 21,393 22,581 63,004 65,217 168 n.a. n.a. n.a. n.a. 1.4465 2000 - Mar................................ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. 1.4494 June................................ 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 1.4806 Sept................................ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 1.5038 Dec................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 1.4997 2001 - Mar................................ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 30,328 June................................ 32,561 48,162 42,722 491 417 550 639 n.a. 1.5145 Sept................................ 28,889 31,714 50,363 45,664 646 334 670 659 -95 1.5797 Dec................................ 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 2002 - Mar................................ 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932 June................................ 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166 Sept................................ 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875 Dec. ................................ 38,063 41,436 57,646 69,288 868 474 1,433 615 -253 1.5729 96 FOREIGN CURRENCY POSITIONS SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 10/02/02................................................................ 163,716 165,881 373 122.86 10/09/02................................................................ 169,689 171,314 404 123.33 10/16/02................................................................ 168,976 171,152 586 124.49 10/23/02................................................................ 171,359 173,356 312 124.63 10/30/02................................................................ 176,096 179,876 399 122.95 11/06/02................................................................ 180,633 182,110 545 121.83 11/13/02................................................................ 182,978 184,366 525 120.24 11/20/02................................................................ 182,326 184,695 502 122.67 11/27/02................................................................ 173,284 176,064 654 122.39 12/04/02................................................................ 181,784 184,555 558 124.59 12/11/02................................................................ 183,114 186,216 621 123.63 12/18/02................................................................ 173,824 177,550 645 121.15 12/25/02................................................................ 171,009 174,532 597 120.39 01/01/03................................................................ 165,451 168,282 601 118.83 01/08/03................................................................ 173,734 176,293 655 119.13 01/15/03................................................................ 169,618 172,258 541 118.17 01/22/03................................................................ 163,838 166,934 486 118.28 01/29/03................................................................ 162,110 165,329 531 118.53 02/05/03................................................................ 166,596 170,755 362 119.96 02/12/03................................................................ 167,176 170,659 142 121.31 02/19/03................................................................ 162,193 165,930 373 118.78 02/26/03................................................................ 161,311 165,217 255 117.14 03/05/03................................................................ 163,905 167,957 70 117.32 03/12/03................................................................ 163,993 168,196 209 117.30 03/19/03................................................................ 158,572 162,670 104 120.50 03/26/03................................................................ 155,573 159,762 491 120.09 96 FOREIGN CURRENCY POSITIONS 97 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Non-capital items Options positions Puts Calls Exchange rate (Japanese yen per U.S. dollar) (10) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 2000 - Dec................................ 155,896 161,619 25,262 24,120 19,454 18,782 47,367 48,779 1,143 114.42 2001 - Dec................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 2002 - Apr................................ 172,923 174,637 43,567 44,296 22,744 20,663 33,516 34,848 1,106 128.61 165,067 May................................ 167,212 43,939 43,864 24,406 22,146 29,695 31,953 521 124.33 June................................ 156,590 157,567 47,243 46,471 25,418 22,923 31,018 32,677 191 119.62 July ................................ 166,425 168,669 84,076 83,590 27,855 25,642 32,086 33,516 372 119.88 Aug ................................ 155,188 158,400 43,412 42,677 26,362 24,416 30,046 31,327 325 118.45 Sept................................ 168,294 170,760 37,705 38,360 28,641 26,848 33,179 34,241 329 121.81 Oct................................ 185,856 187,063 40,749 39,930 28,833 26,821 34,320 35,183 332 122.56 185,258 Nov................................ 187,762 36,202 36,193 26,885 24,521 32,062 33,551 537 122.59 Report date Purchased (1) Dec................................ 172,452 174,884 35,744 36,565 26,486 24,120 31,305 32,826 623 118.81 173,840 2003 - Jan ................................ 176,729 40,346 40,639 27,375 23,931 31,172 32,360 290 119.92 Feb ................................ 173,119 176,336 40,267 40,022 26,885 24,780 31,668 31,724 242 118.16 Mar ................................ 164,136 166,657 39,522 38,871 26,829 25,118 30,419 30,420 198 118.01 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 1999 - Dec................................ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. 102.31 2000 - Mar................................ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. 102.80 June................................ 9,614 9,295 6,647 6,352 558 855 992 722 115 106.07 Sept................................ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 108.21 Dec................................ 7,538 8,215 6,392 5,286 455 663 727 409 16 114.42 2001 - Mar................................ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 125.54 June................................ 12,129 11,499 5,988 7,498 515 n.a. n.a. 1,049 28 124.77 Sept................................ 11,638 11,483 7,101 7,181 484 n.a. n.a. 450 -119 119.23 Dec................................ 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 2002 - Mar................................ 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73 June................................ 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62 Sept................................ 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81 Dec................................ 10,390 11,060 4,399 4,533 n.a. n.a. n.a. n.a. -210 118.81 98 FOREIGN CURRENCY POSITIONS SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 10/02/02................................................................ 308,168 310,944 2,162 1.4786 10/09/02................................................................ 327,303 330,327 2,442 1.4793 10/16/02................................................................ 321,907 326,190 2,701 1.4934 10/23/02................................................................ 319,040 322,234 2,069 1.5037 10/30/02................................................................ 325,395 329,457 2,264 1.4884 11/06/02................................................................ 336,686 339,996 2,415 1.4590 11/13/02................................................................ 336,387 339,021 2,214 1.4571 11/20/02................................................................ 335,844 337,532 1,135 1.4670 11/27/02................................................................ 324,754 324,918 992 1.4896 12/04/02................................................................ 344,496 344,961 1,698 1.4723 12/11/02................................................................ 376,516 376,665 1,503 1.4620 12/18/02................................................................ 331,619 331,482 2,020 1.4259 12/25/02................................................................ 287,029 286,630 2,006 1.4076 01/01/03................................................................ 279,051 279,444 1,685 1.3823 01/08/03................................................................ 316,666 316,856 1,434 1.3888 01/15/03................................................................ 311,990 311,774 1,339 1.3853 01/22/03................................................................ 304,749 302,082 803 1.3639 01/29/03................................................................ 323,005 322,577 1,296 1.3569 02/05/03................................................................ 330,174 329,244 1,699 1.3594 02/12/03................................................................ 325,996 328,585 2,116 1.3707 02/19/03................................................................ 343,935 341,629 1,574 1.3682 02/26/03................................................................ 351,239 349,341 1,817 1.3559 03/05/03................................................................ 377,533 373,374 1,500 1.3315 03/12/03................................................................ 394,078 388,413 1,648 1.3354 03/19/03................................................................ 343,999 343,492 1,841 1.3944 03/26/03................................................................ 332,628 333,193 2,130 1.3822 98 FOREIGN CURRENCY POSITIONS 99 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 2000 - Dec................................ 384,097 394,184 67,268 70,627 59,915 58,196 55,747 52,701 2001 - Dec................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 299,252 2002 - Apr................................ 302,974 71,250 67,409 49,984 43,817 42,746 May................................ 322,039 323,984 78,073 78,472 50,181 43,993 June................................ 265,519 269,523 78,017 78,929 49,731 July ................................ 291,133 297,916 70,530 73,555 Aug ................................ 279,448 282,902 65,321 Sept................................ 308,953 311,719 57,271 Oct................................ 329,817 331,723 Nov................................ 326,252 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) -1,458 1.6132 39,248 -818 1.6579 41,345 2,754 1.6178 47,083 44,145 3,851 1.5705 43,124 47,331 47,236 4,328 1.4826 48,891 42,508 47,290 47,374 5,198 1.4855 64,875 44,745 39,628 41,406 44,858 2,634 1.4967 56,240 43,585 36,998 40,657 42,609 2,419 1.4767 61,542 60,204 49,182 42,107 46,765 48,272 1,999 1.4776 327,349 51,143 52,342 52,282 n.a. 46,480 48,920 1,585 1.4833 279,198 Dec................................ 282,012 50,561 55,492 53,399 45,776 45,632 44,198 1,190 1.3818 2003 - Jan ................................ 315,312 314,037 55,292 60,614 66,238 57,658 56,105 57,183 1,879 1.3641 Feb ................................ 351,216 345,589 56,883 62,372 62,100 53,973 53,107 55,043 1,621 1.3530 Mar ................................ 325,233 321,400 51,505 58,854 63,863 55,484 56,822 62,303 1,322 1.3506 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 1999 - Dec................................ 28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 1.5912 2000 - Mar................................ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 1.6644 June................................ 26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. 1.6337 Sept................................ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. 1.7268 Dec................................ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. 1.6132 2001 - Mar................................ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. 1.7360 June................................ 28,972 36,271 24,529 11,406 755 n.a. n.a. 1,694 n.a. 1.7940 Sept................................ 19,564 27,598 27,084 11,057 n.a. n.a. n.a. n.a. n.a. 1.6188 22,988 Dec................................ 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 2002 - Mar................................ 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 June................................ 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826 Sept................................ 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767 Dec................................ 21,542 27,939 22,732 10,227 n.a. n.a. 3,656 3,153 n.a. 1.3818 100 FOREIGN CURRENCY POSITIONS SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 10/02/02................................................................ 447,541 453,567 724 1.5685 10/09/02................................................................ 436,908 442,877 628 1.5646 10/16/02................................................................ 447,062 450,003 83 1.5540 10/23/02................................................................ 430,673 436,248 2 1.5482 10/30/02................................................................ 454,985 458,020 -58 1.5575 11/06/02................................................................ 445,917 455,233 -110 1.5641 11/13/02................................................................ 468,194 477,325 176 1.5850 11/20/02................................................................ 479,072 485,337 -25 1.5720 11/27/02................................................................ 467,670 469,914 56 1.5466 12/04/02................................................................ 496,155 498,971 -313 1.5699 12/11/02................................................................ 505,978 508,836 -342 1.5767 12/18/02................................................................ 482,515 489,030 -556 1.6005 12/25/02................................................................ 439,825 444,094 -460 1.5936 01/01/03................................................................ 428,751 433,189 -400 1.6111 01/08/03................................................................ 449,220 449,000 -718 1.6119 01/15/03................................................................ 468,459 467,948 -409 1.6044 01/22/03................................................................ 479,323 474,732 -656 1.6192 01/29/03................................................................ 484,123 483,092 -201 1.6465 02/05/03................................................................ 480,203 480,204 -394 1.6420 02/12/03................................................................ 493,286 496,888 -109 1.6159 02/19/03................................................................ 501,838 500,515 335 1.5963 02/26/03................................................................ 523,752 516,590 93 1.5820 03/05/03................................................................ 500,292 495,225 149 1.6006 03/12/03................................................................ 507,866 499,835 74 1.6125 03/19/03................................................................ 505,587 500,900 -699 1.5642 03/26/03................................................................ 491,704 487,765 -97 1.5745 100 FOREIGN CURRENCY POSITIONS 101 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2000 - Dec................................ 479,669 474,813 132,953 130,552 52,002 49,853 34,026 35,250 1,692 1.4922 2001 - Dec................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 419,679 2002 - Apr................................ 450,084 191,776 177,630 30,355 28,636 32,424 33,698 844 1.4570 May................................ 409,922 435,580 184,975 171,930 29,767 27,158 31,937 32,561 277 1.4556 June................................ 373,791 410,209 197,979 179,559 33,897 31,400 34,614 38,632 854 1.5313 July ................................ 455,736 487,603 204,138 195,022 35,290 29,178 37,620 39,058 977 1.5633 Aug ................................ 377,470 409,751 197,332 187,173 31,003 26,741 34,739 36,192 622 1.5499 Sept................................ 439,123 445,884 204,296 184,699 29,932 26,994 32,633 31,537 627 1.5683 Oct................................ 461,424 463,293 190,966 180,521 29,353 25,523 32,687 33,387 61 1.5644 Nov................................ 482,441 486,528 180,416 168,543 28,392 27,101 33,130 32,519 -325 1.5564 424,601 Dec................................ 428,435 196,492 182,276 26,278 22,651 27,928 26,744 -396 1.6094 2003 - Jan ................................ 458,333 457,973 203,395 196,088 28,418 26,310 32,982 32,136 -315 1.6468 Feb ................................ 488,419 484,097 191,092 180,424 28,630 26,456 32,589 31,074 -20 1.5737 Mar ................................ 466,859 465,807 191,927 175,543 27,596 25,077 30,617 30,060 -461 1.5830 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Calls Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 1999 - Dec................................ 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. 1.6176 2000 - Mar................................ 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 1.5927 June................................ 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 1.5166 Sept................................ 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 1.4736 Dec................................ 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 1.4922 2001 - Mar................................ 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 1.4155 June................................ 37,364 35,327 43,277 33,576 4,081 3,648 4,204 3,596 314 1.4140 Sept................................ 34,899 35,116 110,591 34,786 4,262 3,651 3,907 4,763 357 1.4691 Dec................................ 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 2002 - Mar................................ 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243 June................................ 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313 Sept................................ 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683 Dec................................ 28,035 28,995 33,503 26,135 n.a. 1,708 3,625 2,600 -771 1.6094 102 FOREIGN CURRENCY POSITIONS SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 10/02/02................................................................ 4,930,627 4,879,893 -807 n.a. 10/09/02................................................................ 5,037,767 4,988,032 642 n.a. 10/16/02................................................................ 5,019,151 4,967,903 1,862 n.a. 10/23/02................................................................ 4,966,404 4,908,622 -462 n.a. 10/30/02................................................................ 5,129,239 5,085,663 -1,059 n.a. 11/06/02................................................................ 5,209,307 5,148,543 -2,449 n.a. 11/13/02................................................................ 5,309,138 5,248,353 -2,785 n.a. 11/20/02................................................................ 5,352,070 5,294,929 27 n.a. 11/27/02................................................................ 5,143,723 5,092,595 1,515 n.a. 12/04/02................................................................ 5,435,326 5,378,926 976 n.a. 12/11/02................................................................ 5,422,653 5,372,133 1,551 n.a. 12/18/02................................................................ 5,235,357 5,188,224 -134 n.a. 12/25/02................................................................ 4,908,742 4,875,377 1,196 n.a. 01/01/03................................................................ 4,816,995 4,777,774 37 n.a. 01/08/03................................................................ 5,043,322 4,985,024 -1,014 n.a. 01/15/03................................................................ 5,052,112 4,992,870 173 n.a. 01/22/03................................................................ 5,047,933 4,998,200 2,011 n.a. 01/29/03................................................................ 5,089,287 5,031,083 1,951 n.a. 02/05/03................................................................ 5,177,337 5,109,830 2,287 n.a. 02/12/03................................................................ 5,176,128 5,108,657 4,094 n.a. 02/19/03................................................................ 5,132,314 5,089,355 3,602 n.a. 02/26/03................................................................ 5,289,145 5,242,004 7,610 n.a. 03/05/03................................................................ 5,269,783 5,211,628 3,862 n.a. 03/12/03................................................................ 5,403,598 5,341,377 6,112 n.a. 03/19/03................................................................ 5,187,789 5,138,336 10,982 n.a. 03/26/03................................................................ 5,031,620 4,980,796 5,122 n.a. FOREIGN CURRENCY POSITIONS 103 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (10) 2000 - Dec................................ 4,880,744 4,897,055 - - 695,166 664,229 547,462 520,982 5,725 n.a. 4,142,797 2001 - Dec................................ 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 2002 - Apr................................ 4,640,230 4,566,619 - - 631,526 599,422 534,011 503,031 -1,371 n.a. May................................ 4,591,137 4,552,617 - - 592,251 596,458 576,557 538,080 -160 n.a. June................................ 4,469,571 4,406,871 - - 658,899 631,991 637,630 620,346 -2,073 n.a. July ................................ 5,002,608 4,984,339 - - 728,557 682,247 701,531 691,968 -2,037 n.a. Aug ................................ 4,715,273 4,784,133 - - 689,138 647,964 660,058 640,390 310 n.a. 5,029,571 Sept................................ 4,971,986 - - 703,912 660,959 654,672 630,212 -72 n.a. Oct................................ 5,202,877 5,156,506 - - 695,594 647,899 650,318 635,574 254 n.a. 5,391,916 Nov................................ 5,330,541 - - 665,955 624,380 621,836 613,637 1,832 n.a. Dec................................ 4,833,934 4,792,314 - - 627,016 570,259 593,640 573,324 -988 n.a. 2003 - Jan ................................ 5,175,309 5,118,250 - - 679,339 622,138 666,091 634,314 2,133 n.a. 5,381,390 Feb ................................ 5,338,509 - - 679,779 627,155 664,270 651,579 3,999 n.a. Mar ................................ 5,039,541 4,994,731 - - 702,916 657,220 687,702 695,486 5,092 n.a. Net delta equivalent (9) Exchange rate (10) TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) 1999 - Dec................................ 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. 2000 - Mar................................ 352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. June................................ 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. Sept................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. Dec................................ 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. 2001 - Mar................................ 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. June................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. Sept................................ 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. Dec................................ 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 2002 - Mar................................ 322,910 358,655 - - n.a. n.a. 36,249 34,420 5,171 n.a. June................................ 366,689 397,199 - - n.a. n.a. 62,208 59,259 6,161 n.a. Sept................................ 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a. Dec................................ 356,509 381,882 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 104 FOREIGN CURRENCY POSITIONS SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 10/02/02................................................................ 1,718,393 1,803,184 -518 1.0137 10/09/02................................................................ 1,805,864 1,890,265 86 1.0102 10/16/02................................................................ 1,771,325 1,851,099 528 1.0183 10/23/02................................................................ 1,712,041 1,795,243 778 1.0246 10/30/02................................................................ 1,751,655 1,821,810 1,416 1.0161 11/06/02................................................................ 1,834,544 1,910,263 1,809 0.9972 11/13/02................................................................ 1,842,395 1,915,554 352 0.9935 11/20/02................................................................ 1,889,142 1,964,239 -714 0.9988 11/27/02................................................................ 1,834,930 1,912,179 -1,058 1.0098 12/04/02................................................................ 1,978,680 2,065,158 265 0.9996 12/11/02................................................................ 1,895,340 1,965,392 -1,213 0.9920 12/18/02................................................................ 1,843,371 1,898,381 -2,383 0.9745 12/25/02................................................................ 1,666,260 1,718,588 -3,096 0.9696 01/01/03................................................................ 1,629,961 1,693,243 -1,511 0.9533 01/08/03................................................................ 1,720,174 1,785,514 -1,652 0.9532 01/15/03................................................................ 1,726,734 1,794,196 -3,820 0.9480 01/22/03................................................................ 1,764,847 1,810,628 -2,942 0.9321 01/29/03................................................................ 1,733,797 1,799,962 -2,415 0.9232 02/05/03................................................................ 1,786,556 1,837,106 -3,495 0.9265 02/12/03................................................................ 1,770,478 1,829,298 -3,709 0.9333 02/19/03................................................................ 1,772,812 1,826,096 -5,183 0.9308 02/26/03................................................................ 1,860,008 1,908,758 -9,133 0.9276 03/05/03................................................................ 1,923,663 1,970,835 -5,323 0.9126 03/12/03................................................................ 1,943,479 1,994,345 -6,885 0.9091 03/19/03................................................................ 1,901,127 1,941,075 -11,816 0.9473 03/26/03................................................................ 1,806,323 1,852,031 -14,137 0.9360 FOREIGN CURRENCY POSITIONS 105 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (10) 2000 - Dec................................. 1,950,622 1,943,752 657,186 619,882 261,374 248,948 256,884 277,614 -10,431 1.0618 2001 - Dec................................ 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 2002 - Apr................................ 1,576,850 1,653,275 1,086,107 1,009,197 254,085 250,469 263,592 263,425 -2,529 1.1112 May................................ 1,609,509 1,673,883 1,133,955 1,067,089 269,494 257,275 266,767 275,028 -1,890 1.0725 1,515,762 June................................ 1,576,392 1,118,449 1,048,228 313,514 306,403 281,360 289,477 779 1.0099 July ................................ 1,713,799 1,788,265 1,044,473 997,201 348,950 328,181 297,415 312,085 -577 1.0233 Aug ................................ 1,600,945 1,693,434 1,074,351 1,023,439 306,039 280,310 251,798 277,873 -2,309 1.0179 1,748,483 Sept ................................ 1,847,999 1,139,888 1,009,744 302,885 255,182 265,580 298,872 -1,527 1.0130 Oct................................ 1,731,941 1,811,029 1,001,891 944,062 299,973 275,457 266,221 271,388 446 1.0105 Nov................................ 1,908,810 2,003,269 1,013,179 949,845 299,178 271,861 256,108 267,440 -1,581 1.0058 Dec................................ 1,625,402 1,696,229 1,040,911 995,739 267,591 247,397 203,958 236,553 -2,361 0.9527 2003 - Jan ................................ 1,711,975 1,778,977 1,126,574 1,067,232 319,095 294,525 262,811 287,048 -3,975 0.9289 1,871,008 Feb ................................ 1,923,237 1,153,350 1,087,609 314,683 291,418 263,837 275,901 -8,459 0.9261 Mar ................................ 1,769,005 1,824,330 1,137,766 1,073,821 324,992 308,101 268,573 284,804 -7,463 0.9153 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In billions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 1999 - Dec................................ 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 0.9289 2000 - Mar................................ 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 1.0466 June................................ 152,605 143,345 226,923 87,974 10,660 11,704 13,871 12,373 -447 1.0485 Sept................................ 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 1.1340 Dec................................ 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 1.0618 2001 - Mar................................ 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 1.1371 June................................ 167,044 167,048 187,306 140,910 16,275 n.a. n.a. 11,562 n.a. 1.1773 Sept................................ 161,577 152,442 n.a. 160,493 12,168 n.a. n.a. 10,563 n.a. 1.0990 Dec................................ 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 2002 - Mar................................ 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468 June................................ 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099 Sept................................ 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130 Dec................................ 162,398 151,891 176,385 152,681 n.a. n.a. 16,812 13,985 -86 0.9527 106 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 (codified at 31 United States Code 5302), which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.—Balances as of Sept. 30, 2002, and Dec. 31, 2002 [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....................................................................... Sept. 30, 2002 Oct. 1, 2002, through Dec. 31, 2002 Dec. 31, 2002 9,716,954 11,709,606 36,403 456,071 9,753,357 12,165,677 Accounts receivable................................................................. 8,288,205 7,757,327 118,966 579,791 195,388 4,330 8,867,996 7,952,715 123,296 Total assets.......................................................................... 37,591,058 1,271,983 38,863,041 Accounts payable................................................................. 24,396 95,034 119,430 Total current liabilities ...................................................... Other liabilities: SDR certificates ................................................................... 24,396 95,034 119,430 2,200,000 6,480,559 180,450 2,200,000 6,661,009 8,680,559 180,450 8,861,009 Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 28,686,103 996,499 200,000 29,682,602 Total capital...................................................................... 28,886,103 996,499 29,882,602 Total liabilities and capital............................................ 37,591,058 1,271,983 38,863,041 Liabilities and capital Current liabilities: SDR allocations ................................................................... Total other liabilities ......................................................... Capital: Capital account .................................................................... See footnote on the following page. EXCHANGE STABILIZATION FUND 107 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, 2002, through Dec. 31, 2002 Fiscal year to date Oct. 1, 2002, through Dec. 31, 2002 Income and expense Profit (+) or loss (-) on: Foreign exchange .............................................................................. 711,127 711,127 Adjustment for change in valuation of SDR holdings and allocations 1 ..................................................... 149,698 149,698 SDRs.................................................................................................. 27,616 27,616 U.S. Government securities............................................................... 36,402 36,402 Foreign exchange .............................................................................. 71,656 71,656 Commissions ......................................................................................... - - Income from operations..................................................................... 996,499 996,499 Net income (+) or loss (-)............................................................... 996,499 996,499 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note.— Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” Financial Report of the United States Government Excerpt Trust Funds FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111 INTRODUCTION: Financial Report of the United States Government The following pages are excerpted from the 2002 Financial Report of the United States Government (Financial Report). The report and accompanying information, prepared and published annually by the Financial Management Service, are modeled after corporate-type reports and are developed on an accrual basis of accounting. The excerpts represent some of the most noteworthy information contained in the Financial Report. Data for the Financial Report are compiled from Federal program agency accounting systems Governmentwide. Treasury also presents a management discussion and analysis, the customary notes to the financial statements, a section on stewardship information, and supplemental information in the complete document. The General Accounting Office (GAO) is required by law to audit the Financial Report. GAO’s report, as well as the complete Financial Report, can be accessed easily through the internet at www.fms.treas.gov/fr. 112 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Financial Statements of the United States Government for the Years Ended September 30, 2002 and September 30, 2001 In accordance with the Statement of Federal Financial Accounting Standards (SFFAS) No. 24, two new principal financial statements are included in this Financial Report of the United States Government (Financial Report). They are the Reconciliations of Net Operating Cost and Unified Budget Surplus (or Deficit) and the Statements of Changes in Cash Balance from Unified Budget and Other Activities. Statements of Net Cost These Statements present the net cost of fiscal years 2002 and 2001 Government operations. For the purposes of this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities and other significant entities. Costs are presented in a similar manner as in the budget, even though the budget presents costs by obligations and outlays based on functions. In the Statements of Net Cost, the costs are divided between the corresponding departments and entities mentioned above, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are prepared, defended and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems and control of the Federal Government. These Statements contain the following three components: • Gross cost—This is the full cost of all the departments and entities. These costs may be traced directly, assigned on a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities. • Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price. • Net cost—This is computed by subtracting earned revenue from gross cost. Because of their specific functions, most of the costs originally associated with the General Services Administration (GSA) and the Office of Personnel Management (OPM) have been allocated to and reflected in the costs of their user agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior and past costs from plan amendments, and the actuarial gains and losses for these agencies. The interest on Treasury securities held by the public is part of the Department of the Treasury’s (Treasury) responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these Statements. Net cost for Governmentwide reporting purposes includes GSA and OPM agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial statements. Please refer to the Management’s Discussion and Analysis section for further information concerning the mission and organization of the components of the Government of the United States. Statements of Operations and Changes in Net Position These Statements report the results of Government operations. They include unearned revenues that are generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These Statements also cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). They further include any adjustments and unreconciled transactions that affect the net position. FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 113 Revenue Individual income tax and tax withholdings consist of Federal individual income taxes, Social Security taxes, Medicare taxes, and railroad retirement taxes, net of related refunds. Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. This category includes revenues generated by the Federal Communications Commission from the sale of spectrum licenses to promote open-air communication services to the public (spectrum auctions). It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands. Net Cost of Government Operations The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statement of Net Cost. Unreconciled Transactions Unreconciled transactions are adjustments needed to bring the change in net position into balance due to unreconciled and unaccounted for differences in the consolidated financial statements. Please refer to Note 16—Unreconciled Transactions Affecting the Change in Net Position for detailed information. Net Position, Beginning of Period The net position, beginning of period reflects the net position reported on the prior year’s Balance Sheet as of the end of that fiscal year. Prior Period Adjustments Prior period adjustments are revisions to adjust the beginning net position. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Prior Period Adjustments for detailed information. Net Position, End of Period This amount reflects the net position as of the end of the fiscal year. Reconciliations of Net Operating Cost and Unified Budget Surplus (or Deficit) The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget surplus (or deficit) relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting basis share transaction data. These Statements report the reconciliation of the results of operations (net operating cost) on the Statements of Operations and Changes in Net Position to the unified budget surplus (or deficit) in the President’s budget. 114 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Receipts and outlays in the President’s budget are measured primarily on a cash basis and, therefore, differ from the accrued cost-basis measures used in the Financial Report. These Statements begin with the results of operations (net operating cost), reported on an accrued cost-basis in the Statements of Operations and Changes in Net Position, and arrive at the unified budget surplus. Reconciling items include accrued items, such as changes in liabilities for military, veteran and civilian benefits, as well as depreciation expenses on fixed assets and changes in environmental liabilities. Components of Net Operating Cost Not Part of the Budget Surplus (or Deficit) This information includes the operating components, such as the changes of benefits payable for veterans, military and civilian employees, and the environmental liabilities and depreciation expense not included in the budget results. Components of the Budget Surplus (or Deficit) Not Part of Net Operating Cost This information includes the budget components, such as capitalized fixed assets, changes in accounts receivable, and increases in other assets not included in the operating results because of their long-term nature. These items are typically part of the Balance Sheets only, and are not part of the operating results. Statements of Changes in Cash Balance from Unified Budget and Other Activities The primary purpose of these Statements is to report how the annual unified budget surplus (or deficit) relates to the change in the Government’s cash balance and debt held by the public. It explains why the unified budget surplus (or deficit) normally would not result in an equivalent change in the Government’s cash balance. These Statements reconcile the unified budget deficit (or surplus) to the change in operating cash during the fiscal year, and explain how the budget deficit (fiscal 2002) was financed and budget surplus (fiscal 2001) was used. A budget deficit is the result of expenditures exceeding receipts (revenue) during a particular fiscal year, and a budget surplus is the result of receipts (revenue) exceeding expenditures during a particular fiscal year. In depicting how the unified budget deficit (or surplus) affected cash, these Statements show that in fiscal 2002 the greatest amount was net new borrowings from the public, and in fiscal 2001 the greatest amount was net repayments of the debt held by the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. These other transactions, such as the issuance of student loans or premiums on early buyback of public debt, required cash payments and contributed to the use of the surplus or deficit. These Statements show the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial statements. Balance Sheets The Balance Sheets show the Government’s assets and liabilities. When combined with stewardship information, this information presents a more comprehensive understanding of the Government’s financial position. All of the line items on the Balance Sheets are described in the Notes to the Financial Statements. For example, Note 2? Cash and Other Monetary Assets provides information concerning the cash reported in the assets section. FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115 Assets Assets included on the Balance Sheets are resources of the Government that remain available to meet future needs. The most significant assets that are reported on the Balance Sheets are property, plant and equipment, inventories, and loans receivable. There are, however, other significant resources available to the Government that extend beyond the assets presented in these Financial Statements. Those resources include stewardship assets, including natural resources (see Stewardship Information section), and the Government’s sovereign powers to tax, regulate commerce, and set monetary policy. Selected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s accountability for these assets. Stewardship assets include national defense assets, stewardship land, and heritage assets. Liabilities and Net Position Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most significant liabilities reported on the Balance Sheets are Federal employee and veteran benefits payable and Federal debt securities held by the public and accrued interest. Liabilities also include social insurance benefits due and payable as of the reporting date. As with reported assets, the Government’s responsibilities and policy commitments are much broader than these reported Balance Sheet liabilities. They include the social insurance programs disclosed in the Statements of Social Insurance in the Stewardship Information section, and a wide range of other programs under which the Government provides benefits and services to the people of this Nation, and certain future loss contingencies. The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to the many assumptions of the programs, produce a wide range of possible results. The Stewardship Responsibilities section describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers can apply their own judgment as to the condition and sustainability of the individual programs. Each of the social insurance programs has an associated trust fund to account for its activity. The taxes collected for specific use are credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the excess collections are invested in Treasury securities or “loaned” to the Treasury’s general fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 19—Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets. A broad perspective on the Government’s responsibilities is provided by the Current Services Assessment, which also can be found in the Stewardship Information section. Presented in accordance with the President’s 2004 budget, this information estimates Federal expenditures and receipts for fiscal 2002 to 2008, assuming there are no changes to current law. The Government has entered into contractual commitments requiring the future use of financial resources and has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the Balance Sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18? Commitments and Contingencies. Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the Government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position. 116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Net Cost for the Years Ended September 30, 2002 and September 30, 2001 2002 Gross Earned Net Cost Revenue Cost Department of Agriculture ................................ 80.5 9.6 70.9 Department of Commerce ................................ 7.4 1.2 6.2 13.9 406.5 Department of Defense ................................ 420.4 Department of Education................................ 49.9 4.8 45.1 Department of Energy ................................................................ (3.0) 4.8 (7.8) Department of Health & Human Services ................................ 499.9 27.0 472.9 36.3 2.2 34.1 Department of Housing & Urban Development ................................ Department of Interior................................................................ 15.0 0.7 14.3 Department of Justice................................................................ 29.5 2.3 27.2 Department of Labor................................................................ 64.7 64.7 Department of State ................................................................ 10.9 0.9 10.0 Department of Transportation ................................ 65.4 1.6 63.8 Department of the Treasury ................................66.0 3.6 62.4 Interest on debt held by the public ................................ 175.4 175.4 Department of Veterans Affairs ................................ 218.4 2.6 215.8 U.S. Agency for International Development ................................ 8.0 8.0 Environmental Protection Agency ................................ 8.2 0.5 7.7 Federal Emergency Management Agency ................................ 6.2 1.8 4.4 General Services Administration ................................ (0.1) 0.3 (0.4) National Aeronautics & Space Administration ................................ 14.7 0.1 14.6 National Science Foundation ................................4.2 4.2 U.S. Nuclear Regulatory Commission................................ 0.6 0.4 0.2 Office of Personnel Management................................ 0.2 0.2 Small Business Administration ................................ 1.3 0.5 0.8 Social Security Administration................................ 492.9 0.3 492.6 Export-Import Bank of the United States................................ (1.2) 0.3 (1.5) Federal Communications Commission................................ 6.8 1.1 5.7 Federal Deposit Insurance Corporation ................................ 1.8 0.7 1.1 National Credit Union Administration ................................ 0.2 0.5 (0.3) Pension Benefit Guaranty Corporation................................ 12.7 0.9 11.8 Railroad Retirement Board................................ 9.3 9.3 Tennessee Valley Authority................................ 7.9 6.8 1.1 United States Postal Service................................ 83.1 66.4 16.7 22.8 0.8 22.0 All other entities ................................................................ 2,416.3 156.6 2,259.7 Total................................................................ (In billions of dollars) The accompanying notes are an integral part of these financial statements. Gross Cost 83.5 7.4 776.8 39.9 27.0 459.2 34.5 11.7 26.5 42.3 10.0 63.6 60.0 217.7 196.0 7.1 8.4 6.3 0.1 9.2 3.7 0.6 0.2 0.8 465.3 0.8 14.9 3.1 0.3 2.3 9.0 11.8 86.2 19.6 2,705.8 2001 Earned Net Revenue Cost 11.1 72.4 1.2 6.2 12.6 764.2 4.1 35.8 5.2 21.8 24.7 434.5 2.4 32.1 0.3 11.4 2.3 24.2 42.3 1.0 9.0 0.3 63.3 4.4 55.6 217.7 2.7 193.3 0.1 7.0 0.5 7.9 1.6 4.7 0.3 (0.2) 0.1 9.1 3.7 0.4 0.2 0.2 0.2 0.6 0.3 465.0 0.3 0.5 6.7 8.2 0.5 2.6 0.4 (0.1) 0.8 1.5 9.0 6.9 4.9 65.6 20.6 3.0 16.6 160.0 2,545.8 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117 United States Government Statements of Operations and Changes in Net Position for the Years Ended September 30, 2002 and September 30, 2001 2002 2001 Individual income tax and tax withholdings ........................................................... 1,538.6 1,663.6 Corporation income taxes......................................................................................143.7 147.9 Unemployment taxes ............................................................................................. 26.2 26.7 Excise taxes........................................................................................................... 67.9 67.3 Estate and gift taxes .............................................................................................. 26.4 28.3 18.3 18.7 Other taxes and receipts........................................................................................ 49.3 48.9 Miscellaneous earned revenues ............................................................................ 7.3 12.3 Total revenue ................................................................................................ 1,877.7 2,013.7 Less net cost of Government operations ....................................................... 2,259.7 2,545.8 Unreconciled transactions affecting the change in 17.1 net position (Note 16) .......................................................................................... 17.3 Net operating cost ................................................................................................ (364.9) (514.8) (6,458.8) Net position, beginning of period ......................................................................... (5,945.4) (In billions of dollars) Revenue: Customs duties ................................................................................................ Prior period adjustments (Note 17)........................................................................ 3.5 1.4 Net operating cost................................................................................................(364.9) (514.8) (6,820.2) Net position, end of period.................................................................................... (6,458.8) The accompanying notes are an integral part of these financial statements. 118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Reconciliations of Net Operating Cost and Unified Budget Surplus (or Deficit) for the Years Ended September 30, 2002 and September 30, 2001 2002 (364.9) Net operating cost ................................................................................................ Components of net operating cost not part of the budget surplus (or deficit): Increase in liability for military employee benefits (Note 11): Increase in military pension liabilities ................................................................ 21.7 Increase in military health liabilities ................................................................ 11.1 (Decrease)/increase in other military benefits ....................................................... (0.4) Increase in liability for military employee benefits .................................................32.4 (In billions of dollars) 2001 (514.8) 17.8 388.6 0.4 406.8 Increase in liability for veterans compensation and burial benefits (Note 11): Increase in liability for veterans ................................................................ 147.7 9.0 Increase in liability for survivors................................................................ 0.6 Increase in liability for burial benefits................................................................ 157.3 Increase in liability for veterans compensation...................................................... 115.2 24.1 139.3 Increase in liability for civilian employee benefits (Note 11): Increase in civilian pension liabilities ................................................................ 16.9 Increase in civilian health liabilities ................................................................ 16.2 5.8 Increase in other civilian benefits................................................................ Increase in liability for civilian employee benefits ..................................................38.9 41.0 7.2 1.9 50.1 Decrease in environmental liabilities (Note 12): (Decrease)/increase in energy's environmental liabilities................................ (28.7) (Decrease)/increase in all others' environmental liabilities................................ (5.1) (33.8) (Decrease)/increase in environmental liabilities .................................................... 4.1 1.6 5.7 Depreciation expense...............................................................................................20.5 Increase in benefits due and payable (Note 13) ...................................................... 9.3 (Increase)/decrease in taxes receivable (Note 5) .................................................... (0.3) Increase in other liabilities (Note 14) ................................................................ 13.8 Premium on early buyback of public debt ................................................................ 3.8 Seigniorage and sale of gold.................................................................................... (1.0) (Decrease)/increase in accounts payable (Note 9) .................................................. (0.4) 21.4 8.1 2.2 13.1 10.7 (1.3) 1 9.4 Components of the budget surplus (or deficit) not part of net operating cost: Capitalized Fixed Assets: (18.1) Department of Defense.......................................................................................... Civilian agencies ................................................................................................ (22.8) (40.9) Total capitalized fixed assets .............................................................................. (11.1) (23.3) (34.4) Decrease in accounts receivable (Note 3) ............................................................... 2.2 (Increase)/decrease in inventory (Note 6) ................................................................ (8.4) Increase in other assets (Note 8) ................................................................ (2.0) Principal repayments of precredit reform loans........................................................ 8.2 1.0 Net amount of all other differences ................................................................ Other: 6.6 Prior period adjustments (Note 17) ................................................................ (157.7) Unified Budget deficit (or surplus) ................................................................ 1 Restated. The accompanying notes are an integral part of these financial statements. (1.9) 1.4 (3.7) 19.9 1 (6.4) 1 1.4 127.0 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 119 United States Government Statements of Changes in Cash Balance from Unified Budget and Other Activities for the Years Ended September 30, 2002 and September 30, 2001 2002 (In billions of dollars) Budget receipts—actual ................................ 1,853.3 (2,011.0) Budget outlays—actual ................................ Unified budget (deficit) or surplus................................ Adjustments for Non-Cash Outlays Included in the Budget: Interest accrued by Treasury on debt held by the public................................................................ Subsidy expense (Note 4) ................................ 2001 1,990.9 (1,863.9) (157.7) 127.0 (152.0) 4.9 (171.0) 0.7 Items Affecting the Cash Balance Not Included in the Budget: Net Transactions from Financing Activity: Repayment of debt held by the public................................ 3,570.2 Borrowings from the public................................ (3,791.0) Total................................................................ (220.8) 2,620.7 (2,530.6) 90.1 Net Transactions from Monetary Activity: Increase in special drawing rights................................ .8 Increase in other monetary assets................................ 14.3 2.5 Increase/(decrease) in loans to the IMF................................ Total................................................................ 17.6 1.6 8.2 4.7 14.5 Net Transactions from Other Activities: Net direct loan activity................................ 13.7 Interest paid by Treasury on debt held by the public ................................ 158.6 Premium on early buyback of public debt................................ 3.8 Net guaranteed loan activity ................................ (2.3) Increase/(decrease) in other assets ................................ (.9) Increase in deposit fund balances ................................ (.4) Decrease/(increase) in other liabilities................................ 3.4 Seigniorage and other equity................................ (1.0) 1.0 Revisions to the prior budget results ................................ 175.9 Total................................................................ Disposition of (Deficit) or Surplus................................ Increase/(decrease) in operating cash balance................................................................ Operating Cash: (Note 2) Operating cash balance beginning of period ................................................................ Operating cash balance end of period ................................ The accompanying notes are an integral part of these financial statements. 18.5 175.8 10.7 4.1 1.6 (4.1) (4.1) (1.3) 201.2 (174.4) 135.5 16.7 (8.5) 44.2 60.9 52.7 44.2 120 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Balance Sheets as of September 30, 2002 and September 30, 2001 (In billions of dollars) 2002 2001 Assets: Cash and other monetary assets (Note 2) ............................................................ 141.6 Accounts receivable, net (Note 3) ................................................................ 108.0 32.0 34.2 Loans receivable, net (Note 4) ................................................................ 219.2 208.9 Taxes receivable, net (Note 5) ................................................................ 21.4 21.1 Inventories and related property, net (Note 6)....................................................... 192.2 183.8 Property, plant and equipment, net (Note 7) ......................................................... 324.7 306.7 65.4 Other assets (Note 8) ............................................................................................ 63.4 Total assets................................................................................................ 996.5 926.1 Liabilities: Accounts payable (Note 9) ................................................................ 55.8 56.2 3,573.2 3,359.3 Federal employee and veteran benefits payable (Note 11) ................................ 3,589.4 3,360.8 Federal debt securities held by the public and accrued interest (Note 10) ................................................................................................ Environmental and disposal liabilities (Note 12)................................ 273.0 306.8 Benefits due and payable (Note 13) ................................................................ 95.3 86.0 Loan guarantee liabilities (Note 4)................................................................ 28.1 27.7 201.9 Other liabilities (Note 14) ....................................................................................... 188.1 Total liabilities................................................................................................ 7,816.7 7,384.9 Commitments and contingencies (Note 18) Net position................................................................................................ (6,820.2) Total liabilities and net position ................................................................ 996.5 The accompanying notes are an integral part of these financial statements. (6,458.8) 926.1 TRUST FUNDS 121 TABLE TF-15A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal 2004. The 24-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal 2004. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal 2004)....................................................................................................................... 72.00 less: Cash balance (fiscal 2004) ................................................................................................................................................................................................. Unfunded authorizations (fiscal 2004) ................................................................................................................................................................................ 24-month revenue estimate (fiscal 2005 and 2006)................................................................................................................................................................ 12.26 59.74 63.30 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal 2004).......................................................................................................................... 5.19 less: Cash balance (fiscal 2004) ................................................................................................................................................................................................. Unfunded authorizations (fiscal 2004) ................................................................................................................................................................................ 24-month revenue estimate (fiscal 2005 and 2006)........................................................................................................................................................... 8.24 -3.06 9.98 122 TECHNICAL PAPERS Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham and John S. Greenlees. November 1995. 9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, Robert Gillingham and John S. Greenlees. January 1997. 9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. December 1997. 2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. Worth. May 2001. 2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and Christopher J. Soares. June 2001. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 Washington, D.C. 20220 Telephone (202) 622-1519, or fax (202) 622-1294 123 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Accrued discount (SBN-1, -2, -3)—Interest that accumulates on savings bonds from the date of purchase until the date of redemption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, I, and J are discount or accrual type bonds—meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Coupon issue—The issue of bonds or notes (public debt). Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of March 2003, the debt limit was $6,400,000 million; the limit may change from year to year. Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (“U.S. Savings Bonds and Notes”)— Bonds paying semiannual interest to holders. Interest is not included in accrued discount. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve Banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series 124 GLOSSARY issues. The Federal Reserve note is the only class of currency currently issued. disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-age and Survivors Insurance Trust Fund; the civil service retirement and International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, I, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several GLOSSARY “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (FD-2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds 125 from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), they are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER