Full text of Treasury Bulletin : June 2004
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Contents JUNE 2004 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.......................................................................................................................... 36 PDO-2.—Offerings of Regular Weekly Treasury Bills .................................................................................................................... 41 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ........................................................ 42 PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ............................................. 43 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes............................................................................................................................................ 44 SBN-1.—Sales and Redemptions by Series, Cumulative................................................................................................................. 44 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined............................................ 45 SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ..................................................................................... 45 IV Contents OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities................................................................................................................................ 47 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues............................................................... 48 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical)......................................... 49 OFS-2.—Estimated Ownership of U.S. Treasury Securities ........................................................................................................... 50 MARKET YIELDS Introduction.—Market Yields................................................................................................................................................................ 51 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds............................................................. 51 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ...................................................................................... 52 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin .......................................................................................... 52 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ............................. 53 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics................................................................................................................................ 57 IFS-1.—U.S. Reserve Assets ................................................................................................................................................................. 57 IFS-2.—Selected U.S. Liabilities to Foreigners ................................................................................................................................. 58 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................................. 59 CAPITAL MOVEMENTS Introduction.—Capital Movements ...................................................................................................................................................... 60 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder................................................................................................................................ 63 CM-I-2.—Total Liabilities by Country................................................................................................................................................ 64 CM-I-3.—Total Liabilities by Type and Country.............................................................................................................................. 66 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries..................................................................................................................................... 68 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type......................................................................................................................................................... 69 CM-II-2.—Total Claims by Country.................................................................................................................................................... 70 CM-II-3.—Total Claims on Foreigners by Type and Country ........................................................................................................ 72 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries..................................................................................................................................... 74 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 .......................................................................................................................................................... 75 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............................................................................................................................. 76 CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country ............................................................................................. 77 CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country.................................................................................................. 79 CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ............................................. 81 V Contents SECTION V.—U.S. International Transactions in Long-Term Securities CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.................................................... 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................................................................................................ Reforestation Trust Fund................................................................................................ v Unemployment Trust Fund................................................................................................ v Uranium Enrichment Decontamination and Decommissioning Fund................................ v Vaccine Injury Compensation Trust Fund ................................................................ v v Wool Research, Development, and Promotion Trust Fund................................................................ v OPERATIONS ProfileoftheEconomy FederalFiscalOperations AccountoftheU.S.Treasury FederalDebt PublicDebtOperations U.S.SavingsBondsandNotes Ownership ofFederalSecurities MarketYields U.S.CurrencyandCoinOutstanding andinCirculation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product (GDP) After rising about 6 percent at an annual rate over the second half of 2003, forward momentum continued into the first quarter of 2004 as real gross domestic product (GDP) increased at a sizable 4.2 percent pace. Growth in the last three quarters averaged 5.5 percent at an annual rate, the strongest three-quarter performance since 1984. Almost all GDP sectors expanded in the first quarter, providing firm support for continued gains in economic activity. Growth in personal consumption expenditures picked up to a 3.8 percent rate from 3.2 percent in the prior quarter. Increased spending on services, particularly medical care and housing, accounted for much of the growth. Business investment in equipment and software was also very favorable, with an 11.5 percent rate of increase representing an eighth straight quarterly gain. Business investment in structures continued its long string of declines, but the pace of inventory investment picked up as businesses became more confident about the sustainability of aggregate demand. Residential investment grew modestly in the first quarter. Exports rose 3.2 percent at an annual rate in the first quarter for a third straight quarterly increase, though growth slowed sharply from the fourth quarter. Imports increased at a 2.0 percent pace, but because the level of imports is so much higher than exports, the changes were roughly offsetting and the trade deficit remained virtually the same. In the government sector, Federal consumption expenditures and gross investment increased at a 10.1 Inflation Inflation at both the consumer and producer price levels picked up in the early part of this year. The consumer price index (CPI) rose by 0.5 percent in March, bringing the annual rate increase during the first 3 months of 2004 to 5.1 percent. This is up from 1.9 percent during all of 2003 but slightly less than during the first quarter of that year. Energy prices jumped at a near 39 percent pace during the first 3 months of 2004 and also boosted CPI growth in the same months of 2003. The increase in food prices slowed to a 1.3 percent annual rate in the first 3 months of 2004 from 3.6 percent last year. “Core” inflation (prices excluding food and energy), however, moved from a very low 1.1 percent pace during 2003 to an annual rate of 2.9 percent during the first 3 months of this year. The increase last year was the smallest annual rise since 1960. percent annual rate as defense spending grew $17 billion in real terms, or an annual rate of 15.1 percent. Nondefense showed a 0.7 percent rate of increase. Expenditures and investment of state and local governments continued to be squeezed by tight budgets and fell 2.6 percent at an annual rate in the first quarter. Growth of Real GDP (Percent change, fourth quarter to fourth quarter) 6 5 4.4 4.3 4.5 4.7 4.3 4.2 03 04* 4 2.8 3 2.2 2 1 0.0 0 96 97 98 99 00 01 02 *2004 based on first quarter The pattern at the producer level mirrors developments at the consumer level. Overall finished goods prices rose by 4.0 percent during 2003 but were up at a 5.1 percent annual rate during the first 3 months of this year. Rising core prices and a sharp jump in energy costs contributed to the overall acceleration, offset somewhat by moderation in the increase in wholesale food costs. Energy prices were up at a 23.5 percent annual rate through March, more than double the 11.5 percent rise during 2003 but much less than during the first quarter of that year. Core prices rose by 1.0 percent last year but have increased at a 2.1 percent pace so far this year. Wholesale food prices rose at a 1.1 percent pace during the first 3 months of 2004, well below the 7.7 percent increase last year. Further back in the production chain, the pace of core intermediate materials price increases accelerated from 2.1 percent during 2003 to an annual rate of almost 9 percent during the first quarter of 2004. 4 PROFILE OF THE ECONOMY Labor costs remain subdued. Hourly compensation costs as calculated in the national income accounts for the private nonfarm business sector increased at a 4.0 percent annual rate in the first quarter of 2004. This was the same as averaged during 2003 but slightly faster than the 3.5 percent increase in productivity. As a result, unit labor costs rose at a 0.5 percent pace in the first quarter after declining by 1.3 percent across the four quarters of 2003. The employment cost index (ECI) for total compensation, a fixed-weighted compensation measure, increased by 3.8 percent during the 12-month period ending in March, boosted by a surge in benefit costs. This was close to the 3.9 percent increases for the comparable periods in each of the previous 2 years. Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 Excluding food and energy 5 Excluding food and energy 4 4 2 3 0 2 Total 1 -2 Total -4 0 91 92 93 94 95 96 97 98 99 00 01 02 03 04 Employment and unemployment The labor market recovery that began in August 2003 strengthened notably heading into the spring of 2004. Nonfarm payroll employment rose by 1.1 million over the 8 months ended in April, and the unemployment rate retreated from a 9-year high of 6.3 percent in June 2003 to 5.6 percent. Nonfarm payroll employment surged by 288,000 in April on top of a 337,000 jump in March-the best 2-month performance in 4 years. Employment growth since the August trough has been concentrated in the private serviceproducing sector, with the bulk of the gains in professional and business services, health services, and leisure and hospitality. Construction employment continued to grow at a solid pace through April. Manufacturing payrolls expanded 91 92 93 94 95 96 97 98 99 00 01 02 03 04 by 37,000 over the latest 3 months after a 3-1/2-year slump during which 3 million factory jobs were lost. The unemployment rate eased back to 5.6 percent in April from 5.7 percent in March. The jobless rate has hovered around 5.6 percent since the beginning of the year and is the lowest since early 2002. Wage gains remain subdued despite the recovery in labor demand. Over the 12 months ended in April, average hourly earnings of nonfarm production workers rose 2.2 percent compared to 3.0 percent in the year-earlier period. However, growth in earnings adjusted for inflation firmed to 0.4 percent over the 12 months ended in March (latest available) after easing by 0.1 percent over same period in 2003. The small decline recorded last year reflected a surge in energy prices, which boosted inflation and ate into real earnings. Although energy prices remain elevated, they have grown more slowly over the latest year. PROFILE OF THE ECONOMY 5 Unemployment Rate Payroll Employment (Percent) (Average monthly change in thousands) 7.0 400 6.5 300 193 200 6.0 100 5.5 Apr. 2004 5.6% 60 22 0 5.0 -14 -100 4.5 -200 4.0 -300 3.5 -400 -71 -140 -49 -54 -58 -21 -1 -174 -302 94 95 96 97 98 99 00 01 02 03 04 01-I II III IV 02-I II III IV 03-I II III IV 04-I Real disposable personal income and consumer spending Industrial production and capacity utilization Personal income in nominal terms grew at a 5.6 percent annual rate in the first quarter of 2004. This represented an acceleration from the 4.3 percent pace across the four quarters of last year. Wages and salaries, which account for more than half of personal income, grew at a strong 4.8 percent annual rate in the first quarter, up from the 3.2 percent advance during 2003. Personal interest income edged up slightly in the first quarter after increasing by 3.7 percent at an annual rate in the fourth quarter. Prior to these two increases, interest income had been moving down on average for 3 years. Dividend income continued up at a healthy pace in the first quarter. Personal current transfer receipts, which include transfer payments from the government, grew at a 5.6 percent rate in the first quarter, off a little from the 6.7 percent pace last year. Disposable (after-tax) income adjusted for inflation moved up at a 4.3 percent annual rate in the first quarter, a modest acceleration from the 3.6 percent gain during 2003. These increases in inflation-adjusted disposable income reflected the impact of the Jobs and Growth Tax Relief Reconciliation Act of 2003. Real consumer spending rose at a 3.8 percent annual rate in the first quarter, up from an increase of 3.2 percent in the fourth quarter but in line with the 4.0 percent gain across all four quarters of 2003. With after-tax income up at a slightly faster rate than real spending in the first quarter, the personal saving rate edged up to 1.9 percent from 1.7 percent in the fourth quarter. The saving rate stood at 2.1 percent for all of 2003, down from 2.3 percent during 2002. Industrial production continued its solid performance at the beginning of 2004. Output from factories, mines, and utilities rose by a strong 6.6 percent at an annual rate in the first quarter, the fastest pace in nearly 4 years. Production fell by 0.2 percent in March but that was largely due to a sizeable decline in activity at utilities as a result of unusually warm weather. Output rose by 3.4 percent over the 12 months ending in March. Manufacturing production, which accounts for about 82 percent of all industrial output, was flat in March following a large 1.1 increase in February. Factory output advanced by a strong 5.9 percent at an annual rate in the first quarter on top of the fourth quarter’s 6.1 percent rise. (April’s employment report also showed that the manufacturing sector began to create jobs in February after 42 consecutive months of job contraction.) Production of motor vehicles and parts increased at an 8.6 percent annual rate in the first quarter, roughly on par with the fourth quarter’s 8.8 percent gain. Vehicle and part production declined by 2.2 percent in March. Apart from automobiles, manufacturing output rose at a 5.6 percent annual rate in the first quarter. Production in the high-technology industries (computers, communications equipment, and semiconductors) rose at a rapid 30 percent annual rate in the first quarter. In recent quarters, this industry sector has been running at rates not seen since mid 2000. Both the computers and office equipment sector and semiconductors have accounted for much of these sharp gains. Communications equipment remains the weakest segment of the high-technology group. Nondurable manufacturing rose by 1.8 percent at an annual rate in the 6 PROFILE OF THE ECONOMY first quarter, down somewhat from the fourth quarter’s 3year high of 2.5 percent. Chemicals and apparel and leather accounted for much of the first-quarter rise. Production at utilities, which accounts for 10 percent of total industrial output, rose by a strong 17.0 percent in the first quarter– mainly because of severe weather. Output at mines (the remaining 8 percent of industrial output) rose by 1.0 percent at an annual rate in the first quarter, about the same as in the prior two quarters. The capacity utilization rate for the industrial sector ended the first quarter at 76.5 percent, up from last June’s two-decade low of 74.0 percent but still 4.6 percentage points below the long-term average of 81.1 percent. Capacity utilization ranged between 82 and 85 percent in the 1994–1999 period. Capacity utilization in the manufacturing sector was 75.2 percent in March, 4.8 percentage points below its long-term average. Utilization in the high-tech industries edged up to the 70.0 percent mark by the end of the first quarter, the highest reading in nearly 3 years. That is still below its long-term average of 78.8 percent. Nonfarm productivity and unit labor costs Gains in productivity continue to be quite impressive. Nonfarm business productivity (real output per hour worked) rose 3.5 percent at an annual rate in the first quarter following the fourth quarter’s 2.5 percent gain. Over the most recent four quarters, labor productivity rose by 5.4 percent, well above the already rapid 3.1 percent annual pace averaged between 1995 and 2003. Since the fourth quarter of 2000–a period that includes both recession and recovery– output per hour in the nonfarm business sector surged by 4.1 percent at an annual rate, the strongest 13-quarter gain in 40 years. This provides further evidence of an accelerated “New Economy” trend in recent years, compared to the 1973 to 1995 period, when productivity growth averaged only 1.5 percent per year. Hourly compensation costs rose by 4.0 percent at an annual rate in the first quarter and were up by 4.0 percent during the past four quarters. Unit labor costs edged up by 0.5 percent at an annual rate in the first quarter, the first increase in a year, but declined by 1.3 percent over the latest four quarters as the rise in productivity more than offset the increase in compensation costs. Productivity in manufacturing advanced by a 3.1 percent annual rate in the first quarter and was up by 5.3 percent over the most recent four quarters. Hourly compensation in manufacturing rose by 5.2 percent at an annual rate in the first quarter and by 4.9 percent over the past four quarters. Unit labor costs rose at an annual rate of 2.0 percent in the first quarter but were down 0.4 percent over the latest four quarters. International transactions The current account measures trade in goods and services as well as the flow of net income receipts 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 shown wide swings over time. Steady growth of the trade deficit since late 2001 pushed the current account deficit to a record high of $559 billion at an annual rate (5.2 percent of GDP) in the second quarter of 2003. However, subsequent improvement in the trade balance combined with a sharp rise in the surplus on investment income caused the current account gap to recede to $510 billion at an annual rate (4.5 percent of GDP) in the fourth quarter. Despite the narrowing, the current account deficit reached a new annual high of $542 billion (4.9 percent of GDP) in 2003. 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 include such items as debt forgiveness, wealth transfers associated with immigration, investment grants and acquisitions and disposal of nonproduced nonfinancial assets, are typically small. In the fourth quarter they fell to $1.2 billion at an annual rate from outsized flows of $6.2 billion and $3.3 billion in the second and third quarters, respectively. The financial account measures transactions that alter the foreign financial assets and liabilities of the United States. Net financial inflows rebounded sharply in the fourth quarter to $724 billion at an annual rate from $424 billion in the third quarter. Net foreign purchases of assets in the United States nearly doubled in the fourth quarter to $928 billion at an annual rate from $479 billion in the previous quarter. The lack of synchronization in movements of the current and financial account balances reflects a $333 billion swing, at an annual rate, in the statistical discrepancy between the third and fourth quarters. Foreign purchases of non-Treasury securities, especially U.S. equities, increased between the third and fourth quarters. Foreign purchases of U.S. corporate bonds also rose, and outlays for federally sponsored agency bonds turned slightly positive. Foreign direct investment in the United States also rebounded in the fourth quarter, but foreign purchases of U.S. Treasuries fell. U.S. assets abroad increased at a $204 billion annual rate in the fourth quarter compared $55 billion in the prior quarter. A major factor in this acceleration was a $104 billion rise at an annual rate in U.S. banks’ claims on unaffiliated foreigners in the fourth quarter compared to an $83 billion decline the previous quarter. PROFILE OF THE ECONOMY Exchange rate of the dollar The dollar strengthened somewhat in early 2004 after falling from a peak in February 2002 through January 2004. In the 23-month period between that peak and January, the nominal exchange value of the dollar relative to a broad index covering the currencies of 26 important U.S. trading partners depreciated by 13 percent. During the 3 months through April, the dollar began to firm rising by a little more than 2 percent. The decline was 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. Between February 2002 and January 2004, the exchange rate of the dollar compared to an index of these currencies fell by 24.5 percent. Dollar depreciation against the yen and the euro, whose combined weights account for roughly 55 percent of the major index, was largely Interest rates The Federal Reserve’s monetary stance remained extremely accommodative through early May. The Federal Open Market Committee held the federal funds rate (the rate that banks and other financial institutions charge each other for overnight loans) constant at 1 percent since June 2003. In the Treasury market, the 3-month Treasury bill rate remained below 1 percent for most of the period since June 2003. In early May, it rose about 10 basis points in anticipation of Federal tightening as the economy strengthened. The 10-year Treasury yield dipped to a low of 3.75 in early March. Over the past few weeks, however, the 10-year yield has risen to the 4.8 percent level. Mortgage interest rates generally follow movements of the 10-year Treasury rate. The interest rate on a conventional 30-year fixed-rate loan fell to about 5.4 percent in March 2004, close to the low of 5.2 percent reached in June 2003. 7 responsible. Over the same period, the dollar/euro exchange rate fell by 31 percent and the dollar/yen exchange rate fell by 20.5 percent. Since January, the dollar has risen 3.6 percent against the major currencies, including a 5.4 percent rise against the euro, reflecting indications that the U.S. economic recovery is gaining strength and rising expectations of U.S. monetary tightening over the course of this year. The dollar remains relatively strong compared with the currencies of many other important trading partners, and the pace of its appreciation in the most recent months has picked up 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 4.2 percent. Since December 1999, this index has risen by 10.2 percent. The low rates led to a new round of mortgage refinancings and helped free additional cash for consumption. In early May, it rose to an average 6.12 percent–still low in historical perspective. Corporate bond yields reflect movements in long-term Treasury yields as well as numerous other factors. Moody’s seasoned Baa yield declined on evidence of faster growth and rising corporate profits, reaching an average 6.11 percent in March 2004. The yield rose to 6.42 in April, reflecting rising yields in bond markets. The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, narrowed to an average of 2.14 percentage points as of April from nearly 4 percentage points in late 2002. 8 PROFILE OF THE ECONOMY Short-term Interest Rates Long-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 2004 Housing Housing construction slowed in the first quarter of 2004 as the weather in many parts of the country was wetter than usual for that time of year. Activity rebounded in the final month of the quarter and real residential investment posted a 2.1 percent annual rate increase in the first quarter. That was the ninth straight quarterly gain for this sector, but well below the 8.4 percent average of the previous eight quarters. Sales of new single-family homes continued to be strong in the first quarter, which should translate into renewed growth in home construction over the next few quarters of 2004. Sales jumped at a 17.5 percent annual rate in the quarter to an annualized 1.166 million, a new record high for this series which started in 1963. Resales of existing singlefamily homes also did well in the first quarter, posting a 6.2 million annual rate. That is down from a 6.3 million unit selling pace in the fourth quarter of 2003 and a record 6.4 million unit pace in the third quarter. Housing starts declined in the first 2 months of the first quarter but rebounded in March as more favorable weather returned. That was not enough to offset the earlier weakness, and starts in the first quarter declined at a 16 percent annual rate after surging at about a 36 percent pace in the last two quarters of 2003. All of the decline in the latest quarter was in single-family homebuilding, while starts in the smaller multi-family market increased. Total starts for the entire first quarter averaged 1.944 million units at an annual rate, down from a 25-year high of 2.031 million in the fourth quarter but still quite high by historical standards. Housing activity continued to be supported by relatively favorable mortgage interest rates in the first quarter. The 3.0 1999 Treasury 10-year note 2000 2001 2002 2003 2004 mortgage rate for a 30-year conventional fixed-rate loan averaged 5.61 percent that quarter, down from 5.92 percent in the fourth quarter and a recent quarterly high of 6.01 percent in the third. Recent data show that rates began rising moderately at the start of the second quarter, however, though demand for new homes depends not only on the mortgage interest rate but on housing fundamentals as well. These remain favorable, including expansion of the home buying population, strong economic growth that has resulted in increased employment and rising incomes, and continued home price appreciation. Both home builders and potential buyers remain upbeat about housing prospects, as the National Association of Home Builders’ housing market index and the University of Michigan’s index of consumer home buying attitudes rose in April. Federal budget The Federal budget posted a $375 billion deficit in fiscal year 2003. That was the second consecutive fiscal year deficit following 4 years of surpluses. In relation to the overall economy, the 2003 deficit represented a moderate 3.5 percent share of GDP, lower than shares ranging from 3.9 percent to 4.7 percent from 1990 to 1993 and below the 4.8 percent to 6.0 percent shares from 1983 to 1986. The 6.0 percent share reached in 1983 was a post-World War II peak. The deficit continued to widen during the first 6 months of fiscal year 2004 as military and other security-related expenses rose. In the first half of fiscal year 2004, the deficit totaled $299.5 billion. That was $46.4 billion (18 percent) wider than in the same months of the previous fiscal year. PROFILE OF THE ECONOMY The Administration’s budget projected the deficit to total $520.7 billion in fiscal year 2004. That would be about $146 billion more than the $375 billion deficit in fiscal year 2003 and a new record in level terms. In relation to the more than $11 trillion U.S. economy, however, the fiscal year 2004 deficit would be 4.5 percent of GDP. The deficit is projected to shrink to $364 billion in fiscal year 2005 and continue to diminish each year through the rest of the forecast horizon, which extends to fiscal year 2009. The improvement stems from a growing economy and tight controls on outlays, particularly discretionary spending unrelated to defense or homeland security. It appears that improvement is already beginning and it is possible the deficit in fiscal year 2004 could be less than projected. The stronger economy has raised individual incomes and corporate profits and receipts through the first half of the fiscal year are about 3 percent higher than the comparable period of fiscal year 2003. That is well above the 0.9 percent increase in receipts projected for the fiscal year. Outlays are 6.6 percent higher than last year through 6 months of the fiscal year and even less than that after adjusting for differences in the timing of recurring outlays between the two periods. Outlays were projected to grow 7.5 percent this fiscal year. 9 Private saving was 6.0 percent of NNP in 2003, up from the 5.4 percent reached in 2002 and well above the rate of 3.6 percent in 2001, which was the lowest since 1938. Personal saving eased to 1.7 percent of NNP during 2003 from 2.0 percent in 2002, but remained above the 1.4 percent in 2001, which was the lowest in 50 years. Retained earnings of corporations rose substantially to 4.3 percent of NNP in 2003 from 3.4 percent in 2002 and 2.2 percent in 2001, reflecting the upswing in corporate profits which is being generated by the continuing strength of the economic recovery. Net domestic investment (by government and private industry in structures, equipment, software, and inventory) rose to 7.3 percent of NNP in 2003 from 6.9 percent in 2002. Net investment averaged over 9-1/2 percent from 1998 through 2000; nevertheless, the most recent rates of investment are higher than rates at 6percent or below in 1991 and 1992. A large part of investment during the last decade was financed from abroad; the U.S. balance on current account swung from 0.3 percent of NNP in 1991 to -5.3 percent in 2003. Net National Saving (Saving as a percent of NNP) Net national saving and investment Net national saving, the source of funds for new investment, fell to 1.7 percent of net national product (NNP) in 2003 (latest available data) from 2.7 percent in 2002 and a recent high of 7.3 percent in 1998. (Net national saving and NNP exclude depreciation to replace worn-out or obsolete equipment, software, and structures used in production.) The decline in the net national saving rate in 2003 mostly stemmed from a widening in the Federal budget deficit from 2.6 percent of NNP in calendar year 2002 to 4.3 percent in 2003. The Federal deficit has largely reflected the effects of the recession and the need for spending on homeland security following the terrorist attacks in 2001. State and local government budgets were in balance on average in 2003 and 2002; therefore, the total public sector deficit was about the same as the Federal deficit for the last 2 years. Last year’s deficit is only a little above public sector deficits averaging 3.8 percent of NNP from 1982 through 1995. 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 norma lly can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities fro m (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 year 2004 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 $169.0 billion for the second quarter of fiscal year 2004. This is a decrease of $5.4 billion over the comparable prior year quarter. Withheld receipts increased by $5.2 billion and non-withheld receipts decreased by $3.6 billion during this period. Refunds increased by $6.9 billion over the comparable fiscal year 2003 quarter. There was a decrease of $3.4 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2003. Corporate income taxes—Net corporate income tax receipts were $24.1 billion for the second quarter of fiscal year 2004. This is an increase of $12.6 billion compared to the prior year second quarter. The $12.6 billion change is comprised of an increase of $2.6 billion in estimated and final payments, and a decrease of $9.9 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the second quarter of fiscal year 2004 were $176.5 billion, an increase of $4.9 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $3.5 billion, $0.6 billion, and $0.9 billion, respectively. There was a -$1.4 billion accounting adjustment for prior years employment tax liabilities made in the second quarter of fiscal year 2004, while there was a -$4.9 billion adjustment in the second quarter of fiscal year 2003. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the second quarter of fiscal year 2004 were $4.7 billion, an increase of $0.9 billion over the comparable quarter of fiscal year 2003. Net State taxes deposited in the U.S. Treasury increased by $0.9 billion to $3.7 billion. Net Federal Unemployment Tax Act taxes did not change significantly from $1.0 billion. 12 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source, con. Contributions for other insurance and retirement— Contributions for other retirement were $1.2 billion for the second quarter of fiscal year 2004. This was a negligible change from the comparable quarter of fiscal year 2003. Excise taxes—Net excise tax receipts for the second quarter of fiscal year 2004 were $16.2 billion, an increase of $0.9 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.6 billion, an increase of $0.1 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $5.8 billion for the second quarter of fiscal year 2004. These receipts represent an increase of $0.3 billion over the same quarter in fiscal year 2003. Customs duties—Customs duties net of refunds were $4.9 billion for the second quarter of fiscal year 2004. This is an increase of $0.2 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the second quarter of fiscal year 2004 were $7.3 billion, a decrease of $2.4 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $1.3 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on- and off-budget results: Total receipts.................................................... On-budget receipts .......................................... Off-budget receipts .......................................... Total outlays..................................................... On-budget outlays........................................... Off-budget outlays........................................... Total surplus or deficit (-)..................................... On-budget surplus or deficit (-)........................... Off-budget surplus or deficit (-)........................... Means of financing: Borrowing from the public..................................... Reduction of operating cash................................ Other means..................................................... Total on- and off-budget financing....................... Second quarter January - March Fiscal 2004 Budget estimates (February 2004) full fiscal 2004 409,603 270,727 138,876 580,404 464,133 116,270 -170,802 -193,407 22,606 850,364 593,550 256,814 1,149,836 965,227 184,609 -229,471 -371,677 72,205 1,798,093 1,264,089 534,004 2,318,834 1,938,855 379,979 -520,741 -674,766 154,025 135,853 11,908 23,041 170,802 254,449 13,686 31,336 299,471 507,181 -40 13,600 520,741 Second-Quarter Net Budget Receipts by Source, Fiscal Year 2004 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes ........................................... Corporate income taxes .......................................... Employment and general retirement........................... Unemployment insurance........................................ Contributions for other insurance and retirement ........... Excise taxes ......................................................... Estate and gift taxes ............................................... Customs duties ..................................................... Miscellaneous receipts............................................ Total budget receipts........................................... Note.—Detail may not add to totals due to independent rounding. Jan. Feb. Mar. 99.9 4.4 66.7 1.1 0.4 5.4 2.0 1.7 2.6 184.3 17.7 0.8 52.8 2.9 0.4 5.1 1.6 1.5 2.6 85.3 51.4 18.9 57.0 0.7 0.4 5.7 2.2 1.7 2.1 140.0 FEDERAL FISCAL OPERATIONS 13 CHART FFO-A.— Monthly Receipts and Outlays, 2003-2004 (In billions of dollars) 250 On-budget receipts 200 150 Off-budget receipts 100 On-budget outlays 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, 2003-2004 (In billions of dollars) 550 500 450 2004 400 2003 * 350 300 250 200 150 100 50 0 Individual income taxes Social insurance and retirement receipts Corporate income taxes Excise taxes Misc. receipts Estate/gift taxes Customs duties * Prior -year data are for the comparable year. Note: Individual income taxes 2004-Due to a systematic error, the Earned Income Credit (EIC) reported by the Internal Revenue Service has been adjusted for the months of January 2004 and February 2004 to include an increase of $919 million and $6,695 million, respectively. Correspondingly, EIC has been adjusted for the month of March 2004 to include a decrease of $7,614 million. These transactions are offset in individual income tax refunds for the respective months. 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 deficit (-) securities (9) (10) Onbudget receipts (2) Off-budget receipts Total outlays (3) (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) 1999................................ 1,827,302 2000................................ 2,025,060 2001................................ 1,991,044 2002................................ 1,853,051 2003................................ 1,782,115 1,382,834 1,544,477 1,483,525 1,337,730 1,258,273 444,468 480,583 507,519 515,321 523,842 1,701,328 1,788,143 1,863,644 2,010,874 2,156,906 1,380,550 1,457,378 1,517,642 -1,655,210 1,793,897 320,778 330,765 346,002 355,663 363,010 125,974 236,917 127,401 -157,823 -374,791 2,283 87,099 -34,117 -317,481 -535,624 123,691 149,818 161,518 159,658 160,833 128,230 23,761 141,902 428,391 561,811 2004 - Est................................ 1,798,093 2005 - Est................................ 2,036,273 1,264,089 1,461,172 534,004 575,101 2,318,834 2,399,843 1,938,855 2,004,104 379,979 395,739 -520,741 -363,570 -674,766 -542,932 154,025 179,362 726,721 646,999 76,038 175,752 60,572 143,831 84,007 73,765 148,093 98,337 77,738 146,748 132,335 43,799 94,593 44,320 55,408 42,839 49,212 39,544 40,478 43,547 37,488 40,469 39,981 51,915 41,515 45,446 179,288 180,100 192,279 171,820 177,792 190,859 165,868 205,370 161,179 202,883 185,642 182,022 212,740 141,141 145,463 153,955 171,913 142,543 150,940 126,248 171,636 122,990 206,467 148,796 142,278 173,059 38,102 34,637 38,324 -93 35,249 39,920 39,620 33,734 38,189 -3,584 36,845 39,744 39,681 -58,886 51,060 -88,868 21,223 -54,241 -76,616 25,772 -69,545 -42,972 -16,153 -1,392 -96,709 -72,701 -65,103 30,289 -93,383 -28,082 -58,535 -77,175 21,845 -73,299 -45,252 -59,719 -16,461 -98,479 -78,467 6,217 20,771 4,515 49,305 4,295 558 3,927 3,754 2,280 43,566 15,070 1,771 5,765 15,044 -6 98,564 112,268 79,210 38,838 -6,331 88,696 52,840 73,172 14,176 82,305 39,686 Fiscal year 2004 to date................................ 850,365 593,550 256,814 1,149,836 965,226 184,609 -299,472 -371,677 72,206 350,875 Fiscal year or month Total receipts (1) 2003 - Mar................................ 120,358 Apr................................ 231,160 May ................................ 103,411 June ................................ 193,043 July ................................ 123,551 Aug ................................ 114,243 Sept................................ 191,640 Oct................................ 135,825 Nov ................................ 118,207 Dec ................................ 186,730 2004 - Jan................................ 184,250 Feb................................ 85,314 Mar................................ 140,039 Fiscal year or month 1999................................ 2000................................ 2001................................ 2002................................ 2003................................ Means of financing—net transactions, con. Borrowing from the publicCash and monetary assets (deduct) Federal securities, con. Investments Reserve position of U.S. Treasury Special on the U.S. Agency Government Total operating drawing quota in the securities accounts 10+11-12 cash rights IMF (deduct) Other (11) (13) (14) (15) (12) (16) (17) Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) -854 -832 -661 159 -148 216,740 245,736 231,370 -207,708 187,263 -89,364 -222,807 -90,130 220,842 374,401 17,580 -3,799 -8,440 16,667 -25,926 2,178 4,033 1,603 790 353 783 3,185 8,434 14,216 -4,253 -1,173 -6,292 4,717 2,457 3,208 -18,251 12,927 21,527 2,608 26,734 1,009 -4,056 -9,430 -2,802 506 -125,974 -236,917 -127,401 157,823 374,791 2004 - Est................................ -288 2005 - Est................................ -502 219,252 275,424 507,181 371,073 -40 - * * * * * * 13,600 -7,503 * * 520,741 363,570 2003 - Mar................................ 478 Apr................................-436 May ................................ 50 June ................................515 July ................................-23 Aug ................................144 Sept................................-107 Oct................................-197 Nov ................................-233 Dec ................................ -1,097 2004 - Jan................................ -490 Feb................................ 127 Mar................................ 89 -13,693 8,239 24,842 71,544 -6,738 -6,111 16,917 23,863 9,360 61,362 10,159 1,755 -11,874 29,215 -8,681 73,772 41,239 85,926 45,093 -23,356 64,637 43,246 10,714 3,527 80,677 51,649 4,695 15,195 -20,949 22,548 15,063 -39,662 29,513 2 -13,565 11,785 9,304 -25,779 4,567 24 83 404 -160 -75 -26 443 17 164 395 -40 89 4 -7,759 20,736 -43,299 34,106 25,953 -7,995 -29,835 6,193 -48 -8,939 407 -3,085 -17,376 1,173 -116 473 -4 -471 -547 1,875 -476 28 -1,099 -636 -68 -177 -27,838 6,617 48,274 5,972 -8,607 16,694 519 -10,644 13,695 -7,581 6,774 -12,811 7,999 -34 136 -1 * 177 -13 99 * * * 126 * 71 58,886 -51,060 88,868 -21,223 54,241 76,616 -25,772 69,545 42,972 16,153 1,392 96,709 72,701 Fiscal year 2004 to date................................ -1,801 94,625 254,450 -13,686 629 -22,848 -2,428 6,492 197 299,472 * Less than $500,000. Note.—The estimates are based on the Fiscal Year 2005 Budget, released by the Office of Management and Budget on February 2, 2004. 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 (4) 879,480 1,004,461 994,339 858,345 793,699 Gross (5) 216,325 235,655 186,732 211,439 194,522 Corporation Refunds (6) 31,645 28,367 35,657 63,396 62,745 Net (7) 184,680 207,288 151,075 148,044 131,778 Net income taxes (8) 1,064,160 1,211,750 1,145,414 1,006,389 925,477 Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) 578,244 1,508 576,736 618,076 1,965 616,111 660,276 3,106 657,170 665,381 1,011 664,370 672,727 1,699 671,028 Income taxes Fiscal year Withheld or month (1) 1999................................ 693,940 2000................................ 780,397 2001................................ 793,386 2002................................ 750,754 2003................................ 734,647 Individual Other Refunds (2) (3) 308,246 122,706 358,110 134,046 383,204 182,251 286,956 179,365 252,502 193,451 2004 - Est................................ 765,399 2005 - Est................................ 873,837 - - 765,399 873,837 168,741 230,196 - 168,741 230,196 934,140 1,104,033 684,544 740,274 - 684,544 740,274 2003 - Mar................................ 69,540 5,602 Apr................................ 56,876 104,074 May ................................ 56,798 3,243 June ................................ 58,322 31,411 July ................................ 57,889 4,064 Aug ................................ 53,638 4,680 Sept................................ 56,739 37,116 Oct................................ 62,308 8,000 Nov ................................ 53,801 2,616 Dec ................................ 75,560 7,577 2004 - Jan................................ 64,946 38,665 Feb................................ 63,883 3,095 Mar................................ 77,807 6,209 34,538 39,260 35,990 2,952 7,796 12,864 4,366 2,664 6,773 1,723 3,716 49,297 32,602 40,604 121,690 24,051 86,781 54,157 45,454 89,490 67,644 49,644 81,414 99,895 17,682 51,415 21,861 24,765 6,695 35,921 6,017 3,135 34,484 12,652 3,035 44,059 5,796 3,256 24,236 10,277 6,491 4,035 3,889 3,387 1,864 4,139 8,980 2,837 4,756 1,405 2,431 5,306 11,585 18,275 2,660 32,032 2,630 1,270 30,344 3,672 198 39,303 4,391 825 18,931 52,189 139,965 26,711 118,813 56,787 46,724 119,834 71,316 49,843 120,717 104,286 18,507 70,346 54,994 71,139 54,250 61,988 50,514 51,763 57,150 49,131 53,182 52,592 66,357 52,367 56,567 * 1,699 - 54,994 71,139 54,250 61,988 50,514 51,763 55,451 49,131 53,182 52,592 66,357 52,367 56,567 Fiscal year 2004 to date................................ 398,305 66,163 96,775 367,694 93,035 25,715 67,320 435,014 330,196 - 330,196 Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement and general employment Gross Refunds Fiscal year Gross Refunds Net retirement insurance (16) (17) or month (12) (13) (14) (15) (18) 4,150 7 4,143 580,880 26,655 175 26,480 1999................................ 4,345 8 4,337 620,447 27,755 115 27,641 2000................................ 4,281 9 4,272 661,442 27,939 127 27,812 2001................................ 4,185 8 4,177 668,548 27,746 127 27,620 2002................................ 3,963 9 3,954 674,982 33,481 115 33,366 2003................................ 3,885 2004 - Est................................ 3,796 2005 - Est................................ 425 2003 - Mar................................ 312 Apr................................ 353 May ................................ -24 June................................ 403 July ................................ 326 Aug................................ 372 Sept ................................ 367 Oct................................ 331 Nov ................................ 315 Dec ................................ 327 2004 - Jan................................ 415 Feb ................................ 441 Mar ................................ - 3,885 3,796 688,249 744,070 39,227 45,217 - 39,227 45,217 4,690 4,619 46 42 4,736 4,661 * * 6 8 * * -7 * * 1 2 * * 424 312 348 -32 403 326 379 366 331 314 327 415 441 55,418 71,452 54,597 61,956 50,917 52,089 55,830 49,497 53,513 52,906 66,682 52,782 57,007 327 5,829 10,325 951 2,534 3,962 1,789 1,841 2,642 365 1,115 2,875 686 13 21 12 71 14 19 -57 11 5 6 7 2 10 315 5,807 10,313 880 2,520 3,943 1,846 1,829 2,638 359 1,108 2,873 677 383 385 408 355 349 426 379 403 349 353 418 347 377 4 6 4 5 4 4 4 5 4 5 3 5 4 387 391 412 360 353 430 383 408 353 357 421 352 381 2,192 332,388 9,524 40 9,484 2,246 26 2,272 2,195 4 Fiscal year 2004 to date................................ See footnote at end of table. Net for other insurance and retirement Federal Other employees Total retirement retirement (20) (21) (19) 4,399 73 4,472 4,693 70 4,763 4,647 66 4,713 4,533 61 4,594 4,578 53 4,631 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. Airport and Airway Trust Fund Net social insurance and retirement Gross Refunds Net receipts Fiscal year or month (22) (23) (24) (25) Gross (26) Refunds (27) Net (28) Gross (29) Refunds (30) 1999................................ 611,832 2000................................ 652,851 2001................................ 693,967 2002................................ 700,761 2003................................ 712,979 10,395 9,784 9,244 9,090 8,729 4 46 53 60 44 10,391 9,739 9,191 9,030 8,684 596 518 522 567 506 - 596 518 522 567 506 40,325 35,988 32,465 33,682 34,757 2004 - Est................................ 732,392 2005 - Est................................ 793,948 9,751 10,677 - 9,751 10,677 542 540 - 542 540 611 726 777 660 747 842 1,370 123 838 794 731 719 679 * 6 * 16 10 26 - 611 726 771 660 747 826 1,361 123 838 794 731 693 679 42 45 50 5 48 45 80 7 49 43 43 41 47 - Fiscal year 2004 to date................................ 344,144 3,883 26 3,858 230 - 2003 - Mar................................ 56,120 Apr................................ 77,650 May ................................ 65,321 June................................ 63,197 July ................................ 53,790 Aug................................ 56,462 Sept ................................ 58,056 Oct................................ 51,734 Nov ................................ 56,504 Dec ................................ 53,623 2004 - Jan................................ 68,211 Feb ................................ 56,007 Mar ................................ 58,065 Fiscal year or month Excise taxes, con. Estate and gift taxes Net excise taxes Gross Refunds Net (36) (37) (38) (35) 1999................................ 70,399 2000................................ 68,866 2001................................ 66,232 2002................................ 66,989 2003................................ 67,522 Excise taxes Black Lung Disability Trust Fund Refunds (40) Miscellaneous Net (31) Gross (32) 1,148 1,015 996 1,079 1,032 39,177 34,973 31,469 32,603 33,724 35,512 36,567 - 42 45 50 5 48 45 80 7 49 43 43 41 47 3,093 2,699 2,975 2,292 2,858 3,263 5,777 470 3,366 3,011 2,934 2,782 2,804 230 15,367 Customs duties Gross (39) Highway Trust Fund Net (41) Refunds (33) Net (34) 20,760 24,357 26,009 25,833 25,499 524 721 960 1,044 891 20,236 23,636 25,049 24,789 24,608 35,512 36,567 24,971 25,426 - 24,971 25,426 3 303 2 287 165 323 - 3,093 2,696 2,671 2,290 2,858 2,976 5,612 470 3,366 3,011 2,934 2,459 2,804 1,317 2,823 1,405 2,701 2,981 1,793 451 4,067 1,676 2,126 1,751 2,000 2,232 375 75 116 73 83 39 74 34 84 98 35 92 92 942 2,748 1,289 2,628 2,898 1,754 377 4,032 1,593 2,029 1,716 1,908 2,140 323 15,044 13,853 435 13,418 Net miscellaneous receipts Deposits of earnings by Federal Universal Reserve service fund banks and all other Total (42) (44) (43) Total receipts On-budget 1 Off-budget (45) (46) 28,386 29,722 29,248 27,242 22,827 603 711 848 734 868 27,782 29,010 28,400 26,507 21,959 19,486 21,139 20,295 19,829 21,032 1,150 1,226 927 1,227 1,170 18,336 19,913 19,368 18,602 19,862 25,917 32,293 26,124 23,683 21,878 8,864 10,375 11,541 10,120 12,438 34,781 42,669 37,664 33,803 34,317 1,382,834 1,544,477 1,483,525 1,337,730 1,258,273 444,468 480,583 507,519 515,321 523,842 2004 - Est................................ 70,776 23,909 2005 - Est................................ 73,210 21,442 - 23,909 21,442 22,595 22,095 - 22,595 22,095 22,880 25,262 11,401 11,283 34,281 36,545 1,264,089 1,461,172 534,004 575,101 2003 - Mar................................ 4,689 1,999 Apr................................ 6,215 2,810 May ................................ 4,782 1,640 June................................ 5,583 1,466 July ................................ 6,551 1,845 Aug................................ 5,601 1,575 Sept ................................ 7,430 2,015 Oct................................ 4,632 2,259 Nov ................................ 5,845 1,843 Dec ................................ 5,877 1,899 2004 - Jan................................ 5,424 2,055 Feb................................ 5,102 1,652 Mar ................................ 5,670 2,242 59 73 65 60 71 85 96 68 65 81 21 63 84 1,941 2,737 1,575 1,406 1,773 1,491 1,919 2,191 1,777 1,818 2,034 1,590 2,159 1,659 1,685 1,524 1,690 1,990 1,898 1,906 2,024 1,552 1,674 1,696 1,585 1,811 82 72 81 84 67 71 86 42 57 77 28 62 64 1,577 1,613 1,442 1,606 1,923 1,827 1,821 1,982 1,495 1,597 1,668 1,523 1,747 1,469 2,205 2,458 1,401 1,547 1,160 1,683 2,930 1,497 2,138 1,522 1,528 1,157 2,373 776 1,122 1,038 1,180 978 894 1,041 1,245 961 1,105 1,057 897 3,843 2,981 3,580 2,440 2,727 2,138 2,577 3,970 2,742 3,099 2,627 2,585 2,053 76,051 175,766 60,594 143,847 84,045 73,785 148,093 98,337 77,738 146,748 132,335 43,799 94,593 44,320 55,408 42,839 49,212 39,544 40,478 43,547 37,488 40,469 39,981 51,915 41,515 45,446 382 11,568 10,342 330 10,013 10,772 6,306 17,077 593,550 256,814 Fiscal year 2004 to date................................ 32,549 11,950 1 Details d o not add to totals due to the fiscal year 2005 budget estimate of $20 billion for adjustment for revenue uncertainty. * Less than $500,000. Note.—The estimates are based on the Fiscal Year 2005 Budget, released by the Office of Management and Budget on February 2, 2004. 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”] Judicial branch (2) Department of DepartHealth ment of DepartDepartand Homement of Depart- ment of Depart- Departland Agriculment of Defense, ment of ment of Human ture Commerce military Education Energy Services Security 1 (4) (6) (7) (8) (9) (3) (5) Department of Housing and Urban Development (10) 3,793 4,087 4,409 4,824 5,123 62,839 75,658 68,156 68,989 72,467 5,036 7,929 5,017 5,322 5,680 261,379 281,234 291,030 332,116 388,891 31,492 33,309 35,724 46,286 57,399 16,054 15,010 16,420 17,772 19,385 359,700 382,627 426,391 466,104 505,410 11,797 12,364 14,085 15,980 31,843 32,736 30,829 33,937 31,880 37,470 7,814 8,022 7,876 9,741 9,204 16,311 17,377 18,868 20,572 21,529 32,459 31,355 39,271 64,252 69,173 2004 - Est................................ 4,269 5,306 2005 - Est................................ 4,373 5,903 77,739 81,778 6,194 6,147 435,674 429,746 62,815 64,342 20,623 22,496 547,898 579,889 30,663 31,119 46,177 38,943 9,965 9,784 23,488 23,680 59,949 56,995 2003 - Mar................................ 309 380 Apr................................ 300 424 May ................................ 281 406 June ................................ 300 417 July ................................ 233 408 Aug ................................ 270 512 Sept................................ 323 434 Oct................................ 405 478 Nov ................................ 290 384 Dec ................................ 331 437 2004 - Jan................................ 291 512 Feb................................ 283 435 Mar................................ 314 428 5,591 4,743 4,884 3,625 4,834 4,676 5,480 11,276 7,353 8,188 6,689 5,020 6,112 464 362 460 443 428 555 689 419 479 498 359 439 606 28,889 35,553 36,236 32,046 33,397 37,418 33,330 37,759 29,239 40,716 35,929 30,590 38,734 9,087 1,255 5,180 5,185 2,816 3,539 6,520 4,570 3,881 5,134 7,460 5,767 4,553 1,713 1,299 674 1,884 2,773 1,571 1,384 2,166 1,332 1,871 1,376 1,219 1,501 37,742 44,360 45,482 40,286 43,828 45,246 39,731 48,572 35,965 50,878 42,524 38,394 50,069 2,365 1,975 4,184 2,079 1,965 2,766 3,608 2,381 2,094 2,144 1,985 1,942 2,404 2,808 3,134 2,907 5,082 2,735 2,795 2,555 3,347 2,886 3,337 3,062 2,641 3,342 705 976 669 904 804 719 1,233 428 662 835 568 507 1,058 1,985 1,830 1,843 1,602 1,718 1,864 2,330 2,178 1,836 1,971 1,918 1,930 2,527 6,137 5,859 5,658 5,547 6,390 5,753 5,284 r 5,505 4,587 6,166 6,186 4,484 5,269 44,639 2,800 212,967 31,365 9,465 266,404 12,949 18,615 4,058 12,361 32,196 Fiscal year or month Legislative branch (1) 1999................................ 2,612 2000................................ 2,913 2001................................ 3,030 2002................................ 3,243 2003................................ 3,428 Fiscal year 2004 to date................................ 1,914 Fiscal year or month 2,674 Department of the Treasury, interest on Depart- Treasury Department Department Depart- ment of debt of the of ment of Transpor- securities Treasury, Veterans Corps of State tation (gross) other Affairs Engineers (14) (19) (15) (16) (17) (18) 1999................................ 6,463 2000................................ 6,849 2001................................ 7,446 2002................................ 9,453 2003................................ 9,257 Other Defense, civil programs (20) Environmental Protection Agency (21) Department of Department Departthe of ment of Interior Justice Labor (12) (13) (11) Executive Federal General Office Emergency Services of the Management AdminPresident Agency istration (22) (23) (24) International Assistance Program (25) 37,757 41,592 49,372 56,112 50,808 352,841 361,998 359,508 332,537 318,149 31,522 26,574 27,416 38,857 48,607 43,169 47,087 45,043 50,881 56,892 4,186 4,334 4,726 4,798 4,749 32,008 32,861 34,161 35,159 39,881 6,752 7,240 7,390 7,450 8,065 416 249 246 453 388 - -46 25 -8 -271 336 10,061 12,084 11,771 13,309 13,466 2004 - Est................................ 11,301 58,010 2005 - Est................................ 11,109 58,959 319,157 349,805 49,824 45,395 60,318 67,314 4,308 4,189 40,294 40,504 8,129 8,277 6,612 9,880 - 778 581 17,365 16,597 2003 - Mar................................ 791 3,313 Apr................................ 943 4,548 May ................................ 806 4,494 June................................ 546 5,042 July ................................ 735 5,098 Aug................................ 767 5,139 Sept ................................ 557 6,040 Oct................................ 1,234 4,814 Nov ................................ 987 3,759 Dec ................................ 876 4,480 2004 - Jan................................ 613 3,435 Feb ................................ 717 3,632 Mar ................................ 1,118 3,956 13,418 14,060 20,339 82,734 11,035 16,176 13,170 13,312 19,292 82,436 13,004 15,151 14,097 10,385 5,942 2,424 6,649 2,490 977 7,357 6,071 1,985 2,777 3,297 16,804 17,492 2,973 4,964 6,967 2,164 4,779 7,424 2,722 7,065 2,514 7,173 5,432 2,926 3,143 351 341 426 324 379 338 414 655 382 417 337 338 267 3,566 3,226 3,253 3,461 3,312 3,183 3,344 3,656 3,265 3,704 3,366 3,400 3,850 706 749 638 642 649 734 802 600 704 810 594 637 829 26 29 25 33 30 37 74 37 182 108 278 100 61 - 304 301 -4 266 -4 -213 -60 17 -181 72 -120 -122 130 1,824 1,049 2,101 1,091 1,142 1,335 -462 1,067 867 225 961 4,279 1,250 Fiscal year 2004 to date................................ 5,546 24,077 157,291 48,425 28,253 2,397 21,241 4,175 765 - -203 8,649 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) National Science Foundation (27) Office of Personnel Management (28) 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 10,581 -37,851 -129,088 -4,580 -1,502 1,457,378 330,765 2001................................ 14,094 3,691 50,916 -569 461,748 13,603 -38,792 -144,112 -7,194 -1,025 1,517,642 346,002 2002................................ 14,429 4,187 52,512 492 488,694 15,865 -42,782 -153,316 -5,024 -2 1,655,210 355,663 2003................................ 14,552 4,735 54,135 1,559 508,160 6,659 -49,351 -156,111 -5,029 * 1,793,897 363,010 2004 - Est................................ 14,604 5,346 57,568 3,978 530,495 11,395 r -54,734 -153,674 -4,587 * 1,938,855 379,979 2005 - Est................................ 16,386 5,586 60,880 683 554,271 17,406 -58,253 -160,833 -4,755 -100 2,004,104 395,739 2003 - Mar................................ 1,249 339 4,549 32 39,334 2,283 -3,942 -77 -357 - 141,141 38,102 Apr................................ 1,323 362 4,777 925 42,147 -2,921 -4,053 -23 -659 * 145,463 34,637 May ................................ 1,175 369 4,168 71 45,221 -75 -4,337 -4,451 -197 * 153,955 38,324 June................................ 1,278 439 4,630 52 43,481 -3,009 -4,339 -72,201 -864 * 171,913 -93 July ................................ 1,166 464 4,993 58 42,285 1,187 -4,139 179 -387 - 142,543 35,249 Aug................................ 1,176 544 4,128 40 45,452 2,533 -4,493 -2,035 -66 - 150,940 39,920 Sept ................................ 1,613 461 4,598 50 40,013 2,254 -4,387 -142 -736 * 125,248 39,620 Oct................................ 878 410 4,878 59 r 45,360 430 -4,367 -30 -262 * 171,636 33,734 Nov ................................ 1,191 389 4,341 82 39,685 -421 -4,184 -4,462 -185 * 122,990 38,189 Dec ................................ 1,378 381 4,907 68 46,021 -755 -4,114 -70,011 -577 - 206,467 -3,584 2004 - Jan................................ 913 373 4,546 48 43,406 921 r -4,610 79 -92 * 148,796 36,845 Feb ................................ 1,151 401 4,344 72 41,157 -672 r -4,173 -1,491 -284 - 142,278 39,744 Mar ................................ 1,529 394 4,921 3,465 43,971 605 -4,512 -20 -719 - 173,059 39,681 Fiscal year 2004 to date ................................ 7,040 2,348 27,936 3,794 259,601 110 -25,960 -75,936 -2,120 * 965,227 184,609 Fiscal year or month 1 Small Business Administration (29) Social Security Administration (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer Indepen- employee received Continendent by trust tal Shelf retireagencies ment funds lands Other (31) (32) (33) (34) (35) The Department of Homeland Security was established on March 1, 2003, pursuant to Public Law 107-296, the Homeland Security Act of 2002, which was enacted on November 25, 2002. Activity previously reported as the Immigration and Naturalization Service, Department of Justice; the Transportation Security Administration, Department of Transportation; the Coast Guard, Department of Transportation; the Federal Law Enforcement Training Center, Department of the Treasury; the United States Customs Service, Department of the Treasury; the United States Secret Service, Department of the Treasury; and the Federal Emergency Management Agency is now included in the Department of Homeland Security. * Less than $500,000. Total outlays OnOffbudget budget (36) (37) Note.—The estimates are based on the Fiscal Year 2005 Budget, released by the Office of Management and Budget on F ebruary 2, 2004. 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 2004 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes ..........................................367,672 Corporation income taxes ....................................... 67,319 Social insurance and retirement receipts: Employment and general retirement (off-budget) ....... Employment and general retirement (on-budget) ....... Unemployment insurance................................ Other retirement................................................ Excise taxes ........................................................ 12,776 Estate and gift taxes .............................................. 11,568 Customs duties..................................................... 6,544 Miscellaneous receipts........................................... 11,832 Total receipts................................................. 477,710 (On-budget) ............................................... 477,710 (Off-budget) ............................................... Budget outlays: Legislative branch................................................. 1,847 Judicial branch..................................................... 2,377 Department of Agriculture....................................... 32,130 Department of Commerce....................................... 2,828 Department of Defense-military ................................210,818 Department of Education........................................ 31,382 Department of Energy ............................................ 11,393 Department of Health and Human Services.................188,355 Department of Homeland Security ............................. 13,408 Department of Housing and Urban Development.......... 18,803 Department of the Interior ....................................... 4,544 Department of Justice............................................ 11,711 Department of Labor.............................................. 5,012 Department of State............................................... 5,412 Department of Transportation................................ 801 Department of the Treasury: Interest on the public debt................................ 157,291 Other.............................................................. 49,029 Department of Veterans Affairs................................ 28,558 Corps of Engineers................................................ 1,891 Other defense civil programs ................................ 34,493 Environmental Protection Agency.............................. 4,754 Executive Office of the President.............................. 765 General Services Administration............................... 82 International Assistance Program.............................. 9,403 National Aeronautics and Space Administration............ 7,039 National Science Foundation................................ 2,311 Office of Personnel Management.............................. 3,690 Small Business Administration ................................ 3,795 Social Security Administration................................ 24,051 Other independent agencies ................................ 2,683 Undistributed offsetting receipts: Interest............................................................ Other.............................................................. -2,120 Total outlays.................................................. 868,536 (On-budget) ............................................... 868,536 (Off-budget) ............................................... Surplus or deficit (-).........................................-390,826 (On-budget) ...............................................-390,826 (Off-budget) ............................................... - No transactions. * Less than $500,000. This fiscal y ear to date Management, consolidated, Trust revolving and special funds funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, Trust revolving and special funds funds (6) (7) Total funds (8) 22 - * 367,694 67,320 372,053 44,665 22 - -99 372,076 44,566 304 3,014 4,799 8,139 8,139 - 256,814 75,574 9,484 2,272 19,469 455 446 364,515 107,701 256,814 256,814 75,574 9,484 2,272 32,549 11,568 10,013 17,077 850,364 593,550 256,814 12,301 11,058 6,222 12,130 458,430 458,430 - 291 3,002 5,516 8,830 8,830 - 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 17,875 825,067 572,252 252,815 81 305 12,629 -29 2,130 -17 -1,928 24 -560 -186 -645 570 107 -64 -10 -14 -8 -120 * 19 * * 78,025 101 -2 158 79 27,078 198 23,285 1,914 2,674 44,639 2,800 212,967 31,365 9,465 266,405 12,949 18,615 4,058 12,361 32,196 5,546 24,076 1,615 2,202 28,029 2,689 178,584 32,918 10,895 167,535 16,016 18,186 4,288 9,956 5,989 4,428 -3,887 94 338 16,158 52 2,346 -15 -1,096 96 -864 82 -512 488 -578 297 -103 13 -18 39 1 -21 * 78,846 116 -5 122 141 29,482 177 24,437 1,721 2,522 44,225 2,742 180,909 32,903 9,799 246,477 15,267 18,262 3,899 10,585 34,892 4,903 20,447 -580 -818 176 -13,393 -70 * -284 -557 12 47 * * -3,804 -24 512 330 142 -509 -196 * 25 24,199 * 235,549 1,230 157,291 48,425 28,252 2,397 21,241 4,175 765 -203 8,649 7,040 2,348 27,936 3,794 259,601 109 160,635 37,372 28,128 1,955 32,332 3,835 159 73 7,565 6,820 2,067 3,337 422 23,833 4,410 -117 -740 185 -12,083 -2 * -23 -727 11 26 -58 -2,631 -16 486 389 -147 17 * * 373 * 16 23,478 * 225,515 4,911 160,635 37,239 27,874 2,528 20,103 3,850 160 50 7,211 6,820 2,094 26,841 363 249,348 6,690 -4,516 -11,381 -7,727 -3,654 19,520 15,866 3,654 -75,936 -21,443 292,680 104,417 188,263 71,835 3,284 68,551 -75,936 -28,079 1,149,836 965,227 184,609 -299,471 -371,677 72,205 -2,122 790,262 790,262 -331,833 -331,833 - -3,984 -3,360 1,296 -4,656 12,190 7,534 4,656 -77,439 -19,627 291,285 111,276 180,009 66,522 -6,284 72,806 -77,439 -25,732 1,078,188 902,835 175,353 -253,121 -330,583 77,462 Note.—Detail may not add to totals due to rounding. 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 that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1999....................................... 2000....................................... 2001....................................... 2002....................................... 2003....................................... Federal Reserve accounts Credits 1 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) 4,893,279 4,921,490 5,050,444 6,160,448 6,450,164 259,019 253,060 340,364 367,327 426,493 5,150,608 5,172,731 5,389,954 6,529,692 6,877,311 1,048,120 1,189,835 1,271,952 1,231,160 1,148,226 1,032,230 1,195,453 1,281,245 1,212,577 1,173,496 2003 - Mar................................ Apr................................ May ................................ June ............................... July ................................ Aug ................................ Sept................................ Oct................................ Nov ................................ 504,962 577,427 548,204 588,029 499,158 505,571 560,606 577,409 469,451 39,196 45,268 35,689 45,627 37,336 33,002 42,984 38,507 34,485 541,680 618,858 587,971 633,223 537,077 540,340 600,955 617,030 504,133 105,875 98,281 80,163 104,004 79,231 74,312 101,488 84,358 76,035 103,656 86,923 97,034 81,890 63,584 112,207 74,610 83,242 89,403 Dec ................................ 2004 - Jan................................ Feb................................ Mar................................ 574,316 556,290 583,637 606,819 49,324 38,277 34,728 42,866 623,829 596,105 616,036 650,315 123,685 93,603 84,920 113,704 111,711 82,760 113,028 108,509 See footnotes at end of table. 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 Tax and loan Reserve note accounts (8) (9) During period Low Federal Tax and loan Reserve note accounts (10) (11) Average Federal Tax and loan Reserve note accounts (12) (13) 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 2003............................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 2003 - Mar....................... 6,746 6,504 7,029 11,773 3,607 131 5,339 4,132 Apr....................... 10,583 17,862 10,583 17,862 4,978 86 7,533 4,605 May ...................... 6,505 992 8,101 18,374 4,825 69 6,678 5,950 June ..................... 6,939 23,106 9,523 31,215 5,306 683 6,747 12,443 July ...................... 6,356 38,752 7,056 38,752 5,352 2,784 6,213 13,479 Aug ...................... 4,589 857 6,533 11,890 4,589 95 5,599 6,423 Sept...................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 Oct....................... 6,110 28,852 6,134 30,278 3,072 156 4,934 12,065 Nov ...................... 5,912 15,484 6,110 28,852 3,980 987 5,143 10,092 Dec ...................... 5,723 27,458 7,455 39,029 3,590 37 5,257 16,936 2004 - Jan........................ 4,184 38,301 7,740 51,834 4,184 1,885 5,587 24,314 Feb....................... 6,513 10,194 6,513 40,535 3,885 4,667 5,269 15,774 Mar....................... 5,884 15,390 6,538 31,842 4,404 2,536 5,429 14,264 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 e xcise 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”] End of fiscal year or month Total (1) Amount outstanding Public debt Agency securities securities (2) (3) Securities held by Government accounts Public debt Agency Total securities securities Total (4) (5) (6) (7) The public Public debt securities (8) Agency securities (9) 1999................................5,684,776 2000................................5,701,851 2001................................5,834,475 2002................................6,255,406 2003................................6,810,343 5,656,271 5,674,179 5,807,464 6,228,236 6,783,320 28,505 27,672 27,011 27,170 27,023 1,989,308 2,235,763 2,468,757 2,675,648 2,859,291 1,988,674 2,235,763 2,468,757 2,675,648 2,859,291 634 - 3,695,468 3,466,088 3,365,718 3,579,758 3,951,052 3,667,597 3,438,416 3,338,707 3,552,589 3,924,029 27,871 27,672 27,011 27,170 27,023 2003 - Mar........................6,487,656 Apr........................6,486,825 May .......................6,584,641 June......................6,697,130 July .......................6,778,181 Aug. ......................6,817,171 Sept ......................6,810,343 Oct........................6,899,502 Nov .......................6,951,568 Dec .......................7,023,370 2004 - Jan........................7,034,151 Feb .......................7,116, 986 Mar .......................7,156,200 6,460,776 6,460,381 6,558,147 6,670,121 6,751,195 6,790,041 6,783,320 6,872,676 6,925,066 6,997,964 7,009,235 7,091,943 7,131,068 26,880 26,444 26,494 27,009 26,986 27,130 27,023 26,826 26,502 25,406 24,916 25,043 25,132 2,749,997 2,758,077 2,782,056 2,853,842 2,848,868 2,842,735 2,859,291 2,883,523 2,893,152 2,954,451 2,964,456 2,966,503 2,954,401 2,749,997 2,758,077 2,782,056 2,853,842 2,848,868 2,842,735 2,859,291 2,883,523 2,892,313 2,953,910 2,964,219 2,966,503 2,954,401 840 540 237 - 3,737,659 3,728,748 3,802,585 3,843,288 3,929,313 3,974,436 3,951,052 4,015,979 4,058,416 4,068,919 4,069,695 4,150,483 4,201,799 3,710,779 3,702,304 3,776,091 3,816,279 3,902,327 3,947,306 3,924,029 3,989,153 4,032,753 4,044,054 4,045,016 4,125,440 4,176,667 26,880 26,444 26,494 27,009 26,986 27,130 27,023 26,826 25,662 24,866 24,679 25,043 25,132 End of fiscal year or month Federal debt securities Net Amount unamortized outstanding Accrual premium amount face value and discount (10) (11) (12) Securities held by Government accounts Net Amount unamortized outstanding Accrual premium amount face value and discount (13) (14) (15) Securities held by the public Net Amount unamortized outstanding Accrual premium face value and discount amount (16) (17) (18) 1999...............................5,684,776 2000...............................5,701,851 2001...............................5,834,475 2002...............................6,255,406 2003...............................6,810,343 79,367 73,513 64,897 57,278 50,551 5,605,409 5,628,338 5,769,579 6,198,129 6,759,792 1,989,308 2,235,763 2,468,757 2,675,648 2,859,291 16,148 16,867 18,490 17,673 14,054 1,973,160 2,218,896 2,450,266 2,657,974 2,845,237 3,695,468 3,466,088 3,365,719 3,579,758 3,951,052 63,219 56,646 46,407 39,605 36,497 3,632,249 3,409,442 3,319,312 3,540,155 3,914,555 2003 - Mar.......................6,487,656 Apr.......................6,486,825 May ......................6,584,641 June .....................6,697,130 July ......................6,778,181 Aug ......................6,817,171 Sept......................6,810,343 Oct.......................6,899,502 Nov ......................6,951,568 Dec ......................7,023,370 2004 - Jan........................ 7,034,151 Feb.......................7,116,986 Mar.......................7,156,200 50,550 50,160 49,362 49,068 50,933 50,940 50,550 51,211 50,760 50,487 47,582 47,984 47,423 6,437,106 6,436,664 6,535,278 6,648,062 6,727,249 6,766,231 6,759,792 6,848,292 6,900,807 6,972,884 6,986,570 7,069,002 7,108,777 2,749,997 2,758,077 2,782,056 2,853,842 2,848,868 2,842, 735 2,859,291 2,883,523 2,893,152 2,954,451 2,964,456 2,966,503 2,954,401 13,453 13,293 12,430 12,672 14,437 14,415 14,054 14,333 14,692 14,629 14,475 14,766 14,539 2,736,545 2,744,784 2,769,626 2,841,170 2,834,431 2,828,320 2,845,237 2,869,190 2,878,460 2,939,822 2,949,981 2,951,736 2,939,862 3,737,659 3,728,748 3,802,585 3,843,288 3,929,313 3,974,436 3,951,052 4,015,979 4,058,416 4,068,919 4,069,695 4,150,483 4,201,799 37,097 36,867 36,932 36,396 36,495 36,525 36,497 36,878 36,068 35,858 33,107 33,218 32,884 3,700,562 3,691,881 3,765,653 3,806,892 3,892,818 3,937,911 3,914,555 3,979,102 4,022,347 4,033,062 4,036,589 4,117,266 4,168,915 24 FEDERAL DEBT TABLE FD-2.—Debt Held by the Public* [In millions of dollars. Source: “Mont hly 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 2003............................... 3,924,090 2003 - Mar....................... Apr....................... Nonmarketable Total (7) Notes (4) Bonds (5) Inflation-indexed notes and bonds (6) 734,856 1,432,956 612,521 134,891 424,085 3,121,357 868,220 1,521,572 592,695 138,870 431,823 3,460,330 918,196 1,799,424 576,590 166,120 463,760 3,711,312 3,316,603 955,018 1,622,917 585,440 153,228 394,709 3,702,845 3,300,979 929,869 1,631,283 585,436 154,391 401,866 May ...................... 3,776,622 3,338,541 910,751 1,690,261 582,201 155,328 438,080 June ..................... 3,816,831 3,378,705 927,754 1,713,723 582,197 155,032 438,126 July ...................... 3,902,894 3,412,697 937,012 1,727,709 582,194 165,782 490,196 Aug ...................... 3,947,860 3,453,812 961,642 1,749,631 576,601 165,939 494,047 Sept...................... 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 Oct....................... 3,990,508 3,518,901 943,890 1,822,640 576,586 175,784 471,607 Nov ...................... 4,032,905 3,562,650 954,723 1,867,370 564,199 176,358 470,254 Dec ...................... 4,044,244 3,574,873 928,768 1,905,725 564,186 176,193 469,371 2004 - Jan........................ 4,045,201 3,581,490 907,841 1,921,742 564,180 187,727 463,711 Feb....................... 4,125,593 3,662,580 958,164 1,952,714 564,174 187,527 463,014 Mar....................... 4,176,874 3,720,923 984,940 1,983,437 564,171 188,376 455,951 Bills (3) Nonmarketable, con. End of fiscal year or month U.S. savings securities (8) Depositary compensation securities (9) Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) 2001............................... 2002............................... 2003............................... 186,464 193,312 201,561 14,991 18,269 12,519 11,007 39,488 47,605 53,463 146,364 144,286 148,366 29,995 29,995 29,995 3,505 4,107 4,377 2003 - Mar....................... Apr....................... May ...................... June ..................... 196,930 197,721 198,463 199,181 - 12,207 12,207 11,757 11,657 2,720 12,079 53,093 52,559 148,826 145,741 140,651 140,497 29,995 29,995 29,995 29,995 4,030 4,122 4,121 4,237 July ...................... Aug ...................... Sept...................... Oct....................... 200,036 200,773 201,561 203,010 44,701 44,701 14,991 20,662 11,557 11,107 11,007 11,007 52,997 53,365 53,463 53,446 146,673 149,855 148,366 149,094 29,995 29,995 29,995 29,995 4,237 4,251 4,377 4,392 Nov ...................... Dec ...................... 2004 - Jan........................ Feb....................... 203,585 203,862 204,254 204,518 20,662 18,812 18,812 16,330 9,857 9,702 5,881 6,731 53,519 53,569 53,088 53,612 148,346 149,189 147,438 147,603 29,995 29,995 29,995 29,995 4,290 4,241 4,241 4,223 Mar....................... 204,465 - 6,731 54,714 155,712 29,995 4,332 * 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) 1999............................... 2000............................... End of fiscal year or month Total (2) Treasury bills (3) Treasury notes (4) 5,647,241 3,232,998 653,165 1,828,775 5,622,092 2,992,752 616,174 1,611,326 Foreign series (10) 1999............................... 180,019 30,970 2,005,166 2000............................... 177,724 25,431 2,242,900 Note.—Detail may not add to totals due to rounding. Federal Financing Bank (7) Nonmarketable Total (8) 643,695 92,365 15,000 2,414,242 635,263 114,988 15,000 2,629,341 Nonmarketable, con. Government State and local account series government series (11) (12) U.S. savings securities (9) End of fiscal year or month Treasury inflation-indexed notes and bonds (6) Treasury bonds (5) Domestic series (13) Other (14) 168,091 29,995 1 153,288 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 Federal Old-Age and Housing Survivors Adminis- Insurance Trust tration Fund (9) (10) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) 1999............................... 2,005,166 2000............................... 2,242,900 2001............................... 2,492,141 2002............................... 2,707,295 2003............................... 2,912,216 12,414 13,097 13,660 10,997 10,518 28,359 29,126 30,277 30,542 31,054 20,755 22,372 23,690 25,350 26,778 12,382 11,029 10,014 9,717 10,502 92,622 113,667 135,801 155,256 170,762 474,692 507,225 538,381 570,168 613,718 153,767 168,859 197,137 228,906 251,307 15,152 17,267 17,289 21,251 23,823 762,226 893,519 1,034,114 1,173,759 1,313,427 2003 - Mar....................... 2,736,824 Apr....................... 2,754,240 May ...................... 2,819,235 June ..................... 2,905,466 July ...................... 2,900,910 Aug ...................... 2,895,158 Sept...................... 2,912,216 Oct....................... 2,935,227 Nov ...................... 2,945, 370 Dec ...................... 3,006,980 2004 - Jan........................ 3,016,822 Feb....................... 3,019,670 Mar....................... 3,008,617 11,365 11,450 11,617 11,762 11,855 11,925 10,518 11,255 12,093 13,088 12,938 13,476 10,617 30,254 30,167 30,511 31,021 30,918 31,103 31,054 31,070 31,570 31,335 31,165 31,577 31,580 26,110 26,116 25,349 26,348 26,475 26,782 26,778 26,793 27,132 27,131 27,196 27,472 27,444 8,634 10,617 10,626 10,636 10,563 10,493 10,502 10,511 10,520 10,529 10,538 10,389 10,399 162,954 165,273 165,156 170,676 170,994 170,821 170,762 170,620 170,882 175,222 176,851 176,796 176,690 572,873 556,801 567,689 599,525 596,712 594,392 613,718 610,869 608,559 623,963 621,440 618,635 616,066 238,922 244,870 241,845 252,485 250,932 248,697 251,307 247,786 251,939 256,739 259,194 259,672 255,208 24,679 25,078 23,698 23,460 23,458 22,666 23,823 25,755 24,944 27,001 26,300 27,691 28,122 1,239,102 1,256,208 1,260,395 1,303,515 1,307,059 1,309,091 1,313,427 1,316,142 1,317,946 1,355,111 1,369,639 1,371,342 1,376,095 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) Unemploy ment Trust Fund (18) Other (19) 1999............................... 2,304 2000............................... 2,508 2001............................... 2,650 2002............................... 2,800 2003............................... 2,963 26,528 45,075 41,978 38,804 24,849 28,083 31,023 24,115 18,840 13,578 11,954 11,804 11,639 11,465 11,246 1,086 1,430 2,651 22,347 22,628 24,983 23,383 503 71 62 - 77,357 86,399 88,638 68,265 48,188 264,153 266,154 297,775 316,362 356,349 2003 - Mar....................... 2,913 Apr....................... 2,936 May ...................... 2,944 June ..................... 2,946 July ...................... 2,956 Aug ...................... 2,962 Sept...................... 2,963 Oct....................... 2,935 Nov ...................... 2,949 Dec ...................... 2,951 2004 - Jan........................ 2,953 Feb....................... 2,954 Mar....................... 2,950 33,149 32,456 30,052 31,474 30,504 27,622 24,849 21,952 23,071 23,711 24,925 26,800 26,431 16,445 16,409 16,141 15,300 15,430 14,516 13,578 14,389 14,504 15,811 16,870 16,117 14,669 11,371 11,281 11,206 11,508 11,425 11,351 11,246 11,169 11,106 11,394 11,301 11,202 11,102 2,074 3,092 3,562 3,958 4,648 3,499 2,651 644 650 914 550 550 553 744 726 615 507 471 297 503 760 653 669 662 576 482 - 49,271 46,587 55,816 52,854 49,348 50,114 48,188 44,908 44,742 41,519 37,353 36,105 32,684 305,964 314,173 362,013 357,491 357,162 358,827 356,349 387,669 392,110 389,892 386,947 388,316 387,525 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”] 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) 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 2003................................ 27,023 - 279 415 25,856 - 473 2003 - Mar........................ 26,880 - 166 775 25,402 - 536 Apr........................ 26,444 - 195 775 24,936 - 537 May ....................... 26,494 - 218 775 25,017 - 485 June...................... 27,009 - 227 775 25,522 - 486 July ....................... 26,986 - 247 775 25,478 - 487 Aug....................... 27,130 - 261 775 25,619 - 476 Sept ...................... 27,023 - 279 415 25,856 - 473 Oct........................ 26,826 - 282 415 25,655 - 474 Nov ....................... 26,592 - 287 415 25,450 - 440 Dec ....................... 25,406 - 290 325 24,350 - 441 2004 - Jan........................ 24,916 - 120 325 24,040 - 432 Feb ....................... 25,043 - 120 325 24,178 - 420 Mar ....................... 25,132 - 120 325 24,265 - 421 End of fiscal year or month Note.—Detail may not add to totals du e to rounding. Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) 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 Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (7) 1 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. 2003............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 2003 - Mar....................... 2,675,019 1,031,783 880,646 322,672 222,785 217,132 5 yrs. 2 mos. Apr....................... 2,653,534 1,007,588 882,574 323,174 222,785 217,412 5 yrs. 2 mos. May ...................... 2,666,851 1,020,653 885,966 319,770 222,785 217,678 5 yrs. 3 mos. June ..................... 2,726,476 1,042,539 923,907 319,643 222,785 217,602 5 yrs. 1 mo. July ...................... 2,759,673 1,066,487 922,326 330,539 222,785 217,536 5 yrs. 1 mo. Aug ...................... 2,786,706 1,090,480 916,129 339,736 243,835 196,526 5 yrs. 1 mo. Sept...................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. Oct....................... 2,859,992 1,090,086 968,750 360,755 243,755 196,646 5 yrs. 0 mos. Nov ...................... 2,877,933 1,127,794 953,987 355,619 243,755 196,778 5 yrs. 0 mos. Dec ...................... 2,908,029 1,105,608 994,749 367,197 243,755 196,719 5 yrs. 0 mos. 2004 - Jan........................ 2,889,890 1,086,110 1,000,107 363,307 243,755 196,611 5 yrs. 0 mos. Feb....................... 2,967,133 1,149,251 998,984 378,812 243,520 196,566 4 yrs. 11 mos. Mar....................... 3,046,725 1,178,142 1,038,873 389,481 243,520 196,709 4 yrs. 10 mos. 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”] Public debt (5) Other debt (6) Securities not subject to limit (7) 222 5,807,463 222 75,099 6,161,147 283 6,228,236 283 67,089 6,737,553 6,737,288 265 6,783,231 265 45,943 6,400,000 6,399,975 6,399,825 150 6,460,776 150 60,952 Apr............................... 6,400,000 6,399,975 6,399,798 177 6,460,381 177 60,582 May .............................. 7,384,000 6,498,658 6,498,459 199 6,558,147 199 59,688 June ............................. 7,384,000 6,625,519 6,625,311 208 6,670, 121 208 44,810 July .............................. 7,384,000 6,704,814 6,704,585 228 6,751,195 228 46,609 Aug .............................. 7,384,000 6,743,775 6,743,528 247 6,790,041 247 46,513 Sept.............................. 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 Oct............................... 7,384,000 6,826,668 6,826,400 268 6,872,676 268 46,277 Nov .............................. 7,384,000 6,879,626 6,879,352 274 6,925,065 274 45,713 Dec .............................. 7,384,000 6,952,893 6,952,617 276 6,997,964 276 45,347 2004 - Jan................................ 7,384,000 6,966,851 6,966,747 104 7,009,235 104 42,488 Feb............................... 7,384,000 7,049,163 7,049,059 104 7,091,943 104 42,884 Mar............................... 7,384,000 7,088,648 7,088,532 116 7,131,068 116 42,536 Debt subject to limit Securities outstanding subject to limit Statutory debt limit (1) Total (2) Public debt (3) Other debt (4) 2001....................................... 5,950,000 5,732,587 5,732,365 2002....................................... 6,400,000 6,161,431 2003....................................... 7,384,000 2003 - Mar............................... End of fiscal year or month 1 Consists of guaranteed debt issued by the Federal Housing Administration. 1 * Effective June 2001, FMS revised procedures and categories in this table to reflect the format cha nges 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) Non-interestInterest-bearing debt bearing debt subject to limitation subject to Public debt Other debt limitation (5) (6) (7) End of fiscal year or month Statutory debt limit (1) Total (2) 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 (4) 1 Note.—Detail may not add to totals due to roundi ng. 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 End of fiscal year or month Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) 1999....................................... 2000....................................... 2001....................................... 2002....................................... 2003....................................... 182,988 191,596 203,200 213,555 224,472 32,625 27,323 28,817 25,074 24,858 13,837 14,690 15,128 16,312 15,291 8,506 9,413 10,168 10,780 11,497 261 305 336 417 379 761 729 970 906 1,321 2003 - Mar............................... Apr............................... May .............................. June ............................. July .............................. Aug .............................. Sept.............................. Oct............................... Nov .............................. Dec .............................. 2004 - Jan................................ Feb............................... Mar............................... 218,620 217,442 219,665 236,329 242,365 244,697 224,472 211,479 215,264 222,444 226,845 226,797 227,464 22,794 22,140 22,694 23,929 24,405 25,359 24,858 11,160 14,022 16,430 15,269 15,119 15,149 16,561 16,564 16,564 16,567 16,567 17,247 15,291 15,291 15,291 15,291 15,297 15,942 15,998 11,799 11,799 11,799 11,799 11,799 11,947 11,497 11,432 11,432 11,432 11,445 11,449 11,675 437 448 448 448 448 510 379 379 379 379 379 379 379 754 754 754 1,266 1,266 1,266 1,321 1,321 1,321 1,873 1,873 1,873 1,873 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 1999....................................... 2000....................................... 2001....................................... 2002....................................... 2003....................................... 52,440 65,716 77,448 89,713 91,938 2,515 2,513 2,689 2,770 2,698 7,996 7,155 4,544 7,553 8,794 4,628 3,653 3,103 2,640 2,640 28,115 27,836 27,862 24,693 36,657 2003 - Mar............................... Apr............................... May .............................. June............................. July .............................. Aug.............................. Sept ............................. Oct............................... Nov .............................. Dec .............................. 2004 - Jan............................... Feb .............................. Mar .............................. 101,378 98,656 98,656 98,656 103,525 103,525 91,938 95,807 95,805 99,250 102,609 102,609 102,170 2,800 2,905 2,905 2,905 3,003 2,988 2,698 2,698 2,698 2,698 2,747 2,747 2,747 8,053 8,553 9,353 9,353 9,353 9,353 8,794 8,794 8,794 10,294 11,794 11,794 11,794 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,056 2,056 2,056 2,056 2,056 2,056 20,425 20,381 20,954 37,475 37,634 37,532 36,657 33,161 32,733 31,454 31,602 31,194 30,466 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 Uni ted States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 1999............................... 6,603 4,848 9,825 10,030 2000............................... 6,683 2,746 10,012 10,694 2001............................... 7,045 2,884 10,087 12,120 2002............................... 6,657 2,870 11,036 12,133 2003............................... 7,281 2,954 6,627 11,536 2003 - Mar....................... 6,875 4,475 6,735 12,891 Apr....................... 7,201 4,754 7,468 13,178 May ...................... 7,201 5,011 7,468 13,218 June ..................... 7,301 2,144 7,468 14,376 July ...................... 7,301 2,419 7,468 14,534 Aug ...................... 7,274 2,675 7,618 14,762 Sept...................... 7,281 2,954 6,627 11,536 Oct....................... 7,281 3,233 7,133 11,733 Nov ...................... 7,281 3,478 8,233 11,740 Dec ...................... 7,281 3,763 8,435 11,810 2004 - Jan........................ 7,281 4,044 8,435 12,015 Feb....................... 6,882 4,292 8,435 12,028 Mar....................... 6,985 4,566 8,554 13,053 End of fiscal year or month Note.—Detail may not add to totals due to rounding. 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] JANU AR Y Cash Management Bills On December 29, 2003, Treasury announced it would auction $15,000 million of 13-day bills. They were issued January 2, 2004, and matured January 15. The issue was to raise new cash. Treasury auctioned the bills on December 30. Tenders totaled $25,266 million; Treasury accepted $15,000 million. The high bank discount rate was 0.905 percent. Auction of 5-Year Notes On January 5, 2004, Treasury announced it would auction $16,000 million of 5-year notes of Series D-2009. The issue was to raise new cash. The notes of Series D-2009 were dated and issued January 15. They are due January 15, 2009, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 3-1/4 percent after determining which tenders were accepted on a yield auction basis. 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 7. Tenders totaled $40,133 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.260 percent with an equivalent price of $99.954. Treasury accepted in full all competitive tenders at yields lower than 3.260 percent. Tenders at the high yield were allotted 90.09 percent. The median yield was 3.240 percent, and the low yield was 3.200 percent. Noncompetitive tenders totaled $101 million. Competitive tenders accepted from private investors totaled $15,899 million. The minimum par amount required for STRIPS of notes of Series D-2009 is $1,000. Auction of 10-Year Inflation-Indexed Notes On January 5, 2004, Treasury announced it would auction $12,000 million of 10-year inflation-indexed notes to raise cash. The 10-year, inflation-indexed notes of Series A-2014 were dated and issued January 15. They are due January 15, 2014, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 2 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 1:00 p.m. e.s.t. for competitive tenders on January 8. Tenders totaled $23,359 million; Treasury accepted $12,000 million at the high yield of 2.019 percent with an equivalent price of $99.829. Tenders at the high yield were allotted 67.02 percent. The median yield was 1.929 percent, and the low yield was 1.850 percent. Noncompetitive tenders totaled $248 million. Competitive tenders accepted from private investors totaled $11,752 million. The minimum par amount required for STRIPS of inflation-indexed notes is $1,000. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: JANUARY-MARCH, con. Auction of 2-Year Notes On January 26, 2004, Treasury announced it would auction $26,000 million of 2-year notes of Series K-2006. The issue was to refund $24,245 million of securities maturing January 31 and to raise new cash of approximately $1,755 million. median yield was 2.300 percent, and the low yield was 2.200 percent. Noncompetitive tenders totaled $278 million. Competitive tenders accepted from private investors totaled $23,722 million. Accrued interest of $0.12363 per $1,000 must be paid for the period from February 15 to February 17. The notes of Series K-2006 were dated January 31 and issued on February 2. They are due January 31, 2006, with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 1-7/8 percent after determining which tenders were accepted on a yield auction basis. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,666 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series H-2007 is $1,000. The 5-year notes of Series E-2009 were dated February 15 and issued February 17. They are due February 15, 2009, 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 $45,457 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.030 percent with an equivalent price of $99.862. Treasury accepted in full all competitive tenders at yields lower than 3.030 percent. Tenders at the high yield were allotted 23.88 percent. The median yield was 3.000 percent, and the low yield was 2.970 percent. Noncompetitive tenders totaled $217 million. Competitive tenders accepted from private investors totaled $15,783 million. Accrued interest of $0.16484 per $1,000 must be paid for the period from February 15 to February 17. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,430 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2009 is $1,000. The 10-year notes of Series B-2014 were dated February 15 and issued February 17. They are due February 15, 2014, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 12. Tenders totaled $31,981 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.060 percent with an equivalent price of $99.511. Treasury accepted in full all competitive tenders at yields lower than 4.060 percent. Tenders at the high yield were allotted 85.61 percent. The median yield was 4.019 percent, and the low yield was 3.980 percent. Noncompetitive tenders totaled $134 million. 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 $48,533 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders we re allotted securities at the high yield of 1.930 percent with the equivalent price of $99.893. Tenders at the high yield were allotted 88.35 percent. The median yield was 1.880 percent, and the low yield was 1.840 percent. Noncompetitive tenders totaled $896 million. Competitive tenders accepted from private investors totaled $25,104 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $6,531 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2006 is $1,000. FEBRUARY February Quarterly Financing On February 4, 2004, Treasury announced it would auction $24,000 million of 3-year notes of Series H-2007, $16,000 million of 5-year notes of Series E-2009, and $16,000 million of 10-year notes of Series B-2014 to refund $26,610 million of Treasury securities maturing February 15 and to raise new cash of approximately $29,390 million. The 3-year notes of Series H-2007 were dated February 15 and issued February 17. They are due February 15, 2007, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 21/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 10. Tenders totaled $54,474 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.330 percent with an equivalent price of $99.770. Treasury accepted in full all competitive tenders at yields lower than 2.330 percent. Tenders at the high yield were allotted 44.85 percent. The 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. Competitive tenders accepted from private investors totaled $15,866 million. Accrued interest of $0.21978 per $1,000 must be paid for the period from February 15 to February 17. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,072 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2014 is $1,000. Auction of 2-Year Notes On February 23, 2004, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $23,746 million of securities maturing February 29 and to raise new cash of approximately $2,254 million. The notes of Series L-2006 were dated February 29 and issued March 1. They are due February 28, 2006, with interest payable on August 31 and February 28 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 12:00 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on February 25. Tenders totaled $63,056 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.675 percent with an equivalent price of $99.902. Treasury accepted in full all competitive tenders at yields lower than 1.675 percent. Tenders at the high yield were allotted 10.24 percent. The median yield was 1.650 percent, and the low yield was 1.600 percent. Noncompetitive tenders totaled $917 million. Competitive tenders accepted from private investors totaled $25,083 million. Accrued interest of $0.04416 per $1,000 must be paid for the period from February 29 to March 1. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $8,000 million from FRBs for their own accounts . The minimum par amount required for STRIPS of notes of Series L-2006 is $1,000. MARCH Cash Management Bills On March 1, 2004, Treasury announced it would auction $27,000 million of 12-day bills. They were issued March 3 and matured March 15. The issue was to raise new cash. Treasury auctioned the bills on March 2. Tenders totaled $91,255 million; Treasury accepted $27,000 million. The high bank discount rate was 0.980 percent. Auction of 5-Year Notes On March 8, 2004, Treasury announced it would auction $16,000 million of 5-year notes of Series F-2009. The issue was to raise new cash. The notes of Series F-2009 were dated and issued March 15. They are due March 15, 2009, with interest payable on September 15 and March 15 until maturity. Treasury set an interest rate of 2-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on March 10. Tenders totaled $39,573 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.695 percent with an equivalent price of $99.675. Treasury accepted in full all competitive tenders at yields lower than 2.695 percent. Tenders at the high yield were allotted 57.99 percent. The median yield was 2.635 percent, and the low yield was 2.600 percent. Noncompetitive tenders totaled $99 million. Competitive tenders accepted from private investors totaled $15,901 million. The minimum par amount required for STRIPS of notes of Series F-2009 is $1,000. Auction of 9-Year 11-Month 4 Percent Notes On March 8, 2004, Treasury announced it would auction $11,000 million of 9-year 11-month 4 percent notes of Series B-2014. The issue was to raise new cash. The notes of Series B-2014 were dated February 15 and issued March 15. They are due February 15, 2014, 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 1:00 p.m. e.s.t. for competitive tenders on March 11. Tenders totaled $19,896 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.752 percent with an equivalent price of $102.034. Treasury accepted in full all competitive tenders at yields lower than 3.752 percent. Tenders at the high yield were allotted 34.31 percent. The median yield was 3.730 percent, and the low yield was 3.660 percent. Noncompetitive tenders totaled $43 million. Competitive tenders accepted from private investors totaled $10,957 million. Accrued interest of $ 3.18681 per $1,000 must be paid for the period from February 15 to March 15. The minimum par amount required for STRIPS of notes of Series B-2014 is $1,000. Auction of 2-Year Notes On March 22, 2004, Treasury announced it would auction $26,000 million of 2-year notes of Series M-2006. The issue was to refund $24,540 million of securities maturing March 31 and to raise new cash of approximately $1,460 million. The notes of Series M-2006 were dated and issued March 31. They are due March 31, 2006, with interest PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: JANUARY-MARCH, con. payable on September 30 and March 31 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 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on March 24. Tenders totaled $56,662 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.520 percent with an equivalent price of $99.961. Treasury accepted in full all competitive tenders at yields lower than 1.520 percent. Tenders at the high yield were allotted 33.39 percent. The median yield was 1.480 percent, and the low yield was 1.450 percent. Noncompetitive tenders totaled $972 million. Competitive tenders accepted from private investors totaled $25,028 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $8,334 million from FRBs for their own accounts . The minimum par amount required for STRIPS of notes of Series M-2006 is $1,000. 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, 2004 [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) 2004 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. ....................................... 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 33,203 437,661 8,333 1,497 1,175 3,612 2,721 6,298 7,531 6,906 1,121 2,819 2,737 7,807 7,652 5,560 1,076 2,026 3,532 4,888 5,879 6,983 90,152 24,322 3,109 2,580 10,828 16,205 26,999 26,519 26,344 2,880 10,528 15,353 26,735 27,003 26,880 3,125 6,276 10,841 27,770 26,992 26,221 347,509 2005 1 1-5/8%-G note 01/31/03 Jan. 31............................................................ 02/15/80 Feb. 15, 05-10................................................... 11-3/4% bond 1 7-1/2%-A note 02/15/95 Feb. 15............................................................ 1 1-1/2%-H note 02/28/03 Feb. 28............................................................ 1 1-5/8%-J note 03/31/03 Mar. 31............................................................ 1 1-5/8%-K note 04/30/03 Apr. 30............................................................. 05/15/80 May 15, 05-10................................................... 10% bond 04/02/85 May 15............................................................1 12% bond 1 6-1/2%-B note 05/15/95 May 15............................................................ 1 6-3/4%-E note 05/15/00 May 15............................................................ 1 1-1/4%-L note 06/02/03 May 31............................................................ 1 1-1/8%-M note 06/30/03 June 30............................................................ 1 1-1/2%-N note 07/31/03 July 31............................................................. 1 10-3/4% bond 07/02/85 Aug. 15............................................................ 1 6-1/2%-C note 08/15/95 Aug. 15............................................................ 1 2%-P note 09/02/03 Aug. 31............................................................ 1 1-5/8%-Q note 09/30/03 Sept. 30........................................................... 1 1-5/8%-R note 10/31/03 Oct. 31............................................................. 11/17/80 Nov. 15, 05-10................................................... 12-3/4% bond 1 5-7/8%-D note 11/24/95 Nov. 15............................................................ 1 5-3/4%-F note 11/15/00 Nov. 15............................................................ 1 1-7/8%-S note 12/01/03 Nov. 30............................................................ 1 1-7/8%-T note 12/31/03 Dec. 31............................................................ Total....................................... 33,837 2,315 13,835 35,332 35,211 34,295 2,987 4,261 14,740 28,562 31,021 31,701 29,997 9,270 15,003 30,592 31,539 32,368 4,081 15,210 28,063 32,204 33,996 530,421 7,722 943 3,074 8,343 8,216 7,293 1,177 941 2,241 6,566 6,053 6,998 5,519 2,325 2,524 5,980 6,535 6,368 1,261 2,155 4,303 6,566 7,987 111,089 26,115 1,372 10,761 26,989 26,995 27,002 1,811 3,319 12,499 21,996 24,968 24,704 24,478 6,945 12,478 24,612 25,004 26,001 2,821 13,055 23,760 25,638 26,009 419,332 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, 2004, 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) 2006 1 1-7/8%-K note Jan. 31............................................................ 02/02/04 1 9-3/8% bond Feb. 15............................................................ 01/15/86 1 5-5/8%-A note Feb. 15............................................................ 02/15/96 1 1-5/8%-L note Feb. 28............................................................ 03/01/04 1 1-1/2%-M note Mar. 31............................................................ 03/31/04 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 2%-G note May 15............................................................ 05/15/03 1 7%-C note July 15............................................................. 07/15/96 1 2-3/8%-H note Aug. 15............................................................ 08/15/03 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 1 2-5/8%-J note Nov. 15............................................................ 11/17/03 Total....................................... 32,533 4,756 15,514 34,002 34,339 3,545 16,015 27,798 22,392 22,740 27,909 22,460 4,048 35,380 26,536 329,968 6,531 1,046 1,943 8,000 8,334 1,074 3,935 3,808 391 5,320 3,907 4,858 975 3,805 2,538 56,465 26,002 3,710 13,571 26,002 26,006 2,471 12,080 23,990 22,001 17,421 24,002 17,601 3,073 31,575 23,998 273,503 2007 1 3-3/8%-A note Jan. 15............................................................ 02/06/97 1 6-1/4%-B note Feb. 15............................................................ 02/18/97 1 2-1/4%-H note Feb. 15............................................................ 02/17/04 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 Aug. 15............................................................ 3-1/4%-F note 08/15/02 1 3%-G note Nov. 15............................................................ 11/15/02 Nov. 15, 07-12................................................... 10-3/8% bond 11/15/82 Total....................................... 18,417 13,104 25,469 13,958 24,351 25,637 25,411 23,311 10,126 179,785 1,996 1,254 1,666 2,981 2,961 5,433 3,766 1,308 2,244 23,608 16,421 11,850 23,803 10,977 21,391 20,204 21,645 22,003 7,882 156,177 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 1 2-5/8%-F note May 15............................................................ 05/15/03 Aug. 15, 08-13................................................... 12% bond 08/15/83 1 3-1/4%-G note Aug. 15............................................................ 08/15/03 1 3-1/8%-H note Sept. 15........................................................... 09/15/03 1 3-1/8%-J note Oct. 15............................................................. 10/15/03 1 4-3/4%-D note Nov. 15............................................................ 11/16/98 1 3-3/8%-K note Nov. 15............................................................ 11/17/03 1 3-3/8%-L note Dec. 15............................................................ 12/15/03 Total....................................... 19,269 13,583 27,489 27,191 33,338 11,917 21,357 16,002 15,996 25,083 18,181 16,000 245,408 2,104 1,890 3,484 5,820 336 3,041 3,916 711 3,448 2,288 27,037 17,165 11,693 24,005 21,371 33,003 8,876 17,441 15,291 15,996 21,635 15,893 16,000 218,370 2009 1 3-7/8%-A note Jan. 15............................................................ 01/15/99 1 3-1/4%-D note Jan. 15............................................................ 01/15/04 1 3%-E note Feb. 15............................................................ 02/17/04 1 2-5/8%-F note Mar. 15............................................................ 03/15/04 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 1 11-3/4% bond Nov. 15, 09-14................................................... 11/15/84 Total....................................... 17,955 16,003 17,434 16,001 4,481 14,795 4,388 27,400 5,015 123,471 2,239 1,430 869 2,625 906 5,264 1,195 14,528 15,716 16,003 16,004 16,001 3,611 12,170 3,482 22,136 3,820 108,943 See footnote at end of table. 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, 2004, 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) 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....................................... Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,460 23,356 22,438 58,253 1,270 4,331 3,595 9,197 11,190 19,024 18,842 49,056 11,704 23,436 26,635 61,766 256 3,583 3,206 7,045 11,448 19,853 23,430 54,731 6,262 24,780 23,705 19,648 18,113 92,507 31 2,164 1,759 2,407 236 6,597 6,230 22,616 21,947 17,241 17,877 85,911 2013 1 3-7/8%-A note Feb. 15............................................................ 02/18/03 1 3-5/8%-B note May 15............................................................ 05/15/03 1 1-7/8%-C note July 15............................................................. 07/15/03 1 4-1/4%-D note Aug. 15............................................................ 08/15/03 1 4-1/4%-E note Nov. 15............................................................ 11/17/03 Total....................................... 19,498 18,254 20,172 33,521 30,637 122,082 1,497 252 295 2,615 1,634 6,293 18,002 18,002 19,877 30,906 29,003 115,790 2014 Jan. 15............................................................1 2%-A note 01/15/04 Feb. 15............................................................1 4%-B note 02/17/04 Total....................................... 12,026 28,081 40,107 261 1,072 1,333 11,765 27,009 38,774 2015 1 11-1/4% bond Feb. 15............................................................ 02/15/85 1 10-5/8% bond Aug. 15............................................................ 08/15/85 1 9-7/8% bond Nov. 15............................................................ 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 2016 1 9-1/4% bond Feb. 15............................................................ 02/18/86 1 7-1/4% bond May 15............................................................ 05/15/86 1 7-1/2% bond Nov. 15............................................................ 11/17/86 Total....................................... 5,432 18,824 18,787 43,043 1,037 1,099 2,066 4,202 4,395 17,724 16,721 38,841 2017 1 8-3/4% bond May 15............................................................ 05/15/87 1 8-7/8% bond Aug. 15............................................................ 08/17/87 Total....................................... 15,559 10,968 26,528 2,755 2,058 4,813 12,804 8,910 21,715 2018 1 9-1/8% bond May 15............................................................ 05/16/88 Nov. 15............................................................ 1 9% bond 11/22/88 Total....................................... 6,717 7,174 13,892 1,240 1,053 2,293 5,478 6,121 11,599 2011 1 3-1/2%-A note Jan. 15........................................................... 01/16/01 Feb. 15........................................................... 1 5%-B note 02/15/01 Aug. 15...........................................................1 5%-C note 08/15/01 Total....................................... 2012 1 3-3/8%-A note Jan. 15............................................................ 01/15/02 1 4-7/8%-B note Feb. 15............................................................ 02/15/02 July 15.............................................................1 3%-C note 07/15/02 1 4-3/8%-D note Aug. 15............................................................ 08/15/02 11/15/02 Nov. 15............................................................ 1 4%-E note Total....................................... See footnote at end of table. PUBLIC DEBT OPERATIONS 39 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2004, 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) 2019 1 8-7/8% bond Feb. 15............................................................ 02/15/89 1 8-1/8% bond Aug. 15............................................................ 08/15/89 Total....................................... 13,090 18,941 32,031 2,373 2,731 5,104 10,717 16,210 26,927 2020 1 8-1/2% bond Feb. 15............................................................ 02/15/90 1 8-3/4% bond May 15............................................................ 05/15/90 1 8-3/4% bond Aug. 15............................................................ 08/15/90 Total....................................... 9,476 7,582 17,059 34,118 1,486 1,502 2,629 5,617 7,990 6,081 14,430 28,501 2021 1 7-7/8% bond Feb. 15............................................................ 02/15/91 1 8-1/8% bond May 15............................................................ 05/15/91 1 8-1/8% bond Aug. 15............................................................ 08/15/91 Nov. 15............................................................ 1 8% bond 11/15/91 Total....................................... 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 2022 1 7-1/4% bond Aug. 15............................................................ 08/17/92 1 7-5/8% bond Nov. 15............................................................ 11/16/92 Total....................................... 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 2023 1 7-1/8% bond 02/16/93 Feb. 15............................................................ 1 6-1/4% bond 08/16/93 Aug. 15............................................................ Total....................................... 15,782 22,659 38,441 2,636 1,610 4,245 13,147 21,050 34,196 2024 1 7-1/2% bond 08/15/94 Nov. 15............................................................ Total....................................... 9,604 9,604 1,615 1,615 7,989 7,989 2025 1 7-5/8% bond Feb. 15............................................................ 02/15/95 1 6-7/8% bond Aug. 15............................................................ 08/15/95 Total....................................... 9,509 11,187 20,696 1,594 1,800 3,393 7,916 9,388 17,303 2026 Feb. 15............................................................1 6% bond 02/15/96 1 6-3/4% bond Aug. 15............................................................ 08/15/96 1 6-1/2% bond Nov. 15............................................................ 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 2027 1 6-5/8% bond Feb. 15............................................................ 02/18/97 1 6-3/8% bond Aug. 15............................................................ 08/15/97 1 6-1/8% bond Nov. 15............................................................ 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 2028 1 3-5/8% bond Apr. 15............................................................. 04/15/98 1 5-1/2% bond Aug. 15............................................................ 08/17/98 1 5-1/4% bond Nov. 15............................................................ 11/16/98 Total....................................... 19,215 11,776 10,947 41,938 2,860 1,772 1,611 6,243 16,355 10,004 9,336 35,695 See footnote at end of table. 40 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, 2004, 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) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 2029 1 5-1/4% bond Feb. 15............................................................ 02/16/99 1 3-7/8% bond Apr. 15............................................................. 04/15/99 1 6-1/8% bond Aug. 15............................................................ 08/16/99 Total....................................... 11,350 21,961 11,179 44,490 1,670 2,839 1,670 6,179 9,680 19,122 9,509 38,311 2030 1 6-1/4% bond May 15............................................................ 02/15/00 Total....................................... 17,043 17,043 1,894 1,894 15,149 15,149 2031 1 5-3/8% bond Feb. 15............................................................ 02/15/01 Total....................................... 16,428 16,428 1,423 1,423 15,005 15,005 2032 1 3-3/8% bond Apr. 15............................................................. 10/15/01 Total....................................... 5,229 5,229 246 246 4,983 4,983 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” PUBLIC DEBT OPERATIONS 41 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 amount 2 basis basis 3 (4) (5) (6) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) Regular weekly: (4 week, 13 week, and 26 week) 2004 - Jan. 02................................ 2004 - Jan. 29 27 26,169.8 16,089.2 11,964.9 35.1 99.934 0.880 0.895 Apr. 01 90 37,183.3 21,913.8 14,483.3 1,228.4 99.779 0.885 0.901 1 July 01 181 40,273.6 20,660.1 13,897.1 933.0 99.500 0.995 1.016 Jan. 08................................ Feb. 05 28 34,693.3 12,757.4 8,966.4 33.7 99.934 0.850 0.863 Apr. 08 91 45,625.2 22,976.7 15,225.0 1,458.3 99.767 0.920 0.939 July 08 182 39,704.9 21,783.5 15,061.6 908.5 99.484 1.020 1.043 Jan. 15................................ Feb. 12 28 33,144.1 12,140.6 7,961.7 38.5 99.935 0.840 0.850 Apr. 15 91 41,788.4 23,427.3 15,439.0 1,341.8 99.780 0.870 0.887 July 15 182 38,775.0 21,985.9 14,823.0 1,087.2 99.520 0.950 0.970 Jan. 22................................ Feb. 19 28 37,071.1 12,592.5 8,970.7 29.7 99.938 0.800 0.811 Apr. 22 91 43,971.5 24,771.5 16,447.5 1,327.6 99.779 0.875 0.891 July 22 182 40,658.9 22,014.1 14,963.2 886.9 99.520 0.950 0.970 Jan. 29................................ Feb. 26 28 35,404.7 17,357.2 13,963.2 37.1 99.933 0.860 0.876 Apr. 29 91 40,428.0 24,874.9 16,163.2 1,377.3 99.775 0.890 0.907 July 29 182 39,500.9 21,934.1 14,006.1 1,135.9 99.517 0.955 0.976 Feb. 05................................ Mar. 04 28 53,303.4 21,758.7 18,958.5 42.5 99.930 0.895 0.916 May 06 91 50,406.6 25,714.6 17,326.5 1,425.6 99.767 0.920 0.939 Aug. 05 182 42,038.7 23,050.7 15,798.8 951.5 99.494 1.000 1.023 Feb. 12................................ Mar. 11 28 45,772.6 21,557.4 18,966.3 34.9 99.930 0.895 0.916 May 13 91 49,879.1 25,746.1 17,445.4 1,369.9 99.767 0.920 0.939 Aug. 12 182 47,997.8 22,995.0 15,723.9 1,106.3 99.500 0.990 1.011 Feb. 19................................ Mar. 18 28 52,694.6 21,580.2 18,961.8 38.7 99.930 0.895 0.916 May 20 91 47,818.2 25,636.8 17,492.8 1,317.8 99.769 0.915 0.931 Aug. 19 182 45,687.4 23,185.4 15,916.5 889.2 99.507 0.975 0.996 Feb. 26................................ Mar. 25 28 49,855.7 21,390.1 18,963.3 37.3 99.927 0.935 0.955 May 27 91 47,391.1 25,669.4 17,425.1 1,375.7 99.765 0.930 0.947 Aug. 26 182 47,922.4 23,111.2 15,575.9 1,199.3 99.497 0.995 1.017 Mar. 04................................ Apr. 01 28 37,612.9 24,118.6 21,956.4 44.5 99.925 0.960 0.978 June 03 91 46,095.6 25,398.6 17,441.8 1,318.4 99.762 0.940 0.957 Sept. 02 182 43,904.3 23,017.8 15,995.6 919.5 99.500 0.990 1.008 Mar. 11................................ Apr. 08 28 53,682.1 24,293.9 21,955.5 45.1 99.925 0.960 0.978 June 10 91 43,917.7 24,885.9 17,524.0 1,312.3 99.765 0.930 0.945 Sept. 09 182 40,399.5 22,848.1 15,889.6 1,085.9 99.507 0.975 0.994 Mar. 18................................ Apr. 15 28 58,961.4 23,334.3 20,956.3 45.1 99.925 0.960 0.978 June 17 91 41,657.8 23,776.1 16,430.7 1,338.3 99.761 0.945 0.961 Sept. 16 182 31,740.4 21,629.1 15,037.0 893.1 99.500 0.990 1.008 Mar. 25................................ Apr. 22 28 65,874.4 21,400.3 18,958.4 41.9 99.927 0.945 0.952 June 24 91 49,643.4 23,914.2 16,555.8 1,286.6 99.765 0.930 0.945 Sept. 23 182 43,311.4 21,655.0 14,861.5 1,038.7 99.500 0.990 1.008 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26- week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. 42 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] Auction date Issue date (1) Description of securities 1 (2) 04/02/03 04/08/03 04/23/03 05/06/03 05/07/03 05/07/03 05/08/03 05/12/03 05/20/03 05/27/03 05/29/03 06/02/03 06/04/03 06/11/03 06/25/03 07/09/03 07/23/03 08/05/03 08/06/03 08/07/03 08/27/03 09/02/03 09/10/03 09/10/03 09/11/03 09/24/03 10/02/03 10/08/03 10/09/03 10/29/03 11/10/03 11/12/03 11/13/03 11/26/03 12/02/03 12/10/03 12/11/03 12/23/03 12/30/03 01/07/04 01/08/04 01/29/04 02/10/04 02/11/04 02/12/04 02/25/04 03/02/04 03/10/04 03/11/04 03/24/04 04/03/03 04/09/03 04/30/03 05/15/03 05/08/03 05/15/03 05/15/03 05/13/03 05/21/03 05/28/03 06/02/03 06/03/03 06/05/03 06/16/03 06/30/03 07/15/03 07/31/03 08/15/03 08/15/03 08/15/03 09/02/03 09/03/03 09/11/03 09/15/03 09/15/03 09/30/03 10/03/03 10/15/03 10/15/03 10/31/03 11/17/03 11/17/03 11/17/03 12/01/03 12/03/03 12/15/03 12/15/03 12/31/03 01/02/04 01/15/04 01/15/04 02/02/04 02/17/04 02/17/04 02/17/04 03/01/04 03/03/04 03/15/04 03/15/04 03/31/04 1.180% bill—04/15/03 1.200% bill—04/15/03 1-5/8% note—04/30/05-K 2% note—05/15/06-G 1.145% bill—05/13/03 2-5/8% note—05/15/08-F 3-5/8% note—05/15/13-B 1.175% bill—05/15/03 1.150% bill—05/27/03 1.160% bill—06/13/03 1-1/4% note—05/31/05-L 1.175% bill—06/5/03 1.170% bill—06/13/03 2-5/8% note—5/15/08-F 1-1/8% note—06/30/05-M 1-7/8% note—07/15/ 13-C 1-1/2% note—07/31/05-N 2-3/8% note—08/15/06-H 3-1/4% note—08/15/08-G 4-1/4% note—08/15/13-D 2% note—08/31/05-P 0.980% bill—09/15/03 0.940% bill—09/15/03 3-1/8% note—09/15/08-H 4-1/4% note—08/15/13-D 1-5/8% note—09/30/05-Q 0.920% bill—10/15/03 3-1/8% note—10/15/08-J 1-7/8% note—07/15/13-C 1-5/8% note—10/31/05-R 2-5/8% note—11/15/06-J 3-3/8% note—11/15/08-K 4-1/4% note—11/15/13-E 1-7/8% note—11/30/05-S 0.975% bill—12/15/03 3-3/8% note—12/15/08-L 4-1/4% note—11/15/13-E 1-7/8% note—12/31/05-T 0.905% bill—01/15/04 3-1/4% note—01/15/09-D 2% note—01/15/14-A 1-7/8% note—01/31/06-K 2-1/4% note—02/15/07-H 3% note—02/15/09-E 4% note—02/15/14-B 1-5/8% note—02/28/06-L 0.980% bill—03/15/04 2-5/8% note—03/15/09-F 4% note—02/15/14-B 1-1/2% note—03/31/06-M 1 Period to final maturity (years, months, days) 2 (3) 12d 6d 2y 3y 5d 5y 10y 2d 6d 16d 2y 2d 8d 4y 2y 10y 2y 3y 5y 10y 2y 11m 12d 4d 5y 9y 2y 11m 12d 5y 9y 2y 3y 5y 10y 2y 9m 12d 5y 9y 2y 11m 13d 5y 10y 2y 3y 5y 10y 2y 5y 9y 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. 12d 11m Amount tendered (4) Amount accepted 3, 4 (5) 51,734 28,985 65,583 43,560 38,405 38,014 22,179 54,445 20,270 17,830 50,373 56,470 52,225 27,135 52,780 24,013 49,936 35,482 48,065 38,491 48,731 57,214 44,389 39,477 29,002 61,488 54,545 35,953 20,224 61,426 53,285 38,547 33,962 51,586 97,865 30,679 21,339 63,771 25,266 40,133 23,359 55,064 56,139 46,887 33,053 71,055 91,255 39,573 19,896 64,995 20,000 8,000 34,293 22,391 10,000 18,336 18,252 15,000 4,000 4,000 31,020 24,003 18,000 15,000 31,700 11,000 29,996 27,907 21,354 20,515 30,590 23,000 10,000 16,000 13,000 31,535 20,001 16,000 9,000 32,368 26,538 18,179 18,634 32,201 32,001 16,000 12,000 33,987 15,000 16,000 12,000 32,531 25,666 17,430 17,072 34,000 27,000 16,000 11,000 34,334 Accepted yield and equivalent price for notes and bonds (6) 1.704 - 99.845 2.009 - 99.974 2.680 - 99.744 3.700 - 99.378 1.305 - 99.892 2.100 - 102.437 1.179 - 99.894 1.999 - 98.881 1.510 - 99.980 2.422 - 99.865 3.300 - 99.771 4.370 - 99.036 2.040 - 99.922 3.230 - 99.519 4.340 - 99.275 1.695 - 99.863 3.139 - 99.936 2.229 - 97.201 1.737 - 99.781 2.625 - 100.000 3.430 - 99.749 4.360 - 99.116 1.939 - 99.875 3.375 - 100.000 4.365 - 99.076 1.950 - 99.854 3.260 - 99.954 2.019 - 99.829 1.930 - 99.893 2.330 - 99.770 3.030 - 99.862 4.060 - 99.511 1.675 - 99.902 2.695 - 99.675 3.752 - 102.034 1.520 - 99.961 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 43 TABLE PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Issue Date Coupon rate (1) Security type (2) 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 04/30/03 05/15/03 05/15/03 05/15/03 06/02/03 06/16/03 06/30/03 07/15/03 07/31/03 08/15/03 08/15/03 08/15/03 09/02/03 09/15/03 09/15/03 09/30/03 10/15/03 10/15/03 10/31/03 11/17/03 11/17/03 11/17/03 12/01/03 12/15/03 12/15/03 12/31/03 01/15/04 01/15/04 02/02/04 02/17/04 02/17/04 02/17/04 03/01/04 03/15/04 03/15/04 03/31/04 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% 1-5/8% 2% 2-5/8% 3-5/8% 1-1/4% 2-5/8% 1-1/8% 1-7/8% 1-1/2% 4-1/4% 3-1/4% 2-3/8% 2% 3-1/8% 4-1/4% 1-5/8% 3-1/8% 1-7/8% 1-5/8% 4-1/4% 3-3/8% 2-5/8% 1-7/8% 4-1/4% 3-3/8% 1-7/8% 2% 3-1/4% 1-7/8% 3% 4% 2-1/4% 1-5/8% 4% 2-5/8% 1-1/2% note IIS note note note note note note IIS note note note note note note IIS note note note note note note note note note note note note note IIS note note note note note note note note note note IIS note note note note note note note note note IIS note note note note note note note note note note 1 2 3 SeSeries quence code number (3) (4) P C Q F D R S C T G E U V C G E A H J K G F B L F M C N D G H P H D Q J C R E K J S E L T A D K E B H L B F M 0 0 0 0 0 0 0 1 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 Depository institutions include banks. Includes partnerships and personal trust accounts. Residual. Maturity date (5) 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 04/30/05 05/15/06 05/15/08 05/15/13 05/31/05 05/15/08 06/30/05 07/15/13 07/31/05 08/15/13 08/15/08 08/15/06 08/31/05 09/15/08 08/15/13 09/30/05 10/15/08 07/15/13 10/31/05 11/15/13 11/15/08 11/15/06 11/30/05 11/15/13 12/15/08 12/31/05 01/15/14 01/15/09 01/31/06 02/15/09 02/15/14 02/15/07 02/28/06 02/15/14 03/15/09 03/31/06 Federal Total Reserve issue banks (6) (7) 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 34,295 22,392 18,339 18,254 31,021 15,000 31,701 11,007 29,997 20,521 21,357 27,909 30,592 16,002 13,000 31,539 15,996 9,002 32,368 18,636 18,181 26,536 32,204 12,001 16,000 33,996 12,000 16,003 32,533 17,434 17,082 25,469 34,002 11,000 16,001 34,339 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 7,293 391 336 252 6,020 6,700 4,996 2,515 3,354 3,907 5,590 6,535 6,368 1,634 2,178 2,538 6,201 7,987 6,531 1,430 1,072 1,666 8,000 8,334 Depository institutions 1 (8) Private pension and Dealers retireIndividand ment uals 2 brokers funds (9) (11) (10) Investment funds (12) 307 4 43 14 351 53 51 1 30 11 755 65 176 5 61 113 2 37 35 58 50 0.3 77 46 100 20 55 8 15 51 69 6 47 7 5 55.76 2 15 26 54 0.1 6 63 10 5 61 15 1 25 71 6 37 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 2 796 163 141 845 48 800 542 677 230 228 255 812 138 76 715 94 307 651 175 277 198 639 55 97 681 275 358 851 194 144 257 873 45 294 929 945 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 6,000 1,768 2,788 2,346 806 1,234 153 3,250 109 1,778 1,532 806 742 660 2,070 397 3,540 3,121 2,931 3,075 596 1,221 632 1,275 607 211 4,175 1,601 700 984 1,819 1,281 1,201 760 1,085 924 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 12,395 15,609 11,902 12,392 14,479 12,881 15,414 4,925 15,453 12,366 12,055 19,505 17,518 12,137 9,910 15,458 8,000 5,517 13,976 10,539 10,962 15,071 16,961 9,181 10,402 17,766 7,051 9,561 14,254 9,094 8,733 12,981 13,798 8,842 8,661 13,813 1 15 1 3 4 1 16 1 3 40 1 50 0.02 4 2 1 1 2 0.1 3 201 7 1 1 1 1 1 2 7 3.17 0.1 1 3 0.3 1 1 9 251 3 257 6 10 0.2 1 Insurance companies (13) 1 2 4 1 1 3 3 0.4 1 2 1 3 3 7 1 6 5 5 6 5 6 5 5 Foreign and international (14) Other 3 (15) 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 7,274 3,261 3,098 2,784 7,841 542 7,270 2,042 7,737 3,575 4,051 3,010 4,293 3,060 775 7,089 4,345 34 7,050 3,200 4,140 6,503 6,400 1,185 4,250 5,400 453 4,147 8,603 5,325 4,820 7,995 8,555 1,235 5,295 8,742 254 130 19 4 416 26 16 15 1,037 1,454 1 805 989 143 1,361 616 610 683 1,355 1,332 508 1 339 948 249 1,261 23 959 48 122 375 1,560 169 1,290 10 11 1,330 11 12 978 1,309 305 636 1,882 23 80 1,524 135 485 1,253 1,499 118 660 1,556 44 INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since July 1, 1980, and series I bonds, on sale since September 1, 1998, are the savings bonds currently being sold. 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, 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. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2004 [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 Series E, EE, H, and HH.......................... 856,235 238,111 1,094,346 393,314 169,583 10,883 Series I.................................................. 20,067 1,414 21,481 1,087 23,840 - 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.......................................... 862 718 1,580 1,335 - 95 Total. .................................................. 913,065 242,620 1,155,685 434,008 193,423 10,982 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............................................ 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 45 TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting ] Redemptions Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Period Fiscal years: 1935-00........................... 398,892 2001................................ 8,047 2002................................ 12,542 2003................................ 13,776 Accrued discount (2) Sales plus accrued discount (3) Total (4) Sales price (5) 216,845 8,381 7,719 7,276 615,737 16,428 20,261 21,052 410,627 13,846 12,494 12,057 317,217 6,480 5,487 5,401 93,410 7,366 7,007 6,656 177,659 179,515 185,495 192,563 6,544 6,751 7,638 8,832 Calendar years: 1935-00........................... 409,865 2001................................ 11,557 2002................................ 10,101 2003................................ 2,555 241,586 8,289 7,596 1,256 651,451 19,846 17,697 3,811 454,633 13,509 12,582 2,148 331,065 6,223 5,524 959 123,568 7,286 7,058 1,189 176,802 181,416 184,698 186,604 7,794 8,780 10,058 9,647 565 699 508 549 655 593 551 494 511 555 662 604 549 1,523 1,850 1,742 1,764 2,016 1,844 1,783 2,456 1,460 1,508 1,807 1,385 1,275 970 1,012 952 994 1,102 1,034 923 932 801 1,142 1,320 1,009 1,218 395 435 422 456 509 477 420 406 365 472 541 410 506 575 577 530 538 593 557 503 526 436 670 1,860 1,419 1,724 187,271 188,204 189,062 189,887 190,849 191,685 192,563 194,100 192,900 192,160 192,832 193,282 193,423 9,487 9,346 9,231 9,124 9,019 8,921 8,832 8,745 10,521 11,538 11,259 11,075 10,883 Sales (1) 2003 - Mar........................ Apr........................ May ....................... June...................... July ....................... Aug....................... Sept ...................... Oct........................ Nov ....................... Dec ....................... 2004 - Jan........................ Feb ....................... Mar ....................... 958 1,151 1,234 1,215 1,361 1,251 1,232 1,962 949 953 1,145 781 726 1 Accrued discount 1 (6) 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has be en 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] Amount outstanding Accrued discount (6) Exchange of E bonds for H and HH bonds (7) Interestbearing debt (8) Matured non-interestbearing debt (9) Redemptions Accrued discount (2) Sales plus accrued discount (3) Fiscal years: 1941-00............... 353,733 2001................... 4,307 2002................... 5,689 2003................... 5,058 213,100 8,271 7,227 6,673 566,833 12,578 12,916 11,731 360,376 12,822 11,187 10,734 257,388 5,330 4,197 3,986 102,988 7,492 6,990 6,748 23,611 1,160 1,470 1,337 162,749 161,044 160,038 158,536 6,169 6,710 7,588 8,761 Calendar years: 1941-00............... 356,853 2001................... 4,591 2002................... 5,695 2003................... 996 228,644 8,064 7,042 1,223 585,497 12,655 12,737 2,219 377,849 12,349 11,195 2,009 268,295 5,012 3,272 714 109,554 7,337 7,923 1,295 25,682 1,234 1,442 332 161,386 159,365 158,083 158,354 7,739 6,710 9,948 9,555 526 656 459 496 597 526 478 416 427 464 567 498 448 918 1,166 696 832 936 815 774 1,028 607 1,021 1,207 751 849 857 891 840 873 966 911 806 816 704 1,027 1,178 884 1,065 283 316 311 338 375 354 304 294 269 359 401 286 354 574 575 529 535 591 557 502 522 435 668 1,579 1,170 1,419 103 93 78 87 91 79 74 86 72 109 121 122 148 158,466 158,786 158,676 158,651 158,632 158,554 158,536 158,747 156,811 155,722 155,899 155,822 155,644 9,400 9,264 9,151 9,047 8,945 8,848 8,761 8,675 10,442 11,417 11,147 10,969 10,783 Period 2003 - Mar........... Apr........... May .......... June ......... July .......... Aug .......... Sept.......... Oct........... Nov .......... Dec .......... 2004 - Jan............ Feb........... Mar........... See note at end of table. Sales (1) 392 510 237 336 339 289 296 612 180 557 640 253 401 Total Sales price (4) (5) Series E and EE 46 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 dol lars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Fiscal years: 1952-00........................... 13,970 2001............................... 101 2002...............................47 2003...............................33 Calendar years: 1952-00........................... 13,760 2001...............................47 2002...............................41 2003...............................14 2003 - Mar....................... 4 Apr....................... 3 May ...................... 1 June ..................... 1 July ...................... 1 Aug ...................... 1 Sept...................... 1 Oct....................... 3 Nov ...................... 4 Dec ...................... 2 2004 - Jan........................ 8 Feb....................... 3 Mar....................... 4 Amount outstanding Accrued discount (6) Exchange of E bonds for H and HH bonds (7) Interestbearing debt (8) Matured non-interestbearing debt (9) Redemptions Accrued discount (2) Sales plus accrued discount (3) - 13,970 101 47 33 24,739 1,023 921 946 24,739 1,023 921 946 - 23,519 1,160 1,470 1,336 12,759 12,815 13,361 13,765 20 41 50 71 - 13,760 47 41 14 26,330 1,053 923 85 26,330 1,053 923 85 - 24,681 1,225 1,580 332 12,704 12,860 13,496 13,667 22 85 110 93 4 3 1 1 1 1 1 3 4 2 8 3 4 73 88 77 87 91 79 74 73 60 70 89 79 96 73 88 77 87 91 79 74 73 60 70 89 79 96 - 103 92 78 87 91 79 74 86 72 109 121 122 148 13,699 13,718 13,731 13,750 13,759 13,759 13,765 13,784 13,790 13,789 13,838 13,885 13,939 87 82 80 77 74 73 71 70 79 121 112 106 99 Total Sales price (4) (5) Series H and HH Series I Fiscal years: 1999-00........................... 1,730 2001............................... 3,633 2002............................... 6,806 2003............................... 8,682 41 195 490 590 1,771 3,828 7,296 9,272 49 131 366 518 49 131 366 518 - - 2,152 5,656 12,096 20,262 - Calendar years: 2,583 1999-00........................... 2001............................... 6,543 2002............................... 4,363 2003............................... 1,544 71 243 545 76 2,654 6,786 4,908 1,620 75 165 438 81 75 165 438 81 - - 2,712 9,192 13,120 14,583 - 2003 - Mar....................... 562 Apr. ...................... 639 May ...................... 997 June ..................... 878 July ...................... 1,021 Aug ...................... 959 Sept...................... 934 Oct....................... 1,347 Nov ...................... 766 Dec ...................... 394 2004 - Jan........................ 498 Feb....................... 525 Mar....................... 320 39 42 49 53 58 67 72 78 84 90 95 106 101 601 681 1,046 931 1,079 1,026 1,006 1,425 850 484 593 631 421 39 45 41 47 51 44 45 40 36 43 51 45 56 39 45 41 47 51 44 45 40 36 43 51 45 56 - - 15,106 15,700 16,655 17,487 18,457 19,373 20,262 21,569 22,299 22,649 23,096 23,576 23,840 - 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. 47 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.) 48 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] Public debt securities Held by U.S. Government accounts Total Federal securities outstanding (1) Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2001................................................................ 5,834,475 2002................................................................ 6,255,406 2003................................................................ 6,810,343 5,807,463 6,228,236 6,783,320 2,468,757 2,675,648 2,859,291 460 311 311 2,468,297 2,675,336 2,858,980 559,636 628,414 654,593 2003 - Mar................................ 6,487,656 6,460,776 2,749,997 311 2,749,686 640,151 6,486,825 6,584,641 6,697,131 6,778,181 6,817,171 6,810,343 6,899,502 6,951,658 7,023,370 6,460,381 6,558,147 6,670,121 6,751,195 6,790,041 6,783,320 6,872,676 6,925,066 6,997,964 2,758,077 2,782,056 2,853,842 2,848,868 2,842,735 2,859,291 2,883,523 2,893,152 2,954,451 311 311 311 311 311 311 311 233 233 2,757,766 2,781,745 2,853,531 2,848,557 2,842,424 2,858,980 2,883,212 2,892,919 2,954,218 645,850 643,590 650,642 651,450 652,431 654,593 657,201 656,775 665,000 7,034,151 7,116,986 7,156,200 7,009,235 7,091,943 7,131,068 2,964,456 2,966,503 2,954,401 233 233 233 2,964,223 2,966,270 2,954,168 659,088 661,978 672,391 End of fiscal year or month Apr................................ May ................................ June ................................ July ................................ Aug ................................ Sept................................ Oct................................ Nov ................................ Dec ................................ 2004 - Jan................................ Feb................................ Mar................................ Public debt securities, con. Held by private investors End of fiscal year or month Total (7) Marketable (8) 2,779,070 2,924,175 3,269,347 2,370,630 2,507,997 2,805,814 408,441 416,178 463,443 27,011 27,170 27,023 27,011 27,170 27,023 2003 - Mar........................................................... 3,070,628 2,691,501 379,127 26,880 26,880 Apr........................................................... May .......................................................... June ......................................................... July .......................................................... Aug .......................................................... Sept.......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2004 - Jan............................................................ 3,056,454 3,132,501 3,165,637 3,250,877 3,294,875 3,269,347 3,331,952 3,375,138 3,378,513 3,385,691 2,670,194 2,710,024 2,728,136 2,761,325 2,801,459 2,805,814 2,861,776 2,905,952 2,909,949 2,922,468 386,260 422,477 437,502 489,552 493,416 463,443 470,176 469,186 468,564 463,222 26,444 26,494 27,009 26,986 27,130 27,023 26,826 26,592 25,406 24,916 26,444 26,494 27,009 26,986 27,130 27,023 26,826 26,592 25,406 24,916 Feb........................................................... 3,463,462 Mar........................................................... 3,504,276 3,000,660 3,048,590 462,802 455,686 25,043 25,132 25,043 25,132 2001................................................................ 2002................................................................ 2003................................................................ * 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.” Nonmarketable (9) Agency securities Held by Total private investors outstanding (11) (10) OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-1.—Distribution of Fe deral 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) 1999................................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 2000................................................................ 5,701,851 5,622,092 2,235,763 461 2,235,249 511,413 Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) End of fiscal year or month Interest-bearing public debt securities, con. Held by private investors End of fiscal year or month Matured public debt and debt bearing no interest (10) Total outstanding (11) Public issues held by Federal Reserve banks (6) Total (7) Marketable (8) Nonmarketable (9) 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. 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Total U.S. Government privately Depository savings accounts 2 held institutions 3, 4 bonds 5 (4) (2) (3) (5) 1993 - Mar................................ 4,230.6 1,328.6 June................................ 4,352.0 1,400.6 Sept ................................ 4,411.5 1,422.2 Dec ................................ 4,535.7 1,476.1 1994 - Mar................................ 4,575.9 1,476.0 June................................ 4,645.8 1,547.5 Sept ................................ 4,692.8 1,562.8 Dec ................................ 4,800.2 1,622.6 1995 - Mar................................ 4,864.1 1,619.3 June................................ 4,951.4 1,690.1 Sept ................................ 4,974.0 1,688.0 Dec ................................ 4,988.7 1,681.0 1996 - Mar................................ 5,117.8 1,731.1 June................................ 5,161.1 1,806.7 Sept ................................ 5,224.8 1,831.6 Dec ................................ 5,323.2 1,892.0 1997 - Mar................................ 5,380.9 1,928.7 June................................ 5,376.2 1,998.9 Sept ................................ 5,413.1 2,011.5 Dec ................................ 5,502.4 2,087.8 1998 - Mar................................ 5,542.4 2,104.9 June................................ 5,547.9 2,198.6 Sept ................................ 5,526.2 2,213.0 Dec ................................ 5,614.2 2,280.2 1999 - Mar................................ 5,651.6 2,324.1 June................................ 5,638.8 2,439.6 Sept ................................ 5,656.3 2,480.9 Dec ................................ 5,776.1 2,542.2 2000 - Mar................................ 5,773.4 2,590.6 June................................ 5,685.9 2,698.6 Sept ................................ 5,674.2 2,737.9 Dec ................................ 5,662.2 2,781.8 2001 - Mar................................ 5,773.7 2,880.9 June................................ 5,726.8 3,004.2 Sept ................................ 5,807.5 3,027.8 Dec ................................ 5,943.4 3,123.9 2002 - Mar................................ 6,006.0 3,156.8 June................................ 6,126.5 3,276.7 Sept ................................ 6,228.2 3,303.5 Dec ................................ 6,405.7 3,387.2 2003 - Mar................................ 6,460.8 3,390.9 June................................ 6,670.1 3,505.4 Sept ................................ 6,783.2 3,515.3 Dec ................................ 6,998.0 3,620.1 2004 - Mar................................ 7,131.1 3,628.3 1 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 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.8 3,164.7 3,268.0 3,377.9 3,502.8 362.6 360.9 366.2 373.0 397.4 383.8 364.0 339.6 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.4 210.4 222.8 153.1 145.9 147.8 155.0 n.a. 163.6 166.5 169.1 171.9 175.0 177.1 178.6 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 192.0 192.8 193.3 194.9 196.9 199.1 201.5 203.8 204.5 Source: “Monthly Statement of the Publ ic 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 Treasur y 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 local compaMutual nies 3 funds 3, 7 Private 6 governments (9) (6) (7) (8) 112.3 111.8 125.3 119.6 119.9 129.2 136.2 139.9 141.6 142.5 141.9 142.6 144.2 144.5 141.1 139.9 141.4 141.9 142.9 144.1 136.5 129.6 121.1 113.2 109.5 111.0 110.8 110.5 108.5 110.0 110.3 109.1 106.7 106.9 104.7 105.8 107.9 110.5 112.9 116.4 120.3 121.7 120.4 120.8 n.a. 8 171.2 176.9 189.2 186.6 195.3 193.4 191.9 191.9 203.1 197.2 193.0 191.7 198.9 208.2 202.4 203.5 203.7 209.3 219.7 216.9 211.9 214.8 211.2 217.7 218.4 222.5 215.3 211.2 247.3 246.7 236.9 231.9 231.6 240.6 223.9 213.6 223.2 213.4 210.3 212.5 213.5 218.8 213.3 207.2 n.a 208.0 217.8 229.4 234.5 233.4 238.0 243.7 240.1 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 144.1 147.5 150.4 151.3 n.a. 202.0 207.5 217.6 227.1 212.8 204.6 201.6 209.4 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 221.8 205.3 207.0 220.8 220.7 217.4 231.5 257.5 264.9 250.0 253.7 279.0 292.4 299.4 286.4 283.0 n.a. State and local governments 3 (10) 434.0 441.2 434.0 447.8 443.4 425.2 398.2 370.0 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 266.4 269.3 272.5 279.1 271.6 266.8 260.0 262.9 251.4 247.7 259.3 274.5 289.3 297.9 303.9 316.8 316.4 320.0 311.2 323.5 325.9 343.7 n.a. Foreign and international 8 (11) Other investors 9 (12) 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 1,051.2 1,067.1 1,135.4 1,200.8 1,246.8 1,288.5 1,385.3 1,459.3 1,538.1 1,708.0 662.5 672.0 639.4 648.9 661.6 687.1 733.8 839.5 853.5 875.5 855.4 881.4 863.6 823.4 841.3 803.6 793.9 713.7 685.8 677.0 701.8 622.2 676.8 635.9 629.4 539.2 516.5 589.6 694.9 557.6 553.8 540.3 562.8 401.0 442.5 416.0 388.8 304.4 296.5 286.3 350.3 322.4 362.9 375.0 n.a Source: Federal Reser ve 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 Yor k. Estimates reflect the 1989 benchmark to 1994, the 1994 benchmark to September 2001, the March 2000 benchmark to September 2002, and the June 2002 benchmark to December 2003. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 51 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 20 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These “constant maturity rates (CMTs)” are interpolated from the Treasury yield curve and published daily at Treasury's web site, www.ustreas.gov/offices/domestic -finance/debt management/interest-rate/yield.html . The yield curve is fitted daily using a hermit cub ic spline. For inputs, Treasury primarily uses the bid yields on the on-the -run securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant maturity yield, and Table MY-1 now includes a 1-month maturity beginning on that date. On February 18, 2002, Treasury discontinued the 30-year constant maturity yield. In lieu of the 30-year yield, Table MY-1 now includes a 20-year maturity. Historical data for the 20-year maturity is available from the Board of Governors’ Statistical Release H.15. Prior to January 2003, this section also included data on long-term Treasury, corporate and municipal yields (Table MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues long-term bonds and no longer calculates or estimates longterm corporate rates. Chart MY-A, which previously was published in this section, has been discontinued. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management , Office of the Under Secretary for Domestic Finance] 1-mo. (1) 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) 20-yr. (10) Monthly average: 2003 - Apr................................ May ................................ June ................................ July ................................ Aug ................................ Sept................................ Oct................................ Nov ................................ Dec ................................ 2004 - Jan................................ Feb................................ Mar................................ 1.16 1.08 0.97 0.90 0.95 0.91 0.91 0.94 0.89 0.85 0.92 0.96 1.15 1.09 0.94 0.92 0.97 0.96 0.94 0.95 0.91 0.90 0.94 0.95 1.17 1.11 0.94 0.97 1.05 1.03 1.02 1.04 1.01 0.99 1.01 1.01 1.27 1.18 1.01 1.12 1.31 1.24 1.25 1.34 1.31 1.24 1.24 1.19 1.62 1.42 1.23 1.47 1.86 1.71 1.75 1.93 1.91 1.76 1.74 1.58 2.06 1.75 1.51 1.93 2.44 2.23 2.26 2.45 2.44 2.27 2.25 2.00 2.93 2.52 2.27 2.87 3.37 3.18 3.19 3.29 3.27 3.12 3.07 2.79 3.47 3.07 2.84 3.45 3.96 3.74 3.75 3.81 3.79 3.65 3.59 3.31 3.96 3.57 3.33 3.98 4.45 4.27 4.29 4.30 4.27 4.15 4.08 3.83 4.91 4.52 4.34 4.92 5.39 5.21 5.21 5.17 5.11 5.01 4.94 4.72 End of month: 2003 - Apr................................ May ................................ June ................................ July ................................ Aug ................................ Sept................................ Oct................................ Nov ................................ Dec ................................ 2004 - Jan................................ Feb................................ Mar................................ 1.13 1.16 0.81 0.91 0.98 0.87 0.96 0.96 0.90 0.85 0.95 0.96 1.13 1.11 0.90 0.96 0.98 0.95 0.96 0.93 0.95 0.92 0.96 0.95 1.15 1.09 0.98 1.02 1.06 1.01 1.04 1.04 1.02 1.01 1.01 1.01 1.22 1.13 1.09 1.28 1.35 1.15 1.31 1.39 1.26 1.28 1.21 1.20 1.51 1.33 1.32 1.80 1.95 1.50 1.85 2.06 1.84 1.84 1.66 1.60 1.95 1.58 1.66 2.33 2.51 1.95 2.36 2.56 2.37 2.35 2.13 1.99 2.85 2.30 2.46 3.38 3.46 2.85 3.27 3.38 3.25 3.17 3.01 2.80 3.39 2.87 3.03 3.98 4.00 3.41 3.80 3.89 3.77 3.68 3.48 3.33 3.89 3.37 3.54 4.49 4.45 3.96 4.33 4.34 4.27 4.16 3.99 3.86 4.79 4.36 4.52 5.43 5.33 4.91 5.20 5.20 5.10 5.00 4.85 4.77 Period * Rates are from the Treasury yields curve. 52 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2004 [Source: Financial Management Service] Currency Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $839,233,896,044 $803,981,474,188 $803,473,135,237 $258,471,566 $249,867,385 364,456,163 33,636,163 33,450,338 7,505 178,320 122,736,070,629 FRBs.............................................................. 121,899,637,828 121,899,632,687 - 5,141 Amounts in circulation................................ $716,133,369,252 $682,048,200,197 $681,540,052,212 $258,464,061 $249,683,924 Amounts outstanding................................ Less amounts held by: The Treasury................................ Total (1) Dollars 3 (2) Fractional coins (3) $35,252,421,856 $3,504,269,008 $31,748,152,848 The Treasury................................ 330,820,000 262,614,000 68,206,000 FRBs.............................................................. 836,432,801 123,965,986 712,466,815 $34,085,169,055 $3,117,689,022 $30,967,480,033 Coins 2 Amounts outstanding................................ Less amounts held by: Amounts in circulation................................ See footnotes following table USCC-2. U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 53 TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2004 [Source: Financial Management Service] Currency in circulation by denomination Total (1) Federal Reserve notes 1 (2) U.S. notes (3) Currency no longer issued (4) $1 ................................................................ $7,931,019,741 $7,785,850,396 $143,503 $145,025,842 $2 ................................................................ 1,353,973,896 1,221,686,506 132,274,818 12,572 $5 ................................................................ 9,294,693,450 9,156,335,010 109,424,810 28,933,630 $10................................................................ 14,413,955,050 14,392,380,770 6,300 21,567,980 $20................................................................ 102,500,479,460 102,480,371,980 3,840 20,103,640 $50................................................................ 58,332,114,700 58,320,615,750 500 11,498,450 $100................................................................ 487,908,219,800 487,869,630,300 16,599,700 21,989,800 $500................................................................ 142,625,500 142,430,500 5,500 189,500 $1,000................................................................ 165,893,000 165,681,000 5,000 207,000 $5,000................................................................ 1,765,000 1,710,000 - 55,000 $10,000.............................................................. 3,460,000 3,360,000 - 100,000 Fractional notes 4.................................................. 600 - 90 510 Total currency................................................... $682,048,200,197 $681,540,052,212 $258,464,061 $249,683,924 Amounts (in millions) (1) Per capita 5 (2) Mar. 31, 2004.............................................................................. 716,133 $2,455 Feb. 29, 2004.............................................................................. 712,610 2,434 Jan. 31, 2004.............................................................................. 708,949 2,424 Sept. 30, 2000............................................................................. 568,614 2,061 Sept. 30, 1995............................................................................. 409,272 1,553 Sept. 30, 1990............................................................................. 278,903 1,105 Sept. 30, 1985............................................................................. 187,337 782 Sept. 30, 1980............................................................................. 129,916 581 June 30, 1975 ............................................................................. 81,196 380 June 30,1970.............................................................................. 54,351 265 June 30, 1965 ............................................................................. 39,719 204 June 30, 1960 ............................................................................. 32,064 177 June 30, 1955.............................................................................. 30,229 183 Comparative totals of currency and coins in circulation—selected dates 1 2 3 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. 4 5 Represents value of certain fractional denominations not presented for redemption. Based on Bureau of the Census estimates o f population. InternationalFinancialStatistics CapitalMovements ForeignCurrencyPositions ExchangeStabilizationFund 57 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS -1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 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................................................................... 79,006 11,043 12,166 33,818 21,979 2003 - Apr............................................................ 80,405 11,043 11,476 35,148 22,738 May .......................................................... 82,287 11,044 11,880 36,149 23,214 June ......................................................... 81,660 11,044 11,720 35,686 23,210 July .......................................................... 80,620 11,043 11,646 35,185 22,746 Aug .......................................................... 80,422 11,043 11,619 35,297 22,463 Sept.......................................................... 84,431 11,043 12,062 37,259 24,067 Oct........................................................... 84,150 11,043 12,079 37,433 23,595 Nov .......................................................... 85,142 11,043 12,244 38,237 23,618 Dec .......................................................... 85,938 11,043 12,638 39,722 22,535 2004 - Jan............................................................ r 85,257 r 11,045 12,598 39,727 21,887 Feb........................................................... 84,741 11,045 12,687 39,190 21,819 Mar........................................................... 85,192 11,045 12,691 39,814 21,642 Apr........................................................... 82,090 11,045 12,445 38,279 20,322 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 wei ghted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. Note.—Detail may not add to total due to r ounding. 58 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 Nonmarketable U.S. Other Treasury readily bonds and marketable notes 3 liabilities 2, 4 (6) (5) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (8) (9) (10) Liabilities to nonmonetary international and regional organizations 7 (11) Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) 2000 - Mar. 8................................ 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 Series Break................................ 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 2000................................ 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 2001................................ 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 2002 - June 8................................ 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 Series Break................................ 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 2002................................ 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 2003 - Mar. r................................ 3,467,645 1,119,173 356,768 578,627 2,821 180,957 1,428,386 895,417 451,675 443,742 24,669 Apr. r................................ 3,517,168 1,115,532 349,788 578,787 2,839 184,118 1,453,430 923,506 470,080 453,426 24,700 May r................................ 3,576,408 1,167,888 384,608 593,625 2,857 186,798 1,441,618 942,807 463,411 479,396 24,095 June r................................ 3,603,305 1,177,059 379,083 610,122 2,876 184,978 1,440,300 958,712 451,682 507,030 27,234 July r................................ 3,708,304 1,184,202 373,561 622,460 2,894 185,287 1,486,670 1,008,398 468,063 540,335 29,034 Aug. r................................ 3,713,289 1,192,749 382,216 621,497 2,913 186,123 1,447,542 1,046,880 480,853 566,027 26,118 Sept. r ................................ 3,710,987 1,220,133 397,995 629,573 2,931 189,634 1,420,303 1,041,801 478,078 563,723 28,750 Oct. r................................ 3,703,589 1,241,205 395,941 649,024 2,951 193,289 1,359,354 1,075,597 518,984 556,613 27,433 Nov ................................ 3,824,131 1,265, 900 399,888 667,907 2,640 195,465 1,430,704 1,101,661 530,564 571,097 25,866 Dec................................. 3,858,295 1,285,073 402,634 679,236 2,613 200,590 1,448,558 1,099,005 509,481 589,524 25,659 2004 - Jan................................ 3,984,092 1,334,154 421,188 706,146 1,521 205,299 1,468,577 1,154, 622 545,229 609,393 26,739 Feb. p ................................ 4,122,946 1,364,338 429,207 722,217 1,529 211,385 1,524,528 1,209,214 578,754 630,460 24,866 Mar. p ................................ 4,191,432 1,404,644 431,478 756,122 1,540 215,504 1,524,491 1,236,943 579,004 657,939 25,354 End of calendar year or month 1 Total (1) Total (2) 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 Inter American Development Bank and the Asian Development Bank. 2 3 Liabilities to banks 5 (7) 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000 and end-June 2002, respectively, and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest- bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 59 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) Mexico2 (4) Venezuela 3 (5) 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................................................................ 2,769 2,769 715 1,368 686 2003 - Mar........................................................... 2,821 2,821 728 1,394 699 Apr........................................................... 2,839 2,839 732 1,403 704 May .......................................................... 2,857 2,857 736 1,412 709 June ......................................................... 2,876 2,876 741 1,422 713 July .......................................................... 2,894 2,894 745 1,431 718 Aug .......................................................... 2,913 2,913 750 1,440 723 Sept.......................................................... 2,931 2,931 754 1,449 728 Oct........................................................... 2,951 2,951 759 1,459 733 Nov .......................................................... 2,640 2,640 763 1,139 738 Dec .......................................................... 2,613 2,613 768 1,102 743 2004 - Jan............................................................ 1,521 1,521 773 - 748 Feb........................................................... 1,529 1,529 777 - 752 Mar........................................................... 1,540 1,540 782 - 758 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $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 at yearend 2003 was $3,821 million. Note: This issue was paid off in full and retired on January 29, 2004. 3 Beginning December 1990, indicates current value of zero-coupon, 30- year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. 60 INTRODUCTION: Capital Movements Background Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly, quarterly, and semiannual reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data and to some sensitive data aggregates is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. The most recent revisions to selected reporting forms and instructions were effective February 28, 2003. The major changes are outlined under “Description of statis tics” below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. Reporting forms and instructions also may be downloaded from the TIC website. Basic definitions The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite “Other Europe.” For purposes of publication only, information on the European Central Bank also is included in “Other Europe.” “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. Notices of these changes and requests for public comments on them were published in the Federal Register last year and some modifications were made in response to the comments received. A detailed outline of the changes affecting each form may be accessed on the TIC website. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to, and dollar claims on foreigners in a number of countries. Twice a year, June 30 and December 31, they also report the same liabilities and claims items attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with foreigners. Except as noted below under “Description of statistics,” the reportable liabilities and claims positions are with unaffiliated foreigners. Separate reports are filed for financial balances and for commerc ial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in five sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. 61 • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, and securities brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than 62 CAPITAL MOVEMENTS banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the information does not include any accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to Commerce on its direct investment forms. However, effective with reports filed as of March 31, 2003, a number of changes were introduced in the coverage and reporting formats of nonbanking forms. A major revision is the addition of Section B to Form CQ-1 to capture foreign affiliate positions (including those with affiliates of the respondent’s parent) of insurance underwriting subsidiaries and financial intermediaries. Insurance underwriting subsidiaries of BHCs/FHCs now include positions vis -à-vis all foreign-resident affiliates. From end-March 2003 forward, financial intermediaries are to report positions 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, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital mo vements 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 63 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 Capi tal Reporting System] Type of Liability Calendar Year 2002 2003 2004 Sept. r Oct. r Nov . r Dec. Jan. Total liabilities to all foreigners................................ 2,066,131 Payable in dollars .............................................. 1,985,588 2,321,580 2,254,149 2,298,469 2,231,038 2,383,708 2,316,277 2,383,014 2,321,539 2,458,291 2,396,816 2,554,038 2,492,563 2,556,906 2,495,431 Foreign official institutions 1............................... 335,090 Deposits, excluding negotiable CDs.................20,733 U.S. Treasury bills and certificates................... 190,444 Other liabilities ............................................ 123,913 397,995 22,859 207,918 167,218 395,941 24,717 207,871 163,353 399,888 22,448 215,580 161,860 402,634 24,147 212,025 166,462 421,188 23,881 213,135 184,172 429,207 26,613 224,028 178,566 431,478 24,826 230,022 176,630 Foreign banks (including own foreign offices) and other foreigners............................ 1,637,031 Deposits, excluding negotiable CDs................. 148,729 U.S. Treasury bills and certificates...................45,263 1,841,037 815,986 43,587 1,820,994 755,949 41,769 1,903,924 799,902 45,012 1,904,583 832,958 44,350 1,960,350 813,320 43,191 2,049,826 845,088 47,899 2,050,039 835,249 50,350 Other liabilities ............................................ 1,443,039 International and regional organizations 2 .............13,467 Deposits, excluding negotiable CDs................. 5,769 U.S. Treasury bills and certificates................... 1,089 981,464 15,117 6,922 13 1,023,276 14,103 6,481 13 1,059,010 12,465 4,978 60 1,027,275 14,322 5,784 63 1,103,839 15,278 7,500 62 1,156,839 13,530 8,452 178 1,164,440 13,914 9,367 608 Other liabilities ............................................ 6,609 Payable in foreign currencies 3..............................80,543 Sector: Banks and other foreigners............................71,361 International and regional organizations 2.............. 9,182 8,182 67,431 7,609 67,431 7,427 67,431 8,475 61,475 7,716 61,475 4,900 61,475 3,939 61,475 57,344 10,087 57,344 10,087 57,344 10,087 53,456 8,019 53,456 8,019 53,456 8,019 53,456 8,019 6,599 36,959 5,670 6,599 36,959 5,670 6,599 36,959 5,670 4,774 31,092 4,528 4,774 31,092 4,528 4,774 31,092 4,528 4,774 31,092 4,528 13,290 13,290 13,290 15,723 15,723 15,723 15,723 Major currencies: Canadian dollars................................ 6,636 Euro.........................................................39,393 United Kingdom pounds sterling...................... 6,998 Japanese yen.............................................20,393 Memoranda: Respondents’ own liabilities payable in dollars........................................................ 1,363,270 1 Mar. p 1,625,310 1,596,069 1,671,822 1,670,257 1,740,213 1,812,171 1,811,771 Liabilities to own foreign offices........................ 941,416 Liabilities collaterized by repurchase agreements ............................................. 190,134 Foreign official institutions 1.........................57,097 1,091,046 1,036,239 1,099,475 1,120,447 1,133,036 1,185,473 1,196,442 419,087 83,630 450,593 77,695 480,495 78,770 460,343 82,927 528,202 93,449 539,721 91,816 527,954 87,415 Foreign banks and other foreigners............... 131,025 International and regional organizations 2............. 2,012 Reported by IBFs............................................ 407,562 Respondents’ own liabilities payable in 80,543 foreign currencies 3................................ Reported by IBFs............................................51,788 Liabilities held in custody for domestic customers ................................................... 622,318 Payable in dollars................................ 622,318 332,476 2,981 357,658 369,182 3,716 333,343 397,472 4,253 357,242 372,676 4,740 365,611 431,863 2,890 370,210 446,649 1,256 397,827 439,697 842 407,852 67,157 67,157 67,157 61,158 61,158 61,158 61,158 40,052 40,052 40,052 36,689 36,689 36,689 36,689 629,113 628,839 635,243 634,969 644,729 644,455 651,599 651,282 656,920 656,603 680,709 680,392 683,977 683,660 Payable in foreign currencies 3........................ n.a. 274 274 274 317 317 317 317 Includes Bank for International Settlements. Principally the International Bank for Reconstruction and Development (World Bank) and the Inter -American Development Bank. 2 Feb. 3 Data may be as of preceding quarter -end for most recent month shown in table. 64 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 2000 Europe: Austria............................................................ 2,755 Belgium 1......................................................... 34,230 Bulgaria........................................................... 367 Czech Republic................................ 626 Denmark.......................................................... 3,134 Finland............................................................ 1,412 France............................................................ 41,275 Germany ......................................................... 41,416 Greece............................................................ 2,042 Hungary .......................................................... 1,127 Ireland ............................................................ 8,115 Italy................................................................ 6,755 Luxembourg 1 ................................ n.a. Netherlands................................ 7,587 Norway ........................................................... 2,310 Poland............................................................ 3,649 Portugal .......................................................... 2,529 Romania.......................................................... 850 Russia 2........................................................... 19,052 Serbia and Montenegro (formerly Yugoslavia) 3 ................................ 282 Spain.............................................................. 8,236 Sweden........................................................... 6,506 Switzerland................................ 76,307 Turkey ............................................................ 7,636 United Kingdom................................ 187,145 Channel Islands and Isle of Man 4.......................... n.a. Other Europe................................ 16,518 481,861 Total Europe................................ 36,975 Canada.............................................................. Latin America: Argentina......................................................... 19,500 Brazil.............................................................. 11,726 Chile............................................................... 5,946 Colombia......................................................... 4,561 Ecuador.......................................................... 2,117 Guatemala....................................................... 1,619 Mexico............................................................ 33,041 Panama.......................................................... 4,353 Peru............................................................... 1,444 Uruguay .......................................................... 3,036 Venezuela........................................................ 24,984 Other Latin America 5................................ 10,094 122,421 Total Latin America................................ Caribbean: Bahamas ......................................................... 191,061 Bermuda......................................................... 9,763 British West Indies 6 ................................382,868 Cayman Islands 6................................ n.a. Cuba.............................................................. 90 Jamaica.......................................................... 828 Netherlands Antilles ................................ 5,454 Trinidad and Tobago................................ 904 Other Caribbean 5................................ n.a. Total Caribbean................................ 590,968 See footnotes at end of table. Calendar year 2001 2002 Nov . 2003 Dec. Jan. 2004 Feb. Mar. p 3,277 6,852 267 612 3,778 1,446 57,924 26,296 2,308 730 16,694 7,243 17,107 12,660 3,746 3,695 4,082 1,481 20,808 2,862 9,641 219 531 5,115 1,711 44,098 42,235 2,996 439 33,146 6,098 32,943 11,419 18,907 4,205 3,676 1,919 23,158 4,698 7,565 181 2,731 2,989 5,938 46,275 53,833 1,468 700 34,921 6,261 33,534 16,650 19,487 4,638 2,196 409 37,632 4,835 9,631 223 2,357 3,744 1,818 41,740 53,515 1,262 346 31,229 6,293 36,955 16,355 22,466 3,723 992 574 41,693 4,311 6,790 189 2,443 2,791 2,815 50,942 56,636 1,338 458 34,502 7,658 38,756 15,744 27,468 4,440 1,396 738 47,522 4,240 7,416 224 2,534 2,445 3,516 53,835 60,464 1,514 544 38,471 9,136 43,690 15,952 19,216 4,878 1,055 593 47,706 4,191 6,381 197 2,600 2,538 2,541 45,683 56,709 1,768 611 37,379 8,495 41,048 20,072 22,778 4,400 1,488 710 45,715 309 9,251 3,451 67,379 7,486 222,032 36,307 19,397 556,618 31,529 301 14,499 4,697 133,546 12,132 203,237 47,820 25,108 686,658 32,221 180 9,943 5,512 106,194 13,357 369,551 21,263 18,765 826,871 40,497 160 10,325 7,371 112,137 13,747 343,649 20,802 16,382 804,324 38,064 169 10,105 6,525 107,281 8,638 363,314 20,316 15,921 839,206 37,641 159 10,316 7,576 133,324 8,236 395,713 20,686 21,290 914,729 35,038 81 8,819 8,809 125,198 8,911 395,359 23,135 23,334 898,950 34,961 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 10,938 11,332 6,194 4,174 2,307 1,396 37,374 3,903 1,366 2,822 22,540 6,415 110,761 9,633 22,442 4,155 3,977 2,605 1,595 33,866 3,884 1,243 3,508 21,420 6,045 114,373 9,950 17,842 4,477 4,274 2,613 1,550 36,511 4,177 1,401 3,724 21,565 6,000 114,084 10,124 20,774 5,473 4,046 2,562 1,496 34,335 3,966 1,386 3,290 21,790 5,775 115,017 9,972 20,650 5,084 4,092 2,423 1,534 35,335 4,101 1,313 3,622 23,560 6,009 117,695 10,012 19,228 5,727 4,119 2,395 1,564 37,907 3,682 1,337 3,682 24,031 6,269 119,953 179,382 10,611 n.a. 445,040 88 1,222 3,273 1,281 12,208 653,105 164,133 25,281 n.a. 639,443 91 840 5,011 1,420 11,757 847,976 159,769 43,766 n.a. 735,026 93 714 6,974 1,252 21,389 968,983 172,492 38,780 n.a. 744,566 96 721 8,477 1,260 24,918 991,310 172,327 45,823 n.a. 772,624 95 748 7,185 1,299 26,926 1,027,027 166,327 49,545 n.a. 787,092 95 836 4,482 1,590 33,217 1,043,184 165,562 50,927 n.a. 787,011 95 888 3,995 1,644 30,776 1,040,898 CAPITAL MOVEMENTS 65 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 2000 Asia: China: Mainland................................ 16,531 Taiwan................................ 17,374 Hong Kong................................ 26,996 India............................................................... 4,530 Indonesia................................ 8,514 Israel.............................................................. 8,099 Japan............................................................. 162,449 Korea.............................................................. 7,960 Lebanon.......................................................... 681 Malaysia.......................................................... 2,335 Pakistan.......................................................... 1,024 Philippines ................................ 2,320 Singapore................................ 28,638 Syria.............................................................. 59 Thailand.......................................................... 3,212 7 Oil-exporting countries ................................ 24,939 Other Asia................................ 5,312 320,973 Total Asia................................ Africa: Congo (formerly Zaire)................................ 4 Egypt.............................................................. 2,621 Ghana............................................................. 188 Liberia............................................................. 318 Morocco.......................................................... 148 South Africa................................ 1,011 8 Oil-exporting countries ................................ 4,141 Other Africa................................ 2,535 10,966 Total Africa................................ Other countries: Australia.......................................................... 10,109 New Zealand 9 ................................ n.a. All other........................................................... 1,281 11,390 Total other countries................................ 1,575,554 Total foreign countries................................ International and regional organizations: International ................................ 12,193 European regional................................ 453 Latin American regional. ...............................740 Caribbean regional 10................................ n.a. Asian regional................................ 175 African regional................................ 74 Middle Eastern regional. ............................... Total international and regional................................ 13,635 Grand total. ............................... 1,589,189 1 Calendar year 2001 2002 Nov . 2003 Dec. Jan. 2004 Feb. Mar. p 10,498 17,657 26,706 3,676 12,424 7,908 173,640 9,035 563 1,299 1,971 1,777 16,872 67 4,757 19,334 5,785 313,969 15,483 18,708 33,365 7,968 14,123 7,505 176,331 8,978 651 1,221 2,093 1,813 17,676 35 7,607 18,893 6,819 339,269 21,001 24,378 42,506 13,581 13,824 10,332 173,742 14,761 716 1,463 2,843 1,546 18,572 23 7,122 25,313 7,484 379,207 13,182 26,409 49,798 14,523 14,382 12,227 168,485 12,630 685 1,650 2,960 1,609 23,562 21 7,201 24,565 7,654 381,543 12,343 27,793 51,146 13,137 14,137 11,341 170,802 14,678 732 1,727 1,752 1,634 20,608 57 8,977 26,943 7,617 385,424 17,397 22,593 52,527 11,416 13,864 14,981 174,608 14,000 674 1,612 2,205 1,594 20,978 21 10,751 22,860 7,518 389,599 21,961 29,639 50,971 11,339 14,378 16,889 180,832 10,002 733 2,272 1,971 1,911 25,764 24 7,569 25,090 7,467 408,812 4 2,783 133 229 274 715 4,461 2,734 11,333 2 2,655 312 141 306 1,118 4,466 3,361 12,361 5 2,540 559 195 333 3,651 3,293 2,843 13,419 18 2,350 595 192 376 3,727 3,613 3,102 13,973 37 2,162 504 220 179 3,945 4,364 2,831 14,242 6 3,273 510 157 311 3,545 5,185 2,710 15,697 5 3,225 449 134 165 3,905 4,812 2,531 15,226 5,072 318 413 5,803 1,692,773 12,055 1,918 263 14,236 2,043,482 14,109 2,979 718 17,806 2,361,156 14,045 2,584 746 17,375 2,360,673 13,105 2,451 881 16,437 2,434,994 12,999 2,729 819 16,547 2,532,489 12,166 2,945 1,062 16,173 2,534,973 15,508 689 480 84 213 33 - 20,464 1,511 507 67 85 15 - 20,652 566 575 61 288 410 - 18,610 449 502 63 2,221 496 - 21,041 435 790 60 178 793 - 19,522 414 597 69 151 796 - 19,875 465 526 69 174 824 - 17,007 22,649 22,552 22,341 23,297 21,549 21,933 1,709,780 2,066,131 2,383,708 2,383,014 2,458,291 2,554,038 2,556,906 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other L atin 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.” 66 CAPITAL MOVEMENTS TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2004, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Liabilities payable in dollars To foreign official institutions Total liabilities and foreign banks To all other foreigners Memoranda NonShortNon- ShortPayable negotiable term negotiable term Negotiable in CDs deposits U.S. deposits U.S. Liabilities Totals Payable foreign and Treasury and Treasury to own held for currenall forin Own Custody brokerage obliga- Other brokerage obliga- Other foreign Total dollars cies 1 liabilities liabilities balances 2 tions 3 liabilities balances 2 tions 3 liabilities offices eigners (1) (3) (13) (2) (4) (5) (6) (7) (8) (9) (10) (11) (12) Europe: Austria................................ 4,191 4,176 15 1,132 3,044 165 Belgium 4................................ 6,381 6,104 277 4,871 1,233 1,884 Bulgaria................................ 197 197 90 107 28 Czech Republic................................ 2,600 2,590 10 101 2,489 39 Denmark................................ 2,538 2,423 115 1,725 698 122 Finland................................ 2,541 2,503 38 1,635 868 1,454 France................................ 45,683 44,675 1,008 31,062 13,613 7,284 Germany ................................56,709 49,913 6,796 43,064 6,849 11,055 Greece................................ 1,768 1,766 2 1,635 131 891 Hungary ................................ 611 597 14 407 190 298 Ireland ................................ 37,379 37,261 118 7,723 29,538 1,449 Italy................................................................ 8,495 8,067 428 4,908 3,159 2,656 Luxembourg 4 ................................ 41,048 39,898 1,150 21,867 18,031 7,449 Netherlands................................ 20,072 18,779 1,293 14,256 4,523 1,646 Norway ................................ 22,778 22,736 42 22,320 416 98 Poland................................ 4,400 4,381 19 1,861 2,520 294 Portugal ................................ 1,488 1,430 58 1,309 121 900 Romania................................ 710 704 6 358 346 23 Russia 5................................ 45,715 45,694 21 6,545 39,149 2,254 Serbia and Montenegro 81 81 81 26 (formerly Yugoslavia) 6................................ Spain................................ 8,819 8,393 426 7,562 831 2,163 Sweden................................ 8,809 8,515 294 6,823 1,692 241 Switzerland................................ 125,198 124,162 1,036 112,517 11,645 103,299 Turkey ................................ 8,911 8,910 1 2,195 6,715 321 United Kingdom ................................ 395,359 384,720 10,639 373,093 11,627 103,408 Channel Islands and Isle of Man 7................................23,135 23,123 12 22,245 878 21,830 23,334 23,213 121 10,014 13,199 3,631 Other Europe................................ 898,950 875,011 23,939 701,399 173,612 274,908 Total Europe................................ 34,961 32,746 2,215 18,666 14,080 5,090 Canada............................................................... Latin America: Argentina ................................10,012 9,890 122 9,252 638 404 Brazil................................ 19,228 17,672 1,556 15,963 1,709 7,712 Chile............................................................... 5,727 5,661 66 4,382 1,279 879 Colombia................................ 4,119 4,077 42 3,329 748 294 Ecuador................................ 2,395 2,351 44 2,242 109 409 Guatemala................................1,564 1,554 10 1,386 168 167 Mexico................................ 37,907 36,344 1,563 22,985 13,359 4,338 Panama................................ 3,682 3,650 32 3,104 546 904 Peru............................................................... 1,337 1,332 5 1,276 56 216 Uruguay................................ 3,682 3,664 18 3,217 447 547 Venezuela................................ 24,031 23,707 324 16,003 7,704 4,030 6,269 6,218 51 5,501 717 1,952 Other Latin America................................ 119,953 116,120 3,833 88,640 27,480 21,852 Total Latin America Caribbean: Bahamas ................................ 165,562 161,427 4,135 158,538 2,889 121,851 Bermuda................................50,927 50,669 258 32,797 17,872 1,254 Cayman Islands 8 ................................ 787,011 780,461 6,550 578,683 201,778 231,556 Cuba............................................................... 95 95 95 12 Jamaica................................ 888 837 51 817 20 414 Netherlands Antilles ................................ 3,995 3,945 50 3,590 355 866 Trinidad and Tobago................................ 1,644 1,638 6 1,525 113 908 30,776 30,671 105 19,875 10,796 3,564 Other Caribbean................................ 1,040,898 1,029,743 11,155 795,920 233,823 360,425 Total Caribbean................................ See footnotes at end of table. 258 136 35 510 396 106 8,533 1,962 30 113 253 1,917 4,652 520 23 1,400 15 118 - 3,475 2,745 125 2,015 1,733 700 12,759 28,039 228 74 1,277 2,722 8,780 7,437 21,029 2,625 229 521 43,253 185 399 8 26 142 37 1,251 2,471 519 35 1,198 612 273 2,155 61 47 213 18 146 48 131 1 22 118 232 410 10 77 1,591 24 675 400 4 3 3 2 45 809 8 88 14,616 5,976 88 31,493 136 18,069 6,621 1,521 15 70 21 39 12 1,555 3 46 1,408 11,370 24,656 196 274 105 1,403 17,584 8,575 315 65 9 201 2,575 461 50 177 1 884 2,246 41 5,739 1,084 1,471 680 45 25 3 29 386 4,778 65 2,868 4,983 11,063 6,591 679 796 131,418 20 950 134 885 84 9,399 6 35 81 1,587 98 5,109 133 3,034 898 107,192 6 1,229 95 4,223 135,476 281,305 126 1,488 1,635 34 2,037 91 367 11,763 6,925 45,652 297,893 6,497 11,639 111 309 21,688 2,605 495 229 21,534 272 313 18 11,914 222,956 479,641 1,135 5,780 9,610 224 6 21,032 696 12 1,209 30 11 95 6,830 32 172 4,955 134 13,480 906 3,581 1,569 1,005 278 301 9,572 496 82 1,247 1,834 1,057 21,928 7,863 4,535 2,738 2,613 1,582 924 13,476 1,785 974 1,298 11,348 2,798 51,934 294 126 135 46 1 21 582 121 1 163 434 34 1,958 350 1,559 700 27 155 7 3,185 625 62 987 182 121 7,960 181 117 137 168 22 25 367 116 16 71 98 270 1,588 478 25,213 325 3,723 200 416,903 4 216 130 747 396 308 1,502 1,441 448,704 4,934 4,079 10,601 69 178 674 174 6,734 27,443 523 8,428 125,093 2,140 39,148 2,875 5,527 115,674 481,139 10 16 13 28 11 1,517 185 10 150 223 1,647 16,916 333 9,874 181,856 609,876 135 345 2,336 2 44 53 3,208 6,123 411 509 310 108 81 46 1,546 312 59 237 1,106 243 4,968 CAPITAL MOVEMENTS 67 TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2004, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Liabilities payable in dollars To foreign official institutions Total liabilities and foreign banks To all other foreigners Memoranda NonShortNonShortPayable negotiable term negotiable term Negotiable in CDs deposits U.S. deposits U.S. Liabilities Totals Payable foreign and Treasury and Treasury to own held for in currenall forOwn Custody brokerage obligaOther brokerage obligaOther foreign Total dollars cies 1 liabilities liabilities balances 2 tions 3 liabilities balances 2 tions 3 liabilities offices eigners (1) (2) (3) (6) (7) (9) (10) (13) (4) (5) (8) (11) (12) Asia: China: Mainland................................ 21,961 Taiwan ................................ 29,639 Hong Kong................................ 50,971 India................................ 11,339 Indonesia................................ 14,378 Israel................................ 16,889 Japan................................ 180,832 Korea................................ 10,002 Lebanon................................ 733 Malaysia ................................ 2,272 Pakistan................................ 1,971 Philippines................................ 1,911 Singapore................................ 25,764 Syria................................ 24 Thailand................................ 7,569 32,557 Other Asia................................ 408,812 Total Asia................................ 21,961 29,612 50,553 11,338 14,377 16,881 172,338 9,990 726 2,238 1,971 1,904 24,228 24 7,564 31,437 397,142 Africa: Congo (formerly Zaire)................................ 5 5 Egypt................................ 3,225 3,225 Ghana................................449 449 Liberia................................134 134 Morocco................................ 165 165 South Africa................................ 3,905 3,888 7,343 7,228 Other Africa................................ 15,226 15,094 Total Africa................................ Other countries: Australia................................ 12,166 12,099 New Zealand................................ 2,945 2,818 1,062 744 All other................................ 16,173 15,661 Total other countries................................ Total foreign 2,534,973 2,481,517 countries................................ International and regional orgs.: International................................ 19,875 11,938 European regional................................ 465 465 Latin American regional. ............................... 526 444 Caribbean regional................................ 69 69 Asian regional................................ 174 174 African regional. ............................... 824 824 Middle Eastern regional. ............................... Total international 21,933 13,914 and regional................................ Grand total................................ 2,556,906 2,495,431 1 27 418 1 1 8 8,494 12 7 34 7 1,536 5 1,120 11,670 13,613 27,015 24,431 1,861 1,791 6,277 56,041 5,019 712 1,646 585 1,570 16,553 23 1,356 16,846 175,339 8,348 2,597 26,122 9,477 12,586 10,604 116,297 4,971 14 592 1,386 334 7,675 1 6,208 14,591 221,803 17 115 132 5 1,064 270 99 162 3,879 5,363 10,842 2,161 179 35 3 9 1,865 4,252 1 632 66 6 52 1,314 2,766 4,837 67 127 318 512 5,671 2,582 644 8,897 6,428 236 100 6,764 1,169 60 173 1,402 53,456 1,799,703 12,590 18,443 10,438 3,044 8,841 4,496 34,087 6,106 391 860 221 559 7,783 1 629 5,981 114,470 636 3,721 2,223 282 256 1,440 2,998 302 95 67 98 410 529 18 288 843 14,206 77 127 228 2 223 912 22 1 1 1 85 1,043 26 684 3,432 921 371 4,039 896 238 695 2,319 287 15 14 68 213 1,738 1 136 2,045 13,996 3,289 1,545 16,887 521 253 1,268 38,765 1,778 12 82 182 141 12,319 83 7,512 84,637 45 213 162 8 7 449 539 23 6 4 18 205 1 2 1,183 2,865 1,948 179 1,740 3,867 396 189 1 72 2,413 2,046 5,117 4 228 14 85 41 152 527 1,051 16 7 12 35 21 1 26 2 137 187 174 15 15 3,363 403 3,970 15 3 2 2 22 1,620 15 1,635 8,130 2,345 163 10,638 387 160 127 674 261 67 46 374 532 171 235 938 718 1 29 748 2,159 5 6 2,170 681,814 740,474 251,650 910,389 7,937 82 - 10,926 448 424 69 174 27 - 1,012 17 20 797 - - - 8,019 12,068 1,846 - - - 683,660 740,474 251,650 910,389 61,475 1,811,771 These data as of December 31, 2003. Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 2 2,299 5,438 4,947 2,003 17,396 16,229 794 6,320 744 4,298 584 9,443 21,412 110,610 2,136 1,137 224 738 558 319 1,264 549 88 8,941 4,194 4 465 6,020 10,408 11,476 71,960 179,078 6 - 119,601 28,722 8,565 440 334 11 16 1 - 551 17 40 - 9,367 608 128,968 29,330 430,681 1,196,442 34,496 2,822 8 110 58 158 783 - - 254 20 39 - 3,939 - 313 434,620 1,196,442 34,809 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 7 Before January 2001, data included in United Kingdom. 8 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 68 CAPITAL MOVEMENTS CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1100 U.S. banking liabilities to foreigners, excluding long-term securities, were recorded at about $2.6 trillion in March 2004, an increase of about $174 billion from yearend 2003. U.S. banking liabilities increased about $317 billion in 2003. Much of the increase in liabilities to foreigners in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December, when data are reported on a consistent basis, banking liabilities increased about $126 billion. (In billions of dollars) 1000 900 800 700 600 500 400 300 200 100 0 2000 2001 2002 2003 Mar. 2004 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 2000 Calendar years 2002 2003 Mar. 2004 203,237 483,421 837,771 176,331 162,938 1,863,698 343,649 460,675 968,486 168,485 213,058 2,154,353 395,359 503,591 1,011,177 180,832 227,980 2,318,939 197,241 202,433 228,661 237,967 1,709,780 2,066,131 2,383,014 2,556,906 2001 United Kingdom ................................ 187,145 222,032 All other Europe................................ 294,716 334,586 Caribbean banking centers 1,2................................ 593,499 641,952 Japan................................................................ 162,449 173,640 140,329 All other Asia................................ 158,524 1,396,333 1,512,539 Subtotal............................................................ All other countries................................192,856 Grand total................................ 1,589,189 1 2 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities currently is recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years, and also recorded most of the reported increase in liabilities in 2003. Foreigners domiciled in the rest of Europe and in Asia account for about 35 percent of U.S. banking liabilities. CAPITAL MOVEMENTS 69 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 2001 2002 Dec. Mar. r June r Sept. Dec. p Total claims......................................................... 1,351,599 1,516,742 1,701,312 1,779,070 1,755,492 1,707,570 Payable in dollars................................................ 1,259,328 1,409,095 1,597,266 1,668,031 1,653,878 1,603,209 Type of Claim Own claims on foreigners................................ 2003 1,052,066 1,185,445 1,311,105 1,362,698 1,357,785 1,319,784 Foreign official institutions................................ n.a. n.a. 46,849 39,187 45,762 50,665 Foreign public borrowers ................................ 45,672 48,765 n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ....................................................... 844,865 970,357 995,882 1,036,576 1,025,082 976,325 All other foreigners.......................................... 161,529 166,323 268,374 286,935 286,941 292,794 Claims of domestic customers................................ 207,262 223,650 286,161 305,333 296,093 283,425 Payable in foreign currencies ................................ 92,271 107,647 104,046 111,039 101,614 104,361 Own claims on foreigners................................ 74,640 71,724 77,520 84,797 77,050 77,883 of which: Canadian dollars............................................. 6,106 7,614 5,415 10,113 9,472 12,652 Euros........................................................... 42,980 40,858 42,991 41,865 40,669 35,520 United Kingdom pounds sterling....................... 6,296 6,809 10,690 11,796 5,900 6,831 Japanese yen................................................ 9,892 9,008 12,179 13,107 14,640 16,137 Claims of domestic customers................................ 17,631 35,923 26,526 26,242 24,564 26,478 of which: Canadian dollars............................................. 935 9,032 1,499 2,391 1,946 2,915 Euros........................................................... 3,097 12,019 16,670 15,039 10,749 11,601 United Kingdom pounds sterling......................... 1,133 2,863 3,017 2,835 3,276 3,144 Japanese yen................................................ 351 7,362 814 3,406 3,540 3,487 Total own claims on foreigners............................... 1,126,706 Memoranda: 1,257,169 1,388,625 1,447,495 1,434,835 1,397,667 Non-negotiable deposits ................................ n.a. n.a. 520,960 538,423 536,340 534,309 Short-term negotiable instruments (payable in dollars).......................................... n.a. n.a. 11,835 13,154 8,295 7,455 Resale agreements ........................................... 137,979 161,585 287,043 310,317 344,085 344,753 Other ............................................................. n.a. n.a. 568,787 585,601 546,115 511,150 Claims on own foreign offices................................ 744,498 892,340 944,854 976,575 965,234 933,770 Claims reported by IBFs................................ 339,685 344,333 329,495 346,937 336,856 321,469 Payable in dollars.............................................. 306,381 313,450 301,022 319,332 312,880 293,898 Payable in foreign currencies............................... 33,304 30,883 28,473 27,605 23,976 27,571 Total claims held for domestic customers.................. 135,294 171,397 312,687 331,575 320,657 309,903 n.a. n.a. 141,060 155,518 138,897 139,936 Short-term negotiable instruments (payable in dollars).......................................... 114,287 137,289 132,877 140,147 148,636 136,116 Other ............................................................... 21,007 34,108 38,750 35,910 33,124 33,851 Non-negotiable deposits ................................ 70 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 2001 Europe: Austria.............................................................. 7,652 Belgium 1........................................................... 7,583 Bulgaria............................................................2 Czech Republic................................ 600 Denmark ........................................................... 3,461 Finland............................................................. 10,877 France.............................................................. 86,420 Germany ........................................................... 57,462 Greece............................................................. 554 Hungary ............................................................ 25 Ireland.............................................................. 9,122 Italy................................................................ 8,065 Luxembourg 1..................................................... 3,852 Netherlands ....................................................... 22,908 Norway ............................................................. 7,033 Poland.............................................................. 535 Portugal............................................................ 2,159 Romania........................................................... 99 Russia 2 ............................................................ 651 Serbia and Montenegro (formerly Yugoslavia) 3................................ Spain................................................................ 4,767 Sweden............................................................ 20,660 Switzerland........................................................ 97,696 Turkey .............................................................. 3,370 United Kingdom ................................ 300,665 Channel Islands and Isle of Man 4 ........................... 4,513 2,894 Other Europe..................................................... 663,625 Total Europe................................ 77,121 Canada............................................................... Latin America: Argentina........................................................... 11,587 Brazil. .............................................................. 20,846 Chile................................................................ 5,465 Colombia........................................................... 3,653 Ecuador............................................................ 507 Guatemala......................................................... 1,536 Mexico.............................................................. 16,920 Panama............................................................ 3,441 Peru................................................................ 2,201 Uruguay ............................................................ 459 Venezuela......................................................... 3,209 Other Latin America 5 ................................ 3,404 Total Latin America................................ 73,228 Caribbean: Bahamas........................................................... 103,541 Bermuda........................................................... 8,470 Cayman Islands 6 ................................ 300,422 Netherlands Antilles................................ 6,741 Trinidad and Tobago................................ 940 3,791 Other Caribbean 5................................ 424,323 Total Caribbean................................ See footnotes at end of table. June 2002 Sept. 2003 Dec. Mar. r June r Sept. Dec. p 5,223 7,831 3 172 2,759 16,780 91,466 67,520 514 33 6,426 7,856 5,820 25,756 10,671 165 2,200 102 1,176 4,951 6,406 14 188 4,589 16,514 83,623 50,625 590 51 3,861 7,570 3,625 27,397 12,966 177 2,372 92 818 3,972 8,255 10 149 2,228 9,020 76,743 43,348 653 211 4,990 7,750 4,506 32,757 14,980 179 2,641 107 896 4,880 11,137 244 441 3,091 10,487 79,385 47,128 483 148 7,387 8,506 3,874 32,759 12,636 421 2,504 131 1,126 4,544 9,545 11 157 4,795 9,529 88,896 43,079 342 127 7,317 8,910 7,782 31,278 17,969 677 2,944 160 831 5,927 10,720 110 151 5,549 7,256 86,120 45,219 249 155 13,699 9,155 5,953 30,405 13,713 1,166 3,106 138 1,012 4,905 10,490 59 235 5,374 8,511 89,542 40,122 244 77 13,419 10,309 7,185 30,152 18,835 58 2,934 192 1,258 4,499 26,505 127,652 3,968 297,911 4,466 2,364 719,838 90,875 6,574 20,062 115,954 3,872 300,092 6,361 1,786 681,130 87,653 9 8,696 22,789 138,173 3,305 293,642 17,775 1,997 699,781 94,126 5,598 23,052 115,402 3,554 350,370 35,737 2,237 762,718 81,897 6,492 22,670 114,591 3,383 378,567 49,440 2,546 816,582 78,160 3 6,573 24,542 103,501 3,400 391,505 48,818 2,523 820,668 83,073 4,486 21,771 88,709 2,611 375,319 44,382 3,421 784,600 82,765 9,223 20,209 4,993 3,293 511 924 17,214 2,926 1,845 349 3,556 2,993 68,036 8,025 18,451 5,194 3,098 478 969 16,660 2,151 1,613 369 3,480 2,893 63,381 7,053 16,070 5,322 2,633 469 925 16,249 2,070 1,424 276 3,404 2,780 58,675 6,479 16,710 5,393 2,744 508 1,008 15,678 2,034 1,414 334 3,455 2,957 58,714 6,308 17,367 5,379 2,511 496 809 15,377 2,132 1,555 344 3,380 2,487 58,145 5,494 17,595 5,930 2,537 422 824 14,286 1,961 1,402 436 3,187 2,537 56,611 4,238 16,625 6,190 2,109 415 825 14,255 1,942 1,382 475 3,063 2,446 53,965 110,791 11,850 351,530 6,923 866 3,803 486,124 93,025 13,332 345,310 6,228 930 3,456 462,744 96,358 10,620 417,363 6,783 889 3,453 535,787 118,511 24,440 492,460 6,930 884 3,559 647,261 126,145 22,770 513,641 7,361 862 4,492 675,692 115,051 14,286 494,566 7,287 788 3,666 636,044 102,134 16,161 488,572 6,791 700 5,091 619,824 CAPITAL MOVEMENTS 71 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 2001 June Asia: China: Mainland................................ 2,138 6,107 Taiwan................................ 4,599 6,663 Hong Kong................................ 10,405 6,375 India................................................................ 1,477 1,595 Indonesia................................ 1,795 1,617 Israel................................................................ 6,984 5,858 Japan............................................................... 40,047 43,859 Korea............................................................... 10,786 15,103 Lebanon................................ 45 43 Malaysia................................ 731 1,178 Pakistan................................ 129 488 Philippines ................................ 2,598 2,008 Singapore................................ 3,513 3,419 Syria.............................................................. 3 2 Thailand................................ 2,544 753 Oil-exporting countries 7................................ 9,222 12,248 357 548 Other Asia................................ 97,373 107,864 Total Asia................................ Africa: Congo (formerly Zaire)................................ Egypt................................................................ 430 430 Ghana.............................................................. 25 6 Liberia.............................................................. 377 395 Morocco................................ 123 96 South Africa................................ 820 719 Oil-exporting countries 8................................ 175 241 311 311 Other Africa................................ 2,261 2,198 Total Africa................................ Other countries: Australia................................ 8,057 7,727 New Zealand................................ 477 782 75 148 All other................................ 8,609 8,657 Total other countries ................................ 1,346,540 1,483,592 Total foreign countries................................ International and regional orgs: International................................ 4,322 3,863 European regional................................ 21 44 Latin American regional................................ 237 240 Caribbean regional................................ Asian regional................................ 479 253 African regional. ............................... Middle Eastern regional................................ Total international 4,400 and regional................................ 5,059 Grand total................................ 1,351,599 1,487,992 2002 Sept. Dec. Mar. r 7,307 8,830 8,886 1,340 1,476 7,517 51,772 17,495 46 844 669 2,188 3,699 2 1,879 11,532 726 126,208 1,110 3,939 7,777 1,314 1,795 6,979 59,792 11,209 48 921 77 2,180 4,425 2 1,443 10,487 246 113,744 11,098 8,429 5,798 1,193 1,247 5,602 66,136 13,201 38 1,226 364 2,699 4,146 2 1,661 9,878 212 132,930 346 9 350 75 659 311 332 2,082 500 12 308 71 653 238 295 2,077 8,507 1,018 33 9,558 1,432,756 2003 June r Sept. Dec. p 7,282 5,631 7,589 1,530 1,308 6,995 72,660 7,138 75 1,318 728 1,601 4,322 2 1,557 8,477 206 128,419 9,650 7,601 7,762 1,789 1,638 5,386 72,741 7,292 78 1,386 1,006 1,455 6,836 2 2,122 7,965 131 134,840 4,258 9,962 7,909 1,776 1,056 7,362 76,671 11,504 72 1,133 74 2,301 8,326 2 1,295 8,847 195 142,743 569 13 346 66 611 266 365 2,236 429 17 289 60 3,463 229 313 4,800 362 17 413 52 3,588 222 289 4,943 248 17 365 66 3,596 157 275 4,724 7,793 881 69 8,743 1,512,933 8,175 2,356 118 10,649 1,696,405 10,401 1,254 97 11,752 1,773,550 11,402 1,263 82 12,747 1,748,926 12,144 1,528 41 13,713 1,702,334 2,160 23 229 385 - 3,291 8 179 331 - 4,235 1 189 482 - 4,303 11 153 1,053 - 5,456 1 248 861 - 3,981 88 266 898 3 2,797 3,809 4,907 5,520 6,566 5,236 1,435,553 1,516,742 1,701,312 1,779,070 1,755,492 1,707,570 1 4 2 5 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. Before January 2001, data included in United Kingdom Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 72 CAPITAL MOVEMENTS TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2003 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria.............................................................. 4,905 Belgium 1........................................................... 10,490 Bulgaria............................................................ 59 Czech Republic................................ 235 Denmark ........................................................... 5,374 Finland............................................................. 8,511 France.............................................................. 89,542 Germany ........................................................... 40,122 Greece............................................................. 244 Hungary ............................................................ 77 Ireland.............................................................. 13,419 Italy................................................................ 10,309 Luxembourg 1................................ 7,185 Netherlands ................................ 30,152 Norway ............................................................. 18,835 Poland.............................................................. 58 Portugal............................................................ 2,934 Romania........................................................... 192 Russia 2 ............................................................ 1,258 Serbia and Montenegro (formerly Yugoslavia) 3 ................................ Spain................................................................ 4,486 Sweden............................................................ 21,771 Switzerland................................ 88,709 Turkey .............................................................. 2,611 United Kingdom ................................375,319 Channel Islands and Isle of Man 4............................... 44,382 Other Europe................................ 3,421 Total Europe................................ 784,600 82,765 Canada............................................................... Latin America: Argentina........................................................... 4,238 Brazil. .............................................................. 16,625 Chile................................................................ 6,190 Colombia........................................................... 2,109 Ecuador............................................................ 415 Guatemala......................................................... 825 Mexico.............................................................. 14,255 Panama............................................................ 1,942 Peru................................................................ 1,382 Uruguay ............................................................ 475 Venezuela......................................................... 3,063 2,446 Other Latin America 5 ................................ 53,965 Total Latin America................................ Caribbean: Bahamas........................................................... 102,134 Bermuda........................................................... 16,161 Cayman Islands 6 ................................ 488,572 Cuba................................................................ Jamaica............................................................ 375 Netherlands Antilles................................ 6,791 Trinidad and Tobago................................700 Other Caribbean 5................................ 5,091 619,824 Total Caribbean................................ See footnotes at end of table. Total (2) Claims on foreign official institutions and foreign banks (3) Memorandum Claims on Claims on all other own foreigners foreign offices (4) (5) Payable in foreign currencies (6) Claims of domestic customers Payable in Payable in foreign Total dollars currencies (7) (8) (9) 4,751 7,160 57 224 2,926 8,220 81,030 28,146 241 75 10,998 8,829 5,617 23,103 17,758 49 2,551 192 1,246 1,563 5,647 9 170 2,331 8,015 46,729 17,012 112 66 1,653 6,759 4,426 12,173 17,085 17 1,499 42 777 3,151 1,190 48 41 433 110 16,965 8,507 125 4 9,198 549 1,086 9,080 581 7 520 130 455 43 1,137 50 1,525 7,985 47,200 7,453 2 481 4,883 3,059 11,699 15 597 9 37 323 13 162 95 17,336 2,627 4 5 147 1,521 105 1,850 92 25 532 20 14 154 3,330 2 11 2,448 291 8,512 11,976 3 2 2,421 1,480 1,568 7,049 1,077 9 383 12 74 2,977 2 10 2,429 3 4,487 9,783 3 2,273 1,201 915 6,551 1,055 98 12 80 353 1 19 288 4,025 2,193 2 148 279 653 498 22 9 285 - 2,966 15,482 80,525 2,153 284,208 43,116 2,197 633,820 64,329 2,239 11,614 76,057 1,768 203,691 39,923 1,726 463,103 45,622 52 3,632 2,576 380 65,157 3,175 337 127,489 6,352 799 8,838 72,532 35 223,667 39,627 2 431,638 41,557 675 236 1,892 5 15,360 18 134 43,228 12,355 1,520 6,289 8,184 458 91,111 1,266 1,224 150,780 18,436 1,517 6,159 8,089 418 86,160 1,217 70 135,503 15,516 3 130 95 40 4,951 49 1,154 15,277 2,920 3,818 16,343 6,109 2,023 400 795 13,756 1,875 1,369 473 3,035 2,399 52,395 728 8,777 2,506 1,052 80 279 1,665 959 462 237 605 1,240 18,590 3,081 7,041 3,586 959 320 500 11,897 880 902 227 2,257 1,149 32,799 585 4,733 504 149 10 69 239 131 290 106 2 84 6,902 9 525 17 12 16 194 36 5 9 173 10 1,006 420 282 81 86 15 30 499 67 13 2 28 47 1,570 170 271 80 86 15 30 281 67 13 2 28 44 1,087 74,458 15,154 397,019 375 6,673 668 5,067 499,414 68,176 446 326,723 67 817 117 579 396,925 5,531 14,443 64,712 308 5,807 547 4,307 95,655 68,519 1,854 316,541 35 757 176 126 388,008 751 265 5,584 49 4 181 6,834 27,676 1,007 91,553 118 32 24 120,410 27,676 999 91,217 114 32 24 120,062 250 11 1 218 3 483 8 336 4 348 CAPITAL MOVEMENTS 73 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2003, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Total (2) Asia: China: 4,258 4,183 Mainland......................................................... 9,962 9,839 Taiwan............................................................ 7,909 7,369 Hong Kong................................ 1,776 1,599 India................................................................ 1,056 863 Indonesia.......................................................... 7,362 5,151 Israel................................................................ 76,671 71,223 Japan............................................................... 11,504 11,414 Korea............................................................... 72 65 Lebanon............................................................ 1,133 1,007 Malaysia........................................................... 74 66 Pakistan............................................................ 2,301 1,717 Philippines ......................................................... 8,326 7,531 Singapore.......................................................... 2 Syria.............................................................. 1,295 1,260 Thailand............................................................ 9,042 8,691 Other Asia......................................................... 142,743 131,978 Total Asia................................ Africa: Congo (formerly Zaire)................................ 248 Egypt................................................................ 17 Ghana.............................................................. 365 Liberia.............................................................. 66 Morocco............................................................ 3,596 South Africa................................ 432 Other Africa................................ 4,724 Total Africa................................ 235 7 317 55 476 405 1,495 Other countries: 12,144 8,112 Australia............................................................ 1,528 999 New Zealand................................ 41 41 All other............................................................ 13,713 9,152 Total other countries ................................ 1,702,334 1,392,583 Total foreign countries................................ International and regional orgs.: 3,981 3,980 International................................ 88 18 European regional................................ 266 185 Latin American regional................................ Caribbean regional................................ 898 898 Asian regional................................ African regional. ............................... 3 Middle Eastern regional................................ 3 5,236 5,084 Total international and regional............................. Grand total................................ 1,707,570 1,397,667 Claims on foreign official institutions and foreign banks (3) Claims on all other foreigners (4) Memorandum Claims on own foreign offices (5) Payable in foreign currencies (6) Claims of domestic customers Payable in Payable in foreign Total dollars currencies (7) (8) (9) 3,667 8,955 3,225 1,044 328 4,957 48,859 10,351 59 677 43 919 6,518 967 6,452 97,021 466 704 3,965 544 510 165 11,602 1,044 6 320 22 774 335 22 461 20,940 200 601 2,234 396 12 1,603 44,115 2,322 1 200 36 31 5,419 347 5,039 62,556 50 180 179 11 25 29 10,762 19 10 1 24 678 271 1,778 14,017 75 123 540 177 193 2,211 5,448 90 7 126 8 584 795 2 35 351 10,765 75 32 527 159 189 2,209 1,940 77 7 121 7 582 736 2 27 351 7,041 91 13 18 4 2 3,508 13 5 1 2 59 8 3,724 224 3 1 46 331 238 843 9 4 303 122 166 604 117 107 22 246 2 13 9 23 1 48 13 10 48 11 3,120 27 3,229 9 10 48 11 7 27 112 4 3,113 3,117 4,586 295 5 4,886 1,026,990 3,311 524 36 3,871 287,710 2,831 28 4 2,863 933,770 215 180 395 77,883 4,032 529 4,561 309,751 3,496 456 3,952 283,273 536 73 609 26,478 - 3,980 18 185 898 3 5,084 - - 1 70 81 152 1 70 81 152 - 1,026,990 292,794 933,770 77,883 309,903 283,425 26,478 1 4 2 5 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 74 CAPITAL MOVEMENTS CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 700 In December 2003, U.S. banking claims, excluding long-term securities, amounted to about $1.7 trillion, an increase of about $191 billion from yearend 2002. In large part, the increase in claims reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December, when data are reported on a consistent basis, banking claims increased $6 billion. (In billions of dollars) 600 500 400 300 200 100 0 1999 2000 2001 2002 Dec. 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] 2000 Calendar years 2001 2002 Dec. 2003 United Kingdom ................................ 172,345 All other Europe................................ 283,430 Caribbean banking centers 1,2 340,917 Japan................................ 34,627 All other Asia................................53,267 Subtotal ................................ 884,586 223,976 324,734 388,987 39,179 49,440 1,026,316 300,665 362,960 422,615 40,047 57,326 1,183,613 293,642 406,139 533,194 59,792 53,952 1,346,719 375,319 409,281 615,600 76,671 66,072 1,542,943 148,542 All other countries ................................ Grand total. ............................... 1,033,128 150,876 167,986 170,023 164,627 1,177,192 1,351,599 1,516,742 1,707,570 Country 1 2 1999 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. These financial centers also accounted for most of the increase in U.S. banking claims in 2003. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. CAPITAL MOVEMENTS 75 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............................................. Calendar year 2002 2003 Total banks’ own claims Calendar year 2003 2002 June June Dec. 143 104 239 276 141 194 185 241 369 22 n.a. n.a. n.a. r 38 65 184 14 n.a. 255 r 1,597 319 878 933 45 1,460 r 968 26 r 256 1,718 126 789 201 281 r 5,728 234 844 1,107 46 1,444 1,035 24 337 1,604 149 688 139 434 8,128 165 1,042 962 71 1,745 1,323 40 351 1,283 135 720 158 292 619 n.a. 214 708 n.a. 1,085 887 n.a. 24 362 84 77 11 n.a. 256 r 24 239 660 3 862 780 n.a. 38 249 n.a. 56 n.a. 178 n.a. 18 216 700 n.a. 546 804 41 243 59 61 n.a. 45 9 n.a. r 85 n.a. 185 51 3 n.a. 72 809 291 49 5 1,577 91 552 333 82 n.a. n.a. 71 r8 n.a. 99 6 n.a. n.a. n.a. 16 n.a. 28 n.a. 106 116 n.a. 91 30 9 5 279 n.a. 202 87 63 276 15 360 r 23 96 152 117 139 48 n.a. n.a. 7 n.a. r 73 r 112 102 66 140 17 351 18 77 125 113 n.a. 64 n.a. n.a. n.a. 451 43 167 93 61 n.a. 14 n.a. n.a. 2 n.a. n.a. n.a. 84 n.a. n.a. - n.a. 19 n.a. n.a. 2 n.a. n.a. n.a. 14 r 73 n.a. n.a. - n.a. 20 12 n.a. n.a. 9 n.a. n.a. 9 67 n.a. - n.a. 50 n.a. n.a. 7 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. Dec. 76 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 1999 Total liabilities....................................................... 53,020 Payable in dollars................................ 37,605 Financial....................................................... 13,883 Short-term negotiable securities...................... n.a. Other........................................................ n.a. Commercial.................................................. 23,722 Trade payables ................................ 11,720 Advance receipts and other........................... 12,002 Pay able in foreign currencies................................ 15,415 By major foreign currency: Canadian dollars................................ n.a. Euros........................................................ n.a. United Kingdom pounds sterling...................... n.a. Japanese yen................................ n.a. Other........................................................ n.a. By type of liability: Financial. ................................................... 14,097 Short-term negotiable securities................... n.a. Other..................................................... n.a. Commercial. ............................... 1,318 Trade payables ................................ 1,114 Advance receipts and other........................ 204 Total claims......................................................... 76,642 Payable in dollars................................ 69,170 Financial...................................................... 34,966 Non-negotiable deposits ..............................n.a. Negotiable CDs and short-term negotiable instruments ................................ n.a. Other....................................................... n.a. Commercial.................................................. 34,204 Trade receivables................................ 30,624 Advance payments and other......................... 3,580 Payable in foreign currencies................................ 7,472 By major foreign currency: Canadian dollars................................ n.a. Euros........................................................ n.a. United Kingdom pounds sterling...................... n.a. Japanese yen................................ n.a. Other........................................................ n.a. By type of claim: Financial. ................................................... 5,265 Non-negotiable deposits ............................. n.a. Short-term negotiable securities................... n.a. Other.................................................... n.a. Commercial. ............................... 2,207 Trade receivables................................1,978 Advance payments and other...................... 229 Memoranda: Financial liabilities and claims: Positions with unaffiliated entities: Financial liabilities................................ 27,980 Financial claims................................ 40,231 Selected positions with affiliated entities: 1 Financial liabilities................................ n.a. n.a. Financial claims................................ 1 Calendar year 2000 2001 2002 Dec. Mar. r June r Sept. 73,904 48,931 25,246 n.a. n.a. 23,685 12,162 11,523 24,973 66,679 42,925 18,763 n.a. n.a. 24,162 10,893 13,269 23,754 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 85,573 55,256 30,301 3,675 26,626 24,955 12,954 12,001 30,317 82,181 54,580 29,342 3,222 26,120 25,238 13,683 11,555 27,601 83,956 54,396 28,781 2,511 26,270 25,615 15,284 10,331 29,560 83,484 52,931 25,290 1,895 23,395 27,641 16,009 11,632 30,553 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 641 13,411 7,870 3,122 5,273 884 10,959 7,587 2,899 5,272 1,431 14,221 8,529 2,099 3,280 1,630 11,159 12,031 2,702 3,031 22,173 n.a. n.a. 2,800 2,131 669 90,157 79,558 46,157 n.a. 22,271 n.a. n.a. 1,483 888 595 113,082 103,864 74,471 n.a. 20,717 n.a. n.a. 1,860 1,230 630 102,566 91,551 65,070 n.a. 26,757 17,753 9,004 3,560 2,008 1,552 124,626 108,655 88,002 45,006 24,342 15,020 9,322 3,259 1,743 1,516 129,967 113,142 90,106 48,202 27,549 14,899 12,650 2,011 977 1,034 126,163 108,918 84,591 44,701 28,095 12,107 15,988 2,458 1,174 1,284 114,871 97,343 71,754 33,944 n.a. n.a. 33,401 30,007 3,394 10,599 n.a. n.a. 29,393 25,828 3,565 9,218 n.a. n.a. 26,481 22,635 3,846 11,015 3,642 39,354 20,653 17,010 3,643 15,971 3,033 38,871 23,036 17,849 5,187 16,825 3,006 36,884 24,327 19,598 4,729 17,245 3,047 34,763 25,589 21,340 4,249 17,528 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,956 4,857 3,534 1,425 4,199 1,876 4,136 4,110 1,412 5,291 2,633 4,893 3,827 1,529 4,363 2,469 4,318 4,429 1,420 4,892 6,874 n.a. n.a. n.a. 3,725 3,097 628 6,816 n.a. n.a. n.a. 2,402 1,685 717 6,319 n.a. n.a. n.a. 4,696 3,750 946 7,128 1,416 135 5,577 8,843 7,777 1,066 7,553 1,731 174 5,648 9,272 8,226 1,046 10,312 2,041 168 8,103 6,933 6,151 782 9,453 1,976 164 7,313 8,075 7,373 702 47,419 53,031 41,034 81,287 39,561 71,389 45,460 83,215 42,256 83,626 45,364 83,450 43,845 67,347 n.a. n.a. n.a. n.a. n.a. n.a. 11,598 11,915 11,428 14,033 10,966 11,453 9,540 13,860 Beginning March 2003, reporters who are financial intermediaries or insurance underwriting subsidiaries of bank/ financial holding companies report financial liabilities and claims positions with specified affiliated foreign residents. 2003 Dec. p CAPITAL MOVEMENTS 77 TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollar s. Source: Treasury International Capital Reporting System] Country 1998 Europe: 118 Austria................................ 357 Belgium 1 ................................ 3 Bulgaria................................ Czech Republic ................................105 132 Denmark................................ 83 Finland................................ 2,017 France................................ Germany................................ 3,455 120 Greece................................ 3 Hungary................................ 1,307 Ireland................................ 1,177 Italy ................................ Luxembourg 1................................ n.a. Netherlands ................................ 1,835 188 Norway ................................ 11 Poland................................ 29 Portugal................................ 149 Romania................................ 82 Russia 2................................ Serbia and Montenegro (formerly Yugoslavia) 3 ................................ 8 546 Spain................................ 171 Sweden................................ Switzerland................................ 654 211 Turkey ................................ 9,677 United Kingdom ................................ Channel Islands and Isle of Man 4 ................................n.a. Other Europe................................ 181 22,619 Total Europe................................ 2,083 Canada................................ Calendar year 1999 2000 2001 2002 Dec. Mar. r June r 2003 Sept. Dec. p 112 171 26 105 48 2,331 3,105 141 9 827 749 n.a. 2,503 266 46 34 159 251 111 440 2 7 149 91 2,459 3,215 400 8 1,216 1,773 n.a. 2,316 286 42 16 178 91 151 253 3 10 148 86 3,575 3,249 410 27 1,264 1,395 n.a. 3,117 320 43 16 17 48 64 285 4 13 522 56 6,008 3,704 403 32 785 1,271 n.a. 2,415 406 46 17 20 38 97 1,070 1 17 141 64 3,558 4,090 260 28 744 1,228 377 2,526 417 49 17 25 34 104 187 7 17 67 66 4,270 3,612 189 34 598 1,479 556 3,125 399 33 19 16 70 71 174 2 12 99 25 3,522 4,130 209 11 1,182 797 679 1,611 419 27 5 44 51 82 158 3 6 67 35 4,414 4,386 474 11 703 1,154 678 668 445 26 7 30 71 11 501 158 773 384 19,592 11 468 117 606 408 29,209 14 423 97 884 133 25,131 9 403 115 494 101 25,180 9 428 127 540 84 28,778 10 334 151 632 125 26,253 5 529 359 400 145 27,584 1,068 656 1,383 302 28,036 n.a. 201 32,503 2,059 n.a. 182 43,801 2,344 n.a. 211 41,025 2,577 n.a. 201 42,592 2,179 5 210 44,924 2,287 4 196 42,553 2,931 60 167 42,319 3,418 182 45,045 3,514 Latin America: 118 Argentina................................ 304 Brazil................................ 111 Chile................................ 72 Colombia................................ 19 Ecuador................................ 12 Guatemala................................ 406 Mexico................................ 16 Panama................................ 35 Peru................................ 8 Uruguay................................ Venezuela................................ 204 426 Other Latin America5 ................................ 1,731 Total Latin America................................ 169 271 64 141 58 6 912 67 28 8 305 379 2,408 146 262 52 131 32 10 867 32 24 27 286 1,994 3,863 50 325 56 82 4 13 935 49 41 8 168 284 2,015 62 318 55 50 5 13 1,201 61 21 6 178 503 2,473 61 369 38 52 7 17 1,120 62 21 9 142 77 1,975 97 384 34 24 15 17 964 98 77 4 457 102 2,273 113 375 55 18 17 13 1,305 62 20 2 517 134 2,631 125 475 60 71 21 15 1,332 52 15 4 332 98 2,600 Caribbean: 21 Bahamas ................................ 299 Bermuda................................ 967 British West Indies 6................................ n.a. Cayman Islands 6................................ 5 Cuba................................ 12 Jamaica................................ 44 Netherlands Antilles................................ 34 Trinidad and Tobago................................ n.a. Other Caribbean 5 ................................ 1,382 Total Caribbean................................ 23 157 540 n.a. 27 13 19 15 n.a. 794 37 2,020 482 n.a. 20 16 32 36 n.a. 2,643 209 1,551 1,672 n.a. 42 12 46 38 n.a. 3,570 74 1,528 401 n.a. 29 28 11 33 n.a. 2,104 393 3,571 n.a. 105 35 11 11 41 710 4,877 12 4,819 n.a. 56 7 13 8 22 532 5,469 51 3,493 n.a. 2,458 8 12 9 18 566 6,615 14 1,128 n.a. 3,060 2 17 3 16 564 4,804 See footnotes at end of table. 78 CAPITAL MOVEMENTS TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 Asia: China: Mainland................................ 708 898 Taiwan................................ Hong Kong................................ 388 387 India................................ 154 Indonesia................................ 228 Israel................................ 7,439 Japan................................ 945 Korea................................ 27 Lebanon................................ 141 Malaysia................................ 33 Pakistan................................ 169 Philippines ................................ Singapore................................ 1,240 15 Syria................................ 362 Thailand................................ 2,852 Oil-exporting countries 7................................ 141 Other Asia................................ Total Asia................................ 16,127 Calendar year 1999 2000 627 1,175 223 519 83 160 5,751 543 56 118 37 169 917 8 165 2,555 217 13,323 Africa: 9 Congo (formerly Zaire)................................ 39 86 Egypt................................ 9 1 Ghana................................ 9 2 Liberia................................ 41 31 Morocco................................ 138 South Africa................................ 189 393 499 Oil-exporting countries 8................................ 212 Other Africa................................ 142 978 Total Africa................................ 822 Other countries: 949 634 Australia................................ n.a. New Zealand 9................................ n.a. 852 300 All other................................ 1,801 934 Total other countries ................................ 46,565 52,975 Total foreign countries................................ International and regional orgs.: International................................ European regional................................5 Latin American regional................................ n.a. Caribbean regional 10................................ Asian regional................................ African regional. ............................... Middle Eastern regional................................ Total international 5 and regional................................ 46,570 Grand total................................ 1 1 44 n.a. - 2001 2002 Dec. Mar. r 497 970 640 309 81 468 8,973 941 53 162 96 114 2,280 27 203 2,844 290 18,948 735 819 560 179 44 195 5,850 897 57 393 94 1,100 1,793 6 105 2,649 83 15,559 1,252 659 495 160 100 350 6,124 548 53 140 158 108 1,796 13 118 3,993 247 16,314 1,989 751 449 132 39 802 6,176 706 54 179 209 113 1,922 50 123 3,563 235 17,492 166 6 18 11 135 483 181 1,000 1 117 3 30 34 111 441 152 889 1 128 2 1 42 130 496 158 958 344 n.a. 898 1,242 73,841 584 n.a. 430 1,014 66,649 1 45 n.a. 9 8 - 30 n.a. - Sept. Dec. p 1,179 759 385 75 66 614 5,882 709 16 153 216 133 1,961 16 124 3,091 203 15,582 1,845 531 473 115 71 495 6,385 611 10 204 252 139 1,278 30 151 3,001 227 15,818 1,129 441 554 86 60 519 6,196 1,331 13 188 233 139 1,436 2 34 3,217 251 15,829 1 110 3 44 125 514 244 1,041 1 39 5 43 96 276 250 710 1 144 4 43 86 464 261 1,003 86 28 4 41 52 464 230 905 732 n.a. 238 970 67,590 1,149 23 178 1,350 73,946 987 14 202 1,203 70,721 906 18 236 1,160 72,964 1,053 71 98 1,222 73,919 22 3 46 n.a. 3 - 25 2 2 - 17 15 - 19 7 - 16 9 - 45 63 30 74 29 32 26 25 53,020 73,904 66,679 67,664 73,975 70,753 72,990 73,944 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 2003 June r 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” 6 CAPITAL MOVEMENTS 79 TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2001 2002 Dec. Mar. 2003 June 498 748 6 67 229 224 4,301 2,830 332 47 616 1,114 n.a. 3,125 308 67 83 16 373 1,985 893 13 79 138 238 4,371 2,726 339 66 821 1,434 n.a. 2,667 257 77 71 34 137 1,770 991 9 62 112 624 6,411 5,447 409 51 516 2,963 n.a. 5,138 286 79 222 24 93 1,741 665 20 52 220 276 6,206 7,549 287 45 1,019 3,082 1,057 5,491 256 72 220 20 73 1,736 512 18 54 186 252 7,511 5,629 255 55 752 3,266 84 5,036 355 89 201 20 74 1,841 365 16 54 256 275 6,634 7,257 247 39 403 4,635 69 5,776 458 92 176 18 88 1,752 523 14 54 716 176 5,865 4,143 204 53 423 4,075 115 3,186 315 104 161 25 118 15 860 360 1,462 700 20,402 23 1,042 441 1,200 383 20,343 10 1,370 417 886 503 14,390 18 1,020 529 1,969 462 14,954 24 1,082 540 1,733 516 17,955 10 1,454 567 2,419 636 15,667 13 1,803 779 2,538 479 15,366 n.a. 291 39,074 8,078 n.a. 362 40,140 9,011 n.a. 422 43,205 7,803 3 830 48,136 8,207 3 774 48,712 8,784 760 50,212 7,615 546 43,546 8,381 896 2,381 263 349 82 85 3,476 168 148 68 487 1,325 9,728 1,109 2,784 302 351 66 106 3,955 244 171 35 415 842 10,380 810 3,081 242 240 62 90 4,466 105 79 20 371 919 10,485 602 3,036 217 240 112 79 4,180 79 69 30 392 1,102 10,138 565 3,133 184 262 89 92 2,885 88 83 36 405 649 8,471 562 2,940 220 248 79 71 3,040 88 84 11 416 614 8,373 543 3,400 228 273 85 83 3,317 123 64 13 356 546 9,031 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 Caribbean: 427 1,613 Bahamas ................................ 575 401 Bermuda................................ 24,492 12,280 British West Indies 6................................ n.a. Cayman Islands 6................................n.a. Cuba............................................................... 45 52 Jamaica................................ 45 Netherlands Antilles................................37 55 46 Trinidad and Tobago................................ n.a. Other Caribbean 5 ................................n.a. 25,631 14,437 Total Caribbean................................ 1,390 395 12,733 n.a. 1 126 84 59 n.a. 14,788 1,018 1,287 33,060 n.a. 2 93 70 45 n.a. 35,575 1,069 1,011 21,547 n.a. 94 45 54 n.a. 23,820 818 938 n.a. 25,907 24 71 12 59 1,021 28,850 626 1,162 n.a. 30,750 6 85 15 73 1,023 33,740 437 980 n.a. 26,986 5 85 13 81 1,000 29,587 1,075 1,024 n.a. 20,067 16 84 32 100 951 23,349 Country 1998 Calendar year 1999 2000 Europe: 146 208 Austria................................ 899 845 Belgium 1 ................................ 11 6 Bulgaria................................ 26 Czech Republic ................................ 67 81 310 Denmark................................ 244 261 Finland................................ 3,035 3,203 France................................ 2,126 2,464 Germany................................ 316 487 Greece................................ 66 54 Hungary................................ 244 340 Ireland................................ 1,257 1,284 Italy ................................................................ n.a. Luxembourg 1................................ n.a. 2,658 Netherlands ................................ 1,342 165 273 Norway ................................ 111 62 Poland................................ 153 91 Portugal................................ 20 11 Romania................................ 232 293 Russia 2................................ Serbia and Montenegro (formerly Yugoslavia) 3 ................................ 14 17 527 715 Spain.............................................................. 565 339 Sweden................................ 897 1,253 Switzerland................................ 236 464 Turkey ................................ 12,535 13,388 United Kingdom ................................ Channel Islands and n.a. Isle of Man 4 ................................ n.a. 360 Other Europe................................ 251 29,412 Total Europe................................25,540 5,120 5,310 Canada............................................................... Latin America: 893 Argentina................................ 1,859 Brazil .............................................................. 320 Chile............................................................... 279 Colombia................................ 103 Ecuador................................ 88 Guatemala................................ 2,790 Mexico................................ 173 Panama................................ 183 Peru................................................................ 59 Uruguay................................ 456 Venezuela................................ 1,176 Other Latin America5 ................................ 8,379 Total Latin America................................ See footnotes at end of table. Sept. Dec. p 80 CAPITAL MOVEMENTS TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 1998 Calendar year 1999 2000 2001 2002 Dec. Mar. 2003 June Sept. Dec. p Asia: China: Mainland................................ 825 770 Taiwan................................ Hong Kong................................ 331 348 India ................................ 417 Indonesia................................ 327 Israel. ............................... 2,875 Japan................................ 1,084 Korea................................ 26 Lebanon................................ 492 Malaysia................................ 37 Pakistan ................................ Philippines................................ 148 Singapore................................ 734 12 Syria................................ 489 Thailand................................ 1,144 Oil-exporting countries 7................................ Other Asia................................ 160 Total Asia................................10,219 760 1,097 400 599 408 336 5,336 1,378 14 516 23 258 1,041 5 651 1,648 152 14,622 1,096 1,299 593 661 407 458 4,427 1,745 36 743 37 106 1,065 11 344 1,104 195 14,327 1,052 853 1,094 638 239 700 3,610 1,850 16 645 44 1,001 1,120 11 232 985 189 14,279 867 696 682 743 280 453 3,618 1,738 21 521 17 708 1,044 28 237 897 132 12,682 3,029 579 768 599 241 567 2,667 1,800 21 528 27 780 936 43 208 707 135 13,635 1,238 566 698 694 263 1,019 2,976 1,448 17 551 37 189 808 2 214 953 200 11,873 2,288 655 672 752 170 531 3,230 2,003 16 517 39 262 834 3 277 1,013 207 13,469 1,066 783 832 668 170 749 2,955 1,456 34 497 34 743 1,152 6 253 1,059 216 12,673 Africa: 1 Congo (formerly Zaire)................................ 136 Egypt................................ 14 Ghana................................ 11 Liberia................................ 29 Morocco................................ South Africa................................ 272 181 Oil-exporting countries 8................................ Other Africa................................ 226 Total Africa................................ 870 186 6 3 35 323 186 178 917 266 5 2 49 266 237 258 1,083 233 7 28 35 293 137 326 1,059 18 155 9 50 24 273 120 330 979 128 13 54 30 326 165 278 994 8 100 8 101 24 325 132 232 930 8 109 8 154 27 268 170 369 1,113 2 176 8 109 27 247 150 336 1,055 2,041 n.a. 359 2,400 90,130 2,150 n.a. 383 2,533 113,082 3,540 n.a. 393 3,933 102,560 4,039 176 92 4,307 112,600 3,178 174 101 3,453 115,865 3,332 178 84 3,594 114,621 3,624 208 83 3,915 100,938 2 4 n.a. 12 2 7 n.a. - 2 1 1 n.a. 1 1 11 43 15 30 9 1 2 11 26 13 9 7 3 13 26 18 24 5 3 11 15 18 18 10 1 Other countries: 1,889 Australia................................ 1,398 n.a. New Zealand 9................................n.a. 286 351 All other................................ 1,684 2,240 Total other countries................................ 77,443 76,639 Total foreign countries ................................ International and regional orgs.: 2 International................................ 15 European regional. ...............................3 Latin American regional................................ n.a. n.a. Caribbean regional 10 ................................ Asian regional ................................ 1 African regional................................ 1 Middle Eastern regional................................ Total international 3 and regional................................19 77,462 76,642 Grand total................................ 1 27 - 6 111 69 89 73 90,157 113,082 102,566 112,711 115,934 114,710 101,011 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, a nd Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 81 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, December 31, 2003, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities Financial (2) Claims Financial (5) Commercial (3) Total claims (4) 25 29 14 3,514 3,531 13 5 663 350 677 284 4 1 13 57 158 3 6 38 21 900 855 461 6 40 804 1 384 441 26 6 30 58 1,752 523 14 54 716 176 5,865 4,143 204 53 423 4,075 115 3,186 315 104 161 25 118 1,685 347 11 651 12 3,049 2,859 21 2 252 2,773 44 2,789 123 1 97 43 67 176 14 43 65 164 2,816 1,284 183 51 171 1,302 71 397 192 103 64 25 75 557 501 16 5 25,011 511 155 1,367 297 3,025 13 1,803 779 2,538 479 15,366 2 1,139 427 617 326 11,438 11 664 352 1,921 153 3,928 11 35,224 1,348 171 9,821 2,166 546 43,546 8,381 262 28,970 5,311 284 14,576 3,070 Latin America: 125 Argentina................................ 475 Brazil. .............................................................. Chile...............................................................60 71 Colombia................................ Ecuador...........................................................21 15 Guatemala................................ 1,332 Mexico............................................................. Panama...........................................................52 Peru................................................................15 Uruguay ........................................................... 4 332 Venezuela................................ 98 Other Latin America5................................ 2,600 Total Latin America................................ 64 242 7 34 1 3 1 352 61 233 53 71 21 15 1,298 51 15 4 329 97 2,248 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 196 1,832 193 54 23 30 1,629 61 11 2 131 218 4,380 202 903 189 180 94 46 1,339 171 62 14 230 209 3,639 Caribbean: 14 Bahamas................................ 1,128 Bermuda........................................................... 3,060 Cayman Islands 6 ................................ Cuba............................................................... 2 Jamaica...........................................................17 3 Netherlands Antilles................................ 16 Trinidad and Tobago................................ 564 Other Caribbean 5................................ 4,804 Total Caribbean................................ 615 3,020 6 5 3,646 14 513 40 2 11 3 11 564 1,158 1,075 1,024 20,067 16 84 32 100 951 23,349 1,049 564 20,015 10 51 24 55 67 21,835 26 460 52 6 33 8 45 884 1,514 Country Total liabilities (1) Europe: Austria.............................................................82 158 Belgium 1................................ Bulgaria........................................................... 3 6 Czech Republic................................ 67 Denmark ................................ Finland............................................................35 4,414 France............................................................. 4,386 Germany ................................ 474 Greece............................................................ Hungary ...........................................................11 703 Ireland............................................................. 1,154 Italy................................................................ 678 Luxembourg 1................................ 668 Netherlands ................................ 445 Norway ............................................................ Poland.............................................................26 Portugal........................................................... 7 30 Romania................................ Russia 2 ...........................................................71 Serbia and Montenegro (formerly Yugoslavia) 3................................ 1,068 Spain............................................................... 656 Sweden........................................................... 1,383 Switzerland................................ 302 Turkey ............................................................. 28,036 United Kingdom ................................ Channel Islands and Isle of Man 4................................ 182 Other Europe................................ 45,045 Total Europe................................ 3,514 Canada............................................................... See footnotes at end of table. Commercial (6) 82 CAPITAL MOVEMENTS TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, December 31, 2003, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Total liabilities (1) Asia: China: 1,129 Mainland................................ 441 Taiwan................................ 554 Hong Kong................................ India................................................................86 60 Indonesia................................ 519 Israel............................................................... 6,196 Japan.............................................................. 1,331 Korea.............................................................. Lebanon...........................................................13 188 Malaysia................................ 233 Pakistan........................................................... 139 Philippines ................................ 1,436 Singapore................................ Syria............................................................... 2 Thailand...........................................................34 3,468 Other Asia................................ 15,829 Total Asia................................ Africa: 86 Congo (formerly Zaire)................................ Egypt...............................................................28 Ghana............................................................. 4 Liberia............................................................. Morocco...........................................................41 52 South Africa................................ 694 Other Africa................................ 905 Total Africa................................ Other countries: 1,053 Australia........................................................... 71 New Zealand 7................................ All other...........................................................98 Total other countries ................................ 1,222 73,919 Total foreign countries................................ International and regional orgs.: International................................ 16 European regional................................ Latin American regional................................ Caribbean regional 8................................ 9 Asian regional................................ African regional. ............................... Middle Eastern regional................................ Total international 25 and regional................................ 73,944 Grand total................................ 1 Liabilities Financial (2) Total claims (4) Claims Financial (5) Commercial (6) 160 10 110 20 23 176 1,826 52 3 4 6 69 2 57 2,518 969 431 444 66 37 343 4,370 1,279 10 184 233 133 1,367 2 32 3,411 13,311 1,066 783 832 668 170 749 2,955 1,456 34 497 34 743 1,152 6 253 1,275 12,673 311 91 385 417 118 437 1,194 899 344 617 144 133 227 5,317 755 692 447 251 52 312 1,761 557 34 153 34 126 1,008 6 120 1,048 7,356 1 1 20 101 123 86 27 4 40 32 593 782 2 176 8 109 27 247 486 1,055 17 99 13 179 111 419 2 159 8 10 14 68 375 636 608 12 1 621 43,832 445 59 97 601 30,087 3,624 208 83 3,915 100,938 1,056 57 2 1,115 67,347 2,568 151 81 2,800 33,591 13 - 3 9 - 11 15 18 18 10 1 - 11 15 18 18 10 1 13 12 73 - 73 43,845 30,099 101,011 67,347 33,664 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 Commercial (3) 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other countries.” 8 Before January 2001, included in “Latin American regional.” 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 foreign Official Other International institutions foreigners and regional purchases (2) (3) (4) (5) 2000................................................................ -54,032 -6,302 2001................................................................ 18,514 3,474 2002................................................................ 119,921 7,149 2003................................................................ 273,017 109,345 2004 - Jan. - Mar. p................................ 145,404 76,886 2003 - Mar. r................................ 26,937 Apr. r................................9,792 May ................................41,124 June r................................ 44,034 July................................44,703 Aug. r................................ 25,126 Sept. r................................ 5,562 Oct ................................12,038 Nov.................................33,438 Dec.................................29,760 2004 - Jan................................ 46,903 37,013 Feb. p................................ Mar. p................................ 61,488 1,684 160 14,838 16,497 12,338 -963 8,076 19,451 18,883 11,329 26,910 16,071 33,905 Gross foreign sales (6) U.S. Government corporations and federally -sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) -47,270 15,726 110,761 164,398 68,415 -460 -686 2,011 -726 103 3,870,511 5,267,730 7,264,450 9,244,485 2,672,751 3,924,543 5,249,216 7,144,529 8,971,468 2,527,347 152,842 163,990 195,145 162,806 55,919 728,930 1,201,649 1,727,972 2,325,512 594,347 576,088 1,037,659 1,532,827 2,162,706 538,428 25,304 9,684 25,970 27,634 33,305 25,692 -2,304 -7,110 14,484 18,427 19,869 21,067 27,479 -51 -52 316 -97 -940 397 -210 -303 71 4 124 -125 104 715,672 597,559 939,622 872,971 917,217 964,852 843,218 876,911 679,454 684,817 808,401 841,108 1,023,242 688,735 587,767 898,498 828,937 872,514 939,726 837,656 864,873 646,016 655,057 761,498 804,095 961,754 16,358 19,878 31,944 7,038 11,817 8,916 -3,242 9,416 10,600 17,344 27,649 24,316 3,954 219,998 227,227 285,446 253,221 232,405 219,072 165,875 156,916 135,608 139,234 164,466 181,444 248,437 203,640 207,349 253,502 246,183 220,588 210,156 169,117 147,500 125,008 121,890 136,817 157,128 244,483 Corporate and other securities Bonds 1 Stocks Net foreign purchases (10) Gross foreign purchases (11) 2000................................................................ 2001................................................................ 2002................................................................ 2003................................................................ 2004 - Jan. - Mar. p................................................ 184,128 221,955 182,310 271,646 64,587 479,456 741,041 820,747 1,041,198 314,350 295,328 519,086 638,437 769,552 249,763 174,890 116,390 50,189 37,527 1,734 3,605,196 3,051,332 3,209,760 3,115,236 1,017,456 3,430,306 2,934, 942 3,159,571 3,077,709 1,015,722 2003 - Mar........................................................... Apr. r......................................................... May r........................................................ June ......................................................... July r......................................................... Aug .......................................................... Sept.......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2004 - Jan............................................................ Feb. p....................................................... Mar. p....................................................... 27,563 21,890 27,432 22,850 27,005 16,857 19,754 20,930 29,622 20,400 12,985 21,272 30,330 86,851 78,825 96,390 98,745 92,103 77,714 91,029 96,237 93,554 85,863 89,355 99,648 125,347 59,288 56,935 68,958 75,895 65,098 60,857 71,275 75,307 63,932 65,463 76,370 78,376 95,017 2,848 4,362 6,597 10,308 -7,858 11,551 -6,274 -1,243 8,779 13,330 12,787 2,408 -13,461 236,684 233,279 273,269 311,960 267,040 252,367 262,827 308,308 262,481 288,874 323,391 317,208 376,857 233,836 228,917 266,672 301,652 274,898 240,816 269,101 309,551 253,702 275,544 310,604 314,800 390,318 Calendar year or month Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. 1 Gross foreign sales (12) 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: Treas ury 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) 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................................................................ 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 2003................................................................ -44,566 26,552 2,156,714 2,130,162 -71,118 1,376,162 1,447,280 2004 - Jan. - Mar. p................................-13,921 5,636 790,462 784,826 -19,557 488,375 507,932 2003 - Mar. r......................................................... 2,226 7,484 162,477 154,993 -5,258 91,436 96,694 Apr. r......................................................... -130 -2,394 136,326 138,720 2,264 100,582 98,318 May r................................ 2,764 13,527 230,666 217,139 -10,763 99,932 110,695 June r................................ 6,410 11,564 210,241 198,677 -5,154 117,130 122,284 July r......................................................... -1,556 3,170 208,349 205,179 -4,726 129,599 134,325 Aug. r................................ -12,047 1,581 159,859 158,278 -13,628 112,520 126,148 Sept. r................................ -11,590 -2,401 211,835 214,236 -9,189 134,418 143,607 Oct. r......................................................... -12,857 -5,403 211,616 217,019 -7,454 155,044 162,498 Nov .......................................................... -4,526 -3,638 182,794 186,432 -888 132,486 133,374 Dec .......................................................... -5,021 149 186,718 186,569 -5,170 123,726 128,896 2004 - Jan............................................................ -8,533 4,667 252,613 247,946 -13,200 138,106 151,306 Feb. p................................ -1,688 717 247,295 246,578 -2,405 154,638 157,043 Mar. p................................ -3,700 252 290,554 290,302 -3,952 195,631 199,583 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 2003 2004 Calendar Oct. Jan. year through through 2003 Dec. Mar. p (1) (2) (3) Europe: Austria................................................................ -848 -401 Belgium 1 ................................ 1,736 182 Bulgaria................................ 47 58 Czech Republic................................ 281 980 Denmark................................ 2,414 242 Finland................................ -430 -9 France................................................................ -6,752 -1,461 Germany................................ 7,885 -1,392 Greece ................................ 736 13 Hungary................................ 44 101 Ireland................................................................ 3,787 -682 Italy................................................................ -2,535 -3,339 1 Luxembourg ................................ 913 -747 Netherlands................................ 153 -1,843 Norway................................ 8,296 265 Poland................................................................ 859 352 Portugal................................ 740 517 Romania................................ 915 -132 Russia 2................................ -129 110 Serbia and Montenegro 3 (formerly Yugoslavia) ................................ 15 -2 Spain................................................................ -5,134 -2,209 Sweden................................ 432 -1,413 Switzerland................................ 4,900 -132 Turkey................................................................ -1,602 538 United Kingdom................................ 30,551 5,181 Channel Islands and Isle of Man 4................................1,555 -288 -1,085 Other Europe ................................-1,896 46,933 -6,596 Total Europe................................ 10,783 Canada................................................................ 1,631 Latin America: Argentina................................ 1,536 -253 Brazil ................................................................ 2,910 874 Chile................................................................ -237 -312 Colombia................................ -573 209 Ecuador................................ 64 Guatemala................................ 3 -16 Mexico................................................................ 5,359 -1,215 Panama ................................ -173 -90 Peru................................................................ 591 99 Uruguay................................ 802 66 Venezuela................................ 321 35 456 -103 Other Latin America ................................ 11,059 -706 Total Latin America................................ Caribbean: Bahamas................................ -5,994 -2,415 Bermuda................................ 25,386 12,542 Cayman Islands................................ -10,456 11,026 Cuba................................................................ n.a. Jamaica ................................ -1 -18 Netherlands Antilles................................ 6,841 2,507 Trinidad and Tobago................................ 64 53 -2,590 -1,639 Other Caribbean................................ 13,250 4 Total Caribbean................................ See footnotes at end of table. U.S. Government corporations and Federal agency bonds 2003 2004 Calendar Oct. Jan. year through through 2003 Dec. Mar. p (4) (5) (6) Corporate bonds 2003 Calendar Oct. year through 2003 Dec. (7) (8) 2004 Jan. through Mar. p (9) Corporate stocks 2003 2004 Calendar Oct. Jan. year through through 2003 Dec. Mar. p (10) (11) (12) 240 -1,543 -19 -843 1,148 -181 -276 -312 84 119 -859 -66 330 -223 1,559 784 83 -98 -472 657 657 14 2,097 1,560 113 946 -1,065 -102 2 4,060 389 2,617 -106 1,576 406 144 -39 3,216 208 -2,342 770 199 21 997 -1 -40 2,320 63 201 191 561 388 3 10 1,924 88 389 16 -62 7 60 -507 -189 22 31 367 -126 -1,025 -1,584 -335 24 -11 60 4,007 423 2,439 18 72 1,209 -111 3,573 3,790 38 12 9,476 2,074 5,240 1,274 5,782 25 -30 69 113 197 619 -12 178 -166 967 2,326 21 -10 2,125 440 789 229 1,999 13 13 21 72 1,265 66 14 268 82 2,650 2,494 15 16 2,987 268 931 401 720 -2 32 49 -175 164 -2 26 695 292 6,239 -934 -49 -6 7,790 570 2,052 69 5,022 -5 121 - 18 688 12 17 182 -4 3,612 -190 -75 4 1,789 369 889 -159 1,052 65 12 180 46 -9 12 304 -49 -281 -1,831 42 13 -132 481 1,368 1,161 540 -1 15 2 21 -2,627 976 1,711 4,697 41,372 -4,028 -70 1,582 7 25,098 -2 63 379 -1 2,036 -359 232 1,068 19 3,876 9 669 294 6,116 -344 108,559 10 181 -2 400 -350 31,960 291 506 1,074 21 13,107 2 402 3,428 -2,123 23 676 -1 81 844 1,013 -32 3,414 265 -72 1,754 2 1,445 1,380 -1,814 45,171 3,871 1,821 199 41,751 -1,410 130 -136 7,942 569 354 -192 6,230 3,074 18,042 584 169,415 6,851 371 202 42,521 2,294 4,652 314 32,293 1,394 97 -19 24,355 11,723 33 104 13,737 7,092 36 -30 5,261 358 6 33 -294 106 -42 -1 2,548 -11 200 79 -36 -57 2,531 -354 -487 291 280 415 62 3,584 1,475 971 464 628 1,205 8,534 75 523 296 -263 48 6 1,377 336 224 163 141 190 3,116 -14 64 199 155 163 56 450 310 310 33 736 341 2,803 789 819 90 188 63 8 3,293 331 222 429 421 703 7,356 131 272 -46 -161 -4 676 81 72 79 116 61 1,277 24 247 54 63 55 -8 1,062 88 140 33 217 199 2,174 -225 -24 74 -9 26 -37 -306 -31 91 251 319 -52 77 61 42 92 12 -1 -1 -179 44 -2 21 -81 -13 -5 62 13 50 16 128 3 -266 102 -97 84 2 10 107 3,124 -792 2,490 n.a. -60 6,700 4 -910 10,556 4,847 8,391 12,582 468 -987 277 3,638 29,216 1,053 1,711 3,692 n.a. 281 -7 53 1,155 7,938 1,460 -1,393 12,818 n.a. 1 138 55 496 13,575 2,142 14,300 32,864 124 699 61 4,671 54,861 317 3,820 8,602 n.a. 7 312 23 1,229 14,310 -283 2,404 8,975 n.a. 337 402 9 1,268 13,112 94 -4,039 1,906 -2 17 759 11 259 -995 527 -1,680 28 n.a. 2 1,356 2 572 807 2,507 -1,111 -1,673 n.a. 10 -623 3 424 -463 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] Country Marketable Treasury bonds and notes 2003 2004 Calendar Oct. Jan. year through through 2003 Dec. Mar. p (1) (2) (3) Asia: China: Mainland................................................................ 30,504 11,363 Taiwan................................................................ 9,030 3,727 Hong Kong................................................................ 6,048 4,304 India................................................................ 485 -90 Indonesia................................................................ 620 -494 Israel................................................................ -2,326 34 Japan................................................................ 148,932 66,518 Korea................................................................ 5,195 1,424 Lebanon................................................................ 18 -4 Malaysia................................................................ -253 376 Pakistan................................................................Philippines................................................................ 471 -124 Singapore................................................................ -1,333 -2,830 Syria ................................................................ -1 n.a. Thailand................................................................ -5,988 -5,575 5 Oil-exporting countries ................................ -6,910 467 149 -180 Other Asia ................................................................ 184,641 78,916 Total Asia................................................................ Africa: Congo (formerly Zaire)................................ 7 7 Egypt................................................................ 48 7 Ghana................................................................ Liberia................................................................ -23 -23 Morocco................................................................ -49 50 South Africa ................................................................ -114 Oil-exporting countries 6................................52 134 -41 Other Africa................................................................ 55 Total Africa................................................................ Other countries: Australia................................................................ 6,705 2,644 New Zealand................................................................ -431 -232 748 -197 All other countries................................ 7,022 2,215 Total other countries................................ 273,743 75,464 Total foreign countries................................ International and regional orgs.: International................................................................ -446 -87 European regional................................ 114 115 Latin America n regional................................-38 10 Caribbean regional................................ -15 n.a. Asian regional................................................................ -351 -266 African regional................................ 10 Middle Eastern regional................................ -726 -228 Total international and regional................................ Grand total................................ 273,017 75,236 U.S. Government corporations and Federal agency bonds 2003 2004 Calendar Oct. Jan. year through through 2003 Dec. Mar. p (4) (5) (6) Calendar year 2003 (7) 2003 Oct. through Dec. (8) -5,686 3,282 603 719 -251 520 87,359 -2,677 1 -347 16 2,673 -255 57 -110 85,904 29,629 9,497 11,912 -18 498 714 22,396 8,344 7 -1,176 28 47 676 -2 162 1,636 4 84,354 5,359 1,733 3,791 1 213 115 5,451 120 6 302 48 -268 n.a. -6 291 -58 17,098 4,031 2,324 4,346 674 197 6,025 8,313 -1 290 -1 -11 1,629 -17 1,726 26 29,551 4,626 1,598 4,475 19 49 542 12,170 781 8 7 80 89 3,348 -1 399 2,107 86 30,383 1,092 311 765 -2 187 5,275 225 3 -4 77 43 1,211 n.a. 83 592 8 9,866 1,917 365 368 10 -64 163 9,860 393 -1 13 6 60 1,157 26 116 5 14,394 -77 300 992 -72 67 -20 -2,334 -20 -33 -27 -5 -40 3,386 2 -7 494 15 2,621 11 17 307 -27 7 71 -214 -5 -1 -25 -11 -2,520 n.a. 4 693 -22 -1,715 -91 180 687 -12 3 158 -3,296 -22 22 -78 -1 6 -2,518 2 6 1,228 17 -3,709 n.a. n.a. -36 n.a. -27 -44 -107 86 710 1 32 859 274 1,962 20 61 -7 300 -156 218 n.a. -4 n.a. 20 n.a. 25 200 -14 227 97 1 202 -1 -39 -8 142 394 34 16 -19 50 81 n.a. 18 n.a. 7 n.a. -2 -16 7 -9 -55 1 23 187 7 -13 129 270 -5 1 14 102 11 -2 41 162 n.a. -2 n.a. -176 n.a. -14 -6 7 -191 -2,357 -788 -116 -161 -152 412 -2,625 -537 145,301 163,870 221 -68 167 320 37,201 42 413 20 87 34 1,107 96 1,607 55,556 270,867 319 -128 -108 83 70,432 999 -3 -49 947 64,321 -622 206 -75 -491 37,560 559 242 -26 775 20,853 156 288 -85 359 1,722 2004 Jan. through Mar. p (9) Corporate stocks 2003 2004 Calendar Oct. Jan. year through through 2003 Dec. Mar. p (10) (11) (12) 38 39 -14 -2 -5 47 103 -930 -31 37 -126 -14 -1,064 -226 48 n.a. 328 9 159 83 24 10 -6 273 -21 363 630 -3 139 2 11 779 436 -1 83 n.a. 2 520 257 7 -59 61 266 -51 -7 -1 -5 31 -33 -17 -2 n.a. -1 33 13 7 1 3 1 12 145,404 162,806 37,360 55,919 271,646 70,952 64,587 37,527 20,866 1,734 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.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. Before January 2001, data included in United Kingdom. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6 Includes Algeria, Gabon, Libya, and Nigeria. 1 4 2 5 3 Corporate bonds 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 2004, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Country Gross purchases by foreigners from U.S. residents Domestic securities MarketBonds able of U.S. Treasury Gov’t and Federal corps and Financing Bank federally- Corporate and Total bonds sponother Foreign securities pursored and chases Bonds Stocks Bonds Stocks notes agencies (1) (3) (4) (5) (6) (7) (2) Europe: Austria ................................................................ 6,115 3,386 Belgium 1 ................................................................ 23,039 9,299 Bulgaria ................................................................ 195 75 Czech Republic ................................ 6,406 5,790 Denmark ................................................................ 12,272 6,527 Finland................................................................ 2,203 958 France ................................................................ 263,947 138,092 Germany................................................................ 88,777 39,404 Greece ................................................................ 2,354 1,566 Hungary ................................................................ 567 311 Ireland ................................................................ 112,239 82,019 Italy ................................................................ 23,834 5,666 Luxembourg 1................................................................ 24,531 5,968 Netherlands ................................................................ 48,267 19,463 Norway ................................................................ 133,187 121,528 Poland ................................................................ 2,183 1,657 Portugal ................................................................ 4,898 3,488 Romania ................................................................ 1,436 1,351 Russia 2 ................................................................ 10,524 131 Serbia and Montenegro (formerly Yugoslavia) 3 ................................ 221 173 Spain ................................................................ 12,092 3,737 Sweden ................................................................ 30,770 16,010 Switzerland ................................................................ 55,208 17,518 Turkey................................................................ 9,489 8,819 United Kingdom ................................ 2,055,954 980,537 Channel Islands and Isle of Man 4................................ 17,137 2,770 864 3,099 16 313 1,805 143 1,588 2,284 56 41 3,792 1,119 5,799 7,442 4,474 176 294 60 9,423 207 1,051 1,990 4,677 77 8 14 233 698 1,102 115 448 6,352 101,956 5,699 13,061 21 269 40 52 6,554 12,429 466 11,370 3,158 6,439 2,698 10,515 896 3,043 29 48 395 4 65 140 316 2,644 16 1,534 128 3,235 23,125 174 24 3,034 2,068 1,357 2,343 2,334 248 278 21 245 291 1,330 3 56 606 411 12,724 5,204 268 99 4,411 3,145 1,810 5,806 912 73 395 520 Gross sales by foreigners to U.S. residents Domestic securities Total sales (8) 5,474 22,023 122 7,255 10,740 2,322 264,326 88,311 2,262 348 108,429 28,499 22,507 47,133 130,198 1,268 4,956 1,481 6,991 Market able Treasury and Federal Financing Bank bonds and notes (9) 3,146 10,842 94 6,633 5,379 1,139 138,368 39,716 1,482 192 82,878 5,732 5,638 19,686 119,969 873 3,405 1,449 603 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 776 2,710 375 1,798 83 2,095 2,473 34 10 3,425 1,245 6,824 9,026 4,809 152 305 5,416 Corporate and other Foreign securities Bonds (11) Bonds (13) Stocks (12) 135 871 725 4,631 11 17 221 430 798 33 497 3,702 102,237 3,205 14,892 6 227 24 39 3,567 12,561 198 10,889 2,227 5,071 2,297 9,354 176 2,503 2 30 16 380 4 16 138 193 2,086 1,732 68 3,258 21,711 150 16 2,240 2,027 1,091 2,059 1,780 118 448 28 300 Stocks (14) 353 1,029 26 603 502 14,666 6,314 363 67 3,758 8,408 1,656 4,711 961 93 402 518 48 183 152 31 337 333 2,374 3,168 2,143 14,935 6,364 696 42 2,109 3,455 2,269 4,989 554 6,014 196 3,007 29,455 15,034 4,757 48 6,086 60 3,470 2,799 3,534 20,456 3,316 7,585 47,872 15,807 1,731 2,460 18,702 1,886 7,286 24 33 49 301 263 4,692 4,122 5 12 47 196 310 63,840 107,536 229,667 484,715 189,659 2,007,926 939,165 59,964 94,429 228,222 499,527 186,619 1,928 7,411 3,113 1,074 841 10,662 1,390 1,574 2,759 3,077 1,070 792 11,665 4,785 767 549 1,389 1,600 2,575 13,170 6,599 959 235 1,419 1,328 2,630 Other Europe ................................................................ 2,959,510 1,481,028 117,472 149,048 430,283 537,542 244,137 2,883,540 1,435,857 111,242 116,755 425,022 546,858 247,806 Total Europe ................................ 192,693 98,560 5,472 6,233 32,917 29,422 20,089 182,625 94,689 2,398 4,839 32,559 28,461 19,679 Canada ................................................................ Latin America: Argentina ................................................................ 3,615 369 182 163 1,281 Brazil................................................................ 20,670 8,322 464 422 589 Chile................................................................ 4,581 2,080 427 244 606 Colombia ................................................................ 2,860 552 685 166 362 Ecuador................................................................ 1,050 61 273 77 381 Guatemala................................................................ 248 62 8 29 Mexico................................................................ 22,837 6,645 2,306 1,826 1,822 Panama................................................................ 3,007 383 668 269 803 Peru ................................................................ 1,384 283 346 199 127 Uruguay ................................................................ 3,141 678 119 161 547 Venezuela ................................................................ 2,844 184 802 344 728 3,775 1,637 465 368 250 Other Latin America 5 ................................ 70,012 21,194 6,799 4,247 7,525 Total Latin America ................................ Caribbean: Bahamas ................................................................ 109,434 54,719 2,899 8,173 25,252 Bermuda ................................................................ 424,615 225,829 31,858 15,825 94,982 Cayman Islands 6 ................................ 1,122,663 315,927 345,383 92,853 228,571 Cuba ................................................................ Jamaica ................................................................ 874 61 180 344 19 Netherlands Antilles ................................ 47,149 26,640 488 930 15,607 Trinidad and Tobago................................ 335 32 56 28 39 224,355 42,019 2,099 11,065 145,092 Other Caribbean 5................................ 1,929,425 665,227 382,963 129,218 509,562 Total Caribbean ................................ See footnotes at end of table. 1,048 8,387 860 1,046 85 133 6,303 586 338 1,421 633 1,004 21,844 11,658 44,081 94,901 247 878 171 4,289 156,225 572 2,486 364 49 173 16 3,935 298 91 215 153 51 8,403 3,360 21,035 4,389 2,314 686 182 16,256 2,430 658 2,591 2,749 3,086 59,736 6,733 102,923 12,040 426,646 45,028 1,095,457 23 548 2,606 40,782 9 213 19,791 222,684 86,230 1,889,253 363 8,289 2,374 446 103 1 4,097 394 83 599 220 1,694 18,663 196 400 228 530 110 6 1,856 358 36 86 66 124 3,996 139 175 190 103 22 16 764 181 59 128 127 169 2,073 1,219 576 556 346 253 26 2,088 701 224 463 726 240 7,418 982 9,223 727 843 59 117 4,791 506 154 1,144 1,449 821 20,816 461 2,372 314 46 139 16 2,660 290 102 171 161 38 6,770 51,595 1,439 8,456 22,7 45 11,424 226,621 33,251 13,421 96,093 45,026 313,437 332,565 83,878 230,244 89,882 121 179 7 9 211 19,940 350 528 16,230 916 28 1 19 36 123 42,929 1,603 9,797 144,668 4,116 654,671 369,388 116,106 510,025 151,698 7,264 12,234 45,4 51 21 2,818 6 19,571 87,3 65 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 2004, 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) Market able Treasury Bonds of U.S. and Gov’t Federal Financ- corps and federallying Bank spon bonds sored and agencies notes (3) (2) Domestic securities Corporate and other Bonds (4) Stocks (5) Foreign securities Bonds (6) Stocks (7) Asia: China: Total sales (8) Market able Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 64,804 18,679 2,337 586 1,550 326 87,068 70,490 14,648 Mainland................................88,282 7,187 4,668 541 1,721 1,330 26,202 37,776 3,905 2,344 Taiwan................................ 41,649 37,168 8,486 1,565 3,289 5,127 23,849 70,976 36,565 4,140 Hong Kong................................ 79,484 5,519 3,458 10 10 80 435 1,526 4,463 2,739 10 India................................................................ 1,954 1,420 12 87 172 218 3,535 2,205 746 Indonesia................................ 3,863 9,903 5,549 510 583 1,851 165 1,245 8,735 5,029 313 Israel................................................................ 336,141 212,902 25,054 12,710 11,295 23,793 50,387 249,678 125,543 19,029 Japan................................................................ 36,518 18,790 11,925 586 137 1,466 3,614 29,857 21,467 3,612 Korea................................................................ 196 3 1 1 169 8 14 175 2 2 Lebanon................................ 1,211 496 27 109 399 639 3,193 1,558 206 Malaysia................................ 2,881 116 8 64 44 107 1 Pakistan................................ 681 243 125 139 436 110 2,172 665 254 Philippines................................ 1,734 23,104 3,567 3,426 5,704 5,474 6,699 41,831 20,431 1,938 Singapore................................ 47,974 12 11 1 10 Syria................................................................ 1,823 770 302 41 100 38 572 1,969 1,025 319 Thailand................................ 5,190 3,591 1,146 6,520 983 1,491 15,460 5,243 1,839 Other Asia................................ 18,921 675,016 382,771 78,952 23,118 31,862 41,376 116,937 557,005 296,867 49,401 Total Asia................................ Africa: Congo (formerly Zai re)................................ 297 106 3 35 102 21 30 270 106 7 Egypt................................................................ 4 4 10 Ghana................................................................ 303 1 22 14 171 20 75 510 37 2 Liberia................................................................ 61 5 50 6 11 Morocco................................ 599 50 233 122 164 520 1,654 626 25 South Africa................................ 1,688 317 269 10 226 206 152 919 361 83 Other Africa ................................ 1,180 1,023 344 292 626 461 787 3,374 1,130 117 Total Africa................................3,533 Other countries: 16,826 926 1,432 3,647 2,650 11,186 38,040 19,183 884 Australia................................ 36,667 218 77 81 492 194 253 1,105 334 57 New Zealand................................1,315 1,483 638 233 137 273 91 111 1,701 790 199 All other countries................................ 39,465 17,682 1,236 1,650 4,412 2,935 11,550 40,846 20,307 1,140 Total other countries................................ 5,869,654 2,667,485 593,238 313,806 1,017,187 789,805 488,133 5,616,379 2,522,184 537,682 Total foreign countries................................ International and regional orgs.: 3,633 342 337 169 555 2 4,747 3,595 259 International................................ 5,038 539 166 26 47 3 57 240 705 127 2 European regional................................ 369 21 122 99 86 41 396 35 112 Latin American regional................................ 8 2 6 Caribbean regional................................2,001 1,390 609 2 1,731 1,395 336 Asian regional................................ 56 10 61 2 41 9 31 African regional................................129 11 11 11 Middle Eastern regional................................ Total international 8,087 5,266 1,109 544 269 657 242 7,639 5,163 746 and regional................................ 5,877,741 2,672,751 594,347 314,350 1,017,456 790,462 488,375 5,624,018 2,527,347 538,428 Grand total................................ Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. Corporate and other Foreign securities Bonds (11) Stocks (12) 420 176 1,197 76 420 2,850 193 2 14 2 65 2,269 15 1,025 8,724 677 1,541 2,602 92 84 1,693 14,591 159 147 187 65 133 8,222 9 94 5,275 35,571 463 343 4,300 3 164 139 23,327 472 14 63 946 1,981 17 794 33,026 370 29,467 22,172 1,619 260 1,141 64,338 3,954 8 1,165 39 109 6,990 1 499 1,284 133,416 17 7 235 26 285 104 347 5 136 225 817 16 9 168 50 243 20 10 108 6 464 174 782 433 3,491 2,643 84 204 122 186 358 87 703 4,053 2,852 249,485 1,015,465 783,954 11,406 304 81 11,791 507,609 80 40 158 - 162 2 83 10 Bonds (13) Stocks (14) 647 216 8 1 - 4 318 1 278 257 872 249,763 1,015,722 784,826 323 507,932 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 1 4 2 5 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 2003 [In millions of dollars. Source: Treasury International Capital Reporting System] Country Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities Market able Bonds Treasury of U.S. and Gov’t Federal Financ- corps and ing Bank federallyCorporate and sponbonds other Foreign securities sored and agencies Bonds Stocks Bonds Stocks notes (3) (2) (4) (5) (6) (7) Europe: Austria ................................................................ 22,691 12,772 Belgium 1 ................................................................ 91,412 32,061 Bulgaria ................................................................ 432 243 Czech Republic ................................ 38,130 34,038 Denmark ................................................................ 35,334 17,500 Finland................................................................ 10,846 5,208 France ................................................................ 839,611 498,566 Germany................................................................ 333,488 153,356 Greece ................................................................ 9,497 6,054 Hungary ................................................................ 1,606 838 Ireland ................................................................ 401,853 264,729 Italy ................................................................ 108,816 46,243 Luxembourg 1................................ 80,631 14,397 Netherlands ................................................................ 234,996 139,544 Norway ................................................................ 428,220 377,779 Poland ................................................................ 7,288 4,475 Portugal ................................................................ 21,126 16,073 Romania ................................................................ 4,867 4,332 Russia 2 ................................................................ 38,377 6,741 Serbia and Montenegro 3 183 145 (formerly Yugoslavia) ................................ Spain ................................................................ 52,342 23,990 Sweden ................................................................ 92,085 43,562 Switzerland ................................................................ 180,589 61,557 Turkey................................................................ 10,919 8,546 United Kingdom ................................6,180,026 3,286,278 Channel Islands and Isle of Man 4 ................................................................ 66,192 9,130 47,179 25,043 Other Europe ................................ Total Europe ................................9,338,736 5,093,200 839,609 457,211 Canada ................................................................ Latin America: Argentina ................................................................ 14,659 3,016 Brazil................................................................ 72,047 32,786 Chile................................................................ 17,173 6,690 Colombia ................................................................ 12,819 3,284 Ecuador................................................................ 2,364 241 Guatemala................................................................ 611 46 Mexico................................................................ 75,219 30,605 Panama................................................................ 13,032 1,269 Peru ................................................................ 4,333 944 Uruguay ................................................................ 11,213 2,104 Venezuela ................................................................ 10,896 817 13,259 6,245 Other Latin America 5 ................................ 247,625 88,047 Total Latin America ................................ 2,785 25,524 27 2,733 4,083 585 6,638 10,436 348 112 21,434 4,023 21,947 24,437 14,367 808 1,452 257 26,941 890 6,865 72 171 2,682 340 17,247 17,198 131 38 24,572 3,426 11,045 7,174 6,773 30 91 70 318 4,803 9,614 13,003 14 181,497 14 1,020 1,647 11,854 40 400,845 11,193 4,480 393,541 2,316 3,056 7 18 3,607 472 15,897 84,743 1,392 178 13,193 10,423 6,825 9,741 12,759 1,739 572 179 797 1,126 4,520 28 159 2,390 2,787 42,531 24,127 699 292 12,882 11,484 5,070 18,597 2,521 177 1,439 3 2,852 Domestic securities Total sales (8) 22,553 86,129 385 35,734 27,795 11,886 838,576 319,273 8,351 1,471 371,609 110,321 66,024 232,977 410,253 5,869 19,858 3,963 34,528 Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) 13,620 30,325 196 33,757 15,086 5,638 505,318 145,471 5,318 794 260,942 48,778 13,484 139,391 369,483 3,616 15,333 3,417 6,870 2,128 24,867 13 636 2,523 472 5,692 11,501 450 110 17,374 3,634 19,330 24,543 12,791 402 1,308 296 23,725 467 4,426 54 99 1,473 451 13,674 13,408 93 26 15,096 1,352 5,805 5,900 991 5 121 1 205 4 8 5,917 8,974 23,339 975 57,947 13,862 229 785 630,483 1,150,873 12 159 130 7,638 60,112 29,124 12,948 89,139 43,130 22,366 166,584 56,657 1,305 15,141 10,148 530,050 6,017,740 3,255,727 8,831 9,684 11,421 7 156,399 5 351 1,353 5,738 384 292,286 29,435 10,358 4,205 1,701 3,765 3,862 545,689 1,236,646 1,351,458 1,871 43,552 7,575 8,328 48,473 26,939 718,202 9,048,455 5,046,267 9,372 4,281 351,790 2,977 19,222 57 985 4,377 1,162 252,493 44,562 922 154 57,253 32,647 19,295 35,434 8,999 64 1,378 26 728 Foreign securities Bonds Stocks (13) (14) 2,110 3,356 38 24 2,312 1,484 17,905 82,655 784 127 8,313 12,625 3,541 9,950 15,227 1,670 396 210 878 1,251 3,933 27 233 2,024 2,679 43,494 21,676 784 260 12,631 11,285 4,569 17,759 2,762 112 1,322 13 2,122 2 4 5,515 9,535 19,911 760 60,070 9,591 206 1,966 629,807 1,146,420 18 6,756 14,301 23,107 2,430 537,101 11,393 10,261 3,112 1,117 3,784 3,543 376,274 1,212,291 1,338,536 1,839 8,809 723,297 21,806 22,933 167,314 107,552 62,793 803,995 446,428 23,216 16,082 155,591 97,286 65,392 1,205 2,583 1,472 2,789 531 119 8,900 3,633 1,167 896 1,510 1,469 26,274 1,286 1,314 1,620 1,043 88 72 5,935 1,679 447 878 777 1,137 16,276 4,208 2,467 2,175 960 1,157 90 5,781 2,827 538 1,726 3,375 1,894 27,198 3,519 27,430 4,073 4,556 100 260 16,498 2,696 929 4,972 3,925 2,336 71,294 1,425 5,467 1,143 187 247 24 7,500 928 308 637 492 178 18,536 11,839 70,685 18,658 12,889 1,756 557 64,432 10,450 2,669 8,621 9,799 10,418 222,773 1,480 29,876 6,927 3,857 177 43 25,246 1,442 353 1,302 496 5,789 76,988 1,559 3,070 1,181 2,509 116 57 5,316 2,158 196 432 882 264 17,740 497 495 1,530 855 25 64 2,642 1,348 225 449 356 434 8,920 4,433 2,491 2,101 969 1,131 127 6,087 2,858 447 1,475 3,056 1,946 27,121 2,416 27,407 5,763 4,582 55 245 18,036 1,831 1,078 4,503 4,483 1,854 72,253 1,454 7,346 1,156 117 252 21 7,105 813 370 460 526 131 19,751 27,172 80,415 56,484 389,290 256,286 677,650 181 119 4,114 67,041 106 125 32,879 319,440 377,222 1,534,080 39,791 139,715 246,628 284 6,489 449 11,251 444,607 25,030 80,321 42,184 393,329 223,422 675,744 2 57 102 3,415 66,282 45 114 28,208 319,181 322,361 1,535,075 38,734 140,608 257,326 215 6,493 350 9,958 453,684 18,859 44,489 120,646 29 9,024 26 39,429 232,502 Caribbean: Bahamas ................................................................ 440,478 234,648 39,857 Bermuda ................................................................ 1,512,670 694,203 188,571 Cayman Islands 6 ................................ 3,698,653 1,130,909 1,264,326 Cuba ................................................................Jamaica ................................................................ 2,422 123 1,689 Netherlands Antilles ................................ 290,783 153,104 51,040 Trinidad and Tobago................................ 1,228 237 290 77,733 12,298 Other Caribbean 5................................493,624 6,439,858 2,290,957 1,558,071 Total Caribbean ................................ See footnotes at end of table. 2,802 19,386 55 1,011 5,072 1,454 258,732 43,628 873 148 65,043 33,217 21,347 35,503 14,021 59 1,499 26 728 Gross sales by foreigners to U.S. residents 18,595 438,596 240,642 35,010 44,407 1,469,607 668,817 180,180 122,854 3,670,247 1,141,365 1,251,744 2 26 1,748 124 1,221 8,995 283,504 146,263 52,027 21 721 173 13 40,023 485,759 80,323 8,660 234,921 6,350,184 2,277,707 1,528,855 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 2003, 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 pur chases (1) Marketable Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallyspon sored agencies (3) Domestic securities Corporate and other Bonds (4) Stocks (5) Foreign securities Bonds (6) Stocks (7) Total sales (8) Market able Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Asia: China: Mainland................................ 386,771 267,544 102,865 7,130 2,210 6,187 835 319,629 237,040 73,236 Taiwan................................102,357 31,775 16,212 2,369 6,746 5,352 39,903 100,440 22,745 6,715 Hong Kong................................ 257,224 127,110 28,707 8,317 9,917 21,909 61,264 237,808 121,062 16,795 India................................................................ 7,669 5,392 17 57 208 145 1,850 7,994 4,907 35 Indonesia................................ 9,407 6,112 1,442 100 368 720 665 7,727 5,492 944 Israel................................ 26,054 15,409 1,266 1,431 4,940 588 2,420 26,951 17,735 552 Japan................................ 1,035,338 582,037 100,559 30,565 49,155 107,489 165,533 886,238 433,105 78,163 Korea................................ 97,556 51,338 31,313 1,519 567 4,558 8,261 85,086 46,143 22,969 Lebanon................................ 605 79 23 23 308 113 59 634 61 16 Malaysia................................ 12,705 8,031 1,342 101 357 1,237 1,637 14,045 8,284 2,518 Pakistan................................ 381 30 80 233 38 265 2 Philippines................................ 7,487 3,453 1,558 286 352 1,452 386 7,238 2,982 1,511 Singapore................................178,501 84,297 13,411 13,364 36,283 12,241 18,905 170,588 85,630 12,735 Syria................................................................ 80 26 23 31 62 27 2 Thailand................................ 18,131 15,030 973 515 292 225 1,096 23,621 21,018 811 23,863 12,132 5,104 18,861 2,415 3,347 66,112 30,624 10,492 Other Asia................................ 65,722 2,205,988 1,221,496 311,850 70,961 130,82 0 164,631 306,230 1,954,438 1,036,855 227,496 Total Asia................................ Africa: Congo (formerly Zaire)................................ 240 7 230 1 2 255 Egypt................................ 843 98 92 114 434 64 41 696 50 6 Ghana................................ 24 1 13 10 22 Liberia................................ 2,037 116 845 473 314 88 201 1,131 139 135 Morocco................................ 534 200 1 303 18 12 448 249 South Africa................................4,061 611 56 864 510 615 1,405 4,306 725 24 1,681 1,656 209 1,224 766 435 3,947 1,495 523 Other Africa ................................5,971 13,710 2,713 2,650 1,661 3,028 1,552 2,106 10,805 2,658 688 Total Africa................................ Other countries: Australia................................ 136,111 69,724 6,020 3,636 13,870 12,087 30,774 131,433 63,019 6,808 New Zealand................................ 4,714 940 350 310 815 1,184 1,115 4,643 1,371 511 7,898 4,304 891 1,294 652 558 199 5,488 3,556 479 All other countries................................ 74,968 7,261 5,240 15,337 13,829 32,088 141,564 67,946 7,798 Total other countries 148,723 Total foreign countries 19,234,249 9,228,592 2,321,453 1,039,982 3,114,423 2,154,923 1,374,876 18,532,214 8,954,849 2,157,583 International and regional orgs.: International ................................ 16,073 11,966 1,577 902 442 1,160 26 17,458 12,412 2,507 European regional................................ 1,965 177 5 530 1,253 1,800 63 Latin American regional................................ 986 235 127 295 274 55 954 273 158 Caribbean regional................................ 40 40 19 15 3 Asian regional................................ 5,876 3,505 2,293 3 40 31 4 6,360 3,856 2,419 African regional................................ 59 10 22 11 15 1 46 36 59 57 2 26 Middle Eastern regional................................ Total international 25,058 15,893 4,059 1,216 813 1,791 1,286 26,663 16,619 5,123 and regional................................ Grand total................................ 19,259,307 9,244,485 2,325,512 1,041,198 3,115,236 2,156,714 1,376,162 18,558,877 8,971,468 2,162,706 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.” 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. Bonds (11) Stocks (12) Foreign securities Bonds (13) Stocks (14) 2,504 771 3,842 38 51 889 18,395 738 15 94 197 10,016 1 116 2,911 40,578 2,287 6,446 8,925 280 301 4,960 51,489 587 341 384 238 392 32,897 21 299 18,352 128,199 3,717 1,466 23,097 14 269 303 102,002 4,542 152 657 11 1,811 11,472 212 1,832 151,557 845 62,297 64,087 2,720 670 2,512 203,084 10,107 49 2,108 14 345 17,838 11 1,165 1,901 369,753 17 271 1 903 75 1,267 239 489 12 291 116 503 1,108 2,758 2 44 91 50 637 305 1,129 14 90 10 204 32 1,514 441 2,305 3,223 223 187 3,633 14,492 609 727 15,828 12,373 797 258 13,428 31,518 1,132 281 32,931 769,115 3,076,863 2,127,873 1,445,931 272 8 156 1 - 493 281 1 45 26 1,665 494 86 34 10 - 109 1,235 5 - 437 846 2,289 1,349 769,552 3,077,709 2,130,162 1,447,280 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 1 4 2 5 3 Corporate and other CAPITAL MOVEMENTS 91 CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 450 (In billions of dollars) 400 350 Note: To facilitate comparison of net purchases during 2004 with those in prior years, the chart depicts data for all periods at an annualized rate. 300 250 200 150 100 50 0 2000 2001 2002 2003 2004 Jan. - Mar. United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. S ource: Treasury International Capital Reporting System] The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported to the TIC reporting system. Foreign investors also acquired U.S. equities through mergers that involve stock swaps. Net foreign acquisitions of U.S. equities through stock swaps have been modest, amounting to $21 billion in 2000, $7 billion in both 2001 and 2002, $2 billion in 2003, and $3 billion in the first quarter of 2004. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are now available on the TIC web site. The data present aggregate net purchases for 2000 through the first quarter of 2004. The figures show that foreigners’ annual net purchases (gross purchases minus gross sales) of U.S. securities have maintained an extremely high level since 2000. Calendar years Country 2000 2001 183,986 United Kingdom ................................ 166,290 All other Europe................................ 128,577 78,921 Caribbean banking centers 1,2 ................................ 19,883 57,817 Japan................................................................ 52,006 56,589 110,995 All other Asia................................ 52,151 418,907 488,308 Subtotal................................ 38,921 32,541 All other countries ................................ Grand total................................ 457,828 1 2 520,849 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 2002 2003 2004 Jan. - Mar. 186,691 57,064 76,144 91,412 109,314 520,625 164,884 117,570 90,937 181,164 120,835 675,390 59,800 29,155 35,632 99,948 26,192 250,727 26,940 69,606 16,917 547,565 744,996 267,644 Annual net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2003, net acquisitions (including stock swaps) of U.S. securities totaled a record $746 billion. Net acquisitions in the first quarter of 2004 were even stronger at $270 billion. 92 CAPITAL MOVEMENTS CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 150 The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. Net acquisitions through stock swaps amounted to $80 billion in 2000, $45 billion in 2001, $3 billion in 2002, $17 billion in 2003, and $1 billion in the first quarter of 2004. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock s waps are not reported under the TIC reporting system, but are now available on the TIC web site. (In billions of dollars) 100 Note: To facilitate comparison of net purchases during 2004 with those in prior years, the chart depicts data for all periods at an annualized rate. 50 0 -50 -100 1999 2000 Foreign bonds 2001 2002 Foreign stocks 2003 2004 Jan. - Mar. Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type 1999 Foreign bonds ................................ 5,676 -15,640 Foreign stocks................................ -9,964 Total................................ 2000 2001 2002 4,054 13,088 17,142 -30,502 50,113 19,611 -28,492 1,493 -26,999 2003 2004 Jan. - Mar. -26,552 71,118 44,566 -5,636 19,557 13,921 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. Since then, however, U.S. investors’ acquisitions of foreign securities (including stock swaps) have been more modest, with acquisitions of $65 billion in 2001, net sales of $24 billion in 2002, and acquisitions of $62 billion in 2003. In the first quarter of 2004, acquisitions amounted to $15 billion. 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 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) 10/08/03.............................................................. 364,490 367,545 127 1.3338 10/15/03.............................................................. 371,591 375,839 -1,838 1.3267 10/22/03.............................................................. 376,363 387,702 -2,069 1.3045 10/29/03.............................................................. 380,630 391,611 -2,426 1.3117 11/05/03.............................................................. 391,357 401,237 -2,133 1.3330 11/12/03.............................................................. 389,502 397,175 -2,510 1.3044 11/19/03.............................................................. 401,618 414,380 -1,840 1.3052 11/26/03.............................................................. 397,150 416,035 -2,150 1.3043 12/03/03.............................................................. 405,096 418,563 -2,669 1.2998 12/10/03.............................................................. 417,823 433,580 -3,163 1.3079 12/17/03.............................................................. 390,021 402,273 -4,565 1.3260 12/24/03.............................................................. 368,890 379,578 -3,047 1.3085 12/31/03.............................................................. 368,941 380,583 -2,695 1.2972 01/07/04.............................................................. 390,278 402,920 -2,925 1.2904 01/14/04.............................................................. 393,663 403,246 -2,501 1.2886 01/21/04.............................................................. 402,561 414,303 -2,704 1.3009 01/28/04.............................................................. 420,151 437,691 -2,756 1.3256 02/04/04.............................................................. 413,257 427,210 -2,893 1.3334 02/11/04.............................................................. 419,718 431,984 -2,663 1.3144 02/18/04.............................................................. 420,511 438,120 -3,069 1.3250 02/25/04.............................................................. 425,960 441,910 -2,991 1.3357 03/03/04.............................................................. 432,036 449,809 -2,960 1.3391 03/10/04.............................................................. 438,059 458,922 -1,212 1.3238 03/17/04.............................................................. 409,528 430,297 -3,584 1.3390 03/24/04.............................................................. 402,871 422,329 -3,521 1.3417 03/31/04.............................................................. 415,034 426,283 -1,823 1.3116 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) 2001 - Dec................................ 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 2002 - Dec................................ 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 2003 - Apr................................ 375,820 373,693 89,453 87,589 83,407 88,869 75,608 72,442 -2,222 1.4339 May ................................ 433,676 430,456 91,668 89,345 94,149 96,693 85,814 88,526 -1,678 1.3687 June ................................ 391,776 387,739 90,460 88,956 89,504 93,614 81,128 81,180 -336 1.3478 July ................................ 413,500 414,638 93,102 90,573 96,856 101,492 89,289 87,788 -1,800 1.4053 Aug ................................ 392,198 377,684 92,275 92,262 88,839 88,958 89,732 72,197 239 1.3857 Sept................................ 363,822 364,278 97,851 96,743 115,801 102,702 96,830 109,118 -1,092 1.3499 Oct................................ 379,415 388,592 93,239 93,537 102,781 97,040 88,000 96,274 -2,539 1.3191 Nov ................................ 377,945 397,298 97,273 95,951 98,787 90,607 82,899 91,831 -2,144 1.2991 Dec ................................ 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 2004 - Jan................................ 409,120 421,966 110,452 109,461 95,728 88,135 81,874 89,398 -2,664 1.3251 Feb................................ 432,102 454,279 93,073 90,784 82,044 79,127 79,285 78,632 -2,246 1.3358 Mar................................ 420,769 435,736 86,513 86,009 81,054 77,294 74,495 74,971 -2,430 1.3116 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) 2000 - Dec................................ 27,747 34,920 47,126 45,544 279 n.a. 316 366 2001 - Mar................................ 21,626 Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 36 1.4997 30,472 46,819 43,788 n.a. n.a. 479 446 71 1.5768 June ................................ 30,328 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................................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 2003 - Mar................................ 45,680 50,185 52,267 40,973 750 1,069 1,461 1,491 -2 1.4680 June ................................ 28,175 34,321 58,229 47,465 1,011 1,440 1,478 1,792 68 1.3478 Sept................................ 28,190 38,076 56,529 n.a. n.a. 556 1,251 726 12 1.3499 Dec ................................ 28,064 37,919 58,459 33,879 n.a. 1,334 1,160 620 -39 1.2972 96 FOREIGN CURRENCY POSITIONS SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participa nts [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) 10/08/03.............................................................. 173,321 178,305 403 109.61 10/15/03.............................................................. 172,778 177,811 341 109.57 10/22/03.............................................................. 168,688 172,260 477 108.99 10/29/03.............................................................. 166,459 169,877 429 108.29 11/05/03.............................................................. 172,156 175,332 399 109.97 11/12/03.............................................................. 165,739 169,000 378 108.81 11/19/03.............................................................. 166,805 169,478 232 109.31 11/26/03.............................................................. 161,577 164,662 363 109.00 12/03/03.............................................................. 169,295 173,122 253 108.21 12/10/03.............................................................. 177,501 181,148 204 108.30 12/17/03.............................................................. 164,961 170,453 511 107.44 12/24/03.............................................................. 152,987 157,640 460 107.38 12/31/03.............................................................. 164,431 169,014 403 107.40 01/07/04.............................................................. 164,783 170,338 494 106.30 01/14/04.............................................................. 171,266 175,941 571 106.24 01/21/04.............................................................. 168,369 172,849 457 106.99 01/28/04.............................................................. 169,634 172,475 499 106.06 02/04/04.............................................................. 172,501 175,682 592 105.51 02/11/04.............................................................. 176,057 180,592 480 105.40 02/18/04.............................................................. 173,991 177,391 557 106.91 02/25/04.............................................................. 179,594 182,527 299 109.10 03/03/04.............................................................. 186,655 188,815 348 110.10 03/10/04.............................................................. 187,917 189,776 275 110.81 03/17/04.............................................................. 177,804 180,319 76 108.33 03/24/04.............................................................. 174,276 177,445 55 106.27 03/31/04.............................................................. 185,609 186,833 297 104.33 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 Options positions Puts Calls Exchange rate Net delta (Japanese yen equivalent per U.S. dollar) (9) (10) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) 2001 - Dec................................ 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 2002 - Dec................................ 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 2003 - Apr................................ 173,151 176,982 40,159 39,101 27,772 25,116 29,768 32,071 327 118.92 May ................................ 182,527 187,021 40,948 40,080 30,410 29,653 32,058 36,532 -186 119.38 June ................................ 178,999 183,110 43,175 41,705 28,216 27,996 35,145 34,606 -21 119.75 July ................................ 176,558 181,479 41,087 40,313 28,944 28,662 32,554 31,970 -18 120.61 Aug ................................ 166,890 171,681 40,105 38,391 28,651 29,068 31,931 31,046 134 116.89 Sept................................ 183,032 187,673 43,968 43,868 33,086 34,433 33,847 32,817 85 111.50 Oct................................ 179,383 183,629 45,291 44,157 33,619 35,561 34,942 34,392 211 109.97 Nov ................................ 171,531 175,608 41,150 40,401 33,219 34,883 37,524 37,031 274 109.64 Dec ................................ 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 2004 - Jan................................ 176,348 181,033 41,247 40,608 34,835 36,648 37,626 37,339 375 105.80 Feb................................ 193,740 197,058 35,442 35,421 35,701 38,539 39,802 40,509 336 108.98 Mar................................ 200,996 202,453 37,830 38,155 41,797 44,353 45,038 43,921 68 104.33 Report date Purchased (1) Non-capital items 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) 2000 - 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 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 2003 - Mar................................ 11,996 12,514 4,419 3,828 n.a. n.a. n.a. n.a. -462 118.01 June................................ 11,595 13,077 4,926 3,557 n.a. n.a. n.a. n.a. -633 119.75 Sept ................................ 11,579 12,306 4,868 3,108 662 776 1,249 725 52 111.50 Dec ................................ 9,167 10,775 4,189 2,758 309 469 1,001 527 100 107.40 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) 10/08/03............................................................ 330,352 335,838 2,064 1.3128 10/15/03............................................................ 346,297 352,284 1,448 1.3315 10/22/03............................................................ 323,331 329,253 1,685 1.3133 10/29/03............................................................ 336,318 341,757 1,815 1.3306 11/05/03............................................................ 351,557 354,994 449 1.3696 11/12/03............................................................ 357,351 362,163 -773 1.3512 11/19/03............................................................ 381,064 390,230 814 1.3075 11/26/03............................................................ 341,898 352,921 1,011 1.2927 12/03/03............................................................ 369,811 378,910 -226 1.2872 12/10/03............................................................ 418,213 428,253 907 1.2677 12/17/03............................................................ 309,889 320,395 1,017 1.2546 12/24/03............................................................ 302,152 311,047 96 1.2480 12/31/03............................................................ 294,150 303,836 276 1.2407 01/07/04............................................................ 309,184 318,325 617 1.2403 01/14/04............................................................ 316,126 325,826 1,603 1.2338 01/21/04............................................................ 319,775 330,858 1,554 1.2412 01/28/04............................................................ 325,399 337,880 1,549 1.2554 02/04/04............................................................ 326,001 338,577 2,038 1.2515 02/11/04............................................................ 374,273 386,201 2,068 1.2304 02/18/04............................................................ 385,270 395,594 2,562 1.2441 02/25/04............................................................ 410,154 416,576 2,487 1.2601 03/03/04............................................................ 468,547 476,164 1,526 1.2943 03/10/04............................................................ 467,289 472,620 588 1.2872 03/17/04............................................................ 404,561 409,251 1,179 1.2775 03/24/04............................................................ 406,049 411,921 2,312 1.2769 03/31/04 ............................................................ 387,567 391,834 1,677 1.2657 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) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 2001 - Dec................................ 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 2002 - Dec................................ 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 2003 - Apr................................ 344,961 345,051 58,382 65,308 59,889 49,829 71,580 77,275 3,166 1.3550 May ................................ 402,291 403,954 50,415 58,380 58,486 50,292 78,951 76,736 2,085 1.3004 June ................................ 422,967 426,326 45,768 53,405 66,684 50,684 89,393 95,537 3,630 1.3515 July ................................ 375,694 379,868 49,023 54,214 63,583 49,400 94,567 95,880 3,560 1.3700 Aug ................................ 344,044 347,810 49,440 55,224 63,810 48,911 85,518 86,455 2,277 1.3997 Sept................................ 376,554 384,407 51,966 57,240 66,724 52,170 95,476 96,343 4,829 1.3179 Oct................................ 399,969 404,956 51,878 55,821 64,867 51,100 92,026 89,305 1,123 1.3410 Nov ................................ 373,653 383,569 53,267 56,510 115,489 64,741 92,802 132,667 560 1.2914 Dec ................................ 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 2004 - Jan................................ 361,493 374,751 50,044 54,182 64,169 58,313 81,923 86,356 547 1.2575 Feb................................ 434,240 441,662 49,379 56,010 63,592 53,649 81,894 82,229 1,072 1.2623 Mar................................ 421,589 429,572 51,290 56,763 64,471 54,824 80,056 78,841 2,014 1.2657 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) 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 (Swiss francs per U.S. dollar) (10) 2000 - 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 Dec ................................ 22,988 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 ................................ 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 2003 - Mar................................ 27,047 36,026 25,121 9,865 n.a. n.a. 4,229 3,551 -193 1.3506 June................................ 26,534 37,545 25,342 10,194 n.a. n.a. 8,087 3,751 -1,174 1.3515 Sept ................................ 23,694 35,302 26,578 8,455 n.a. n.a. 3,873 1,906 90 1.3179 Dec ................................ 18,366 28,447 26,948 7,817 n.a. n.a. 1,010 694 116 1.2407 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) 10/08/03.............................................................. 546,025 549,468 -1,363 1.6649 10/15/03.............................................................. 555,710 561,140 -1,650 1.6671 10/22/03.............................................................. 529,666 532,218 -1,470 1.6931 10/29/03.............................................................. 540,071 539,761 -1,566 1.6988 11/05/03.............................................................. 549,227 551,098 -849 1.6732 11/12/03.............................................................. 532,539 531,257 -895 1.6733 11/19/03.............................................................. 562,442 564,190 -533 1.6976 11/26/03.............................................................. 542,437 540,826 -605 1.7117 12/03/03.............................................................. 548,479 547,116 -622 1.7273 12/10/03.............................................................. 602,175 604,587 -316 1.7428 12/17/03.............................................................. 553,880 546,954 -483 1.7656 12/24/03.............................................................. 512,158 511,556 -387 1.7741 12/31/03.............................................................. 532,097 534,029 -584 1.7856 01/07/04.............................................................. 544,336 543,816 685 1.8192 01/14/04.............................................................. 570,575 568,350 121 1.8320 01/21/04.............................................................. 583,090 580,927 299 1.8302 01/28/04.............................................................. 599,740 597,146 -43 1.8217 02/04/04.............................................................. 601,407 602,780 26 1.8323 02/11/04.............................................................. 596,561 597,923 1,018 1.8905 02/18/04.............................................................. 595,485 595,706 948 1.8860 02/25/04.............................................................. 605,167 606,367 684 1.8696 03/03/04.............................................................. 615,400 615,286 100 1.8303 03/10/04.............................................................. 647,179 641,116 -427 1.8045 03/17/04.............................................................. 586,543 584,626 -238 1.8161 03/24/04.............................................................. 591,446 590,966 16 1.8235 03/31/04.............................................................. 608,375 605,780 306 1.8454 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) 2001 - Dec................................ 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 2002 - Dec................................ 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 2003 - Apr................................ 491,683 490,320 195,482 194,548 33,382 28,740 33,464 31,581 -83 1.6001 May ................................ 498,321 502,807 202,730 202,360 31,840 28,611 37,418 35,992 204 1.6354 June ................................ 502,896 507,241 211,462 208,868 31,667 32,063 37,818 35,800 -1,206 1.6552 July ................................ 516,799 525,368 199,592 194,450 33,169 32,275 30,698 28,435 -981 1.6095 Aug ................................ 475,064 489,582 189,906 183,034 26,486 27,111 27,035 24,374 -2,580 1.5758 Sept................................ 519,405 528,586 225,961 223,062 31,776 31,734 31,100 29,538 -1,309 1.6639 Oct................................ 565,192 567,601 235,120 270,246 31,292 31,800 32,267 31,459 -788 1.6941 Nov ................................ 527,446 531,441 215,233 222,469 46,894 31,583 29,913 27,518 -528 1.7212 Dec ................................ 562,877 563,000 213,813 215,361 30,379 31,415 27,185 27,154 -568 1.7856 2004 - Jan................................ 592,228 592,822 225,195 228,556 37,478 38,159 31,017 32,466 -446 1.8246 Feb................................ 624,663 630,137 224,186 221,900 40,735 43,465 35,872 33,428 175 1.8669 Mar................................ 622,452 620,333 216,252 216,501 41,106 43,367 35,808 35,910 279 1.8454 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2000 - 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 ................................ 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 2003 - Mar................................ 31,872 34,496 41,345 29,493 1,006 956 3,265 3,327 -105 1.5830 June................................ 31,395 35,463 43,716 28,341 1,245 2,076 4,107 3,675 n.a. 1.6552 Sept ................................ 36,488 38,961 43,007 27,492 950 1,374 3,461 2,835 375 1.6639 Dec ................................ 30,550 31,826 42,812 23,551 841 1,092 3,123 2,837 335 1.7856 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) 10/08/03.............................................................. 5,713,891 5,629,354 1,728 n.a. 10/15/03.............................................................. 5,751,555 5,674,390 4,975 n.a. 10/22/03.............................................................. 5,582,129 5,530,598 5,290 n.a. 10/29/03.............................................................. 5,595,720 5,554,647 8,468 n.a. 11/05/03.............................................................. 5,695,016 5,652,435 10,955 n.a. 11/12/03.............................................................. 5,617,931 5,585,076 12,129 n.a. 11/19/03.............................................................. 5,827,551 5,790,759 8,522 n.a. 11/26/03.............................................................. 5,631,476 5,580,982 9,179 n.a. 12/03/03.............................................................. 5,884,122 5,824,143 7,275 n.a. 12/10/03.............................................................. 6,288,287 6,218,371 7,188 n.a. 12/17/03.............................................................. 5,830,552 5,757,817 3,990 n.a. 12/24/03.............................................................. 5,511,684 5,447,401 7,762 n.a. 12/31/03.............................................................. 5,659,516 5,590,059 6,318 n.a. 01/07/04.............................................................. 5,841,078 5,767,362 2,111 n.a. 01/14/04.............................................................. 6,061,851 6,003,725 -129 n.a. 01/21/ 04.............................................................. 6,111,470 6,058,768 -168 n.a. 01/28/04.............................................................. 6,151,779 6,117,983 1,741 n.a. 02/04/04.............................................................. 6,268,096 6,234,091 496 n.a. 02/11/04.............................................................. 6,326,030 6,271,118 -1,411 n.a. 02/18/04.............................................................. 6,318,684 6,266,296 -3,133 n.a. 02/25/04.............................................................. 6,461,755 6,403,771 1,067 n.a. 03/03/04.............................................................. 6,689,106 6,641,505 4,416 n.a. 03/10/04.............................................................. 6,697,026 6,650,984 1,236 n.a. 03/17/04.............................................................. 6,305,444 6,219,170 3,357 n.a. 03/24/04.............................................................. 6,326,256 6,230,914 -1,737 n.a. 03/31/04.............................................................. 6,468,489 6,435,964 -6,826 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) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2001 - Dec................................ 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 2002 - Dec................................ 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 2003 - Apr................................ 5,241,193 5,200,692 - - 747,975 688,209 810,036 831,556 3,388 n.a. May ................................ 5,828,921 5,774,414 - - 769,305 737,908 887,444 888,996 221 n.a. June ................................ 5,782,487 5,739,111 - - 730,574 768,955 834,438 838,502 2,849 n.a. July ................................ 5,697,250 5,666,367 - - 756,665 731,062 834,671 828,254 1,204 n.a. Aug ................................ 5,276,387 5,250,070 - - 736,077 714,386 794,646 804,034 -3,032 n.a. Sept................................ 5,788,887 5,753,074 - - 795,256 790,721 886,861 884,871 -435 n.a. Oct................................ 6,038,060 6,009,364 - - 825,558 807,016 928,535 945,850 14,599 n.a. Nov ................................ 5,775,259 5,729,718 - - 850,150 835,086 929,682 951,992 9,609 n.a. Dec ................................ 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 2004 - Jan................................ 6,303,412 6,266,999 - - 884,230 865,349 952,681 978,290 2,936 n.a. Feb................................ 6,787,178 6,736,363 - - 934,673 903,152 1,008,346 1,056,438 2,186 n.a. Mar................................ 6,798,787 6,800,282 - - 987,410 958,155 1,045,595 1,085,024 -5,629 n.a. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2000 - 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 ................................ 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 2003 - Mar................................ 415,840 463,387 - - n.a. n.a. n.a. n.a. 1,117 n.a. June ................................ 465,191 453,942 - - n.a. n.a. n.a. n.a. 4,747 n.a. Sept................................ 460,669 464,236 - - 52,557 44,020 n.a. n.a. 4,230 n.a. Dec ................................ 419,816 427,851 - - 18,304 12,066 14,903 11,111 2,186 n.a. 104 FOREIGN CURRENCY POSITIONS SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Part icipants [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) 10/08/03.............................................................. 1,763,177 1,795,329 -767 0.8467 10/15/03.............................................................. 1,766,946 1,805,758 -1,878 0.8597 10/22/03.............................................................. 1,704,667 1,725,085 -1,785 0.8467 10/29/03.............................................................. 1,728,757 1,748,830 -3,405 0.8572 11/05/03.............................................................. 1,740,138 1,790,198 -4,625 0.8744 11/12/03.............................................................. 1,745,422 1,787,772 -4,649 0.8593 11/19/03.............................................................. 1,822,612 1,850,053 -4,659 0.8416 11/26/03.............................................................. 1,751,432 1,795,698 -7,158 0.8377 12/03/03.............................................................. 1,789,712 1,825,525 -4,543 0.8257 12/10/03.............................................................. 1,864,429 1,907,615 -6,278 0.8188 12/17/03.............................................................. 1,728,484 1,773,741 -7,376 0.8063 12/24/03.............................................................. 1,652,237 1,685,561 -9,546 0.8033 12/31/03.............................................................. 1,671,657 1,702,363 -7,357 0.7952 01/07/04.............................................................. 1,772,362 1,801,934 -5,557 0.7914 01/14/04.............................................................. 1,832,768 1,858,349 -3,239 0.7905 01/21/04.............................................................. 1,870,243 1,896,926 -2,678 0.7918 01/28/04.............................................................. 1,843,232 1,858,634 -4,369 0.8008 02/04/04.............................................................. 1,842,345 1,876,532 -5,966 0.7982 02/11/04.............................................................. 1,847,221 1,872,922 -3,087 0.7798 02/18/04.............................................................. 1,835,319 1,861,798 -2,626 0.7898 02/25/04.............................................................. 1,859,629 1,890,108 -3,413 0.8004 03/03/04.............................................................. 1,976,522 2,006,490 -6,210 0.8200 03/10/04.............................................................. 1,944,929 1,978,101 -5,815 0.8169 03/17/04.............................................................. 1,822,244 1,874,239 -4,067 0.8173 03/24/04.............................................................. 1,862,950 1,929,581 -2,305 0.8247 03/31/04.............................................................. 1,899,384 1,945,811 1,323 0.8120 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) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 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 - Dec................................ 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 2003 - Apr................................ 1,789,483 1,839,884 1,189,969 1,140,182 342,837 327,959 288,370 303,812 -7,365 0.8948 2,012,777 1,245,701 1,190,570 387,429 365,088 270,564 298,278 -2,323 0.8497 June ................................ 1,921,351 1,962,008 1,154,188 1,122,206 363,616 339,895 276,205 297,784 -5,230 0.8687 July ................................ 1,839,623 1,876,409 1,113,203 1,066,278 330,991 298,960 289,149 313,417 -3,601 0.8895 Aug ................................ 1,683,068 1,724,811 1,042,409 1,000,087 308,732 287,965 279,065 299,826 -3,310 0.9102 Sept................................ 1,848,026 1,868,197 1,113,221 1,072,226 347,440 322,426 294,697 315,887 -2,977 0.8574 Oct................................ 1,863,151 1,916,295 1,114,492 1,078,262 342,348 342,944 293,320 319,239 -5,379 0.8635 Nov ................................ 1,755,327 1,798,108 1,004,678 974,451 337,259 321,529 295,004 311,954 -7,649 0.8342 Dec ................................ 1,770,094 1,801,409 1,061,881 1,035,884 293,589 286,226 260,869 277,574 -8,427 0.7952 2004 - Jan................................ 1,894,931 1,928,622 1,047,977 1,032,053 309,711 305,015 288,041 305,185 -7,077 0.8017 Feb................................ 1,946,797 1,988,434 1,082,050 1,059,011 330,367 314,000 292,105 312,552 -5,963 0.8004 Mar................................ 1,972,916 2,020,924 1,065,583 1,044,221 327,568 305,075 309,389 335,285 557 0.8120 May ................................ 1,975,722 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) 2000 - 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 ................................ 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 2003 - Mar................................ 174,780 166,025 179,391 146,012 n.a. n.a. 21,449 15,577 -2,428 0.9153 June ................................ 178,659 171,054 197,086 169,715 n.a. n.a. 26,352 17,778 3,663 0.8687 Sept................................ 180,866 166,592 160,878 111,682 n.a. n.a. 18,761 9,813 -2,614 0.8574 Dec ................................ 154,233 143,761 155,657 77,608 8,294 7,684 9,465 6,754 -781 0.7952 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, 2003, and Dec. 31, 2003 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Sept. 30, 2003 Oct. 1, 2003, through Dec. 31, 2003 Dec. 31, 2003 Assets U.S. dollars: Held with Treasury: U.S. Government securities ................................... 10,502,415 26,768 10,529,183 Special drawing rights 1............................................... 12,062,467 575,172 12,637,639 European euro....................................................... 10,075,954 869,781 10,945,735 Japanese yen........................................................ Accounts receivable................................................... 8,475,538 102,567 41,218,941 340,494 22,871 1,835,086 8,816,032 125,438 43,054,027 18,181 18,181 79,180 79,180 97,361 97,361 2,200,000 7,005,299 9,205, 299 275,256 275,256 2,200,000 7,280,555 9,480,555 200,000 31,795,461 31,995,461 41,218,941 1,480,650 1,480,650 1,835,086 200,000 33,276,111 33,476,111 43,054,027 Foreign exchange and securities: Total assets .......................................................... Liabilities and capital Current liabilities: Accounts payable................................................... Total current liabilities........................................... Other liabilities: SDR certificates..................................................... SDR allocations ..................................................... Total other liabilities ............................................. Capital: Capital account...................................................... Net income (+) or loss (-) (see table ESF -2).................. Total capital....................................................... Total liabilities and capital .................................. 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, 2003, through Dec. 31, 2003 Fiscal year to date Oct. 1, 2003, through Dec. 31, 2003 Income and expense Profit (+) or loss (-) on: Foreign exchange............................................................... 1,167,806 1,167,806 Adjustment for change in valuation of SDR holdings and allocations 1........................................... 202,771 202,771 SDRs .............................................................................. 20,500 20,500 U.S. Government securities .................................................. 26,768 26,768 Foreign exchange............................................................... 62,805 62,805 Commissions........................................................................ - - Income from operations ....................................................... 1,480,650 1,480,650 Net income (+) or loss (-)................................................... 1,480,650 1,480,650 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” FinancialReportofthe UnitedStatesGovernment Excerpt TrustFunds FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111 INTRODUCTION: Financial Report of the United States Government The following pages are excerpted from the 2003 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, 2003 and September 30, 2002 Statements of Net Cost These statements present the net cost of fiscal years 2003 and 2002 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 by department on an accrual basis, while the budget presents costs by obligations and outlays based on functions on a cash basis. 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 are 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 health and pension plan amendments, and the actuarial gains and losses for these agencies. $123.4 billion has been allocated out of OPM to the agencies. This represents health and pension benefits that are not reported in the individual agency statements. 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. The Department of Homeland Security (DHS) Reorganization Plan was enacted on November 25, 2002, and beginning with this 2003 Financial Report of the United States Government (Financial Report), DHS is reported as a separate entity. Refer to Note 1A—Reporting Entity for further information. Also, refer to the Management’s Discussion and Analysis section for information concerning DHS and 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 Insurance Contributions Act (FICA)/Self-Employment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies. Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others. 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 Statements of Net Cost. Unreconciled Transactions Affecting the Change in Net Position 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. 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—Change in Accounting Principle and Prior Period Adjustments for detailed information. Net Position, End of Period The net position, end of period amount reflects the net position as of the end of the fiscal year. Reconciliations of Net Operating Cost and Unified Budget Deficit The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget 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 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 differ from the basis of accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government operations on an accrual basis of accounting. Reconciling items to (1) operating revenues include net accrual related to taxes receivables and (2) net cost of Government operations include 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 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 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. 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 deficit relates to the change in the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would not result in an equivalent change in the Government’s operating cash balance. These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year, and explain how the budget deficits (fiscal years 2003 and 2002) are financed. A budget deficit is the result of expenditures exceeding receipts (revenue) during a particular fiscal year. In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2003 and 2002, the greatest amounts were net new borrowings from 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. 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 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115 presented in these financial statements. Those resources include stewardship assets, including natural resources (see Stewardship Information section), and the Govern ment’s sovereign powers to tax, regulate commerce, and set monetary policy. In May 2003, SFFAS No. 23, Eliminating the Category National Defense Property, Plant, and Equipment, removed national defense assets from Stewardship Information and included it on the balance sheet as part of inventories and related property, net and property, plant, and equipment, net. Refer to Note 1B—Basis of Accounting and Revenue Recognition; Note 6—Inventories and Related Property, Net; and Note 7—Property, Plant, and Equipment, Net for further information. Selected assets are highlighted in the Stewardship Information section of this report to demonstrate the Government’s accountability for these assets. Stewardship assets include 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 debt securities held by the public and accrued interest and Federal employee and veteran benefits payable. Liabilities also include social insurance benefits due and payable as of the reporting date. As with reported assets, the Government’s responsibilities, policy commitments, and contingencies 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 20—Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets. 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—Contingent Liabilities and Note 19—Commitments. 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, 2003, and September 30, 2002 Gross Cost Earned Net Revenue Cost (In billions of dollars) 2003 1 Department of Agriculture ................................ 95.6 10.7 84.9 1 Department of Commerce ................................8.8 1.3 7.5 1 Department of Defense ................................ 562.4 12.5 549.9 Department of Education ................................ 59.0 5.0 54.0 1 Department of Energy ................................ 2.0 5.3 (3.3) 1 Department of Health & Human Services ................................ 542.6 29.7 512.9 Department of Homeland Security ................................ 27.5 2.6 24.9 Department of Housing & Urban Development ................................ 44.1 2.0 42.1 Department of the Interior ................................16.0 4.7 11.3 1 Department of Justice ................................ 30.7 1.3 29.4 Department of Labor ................................................................ 68.1 68.1 Department of State................................................................ 12.7 1.4 11.3 1 Department of Transportation ................................ 64.2 1.2 63.0 1 Department of the Treasury ................................ 75.0 2.6 72.4 Interest on Treasury securities held by the public ................................................................ 156.8 156.8 Department of Veterans Affairs ................................ 175.7 2.1 173.6 U.S. Agency for International Development ................................ 10.3 0.1 10.2 Environmental Protection Agency ................................ 9.5 0.4 9.1 1 Federal Emergency Management Agency ................................ 2.5 0.8 1.7 1 General Services Administration ................................ 0.8 0.3 0.5 National Aeronautics & Space Administration ................................ 12.9 0.1 12.8 National Science Foundation................................ 4.8 4.8 U.S. Nuclear Regulatory Commission ................................ 0.7 0.5 0.2 Office of Personnel Management ................................ 0.3 0.3 Small Business Administration................................ 3.8 0.7 3.1 Social Security Administration ................................ 512.6 0.3 512.3 Export-Import Bank of the United States ................................ 0.1 0.3 (0.2) Federal Communications Commission ................................ 7.1 1.2 5.9 Federal Deposit Insurance Corporation................................ (0.2) 0.2 (0.4) National Credit Union Administration................................ 0.2 0.5 (0.3) Pension Benefit Guaranty Corporation ................................ 12.3 1.2 11.1 Railroad Retirement Board ................................9.6 9.6 Tennessee Valley Authority................................8.2 7.0 1.2 United States Postal Service ................................ 81.5 67.6 13.9 32.1 1.2 30.9 All other entities ................................................................ 2,650.3 164.8 2,485.5 Total ................................................................ 1 Gross Cost 80.5 7.4 420.4 49.9 (3.0) 499.9 * 36.3 15.0 29.5 64.7 10.9 65.4 66.0 175.4 218.4 8.0 8.2 6.2 (0.1) 14.7 4.2 0.6 0.2 1.3 492.9 (1.2) 6.8 1.8 0.2 12.7 9.3 7.9 83.1 22.8 2,416.3 Earned Net Revenue Cost 2002 9.6 70.9 1.2 6.2 13.9 406.5 4.8 45.1 4.8 (7.8) 27.0 472.9 * * 2.2 34.1 0.7 14.3 2.3 27.2 64.7 0.9 10.0 1.6 63.8 3.6 62.4 2.6 0.5 1.8 0.3 0.1 0.4 0.5 0.3 0.3 1.1 0.7 0.5 0.9 6.8 66.4 0.8 156.6 175.4 215.8 8.0 7.7 4.4 (0.4) 14.6 4.2 0.2 0.2 0.8 492.6 (1.5) 5.7 1.1 (0.3) 11.8 9.3 1.1 16.7 22.0 2,259.7 These agencies reorganized and transferred various programs and operations to the newly created Department of Homeland Security. * 2002 numbers have not been restated (see Note 1A—Reporting Entity). The accompanying notes are an integral part of these financial statements. 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, 2003, and September 30, 2002 (In billions of dollars) 2003 2002 Revenue: Individual income tax and tax withholdings ...................................................... 1,481.3 1,538.6 Corporation income taxes ...............................................................................128.2 143.7 Unemployment taxes ..................................................................................... 31.2 26.2 Excise taxes................................................................................................ 67.6 67.9 Estate and gift taxes ...................................................................................... 21.9 26.4 Customs duties .............................................................................................. 19.0 18.3 Other taxes and receipts ................................................................................ 39.8 49.3 7.0 7.3 Total revenue.............................................................................................. 1,796.0 1,877.7 Less net cost of Government operations .................................................. 2,485.5 2,259.7 Unreconciled transactions affecting the change in net position (Note 16) .................................................................................. 24.5 17.1 Miscellaneous earned revenues................................................................ Net operating cost ..........................................................................................(665.0) (364.9) Net position, beginning of period................................................................(6,820.2) (6,458.8) Change in accounting principle (Note 17) ........................................................383.1 Prior period adjustments (Note 17)................................................................ (2.6) 3.5 Net operating cost..........................................................................................(665.0) (364.9) (7,104.7) Net position, end of period............................................................................. (6,820.2) 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 Deficit for the Years Ended September 30, 2003, and September 30, 2002 2003 (665.0) Net operating cost .......................................................................................... 2002 (364.9) Components of Net Operating Cost Not Part of the Budget Deficit: Increase in Liability for Military Employee Benefits (Note 11): Increase in military pension liabilities .............................................................. 9.0 Increase in military health liabilities ................................................................ 91.0 Increase/(decrease) in other military benefits................................................... 1.1 101.1 Increase in liability for military employee benefits............................................. 21.7 11.1 (0.4) 32.4 (In billions of dollars) Increase in Liability for Veterans Compensation and Burial Benefits (Note 11): Increase in liability for veterans ................................................................ 93.3 Increase in liability for survivors ................................................................ 12.5 (Decrease)/increase in liability for burial benefits ............................................. (0.2) 105.6 Increase in liability for veterans compensation................................................. 147.7 9.0 0.6 157.3 Increase in Liability for Civilian Employee Benefits (Note 11): Increase in civilian pension liabilities ...............................................................56.6 Increase in civilian health liabilities................................................................ 23.0 0.3 Increase in other civilian benefits ................................................................ Increase in liability for civilian employee benefits .............................................79.9 16.9 16.2 5.8 38.9 Decrease in Environmental Liabilities (Note 12): (Decrease) in energy's environmental liabilities................................................(26.2) Increase/(decrease) in all others' environmental liabilities ................................ 3.1 (Decrease) in environmental liabilities .............................................................(23.1) (28.7) (5.1) (33.8) Depreciation expense.......................................................................................71.2 Property, plant, and equipment disposals and revaluations ................................ 13.0 Increase in benefits due and payable (Note 13).................................................. 4.7 (Increase) in taxes receivable (Note 5) .............................................................. (1.5) Increase in other liabilities (Note 14)................................................................ 25.1 Premium on early buyback of public debt ........................................................... Seigniorage and sale of gold............................................................................. (0.6) Increase/(decrease) in accounts payable (Note 9) .............................................. 6.4 20.5 9.3 (0.3) 13.8 3.8 (1.0) (0.4) Components of the Budget Deficit Not Part of Net Operating Cost: Capitalized Fixed Assets: Department of Defense..................................................................................(67.5) Civilian agencies ...........................................................................................(34.5) Total capitalized fixed assets ................................................................ (102. 0) (18.1) (22.8) (40.9) (Increase)/decrease in accounts receivable (Note 3) ................................ (1.8) Decrease/(increase) in inventory (Note 6)..........................................................17.5 Increase in other assets (Note 8) ................................................................ (12.3) Principal repayments of precredit reform loans ................................................... 9.1 Net amount of all other differences ................................................................ (3.5) 2.2 (8.4) (2.0) 8.2 1.0 Other: 1.4 Prior period adjustments (Note 17)................................................................ (374.8) Unified budget deficit..................................................................................... 6.6 (157.7) The accompanying notes are an integral part of these financial statements. 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, 2003, and September 30, 2002 (In billions of dollars) Budget receipts—actual ................................ Budget outlays—actual ................................ Unified budget deficit ................................ 2003 1,782.1 (2,156.9) 2002 1,853.3 (2,011.0) (374.8) (157.7) Adjustments for Noncash Outlays Included in the Budget: Interest accrued by Treasury on debt held by the public ................................................................ (143.3) Subsidy expense (Note 4) ................................ 11.8 (152.0) 4.9 Items Affecting the Cash Balance Not Included in the Budget: Net Transactions from Financing Activity: Repayment of debt held by the public................................ 3,914.7 Borrowings from the public................................ (4,289.1) Total ................................................................ (374.4) 3,570.2 (3,791.0) (220.8) Net Transactions from Monetary Activity: Increase in special drawing rights................................ 0.4 Increase/(decrease) in other monetary assets................................ (4.3) Increase in loans to the IMF ................................ 3.2 Total ................................................................ (0.7) 0.8 1 14.2 1 2.4 17.4 Net Transactions from Other Activities: Net direct loan activity ................................1.2 Interest paid by Treasury on debt held by the public ................................ 144.4 Premium on early buyback of public debt ................................ Net guaranteed loan activity................................ (5.8) Decrease in miscellaneous assets ................................ (0.4) Increase in allocations of special (0.5) drawing rights................................................................ Increase in deposit fund balances ................................ (2.8) Decrease in miscellaneous liabilities................................ .8 Seigniorage and other equity ................................ (.6) Reclassification of aged unreconciled accounts ................................................................ 0.1 2 NRRIT non-Federal securities ................................ 21.3 Total ................................................................ 157.7 Disposition of Deficit ................................ Increase/(decrease) in operating cash balance ................................................................ Operating Cash: (Note 2) Operating cash balance beginning of period................................................................ Operating cash balance end of period................................ 1 13.7 158.6 3.8 (2.3) (0.9) 1 (0.2) (0.4) 1 3.3 (1.0) 1 1.5 176.1 (348.9) (174.4) (25.9) 16.7 60.9 35.0 44.2 60.9 Reclassified/restated. For more information, see Railroad Retirement in the Stewardship Information section (page 86). The accompanying notes are an integral part of these financial statements. 2 120 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Balance Sheets as of September 30, 2003, and September 30, 2002 (In billions of dollars) 2003 2002 Assets: Cash and other monetary assets (Note 2) ....................................................... 119.6 141.6 Accounts receivable, net (Note 3) ................................................................33.8 32.0 Loans receivable, net (Note 4)................................................................ 221.1 219.2 Taxes receivable, net (Note 5)................................................................ 22.9 21.4 Inventories and related property, net (Note 6) ................................ 241.2 192.2 Property, plant, and equipment, net (Note 7)................................ 658.2 324.7 Other assets (Note 8)................................................................ 97.1 65.4 1,393.9 Total assets ................................................................................................ 996.5 Liabilities: Accounts payable (Note 9) ................................................................ 62.2 55.8 Federal debt securities held by the public and accrued interest 3,944.9 (Note 10) ................................................................................................ 3,573.2 Federal employee and veteran benefits payable (Note 11) ............................... 3,880.0 3,589.4 Environmental and disposal liabilities (Note 12) ................................ 249.9 273.0 Benefits due and payable (Note 13) ................................................................ 100.0 95.3 Loan guarantee liabilities (Note 4) ................................................................34.6 28.1 227.0 201.9 Total liabilities ............................................................................................. 8,498.6 7,816.7 Other liabilities (Note 14)................................................................ Contingent liabilities (Note 18) and Commitments (Note 19) (7,104.7) Net position ................................................................................................ (6,820.2) 1,393.9 Total liabilities and net position ................................................................ 996.5 The accompanying notes are an integral part of these financial statements. 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 fis cal year 2005. The 24-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal year 2005. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2005)........................................................................................ 75.01 less: Cash balance (fiscal year 2005).................................................................................................................................................... 9.25 Unfunded authorizations (fiscal year 2005)....................................................................................................................................... 65.76 24-month revenue estimate (fiscal years 2006 and 2007) ........................................................................................................................ 66.47 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2005).......................................................................................... 5.14 less: Cash balance (fiscal year 2005).................................................................................................................................................... 7.46 Unfunded authorizations (fiscal year 2005)....................................................................................................................................... -2.32 24-month revenue estimate (fiscal years 2006 and 2007) .................................................................................................................... 10.36 122 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. 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Chris topher J. Soares and Mark Warshawsky. January 2003. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 Washington, DC 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 2004, the debt limit was $7,384,000 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). 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). 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. 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). 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.) 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 mo re than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD -6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER