Full text of Treasury Bulletin : June 2006
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Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations............................................................................................................................ 11 Analysis.—Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source ................... 12 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 15 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 20 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 23 FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 FD-2.—Debt Held by the Public ......................................................................................................................................... 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-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 ............................................................................................................ 37 PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury 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, and I........................................................................................ 45 June 2006 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-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 49 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 50 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 50 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 51 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 51 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 52 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 55 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 55 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 56 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 57 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 58 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61 CM-I-2.—Total Liabilities by Country................................................................................................................................ 62 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 66 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 67 CM-II-2.—Total Claims by Country ................................................................................................................................... 68 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 72 SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately ......................................................................................................................................... 73 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 74 CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 75 CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 77 CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 79 June 2006 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.............................................. 81 CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 82 CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 83 CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (first quarter).................................................................................................................... 85 CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 87 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 89 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 90 FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 91 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 92 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 93 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 93 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 94 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 95 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 95 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 96 FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 97 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 97 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 98 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 99 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 99 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 100 FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 101 FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 101 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 102 FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 103 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 103 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 104 ESF-1.—Balance Sheet ..................................................................................................................................................... 104 ESF-2.—Income and Expense ........................................................................................................................................... 105 June 2006 VI SPECIAL REPORTS TRUST FUNDS (See note at bottom of page.) Introduction.—Highway Trust Fund ................................................................................................................................. 109 TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 109 RESEARCH PAPER INDEX............................................................................................................................................ 110 GLOSSARY ...................................................................................................................................................................... 111 ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p = Preliminary; n.a. = Not available; r = Revised. SPECIAL REPORTS Trust Funds 1-8, previously published in the December issue of the Treasury Bulletin, will be discontinued effective December 2006. Trust fund information can be found in the Monthly Treasury Statement, www.fms.treas.gov/mts, and the Budget of the United States Government, www.whitehouse.gov/omb/budget. June 2006 VII Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Civil Service Retirement and Disability Fund * ............................................... √ Federal Disability Insurance Trust Fund *........................................................ √ Federal Hospital Insurance Trust Fund * .......................................................... √ Federal Old-Age and Survivors Insurance Trust Fund * .................................. √ Federal Supplementary Medical Insurance Trust Fund * ................................. √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ √ National Service Life Insurance Fund *............................................................ Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ √ Railroad Retirement Account *......................................................................... Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund) ...................................................................................... √ √ Unemployment Trust Fund * ............................................................................ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ * These trust funds will no longer be published in the Treasury Bulletin effective December 2006. June 2006 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations U.S. Savings Bonds and Notes Ownership of Federal Securities Market Yields U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product April’s advance estimate of real gross domestic product (GDP) reported annualized growth of 4.8 percent in the first quarter of 2006, up from the 1.7 percent registered in the fourth quarter of 2005. This is the fastest growth in nearly 3 years–since the third quarter of 2003. In contrast to the previous quarter, there was an increase in consumer spending on motor vehicles and in Federal government spending, and acceleration in equipment and software spending and in exports. These gains were offset slightly by a decline in private inventory investment and by increased imports. The outlook for the rest of the year is for some slowing from the first quarter snap-back to more sustainable growth. Consumer spending rebounded in the first quarter of 2006, rising at a 5.5 percent annual rate. With its contribution of 3.8 percentage points to GDP growth, this was the key reason for such strength in the quarter. Motor vehicles and parts recovered some of the losses from the prior quarter, while spending on furniture and household equipment accelerated, up an annualized 23 percent. A significant recovery in consumer spending from the fourth quarter had been anticipated. Real business fixed investment also accelerated with the equipment and software component up 16.4 percent and spending on structures picking up. Overall, business fixed investment contributed 1.5 percentage points to GDP growth. Residential spending posted a modest gain. The deficit on trade in goods and services widened $23 billion in real terms, subtracting 0.8 percentage point from GDP growth, but this was much less than the 1.4 point subtraction in the fourth quarter. Although exports accelerated to 12.1 percent growth, imports rose even faster at a 13.0 percent rate. Imports of petroleum products declined after a sharp increase in the fourth quarter to make up for domestic production lost because of the hurricanes. Federal spending recovered, contributing about 0.7 percent to growth. This was largely the result of an upturn in defense spending which fell in the prior quarter due to technical factors. Partially offsetting some of the stronger readings in the first quarter was a decline in inventory investment, which contributed about -0.5 percentage point to real growth, following a sharp increase in the prior quarter. Growth of Real GDP (Quarterly percent change at annual rate) 10 8 7.2 6 4.8 4.3 3.7 4 3.6 4.0 3.5 3.3 3.8 3.3 4.1 2.7 2.4 2.2 1 .7 1 .7 2 0.2 0 2002 2003 2004 2005 2006 June 2006 PROFILE OF THE ECONOMY 4 Inflation Inflation remains moderate, despite pressure from rising energy prices. The consumer price index rose by 3.4 percent during the 12 months ending in March, in line with the increases during all of 2004 and 2005. Energy prices jumped by 17.3 percent during the latest 12 months, while food prices were up 2.6 percent. Core consumer prices (excluding food and energy) grew by just 2.1 percent over the past year, similar to the pace that prevailed for nearly the past 2 years. Inflation at the producer level slowed somewhat. The producer price index for finished goods increased by 3.5 percent during the 12 months ending in March, down from a 5.4 percent advance over the 12 months ending in December 2005. The deceleration reflected a slower pace of growth in producer prices for finished energy goods. Those prices were up by 15.6 percent during the year ending in March, compared to an increase of nearly 24 percent during the 12 months of 2005. Growth of core finished goods remained stable at 1.7 percent during the past 12 months. Labor costs in the private nonfarm business sector rose moderately in the early part of 2006, but productivity growth continued to offset much of the gain. Hourly compensation costs increased at a 5.7 percent annual rate in the first quarter of 2006 but were up a more moderate 3.8 percent over the latest four quarters. With productivity advancing by 2.4 percent during the latest four quarters, labor costs per unit of output rose only 1.4 percent. The employment cost index for total compensation, a fixed-weighted compensation measure, slowed to only a 2.6 percent increase for private industry workers during the 12-month period ending in March 2006, off from the 3.5 percent gain during the 12-months ending in March 2005. Most of the deceleration resulted from a slowing in the rate of increase in benefit costs, which rose 3.4 percent over the 12 months through March 2006 compared to 5.9 percent over the same period a year earlier. Wage increases remained subdued at 2.4 percent over the latest year. 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 0 -2 Total -4 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 June 2006 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 PROFILE OF THE ECONOMY 5 Employment and unemployment April job gains came in somewhat below expectations as nonfarm payroll employment increased by 138,000. Still, the pattern of employment over the most recent 6 months suggests labor markets are strong heading into the summer. Following the hurricane-depressed readings of September/October 2005, payrolls have been rising by an average of nearly 200,000 per month. Monthly job gains have averaged 173,000 so far in 2006, in line with the performance over the past 2 years. Since the August 2003 employment trough, the economy has generated nearly 5.3 million jobs. In April, a 36,000 decline in retail payrolls contributed to slower employment growth for the month. This sector has not shown much net employment growth over the most recent 6 months. Other service-sector industries have shown relatively strong payroll expansions. Employment in professional and business services has risen by an average of 40,000 over the 6 months ending in April. Employment in education and health services has posted monthly job gains of 36,000 over that period, while leisure and hospitality has averaged gains of 28,000 per month. Turning to goods-producing industries, manufacturing payrolls increased by 19,000 in April. Factory payrolls have risen by a total of 50,000 over the October-April period. Construction employment rose 10,000 in April. Payrolls in this sector have increased by a strong 163,000 over the October-April period. The unemployment rate held steady at 4.7 percent in April, the lowest level since July 2001. Since reaching a peak of 6.3 percent in mid-2003, the unemployment rate has fallen 1.6 percentage points. The labor force participation rate (the share of the non-institutionalized population over 15 years old in the labor force) remained flat at 66.1 percent for the third straight month in April. This rate had dipped to a 17-year low of 65.8 percent in early 2005. The average workweek increased from 33.8 to 33.9 hours in April, the longest workweek in over 3-1/2 years. This contributed to a 0.5 percent rise in aggregate production worker hours. Average hourly earnings rose 0.5 percent in April and were up 3.8 percent from a year earlier, the strongest year-over-year gain since August 2001. Adjusting for inflation, real earnings were flat in March from a year earlier. (Earnings in real terms are not yet available for April.) Payroll Employment (Average monthly change in thousands from end of quarter to end of quarter) Unemployment Rate (Percent) 250 7.0 210 199 174 6.5 134 150 6.0 160 167 155 179 185 115 5.5 50 18 5.0 4.5 April 2006 4.7% -26 -50 4.0 -89 -150 3.5 97 98 99 00 01 02 03 04 05 06 I II III IV 2003 I II III 2004 IV I II III IV 2005 June 2006 I 2006 6 PROFILE OF THE ECONOMY Real disposable personal income and consumer spending Growth of nominal personal income moderated to a 6.2 percent annual rate in the first quarter of 2006 from the rapid 9.4 percent pace recorded in the previous quarter. Wages and salaries, which account for more than half of personal income, rose at a 6.0 percent pace in the first quarter on top of a 4.8 percent gain in the fourth quarter. In addition, personal current transfer receipts climbed by 10.7 percent at an annual rate after falling by 3.4 percent at the end of 2005. The large swing reflected payments for the new Medicare Part D Prescription Drug Plan. The pickup in those components was partly offset by slower growth of proprietors’ income and a decline in rental income after rapid gains in the fourth quarter linked to recovery from the effects of the late summer hurricanes. Growth of personal interest income also moderated in the first quarter, rising by 3.9 percent after a 12.7 percent jump in the fourth quarter. Disposable (after-tax) income adjusted for inflation rose by 3.2 percent at an annual rate in the first quarter following a 6.7 percent gain in the fourth quarter that was due in part to the after-effects of the third-quarter hurricanes. Despite the moderation in income growth, real consumer spending accelerated to a 5.5 percent annual rate from a sluggish 0.9 percent pace in the fourth quarter. The first-quarter increase in consumer outlays was the strongest since the third quarter of 2003 and largely reflected a rebound in motor vehicle purchases after a steep drop at the end of 2005. With spending rising faster than income, the personal saving rate deteriorated to -0.7 percent in the first quarter from -0.2 percent in the fourth. Industrial production and capacity utilization Industrial production from factories, mines, and utilities increased at a strong 4.5 percent annual rate in the first quarter after rising at a 5.3 percent pace in the fourth quarter. The fourth-quarter gain reflected recovery following the hurricanes and the Boeing strike in September, and followed growth of 1.6 percent and 1.4 percent in the second and third quarters of 2005, respectively. Over the 12 months ending in March, output increased by a modest 3.6 percent. Manufacturing production, which accounts for about 81 percent of all industrial output, grew 5.4 percent at an annual rate in the first quarter after the 9.1 percent post-hurricane and post-strike surge in the fourth quarter, and a 2.0 percent advance in the third quarter. Output of high-technology goods (computers, communications equipment, and semiconductors) grew by 15.2 percent at an annual rate, compared with the fourth quarter’s 27.1 percent jump. Output of communications equipment continued to lead the high-technology surge, its growth rate easing slightly to about 28 percent in the first quarter, compared with gains in excess of 33 percent in the third and fourth quarters of 2005. On a fourth-quarter over fourth-quarter basis, gains in the technology sector have averaged roughly 22 percent over the June 2006 past 3 years. Production of motor vehicles and parts eased by 0.7 percent at an annual rate in the first quarter, extending a 2.3 percent decline in the fourth quarter as the effects of “employee pricing” incentives, evident in the 13.5 percent rise in output in the third quarter of 2005, continued to dissipate. Apart from automobiles, manufacturing output rose at a 6.0 percent annual rate in the first quarter of 2006. Production at utilities, which accounts for roughly 9 percent of total industrial output, dropped by a 16.7 percent annual rate in the first quarter, following a 5.7 percent decline in the fourth quarter. (Weather is usually a factor in this sector, and unseasonable weather in quarters often causes sharp swings in output from one quarter to the next.) Output at mines (the remaining 10 percent of industrial output) surged 20.4 percent in the first quarter following declines of about 15 percent in each of the two prior quarters. Post-hurricane restoration of oil and gas extraction operations in the Gulf region accounted for the first quarter’s sharp increase in output. The capacity utilization rate for the industrial sector rose to 81.0 percent in the first quarter from 80.5 percent in the fourth quarter. Capacity utilization has trended higher over the past 2 years or so, and in the first quarter matched its long-term average of 81.0. Capacity utilization ranged between 82 and 85 percent in the 1994–1999 period. Capacity utilization in the manufacturing sector was 80.4 percent in the first quarter, up from 79.8 percent in the fourth quarter, and now exceeds its long-term average of 79.8 percent by 0.6 percentage point. Utilization in the hightechnology industries slipped to 74.8 percent in the first quarter from just over 75 percent in each of the two preceding quarters, and was still nearly 3.5 percentage points below its long-term average of 78.1 percent. Nonfarm productivity and unit labor costs Productivity rebounded in the first quarter of 2006 from a fourth quarter decline and the longer-term productivity trend also appears strong. Preliminary data for the first quarter showed that nonfarm business productivity (real output per hour worked) increased 3.2 percent at an annual rate as nonfarm output surged 5.8 percent while worker hours rose 2.5 percent. That comes on the heels of a 0.3 percent productivity decline in the fourth quarter. Productivity has advanced 2.4 percent over the most recent four quarters, somewhat slower than the 3.0 percent gain posted a year earlier. Since the business cycle peak in the first quarter of 2001, productivity has grown at a 3.4 percent annual rate, a notable acceleration from a 2.3 percent annual rate during the preceding 5-year period. Hourly compensation costs in the nonfarm business sector rose 5.7 percent at an annual rate in the first quarter, up from 2.7 percent in the fourth quarter. These costs were up 3.8 percent over the most recent four quarters. Unit labor costs, which represent the interaction of productivity and compensation, increased at a 2.5 percent annual rate in the first quarter, down from the fourth quarter’s 3.0 percent rise. These costs were up by just 1.4 PROFILE OF THE ECONOMY percent over the latest four quarters, following an increase of 3.4 percent in the year-earlier four-quarter period. Strong labor productivity growth has held down unit labor costs, contributing to lower inflation. Productivity in the manufacturing sector rose at a 4.2 percent annual rate in the first quarter and was up 4.1 percent over the most recent four quarters. Since 1995, factory productivity has averaged a 4.5 percent pace. Hourly compensation costs in manufacturing advanced at a 2.4 percent annual rate in the first quarter and were up 3.2 percent over the most recent four quarters. Factory unit labor costs declined at a 1.7 percent annual rate in the first quarter and were down 0.9 percent over the past four quarters. International transactions The U.S. current account deficit reached $900 billion at an annual rate (or 7.0 percent of GDP) in the fourth quarter of 2005, up from $742 billion (5.9 percent of GDP) in the third quarter. The increase reflected a widening in the trade deficit, a swing in the balance on income from a surplus to a deficit, and an increase in net outflows for unilateral transfers. Nearly half of the deterioration in the trade balance reflected increased petroleum imports, in part to offset production lost in the wake of the late summer hurricanes. Unusually large hurricane-related claims received by U.S. firms from foreign insurance companies and donations from abroad for hurricane relief caused the deficit on unilateral transfers to drop sharply in the third quarter. In the fourth quarter, these transactions (which include government grants and pension payments as well as private transfers to and from foreigners) rebounded to a more normal level. The current account deficit for the entire year reached a new high of $805 billion, equivalent to 6.4 percent of GDP. The current account is matched by offsetting transactions in the capital and financial accounts, with any differences in the recorded flows listed as a statistical discrepancy. Net capital account transactions, which consist mainly of debt forgiveness and wealth transfers associated with immigration, held steady at -$1.7 billion in the fourth quarter, the same as in the third quarter. Capital account transactions for 2005 totaled -$5.6 billion, up sharply from -$1.6 billion in 2004. The increase was due mainly to debt forgiveness for Iraq. The financial account measures transactions that alter the foreign financial assets and liabilities of the United States. Net financial inflows (the difference between net foreign purchases of U.S. assets and U.S. purchases of foreign assets) eased to $940 billion at an annual rate in the fourth quarter from $1.0 trillion in the third quarter as foreign 7 purchases of assets in the U.S. slowed more than U.S. outlays for assets overseas. Financial inflows for foreignowned assets in the United States amounted to $1.1 trillion at the end of 2005, down from $1.6 trillion in the third quarter. Part of the moderation was due to markedly slower growth of U.S. liabilities to foreigners reported by U.S. banks and nonbanks. A pullback in net foreign purchases of U.S. securities other than Treasuries and foreign direct investment also contributed. At the same time, outflows for U.S.-owned assets abroad dipped back to $172 billion from $566 billion in the third quarter. Among the more notable developments, claims on foreigners reported by U.S. banks fell, and U.S. direct investment overseas posted another net decrease as corporations continued to take advantage of a provision of the American Jobs Creation Act of 2004 that allowed them to repatriate foreign earnings at a reduced tax rate in 2005. For the year as a whole, net financial inflows totaled $801 billion, up from $585 billion in 2004. Exchange rate of the dollar After reaching a peak in February 2002, the U.S. currency has trended lower. In the 34-month period between the 2002 peak and December 2004, the nominal exchange value of the dollar, as measured by a broad index covering the currencies of 26 important US trading partners, depreciated by 16 percent. The dollar then rose during 2005, gaining about 3.0 percent against this index. During the first 4 months of 2006, however, the U.S. currency once again reversed course and declined 1.8 percent, such that its cumulative drop from the February 2002 peak was 15.2 percent as of April 2006. The aggregate decline since 2002 mainly reflected dollar weakness against the seven currencies of the United States’ major trading partners, including the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland. Between February 2002 and April 2006, the exchange rate of the dollar compared to an index of these currencies fell by nearly 25 percent. Over this period, the dollar was down by 29 percent against the euro and by 12 percent against the yen. With respect to the 19 currencies of other important trading partners, the dollar generally showed much less movement, actually strengthening somewhat from February 2002 into 2004. Since mid-2004, however, the dollar has depreciated against the index of other important trading partners by about 6 percent. As of April 2006, the exchange value of the dollar was 1.4 percent lower against these currencies than at the February 2002 peak. June 2006 PROFILE OF THE ECONOMY 8 Interest rates At its most recent meeting in May 2006, the Federal Open Market Committee (FOMC)–the Federal Reserve’s policy-making arm–raised the Federal funds target interest rate by 25 basis points to 5.0 percent. It was the sixteenth hike in the current cycle of monetary tightening which began in late June 2004. Before that, the FOMC had held the Federal funds target (the rate that banks and other financial institutions charge each other for overnight loans) constant at 1 percent for 1 year. The funds target in May was at its highest level since March 2001. In the Treasury market, the 3-month Treasury bill rate reached 4.8 percent in early May 2006 and has risen by about 375 basis points over the past 2 years. The 10-year yield remained subdued in the face of tighter monetary policy, but moved significantly higher starting in early 2006. At about 5.1 percent as of early May, the rate was about 135 basis points above its level in early 2004. Short-term Interest Rates (Percent) Mortgage interest rates have generally followed movements of the 10-year Treasury rate, and fluctuated in a fairly narrow range around a low level over much of the 2003-2005 period, contributing to record home sales in 2005 and to high levels of mortgage refinancings. Mortgage rates have generally been on an upward trend since mid-2005, and have moved decisively higher in the past few months. In early May, the rate for a 30-year fixed rate mortgage reached 6.59 percent, its highest level in nearly 4 years. Movements in corporate bond yields have also generally followed movements in long-term Treasury yields. As of September 2005, Moody’s seasoned Baa yield started moving more definitively above the 6.0 percent mark, rising to 6.75 percent in early May. The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, averaged 1.8 percentage points through much of 2005 but by early May narrowed somewhat to an average of about 1.6 percentage points. This spread had widened to as much as 4.0 percentage points in October 2002. Long-term Interest Rates (Percent) 10.0 7.0 Federal funds rate target 6.0 9.0 5.0 8.0 4.0 Corporate Baa bond 7.0 6.0 3.0 2.0 3-month Treasury bills 5.0 1.0 4.0 0.0 1999 2000 2001 2002 2003 2004 2005 2006 3.0 1999 2000 2001 2002 2003 2004 2005 2006 June 2006 Treasury 10-year note PROFILE OF THE ECONOMY Housing The housing market showed mixed results at the start of 2006. Although housing starts surged in the first quarter, sales of single-family homes moderated. Rising mortgage rates contributed to declining affordability, playing a role in the slowdown. Housing starts shot up by 14.8 percent at an annual rate in the first quarter to a 2.131 million unit pace–a 33-year high. The marked increase reflected a spurt in building activity at the start of the quarter that was due in large part to unseasonably mild temperatures. The pace of groundbreakings subsequently slowed, however. Growth of real residential investment remained roughly stable in the first quarter at a 2.6 percent annual rate compared to 2.8 percent in the fourth quarter. Sales of new single-family homes plunged by 33.4 percent at an annual rate in the first quarter to a 1.159 million unit pace–the lowest level since late 2003. Resales of existing one-family homes fell by 6.0 percent at an annual rate to a 5.970 million unit pace. The homeownership rate slipped by 0.2 percentage point to 68.6 percent. Although down from a peak of 69.3 percent in the spring of 2004, homeownership remains historically high. Mortgage interest rates have started to climb but still remain relatively favorable. The average rate on a 30-year conventional mortgage reached 6.51 percent in April. That was nearly a full percentage point above the low levels recorded in June 2005. The upward trend in mortgage rates coupled with several years of strong home price appreciation has started to take a toll on housing affordability. The National Association of Realtors’ housing affordability index fell by 10 percent over the year ended in March, with 9 recent readings the lowest since the early 1990s, when mortgage rates were hovering around 10 percent. Federal budget In the first 7 months of fiscal year 2006 (from October 2005 through April 2006) receipts of the U.S. Government totaled $1.353 trillion, outlays year-to-date were $1.537 trillion, and the deficit amounted to $184 billion. That was about $52.8 billion less than the deficit in the same period of fiscal year 2005. Receipts were $136 billion (11.2 percent) higher through the first 7 months of fiscal year 2006 than in the comparable period of fiscal 2005. The increase in receipts reflected sizable growth in individual income and employment tax receipts, and a surge in corporate income taxes, which rose about $40 billion or 30 percent from last year due in part to strong growth in corporate profits. Outlays increased by $83.3 billion, or 5.7 percent in the first 7 months of fiscal year 2006, partly reflecting outlays related to recovery efforts in the Gulf Coast region and to increases for Medicare (up 13.7 percent from the previous year), net interest (up 21.5 percent), and defense (with net outlays 5.7 percent higher). Over the 12 months ending in April, net outlays summed to $2.56 trillion and receipts totaled $2.29 trillion, resulting in a deficit of $265.7 billion over that span. The Administration’s Fiscal Year 2007 Budget projected that the Federal budget would show a deficit of $423 billion (3.2 percent of GDP) in fiscal year 2006, but because of a strong economy, the deficit in fiscal year 2006 is on track to come in well below that estimate and could be closer to 2.5 percent of GDP. That would be similar to the 2.6 percent recorded in fiscal year 2005. Further reductions are expected by the end of the decade. June 2006 10 PROFILE OF THE ECONOMY Net national saving and investment After a brief period of improvement in the mid to late 1990s, net national saving has fallen sharply since 1999, from 6.7 percent of net national product (NNP) in 2000 to 1.0 percent in 2005. That was down from 1.3 percent of NNP in 2004 and 1.5 percent in 2003 and well below 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.) Private saving dipped to an average of 3.9 percent of NNP through the four quarters of 2005 from a 5.3 percent average in 2004, and was a shade above the roughly 6decade low of 3.7 percent recorded in 2001. All of the decline in 2005 was in personal saving, which fell from 1.5 percent of NNP in 2004 to -0.3 percent in 2005, the first negative reading in more than 70 years. Corporate saving, in contrast, increased as a percent of NNP in 2005, rising to 4.2 percent that year from 3.8 percent in 2004 and well above its recent low point of 2.0 percent in 2000. The 2005 corporate saving share was the highest since the late 1960s. The Federal deficit narrowed to -3.0 percent of NNP in 2005 from a negative 3.9 percent in each of the previous 2 years as the economic expansion boosted tax receipts. Along with a small surplus for state and local governments, total net government deficits amounted to -2.9 percent of NNP in 2005, below the -3.3 percent average from 1980 through 1997 and the -3.7 percent average over the period 2002 to 2004. Net domestic investment (by government and private industry in structures, equipment, software, and inventory) rose to 8.5 percent of NNP in 2005, slightly above the 8.4 percent in 2004. While still below the 9.8 percent average posted from 1998 through 2000, the current rate of net investment is considerably higher than readings around 6 percent in the early 1990s. A large portion of domestic investment has been financed from abroad. This is reflected in net foreign investment, which swung from a small surplus of 0.3 percent of NNP in 1991 to a deficit of -7.1 percent through the four quarters of 2005. Net National Saving (Saving as a percent of NNP) 15 Total 10 5 0 -5 Public -10 60 June 2006 65 70 75 80 85 90 95 00 05 11 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. June 2006 12 FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. • Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. • Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and 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 2006 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 $202.2 billion for the second quarter of fiscal year 2006. This is an increase of $17.3 billion over the comparable prior year quarter. Withheld receipts increased by $17.5 billion and non-withheld receipts increased by $13.6 billion during this period. Refunds increased by $13.9 billion over the comparable fiscal year 2005 quarter. There was a decrease of $1.1 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2005. Corporate income taxes—Net corporate income tax receipts were $49.6 billion for the second quarter of fiscal year 2006. This is an increase of $14.1 billion compared to the prior year second quarter. The $14.1 billion change is June 2006 comprised of an increase of $15.1 billion in estimated and final payments, and an increase of $1.0 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the second quarter of fiscal year 2006 were $206.6 billion, an increase of $18.4 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $11.8 billion, $2.0 billion, and $4.5 billion, respectively. There was a $3.5 billion accounting adjustment for prior years employment tax liabilities made in the second quarter of fiscal year 2006, while there was a $2.4 billion adjustment in the second quarter of fiscal year 2005. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the second quarter of fiscal year 2006 were $6.0 billion, an increase of $0.2 billion over the comparable quarter of fiscal year 2005. Net State taxes deposited in the U.S. Treasury decreased by $0.1 billion to $4.5 billion. Net Federal Unemployment Tax Act taxes increased by $0.4 billion to $1.6 billion. FEDERAL FISCAL OPERATIONS 13 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 2006. This was a negligible change from the comparable quarter of fiscal year 2005. Excise taxes—Net excise tax receipts for the second quarter of fiscal year 2006 were $17.3 billion, an increase of $0.3 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.5 billion, an increase of $0.3 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $7.6 billion for the second quarter of fiscal year 2006. These receipts represent an increase of $1.5 billion over the same quarter in fiscal year 2005. Customs duties—Customs duties net of refunds were $5.7 billion for the second quarter of fiscal year 2006. 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 2006 were $11.2 billion, an increase of $3.5 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $3.3 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”] Second quarter Jan. - Mar. 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............................ Actual fiscal year to date 2006 Budget estimates (Feb. 2006) full fiscal year 2006 507,426 346,495 160,931 691,107 562,323 128,785 -183,682 -215,828 32,146 1,037,636 747,415 290,221 1,340,626 1,132,796 207,830 -302,990 -385,381 82,391 2,285,491 1,675,526 609,965 2,708,677 2,277,667 431,010 -423,186 -602,141 178,955 156,132 28,432 -882 183,682 268,381 27,486 7,124 302,990 426,693 -3,507 423,186 Second-Quarter Net Budget Receipts by Source, Fiscal Year 2006 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... Jan. Feb. Mar. 129.5 9.4 74.5 2.3 0.4 5.7 1.9 1.9 4.5 230.0 33.4 4.2 60.9 3.3 0.3 4.4 1.7 1.8 2.6 112.9 39.3 35.9 71.2 0.4 0.5 7.3 4.0 2.0 4.1 164.6 Note.—Detail may not add to totals due to independent rounding. June 2006 FEDERAL FISCAL OPERATIONS 14 CHART FFO-A.— Monthly Receipts and Outlays, 2005-2006 (In billions of dollars) 250 On-budget receipts 200 150 Off-budget receipts 100 On-budget outlays 50 Off-budget outlays 0 -50 M A M J J A S O N D J F M CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2005-2006 (In billions of dollars) 450 400 2006 350 2005 * 300 250 200 150 100 50 0 Corporate Excise taxes Individual Social income taxes insurance and income taxes retirement receipts * Prior-year data are for the comparable year. June 2006 Misc. receipts Estate/gift taxes Customs duties FEDERAL FISCAL OPERATIONS 15 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] On-budget surplus or deficit (-) (8) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) 128,281 -157,804 -377,140 r -412,846 -318,467 -33,237 -317,462 -537,973 r -568,078 -493,732 161,518 159,658 160,833 155,233 175,265 141,902 428,391 561,811 595,064 551,329 Total on-budget and off-budget results Total surplus or deficit (-) (7) Total receipts (1) Onbudget receipts (2) 1,991,044 1,853,051 1,782,108 1,879,784 2,153,350 1,483,525 1,337,730 1,258,265 1,345,039 1,575,874 507,519 1,862,764 515,321 2,010,855 523,842 2,159,248 534,744 r 2,292,630 577,475 2,471,817 2006 - Est.................... 2,285,491 2007 - Est.................... 2,415,852 1,675,526 1,773,533 609,965 642,319 2,708,677 2,770,097 2,277,667 2,316,952 431,010 453,145 -423,186 -354,245 -602,141 -543,419 178,955 189,174 706,517 684,517 148,759 277,614 152,731 234,808 142,092 155,438 251,628 149,488 138,840 241,883 230,010 112,853 164,563 99,397 218,209 107,184 175,731 97,835 110,078 199,751 108,519 94,831 197,571 172,347 65,092 109,056 49,363 59,405 45,547 59,077 44,257 45,360 51,877 40,969 44,009 44,312 57,663 47,761 55,507 219,971 219,902 188,151 211,888 195,463 206,770 215,972 196,718 221,899 230,903 209,022 232,052 250,034 178,387 181,381 145,836 211,254 155,226 163,880 172,121 157,783 179,702 r 232,989 168,377 187,771 206,175 41,583 38,521 42,315 634 40,238 42,889 43,851 38,936 42,197 r -2,087 40,644 44,281 43,859 -71,211 57,711 -35,420 22,920 -53,372 -51,333 35,656 -47,231 -83,059 10,980 20,988 -119,199 -85,471 -78,991 36,827 -38,653 -35,522 -57,391 -53,803 27,631 -49,264 -84,871 r -35,419 3,969 -122,678 -97,119 7,779 20,884 3,232 58,443 4,019 2,471 8,025 2,033 1,812 r 46,399 17,019 3,480 11,648 62,274 -11,666 13,356 60,638 51,130 39,168 2,728 93,384 63,991 78,153 25,212 51,493 98,353 Fiscal year 2006 to date ... 1,037,637 747,416 290,221 1,340,628 1,132,797 207,830 -302,992 -385,382 82,391 410,586 Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Fiscal year or month 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2005 - Mar................... Apr................... May.................. June................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2006 - Jan ................... Feb .................. Mar .................. Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) 1,516,762 1,655,192 1,796,238 r 1,913,118 2,069,606 346,002 355,663 363,010 r 379,512 402,210 Means of financing—net transactions, con. Fiscal year or month Borrowing from the publicFederal securities, con. Investments of Agency Government Total securities accounts 10+11-12 (11) (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. U.S. Treasury Special quota in the operating drawing IMF (deduct) cash rights Other (17) (14) (15) (16) Other (18) 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ...................................... -661 -137 -922 -1,769 -547 231,496 207,713 187,324 213,677 254,096 -90,256 220,542 373,565 379,618 296,687 -8,440 16,667 -25,926 1,390 -669 1,603 790 353 720 -4,537 8,543 15,724 -7,010 -23,529 -70 4,717 2,457 3,208 -4,630 -6,195 -21,554 -24,298 -26,352 6,494 9,531 -10,048 -2,802 552 662 778 -128,281 157,804 377,140 412,823 318,467 2006 - Est.............................. 2007 - Est.............................. -361 -552 279,463 311,400 426,693 372,565 - * * * * * * -3,507 -18,320 * * 423,186 354,245 2005 - Mar............................. Apr............................. May............................ June........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2006 - Jan ............................. Feb ............................ Mar ............................ 168 -188 84 -234 -66 -101 66 -132 138 195 -163 -226 136 -2,569 9,934 21,845 73,377 -2,460 3,519 18,479 44,455 5,422 73,602 15,198 6,138 -2,664 65,012 -21,788 -8,405 -12,973 53,524 35,548 -15,685 48,797 58,706 4,745 9,851 45,128 101,153 2,825 53,911 -59,808 16,633 7,777 -32,397 27,116 5,031 -34,722 30,637 32,227 -50,746 -9,912 -584 46 -226 -142 -37 -2,903 -59 -21 -44 29 93 7 34 -584 181 288 -256 176 -474 -377 316 -130 -1 316 -415 -248 -60 148 -287 139 -1,836 -105 -88 -527 -623 -4,060 -398 * -261 7,596 18,363 -16,205 6,157 5,922 -19,843 6,350 3,233 -11,166 10,799 1,399 22,917 -26,214 200 270 6 271 81 145 71,211 -57,711 35,423 -22,920 53,372 51,584 -35,656 47,231 83,059 -10,980 -20,988 119,199 85,471 Fiscal year 2006 to date........... -52 142,151 268,380 -27,485 98 -162 -5,869 968 226 302,992 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 6, 2006. Detail may not add to totals due to rounding. June 2006 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Corporation Individual Net (4) Net income taxes (8) Gross (9) 35,657 63,396 62,745 41,250 28,814 151,075 148,044 131,778 189,370 278,281 1,145,414 1,006,389 925,477 998,328 1,205,503 660,276 665,381 672,727 686,313 746,129 3,106 1,011 1,699 980 2,585 657,170 664,370 671,028 685,333 743,544 277,122 260,567 - 277,122 260,567 1,274,721 1,356,933 787,557 830,259 - 787,557 830,259 Refunds (3) 793,386 750,754 734,647 753,260 786,559 383,204 286,956 252,502 243,324 320,942 182,251 179,365 193,451 187,626 180,279 994,339 858,345 793,699 808,958 927,222 186,732 211,439 194,522 230,619 307,095 2006 - Est...................... 997,599 2007 - Est...................... 1,096,366 - - 997,599 1,096,366 2001 .............................. 2002 .............................. 2003 .............................. 2004 .............................. 2005 .............................. Withheld (1) Net (7) Other (2) Fiscal year or month Gross (5) Refunds (6) Refunds (10) Net (11) 2005 - Mar..................... Apr..................... May.................... June................... July .................... Aug .................... Sept. .................. Oct..................... Nov .................... Dec .................... 2006 - Jan ..................... Feb .................... Mar .................... 76,403 63,761 58,496 53,002 61,388 70,264 55,829 67,033 61,787 89,588 81,925 74,715 81,309 6,692 133,117 20,543 38,762 4,680 6,453 45,212 10,536 3,637 8,379 50,161 4,628 10,136 39,107 48,385 21,431 3,007 3,635 2,830 3,838 2,730 6,696 1,161 2,558 45,904 52,178 43,988 148,493 57,608 88,758 62,433 73,888 97,203 74,839 58,729 96,806 129,528 33,439 39,266 30,812 36,681 8,667 57,731 9,927 4,196 71,991 10,549 5,690 73,455 12,407 6,923 39,172 3,766 2,297 1,497 1,251 1,862 2,332 1,476 4,436 2,380 2,201 3,013 2,682 3,224 27,046 34,384 7,170 56,480 8,065 1,865 70,514 6,113 3,310 71,254 9,394 4,242 35,949 71,034 182,877 64,778 145,238 70,498 75,753 167,717 80,952 62,039 168,060 138,922 37,681 75,215 62,426 76,371 57,741 75,394 56,788 58,276 69,473 54,099 58,296 59,292 74,028 60,483 70,733 2,170 - 62,426 76,371 57,741 75,394 56,788 58,276 67,303 54,099 58,296 59,292 74,028 60,483 70,733 Fiscal year 2006 to date... 456,357 87,477 111,227 432,607 148,196 17,936 130,262 562,869 376,931 - 376,931 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement and general employment Gross Refunds Gross Refunds Net retirement insurance (16) (17) (12) (13) (14) (15) (18) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 4,281 4,185 3,963 4,030 4,123 9 8 9 5 3 4,272 4,177 3,954 4,026 4,119 661,442 668,548 674,982 689,359 747,663 27,939 27,746 33,481 39,582 42,120 127 127 115 129 119 27,812 27,620 33,366 39,453 42,001 4,647 4,533 4,578 4,545 4,409 66 61 53 51 50 4,713 4,594 4,631 4,596 4,460 2006 - Est.................... 2007 - Est.................... 4,226 4,259 - 4,226 4,259 791,783 834,518 44,832 45,274 - 44,832 45,274 4,423 4,285 49 49 4,472 4,334 2005 - Mar................... Apr................... May ................. June ................ July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2006 - Jan ................... Feb .................. Mar .................. 422 350 426 -76 375 425 339 389 305 351 425 451 446 * 1 * * 1 -13 * * * * * * * 422 349 426 -76 375 438 338 388 305 351 425 451 445 62,848 76,720 58,167 75,318 57,163 58,714 67,641 54,487 58,601 59,643 74,453 60,934 71,178 786 4,441 17,273 668 2,058 6,520 -522 2,074 3,899 365 2,322 3,331 423 9 28 11 10 14 12 11 5 6 4 7 5 24 777 4,412 17,261 657 2,044 6,508 -533 2,069 3,893 361 2,315 3,326 399 425 347 342 340 412 393 359 341 337 415 383 305 452 4 6 3 5 4 4 4 5 5 4 4 4 5 429 353 345 345 416 397 363 346 342 419 387 309 457 Fiscal year 2006 to date.... 2,367 - 2,365 379,296 12,414 51 12,363 2,233 27 2,260 See footnote at end of table. June 2006 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month 2001............................ 2002............................ 2003............................ 2004............................ 2005............................ Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous Net (28) Gross Refunds (27) (26) Gross (29) Refunds (30) Net (31) Gross (32) Refunds (33) Net (34) 693,967 700,761 712,979 733,408 794,123 9,244 9,090 8,729 9,230 10,415 53 60 44 56 101 9,191 9,030 8,684 9,174 10,314 522 567 506 566 610 - 522 567 506 566 610 32,465 33,682 34,756 35,725 38,897 996 1,079 1,032 1,014 1,007 31,469 32,603 33,724 34,711 37,890 26,009 25,833 25,499 26,260 25,272 960 1,044 891 856 994 25,049 24,789 24,608 25,404 24,278 2006 - Est ................... 841,087 2007 - Est ................... 884,126 10,651 11,341 - 10,651 11,341 602 617 - 602 617 39,066 39,727 - 39,066 39,727 23,192 22,923 - 23,192 22,923 64,054 81,486 75,773 76,320 59,624 65,619 67,471 56,902 62,836 60,424 77,155 64,569 72,034 871 843 878 854 906 871 1,604 173 922 971 809 837 1,035 * 65 * -9 28 * 50 - 872 843 813 854 906 881 1,577 173 922 971 809 787 1,035 48 51 53 54 51 51 99 10 57 53 50 52 58 - 48 51 53 54 51 51 99 10 57 53 50 52 58 3,327 3,332 3,464 2,702 3,344 3,516 5,918 692 3,718 3,208 3,260 3,141 3,516 -1 237 -1 290 162 -1 193 - 3,329 3,332 3,227 2,703 3,344 3,226 5,755 693 3,718 3,208 3,260 2,948 3,516 2,634 1,967 1,729 3,212 2,159 2,181 1,258 3,894 1,641 2,286 1,603 709 2,767 90 73 -188 96 701 127 105 49 86 123 56 102 104 2,545 1,894 1,917 3,116 1,458 2,053 1,153 3,845 1,555 2,163 1,547 606 2,663 Fiscal year 2006 to date.. 393,920 4,747 50 4,697 280 - 280 17,535 192 17,343 12,900 520 12,379 2005 - Mar .................. Apr .................. May ................. June ................ July.................. Aug.................. Sept................. Oct .................. Nov.................. Dec.................. 2005 - Jan................... Feb.................. Mar.................. Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross (36) Customs duties Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Deposits of earnings by Federal Universal Reserve service fund banks and all other (43) (42) Total receipts Total (44) On-budget 1 Off-budget (45) (46) 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 66,232 66,989 67,522 69,855 73,093 29,248 27,242 22,827 25,579 25,606 848 734 868 749 841 28,400 26,507 21,959 24,831 24,764 20,295 19,829 21,032 21,806 24,198 927 1,227 1,170 723 820 19,368 18,602 19,862 21,083 23,378 26,124 23,683 21,878 19,652 19,297 11,541 10,120 12,430 12,627 13,190 37,664 33,803 34,309 32,279 32,487 1,483,525 1,337,730 1,258,265 1,345,039 1,575,874 507,519 515,321 523,842 534,744 577,475 2006 - Est.................... 2007 - Est.................... 73,511 74,608 27,523 23,700 - 27,523 23,700 25,887 28,069 - 25,887 28,069 27,455 32,679 15,307 15,737 42,762 48,416 1,675,526 1,773,533 609,965 642,319 2005 - Mar................... Apr................... May ................. June ................ July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2006 - Jan ................... Feb .................. Mar .................. 6,793 6,119 6,010 6,727 5,759 6,211 8,584 4,720 6,253 6,396 5,666 4,394 7,271 2,095 2,898 1,979 1,912 1,778 2,319 2,507 2,128 2,230 2,006 1,925 1,767 4,015 76 53 72 67 63 116 56 75 65 63 68 43 43 2,018 2,845 1,907 1,846 1,714 2,203 2,451 2,053 2,165 1,943 1,857 1,724 3,972 2,042 1,829 1,841 2,133 2,142 2,338 2,212 2,170 2,128 1,989 1,995 1,917 2,020 88 56 85 75 66 72 58 95 56 68 82 73 52 1,954 1,773 1,756 2,058 2,077 2,266 2,154 2,075 2,073 1,921 1,914 1,844 1,968 1,648 1,450 1,205 1,755 1,271 2,228 1,801 1,525 2,292 1,988 3,391 1,581 2,862 1,240 1,064 1,301 865 1,148 1,158 1,450 1,261 1,182 1,152 1,105 1,060 1,240 2,888 2,514 2,506 2,619 2,419 3,386 3,250 2,786 3,474 3,140 4,496 2,641 4,102 99,397 218,208 107,184 175,731 97,835 110,078 199,751 108,519 94,831 197,571 172,347 65,092 109,056 49,363 59,405 45,547 59,077 44,257 45,360 51,877 40,969 44,009 44,312 57,663 47,761 55,507 Fiscal year 2006 to date.. 34,700 14,071 356 13,715 12,220 426 11,794 13,639 7,000 20,639 747,416 290,221 1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for adjustment for revenue uncertainty. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 6, 2006. * Less than $500,000. Detail may not add to totals due to rounding. June 2006 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Legislative branch (1) Judicial branch (2) Department of Agriculture (3) 3,030 3,243 3,420 3,880 3,988 4,408 4,823 5,123 5,396 5,562 68,047 68,982 72,483 71,768 85,283 5,017 5,322 5,680 5,849 6,165 290,413 332,116 388,891 437,111 474,436 35,724 46,286 57,400 62,817 72,945 16,420 17,772 19,385 19,974 21,351 426,391 466,104 505,410 543,206 581,534 14,086 15,980 31,843 26,724 39,307 2006 - Est ............... 4,427 2007 - Est ............... 4,438 6,088 6,386 95,712 92,783 6,462 6,603 512,079 504,863 83,984 64,484 21,703 21,419 641,464 699,580 307 307 308 414 318 376 318 441 328 319 375 332 317 474 429 453 444 566 452 484 419 467 563 479 442 534 5,728 5,359 5,625 5,140 4,537 6,051 6,117 15,004 11,443 9,866 8,948 7,711 6,914 536 401 505 486 485 644 638 435 559 556 602 455 529 42,150 42,744 33,536 40,971 39,869 40,661 46,866 44,162 37,188 47,221 34,992 38,518 48,472 5,928 9,873 5,539 4,664 3,437 7,834 6,013 5,710 5,151 4,272 8,138 5,682 5,591 2,313 1,302 1,307 1,564 2,112 1,476 2,881 2,239 1,407 1,319 1,993 1,407 2,596 Fiscal year 2006 to date r ...................... 2,112 2,904 59,886 3,136 250,553 34,544 10,961 Fiscal year or month 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2005 - Mar .............. Apr.............. May............. June............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2006 - Jan .............. Feb ............. Mar ............. Fiscal year or month Department of State (14) DepartDepartment of Depart- Department of Defense, ment of ment of Commerce military Education Energy (6) (7) (4) (5) Department of the Treasury, interest on DepartDepartTreasury ment ment of debt of the Transpor- securities Treasury, tation (gross) other (15) (16) (17) Department of Veterans Affairs (18) Corps of Engineers (19) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 33,937 31,880 37,470 45,024 42,514 7,876 9,741 9,204 8,938 9,093 18,868 21,408 21,775 28,953 22,727 39,757 64,703 69,592 56,708 46,960 66,753 43,553 46,807 44,668 9,112 9,432 22,294 24,682 51,434 53,357 53,336 51,053 44,450 53,332 45,551 50,184 52,918 44,148 50,162 49,846 49,851 48,084 64,063 3,434 2,769 2,519 3,014 2,032 2,860 7,133 5,543 11,685 7,110 8,229 6,325 5,868 3,342 3,267 3,135 6,421 3,220 3,112 3,084 3,370 3,140 3,219 3,438 2,855 3,354 1,014 599 671 1,024 690 749 1,213 813 729 907 864 636 629 2,024 1,639 2,046 1,857 1,770 2,270 1,907 1,826 1,835 2,254 2,082 1,596 2,042 4,036 4,348 4,081 4,205 4,101 3,668 2,642 3,276 3,457 4,099 4,966 754 5,216 306,154 44,760 19,376 4,578 11,635 21,768 Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) General InterServices national Admin- Assistance istration Program (23) (24) 2001 ....................... 7,446 2002 ....................... 9,453 2003 ....................... 9,257 2004 ....................... 10,942 2005 ....................... 12,822 49,372 56,112 50,808 54,541 56,932 359,508 332,537 318,149 321,566 352,350 27,415 38,021 48,374 53,692 56,598 45,043 50,871 56,892 59,556 69,995 4,726 4,798 4,749 4,842 4,767 34,161 35,158 39,881 41,732 43,484 7,390 7,450 8,065 8,335 7,918 246 453 388 3,309 7,725 -8 -260 323 -404 53 11,771 13,309 13,466 13,738 14,948 2006 - Est............... 13,620 2007 - Est............... 14,487 61,253 65,651 398,744 440,412 53,381 53,881 70,410 73,844 7,413 5,879 45,668 47,299 7,930 7,904 7,362 2,391 407 898 16,302 16,843 2005 - Mar.............. Apr.............. May ............ June ........... July............. Aug............. Sept............ Oct.............. Nov............. Dec............. 2006 - Jan .............. Feb ............. Mar ............. 998 1,051 838 990 1,260 1,342 1,335 902 1,130 1,481 517 1,199 971 4,859 4,237 4,805 5,283 5,041 5,595 6,402 5,071 4,630 4,885 4,446 4,191 4,291 15,520 17,874 23,648 91,135 15,381 20,619 16,822 18,804 26,912 93,067 13,849 21,243 19,694 r 11,639 6,159 3,060 715 2,400 980 -6,855 966 1,742 865 6,240 28,822 11,031 5,781 8,035 3,006 6,223 5,939 5,706 7,868 3,040 5,576 8,914 3,095 5,626 7,455 312 58 364 418 298 387 537 598 887 803 640 711 820 4,094 3,592 3,492 3,808 3,661 3,269 3,535 3,754 3,206 4,080 4,114 3,561 4,105 883 652 648 665 607 781 734 575 677 686 709 662 862 634 684 714 870 769 844 771 504 546 493 489 458 512 421 -213 19 122 -234 7 27 -87 62 1 -102 -72 431 1,969 912 1,443 1,112 682 490 307 1,148 1,581 4,029 461 790 1,678 Fiscal year 2006 to date............................ 6,200 27,514 193,569 49,666 33,706 4,459 22,820 4,171 3,002 233 9,687 See footnote at end of table. June 2006 FEDERAL FISCAL OPERATIONS 19 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] National Aeronautics and Space Administration (25) National Science Foundation (26) 2001 ....................... 14,094 3,691 2002 ....................... 14,429 2003 ....................... Office of Personnel Management (27) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) 50,916 -569 461,261 13,449 -38,792 -144,111 -7,194 -1,025 1,516,762 346,002 4,187 52,512 492 488,242 15,853 -42,782 -153,316 -5,024 -2 1,655,192 355,663 14,552 4,735 54,134 1,559 507,734 8,947 -49,351 -156,066 -5,029 * 1,796,238 363,010 2004 ....................... 15,186 5,118 56,533 4,077 530,206 5,833 -53,430 -153,986 -5,105 * r 1,913,118 379,512 2005 ....................... 15,611 5,432 59,510 2,503 561,324 14,195 -58,919 -160,992 -6,144 -160 2,069,606 402,210 2006 - Est............... 15,554 5,760 63,459 1,188 592,450 21,030 -63,146 -169,199 -9,118 -110 2,277,667 431,010 2007 - Est............... 16,356 5,838 67,265 605 622,709 27,090 -65,075 -181,167 -9,541 -19,720 2,316,952 453,145 2005 - Mar.............. 1,291 417 4,933 67 46,382 642 -4,841 -336 -317 * r 178,387 41,583 Apr.............. 1,014 402 5,210 58 49,855 1,861 -4,735 -692 -201 * 181,381 38,521 May ............ 1,490 395 4,805 62 43,816 1,249 -4,700 -4,255 -920 * 145,839 42,315 June ........... 1,362 536 5,365 65 50,721 -1,681 -4,720 -73,997 -640 * 211,254 634 July............. 1,389 491 4,932 55 46,904 2,550 -5,145 -36 -171 * 155,226 40,238 Aug............. 1,335 591 4,953 62 46,974 452 -5,003 -2,102 -847 - 164,132 42,889 Sept............ 1,718 528 5,089 53 49,542 1,799 -5,221 -418 -655 -160 172,121 43,851 Oct.............. 626 449 5,271 60 44,374 1,515 -16,788 -1,023 -427 * 157,783 38,936 Nov............. 1,480 427 5,045 92 46,861 1,384 -3,096 -4,236 -559 * 179,702 42,197 Dec............. 1,293 424 4,735 92 50,606 2,787 -4,174 -75,318 -396 * r 232,989 r -2,087 2006 - Jan .............. 1,091 384 5,344 115 46,327 1,456 -4,440 374 -1,045 * 168,377 40,644 Feb ............. 1,198 435 5,119 113 48,811 123 -3,711 -1,438 -586 - 187,771 44,281 Mar ............. 1,267 467 5,215 -414 52,262 -1,105 -4,131 -1,062 -442 - 206,175 43,859 Fiscal year 2006 to date ........................ 6,955 2,586 30,729 58 289,241 6,160 -36,340 -82,703 -3,455 - 1,132,797 207,830 Fiscal year or month * Less than $500,000. Total outlays OnOffbudget budget (35) (36) Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 6, 2006. Detail may not add to totals due to rounding. June 2006 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, March 2006 and Other Periods [In millions of dollars. Source: Financial Management Service] Classification Budget receipts: Individual income taxes............................................... Corporation income taxes ........................................... Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ Estate and gift taxes ................................................... Customs duties ........................................................... Miscellaneous receipts................................................ Total receipts....................................................... (On-budget)..................................................... (Off-budget)..................................................... General funds (1) June 2006 Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 432,586 130,259 21 - 1 432,607 130,260 398,816 99,799 23 - 4 398,839 99,803 11,164 13,715 7,659 14,563 609,947 609,947 - 369 3,506 5,563 9,460 9,460 - 290,221 89,076 12,363 2,259 23,168 628 512 418,229 128,008 290,221 290,221 89,076 12,363 2,259 34,701 13,715 11,794 20,638 1,037,636 747,415 290,221 12,026 11,798 7,373 10,488 540,300 540,300 - 323 3,369 4,845 8,561 8,561 - 271,953 81,986 11,651 2,241 21,333 553 459 390,179 118,226 271,953 271,953 81,986 11,651 2,241 33,682 11,798 11,295 15,792 939,040 667,087 271,953 104 295 22,691 90 4,250 13 -601 24 15,063 -795 -349 511 -2,515 -292 -260 36 -19 493 * -89 * * 81,974 113 -5 173 7 18,615 225 19,603 2,112 2,903 59,886 3,136 250,552 34,544 10,961 306,154 44,759 19,377 4,579 11,635 21,769 6,200 27,513 1,928 2,482 33,193 2,986 226,508 35,450 11,969 205,225 18,716 20,583 4,675 10,481 5,065 6,113 3,837 9 270 19,254 21 3,276 134 -1,260 -13 181 -306 -685 677 -371 -280 -31 10 -17 6 * 6 * * 78,835 83 -3 157 80 19,220 172 21,762 1,947 2,735 52,454 3,007 229,790 35,585 10,709 284,046 18,980 20,274 4,147 11,238 23,915 6,005 25,568 -269 -876 59 -14,088 -110 * 146 -704 -11 13 52 -15 -10 706 -56 512 422 -2,998 -643 -195 * 12 26,481 * 263,142 2,672 193,570 49,666 33,708 4,460 22,819 4,172 3,003 234 9,687 6,955 2,586 30,728 59 289,240 6,160 166,871 50,711 33,364 2,153 37,124 4,543 3,074 90 9,832 7,304 2,472 3,928 2,163 26,720 6,196 -507 -642 192 -12,944 -112 * 236 -635 -3 12 -41 -16 1 -1,667 -65 497 360 -2,053 -599 * 803 * 5 25,269 * 246,791 3,422 166,871 50,139 33,219 2,705 22,127 3,832 3,074 326 10,000 7,302 2,489 29,157 2,147 273,512 7,951 -11,105 12,019 13,974 -1,955 -2,559 -4,514 1,955 -82,702 -25,235 302,539 92,754 209,785 115,690 35,254 80,436 -82,702 -39,797 1,340,626 1,132,796 207,830 -302,990 -385,381 82,391 -2,712 943,046 943,046 -402,745 -402,745 - -5,292 -541 2,165 -2,706 9,102 6,395 2,706 -79,478 -24,100 291,165 94,697 196,469 99,014 23,530 75,484 -79,478 -32,104 1,233,670 1,039,908 193,762 -294,630 -372,821 78,190 Budget outlays: Legislative branch ....................................................... 1,973 Judicial branch ............................................................ 2,627 Department of Agriculture ........................................... 36,702 Department of Commerce........................................... 3,046 Department of Defense-military .................................. 246,391 Department of Education ............................................ 34,530 Department of Energy................................................. 11,562 Department of Health and Human Services ............... 224,156 Department of Homeland Security.............................. 29,584 Department of Housing and Urban Development....... 20,177 Department of the Interior ........................................... 4,755 Department of Justice ................................................. 11,116 Department of Labor ................................................... 5,668 Department of State.................................................... 6,266 Department of Transportation..................................... 8,169 Department of the Treasury: Interest on the public debt....................................... 193,570 Other ....................................................................... 49,991 Department of Veterans Affairs .................................. 34,072 Corps of Engineers ..................................................... 3,979 Other defense civil programs...................................... 39,905 Environmental Protection Agency............................... 4,926 Executive Office of the President................................ 3,003 General Services Administration ................................ 88 International Assistance Program............................... 10,586 National Aeronautics and Space Administration ........ 6,966 National Science Foundation...................................... 2,561 Office of Personnel Management ............................... 4,195 Small Business Administration ................................... 75 Social Security Administration .................................... 26,108 Other independent agencies....................................... 2,782 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -3,457 Total outlays........................................................ 1,026,069 (On-budget)..................................................... 1,026,069 (Off-budget)..................................................... Surplus or deficit (-)............................................. -416,122 (On-budget)..................................................... -416,122 (Off-budget)..................................................... - - No transactions. * Less than $500,000. This fiscal year to date Management, consolidated, revolving and Trust special funds funds (2) (3) Note.—Detail may not add to totals due to rounding. 21 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 1 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 5,050,444 6,160,448 6,450,164 7,094,904 7,485,532 340,364 367,327 426,493 469,641 468,563 5,389,954 6,529,692 6,877,311 7,565,782 7,955,702 1,271,952 1,231,160 1,148,226 1,168,663 1,339,363 1,281,245 1,212,577 1,173,496 1,166,036 1,338,425 2005 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2006 - Jan....................................... Feb ...................................... Mar ...................................... 727,877 693,921 659,298 687,435 473,080 575,672 686,060 524,182 573,559 627,464 594,893 634,537 715,388 39,548 40,604 34,493 46,329 35,511 37,885 44,456 33,937 35,552 50,258 40,428 35,131 45,559 766,879 736,160 691,838 734,929 507,899 612,972 731,785 556,788 610,189 677,783 634,288 670,250 760,516 126,367 121,586 96,714 134,064 91,688 94,969 148,138 97,803 89,322 172,910 122,033 104,907 144,933 124,087 66,041 158,475 116,266 84,603 127,951 119,752 94,103 122,966 142,212 90,840 155,071 155,275 See footnotes at end of table. June 2006 ACCOUNT OF THE U.S. TREASURY 22 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Federal Tax and loan Reserve note accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Federal Tax and loan Reserve note accounts (10) (11) Federal Reserve (12) Average Tax and loan note accounts (13) 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 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 2005 - Mar............................. 5,219 17,230 5,872 44,539 3,283 859 4,719 21,138 Apr............................. 3,585 72,775 6,356 78,251 3,585 66 5,212 26,520 May............................ 5,538 11,014 8,154 75,044 3,585 7,138 5,087 29,316 June........................... 4,373 28,812 9,849 59,051 3,904 30 4,951 24,598 July ............................ 5,065 35,897 6,228 35,897 3,159 544 4,789 13,732 Aug ............................ 5,650 2,914 5,928 22,060 3,874 872 4,979 7,521 Sept ........................... 4,381 31,300 7,434 67,207 4,229 1,379 5,338 28,273 Oct............................. 5,712 34,999 5,712 36,665 4,071 2,511 4,865 18,737 Nov ............................ 4,634 1,355 5,994 22,956 3,575 544 4,917 8,941 Dec ............................ 4,573 32,053 6,385 43,591 4,243 709 5,135 23,027 2006 - Jan ............................. 5,606 63,247 5,888 63,247 3,715 1,282 4,942 28,389 Feb ............................ 5,024 13,082 6,172 60,185 3,973 265 5,155 17,096 Mar ............................ 5,455 2,739 5,908 26,753 2,844 97 5,032 11,424 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 June 2006 under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 23 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. June 2006 FEDERAL DEBT 24 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Government accounts Public debt Agency securities securities Total (5) (6) (7) Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) 2001 ............................... 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 5,834,475 6,255,111 6,809,272 7,403,237 7,956,346 5,807,464 6,228,236 6,783,320 7,379,053 7,932,710 27,011 26,874 25,952 24,183 23,637 2,468,757 2,675,648 2,859,291 3,075,687 3,331,333 2,468,757 2,675,648 2,859,291 3,075,687 3,331,332 1 1 2005 - Mar ..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2006 - Jan...................... Feb..................... Mar..................... 7,801,016 7,788,426 7,801,852 7,860,234 7,911,290 7,950,504 7,956,346 8,050,629 8,115,965 8,194,251 8,219,745 8,293,333 8,394,740 7,776,939 7,764,537 7,777,880 7,836,496 7,887,618 7,926,933 7,932,710 8,027,123 8,092,322 8,170,413 8,196,070 8,269,885 8,371,156 24,077 23,888 23,972 23,738 23,672 23,570 23,637 23,505 23,643 23,837 23,674 23,448 23,584 3,204,543 3,213,845 3,235,855 3,308,866 3,306,665 3,310,292 3,331,333 3,376,354 3,382,666 3,455,808 3,471,422 3,499,204 3,498,354 3,204,543 3,213,845 3,235,854 3,308,866 3,306,665 3,310,292 3,331,332 3,376,354 3,382,665 3,455,806 3,471,420 3,499,202 3,498,352 1 1 1 1 1 2 2 2 2 End of fiscal year or month End of fiscal year or month Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized outstanding premium Accrual face value and discount amount (13) (14) (15) The public Public debt securities (8) Agency securities (9) 3,365,718 3,579,462 3,949,981 4,327,550 4,625,013 3,338,707 3,552,588 3,924,029 4,303,366 4,601,378 27,011 26,874 25,952 24,182 23,636 4,596,473 4,574,581 4,565,997 4,551,368 4,604,625 4,640,212 4,625,013 4,674,275 4,733,299 4,738,443 4,748,323 4,794,129 4,896,386 4,572,397 4,550,692 4,542,026 4,527,630 4,580,953 4,616,641 4,601,378 4,650,769 4,709,657 4,714,607 4,724,650 4,770,683 4,872,804 24,077 23,888 23,971 23,738 23,672 23,569 23,636 23,504 23,642 23,835 23,672 23,446 23,582 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 2001 ............................... 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 5,834,475 6,255,111 6,809,272 7,403,237 7,956,346 64,896 57,278 50,551 51,219 53,546 5,769,579 6,197,833 6,758,722 7,352,017 7,902,800 2,468,757 2,675,648 2,859,291 3,075,687 3,331,333 18,363 17,541 13,860 16,596 18,145 2,450,394 2,658,107 2,845,430 3,059,091 3,313,188 3,365,718 3,579,463 3,949,981 4,327,550 4,625,013 46,533 39,737 36,691 34,623 35,401 3,319,185 3,539,726 3,913,291 4,292,926 4,589,612 2005 - Mar...................... Apr...................... May..................... June.................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2006 - Jan ...................... Feb ..................... Mar ..................... 7,801,016 7,788,426 7,801,852 7,860,234 7,911,290 7,950,504 7,956,346 8,050,629 8,115,965 8,194,251 8,219,745 8,293,333 8,394,740 53,130 52,394 52,381 50,358 50,350 50,498 53,546 54,577 55,785 55,723 56,168 78,490 81,408 7,747,886 7,736,032 7,749,472 7,809,875 7,860,939 7,900,006 7,902,800 7,996,052 8,060,180 8,138,528 8,163,577 8,214,843 8,313,332 3,204,543 3,213,845 3,235,855 3,308,866 3,306,665 3,310,292 3,331,333 3,376,354 3,382,666 3,455,808 3,471,422 3,499,204 3,498,354 16,299 15,668 15,833 15,468 15,727 15,583 18,145 18,712 19,601 19,141 19,557 41,201 43,015 3,188,243 3,198,177 3,220,022 3,293,399 3,290,939 3,294,709 3,313,188 3,357,642 3,363,065 3,436,667 3,451,865 3,458,003 3,455,339 4,596,473 4,574,581 4,565,997 4,551,368 4,604,625 4,640,212 4,625,013 4,674,275 4,733,299 4,738,443 4,748,323 4,794,129 4,896,386 36,831 36,726 36,548 34,890 34,623 34,915 35,401 35,865 36,184 36,582 36,611 37,289 38,393 4,559,643 4,537,855 4,529,450 4,516,477 4,570,000 4,605,297 4,589,612 4,638,410 4,697,115 4,701,862 4,711,712 4,756,840 4,857,993 June 2006 FEDERAL DEBT 25 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Bills (3) Total (2) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2001 .................................. 2002 .................................. 2003 .................................. 2004 .................................. 2005 .................................. 3,339,310 3,553,180 3,924,090 4,307,345 4,601,239 2,915,225 3,121,357 3,460,330 3,845,855 4,066,053 734,856 868,220 918,196 961,449 910,323 1,432,956 1,521,572 1,799,424 2,109,494 2,328,213 612,521 592,695 576,590 551,904 520,507 134,891 138,870 166,120 223,008 307,011 424,085 431,823 463,760 461,490 535,186 2005 - Mar......................... Apr......................... May........................ June....................... July ........................ Aug ........................ Sept ....................... Oct......................... Nov ........................ Dec ........................ 2006 - Jan ......................... Feb ........................ Mar ........................ 4,572,716 4,551,065 4,542,378 4,527,697 4,580,784 4,614,279 4,601,239 4,650,516 4,709,403 4,714,821 4,724,637 4,771,117 4,872,485 4,085,824 4,052,484 4,031,767 4,012,642 4,059,114 4,087,611 4,066,053 4,112,465 4,166,481 4,165,847 4,176,332 4,259,473 4,321,654 1,055,765 987,774 957,660 920,023 938,407 949,431 910,323 932,554 982,960 960,701 952,800 997,284 1,039,036 2,226,180 2,241,205 2,255,535 2,272,340 2,285,420 2,312,055 2,328,213 2,335,503 2,339,284 2,360,155 2,360,363 2,390,260 2,408,302 537,058 537,070 529,910 529,746 529,768 520,502 520,507 520,491 516,430 516,425 516,418 526,498 526,501 266,821 286,436 288,662 290,533 305,519 305,622 307,011 323,918 327,807 328,567 346,751 345,431 347,815 486,892 498,581 510,611 515,055 521,670 526,669 535,186 538,051 542,920 548,975 548,306 511,644 550,830 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 ....................................... 2004 ....................................... 2005 ....................................... 186,464 193,312 201,561 204,201 203,645 14,991 - 18,269 12,519 11,007 5,881 3,086 39,488 47,605 53,463 58,528 67,961 146,364 144,286 148,366 158,214 225,283 29,995 29,995 29,995 29,995 29,995 3,505 4,107 4,377 4,669 5,214 2005 - Mar.............................. Apr.............................. May............................. June............................ July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2006 - Jan .............................. Feb ............................. Mar ............................. 204,248 204,206 204,307 204,217 204,144 203,808 203,645 203,890 204,579 205,162 205,605 205,901 205,976 - 6,081 5,981 5,881 2,986 2,986 2,986 3,086 3,086 2,986 3,786 3,786 3,586 3,386 62,683 64,349 65,050 65,999 66,380 67,042 67,961 68,939 68,681 69,097 70,277 32,414 71,258 179,005 189,033 200,362 206,744 213,051 217,724 225,283 226,929 231,467 235,566 233,441 234,545 234,844 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 4,879 5,015 5,015 5,113 5,113 5,113 5,214 5,211 5,213 5,368 5,201 5,203 5,370 June 2006 FEDERAL DEBT 26 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust tration Fund (9) (10) 2001 .............. 2002 .............. 2003 .............. 2004 .............. 2005 .............. 2,492,141 2,707,295 2,912,216 3,129,990 3,380,605 13,660 10,997 10,518 9,892 10,047 30,277 30,542 31,054 32,089 32,733 23,690 25,350 26,778 28,107 29,485 10,014 9,717 10,502 10,319 15,238 135,801 155,256 170,762 182,769 193,263 538,381 570,168 613,718 631,749 660,109 197,137 228,906 251,307 264,375 277,268 17,289 21,251 23,823 23,325 22,646 1,034,114 1,173,759 1,313,427 1,452,599 1,616,159 2005 - Mar .... Apr..... May ... June .. July.... Aug.... Sept ... Oct..... Nov .... Dec .... 2006 - Jan ..... Feb .... Mar .... 3,248,893 3,259,619 3,282,156 3,356,344 3,354,424 3,360,856 3,380,605 3,426,716 3,432,818 3,506,577 3,523,210 3,513,085 3,551,185 12,919 12,292 12,327 12,465 11,991 11,729 10,047 10,907 11,084 11,661 11,999 11,894 12,136 31,870 31,858 32,317 32,229 32,314 32,707 32,733 32,641 33,015 32,799 32,850 33,126 32,954 28,817 28,830 29,149 29,125 29,174 29,462 29,485 29,513 29,923 29,996 30,032 30,387 30,384 12,086 12,113 12,074 12,104 12,135 15,193 15,238 15,286 15,267 15,320 15,377 15,372 15,399 186,645 188,414 188,092 193,669 193,244 192,751 193,263 192,198 191,461 195,715 196,841 196,377 196,701 632,790 629,793 626,894 642,298 639,651 637,074 660,109 657,077 654,138 670,101 667,598 663,952 661,190 268,665 273,207 272,750 282,089 279,936 277,537 277,268 278,448 278,417 285,941 288,996 287,856 283,296 22,998 24,505 24,627 23,111 22,872 23,029 22,646 23,355 23,679 23,800 23,749 23,965 23,965 1,524,082 1,543,270 1,546,637 1,598,784 1,604,713 1,607,330 1,616,159 1,618,658 1,620,345 1,663,726 1,679,132 1,682,806 1,693,145 End of fiscal year or month Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 2,650 2,800 2,963 3,013 3,123 41,978 38,804 24,849 17,439 17,204 24,115 18,840 13,578 10,212 8,271 11,639 11,465 11,246 10,949 10,597 1,430 2,651 1,283 1,218 24,983 23,383 503 627 570 - 88,638 68,265 48,188 45,239 54,806 297,775 316,362 356,349 406,004 427,868 2005 - Mar ........... Apr............ May........... June.......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2006 - Jan ............ Feb ........... Mar ........... 3,052 3,061 3,068 3,075 3,091 3,101 3,123 3,104 3,114 3,080 3,090 3,100 3,113 24,122 22,803 25,232 24,819 25,767 24,668 17,204 19,418 18,621 23,929 25,290 27,237 25,887 10,974 11,946 11,805 10,830 10,579 7,731 8,271 8,312 9,610 9,972 10,796 10,854 11,970 10,792 10,701 10,617 10,858 10,787 10,699 10,597 10,524 10,450 10,687 10,598 10,514 10,407 2,168 2,536 2,759 3,403 2,210 4,610 1,218 1,687 2,509 1,747 1,866 2,274 3,159 495 533 426 446 533 440 570 500 361 357 473 501 571 - 39,260 39,577 54,722 53,823 52,796 56,868 54,806 53,499 55,634 53,975 51,557 52,787 49,800 437,158 424,177 428,660 423,216 422,631 425,927 427,868 471,589 475,190 473,771 472,966 460,083 497,108 Note.—Detail may not add to totals due to rounding. June 2006 FEDERAL DEBT 27 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total outstanding (1) Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation, Resolution Fund (2) Department of Housing and Urban Development Federal Housing Administration (3) Farm Credit System Financial Assistance Corporation (4) Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) 2001 ..................................... 26,948 - 231 775 25,381 - 561 2002 ..................................... 26,874 - 298 775 25,261 - 541 2003 ..................................... 25,952 - 279 325 24,876 - 472 2004 ..................................... 24,183 - 200 325 23,253 - 406 2005 ..................................... 23,637 - 146 - 23,097 - 394 2005 - Mar............................ 24,077 - 139 325 23,208 - 404 Apr............................ 23,888 - 140 325 23,018 - 405 May .......................... 23,972 - 143 325 23,101 - 402 June ......................... 23,738 - 143 - 23,191 - 404 July........................... 23,672 - 143 - 23,124 - 405 Aug........................... 23,570 - 143 - 23,030 - 397 Sept.......................... 23,637 - 146 - 23,097 - 394 Oct............................ 23,505 - 149 - 22,961 - 395 Nov........................... 23,643 - 149 - 23,097 - 396 Dec........................... 23,837 - 161 - 23,278 - 398 2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 Feb ........................... 23,448 - 85 - 22,971 - 391 Mar ........................... 23,584 - 80 - 23,112 - 392 Note.—Detail may not add to totals due to rounding. June 2006 FEDERAL DEBT 28 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) 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. 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 2005 - Mar...................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. Apr...................... 3,310,933 1,143,168 1,253,939 462,850 268,951 182,025 4 yrs. 9 mos. May..................... 3,311,486 1,132,636 1,250,391 477,013 269,100 182,346 4 yrs. 10 mos. June.................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. July ..................... 3,314,952 1,130,292 1,233,071 494,373 274,618 182,599 4 yrs. 10 mos. Aug ..................... 3,361,958 1,143,059 1,273,564 490,944 281,161 173,230 4 yrs. 9 mos. Sept .................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. Oct...................... 3,376,594 1,136,101 1,278,315 508,135 280,839 173,203 4 yrs. 9 mos. Nov ..................... 3,426,982 1,201,621 1,248,485 526,593 276,571 173,712 4 yrs. 9 mos. Dec ..................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. End of fiscal year or month Note.—Detail may not add to totals due to rounding. June 2006 Average length (7) FEDERAL DEBT 29 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Statutory debt limit (1) Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 2005 - Mar....................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 Apr....................................... 8,184,000 7,704,041 7,703,917 124 7,764,537 124 60,621 May...................................... 8,184,000 7,717,574 7,717,447 127 7,777,880 127 60,433 June..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 July ...................................... 8,184,000 7,829,029 7,828,902 127 7,887,618 127 58,715 Aug ...................................... 8,184,000 7,868,395 7,868,267 127 7,926,933 127 58,666 Sept ..................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 Oct....................................... 8,184,000 7,964,782 7,964,648 133 8,027,123 133 62,475 Nov ...................................... 8,184,000 8,028,918 8,028,773 145 8,092,322 145 63,549 Dec ...................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 End of fiscal year or month 1 Debt subject to limit Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. June 2006 FEDERAL DEBT 30 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 203,201 213,555 224,472 213,321 211,763 28,817 25,074 24,858 15,956 26,851 15,128 16,312 15,291 16,560 18,489 10,168 10,780 11,497 11,937 12,608 336 417 379 474 461 970 906 1,321 1,897 1,979 2005 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... 223,597 225,932 223,440 221,677 231,172 237,102 211,763 206,224 224,663 234,407 236,924 246,465 243,973 23,780 23,758 24,301 24,881 25,111 25,740 26,851 18,585 24,050 27,221 21,158 22,104 23,033 17,716 18,298 18,298 18,298 18,301 19,382 18,489 18,489 18,498 18,725 18,850 18,993 19,133 13,148 13,338 13,338 13,338 13,338 13,376 12,608 12,608 12,697 12,735 13,050 13,164 13,284 500 500 500 500 502 504 461 461 465 469 476 482 486 1,831 1,831 1,831 1,860 1,860 1,860 1,979 1,121 1,121 1,123 1,123 1,108 1,108 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 77,448 89,713 91,938 96,530 104,471 2,689 2,770 2,698 2,900 2,777 4,544 7,553 8,794 7,635 7,548 3,103 2,640 2,640 1,203 239 27,862 24,693 36,657 29,305 12,413 2005 - Mar....................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... 113,130 114,084 110,215 111,467 120,157 123,959 104,471 108,816 109,384 113,474 117,016 121,325 121,325 2,777 2,817 2,737 2,707 2,707 2,707 2,777 2,727 2,687 2,687 2,687 2,687 2,772 7,635 7,635 7,635 7,635 7,635 7,635 7,548 7,548 7,548 7,548 7,549 7,549 7,549 1,203 1,203 1,203 1,203 1,203 1,203 239 239 239 239 239 - 13,065 12,927 13,035 12,535 12,542 12,655 12,413 12,547 12,757 12,990 12,621 13,232 12,982 June 2006 FEDERAL DEBT 31 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 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 11,538 2004 ...................................... 7,237 2,962 8,546 10,179 2005 ...................................... 5,848 2,973 7,695 7,411 2005 - Mar............................. 5,688 4,587 7,692 10,845 Apr............................. 5,848 4,862 7,692 11,139 May ........................... 5,848 5,121 7,692 11,686 June .......................... 5,848 2,170 7,692 11,543 July............................ 5,848 2,447 7,695 11,826 Aug............................ 5,848 2,695 7,695 11,845 Sept........................... 5,848 2,973 7,695 7,411 Oct............................. 5,848 3,250 7,695 6,289 Nov............................ 5,848 3,504 9,506 16,358 Dec............................ 5,848 3,787 9,506 18,056 2006 - Jan ............................ 5,848 4,068 11,624 20,615 Feb ............................ 5,848 4,309 12,953 22,711 Mar ............................ 4,911 4,582 9,303 23,505 End of fiscal year or month Note.—Detail may not add to totals due to rounding. June 2006 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 $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Note: Additional information, including auction allotments by investor class for marketable Treasury coupon and bill securities, is posted on the 7th business day of each month at http://www.treas.gov/offices/domestic-finance/ debt-management/investor_class_auction.shtml. TREASURY FINANCING: JANUARY-MARCH [Source: Bureau of the Public Debt, Office of Financing] JANUARY Cash Management Bills On December 27, 2005, Treasury announced it would auction $12,000 million of 14-day bills. They were issued January 3, 2006, and matured January 17. The issue was to raise new cash. Treasury auctioned the bills on December 29. Tenders totaled $25,200 million; Treasury accepted $12,000 million. The high bank discount rate was 4.100 percent. Auction of 2-Year Notes On December 27, 2005, Treasury announced it would auction $20,000 million of 2-year notes of Series Y-2007. The issue was to refund $26,009 million of securities maturing December 31 and to pay down approximately $6,009 million. The notes of Series Y-2007 were dated December 31, 2005, and issued on January 3, 2006. They are due December 31, 2007, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 4-3/8 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 p.m. e.s.t. for competitive tenders on December 29. June 2006 Tenders totaled $48,320 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.404 percent with the equivalent price of $99.944505. Treasury accepted in full all competitive tenders at yields lower than 4.404 percent. Tenders at the high yield were allotted 6.00 percent. The median yield was 4.383 percent, and the low yield was 4.350 percent. Noncompetitive tenders totaled $920 million. Competitive tenders accepted from private investors totaled $19,080 million. Accrued interest of $0.36257 per $1,000 must be paid for the period from December 31, 2005, to January 3, 2006. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $6,667 million from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2007 is $1,000. Auction of 5-Year Notes On January 9, 2006, Treasury announced it would auction $13,000 million of 5-year notes of Series D-2011. The issue was to raise new cash. The notes of Series D-2011 were dated January 15 and issued January 17. They are due January 15, 2011, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 4-1/4 percent after PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: JANUARY-MARCH, con. 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 11. Tenders totaled $27,260 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.370 percent with an equivalent price of $99.466250. Treasury accepted in full all competitive tenders at yields lower than 4.370 percent. Tenders at the high yield were allotted 26.13 percent. The median yield was 4.340 percent, and the low yield was 4.290 percent. Noncompetitive tenders totaled $90 million. Competitive tenders accepted from private investors totaled $12,910 million. Accrued interest of $0.23481 per $1,000 must be paid for the period from January 15 to January 17. The minimum par amount required for STRIPS of notes of Series D-2011 is $1,000. Auction of 10-Year Treasury Inflation-Protected Security (TIPS) On January 9, 2006, Treasury announced it would auction $9,000 million of 10-year TIPS to raise new cash. The 10-year TIPS of Series A-2016 were dated January 15 and issued January 17. They are due January 15, 2016, 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 TIPS before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on January 12. Tenders totaled $16,609 million; Treasury accepted $9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.025 percent with an equivalent price of $99.722833. Treasury accepted in full all competitive tenders at yields lower than 2.025. Tenders at the high yield were allotted 86.56 percent. The median yield was 2.000 percent, and the low yield was 1.001 percent. Noncompetitive tenders totaled $85 million. Competitive tenders accepted from private investors totaled $8,865 million. Adjusted accrued interest of $0.11044 per $1,000 must be paid for the period from January 15 to January 17. Both the unadjusted price of $99.774716 and the unadjusted accrued interest of $0.11050 were adjusted by an index ratio of 0.99948 for the period from January 15 through January 17. The minimum par amount required for STRIPS of TIPS is $1,000. Auction of 20-Year TIPS On January 19, 2006, Treasury announced it would auction $10,000 million of 20-year TIPS to raise new cash. The 20-year TIPS of January 2026 were dated January 15 and issued January 31. They are due January 15, 2026, 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 TIPS before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on January 24. Tenders totaled $14,804 million; Treasury accepted 10,000 million at the high yield of 2.039 percent with an equivalent price of $98.949064. Tenders at the high yield were allotted 3.80 percent. The median yield was 1.955 percent, and the low yield was 1.900 percent. Noncompetitive tenders totaled $42 million. Competitive tenders accepted from private investors totaled $9,908 million. Adjusted accrued interest of $0.88030 per $1,000 must be paid for the period from January 15 to January 31. Both the unadjusted price of $99.362412 and the unadjusted accrued interest of $0.88398 were adjusted by an index ratio of 0.99584 for the period from January 15 through January 31. In addition to the $10,000 million of tenders accepted in the auction process, Treasury accepted $1,765 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS is $1,000. Auction of 2-Year Notes On January 23, 2006, Treasury announced it would auction $22,000 million of 2-year notes of Series R-2008. The issue was to refund $25,605 million of securities maturing January 31 and to pay down approximately $3,605 million. The notes of Series R-2008 were dated and issued on January 31. They are due January 31, 2008, with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 4-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on January 25. Tenders totaled $46,362 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.427 percent with the equivalent price of $99.901510. Treasury accepted in full all competitive tenders at yields lower than 4.427 percent. Tenders at the high yield were allotted 39.51 percent. The median yield was 4.405 percent, and the low yield was 4.350 percent. Noncompetitive tenders totaled $967 million. June 2006 PUBLIC DEBT OPERATIONS 34 TREASURY FINANCING: JANUARY-MARCH, con. Competitive tenders accepted from private investors totaled $21,033 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $5,163 million from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2008 is $1,000. FEBRUARY February Quarterly Financing On February 1, 2006, Treasury announced it would auction $21,000 million of 3-year notes of Series R-2009, $13,000 million of 10-year notes of Series B-2016, and $14,000 million of 30-year bonds of February 2036 to refund $17,281 million of Treasury securities maturing on February 15 and to raise new cash of approximately $30,719 million. The 3-year notes of Series R-2009 were dated and issued February 15. They are due February 15, 2009, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 7. Tenders totaled $42,635 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.595 percent with an equivalent price of $99.736583. Treasury accepted in full all competitive tenders at yields lower than 4.595 percent. Tenders at the high yield were allotted 44.01 percent. The median yield was 4.571 percent, and the low yield was 4.538 percent. Noncompetitive tenders totaled $182 million. Competitive tenders accepted from private investors totaled $20,718 million. In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $1,307 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2009 is $1,000. The 10-year notes of Series B-2016 were dated and issued February 15. They are due February 15, 2016, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 8. Tenders totaled $30,144 million; Treasury accepted $13,000 million. All June 2006 noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.540 percent with an equivalent price of $99.681335. Treasury accepted in full all competitive tenders at yields lower than 4.540 percent. Tenders at the high yield were allotted 98.55 percent. The median yield was 4.510 percent, and the low yield was 4.470 percent. Noncompetitive tenders totaled $54 million. Competitive tenders accepted from private investors totaled $12,846 million. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $841 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2016 is $1,000. The 30-year bonds of February 2036 were dated and issued February 15. They are due February 15, 2036, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on February 9. Tenders totaled $28,720 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.530 percent with an equivalent price of $99.510492. Treasury accepted in full all competitive tenders at yields lower than 4.530 percent. Tenders at the high yield were allotted 51.17 percent. The median yield was 4.490 percent, and the low yield was 4.475 percent. Noncompetitive tenders totaled $39 million. Competitive tenders accepted from private investors totaled $13,861 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $841 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2036 is $1,000. Auction of 2-Year Notes On February 16, 2006, Treasury announced it would auction $22,000 million of 2-year notes. The issue was to refund $26,002 million of securities maturing February 28 and to raise new cash of approximately $9,998 million. The notes of Series S-2008 were dated and issued February 28. They are due February 29, 2008, with interest payable on the last calendar day of August and February until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on February 22. Tenders totaled PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: JANUARY-MARCH, con. $49,265 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.689 percent with an equivalent price of $99.879165. Treasury accepted in full all competitive tenders at yields lower than 4.689 percent. Tenders at the high yield were allotted 81.01 percent. The median yield was 4.660 percent, and the low yield was 4.620 percent. Noncompetitive tenders totaled $1,023 million. Competitive tenders accepted from private investors totaled $20,977 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $4,500 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2008 is $1,000. totaled $64,333 million; Treasury accepted 25,000 million. The high bank discount rate was 4.445 percent. On March 6, Treasury announced it would auction $7,000 million of 6-day bills. They were issued March 8 and matured March 14. The issue was to raise new cash. Treasury auctioned the bills on March 7. Tenders totaled $30,051 million; Treasury accepted $7,000 million. The high bank discount rate was 4.380 percent. On March 13, Treasury announced it would auction $4,000 million of 1-day bills. They were issued March 14 and matured March 15. The issue was to raise new cash. Treasury auctioned the bills on March 14. Tenders totaled $18,006 million; Treasury accepted $4,000 million. The high bank discount rate was 4.410 percent. Auction of 5-Year Notes Auction of 9-Year 11-Month 4-1/2 Percent Notes On February 16, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series E-2011. The issue was to refund $26,002 million of securities maturing February 28 and to raise new cash of approximately $9,998 million. The notes of Series E-2011 were dated and issued February 28. They are due February 28, 2011, with interest payable on the last calendar day of August and February until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on February 23. Tenders totaled $30,502 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.622 percent with an equivalent price of $99.460872. Treasury accepted in full all competitive tenders at yields lower than 4.622 percent. Tenders at the high yield were allotted 56.17 percent. The median yield was 4.594 percent, and the low yield was 4.550 percent. Noncompetitive tenders totaled $147 million. Competitive tenders accepted from private investors totaled $13,853 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $3,500 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2011 is $1,000. On March 6, 2006, Treasury announced it would auction $8,000 million of 9-year 11-month 4-1/2 percent notes of Series B-2016. The issue was to raise new cash. The notes of Series B-2016 were dated February 15 and issued March 15. They are due February 15, 2016, 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 9. Tenders totaled $22,947 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.760 percent with an equivalent price of $97.955698. Treasury accepted in full all competitive tenders at yields lower than 4.760 percent. Tenders at the high yield were allotted 4.91 percent. The median yield was 4.747 percent, and the low yield was 4.710 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $7,980 million. Accrued interest of $3.48066 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-2016 is $1,000. MARCH Cash Management Bills On February 28, 2006, Treasury announced it would auction $25,000 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 1. Tenders Auction of 2-Year Notes On March 23, 2006, Treasury announced it would auction $22,000 million of 2-year notes of Series T-2008. The issue was to refund $26,005 million of securities maturing March 31 and to raise new cash of approximately $9,995 million. The notes of Series T-2008 were dated and issued March 31. They are due March 31, 2008, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. June 2006 PUBLIC DEBT OPERATIONS 36 TREASURY FINANCING: JANUARY-MARCH, con. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on March 27. Tenders totaled $46,703 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.730 percent with an equivalent price of $99.801852. Treasury accepted in full all competitive tenders at yields lower than 4.730 percent. Tenders at the high yield were allotted 12.15 percent. The median yield was 4.700 percent, and the low yield was 4.000 percent. Noncompetitive tenders totaled $987 million. Competitive tenders accepted from private investors totaled $21,013 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $4,834 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2008 is $1,000. Auction of 5-Year Notes On March 23, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series F-2011. The issue was to refund $26,005 million of securities maturing March 31 and to raise new cash of approximately $9,995 million. June 2006 The notes of Series F-2011 were dated and issued March 31. They are due March 31, 2011, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 4-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on March 29. Tenders totaled $31,555 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.785 percent with an equivalent price of $99.845985. Treasury accepted in full all competitive tenders at yields lower than 4.785 percent. Tenders at the high yield were allotted 18.09 percent. The median yield was 4.761 percent, and the low yield was 4.707 percent. Noncompetitive tenders totaled $156 million. Competitive tenders accepted from private investors totaled $13,844 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $3,500 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2011 is $1,000. 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, 2006 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2006 Apr. 30........................................................... May 15, 06-11 ............................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 15 ........................................................... July 31 ........................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 30 ......................................................... Oct. 15........................................................... Oct. 31........................................................... Nov. 15, 06-11............................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 30 .......................................................... Dec. 31 .......................................................... 2-1/4%-N note 13-7/8% bond 1 6-7/8%-B note 1 4-5/8%-E note 1 2%-G note 1 2-1/2%-P note 1 2-3/4%-Q note 1 7%-C note 1 2-3/4%-R note 1 2-3/8%-H note 1 2-3/8%-S note 2-1/2%-T note 1 6-1/2%-D note 1 2-1/2%-U note 14% bond 1 3-1/2%-F note 1 2-5/8%-J note 1 2-7/8%-V note 1 3%-W note 2007 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 28 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 31 ........................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 30 ......................................................... Oct. 31........................................................... Nov. 15 .......................................................... Nov. 15, 07-12............................................... Nov. 30 .......................................................... Dec. 31 .......................................................... 3-3/8%-A note 3-1/8%-M note 1 6-1/4% B note 1 2-1/4% H note 1 3-3/8% N note 1 3-3/4%-P note 1 3-5/8%-Q note 1 6-5/8%-C note 1 4-3/8%-E note 1 3-1/8%-J note 1 3-1/2%-R note 1 3-5/8%-S note 1 3-7/8%-T note 1 6-1/8%-D note 1 3-1/4%-F note 1 2-3/4%-K note 1 4%-U note 1 4%-V note 1 4-1/4%-W note 1 3%-G note 10-3/8% bond 1 4-1/4%-X note 1 4-3/8%-Y note 1 1 1 Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) Issue date (2) Total (3) 04/30/04 05/15/81 05/15/96 05/15/01 05/15/03 06/01/04 06/30/04 07/15/96 08/02/04 08/15/03 08/31/04 09/30/04 10/15/96 11/01/04 11/16/81 11/15/01 11/17/03 11/30/04 12/31/04 Total ............................. 34,335 3,545 16,015 27,798 22,392 31,308 32,588 22,740 31,011 27,909 31,814 31,656 22,460 29,569 4,048 35,380 26,536 30,049 31,952 493,105 8,333 1,074 4,311 4,064 441 7,072 7,997 5,519 8,489 5,531 8,004 7,999 5,160 7,087 975 4,133 3,293 7,375 7,948 104,805 26,001 2,471 11,704 23,734 21,951 24,236 24,591 17,222 22,521 22,378 23,811 23,657 17,299 22,482 3,073 31,247 23,243 22,674 24,004 388,300 19,718 29,027 13,104 25,469 32,007 32,001 31,998 13,958 24,351 27,564 29,119 26,664 25,870 25,637 25,411 24,674 26,671 26,591 26,553 50,620 10,126 26,667 26,667 600,466 2,212 6,091 1,792 1,666 8,400 8,000 9,050 3,365 3,810 4,114 7,466 6,667 6,614 6,096 3,766 3,220 6,667 6,643 7,006 6,609 2,412 6,717 6,667 125,050 17,506 22,936 11,312 23,803 23,607 24,001 22,947 10,593 20,542 23,450 21,653 19,998 19,255 19,541 21,645 21,453 20,005 19,948 19,547 44,010 7,714 19,950 20,000 475,417 02/06/97 01/31/05 02/18/97 02/17/04 02/28/05 03/31/05 05/02/05 05/15/97 05/15/02 05/17/04 05/31/05 06/30/05 08/01/05 08/15/97 08/15/02 08/16/04 08/31/05 09/30/05 10/31/05 11/15/02 11/15/82 11/30/05 01/03/06 Total ............................. See footnote at end of table. June 2006 PUBLIC DEBT OPERATIONS 38 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) Description (1) Issue date (2) 2008 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 29 .......................................................... Mar. 31 .......................................................... May 15........................................................... May 15........................................................... May 15........................................................... Aug. 15, 08-13............................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Sept. 15 ......................................................... Oct. 15........................................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Dec. 15 .......................................................... 3-5/8%-A note 4-3/8%-R note 1 5-1/2%-B note 1 3%-E note 1 3-3/8%-M note 1 4-5/8%-S note 1 4-5/8%-T note 1 5-5/8%-C note 1 2-5/8%-F note 1 3-3/4%-N note 12% bond 1 3-1/4%-G note 1 4-1/8%-P note 1 3-1/8%-H note 1 3-1/8%-J note 1 4-3/4%-D note 1 3-3/8%-K note 1 4-3/8%-Q note 1 3-3/8%-L note 01/15/98 01/31/06 02/17/98 02/18/03 02/15/05 02/28/06 03/31/06 05/15/98 05/15/03 05/16/05 08/15/83 08/15/03 08/15/05 09/15/03 10/15/03 11/16/98 11/17/03 11/15/05 12/15/03 Total............................. 20,630 27,168 13,583 27,489 23,885 26,504 26,846 27,191 33,338 26,708 11,917 21,357 20,291 16,002 15,996 25,083 18,181 21,450 16,000 419,620 2,283 5,163 2,491 3,737 2,533 4,500 4,834 6,465 1,176 4,707 3,041 4,222 2,287 1,221 520 3,548 2,402 3,449 1,322 59,900 18,347 22,005 11,092 23,752 21,353 22,004 22,012 20,726 32,163 22,001 8,876 17,135 18,004 14,781 15,476 21,535 15,779 18,001 14,678 359,720 2009 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Feb. 15............................................................ Mar. 15............................................................ Apr. 15 ............................................................ May 15, 09-14................................................. May 15 ............................................................ May 15 ............................................................ June 15........................................................... July 15 ............................................................ Aug. 15, 09-14 ................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Sept. 15 .......................................................... Oct. 15 ............................................................ Nov. 15, 09-14 ................................................ Nov. 15 ........................................................... Dec. 15 ........................................................... 3-7/8%-A note 3-1/4%-D note 1 3%-E note 1 4-1/2%-R note 1 2-5/8%-F note 1 3-1/8%-G note 13-1/4% bond 1 5-1/2%-B note 1 3-7/8%-H note 1 4%-J note 1 3-5/8%-K note 12-1/2% bond 1 6%-C note 1 3-1/2%-L note 3-3/8%-M note 1 3-3/8%-N note 1 11-3/4% bond 1 3-1/2%-P note 1 3-1/2%-Q note 01/15/99 01/15/04 02/17/04 02/15/06 03/15/04 04/15/04 05/15/84 05/17/99 05/17/04 06/15/04 07/15/04 08/15/84 08/16/99 08/16/04 09/15/04 10/15/04 11/15/84 11/15/04 12/15/04 Total............................. 19,224 16,003 17,434 22,309 16,001 16,003 4,481 14,795 18,060 15,005 15,005 4,388 27,400 17,295 15,005 15,005 5,015 18,752 15,002 292,180 2,640 1,176 1,755 1,307 517 290 1,021 2,625 4,118 375 1,102 906 5,730 2,350 1,195 3,930 249 31,285 16,584 14,827 15,679 21,002 15,485 15,713 3,459 12,170 13,942 14,630 13,903 3,482 21,670 14,944 15,005 15,005 3,820 14,822 14,753 260,895 Date of final maturity See footnote at end of table. June 2006 1 1 1 1 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, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2010 Jan. 15 .............................................................. Jan. 15 .............................................................. Feb. 15.............................................................. Feb. 15.............................................................. Mar. 15.............................................................. Apr. 15 .............................................................. Apr. 15 .............................................................. May 15 ............................................................. June 15............................................................. July 15 .............................................................. Aug. 15 ............................................................. Aug. 15 ............................................................. Sept. 15 ............................................................ Oct. 15 .............................................................. Nov. 15 ............................................................. Dec. 15 ............................................................. 4-1/4%-A note 3-5/8%-E note 1 6-1/2%-B note 1 3-1/2%-F note 1 4%-G note 1 7/8%-D note 1 4%-H note 1 3-7/8%-J note 1 3-5/8%-K note 1 3-7/8%-L note 1 5-3/4%-C note 1 4-1/8%-M note 1 3-7/8%-N note 1 4-1/4%-P note 1 4-1/2%-Q note 1 4-3/8%-R note Issue date (2) 01/18/00 01/18/05 02/15/00 02/15/05 03/15/05 10/29/04 04/15/05 05/16/05 06/15/05 07/15/05 08/15/00 08/15/05 09/15/05 10/17/05 11/15/05 12/15/05 Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) Total ............................. 1 1 13,340 15,005 23,356 16,617 15,005 29,303 15,001 18,749 14,001 13,001 22,438 14,963 13,001 13,001 15,961 13,001 265,742 1,478 575 4,705 2,213 666 893 805 3,859 404 7 3,595 1,974 248 420 2,961 315 25,116 11,862 14,430 18,651 14,404 14,340 28,410 14,196 14,890 13,597 12,994 18,842 12,990 12,753 12,581 13,000 12,686 240,626 2011 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Feb. 28............................................................ Mar. 31............................................................ Aug. 15 ........................................................... 4-1/4%-D note 3-1/2%-A note 1 5%-B note 1 4-1/2%-E note 1 4-3/4%-F note 1 5%-C note 01/17/06 01/16/01 02/15/01 02/28/06 03/31/06 08/15/01 Total ............................. 13,001 12,531 23,436 17,500 17,500 26,635 110,605 619 3,583 3,500 3,500 3,206 14,407 13,001 11,912 19,853 14,000 14,000 23,430 96,197 2012 Jan. 15 .............................................................. Feb. 15.............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-3/8%-A note 4-7/8%-B note 1 3%-C note 1 4-3/8%-D note 1 4%-E note 01/15/02 02/15/02 07/15/02 08/15/02 11/15/02 Total ............................. 6,704 24,780 25,380 19,648 18,113 94,624 101 4,461 2,632 3,297 236 10,726 6,603 20,319 22,748 16,351 17,877 83,899 2013 Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-7/8%-A note 3-5/8%-B note 1 1-7/8%-C note 1 4-1/4%-D note 1 4-1/4%-E note 02/18/03 05/15/03 07/15/03 08/15/03 11/17/03 Total ............................. 19,498 18,254 21,597 33,521 30,637 123,507 1,670 252 316 4,454 2,160 8,852 17,829 18,002 21,281 29,067 28,477 114,656 2014 Jan. 15 .............................................................. Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15. ............................................................ 2%-A note 4%-B note 1 4-3/4%-C note 1 2%-D note 1 4-1/4%-E note 1 4-1/4%-F note 01/15/04 02/17/04 05/17/04 07/15/04 08/16/04 11/15/04 Total ............................. 22,533 28,081 27,303 19,986 24,722 25,473 148,097 714 1,422 2,793 2,185 2,471 9,585 21,820 26,659 24,510 19,986 22,537 23,002 138,512 1 1 1 1 1 1 1 1 See footnote at end of table. June 2006 PUBLIC DEBT OPERATIONS 40 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2015 Jan. 15 ........................................................... Feb. 15............................................................ Feb. 15............................................................ May 15 ............................................................ July 15 ............................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Nov. 15 ........................................................... Nov. 15 ........................................................... 2016 Jan. 15............................................................. Feb. 15 ............................................................ Feb. 15 ............................................................ May 15 ............................................................ Nov. 15 ............................................................ 2017 May 15 ............................................................ Aug. 15 ........................................................... Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 1-5/8%-A note 11-1/4% bond 1 4%-B note 1 4-1/8%-C note 1 1-7/8%-D note 1 10-5/8% bond 1 4-1/4%-E note 1 4-1/2%-F note 1 9-7/8% bond 01/18/05 02/15/85 02/15/05 05/16/05 07/15/05 08/15/85 08/15/05 11/15/05 11/29/85 Total ......................... 19,728 10,520 24,215 24,472 17,327 4,024 22,470 23,221 5,585 151,561 1,846 1,212 2,471 187 1,167 1,472 2,221 1,007 11,581 19,728 8,675 23,003 22,001 17,140 2,857 20,998 21,000 4,578 139,980 1 2% note 9-1/4% bond 1 4-1/2-B note 1 7-1/4% bond 1 7-1/2% bond 01/17/06 02/18/86 02/15/06 05/15/86 11/17/86 Total ......................... 9,000 5,432 21,842 18,824 18,787 73,885 1,037 841 1,798 2,588 6,264 9,000 4,395 21,001 17,025 16,199 67,620 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total ......................... 15,559 10,968 26,528 2,755 2,058 4,813 12,804 8,910 21,715 1 1 1 1 1 2018 May 15 ............................................................ Nov. 15 ........................................................... 1 9-1/8% bond 1 9% bond 05/16/88 11/22/88 Total ......................... 6,717 7,174 13,892 1,240 1,053 2,293 5,478 6,121 11,599 2019 Feb. 15............................................................ Aug. 15 ........................................................... 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total ......................... 13,090 18,941 32,031 2,373 2,841 5,214 10,717 16,100 26,817 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 02/15/90 05/15/90 08/15/90 Total ......................... 9,476 7,582 17,059 34,118 1,486 1,502 2,629 5,617 7,990 6,081 14,430 28,501 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 02/15/91 05/15/91 08/15/91 11/15/91 Total ......................... 10,076 10,067 9,506 30,632 60,281 1,530 1,618 1,658 4,596 9,401 8,546 8,449 7,848 26,036 50,880 08/17/92 11/16/92 Total ......................... 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 2020 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... 2021 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... Nov. 15 ........................................................... 2022 Aug. 15 ........................................................... Nov. 15 ........................................................... See footnote at end of table. June 2006 1 1 1 1 1 1 1 7-1/4% bond 7-5/8% bond PUBLIC DEBT OPERATIONS 41 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, March 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2023 Feb. 15.............................................................. Aug. 15 ............................................................. Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 2025 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. 2026 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2027 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2028 Apr. 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2029 Feb. 15.............................................................. Apr. 15 .............................................................. Aug. 15 ............................................................. 2030 May 15 .............................................................. 2031 Feb. 15.............................................................. 2032 Apr. 15 .............................................................. 2036 Feb. 15.............................................................. 02/16/93 08/16/93 Total ........................... 15,782 22,659 38,441 2,636 2,893 5,528 13,147 19,767 32,913 7-1/2% bond 08/15/94 Total ........................... 9,604 9,604 1,615 1,615 7,989 7,989 2-3/8% bond 7-5/8% bond 1 6-7/8% bond 07/30/04 02/15/95 08/15/95 Total ........................... 29,450 9,509 11,187 50,146 3,324 1,594 1,800 6,717 26,126 7,916 9,388 43,429 2% bond 6% bond 1 6-3/4% bond 1 6-1/2% bond 01/31/06 02/15/96 08/15/96 11/15/96 Total ............................ 11,765 12,838 8,810 10,860 44,273 1,763 1,675 1,614 1,724 6,776 10,002 11,163 7,196 9,136 37,497 6-5/8% bond 6-3/8% bond 1 6-1/8% bond 02/18/97 08/15/97 11/17/97 Total ........................... 2024 Nov. 15 ............................................................. 7-1/8% bond 6-1/4% bond 9,522 9,197 22,021 40,740 1,485 1,640 3,349 6,473 8,037 7,557 18,673 34,267 3-5/8% bond 5-1/2% bond 1 5-1/4% bond 04/15/98 08/17/98 11/16/98 Total ........................... 20,572 11,776 10,947 43,295 3,110 1,772 1,611 6,493 17,462 10,004 9,336 36,802 5-1/4% bond 3-7/8% bond 1 6-1/8% bond 02/16/99 04/15/99 08/16/99 Total ........................... 11,350 23,512 11,179 46,041 1,670 3,427 1,670 6,767 9,680 20,086 9,509 39,274 1 6-1/4% bond 02/15/00 Total ........................... 17,043 17,043 2,224 2,224 14,819 14,819 1 5-3/8% bond 02/15/01 Total ........................... 16,428 16,428 1,423 1,423 15,005 15,005 1 3-3/8% bond 10/15/01 Total ........................... 5,598 5,598 297 297 5,301 5,301 1 4-1/2% bond 2/15/06 Total ........................... 14,841 14,841 841 841 14,000 14,000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” June 2006 PUBLIC DEBT OPERATIONS 42 TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (6) (4) (5) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) Regular weekly: (4 week, 13 week, and 26 week) 2006 - Jan. 05 .................. 2006 - Feb. 02 28 33,689.1 11,756.6 7,833.6 166.4 99.691611 3.965 4.033 2006 - Apr. 06 91 42,995.2 23,520.1 14,259.6 1,758.1 98.971194 4.070 4.169 2006 - July 06 182 35,881.7 21,038.5 12,709.0 1,451.5 97.843806 4.265 4.420 Jan. 12................. 2006 - Feb. 09 28 33,745.7 11,461.6 7,794.3 205.7 99.683444 4.070 4.140 2006 - Apr. 13 91 47,443.6 24,971.5 15,734.5 1,900.0 98.950972 4.150 4.252 4.404 2006 - July 13 182 46,250.0 22,274.8 13,849.9 1,718.1 97.851389 4.250 Jan. 19................. 2006 - Feb. 16 28 30,385.0 10,587.5 7,800.7 199.4 99.692778 3.950 4.017 2006 - Apr. 20 91 52,620.5 27,370.9 17,820.3 1,979.9 98.920639 4.270 4.377 4.472 2006 - July 20 182 45,382.8 23,546.2 15,021.6 1,556.8 97.818528 4.315 Jan. 26................. 2006 - Feb. 23 28 27,328.9 15,147.2 11,845.0 155.0 99.677611 4.145 4.216 2006 - Apr. 27 91 52,821.0 27,890.4 17,848.8 2,029.5 98.915583 4.290 4.397 2006 - July 27 182 46,199.7 23,737.4 14,860.8 1,775.9 97.805889 4.340 4.499 Feb. 02 ................ 2006 - Mar. 02 28 47,984.5 20,888.1 17,803.9 196.2 99.666333 4.290 4.364 2006 - May 04 91 45,382.9 27,946.8 17,548.9 2,202.7 98.894097 4.375 4.485 2006 - Aug. 03 182 39,787.2 23,764.8 15,017.9 1,605.2 97.757861 4.435 4.600 Feb. 09 ................ 2006 - Mar. 09 28 40,533.6 16,631.5 13,752.4 247.7 99.671000 4.230 4.303 2006 - May 11 91 59,186.1 27,768.2 17,453.5 2,301.7 98.894097 4.375 4.485 2006 - Aug. 10 182 44,758.3 23,646.1 14,952.6 1,845.5 97.725000 4.500 4.669 Feb. 16 ................ 2006 - Mar. 16 28 44,038.2 18,774.8 15,761.3 239.1 99.663222 4.330 4.405 2006 - May 18 91 52,198.1 27,244.6 17,377.0 2,273.0 98.877667 4.440 4.553 4.711 2006 - Aug. 17 182 47,196.7 23,449.5 14,955.8 1,782.3 97.704778 4.540 Feb. 23 ................ 2006 - Mar. 23 28 41,958.0 21,505.5 18,735.8 264.3 99.661667 4.350 4.425 2006 - May 25 91 50,695.7 27,496.1 17,426.0 2,224.2 98.875139 4.450 4.563 4.716 2006 - Aug. 24 182 43,793.4 24,962.3 15,803.1 1,963.2 97.702250 4.545 Mar. 02 ................ 2006 - Mar. 30 28 55,285.4 22,188.5 19,710.7 289.5 99.658556 4.390 4.466 2006 - June 01 91 49,628.9 28,195.6 17,994.2 2,009.1 98.859972 4.510 4.625 2006 - Aug. 31 182 47,559.5 26,024.1 16,420.6 1,631.5 97.684556 4.580 4.754 Mar. 09 ................ 2006 - Apr. 06 28 43,393.0 20,178.7 17,677.3 322.9 99.659333 4.380 4.456 2006 - June 08 91 54,080.9 28,030.0 18,516.2 2,190.9 98.862500 4.500 4.615 2006 - Sept. 07 182 47,195.5 25,979.1 17,076.6 1,781.6 97.674444 4.600 4.775 28 42,480.8 20,217.2 17,678.4 321.6 99.658167 4.395 4.471 2006 - June 15 91 59,465.8 27,728.2 18,666.6 2,138.0 98.859972 4.510 4.625 2006 - Sept. 14 182 46,502.3 25,870.2 17,089.9 1,671.1 97.651694 4.645 4.823 28 51,206.0 28,748.7 25,709.8 290.3 99.642222 4.600 4.681 2006 - June 22 91 51,488.4 26,981.1 17,707.7 2,007.3 98.851125 4.545 4.662 2006 - Sept. 21 182 47,840.7 23,275.2 14,999.0 1,721.3 97.669389 4.610 4.786 28 46,415.7 23,008.8 19,699.2 301.0 99.639889 4.630 4.711 2006 - June 29 91 43,656.9 23,324.1 14,477.6 1,898.1 98.863764 4.495 4.610 2006 - Sept. 28 182 35,779.7 20,761.8 12,846.0 1,501.5 97.674444 4.600 4.775 Mar. 16 ................ 2006 - Apr. 13 Mar. 23 ................ 2006 - Apr. 20 Mar. 30 ................ 2006 - Apr. 27 1 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. June 2006 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. However, as of September 21, 2004, the limit was raised to $5 million. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. PUBLIC DEBT OPERATIONS 43 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) 04/06/05 04/13/05 04/13/05 04/14/05 04/26/05 04/27/05 05/10/05 05/11/05 05/12/05 05/25/05 05/31/05 06/02/05 06/06/05 06/08/05 06/09/05 06/29/05 06/29/05 07/13/05 07/14/05 07/26/05 07/27/05 08/08/05 08/10/05 08/11/05 08/24/05 08/30/05 08/31/05 09/06/05 09/07/05 09/08/05 09/28/05 10/05/05 10/12/05 10/13/05 10/25/05 10/26/05 11/07/05 11/08/05 11/09/05 11/10/05 11/23/05 11/29/05 11/30/05 12/07/05 12/07/05 12/08/05 12/29/05 12/29/05 01/11/06 01/12/06 01/24/06 01/25/06 02/07/06 02/08/06 02/09/06 02/22/06 02/23/06 03/01/06 03/07/06 03/09/06 03/14/06 03/27/06 03/29/06 04/07/05 04/14/05 04/15/05 04/15/05 04/29/05 05/02/05 05/16/05 05/16/05 05/16/05 05/31/05 06/01/05 06/03/05 06/07/05 06/15/05 06/15/05 06/30/05 07/01/05 07/15/05 07/15/05 07/29/05 08/01/05 08/15/05 08/15/05 08/15/05 08/31/05 09/01/05 09/02/05 09/08/05 09/15/05 09/15/05 09/30/05 10/06/05 10/17/05 10/17/05 10/28/05 10/31/05 11/09/05 11/15/05 11/15/05 11/15/05 11/30/05 12/01/05 12/02/05 12/08/05 12/15/05 12/15/05 01/03/06 01/03/06 01/17/06 01/17/06 01/31/06 01/31/06 02/15/06 02/15/06 02/15/06 02/28/06 02/28/06 03/03/06 03/08/06 03/15/06 03/14/06 03/31/06 03/31/06 Description of securities 1 (2) 2.660% bill—04/15/05 2.640% bill—04/18/05 4% note—04/15/10-H 1-5/8% TIPS—-01/15/15-A 0-7/8% TIPS—04/15/10-D 3-5/8% note—04/30/07-Q 3-3/4% note—05/15/08-N 3-7/8% note—05/15/10-J 4-1/8% note—05/15/15-C 3-1/2% note—05/31/07-R 2.895% bill—06/15/05 2.935% bill—06/15/05 2.940% bill—06/15/05 3-5/8% note—06/15/10-K 4-1/8% note—05/15/15-C 3-5/8% note—06/30/07-S 3.165% bill—07/15/05 3-7/8% note—07/15/10-L 1-7/8% TIPS—07/15/15-D 2-3/8% TIPS—01/15/25 3-7/8% note—07/31/07-T 4-1/8% note—08/15/08-P 4-1/8% note—08/15/10-M 4-1/4% note—08/15/15-E 4% note—08/31/07-U 3.470% bill—09/15/05 3.470% bill—09/15/05 3.450% bill—09/14/05 3-7/8% note—09/15/10-N 4-1/4% note—08/15/15-E 4% note—09/30/07-V 3.500% bill—10/17/05 4-1/4% note—10/15/10-P 1-7/8% TIPS—07/15/15-D 0-7/8%TIPS—04/15/10-D 4-1/4% note—10/31/07-W 3.850% bill—11/10/05 4-3/8% note—11/15/08-Q 4-1/2% note—11/15/10-Q 4-1/2% note—11/15/15-F 4-1/4% note—11/30/07-X 3.980% bill—12/15/05 3.960% bill—12/15/05 4.080% bill—12/15/05 4-3/8% note—12/15/10-R 4-1/2% note—11/15/15-F 4.100% bill—01/17/06 4-3/8% note—12/31/07-Y 4-1/4% note—01/15/11-D 2% TIPS—01/15/16-A 2% TIPS—01/15/26 4-3/8% note—01/31/08-R 4-1/2% note—02/15/09-R 4-1/2% note—02/15/16-B 4-1/2% bond—02/15/36 4-5/8% note—02/29/08-S 4-1/2% note—02/28/11-E 4.445% bill—03/15/06 4.380% bill—03/14/06 4-1/2% note—02/15/16-B 4.410% bill—03/15/06 4-5/8% note—03/31/08-T 4-3/4% note—03/31/11-F Period to final maturity (years, months, days) 2 (3) 5y 9y 5y 2y 3y 5y 10y 2y 5y 9y 2y 5y 10y 19y 2y 3y 5y 10y 2y 8d 4d 9m 14d 12d 8d 11m 14d 6m 14d 13d 6d 5y 9y 2y 11m 5y 9y 4y 2y 9m 6m 11d 1d 3y 5y 10y 2y 5y 9y 14d 13d 7d 11m 2y 5Y 10y 20y 2y 3y 10y 30y 2y 5y 9y 2y 5Y 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and bonds are 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. 11m 14d 12d 6d 1d Amount tendered (4) Amount accepted 3, 4 (5) 43,337 23,130 27,853 17,699 16,910 50,381 57,124 40,821 35,109 58,948 26,005 32,955 33,055 36,382 20,013 51,251 46,260 30,815 15,149 10,233 53,458 43,832 39,874 35,166 52,196 40,910 50,180 29,075 33,968 21,445 58,147 34,870 35,749 16,875 11,575 50,825 20,513 46,964 36,945 31,297 49,832 45,658 58,340 33,535 30,891 17,519 25,200 54,987 27,260 16,609 16,568 51,525 43,942 30,985 29,562 53,765 34,002 64,333 30,051 22,947 18,006 51,536 35,055 15,001 7,000 15,000 9,000 9,000 31,995 26,707 18,748 16,471 29,116 10,000 16,000 12,000 14,000 8,000 26,667 18,000 13,000 9,000 6,000 25,864 20,287 14,963 14,472 26,667 18,000 20,000 8,000 13,000 8,000 26,585 13,000 13,000 8,000 7,000 26,551 4,000 21,449 15,961 15,221 26,667 20,000 18,000 11,000 13,000 8,000 12,000 26,667 13,000 9,000 11,765 27,163 22,307 13,841 14,841 26,500 17,500 25,000 7,000 8,000 4,000 26,834 17,500 Accepted yield and equivalent price for notes and bonds (6) 4.046 - 99.793649 1.750 - 99.020489 1.200 - 99.624026 3.650 - 99.951975 3.821 - 99.800526 3.890 - 99.932269 4.220 - 99.231425 3.615 - 99.780029 3.705 - 99.637908 3.990 - 101.091049 3.650 - 99.952201 3.970 - 99.572992 1.939 - 99.420765 2.090 - 107.821718 3.975 - 99.809598 4.204 - 99.779503 4.223 - 99.562410 4.350 - 99.196069 4.014 - 99.973350 3.902 - 99.878424 4.134 - 100.929850 4.095 - 99.819341 4.270 - 99.910409 1.979 - 99.796392 1.740 - 99.769334 4.365 - 99.782022 4.458 - 99.769326 4.525 - 99.889244 4.578 - 99.379727 4.349 - 99.812313 4.435 - 99.733563 4.490 - 100.072479 4.404 - 99.944505 4.370 - 99.466250 2.025 - 99.722833 2.039 - 98.949064 4.427 - 99.901510 4.595 - 99.736583 4.540 - 99.681335 4.530 - 99.510492 4.689 - 99.879165 4.622 - 99.460872 4.760 - 97.955698 4.730 - 99.801852 4.785 - 99.845985 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. June 2006 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. As of September 1, 2004, investors are no longer able to reinvest H and HH bonds or exchange E and EE bonds for HH bonds. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and in the Annual Report of the Secretary of the Treasury for fiscal year 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through March 31, 2006 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Sales 1 (1) Accrued discount (2) Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 Series E, EE, H, and HH................................. 404,953 252,161 657,114 486,014 157,176 13,928 Series I ............................................................ 34,061 4,369 38,430 3,692 34,736 - Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 Series J and K................................................. 3,556 198 3,754 3,753 - - Savings notes ................................................. 862 679 1,541 1,465 - 74 Total ............................................................ 475,777 259,586 735,363 529,443 191,911 14,006 Series Sales plus accrued discount (3) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) Redemptions 1 (4) Savings bonds: 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E and EE bonds for series H and HH bonds. June 2006 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] Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Redemptions Period Fiscal years: 1935-02 .............................. 2003 ................................... 2004 2 ................................. 2005 2 ................................. Sales (1) Accrued discount (2) Sales plus accrued discount (3) 439,288 13,187 10,334 6,501 235,077 7,274 6,924 6,728 674,365 20,461 17,258 13,229 481,113 12,212 14,618 13,783 338,363 5,573 6,276 6,614 142,749 6,639 8,342 7,170 185,495 192,563 194,062 189,912 7,757 8,938 10,078 13,673 Calendar years: 1935-02 .............................. 2003 ................................... 2004 2 ................................. 2005 2 ................................. 441,981 13,924 8,711 7,955 236,934 7,169 6,806 6,843 678,914 21,092 15,517 14,797 484,042 12,164 14,922 14,089 339,746 5,456 6,520 6,883 144,295 6,708 8,402 7,206 184,698 192,160 191,674 191,167 10,174 11,641 12,721 13,936 2005 - Mar.......................... Apr.......................... May......................... June........................ July ......................... Aug ......................... Sept ........................ Oct.......................... Nov ......................... Dec ......................... 2006 - Jan .......................... Feb ......................... Mar ......................... 444 463 719 559 463 461 378 594 1,364 1,303 1,517 874 816 512 631 503 541 619 568 541 659 525 564 648 599 589 956 1,094 1,223 1,099 1,082 1,029 919 1,253 1,889 1,867 2,165 1,473 1,405 1,179 1,136 1,122 1,190 1,154 1,365 1,082 1,008 1,200 1,284 1,722 1,176 1,330 563 540 540 601 573 688 505 488 675 685 796 522 626 616 596 583 589 582 677 578 520 525 599 926 654 704 192,153 190,965 190,959 190,869 190,536 190,141 189,912 190,035 190,636 191,167 191,604 191,866 191,911 12,035 13,182 13,289 13,289 13,548 13,608 13,673 13,795 13,884 13,936 13,942 13,976 14,006 Total (4) 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Sales price 1 (5) Accrued discount 1 (6) 2 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Redemptions Exchange of E and EE bonds for H and HH bonds 1 (7) Interestbearing debt (8) Amount outstanding Matured non-interestbearing debt (9) Sales (1) Accrued discount (2) Sales plus accrued discount (3) Fiscal years: 1941-02 ............. 2003 .................. 2004 2 ................ 2005 2 ................ 380,453 3,740 3,037 2,554 231,285 6,683 5,890 5,553 611,738 10,422 8,927 8,107 418,094 9,415 10,403 11,414 297,226 4,152 4,614 4,474 146,885 6,600 8,274 7,062 26,017 1,336 2,485 122 160,038 158,536 153,433 146,482 7,588 8,761 9,903 13,426 Calendar years: 1941-02 ............. 2003 .................. 2004 2 ................ 2005 2 ................ 381,988 3,366 2,951 2,430 233,007 6,459 5,788 5,523 614,995 9,825 8,740 7,953 418,864 9,513 10,704 11,757 305,656 4,052 4,710 4,678 141,309 6,666 8,326 7,085 28,101 1,204 2,332 6 158,083 155,722 150,352 145,349 9,948 11,417 12,490 13,682 2005 - Mar ........ Apr......... May........ June....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2006 - Jan ......... Feb ........ Mar ........ 197 264 225 159 156 162 149 202 184 294 202 94 132 414 531 398 431 509 455 424 537 398 431 508 452 425 611 794 623 590 665 617 573 739 582 726 710 546 557 979 942 926 982 964 1,141 887 828 1,012 1,083 1,483 964 1,094 373 355 354 404 392 476 320 319 497 495 571 322 403 607 587 572 578 571 665 566 509 515 588 912 642 691 1 - 150,059 148,799 148,390 147,997 147,447 146,861 146,482 146,273 145,757 145,349 144,579 144,123 143,554 11,827 12,940 13,046 13,046 13,298 13,360 13,426 13,545 13,632 13,682 13,680 13,717 13,749 Period Total Sales price (4) (5) Series E and EE Accrued discount (6) See footnotes at end of table. June 2006 U.S. SAVINGS BONDS AND NOTES 46 TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Redemptions Total (4) Series I Sales price (5) Accrued discount (6) Exchange of E and EE bonds for H and HH bonds 1 (7) Amount outstanding Interestbearing debt (8) Matured non-interestbearing debt (9) - Fiscal years: 1998-02 ........... 11,937 735 12,672 576 553 23 - 12,096 2003 ................ 8,120 591 8,711 545 517 28 - 20,262 - 2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 2005 2 .............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - Calendar years: 1998-02 ........... 12,957 869 13,826 706 677 29 - 13,120 - 2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 2005 2 .............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 2005 - Mar ...... 246 98 344 94 87 8 - 27,241 - Apr....... 199 100 300 102 93 9 - 27,438 - May...... 494 105 600 104 94 9 - 27,934 - June..... 400 110 509 112 102 10 - 28,331 - July ...... 306 110 416 102 93 10 - 28,646 - Aug ...... 299 113 412 120 108 12 - 28,938 - Sept ..... 230 117 346 101 91 10 - 29,183 - Oct....... 391 122 514 97 86 10 - 29,600 - Nov ...... 1,180 127 1,307 103 93 10 - 30,804 - Dec ...... 1,009 133 1,142 109 98 11 - 31,837 - 2006 - Jan ....... 1,315 140 1,455 124 111 13 - 33,167 - Feb ...... 780 147 927 98 86 11 - 33,997 - Mar ...... 684 164 848 109 97 12 - 34,736 - 1 Exchange of E and EE bonds for H and HH bonds are not included in sales and redemption figures. June 2006 2 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 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 ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) June 2006 OWNERSHIP OF FEDERAL SECURITIES 48 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] Total Federal securities outstanding (1) Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 5,834,474 6,255,406 6,809,272 7,403,236 7,956,346 5,807,463 6,228,236 6,783,320 7,379,053 7,932,710 2,468,757 2,675,647 2,859,291 3,075,703 3,331,333 460 311 311 142 1 2,468,297 2,675,336 2,858,980 3,075,561 3,331,332 559,636 628,414 654,593 698,207 733,439 2005 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... 7,801,016 7,788,426 7,801,852 7,860,234 7,911,290 7,950,504 7,956,346 8,050,629 8,115,965 8,194,251 8,219,745 8,293,333 8,394,740 7,776,939 7,764,537 7,777,880 7,836,496 7,887,618 7,926,933 7,932,710 8,027,123 8,092,322 8,170,413 8,196,070 8,269,886 8,371,156 3,204,543 3,213,845 3,235,855 3,308,866 3,306,665 3,310,040 3,331,333 3,376,354 3,382,666 3,455,808 3,471,422 3,499,204 3,498,354 1 1 1 1 1 1 1 1 1 1 1 1 1 3,204,542 3,213,844 3,235,854 3,308,865 3,306,664 3,310,039 3,331,332 3,376,353 3,382,665 3,455,807 3,471,421 3,499,203 3,498,353 714,999 708,904 721,852 721,922 716,058 727,592 733,439 737,557 740,849 732,861 745,610 751,565 755,193 End of fiscal year or month Public debt securities Held by U.S. Government accounts Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Held by private investors (11) Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) 2001 .................................................................... 2002 .................................................................... 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 2,779,070 2,924,175 3,269,347 3,605,143 3,867,938 2,370,630 2,507,997 2,805,814 3,147,752 3,351,440 408,441 416,178 463,443 457,391 516,498 27,011 27,170 25,952 24,183 23,637 27,011 27,170 25,952 24,183 23,637 2005 - Mar........................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2006 - Jan ........................................................... Feb .......................................................... Mar .......................................................... 3,857,397 3,841,788 3,820,173 3,805,708 3,864,895 3,889,301 3,867,938 3,913,212 3,968,807 3,981,745 3,979,038 4,019,117 4,117,609 3,388,837 3,361,781 3,328,310 3,309,173 3,361,845 3,378,858 3,351,440 3,393,738 3,444,413 3,451,097 3,449,221 3,526,004 3,585,206 468,560 480,007 491,862 496,535 503,049 510,443 516,498 519,475 524,393 530,647 529,818 493,112 532,404 24,077 23,888 23,972 23,738 23,672 23,570 23,637 23,505 23,643 23,837 23,674 23,448 23,584 24,077 23,888 23,972 23,738 23,672 23,570 23,637 23,505 23,643 23,837 23,674 23,448 23,584 June 2006 OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 1995 - Mar......... June ....... Sept........ Dec......... 1996 - Mar......... June ....... Sept........ Dec......... 1997 - Mar......... June ....... Sept........ Dec......... 1998 - Mar......... June ....... Sept........ Dec......... 1999 - Mar......... June ....... Sept........ Dec......... 2000 - Mar......... June ....... Sept........ Dec......... 2001 - Mar......... June ....... Sept........ Dec......... 2002 - Mar......... June ....... Sept........ Dec......... 2003 - Mar......... June ....... Sept........ Dec......... 2004 - Mar......... June ....... Sept........ Dec......... 2005 - Mar......... June ....... Sept........ Dec......... 2006 - Mar......... 4,864.1 4,951.4 4,974.0 4,988.7 5,117.8 5,161.1 5,224.8 5,323.2 5,380.9 5,376.2 5,413.1 5,502.4 5,542.4 5,547.9 5,526.2 5,614.2 5,651.6 5,638.8 5,656.3 5,776.1 5,773.4 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 7,932.7 8,170.4 8,371.2 1,619.3 1,690.1 1,688.0 1,681.0 1,731.1 1,806.7 1,831.6 1,892.0 1,928.7 1,998.9 2,011.5 2,087.8 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,929.0 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 1 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 3,244.8 3,261.3 3,286.0 3,307.7 3,386.7 3,354.4 3,393.2 3,431.2 3,452.2 3,377.3 3,401.6 3,414.6 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.9 3,164.7 3,268.0 3,377.9 3,502.8 3,531.5 3,607.0 3,667.1 3,855.4 3,803.0 3,864.9 3,970.6 4,114.0 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.6 210.4 222.8 153.1 145.4 146.9 154.0 162.7 159.9 139.9 127.5 142.1 127.2 125.0 117.2 n.a. 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.5 204.6 204.2 204.4 204.2 204.2 203.6 205.1 206.0 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions, and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 2 Private 6 (6) 141.8 142.7 142.1 142.9 144.5 144.8 141.5 140.2 141.7 142.2 143.2 144.4 136.9 129.9 121.5 113.6 110.8 114.1 117.2 118.9 114.7 115.3 115.2 113.7 115.6 116.3 119.7 121.1 123.7 125.6 131.2 135.0 139.0 138.2 139.9 141.2 143.3 146.4 150.8 151.5 153.8 157.6 161.3 162.0 n.a. State and Insurance compalocal nies 3 governments (7) (8) 225.0 217.2 211.3 208.2 213.5 221.1 213.4 212.8 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.1 147.9 142.5 133.6 130.5 130.4 127.1 130.1 122.6 119.8 n.a. 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 153.3 154.6 158.2 160.6 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 222.2 204.5 205.7 221.8 221.8 218.7 232.5 259.4 266.0 253.8 256.6 280.9 296.5 302.8 287.8 281.5 281.6 259.4 255.7 254.9 262.3 249.1 248.1 254.1 n.a. 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.6 298.8 299.6 305.1 307.1 310.1 308.7 310.9 317.9 325.7 321.9 329.3 328.7 334.4 339.3 355.6 350.7 348.7 357.9 363.9 373.7 379.7 379.4 386.4 407.5 429.3 446.5 455.0 n.a. Foreign Other and international 8 investors 9 (11) (12) 707.0 762.5 820.4 835.2 908.1 929.7 993.4 1,102.1 1,157.6 1,182.7 1,230.5 1,241.6 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 1,051.2 1,067.1 1,135.4 1,200.8 1,246.8 1,286.3 1,382.8 1,454.2 1,533.0 1,677.1 1,739.6 1,798.7 1,853.4 1,956.9 1,879.6 1,933.4 2,041.1 2,089.2 831.4 855.2 836.8 864.6 848.7 810.3 829.9 794.0 786.2 707.8 681.7 674.5 701.2 623.4 674.3 629.2 619.0 525.1 492.6 555.3 691.9 557.2 544.8 524.3 548.4 396.8 450.9 426.1 407.0 327.4 306.5 283.9 345.8 347.6 387.2 416.0 376.4 364.1 400.4 408.9 448.3 351.5 466.1 455.8 n.a. 7 Includes money market mutual funds, mutual funds, and closed-end investment companies. Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 benchmark to September 2001, the March 2000 benchmark to September 2002, the June 2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 June 2006 50 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 30 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These Constant Maturity Treasury rates (CMTs) are interpolated from the Treasury yield curve and published daily at Treasury’s Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as quoted in the secondary bond market as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant maturity yield. On February 18, 2002, Treasury discontinued the 30-year constant maturity yield and replaced it in the MY-1 with a 20-year maturity yield. Historical data for the 20-year maturity is available from the Board of Governors’ Statistical Release H.15. On February 9, 2006, Treasury reintroduced the 30-year yield and is now publishing both the 20- and 30-year constant maturity rates. Prior to January 2003, this section also included data on long-term Treasury, corporate and municipal yields (Table MY-2 and Chart MY-B). Effective January 2003, Table MY-2 and Chart MY-B were 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) 30-yr. (11) Monthly average: 2005 - Apr....................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... Oct ...................................... Nov ..................................... Dec ..................................... 2006 - Jan....................................... Feb...................................... Mar...................................... 2.64 2.65 2.83 3.10 3.34 3.23 3.51 3.91 3.69 4.12 4.38 4.55 2.84 2.90 3.04 3.29 3.52 3.49 3.79 3.97 3.97 4.34 4.54 4.63 3.14 3.17 3.22 3.53 3.78 3.79 4.13 4.30 4.33 4.47 4.69 4.79 3.32 3.33 3.36 3.64 3.87 3.85 4.18 4.33 4.35 4.45 4.68 4.77 3.65 3.64 3.64 3.87 4.04 3.95 4.27 4.42 4.40 4.40 4.67 4.73 3.79 3.72 3.69 3.91 4.08 3.96 4.29 4.43 4.39 4.35 4.64 4.74 4.00 3.85 3.77 3.98 4.12 4.01 4.33 4.45 4.39 4.35 4.57 4.72 4.16 3.94 3.86 4.06 4.18 4.08 4.38 4.48 4.41 4.37 4.56 4.71 4.34 4.14 4.00 4.18 4.26 4.20 4.46 4.54 4.47 4.42 4.57 4.72 4.75 4.56 4.35 4.48 4.53 4.51 4.74 4.83 4.73 4.65 4.73 4.91 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4.73 End of month: 2005 - Apr....................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... Oct ...................................... Nov ..................................... Dec ..................................... 2006 - Jan....................................... Feb...................................... Mar...................................... 2.70 2.80 2.99 3.25 3.41 3.15 3.77 4.00 4.01 4.37 4.47 4.65 2.90 2.99 3.13 3.42 3.52 3.55 3.98 3.95 4.08 4.47 4.62 4.63 3.17 3.18 3.34 3.69 3.74 3.93 4.26 4.31 4.37 4.59 4.74 4.81 3.33 3.32 3.45 3.80 3.77 4.01 4.31 4.34 4.38 4.58 4.73 4.82 3.66 3.60 3.66 4.02 3.84 4.18 4.40 4.42 4.41 4.54 4.69 4.82 3.73 3.65 3.67 4.06 3.83 4.18 4.41 4.41 4.37 4.49 4.67 4.83 3.90 3.76 3.72 4.12 3.87 4.18 4.45 4.42 4.35 4.47 4.61 4.82 4.03 3.86 3.80 4.19 3.93 4.23 4.49 4.45 4.36 4.49 4.57 4.83 4.21 4.00 3.94 4.28 4.02 4.34 4.57 4.49 4.39 4.53 4.55 4.86 4.61 4.40 4.28 4.56 4.30 4.62 4.84 4.81 4.61 4.74 4.70 5.07 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4.51 4.90 Period * Rates are from the Treasury yields curve. June 2006 51 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2006 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) Currency no longer issued (5) U.S. notes (4) $950,360,178,771 $912,983,012,408 $912,481,249,931 $253,957,266 $247,805,211 The Treasury....................................... 235,111,881 26,349,337 26,161,495 7,505 180,337 FRBs ................................................... 161,386,459,561 160,575,223,168 160,575,214,313 - 8,855 Amounts in circulation............................. $788,738,607,329 $752,381,439,903 $751,879,874,123 $253,949,761 $247,616,019 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $37,377,166,363 $3,505,529,008 $33,871,637,355 The Treasury....................................... 208,762,544 136,686,544 72,076,000 FRBs ................................................... 811,236,393 117,651,513 693,584,880 Amounts in circulation............................. $36,357,167,426 $3,251,190,951 $33,105,976,475 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. June 2006 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 52 TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2006 [Source: Financial Management Service] Currency in circulation by denomination $1 ...................................................................... Total (1) Federal Reserve notes 1 (2) $8,506,907,839 $8,362,718,518 U.S. notes (3) Currency no longer issued (4) $143,503 $144,045,818 $2 ...................................................................... 1,479,683,944 1,347,455,250 132,216,118 12,576 $5 ...................................................................... 9,851,833,790 9,714,580,615 109,161,710 28,091,465 $10 .................................................................... 14,953,016,270 14,931,681,950 6,300 21,328,020 $20 .................................................................... 109,078,010,760 109,057,903,440 3,840 20,103,480 $50 .................................................................... 60,165,475,500 60,153,976,550 500 11,498,450 $100 .................................................................. 548,033,088,700 547,998,692,800 12,407,200 21,988,700 $500 .................................................................. 142,450,500 142,257,000 5,500 188,000 $1,000 ............................................................... 165,747,000 165,538,000 5,000 204,000 $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 ............................................... $752,381,439,903 $751,879,874,123 $253,949,761 $247,616,019 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) Mar. 31, 2006 ....................................................................................... 2,647 782,349 2,625 Sept. 30, 2005...................................................................................... 766,487 2,578 Sept. 30, 2000...................................................................................... 568,614 2,061 Sept. 30, 1995...................................................................................... 409,272 1,553 Sept. 30, 1990...................................................................................... 278,903 1,105 Sept. 30, 1985...................................................................................... 187,337 782 Sept. 30, 1980...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30,1970 ....................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 June 30, 1960 ...................................................................................... 32,064 177 June 30, 1955 ...................................................................................... 3 789,307 Jan. 31, 2006 ....................................................................................... 2 $2,643 Feb. 28, 2006 ....................................................................................... 1 788,739 30,229 183 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. June 2006 4 5 Represents value of certain fractional denominations not presented for redemption. Based on Bureau of the Census estimates of population. International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 55 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 2005 - Apr .......................................................................... 79,525 11,041 11,610 41,452 15,422 May ........................................................................ 77,743 11,041 11,385 39,910 15,406 June ....................................................................... 76,594 11,041 11,243 39,036 15,274 July......................................................................... 74,620 11,041 11,206 38,935 13,438 Aug......................................................................... 72,243 11,041 8,304 39,563 13,336 Sept........................................................................ 71,273 11,041 8,245 38,742 13,245 Oct.......................................................................... 70,218 11,041 8,224 38,234 12,720 Nov......................................................................... 68,773 11,041 8,180 37,455 12,097 Dec......................................................................... 65,127 11,043 8,210 37,838 8,036 2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 Apr......................................................................... 66,848 11,043 8,518 40,068 7,219 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. Note.—Detail may not add to total due to rounding. June 2006 INTERNATIONAL FINANCIAL STATISTICS 56 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 End of calendar year or month Total (1) Total (2) Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Other Treasury readily bonds marketable and notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) 2000 - Mar. 8 ........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 2005 - June .......... 5,079,055 1,818,978 493,672 1,027,460 911 296,935 1,788,602 1,439,182 768,220 670,962 32,293 Series Break........... 5,088,550 1,967,960 493,672 1,071,897 911 401,480 1,788,602 1,294,031 768,220 525,811 37,957 2005 - July ............. 5,132,679 1,974,832 490,256 1,075,513 917 408,146 1,780,575 1,339,925 789,420 550,505 37,347 Aug ............. 5,211,733 1,978,846 490,965 1,078,301 923 408,657 1,835,700 1,359,077 784,015 575,062 38,110 Sept ............ 5,259,621 1,974,754 484,953 1,076,177 929 412,695 1,851,330 1,393,987 793,968 600,019 39,549 Oct .............. 5,276,360 1,990,584 488,794 1,081,058 936 419,797 1,826,054 1,418,901 794,348 624,553 40,820 Nov ............. 5,414,264 2,008,010 500,663 1,084,584 942 421,822 1,910,559 1,456,340 780,853 675,487 39,354 8 Dec ............. 5,385,117 2,014,812 496,525 1,090,193 948 427,146 1,884,985 1,445,793 758,249 687,544 39,527 2006 - Jan .............. 5,472,272 2,044,833 508,181 1,098,274 954 437,424 1,919,227 1,468,364 784,416 683,948 39,847 Feb. p ......... 5,583,668 2,053,846 500,500 1,109,388 960 442,998 1,968,263 1,519,376 824,386 694,990 42,182 Mar. p ......... 5,601,365 2,062,367 508,950 1,103,113 967 449,337 1,987,452 1,509,054 804,391 704,663 42,492 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 2 3 June 2006 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, and end-June 2005, respectively, and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 57 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) 2001 .............................................................................. 3,411 3,411 2002 .............................................................................. 2,769 2003 .............................................................................. Mexico 2 (4) Venezuela 3 (5) 977 1,801 633 2,769 715 1,368 686 2,613 2,613 768 1,102 743 2004 .............................................................................. 1,630 1,630 825 - 805 2005 - Mar..................................................................... 1,661 1,661 840 - 821 Apr..................................................................... 1,671 1,671 845 - 826 May.................................................................... 1,682 1,682 850 - 832 June................................................................... 911 911 74 - 837 July .................................................................... 917 917 74 - 843 Aug .................................................................... 923 923 75 - 849 Sept ................................................................... 929 929 75 - 854 Oct..................................................................... 936 936 76 - 860 Nov .................................................................... 942 942 76 - 866 Dec .................................................................... 948 948 77 - 871 2006 - Jan ..................................................................... 954 954 77 - 877 Feb .................................................................... 960 960 77 - 883 Mar .................................................................... 967 967 78 - 889 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $264 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $3,821 million. Note: This issue was paid off in full and retired on January 29, 2004. Argentina 1 (3) 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. June 2006 58 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 statistics” below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. Reporting forms and instructions also may be downloaded from the TIC website. Basic definitions The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United June 2006 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 commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. 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. 59 • 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 June 2006 60 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 visà-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. June 2006 However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 61 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Calendar Year 2004 r 2005 Sept. r Oct. r 2006 Nov. r Dec. Jan. Feb. Mar. p Total liabilities to all foreigners............................... 3,017,873 3,150,659 3,130,443 3,211,785 3,159,348 3,231,311 3,315,233 3,323,513 Payable in dollars............................................... 2,911,516 3,026,466 3,006,250 3,087,592 3,059,461 3,131,424 3,215,346 3,223,626 Foreign official institutions 1 ........................... 515,586 484,953 488,794 500,663 496,525 508,181 500,500 508,950 Deposits, excluding negotiable CDs .......... 26,613 39,689 41,245 45,098 45,381 47,009 44,999 44,598 U.S. Treasury bills and certificates ............ 245,199 195,369 199,801 214,852 201,863 210,460 216,047 215,489 Other liabilities............................................ 243,774 249,895 247,748 240,713 249,281 250,712 239,454 248,863 Foreign banks (including own foreign offices) and other foreigners ........................ 2,380,276 2,523,408 2,498,512 2,569,522 2,545,305 2,605,714 2,694,720 2,693,914 Deposits, excluding negotiable CDs .......... 922,361 1,002,146 942,371 1,003,407 991,468 1,005,280 1,032,084 1,046,998 U.S. Treasury bills and certificates ............ 71,705 56,514 58,389 60,466 56,627 57,301 58,363 60,942 Other liabilities............................................ 1,386,210 1,464,748 1,497,752 1,505,649 1,497,210 1,543,133 1,604,273 1,585,974 International and regional organizations 2 ..... 15,654 18,105 18,944 17,407 17,631 17,529 20,126 20,762 Deposits, excluding negotiable CDs .......... 6,098 5,623 5,897 3,737 4,865 4,913 6,375 9,209 U.S. Treasury bills and certificates ............ 1,879 2,308 1,162 1,329 1,085 1,503 1,398 1,399 Other liabilities............................................ 7,677 10,174 11,885 12,341 11,681 11,113 12,353 10,154 Payable in foreign currencies 3 .......................... 106,357 124,193 124,193 124,193 99,887 99,887 99,887 99,887 Banks and other foreigners........................ 103,158 121,890 121,890 121,890 97,929 97,929 97,929 97,929 International and regional organizations 2 ...... 3,199 2,303 2,303 2,303 1,958 1,958 1,958 1,958 Sector: Major currencies: Canadian dollars ........................................ 6,627 9,068 9,068 9,068 9,235 9,235 9,235 9,235 Euro............................................................ 51,014 59,910 59,910 59,910 50,682 50,682 50,682 50,682 United Kingdom pounds sterling................ 7,268 9,859 9,859 9,859 8,399 8,399 8,399 8,399 Japanese yen............................................. 23,623 20,649 20,649 20,649 9,595 9,595 9,595 9,595 Memoranda: Respondents’ own liabilities payable in dollars........................................................... 2,250,566 2,224,690 2,304,179 2,280,089 2,341,022 2,436,914 2,439,911 1,349,777 1,507,750 1,455,981 1,535,303 1,552,945 1,577,104 1,632,541 1,664,727 Liabilities collaterized by repurchase agreements ............................................. 665,127 719,088 729,065 726,434 700,845 752,250 797,242 762,174 Foreign official institutions 1 ................... 109,506 120,107 122,053 120,091 111,485 120,117 117,619 134,556 Foreign banks and other foreigners....... 553,550 596,680 604,377 603,159 585,703 628,740 676,587 624,951 International and regional organizations 2..... 2,071 2,301 2,635 3,184 3,657 3,393 3,036 2,667 Reported by IBFs ....................................... 369,576 453,232 400,656 457,427 447,584 432,137 450,173 452,936 Respondents’ own liabilities payable in foreign currencies 3 ...................................... 98,349 109,263 109,263 109,263 85,763 85,763 85,763 85,763 Reported by IBFs ....................................... 36,689 38,554 38,554 38,554 33,223 33,223 33,223 33,223 Liabilities held in custody for domestic customers..................................................... 836,543 790,830 796,490 798,343 793,496 804,526 792,556 797,839 Payable in dollars....................................... 828,535 775,900 781,560 783,413 779,372 790,402 778,432 783,715 Payable in foreign currencies 3 .................. 1 2,082,981 Liabilities to own foreign offices..................... 8,008 14,930 14,930 14,930 14,124 14,124 14,124 14,124 Includes Bank for International Settlements. Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. 2 3 Data may be as of preceding quarter-end for most recent month shown in table. June 2006 CAPITAL MOVEMENTS 62 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ............................................... Belgium 1 ........................................... Bulgaria ............................................. Czech Republic ................................. Denmark............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary............................................. Ireland ............................................... Italy.................................................... Luxembourg 1 .................................... Netherlands....................................... Norway .............................................. Poland ............................................... Portugal............................................. Romania............................................ Russia 2 ............................................. Serbia and Montenegro (formerly Yugoslavia) 3 ................................. Spain ................................................. Sweden ............................................. Switzerland........................................ Turkey ............................................... United Kingdom................................. Channel Islands and Isle of Man 4 .... Other Europe..................................... Total Europe.................................. Canada.................................................. Latin America: Argentina........................................... Brazil ................................................. Chile .................................................. Colombia ........................................... Ecuador............................................. Guatemala......................................... Mexico ............................................... Panama............................................. Peru................................................... Uruguay............................................. Venezuela ......................................... Other Latin America 5 ........................ Total Latin America ....................... Caribbean: Bahamas ........................................... Bermuda............................................ Cayman Islands 6 .............................. Cuba.................................................. Jamaica............................................. Netherlands Antilles .......................... Trinidad and Tobago......................... Other Caribbean 5 ............................. Total Caribbean............................. See footnotes at end of table. June 2006 2002 Calendar year 2003 2005 2004 Nov. r Dec. Jan. 2006 Feb. Mar. p 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 4,841 9,642 224 2,359 3,744 1,821 41,727 53,617 1,266 345 30,888 6,643 37,005 17,150 22,471 3,724 1,011 575 41,694 4,355 13,649 221 1,661 3,151 1,116 83,951 76,040 1,179 770 64,199 7,683 52,548 20,272 32,907 5,680 1,676 1,636 70,203 4,249 19,620 116 1,476 2,420 1,484 95,735 79,264 1,320 585 62,578 11,325 66,534 24,348 20,345 5,590 3,059 327 90,735 3,606 17,126 139 1,446 1,544 3,767 75,890 68,812 1,246 527 68,592 8,168 56,650 16,564 25,987 6,330 2,884 565 101,355 4,278 19,470 97 1,395 2,238 6,122 94,835 69,589 1,521 763 65,957 8,920 58,847 19,538 25,240 6,557 3,331 510 99,043 4,269 18,841 128 1,341 2,365 1,108 101,563 70,228 1,517 708 69,228 7,880 58,072 21,572 24,393 6,419 2,914 478 94,240 5,463 19,239 153 1,384 2,080 1,758 89,835 73,385 1,320 647 68,501 7,015 57,221 22,698 39,231 7,221 3,971 475 91,153 301 14,499 4,697 133,546 12,132 203,237 47,820 25,108 686,658 32,221 162 10,329 7,377 111,678 13,749 345,235 20,814 17,478 807,569 37,780 110 9,078 6,144 100,660 5,189 501,721 21,327 26,369 1,113,495 36,499 112 11,663 4,807 153,007 10,230 596,452 29,639 23,995 1,321,015 40,914 119 10,014 4,796 141,868 9,922 579,920 29,732 22,924 1,260,493 36,976 104 11,009 3,924 104,263 10,099 635,698 29,155 23,182 1,305,685 40,887 103 11,565 4,160 118,763 12,685 667,625 30,568 24,283 1,357,016 42,774 97 11,663 5,837 140,945 10,552 647,957 28,595 29,764 1,368,160 35,999 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 9,880 17,839 4,504 4,277 2,611 1,557 36,952 4,125 1,406 3,688 21,546 6,014 114,399 10,932 16,912 7,368 6,353 2,707 1,544 51,954 4,641 1,975 4,189 24,861 6,422 139,858 10,095 18,985 7,631 6,752 3,055 1,642 50,682 5,033 2,628 5,025 28,679 8,508 148,715 9,701 12,966 8,980 6,473 3,390 1,660 44,790 5,332 3,074 4,766 27,569 8,578 137,279 9,706 15,002 10,230 7,241 3,113 2,010 44,518 5,211 3,015 5,691 27,965 8,844 142,546 9,642 17,311 9,664 9,830 3,236 1,859 46,062 5,236 2,561 5,749 25,710 9,623 146,483 9,948 20,328 12,365 10,581 3,377 1,795 44,399 5,895 2,809 5,492 23,377 9,694 150,060 164,133 25,281 639,443 91 840 5,011 1,420 11,757 847,976 157,689 39,229 745,754 96 720 8,739 1,259 27,662 981,148 188,604 93,040 894,069 110 922 5,867 1,630 40,297 1,224,539 206,085 54,311 915,885 118 819 4,803 2,449 32,564 1,217,034 215,156 52,375 921,542 120 971 6,398 2,836 32,632 1,232,030 219,384 56,986 940,384 120 749 6,106 2,967 32,709 1,259,405 233,532 57,027 961,952 121 1,255 6,100 2,855 33,323 1,296,165 228,277 55,653 977,413 122 959 6,811 3,354 33,738 1,306,327 CAPITAL MOVEMENTS 63 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland..................................... Taiwan........................................ Hong Kong ..................................... India................................................ Indonesia........................................ Israel............................................... Japan.............................................. Korea.............................................. Lebanon ......................................... Malaysia ......................................... Pakistan.......................................... Philippines...................................... Singapore....................................... Syria ............................................... Thailand.......................................... Oil-exporting countries 7 ................. Other Asia ...................................... Total Asia ................................... Africa: Congo (formerly Zaire)................... Egypt .............................................. Ghana............................................. Liberia............................................. Morocco.......................................... South Africa.................................... Oil-exporting countries 8 ................. Other Africa .................................... Total Africa ................................. Other countries: Australia ......................................... New Zealand 9 ................................ All other .......................................... Total other countries .................. Total foreign countries ........... International and regional organizations: International ................................... European regional.......................... Latin American regional ................. Caribbean regional 10 ..................... Asian regional ................................ African regional .............................. Middle Eastern regional ................. Total international and regional ............................ Grand total ............................. 1 2002 Calendar year 2003 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 2005 Nov. r Dec. Jan. Feb. 13,236 26,835 49,974 14,535 14,374 12,231 170,315 12,659 676 1,640 2,963 1,690 23,766 22 7,232 24,787 7,656 384,591 52,768 26,524 43,913 11,178 5,905 11,238 173,872 12,457 777 2,837 1,196 2,956 28,912 21 11,356 41,263 6,841 434,014 42,500 20,511 37,418 12,112 3,523 5,999 155,893 26,204 807 3,589 1,368 3,018 20,829 27 11,034 54,802 6,974 406,608 46,487 23,313 35,324 13,895 4,307 9,815 159,930 27,197 795 2,288 1,816 3,789 20,302 28 9,978 50,696 7,277 417,237 49,536 22,425 29,858 12,194 3,548 9,061 152,666 26,674 897 3,310 1,160 3,478 19,404 27 9,254 54,451 8,169 406,112 34,217 22,300 33,493 11,233 3,320 8,584 149,588 26,881 788 2,167 1,213 3,548 17,648 27 11,643 56,804 7,816 391,270 34,300 19,525 26,689 13,412 7,807 7,511 142,941 25,563 811 2,753 1,923 3,440 17,473 27 12,716 58,258 7,228 382,377 2 2,655 312 141 306 1,118 4,466 3,361 12,361 18 2,336 596 181 376 3,734 3,608 3,113 13,962 4 2,711 468 266 156 3,477 4,347 3,369 14,798 12 3,315 456 360 105 3,389 6,162 3,985 17,784 7 4,980 572 252 138 3,053 6,927 4,320 20,249 4 5,071 554 261 162 3,180 7,512 4,337 21,081 5 5,241 539 272 131 3,546 8,560 4,208 22,502 3 4,366 494 293 231 3,903 4,712 4,077 18,079 12,055 1,918 263 14,236 2,043,482 14,087 2,592 4,174 20,853 2,360,302 23,579 3,725 8,513 35,817 2,999,020 19,892 4,342 15,771 40,005 3,192,075 17,876 3,028 14,591 35,495 3,139,759 17,111 4,352 14,645 36,108 3,211,824 17,548 4,733 14,658 36,939 3,293,149 20,667 4,376 14,748 39,791 3,300,793 20,464 1,511 507 67 85 15 - 18,437 449 502 63 2,221 496 - 14,550 568 2,184 113 358 989 91 14,805 701 2,714 102 299 956 133 14,742 688 2,080 94 1,033 837 115 15,480 786 1,753 101 245 983 139 18,395 654 1,670 91 244 927 103 18,657 1,279 1,648 95 284 666 91 22,649 2,066,131 22,168 2,382,470 18,853 3,017,873 19,710 3,211,785 19,589 3,159,348 19,487 3,231,311 22,084 3,315,233 22,720 3,323,513 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 2006 2004 Mar. p 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other.” 10 Before January 2001, included in “Latin American regional.” June 2006 CAPITAL MOVEMENTS 64 TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2006, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ..................................... Belgium 4 ................................. Bulgaria ................................... Czech Republic....................... Denmark.................................. Finland .................................... France ..................................... Germany ................................. Greece .................................... Hungary................................... Ireland ..................................... Italy.......................................... Luxembourg 4 .......................... Netherlands............................. Norway .................................... Poland ..................................... Portugal................................... Romania.................................. Russia 5 ................................... Serbia and Montenegro (formerly Yugoslavia) 6......... Spain ....................................... Sweden ................................... Switzerland.............................. Turkey ..................................... United Kingdom....................... Channel Islands and Isle of Man 7 ................................. Other Europe ............................. Total Europe.......................... Canada........................................... Latin America: Argentina.................................... Brazil .......................................... Chile ........................................... Colombia.................................... Ecuador...................................... Guatemala ................................. Mexico........................................ Panama...................................... Peru............................................ Uruguay ..................................... Venezuela.................................. Other Latin America .................. Total Latin America ............... Caribbean: Bahamas.................................... Bermuda .................................... Cayman Islands 8 ...................... Cuba........................................... Jamaica...................................... Netherlands Antilles .................. Trinidad and Tobago................. Other Caribbean........................ Total Caribbean .................. See footnotes at end of table. June 2006 Liabilities payable in dollars To foreign official institutions Total liabilities and foreign banks NonShortPayable negotiable term in deposits U.S. Totals Payable foreign and Treasury curren- Own Custody brokerage obliga- Other in cies 1 liabilities liabilities balances 2 tions 3 liabilities Total dollars (3) (1) (2) (4) (5) (6) (7) (8) 5,463 19,239 153 1,384 2,080 1,758 89,835 73,385 1,320 647 68,501 7,015 57,221 22,698 39,231 7,221 3,971 475 91,153 5,460 18,156 153 1,354 2,073 1,603 85,305 61,478 1,308 639 68,492 5,941 56,081 20,740 39,225 7,211 3,804 462 91,133 97 97 11,663 11,138 5,837 5,812 140,945 139,587 10,552 10,525 647,957 623,116 28,595 28,417 29,764 29,639 1,368,160 1,318,949 35,999 32,184 9,948 9,847 20,328 19,330 12,365 12,281 10,581 10,537 3,377 3,344 1,795 1,778 44,399 42,193 5,895 5,823 2,809 2,798 5,492 5,455 23,377 23,103 9,643 9,694 150,060 146,132 228,277 225,885 55,653 55,424 977,413 963,038 122 122 959 905 6,811 6,809 3,354 3,348 33,738 33,483 1,306,327 1,289,014 3 1,083 30 7 155 4,530 11,907 12 8 9 1,074 1,140 1,958 6 10 167 13 20 2,373 13,687 152 153 1,900 953 69,835 52,795 1,258 137 13,112 4,476 30,062 14,455 37,387 1,399 3,010 322 27,399 4,313 6,582 11 97 1,629 489 44,318 34,883 207 70 2,390 2,111 4,833 2,874 38,064 2,436 638 402 85,512 252 280 17 38 179 50 1,675 1,769 613 45 4,828 691 1,392 1,244 119 70 326 30 410 23 2,854 2,673 4,331 124 9,739 119,917 8,575 975 15,431 112,914 50 478 5,989 163 4,274 4,186 8,570 8,540 839 1,222 300,601 178 26,689 1,728 23,290 125 14,895 14,744 8,096 49,211 1,065,794 253,155 322,866 3,815 21,364 10,820 3,294 97 525 8,284 25 1,481 1,358 129,848 27 1,950 24,841 607,685 101 8,756 998 18,297 84 7,853 44 3,635 33 3,097 17 1,300 2,206 29,798 72 4,024 11 2,654 37 4,711 274 21,686 51 7,102 3,928 112,913 3,087 4,469 1 1,201 173 650 15,470 8,683 50 502 55,380 1,465 26,019 6,285 1,838 5,812 794 140 63,734 1,091 1,033 4,428 6,902 247 478 12,395 1,799 144 744 1,417 2,541 33,219 647 4,260 124 18 160 811 11,544 17,988 443 22 2,613 2,019 4,796 2,029 476 195 2,044 26 4,639 388 8,174 3,312 378 466 155 10,222 1,403 1,267 874 8,095 3,196 37,930 2,392 222,628 3,257 150,342 229 38,690 16,734 2,280 14,375 746,217 216,821 344,258 122 14 54 890 15 464 2 4,883 1,926 2,246 6 2,868 480 1,405 255 18,896 14,587 4,464 17,313 1,035,194 253,820 505,473 178 1,990 1,200 100 62 11,605 3,379 435 98 1,029 4,032 561 253 4,490 315 561 To all other foreigners Memoranda ShortNonNegotiable negotiable term CDs Liabilities deposits U.S. to own held for and Treasury all forbrokerage obliga- Other foreign eigners balances 2 tions 3 liabilities offices (9) (10) (11) (12) (13) 15 39 1 5 566 855 7 62 2,391 27 1,317 509 143 3 253 4 3 11 2,528 1 9 8 772 49,706 33,655 225 3 351 1,332 22,756 10,931 41 47 15 16 2,582 2,285 1 52 301 285 1,232 6 11,905 369 3,994 884 374 1 9 4 20 1,235 192 4,715 158 11,332 4 59 704 2,545 17 1,042 132 1,132 1,067 124,486 2 11 84 4,634 192,413 477,541 2,116 3,685 1,019 11 1,945 103 804 12,759 6,788 57,739 559,774 2,474 12,530 281 885 32,846 3,910 368 3,571 23,093 497 614 311 12,909 332,815 750,599 2,191 7,785 7,427 162 16 33,238 1,513 7 80 167 3,358 21 129 6,425 3 5 141 12 257 10,605 356 5,722 1,550 1,759 730 305 3,285 543 260 1,894 991 2,454 19,849 7,852 4,185 3,296 2,753 1,829 984 17,036 1,991 1,126 1,770 12,270 3,085 58,177 226 56,583 291 3,907 123 436,580 5 11 145 1,616 372 22 653 488 694 2,777 498,939 2,521 4,171 20,205 93 269 705 868 9,107 37,939 702 182 224 500 19 105 888 398 50 306 267 281 3,922 55 5,005 1 5 186 15,597 2,604 38 5 56,172 64 39,711 13,523 170 17 228 8 542 987 3,732 1,789 279 100 4,337 1,485 90 470 1,468 370 15,649 256 3,367 1,239 102 194 17 315 643 67 1,800 571 135 8,706 206 82 59 394 30 170 531 186 22 84 193 1,309 3,266 664 15,549 194,082 3,298 41,477 14,328 5,959 155,913 627,263 10 16 55 86 1,784 526 38 362 357 4,446 14,284 206 14,491 229,395 836,817 248 1,613 1,526 3 27 10 3,312 6,739 CAPITAL MOVEMENTS 65 TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2006, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Total liabilities Country Total (1) Asia: China: Mainland ...................... 34,300 Taiwan ......................... 19,525 26,689 Hong Kong....................... 13,412 India.................................. 7,807 Indonesia ......................... 7,511 Israel................................. Japan ............................... 142,941 25,563 Korea................................ 811 Lebanon ........................... 2,753 Malaysia........................... 1,923 Pakistan ........................... 3,440 Philippines........................ 17,473 Singapore......................... 27 Syria ................................. 12,716 Thailand ........................... 65,486 Other Asia........................ Total Asia..................... 382,377 Africa: 3 Congo (formerly Zaire).... 4,366 Egypt ................................ 494 Ghana .............................. 293 Liberia............................... 231 Morocco ........................... 3,903 South Africa ..................... 8,789 Other Africa...................... 18,079 Total Africa .................. Other countries: 20,667 Australia ........................... 4,376 New Zealand ................... 14,748 All other............................ 39,791 Total other countries ... Total foreign countries.............. 3,300,793 International and regional orgs.: 18,657 International ..................... 1,279 European regional........... 1,648 Latin American regional.... 95 Caribbean regional.......... 284 Asian regional.................. African regional................ 666 91 Middle Eastern regional.... Total international 22,720 and regional ............ Grand total............... 3,323,513 1 Payable in dollars (2) Liabilities payable in dollars To foreign official institutions and foreign banks NonShortPayable negotiable term in deposits U.S. Totals foreign and Treasury currenOwn Custody brokerage obligaOther cies 1 liabilities liabilities balances 2 tions 3 liabilities (3) (4) (5) (8) (6) (7) 34,273 19,490 25,442 13,254 7,806 7,485 138,526 25,457 805 2,746 1,914 3,436 15,341 27 12,711 64,289 373,002 27 35 1,247 158 1 26 4,415 106 6 7 9 4 2,132 5 1,197 9,375 3 4,366 494 292 231 3,898 8,763 18,047 1 5 26 32 3 1,508 295 158 190 3,485 6,543 12,182 20,558 4,355 623 25,536 109 21 14,125 14,255 16,226 3,278 608 20,112 3,202,864 16,743 1,279 1,604 95 284 666 91 20,762 3,223,626 15,853 18,420 16,872 2,618 12,567 12,875 3,221 10,033 2,849 4,957 4,456 3,029 43,904 94,622 8,084 17,373 800 5 2,090 656 1,757 157 2,142 1,294 11,145 4,196 24 3 7,897 4,814 22,658 41,631 156,319 216,683 8,484 1,751 610 5,603 4,842 2,263 83,808 9,576 445 50 692 1,000 4,239 35,329 158,692 2,858 199 134 41 413 2,220 5,865 3 914 113 21 70 821 3,838 5,780 2,770 199 349 1,579 4,897 489 150 28 94 2,537 2,144 5,442 4,332 1,077 15 5,424 4,566 225 79 4,870 110 702 812 12,960 2,862 148 15,970 97,929 2,423,878 778,986 935,665 1,914 44 - 14,375 956 418 39 221 24 - 2,368 323 1,186 56 63 642 91 - 1,958 16,033 4,729 - 99,887 2,439,911 783,715 935,665 These data as of December 31, 2005. 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 2,799 3,775 6,260 1,456 478 727 15,584 4,934 354 702 326 1,321 4,164 1 425 12,146 55,452 To all other foreigners Memoranda NonShortnegotiable term Negotiable CDs deposits U.S. Liabilities and Treasury Other to own held for brokerage obliga- liabili- foreign all foreigners balances 2 tions 3 ties offices (10) (9) (11) (12) (13) 21,304 1,104 9,196 4,088 11,985 2,544 4,864 837 1,714 767 1,964 1,840 23,967 5,102 10,009 752 346 101 1,313 128 1,270 235 386 511 5,113 896 23 7,147 442 11,730 1,378 112,308 20,748 31 67 214 9 42 2,434 8 1 7 56 427 363 223 3,882 551 613 3,829 485 5 649 7,631 178 3 151 33 470 3,741 3 95 3,483 21,920 1,790 884 5,512 564 140 891 30,878 1,847 26 117 181 135 6,591 188 6,311 56,055 1,021 355 674 12 15 151 222 898 3 1 4 44 426 3 7 1,982 5,818 120 32 105 27 175 747 1,206 31 47 4 125 207 42 91 36 16 330 515 2 224 1 6 2,776 851 3,860 16 15 37 175 243 576 138 391 1,105 666 165 2 833 1,680 263 3 1,946 1,194 45 24 1,263 228 15 2 245 237,996 1,224,812 155,931 38,435 610,025 1,664,727 51,062 - - 7,992 948 227 14 16 12 - 876 319 99 22 83 7,875 12 1,278 81 268 632 8 - 1,023 434 1 34 - - - 9,209 1,399 10,154 - 1,492 237,996 1,224,812 165,140 39,834 620,179 1,664,727 52,554 6 n 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. June 2006 CAPITAL MOVEMENTS 66 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1400 1300 (In billions of dollars) 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 Mar. 2006 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Country United Kingdom............................. All other Europe............................. Caribbean banking centers 1,2 ....... Japan............................................. All other Asia ................................. Subtotal ....................................... All other countries.......................... Grand total................................... 1 2 2002 2003 203,237 483,421 837,771 176,331 162,938 1,863,698 202,433 2,066,131 345,235 462,334 955,536 170,315 214,276 2,147,696 234,774 2,382,470 Calendar years 2004 501,721 611,774 1,186,221 173,872 260,142 2,733,730 284,143 3,017,873 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. June 2006 2005 Mar. 2006 579,920 680,573 1,200,803 159,930 257,307 2,878,533 280,815 3,159,348 647,957 720,203 1,274,049 142,941 239,436 3,024,586 298,927 3,323,513 U.S. liabilities to foreigners reported by U.S. banks were recorded at $3.3 trillion in March 2006, an increase of $164 billion from yearend 2005. U.S. banking liabilities include holdings of shortterm securities but exclude holdings of long-term securities. U.S. banking liabilities increased about $141 billion in 2005, about $635 billion in 2004, and about $316 billion in 2003. Much of the increase in liabilities to foreigners in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking liabilities increased about $136 billion. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years. Foreigners domiciled in the rest of Europe and in Asia account for about one-third of U.S. banking liabilities. CAPITAL MOVEMENTS 67 SECTION II.—Claims on Foreigners Reported by Banks in the United States Table CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar Year 2003 r 2004 Dec. Mar. r June r Sept. Dec. p Total claims.............................................................. 1,699,999 2,188,441 2,155,440 2,338,410 2,440,717 2,423,773 Payable in dollars.................................................. 1,596,965 2,026,841 2,004,096 2,182,546 2,293,179 2,274,815 Own claims on foreigners................................... 1,322,363 1,664,223 1,606,185 1,789,036 1,863,507 1,830,075 Foreign official institutions ............................... 53,328 71,892 72,639 81,840 78,942 71,031 Type of Claim 2005 Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 979,597 1,187,954 1,137,487 1,296,782 1,376,109 1,382,455 All other foreigners .......................................... 289,438 404,377 396,059 410,414 408,456 376,589 Claims of domestic customers.............................. 274,602 362,618 397,911 393,510 429,672 444,740 Payable in foreign currencies .................................. 103,034 161,600 151,344 155,864 147,538 148,958 Own claims on foreigners ..................................... 81,669 129,544 110,083 109,206 102,462 93,744 Canadian dollars .............................................. 12,716 15,336 12,496 11,816 13,207 13,656 Euros................................................................ 39,661 62,138 60,447 56,733 54,064 54,998 United Kingdom pounds sterling...................... 6,882 10,388 10,962 10,572 11,591 10,838 Japanese yen................................................... 16,610 34,207 18,593 21,408 15,321 6,773 Claims of domestic customers.............................. 21,365 32,056 41,261 46,658 45,076 55,214 Canadian dollars .............................................. 3,360 3,225 3,417 2,678 2,875 3,838 Euros................................................................ 8,554 17,865 26,865 30,496 32,413 37,782 United Kingdom pounds sterling...................... 2,602 3,805 5,631 7,131 4,572 7,903 Japanese yen................................................... 3,909 3,716 2,398 2,085 633 855 Total own claims on foreigners ............................. 1,404,032 1,793,767 1,716,268 1,898,242 1,965,969 1,923,819 Non-negotiable deposits .................................... 538,180 719,257 718,509 805,075 783,000 784,384 Short-term negotiable instruments (payable in dollars)........................................... 5,704 7,858 9,521 11,895 12,983 10,059 Resale agreements ............................................ 344,753 479,422 478,582 527,196 527,668 471,095 of which: of which: Memoranda: Other................................................................... 515,388 587,203 509,635 554,056 642,282 658,266 Claims on own foreign offices............................... 934,166 1,097,873 1,060,144 1,202,793 1,284,592 1,280,539 Claims reported by IBFs ....................................... 321,674 411,693 368,614 426,617 468,136 478,683 Payable in dollars ............................................... 293,898 365,267 336,282 395,645 440,893 448,031 Payable in foreign currencies............................. 27,776 46,426 32,332 30,972 27,243 30,652 Total claims held for domestic customers ............ 295,967 394,674 439,172 440,168 474,748 499,954 Non-negotiable deposits .................................... 134,851 161,039 187,129 179,209 194,275 197,749 Short-term negotiable instruments (payable in dollars)........................................... 135,016 195,956 218,771 220,228 239,126 247,926 Other ..................................................................... 26,100 37,679 33,272 40,731 41,347 54,279 June 2006 CAPITAL MOVEMENTS 68 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .................................................... Belgium 1 ................................................ Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Luxembourg 1 ......................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia 2 .................................................. Serbia and Montenegro (formerly Yugoslavia) 3........................................ Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands and Isle of Man 4 ......... Other Europe.......................................... Total Europe ........................................ Canada...................................................... Latin America: Argentina ................................................ Brazil....................................................... Chile ....................................................... Colombia ................................................ Ecuador .................................................. Guatemala.............................................. Mexico .................................................... Panama .................................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. Other Latin America 5 ............................. Total Latin America.............................. Caribbean: Bahamas ................................................ Bermuda................................................. Cayman Islands 6 ................................... Cuba ....................................................... Jamaica .................................................. Netherlands Antilles ............................... Trinidad and Tobago .............................. Other Caribbean 5 .................................. Total Caribbean ................................... See footnotes at end of table. June 2006 Calendar year 2003 r June 2004 Sept. 2005 5,650 11,353 59 232 3,606 8,489 89,151 41,548 244 78 12,728 10,553 7,708 29,533 18,648 53 2,765 192 1,259 5,527 14,154 20 234 3,248 11,126 103,108 51,736 263 106 18,481 16,069 5,992 32,803 31,016 956 1,972 194 1,127 6,084 13,558 39 185 3,626 13,036 97,154 46,788 278 101 15,565 18,554 7,414 31,601 27,605 1,794 1,983 226 981 5,732 11,676 106 746 2,736 12,365 126,728 47,300 140 192 23,245 21,748 9,151 35,244 27,739 222 2,039 264 1,104 5,199 20,109 82,899 2,209 385,701 43,429 3,443 786,838 9,106 24,701 95,979 3,296 476,445 49,392 5,841 962,892 9,807 23,188 112,891 2,393 515,395 48,652 6,502 1,005,400 79,014 81,243 4,426 16,571 6,167 2,123 419 817 14,113 1,946 1,398 478 3,093 2,438 53,989 98,317 15,410 489,791 379 6,736 701 5,108 616,442 Dec. Mar. r June r Sept. Dec. p 6,167 15,245 45 1,124 1,668 14,362 121,676 58,579 132 47 26,695 22,614 8,577 26,362 19,253 1,370 2,007 245 1,175 5,686 17,574 22 1,134 2,008 11,181 142,040 47,362 169 125 24,958 23,625 8,022 28,778 34,360 765 2,166 265 1,023 6,017 17,916 50 2,247 2,810 9,626 136,449 56,098 146 112 29,752 23,387 10,333 34,095 25,333 1,666 2,058 275 1,044 5,382 14,460 23 3,413 2,619 9,811 133,923 49,068 104 121 41,854 23,465 13,472 32,749 17,258 1,819 1,136 288 1,323 11,365 28,445 118,486 2,604 567,001 31,814 6,424 1,094,616 17,575 30,875 96,120 2,618 538,811 32,646 18,221 1,064,209 15,627 27,992 127,335 3,012 589,703 32,735 17,904 1,165,571 13,601 29,904 179,042 3,329 621,635 33,509 17,391 1,257,825 11,302 27,990 154,556 3,409 609,091 41,292 18,982 1,218,910 76,957 78,707 75,851 77,062 87,079 99,062 3,467 17,310 6,246 2,240 453 824 12,278 1,742 1,665 408 2,945 2,665 52,243 2,975 16,514 5,831 2,530 447 764 13,206 1,559 1,647 392 2,736 2,401 51,002 2,442 14,659 6,279 2,708 493 891 14,179 2,020 1,550 422 3,086 2,753 51,482 2,315 17,622 6,673 2,657 509 831 14,735 2,160 1,393 359 2,874 2,543 54,671 2,278 15,726 6,788 2,630 588 893 14,916 2,375 1,543 454 2,690 2,497 53,378 2,616 14,396 6,485 2,707 546 753 14,086 2,103 1,345 476 2,757 2,375 50,645 2,499 15,547 6,987 2,500 601 903 15,770 2,357 1,242 468 2,611 2,606 54,091 96,490 16,390 577,874 457 5,459 900 6,838 704,408 88,390 26,448 592,248 378 5,357 691 7,051 720,563 126,048 34,495 587,781 351 5,610 760 7,843 762,888 131,868 29,566 593,627 391 5,725 690 9,140 771,007 157,095 30,030 641,907 438 4,940 734 9,787 844,931 151,202 24,038 642,765 422 5,105 831 9,550 833,913 161,403 20,887 620,136 446 4,554 956 8,666 817,048 CAPITAL MOVEMENTS 69 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland .................................... Taiwan ....................................... Hong Kong ................................... India.............................................. Indonesia...................................... Israel............................................. Japan............................................ Korea ............................................ Lebanon........................................ Malaysia ....................................... Pakistan........................................ Philippines .................................... Singapore ..................................... Syria ............................................. Thailand........................................ Oil-exporting countries 7 ............... Other Asia .................................... Total Asia................................... Africa: Congo (formerly Zaire) ................. Egypt ............................................ Ghana........................................... Liberia........................................... Morocco........................................ South Africa.................................. Oil-exporting countries 8 ............... Other Africa .................................. Total Africa ................................ Other countries: Australia........................................ New Zealand ................................ All other ........................................ Total other countries.................. Total foreign countries ............ International and regional orgs: International.................................. European regional........................ Latin American regional ............... Caribbean regional....................... Asian regional............................... African regional ............................ Middle Eastern regional ............... Total international and regional............................ Grand total .............................. 1 Calendar year 2003 r June 2004 Sept. 4,320 9,952 7,927 1,781 877 7,186 74,174 12,416 72 1,028 74 1,751 8,291 2 1,303 8,748 194 140,096 9,067 11,312 6,402 2,481 937 5,257 81,777 15,320 60 1,351 88 1,316 8,975 21 809 8,239 173 153,585 251 17 317 66 3,672 158 278 4,759 Dec. Mar. r 12,030 10,140 4,457 2,402 639 5,883 91,539 14,117 56 1,131 64 957 6,625 5 965 10,215 243 161,468 9,425 10,935 6,316 2,298 617 3,119 102,859 16,194 49 1,539 37 1,023 6,604 6 1,450 10,755 234 173,460 13,355 12,578 3,704 2,532 553 5,865 89,021 16,134 44 1,603 57 853 7,330 2 1,667 8,579 111 163,988 212 11 201 71 434 162 279 1,370 201 19 265 88 350 208 213 1,344 246 22 273 95 631 249 191 1,707 10,600 2,954 46 13,600 11,277 1,865 39 13,181 11,015 1,697 79 12,791 1,694,738 1,968,922 3,971 127 265 898 - 2,382 661 232 273 35 - Sept. Dec. p 10,744 10,753 8,588 2,467 588 3,429 93,721 16,009 42 1,728 37 952 7,136 2 6,091 8,853 139 171,279 17,493 8,234 7,530 2,866 633 4,857 89,915 17,086 46 1,417 42 1,112 8,937 2 8,778 13,151 219 182,318 14,930 8,909 8,944 2,669 507 5,824 109,819 17,443 53 844 33 1,820 8,210 2 8,332 13,669 185 202,193 361 16 251 90 463 328 208 1,717 521 18 232 73 306 298 455 1,903 553 11 228 83 312 359 167 1,713 621 19 267 62 414 331 205 1,919 15,211 2,243 82 17,536 12,151 2,895 221 15,267 13,967 2,110 109 16,186 13,553 2,732 93 16,378 18,164 3,497 178 21,839 2,029,525 2,180,396 2,146,710 2,330,310 2,429,871 2,415,062 4,770 191 143 1,463 35 6 6,856 761 279 149 - 6,095 1,698 311 626 - 6,792 861 144 303 - 10,485 28 135 198 - 7,844 21 748 98 - 5,261 3,583 6,608 8,045 8,730 8,100 10,846 8,711 1,699,999 1,972,505 2,036,133 2,188,441 2,155,440 2,338,410 2,440,717 2,423,773 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. 2 2005 June r 4 Before January 2001, data included in United Kingdom Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 5 June 2006 CAPITAL MOVEMENTS 70 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2005 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 5,382 Belgium 1 ........................................... 14,460 Bulgaria ............................................. 23 Czech Republic ................................. 3,413 Denmark............................................ 2,619 Finland............................................... 9,811 France ............................................... 133,923 Germany............................................ 49,068 Greece............................................... 104 Hungary............................................. 121 Ireland................................................ 41,854 Italy .................................................... 23,465 Luxembourg 1 .................................... 13,472 Netherlands ....................................... 32,749 Norway .............................................. 17,258 Poland ............................................... 1,819 Portugal ............................................. 1,136 Romania ............................................ 288 Russia 2 ............................................. 1,323 Serbia and Montenegro (formerly Yugoslavia) 3 ................................... Spain ................................................. 11,302 Sweden.............................................. 27,990 Switzerland........................................ 154,556 Turkey................................................ 3,409 United Kingdom................................. 609,091 Channel Islands and Isle of Man 4 ........ 41,292 18,982 Other Europe..................................... Total Europe ................................... 1,218,910 99,062 Canada................................................. Latin America: Argentina ........................................... 2,499 Brazil.................................................. 15,547 Chile .................................................. 6,987 Colombia ........................................... 2,500 Ecuador ............................................. 601 Guatemala......................................... 903 Mexico ............................................... 15,770 Panama ............................................. 2,357 Peru ................................................... 1,242 Uruguay............................................. 468 Venezuela ......................................... 2,611 2,606 Other Latin America 5 ........................ 54,091 Total Latin America......................... Caribbean: Bahamas ........................................... 161,403 Bermuda............................................ 20,887 Cayman Islands 6 .............................. 620,136 Cuba .................................................. Jamaica ............................................. 446 Netherlands Antilles .......................... 4,554 Trinidad and Tobago ......................... 956 8,666 Other Caribbean 5 ............................. Total Caribbean .............................. 817,048 See footnotes at end of table. June 2006 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) 4,104 12,295 23 3,410 988 9,297 106,949 36,605 96 115 17,838 20,279 8,723 23,075 13,086 1,803 1,083 288 1,298 952 10,490 19 3,382 741 9,136 70,116 18,344 4 45 7,192 18,287 2,584 10,088 11,197 1,758 587 44 1,019 3,149 1,369 21 123 111 18,444 11,632 91 3 9,162 195 5,616 10,776 1,651 6 243 218 248 140 6,164 45 8,981 61,972 8,232 25 5,281 14,554 2,029 9,972 97 32 152 1 202 3 436 4 7 124 50 18,389 6,629 1 67 1,484 1,797 523 2,211 238 39 253 26 31 1,278 2,165 3 1,631 514 26,974 12,463 8 6 24,016 3,186 4,749 9,674 4,172 16 53 25 1,094 1,768 1,513 418 19,461 9,211 8 22,633 3,176 4,234 7,022 4,093 2 51 25 184 397 3 118 96 7,513 3,252 6 1,383 10 515 2,652 79 14 2 - 9,631 10,029 147,092 3,353 494,282 31,356 2,543 959,641 74,702 7,819 7,000 140,916 2,588 367,116 26,199 1,782 719,405 52,689 552 2,452 2,955 682 103,089 4,925 318 178,031 10,731 7,003 7,168 136,877 119 405,204 26,320 10 700,580 46,666 1,260 577 3,221 83 24,077 232 443 62,205 11,282 1,671 17,961 7,464 56 114,809 9,936 16,439 259,269 24,360 1,646 17,458 7,440 8 103,847 7,627 126 212,861 20,376 25 503 24 48 10,962 2,309 16,313 46,408 3,984 2,320 15,300 6,949 2,463 581 887 14,827 2,103 1,228 454 2,455 2,578 52,145 208 8,272 2,898 1,514 238 380 1,101 1,304 444 128 608 1,319 18,414 2,074 6,768 3,741 918 343 492 13,498 770 782 318 1,663 1,250 32,617 139 4,897 900 12 17 29 91 150 158 134 242 6,769 38 260 310 31 15 228 29 2 8 184 9 1,114 179 247 38 37 20 16 943 254 14 14 156 28 1,946 170 224 36 28 20 16 881 229 14 7 156 28 1,809 9 23 2 9 62 25 7 137 106,527 18,330 482,964 446 4,462 909 8,519 622,157 101,403 416 384,767 92 1,060 268 461 488,467 4,283 17,430 88,838 350 3,383 638 7,672 122,594 100,846 324 319,915 129 1,013 151 31 422,409 841 484 9,359 4 19 3 386 11,096 54,876 2,557 137,172 92 47 147 194,891 54,849 2,538 135,899 76 47 147 193,556 27 19 1,273 16 1,335 CAPITAL MOVEMENTS 71 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2005, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Asia: China: Mainland ......................................... Taiwan ............................................ Hong Kong ........................................ India................................................... Indonesia........................................... Israel.................................................. Japan................................................. Korea ................................................. Lebanon............................................. Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Syria .................................................. Thailand............................................. Other Asia ......................................... Total Asia........................................ Africa: Congo (formerly Zaire) ...................... Egypt ................................................. Ghana................................................ Liberia................................................ Morocco............................................. South Africa....................................... Other Africa ....................................... Total Africa ..................................... Other countries: Australia............................................. New Zealand ..................................... All other ............................................. Total other countries....................... Total foreign countries ................. International and regional orgs: International....................................... European regional............................. Latin American regional .................... Caribbean regional............................ Asian regional.................................... African regional ................................. Middle Eastern regional .................... Total international and regional...... Grand total ................................... 1 Total (2) Claims on foreign official institutions and foreign banks (3) 14,930 8,909 8,944 2,669 507 5,824 109,819 17,443 53 844 33 1,820 8,210 2 8,332 13,854 202,193 14,789 8,787 8,563 2,546 483 4,326 106,647 17,334 42 812 29 1,804 6,502 7,997 13,708 194,369 13,578 8,119 5,111 2,170 135 4,099 93,633 16,004 39 519 13 1,518 4,483 7,767 9,562 166,750 1,202 507 3,287 348 300 186 9,825 1,222 3 148 15 272 642 29 2,877 20,863 33 580 2,663 455 32 1,298 83,687 2,602 2 2 3,692 101 5,610 100,757 9 161 165 28 48 41 3,189 108 145 1 14 1,377 201 1,269 6,756 141 122 381 123 24 1,498 3,172 109 11 32 4 16 1,708 2 335 146 7,824 141 18 155 121 1,490 2,418 92 11 8 4 12 748 2 19 146 5,385 104 226 2 24 8 754 17 24 4 960 316 2,439 621 19 267 62 414 536 1,919 447 11 259 52 381 494 1,644 316 5 2 29 136 155 643 106 6 247 2 195 337 893 68 5 24 97 25 10 21 50 2 108 174 8 8 10 33 42 275 14 8 8 10 7 37 84 160 26 5 191 18,164 3,497 178 21,839 2,415,062 10,991 742 178 11,911 1,916,569 6,924 187 7 7,118 1,453,486 3,085 354 171 3,610 369,339 3,254 1 6 3,261 1,280,539 982 201 1,183 93,744 7,173 2,755 9,928 498,493 6,556 2,689 9,245 443,316 617 66 683 55,177 7,844 21 748 98 8,711 7,050 21 81 98 7,250 - 7,050 21 81 98 7,250 - - 794 667 1,461 757 667 1,424 37 37 2,423,773 1,923,819 1,453,486 376,589 1,280,539 93,744 499,954 444,740 55,214 Total claims (1) Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2 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) 4 Before January 2001, data included in United Kingdom. 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. June 2006 CAPITAL MOVEMENTS 72 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 900 900 In December 2005, U.S. claims on foreigners reported by U.S. banks amounted to about $2.4 trillion, an increase of $235 billion from the level recorded at yearend 2004. U.S. banking claims include holdings of short-term securities but exclude holdings of long-term securities. U.S. banking claims increased $488 billion in 2004 and $183 billion in 2003. In large part, the increase in claims in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking claims increased $12 billion. (In billions of dollars) (In billions of dollars) 800 800 700 700 600 600 500 500 400 400 300 300 200 200 100 100 0 0 2001 2001 2002 2002 2003 2003 2004 2004 Dec. Sept. 2005 United Kingdom United Kingdom All other Europe All other Europe Caribbean banking centers Caribbean banking centers Japan Japan All other Asia All other Asia All other countries All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom ...................... All other Europe ...................... Caribbean banking centers 1,2 Japan ...................................... All other Asia........................... 2001 2002 2004 Dec. 2005 385,701 401,137 612,200 74,174 65,922 1,539,134 567,001 527,615 755,954 102,859 70,601 2,024,030 609,091 609,819 809,337 109,819 92,374 2,230,440 Subtotal................................. 300,665 362,960 422,615 40,047 57,326 1,183,613 All other countries ................... Grand total ............................ 167,986 170,023 160,865 164,411 193,333 1,351,599 1,516,742 1,699,999 2,188,441 2,423,773 1 2 293,642 406,139 533,194 59,792 53,952 1,346,719 2003 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. June 2006 As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. CAPITAL MOVEMENTS 73 SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Total liabilities Country Other Europe: Cyprus .............................................................. Iceland.............................................................. Monaco............................................................. Other Latin America and Caribbean: Aruba................................................................ Barbados.......................................................... Belize................................................................ Bolivia............................................................... Costa Rica........................................................ Dominica .......................................................... Dominican Republic ......................................... El Salvador....................................................... French West Indies and French Guiana.......... Haiti .................................................................. Honduras.......................................................... Nicaragua......................................................... Paraguay.......................................................... Suriname.......................................................... Other Asia: Afghanistan ...................................................... Burma............................................................... Jordan .............................................................. Macau............................................................... Sri Lanka .......................................................... Yemen .............................................................. Other Africa: Angola .............................................................. Cameroon......................................................... Ethiopia ............................................................ Guinea.............................................................. Ivory Coast ....................................................... Kenya ............................................................... Mauritius........................................................... Mozambique..................................................... Rwanda ............................................................ Senegal ............................................................ Somalia ............................................................ Sudan ............................................................... Tanzania........................................................... Tunisia.............................................................. Uganda............................................................. Zambia ............................................................. Zimbabwe......................................................... All other: Papua New Guinea.......................................... Calendar year 2004 2005 Total banks’ own claims Calendar year 2005 2004 June June Dec. Dec. 163 259 271 389 222 190 n.a. 235 190 171 n.a. n.a. 83 8 n.a. n.a. 4 n.a. 438 10,571 219 1,127 969 n.a. 2,481 1,302 21 384 1,635 132 797 88 322 r 9,946 212 r 1,860 1,082 55 2,876 1,469 30 403 1,819 165 848 104 328 10,566 229 2,219 1,671 34 3,163 1,482 27 356 1,870 180 638 97 149 163 21 182 698 n.a. 416 1,089 n.a. 54 263 65 49 n.a. 160 134 51 174 665 n.a. 439 946 n.a. 43 275 64 46 2 195 307 53 97 688 481 990 n.a. 35 367 74 32 2 102 7 1,016 n.a. n.a. 235 95 7 r 1,671 238 233 139 77 5 1,639 n.a. n.a. 143 45 9 n.a. 13 n.a. 27 16 15 28 n.a. n.a. n.a. n.a. 14 n.a. 28 76 245 546 144 141 36 n.a. n.a. 172 n.a. 228 71 66 n.a. 13 r 529 35 83 r 257 156 116 n.a. 20 n.a. n.a. 159 89 199 75 76 n.a. 12 421 17 n.a. 203 n.a. 178 n.a. 24 n.a. n.a. 300 107 455 71 128 26 n.a. 2 6 n.a. n.a. 5 54 n.a. 24 n.a. n.a. n.a. n.a. 60 2 - n.a. 21 n.a. n.a. 14 n.a. n.a. 61 n.a. - n.a. n.a. n.a. - n.a. n.a. Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates for the “Other” geographical categories in the regular monthly/quarterly series on U.S. banking liabilities and claims in Capital Movements sections I and II. June 2006 CAPITAL MOVEMENTS 74 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 Total liabilities ................................................ Payable in dollars....................................... Financial................................................. Short-term negotiable securities........ Other .................................................. Commercial............................................ Trade payables .................................. Advance receipts and other............... Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of liability: Financial............................................. Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade payables .............................. Advance receipts and other........... Total claims.................................................... Payable in dollars....................................... Financial................................................. Non-negotiable deposits .................... Negotiable CDs and short-term negotiable instruments..................... Other .................................................. Commercial............................................ Trade receivables .............................. Advance payments and other............ Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of claim: Financial............................................. Non-negotiable deposits ................ Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade receivables .......................... Advance payments and other........ Memoranda: Financial liabilities and claims: Positions with unaffiliated entities: Financial liabilities .............................. Financial claims ................................. Selected positions with affiliated entities: 1 Financial liabilities .............................. Financial claims ................................. 2001 66,679 42,925 18,763 n.a. n.a. 24,162 10,893 13,269 23,754 Calendar year 2002 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 2003 83,240 52,687 25,055 1,895 23,160 27,632 16,000 11,632 30,553 Mar. r 107,795 72,141 42,608 1,252 41,356 29,533 19,900 9,633 35,654 June r 106,811 79,901 46,891 1,827 45,064 33,010 21,130 11,880 26,910 2005 Sept. 107,242 79,758 45,423 1,174 44,249 34,335 22,487 11,848 27,484 Dec. p 103,169 73,332 38,695 923 37,772 34,637 21,722 12,915 29,837 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,630 11,159 12,031 2,702 3,031 2,623 10,125 19,041 1,860 2,974 2,496 12,185 16,166 1,693 3,114 1,917 17,211 3,835 1,723 2,224 2,000 17,396 3,199 2,056 2,833 2,195 17,250 3,505 2,769 4,118 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. 28,095 12,107 15,988 2,458 1,174 1,284 165,901 148,373 122,879 33,944 33,272 10,349 22,923 3,351 1,476 1,875 197,696 149,348 121,909 42,005 32,431 7,775 24,656 3,223 1,421 1,802 199,565 150,988 123,380 45,007 24,036 11,325 12,711 2,874 1,367 1,507 179,440 137,486 109,139 42,391 24,698 10,145 14,553 2,786 1,298 1,488 184,061 140,384 112,967 43,650 27,013 10,685 16,328 2,824 1,328 1,496 180,350 137,727 107,829 37,474 n.a. n.a. 29,393 25,828 3,565 9,218 n.a. n.a. 26,481 22,635 3,846 11,015 3,047 85,888 25,494 21,245 4,249 17,528 9,739 70,165 27,439 24,778 2,661 48,348 11,768 66,605 27,608 23,916 3,692 48,577 8,541 58,207 28,347 25,086 3,261 41,954 11,513 57,804 27,417 24,354 3,063 43,677 12,888 57,467 29,898 26,036 3,862 42,623 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,469 4,318 4,429 1,420 4,892 1,841 22,212 10,805 7,583 5,907 7,715 19,123 8,797 6,350 6,592 10,438 12,377 8,812 4,160 6,167 11,209 12,939 9,633 4,264 5,632 11,331 12,329 8,612 3,935 6,416 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 9,453 1,976 164 7,313 8,075 7,373 702 43,072 5,878 153 37,041 5,276 4,451 825 43,824 7,309 144 36,371 4,753 3,928 825 37,629 6,584 353 30,692 4,325 3,490 835 39,968 7,703 332 31,933 3,709 3,181 528 38,965 8,261 292 30,412 3,658 3,151 507 41,034 81,287 39,561 71,389 43,610 67,347 62,847 110,517 51,809 113,673 44,929 99,407 42,146 107,997 44,019 107,955 n.a. n.a. n.a. n.a. 9,540 64,985 16,330 54,464 23,230 53,531 25,998 47,361 27,975 44,938 21,689 38,839 1 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. June 2006 2004 Dec. 108,339 71,716 45,905 1,410 44,495 25,811 16,705 9,106 36,623 CAPITAL MOVEMENTS 75 TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country Europe: Austria .................................. Belgium 1 .............................. Bulgaria ................................ Czech Republic.................... Denmark............................... Finland ................................. France .................................. Germany .............................. Greece ................................. Hungary................................ Ireland .................................. Italy....................................... Luxembourg 1 ....................... Netherlands.......................... Norway ................................. Poland .................................. Portugal................................ Romania............................... Russia 2 ................................ Serbia and Montenegro (formerly Yugoslavia) 3..... Spain .................................... Sweden ................................ Switzerland .......................... Turkey .................................. United Kingdom ................... Channel Islands and Isle of Man 4 ..................... Other Europe ....................... Total Europe .................... Canada..................................... Latin America: Argentina.............................. Brazil .................................... Chile ..................................... Colombia.............................. Ecuador................................ Guatemala ........................... Mexico.................................. Panama................................ Peru...................................... Uruguay................................ Venezuela ............................ Other Latin America 5 ........... Total Latin America ............. Caribbean: Bahamas.............................. Bermuda................................... British West Indies 6................. Cayman Islands 6 ................. Cuba..................................... Jamaica................................ Netherlands Antilles............. Trinidad and Tobago............ Other Caribbean 5 ................ Total Caribbean ............... 2004 2000 2001 2002 2003 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 82 163 3 6 67 47 4,443 4,386 474 11 856 1,154 705 668 445 26 7 30 71 11 468 117 606 408 29,209 14 423 97 884 133 25,131 9 403 115 494 101 25,180 n.a. 182 43,801 2,344 n.a. 211 41,025 2,577 146 262 52 131 32 10 867 32 24 27 286 1,994 3,863 37 2,020 482 n.a. 20 16 32 36 n.a. 2,643 Dec. 2005 Mar. r June r Sept. Dec. p 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 147 68 4 37 75 25 3,150 6,296 232 10 1,228 947 622 735 848 179 29 16 47 124 191 3 28 118 11 2,762 8,556 436 3 1,455 972 553 531 3,361 186 29 3 106 137 88 13 76 28 2,886 8,833 475 11 1,388 1,390 603 709 795 225 28 6 115 68 73 17 78 20 2,757 9,068 401 12 1,636 1,174 407 896 607 229 39 4 64 1,068 656 1,884 302 26,911 2 591 800 1,078 180 32,878 3 347 221 1,021 104 28,393 3 397 495 1,007 114 19,860 7 388 432 1,159 150 18,735 4 403 448 1,235 137 19,606 n.a. 201 42,592 2,179 188 44,653 3,405 2 287 47,720 4,578 381 45,165 4,426 46 283 41,633 4,259 502 381 39,560 4,894 501 280 40,164 4,413 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 2,473 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 90 360 196 93 31 4 2,184 23 17 4 651 72 3,725 181 433 232 56 9 6 2,230 30 25 3 527 77 3,809 118 284 325 146 28 8 1,968 49 67 2 768 93 3,856 152 360 387 110 10 23 2,253 56 72 2 711 115 4,251 209 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 14 1,224 n.a. 3,154 2 17 3 16 564 4,994 32 9,230 n.a. 7,279 24 14 15 729 17,323 66 1,312 n.a. 7,900 19 17 40 891 10,245 79 889 n.a. 7,659 11 13 8 993 9,652 74 698 n.a. 6,597 72 14 13 888 8,356 70 790 n.a. 6,774 69 13 44 925 8,685 See footnotes at end of table. June 2006 CAPITAL MOVEMENTS 76 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 Asia: China: Mainland............................. Taiwan................................ Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea...................................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Thailand.................................. Oil-exporting countries 7 ......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana..................................... Liberia..................................... Morocco.................................. South Africa............................ Oil-exporting countries 8 ......... Other Africa ............................ Total Africa ......................... Other countries: Australia ................................. New Zealand 9 ........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs: International ........................... European regional.................. Latin American regional ......... Caribbean regional 10 ............. Asian regional ........................ African regional ...................... Middle Eastern regional ......... Total international and regional ..................... Grand total ..................... 1 2000 Calendar year 2001 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p 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 1,129 441 583 86 60 519 6,196 1,331 13 188 233 139 1,436 2 34 3,184 284 15,858 3,983 491 668 103 74 302 5,869 723 35 256 171 117 822 21 79 2,946 303 16,963 3,590 620 620 80 71 365 6,682 695 34 283 142 107 1,193 3 86 3,888 227 18,686 2,897 786 632 101 88 255 7,313 1,680 33 281 171 96 1,038 3 64 4,223 163 19,824 2,690 701 684 135 68 223 7,684 1,729 35 384 194 102 1,523 2 194 3,897 306 20,551 2,667 1,010 746 158 89 323 7,842 1,758 42 335 230 109 1,846 4 212 4,159 298 21,828 166 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 86 28 4 41 52 464 230 905 132 2 14 44 36 518 332 1,078 137 5 5 39 51 542 288 1,067 130 1 48 34 35 723 146 1,117 121 2 40 53 555 203 974 119 1 1 42 82 590 211 1,046 344 n.a. 898 1,242 73,841 584 n.a. 430 1,014 66,649 732 n.a. 238 970 67,590 1,053 71 98 1,222 73,684 1,047 51 98 1,196 92,007 1,075 65 109 1,249 84,563 399 27 86 512 80,806 964 29 80 1,073 79,264 970 38 83 1,091 81,478 1 45 n.a. 9 8 - 30 n.a. - 22 3 46 n.a. 3 - 16 - 2 - 2 - 2 5 - 1 2 - 2 - 63 30 74 16 2 2 7 3 2 73,904 66,679 67,664 73,700 92,009 84,565 80,813 79,267 81,480 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 June 2006 2005 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 77 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] Country Europe: Austria ....................................... Belgium 1 ................................... Bulgaria ..................................... Czech Republic......................... Denmark.................................... Finland ...................................... France ....................................... Germany ................................... Greece ...................................... Hungary..................................... Ireland ....................................... Italy............................................ Luxembourg 1 ............................ Netherlands............................... Norway ...................................... Poland ....................................... Portugal..................................... Romania.................................... Russia 2 ..................................... Serbia and Montenegro (formerly Yugoslavia) 3.......... Spain ......................................... Sweden ..................................... Switzerland ............................... Turkey ....................................... United Kingdom ........................ Channel Islands and Isle of Man 4 .......................... Other Europe ............................ Total Europe ......................... Canada.......................................... Latin America: Argentina................................... Brazil ......................................... Chile .......................................... Colombia................................... Ecuador..................................... Guatemala ................................ Mexico....................................... Panama..................................... Peru........................................... Uruguay..................................... Venezuela ................................. Other Latin America 5 ................ Total Latin America ................... Caribbean: Bahamas................................... Bermuda......................................... British West Indies 6....................... Cayman Islands 6 ...................... Cuba.......................................... Jamaica..................................... Netherlands Antilles.................. Trinidad and Tobago................. Other Caribbean 5 ..................... Total Caribbean .................... Calendar year 2001 2002 2003 2004 Dec. Mar. r June r Sept. Dec. p 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 1,752 523 14 54 716 176 5,865 4,132 204 53 423 4,069 115 3,184 315 104 161 25 118 1,816 2,307 37 64 494 617 3,713 6,787 199 46 1,672 2,434 127 7,883 229 57 146 47 157 2,325 2,828 28 41 171 237 6,042 8,602 218 40 419 2,329 189 8,182 250 51 126 28 137 2,302 2,126 24 43 517 263 6,826 6,011 210 76 1,051 3,063 274 2,199 1,397 59 130 17 202 2,071 823 26 47 290 728 6,361 4,773 168 33 885 3,118 374 3,652 354 51 123 25 307 2,094 579 29 49 349 777 5,183 5,807 203 57 1,040 3,882 477 3,052 330 64 60 22 359 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 13 1,803 779 2,538 474 15,366 14 1,242 648 2,506 594 27,699 16 1,504 617 2,110 471 28,390 7 1,566 606 2,504 480 20,383 12 1,737 469 2,607 609 25,011 17 2,038 503 2,113 680 25,178 n.a. 291 39,074 8,078 n.a. 362 40,140 9,011 n.a. 422 43,205 7,803 546 43,522 8,381 25 611 62,171 8,429 10 1,009 66,370 13,498 337 902 53,575 14,044 70 959 55,683 16,291 76 1,329 56,347 18,085 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 10,138 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 430 2,888 321 318 93 125 3,586 220 114 66 529 519 9,209 366 2,438 427 209 71 72 3,230 192 89 11 455 453 8,013 367 2,821 304 280 75 114 3,780 183 163 29 557 513 9,186 350 3,101 305 305 95 100 4,126 198 193 5 550 486 9,814 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 1,075 1,024 n.a. 20,067 16 84 32 100 951 23,349 1,631 5,358 n.a. 36,320 8 67 37 120 1,085 44,626 1,940 2,719 n.a. 31,237 2 69 13 160 1,053 37,193 3,465 1,897 n.a. 30,591 5 65 15 151 1,053 37,242 3,829 1,611 n.a. 32,062 1 67 17 135 1,259 38,981 2,065 1,951 n.a. 30,411 12 72 42 119 1,725 36,397 2000 2005 See footnotes at end of table. June 2006 CAPITAL MOVEMENTS 78 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 Asia: China: Mainland............................. Taiwan................................ Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea...................................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Thailand ................................. Oil-exporting countries 7......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana .................................... Liberia .................................... Morocco ................................. South Africa ........................... Oil-exporting countries 8......... Other Africa............................ Total Africa......................... Other countries: Australia ................................. New Zealand 9........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs : International ........................... European regional.................. Latin American regional ......... Caribbean regional 10 ............. Asian regional ........................ African regional ...................... Middle Eastern regional ......... Total international and regional ..................... Grand total ..................... 1 2000 Calendar year 2001 2002 June 2006 2004 Dec. Mar. r June r 2005 Sept. Dec. p 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 1,066 783 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 250 1,046 222 12,669 3,688 892 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 326 1,208 309 15,783 3,706 834 649 580 587 480 2,899 1,632 20 521 46 914 1,411 6 270 1,279 293 16,127 3,133 883 797 547 744 427 2,895 1,499 19 451 58 672 1,654 7 271 1,431 257 15,745 3,803 865 815 550 627 475 2,505 1,272 18 494 96 420 1,425 5 302 1,364 317 15,353 3,892 853 1,001 413 456 403 2,874 1,296 22 536 57 417 2,084 6 295 1,800 408 16,813 266 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 2 176 8 109 27 247 150 336 1,055 1 159 4 102 33 193 162 281 935 1 226 25 100 32 148 221 304 1,057 2 264 5 89 24 135 249 387 1,155 2 166 12 92 14 162 289 398 1,135 1 194 16 98 25 207 295 419 1,255 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 3,619 208 83 3,910 100,905 1,588 441 245 2,274 143,218 1,857 544 178 2,579 146,033 1,722 394 183 2,299 132,073 1,851 433 199 2,483 139,112 2,173 420 207 2,800 141,511 2 4 n.a. 12 2 7 n.a. - 2 1 1 n.a. 1 1 1 2 6 2 - 3 1 6 1 3 - 1 - 1 5 - 1 1 9 - 27 - 6 11 14 1 6 11 - 90,157 113,082 102,566 100,916 143,232 146,034 132,079 139,123 141,511 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 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 79 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, December 31, 2005, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium 1 ....................................... Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg 1 ................................ Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia 2 ......................................... Serbia and Montenegro (formerly Yugoslavia) 3 .............. Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man 4 .............................. Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America 5 .................... Total Latin America ....................... Caribbean: Bahamas ....................................... Bermuda............................................. Cayman Islands 6 ............................. Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean 5 ......................... Total Caribbean......................... Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 68 73 17 78 20 2,757 9,068 401 12 1,636 1,174 407 896 607 229 39 4 64 24 3 1 12 887 7,955 14 7 1,574 239 371 407 299 3 8 44 73 14 77 8 1,870 1,113 387 5 62 935 36 489 308 229 36 4 56 2,094 579 29 49 349 777 5,183 5,807 203 57 1,040 3,882 477 3,052 330 64 60 22 359 2,025 379 27 16 274 448 2,872 4,298 64 16 741 2,441 207 2,698 237 8 13 252 69 200 2 33 75 329 2,311 1,509 139 41 299 1,441 270 354 93 56 47 22 107 4 403 448 1,235 137 19,606 1 51 307 122 15 16,725 3 352 141 1,113 122 2,881 17 2,038 503 2,113 680 25,178 1 1,343 292 1,389 574 22,517 16 695 211 724 106 2,661 501 280 40,164 4,413 500 65 29,590 2,038 1 215 10,574 2,375 76 1,329 56,347 18,085 60 1,071 44,263 15,335 16 258 12,084 2,750 152 360 387 110 10 23 2,253 56 72 2 711 115 4,251 7 142 3 4 44 1 64 31 11 307 145 218 384 106 10 23 2,209 55 8 2 680 104 3,944 350 3,101 305 305 95 100 4,126 198 193 5 550 486 9,814 52 2,079 110 37 17 40 2,037 117 91 170 249 4,999 298 1,022 195 268 78 60 2,089 81 102 5 380 237 4,815 70 790 6,774 69 13 44 925 8,685 77 6,698 61 4 41 6,881 70 713 76 8 13 40 884 1,804 2,065 1,951 30,411 12 72 42 119 1,725 36,397 2,024 1,303 30,350 50 25 88 615 34,455 41 648 61 12 22 17 31 1,110 1,942 See footnotes at end of table. June 2006 CAPITAL MOVEMENTS 80 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, December 31, 2005, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland.................................... Taiwan....................................... Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea............................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand 7 ............................... All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International .................................. European regional......................... Latin American regional ................ Caribbean regional 8 ..................... Asian regional ............................... African regional ............................. Middle Eastern regional ................ Total international and regional ............................ Grand total ............................ 1 Total liabilities (1) Liabilities Financial (2) June 2006 Total claims (4) Claims Financial (5) Commercial (6) 2,667 1,010 746 158 89 323 7,842 1,758 42 335 230 109 1,846 4 212 4,457 21,828 1,980 14 75 34 10 2 1,871 67 3 2 2 20 111 5 205 4,401 687 996 671 124 79 321 5,971 1,691 39 333 228 89 1,735 4 207 4,252 17,427 3,892 853 1,001 413 456 403 2,874 1,296 22 536 57 417 2,084 6 295 2,208 16,813 2,812 82 417 137 302 65 746 625 8 296 19 360 347 167 357 6,740 1,080 771 584 276 154 338 2,128 671 14 240 38 57 1,737 6 128 1,851 10,073 119 1 1 42 82 801 1,046 1 2 17 110 130 118 1 1 40 65 691 916 1 194 16 98 25 207 714 1,255 1 92 14 112 206 425 1 193 16 6 11 95 508 830 970 38 83 1,091 81,478 650 21 1 672 44,019 320 17 82 419 37,459 2,173 420 207 2,800 141,511 1,608 90 40 1,738 107,955 565 330 167 1,062 33,556 2 - - 2 - - - - 2 - 2 - - - 81,480 44,019 37,461 141,511 107,955 33,556 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 2 Commercial (3) 4 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other countries.” 8 Before January 2001, included in “Latin American regional.” 5 CAPITAL MOVEMENTS 81 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] Marketable Treasury bonds and notes Net foreign purchase Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (2) (3) (4) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) Calendar year or month Total (1) 2002 ......................................... 2003 ......................................... 2004 ......................................... 2005 r ....................................... 2006 - Jan. - Mar. p.................. 119,921 263,580 352,079 363,891 29,873 7,149 103,838 201,140 59,302 12,920 110,761 159,685 150,220 301,640 17,119 2,011 57 719 2,949 -166 7,264,450 8,001,517 8,936,045 10,052,960 2,574,529 7,144,529 7,737,937 8,583,966 9,689,069 2,544,656 195,145 155,800 226,401 224,678 77,315 1,727,972 1,440,289 1,209,381 1,120,347 333,949 1,532,827 1,284,489 982,980 895,669 256,634 2005 - Mar. r............................. Apr. r............................. May r ............................ June r ........................... July r............................. Aug. r............................ Sept. r........................... Oct. r............................. Nov ............................... Dec ............................... 2006 - Jan ................................ Feb. p ........................... Mar. p ........................... 34,104 29,344 25,853 15,624 28,256 27,497 22,722 29,847 54,531 17,960 4,907 21,894 3,072 -14,980 13,908 6,815 16,371 3,616 2,788 -2,124 4,881 3,526 5,609 8,081 11,114 -6,275 49,023 14,679 19,086 -1,991 24,694 24,557 24,957 24,534 50,934 12,057 -3,596 11,042 9,673 61 757 -48 1,244 -54 152 -111 432 71 294 422 -262 -326 918,458 817,183 935,047 915,896 744,739 832,506 1,013,432 808,962 844,542 611,712 817,428 826,769 930,332 884,354 787,839 909,194 900,272 716,483 805,009 990,710 779,115 790,011 593,752 812,521 804,875 927,260 7,399 6,560 22,493 19,449 36,161 15,138 19,909 35,511 8,941 11,776 27,372 30,967 18,976 88,801 85,688 82,734 88,370 100,153 96,175 100,150 117,091 92,954 95,237 111,838 114,023 108,088 81,402 79,128 60,241 68,921 63,992 81,037 80,241 81,580 84,013 83,461 84,466 83,056 89,112 Corporate and other securities Bonds 1 Calendar year or month Net foreign purchases (10) Gross foreign purchases (11) Stocks Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2002 .............................................................................. 2003 .............................................................................. 2004 .............................................................................. 2005 r ............................................................................ 2006 - Jan. - Mar. p....................................................... 182,310 265,743 309,500 375,224 107,680 820,747 979,923 1,171,415 1,269,520 344,248 638,437 714,180 861,915 894,296 236,568 50,189 34,737 28,476 79,153 56,708 3,209,760 3,104,232 3,862,043 4,467,936 1,278,638 3,159,571 3,069,495 3,833,567 4,388,783 1,221,930 2005 - Mar. r.................................................................. Apr. r.................................................................. May r ................................................................. June r ................................................................ July r.................................................................. Aug. r................................................................. Sept. r................................................................ Oct. r.................................................................. Nov .................................................................... Dec .................................................................... 2006 - Jan ..................................................................... Feb. p ................................................................ Mar. p ................................................................ 21,993 18,500 19,603 51,551 23,811 36,544 44,676 36,263 36,548 35,165 26,374 33,205 48,101 114,880 92,923 96,520 138,134 89,016 108,779 113,862 100,732 108,432 105,547 93,985 116,406 133,857 92,887 74,423 76,917 86,583 65,205 72,235 69,186 64,469 71,884 70,382 67,611 83,201 85,756 1,324 4,067 469 4,606 7,735 1,692 23,023 7,955 4,892 9,593 21,188 16,480 19,040 390,169 396,378 366,063 365,051 329,694 362,919 410,817 420,182 381,685 386,338 416,565 396,397 465,676 388,845 392,311 365,594 360,445 321,959 361,227 387,794 412,227 376,793 376,745 395,377 379,917 446,636 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. June 2006 CAPITAL MOVEMENTS 82 TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) 2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 2005 r ................................................... -155,338 -28,603 1,453,571 1,482,174 -126,735 2,187,103 2,313,838 2006 - Jan. - Mar. p.............................. -44,076 -9,852 445,050 454,902 -34,224 780,489 814,713 2005 - Mar. r......................................... -21,559 -6,727 128,080 134,807 -14,832 193,567 208,399 Apr. r......................................... -9,136 -6,437 111,207 117,644 -2,699 170,604 173,303 May r ........................................ -15,369 -10,878 122,363 133,241 -4,491 160,009 164,500 June r ....................................... -14,136 -1,476 141,327 142,803 -12,660 161,186 173,846 July r......................................... -14,632 -5,887 106,702 112,589 -8,745 162,040 170,785 Aug. r........................................ 91 16,616 123,068 106,452 -16,525 182,026 198,551 Sept. r....................................... -17,064 -10,485 121,735 132,220 -6,579 191,194 197,773 Oct. r......................................... -3,236 2,755 147,259 144,504 -5,991 227,057 233,048 Nov ........................................... -16,400 841 107,627 106,786 -17,241 229,794 247,035 Dec ........................................... -22,300 -5,575 116,522 122,097 -16,725 222,344 239,069 2006 - Jan ............................................ -12,636 -2,265 139,155 141,420 -10,371 235,235 245,606 Feb. p ....................................... -12,024 -75 140,772 140,847 -11,949 262,094 274,043 Mar. p ....................................... -19,416 -7,512 165,123 172,635 -11,904 283,160 295,064 Calendar year or month June 2006 Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) CAPITAL MOVEMENTS 83 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 Europe: Austria............................. Belgium 1 ........................ Bulgaria........................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Luxembourg 1.................. Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia 2 .......................... Serbia and Montenegro (formerly Yugoslavia) 3 .... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. United Kingdom .............. Channel Islands and Isle of Man 4 ................ Other Europe .................. Total Europe ............... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... Other Latin America ........ Total Latin America ..... Caribbean: Bahamas......................... Bermuda ......................... Cayman Islands .............. Cuba ............................... Jamaica .......................... Netherlands Antilles ........ Trinidad and Tobago....... Other Caribbean ............. Total Caribbean .......... Marketable Treasury bonds and notes 2005 Oct. Calendar year through Dec. 2005 (2) (1) 2006 Jan. through Mar. p (3) 84 500 -108 3,072 428 -116 9,648 14,636 128 19 1,248 3,797 2,332 -6,054 6,424 2,352 -264 107 1,891 275 834 13 930 -402 96 3,332 3,795 160 16 933 -195 52 -2,589 3,544 685 -399 113 -97 -421 648 -13 73 -3,691 18 -687 -4,081 -41 -41 -439 -846 -68 -412 -3,285 -3,319 -417 -78 2,211 21 -398 34 -205 634 52 597 5,947 16 -36 3,652 721 1,795 1,319 1,239 -708 42 -145 6,447 166 224 9 -280 198 37 -1,315 1,593 16 -30 555 170 184 181 -13 38 25 2,020 -89 23 7 -185 138 36 -1,263 2,749 -12 269 252 1,431 -215 1,041 81 115 3,481 -44 3,638 -12 -57 -767 -77 14,474 6,556 14 162 12,530 -53 6,325 2,857 3,125 -15 21 5 -98 833 -3 25 -79 5,066 2,545 -2 16 4,266 -74 1,612 217 875 -13 -9 3 161 1,198 -6 18 1 2,584 1,987 9 7 2,904 -493 -113 421 1,777 -42 78 3 -102 5,768 -13 94 681 423 7,283 -3,329 92 -23 1,731 -2,437 7,867 -2,271 2,316 -9 -55 -1 -53 -10 1,373 -5 28 357 33 2,532 -296 4 -14 -166 -598 1,888 -1,163 941 2 -6 135 -141 -10 11 811 -62 6,669 2,156 60 19 -609 636 3,281 -492 224 8 47 7 217 3,893 1,908 -3,501 403 134,347 94 1,582 -564 -1,353 -395 49,978 -162 936 1,628 425 2,506 31,612 1 212 286 -730 8 40,971 -100 38 407 5 9,526 -16 347 58 15,393 1 7,104 -352 5,522 2 167,312 3,500 65 1,434 14 48,465 1,882 -257 2,439 5 52,575 -21 -486 1,294 -43 19,192 -29 -754 1,164 -12 4,879 -1 -72 -214 2,972 -1 25,427 699 -486 177,604 21,418 397 1,187 62,022 5,691 485 -729 21,812 6,416 -128 -986 60,658 12,581 -176 92 13,570 4,181 -154 44 23,531 3,275 13,622 979 242,872 2,374 4,137 241 73,036 1,527 1,745 114 68,997 2,262 379 584 38,861 15,930 149 154 10,451 4,656 -45 -54 40,762 4,447 404 12,269 -1,504 1,441 11 363 9,765 275 -36 401 513 -611 23,291 62 1,190 101 -411 6 34 298 167 -29 610 342 -171 2,199 57 2,608 19 -2,380 10 -221 6,201 96 -19 366 28 253 7,018 110 629 340 551 2 39 11,873 494 772 539 -9 111 15,451 25 34 27 392 6 5 2,506 67 105 125 -6 -58 3,228 -7 111 12 20 11 -89 94 259 117 -2 -62 464 1,621 686 317 354 252 -6 1,526 950 568 771 667 787 8,493 281 114 63 107 87 -10 15 141 189 170 61 192 1,410 374 105 59 325 74 -31 792 104 75 18 62 67 2,024 -5 -232 109 79 -8 -2 -257 173 13 64 -105 23 -148 -93 8 83 34 1 -456 87 -22 18 -37 -3 -380 106 247 89 108 10 -5 760 8 -12 66 -255 -6 1,116 28,393 33,992 -7,743 -74 839 -81 9,018 64,344 10,264 6,702 -7,640 -67 988 123 2,626 12,996 -8,543 5,320 -16,688 -13 1,466 330 716 -17,412 -43 1,839 12,504 295 -473 146 2,932 17,200 789 363 -5,388 76 -7 57 1,374 -2,736 738 -50 9,962 39 -29 10 659 11,329 1,230 5,438 33,877 167 103 -76 145 40,884 563 1,201 4,721 159 -38 265 6,871 473 3,652 6,844 28 87 -59 1,614 12,639 2,177 4,776 4,840 8 2,648 10 -106 14,353 461 517 2,216 -2 841 -7 552 4,578 695 2,199 3,557 2 -407 22 235 6,303 U.S. Government corporations and Federal agency bonds 2005 2006 Oct. Jan. Calendar year through through Dec. Mar. p 2005 (5) (6) (4) Corporate bonds 2005 2006 Jan. Oct. Calendar through year through Dec. Mar. p 2005 (8) (9) (7) Corporate stocks 2005 2006 Oct. Jan. Calendar year through through Dec. Mar. p 2005 (11) (12) (10) See footnotes at end of table. June 2006 CAPITAL MOVEMENTS 84 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 Asia: China: Mainland................................ Taiwan................................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea......................................... Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Thailand..................................... Oil-exporting countries 5 ............. Other Asia.................................. Total Asia .............................. Africa: Congo (formerly Zaire)............... Egypt ......................................... Ghana........................................ Liberia........................................ Morocco..................................... South Africa ............................... Oil-exporting countries 6 ............. Other Africa ............................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International............................... European regional ..................... Latin American regional ............. Caribbean regional .................... Asian regional............................ African regional.......................... Middle Eastern regional ............. Total international and regional.. Grand total......................... Marketable Treasury bonds and notes 2005 2006 Oct. Jan. Calendar year through through Dec. Mar. p 2005 (1) (2) (3) 38,327 4,354 12,243 526 1,243 650 -3,359 1,443 2 1,057 -39 1,072 2,438 8,406 2,065 460 70,888 10,678 -539 4,535 115 774 -1,149 -3,670 225 -1 760 -9 24 -731 1,636 3,532 195 16,375 59 -11 51 63 2,027 33 2,222 51 -15 -248 54 1,455 -14 1,283 152 994 29 1,175 360,942 2,552 -34 19 -27 -57 503 -7 2,949 363,891 U.S. Government corporations and Federal agency bonds 2005 2006 Oct. Jan. Calendar year through through Dec. Mar. p 2005 (4) (5) (6) 14,854 23,419 718 8,759 10,431 16,319 -642 7 278 -191 568 277 -19,136 59,202 4,388 3,884 -3 -3 -1,426 1,795 -25 28 61 380 26 1,628 -2,138 437 4,165 1,912 133 158 12,252 118,011 Corporate stocks 2005 2006 Oct. Jan. Calendar year through through Dec. Mar. p 2005 (10) (11) (12) 6,506 2,163 4,812 6 -223 31 23,316 1,546 -1 139 6 42 591 1 -1,218 27 37,744 9,397 3,853 10,628 1 -384 132 10,952 1,048 166 -16 -1 1,637 1 742 46 38,202 26,129 3,224 11,063 1 34 965 26,011 768 5 1,329 32 74 1,031 -3 1,044 -31 71,676 7,531 807 2,882 -6 9 314 9,536 293 417 12 -20 863 4 345 13 23,000 9,367 846 3,206 4 130 -26 2,332 820 -1 103 4 37 471 2 1,350 11 18,656 -511 -333 849 -178 -63 1,271 101 -94 62 -166 -5 144 7,143 -3 -24 1,656 -34 9,815 -92 -47 472 -23 -26 521 1,202 21 18 -41 -4 -10 407 1 257 -11 2,645 -105 140 49 -66 30 846 722 -59 4 -1 -2 1 -176 -1 18 2,183 9 3,592 17 -264 71 4 69 -103 11 -68 36 -71 -92 5 -77 10 1 -4 -65 33 1 138 -1 -28 85 163 391 21 13 -32 25 40 67 -4 75 -46 15 -102 -62 101 -1 49 -2 39 -11 124 299 5 -1 -39 -3 21 -6 -2 -25 -16 -9 -6 -15 132 86 526 460 -11 975 101,541 -1,559 711 50 -113 7 9 -1,502 607 30,039 224,405 240 -21 -3 216 56,111 354 -6 9 357 77,093 5,581 1,152 78 18 26 36 5,685 1,206 372,375 107,117 2,387 -37 28 2,378 106,894 157 81 -152 86 79,196 613 -87 -33 493 22,418 410 -55 17 372 56,678 793 -9 11 -3 -10 15 797 102,338 -153 83 4 20 96 -2 12 -140 76 125 -103 89 -166 273 29,873 224,678 -19 12 7 -7 80 5 39 117 56,228 66 -1 -7 68 73 23 222 77,315 1,747 403 229 101 200 41 2 416 254 251 60 4 2,849 859 375,224 107,976 412 21 101 99 153 786 107,680 -42 -4 3 -1 1 -43 79,153 17 4 1 -1 1 22 22,440 26 -2 6 30 56,708 271 -3 -50 79 1,244 -86 1,455 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. June 2006 Corporate bonds 2005 2006 Oct. Jan. Calendar year through through Dec. Mar. p 2005 (7) (8) (9) 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. CAPITAL MOVEMENTS 85 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2006, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: Austria ....................................... 6,142 2,676 Belgium 1 ................................... 11,760 3,588 Bulgaria...................................... 55 7 Czech Republic.......................... 1,205 539 Denmark .................................... 7,372 1,323 Finland....................................... 2,810 608 France ....................................... 353,823 204,624 Germany.................................... 68,571 22,441 Greece....................................... 1,294 178 Hungary ..................................... 476 65 Ireland........................................ 169,368 96,426 Italy ............................................ 24,535 4,582 Luxembourg 1............................. 37,696 4,156 Netherlands ............................... 47,656 18,776 Norway....................................... 59,675 35,820 Poland ....................................... 2,070 1,762 Portugal ..................................... 2,270 797 Romania .................................... 1,620 1,157 Russia 2 ..................................... 7,600 2,798 Serbia and Montenegro 3 ........... (formerly Yugoslavia) 238 206 Spain ......................................... 28,217 11,677 Sweden...................................... 29,289 7,012 Switzerland ................................ 50,742 8,651 Turkey........................................ 10,852 9,818 United Kingdom ......................... 2,207,612 1,166,738 Channel Islands and Isle of Man 4.... 17,593 1,947 20,161 5,360 Other Europe ............................. Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) 458 143 7 135 282 222 4,707 3,877 6 4,213 1,036 11,928 2,684 11,818 99 150 3,870 365 1,734 441 33 6,038 5,275 18 27 9,212 267 4,668 2,372 2,771 98 4 982 4,000 14 405 3,243 634 113,773 21,172 395 215 9,321 11,729 11,440 13,168 4,501 87 718 4 263 1,138 236 1 537 304 6,743 5,944 92 40 44,962 967 1,907 2,724 2,478 122 118 301 98 4,757 503 4,786 13 166,339 5,707 363 215,791 11,194 32 1,286 7,502 22,684 80 320,914 5,787 2,409 556,758 33,828 1,352 735 2,171 236 183,833 1,964 771 259,774 58,281 273,137 117,023 5,482 1,678 1,911 87,458 476 630 143,270 13,027 4,271 24,279 6,326 4,721 446 953 38,215 3,732 1,785 3,940 2,543 4,823 96,034 351 12,967 3,868 1,235 21 842 18,369 802 47 1,892 439 3,776 44,609 52 48 311 215 42 13 2,839 330 260 238 50 53 4,451 501 191 205 437 102 9 1,609 344 88 132 245 167 4,030 1,242 1,659 743 456 48 35 3,859 890 115 359 636 302 10,344 778 2,543 512 2,077 18 41 6,541 770 1,112 870 991 451 16,704 91,419 361,194 868,122 1,340 30,083 2,597 175,969 Total Caribbean..................... 1,530,724 46,563 154,137 300,655 459 8,059 1,315 10,173 521,361 2,892 7,644 61,663 130 478 655 1,394 74,856 2,376 10,697 54,473 32 464 62 7,676 75,780 28,577 149,092 315,756 317 15,636 51 121,597 631,026 4,523 7,775 49,505 383 951 374 4,455 67,966 Total Europe.......................... 3,170,702 1,613,732 Canada........................................... Latin America: Argentina ................................... Brazil.......................................... Chile .......................................... Colombia.................................... Ecuador ..................................... Guatemala ................................. Mexico ....................................... Panama ..................................... Peru ........................................... Uruguay ..................................... Venezuela.................................. Other Latin America 5 ................. Total Latin America................ Caribbean: Bahamas.................................... Bermuda .................................... Cayman Islands 6 ....................... Cuba .......................................... Jamaica ..................................... Netherlands Antilles ................... Trinidad and Tobago.................. Other Caribbean 5 ...................... Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyTotal Bank bonds sponsored agencies sales and notes (9) (10) (8) 523 6,085 2,059 9,917 27 117 125 1,374 1,546 9,258 1,009 2,618 17,938 344,639 9,862 64,494 605 1,088 129 635 5,234 168,741 5,954 24,272 3,597 32,810 7,932 49,470 2,287 58,780 99 5,492 440 2,966 8 1,353 567 2,090 Corporate and other Bonds Stocks (11) (12) 3,097 2,940 20 466 5,014 590 205,311 26,522 219 106 96,865 5,428 4,224 19,188 39,105 5,081 1,214 1,235 587 547 120 320 144 186 5,970 1,128 18 3,944 784 10,497 2,899 10,777 18 35 389 204 536 6 423 32 3,454 3,288 9 20 6,308 760 4,781 1,951 994 42 20 1 847 4,141 24 394 2,432 696 107,104 19,016 335 196 9,930 11,093 8,159 13,660 4,277 79 671 4 256 401 368 3,663 27,150 10,741 11,859 28,230 5,384 10,539 43,851 8,226 705 8,219 7,312 282,330 2,101,274 1,135,126 1,712 15,635 1,462 10,628 22,823 6,089 381,377 3,033,782 1,591,920 39,784 263,901 110,607 5,498 1,331 1,853 72,065 630 586 119,739 9,752 2,875 760 2,347 8 113,764 3,962 249 146,794 8,932 33 1,358 7,716 19,712 81 295,487 5,832 2,463 515,996 29,381 1,347 6,871 687 301 215 13 4,998 596 163 449 182 74 15,896 4,021 23,569 6,316 6,997 365 1,737 33,510 3,325 1,308 3,758 3,369 4,841 93,116 294 10,359 3,849 3,615 11 1,063 12,168 706 66 1,526 411 3,523 37,591 52 55 200 203 22 2 2,928 236 1 121 52 115 3,987 127 86 146 112 28 40 817 240 13 114 183 100 2,006 1,136 1,412 654 348 38 40 3,099 882 127 293 891 308 9,228 6,488 98,089 31,849 351,381 86,070 857,760 19 1,536 4,495 28,982 140 2,750 30,674 171,287 159,735 1,511,785 55,106 148,817 317,343 472 6,593 985 9,457 538,773 2,154 7,694 51,701 91 507 645 735 63,527 1,903 7,045 47,629 4 377 121 6,062 63,141 27,882 146,893 312,199 315 16,043 29 121,362 624,723 Foreign securities Bonds Stocks (13) (14) 326 222 1 357 101 3,184 4,645 37 77 46,551 719 1,922 3,306 1,244 146 623 79 46 1,064 1,958 67 193 888 1,013 19,616 9,895 470 236 5,143 5,488 3,227 8,466 2,383 144 420 811 2,556 4,122 407 12,632 2,001 9,712 115 703 195,374 289,458 2,082 1,667 1,905 11,531 268,026 391,307 62,082 43,147 1,086 3,305 739 2,514 16 581 7,877 751 957 1,325 1,509 672 21,332 1,326 8,352 728 205 250 11 6,621 510 144 379 323 123 18,972 4,157 6,887 7,894 33,038 47,405 81,483 637 17 955 4,507 837 133 3,460 30,211 65,345 156,276 See footnotes at end of table. June 2006 CAPITAL MOVEMENTS 86 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2006, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Asia: China: Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) 58,540 Mainland ............................ 101,471 18,023 2,911 Taiwan............................... 45,806 Hong Kong............................. 108,037 4,043 270 India....................................... 2,122 1,376 Indonesia ............................... 9,619 2,800 Israel...................................... Japan..................................... 282,620 106,718 26,060 12,599 Korea ..................................... 397 Lebanon................................. 5,054 2,984 Malaysia................................. 150 Pakistan................................. 2,590 1,211 Philippines ............................. 38,630 15,739 Singapore .............................. 1 Syria ...................................... 3,290 1,987 Thailand................................. 28,046 9,870 Other Asia.............................. Total Asia........................... 630,153 262,811 Africa: Congo (formerly Zaire)........... 1,448 395 Egypt ..................................... Ghana.................................... 1,151 12 Liberia.................................... 91 50 Morocco................................. 1,425 166 South Africa ........................... 2,514 1,399 Other Africa............................ 6,629 2,022 Total Africa ........................ Other countries: 41,331 10,871 Australia................................. 1,434 166 New Zealand.......................... 542 7 All other countries .................. 43,307 11,044 Total other countries .......... Total foreign countries ........ 5,750,686 2,572,602 International and regional orgs: 3,531 1,705 International ........................... 1,183 20 European regional.................. 314 Latin American regional ......... 11 Caribbean regional................. 655 Asian regional ........................ 477 202 African regional...................... 46 Middle Eastern regional ......... Total international 6,217 1,927 and regional................... Grand total..................... 5,756,903 2,574,529 1 Domestic securities Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 66,254 14,375 91,644 4,369 2,151 7,762 290,162 22,069 365 7,334 1,025 2,804 38,724 2 5,774 17,862 572,676 43,686 2,193 35,375 912 1,098 2,232 125,854 8,211 3 4,410 25 1,150 15,713 4,125 5,572 250,559 17,843 1,714 4,251 1 424 120 23,703 3,895 90 16 58 1,802 10 2,009 55,936 1,276 233 1,364 1 653 6,720 185 3 587 7 58 2,713 4 480 14,284 1,223 3,164 3,814 175 117 2,772 11,637 219 295 93 25 180 5,011 2 186 7,908 36,821 887 143 4,541 44 111 44 18,282 1,057 4 1,242 802 1,052 2,010 56 823 31,098 1,339 6,928 42,299 3,237 400 1,941 103,966 8,502 60 912 150 306 11,475 1,393 1,070 183,978 1,221 1,449 135 2,031 1,430 6,266 124 15 100 87 241 567 1 327 24 352 12 35 60 269 376 202 530 26 159 380 1,297 43 48 79 89 259 839 494 9 1,646 427 3,415 5,971 14,686 40,894 12,430 342 323 1,494 116 15 315 268 6,328 15,324 42,656 12,546 443,612 780,031 5,524,182 2,542,563 2,179 240 14 2,433 255,726 737 3,736 5,189 59 402 396 23 114 8 819 4,252 5,593 236,352 1,221,698 453,735 16,623 281 109 17,013 814,108 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) 27,240 5,567 14,879 2 40 252 34,655 4,943 256 57 3,439 11 2,797 94,138 10,643 1,079 4,570 4 131 627 9,052 1,005 2 690 11 95 3,184 6 1,841 32,940 1,118 3,304 3,863 109 147 3,618 12,359 160 299 92 23 181 4,835 1 204 10,100 40,413 3,176 754 821 4,341 4,677 34,242 134 3,524 57 371 89 2,233 18,472 101,364 945 6,408 6 90 124 908 116 791 255 2,680 8,753 139 943 2,124 1,314 34,235 165,616 6 250 10 21 287 8 110 14 182 314 186 521 20 144 512 1,383 2,533 234 23 2,790 332,819 591 90 5 9 326 86 23 1,130 333,949 3,124 4,146 22 347 51 131 3,197 4,624 343,246 1,278,376 557 21 101 134 189 - 112 52 116 44 324 194 41 7 20 1,002 262 344,248 1,278,638 395 688 167 2 186 - 1,858 16 2 140 77 - 525 91 12 9 258 13 - 1,438 458 5,221 2,093 445,050 780,489 5,529,403 2,544,656 908 256,634 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. 2 June 2006 741 206 21 975 356 2,299 4 89 364 2 3 Total sales (8) 3,648 773 192 11 446 132 19 Corporate and other Bonds Stocks (11) (12) 145 35 36 - 168 43 7 14 Foreign securities Bonds Stocks (13) (14) 831 189 137 4 6 - 121 477 2 5 216 232 1,167 236,568 1,221,930 454,902 605 814,713 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. 5 CAPITAL MOVEMENTS 87 TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2005 [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Markeable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: 17,147 Austria.................................. Belgium 1 .............................. 99,906 Bulgaria................................ 305 Czech Republic .................... 28,501 Denmark .............................. 18,983 Finland ................................. 10,912 France.................................. 1,292,780 Germany .............................. 268,288 Greece ................................. 4,204 Hungary ............................... 2,386 Ireland .................................. 598,915 Italy ...................................... 88,486 Luxembourg 1 ....................... 115,638 Netherlands.......................... 128,344 Norway................................. 287,729 Poland.................................. 9,383 Portugal................................ 15,562 Romania............................... 4,032 Russia 2 ................................ 36,312 Serbia and Montenegro 861 (formerly Yugoslavia) 3 ..... Spain.................................... 139,759 Sweden ................................ 106,372 Switzerland........................... 167,656 Turkey .................................. 20,180 United Kingdom.................... 7,874,283 Channel Islands and Isle 79,662 of Man 4 ............................ 61,443 Other Europe........................ Total Europe .................... 11,478,029 Canada..................................... 892,853 Latin America: Argentina.............................. 15,790 Brazil .................................... 82,452 Chile..................................... 22,147 Colombia.............................. 18,730 Ecuador................................ 2,710 Guatemala............................ 1,487 Mexico.................................. 101,078 Panama................................ 13,307 Peru ..................................... 3,952 Uruguay ............................... 10,911 Venezuela ............................ 9,846 19,879 Other Latin America 5 ........... Total Latin America.......... 302,289 Caribbean: Bahamas.............................. 443,545 Bermuda .............................. 1,443,731 Cayman Islands 6 ................. 2,934,899 Cuba .................................... Jamaica................................ 4,227 Netherlands Antilles ............. 102,543 Trinidad and Tobago ............ 5,625 Other Caribbean 5 ................ 630,113 Total Caribbean ............... 5,564,683 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) 735 8,466 3 1,729 101 25,539 17,974 207 578 31,306 1,290 17,579 7,205 6,811 24 148 13 Foreign securities Bonds Stocks (6) (7) 7,324 16,005 190 26,520 5,851 5,377 804,467 114,103 671 295 409,337 28,078 25,648 47,278 225,225 7,098 11,364 3,249 4,898 2,449 39,946 42 640 1,151 663 12,572 9,368 49 57 14,729 3,186 24,445 9,626 30,482 299 833 140 28,116 2,428 40,344 8 845 517 611 11,975 3,421 33 93 11,077 2,465 22,650 8,307 29,243 1,007 791 285 21,669 859 32,425 37,013 39,390 16,835 4,373,494 1 29,396 5,228 6,493 13 224,611 1 55,155 5,841 5,003 1,256 22,809 1,406 15,195 67,908 8,522 126 171 977 594,801 1,126,789 710,766 642 642 11,939 131,959 28,532 38,660 114,201 35,105 30,148 167,444 42,891 2,058 23,331 16,432 843,822 7,558,733 4,239,147 8,085 31,380 6,282,459 441,240 2,208 2,624 449,367 34,241 31,891 17,304 16,149 4,025 64,252 7,386 1,770 6,432 5,320 13,917 65,139 31,866 819,903 1,921,212 882,088 1,123,00011,023,570 6,104,855 31,415 119,667 149,554 116,736 845,370 419,822 1,661 57,443 12,756 8,645 161 1,100 37,863 1,200 129 3,383 1,681 15,501 141,523 339 1,084 1,842 1,257 271 68 21,714 3,147 816 846 189 514 32,087 291,506 670,415 1,049,353 1,424 34,918 1,892 82,375 2,131,883 5,105 36,664 242,802 687 1,381 2,054 6,167 294,860 3,543 2,980 1,881 995 233 86 9,177 2,734 350 1,364 2,590 833 26,766 985 2,903 34 8 1,378 166 7,332 15,801 275 267 82,323 1,702 9,245 5,695 3,793 822 435 381 400 Total sales (8) 5,116 7,882 2,831 6,199 259 190 14,340 2,569 1,602 3,399 3,047 1,663 49,097 7,585 107,017 14,672 34,185 579,775 24,799 201,857 1,086,862 152,413 225 276 1,590 1,348 48,355 4,995 107 139 1,273 21,404 420,500 10,587 266,711 2,242,924 210,329 2,397 16,859 12,019 89,061 5 373 406 25,627 3,826 17,774 2,885 11,188 57,657 1,266,156 24,709 244,310 1,824 3,790 521 2,303 14,265 574,283 15,822 87,336 9,880 93,655 21,392 134,494 7,758 274,262 598 7,395 919 16,644 256 3,965 1,292 28,394 Bonds Marketable of U.S. Treasury Gov’t and corps and Federal Financing federallyBank bonds sponsored and notes agencies (9) (10) 7,240 15,505 298 23,448 5,423 5,493 794,819 99,467 543 276 408,089 24,281 23,316 53,332 218,801 4,746 11,628 3,142 3,007 2,106 1,411 894 900 601 20 5,722 1,999 736 1,032 1,546 1,147 18,114 3,257 20,567 31 927 5,048 1,720 385,213 86,333 1,178 668 46,955 38,408 28,841 37,148 13,660 542 1,863 6 1,593 Domestic securities 3,025 11,652 1,943 734 1,185 23 12,262 1,658 319 887 793 221 34,702 13,621 80,964 23,771 18,078 2,947 1,318 81,970 12,839 3,916 9,094 9,948 19,909 278,375 Corporate and other Bonds Stocks (11) (12) 3,359 14,799 44 833 4,367 1,297 377,930 89,662 1,086 691 45,224 40,845 20,974 39,419 11,344 551 1,918 7 1,646 726 1,237 4 31 950 48 8,712 13,711 150 277 78,686 1,201 6,290 5,929 4,482 436 446 488 176 2,327 12,348 4 413 4,021 3,561 61,655 26,631 1,785 550 12,431 17,201 9,171 23,159 6,706 616 1,734 43 1,888 29,184 4,942 7,223 5 183,640 48,051 5,862 1,608 23,295 9,673 66,614 124 214 427,489 1,107,597 7,232 4,499 8,541 4,350 729,883 13,098 44,752 32,502 2,206 870,977 2,336 3,610 388,709 21,660 18,269 16,925 791 5,848 577,031 1,882,351 29,041 103,737 15,400 3,936 7,250 15,774 901,135 1,169,489 150,893 120,217 1,257 45,174 14,260 7,204 150 737 28,098 925 165 2,982 1,168 16,112 118,232 229 455 1,502 706 269 29 9,841 2,653 44 307 198 403 16,636 17,660 410,728 263,113 97,893 1,401,512 636,423 201,612 2,885,065 1,057,096 25 3,641 1,498 11,546 98,956 34,079 160 5,595 1,973 89,080 617,100 73,357 417,976 5,422,597 2,067,539 5,148 34,825 230,298 392 1,854 1,908 3,235 277,660 779 4,828 15 57 2,496 178 11,065 11,418 193 416 18,776 1,343 11,254 4,348 3,686 39 127 8 Foreign securities Bonds Stocks (13) (14) 485 725 577 546 349 26 4,196 1,049 168 261 879 360 9,621 3,548 3,212 1,772 916 241 88 9,434 2,561 337 1,300 2,695 810 26,914 5,147 15,567 3,224 8,177 790 409 16,648 3,858 2,605 3,313 4,313 2,027 66,078 2,955 15,831 2,436 529 1,148 29 13,753 1,793 597 931 695 197 40,894 6,355 104,840 28,747 574,999 167,980 1,082,022 58 268 1,245 45,707 183 129 21,259 420,606 225,827 2,228,571 15,086 25,136 149,055 1,400 5,257 1,242 11,304 208,480 16,186 101,382 198,614 25 10,814 160 87,339 414,520 See footnotes at end of table. June 2006 88 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 2005, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Market able Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Asia: China: Mainland ....................... 322,700 198,016 78,603 31,032 2,607 10,819 1,623 232,027 159,689 Taiwan .......................... 57,183 13,033 15,514 4,268 8,257 3,527 12,584 46,199 8,679 Hong Kong ........................ 278,845 110,208 34,573 16,680 13,648 14,534 89,202 244,972 97,965 India .................................. 14,034 3,452 8 16 246 146 10,166 15,256 2,926 Indonesia........................... 7,584 3,577 510 50 298 1,086 2,063 8,932 2,334 Israel ................................. 29,850 12,314 589 3,286 8,986 399 4,276 27,929 11,664 Japan ................................ 1,058,071 485,265 131,983 45,355 50,006 90,509 254,953 1,008,784 488,624 Korea ................................ 84,181 39,883 16,171 3,767 527 4,696 19,137 78,140 38,440 Lebanon ............................ 1,009 23 16 16 741 80 133 929 21 Malaysia............................ 20,090 11,084 2,325 1,590 413 1,244 3,434 15,574 10,027 Pakistan ............................ 287 23 42 51 88 13 70 406 62 Philippines......................... 11,869 4,938 2,774 336 703 2,344 774 10,461 3,866 Singapore.......................... 148,850 67,021 7,982 10,452 23,388 11,503 28,504 135,686 64,583 Syria.................................. 1 1 4 Thailand ............................ 17,833 13,740 452 35 476 156 2,974 10,123 5,334 70,956 25,129 8,906 2,774 25,237 5,350 3,560 61,983 22,604 Other Asia ......................... Total Asia ...................... 2,123,343 987,706 300,448 119,708 135,622 146,406 433,453 1,897,405 916,818 Africa: Congo (formerly Zaire).......... 2 Egypt................................. 2,817 109 23 52 912 55 1,666 2,635 50 Ghana ............................... 1 1 3 Liberia ............................... 3,739 13 451 330 2,200 88 657 3,780 24 Morocco ............................ 456 364 62 4 26 472 313 South Africa....................... 4,070 274 103 114 458 511 2,610 5,694 211 8,316 4,627 340 807 841 806 895 5,631 2,567 Other Africa ....................... 19,399 5,387 917 1,304 4,473 1,464 5,854 18,217 3,165 Total Africa.................... Other countries: Australia ............................ 140,352 48,060 6,672 8,031 13,947 11,068 52,574 147,649 47,908 New Zealand ..................... 5,805 1,405 399 143 947 1,533 1,378 4,724 411 1,868 152 79 77 716 475 369 1,794 123 All other countries.............. 49,617 7,150 8,251 15,610 13,076 54,321 154,167 48,442 Total other countries...... 148,025 Total foreign countries ............... 20,528,621 10,039,815 1,119,070 1,265,406 4,466,274 1,452,014 2,186,042 19,639,701 9,678,873 International and regional orgs.: International ......................... 17,949 12,106 837 2,548 1,305 914 239 13,727 9,554 European regional ................. 1,802 17 73 446 456 810 8,672 51 Latin American regional............ 767 56 112 208 276 115 651 37 Caribbean regional ................ 39 4 31 2 2 50 31 Asian regional........................ 768 135 99 441 28 62 3 279 192 African regional ..................... 1,339 827 36 465 1 10 685 324 152 89 4 52 7 64 7 Middle Eastern regional......... Total international 22,816 13,145 1,277 4,114 1,662 1,557 1,061 24,128 10,196 and regional................. Grand total................... 20,551,437 10,052,960 1,120,347 1,269,520 4,467,936 1,453,571 2,187,103 19,663,829 9,689,069 1 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2 June 2006 4 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 55,184 6,755 18,254 1 701 312 72,781 12,287 19 530 14 2,394 6,354 15 6,836 182,437 4,903 1,044 5,617 15 16 2,321 19,344 2,999 11 261 19 262 9,421 38 1,761 48,032 3,118 8,590 12,799 424 361 7,715 49,905 621 679 579 93 559 16,245 4 500 23,615 125,807 2,680 893 13,690 811 3,021 538 83,188 3,582 54 527 8 2,570 7,550 715 3,948 123,775 6,453 20,238 96,647 11,079 2,499 5,379 294,942 20,211 145 3,650 210 810 31,533 3,521 3,219 500,536 6 715 32 267 1,020 19 192 1 142 559 913 811 1 2,151 64 419 728 4,174 76 59 704 385 1,224 2 1,673 2 639 94 4,186 1,125 7,721 5,961 512 70 6,543 2,450 65 51 2,566 13,790 866 868 15,524 20,353 1,447 240 22,040 57,187 1,423 442 59,052 893,031 4,387,078 1,473,625 2,312,429 1,347 280 25 2 51 998 7,222 310 13 6 - 273 1,129 1 6 1,265 1,705 894,296 4,388,783 8,549 1,482,174 1,409 2,313,838 894,665 754 53 16 19 23 139 1,004 895,669 801 217 8 25 214 - Before January 2001, data included in United Kingdom. 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. CAPITAL MOVEMENTS 89 CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 550 (In billions of dollars) 500 450 Note: To facilitate comparison of net purchases during 2006 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 400 350 300 250 200 150 100 50 0 -50 2002 2003 2004 2005 2006 Jan.-Mar. United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 2003 2004 Subtotal.................................... 186,691 57,064 76,144 91,412 109,314 520,625 167,329 114,433 78,538 176,587 116,980 653,867 254,112 110,153 87,638 247,114 130,399 829,416 All other countries ........................ Grand total ............................... 26,940 65,993 87,040 126,272 34,194 547,565 719,860 916,456 1,042,946 Annual net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2004, net foreign acquisitions (including stock swaps) of U.S. securities totaled a record $953 billion. Net acquisitions in 2005 were even stronger, reaching a new record of $1,049 billion. Data for the first quarter of 2006 show net acquisitions of $272 billion, similar to the pace in 2005. 271,576 United Kingdom ........................... All other Europe ........................... Caribbean banking centers 1,2 ..... Japan ........................................... All other Asia................................ 1 2 2005 2006 Jan. - Mar. 2002 The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported to the TIC reporting system. Foreign investors also acquired U.S. equities through mergers and reincorporations that involve stock swaps. Net foreign acquisitions of U.S. equities through stock swaps have been modest, amounting to about $7 billion in both 2001 and 2002, $2 billion in 2003, $36 billion in 2004, and $6 billion in 2005. There are no estimated stock swaps in the first quarter of 2006. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps and certain other adjustments for principal repayment flows of asset-backed securities are not reported under the TIC reporting system, but are now available on the TIC web site. 361,822 158,173 126,289 81,955 188,435 916,674 125,007 30,095 9,578 -5,130 77,382 237,382 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. June 2006 90 CAPITAL MOVEMENTS CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 200 (In billions of dollars) Note: To facilitate comparison of net purchases during 2006 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 150 100 50 0 -50 2001 2002 Foreign bonds 2003 2004 2005 Foreign stocks 2006 Jan.-Mar. Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ...... Foreign stocks...... Total ................... 2001 2002 2003 2004 2005 2006 Jan. - Mar. -30,502 50,113 19,611 -28,492 1,493 -26,999 -32,046 88,587 56,541 67,872 84,970 152,842 28,603 126,735 155,338 9,852 34,224 44,076 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. June 2006 The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, $4 billion in 2005, and $6 billion in the first quarter of 2006. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are now available on the TIC web site. Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. U.S. investors’ acquisitions of foreign securities (including stock swaps) then slowed over the 2001-2003 period before rebounding to $141 billion in 2004 and $159 billion in 2005. In the first quarter of 2006, U.S. investors acquired $50 billion in foreign securities, a pace of acquisition that was slightly higher than in 2005. 91 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. June 2006 FOREIGN CURRENCY POSITIONS 92 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 10/05/05 .................................................................... 487,336 494,821 187 1.1794 10/12/05 .................................................................... 497,798 505,739 454 1.1706 10/19/05 .................................................................... 496,022 502,765 1,376 1.1781 10/26/05 .................................................................... 516,705 526,190 1,110 1.1703 11/02/05 .................................................................... 505,326 513,147 930 1.1806 11/09/05 .................................................................... 514,135 521,417 2,232 1.1857 11/16/05 .................................................................... 520,105 529,521 2,799 1.1918 11/23/05 .................................................................... 535,229 547,074 2,624 1.1720 11/30/05 .................................................................... 545,323 555,359 2,669 1.1670 12/07/05 .................................................................... 565,568 572,850 3,662 1.1582 12/14/05 .................................................................... 579,879 587,971 2,739 1.1531 12/21/05 .................................................................... 479,417 487,160 3,065 1.1691 12/28/05 .................................................................... 461,625 469,786 2,727 1.1636 01/04/06 .................................................................... 459,469 467,771 2,385 1.1515 01/11/06 .................................................................... 479,029 486,868 1,926 1.1579 01/18/06 .................................................................... 494,262 505,161 1,581 1.1726 01/25/06 .................................................................... 491,599 499,957 2,067 1.1480 02/01/06 .................................................................... 491,975 502,474 3,312 1.1401 02/08/06 .................................................................... 500,491 508,483 2,967 1.1535 02/15/06 .................................................................... 501,018 514,533 3,575 1.1541 02/22/06 .................................................................... 511,199 522,222 4,323 1.1482 03/01/06 .................................................................... 533,426 545,636 4,605 1.1365 03/08/06 .................................................................... 569,960 583,947 5,315 1.1575 03/15/06 .................................................................... 478,790 487,914 5,168 1.1553 03/22/06 .................................................................... 481,756 507,403 4,544 1.1651 03/29/06 .................................................................... 487,797 496,637 4,117 1.1722 June 2006 FOREIGN CURRENCY POSITIONS 93 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 2005 - Apr ................... 460,570 461,436 116,407 107,377 58,883 66,432 59,200 56,823 -1,922 1.2570 May.................. 484,466 485,145 120,346 113,012 58,962 72,958 85,041 78,961 -1,054 1.2512 June................. 421,895 425,778 120,893 114,235 59,535 70,588 84,405 82,327 16 1.2257 July .................. 449,846 451,407 131,302 125,252 66,175 75,204 92,481 91,465 886 1.2258 Aug .................. 489,949 489,772 133,911 126,316 75,232 85,741 98,522 98,816 1,011 1.1895 Sept ................. 480,298 483,359 123,960 117,811 75,008 83,323 95,767 96,183 -172 1.1608 Oct................... 502,884 514,528 153,407 134,295 80,140 87,957 92,076 90,371 -137 1.1796 Nov .................. 540,825 549,962 148,363 126,720 71,368 73,116 69,578 69,059 2,806 1.1670 Dec .................. 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 474 1,433 615 -253 1.5729 750 1,069 1,461 1,491 -2 1.4680 1,011 1,440 1,478 1,792 68 1.3478 Non-capital items Options positions Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) 38,048 41,529 57,695 69,378 2003 - Mar................... 45,629 50,134 53,084 41,777 June................. 28,134 34,279 60,747 49,932 Sept ................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 Sept. ................ 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 Report date 2002 - Dec................... Bought (5) Written (6) 868 Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 2005 - Mar................... 26,156 32,898 101,524 n.a. 154 n.a. 2,534 1,093 -738 1.2097 June ................. 28,892 40,197 136,998 86,955 507 n.a. 2,805 762 n.a. 1.2257 Sept.................. 25,885 32,855 100,061 63,591 665 1,575 2,515 718 n.a. 1.1608 Dec ................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 June 2006 FOREIGN CURRENCY POSITIONS 94 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Exchange rate (Japanese yen per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 10/05/05 .................................................................. 226,900 229,039 654 113.73 10/12/05 .................................................................. 226,718 228,195 517 114.36 10/19/05 .................................................................. 234,507 236,700 536 115.50 10/26/05 .................................................................. 234,201 235,647 695 115.81 11/02/05 .................................................................. 234,997 237,093 31 116.76 11/09/05 .................................................................. 243,999 245,770 152 117.51 11/16/05 .................................................................. 246,164 248,327 121 119.17 11/23/05 .................................................................. 226,573 228,928 147 118.76 11/30/05 .................................................................. 264,807 267,153 226 119.66 12/07/05 .................................................................. 268,314 269,996 127 120.93 12/14/05 .................................................................. 289,534 291,223 -27 116.85 12/21/05 .................................................................. 250,327 252,089 -399 117.40 12/28/08 .................................................................. 234,807 237,307 -413 117.62 01/04/06 .................................................................. 246,073 248,478 -364 116.31 01/11/06 .................................................................. 248,502 251,660 -604 113.96 01/18/06 .................................................................. 250,906 254,136 -338 115.35 01/25/06 .................................................................. 249,555 252,703 -245 115.73 02/01/06 .................................................................. 260,159 264,463 -316 117.85 02/08/06 .................................................................. 257,100 261,852 -12 118.69 02/15/06 .................................................................. 259,193 263,389 -139 117.93 02/22/06 .................................................................. 254,950 258,788 -284 118.51 03/01/06 .................................................................. 265,131 268,294 -442 116.18 03/08/06 .................................................................. 268,139 270,865 -512 117.90 03/15/06 .................................................................. 241,070 243,646 -185 117.30 03/22/06 .................................................................. 243,382 245,621 -498 116.72 03/29/06 .................................................................. 245,953 247,726 -375 117.80 Report date June 2006 FOREIGN CURRENCY POSITIONS 95 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Non-capital items Options positions Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 2004 - Dec................... 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 2005 - Apr ................... 234,852 238,074 43,931 44,599 50,692 53,153 53,617 52,489 816 104.65 May.................. 214,316 217,173 47,069 48,109 53,640 54,936 53,512 53,419 695 108.00 June................. 237,680 241,045 50,062 50,386 49,583 50,689 54,139 54,634 777 110.92 July .................. 239,594 242,334 48,317 48,867 51,268 52,989 52,528 53,723 708 112.27 Aug .................. 252,629 255,063 49,383 49,931 54,236 55,666 53,585 53,329 345 110.85 Sept ................. 248,598 250,676 51,371 52,754 51,660 52,088 53,157 53,658 716 113.31 Oct................... 256,320 258,052 53,648 54,732 51,696 53,838 67,532 66,826 -396 116.36 Nov. ................. 284,309 286,789 54,894 53,600 53,909 54,342 54,477 53,570 -40 119.66 54,259 56,128 Dec. ................. 263,085 265,279 63,192 62,541 57,311 56,285 -905 117.88 2006 - Jan ................... 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 Feb .................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 Mar .................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2002 - Dec................... 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 Sept ................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 Sept ................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 2005 - Mar................... 6,673 7,384 5,620 3,017 307 297 544 264 n.a. 107.25 June ................. 8,576 8,485 5,570 2,995 407 352 597 281 -406 110.92 Sept.................. 8,073 8,966 6,359 3,312 373 368 734 291 -557 113.31 Dec ................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 June 2006 FOREIGN CURRENCY POSITIONS 96 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 10/05/05 .................................................................. 562,690 576,506 2,526 1.2924 10/12/05 .................................................................. 573,328 585,274 2,566 1.2850 10/19/05 .................................................................. 592,607 607,328 2,568 1.2947 10/26/05 .................................................................. 584,213 600,814 3,244 1.2810 11/02/05 .................................................................. 609,112 623,078 3,328 1.2780 11/09/05 .................................................................. 603,262 616,360 2,987 1.3115 11/16/05 .................................................................. 614,805 628,778 3,058 1.3255 11/23/05 .................................................................. 527,451 542,175 2,884 1.3144 11/30/05 .................................................................. 634,800 648,887 2,230 1.3148 12/07/05 .................................................................. 683,148 697,117 1,621 1.3134 12/14/05 .................................................................. 735,110 751,365 2,006 1.2790 12/21/05 .................................................................. 580,086 591,466 1,587 1.3153 12/28/05 .................................................................. 530,167 546,579 1,810 1.3129 01/04/06 .................................................................. 598,123 612,619 4,680 1.2801 01/11/06 .................................................................. 594,711 606,957 4,681 1.2734 01/18/06 .................................................................. 601,887 614,287 4,261 1.2823 01/25/06 .................................................................. 598,401 612,964 5,318 1.2636 02/01/06 .................................................................. 620,948 633,704 4,210 1.2841 02/08/06 .................................................................. 625,727 638,854 3,787 1.3032 02/15/06 .................................................................. 653,460 667,416 6,318 1.3107 02/22/06 .................................................................. 685,776 700,309 7,081 1.3114 03/01/06 .................................................................. 708,186 720,017 7,061 1.3165 03/08/06 .................................................................. 784,949 790,101 7,892 1.3088 03/15/06 .................................................................. 623,704 631,973 9,061 1.2999 03/22/06 .................................................................. 643,389 658,974 9,184 1.3024 03/29/06 .................................................................. 645,869 657,257 9,655 1.3091 June 2006 FOREIGN CURRENCY POSITIONS 97 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Puts Written Bought Written (6) (7) (8) Calls Bought (5) Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 2005 - Apr ................... 529,555 539,042 62,644 65,455 89,667 84,655 60,050 49,488 3,155 1.1904 May.................. 502,899 508,015 54,748 57,156 104,110 103,349 86,152 71,474 1,359 1.2449 June................. 554,022 564,714 54,926 58,070 103,375 101,358 82,758 71,669 1,718 1.2829 July .................. 590,744 594,262 58,496 61,473 111,163 114,540 82,099 72,698 -830 1.2873 Aug .................. 630,945 639,047 60,960 63,154 118,307 115,350 83,678 71,693 674 1.2547 Sept ................. 578,535 588,492 56,065 59,954 108,513 101,922 57,801 49,774 3,430 1.2891 Oct................... 608,329 620,749 61,422 64,259 110,535 106,318 84,209 71,116 2,538 1.2900 Nov .................. 651,659 666,250 55,424 49,847 90,053 83,866 63,868 53,043 2,193 1.3148 Dec .................. 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 2006 - Jan ................... 640,273 653,345 63,431 63,686 115,713 104,059 85,278 70,203 5,369 1.2784 Feb .................. 733,504 713,614 79,629 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 Mar .................. 670,466 681,666 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2002 - Dec................... 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 Sept ................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 Sept ................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 2005 - Mar................... 16,896 29,821 38,291 10,119 491 658 1,623 493 n.a. 1.1956 June ................. 17,850 31,127 53,000 10,181 538 n.a. 1,415 n.a. n.a. 1.2829 Sept.................. 14,928 24,850 56,802 9,593 n.a. n.a. 460 230 n.a. 1.2891 Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 June 2006 FOREIGN CURRENCY POSITIONS 98 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 10/05/05 .................................................................. 729,488 724,963 4,262 1.7655 10/12/05 .................................................................. 756,457 749,323 5,679 1.7532 10/19/05 .................................................................. 756,970 759,070 6,087 1.7627 10/26/05 .................................................................. 777,988 781,337 5,378 1.7766 11/02/05 .................................................................. 772,578 774,897 6,171 1.7755 11/09/05 .................................................................. 762,726 763,316 5,738 1.7415 11/16/05 .................................................................. 789,580 800,910 4,204 1.7166 11/23/05 .................................................................. 728,017 738,275 5,103 1.7214 11/30/05 .................................................................. 803,677 813,049 4,170 1.7321 12/07/05 .................................................................. 815,163 822,431 4,422 1.7350 12/14/05 .................................................................. 864,188 875,790 4,129 1.7737 12/21/05 .................................................................. 753,556 764,788 3,601 1.7402 12/28/05 .................................................................. 720,557 725,543 2,966 1.7226 01/04/06 .................................................................. 739,192 747,686 3,479 1.7588 01/11/06 .................................................................. 758,822 767,308 3,864 1.7643 01/18/06 .................................................................. 740,524 750,005 4,689 1.7622 01/25/06 .................................................................. 751,060 758,950 4,655 1.7874 02/01/06 .................................................................. 749,732 755,901 5,142 1.7781 02/08/06 .................................................................. 746,077 749,678 4,405 1.7405 02/15/06 .................................................................. 784,250 784,091 4,506 1.7401 02/22/06 .................................................................. 789,471 794,343 5,403 1.7425 03/01/06 .................................................................. 804,403 805,244 6,240 1.7473 03/08/06 .................................................................. 824,037 822,663 5,258 1.7359 03/15/06 .................................................................. 737,422 733,900 5,373 1.7460 03/22/06 .................................................................. 746,223 759,325 5,287 1.7483 03/29/06 .................................................................. 757,560 758,431 5,437 1.7356 June 2006 FOREIGN CURRENCY POSITIONS 99 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 2005 - Apr ................... 689,982 690,704 229,252 215,073 60,876 60,130 58,794 65,500 1,971 1.9122 May.................. 672,862 670,510 222,727 210,566 61,151 57,461 63,736 70,856 379 1.8231 June................. 709,800 711,603 227,427 216,639 58,788 55,392 63,288 68,753 1,830 1.7930 July .................. 750,997 757,340 227,710 215,931 61,777 62,561 73,161 79,285 3,848 1.7593 Aug .................. 772,514 782,246 240,342 225,976 62,345 58,888 76,215 81,358 4,249 1.8012 Sept ................. 748,475 755,953 235,467 220,837 64,491 56,309 76,771 80,730 4,563 1.7696 Oct................... 761,450 775,272 287,499 256,854 68,502 59,856 82,301 85,893 4,536 1.7689 Nov .................. 795,767 806,868 273,944 257,257 70,294 64,813 81,263 84,796 4,670 1.7321 Dec .................. 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2002 - Dec................... 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 Sept ................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 Sept ................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 2005 - Mar................... 31,551 42,100 47,135 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 June ................. 38,438 53,284 91,683 53,088 n.a. 553 3,874 3,555 n.a. 1.7930 Sept.................. 23,723 35,977 56,557 n.a. n.a. 518 2,639 2,027 -754 1.7696 Dec ................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 June 2006 FOREIGN CURRENCY POSITIONS 100 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 10/05/05 ................................................................ 8,241,382 8,279,215 -9,342 n.a. 10/12/05 ................................................................ 8,320,639 8,342,203 -8,213 n.a. 10/19/05 ................................................................ 8,489,259 8,518,769 -17,809 n.a. 10/26/05 ................................................................ 8,623,162 8,644,749 -22,525 n.a. 11/02/05 ................................................................ 8,658,458 8,680,025 -10,687 n.a. 11/09/05 ................................................................ 8,684,199 8,710,920 -13,690 n.a. 11/16/05 ................................................................ 8,784,570 8,821,695 -12,093 n.a. 11/23/05 ................................................................ 8,125,500 8,166,530 -15,583 n.a. 11/30/05 ................................................................ 9,227,780 9,289,895 -14,874 n.a. 12/07/05 ................................................................ 9,257,060 9,323,565 -15,862 n.a. 12/14/05 ................................................................ 9,807,555 9,857,355 -16,263 n.a. 12/21/05 ................................................................ 8,661,813 8,728,275 -11,888 n.a. 12/28/05 ................................................................ 8,153,781 8,247,064 -10,287 n.a. 01/04/06 ................................................................ 8,461,750 8,559,832 -11,314 n.a. 01/11/06 ................................................................ 8,648,766 8,752,881 -8,647 n.a. 01/18/06 ................................................................ 8,695,707 8,801,408 -7,302 n.a. 01/25/06 ................................................................ 8,799,277 8,901,395 -13,451 n.a. 02/01/06 ................................................................ 9,064,046 9,129,172 -12,323 n.a. 02/08/06 ................................................................ 8,945,030 9,010,707 -12,409 n.a. 02/15/06 ................................................................ 9,151,667 9,243,344 -11,247 n.a. 02/22/06 ................................................................ 9,318,715 9,413,835 -10,077 n.a. 03/01/06 ................................................................ 9,532,191 9,626,993 -12,233 n.a. 03/08/06 ................................................................ 9,813,482 9,903,107 -13,687 n.a. 03/15/06 ................................................................ 8,783,225 8,891,014 -14,014 n.a. 03/22/06 ................................................................ 8,948,442 9,059,374 -13,238 n.a. 03/29/06 ................................................................ 9,049,957 9,221,052 -14,069 n.a. June 2006 FOREIGN CURRENCY POSITIONS 101 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Net delta equivalent (9) Written (8) Exchange rate (10) 2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 2005 - Apr ................... 8,293,742 8,356,941 - - 1,396,743 1,288,031 1,183,632 1,176,618 -8,357 n.a. May.................. 7,754,831 7,782,474 - - 1,344,379 1,294,560 1,209,690 1,233,083 -10,716 n.a. June................. 8,345,528 8,353,702 - - 1,347,555 1,312,386 1,170,162 1,176,726 -16,891 n.a. July .................. 8,660,426 8,660,142 - - 1,277,090 1,288,403 1,108,409 1,176,757 -21,157 n.a. Aug .................. 9,161,206 9,191,265 - - 1,158,387 1,192,576 1,258,131 1,279,228 -12,590 n.a. Sept ................. 8,842,754 8,904,256 - - 1,145,876 1,164,272 1,150,844 1,168,598 -16,290 n.a. Oct................... 9,175,337 9,222,161 - - 1,194,152 1,210,907 1,408,923 1,420,156 -5,214 n.a. Nov .................. 9,613,292 9,676,066 - - 1,194,640 1,209,079 1,166,477 1,188,580 -13,615 n.a. Dec .................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. Mar .................. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2002 - Dec................... 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. Sept ................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. Sept ................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 2005 - Mar................... 447,805 454,607 - - 11,614 11,133 12,816 n.a. 15,946 n.a. June.................. 466,298 478,539 - - 13,864 12,139 15,821 10,600 10,440 n.a. Sept .................. 439,417 424,241 - - 12,959 11,423 8,008 7,764 9,741 n.a. Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. June 2006 FOREIGN CURRENCY POSITIONS 102 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 10/05/05 ............................................................................. 2,602,831 2,600,864 2,368 0.8345 10/12/05 ............................................................................. 2,636,148 2,646,903 4,533 0.8306 10/19/05 ............................................................................. 2,704,317 2,710,106 3,465 0.8342 10/26/05 ............................................................................. 2,740,994 2,748,452 2,941 0.8277 11/02/05 ............................................................................. 2,732,889 2,734,818 3,653 0.8287 11/09/05 ............................................................................. 2,792,156 2,795,119 4,218 0.8512 11/16/05 ............................................................................. 2,807,797 2,820,996 3,470 0.8568 11/23/05 ............................................................................. 2,664,710 2,669,808 5,756 0.8475 11/30/05 ............................................................................. 2,985,218 2,988,092 6,166 0.8482 12/07/05 ............................................................................. 3,018,669 3,019,878 15,257 0.8531 12/14/05 ............................................................................. 3,194,264 3,196,163 15,653 0.8306 12/21/05 ............................................................................. 2,820,531 2,805,652 6,524 0.8463 12/28/05 ............................................................................. 2,669,348 2,649,624 6,356 0.8421 01/04/06 ............................................................................. 2,781,170 2,769,673 4,654 0.8271 01/11/06 ............................................................................. 2,845,543 2,820,317 4,384 0.8241 01/18/06 ............................................................................. 2,854,529 2,822,017 3,037 0.8276 01/25/06 ............................................................................. 2,902,343 2,867,085 5,085 0.8162 02/01/06 ............................................................................. 2,943,624 2,922,157 3,410 0.8270 02/08/06 ............................................................................. 2,942,582 2,923,990 4,398 0.8379 02/15/06 ............................................................................. 3,021,081 2,996,878 2,786 0.8415 02/22/06 ............................................................................. 3,099,404 3,081,828 2,275 0.8400 03/01/06 ............................................................................. 3,098,139 3,074,728 1,590 0.8404 03/08/06 ............................................................................. 3,169,270 3,168,393 1,849 0.8394 03/15/06 ............................................................................. 2,870,697 2,866,865 -934 0.8302 03/22/06 ............................................................................. 2,966,910 2,938,177 -622 0.8268 03/29/06 ............................................................................. 3,044,061 3,004,966 -1,709 0.8313 June 2006 FOREIGN CURRENCY POSITIONS 103 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 2005 - Apr ................... 2,484,698 2,484,953 1,119,763 1,100,777 327,186 288,319 331,656 371,566 -3,307 0.7741 May.................. 2,289,976 2,308,066 1,158,512 1,133,710 353,316 304,575 353,750 410,408 1,564 0.8098 June................. 2,604,992 2,624,294 1,238,831 1,207,527 371,521 301,145 383,421 449,945 6,374 0.8266 July .................. 2,678,150 2,704,008 1,225,893 1,197,828 361,960 309,904 384,320 457,217 7,000 0.8245 Aug .................. 2,820,963 2,828,909 1,269,850 1,243,375 341,456 290,872 398,245 443,589 3,252 0.8110 Sept ................. 2,685,515 2,708,412 1,244,507 1,193,680 347,230 296,777 396,192 431,940 2,508 0.8293 Oct................... 2,803,470 2,810,865 1,322,375 1,281,551 374,295 323,139 512,573 552,082 3,046 0.8337 Nov .................. 3,005,763 3,002,145 1,208,602 1,145,199 390,570 347,311 413,338 460,223 7,573 0.8482 Dec .................. 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2002 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) 162,235 151,909 154,166 134,844 2003 - Mar................... 174,551 165,959 179,611 June................. 178,372 170,896 197,305 Sept ................. 178,580 160,509 Dec .................. 153,335 2004 - Mar................... 175,305 Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) n.a. n.a. 146,054 n.a. n.a. 169,747 n.a. n.a. 161,112 111,712 n.a. n.a. 144,106 157,491 77,634 8,294 179,774 210,250 127,055 16,812 Net delta equivalent (9) Exchange rate (10) 13,985 -86 0.9527 21,449 15,577 -2,428 0.9153 26,352 17,778 3,663 0.8687 16,932 9,813 -1,316 0.8574 7,684 9,465 6,754 -781 0.7952 10,418 11,420 14,269 13,505 -3,231 0.8120 June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 Sept ................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 2005 - Mar................... 140,145 149,484 217,956 127,548 9,171 4,963 7,254 8,662 -37 0.7711 June ................. 161,252 178,581 283,116 153,746 9,419 6,000 8,969 8,659 -476 0.8266 Sept.................. 126,262 152,457 222,890 129,434 6,319 4,585 7,799 6,168 245 0.8293 Dec ................... 117,211 153,573 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 June 2006 104 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, 2005, and Dec. 31, 2005 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Sept. 30, 2005 Oct. 1, 2005, through Dec. 31, 2005 Dec. 31, 2005 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 15,237,881 82,247 15,320,128 Special drawing rights 1 ........................................................... 8,285,432 -34,681 8,250,751 Foreign exchange and securities: European euro ..................................................................... 10,906,264 -115,833 10,790,431 Japanese yen....................................................................... 8,338,055 -323,414 8,014,641 Accounts receivable................................................................. 118,451 -12,944 105,507 Total assets.......................................................................... 42,886,083 -404,625 42,481,458 Accounts payable................................................................. 32,172 2,977 35,149 Total current liabilities ...................................................... 32,172 2,977 35,149 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... 2,200,000 7,101,673 -98,922 2,200,000 7,002,751 Liabilities and capital Current liabilities: Total other liabilities ......................................................... 9,301,673 -98,922 9,202,751 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 33,352,238 -308,680 200,000 33,043,558 Total capital...................................................................... 33,552,238 -308,680 33,243,558 Total liabilities and capital............................................ 42,886,083 -404,625 42,481,458 See footnote on the following page. June 2006 EXCHANGE STABILIZATION FUND 105 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, 2005, through Dec. 31, 2005 Fiscal year to date Oct. 1, 2005, through Dec. 31, 2005 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ -522,350 -522,350 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... -16,878 -16,878 SDRs............................................................................................ 8,729 8,729 U.S. Government securities......................................................... 151,659 151,659 Foreign exchange ........................................................................ 70,160 70,160 Commissions ............................................................................... - - Income from operations ............................................................... -308,680 -308,680 Net income (+) or loss (-)............................................................. -308,680 -308,680 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.” June 2006 Trust Funds TRUST FUNDS 109 TABLE TF-15A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal year 2007. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal year 2007. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 87.0 less: Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 6.6 Unfunded authorizations (fiscal year 2007) ........................................................................................................................................................................ 80.4 48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)............................................................................................................................ 146.0 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 10.2 less: Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.8 Unfunded authorizations (fiscal year 2007) ........................................................................................................................................................................ 2.4 48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)........................................................................................................................... 21.1 Note: Detail may not add to totals due to rounding. June 2006 TECHNICAL PAPERS 110 Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham and John S. Greenlees. November 1995. 9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, Robert Gillingham and John S. Greenlees. January 1997. 9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. December 1997. 2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. Worth. May 2001. 2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and Christopher J. Soares. June 2001. 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1425 New York Ave., NW., Room 1000 Washington, DC 20220 Telephone (202) 622-1519, or fax (202) 622-1294 June 2006 111 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 2006, the debt limit was $8,965,000 million; the limit may change from year to year. Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (“U.S. Savings Bonds and Notes”)— Bonds paying semiannual interest to holders. Interest is not included in accrued discount. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series June 2006 112 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 June 2006 International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, I, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), Series HH bonds (issued since January 1980 through October 1982) mature in 20 years, and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. GLOSSARY 113 Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) Reopening (PDO-3)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). June 2006
@FedFRASER