Full text of Treasury Bulletin : June 2009
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BULLETIN JUNE 2009 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Additional Financial Management Service Releases on Federal Finances Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.† Combined Statement of Receipts, Outlays, and Balances of the United States Government. This statement presents budget results and the cash-related assets and liabilities of the Federal Government with supporting details. Single copy price: $67.00 (domestic), $93.80 (foreign). Financial Report of the United States Government. This annual report provides information about Government financial operations on the accrual basis. Single copy price: $26.00 (domestic), $36.40 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9938/9939 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fms.treas.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Financial Management Service’s home page. www.fms.treas.gov/ Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations.............................................................................................................................. 9 Analysis.—Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source ................... 10 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 12 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 13 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 18 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 19 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 21 FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 FD-2.—Debt Held by the Public ......................................................................................................................................... 23 FD-3.—Government Account Series................................................................................................................................... 24 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 25 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 26 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 27 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 28 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 30 TREASURY FINANCING ................................................................................................................................................. 30 PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 37 PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 39 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 42 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 42 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 43 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 43 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 44 June 2009 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 47 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 47 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 49 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 50 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 53 CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 56 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 58 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 59 CM-II-2.—Total Claims by Country ................................................................................................................................... 60 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 64 SECTION III.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 65 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 66 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 68 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 70 SECTION IV.—U.S. International Transactions in Long-Term Securities CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 74 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (first quarter).................................................................................................................... 76 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 78 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by Businesses in the United States CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82 CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 83 CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 84 CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 85 CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country ................. 86 June 2009 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 87 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 88 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 93 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 93 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 94 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 95 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 95 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 96 FCP-V-2.—Monthly Report of Major Market Participants ................................................................................................. 97 FCP-V-3.—Quarterly Report of Large Market Participants................................................................................................ 97 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ................................................................................................. 98 FCP-VI-2.—Monthly Report of Major Market Participants................................................................................................ 99 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................... 99 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 100 ESF-1.—Balance Sheet ..................................................................................................................................................... 100 ESF-2.—Income and Expense ........................................................................................................................................... 101 SPECIAL REPORTS TRUST FUNDS Introduction.—Black Lung Disability Trust Fund............................................................................................................. 105 TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 106 Introduction.—Highway Trust Fund ................................................................................................................................. 107 TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 107 RESEARCH PAPER SERIES........................................................................................................................................... 108 GLOSSARY ...................................................................................................................................................................... 110 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. June 2009 VI Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Trust Fund................................................ √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ June 2009 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] As of May 18, 2009 Introduction U.S. economic conditions deteriorated significantly during the latter half of 2008, and in early December 2008 the National Bureau of Economic Research (NBER) determined that the economy had been in recession since December 2007. The December 2007 business cycle peak marked the end of a 73-month expansion that began in November 2001. The previous expansion, which began in March 1991 and peaked in March 2001, had lasted 120 months. Economic conditions, particularly in labor markets, have continued to deteriorate in 2009, although very recently there have been tentative signs that the pace of deterioration is slowing. Headline inflation, which peaked in July 2008 on the back of rising energy and other commodity prices, retreated sharply during the latter half of last year, and most recently, the headline consumer price level declined. Core inflation (a measure excluding food and energy) has remained relatively contained, falling to the lower end of recent ranges in April. Conditions in housing and financial markets deteriorated through most of 2008 but in the first few months of this year, have begun to show signs of limited improvement. Stock market indexes dropped significantly in 2008 but have trended higher since early March. Most economists see some growth in the second half of 2009, boosted by the American Recovery and Reinvestment Act (ARRA) of 2009. Growth Growth in the U.S. economy contracted in the final two quarters of 2008, and fell 0.8 percent over the whole year, the first four-quarter decline since 1991. In the third quarter of 2008, real gross domestic product (GDP) fell by 0.5 percent at an annual rate, mainly due to a drop in consumer spending, and in the fourth quarter, GDP plunged 6.3 percent–the largest quarterly decline since 1982. During the first quarter of 2009, real GDP fell another 6.1 percent, reflecting steep declines in business and residential investment (the latter for the 13th straight quarter) as well as a sharp drop in inventory investment. Although government spending also fell, consumer spending and net exports both rose. Growth of consumer spending–which accounts for about 70 percent of GDP–began to slow in the spring of 2007. Over 2008, consumption fell 1.3 percent, the largest fourquarter drop since 1974. Personal consumption expenditures rose 2.2 percent in the first quarter of 2009, however, recovering from the fourth quarter’s 4.3 percent drop. Growth of Real GDP (Quarterly percent change at annual rate) 8.0 6.0 4.0 2.0 4.8 3.8 3.0 2.6 1.3 4.8 4.8 2.7 2.8 1.5 0.8 0.9 0.1 0.0 -0.2 -2.0 -0.5 -4.0 -6.0 -6.3 -6.1 -8.0 2005 2006 2007 2008 2009 Residential investment–mostly residential homebuildingaccounts for only about 3-1/2 percent of GDP, but the ongoing decline in this sector has been a significant drag on real GDP growth since early 2006. In the first quarter of 2009, residential investment plunged 38.0 percent, the 13th straight quarterly decline and the largest since the housing correction began 3 years ago. Residential investment subtracted 1.4 percentage points from real GDP growth, a bit more than the 0.9 percentage point average reduction during the previous 12 quarters. Despite the first quarter’s particularly steep decline, there have been some modest signs of stabilization. Single-family starts have been roughly stable for the past 3 months, and in both February and March, exceeded permits. However, sales of new and existing single-family homes declined in March. The inventory of unsold homes continued to shrink in March but remained at a historically high level relative to the current sales pace. House prices continued to fall on a year-over-year basis, but one measure has registered monthly gains recently. According to the Federal Housing Financing Authority (FHFA), prices for purchased homes rose by 0.7 percent in February, extending a 1.0 percent increase in January. This measure has not risen for 2 straight months since early 2007. Even so, the FHFA home price index was 6.5 percent lower than a year ago. Other measures, such as the S&P/CaseShiller indexes, indicate that home prices continue to fall in most major U.S. cities. The Case-Shiller 20-city index is down 18.6 percent over the year through February, and is 31 percent below its mid-2006 peak. June 2009 4 PROFILE OF THE ECONOMY Business activity outside of homebuilding slowed in 2008 and in the first quarter of 2009. Nonresidential fixed investment–about 10 percent of GDP–declined by 5.2 percent in 2008. After declining by 22.8 percent in the final quarter of 2008, business investment plunged by 37.9 percent at an annual rate in the first quarter–the largest decline on record. Outlays for equipment and software tumbled by 33.8 percent, the most since the late 1950s, while spending on structures fell by a record 44.2 percent. Altogether, the drop in business investment subtracted 4.7 percentage points from real GDP growth in the first quarter. Export growth had been a key driver of growth in 2007 and most of 2008, but in the final quarter of 2008, the contribution declined significantly. Exports account for about 12 percent of GDP, while imports, which are subtracted from GDP, account for about 17 percent. Real exports fell 30 percent in the first quarter of 2009, year-overyear, after declining about 24 percent in the fourth quarter of 2008–a sharp contrast with increases averaging nearly 7 percent in the first three quarters of last year. Real imports declined 34 percent in the first quarter of 2009, the sixth consecutive quarterly decline and the largest since early 1975. As a result, net exports contributed 2.0 percentage points to first quarter growth in real GDP, in line with the boosts of roughly 1 to 3 percent in the first three quarters of 2009. Public sector purchases–which account for roughly 20 percent of GDP–fell 3.9 percent at an annual rate in the first quarter, subtracting 2.1 percentage points from real GDP growth and constituting the first decline in government purchases since the final quarter of 2005. Federal spending declined 4.0 percent in the first quarter, a sharp contrast with the 8.3 percent average increase in the previous four quarters. State and local government finances deteriorated June 2009 sharply, with expenditures plunging 6.4 percent in the first quarter of 2009, following average increases of 9 percent in the previous four quarters. Labor Markets Labor market conditions deteriorated throughout 2008 and the deterioration worsened in early 2009. Since the recession began in December 2007, a total of 5.7 million jobs have been lost through April, including over 2.7 million jobs during the first 4 months of this year alone. On a percentage basis, the 16-month decline is the largest since 1950. Nonfarm payrolls fell by an average of 158,000 per month during the first three quarters of 2008, then dropped by an average of 553,000 per month in the final quarter and by an average of more than 700,000 per month during the first quarter of 2009. Payroll employment fell by 539,000 in April 2009. The unemployment rate has trended higher, with particularly steep increases over the past few months: unemployment jumped to 8.9 percent in April 2009, the highest rate since September 1983, and was 4.5 percentage points above the March 2007 low of 4.4 percent. A measure of unemployment that includes workers who are underemployed and those who are only marginally attached to the labor force rose to 15.8 percent in April 2009–up from 8.7 percent in December 2007, and a record high for this indicator, which dates to 1994. Job losses have been spread broadly across most sectors. Since the start of the recession, manufacturing payrolls have declined by 1.6 million, and construction payrolls have declined by 1.2 million. However, a few sectors have continued to see job growth, including health care and education, which together added nearly 590,000 jobs to payrolls between December 2007 and April 2009. PROFILE OF THE ECONOMY 5 Payroll Employment (Average monthly change in thousands from end of quarter to end of quarter) Unemployment Rate (Percent) 400 300 255 200 206 151 88 100 109 105 71 80 0 -100 -113 -200 -153 -300 -208 -400 -500 -553 -600 -700 -707 -800 I II III IV 2006 I II 2007 III IV I II 2008 III IV 9.5 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 Apr. 2009 8.9% 00 I 01 02 03 04 05 06 07 08 09 2009 Inflation Rising food prices and the energy price surge through the middle of last year boosted headline inflation, which peaked at 5.6 percent in the 12 months through July 2008 and has since retreated sharply, largely due to the reversal in the energy price run-up but also to the significant slowing in consumer and business spending. Headline consumer prices fell 0.7 percent in the year ending April 2009, plummeting from the 3.9 percent year-earlier pace and representing the second consecutive 12-month decline. Prior to March, it had been over 50 years since a 12-month decline in the CPI had been recorded. For the 3 months ending in April 2009, headline consumer prices were up at an annual rate of 0.9 percent. Core consumer prices (excluding food and energy) rose by 1.9 in the year through April 2009, well below the year-earlier pace of 2.3 percent and still close to 2004 lows. In the 3 months ending in April 2009, core prices increased 2.5 percent. Energy prices reached record highs in mid-summer 2008, but have fallen sharply since then. The retail price of regular gasoline–which hit a record of $4.11 per gallon in early July 2008–stood at $2.24 per gallon in the week ended May 11– roughly 40 percent lower than a year ago. The front-month futures price for West Texas Intermediate (WTI) crude oil traded to a record $147 per barrel in mid-July 2008, but has since dropped by about $90 to roughly $58 per barrel in midMay. Compared with one year ago, oil prices are now about $50 per barrel lower. Food prices began rising much more rapidly in early 2007 and continued to accelerate in 2008, remaining above the overall inflation rate. Most recently, however, food prices edged down 0.1 percent in February as well as March and fell 0.2 percent in April. Consumer food prices rose by 3.3 percent in the 12 months through April, slower than the 5.1 percent pace of a year earlier and the slowest rate of increase since February 2007. Consumer Prices (Percent change from a year earlier) 7 6 Food 5 4 3 2 1 Excluding food and energy 0 Total -1 98 99 00 01 02 03 04 05 06 07 08 09 June 2009 6 PROFILE OF THE ECONOMY Federal Budget The federal budget deficit widened to $459 billion in fiscal year 2008 (3.2 percent of GDP), following 3 years of improvement that had trimmed the deficit to $162 billion (1.2 percent of GDP) in fiscal year 2007. Outlays grew by 9.3 percent in fiscal year 2008 compared with fiscal year 2007, and included stimulus payments associated with the Economic Stimulus Act of 2008. Weak economic growth weighed on receipts, which fell by 1.7 percent. In fiscal year 2009, the budget deficit is projected to rise to $1.75 trillion (12.3 percent of GDP). Expenditures are expected to grow by 32 percent, partly reflecting the Troubled Assets Relief Program (TARP) outlays and spending associated with the stimulus package enacted in mid-February. Receipts are projected to fall by 13 percent, due in part to falling employment and income and declining asset values. The deficit will narrow in subsequent years, averaging 3.1 percent of GDP from fiscal year 2012 to fiscal year 2019. Economic Policy Key policy actions taken during the first quarter are setting the stage for recovery in the second half of the year. The ARRA puts $787 billion toward stimulating domestic demand, and is expected to create or save an estimated 3.5 million jobs in a range of industries from clean energy to health care. By the end of 2010, the ARRA is expected to raise GDP by more than 3 percent. In addition to the ARRA, the Treasury Department recently introduced several new initiatives to stabilize and strengthen our financial system under the umbrella of the Financial Stability Plan (FSP). The FSP includes the Capital Assistance Program (CAP), which is designed to ensure that major financial institutions have adequate capital to lend even in a worse-than-expected economic environment. The Public Private Investment Program (PPIP) will use private and government capital to purchase legacy assets in order to help jump-start the market for private real-estate-related assets that have been a core factor in the current financial crisis. In response to falling home prices, the Administration introduced the Making Home Affordable Plan to support lower mortgage rates and help millions of homeowners refinance and avoid foreclosure. Finally, as a mechanism to unlock frozen credit markets, the Consumer and Business Lending Initiative was created to restart activity in the secondary markets for securitized loans, lower borrowing costs, and restore the flow of credit. Together these efforts will help lay the foundations necessary for economic recovery and clear the credit conduits to support future growth. Financial Markets Financial markets came under unprecedented stress last fall, but a wide range of measures have been taken as part of the Emergency Economic Stabilization Act (EESA) of 2008, June 2009 enacted in early October, as well as the ARRA. Credit market conditions have since improved, although some indicators still suggest that several important sectors remain challenged. Partly in response to rising financial market stress, as well as, signs of more slowing in the broader economy, the Federal Reserve began easing monetary policy in August 2007, and has since cut the rate to a range of 0 percent to 0.25 percent set at the December 2008 Federal Open Market Committee (FOMC) meeting, which brought the target to its lowest level in history. The target range was maintained at the FOMC’s most recent meeting in late April, when the Committee observed some slowing in the pace of economic contraction but also downside risks to inflation. The Federal Reserve has greatly expanded its tools to increase liquidity in credit markets and ease lending terms to sectors that need a temporary injection. These include a variety of facilities and funds directed at specific financial markets, including commercial paper and money market funds. Although these facilities were set to expire this spring, the Federal Reserve extended the programs through October 30, 2009. The expiration date of the Term Asset-Backed Securities Loan Facility (TALF) remains December 31, 2009, and other liquidity facilities, such as the Term Auction Facility (TAF) do not have a fixed expiration date. At the April meeting, the FOMC clarified that it will increase purchases of agency mortgage-backed securities by up to $1.25 trillion by the end of 2009, and will purchase $300 billion in longer-term Treasury securities by autumn. Equity market indexes fell very sharply last year, and volatility rose to record levels. The Standard & Poor’s (S&P) 500 index declined 38.5 percent last year, compared with a 3.5 percent gain in 2007. The loss was the largest since 1931, when an earlier version of the index (containing only 90 stocks) dropped 47 percent. In early May, however, the S&P was about flat on the year, and since a 12-year low on March 9, the index has gained 34.5 percent. The S&P stock market volatility index (VIX), often used as a measure of financial market uncertainty, surged to an all-time high of 80 percent in late October, after hovering in a range of 20 to 30 percent for most of 2008. The VIX has since retreated to about 35 percent as of early May. Long-term Treasury interest rates have been buffeted by a variety of factors, including flight-to-quality flows in response to financial market pressures, as well as, concerns about the increase in supply that will be necessary to fund the Treasury’s emergency support programs. After trading between 3.5 percent and 4.5 percent for most of 2008, the yield dropped off sharply starting in mid-November, reaching 2.1 percent in late December. Since then, the 10year note yield has trended higher, reaching 3.2 percent as of early May. The 3-month Treasury bill yield, by contrast, generally trended lower throughout 2008 under the relatively steady influence of safe-haven demand for short-term liquid assets. The yield reached an all-time low of slightly above zero by the end of December, but has risen since then to PROFILE OF THE ECONOMY 7 Short-Term Interest Rate Spreads Long-Term Interest Rate Spreads (Percent) (Percent) 7.0 6.0 TED Spread 6.0 5.0 Corporate Baa to Treasury Ten-Year Yield Spread 5.0 4.0 4.0 Libor-OIS Spread 3.0 3.0 2.0 2.0 Treasury Tw o-Year 1.0 to Ten-Year Yield Spread 1.0 0.0 -1.0 2006 2007 2008 2009 about 0.2 percent as of early May. The 2-year to 10-year Treasury yield spread, one measure of the steepness of the yield curve, has widened noticeably since mid-2007. A steepening yield curve may suggest rising uncertainty about long-term prospects. Key interest rates on private securities have risen sharply relative to Treasury rates, reflecting an increase in financial risk and concerns by financial market participants about short-term liquidity difficulties facing a number of institutions. The spread between the 3-month London Interbank Offered Rate (LIBOR) and the 3-month Treasury bill rate (the TED spread, a measure of inter-bank liquidity and credit risk) had averaged less than 50 basis points before the crisis began to worsen in August 2007 rose to an all-time high of nearly 460 basis points in early October 2008. Improvements in short-term credit have narrowed the spread to about 85 basis points in early May. The spread between 0.0 2006 2007 2008 2009 the Baa corporate bond yield and the 10-year Treasury yield averaged 170 basis points through most of 2007, before the financial market turmoil emerged. It peaked at nearly 620 basis points last December and has narrowed since then to about 500 basis points in early May–still very high by historical standards. Rates for conforming mortgages have trended lower in recent months, but jumbo mortgage rates have continued to rise. The interest rate for a 30-year conforming fixed-rate mortgage has been trending lower since October of last year, and had fallen to about 4.8 percent as of late April. The jumbo-conforming spread had widened to 160 basis points by the end of last year, well up from the more typical 20 to 25 basis point spread seen prior to the onset of the housing and credit market problems. This spread has widened again to about 150 basis points as of early May. June 2009 8 Foreign Trade and Exchange Rates Although the U.S. trade balance (which measures trade in goods and services) and current account (which also includes investment income flows and unilateral transfers) remain in deficit, both deficits have narrowed appreciably in recent years, largely due to an improvement in the trade balance. The merchandise trade deficit reached $838 billion in 2006, but declined to $819 billion in 2007, and was $821 billion in 2008. Last year’s leveling off mainly reflected the lower value–and to a small extent, lower volume–of oil imports in the latter half of the year. The current account balance has been in deficit almost continuously since the early 1980s, and in 2006, reached a record $788 billion, equivalent to 6.0 percent of GDP. In 2007, the deficit narrowed to $731 billion, or 5.3 percent of GDP, and in 2008, the current account narrowed further to $673 billion, equivalent to 4.7 percent of GDP. June 2009 The value of the U.S. dollar compared with the currencies of seven major trading partners (the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland) has depreciated significantly from its peak in February 2002, but most recently, has begun to stabilize. Between February 2002 and January 2009, the exchange value of the dollar compared to an index of these currencies fell by about 15 percent. Between April 2007 and April 2009, however, the dollar appreciated by 4.0 percent against these currencies. Over the longer timeframe, the dollar depreciated by 26 percent against the yen, and by 34 percent against the euro, but over the past 2 years, the dollar has depreciated by about 17 percent against the yen and has appreciated by roughly 2.5 percent against the euro. The dollar has also appreciated against an index of currencies of 19 other important trading partners (including China, India, and Mexico). Between February 2002 and January 2009, the dollar appreciated by about 0.5 percent against this basket of currencies, and over the past 2 years, firmed by nearly 5.5 percent. 9 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally 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 2009 10 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 2009 supplements fiscal data reported in the March issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes—Individual income tax receipts, net of refunds, were $174.4 billion for the second quarter of fiscal year 2009. This is a decrease of $55.5 billion over the comparable prior year quarter. Withheld receipts decreased by $30.6 billion and non-withheld receipts decreased by $12.6 billion during this period. Refunds increased by $12.3 billion over the comparable fiscal year 2008 quarter. There was a decrease of $1.4 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2008. Corporate income taxes—Net corporate income tax receipts were $5.9 billion for the second quarter of fiscal year 2009. This is a decrease of $31.1 billion compared to June 2009 the prior year second quarter. The $31.1 billion change is comprised of a decrease of $16.8 billion in estimated and final payments, and an increase of $14.2 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the second quarter of fiscal year 2009 were $224.2 billion, an increase of $0.1 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 $0.9 billion, $0.2 billion, and -$1.0 billion respectively. There was a $2.0 billion accounting adjustment for prior years’ employment tax liabilities made in the second quarter of fiscal year 2009, while there was a $0.6 billion adjustment in the second quarter of fiscal year 2008. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the second quarter of fiscal year 2009 were $4.8 billion, a decrease of $0.6 billion over the comparable quarter of fiscal year 2008. Net State taxes deposited in the U.S. Treasury decreased by $0.5 billion to $3.6 billion. Net Federal Unemployment Tax Act taxes decreased by $0.1 billion to $1.2 billion. FEDERAL FISCAL OPERATIONS 11 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 $1.0 billion for the second quarter of fiscal year 2009. This was a negligible change from the comparable quarter of fiscal year 2008. Excise taxes—Net excise tax receipts for the second quarter of fiscal year 2009 were $14.3 billion, a decrease of $1.2 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.8 billion, an increase of $0.1 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $5.5 billion for the second quarter of fiscal year 2009. These receipts represent a decrease of $1.0 billion over the same quarter in fiscal year 2008. Customs duties—Customs duties net of refunds were $5.3 billion for the second quarter of fiscal year 2009. This is a decrease of $1.2 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the second quarter of fiscal year 2009 were $7.0 billion, a decrease of $6.8 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $7.8 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 2009 442,394 267,102 175,292 913,995 757,510 156,484 -471,600 -490,407 18,807 989,834 670,516 319,318 1,946,633 1,698,694 247,938 -956,799 -1,028,178 71,379 465,416 97,821 -94,366 471,600 1,026,310 102,782 -172,293 956,799 Second-Quarter Net Budget Receipts by Source, Fiscal Year 2009 [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. 124.5 4.5 83.3 1.1 0.3 5.0 2.4 2.1 2.8 226.1 8.7 -2.1 67.8 3.3 0.3 4.2 1.2 1.7 2.0 87.3 41.2 3.4 73.1 0.3 0.3 5.0 1.9 1.5 2.2 129.0 Note.—Detail may not add to totals due to independent rounding. June 2009 FEDERAL FISCAL OPERATIONS 12 CHART FFO-A.— Monthly Receipts and Outlays, 2008-2009 (In billions of dollars) 400 On-budget receipts 350 300 Off-budget receipts 250 On-budget outlays 200 150 Off-budget outlays 100 50 0 -50 M A M J J A S O N D J F M CHART FFO-B.— Budget Receipts by Fiscal Year to Date, 2008-2009 (In billions of dollars) 550 500 450 2009 400 2008 * 350 300 250 200 150 100 50 0 Individual income taxes Social insurance and retirement receipts * Prior-year data are for the comparable year. June 2009 Corporate Excise taxes income taxes Misc. receipts Custom duties Estate/gift taxes FEDERAL FISCAL OPERATIONS 13 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) -412,986 -318,298 -248,197 -161,527 r -454,798 -568,219 -493,562 -434,510 -342,978 r -638,092 155,233 175,265 186,313 181,452 r 183,294 595,064 551,329 546,436 499,976 1,035,015 Total on-budget and off-budget results Fiscal year or month 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 2008 ............................ Total receipts (1) Onbudget receipts (2) Off-budget receipts (3) 1,879,784 1,345,040 2,153,350 1,575,874 2,406,675 1,798,293 2,567,672 1,932,584 r 2,523,642 r 1,865,597 Total outlays (4) 534,744 2,292,770 577,475 2,471,647 608,382 2,654,873 635,088 2,729,199 658,045 r 2,978,440 On-budget outlays (5) Off-budget outlays (6) 1,913,259 2,069,437 2,232,804 2,275,562 r 2,503,689 379,512 402,210 422,069 453,636 r 474,751 Total surplus or deficit (-) (7) 2009 - Est.................... 2,156,654 2010 - Est.................... 2,332,645 1,501,784 1,649,422 654,870 683,223 3,997,842 3,591,076 3,479,621 3,041,947 518,221 549,129 -1,841,188 -1,258,431 -1,977,837 -1,392,525 136,649 134,094 2,881,875 1,589,123 2008 - Mar................... Apr................... May.................. June................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2009 - Jan ................... Feb .................. Mar .................. 178,816 403,751 124,272 259,912 160,494 157,016 r 272,228 r 164,847 144,782 237,811 226,109 87,328 128,957 120,840 333,059 70,392 199,010 110,050 106,449 r 218,144 117,998 94,377 191,039 161,462 34,133 71,507 57,976 70,692 53,880 60,902 50,444 50,567 54,083 46,849 50,405 46,772 64,647 53,195 57,450 227,028 244,469 290,199 226,365 263,261 268,930 r 226,494 402,024 309,179 321,435 312,654 280,111 321,230 177,070 199,021 239,019 228,631 217,179 218,692 r 169,541 354,566 258,676 327,942 264,889 225,475 267,146 49,958 45,448 51,180 -2,266 46,082 50,237 r 56,953 47,457 50,503 -6,507 47,765 54,635 54,084 -48,212 159,282 -165,927 33,547 -102,767 -111,914 r 45,734 -237,177 -164,397 -83,624 -86,544 -192,783 -192,273 -56,230 134,038 -168,628 -29,621 -107,129 -112,243 r 48,604 -236,569 -164,299 -136,903 -103,426 -191,342 -195,639 8,018 25,244 2,700 63,168 4,362 330 r -2,870 -608 -98 53,279 16,882 -1,440 3,365 82,503 -59,357 25,284 103,474 91,775 60,044 376,498 546,654 88,115 41,709 -64,215 245,229 249,178 Fiscal year 2009 to date ... 989,834 670,516 319,318 1,946,633 1,698,694 247,937 -956,798 -1,028,178 71,380 1,106,670 Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Means of financing—net transactions, con. Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) Reserve position on the U.S. quota in U.S. Treasury Special operating the Total drawing rights Other cash IMF (deduct) 10+11-12 (13) (17) (15) (16) (14) Other (18) Agency securities (11) Investments of Government accounts (12) 2004 ...................................... 2005 ...................................... 2006 ...................................... 2007 ...................................... 2008 ...................................... -1,769 -547 -245 -433 145 213,677 254,096 309,215 293,218 267,438 379,618 296,687 236,975 206,325 767,722 1,390 -669 16,447 23,110 296,371 720 -4,537 410 646 117 -23,669 -182 196 1,314 1,552 -4,630 -6,195 -6,626 -2,157 286 6,517 9,250 20,983 -22,667 -15,354 662 778 666 782 759 412,986 318,298 248,197 161,527 454,795 2009 - Est.............................. 2010 - Est.............................. -177 -278 153,056 238,320 2,728,642 1,350,528 -301,608 - * * * * * * -1,189,062 -92,097 * * 1,841,188 1,258,431 2008 - Mar............................. Apr............................. May ........................... June .......................... July............................ Aug............................ Sept........................... Oct............................. Nov............................ Dec............................ 2009 - Jan ............................. Feb ............................ Mar ............................ 486 -302 8 356 -183 -101 -139 2,465 -2,317 100 -265 -337 -196 6,685 28,843 -8,422 97,463 -24,999 -15,069 41,472 54,614 -5,478 66,695 -15,667 -15,802 -4,552 76,304 -88,501 33,713 6,367 116,591 75,012 334,887 494,505 91,276 -24,887 -48,813 260,695 253,534 35,111 94,569 -126,805 39,414 8,240 -54,683 364,735 243,350 -112,502 -135,809 -170,896 30,572 42,503 204 -125 4 78 -77 -278 -77 -417 23 317 -293 -134 168 730 90 240 305 320 -176 509 440 -28 577 444 361 -661 21 -48 859 125 -304 -159 -25 -314 2,908 339 -2 -64 584 7,749 23,705 6,512 -107 -5,645 -18,418 -15,777 -14,269 -36,478 -26,255 -35,390 -37,177 -18,667 225 115 24 295 190 - 48,212 -159,282 165,927 -33,547 102,767 111,914 -45,737 237,177 164,397 83,624 86,544 192,783 192,273 Fiscal year 2009 to date ....... -550 79,810 1,026,310 -102,782 -336 1,133 3,451 -168,236 190 956,798 Fiscal year or month Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents released by the Office of Management and Budget on May 7, 2009. * Less than $500,000. - No Transactions Detail may not add to totals due to rounding. June 2009 FEDERAL FISCAL OPERATIONS 14 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 Fiscal year or month Withheld (1) Other (2) Refunds (3) Net (4) Gross (5) Refunds (6) Net (7) Net income taxes (8) Gross (9) Refunds (10) Net (11) 2004 .................. 2005 .................. 2006 .................. 2007 .................. 2008 .................. 753,260 786,559 848,954 928,583 970,195 243,324 320,942 387,307 437,668 455,398 187,626 180,279 192,354 202,779 279,845 808,958 927,222 1,043,908 1,163,472 1,145,748 230,619 307,095 380,925 395,534 354,293 41,250 28,814 27,010 25,292 49,947 189,370 278,281 353,915 370,243 304,346 998,328 1,205,503 1,397,823 1,533,715 1,450,093 686,313 746,129 788,024 822,216 854,485 980 2,585 2,213 2,220 2,461 685,333 743,544 785,810 819,996 852,024 2009 - Est.......... 2010 - Est.......... 953,006 1,051,431 - - 953,006 1,051,431 146,758 178,933 - 146,758 178,933 1,099,764 1,230,364 846,405 879,373 - 846,405 879,373 2008 - Mar......... Apr......... May........ June....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2009 - Jan ......... Feb ........ Mar ........ 89,041 75,392 71,492 73,436 76,858 70,653 76,035 79,525 67,870 103,431 75,792 74,704 83,889 11,008 214,619 7,805 54,806 6,581 4,611 59,089 14,554 3,663 8,187 54,612 4,120 8,792 43,417 45,985 57,645 19,688 17,314 5,001 3,527 7,756 11,437 2,738 5,945 70,107 51,455 56,632 244,025 21,651 108,554 66,124 70,263 131,597 86,323 60,095 108,880 124,459 8,717 41,227 37,997 48,105 8,784 61,970 12,492 5,466 58,537 9,926 4,209 51,345 9,734 4,696 22,315 5,428 6,433 1,737 3,642 2,210 1,549 4,906 9,845 2,215 3,052 5,202 6,751 18,923 32,569 41,672 7,046 58,328 10,282 3,917 53,631 81 1,994 48,293 4,532 -2,056 3,392 89,201 285,697 28,697 166,882 76,406 74,180 185,228 86,404 62,089 157,173 128,991 6,661 44,619 73,443 91,281 68,472 78,458 64,842 65,051 73,309 61,916 66,825 63,790 82,939 67,267 72,657 2,461 - 73,443 91,281 68,472 78,458 64,842 65,051 70,848 61,916 66,825 63,790 82,939 67,267 72,657 Fiscal year 2009 to date................ 485,211 93,928 149,438 429,701 102,225 45,988 56,236 485,937 415,394 - 415,394 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) 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 2008 ............................ 4,030 4,123 4,234 4,263 4,445 5 3 2 2 12 4,026 4,119 4,231 4,261 4,433 689,359 747,663 790,042 824,257 856,457 39,582 42,120 43,559 41,216 39,642 129 119 139 125 115 39,453 42,001 43,420 41,091 39,527 4,545 4,409 4,308 4,207 4,121 51 50 50 51 44 4,596 4,460 4,358 4,258 4,165 2009 - Est.................... 2010 - Est.................... 4,321 4,296 - 4,321 4,296 850,726 883,669 44,030 52,364 - 44,030 52,364 4,435 4,311 26 26 4,461 4,337 2008 - Mar................... Apr................... May ................. June ................ July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2009 - Jan ................... Feb .................. Mar .................. 439 383 418 -68 436 389 459 388 383 369 353 538 425 * 2 * 1 * * * * * * * 439 380 418 -68 435 389 459 388 383 368 353 538 425 73,882 91,661 68,890 78,390 65,277 65,440 71,307 62,304 67,208 64,158 83,292 67,805 73,081 366 7,682 12,759 696 2,827 4,500 2 2,014 2,980 245 1,154 3,349 348 14 18 13 10 12 13 9 6 4 3 6 1 11 353 7,663 12,746 686 2,815 4,487 -7 2,007 2,976 242 1,149 3,348 338 321 321 391 318 384 316 323 391 319 391 316 320 321 4 4 3 3 3 4 4 3 3 3 4 2 3 325 325 394 322 387 320 327 394 322 394 320 323 324 Fiscal year 2009 to date.... 2,456 * 2,455 417,848 10,090 31 10,060 2,058 18 2,077 See footnote at end of table. June 2009 FEDERAL FISCAL OPERATIONS 15 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Fiscal year or month 2004............................ 2005............................ 2006............................ 2007............................ 2008............................ Excise taxes Black Lung Disability Trust Fund Gross Refunds (26) (27) Highway Trust Fund Net (28) Gross (29) Refunds (30) Miscellaneous Net (31) Gross (32) Refunds (33) Net (34) 733,408 794,123 837,820 869,607 900,150 9,230 10,415 10,531 11,535 12,048 56 101 105 67 56 9,174 10,314 10,425 11,468 11,992 566 610 607 639 653 - 566 610 607 639 653 35,725 38,897 39,433 40,402 37,441 1,014 1,007 891 1,040 1,057 34,711 37,890 38,543 39,362 36,385 26,260 25,272 25,509 18,734 19,742 856 994 1,123 5,134 1,438 25,404 24,278 24,386 13,600 18,304 2009 - Est ................... 899,217 2010 - Est ................... 940,370 11,282 11,697 - 11,282 11,697 371 670 - 371 670 35,998 37,535 - 35,998 37,535 18,629 24,843 - 18,629 24,843 74,560 99,649 82,030 79,398 68,479 70,247 71,626 64,706 70,506 64,794 84,760 71,476 73,743 864 901 947 1,074 1,054 1,143 1,764 265 942 898 876 928 854 30 9 12 5 71 - 834 901 938 1,074 1,054 1,131 1,759 265 942 898 876 857 854 58 60 45 54 53 32 100 14 53 50 49 59 48 - 58 60 45 54 53 32 100 14 53 50 49 59 48 3,170 3,298 2,160 3,251 3,190 2,689 5,574 912 3,171 3,021 2,946 2,830 2,736 335 294 289 138 355 - 2,835 3,298 1,865 3,251 3,190 2,400 5,436 912 3,171 3,021 2,946 2,475 2,736 1,518 1,458 2,554 1,669 1,701 1,955 515 2,782 1,293 1,384 1,192 1,023 1,504 -256 82 140 107 65 134 126 63 137 169 21 166 148 1,773 1,376 2,413 1,562 1,637 1,821 389 2,720 1,155 1,216 1,171 857 1,356 Fiscal year 2009 to date.. 429,985 4,763 71 4,692 273 - 273 15,616 355 15,261 9,178 704 8,475 2008 - Mar .................. Apr .................. May ................. June ................ July.................. Aug.................. Sept................. Oct .................. Nov.................. Dec.................. 2009 - Jan................... Feb.................. Mar.................. Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross (36) Refunds (37) Customs duties Net (38) Gross (39) Refunds (40) Net (41) Deposits of Universal earnings by service Federal fund and all Total Reserve banks other (42) (43) (44) Total receipts On-budget (45) Off-budget (46) 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 2008 ....................... 69,855 73,093 73,962 65,069 67,334 25,579 25,606 28,688 26,978 29,824 749 841 811 934 980 24,831 24,764 27,877 26,044 28,844 21,806 24,198 25,701 27,548 28,537 723 820 891 1,538 969 21,083 23,378 24,810 26,010 27,568 19,652 19,297 29,945 32,043 33,598 12,628 13,190 14,439 15,185 16,049 32,280 32,487 44,384 47,228 49,647 1,345,040 1,575,874 1,798,293 1,932,584 1,865,593 534,744 577,475 608,382 635,088 658,045 2009 -Est................ 2010 -Est................ 66,280 74,745 26,341 19,808 - 26,341 19,808 23,942 23,911 - 23,942 23,911 24,894 27,533 16,216 15,914 41,110 43,447 1,501,784 1,649,422 654,870 683,223 2008 - Mar.............. Apr ............. May ............ June ........... July............. Aug............. Sept............ Oct ............. Nov............. Dec............. 2009 - Jan.............. Feb............. Mar............. 5,500 5,636 5,262 5,942 5,933 5,384 7,684 3,911 5,321 5,185 5,042 4,248 4,994 2,510 4,735 2,089 2,371 2,605 1,930 2,140 2,181 2,387 2,293 2,432 1,438 2,048 105 105 95 73 69 79 96 85 112 107 46 195 130 2,405 4,630 1,994 2,298 2,536 1,851 2,044 2,097 2,274 2,186 2,387 1,244 1,919 2,172 2,177 2,223 2,397 2,732 2,306 2,585 2,727 2,310 2,165 2,134 1,743 1,636 102 101 65 91 54 80 102 94 85 127 50 61 114 2,070 2,075 2,158 2,306 2,678 2,226 2,483 2,633 2,225 2,038 2,085 1,682 1,522 3,801 4,802 2,990 1,952 2,995 1,233 1,917 3,607 1,333 4,826 1,361 192 652 1,278 1,261 1,140 1,134 1,466 1,895 1,241 1,489 1,033 1,609 1,483 1,826 1,507 5,079 6,063 4,130 3,086 4,461 3,128 3,158 5,097 2,366 6,435 2,844 2,018 2,159 120,840 333,059 70,392 199,010 110,050 106,449 218,141 117,998 94,377 191,039 161,462 34,133 71,507 57,976 70,692 53,880 60,902 50,444 50,567 54,083 46,849 50,405 46,772 64,647 53,195 57,450 Fiscal year 2009 to date....................... 28,701 12,779 675 12,107 12,715 531 12,185 11,971 8,947 20,919 670,516 319,318 Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents released by the Office of Management and Budget on May 7, 2009. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. June 2009 FEDERAL FISCAL OPERATIONS 16 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 Depart- DepartDepartment of Defense, ment of ment of Commerce military Education Energy (4) (6) (7) (5) 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) 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 2008 ....................... 3,900 3,995 4,129 4,307 4,429 5,393 5,543 5,820 6,008 r 6,345 71,572 85,333 93,533 84,427 90,786 5,829 6,147 6,374 6,479 7,726 437,043 474,374 499,350 528,590 594,680 62,779 72,857 93,427 66,372 65,957 19,894 21,274 19,653 20,117 21,404 542,812 581,463 614,313 672,036 700,501 26,802 38,717 69,100 39,172 40,683 44,989 42,448 42,434 45,559 49,086 8,615 9,288 9,063 10,497 9,880 29,576 22,366 23,320 23,351 26,544 56,679 46,943 43,139 47,543 58,840 2009 - Est ............... 2010 - Est ............... 4,880 5,789 6,808 7,202 116,243 132,861 11,772 15,766 665,018 685,096 49,684 100,542 29,322 46,302 817,769 880,751 49,183 49,258 65,132 54,762 11,489 12,954 29,024 30,283 121,949 106,083 2008 - Mar .............. Apr.............. May............. June............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2009 - Jan .............. Feb ............. Mar ............. 353 512 351 352 359 345 389 378 343 706 343 324 357 469 509 602 560 520 529 r 550 706 473 528 503 497 535 7,345 5,276 5,972 6,085 5,762 6,872 6,271 14,704 8,064 11,518 10,852 10,278 9,057 525 511 643 887 670 719 671 748 745 1,119 777 1,235 655 44,512 48,986 51,253 45,880 51,475 51,647 52,024 66,078 45,627 60,484 47,009 48,258 49,428 4,907 4,572 8,758 4,542 3,853 4,630 5,549 5,609 4,286 6,042 5,921 6,591 5,351 1,059 2,384 2,390 1,073 1,823 553 4,522 2,184 1,620 2,027 1,601 1,617 1,907 46,289 62,436 73,706 45,114 62,356 71,118 46,577 76,469 44,875 63,502 73,151 61,628 60,167 3,427 3,173 3,126 3,918 3,203 3,388 4,169 5,060 4,419 5,907 4,210 3,631 4,333 3,755 3,687 7,316 3,873 3,654 3,536 3,411 3,884 3,685 4,145 3,737 3,510 3,828 825 575 711 869 1,011 437 978 889 880 988 793 835 866 2,140 2,187 2,006 2,255 2,278 1,993 2,296 2,292 2,262 2,570 1,890 1,895 2,141 3,854 5,895 6,870 3,801 5,745 5,863 5,528 6,492 5,566 8,913 9,750 9,625 12,388 Fiscal year 2009 to date ......................... 2,451 3,242 64,473 5,279 316,884 33,800 10,956 379,792 27,560 22,789 5,251 13,050 52,734 Fiscal year or month Fiscal year or month Department of State (14) Department of the Treasury, interest on DepartTreasury Department of debt ment Transpor- securities of the tation (gross) Treasury, other (17) (15) (16) Department of Veterans Affairs (18) Corps of Engineers (19) Department of the Interior (11) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) Department of Justice (12) Department of Labor (13) InterGeneral national Services Admin- Assistance Program istration (23) (24) 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 2008 ....................... 10,925 12,754 12,957 13,749 17,505 54,872 56,597 60,141 61,701 64,945 321,566 352,350 405,872 429,978 451,154 54,330 57,927 58,873 60,623 97,665 59,585 69,844 69,808 72,820 84,783 4,732 4,720 6,946 3,918 5,077 41,732 43,484 44,435 47,112 45,784 8,329 7,911 8,322 8,258 7,938 3,349 7,689 5,378 2,957 1,172 -452 17 22 32 342 13,660 15,034 13,945 12,764 11,403 2009 - Est............... 2010 - Est............... 22,372 28,553 79,723 90,517 392,321 454,493 640,098 43,864 96,477 108,756 12,615 9,519 48,494 48,563 8,421 10,760 757 747 1,423 2,290 13,640 21,998 2008 - Mar.............. Apr.............. May ............ June ........... July............. Aug............. Sept............ Oct.............. Nov............. Dec............. 2009 - Jan .............. Feb ............. Mar ............. 1,357 668 2,244 1,220 1,284 1,892 1,347 2,372 1,697 2,037 1,482 1,384 1,465 4,935 4,406 5,428 5,965 6,521 6,169 6,881 6,606 5,318 6,253 4,245 4,182 4,451 23,024 22,362 22,388 110,973 24,068 29,937 19,883 18,984 18,559 97,775 3,133 10,311 19,830 13,084 9,523 19,226 15,380 2,000 1,806 -5,771 116,733 91,285 53,764 52,444 36,101 63,820 4,141 7,058 11,017 3,372 7,261 10,236 4,284 11,568 4,059 10,969 7,499 7,672 4,383 376 333 371 364 483 500 487 634 629 906 369 402 501 3,993 3,232 3,771 3,864 3,948 3,074 3,875 3,922 5,238 5,683 6,957 5,469 4,613 713 576 675 637 570 697 695 645 653 743 581 647 689 92 93 80 72 82 272 -130 82 40 55 71 50 58 189 -12 135 24 -4 -97 -34 20 -73 65 16 -52 306 341 1,784 -331 1,015 1,244 542 2,282 2,344 2,215 -175 810 924 613 Fiscal year 2009 to date ......................... 10,437 31,055 168,592 414,147 46,150 3,441 31,882 3,958 356 282 6,731 See footnote at end of table. June 2009 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and National Office of Space Science Personnel AdminisFounManagetration dation ment (25) (26) (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) 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) Total outlays OnOffbudget budget (35) (36) 2004 .................. 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 2005 .................. 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,803 422,069 2007 .................. 15,861 5,529 58,431 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 2,275,562 453,636 2008 .................. 17,834 5,848 64,393 527 657,799 45,196 -66,178 -191,537 -18,285 -1,790 r 2,503,689 r 474,751 2009 - Est.......... 19,574 6,687 68,453 2,304 724,994 158,701 -68,181 -185,804 -6,259 -17,241 3,479,621 518,221 2010 - Est.......... 18,444 8,143 71,467 1,320 749,094 76,782 -76,075 -197,627 -7,131 -1,050 3,041,947 549,129 2008 - Mar......... 1,486 463 6,061 66 51,620 1,841 -4,201 -720 -1,288 * 177,070 49,958 Apr......... 1,541 396 6,390 61 54,759 484 -4,094 -2,931 -2,863 -1 199,021 45,448 May ....... 1,593 440 5,331 69 59,244 2,226 -4,591 -1,543 -1,279 * 239,019 51,180 June ...... 1,618 513 5,432 79 55,573 -1,560 -4,285 -88,768 -2,555 -1,780 228,631 -2,266 July........ 1,550 658 6,039 63 55,137 17,865 -4,537 -1,560 -2,119 -1 217,179 46,082 Aug........ 1,446 609 6,206 89 58,821 3,528 -4,506 -3,114 -809 * 218,692 50,237 Sept....... 1,872 570 400 75 52,131 11,560 -4,407 -1,030 -1,413 * r 169,541 r 56,953 Oct......... 1,483 477 6,008 82 59,153 6,380 -18,701 -1,906 -357 * 354,566 47,457 Nov........ 1,426 492 5,604 81 52,073 10,777 -4,260 52 -144 -9,389 258,676 50,503 Dec........ 1,810 452 5,335 101 58,693 304 -4,968 -86,222 -594 - 327,942 -6,507 2009 - Jan ......... 1,185 437 6,624 74 60,358 7,095 -4,211 3,196 -248 * 264,889 47,765 Feb ........ 1,345 432 5,870 1,285 59,839 5,677 -4,894 483 -364 -6,577 225,475 54,635 Mar ........ 1,677 450 6,730 72 56,394 10,012 -4,569 -864 -414 - 267,146 54,084 Fiscal year 2009 to date ............... 8,926 2,740 36,171 1,695 346,510 40,245 -41,603 -85,261 -2,121 -15,966 1,698,694 247,937 Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents released by the Office of Management and Budget on May 7, 2009. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. June 2009 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, March 2009 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 2009 Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 429,672 56,236 30 - - 429,701 56,236 503,506 129,470 27 - - 503,532 129,470 6,907 12,106 7,476 13,286 525,683 525,683 - 501 4,029 7,047 11,606 11,606 - 319,317 98,531 10,059 2,077 21,293 681 586 452,545 133,227 319,317 319,317 98,531 10,059 2,077 28,701 12,106 12,185 20,919 989,834 670,517 319,317 7,398 13,491 8,840 18,723 681,427 681,427 - 386 4,056 6,185 10,654 10,654 - 317,477 98,014 11,138 2,091 23,710 746 714 453,889 136,412 317,477 317,477 98,014 11,138 2,091 31,494 13,491 13,642 25,621 1,145,969 828,492 317,477 283 374 17,154 1,293 1,815 -403 -967 -151 1,979 -127 -70 889 56 67 -258 2 26 537 * 23 6 107,851 182 * 265 -48 42,549 347 27,266 2,451 3,241 64,472 5,280 316,885 33,800 10,957 379,792 27,560 22,789 5,252 13,051 52,733 10,438 31,054 2,098 2,940 41,728 3,513 290,194 34,542 11,377 243,768 21,343 24,294 4,823 12,910 4,831 8,451 5,993 16 175 12,139 112 3,198 -499 -2,718 149 -1,753 -683 226 635 -974 7 -254 7 -41 681 * 24 8 * 95,276 115 -2 250 -16 21,281 393 23,835 2,121 3,075 54,547 3,625 293,415 34,051 8,659 339,192 19,706 23,610 5,299 13,529 25,139 8,851 29,575 893 -1,272 141 -3,723 -67 * 199 -440 2 47 -595 -3 -10 20,953 -51 527 75 -26,233 -470 * -1,179 * 22 32,277 * 314,267 13,989 168,592 414,147 46,150 3,442 31,882 3,958 357 283 6,731 8,927 2,741 36,170 1,695 346,510 40,243 221,541 56,274 42,154 2,102 59,168 4,559 702 70 9,926 8,221 2,612 4,378 98 29,928 5,145 -727 -1,103 69 -11,449 -114 * 259 -645 -8 36 -513 -7 -12 265 -46 504 367 -23,699 -358 * * -4,414 * 12 30,729 * 292,218 5,682 221,541 55,501 41,556 2,538 24,020 4,088 702 330 4,866 8,214 2,660 34,595 91 322,135 11,093 -26,859 11,201 12,267 -1,066 27 -1,038 1,066 -85,261 -30,958 396,012 147,117 248,895 56,504 -13,919 70,423 -85,261 -59,690 1,946,632 1,698,694 247,938 -956,799 -1,028,178 71,379 -7,006 1,152,680 1,152,680 -471,253 -471,253 - -11,744 -15,916 -13,059 -2,857 26,569 23,713 2,857 -92,591 -28,261 321,958 91,984 229,974 131,930 44,428 87,502 -92,591 -47,012 1,458,722 1,231,605 227,118 -312,753 -403,112 90,359 Budget outlays: Legislative branch ....................................................... 2,165 Judicial branch ............................................................ 2,841 Department of Agriculture ........................................... 46,781 Department of Commerce........................................... 3,986 Department of Defense-military .................................. 315,047 Department of Education ............................................ 34,197 Department of Energy................................................. 11,924 Department of Health and Human Services ............... 272,091 Department of Homeland Security.............................. 25,399 Department of Housing and Urban Development....... 22,916 Department of the Interior ........................................... 5,057 Department of Justice ................................................. 12,210 Department of Labor ................................................... 10,128 Department of State.................................................... 10,023 Department of Transportation..................................... 4,046 Department of the Treasury: Interest on the public debt....................................... 168,592 Other ....................................................................... 413,304 Department of Veterans Affairs .................................. 46,895 Corps of Engineers ..................................................... 3,227 Other defense civil programs...................................... 61,838 Environmental Protection Agency............................... 4,495 Executive Office of the President................................ 356 General Services Administration ................................ 83 International Assistance Program............................... 8,351 National Aeronautics and Space Administration ........ 8,924 National Science Foundation...................................... 2,672 Office of Personnel Management ............................... 4,488 Small Business Administration ................................... 1,698 Social Security Administration .................................... 32,253 Other independent agencies....................................... 5,302 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -1,873 Total outlays........................................................ 1,539,417 (On-budget)..................................................... 1,539,308 (Off-budget)..................................................... 109 Surplus or deficit (-)............................................. -839,502 (On-budget)..................................................... -839,394 (Off-budget)..................................................... -109 - No transactions. * Less than $500,000. This fiscal year to date Management, consolidated, Trust revolving and funds special funds (2) (3) Note.—Detail may not add to totals due to rounding. 19 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 1 [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 4 Reserve accounts) (4) (5) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 7,094,904 7,485,532 7,839,784 8,455,356 9,947,954 469,641 468,563 501,945 528,724 530,425 7,565,782 7,955,702 8,340,659 8,983,992 10,151,438 1,168,663 1,339,363 1,478,945 1,571,322 1,602,823 1,166,036 1,338,425 1,463,568 1,548,300 1,633,393 2008 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2009 - Jan ....................................... Feb ...................................... Mar ...................................... 770,080 940,794 898,793 822,259 785,812 781,045 1,248,995 1,513,643 801,868 799,185 912,889 828,709 45,335 53,189 37,593 49,684 40,315 36,826 48,868 40,509 35,649 55,150 40,310 34,888 814,287 994,580 936,721 871,584 825,849 818,446 970,065 1,283,783 939,874 989,379 1,124,877 833,021 152,098 154,020 108,037 156,942 111,929 102,232 152,727 108,703 101,651 161,413 120,405 108,724 118,114 58,854 234,507 117,886 103,966 156,341 115,790 135,722 111,797 162,177 119,623 108,729 1,010,666 41,716 1,009,644 133,781 134,015 See footnotes at end of table. June 2009 ACCOUNT OF THE U.S. TREASURY 20 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. 1 [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Tax and loan Federal note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and loan Federal note Reserve accounts (10) (11) Average Tax and loan note Federal accounts Reserve (13) (12) 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 2008 ...................................... 32,988 39,129 32,988 135,752 2,973 - 5,181 17,751 2008 - Mar............................. 5,552 40,587 6,590 40,587 4,346 6,603 5,150 17,731 Apr............................. 4,955 135,752 7,417 135,752 3,437 - 5,328 26,304 May............................ 4,620 9,282 6,342 98,302 2,973 - 4,766 32,453 June........................... 4,978 48,338 7,413 48,338 4,167 124 5,020 16,190 July ............................ 5,256 56,300 6,720 56,300 4,024 241 5,070 9,714 Aug ............................ 4,681 2,192 5,658 25,373 4,275 830 4,806 7,745 Sept ........................... 32,988 39,129 32,988 39,129 3,899 1,177 5,757 16,359 Oct............................. 43,998 12,109 136,672 79,897 3,987 8,172 33,898 24,884 Nov ............................ 66,385 1,964 91,193 12,109 17,355 1,722 55,834 5,209 Dec ............................ 106,123 1,199 132,738 2,181 41,646 1,199 90,197 1,912 2009 - Jan ............................. 23,548 1,981 106,123 2,043 23,548 1,199 46,983 1,927 Feb ............................ 23,502 1,976 75,506 2,124 20,266 1,756 36,532 1,960 Mar ............................ 67,151 1,742 114,510 2,114 23,502 1,206 62,945 1,917 1 This report does not include Supplementary Financing Program balances. Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 3 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. 2 June 2009 4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 21 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 2009 FEDERAL DEBT 22 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Public debt Agency Total securities securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 2008 ............................... 7,403,236 7,956,346 8,530,366 9,030,612 10,047,828 7,379,053 7,932,710 8,506,974 9,007,653 10,024,725 24,183 23,637 23,392 22,959 23,104 3,075,687 3,331,333 3,663,773 3,958,417 4,210,491 3,075,687 3,331,332 3,663,766 3,958,411 4,210,485 1 1 7 6 6 4,327,549 4,625,013 4,866,593 5,072,195 5,837,337 4,303,366 4,601,378 4,843,208 5,049,242 5,814,240 24,182 23,636 23,385 22,953 23,098 2008 - Mar ..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2009 - Jan...................... Feb..................... Mar..................... 9,461,058 9,400,719 9,411,969 9,515,532 9,608,823 9,668,997 10,047,828 10,599,663 10,684,427 10,723,156 10,655,167 10,899,894 11,149,495 9,437,594 9,377,557 9,388,798 9,492,006 9,585,479 9,645,755 10,024,725 10,574,094 10,661,175 10,699,805 10,632,080 10,877,144 11,126,941 23,464 23,163 23,170 23,527 23,344 23,243 23,104 25,569 23,252 23,352 23,087 22,750 22,554 4,103,552 4,133,040 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 4,311,381 4,295,278 4,290,609 4,103,546 4,133,034 4,110,201 4,206,981 4,182,258 4,166,656 4,210,485 4,266,380 4,260,581 4,327,154 4,311,375 4,295,273 4,290,603 6 6 6 6 6 6 6 6 6 6 6 6 6 5,357,506 5,267,679 5,301,762 5,308,545 5,426,559 5,502,335 5,837,337 6,333,277 6,423,841 6,395,996 6,343,786 6,604,615 6,858,886 5,334,048 5,244,523 5,278,597 5,285,025 5,403,221 5,479,099 5,814,240 6,307,714 6,400,594 6,372,651 6,320,705 6,581,871 6,836,338 23,458 23,157 23,164 23,521 23,338 23,237 23,098 25,563 23,246 23,346 23,081 22,744 22,548 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 Accrual outstanding premium amount face value and discount (14) (15) (13) Securities held by the public Net Amount unamortized Accrual outstanding premium amount face value and discount (17) (18) (16) 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 2008 ............................... 7,403,236 7,956,346 8,530,366 9,030,612 10,047,828 51,219 53,546 81,375 82,078 64,135 7,352,017 7,902,800 8,448,991 8,948,534 9,983,694 3,075,687 3,331,333 3,663,773 3,958,417 4,210,491 16,596 18,145 41,370 42,796 27,432 3,059,091 3,313,188 3,622,403 3,915,621 4,183,059 4,327,550 4,625,013 4,866,593 5,072,195 5,837,337 34,623 35,401 40,005 39,282 36,703 4,292,926 4,589,612 4,826,588 5,032,913 5,800,635 2008 - Mar...................... Apr...................... May .................... June ................... July..................... Aug..................... Sept.................... Oct...................... Nov..................... Dec..................... 2009 - Jan ...................... Feb ..................... Mar ..................... 9,461,058 9,400,719 9,411,969 9,515,532 9,608,823 9,668,997 10,047,828 10,599,663 10,684,427 10,723,156 10,655,167 10,899,894 11,149,495 74,722 74,042 60,000 59,733 61,431 61,663 64,135 66,851 65,816 62,737 59,228 59,063 59,682 9,386,336 9,326,677 9,351,969 9,455,799 9,547,392 9,607,334 9,983,694 10,532,813 10,618,610 10,660,419 10,595,939 10,840,831 11,089,813 4,103,552 4,133,040 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 4,311,381 4,295,278 4,290,609 39,782 40,427 26,016 25,332 25,608 25,075 27,432 28,713 28,392 28,271 28,158 27,859 27,741 4,063,771 4,092,613 4,084,192 4,181,655 4,156,656 4,141,587 4,183,059 4,237,672 4,232,194 4,298,889 4,283,222 4,267,420 4,262,868 5,357,506 5,267,679 5,301,762 5,308,545 5,426,559 5,502,335 5,837,337 6,333,277 6,423,841 6,395,996 6,343,786 6,604,616 6,858,886 34,940 33,615 33,984 34,401 35,823 36,588 36,703 38,138 37,424 34,466 31,070 31,204 31,941 5,322,565 5,234,064 5,267,777 5,274,145 5,390,736 5,465,748 5,800,635 6,295,140 6,386,416 6,361,529 6,312,717 6,573,411 6,826,945 End of fiscal year or month June 2009 FEDERAL DEBT 23 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2004 .................................. 2005 .................................. 2006 .................................. 2007 .................................. 2008 .................................. 4,307,345 4,601,239 4,843,121 5,049,306 5,808,692 3,845,855 4,066,053 4,283,804 4,428,405 5,210,151 961,449 910,323 908,474 954,607 1,484,332 2,109,494 2,328,213 2,445,307 2,456,100 2,623,364 551,904 520,507 534,473 560,922 578,504 223,008 307,011 395,550 456,776 523,951 461,490 535,186 559,317 620,900 598,540 2008 - Mar......................... Apr......................... May ....................... June ...................... July........................ Aug........................ Sept....................... Oct......................... Nov........................ Dec........................ 2009 - Jan ......................... Feb ........................ Mar ........................ 5,334,116 5,244,195 5,278,699 5,285,064 5,403,382 5,479,100 5,808,692 6,302,794 6,396,591 6,369,319 6,317,299 6,579,163 6,833,543 4,712,665 4,622,476 4,665,461 4,676,573 4,802,224 4,881,685 5,210,151 5,704,139 5,798,435 5,774,190 5,726,162 5,988,974 6,242,353 1,153,879 1,020,681 1,114,547 1,055,697 1,130,970 1,221,987 1,484,332 1,904,060 1,998,226 1,861,187 1,792,889 1,979,787 2,027,691 2,513,108 2,539,859 2,475,730 2,542,526 2,573,863 2,555,609 2,623,364 2,685,691 2,673,928 2,791,514 2,825,174 2,891,334 3,084,283 571,738 571,760 580,983 580,995 580,982 582,815 578,504 578,915 591,492 591,867 591,890 606,670 617,628 473,940 490,175 494,202 497,355 516,410 521,274 523,951 535,472 534,789 529,622 516,209 511,183 512,751 621,451 621,719 613,238 608,490 601,158 597,415 598,540 598,655 598,156 595,129 591,137 590,189 591,190 U.S. savings securities (8) Depositary compensation securities (9) Nonmarketable, con. End of fiscal year or month Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) 2004 ....................................... 2005 ....................................... 2006 ....................................... 2007 ....................................... 2008 ....................................... 204,201 203,645 203,656 197,126 194,253 - 5,881 3,086 2,986 2,986 2,986 58,528 67,961 78,129 88,153 107,498 158,214 225,283 238,835 296,513 260,238 29,995 29,995 29,995 29,995 29,995 4,669 5,214 5,715 6,126 3,569 2008 - Mar.............................. Apr.............................. May ............................ June ........................... July............................. Aug............................. Sept............................ Oct.............................. Nov............................. Dec............................. 2009 - Jan .............................. Feb ............................. Mar ............................. 195,425 195,327 195,225 195,003 194,753 194,467 194,253 194,236 194,216 194,075 193,810 194,057 193,975 - 4,886 4,886 3,286 3,086 2,986 2,986 2,986 3,986 3,986 3,986 4,986 4,986 5,986 99,903 100,366 100,448 100,989 103,836 104,441 107,498 112,814 113,884 115,117 115,508 117,375 119,543 286,344 286,818 280,017 275,203 265,534 261,553 260,238 254,564 253,455 249,318 244,800 241,929 240,096 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 4,897 4,326 4,265 4,214 4,053 3,972 3,569 3,058 2,618 2,637 2,037 1,846 1,594 June 2009 FEDERAL DEBT 24 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust Fund tration (10) (9) 2004 .............. 2005 .............. 2006 .............. 2007 .............. 2008 .............. 3,129,990 3,380,605 3,722,747 4,026,772 4,297,677 9,892 10,047 7,893 7,931 7,674 32,089 32,733 46,216 47,515 29,937 28,107 29,485 31,282 32,965 34,397 10,319 15,238 15,711 16,436 16,847 182,769 193,263 202,178 213,830 216,487 631,749 660,109 689,812 702,043 729,705 264,375 277,268 302,186 319,377 318,741 23,325 22,646 22,036 22,410 19,093 1,452,599 1,616,159 1,793,129 1,968,262 2,150,651 2008 - Mar .... Apr..... May.... June .. July.... Aug.... Sept... Oct..... Nov.... Dec.... 2009 - Jan ..... Feb .... Mar .... 4,183,685 4,213,642 4,190,825 4,288,079 4,266,035 4,250,862 4,297,677 4,358,403 4,353,747 4,421,658 4,406,044 4,391,447 4,388,682 9,696 9,892 9,405 7,361 7,466 7,714 7,674 8,432 7,593 7,855 7,362 7,357 7,186 48,441 48,579 47,860 47,778 33,671 32,182 29,937 29,519 24,611 25,496 24,355 22,681 23,739 33,753 33,765 34,184 34,205 34,234 34,375 34,397 34,494 34,963 35,032 35,079 35,278 35,294 16,699 16,729 16,746 16,776 16,805 16,833 16,847 17,184 17,179 17,661 14,107 14,652 15,004 214,556 216,189 215,358 220,133 218,802 217,423 216,487 214,667 213,094 215,810 216,320 214,514 212,929 699,976 696,704 693,556 708,884 705,751 702,187 729,705 726,483 722,953 738,870 734,906 731,109 727,303 323,477 330,969 323,086 337,668 322,707 314,158 318,741 310,991 316,700 321,910 318,373 314,163 314,082 23,132 23,104 18,725 18,770 18,834 19,081 19,093 19,244 19,379 19,415 19,475 19,698 19,741 2,054,564 2,076,763 2,081,808 2,140,243 2,145,094 2,147,096 2,150,651 2,151,971 2,153,752 2,203,404 2,219,315 2,219,965 2,224,243 End of fiscal year or month Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplementary Medical Insurance Trust Fund (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) 2004 ..................... 2005 ..................... 2006 ..................... 2007 ..................... 2008 ..................... 3,013 3,123 3,029 3,182 3,320 17,439 17,204 33,061 39,248 59,090 10,212 8,271 10,998 12,205 12,811 10,949 10,597 10,189 9,752 9,272 1,283 1,218 4,233 979 1,605 627 570 477 596 624 - 45,239 54,806 66,213 74,923 72,432 406,004 427,868 484,104 555,118 614,991 2008 - Mar ........... Apr............ May .......... June ......... July........... Aug........... Sept.......... Oct............ Nov........... Dec........... 2009 - Jan ............ Feb ........... Mar ........... 3,278 3,303 3,298 3,304 3,311 3,316 3,320 3,320 3,319 3,325 3,325 3,326 3,327 46,939 47,217 42,827 50,137 58,847 54,265 59,090 54,795 59,364 59,850 56,323 57,782 63,639 11,578 13,055 10,659 9,979 8,831 7,026 12,811 10,906 10,804 10,386 9,886 9,545 9,738 9,530 9,437 9,355 9,535 9,453 9,380 9,272 9,186 9,119 9,294 9,205 9,123 9,020 1,000 1,000 1,200 1,200 1,000 1,000 1,605 1,200 1,200 1,200 1,000 1,000 1,200 489 522 463 451 457 461 624 561 367 364 469 501 525 - 66,964 66,208 79,931 79,108 76,487 77,310 72,432 68,300 67,362 61,805 53,958 48,370 38,252 619,613 620,206 602,364 602,547 604,285 607,055 614,991 697,150 691,988 689,981 682,586 682,383 683,460 Note.—Detail may not add to totals due to rounding. June 2009 FEDERAL DEBT 25 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Farm Credit System Financial Assistance Corporation (3) Other independent Tennessee Valley Authority (4) 2004 ............................ 24,183 200 325 23,253 243 163 2005 ............................ 23,637 146 - 23,097 235 159 2006 ............................ 23,392 112 - 22,899 225 156 2007 ............................ 22,959 85 - 22,506 215 153 2008 ............................ 23,104 69 - 22,680 204 150 2008 - Mar................... 23,464 69 - 23,035 210 150 Apr................... 23,163 66 - 22,735 210 151 May ................. 23,170 67 - 22,741 210 152 June ................ 23,527 65 - 23,101 210 151 July.................. 23,344 69 - 22,910 210 155 Aug.................. 23,243 69 - 22,820 204 149 Sept................. 23,104 69 - 22,680 204 150 Oct................... 25,569 69 - 25,146 204 149 Nov.................. 23,252 69 - 22,828 204 151 Dec.................. 23,352 69 - 22,926 204 151 2009 - Jan ................... 23,087 69 - 22,661 204 152 Feb .................. 22,750 69 - 22,337 199 145 Mar .................. 22,554 33 - 22,177 199 146 End of fiscal year or month National Archives and Records Administration (5) Other (6) Note.—Detail may not add to totals due to rounding. June 2009 FEDERAL DEBT 26 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (7) 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 2008 - Mar...................... 4,127,033 1,607,155 1,323,534 702,527 319,481 174,336 4 yrs. 5 mos. Apr...................... 4,079,776 1,509,658 1,366,837 709,124 338,330 155,827 4 yrs. 6 mos. May..................... 4,162,323 1,618,739 1,329,756 718,171 333,602 162,056 4 yrs. 6 mos. June.................... 4,203,532 1,580,568 1,396,177 730,327 334,145 162,224 4 yrs. 6 mos. July ..................... 4,328,809 1,668,784 1,439,791 716,694 364,351 162,453 4 yrs. 5 mos. Aug ..................... 4,386,440 1,774,790 1,390,479 706,395 351,906 162,870 4 yrs. 5 mos. Sept .................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. Oct...................... 5,238,827 2,462,352 1,496,698 764,782 352,076 162,919 3 yrs. 10 mos. Nov ..................... 5,312,125 2,540,826 1,490,667 761,948 355,148 163,536 3 yrs. 10 mos. Dec ..................... 5,307,633 2,406,537 1,607,484 776,147 354,202 163,262 3 yrs. 10 mos. 2009 - Jan ...................... 5,260,475 2,331,996 1,631,789 773,548 360,402 162,741 3 yrs. 11 mos. Feb ..................... 5,505,532 2,543,867 1,659,368 776,956 358,570 166,771 3 yrs. 11 mos. Mar ..................... 5,759,709 2,601,162 1,790,274 833,981 357,716 176,575 3 yrs. 11 mos. Note.—Detail may not add to totals due to rounding. June 2009 FEDERAL DEBT 27 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 7,333,166 184 7,379,053 184 45,887 7,871,040 7,870,911 130 7,932,710 130 61,799 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 2008 - Mar....................................... 9,815,000 9,358,135 9,358,082 53 9,437,594 53 79,512 Apr....................................... 9,815,000 9,298,567 9,298,517 50 9,377,557 50 79,041 May...................................... 9,815,000 9,324,137 9,324,086 51 9,388,799 51 64,714 June..................................... 9,815,000 9,427,901 9,427,850 51 9,492,006 51 64,156 July ...................................... 10,615,000 9,520,220 9,520,169 51 9,585,480 51 65,310 Aug ...................................... 10,615,000 9,580,508 9,580,457 51 9,645,755 51 65,299 Sept ..................................... 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 Oct....................................... 11,315,000 10,504,702 10,504,651 51 10,574,094 51 69,444 Nov ...................................... 11,315,000 10,595,725 10,595,674 51 10,661,175 51 65,502 Dec ...................................... 11,315,000 10,640,274 10,640,223 51 10,699,805 51 59,583 2009 - Jan ....................................... 11,315,000 10,569,310 10,569,296 14 10,632,080 14 62,784 Feb ...................................... 12,104,000 10,814,630 10,814,616 14 10,877,145 14 62,529 Mar ...................................... 12,104,000 11,066,217 11,066,203 14 11,126,941 14 60,738 Debt subject to limit Statutory debt limit (1) Total (2) 2004 ................................................ 7,384,000 7,333,350 2005 ................................................ 8,184,000 2006 ................................................ End of fiscal year or month 1 Public debt (3) Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. June 2009 FEDERAL DEBT 28 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) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 213,321 211,763 228,065 219,079 252,783 15,956 26,851 22,578 10,662 9,691 16,560 18,489 20,432 22,803 24,789 11,937 12,608 12,911 13,803 14,780 474 461 485 420 479 1,897 1,979 1,358 1,448 1,456 2008 - Mar....................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2009 - Jan ....................................... Feb ...................................... Mar ...................................... 230,254 229,880 233,312 229,296 234,242 240,154 252,783 298,445 326,003 357,973 410,516 432,532 479,064 12,820 12,287 11,960 11,555 9,101 9,167 9,691 16,067 18,862 9,673 12,043 12,499 13,567 23,447 23,613 23,878 23,959 23,703 24,588 24,789 25,003 25,155 25,659 25,921 26,194 26,761 14,354 14,478 14,621 14,624 14,789 14,686 14,780 14,908 15,022 15,171 15,291 15,407 15,533 440 442 444 447 447 467 479 484 488 490 494 495 497 1,448 1,448 1,448 1,448 1,448 1,456 1,456 1,456 1,456 1,456 1,456 1,456 1,456 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) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 96,530 104,471 105,522 103,973 128,331 2,900 2,777 2,482 2,241 2,186 7,635 7,548 6,258 4,573 4,832 1,203 239 - 29,305 12,413 16,618 17,609 21,957 2008 - Mar....................................... Apr ...................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2009 - Jan....................................... Feb...................................... Mar ...................................... 115,120 115,120 115,894 116,026 123,152 129,383 128,331 144,402 145,018 145,131 167,659 168,602 174,838 2,201 2,100 2,200 2,200 2,240 2,200 2,186 2,186 2,151 2,151 2,246 2,246 2,161 4,573 4,573 4,573 4,573 4,573 4,573 4,832 4,832 4,832 4,832 4,832 4,832 4,832 - 14,430 13,746 14,913 15,156 14,567 13,664 21,957 23,148 22,948 22,868 27,938 31,124 40,926 June 2009 FEDERAL DEBT 29 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) 2004 ...................................... 7,237 2,962 8,546 10,179 2005 ...................................... 5,848 2,973 7,695 7,411 2006 ...................................... 4,911 2,958 9,303 22,249 2007 ...................................... 4,364 2,945 11,366 22,872 2008 ...................................... 2,929 3,096 9,463 28,793 2008 - Mar............................. 4,364 4,597 9,133 23,327 Apr............................. 4,364 4,881 9,133 23,696 May ........................... 4,364 5,149 9,138 24,728 June .......................... 3,552 2,221 9,138 24,397 July............................ 3,573 2,518 9,138 24,993 Aug............................ 2,768 2,796 9,463 24,942 Sept........................... 2,929 3,096 9,463 28,793 Oct............................. 2,929 3,394 9,463 50,174 Nov............................ 2,929 3,683 9,463 73,996 Dec............................ 3,151 3,990 9,463 113,939 2009 - Jan ............................. 3,309 4,294 9,463 135,570 Feb ............................ 3,309 4,555 8,310 153,501 Mar ............................ 3,309 4,857 8,902 181,425 End of fiscal year or month Note.—Detail may not add to totals due to rounding. June 2009 30 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: Additional information, including maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding, can now be found on the Bureau of Public Debt’s website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ pdotables_downloadable_files.htm. Note: On April 30, 2008, Treasury announced the reintroduction of the 52-week bill. The first auction of this security took place on June 3, 2008. Note: Cash managements bills that are identified below are issued as part of the Supplementary Financing Program (SFP). For more details about the SFP, visit www.treasury.gov/ press/releases/hp1144.htm or call 202-622-2960. Note: On February 4, 2009, Treasury announced the reintroduction of the 7-year note. The first auction of this security took place on February 26, 2009. TREASURY FINANCING: JANUARY-MARCH [Source: Bureau of the Public Debt, Office of Financing] JANUARY Cash Management Bills On December 29, 2008, Treasury announced it would auction $35,000 million of 62-day bills. They were issued January 2, 2009 and matured March 5. The issue was part of the Supplementary Financing Program (SFP). Treasury auctioned the bills on December 30, 2008. Tenders totaled $82,618 million; Treasury accepted $35,000 million. The high bank discount rate was 0.140 percent. On January 5, 2009, Treasury announced it would auction $35,000 million of 70-day bills. They were issued January 8 and matured March 19. The issue part of the SFP. Treasury auctioned the bills on January 7. Tenders totaled $124,431 million; Treasury accepted $35,000 million. The high bank discount rate was 0.100 percent. On January 12, Treasury announced it would auction $30,000 million of 56-day bills. They were issued January 15 and matured March 12. The issue was part of the SFP. Treasury auctioned the bills on January 14. Tenders totaled $96,214 million; Treasury accepted $30,000 million. The high bank discount rate was 0.085 percent. June 2009 On January 15, Treasury announced it would auction $35,000 million of 70-day bills. They were issued January 22 and will mature April 2. The issue was part of the SFP. Treasury auctioned the bills on January 21. Tenders totaled $92,744 million; Treasury accepted $35,000 million. The high bank discount rate was 0.100 percent. On January 26, Treasury announced it would auction $35,000 million of 70-day bills. They were issued January 29 and matured April 9. The issue was part of the SFP. Treasury auctioned the bills on January 28. Tenders totaled $87,057 million; Treasury accepted $35,001 million. The high bank discount rate was 0.200 percent. 52-Week Bills On January 8, 2009, Treasury announced it would auction $22,000 million of 364-day Treasury bills. They were issued January 15 and will mature January 14, 2010. The issue was to refund $129,037 million of all maturing bills and pay down approximately $37 million. Treasury auctioned the bills on January 13. Tenders totaled $67,109 million; Treasury accepted $22,000 million. That included $164 million of noncompetitive tenders from the public. The high bank discount rate was 0.430 percent. PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: JANUARY-MARCH, con. Auction of 3-Year Notes On January 5, 2009, Treasury announced it would auction $30,000 million of 3-year notes of Series U-2012. The issue was to refund $32,351 million of securities maturing January 15 and to raise new cash of approximately $21,649 million. The notes of Series U-2012 were dated and issued January 15. They are due January 15, 2012, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on January 7. Tenders totaled $66,280 million; Treasury accepted $30,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.200 percent with the equivalent price of $99.779650. Treasury accepted in full all competitive tenders at yields lower than 1.200 percent. Tenders at the high yield were allotted 47.24 percent. The median yield was 1.120 percent, and the low yield was 1.000 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled $29,965 million. In addition to the $30,000 million of tenders accepted in the auction process, Treasury accepted $2,484 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series U-2012 is $100. Auction of 9-Year 10-Month 3-3/4 Percent Notes On January 5, 2009, Treasury announced that it would auction $16,000 million of 9-year 10-month 3-3/4 percent notes of Series F-2018. The issue was to refund $32,351 million of securities maturing January 15 and to raise new cash of approximately $21,649 million. The notes of Series F-2018 were dated November 15, 2008 and issued January 15, 2009. They are due November 15, 2018, with interest payable on May 15 and November 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on January 8. Tenders totaled $41,400 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.419 percent with an equivalent price of $111.579767. Treasury accepted in full all competitive tenders at yields lower than 2.419 percent. Tenders at the high yield were allotted 73.60 percent. The median yield was 2.349 percent, and the low yield was 1.990 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $15,993 million. Accrued interest of $6.31906 per $1,000 must be paid for the period from November 15 to January 15. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,325 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2018 is $100. Auction of 10-Year Treasury Inflation Protected Security (TIPS) On December 31, 2008, Treasury announced it would auction $8,000 million of 10-year TIPS. The issue was to refund $32,351 million of securities maturing January 15 and to raise new cash of approximately $21,649 million. The 10-year TIPS of Series A-2019 were dated and issued January 15. They are due January 15, 2019, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on January 6. Tenders totaled $19,834 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.245 percent with an equivalent adjusted price of $98.930505. Treasury accepted in full all competitive tenders at yields lower than 2.245. Tenders at the high yield were allotted 64.99 percent. The median yield was 2.199 percent, and the low yield was 1.500 percent. Noncompetitive tenders totaled $261 million. Competitive tenders accepted from private investors totaled $7,739 million. In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $662 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2019 is $100. Auction of 20-Year TIPS On January 22, 2009, Treasury announced it would auction $8,000 million of 20-year TIPS to raise new cash. The 20-year TIPS of January 2029 were dated January 15 and issued January 30. They are due January 15, 2029, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 2-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on January 26. Tenders totaled $15,328 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.500 percent with an equivalent adjusted price of $99.063837. Treasury accepted in full all competitive tenders at yields lower than 2.500. Tenders at the high yield were allotted 56.67 percent. The median yield June 2009 32 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. was 2.310 percent, and the low yield was 0.990 percent. Noncompetitive tenders totaled $161 million. Competitive tenders accepted from private investors totaled $7,839 million. Adjusted accrued interest of $1.02622 per $1,000 must be paid for the period from January 15 to January 30. Both the unadjusted price of $99.998826 and the unadjusted accrued interest of $1.03591 were adjusted by an index ratio of 0.99065, for the period from January 15 to January 30. The minimum par amount required for STRIPS of TIPS of January 2029 is $100. Tenders at the high yield were allotted 33.41 percent. The median yield was 0.871 percent, and the low yield was 0.783 percent. Noncompetitive tenders totaled $422 million. Competitive tenders accepted from private investors totaled $39,578 million. Accrued interest of $0.04834 per $1,000 must be paid for the period from January 31 to February 2. In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $1,698 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series U-2011 is $100. FEBRUARY Auction of 5-Year Notes Cash Management Bills On February 2, 2009, Treasury announced it would auction $30,000 million of 49-day bills. They were issued February 5 and matured March 26. The issue was part of the SFP. Treasury auctioned the bills on February 4. Tenders totaled $93,474 million; Treasury accepted $30,000 million. The high bank discount rate was 0.290 percent. On February 17, Treasury announced it would auction $35,000 million of 272-day bills. They were issued February 20 and will mature November 19, 2009. This issue was to raise new cash. Treasury auctioned the bills on February 19. Tenders totaled $86,266 million; Treasury accepted $35,000 million. The high bank discount rate was 0.645 percent. On February 23, Treasury announced it would auction $40,000 million of 294-day bills. They were issued February 26 and will mature December 17, 2009. The issue was to raise new cash. Treasury auctioned the bills on February 25. Tenders totaled $100,215 million; Treasury accepted $40,000 million. The high bank discount rate was 0.705 percent. Auction of 2-Year Notes On January 22, 2009, Treasury announced it would auction $40,000 million of 2-year notes of Series U-2011. The issue was to refund $20,005 million of securities maturing February 2 and to raise new cash of approximately $49,995 million. The notes of Series U-2011 were dated January 31 and issued February 2. They are due January 31, 2011, with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on January 27. Tenders totaled $107,638 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.925 percent with an equivalent price of $99.901394. Treasury accepted in full all competitive tenders at yields lower than 0.925 percent. June 2009 On January 22, 2009, Treasury announced it would auction $30,000 million of 5-year notes of Series G-2014. The issue was to refund $20,005 million of securities maturing February 2 and to raise new cash of approximately $49,995 million. The notes of Series G-2014 were dated January 31 and issued February 2. They are due January 31, 2014, with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on January 29. Tenders totaled $59,261 million; Treasury accepted $30,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.820 percent with an equivalent price of $99.667162. Treasury accepted in full all competitive tenders at yields lower than 1.820 percent. Tenders at the high yield were allotted 72.98 percent. The median yield was 1.740 percent, and the low yield was 1.590 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled $29,965 million. Accrued interest of $0.09669 per $1,000 must be paid for the period from January 31 to February 2. In addition to the $30,000 million of tenders accepted in the auction process, Treasury accepted $1,273 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series G-2014 is $100. 52-Week Bills On February 5, 2009, Treasury announced it would auction $23,000 million of 364-day Treasury bills. They were issued February 12 and will mature February 11, 2010. The issue was to refund $75,985 million of all maturing bills and to raise new cash of approximately $44,015 million. Treasury auctioned the bills on February 10. Tenders totaled $64,850 million; Treasury accepted $23,000 million. That included $149 million of noncompetitive tenders from the public. The high bank discount rate was 0.610 percent. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: JANUARY-MARCH, con. February Quarterly Financing On February 4, 2009, Treasury announced it would auction $32,000 million of 3-year notes of Series V-2012, $21,000 million of 10-year notes of Series B-2019 and $14,000 million of 30-year Bonds of February 2039 to refund $36,330 million of Treasury securities maturing on February 15 and to raise new cash of approximately $30,670 million. The 3-year notes of Series V-2012 were dated February 15 and issued February 17. They are due February 15, 2012, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on February 10. Tenders totaled $85,556 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.419 percent with an equivalent price of $99.871395. Treasury accepted in full all competitive tenders at yields lower than 1.419. Tenders at the high yield were allotted 61.41 percent. The median yield was 1.373 percent, and the low yield was 1.300 percent. Noncompetitive tenders totaled $98 million. Competitive tenders accepted from private investors totaled $31,902 million. Accrued interest of $0.07597 per $1,000 must be paid for the period from February 15 to February 17. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $1,629 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Series V-2012 is $100. The 10-year notes of Series B-2019 were dated February 15 and issued February 17. They are due February 15, 2019, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 2-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on February 11. Tenders totaled $46,511 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.818 percent with an equivalent price of $99.411068. Treasury accepted in full all competitive tenders at yields lower than 2.818. Tenders at the high yield were allotted 91.42 percent. The median yield was 2.710 percent, and the low yield was 2.500 percent. Noncompetitive tenders totaled $54 million. Competitive tenders accepted from private investors totaled $20,946 million. Accrued interest of $0.15193 per $1,000 must be paid for the period from February 15 to February 17. In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $1,069 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Series B-2019 is $100. The 30-year Bonds of February 2039 were dated February 15 and issued February 17. They are due February 15, 2039, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 3-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on February 12. Tenders totaled $28,280 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.540 percent with an equivalent price of $99.264139. Treasury accepted in full all competitive tenders at yields lower than 3.540. Tenders at the high yield were allotted 45.13 percent. The median yield was 3.415 percent, and the low yield was 3.300 percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled $13,967 million. Accrued interest of $0.19337 per $1,000 must be paid for the period from February 15 to February 17. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $713 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Bonds of February 2039 is $100. MARCH Cash Management Bills On March 2, 2009, Treasury announced it would auction $35,000 million of 63-day bills. They were issued March 5 and will mature May 7, 2009. The issue was part of the SFP. Treasury auctioned the bills on March 4. Tenders totaled $101,091 million; Treasury accepted $35,000 million. The high bank discount rate was 0.220 percent. On March 2, 2009, Treasury announced it would auction $30,000 million of 70-day bills. They were issued March 12 and will mature May 21, 2009. The issue was part of the SFP. Treasury auctioned the bills on March 6. Tenders totaled $106,755 million; Treasury accepted $30,000 million. The high bank discount rate was 0.210 percent. On March 16, 2009, Treasury announced it would auction $35,000 million of 56-day bills. They were issued March 19 and will mature May 14, 2009. The issue was part of the SFP. Treasury auctioned the bills on March 18. Tenders totaled $112,098 million; Treasury accepted $35,002 million. The high bank discount rate was 0.180 percent. June 2009 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. On March 16, 2009, Treasury announced it would auction $30,000 million of 77-day bills. They were issued March 26 and will mature June 11, 2009. The issue was part of the SFP. Treasury auctioned the bills on March 20. Tenders totaled $85,209 million; Treasury accepted $30,001 million. The high bank discount rate was 0.220 percent. Auction of 2-Year Notes On February 19, 2009, Treasury announced it would auction $40,000 million of 2-year notes of Series V-2011. The issue was to refund $18,003 million of securities maturing February 28 and to raise new cash of approximately $75,997 million. The notes of Series V-2011 were dated February 28 and issued March 2. They are due February 28, 2011, with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on February 24. Tenders totaled $105,292 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.961 percent with an equivalent price of $99.830481. Treasury accepted in full all competitive tenders at yields lower than 0.961 percent. Tenders at the high yield were allotted 78.83 percent. The median yield was 0.900 percent, and the low yield was 0.790 percent. Noncompetitive tenders totaled $407 million. Competitive tenders accepted from private investors totaled $39,593 million. Accrued interest of $0.04755 per $1,000 must be paid for the period from February 28 to March 2. In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $2,143 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series V-2011 is $100. Auction of 5-Year Notes On February 19, 2009, Treasury announced it would auction $32,000 million of 5-year notes of Series H-2014. The issue was to refund $18,003 million of securities maturing February 28 and to raise new cash of approximately $75,997 million. The notes of Series H-2014 were dated February 28 and issued March 2. They are due February 28, 2014, with interest payable on the last calendar day of August and February until maturity. Treasury set an interest rate of 1-7/8 percent after determining which tenders were accepted on a yield auction basis. June 2009 Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on February 25. Tenders totaled $70,712 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.985 percent with an equivalent price of $99.479306. Treasury accepted in full all competitive tenders at yields lower than 1.985 percent. Tenders at the high yield were allotted 79.01 percent. The median yield was 1.937 percent, and the low yield was 1.800 percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled $31,949 million. Accrued interest of $0.10190 per $1,000 must be paid for the period from February 28 to March 2. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $1,714 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series H-2014 is $100. Auction of 7-Year Notes On February 19, 2009, Treasury announced it would auction $22,000 million of 7-year notes of Series G-2016. The issue was to refund $18,003 million of securities maturing February 28 and to raise new cash of approximately $75,997 million. The notes of Series G-2016 were dated February 28 and issued March 2. They are due February 29, 2016, with interest payable on the last calendar day of August and February until maturity. Treasury set an interest rate of 2-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on February 26. Tenders totaled $46,314 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.748 percent with an equivalent price of $99.221940. Treasury accepted in full all competitive tenders at yields lower than 2.748 percent. Tenders at the high yield were allotted 67.47 percent. The median yield was 2.670 percent, and the low yield was 2.500 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $21,893 million. Accrued interest of $0.14266 per $1,000 must be paid for the period from February 28 to March 2. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $1,178 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series G-2016 is $100. PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: JANUARY-MARCH, con. 52-Week Bills On March 5, 2009, Treasury announced it would auction $24,000 million of 364-day Treasury bills. They were issued March 12, and will mature March 11, 2010. The issue was to refund $117,995 million of all maturing bills and to raise new cash of approximately $31,005 million. Treasury auctioned the bills on March 10. Tenders totaled $84,142 million; Treasury accepted $24,000 million. That included $209 million of noncompetitive tenders from the public. The high bank discount rate was 0.700 percent. Auction of 3-Year Notes On March 5, 2009 Treasury announced it would auction $34,000 million of 3-year notes of Series W-2012. The issue was to refund $14,880 million of securities maturing March 15 and to raise new cash of approximately $48,120 million. The notes of Series W-2012 were dated March 15 and issued March 16. They are due March 15, 2012, with interest payable on September 15 and March 15 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 10. Tenders totaled $76,955 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.489 percent with the equivalent price of $99.667005. Treasury accepted in full all competitive tenders at yields lower than 1.489 percent. Tenders at the high yield were allotted 10.54 percent. The median yield was 1.419 percent, and the low yield was 1.330 percent. Noncompetitive tenders totaled $99 million. Competitive tenders accepted from private investors totaled $33,901 million. Accrued interest of $0.03736 per $1,000 must be paid for the period from March 15 to March 16. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $605 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series W-2012 is $100. Auction of 9-Year 11-Month 2-3/4 Notes On March 5, 2009, Treasury announced that it would auction $18,000 million of 9-year 11-month 2-3/4 percent notes of Series B-2019. The issue was to refund $14,880 million of securities maturing March 15 and to raise new cash of approximately $48,120 million. The notes of Series B-2019 were dated February 15 and issued March 16. They are due February 15, 2019, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 11. Tenders totaled $38,452 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.043 percent with an equivalent price of $97.504473. Treasury accepted in full all competitive tenders at yields lower than 3.043 percent. Tenders at the high yield were allotted 19.88 percent. The median yield was 2.980 percent, and the low yield was 2.750 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled $17,875 million. Accrued interest of $2.20304 per $1,000 must be paid for the period from February 15 to March 16. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $320 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2019 is $100. Auction of 29-Year 11-Month 3-1/2 Percent Bonds On March 5, 2009, Treasury announced that it would auction $11,000 million of 29-year 11-month 3-1/2 percent Bonds of February 2039. The issue was to refund $14,880 million of securities maturing March 15 and to raise new cash of approximately $48,120 million. The Bonds of February 2039 were dated February 15 and issued March 16. They are due February 15, 2039, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 12. Tenders totaled $26,419 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.640 percent with an equivalent price of $97.456658. Treasury accepted in full all competitive tenders at yields lower than 3.640 percent. Tenders at the high yield were allotted 22.68 percent. The median yield was 3.597 percent, and the low yield was 3.490 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $10,997 million. Accrued interest of $2.80387 per $1,000 must be paid for the period from February 15 to March 16. In addition to the $11,000 million of tenders accepted in the auction process, Treasury accepted $196 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Bonds of February 2039 is $100. June 2009 36 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. Auction of 2-Year Notes On March 19, 2009, Treasury announced it would auction $40,000 million of 2-year notes of Series W-2011. The issue was to refund $18,001 million of securities maturing March 31 and to raise new cash of approximately $79,999 million. The notes of Series W-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 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 24. Tenders totaled $108,277 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.949 percent with an equivalent price of $99.853739. Treasury accepted in full all competitive tenders at yields lower than 0.949 percent. Tenders at the high yield were allotted 41.80 percent. The median yield was 0.900 percent, and the low yield was 0.842 percent. Noncompetitive tenders totaled $454 million. Competitive tenders accepted from private investors totaled $39,546 million. In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $1,896 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series W-2011 is $100. Auction of 5-Year Notes On March 19, 2009, Treasury announced it would auction $34,000 million of 5-year notes of Series J-2014. The issue was to refund $18,001 million of securities maturing March 31 and to raise new cash of approximately $79,999 million. The notes of Series J-2014 were dated and issued March 31. They are due March 31, 2014, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 25. Tenders totaled $68,803 June 2009 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.849 percent with an equivalent price of $99.529266. Treasury accepted in full all competitive tenders at yields lower than 1.849 percent. Tenders at the high yield were allotted 19.34 percent. The median yield was 1.750 percent, and the low yield was 1.490 percent. Noncompetitive tenders totaled $45 million. Competitive tenders accepted from private investors totaled $33,955 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $1,612 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series J-2014 is $100. Auction of 7-Year Notes On March 19, 2009, Treasury announced it would auction $24,000 million of 7-year notes of Series H-2016. The issue was to refund $18,001 million of securities maturing March 31 and to raise new cash of approximately $79,999 million. The notes of Series H-2016 were dated and issued March 31. They are due March 31, 2016, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 26. Tenders totaled $60,521 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.384 percent with an equivalent price of $99.942292. Treasury accepted in full all competitive tenders at yields lower than 2.384 percent. Tenders at the high yield were allotted 10.47 percent. The median yield was 2.312 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $23,889 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,138 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series H-2016 is $100. PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive basis basis 3 amount 2 (6) (4) (5) High price per hundred (7) 28,285.2 26,000.0 27,000.0 26,418.2 26,000.0 27,000.0 29,938.0 26,000.2 27,000.2 33,781.6 27,000.3 27,000.2 38,285.1 29,000.1 28,000.0 36,418.1 29,000.1 29,000.2 41,938.2 31,000.1 30,000.9 39,781.6 31,000.1 30,000.1 40,285.2 31,000.0 30,000.1 36,419.4 31,000.3 29,000.1 39,938.0 31,000.1 30,000.1 38,781.6 30,000.4 29,000.1 41,285.4 31,000.0 29,000.1 99.997750 99.987500 99.874306 99.995333 99.962083 99.838222 99.998444 99.969667 99.853389 99.997667 99.964611 99.838222 99.996889 99.962083 99.825583 99.977833 99.931750 99.802833 99.980556 99.914056 99.757333 99.982111 99.917847 99.762389 99.984056 99.924167 99.749750 99.988333 99.929222 99.777556 99.989889 99.939333 99.767444 99.989889 99.936806 99.775028 99.996111 99.943125 99.802833 High discount rate (percent) (8) High investment rate (percent) 4 (9) 0.030 0.050 0.250 0.060 0.150 0.320 0.020 0.120 0.290 0.030 0.140 0.320 0.040 0.150 0.345 0.285 0.270 0.390 0.250 0.340 0.480 0.230 0.325 0.470 0.205 0.300 0.495 0.150 0.280 0.440 0.130 0.240 0.460 0.130 0.250 0.445 0.050 0.225 0.390 0.030 0.051 0.254 0.061 0.152 0.325 0.020 0.122 0.294 0.030 0.142 0.325 0.041 0.152 0.350 0.289 0.274 0.396 0.254 0.345 0.488 0.233 0.330 0.478 0.208 0.304 0.503 0.152 0.284 0.447 0.132 0.243 0.467 0.132 0.254 0.452 0.051 0.228 0.396 Regular weekly: (4 week, 13 week, and 26 week) 2009 - Jan. 02. ................. 2009 - Jan. 29 Apr. 02 July 02 Jan. 08.................. Feb. 05 Apr. 09 July 09 Jan. 15.................. Feb. 12 Apr. 16 July 16 Jan. 22.................. Feb. 19 Apr. 23 July 23 Jan. 29.................. Feb. 26 Apr. 30 July 30 Feb. 05 ................. Mar. 05 May 07 Aug. 06 Feb. 12 ................. Mar. 12 May 14 Aug. 13 Feb. 19 ................. Mar. 19 May 21 Aug. 20 Feb. 26 ................. Mar. 26 May 28 Aug. 27 Mar. 05 ................. Apr. 02 June 04 Sept. 03 Mar. 12 ................. Apr. 09 June 11 Sept. 10 Mar. 19 ................. Apr. 16 June 18 Sept. 17 Mar. 26 ................. Apr. 23 June 25 Sept. 24 1 27 90 181 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 74,368.7 63,463.5 67,701.6 91,700.4 80,865.3 88,119.5 92,503.0 83,047.3 86,274.4 95,943.7 82,609.6 72,612.5 108,239.6 78,284.5 73,915.5 102,107.3 86,199.8 73,653.2 113,064.1 89,934.0 91,576.9 110,546.1 97,029.8 90,293.1 106,417.7 97,281.0 91,138.5 118,034.7 96,439.5 86,959.9 111,170.6 99,768.8 89,350.9 111,950.2 90,525.4 90,173.7 125,159.2 98,430.8 88,584.0 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. 21,564.6 24,460.1 26,062.9 23,343.7 24,290.8 25,676.3 23,539.7 24,213.8 25,509.8 29,570.5 24,982.7 25,259.6 30,907.9 26,396.0 26,084.2 33,473.5 27,188.6 27,583.4 35,635.1 29,326.5 28,415.4 35,635.0 29,221.2 28,532.3 32,609.9 28,483.9 27,859.9 33,329.4 29,469.6 27,488.7 33,626.2 29,182.0 28,554.3 34,627.8 28,374.2 27,293.1 33,913.7 28,652.3 26,884.0 264.6 1,339.9 928.0 322.7 1,464.3 1,023.7 360.4 1,461.4 1,090.4 429.6 1,717.7 1,330.6 351.1 1,620.1 1,100.8 289.8 1,561.4 1,191.8 365.1 1,474.4 1,135.4 365.1 1,628.9 1,242.7 468.8 1,604.8 1,168.5 435.2 1,530.7 1,256.4 373.8 1,618.1 1,245.8 372.2 1,526.2 1,324.5 387.9 1,432.3 1,116.1 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. June 2009 PUBLIC DEBT OPERATIONS 38 TABLE PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date 12/30/08 01/07/09 01/06/09 01/07/09 01/08/09 01/13/09 01/14/09 01/21/09 01/28/09 01/26/09 01/27/09 01/29/09 02/04/09 02/10/09 02/10/09 02/11/09 02/12/09 02/19/09 02/25/09 02/24/09 02/25/09 02/26/09 03/04/09 03/06/09 03/10/09 03/10/09 03/11/09 03/12/09 03/18/09 03/20/09 03/24/09 03/25/09 03/26/09 1 Issue date (1) 01/02/09 01/08/09 01/15/09 01/15/09 01/15/09 01/15/09 01/15/09 01/22/09 01/29/09 01/30/09 02/02/09 02/02/09 02/05/09 02/12/09 02/17/09 02/17/09 02/17/09 02/20/09 02/26/09 03/02/09 03/02/09 03/02/09 03/05/09 03/12/09 03/12/09 03/16/09 03/16/09 03/16/09 03/19/09 03/26/09 03/31/09 03/31/09 03/31/09 Description of securities 1 (2) 0.140% bill—03/05/09 0.100% bill—03/19/09 2-1/8% TIPS—01/15/19-A 1-1/8% note—01/15/12-U 3-3/4% note—11/15/18-F 0.430% bill—01/14/10 0.085% bill—3/12/09 0.100% bill—04/02/09 0.200% bill—04/09/09 2-1/2% TIPS—01/15/29 0-7/8% note—01/31/11-U 1-3/4% note—01/31/14-G 0.290% bill—03/26/09 0.610% bill—02/11/10 1-3/8% note—02/15/12-V 2-3/4% note—02/15/19-B 3-1/2% bond—02/15/39 0.645% bill—11/19/09 0.705% bill—12/17/09 0-7/8% note—02/28/11-V 1-7/8% note—02/28/14-H 2-5/8% note—02/29/16-G 0.220% bill—05/07/09 0.210% bill—05/21/09 0.700% bill—03/11/10 1-3/8% note—03/15/12-W 2-3/4% note—02/15/19-B 3-1/2% bond—02/15/39 0.180% bill—05/14/09 0.220% bill—06/11/09 0-7/8% note—03/31/11-W 1-3/4% note—03/31/14-J 2-3/8% note—03/31/16-H Period to final maturity (years, months, days) 2 (3) 62d 70d 10y 3y 9y 10m 364d 56d 70d 70d 20y 2y 5y 49d 364d 3y 10y 30y 272d 294d 2y 5y 7y 63d 70d 364d 3y 9y 11m 29y 11m 56d 77d 2y 5y 7y 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. June 2009 Amount tendered (4) 82,618 124,431 20,496 68,763 42,725 67,109 96,214 92,744 87,057 15,328 109,336 60,534 93,474 64,850 87,185 47,580 28,993 86,266 100,215 107,435 72,426 47,492 101,091 106,755 84,142 77,560 38,772 26,615 112,098 85,209 110,173 70,414 61,658 Amount accepted 3, 4 (5) 35,000 35,000 8,662 32,484 17,325 22,000 30,000 35,000 35,001 8,000 41,698 31,273 30,000 23,000 33,629 22,069 14,713 35,000 40,000 42,143 33,714 23,178 35,000 30,000 24,000 34,605 18,320 11,196 35,002 30,001 41,896 35,612 25,138 Accepted yield and equivalent price for notes and bonds (6) 2.245 - 98.930505 1.200 - 99.779650 2.419 - 111.579767 2.500 - 99.063837 0.925 - 99.901394 1.820 - 99.667162 1.419 - 99.871395 2.818 - 99.411068 3.540 - 99.264139 0.961 - 99.830481 1.985 - 99.479306 2.748 - 99.221940 1.489 - 99.667005 3.043 - 97.504473 3.640 - 97.456658 0.949 - 99.853739 1.849 - 99.529266 2.384- 99.942292 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. 39 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 2009 OWNERSHIP OF FEDERAL SECURITIES 40 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] End of fiscal year or month Total Federal securities outstanding (1) Public debt securities Held by U.S. Government accounts Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 7,403,236 7,956,346 8,530,366 9,030,612 10,047,828 7,379,053 7,932,710 8,506,974 9,007,653 10,024,725 3,075,687 3,331,333 3,663,773 3,958,417 4,210,491 142 1 1 1 - 3,075,545 3,331,332 3,663,772 3,958,416 4,210,491 698,207 733,439 764,828 774,913 484,486 2008 - Mar....................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2009 - Jan ....................................... Feb ...................................... Mar ...................................... 9,461,058 9,400,719 9,411,969 9,515,532 9,608,823 9,668,997 10,047,828 10,599,663 10,684,427 10,723,156 10,655,167 10,899,894 11,149,495 9,437,594 9,377,557 9,388,798 9,492,006 9,585,479 9,645,755 10,024,725 10,574,094 10,661,175 10,699,805 10,632,080 10,877,144 11,126,941 4,103,552 4,133,040 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 4,311,381 4,295,278 4,290,609 1 1 - 4,103,551 4,133,039 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 4,311,381 4,295,278 4,290,609 586,473 543,805 481,632 473,303 473,303 473,303 484,486 483,606 477,868 489,694 499,079 508,952 538,647 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) 2004 .................................................................... 2005 .................................................................... 2006 .................................................................... 2007 .................................................................... 2008 .................................................................... 3,605,159 3,867,938 4,078,373 4,274,323 5,329,748 3,147,752 3,351,440 3,538,210 3,673,220 4,751,490 457,407 516,498 540,163 601,103 578,258 24,183 23,637 23,392 22,959 23,104 24,183 23,637 23,392 22,959 23,104 2008 - Mar........................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2009 - Jan ........................................................... Feb .......................................................... Mar .......................................................... 4,747,569 4,700,712 4,796,960 4,811,716 4,929,913 5,005,790 5,329,748 5,824,102 5,922,721 5,882,951 5,821,620 6,072,915 6,297,685 4,145,887 4,098,756 4,203,552 4,223,123 4,348,820 4,428,587 4,751,490 5,245,754 5,344,797 5,307,950 5,250,837 5,503,440 5,727,474 601,682 601,956 593,408 588,594 581,092 577,203 578,258 578,348 577,924 575,001 570,783 569,475 570,212 23,464 23,163 23,170 23,527 23,344 23,243 23,104 25,569 23,252 23,352 23,087 22,750 22,554 23,464 23,163 23,170 23,527 23,344 23,243 23,104 25,569 23,252 23,352 23,087 22,750 22,554 June 2009 OWNERSHIP OF FEDERAL SECURITIES 41 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] End of month Total public debt 1 (1) 1998 - Mar......... 5,542.4 June ....... 5,547.9 Sept........ 5,526.2 Dec......... 5,614.2 1999 - Mar......... 5,651.6 June ....... 5,638.8 Sept........ 5,656.3 Dec......... 5,776.1 2000 - Mar......... 5,773.4 June ....... 5,685.9 Sept........ 5,674.2 Dec......... 5,662.2 2001 - Mar......... 5,773.7 June ....... 5,726.8 Sept........ 5,807.5 Dec......... 5,943.4 2002 - Mar......... 6,006.0 June ....... 6,126.5 Sept........ 6,228.2 Dec......... 6,405.7 2003 - Mar......... 6,460.8 June ....... 6,670.1 Sept........ 6,783.2 Dec......... 6,998.0 2004 - Mar......... 7,131.1 June ....... 7,274.3 Sept........ 7,379.1 Dec......... 7,596.1 2005 - Mar......... 7,776.9 June ....... 7,836.5 Sept........ 7,932.7 Dec......... 8,170.4 2006 - Mar......... 8,371.2 June ....... 8,420.0 Sept........ 8,507.0 Dec......... 8,680.2 2007 - Mar......... 8,849.7 June ....... 8,867.7 Sept........ 9,007.7 Dec......... 9,229.2 2008 - Mar......... 9,437.6 June ....... 9,492.0 Sept........ 10,024.7 Dec......... 10,699.8 2009 - Mar......... 11,126.9 1 Federal Reserve and Intragovernmental Holdings 2 (2) 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,905.6 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 4,389.2 4,432.8 4,558.1 4,576.6 4,715.1 4,738.0 4,833.5 4,694.7 4,685.8 4,692.7 4,806.4 4,785.2 Pension funds 3 U.S. Total privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.9 3,164.7 3,268.0 3,377.9 3,502.8 3,531.5 3,607.0 3,690.6 3,855.4 3,803.0 3,864.9 3,970.6 4,114.0 4,030.8 4,074.2 4,122.1 4,273.1 4,152.6 4,269.7 4,395.7 4,742.9 4,806.2 5,332.0 5,893.4 6,341.7 308.3 290.9 244.5 237.4 247.4 240.6 241.2 248.7 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.7 209.3 222.6 153.6 145.4 147.0 153.3 162.9 158.7 138.5 125.0 141.8 127.0 125.4 117.2 115.4 117.4 113.8 115.1 119.9 110.6 119.8 129.9 127.4 114.9 130.9 107.4 n.a. Private 6 (6) 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.4 204.6 204.1 204.4 204.2 204.2 203.6 205.1 206.0 205.2 203.7 202.4 200.3 198.6 197.1 196.5 195.4 195.0 194.3 194.1 194.0 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 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." 141.3 139.0 135.5 133.2 135.5 142.9 150.9 153.0 150.2 149.0 147.9 145.0 153.4 148.5 149.9 144.6 150.6 149.0 151.4 150.8 162.9 167.3 164.6 169.2 167.0 170.2 170.6 170.5 174.3 177.5 180.9 181.2 183.0 188.4 198.2 204.2 218.5 229.2 242.9 255.6 268.1 275.0 289.7 295.3 n.a. State and Insurance local compagovernments nies 3 (7) (8) 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.5 148.6 143.6 134.9 140.8 151.0 158.0 171.3 164.8 153.8 153.0 150.9 151.6 153.0 155.1 156.1 161.4 164.5 165.0 164.7 167.2 170.1 n.a. 169.5 160.6 151.4 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 152.4 155.0 159.0 160.4 161.3 161.2 160.6 159.0 150.8 142.1 133.4 123.3 123.6 123.9 123.2 126.4 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 234.6 230.8 231.7 257.6 245.0 228.1 222.5 228.7 222.3 205.4 207.8 225.7 225.3 221.0 234.1 261.9 266.1 253.8 256.8 281.0 296.6 302.3 287.1 280.8 280.8 258.7 255.0 254.1 261.1 248.7 244.7 251.3 248.7 244.2 235.7 250.7 264.2 267.2 306.2 362.6 464.7 460.7 617.7 769.1 n.a. 238.1 258.5 271.8 280.8 288.4 298.6 299.2 304.5 306.3 309.3 307.9 310.0 316.9 324.8 321.2 328.4 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 381.7 389.1 412.0 444.0 467.6 481.4 486.1 499.4 502.1 516.9 535.0 550.3 541.4 531.5 523.6 522.2 535.7 522.7 n.a. Foreign Other and international 8 investors 9 (11) (12) 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 1,051.2 1,067.1 1,135.4 1,200.8 1,246.8 1,286.3 1,382.8 1,454.2 1,533.0 1,677.1 1,739.6 1,798.7 1,853.4 1,956.3 1,879.6 1,930.6 2,036.0 2,084.5 1,979.8 2,027.3 2,105.0 2,196.7 2,193.9 2,237.2 2,352.9 2,507.5 2,635.3 2,801.9 3,078.7 3,267.0 696.9 614.4 660.3 605.4 603.4 496.3 461.1 521.7 657.2 523.5 510.8 490.0 508.1 363.1 419.8 400.8 381.0 304.6 287.9 269.2 322.0 320.0 363.1 388.4 351.9 339.5 370.1 393.3 395.2 395.8 388.2 384.1 475.9 484.2 481.2 415.8 432.5 304.6 330.2 278.8 367.4 314.5 471.5 629.7 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. For additional information see: http://www.treas.gov/tic/ticsec2.shtml. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 June 2009 42 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 30 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These Constant Maturity Treasury rates (CMTs) are interpolated from the Treasury yield curve and published daily at Treasury’s Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as quoted in the secondary bond market as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. Treasury discontinued the 30-year constant maturity yield during the time period February 18, 2002, through February 8, 2006. Thus, 30-year yields for that time frame are not available. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 1-mo. (1) 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) 20-yr. (10) 30-yr. (11) Monthly average: 2008 - Apr...................................... May .................................... June ................................... July .................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 2009 - Jan...................................... Feb..................................... Mar..................................... 1.07 1.76 1.72 1.60 1.68 0.89 0.29 0.09 0.03 0.05 0.22 0.10 1.31 1.76 1.89 1.66 1.75 1.15 0.69 0.19 0.03 0.13 0.30 0.22 1.58 1.86 2.19 1.98 1.97 1.64 1.23 0.74 0.26 0.30 0.46 0.43 1.74 2.06 2.42 2.28 2.18 1.91 1.42 1.07 0.49 0.44 0.62 0.64 2.05 2.45 2.77 2.57 2.42 2.08 1.61 1.21 0.82 0.81 0.98 0.93 2.23 2.69 3.08 2.87 2.70 2.32 1.86 1.51 1.07 1.13 1.37 1.31 2.84 3.15 3.49 3.30 3.14 2.88 2.73 2.29 1.52 1.60 1.87 1.82 3.19 3.46 3.73 3.60 3.46 3.25 3.19 2.82 1.89 1.98 2.30 2.42 3.68 3.88 4.10 4.01 3.89 3.69 3.81 3.53 2.42 2.52 2.87 2.82 4.44 4.60 4.74 4.62 4.53 4.32 4.45 4.27 3.18 3.46 3.83 3.78 4.44 4.60 4.69 4.57 4.50 4.27 4.17 4.00 2.87 3.13 3.59 3.64 End of month: 2008 - Apr...................................... May .................................... June ................................... July .................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 2009 - Jan...................................... Feb..................................... Mar..................................... 1.17 1.98 1.60 1.55 1.63 1.02 0.12 0.02 0.11 0.15 0.16 0.17 1.43 1.89 1.90 1.68 1.72 0.92 0.46 0.01 0.11 0.24 0.26 0.21 1.64 2.01 2.17 1.89 1.97 1.60 0.94 0.44 0.27 0.36 0.45 0.43 1.85 2.22 2.36 2.27 2.17 1.78 1.34 0.90 0.37 0.51 0.72 0.57 2.29 2.66 2.63 2.52 2.36 2.00 1.56 1.00 0.76 0.94 1.00 0.81 2.49 2.93 2.91 2.81 2.60 2.28 1.80 1.27 1.00 1.32 1.40 1.15 3.03 3.41 3.34 3.25 3.10 2.98 2.80 1.93 1.55 1.85 1.99 1.67 3.34 3.68 3.61 3.56 3.45 3.38 3.29 2.35 1.87 2.27 2.69 2.28 3.77 4.06 3.99 3.99 3.83 3.85 4.01 2.93 2.25 2.87 3.02 2.71 4.49 4.74 4.59 4.63 4.47 4.43 4.74 3.71 3.05 3.86 3.98 3.61 4.49 4.72 4.53 4.59 4.43 4.31 4.35 3.45 2.69 3.58 3.71 3.56 Period * Rates are from the Treasury yields curve. June 2009 43 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, 2009 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $1,085,949,863,148 $1,044,174,631,905 $1,043,688,580,411 $241,239,866 $244,811,628 The Treasury....................................... 308,003,129 10,055,858 10,025,849 7,505 22,504 FRBs ................................................... 181,928,966,144 180,090,593,104 180,090,584,476 - 8,628 Amounts in circulation............................. $903,712,893,875 $864,073,982,943 $863,587,970,086 $241,232,361 $244,780,496 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $41,775,231,243 $5,121,689,008 $36,653,542,235 The Treasury....................................... 297,947,271 255,198,712 42,748,559 FRBs ................................................... 1,838,373,040 649,365,063 1,189,007,977 Amounts in circulation............................. $39,638,910,932 $4,217,125,233 $35,421,785,699 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. June 2009 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 44 TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2009 [Source: Financial Management Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $9,074,323,558 $143,503 $142,701,728 Federal Reserve notes 1 (2) $9,217,168,789 $2 ................................................................................ 1,671,410,074 1,539,287,228 132,110,218 12,628 $5 ................................................................................ 10,620,935,820 10,485,371,420 108,759,410 26,804,990 $10 .............................................................................. 15,586,970,720 15,565,997,310 6,300 20,967,110 $20 .............................................................................. 120,578,759,840 120,558,649,620 3,840 20,106,380 $50 .............................................................................. 63,424,537,400 63,413,032,950 500 11,503,950 $100 ............................................................................ 642,660,985,700 642,638,781,000 198,000 22,006,700 $500 ............................................................................ 142,283,000 142,075,000 5,500 202,500 $1,000 ......................................................................... 165,631,000 165,382,000 5,000 244,000 $5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 $10,000 ....................................................................... 3,520,000 3,360,000 - 160,000 Fractional notes 4 ........................................................ 600 - 90 510 Total currency ......................................................... $864,073,982,943 $863,587,970,086 $241,232,361 $244,780,496 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) Mar. 31, 2009 ....................................................................................... 903,713 $2,950 Feb. 28, 2009 ....................................................................................... 897,487 2,932 Jan. 31, 2009 ....................................................................................... 887,597 2,901 Sept. 30, 2005...................................................................................... 766,487 2,578 Sept. 30, 2000...................................................................................... 568,614 2,061 Sept. 30, 1995...................................................................................... 409,272 1,553 Sept. 30, 1990...................................................................................... 278,903 1,105 Sept. 30, 1985...................................................................................... 187,337 782 Sept. 30, 1980...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30, 1970 ...................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 June 30, 1960 ...................................................................................... 32,064 177 June 30, 1955 ...................................................................................... 30,229 183 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. June 2009 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 47 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) 2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 End of calendar year or month 2008 - Apr .......................................................................... 74,372 11,041 9,767 49,311 4,253 May......................................................................... 75,170 11,041 9,771 49,247 5,111 June........................................................................ 75,740 11,041 9,849 49,613 5,237 July ......................................................................... 74,832 11,041 9,772 49,089 4,930 Aug ......................................................................... 72,560 11,041 9,494 47,252 4,774 Sept ........................................................................ 71,834 11,041 9,418 46,626 4,750 Oct.......................................................................... 69,763 11,041 9,001 45,288 4,433 Nov ......................................................................... 73,378 11,041 9,023 45,970 7,344 Dec ......................................................................... 77,648 11,041 9,340 49,584 7,683 2009 - Jan .......................................................................... 75,364 11,041 9,047 47,595 7,680 Feb ......................................................................... 73,199 11,041 8,913 45,628 7,616 Mar ......................................................................... 74,958 11,041 9,082 46,634 8,201 Apr.......................................................................... 75,115 11,041 9,098 46,725 8,250 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. Excludes outstanding reciprocal currency swaps with the foreign central banks. At end-April 2009 swaps outstanding were $249.302 billion: $130.1 billion with the European Central Bank, $11.651 billion with the Swiss National Bank, $13.488 billion with the Bank of England, $39.810 billion with the Bank of Japan, $3.605 billion with the Federal Reserve Bank of Australia, $23 billion with the Bank of Sweden, $5.425 billion with the National Bank of Denmark, $5.0 billion with the Bank of Norway, $3.221 billion with the Bank of Mexico and $14 billion with the Bank of Korea. 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 totals due to rounding. June 2009 INTERNATIONAL FINANCIAL STATISTICS 48 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 End of calendar year or month Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Other Treasury bonds readily and marketable notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable U.S. reported Treasury by banks bonds in the and United Total notes 2, 6 States (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) Total (1) Total (2) 2000 ....................... 2001 ....................... 2002 - June 8 ......... Series Break........... 2002 ....................... 2003 - June 8 .......... Series Break........... 2003 ....................... 2004 - June 8 ......... Series Break........... 2004 ....................... 2005 - June 8 ........ Series Break .......... 2005 ....................... 2006 - June 8 ......... Series Break .......... 2006 ....................... 2007 - June 8 .......... Series Break .......... 2007 ....................... 2008 - June 8 .......... Series Break .......... 2,565,942 2,724,292 3,002,222 3,003,380 3,235,231 3,586,765 3,603,925 3,863,508 4,469,769 4,407,294 4,819,747 5,071,533 5,066,404 5,371,689 6,067,606 6,056,316 6,500,815 7,095,223 7,206,880 916,095 923,501 981,627 1,039,702 1,075,034 1,169,600 1,233,261 1,340,497 1,559,686 1,648,167 1,775,080 1,821,338 1,957,191 2,012,633 2,070,222 2,275,684 2,372,146 2,515,167 2,795,998 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 461,656 495,176 495,176 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 1,030,763 1,077,953 1,102,333 1,112,617 1,211,819 1,271,174 1,281,070 1,450,593 5,348 3,411 3,000 3,000 2,769 2,876 2,876 2,613 1,569 1,569 1,630 911 911 948 986 986 1,026 1,067 1,067 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 638,290 737,854 849,161 1,049,619 1,125,812 1,299,551 1,299,551 1,382,628 1,431,589 1,431,589 1,439,484 1,559,518 1,559,518 1,677,951 1,791,611 1,791,611 1,895,920 2,189,215 2,189,215 2,415,205 2,607,127 2,607,127 581,302 653,367 696,781 642,437 750,877 957,712 911,398 1,057,446 1,326,934 1,169,285 1,336,538 1,424,082 1,272,697 1,415,705 1,747,236 1,536,930 1,663,272 1,922,800 1,756,192 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 1,041,237 1,041,237 1,102,362 1,257,884 1,257,884 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 560,910 664,916 498,308 18,926 21,612 24,263 21,690 26,692 27,864 27,677 26,081 23,631 30,324 30,178 34,502 44,905 47,431 60,933 54,487 50,192 50,129 47,563 7,676,097 7,777,669 7,803,261 2,960,682 3,098,974 3,330,189 596,660 573,913 573,913 1,443,691 1,523,888 1,683,160 1,111 1,155 1,155 919,220 1,000,017 1,071,960 2,769,850 2,542,023 2,542,023 1,901,789 2,094,235 1,887,185 1,311,466 1,378,226 1,378,226 590,323 716,009 508,959 43,776 42,437 43,864 2008 - July r ........... Aug. r .......... Sept. r ......... Oct .............. Nov ............. Dec ............. 2009 - Jan .............. Feb. p ......... Mar. p ......... 7,833,164 7,879,386 7,849,420 8,089,070 8,041,089 7,929,912 7,918,862 7,821,410 7,902,663 3,349,634 3,351,382 3,371,378 3,386,521 3,378,818 3,383,222 3,394,052 3,407,591 3,428,400 599,271 609,819 634,690 666,917 697,981 707,855 728,185 746,910 742,083 1,693,228 1,698,076 1,703,020 1,701,936 1,675,731 1,679,582 1,677,642 1,675,683 1,704,709 1,163 1,171 1,179 1,187 1,194 1,203 1,211 1,218 1,227 1,055,972 1,042,316 1,032,489 1,016,481 1,003,911 994,582 987,014 983,780 980,381 2,521,080 2,523,715 2,579,833 2,848,299 2,834,250 2,709,808 2,752,161 2,636,398 2,666,697 1,917,615 1,958,134 1,856,527 1,812,277 1,777,304 1,783,194 1,717,591 1,724,201 1,759,464 1,384,344 1,396,671 1,279,547 1,200,821 1,166,017 1,160,084 1,081,786 1,064,794 1,073,320 533,271 561,463 576,980 611,456 611,287 623,110 635,805 659,407 686,144 44,834 46,154 41,681 41,972 50,717 53,688 55,057 53,219 48,102 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 2009 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-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, and end-June 2008 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 49 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) Argentina 1 (3) 2004 .............................................................................. 1,630 1,630 825 805 2005 .............................................................................. 948 948 77 871 2006 .............................................................................. 1,026 1,026 82 944 2007 .............................................................................. 1,111 1,111 88 1,022 2008 - Mar..................................................................... 1,133 1,133 90 1,043 Apr ..................................................................... 1,140 1,140 91 1,050 May .................................................................... 1,148 1,148 91 1,057 June ................................................................... 1,155 1,155 92 1,064 July .................................................................... 1,163 1,163 92 1,071 Aug .................................................................... 1,171 1,171 93 1,078 Sept ................................................................... 1,179 1,179 93 1,086 Oct ..................................................................... 1,187 1,187 94 1,093 Nov .................................................................... 1,194 1,194 94 1,100 Dec .................................................................... 1,203 1,203 95 1,108 2009 - Jan ..................................................................... 1,211 1,211 96 1,115 Feb..................................................................... 1,218 1,218 96 1,122 Mar..................................................................... 1,227 1,227 97 1,130 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. Venezuela 2 (4) 2 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 2009 50 INTRODUCTION: Capital Movements Background Basic definitions Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly and quarterly reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.)TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Requests for public comments on proposed changes are published in the Federal Register, and any further modifications are based on the comments received. The most recent revisions to selected reporting forms and instructions were effective June 30, 2006. The reporting forms and instructions may be downloaded from the TIC website. Copies of the reporting forms and instructions also may be obtained from the Global Economics Group, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district Federal Reserve banks. The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including: U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. Effective beginning with data for June 2006, information pertaining to the Bank for International Settlements is now included with data forinternational organizations, and information for the European Central Bank is distributed across the individual euro-area countries. For prior dates, information for these organizations is included in “Other Europe”. “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. June 2009 Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to and dollar claims on foreigners in a number of countries. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. TIC Form D is filed quarterly by all U.S. resident banks, securities dealers, and other firms with worldwide holding of derivatives in their own and in their customers’ accounts exceeding $100 billion in notional value. Data from this information collection was first released on May 15, 2007, with data on holdings beginning from end-December 2005, and data on net settlements beginning from the first quarter of 2006. Quarterly reports are also filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with unaffiliated foreigners. Separate reports are filed for financial balances and for commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. Effective with the reports filed for June 2006, the country coverage of the monthly TIC forms was expanded significantly and the semiannual reports, which covered the smaller market economies, were discontinued. Country coverage was also expanded for the quarterly banking forms, the Form S, the Form D, and the Forms CQ-1 and CQ-2, effective with reports filed for June 2006. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international 51 capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in four sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. The expansion of the country coverage on the standard report forms allows for publication of additional country detail for data beginning as of June 2006. As a result, the former Capital Movements Section III, which listed bank-reported claims and liabilities of selected countries from the semiannual reports, has been discontinued. • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, June 2009 52 CAPITAL MOVEMENTS 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of issued by foreigners. Further, the foreigner category, negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III (formerly reported as Section IV) shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the TIC reports CQ-1 and CQ-2 exclude accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. Such accounts with foreign affiliates are reported by business enterprises to Commerce on its direct investment forms. There was an exception when reporting of foreign affiliate positions of insurance underwriting subsidiaries and financial intermediaries was included in Section B of Form CQ-1 for reports between end-March 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. • Section IV (formerly Section V) contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in Table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss June 2009 market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. • Section V presents quarterly data on holdings and net cash settlements of cross-border derivatives contracts reported by banks, securities brokers, dealers, and nonfinancial companies in the U.S. with sizable holdings of derivatives contracts. Total holdings are divided between those contracts with positive fair values and those contracts with negative fair values from the perspective of the reporter. The fair (market) value is generally defined as the amount for which a derivative contract could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The data on U.S. net settlements with foreign residents include all cash receipts and payments made during the quarter for the acquisition, sale, or final closeout of derivatives, including all settlement payments under the terms of derivatives contracts such as the periodic settlement under a swap agreement and the daily settlement of an exchange-traded contract. In calculating net settlements, U.S. receipts of cash from foreign persons are positive amounts (+), and U.S. payments of cash to foreign persons are negative amounts (-). Items excluded from net settlements are: (a) collateral including initial and maintenance margins, whether or not in the form of cash; and (b) purchases of underlying commodities, securities, or other noncash assets. (e.g., the purchase/sale by foreigners of a long-term security is reported on TIC Form S). The gross fair (market) values and net settlement payments on derivatives are reported by type of derivative and by country based on the residence of the direct foreign counterparty. Positions of foreign customers on U.S. exchanges are reported opposite the country in which the foreign counterparty resides. In the case of U.S. residents’ futures contracts on foreign exchanges, the country of the exchange is reported as the country of the foreign counterparty. NOTE: Current and historical data on United States transactions with foreigners in long-term securities on the gross foreign liabilities and claims reported by banks and nonbanks in the United States and on derivatives contracts with foreigners are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 53 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners............................... Payable in dollars............................................... Foreign official institutions ............................. Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities................................................... Other liabilities............................................ Foreign banks (including own foreign offices) and other foreigners .......................... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities................................................... Other liabilities............................................ International and regional organizations 1 ..... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities................................................... Other liabilities............................................ Payable in foreign currencies 2 .......................... Sector: Banks and other foreigners........................ International and regional organizations 1 ...... Major currencies: Canadian dollars ........................................ Euro............................................................ United Kingdom pounds sterling................ Japanese yen............................................. Memoranda: Respondents’ own liabilities payable in dollars............................................................. Liabilities to own foreign offices..................... Liabilities collaterized by repurchase agreements ............................................... Foreign official institutions ..................... Foreign banks and other foreigners....... International and regional organizations 1..... Reported by IBFs ....................................... Respondents’ own liabilities payable in foreign currencies 2 ........................................ Reported by IBFs ....................................... Liabilities held in custody for domestic customers and selected other liabilities 3 ...... Payable in dollars....................................... of which: other short-term negotiable securities and negotiable CDs............ of which: short-term U.S. Government agency securities ................................ of which: negotiable CDs ...................... Payable in foreign currencies 2 .................. Calendar Year 2007 Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 4,706,310 4,426,409 596,660 49,872 198,378 4,518,661 4,281,114 634,690 56,369 276,781 4,741,439 4,503,892 666,917 57,864 360,550 4,731,836 4,494,289 697,981 57,777 427,152 4,615,010 4,373,468 707,855 60,755 457,876 4,600,799 4,359,257 728,185 58,112 486,912 4,485,023 4,243,481 746,910 51,201 521,171 4,514,364 4,272,822 742,083 45,906 542,706 182,061 166,349 142,690 158,850 104,797 143,706 80,747 132,305 62,665 126,559 67,633 115,528 56,703 117,835 47,942 105,529 3,802,509 1,474,307 101,872 3,622,752 1,414,353 224,748 3,812,492 1,616,540 280,696 3,763,639 1,677,625 289,010 3,629,383 1,640,945 282,482 3,593,438 1,563,233 234,865 3,460,683 1,483,136 268,471 3,499,508 1,489,040 299,780 638,532 1,587,798 27,240 17,784 288 570,754 1,412,897 23,672 12,346 286 552,691 1,362,565 24,483 6,838 7,929 546,074 1,250,930 32,669 9,079 15,076 540,489 1,165,467 36,230 9,066 16,196 581,555 1,213,785 37,634 7,003 19,400 567,729 1,141,347 35,888 6,745 19,798 556,613 1,154,075 31,231 8,080 14,838 4,023 5,145 279,901 5,577 5,463 237,547 6,132 3,584 237,547 5,819 2,695 237,547 5,939 5,029 241,542 6,217 5,014 241,542 5,849 3,496 241,542 4,584 3,729 241,542 278,807 1,094 236,628 919 236,628 919 236,628 919 240,509 1,033 240,509 1,033 240,509 1,033 240,509 1,033 18,855 153,143 18,176 49,098 13,428 121,560 11,219 59,310 13,428 121,560 11,219 59,310 13,428 121,560 11,219 59,310 10,139 121,418 11,687 74,123 10,139 121,418 11,687 74,123 10,139 121,418 11,687 74,123 10,139 121,418 11,687 74,123 3,301,255 2,021,262 3,060,278 1,944,293 3,191,097 2,171,139 3,130,411 2,140,775 3,007,821 2,024,456 2,962,675 2,036,176 2,803,760 1,922,153 2,806,359 1,958,780 1,109,129 154,617 950,367 4,145 481,998 896,042 146,211 747,062 2,769 471,792 753,845 128,621 623,316 1,908 592,037 657,822 119,177 536,812 1,833 624,528 577,756 116,275 458,305 3,176 608,883 608,224 104,561 499,716 3,947 568,960 590,072 105,364 481,736 2,972 548,388 582,966 90,245 489,722 2,999 547,982 261,508 69,985 225,860 58,261 225,860 58,261 225,860 58,261 234,994 62,009 234,994 62,009 234,994 62,009 234,994 62,009 1,143,547 1,125,154 1,232,523 1,220,836 1,324,482 1,312,795 1,375,565 1,363,878 1,372,195 1,365,647 1,403,130 1,396,582 1,446,269 1,439,721 1,473,011 1,466,463 503,938 432,149 375,991 348,714 337,176 352,979 332,332 311,181 201,286 94,664 18,393 156,136 100,729 11,687 131,585 90,717 11,687 116,188 86,416 11,687 102,088 87,853 6,548 108,761 90,880 6,548 105,244 76,739 6,548 92,495 78,188 6,548 2008 1 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. 2009 2 Data may be as of preceding quarter-end for most recent month shown in table. 3 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. June 2009 CAPITAL MOVEMENTS 54 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ............................................... Belgium ............................................ Bulgaria ............................................. Cyprus 1 ............................................ Czech Republic ................................. Denmark............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary............................................. Iceland 1 ............................................ Ireland ............................................... Italy.................................................... Kazakhstan 1 ..................................... Luxembourg ..................................... Monaco 1 .......................................... Netherlands....................................... Norway .............................................. Poland ............................................... Portugal............................................. Romania............................................ Russia .............................................. Serbia and Montenegro 2 .................. Spain ................................................. Sweden ............................................. Switzerland........................................ Turkey ............................................... Ukraine 1 ............................................ United Kingdom................................. Channel Islands ............................... All other Europe 1 .............................. Total Europe.................................. Memo: Euro Area 3 .......................................... Memo: European Union 4 ................ Canada.................................................. Latin America: Argentina........................................... Belize 5 .............................................. Bolivia 5 ............................................ Brazil ................................................. Chile .................................................. Colombia ........................................... Costa Rica 5 ..................................... Ecuador............................................. El Salvador 5 ..................................... Guatemala......................................... Guyana 5 .......................................... Honduras 5 ....................................... Mexico ............................................... Nicaragua 5 ....................................... Panama............................................. Paraguay 5 ........................................ Peru................................................... Suriname 5 ........................................ Uruguay............................................. Venezuela ......................................... All other Latin America 5.................... Total Latin America ....................... Caribbean: Anguilla 6 .......................................... Antigua and Barbuda 6 ..................... Aruba 6 .............................................. Bahamas ........................................... Barbados 6 ........................................ Bermuda............................................ British Virgin Islands 6 ...................... Cayman Islands ............................... Cuba.................................................. Dominican Republic 6 ....................... French West Indies 6 ........................ Haiti 6 ................................................ Jamaica............................................. Netherlands Antilles .......................... See footnotes at end of table. June 2009 2005 Calendar year 2006 2007 2008 Nov. r Dec. Jan. 2009 Feb. Mar. p 3,607 17,105 139 n.a. 1,446 1,544 3,767 76,016 70,867 1,212 527 n.a. 68,669 8,149 n.a. 62,804 n.a. 16,460 27,927 6,340 2,883 565 101,355 119 10,060 4,796 141,498 10,006 n.a. 590,505 29,737 23,540 1,281,643 341,599 n.a. 38,051 3,934 15,595 88 634 1,353 969 3,362 83,606 92,815 1,488 820 431 84,414 9,301 6,145 73,989 380 26,781 42,401 7,475 2,720 492 62,736 295 9,805 3,890 63,546 10,457 919 926,069 33,857 3,852 1,574,620 407,811 1,349,799 49,396 3,575 22,437 148 1,068 1,433 791 1,456 73,355 145,955 1,357 1,219 667 123,913 10,421 5,945 108,463 206 26,125 48,309 19,651 2,999 581 104,741 532 13,022 7,723 58,468 12,139 1,392 1,051,764 25,391 4,897 1,880,143 533,078 1,619,013 68,274 1,566 12,200 99 885 957 4,477 1,691 72,493 150,500 1,818 1,848 1,034 160,869 13,083 11,975 94,436 373 42,340 22,897 9,604 2,100 626 60,555 182 16,042 4,178 57,566 18,177 5,372 725,349 14,045 7,366 1,516,704 570,716 1,318,681 71,223 2,513 15,804 118 759 679 4,497 1,590 55,093 150,487 1,997 780 1,089 177,179 8,535 13,743 117,967 314 35,193 17,920 4,729 2,163 641 72,953 182 17,282 3,780 57,035 20,278 4,041 668,658 11,721 7,899 1,477,620 586,873 1,271,683 75,634 1,690 15,840 136 1,324 723 4,109 1,601 49,660 144,472 1,864 642 1,127 165,230 8,826 14,252 93,403 301 38,005 14,254 5,005 1,582 2,259 68,387 132 16,301 2,730 58,398 22,612 3,133 645,079 11,136 6,753 1,400,967 540,221 1,201,572 75,576 1,639 13,178 111 1,163 598 3,884 1,352 45,733 143,077 1,589 779 1,086 169,282 9,203 10,759 91,728 286 38,628 18,146 6,171 2,156 3,618 77,956 206 16,985 3,067 64,924 22,232 3,861 643,580 10,977 6,665 1,414,619 536,176 1,198,466 75,797 1,804 14,247 130 1,287 640 6,453 1,839 43,256 143,950 941 724 742 167,804 9,850 9,540 98,240 344 40,379 11,248 5,421 1,728 3,356 85,392 228 15,827 3,633 61,060 19,699 4,134 680,499 15,322 6,492 1,456,210 541,634 1,243,064 68,909 9,775 n.a. n.a. 12,898 9,045 6,521 n.a. 3,426 n.a. 1,660 n.a. n.a. 44,738 n.a. 5,334 n.a. 3,062 n.a. 4,976 27,535 8,595 137,565 10,628 484 2,123 16,271 16,926 11,702 2,967 3,431 1,964 1,444 98 2,594 45,846 238 7,183 672 4,281 128 6,139 22,883 8 158,010 12,090 307 2,559 24,887 15,731 11,038 2,502 3,296 2,352 1,851 141 2,162 53,234 215 7,062 693 5,286 128 6,503 23,588 15 175,640 13,076 311 4,458 18,571 16,331 10,951 2,288 3,738 2,576 1,982 286 1,557 62,700 265 8,677 690 4,688 125 6,749 27,725 48 187,792 12,818 298 4,544 17,613 15,778 10,370 2,004 3,597 2,927 1,868 276 1,546 70,179 301 10,813 667 4,704 157 7,491 26,777 48 194,776 12,745 313 4,517 17,455 16,436 11,745 2,215 3,731 3,030 1,896 220 1,513 66,244 340 10,832 703 3,962 120 7,632 23,680 54 189,383 13,179 323 4,496 15,281 16,275 12,146 2,187 3,803 2,978 1,882 255 1,592 62,985 338 10,520 683 4,023 175 7,982 23,049 47 184,199 14,013 291 4,038 16,813 15,563 10,853 2,333 4,060 3,104 2,089 292 1,592 59,652 526 10,723 736 4,031 130 7,309 24,058 52 182,258 n.a. n.a. n.a. 213,833 n.a. 52,361 n.a. 922,518 120 n.a. n.a. n.a. 970 6,398 3,149 186 408 257,200 18,680 55,502 22,082 1,316,517 82 3,895 19 495 1,056 8,503 13,065 217 265 286,669 21,602 49,865 35,092 1,488,182 80 3,813 35 555 1,358 10,131 13,231 122 686 305,429 16,761 46,627 41,213 1,593,189 89 3,006 27 478 922 5,686 10,800 115 737 334,379 17,050 46,831 38,796 1,460,320 89 3,088 26 540 1,015 6,544 10,423 128 780 315,106 17,690 40,325 37,812 1,538,481 90 3,093 29 473 899 9,840 8,900 122 785 291,499 13,877 44,820 40,062 1,461,223 91 3,567 31 519 931 8,808 8,583 120 859 268,998 13,350 42,391 43,892 1,469,209 92 3,616 24 607 868 5,886 CAPITAL MOVEMENTS 55 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. St. Kitts and Nevis 6 ....................... Trinidad and Tobago...................... Turks and Caicos Islands 6 ............ All other Caribbean 6 ..................... Total Caribbean.......................... Asia: Bangladesh 7 ................................. China, Mainland ............................ Hong Kong ..................................... India................................................ Indonesia........................................ Israel............................................... Japan.............................................. Jordan 7 ......................................... Korea, South .................................. Laos 7 ............................................ Lebanon ......................................... Malaysia ......................................... Pakistan.......................................... Philippines...................................... Singapore....................................... Syria ............................................... Taiwan............................................ Thailand.......................................... Yemen 7 ......................................... Oil exporting countries 8 ................. All other Asia 7 ............................... Total Asia ................................... Africa: Botswana 9 .................................... Egypt .............................................. Ghana............................................. Kenya 9 .......................................... Liberia............................................. Mauritius 9 ...................................... Morocco.......................................... Mozambique 9 ............................... South Africa.................................... Tanzania 9 ..................................... Uganda 9 ....................................... Zambia 9 ........................................ Zimbabwe 9 ................................... Oil exporting countries 10 ............... All other Africa 9 ............................. Total Africa ................................. Other countries: Australia ......................................... New Zealand ................................. French Polynesia 11 ....................... All other 11 ...................................... Total other ................................. All countries........................................ International and regional orgs: International organizations............ Regional organizations 12 ............. Total international and regional organizations............... Grand total ............................. 1 2005 Calendar year 2006 2008 2009 2007 Nov. r Dec. Jan. Feb. Mar. p n.a. 2,836 n.a. 32,620 1,231,656 90 3,354 165 157 1,691,540 122 3,389 213 189 1,914,842 150 4,060 209 162 2,032,047 138 3,950 227 170 1,924,815 122 3,533 180 248 1,979,252 133 3,704 162 163 1,879,397 122 3,951 163 161 1,862,892 n.a. 46,466 35,246 13,860 4,213 9,828 161,951 n.a. 27,200 n.a. 797 2,287 1,768 3,780 20,291 28 23,287 9,966 n.a. 50,659 7,258 418,885 824 44,474 44,639 18,813 4,386 7,327 141,655 2,146 28,099 120 1,168 3,847 1,282 3,857 30,831 25 22,952 8,319 179 70,314 5,893 441,150 889 94,369 47,133 18,257 5,223 7,812 190,122 1,179 35,215 380 1,032 2,852 1,464 4,927 38,704 24 25,952 14,189 202 80,593 5,052 575,570 2,386 234,750 52,805 23,393 6,748 15,633 229,989 2,159 15,423 42 1,174 2,227 2,226 8,361 44,231 32 30,734 19,956 296 125,549 6,513 824,627 3,472 223,748 54,439 28,613 9,963 20,831 240,313 2,243 15,778 66 1,434 2,211 4,175 9,551 45,037 65 30,321 18,733 212 118,592 7,101 836,898 3,271 248,068 53,873 31,656 9,780 21,862 227,986 2,299 16,435 61 1,542 2,319 3,613 10,536 44,862 57 31,276 23,345 363 114,637 6,475 854,316 3,615 236,838 44,854 36,838 11,285 23,840 218,744 2,039 15,961 59 1,456 2,749 4,003 7,998 46,749 42 30,448 26,138 347 109,041 6,881 829,925 3,536 248,170 62,723 39,271 15,016 25,138 216,635 2,546 14,868 73 1,625 4,685 3,406 6,746 45,891 48 32,110 14,894 306 108,244 6,559 852,490 n.a. 4,953 572 n.a. 217 n.a. 138 n.a. 3,054 n.a. n.a. n.a. n.a. 6,880 4,313 20,127 236 2,252 389 234 469 641 198 87 1,565 363 926 143 78 4,457 2,981 15,019 925 3,683 346 612 422 6,436 180 126 1,649 407 1,233 190 105 6,131 3,443 25,888 425 8,661 289 310 436 983 458 121 2,653 776 284 147 87 3,882 7,471 26,983 375 9,396 316 341 427 946 378 141 2,926 681 329 140 81 4,374 6,446 27,297 414 9,264 304 321 432 692 610 79 2,323 476 424 140 86 4,968 7,242 27,775 306 9,913 294 317 442 701 675 64 2,644 367 437 133 95 4,012 7,566 27,966 334 9,801 285 506 529 795 1,167 74 2,462 378 467 102 97 4,236 7,854 29,087 18,427 3,028 n.a. 14,612 36,067 3,163,994 26,178 4,543 63 18,704 49,488 3,979,223 14,891 3,190 83 19,455 37,619 4,677,976 22,421 3,931 122 12,398 38,872 4,698,248 29,574 3,815 138 7,180 40,707 4,577,747 22,610 4,939 142 7,172 34,863 4,562,132 24,120 4,722 136 7,221 36,199 4,448,102 18,336 4,354 161 7,403 30,254 4,482,100 17,598 5,153 26,862 4,274 24,236 4,098 30,079 3,509 32,571 4,692 34,797 3,870 32,572 4,349 27,718 4,546 22,751 3,186,745 31,136 4,010,359 28,334 4,706,310 33,588 4,731,836 37,263 4,615,010 38,667 4,600,799 36,921 4,485,023 32,264 4,514,364 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All other Caribbean.” 7 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 8 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 56 TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2009, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total liabilities Total Total own payable in liabilities dollars and liabilities payable in payable in foreign dollars dollars currency (2) (3) (1) Europe: Austria .............................. 1,804 14,247 Belgium............................. Cyprus .............................. 1,287 640 Czech Republic................. Denmark ........................... 6,453 1,839 Finland.............................. France .............................. 43,256 Germany........................... 143,950 Greece.............................. 941 Hungary ............................ 724 Ireland............................... 167,804 Italy................................... 9,850 Kazakhstan....................... 9,540 Luxembourg...................... 98,240 Monaco............................. 344 Netherlands ...................... 40,379 Norway ............................. 11,248 Poland .............................. 5,421 Portugal ............................ 1,728 Romania ........................... 3,356 Russia............................... 85,392 Spain ................................ 15,827 Sweden............................. 3,633 Switzerland ....................... 61,060 Turkey............................... 19,699 Ukraine ............................. 4,134 United Kingdom ................ 680,499 Channel Islands ................ 15,322 7,592 All other Europe.................. Total Europe .................. 1,456,210 541,634 Memo: Euro Area 4 ........ 68,909 Canada ................................... Latin America: Argentina ............................ 14,013 Belize.................................. 291 Bolivia................................. 4,038 Brazil................................... 16,813 Chile ................................... 15,563 Colombia ............................ 10,853 Costa Rica.......................... 2,333 Ecuador .............................. 4,060 El Salvador......................... 3,104 Guatemala.......................... 2,089 Honduras............................ 1,592 Mexico ................................ 59,652 Panama.............................. 10,723 Paraguay............................ 736 Peru.................................... 4,031 Uruguay.............................. 7,309 Venezuela .......................... 24,058 1,000 All other Latin America....... 182,258 Total Latin America........ See footnotes at end of table. June 2009 Held by Total foreign custody official liabilities institutions Held by all payable in and foreign other dollars banks foreigners (4) (6) (5) Negotiable CDs and short-term securities Other Miscellaneous liabilities 2 Held by Of which: Of which: other shortforeign short-term official term U.S. negotiable Of which: institutions Held by all Treasury other securities negotiable and foreign obligations (excl. CDs) banks foreigners CDs (7) (8) (9) (10) (11) Total liabilities payable in foreign currency 3 (12) 1,748 13,893 1,285 640 6,451 1,714 39,996 81,896 908 700 167,579 8,751 9,307 97,582 344 38,596 11,142 5,406 1,685 3,348 84,793 13,959 3,329 59,191 19,647 4,134 635,248 15,187 7,541 1,335,999 470,037 63,966 963 2,649 1,253 239 5,596 364 34,489 66,091 672 228 37,511 5,133 1,921 13,291 48 23,896 4,963 2,052 1,235 502 10,586 11,020 1,349 17,215 2,866 4,134 605,332 5,458 5,331 866,387 198,899 47,674 785 11,244 33 401 855 1,349 5,507 15,805 235 472 130,069 3,619 7,386 84,291 296 14,700 6,179 3,354 450 2,846 74,207 2,939 1,980 41,976 16,781 29,916 9,729 2,209 469,612 271,138 16,292 398 1,696 916 127 470 102 8,513 29,204 151 107 17,798 3,006 1,901 7,132 8 4,629 843 107 907 32 8,333 6,027 357 10,276 1,983 2,079 201,763 4,260 1,822 314,948 80,560 5,551 267 401 333 62 122 81 2,540 1,882 444 71 3,221 990 17 2,151 40 2,437 99 286 285 57 631 2,098 295 3,362 230 71 18,115 763 878 42,229 17,342 6,420 518 2,902 30 401 523 417 4,865 9,492 216 421 33,001 3,348 7,386 43,897 294 5,650 5,812 1,417 336 2,844 73,153 2,315 384 32,382 16,762 20,352 7,498 2,097 278,714 107,097 7,004 110 2,254 152 382 247 3,715 8 15 74,289 23 23,653 6,275 204 1,934 97 1 1,052 436 635 8,878 3 2,408 1,626 77 128,473 111,491 3,524 13 6,088 3 53 503 209 1,690 11 3 19,149 41 15,705 2 1,945 163 3 17 1 2 92 478 704 13 2,196 392 19 49,495 45,468 4,782 430 374 4 30 5,131 153 13,229 35,707 77 60 11,328 1,334 3 1,961 13,129 3,984 1,659 43 413 760 2,970 1,119 2,079 653 1,984 210,637 131 2,646 312,028 80,779 29,660 12 178 20 75 10,392 206 23 8,794 10 3,082 4,531 37 862 20 61 1,510 3 179,777 517 2 210,112 27,300 7,025 56 355 1 2 126 3,260 62,053 33 24 225 1,099 233 659 1,783 106 15 44 8 599 1,868 304 1,869 52 45,251 135 51 120,211 71,597 4,943 13,875 291 3,955 16,574 15,304 10,808 2,324 4,020 3,098 2,033 1,575 56,192 10,565 734 3,862 7,247 23,414 999 176,870 10,977 268 1,420 15,470 9,021 5,085 1,536 3,400 1,426 1,849 1,500 36,535 7,881 693 2,414 5,734 21,827 974 128,010 2,898 23 2,535 1,104 6,283 5,723 788 620 1,672 184 75 19,657 2,684 41 1,448 1,513 1,587 25 48,860 488 54 314 4,975 3,449 898 720 714 433 218 796 10,357 3,090 149 615 974 3,879 182 32,305 10,072 138 1,060 4,939 3,854 3,610 544 2,478 641 1,095 652 19,764 4,471 521 1,310 2,571 16,374 456 74,550 2,390 5 2,080 409 2,735 4,735 419 409 1,024 58 8 17,045 1,995 13 54 1,079 481 1 34,940 61 4 407 578 3,437 536 263 17 572 86 6 1,328 464 14 1,344 126 482 6 9,731 444 14 48 62 87 452 106 76 76 40 61 1,257 223 13 47 279 624 18 3,927 297 76 43 4,065 1,694 570 271 171 351 529 52 6,093 276 15 488 2,071 1,263 333 18,658 123 3 1,546 48 7 1 155 1 7 348 46 9 4 147 311 3 2,759 138 83 239 259 45 9 40 6 56 17 3,460 158 2 169 62 644 1 5,388 CAPITAL MOVEMENTS 57 TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2009, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total Held by Held by Of which: Total foreign Of which: other shortTotal liabilities foreign Total Total own custody payable in official short-term official liabilities term liabilities liabilities institutions Held by all dollars and liabilities U.S. negotiable Of which: institutions Held by all payable in payable in payable in payable in and foreign Treasury securities negotiable and foreign foreign foreign other other dollars dollars dollars currency banks foreigners obligations (excl. CDs) banks foreigners currency 3 CDs (2) (3) (4) (5) (6) (7) (12) (9) (11) (1) (8) (10) Caribbean: Aruba........................................ 859 Bahamas.................................. 268,998 Barbados.................................. 13,350 Bermuda .................................. 42,391 British Virgin Islands ................ 43,892 Cayman Islands ....................... 1,469,209 Dominican Republic................. 3,616 Haiti .......................................... 607 Jamaica.................................... 868 Netherlands Antilles................. 5,886 Trinidad and Tobago................ 3,951 9,265 All other Caribbean Total Caribbean.................. 1,862,892 Asia: China, Mainland....................... 248,170 Hong Kong............................... 62,723 India ......................................... 39,271 Indonesia ................................. 15,016 Israel ........................................ 25,138 Japan ....................................... 216,635 Jordan ...................................... 2,546 Korea, South............................ 14,868 Malaysia................................... 4,685 Pakistan ................................... 3,406 Philippines................................ 6,746 Singapore................................. 45,891 Taiwan...................................... 32,110 Thailand ................................... 14,894 All other Asia............................ 120,391 Total Asia............................. 852,490 Africa: Egypt ........................................ 9,801 Ghana ...................................... 285 Kenya....................................... 506 Liberia ...................................... 529 Morocco ................................... 1,167 South Africa ............................. 2,462 14,337 All other Africa.......................... 29,087 Total Africa........................... Other countries: Australia ................................... 18,336 New Zealand............................ 4,354 7,564 All other .................................... 30,254 Total other........................... All countries.................................. 4,482,100 International and regional orgs: International organizations....... 27,718 4,546 Regional organizations5 ........... Total International and 32,264 regional organizations ...... Grand total ...................... 4,514,364 1 859 268,548 13,273 40,994 42,047 1,441,505 3,605 606 847 5,783 3,759 7,527 1,829,353 787 265,167 2,617 10,202 19,506 1,087,360 2,662 574 822 4,421 2,398 7,356 1,403,872 72 3,381 10,656 30,792 22,541 354,145 943 32 25 1,362 1,361 171 425,481 192 218,737 2,164 319 1 496,091 387 145 329 2,198 1,805 129 722,497 437 4,964 415 9,222 18,608 102,886 2,165 337 297 557 279 6,676 146,843 21 2,325 5,360 17,443 20,847 52,502 428 5 15 486 1,144 82 100,658 17 396 3,632 12,569 771 17,708 480 9 5 738 109 30 36,464 34 266 1,655 759 665 3,294 35 18 5 125 11 59 6,926 34 39,057 38 86 659,498 98 89 196 803 314 7 700,220 124 2,803 9 596 1,155 109,526 12 3 876 97 544 115,745 450 77 1,397 1,845 27,704 11 1 21 103 192 1,738 33,539 248,163 61,597 39,203 15,016 25,084 150,720 2,546 14,328 4,684 3,406 6,733 44,317 32,074 14,891 120,334 783,096 51,320 33,338 7,047 3,281 9,150 83,585 1,720 6,094 2,349 3,075 5,547 33,471 28,608 2,148 44,834 315,567 196,843 28,259 32,156 11,735 15,934 67,135 826 8,234 2,335 331 1,186 10,846 3,466 12,743 75,500 467,529 19,462 12,270 2,335 2,088 1,302 38,147 967 1,635 1,179 750 1,718 26,417 6,156 776 15,208 130,410 9,946 6,175 1,770 214 1,832 7,305 57 714 146 184 521 1,437 6,396 299 1,694 38,690 191,181 13,261 22,214 8,573 15,638 60,671 718 947 2,253 275 1,141 9,935 2,740 12,661 63,418 405,626 5,257 14,044 9,833 3,133 117 4,176 1 5,695 59 26 2 694 149 50 7,686 50,922 346 878 13 23 179 513 107 1,542 21 2 43 211 554 17 4,387 8,836 21,915 8,957 2,926 968 6,014 39,030 696 3,729 1,023 2,146 3,184 5,499 16,065 1,086 26,772 140,010 56 6,012 112 17 2 878 66 3 23 124 124 14 2 1,169 8,602 7 1,126 68 54 65,915 540 1 13 1,574 36 3 57 69,394 9,801 285 506 517 1,167 2,461 14,102 28,839 2,719 285 493 307 1,163 1,976 10,610 17,553 7,082 13 210 4 485 3,492 11,286 816 149 147 5 492 1,531 5,897 9,037 138 54 88 204 52 184 854 1,574 6,986 11 152 452 3,460 11,061 14 1 56 1 7 11 90 82 1 1 1 26 21 132 1,765 82 258 98 619 246 3,849 6,917 1 2 15 10 28 12 1 235 248 18,159 4,335 974 23,468 4,241,591 12,346 2,235 906 15,487 2,794,550 5,813 2,100 68 7,981 1,447,041 6,912 825 245 7,982 1,222,730 1,376 213 321 1,910 312,216 2,430 2,046 7 4,483 842,486 1,473 32 10 1,515 230,719 1,709 20 51 1,780 75,878 3,671 1,189 337 5,197 1,212,690 588 10 3 601 344,872 177 19 6,590 6,786 240,509 26,745 4,486 8,305 3,504 18,440 982 - 5,580 2,500 14,248 590 1,910 364 2,282 28 - 2,725 1,004 973 60 31,231 11,809 19,422 - 8,080 14,838 2,274 2,310 - 3,729 1,033 4,272,822 2,806,359 1,466,463 1,222,730 320,296 857,324 232,993 78,188 1,212,690 348,601 241,542 Excludes negotiable certificates of deposit. Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end. 2 Other Miscellaneous liabilities 2 Negotiable CDs and short-term securities 4 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 58 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 2500 (In billions of dollars) 2000 1500 1000 500 0 2005 2006 2007 2008 Mar. 2009 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] 2005 2006 Calendar years 2007 2008 Mar. 2009 United Kingdom........................ 590,505 926,069 1,051,764 668,658 680,499 All other Europe ....................... 691,138 648,551 828,379 808,962 775,711 Caribbean banking centers 1 ..... 1,200,444 1,666,987 1,877,001 1,897,683 1,841,099 Japan........................................ 161,951 256,934 2,900,972 141,655 299,495 3,682,757 190,122 385,448 4,332,714 240,313 596,585 4,212,201 216,635 635,855 4,149,799 Country All other Asia ............................ Subtotal .................................. All other countries .................... 285,773 327,602 373,596 402,809 364,565 Grand total ............................. 3,186,745 4,010,359 4,706,310 4,615,010 4,514,364 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. June 2009 U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.5 trillion in March 2009, a decrease of $101 billion from yearend 2008. U.S. banking liabilities include foreign holdings of U.S. short-term securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased about $91 billion in 2008, but increased about $696 billion in 2007 and about $824 billion in 2006. However, much of the increase in liabilities to foreigners in 2006 reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking liabilities increased about $250 billion. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that almost 60 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years up through 2007. Since 2007, however, U.S. banking liabilities recorded against the United Kingdom have declined sharply. Meanwhile, banking liabilities to Asia have continued to grow at a rapid pace. CAPITAL MOVEMENTS 59 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 2006 2007 Dec. Total claims.............................................................. 3,140,564 3,792,775 Payable in dollars.................................................. 2,944,476 3,547,969 Own claims on foreigners................................... 2,291,340 Foreign official institutions ............................... 98,010 Foreign banks, including own foreign offices ........................................................... Type of Claim 2008 Mar. r June r Sept. Dec. p 4,056,813 3,838,148 3,678,061 3,394,342 3,787,529 3,596,207 3,465,788 3,175,405 2,791,032 3,005,563 2,860,026 2,786,595 2,444,079 107,062 99,745 94,014 75,381 43,164 1,662,805 2,068,427 2,245,584 2,141,550 2,122,114 1,945,193 All other foreigners .......................................... 530,525 615,543 660,234 624,462 589,100 455,722 Claims of domestic customers.............................. 653,136 756,937 781,966 736,181 679,193 731,326 Payable in foreign currencies .................................. 196,088 244,806 269,284 241,941 212,273 218,937 Own claims on foreigners ..................................... 131,530 170,113 184,985 161,278 142,710 163,609 Canadian dollars .............................................. 16,024 32,718 31,010 27,741 22,905 19,036 Euros................................................................ 65,947 75,137 81,262 62,854 52,154 69,349 United Kingdom pounds sterling...................... 18,871 15,804 17,965 12,512 10,697 12,859 Japanese yen................................................... 14,463 23,911 27,717 29,661 28,940 33,391 Claims of domestic customers.............................. 64,558 74,693 84,299 80,663 69,563 55,328 of which: of which: Canadian dollars .............................................. 4,814 3,008 2,703 3,019 4,637 4,597 Euros................................................................ 47,468 60,501 67,014 60,000 53,310 31,586 United Kingdom pounds sterling...................... 7,068 3,160 5,197 6,058 3,618 13,333 Japanese yen................................................... 1,676 2,817 3,109 5,975 2,799 2,431 Total own claims on foreigners ............................. 2,422,870 2,961,145 3,190,548 3,021,304 2,929,305 2,607,688 Non-negotiable deposits .................................... 983,110 1,057,794 1,212,034 1,180,608 1,076,181 1,147,740 Short-term negotiable instruments (payable in dollars) .......................................... 15,508 48,082 44,879 42,383 42,331 38,504 Resale agreements ............................................ 664,373 769,509 821,916 747,197 751,879 466,539 Memoranda: Other................................................................... 759,879 1,085,760 1,111,719 1,051,116 1,058,914 954,905 Claims on own foreign offices............................... 1,639,474 1,929,030 2,121,937 1,990,679 1,959,268 1,744,201 Claims reported by IBFs ....................................... 562,430 686,623 646,190 527,208 520,261 514,225 Payable in dollars ............................................... 524,907 644,202 608,558 488,712 493,385 468,962 Payable in foreign currencies............................. 37,523 42,421 37,632 38,496 26,876 45,263 Total claims held for domestic customers ............ 717,694 831,630 866,265 816,844 748,756 786,654 Non-negotiable deposits .................................... 312,635 444,306 464,419 419,090 376,087 447,102 Short-term negotiable instruments (payable in dollars) ........................................ 353,438 340,734 354,361 352,076 328,402 299,070 Other ..................................................................... 51,621 46,590 47,485 45,678 44,267 40,482 June 2009 CAPITAL MOVEMENTS 60 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .................................................... Belgium................................................... Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Kazakhstan 1 ........................................... Luxembourg ........................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia..................................................... Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands...................................... All other Europe 1 .................................... Total Europe ........................................ Memo: Euro Area 2 .................................... Memo: European Union 3 .......................... Canada...................................................... Latin America: Argentina ................................................ Bolivia 4 ................................................... Brazil....................................................... Chile ....................................................... Colombia ................................................ Costa Rica 4 ............................................ Ecuador .................................................. El Salvador 4 ........................................... Guatemala.............................................. Honduras 4 .............................................. Mexico .................................................... Nicaragua ............................................... Panama .................................................. Paraguay 4 .............................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. All other Latin America 4 ......................... Total Latin America.............................. Caribbean: Anguilla 5 ................................................ Bahamas ................................................ Barbados 5 .............................................. See footnotes at end of table. June 2009 Calendar year 2006 June 2007 Sept. 8,563 20,258 38 3,546 2,770 10,360 165,030 45,429 1,081 157 62,881 41,462 510 16,033 38,723 35,117 1,115 1,988 290 4,254 15,969 29,377 112,020 5,429 938,123 45,533 4,193 1,610,249 427,777 1,404,001 106,662 8,572 43,167 38 3,604 1,757 15,143 199,784 71,143 1,442 187 70,771 34,782 863 26,823 60,364 25,101 3,454 2,506 209 1,777 25,154 31,026 183,080 3,678 1,043,097 56,782 3,689 1,917,993 559,651 1,644,892 134,332 9,189 23,449 37 2,113 2,393 24,206 189,346 86,617 1,409 252 68,598 43,098 754 22,636 73,708 28,281 3,999 2,840 200 3,334 26,085 37,603 191,231 3,718 1,137,811 42,882 3,689 2,029,478 571,182 1,757,330 141,301 8,083 26,646 30 4,049 10,314 30,533 202,757 79,122 1,658 378 80,906 51,856 688 27,017 63,711 29,105 8,242 3,113 195 1,869 32,753 34,964 201,003 3,735 1,108,747 35,468 3,632 2,050,574 608,155 1,776,738 140,166 7,980 28,005 52 2,666 10,984 27,748 237,435 94,683 1,963 249 100,575 63,530 732 25,112 72,195 27,315 17,109 3,672 178 1,638 56,322 28,652 184,171 3,989 1,185,217 20,459 3,418 2,206,047 720,675 1,965,817 160,669 2,977 157 20,454 7,152 2,915 733 612 872 1,055 433 17,936 89 2,556 41 1,474 361 2,477 37 62,331 3,631 172 25,578 6,489 4,287 782 777 901 1,108 417 19,824 82 3,525 79 2,250 341 2,791 34 73,068 4,197 166 32,740 7,887 6,208 797 896 801 1,235 606 23,028 74 3,456 92 2,150 1,083 3,013 63 88,492 4,251 169 31,500 9,829 4,972 1,028 993 831 1,348 494 24,582 83 4,118 108 3,092 415 2,580 70 90,463 5,281 194,510 471 3,479 196,649 794 3,140 205,312 352 6,493 238,924 445 Dec. Mar. r 2008 June r Sept. Dec. p 9,371 36,454 56 2,276 10,789 32,299 225,347 98,342 1,835 241 107,009 63,963 665 21,455 75,430 25,063 17,276 2,988 202 2,431 62,332 36,400 133,925 4,055 1,070,175 18,074 3,180 2,061,632 738,134 1,875,572 138,557 8,665 24,508 55 273 8,477 29,103 208,855 88,206 1,465 336 92,500 61,795 544 20,815 67,641 31,137 11,678 2,392 159 2,736 55,669 30,424 123,053 4,159 1,128,963 15,908 3,199 2,022,716 662,660 1,843,116 146,433 5,111 14,561 36 226 9,775 25,224 184,032 76,230 1,224 413 85,964 51,941 544 19,262 64,597 18,718 1,712 1,708 154 2,174 58,503 17,996 110,599 3,691 868,389 19,049 2,726 1,644,559 588,897 1,487,688 146,897 4,346 172 28,278 10,267 4,953 1,217 886 797 1,358 493 26,841 93 4,794 130 4,487 403 2,152 194 91,861 4,547 166 38,984 11,378 4,779 1,304 801 772 1,433 484 25,539 131 5,286 148 4,978 393 2,107 52 103,282 5,074 190 32,058 11,873 4,653 1,234 843 801 1,411 506 26,645 112 5,083 161 4,963 407 2,022 50 98,086 4,154 141 32,938 10,131 4,079 1,305 703 900 1,269 527 26,388 134 4,726 152 4,589 375 1,613 72 94,196 7,796 271,848 557 8,035 209,972 595 12,996 213,724 684 10,312 280,117 1,323 CAPITAL MOVEMENTS 61 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. Bermuda...................................... British Virgin Islands 5 .................. Cayman Islands........................... Dominican Republic 5 .................. Haiti 5............................................ Jamaica ....................................... Netherlands Antilles .................... Trinidad and Tobago ................... All other Caribbean 5 ................... Total Caribbean ........................ Asia: China, Mainland. ......................... Hong Kong .................................. India............................................. Indonesia..................................... Israel............................................ Japan........................................... Jordan 6 ........................................ Korea, South ............................... Lebanon....................................... Malaysia ...................................... Pakistan....................................... Philippines ................................... Singapore .................................... Taiwan ......................................... Thailand....................................... Asian oil exporters 7 .................... All other Asia 6 ............................. Total Asia.................................. Africa: Cameroon 8 .................................. Egypt ........................................... Ghana.......................................... Liberia.......................................... Morocco....................................... South Africa................................. African oil exporters 9 .................. All other Africa 8 ........................... Total Africa ............................... Other countries: Australia....................................... New Zealand ............................... All other ....................................... Total other countries................. Total foreign countries ........... International and regional orgs: International organizations .......... Regional organizations 10 ............ Total international and regional organizations............ Grand total ............................. 1 Calendar year 2006 Sept. Dec. Mar. r June r Sept. Dec. p 21,721 4,270 835,646 650 50 695 2,686 1,055 383 1,067,418 18,845 7,420 948,695 571 67 592 2,634 680 627 1,181,053 20,419 5,190 932,175 630 56 666 4,877 524 584 1,173,925 12,378 4,857 961,957 686 46 687 4,624 673 770 1,232,540 19,442 6,012 985,423 720 52 751 5,085 724 786 1,299,196 15,740 6,779 1,015,070 787 76 848 4,288 809 672 1,263,671 15,224 6,922 923,626 754 76 832 3,726 592 555 1,179,711 10,185 4,265 991,568 782 92 805 4,787 712 450 1,305,398 15,915 8,300 3,209 559 6,568 157,671 21 25,258 20 947 29 1,020 5,519 3,607 6,585 11,789 424 247,441 20,709 7,506 3,514 525 7,680 130,634 33 26,815 39 1,104 105 1,123 6,163 6,140 5,607 15,470 929 234,096 18,104 7,472 4,563 583 6,451 106,578 49 14,392 53 1,914 218 1,233 5,687 3,864 2,369 15,403 723 189,656 19,359 10,263 4,588 1,030 5,031 97,856 54 28,247 51 1,989 164 1,271 6,662 1,641 5,978 23,932 799 208,915 16,672 10,582 4,620 1,089 4,912 124,188 21 28,427 52 1,166 64 1,835 7,858 3,065 2,483 14,672 1,554 223,260 20,335 10,032 5,984 1,243 4,907 98,861 24 22,063 48 1,114 115 1,517 7,364 2,028 1,194 13,996 1,023 191,848 11,162 14,742 6,182 1,168 3,588 91,169 30 16,459 66 695 195 930 7,162 2,355 203 11,436 1,052 168,594 3,238 12,856 6,144 1,089 2,604 87,459 23 13,595 56 300 76 1,080 9,406 1,326 180 10,669 805 150,906 20 1,833 13 296 84 640 414 251 3,551 16 1,331 8 322 85 438 295 388 2,883 12 1,713 31 371 47 431 321 424 3,350 11 1,488 30 331 50 730 453 6,570 9,663 9 1,773 42 338 45 624 1,301 13,594 17,726 10 1,940 53 266 55 525 834 16,880 20,563 10 2,014 62 327 30 1,021 1,123 1,377 5,964 33 1,277 18 355 32 681 922 650 3,968 26,600 4,147 242 30,989 3,128,641 36,902 2,838 335 40,075 3,583,500 42,739 2,170 357 45,266 3,671,468 43,465 4,541 316 48,322 3,780,643 36,482 6,125 486 43,093 4,041,852 43,752 6,104 425 50,281 3,829,834 40,456 6,133 526 47,115 3,668,619 33,916 5,922 598 40,436 3,386,360 11,279 644 9,779 475 9,371 660 10,930 1,202 13,918 1,043 7,592 722 7,227 2,215 5,017 2,965 11,923 3,140,564 10,254 3,593,754 10,031 3,681,499 12,132 3,792,775 14,961 4,056,813 8,314 3,838,148 9,442 3,678,061 7,982 3,394,342 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are included in “All other Latin America.” 2 2008 2007 June 5 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican Republic, and Haiti are included in “All other Caribbean.” 6 Before June 2006, data for Jordan are included in “All other Asia.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Before June 2006, data for Cameroon are included in “All other Africa.” 9 Includes Algeria, Gabon, Libya, and Nigeria. 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East organizations. June 2009 CAPITAL MOVEMENTS 62 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2008 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 5,111 Belgium.............................................. 14,561 Czech Republic ................................. 226 Denmark............................................ 9,775 Finland............................................... 25,224 France ............................................... 184,032 Germany............................................ 76,230 Greece............................................... 1,224 Hungary............................................. 413 Ireland................................................ 85,964 Italy .................................................... 51,941 Kazakhstan........................................ 544 Luxembourg ...................................... 19,262 Netherlands ....................................... 64,597 Norway .............................................. 18,718 Poland ............................................... 1,712 Portugal ............................................. 1,708 Romania ............................................ 154 Russia................................................ 2,174 Spain ................................................. 58,503 Sweden.............................................. 17,996 Switzerland........................................ 110,599 Turkey................................................ 3,691 United Kingdom................................. 868,389 Channel Islands .................................. 19,049 2,762 All other Europe ................................ Total Europe ................................... 1,644,559 588,897 Memo: Euro Area 1 ............................... 146,897 Canada................................................. Latin America: Argentina ........................................... 4,154 Bolivia 3 .............................................. 141 Brazil.................................................. 32,938 Chile .................................................. 10,131 Colombia ........................................... 4,079 Costa Rica ........................................ 1,305 Ecuador ............................................. 703 El Salvador ....................................... 900 Guatemala......................................... 1,269 Honduras .......................................... 527 Mexico ............................................... 26,388 Panama ............................................. 4,726 Peru ................................................... 4,589 Uruguay............................................. 375 Venezuela ......................................... 1,613 358 All other Latin America ..................... 94,196 Total Latin America......................... See footnotes at end of table. June 2009 Total own claims (2) Total own claims payable in dollars (3) 4,169 4,164 12,346 11,985 223 174 981 909 22,141 20,422 157,693 144,930 48,704 37,397 593 178 342 326 64,244 63,177 46,063 43,253 544 540 10,680 9,614 46,039 41,109 9,973 9,913 1,695 1,639 1,113 1,110 154 132 2,063 1,949 50,845 45,800 6,580 6,315 103,313 91,842 3,670 3,351 746,185 714,433 6,476 6,158 2,453 1,832 1,349,282 1,262,652 465,157 423,474 105,178 87,465 4,107 141 32,843 10,126 4,075 1,305 697 900 1,269 527 26,235 4,725 4,421 374 1,563 358 93,666 3,984 125 32,139 9,466 3,537 1,294 697 900 1,255 526 25,302 4,623 4,254 337 1,474 358 90,271 Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) 968 10,719 174 646 20,025 123,789 30,633 114 77 52,214 43,074 449 3,617 13,744 9,103 1,635 626 2 1,623 45,415 5,483 85,901 2,671 567,403 2,405 1,245 1,023,755 345,176 72,022 3,196 1,266 263 397 21,141 6,764 64 249 10,963 179 91 5,997 27,365 810 4 484 130 326 385 832 5,941 680 147,030 3,753 587 238,897 78,298 15,443 5 361 49 72 1,719 12,763 11,307 415 16 1,067 2,810 4 1,066 4,930 60 56 3 22 114 5,045 265 11,471 319 31,752 318 621 86,630 41,683 17,713 943 2,215 3 8,794 3,083 26,339 27,526 631 71 21,720 5,879 8,582 18,557 8,745 17 594 111 7,658 11,416 7,286 21 122,204 12,573 308 295,277 123,740 41,719 227 819 8,767 2,594 19,823 19,175 1 20,817 1,386 8,311 16,390 8,685 8 106 5,069 11,188 7,206 4 106,125 12,165 291 249,157 94,620 37,133 716 1,396 3 27 489 6,516 8,351 630 71 903 4,493 271 2,167 60 17 586 5 2,589 228 80 17 16,079 408 17 46,120 29,120 4,586 1,069 8 19,632 3,965 1,818 279 151 397 610 201 1,161 3,568 1,648 34 226 104 34,871 2,915 117 12,507 5,501 1,719 1,015 546 503 645 325 24,141 1,055 2,606 303 1,248 254 55,400 123 16 704 660 538 11 14 1 933 102 167 37 89 3,395 47 95 5 4 6 153 1 168 1 50 530 32 86 4 2 6 10 1 12 1 50 204 15 9 1 2 143 156 326 Claims of domestic customers Total Payable Payable in foreign customer in currencies claims dollars (9) (7) (8) CAPITAL MOVEMENTS 63 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2008, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Caribbean: Bahamas ........................................... 280,117 Bermuda............................................ 10,185 British Virgin Islands ......................... 4,265 Cayman Islands................................. 991,568 Dominican Republic ......................... 782 Jamaica ............................................. 805 Netherlands Antilles .......................... 4,787 Trinidad and Tobago ......................... 712 12,177 All other Caribbean ........................... Total Caribbean .............................. 1,305,398 Asia: China, Mainland ................................ 3,238 Hong Kong ........................................ 12,856 India................................................... 6,144 Indonesia........................................... 1,089 Israel.................................................. 2,604 Japan................................................. 87,459 Korea, South ..................................... 13,595 Malaysia ............................................ 300 Pakistan............................................. 76 Philippines ......................................... 1,080 Singapore .......................................... 9,406 Taiwan ............................................... 1,326 Thailand............................................. 180 11,553 All other Asia ..................................... 150,906 Total Asia........................................ Africa: Egypt ................................................. 1,277 Ghana................................................ 18 Liberia................................................ 355 Morocco............................................. 32 South Africa....................................... 681 All other Africa ................................... 1,605 Total Africa ..................................... 3,968 Other countries: Australia............................................. 33,916 New Zealand ..................................... 5,922 598 All other ............................................. 40,436 Total other countries....................... Total foreign countries ................. 3,386,360 International and regional orgs: International organizations ................ 5,017 2,965 Regional organizations 2 .................... Total international and regional 7,982 organizations .................................. Grand total ................................... 3,394,342 1 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) 210,282 9,781 4,204 654,008 782 805 4,740 712 12,156 897,470 207,560 8,310 3,358 621,993 772 781 4,548 707 10,487 858,516 201,478 82 113 536,831 298 152 156 223 469 739,802 6,082 8,228 3,245 85,162 474 629 4,392 484 10,018 118,714 2,722 1,471 846 32,015 10 24 192 5 1,669 38,954 69,835 404 61 337,560 47 21 407,928 69,799 404 61 335,992 47 21 406,324 36 1,568 1,604 3,158 12,673 5,594 1,075 2,045 72,711 11,847 196 74 1,058 9,160 1,200 119 11,420 132,330 2,448 12,120 5,437 1,048 1,755 62,985 11,429 159 72 1,021 7,196 1,078 89 10,902 117,739 2,087 10,436 4,389 862 1,570 54,766 10,886 71 69 911 5,555 725 75 9,289 101,691 361 1,684 1,048 186 185 8,219 543 88 3 110 1,641 353 14 1,613 16,048 710 553 157 27 290 9,726 418 37 2 37 1,964 122 30 518 14,591 80 183 550 14 559 14,748 1,748 104 2 22 246 126 61 133 18,576 45 89 531 1 552 14,271 1,571 3 1 24 8 9 133 17,238 35 94 19 13 7 477 177 101 2 21 222 118 52 1,338 420 18 355 18 607 1,393 2,811 417 18 355 2 580 1,390 2,762 229 17 1 1 526 718 1,492 188 1 354 1 54 672 1,270 3 16 27 3 49 857 14 74 212 1,157 32 14 41 109 196 825 33 103 961 22,097 1,853 597 24,547 2,605,284 20,990 727 597 22,314 2,441,719 14,271 452 1 14,724 1,988,357 6,719 275 596 7,590 453,362 1,107 1,126 2,233 163,565 11,819 4,069 1 15,889 781,076 11,439 4,056 1 15,496 725,748 380 13 393 55,328 1,554 850 1,554 806 - 1,554 806 44 3,463 2,115 3,463 2,115 - 2,404 2,607,688 2,360 2,444,079 1,988,357 2,360 455,722 44 163,609 5,578 786,654 5,578 731,326 55,328 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2008, also includes Cyprus, Malta, and Slovenia. Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in Payable in customer foreign claims dollars currencies (8) (7) (9) 2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 64 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1400 (In billions of dollars) In December 2008, U.S. claims on foreigners reported by U.S. banks amounted to about $3.4 trillion, a decrease of $398 billion from that recorded at yearend 2007. U.S. banking claims include holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $652 billion in 2007 and $640 billion in 2006, but part of the latter increase reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking claims increased about $209 billion. Banking claims increased $312 billion in 2005. 1200 1000 800 600 400 200 0 2004 2005 2006 2007 Dec. 2008 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 2004 2005 2006 2007 Dec. 2008 United Kingdom............................ All other Europe ........................... Caribbean banking centers 1 ........ Japan............................................ All other Asia ................................ Subtotal ...................................... All other countries ........................ Grand total ................................. 567,001 527,615 755,954 102,859 70,601 2,024,030 164,411 2,188,441 627,105 604,908 870,441 114,713 92,387 2,309,554 190,845 2,500,399 938,123 672,126 1,061,389 157,671 89,770 2,919,079 221,485 3,140,564 1,108,747 941,827 1,226,858 97,856 111,059 3,486,347 306,428 3,792,775 868,389 776,170 1,295,648 87,459 63,447 3,091,113 303,229 3,394,342 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. June 2009 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. Since 2007, however, claims reported against the Caribbean banking centers have continued to increase while claims reported against the United Kingdom have declined. CAPITAL MOVEMENTS 65 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of liability or claim 2004 Calendar year 2005 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........... 92,009 55,386 29,575 1,410 28,165 25,811 16,705 9,106 36,623 76,710 58,728 24,003 3,248 20,755 34,725 21,751 12,974 17,982 89,217 72,331 35,033 8,266 26,767 37,298 24,101 13,197 16,886 103,835 79,161 26,474 1,983 24,491 52,687 26,261 26,426 24,674 111,288 85,118 23,995 2,391 21,604 61,123 29,875 31,248 26,170 107,533 86,712 21,646 3,338 18,308 65,066 36,257 28,809 20,821 104,793 88,750 23,021 3,020 20,001 65,729 32,604 33,125 16,043 79,827 68,809 18,343 2,740 15,603 50,466 18,812 31,654 11,018 2,623 10,125 19,041 1,860 2,974 2,525 5,041 3,640 2,326 4,450 3,536 5,239 4,494 1,770 1,847 2,162 9,075 4,267 3,908 5,262 2,655 10,496 4,261 4,249 4,509 1,790 9,624 4,589 2,597 2,221 1,910 6,010 3,395 2,955 1,773 2,123 3,153 2,455 1,025 2,262 33,272 10,349 22,923 3,351 1,476 1,875 143,232 94,884 67,445 42,005 15,246 5,802 9,444 2,736 1,299 1,437 144,950 105,700 75,802 42,140 13,679 3,351 10,328 3,207 1,572 1,635 126,032 100,031 66,871 28,380 21,445 2,940 18,505 3,229 1,605 1,624 136,416 110,070 66,726 28,393 22,180 5,360 16,820 3,990 2,398 1,592 138,873 115,053 72,084 32,439 17,639 3,036 14,603 3,182 1,515 1,667 156,246 133,052 85,051 51,361 13,037 3,143 9,894 3,006 1,364 1,642 134,941 112,107 66,672 34,979 8,144 2,108 6,036 2,874 1,334 1,540 140,708 111,210 70,570 34,455 9,739 16,314 27,439 24,778 2,661 48,348 12,888 20,774 29,898 26,080 3,818 39,250 2,624 35,867 33,160 29,388 3,772 26,001 1,168 37,165 43,344 37,108 6,236 26,346 1,282 38,363 42,969 35,803 7,166 23,820 1,276 32,414 48,001 40,931 7,070 23,194 857 30,836 45,435 39,418 6,017 22,834 1,133 34,982 40,640 31,217 9,423 29,498 1,841 22,212 10,805 7,583 5,907 9,829 10,643 8,341 3,724 6,713 9,194 6,951 4,675 1,027 4,154 5,371 10,833 4,210 1,378 4,554 5,751 8,962 3,612 1,139 4,356 4,911 9,846 4,036 1,064 3,337 5,546 8,310 3,701 1,117 4,160 4,611 11,517 2,972 2,918 7,480 43,072 5,878 153 37,041 5,276 4,451 825 35,592 8,009 292 27,291 3,658 3,151 507 21,775 3,529 120 18,126 4,226 3,414 812 21,305 1,498 77 19,730 5,041 4,684 357 19,754 1,613 72 18,069 4,066 3,797 269 20,059 1,464 111 18,484 3,135 2,900 235 19,661 1,566 93 18,002 3,173 2,910 263 25,686 7,585 65 18,036 3,812 3,592 220 2006 2007 Dec. Mar. r 2008 June r Sept. Dec. p June 2009 CAPITAL MOVEMENTS 66 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country Europe: Austria.................................. Belgium ................................... Bulgaria ................................... Czech Republic....................... Denmark.................................. Finland .................................... France ..................................... Germany ................................. Greece .................................... Hungary................................... Ireland ..................................... Italy.......................................... Luxembourg ............................ Netherlands............................. Norway .................................... Poland ..................................... Portugal................................... Romania.................................. Russia ..................................... Serbia and Montenegro (formerly Yugoslavia).......... Spain ....................................... Sweden ................................... Switzerland ............................. Turkey ..................................... United Kingdom ...................... Channel Islands and Isle of Man .......................... Other Europe .......................... Total Europe ....................... Canada........................................ Latin America: Argentina................................. Brazil ....................................... Chile ........................................ Colombia................................. Ecuador................................... Guatemala .............................. Mexico..................................... Panama................................... Peru......................................... Uruguay................................... Venezuela ............................... Other Latin America................ Total Latin America ................. Caribbean: Bahamas................................. Bermuda....................................... Cayman Islands ...................... Cuba........................................ Jamaica................................... Netherlands Antilles................ Trinidad and Tobago............... Other Caribbean ..................... Total Caribbean .................. See footnotes at end of table. June 2009 2007 2004 2005 2006 Dec. 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 68 73 17 78 20 2,631 3,646 401 12 1,636 1,174 378 895 3,537 229 39 4 64 91 181 44 14 132 140 2,562 12,391 182 18 316 1,040 977 1,709 545 330 27 9 110 230 492 36 25 937 63 3,165 4,977 187 46 1,569 1,196 235 1,194 721 385 205 6 306 2 591 800 1,078 180 32,878 4 399 747 1,237 137 15,093 1 269 952 1,070 261 17,339 2 286 47,720 4,578 501 250 33,271 4,905 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 32 9,230 7,279 24 14 15 729 17,323 2008 Mar. r June Sept. Dec. p 90 308 34 52 269 69 3,296 3,127 199 16 925 1,106 197 1,036 517 371 122 10 411 115 1,194 6 48 156 160 2,173 2,912 348 21 1,315 448 168 1,417 1,129 359 41 42 498 78 873 4 34 164 192 2,727 3,077 300 24 1,271 1,398 366 1,153 475 350 43 57 523 95 427 1 46 90 52 2,885 3,382 240 30 1,367 485 250 1,255 385 269 35 71 529 3 533 438 1,705 754 23,350 6 754 237 2,027 754 25,261 2 692 271 2,834 749 22,946 1 787 264 2,983 757 17,759 6 772 275 1,455 709 12,784 15 421 41,146 7,694 208 539 43,505 7,767 149 505 41,848 7,329 117 466 40,627 7,237 120 623 36,403 7,303 95 435 28,425 5,606 148 288 387 106 10 23 2,234 56 8 2 681 105 4,048 138 264 406 208 89 25 2,150 57 6 13 353 24 3,733 156 940 546 356 33 10 2,848 85 36 20 575 106 5,711 173 1,169 647 372 128 8 3,112 196 11 7 886 97 6,806 158 1,113 605 360 140 8 4,200 87 113 26 1,187 73 8,070 114 1,109 437 393 142 10 2,655 104 57 13 1,338 50 6,422 90 626 353 332 30 8 1,580 166 34 12 413 50 3,694 70 1,704 6,522 14 13 44 936 9,303 70 777 12,804 20 2 25 761 14,459 89 707 15,969 18 4 74 803 17,664 180 1,322 15,830 21 5 100 514 17,972 163 1,103 13,494 26 5 93 894 15,778 108 782 14,490 35 5 72 778 16,270 49 723 10,303 37 6 60 446 11,624 CAPITAL MOVEMENTS 67 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. ....................... Hong Kong ................................ India........................................... Indonesia................................... Israel.......................................... Japan......................................... Korea, South ............................. Lebanon .................................... Malaysia .................................... Pakistan..................................... Philippines................................. Singapore.................................. Syria .......................................... Taiwan....................................... Thailand..................................... Oil-exporting countries1 ............. Other Asia ................................. Total Asia .............................. Africa: Congo (formerly Zaire).............. Egypt ......................................... Ghana........................................ Liberia........................................ Morocco..................................... South Africa............................... Oil-exporting countries 2 ............ Other Africa ............................... Total Africa ............................ Other countries: Australia .................................... New Zealand ............................. All other ..................................... Total other countries ............. Total foreign countries ...... International and regional orgs: International organizations........ Regional organizations 3 ........... Total international and regional organizations........... Grand total ........................ 1 2004 Calendar year 2005 2006 2007 Dec. Mar. r 3,983 668 103 74 302 5,869 723 35 256 171 117 822 21 491 79 2,946 303 16,963 3,825 746 158 89 613 7,354 1,743 42 335 230 109 1,823 4 1,010 212 4,159 298 22,750 1,297 564 418 57 385 7,210 1,350 11 471 171 95 2,839 8 1,093 599 3,955 156 20,679 857 981 1,447 172 293 6,888 1,213 9 562 172 89 4,255 8 1,019 380 7,158 377 25,880 4,041 845 1,350 250 264 8,030 1,348 5 566 50 89 4,445 8 975 392 10,068 424 33,150 132 2 14 44 36 518 332 1,078 119 1 1 42 950 590 210 1,913 132 6 3 42 35 283 379 880 280 12 6 190 52 655 294 1,489 1,047 51 98 1,196 397 38 83 518 560 36 15 611 92,007 76,708 2 2 2008 June Sept. Dec. p 4,746 922 1,289 253 280 6,374 1,235 18 555 62 91 2,279 8 877 341 12,304 247 31,881 5,437 989 1,263 414 315 7,554 1,583 11 348 71 117 4,485 9 815 396 10,382 304 34,493 4,789 606 1,169 366 292 6,050 1,416 15 363 28 107 3,818 3 726 295 6,380 465 26,888 259 1 63 210 83 1,069 544 2,229 291 18 75 124 68 1,108 332 2,016 297 2 85 120 76 919 529 2,028 293 5 64 112 54 764 341 1,633 1,658 91 25 1,774 1,824 80 32 1,936 1,784 75 31 1,890 1,717 78 33 1,828 1,794 92 30 1,916 89,202 103,790 111,270 107,499 104,747 79,786 15 2 43 1 17 34 46 7 34 2 2 15 45 18 34 46 41 92,009 76,710 89,217 103,835 111,288 107,533 104,793 79,827 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 68 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .......................................... Belgium ........................................ Bulgaria ........................................ Czech Republic............................ Denmark....................................... Finland ......................................... France .......................................... Germany ...................................... Greece ......................................... Hungary........................................ Ireland .......................................... Italy............................................... Luxembourg ................................. Netherlands.................................. Norway ......................................... Poland .......................................... Portugal........................................ Romania....................................... Russia .......................................... Serbia and Montenegro (formerly Yugoslavia)............... Spain ............................................ Sweden ........................................ Switzerland .................................. Turkey .......................................... United Kingdom ........................... Channel Islands and Isle of Man ............................... Other Europe ............................... Total Europe ............................ Canada............................................. Latin America: Argentina...................................... Brazil ............................................ Chile ............................................. Colombia...................................... Ecuador........................................ Guatemala ................................... Mexico.......................................... Panama........................................ Peru.............................................. Uruguay........................................ Venezuela .................................... Other Latin America..................... Total Latin America ...................... Caribbean: Bahamas...................................... Bermuda............................................ Cayman Islands ........................... Cuba............................................. Jamaica........................................ Netherlands Antilles..................... Trinidad and Tobago.................... Other Caribbean .......................... Total Caribbean ....................... See footnotes at end of table. June 2009 2003 Calendar year 2004 2005 2008 June r Sept. Dec. p 1,752 523 14 54 716 176 5,865 4,132 204 53 423 4,069 115 3,184 315 104 161 25 118 1,816 2,307 37 64 494 617 3,713 6,787 199 46 1,672 2,434 127 7,883 229 57 146 47 157 2,159 1,822 29 49 341 336 5,063 4,238 380 57 795 3,702 391 3,387 402 58 60 22 359 2,031 419 3 50 149 591 3,420 10,148 163 45 858 2,337 352 3,570 366 99 64 36 774 2,039 807 6 134 184 805 6,061 4,926 250 153 968 2,515 919 3,989 325 153 89 60 1,326 1,994 3,336 9 128 193 628 5,549 5,834 218 163 781 3,024 777 2,772 355 146 75 51 1,329 1,998 2,683 7 93 677 1,724 6,979 13,704 260 165 3,821 2,217 577 4,674 602 167 116 41 664 2,461 3,039 6 93 172 427 3,472 5,295 244 107 2,792 1,669 470 3,136 320 165 82 57 714 1,950 5,100 15 85 136 802 3,467 8,493 195 95 949 4,558 219 2,476 274 135 76 54 705 13 1,803 779 2,538 474 15,366 14 1,242 648 2,506 594 27,699 17 2,032 503 1,876 638 24,772 10 1,425 652 1,424 420 17,483 15 1,625 689 2,143 732 23,662 23 2,082 1,160 2,020 548 21,796 17 2,070 553 2,100 604 25,837 13 2,124 514 1,597 589 19,326 14 1,291 742 1,877 596 14,420 546 43,522 8,381 25 607 62,171 8,429 16 1,315 54,820 16,122 19 1,267 48,175 17,520 109 1,465 56,149 16,418 115 1,157 56,263 15,304 102 931 73,383 16,044 91 2,166 51,141 15,734 85 1,034 49,843 13,780 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 350 2,972 303 299 95 100 4,108 198 117 5 539 485 9,571 470 2,927 299 349 119 116 3,242 266 164 12 481 376 8,821 463 2,682 404 449 160 200 3,505 323 196 33 669 431 9,515 563 2,667 805 566 166 198 3,541 302 239 30 695 553 10,325 596 2,823 641 497 250 218 4,360 463 278 74 671 480 11,351 505 2,727 645 566 250 189 4,093 441 349 110 607 453 10,935 481 2,621 575 463 174 180 3,375 408 271 106 657 438 9,749 1,075 1,024 20,067 16 84 32 100 951 23,349 1,631 5,358 36,320 8 67 37 120 1,085 44,626 1,631 2,238 36,416 12 70 42 119 1,721 42,249 3,949 1,734 26,051 2 60 30 125 1,264 33,215 2,200 1,704 16,987 10 106 118 172 1,518 22,815 1,909 1,776 28,363 92 187 146 1,609 34,082 1,725 1,793 26,742 82 46 111 1,711 32,210 6,703 1,851 22,230 86 62 92 1,272 32,296 7,671 1,722 31,538 80 112 111 1,011 42,245 2006 2007 Dec. Mar. r CAPITAL MOVEMENTS 69 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. ....................... Hong Kong ................................ India .......................................... Indonesia................................... Israel ......................................... Japan ........................................ Korea, South ............................. Lebanon .................................... Malaysia.................................... Pakistan .................................... Philippines................................. Singapore.................................. Syria .......................................... Taiwan....................................... Thailand .................................... Oil-exporting countries 1............ Other Asia ................................. Total Asia .............................. Africa: Congo (formerly Zaire).............. Egypt ......................................... Ghana ....................................... Liberia ....................................... Morocco .................................... South Africa .............................. Oil-exporting countries 2............ Other Africa............................... Total Africa............................ Other countries: Australia .................................... New Zealand............................. All other ..................................... Total other countries ............. Total foreign countries ...... International and regional orgs: International organizations........ Regional organizations 3 ........... Total international and regional organizations........... Grand total ........................ 1 2003 Calendar year 2004 2005 2006 2007 Dec. Mar. r 1,066 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 783 250 1,046 222 12,669 3,688 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 892 326 1,208 309 15,783 4,958 941 413 445 403 2,696 1,244 22 536 57 275 1,944 6 853 295 1,800 408 17,296 1,772 1,009 654 231 360 3,349 1,143 19 270 86 109 1,811 10 972 312 1,814 328 14,249 1,913 8,762 812 206 601 5,518 1,272 19 362 115 109 2,809 1 1,240 416 2,552 513 27,220 1,886 1,289 707 260 620 5,251 1,242 22 308 83 105 1,985 3 1,400 492 2,070 446 18,169 2 176 8 109 27 247 150 336 1,055 1 159 4 102 33 193 162 281 935 1 194 16 98 23 1,075 295 419 2,121 11 165 3 73 21 221 332 411 1,237 6 296 8 54 21 254 350 400 1,389 3,619 208 83 3,910 1,588 441 245 2,274 2,144 420 207 2,771 2,365 351 76 2,792 100,905 143,218 144,950 1 10 3 11 - 2008 June r Sept. Dec. p 2,156 1,205 824 259 610 5,309 1,220 26 311 67 131 2,187 2 1,174 441 2,081 183 18,186 2,165 1,220 891 332 586 5,296 1,235 34 271 48 89 2,253 1,100 373 2,846 210 18,949 1,935 1,893 737 273 591 6,949 1,020 44 420 33 70 1,488 12 1,001 330 3,394 180 20,370 6 315 4 54 30 266 352 724 1,751 5 302 10 51 30 320 396 736 1,850 5 267 3 53 23 331 396 717 1,795 5 363 7 54 25 361 301 495 1,611 2,467 145 37 2,649 2,567 155 30 2,752 2,710 152 17 2,879 3,705 167 17 3,889 2,872 103 13 2,988 126,009 136,155 138,646 155,903 134,739 140,586 4 19 150 111 209 18 231 112 28 174 21 101 11 14 - 23 261 227 343 202 122 100,916 143,232 144,950 126,032 136,416 138,873 156,246 134,941 140,708 Includes Bahrain, ran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 70 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, December 31, 2008, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium ......................................... Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg .................................. Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia ........................................... Serbia and Montenegro (formerly Yugoslavia) ................ Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man................................. Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America ...................... Total Latin America........................ Caribbean: Bahamas ....................................... Bermuda ............................................. Cayman Islands................................ Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean............................ Total Caribbean......................... See footnotes at end of table. June 2009 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 95 427 1 46 90 52 2,885 3,382 240 30 1,367 485 250 1,255 385 269 35 71 529 47 115 1 6 14 871 2,029 28 11 213 5 53 159 118 1 7 82 48 312 1 45 84 38 2,014 1,353 212 19 1,154 480 197 1,096 267 268 28 71 447 1,950 5,100 15 85 136 802 3,467 8,493 195 95 949 4,558 219 2,476 274 135 76 54 705 1,898 4,950 9 2 63 415 1,514 5,290 117 48 532 3,370 179 1,672 140 24 1 8 318 52 150 6 83 73 387 1,953 3,203 78 47 417 1,188 40 804 134 111 75 46 387 6 772 275 1,455 709 12,784 204 4 146 26 9,376 6 568 271 1,309 683 3,408 14 1,291 742 1,877 596 14,420 641 499 723 403 10,086 14 650 243 1,154 193 4,334 95 435 28,425 5,606 93 56 13,665 1,138 2 379 14,760 4,468 85 1,034 49,843 13,780 79 764 33,745 10,012 6 270 16,098 3,768 90 626 353 332 30 8 1,580 166 34 12 413 50 3,694 10 34 14 2 70 15 13 1 159 80 592 339 332 28 8 1,510 151 34 12 400 49 3,535 481 2,621 575 463 174 180 3,375 408 271 106 657 438 9,749 26 1,436 106 55 34 43 1,161 239 47 1 166 165 3,479 455 1,185 469 408 140 137 2,214 169 224 105 491 273 6,270 49 723 10,303 37 6 60 446 11,624 55 9,534 6 3 41 9,639 49 668 769 31 6 57 405 1,985 7,671 1,722 31,538 80 112 111 1,011 42,245 7,618 743 31,149 16 45 404 39,975 53 979 389 64 112 66 607 2,270 CAPITAL MOVEMENTS 71 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, December 31, 2008, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland ............................ Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea, South ................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Taiwan........................................... Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand ................................. All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International organizations............ Regional organizations 1 ............... Total international and regional organizations............... Grand total ............................ Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 4,789 606 1,169 366 292 6,050 1,416 15 363 28 107 3,818 3 726 295 465 26,888 88 57 116 16 2 700 158 2 1 3 4 169 7 6 247 1,659 4,701 549 1,053 350 290 5,350 1,258 13 362 25 103 3,649 3 719 289 218 25,229 1,935 1,893 737 273 591 6,949 1,020 44 420 33 70 1,488 12 1,001 330 180 20,370 600 1,193 298 150 37 2,819 378 3 194 16 177 29 190 20 6,314 1,335 700 439 123 554 4,130 642 41 226 33 54 1,311 12 972 140 160 14,056 293 5 64 112 54 341 1,633 2 60 14 24 100 293 3 4 112 40 317 1,533 5 363 7 54 25 361 495 1,611 5 8 2 48 8 191 156 457 355 5 6 17 170 339 1,154 1,794 92 30 1,916 79,786 113 12 2 127 26,487 1,681 80 28 1,789 53,299 2,872 103 13 2,988 140,586 2,226 46 2 2,274 96,256 646 57 11 714 44,330 7 34 - 7 34 21 101 - 21 101 41 - 41 122 - 122 79,827 26,487 53,340 140,708 96,256 44,452 1 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 72 SECTION IV.—U.S. International Transactions in Long-Term Securities TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Marketable Treasury bonds and notes Net foreign purchases Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (4) (2) (3) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Gross foreign Net foreign Gross foreign purchases sales purchases (8) (9) (7) Calendar year or month Total (1) 2005 …………………………… 2006 ......................................... 2007 ......................................... 2008 r ....................................... 2009 - Jan. - Mar. p.................. 338,112 195,536 197,967 316,012 87,574 68,689 69,639 2,994 76,619 25,127 266,471 125,075 196,021 239,837 63,034 2,952 822 -1,048 -444 -587 10,051,248 10,957,936 15,127,526 14,627,522 2,226,590 9,713,136 10,762,400 14,929,559 14,311,510 2,139,016 219,256 286,464 218,979 -37,759 -30,005 1,097,458 1,572,160 2,050,451 2,588,397 315,383 878,202 1,285,696 1,831,472 2,626,156 345,388 2008 - Mar................................ Apr................................ May............................... June.............................. July ............................... Aug ............................... Sept .............................. Oct. r............................. Nov. r............................ Dec. r............................ 2009 - Jan ................................ Feb. p ........................... Mar. p ........................... 51,003 76,592 1,790 28,011 34,012 32,837 20,737 32,872 -25,815 14,970 10,720 21,551 55,303 28,011 22,298 -3,724 1,105 10,068 4,848 4,944 -1,084 -26,205 3,851 -1,940 -1,959 29,026 22,833 54,280 5,567 26,572 24,312 28,192 15,517 34,476 -169 11,823 12,695 23,602 26,737 159 14 -53 334 -368 -203 276 -520 559 -704 -35 -92 -460 1,459,154 1,202,021 1,156,223 1,375,650 1,274,643 1,022,035 1,628,400 1,179,175 689,317 667,627 620,678 702,057 903,855 1,408,151 1,125,429 1,154,433 1,347,639 1,240,631 989,198 1,607,663 1,146,303 715,132 652,657 609,958 680,506 848,552 16,134 12,190 25,506 29,358 -42,066 -24,189 6,172 -50,216 -22,492 -37,444 -15,500 1,091 -15,596 332,852 259,359 255,882 227,298 173,505 155,794 190,617 201,719 140,861 112,314 105,082 119,101 91,200 316,718 247,169 230,376 197,940 215,571 179,983 184,445 251,935 163,353 149,758 120,582 118,010 106,796 Corporate and other securities Bonds * Calendar year or month Net foreign purchases (10) Stocks Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2005 ……………………………………………………. 2006 .............................................................................. 2007 .............................................................................. 2008 r ............................................................................ 2009 - Jan. - Mar. p....................................................... 372,222 510,806 393,355 93,487 -1,408 1,277,006 1,678,464 1,913,307 1,466,954 354,921 904,784 1,167,658 1,519,952 1,373,467 356,329 81,950 150,415 195,521 40,736 9,414 4,731,749 6,868,571 10,639,315 11,990,535 1,619,510 4,649,799 6,718,156 10,443,794 11,949,799 1,610,096 2008 - Mar..................................................................... Apr..................................................................... May.................................................................... June................................................................... July .................................................................... Aug. ................................................................... Sept. r................................................................ Oct. r.................................................................. Nov .................................................................... Dec .................................................................... 2009 - Jan ..................................................................... Feb. p ................................................................ Mar. p ................................................................ -4,691 25,003 59,842 4,685 -4,138 -13,130 -8,439 -13,064 -16,206 40,964 -8,280 3,331 3,541 140,391 164,754 189,665 124,990 97,810 80,587 93,859 91,136 81,420 139,166 92,939 134,001 127,981 145,082 139,751 129,823 120,305 101,948 93,717 102,298 104,200 97,626 98,202 101,219 130,670 124,440 11,376 -11,569 15,980 -1,817 -5,778 -982 11,512 -6,212 4,430 3,872 1,407 -5,143 13,150 1,134,086 958,436 997,461 1,066,125 1,273,558 905,531 1,168,886 1,019,890 634,851 561,120 507,335 491,529 620,646 1,122,710 970,005 981,481 1,067,942 1,279,336 906,513 1,157,374 1,026,102 630,421 557,248 505,928 496,672 607,496 * Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. June 2009 CAPITAL MOVEMENTS 73 TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) 2005………………………………… -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 2007 ..................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 2008 r ................................................... 101,841 81,752 2,270,426 2,188,674 20,089 5,430,972 5,410,883 2009 - Jan. - Mar. p.............................. -24,466 -28,639 345,913 374,552 4,173 693,753 689,580 2008 - Mar. r......................................... -3,097 -175 264,947 265,122 -2,922 487,580 490,502 Apr. r......................................... 9,395 9,640 193,365 183,725 -245 505,496 505,741 May r ........................................ -28,267 -10,161 182,595 192,756 -18,106 494,660 512,766 June r ....................................... -11,104 -12,666 189,211 201,877 1,562 499,993 498,431 July r......................................... 32,422 15,528 159,469 143,941 16,894 560,901 544,007 Aug. r........................................ 20,222 17,371 157,519 140,148 2,851 428,218 425,367 Sept. r....................................... 35,104 37,576 227,068 189,492 -2,472 482,935 485,407 Oct. r......................................... 36,530 14,835 177,827 162,992 21,695 468,005 446,310 Nov ........................................... 34,251 12,938 123,475 110,537 21,313 288,690 267,377 Dec ........................................... 12,254 12,174 105,233 93,059 80 248,822 248,742 2009 - Jan ............................................ -25,125 -27,881 115,197 143,078 2,756 233,221 230,465 Feb. p ....................................... 1,217 -463 103,330 103,793 1,680 210,043 208,363 Mar. p ....................................... -558 -295 127,386 127,681 -263 250,489 250,752 Calendar year or month Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) June 2009 CAPITAL MOVEMENTS 74 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Europe: Austria............................. Belgium........................... Bulgaria........................... Cyprus 1 .......................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Kazakhstan 1 ................... Luxembourg.................... Monaco 1 ......................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia............................. Serbia and Montenegro 2... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. Ukraine 1 ......................... United Kingdom .............. Channel Islands .............. All other Europe 1 ............ Total Europe ............... Memo: Euro Area 3 .............. Memo: European Union 4 .... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica 5 .................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... All other Latin America 5 ... Total Latin America ..... See footnotes at end of table. June 2009 Marketable Treasury bonds and notes 2008 2009 Oct. Jan. Calendar year through through Dec. Mar. p 2008 (2) (3) (1) U.S. Government corporations and Federal agency bonds 2008 2009 Oct. Jan. Calendar year through through Dec. Mar. p 2008 (5) (6) (4) Corporate bonds 2008 2009 Oct. Jan. Calendar year through through Dec. Mar. p 2008 (8) (9) (7) Corporate stocks 2008 2009 Jan. Oct. Calendar year through through Dec. Mar. p 2008 (11) (12) (10) -1,054 -1,941 8 64 -288 349 361 -15,360 722 181 -237 -4,251 756 1,644 -7,093 -102 -4,790 32,812 5,857 1,091 -219 11,193 -96 -7,921 -3,136 1,157 -1,650 -1,658 188,559 1,368 222 196,549 -39,181 151,662 -5,908 -36 -412 1 5 12 -277 80 -2,121 427 113 58 7,376 3,206 94 -1,372 83 -1,130 5,178 592 -71 -473 -1,572 -210 -2,335 -1,080 2,488 405 -2,080 15,672 515 -177 22,959 3,710 17,856 -8,411 -648 -532 5 -202 112 -299 261 8,410 -1,398 -117 63 4,266 -597 193 5,763 -84 -484 2,352 -600 8 -308 -8,468 -161 -560 -336 147 -1,001 -141 -17,484 -94 -104 -12,039 14,170 -4,709 2,465 -282 -1,601 -5 -24 -900 -1,883 -36 2,760 -3,389 103 42 -3,400 -1,245 -337 -26,743 94 -1,069 -6,496 1,091 55 -532 -3,582 -9 -946 -3,224 -1,949 690 -591 78,123 -1,561 -806 22,348 -35,843 35,950 5,446 -102 -341 -3 -3 -78 -18 -2,324 156 4 -30 -3,249 -201 15 -1,063 108 -55 -4,376 -69 -4 -10,705 3 -2,491 -826 111 -72 -18,980 -179 -611 -45,383 -7,197 -29,473 -620 -24 -439 -38 -148 -7 -14 1,087 46 -109 -11 -1,687 43 -1,723 -5 -416 -1,393 -91 -59 -1 -971 90 -1,300 -1,074 1 4,909 129 -357 -3,563 -3,343 -15 -1,196 -344 -11,149 -13 33 -71 -513 -84 -1,991 4,954 56 -133 -15,326 157 -23 -9,453 166 -364 -1,559 -14 48 9 548 -1 -1,020 -519 11,896 12 95 31,882 -12,555 -609 -5,885 -34,620 -4,063 7,196 -45 -3,184 4 -20 -302 -47 953 -902 1 8 -6,911 125 -83 -2,647 87 762 -1,488 -9 46 -12 10 -171 11,271 15 71 6,704 -859 -32 3,345 -11,842 -5,655 2,349 164 -3,417 -5 -473 385 -2,502 -70 5 18 -3,570 -35 28 -1,672 23 -812 -216 -6 2 21 -729 -230 2,256 -2 -2 9,341 -196 70 -1,624 -12,267 -3,662 5,936 419 -1,042 -7 137 174 392 -36 -7,187 -19,341 -493 163 838 -1,835 17 -7,648 -77 -1,469 7,486 -92 145 -4 48 2 -75 5,096 5,404 -7 -35 29,924 574 175 11,646 -37,453 -1,749 7,380 91 -11 -1 35 12 -822 -67 -1,894 -2,270 -233 19 236 -277 16 -1,652 -17 -2,193 1,540 40 -1 -5 -57 -2,644 2,206 9 1 4,860 -551 98 -3,532 -8,259 -6,812 691 40 803 71 70 112 210 -6,757 465 55 15 246 -230 7 -199 -170 1,175 1,814 29 578 2 -3 -5 -6 981 2,076 2 -3 4,518 206 15 6,117 -3,555 2,176 -6,882 -163 -10,225 4,706 1,356 204 11 -348 -7,057 140 3,566 739 -407 -751 -8,229 -251 -20,923 519 2,174 127 -9 -176 -4,812 27 345 284 -84 27 -22,752 -35 232 5 -736 70 2 -210 1,608 -26 -244 315 -38 170 1,113 -223 470 -1,015 1,731 269 -219 -7 5,024 277 527 -98 -2 12 6,746 -2 325 -165 110 281 -16 -2 43 13 192 104 -148 -288 447 -14 2,214 119 -454 -32 -4 1 -2,121 174 -57 29 24 34 -87 422 742 123 368 5 -349 18 1,742 403 369 390 -20 31 4,244 53 419 -28 51 -34 -129 2 1,522 104 200 61 -21 -37 2,163 22 397 -125 8 -19 22 1,588 -53 44 96 27 4 2,011 373 1,438 808 -8 2 113 6 508 418 -24 210 257 40 4,141 -128 297 -104 51 -11 57 -3 -941 -51 98 -98 16 13 -804 61 -44 -182 -69 -6 -21 -104 62 74 59 210 7 47 CAPITAL MOVEMENTS 75 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Caribbean: Anguilla 6 ................................... Bahamas ................................... Barbados 6 ................................. Bermuda .................................... British Virgin Islands 6 ................ Cayman Islands ......................... Cuba.......................................... Jamaica ..................................... Netherlands Antilles................... Trinidad and Tobago.................. All other Caribbean 6 .................. Total Caribbean ..................... Asia: China, Mainland......................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea, South.............................. Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand..................................... Oil exporting countries 7 ............. All other Asia.............................. Total Asia .............................. Africa: Egypt ......................................... Liberia........................................ Morocco..................................... South Africa ............................... Oil exporting countries 8 ............. All other Africa ........................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International organizations......... Regional organizations 9 ............ Total international and regional organizations.............. Grand total......................... Marketable Treasury U.S. Government corporations bonds and notes and Federal agency bonds 2008 2009 2008 2009 Oct. Jan. Oct. Jan. Calendar Calendar year through through year through through Dec. Mar. p Dec. Mar. p 2008 2008 (3) (6) (1) (2) (4) (5) Corporate bonds Corporate stocks 2008 2009 2008 2009 Oct. Jan. Oct. Jan. Calendar Calendar year through through year through through Dec. Mar. p Dec. Mar. p 2008 2008 (7) (12) (8) (9) (10) (11) -805 -12,705 -19 9,193 2,310 34,445 -11 -4,682 111 113 27,950 -651 -1,249 23 7,749 2,492 2,141 44 1,637 32 -30 12,188 -110 -211 5,416 2,146 48 354 2,029 -37,953 -2,772 583 9,884 -51,399 37 -232 536 593 154 198 6 -91 15,228 -86,012 -774 895 269 -280 -999 -35,428 -50 384 63 141 -35,779 -545 -1,456 7 -1,299 -28 -9,436 -12 -417 -109 271 -13,024 -269 183 196 -394 -6,320 29,018 22 28 -6 84 22,542 27 215 124 -582 -4,166 6,640 18 -45 -6 -68 2,157 63 -514 -103 -113 -610 -2,215 10 -95 30 134 -3,413 -2,229 -1,849 110 -1,155 -4,555 -29,161 20 -4,678 -24 55 -43,466 -1,907 -1,254 -66 -2,771 -1,755 -7,566 5 955 15 24 -14,320 338 -86 -17 791 2,072 -3,090 2 518 7 12 547 84,743 6,242 2,048 -5,875 -2,112 6,077 -11,171 -26 -944 19 -2,118 -7,037 5,829 -2,869 24,923 1,170 98,899 4,233 -3,072 1,322 -3,133 1,489 5,617 -8,908 -1 -1,008 -14 -715 1,688 8,542 726 11,360 -537 17,589 14,499 16,738 4,302 24,541 -535 -326 -2,411 146 -2,720 -252 58,460 6,107 1,537 -16,239 5 -3 58 2,141 -13 -1,264 353 14 -418 -1,855 2,498 2,524 -2,185 264 10,194 -14,468 247 -112 83,871 17,956 -10,418 1,375 -350 16 -153 -8,767 -10,588 -827 -16 16 -625 4,260 54 -1,049 -284 -27,356 -5,219 2,525 -88 -60 -10,118 1,109 1 -615 -70 -7 2,662 -146 -33 -402 -10,461 29,598 7,006 97 19 589 22,256 630 -3 308 -72 83 -1,077 1,650 160 3,497 -103 64,638 3,179 1,699 2 1 477 -1,122 -1,890 1 -1 -3 -36 -1,015 202 -37 -1,128 -8 321 126 2,712 7 210 90 -3,903 -1,059 -181 9 -20 -1,339 1,560 -9 -1,014 48 -2,763 -706 27,462 1,344 -27 961 21,382 2,752 63 29 -5 -5 4,717 5 12 -13 7,277 60 65,308 268 3,005 -14 -21 191 12,691 39 -11 138 -1 -33 5,513 -315 -15 70 27 21,532 121 918 -58 -11 241 7,259 267 16 16 -3 2,239 2 200 -3 295 17 11,516 1,093 -86 -269 -2,294 11,416 449 10,309 -453 9 -2 -813 3,731 122 2,594 -1,702 23 -2,289 -109 654 -92 -3,515 -55 -1 -660 -95 266 -15 -560 -158 -18 -805 -217 -22 -24 -1,244 -22 -318 1 -66 152 67 -186 -4 -37 -9 153 -1 102 92 -6 8 -27 5 53 125 5 -2,587 -4 333 -2,626 237 -4,642 1 -107 -2 26 -27 144 35 5 -115 -1 6 -5 -888 -998 -2,993 -153 32 -3,114 316,456 -1,588 103 10 -1,475 22,692 -2,678 -56 23 315 3 16 -2,652 275 88,161 -36,756 -437 22 -20 -435 -109,686 -110 -50 -6 -166 -29,741 319 3 2 324 92,873 480 28 2 510 10,947 -859 -17 1 -875 -603 340 -19 19 340 40,707 -1,382 -102 -27 -1,511 2,091 -735 176 -370 -929 9,418 -191 -253 -486 -179 -141 -862 -156 -310 7 -271 613 1 419 328 -745 -60 17 12 -1 -5 1 -444 316,012 -665 22,027 -587 -1,003 87,574 -37,759 -466 -110,152 -264 -30,005 614 93,487 747 11,694 -805 -1,408 29 40,736 -1 2,090 -4 9,414 -500 -2 26 318 85 248 175 -517 -70 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 Before June 2006, data for Costa Rica are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other Caribbean.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 76 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2009, 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: 3,720 Austria..................................... Belgium................................... 13,349 16 Bulgaria................................... 899 Cyprus 1 .................................. 1,750 Czech Republic....................... 5,343 Denmark ................................. 3,014 Finland .................................... France..................................... 799,426 Germany ................................. 60,813 1,990 Greece .................................... 733 Hungary .................................. Ireland..................................... 47,247 Italy ......................................... 16,488 3,423 Kazakhstan 1 ........................... Luxembourg ............................ 29,763 575 Monaco 1 ................................. Netherlands............................. 35,658 Norway.................................... 36,542 5,407 Poland..................................... 2,445 Portugal .................................. 1,406 Romania ................................. 5,032 Russia..................................... 93 Serbia and Montenegro 2 ........ Spain....................................... 14,809 Sweden................................... 26,122 Switzerland ............................. 50,743 3,697 Turkey..................................... 491 Ukraine 1 ................................. United Kingdom ...................... 1,820,568 8,865 Channel Islands ...................... 3,001 All other Europe 1 .................... 1,276 1,465 14 110 1,358 1,108 817 412,342 20,052 172 74 16,749 5,498 2,827 9,532 1 4,126 13,252 4,974 305 1,355 4,332 70 2,947 2,436 7,867 3,037 48 940,571 235 1,183 Total Europe ....................... 3,003,427 1,460,132 Memo: Euro Area 3 ...................... 1,030,223 475,560 83,196 Canada ....................................... 253,775 Latin America: Argentina ................................ Brazil....................................... Chile........................................ Colombia................................. Costa Rica 4 ............................ Ecuador .................................. Guatemala .............................. Mexico .................................... Panama .................................. Peru ........................................ Uruguay .................................. Venezuela............................... All other Latin America 4 .......... 2,675 48,692 7,635 6,333 1,844 213 233 27,943 3,311 1,881 3,547 1,902 1,286 107,495 Total Latin America ............. Caribbean: Anguilla 5 ................................. Bahamas................................. Barbados 5 .............................. See footnotes at end of table. June 2009 64,154 100,285 1,693 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Stocks Bonds (4) (5) 197 171 23 166 24 7,183 3,313 32 30 13,213 434 6 5,398 1 2,409 12,571 16 5 279 306 1,444 1 83,422 184 252 131,079 32,707 10,138 304 736 467 680 2,244 2,638 19 18 2,759 143 55 2,484 59 1,132 1,601 2 48 33 1,158 73 10,238 3 210,802 423 341 238,460 14,412 13,349 216 34,353 4,870 3,490 1,535 27 129 8,183 259 438 1,579 112 477 55,668 59 2,878 334 424 5 12 3 1,281 302 159 95 80 261 5,893 142 556 189 291 23 27 5 2,483 307 120 214 127 36 4,520 1,165 3,111 794 412 157 49 45 5,751 1,427 666 693 1,102 277 15,649 4,475 41,098 500 811 128 218 6,295 77 50,937 34,805 868 Foreign securities Bonds Stocks (6) (7) Domestic securities Marketable Treasury and Federal Financing Total Bank bonds sales and notes (9) (8) 557 878 508 3,681 1,924 3,927 2,127 4,923 31,150 1,997 2 11 9 179 386 201 1,208 311 221 53 118 1,676 1,246 1,064 1,496 1,042 5,129 1,407 441 367 685 2,033 556 323,590 17,335 36,732 800,535 403,932 11,314 14,996 8,500 59,954 21,450 560 953 254 1,185 290 335 162 114 470 11 6,094 3,782 4,650 49,553 12,483 5,216 1,432 3,765 16,311 6,095 32 473 30 3,446 2,634 6,784 2,427 3,138 37,575 3,769 432 18 64 840 85 10,253 6,985 10,753 34,818 4,610 5,486 1,648 1,984 33,453 10,900 101 175 155 5,950 5,574 1,295 650 131 1,732 297 41 10 1,719 1,663 232 84 346 14,402 12,800 20 3 260 231 968 5,658 3,799 11,170 3,507 9,142 4,137 10,028 26,347 2,772 18,833 2,804 9,557 53,109 7,720 123 357 176 4,394 4,038 69 149 225 600 189 232,181 132,911 220,681 1,811,765 958,055 4,831 1,594 1,598 8,648 329 706 280 239 3,330 1,287 645,029 204,317 324,410 3,026,454 1,472,171 371,423 58,009 78,112 1,051,673 461,390 62,447 38,089 46,556 253,480 80,731 657 436 2,836 3,321 4,473 46,150 819 629 7,817 1,460 256 7,587 75 49 1,851 84 14 195 49 2 436 5,967 4,278 27,231 522 494 2,988 298 200 3,025 695 271 2,913 329 152 1,639 197 38 917 14,473 11,292 105,585 8 8,516 6,826 10,450 45 75 65,066 95,221 1,780 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 221 610 61 148 173 39 6,095 3,267 141 41 14,900 391 6 7,121 6 2,824 13,964 91 75 1 976 189 1,606 2,518 78,513 55 609 134,642 36,050 11,334 140 4,153 5 940 295 4,746 2,708 14 6,329 178 27 4,156 36 1,944 1,817 8 46 12 1,887 303 7,982 5 2 201,461 619 271 240,084 26,679 7,413 517 3,124 2 108 151 952 231 330,347 10,849 505 320 5,848 5,446 25 6,983 602 9,078 3,672 72 717 39 235 25 974 8,161 16,757 121 72 227,663 4,625 691 638,912 374,978 69,329 412 467 15,733 5,533 302 425 14 112 694 963 152 760 22,651 32,763 13,807 7,873 51 184 63 35 5,694 4,298 565 3,636 721 33 12,740 2,806 35 76 5,337 11,025 1,457 1,643 110 95 488 110 16 145 234 4 969 3,644 4,144 9,361 9,090 9,042 49 181 160 177 135,510 210,563 595 2,425 293 179 231,997 308,648 78,975 73,601 38,019 46,654 251 34,121 4,865 4,226 1,465 25 339 6,575 285 682 1,264 150 307 54,555 73 664 215 878 37 16 2 3,402 128 216 66 56 227 5,980 120 159 314 283 42 5 5 895 360 76 118 100 32 2,509 1,104 3,155 976 481 163 70 45 5,855 1,365 592 634 892 270 15,602 880 2,839 745 1,554 108 64 41 6,131 383 1,236 544 267 44 14,836 408 5,212 702 165 36 15 4 4,373 467 223 287 174 37 12,103 4,585 35,682 452 545 2,267 121 155 6,809 180 50,599 34,891 885 8 4,641 73 9,173 10,931 69 CAPITAL MOVEMENTS 77 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 2009, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Country Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean, con. Bermuda ................................... 193,474 British Virgin Islands 5 ............... 100,000 Cayman Islands ........................ 1,057,915 Cuba ......................................... 1,119 Jamaica .................................... 19,359 Netherlands Antilles .................. 1,109 Trinidad and Tobago................. Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (4) (5) (3) Foreign securities Bonds (6) 15,793 10,406 225,734 925 3,924 435 161 303,451 14,075 531 76,730 97 319 210 490 93,391 6,726 4,969 57,382 14 194 60 171 76,106 131,946 1,436 66,430 2,429 550,819 22,343 22 52 6,464 7,036 181 163 515 101 842,987 40,439 62,334 76,617 2,985 2,164 50,642 255,875 20,349 324 4,700 238 3,380 42,513 21 25,031 2,952 35,819 585,944 43,850 13,937 843 983 44,563 151,580 7,748 117 960 1,902 10,855 9,411 1,748 19,492 307,989 11,061 6,252 227 138 20,081 5,018 1 2,138 13 10,339 5,571 40 7,054 67,933 1,479 3,699 8 210 419 7,103 1,078 5 303 10 16 2,041 1,870 2 1,182 19,425 2,374 2,370 6,202 3,907 265 49 231 180 3,407 836 17,283 15,923 546 1,517 166 5 138 390 62 61 200 902 8,269 3,228 20 3,668 541 181 131 4,585 2,577 47,597 32,617 1,220 813 168 2,539 4,764 9,504 538 21 123 1,593 2,318 4,593 5 1 8 47 47 108 100 32 8 70 210 43,211 10,140 1,546 54 103 5 44,860 10,199 Total other countries ......... Total foreign countries .. 5,545,760 2,225,228 5,665 347 3 6,015 314,557 All other Caribbean 5 ................. 1,647 Total Caribbean.................... 1,540,755 Asia: China, Mainland. ....................... Hong Kong............................ India...................................... Indonesia .............................. Israel..................................... Japan.................................... Korea, South......................... Lebanon................................ Malaysia................................ Pakistan................................ Philippines ............................ Singapore ............................. Syria ..................................... Taiwan .................................. Thailand................................ All other Asia......................... Total Asia.......................... Africa: Egypt .................................... Liberia................................... Morocco................................ South Africa .......................... All other Africa ...................... Total Africa ....................... Other countries: Australia................................ New Zealand......................... All other ................................ International and regional orgs: 3,916 1,057 International organizations .... 6,394 305 Regional organizations 6 ....... Total international and 10,310 1,362 regional organizations.... Grand total.................... 5,556,070 2,226,590 569 257 826 315,383 114 560 14 195 458 1,341 17 25 2 56 1,398 1,498 2,047 3,990 6,883 44 379 526 4 63 4 2,095 4,432 7,413 354,165 1,619,482 338,846 575 181 19 9 1,564 5,503 756 28 7,067 354,921 1,619,510 345,913 1 4 2 5 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes Slovakia. Stocks (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (11) (12) (10) Foreign securities Bonds (13) Stocks (14) 23,498 195,321 15,235 102,402 124,907 1,070,915 9 1,107 1,422 18,941 60 984 209 1,027 184,381 1,552,763 13,764 13,178 215,850 888 3,388 281 155 288,223 15,374 6,839 559 5,579 86,166 59,597 109 4 736 289 319 30 219 37 106,415 79,519 131,155 64,358 553,909 20 5,946 174 503 842,440 4,605 1,938 22,836 85 6,789 99 30 41,104 23,584 16,790 132,557 1 1,793 81 83 195,062 1,200 42,620 1,820 333 1,279 43,905 4,442 30 771 105 347 7,781 1 3,970 850 929 110,383 51,319 63,138 4,097 4,757 54,102 197,565 24,699 305 5,271 92 2,614 40,301 18 18,163 5,601 25,715 497,757 29,351 9,635 1,378 3,394 47,283 93,120 6,211 112 902 13 1,549 11,273 6,913 3,933 9,051 224,118 16,280 1,353 3,727 987 1 315 198 329 30,199 11,006 3,909 2,137 5 2,753 484 1 83 36 10,346 3,380 2,909 310 186 11 7,489 2,148 78,394 22,188 2,253 5,284 323 242 3,166 10,024 279 150 122 62 203 6,030 18 3,468 184 4,273 36,081 755 1,285 216 327 1,591 12,849 6,604 2 255 1 449 1,624 604 474 1,780 28,816 1,327 42,220 2,179 479 1,535 40,367 5,559 36 755 15 294 7,648 3,959 813 974 108,160 446 174 13 648 473 1,754 1,666 989 945 2,878 4,106 10,584 1,038 23 97 1,275 1,985 4,418 109 675 15 189 1,351 2,339 22 54 4 478 250 808 326 180 16 645 415 1,582 5,775 2,906 4,725 12,641 397 61 203 127 9 3 433 19 6,181 2,970 5,361 12,787 344,298 354,768 1,610,064 368,367 16,909 188 92 17,189 689,398 14,486 55,774 12,818 196 1,007 31 24 558 2 14,706 57,339 12,851 693,482 5,503,962 2,137,067 132 139 9,547 1,452 1,574 375 271 10,999 1,949 693,753 5,514,961 2,139,016 163 19 813 264 93 1,352 562 528 8 38 27 12 85 1,320 241 24 8 5,993 192 74 108 1,090 1,561 32 6,185 345,388 356,329 1,610,096 374,552 182 689,580 Before June 2006, data for Costa Rica are included in “All other Latin America.” Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other Caribbean.” 6 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. June 2009 CAPITAL MOVEMENTS 78 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2008 [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............................... 23,639 Belgium............................. 71,504 Bulgaria............................. 68 Cyprus 1 ........................... 7,425 Czech Republic................. 6,625 Denmark ........................... 48,276 Finland .............................. 12,059 France............................... 4,633,831 Germany ........................... 430,492 Greece .............................. 11,207 Hungary ............................ 3,061 Ireland............................... 783,943 Italy ................................... 78,234 Kazakhstan 1 .................... 11,446 Luxembourg ...................... 150,572 Monaco 1 ......................... 5,390 Netherlands....................... 307,426 Norway.............................. 241,206 Poland............................... 23,617 Portugal............................. 9,577 Romania............................ 4,387 Russia............................... 61,870 Serbia and Montenegro 2 .. 751 Spain................................. 91,473 Sweden............................. 235,668 Switzerland ....................... 260,750 Turkey............................... 24,843 Ukraine 1 .......................... 5,341 United Kingdom................. 12,563,058 Channel Islands ................ 93,119 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) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) Total Europe ................. 20,217,331 8,218 1,149 8,659 1,391 42 176 47 3,721 473 6,817 4,186 3,227 1,065 2,148,440 39,769 110,846 25,390 1,715 156 495 152 336,159 54,208 13,596 2,275 8,666 533 12,109 36,286 251 113 44,308 17,183 108,014 57,614 19,362 2,374 2,455 182 3,922 3 41,882 10,953 497 20,503 674 10,039 14,121 38,371 6,947 15,581 699 3,780 150 6,981,662 505,725 38,351 632 3,963 1,428 9,995,827 785,879 754 5,693 2,765 5,060 23,101 9,273 1,431 3,647 16,480 8,392 32,935 121,652 10,600 2,992 21 5 83 34 5 82 1,201 1,031 4,888 6,616 112 71 45 1,099 507 780 7,066 4,009 1,373 1,766 17,928 8,421 9,158 45,060 6,468 6,069 128 1,282 1,256 5,101 10,559 2,866 1,100 20,083 2,196,756 93,710 135,073 4,629,393 2,163,800 37,009 22,300 153,170 62,744 56,042 432,147 110,124 28,779 98 2,167 4,719 2,353 6,563 1,533 52 88 1,166 718 442 3,255 732 110 20,830 45,848 296,846 30,052 806,485 340,410 57,608 1,165 28,848 11,554 20,796 72,440 12,840 3,520 114 95 1,839 199 9,829 7,022 870 16,404 41,950 18,021 25,802 245,878 19,201 63,029 228 3,788 322 688 5,142 353 19 7,424 120,720 26,024 91,768 311,146 49,097 18,252 11,392 39,934 9,599 14,653 210,031 75,202 64,110 8 215 852 806 16,728 13,505 1,283 161 3,793 1,784 1,202 8,102 1,364 127 9 344 96 13 5,052 4,141 535 676 1,660 1,230 5,469 51,600 30,689 14,535 227 27 894 593 9 7,727 7,021 28,692 26,856 71,224 28,424 1,621 2,201 85,907 19,176 104,224 217,923 13,175 17,345 29,066 113,497 9,189 63,680 246,142 37,214 8,896 44 870 5,903 1,746 21,874 17,231 9 132 172 1,092 15 7,016 5,438 741 660,149 1,850,505 810,186 1,754,831 12,232,173 6,793,103 427,602 4,088 28,847 6,117 15,084 103,290 36,983 2,193 402 5,507 1,935 3,236 17,286 3,741 2,234 811,211 4,776,711 1,434,721 2,412,982 19,945,748 9,799,278 763,531 1,098 5,274 1,177 4,848 14,796 17,522 43,320 32,423 13 28 3 49 1,064 567 4,752 116 925 114 529 2,279 17,536 3,367 9,341 212 1,318 454 4,608 22,074 2,203,943 67,862 134,704 17,346 172,511 51,226 52,160 42 2,660 160 2,115 221 1,003 730 459 36,156 45,010 294,434 32,866 1,008 30,683 2,642 21,747 137 78 1,621 101 25,857 49,598 61,317 26,875 62 3,865 236 607 7,788 122,189 21,564 92,256 12,951 32,448 11,850 13,470 22 307 499 1,112 113 3,648 1,512 1,338 348 23 5 128 1,612 400 4,236 1 225 20 46 8,747 7,096 1,114 24,222 2,720 80,811 13,320 90,552 17,170 108,093 11,605 63,164 32 877 2,078 1,647 37 207 464 129 628,267 1,820,581 805,717 1,756,903 16,643 28,273 3,881 15,317 1,011 5,332 1,769 3,199 817,096 4,765,065 1,405,046 2,395,732 Memo: Euro Area 3 ................ 6,616,220 2,710,954 179,824 100,963 2,627,388 135,583 2,664,841 All other Europe 1 .............. 16,471 Canada ................................. 1,555,920 Latin America: Argentina........................... 21,938 Brazil................................. 214,346 Chile.................................. 73,675 Colombia........................... 39,353 Costa Rica 4 ..................... 7,877 Ecuador............................. 3,559 Guatemala ........................ 1,567 Mexico .............................. 172,021 Panama............................. 16,842 Peru .................................. 14,769 Uruguay ............................ 18,571 Venezuela ......................... 9,649 All other Latin America 4 ... Total Latin America ....... See footnotes at end of table. June 2009 4,236 598,403 557,982 439,109 6,750,005 2,750,135 215,667 547,692 436,087 519,217 63,303 36,373 381,815 253,441 301,771 1,538,669 525,125 57,857 29,177 374,435 248,326 303,749 1,777 116,128 40,688 23,098 5,115 815 784 54,938 2,364 4,913 7,285 695 1,261 259,861 263 4,724 3,106 4,302 353 245 18 16,338 1,263 1,858 569 631 1,321 34,991 771 1,318 1,664 1,177 268 224 45 8,865 1,640 550 890 467 222 18,101 6,140 21,349 13,855 3,797 1,013 424 309 31,886 5,292 2,857 3,210 3,573 844 94,549 6,981 26,081 7,173 6,006 733 607 335 24,657 3,282 2,873 4,428 3,284 311 86,751 6,006 44,746 7,189 973 395 1,244 76 35,337 3,001 1,718 2,189 999 277 104,150 1,940 126,353 35,982 21,742 4,911 804 1,132 61,995 2,224 1,347 6,546 1,102 2,012 268,090 486 4,254 4,121 2,571 84 464 25 11,314 986 1,331 667 633 1,309 28,245 349 576 1,541 809 263 573 27 7,123 1,237 181 500 487 191 13,857 5,767 19,911 13,047 3,805 1,011 311 303 31,378 4,874 2,881 3,000 3,316 804 90,408 4,580 13,012 4,874 4,715 470 403 261 17,465 2,787 967 3,204 8,916 239 61,893 6,155 52,883 8,203 997 621 1,065 62 30,461 3,296 1,975 2,062 988 301 109,069 19,277 216,989 67,768 34,639 7,360 3,620 1,810 159,736 15,404 8,682 15,979 15,442 4,856 571,562 CAPITAL MOVEMENTS 79 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2008, 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) Marketable Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Caribbean: Anguilla 5............................... 419,600 18,895 649 Bahamas .............................. 615,505 309,695 10,533 5 Barbados ............................ 9,359 1,120 5,238 Bermuda ............................... 1,375,436 186,452 62,867 5 British Virgin Islands ........... 791,816 76,921 4,788 Cayman Islands .................... 8,709,065 1,618,303 1,112,016 Cuba..................................... Jamaica ................................ 6,521 4,891 866 Netherlands Antilles.............. 211,843 112,039 4,550 Trinidad and Tobago............. 4,683 648 1,106 Domestic securities Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Total Caribbean................ 12,149,838 2,329,785 1,203,893 782 350,952 21,104 179,449 598 1,207 43,792 863,281 33,286 509,156 337,388 4,405,073 129 217 2,647 61,137 220 369 412 2,506 440,358 6,373,347 993 47,328 423,524 19,700 860 22,323 72,401 627,590 322,400 8,387 471 725 8,779 1,139 4,884 28,209 190,835 1,419,297 177,259 100,820 28,656 139,009 807,209 74,611 4,205 181,001 1,055,284 8,742,037 1,583,858 1,163,415 367 51 7,129 4,902 1,098 10,792 20,678 221,043 116,721 3,957 985 1,355 4,256 537 908 308 684 5,971 708 1,371 274,105 1,528,350 12,266,835 2,301,835 1,289,905 285,900 66,770 12,233 5,999 266,982 551,563 45,127 110 10,168 70 7,652 66,851 32,898 13,626 64,534 Total Asia ...................... 3,484,265 1,430,483 129,929 54,637 35 987 3,548 143,744 25,295 10,036 187 912 46,177 18,199 782 34,566 469,034 42,054 14,410 151 22 2,396 60,732 8,041 47 697 62 345 8,412 3,071 218 9,828 150,486 15,652 77,700 2,756 928 25,211 61,640 5,362 947 986 307 1,742 53,079 449 22,607 788 43,639 313,793 17,731 7,118 850 1,061 1,438 95,800 9,191 43 3,466 30 2,178 14,769 2,130 960 10,793 167,558 All other Caribbean ............... 6,011 821 Asia: China, Mainland ............... 496,924 Hong Kong ........................ 551,023 India .................................. 43,772 Indonesia........................... 13,574 Israel ................................. 313,004 Japan ................................ 1,316,561 Korea, South ..................... 129,871 Lebanon ............................ 1,314 Malaysia............................ 34,156 Pakistan ............................ 1,185 Philippines......................... 14,764 Singapore.......................... 266,829 Syria.................................. 515 Taiwan .............................. 106,989 Thailand ............................ 21,132 All other Asia ..................... 172,652 Africa: Egypt................................. Liberia ............................... Morocco ............................ South Africa....................... All other Africa................... Total Africa.................... Other countries: Australia ............................ New Zealand ..................... All other............................. 1,280 5,658 354,574 201,157 330,388 472,297 60,528 27,747 36,017 10,185 4,577 19,781 11,874 13,429 312,184 269,094 403,082 1,242,367 545,486 36,855 147,867 56,298 167 1,248 136 8,803 30,866 11,112 529 2,497 51 1,935 16,423 9,770 77,541 259,208 73,888 66 511 28,084 95,194 27,069 4,758 22,491 16,495 9,292 144,424 38,441 952,911 3,157,949 1,331,584 Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 1,051 353,181 20,921 181,298 402 1,097 44,186 864,436 39,606 513,711 308,370 4,434,234 107 197 2,619 65,815 226 393 328 2,451 417,816 6,416,813 1,127 47,605 22,403 72,181 472 785 43,172 189,424 28,868 146,208 163,086 1,089,074 779 46 10,744 21,187 762 1,430 373 740 271,786 1,568,680 113,191 30,096 361 841 3,800 137,637 41,534 3 7,895 1,451 898 48,032 15,675 518 49,146 451,078 12,456 7,404 54 3 1,807 38,476 7,411 50 389 134 262 9,489 1,421 58 6,434 85,848 16,358 50,238 1,412 955 24,250 40,258 2,610 884 957 312 1,747 48,362 444 22,595 801 36,302 248,485 5,499 6,073 493 1,401 568 99,042 7,386 10 2,231 31 1,969 7,277 1,829 585 6,622 141,016 5,913 317,958 23,512 4,707 12,665 381,468 32,628 165 8,282 518 1,777 72,160 67 26,605 4,034 7,479 899,938 12,984 3,568 574 11,489 35,724 64,339 8,606 47 280 4,769 18,374 32,076 157 38 88 302 888 1,473 12 127 3 23 277 442 439 2,361 127 1,358 6,937 11,222 448 161 34 1,242 5,520 7,405 3,322 834 42 3,795 3,728 11,721 13,134 6,345 3,187 15,765 22,661 61,092 7,513 133 549 7,063 6,509 21,767 1,859 15 2,377 411 326 4,988 34 445 2 89 58 628 434 4,948 131 1,025 9,326 15,864 142 58 20 3,015 981 4,216 3,152 746 108 4,162 5,461 13,629 260,087 7,908 824 268,819 50,433 576 71 51,080 22,562 2,625 102 25,289 7,981 177 16 8,174 36,928 1,522 483 38,933 27,446 1,495 20 28,961 114,737 1,513 132 116,382 274,308 18,021 1,145 293,474 53,426 729 39 54,194 22,618 2,310 86 25,014 7,662 174 14 7,850 36,588 1,541 464 38,593 38,589 11,762 29 50,380 115,425 1,505 513 117,443 Total other countries...... Total foreign countries ............... 38,338,915 14,618,329 2,583,862 1,465,145 11,990,370 2,252,942 5,428,267 37,835,329 14,301,873 2,620,618 1,372,272 11,949,663 2,182,663 5,408,240 International and regional orgs: International organizations... 14,898 6,833 2,270 1,238 115 4,113 329 13,802 7,024 2,411 625 98 3,431 213 20,993 2,360 2,265 571 50 13,371 2,376 11,358 2,613 3,127 570 38 2,580 2,430 Regional organizations 6 ..... Total international and 35,891 9,193 4,535 1,809 165 17,484 2,705 25,160 9,637 5,538 1,195 136 6,011 2,643 regional organizations....... Grand total................... 38,374,806 14,627,522 2,588,397 1,466,954 11,990,535 2,270,426 5,430,972 37,860,489 14,311,510 2,626,156 1,373,467 11,949,799 2,188,674 5,410,883 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 2 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other Caribbean.” 6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. June 2009 80 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 900 (In billions of dollars) 800 700 600 Note: To facilitate comparison of net purchases during 2009 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 500 400 300 200 100 0 -100 -200 2005 2006 2007 2008 2009 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 United Kingdom ......................... All other Europe ......................... Caribbean banking centers 1 ........ Japan ......................................... All other Asia.............................. Subtotal.................................. All other countries ...................... Grand total ............................. 1 2005 2006 363,593 146,910 102,259 79,814 187,284 879,860 131,680 1,011,540 472,380 126,118 139,732 58,050 226,863 1,023,143 120,078 1,143,221 2007 546,592 5,310 74,788 -303 234,778 861,165 144,657 1,005,822 2008 328,488 -103,830 -75,114 55,822 190,979 396,345 16,131 412,476 2009 Jan. - Mar. 1,284 -12,393 -728 51,698 30,465 70,326 -4,751 65,575 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. June 2009 The data on this page represent foreign investors’ purchases and sales of longterm 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 have also acquired U.S. equities through mergers and reincorporations that involve stock swaps. Net foreign acquisitions of U.S. equities through stock swaps amounted to $6 billion in 2005, $4 billion in 2006, $11 billion in 2007, and less than $1 billion in 2008. There were no reported acquisitions through stock swaps in the first quarter of 2009. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC Website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net purchases of U.S. securities by $144 billion in 2005, $160 billion in 2006, $234 billion in 2007, $191 billion in 2008, and $51 billion in the first quarter of 2009. In 2005, net foreign acquisitions of U.S. securities (including stock swaps and accounting for ABS repayment flows) totaled $873 billion. Net purchases reached a record of $987 billion in 2006, but then slowed to $782 billion in 2007. Net acquisitions slowed further to $221 billion in 2008, as foreign investors continued to acquire U.S. securities in the first half of the year, but on net sold U.S. securities in the second half of the year. In the first quarter of 2009, foreign net purchases (after accounting for ABS repayments) were $15 billion. CAPITAL MOVEMENTS 81 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 400 (In billions of dollars) Note: To f acilitate comparison of net purchases during 2009 w ith those in prior years, the chart depicts data f or all periods at an annualized rate. 300 200 100 0 -100 -200 2004 2005 Foreign bonds 2006 2007 Foreign stocks 2008 2009 Jan.-Mar. Total f oreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type The data on this page represent U.S. investors’ purchases and sales of longterm foreign securities as reported to the TIC reporting system. U.S. investors also have acquired foreign stocks 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 $12 billion in 2004, $4 billion in 2005, $19 billion in 2006, $11 billion in 2007, $4 billion in 2008, and $2 billion in the first quarter of 2009. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. 2009 Jan. - Mar. 2004 2005 2006 2007 2008 Foreign bonds ......... Foreign stocks......... 67,872 84,970 45,095 127,296 144,452 106,455 133,923 95,300 -81,752 -20,089 28,639 -4,173 Total ...................... 152,842 172,391 250,907 229,223 -101,841 24,466 Including the stock swaps, U.S. net purchases of long-term foreign securities amounted to $141 billion in 2004. U.S. acquisitions picked up to $176 billion in 2005 and $270 billion in 2006, but then eased somewhat to $241 billion in 2007. U.S. investors switched to net sales of $98 billion in foreign securities in 2008. In the first quarter of 2009, U.S. investors acquired $26 billion in foreign securities (after accounting for acquisitions through stock swaps). * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. June 2009 CAPITAL MOVEMENTS 82 SECTION V.—Holdings of, and Transactions in, Financial Derivatives Contracts with Foreigners Reported by Businesses in the United States TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, by Type of Contract [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2006 2007 Dec. Dec. 2008 Mar. June Sept. Dec. p Gross total of holdings with negative fair values ........................... 1,179,159 2,487,860 4,055,518 3,528,055 3,138,386 6,464,967 Total over-the-counter (OTC) contracts..................................... 1,156,241 2,456,093 4,015,089 3,469,018 3,092,038 6,398,087 Single-currency interest rate contracts .................................. 749,009 1,434,083 2,320,674 1,781,034 1,602,170 4,470,553 Forwards ............................................................................ 541 1,410 3,554 4,586 8,046 9,851 Swaps ................................................................................ 678,413 1,275,308 2,125,556 1,594,291 1,425,059 4,178,435 282,267 Options............................................................................... 70,055 157,365 191,564 182,157 169,065 Foreign exchange contracts .................................................. 151,046 240,138 367,553 294,743 325,466 481,833 Forwards ............................................................................ 47,068 72,450 120,033 87,327 113,706 169,983 Swaps ................................................................................ 78,390 115,889 172,489 151,177 160,807 234,573 Options............................................................................... 25,588 51,799 75,031 56,239 50,953 77,277 Other contracts ...................................................................... 256,186 781,872 1,326,862 1,393,241 1,164,402 1,445,701 Total exchange-traded contracts ............................................... 22,918 31,767 40,429 59,037 46,348 66,880 Own contracts on foreign exchanges .................................... 4,042 4,101 6,033 5,837 5,158 6,400 U.S. customers’ contracts on foreign exchanges.................. 2,738 3,658 4,019 6,110 5,561 7,684 Foreign counterparty contracts on U.S. exchanges .............. 16,138 24,008 30,377 47,090 35,629 52,796 Contracts with own foreign office........................................... 312,724 615,885 1,018,175 937,871 960,208 1,477,146 Contracts with foreign official institutions .............................. 9,586 14,495 15,166 13,152 12,094 26,636 Contracts of U.S. depository institutions with foreigners....... 391,948 790,580 1,409,843 997,078 1,180,178 2,803,032 Gross total of holdings with positive fair values............................. 1,238,995 2,559,332 4,186,275 3,638,417 3,240,318 6,624,549 Total over-the-counter (OTC) contracts..................................... 1,213,354 2,526,075 4,142,982 3,575,564 3,190,484 6,562,853 Single-currency interest rate contracts .................................. 793,057 1,463,086 2,363,064 1,825,236 1,655,033 4,551,035 Forwards ............................................................................ 1,027 1,234 3,445 4,926 5,119 10,831 Swaps ................................................................................ 702,386 1,288,685 2,146,969 1,619,634 1,463,033 4,216,924 Options............................................................................... 89,644 173,167 212,650 200,676 186,881 323,280 Foreign exchange contracts .................................................. 176,267 290,943 436,499 349,048 356,026 497,234 Memorandum items: Forwards ............................................................................ 44,941 73,894 123,941 82,668 118,693 180,414 Swaps ................................................................................ 102,795 160,129 230,375 205,104 179,177 229,552 Options............................................................................... 28,531 56,920 82,183 61,276 58,156 87,268 Other contracts ...................................................................... 244,030 772,046 1,343,419 1,401,280 1,179,425 1,514,584 Total exchange-traded contracts ............................................... 25,641 33,257 43,293 62,853 49,834 61,696 Own contracts on foreign exchanges .................................... 4,590 4,558 5,730 5,665 3,708 2,665 Customers’ contracts on foreign exchanges ......................... 2,882 3,422 4,869 7,742 6,553 8,203 Foreign counterparty contracts on U.S. exchanges .............. 18,169 25,277 32,694 49,446 39,573 50,828 318,870 623,349 1,044,166 955,322 975,010 1,489,344 Memorandum items: Contracts with own foreign office........................................... Contracts with foreign official institutions .............................. 10,385 13,040 17,015 12,861 9,657 20,794 Contracts of U.S. depository institutions with foreigners....... 407,594 811,889 1,435,062 1,029,986 1,205,971 2,837,891 June 2009 CAPITAL MOVEMENTS 83 TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 2006 2007 2008 Dec. Dec. Mar. June Sept. Dec. p Europe: Belgium .......................................................................... 9,338 12,803 16,305 17,750 12,470 23,990 France ............................................................................ 67,056 130,795 215,113 194,366 164,518 302,240 Germany ........................................................................ 85,235 175,390 276,936 255,611 177,000 357,176 Ireland ............................................................................ 115,002 162,977 265,049 184,059 213,901 411,112 Italy................................................................................. 5,850 6,412 8,841 8,952 6,652 11,448 Netherlands.................................................................... 21,114 31,659 60,808 58,928 39,964 42,442 Switzerland .................................................................... 28,036 61,915 104,751 97,204 77,780 114,215 United Kingdom ............................................................. 632,362 1,535,536 2,594,941 2,251,499 2,056,285 4,593,759 All other Europe ............................................................. 30,383 56,910 59,745 74,959 60,224 77,322 Total Europe .............................................................. 994,376 2,174,397 3,602,489 3,143,328 2,808,794 5,933,704 Memo: Euro Area ........................................................ 323,436 549,170 879,490 757,354 645,097 1,191,135 Memo: European Union 2............................................... 963,045 2,095,271 3,488,499 3,022,261 2,712,917 5,808,569 Canada............................................................................... 27,239 43,759 58,898 58,529 50,780 90,703 Total Latin America ............................................................ 13,299 13,764 18,827 17,092 13,013 13,049 1 Caribbean: Cayman Islands ............................................................. 57,234 110,074 144,650 122,194 105,342 133,574 All other Caribbean ........................................................ 15,655 22,706 30,542 32,122 24,521 33,447 Total Caribbean ......................................................... 72,889 132,780 175,192 154,316 129,863 167,021 Asia: Japan ........................................................................... 37,077 67,577 101,660 66,700 62,813 142,645 All other Asia.................................................................. 16,367 33,085 66,326 57,373 46,370 77,138 Total Asia ................................................................... 53,444 100,662 167,986 124,073 109,183 219,783 Total Africa......................................................................... 2,153 3,025 3,930 5,845 4,402 5,507 10,567 13,239 20,309 18,648 16,328 24,582 Other countries: Australia ......................................................................... All other .......................................................................... 576 849 789 547 652 1,265 Total other countries .................................................. 11,143 14,088 21,098 19,195 16,980 25,847 Total foreign countries ........................................... 1,174,543 2,482,475 4,048,420 3,522,378 3,133,015 6,455,614 Total International and regional organizations .................. 4,616 5,389 7,097 5,677 5,372 9,355 Grand total ................................................................. 1,179,159 2,487,860 4,055,518 3,528,055 3,138,386 6,464,967 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. June 2009 CAPITAL MOVEMENTS 84 TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 2006 2007 Dec. Dec. 2008 Mar. June Sept. Dec. p Europe: Belgium ..................................................................... 9,806 13,329 18,708 19,872 14,308 30,559 France ....................................................................... 73,478 139,382 226,062 204,125 173,382 328,209 Germany.................................................................... 97,012 185,036 290,360 271,668 188,081 365,763 Ireland ....................................................................... 120,433 163,883 275,417 193,358 222,010 424,358 Italy............................................................................ 12,119 15,668 20,850 20,761 12,104 15,130 Netherlands............................................................... 23,547 36,044 66,908 63,412 41,475 45,155 Switzerland................................................................ 29,175 69,586 111,750 103,906 86,565 123,836 United Kingdom......................................................... 658,948 1,558,496 2,639,440 2,272,620 2,095,015 4,657,754 All other Europe ........................................................ 23,466 47,949 51,901 67,924 53,003 68,469 Total Europe.......................................................... 1,047,984 2,229,373 3,701,396 3,217,646 2,885,943 6,059,233 Memo: Euro Area 1 .................................................... 349,741 572,162 925,817 801,150 673,406 1,247,252 Memo: European Union 2 .......................................... 1,015,511 2,144,029 3,581,027 3,090,441 2,780,637 5,922,042 Canada.......................................................................... 31,611 51,648 71,569 74,917 55,752 92,249 Total Latin America ....................................................... 14,278 16,037 21,763 20,120 15,338 15,652 Cayman Islands ........................................................ 49,702 112,007 154,244 131,186 114,599 153,091 All other Caribbean ................................................... 17,461 21,305 30,145 28,070 25,422 32,889 Total Caribbean..................................................... 67,163 133,312 184,389 159,256 140,021 185,980 Caribbean: Asia: Japan......................................................................... 38,327 66,643 98,841 65,405 61,821 141,643 All other Asia ............................................................. 19,560 36,647 73,158 64,837 54,199 91,733 Total Asia .............................................................. 57,887 103,290 171,999 130,242 116,020 233,376 Total Africa .................................................................... 3,088 4,260 4,987 6,155 4,722 6,396 Other countries: Australia .................................................................... 13,509 17,356 25,327 25,666 18,402 25,943 All other ..................................................................... 762 954 1,042 708 955 1,833 Total other countries ............................................. 14,271 18,310 26,369 26,374 19,357 27,776 Total foreign countries ...................................... 1,236,282 2,556,230 4,182,472 3,634,710 3,237,153 6,620,662 Total international and regional organizations.............. 2,713 3,104 3,802 3,705 3,164 3,888 Grand total ............................................................ 1,238,995 2,559,332 4,186,275 3,638,417 3,240,318 6,624,549 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. June 2009 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. CAPITAL MOVEMENTS 85 TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract [In millions of dollars. Source: Treasury International Capital Reporting System] 2007 Type of Derivatives Contract 2007 2008 Dec. Total over-the-counter (OTC) contracts................................................. 6,851 -20,147 Single-currency interest rate contracts .............................................. 11,030 Foreign exchange contracts............................................................... 2008 Mar. June Sept. Dec. p -9,218 -4,221 -4,617 -6,443 -4,866 -3,684 -399 -6,127 -4 421 2,026 -3,814 -10,001 -824 -3,559 768 -5,564 -1,646 Other contracts................................................................................... -365 -6,462 -7,995 5,465 -5,381 -1,300 -5,246 Total exchange-traded contracts ........................................................... -629 -8,758 -4,290 -3,745 2,262 2,368 -9,643 Own contracts on foreign exchanges ................................................ 3,566 2,877 -1,095 1,709 7,227 971 -7,030 U.S. customers’ contracts on foreign exchanges .............................. 2,634 -8,915 543 -648 1,185 -4,608 -4,844 Foreign counterparty contacts on U.S. exchanges ........................... -6,829 -2,720 -3,738 -4,806 -6,150 6,005 2,231 Total net cash settlements from foreigners ........................................... 6,222 -28,905 -13,508 -7,966 -2,355 -4,075 -14,509 872 1,831 309 1,431 -1,198 768 830 Memorandum items: Contracts with foreign official institutions....................................... Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. June 2009 CAPITAL MOVEMENTS 86 TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country [In millions of dollars. Source: Treasury International Capital Reporting System] 2007 2008 2007 Dec. Mar. 2008 June Belgium ................................................................................. -2,380 -208 -2,396 23 France ................................................................................... -3,685 -19,185 -103 Germany ............................................................................... 84 -6,564 Ireland ................................................................................... -319 -4,152 Italy........................................................................................ 730 -2,423 Netherlands........................................................................... 516 Switzerland ........................................................................... Country Sept. Dec. p 101 188 -520 -156 -2,673 -3,983 -12,373 338 -563 -2,746 1,310 -4,565 1,087 -1,061 -318 -789 -1,984 303 -249 41 -1,004 -1,211 -2,203 89 -594 -3,206 124 1,473 6,498 -7,303 -887 -5,085 -996 -2,907 1,685 Europe: United Kingdom .................................................................... 12,570 -1,022 -6,129 -1,866 5,581 -10,318 5,581 All other Europe .................................................................... 2,114 6,981 -1,869 1,524 -4,209 6,199 3,467 Total Europe ..................................................................... 16,128 -36,079 -9,567 -8,027 -8,425 -11,180 -8,447 Memo: Euro area ................................................................ -2,962 -31,330 -2,026 -2,367 -13,618 1,148 -16,493 Memo: European Union ...................................................... 9,750 -32,400 -8,585 -2,906 -8,153 -9,461 -11,880 Canada...................................................................................... -3,005 3,237 -1,145 3,139 399 -2,375 2,074 Total Latin America ................................................................... -1,329 729 -2,355 -330 260 -143 942 Cayman Islands .................................................................... -1,159 10,943 2,738 3,149 3,109 5,462 -777 All other Caribbean ............................................................... -250 5,197 -1,117 -1,003 1,072 5,013 115 Total Caribbean ................................................................ -1,409 16,140 1,621 2,146 4,181 10,475 -662 Japan .................................................................................... -2,703 -9,843 -2,264 -4,730 2,998 -2,784 -5,327 All other Asia......................................................................... -12 -4,354 -363 -1,647 -1,642 196 -1,261 Total Asia .......................................................................... -2,715 -14,197 -2,627 -6,377 1,356 -2,588 -6,588 Total Africa................................................................................ -264 -148 -118 -146 36 137 -175 Australia ................................................................................ -1,602 1,432 1,095 1,352 35 1,758 -1,713 All other ................................................................................. -230 92 9 18 49 -69 94 Total other countries ......................................................... -1,832 1,524 1,104 1,370 84 1,689 -1,619 Total foreign countries .................................................. 5,574 -28,794 -13,087 -8,225 -2,109 -3,985 -14,475 Total international and regional organizations.......................... 651 -121 -418 255 -247 -98 -31 Grand total ........................................................................ 6,222 -28,905 -13,508 -7,966 -2,355 -4,075 -14,509 1 2 Caribbean: Asia: Other countries: 1 I Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. June 2009 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 87 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 2009 FOREIGN CURRENCY POSITIONS 88 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) 10/01/08 .................................................................... 726,302 755,232 1,220 1.0607 10/08/08 .................................................................... 747,856 776,565 782 1.1246 10/15/08 .................................................................... 766,619 816,424 -19 1.1804 10/22/08 .................................................................... 779,982 813,210 -244 1.2496 10/29/08 .................................................................... 815,488 847,757 -170 1.2302 11/05/08 .................................................................... 798,069 831,975 -988 1.1590 11/12/08 .................................................................... 792,728 825,515 -999 1.2296 11/19/08 .................................................................... 783,997 823,234 -1,067 1.2370 11/26/08 .................................................................... 803,255 843,667 -1,038 1.2338 12/03/08 .................................................................... 805,182 844,188 -766 1.2573 12/10/08 .................................................................... 748,643 785,797 -454 1.2553 12/17/08 .................................................................... 682,878 712,787 -494 1.2058 12/24/08 .................................................................... 617,841 648,036 -726 1.2125 12/31/08 .................................................................... 630,632 661,410 -344 1.2240 01/07/09 .................................................................... 677,448 710,045 161 1.1850 01/14/09 .................................................................... 643,565 675,296 -53 1.2373 01/21/09 .................................................................... 654,555 686,581 42 1.2749 01/28/09 .................................................................... 626,012 656,887 199 1.2096 02/04/09 .................................................................... 637,538 667,471 406 1.2268 02/11/09 .................................................................... 650,568 681,378 44 1.2418 02/18/09 .................................................................... 649,172 680,909 n.a. 1.2592 02/25/09 .................................................................... 658,363 690,170 86 1.2558 03/04/09 .................................................................... 671,746 700,268 -211 1.2768 03/11/09 .................................................................... 680,587 711,799 -383 1.2808 03/18/09 .................................................................... 616,965 647,734 -164 1.2715 03/25/09 .................................................................... 619,023 650,189 261 1.2245 June 2009 FOREIGN CURRENCY POSITIONS 89 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 2008 - Apr ................... 792,511 811,750 204,674 182,754 72,251 61,955 78,321 86,569 446 1.0092 May.................. 783,032 800,143 193,260 175,265 75,246 62,438 69,409 81,474 305 0.9938 June................. 708,422 723,727 195,618 177,698 73,064 62,946 66,938 77,223 550 1.0185 July .................. 762,144 783,370 203,718 183,997 60,370 57,570 60,852 65,535 311 1.0261 Aug .................. 813,975 835,396 210,772 192,626 62,405 62,211 68,050 67,675 1,002 1.0631 Sept ................. 730,492 758,806 180,842 156,950 59,498 60,990 62,821 60,724 1,228 1.0597 Oct................... 817,607 846,772 191,668 164,583 52,351 53,220 61,117 59,599 -1,214 1.2158 Nov .................. 800,323 841,201 175,232 152,935 39,942 39,348 46,428 45,867 -1,401 1.2360 Dec .................. 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 2009 - Jan ................... 646,263 677,683 159,321 139,136 33,273 32,062 35,077 35,549 -101 1.2365 Feb .................. 671,695 702,394 158,950 136,095 34,210 33,087 38,774 38,183 -500 1.2710 Mar .................. 638,146 679,424 149,394 128,115 35,686 34,115 37,474 37,613 -379 1.2606 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 Report date Purchased (1) Foreign currency denominated Sold (2) Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 1.1656 2005 - Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 2006 - Mar................... 21,479 27,460 n.a. n.a. 662 824 2,870 905 -826 1.167 June ................. 22,757 27,397 n.a. n.a. 463 758 2,501 688 -700 1.115 Sept.................. 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 June.................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 Sept.................. 23,453 26,995 126,375 74,937 n.a. 1,221 2,006 n.a. -305 1.0597 Dec................... 15,109 27,971 110,543 67,676 n.a. 794 1,900 n.a. n.a. 1.224 June 2009 FOREIGN CURRENCY POSITIONS 90 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 Purchased (1) Sold (2) 10/01/08 .................................................................. 384,427 386,643 2,881 106.06 10/08/08 .................................................................. 393,429 397,678 3,085 99.73 10/15/08 .................................................................. 384,522 387,978 2,742 101.47 10/22/08 .................................................................. 382,081 385,793 2,908 98.63 10/29/08 .................................................................. 386,310 388,470 2,989 97.48 11/05/08 .................................................................. 382,229 384,211 2,749 98.95 11/12/08 .................................................................. 372,682 376,978 2,990 95.54 11/19/08 .................................................................. 372,567 375,593 2,892 96.75 11/26/08 .................................................................. 332,477 336,149 3,308 95.46 12/03/08 .................................................................. 361,131 364,740 3,080 93.25 12/10/08 .................................................................. 313,791 316,310 2,342 92.94 12/17/08 .................................................................. 325,864 330,318 3,229 87.84 12/24/08 .................................................................. 273,736 278,154 3,180 90.68 12/31/08 .................................................................. 295,748 300,266 3,279 90.79 01/07/09 .................................................................. 318,757 324,419 3,247 92.70 01/14/09 .................................................................. 307,366 311,868 2,791 89.28 01/21/09 .................................................................. 318,936 323,442 2,720 87.80 01/28/09 .................................................................. 309,203 311,911 2,477 89.87 02/04/09 .................................................................. 306,518 310,479 2,537 89.53 02/11/09 .................................................................. 319,621 323,963 2,528 90.66 02/18/09 .................................................................. 311,347 316,165 2,319 93.81 02/25/09 .................................................................. 322,940 327,016 2,299 97.33 03/04/09 .................................................................. 320,195 324,498 n.a. 99.34 03/11/09 .................................................................. 318,419 321,981 n.a. 97.74 03/18/09 .................................................................. 301,204 305,283 n.a. 98.08 03/25/09 .................................................................. 306,540 311,179 n.a. 97.70 Report date June 2009 Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) FOREIGN CURRENCY POSITIONS 91 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.0200 2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.7100 2008 - Apr .................. 466,324 469,942 65,225 64,829 99,022 105,469 126,044 116,971 1,886 104.5300 May................. 461,438 466,315 63,410 62,519 95,209 99,745 122,994 116,228 1,860 105.4600 June................ 439,162 443,086 61,139 61,095 96,713 97,406 121,907 120,939 2,325 106.1700 July ................. 441,716 446,651 60,836 61,555 88,992 83,603 108,585 111,919 2,760 108.1000 Aug ................. 392,062 396,748 63,062 63,542 85,876 79,157 104,878 109,226 2,497 108.6900 Sept ................ 423,091 425,131 50,022 53,276 74,504 66,723 89,868 94,721 2,867 105.9400 Oct.................. 412,583 415,910 56,997 55,756 73,233 63,856 86,630 93,689 2,791 98.2800 Nov ................. 381,547 385,268 54,011 53,231 68,158 58,087 79,887 87,524 3,307 95.4600 Dec ................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.7900 2009 - Jan .................. 334,069 336,685 56,968 55,685 60,541 52,821 72,217 77,249 2,506 89.8300 Feb ................. 347,802 352,245 57,700 56,081 60,065 53,869 73,549 77,119 2,218 97.7400 Mar ................. 330,801 335,829 53,688 52,051 59,542 52,961 73,244 77,162 n.a. 99.1500 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2005 - Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 Sept.................. 6,210 6,531 12,792 3,175 338 356 1,032 516 13 105.94 Dec ................... 4,675 4,301 8,662 2,901 227 313 812 314 -11 90.79 June 2009 FOREIGN CURRENCY POSITIONS 92 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) 10/01/08 .................................................................. 883,586 884,744 3,200 1.1209 10/08/08 .................................................................. 900,125 903,661 3,460 1.1272 10/15/08 .................................................................. 909,460 910,234 1,222 1.1346 10/22/08 .................................................................. 921,676 924,984 1,182 1.1656 10/29/08 .................................................................. 903,735 907,328 1,376 1.1371 11/05/08 .................................................................. 895,349 894,256 392 1.1606 11/12/08 .................................................................. 887,579 888,223 521 1.1790 11/19/08 .................................................................. 889,482 888,491 -1,294 1.2103 11/26/08 .................................................................. 775,535 776,780 -1,355 1.2064 12/03/08 .................................................................. 867,127 868,053 -2,061 1.2142 12/10/08 .................................................................. 866,076 867,047 n.a. 1.1949 12/17/08 .................................................................. 745,495 743,722 -1,085 1.0852 12/24/08 .................................................................. 673,497 672,165 -1,072 1.0788 12/31/08 .................................................................. 642,442 640,373 -861 1.0673 01/07/09 .................................................................. 708,333 702,214 34 1.0941 01/14/09 .................................................................. 690,419 690,206 645 1.1179 01/21/09 .................................................................. 689,942 687,874 522 1.1473 01/28/09 .................................................................. 677,650 679,727 21 1.1442 02/04/09 .................................................................. 681,663 685,266 998 1.1579 02/11/09 .................................................................. 704,101 710,351 2,119 1.1599 02/18/09 .................................................................. 696,528 706,540 1,823 1.1813 02/25/09 .................................................................. 720,598 730,822 2,023 1.1646 03/04/09 .................................................................. 709,069 718,133 1,939 1.1762 03/11/09 .................................................................. 744,104 753,087 2,270 1.1585 03/18/09 .................................................................. 695,823 706,263 2,243 1.1667 03/25/09 .................................................................. 688,213 699,113 1,885 1.1239 June 2009 FOREIGN CURRENCY POSITIONS 93 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 2006 - Dec................... Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 627,243 79,535 75,067 132,261 124,219 155,127 164,475 Spot, forward and future contracts Purchased Sold (1) (2) 603,056 Calls Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) n.a. 1.2195 2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 2008 - Apr ................... 1,066,288 1,070,771 90,352 95,096 321,797 313,672 288,797 276,183 9,454 1.0422 May.................. 1,077,285 1,083,612 81,621 87,293 237,148 240,622 292,500 270,968 7,882 1.0426 June................. 961,572 965,153 78,608 85,377 240,478 248,576 288,702 261,523 4,852 1.0202 July .................. 1,023,986 1,028,303 81,469 84,695 236,083 228,418 256,053 248,205 4,984 1.0489 Aug .................. 912,341 918,638 80,549 87,292 235,362 n.a. n.a. 241,288 3,827 1.1019 Sept ................. 932,559 935,518 63,284 64,874 220,343 n.a. n.a. 222,942 3,158 1.1189 Oct................... 937,246 948,889 75,393 78,075 196,983 184,747 191,872 194,011 -1,471 1.1669 Nov .................. 886,183 887,457 75,284 75,755 178,017 171,105 188,261 190,888 -2,266 1.2165 Dec .................. 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 2009 - Jan ................... 713,098 717,450 67,519 69,547 156,789 156,834 160,415 158,720 -1,018 1.1612 Feb .................. 734,756 744,409 64,937 69,199 150,458 157,169 161,821 149,984 1,317 1.1672 Mar .................. 739,101 746,643 64,812 67,732 130,583 143,124 160,358 147,545 1,541 1.1395 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2005 - Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 Sept.................. 15,914 28,874 62,698 12,101 n.a. n.a. 1,025 518 - 1.1189 Dec ................... 11,069 22,276 51,127 10,619 n.a. n.a. 438 544 n.a. 1.0673 June 2009 FOREIGN CURRENCY POSITIONS 94 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) 10/01/08 .................................................................. 1,159,986 1,160,481 177 1.7804 10/08/08 .................................................................. 1,242,053 1,252,501 31 1.7310 10/15/08 .................................................................. 1,281,561 1,294,176 558 1.7432 10/22/08 .................................................................. 1,298,510 1,307,541 439 1.6174 10/29/08 .................................................................. 1,310,136 1,316,620 71 1.6298 11/05/08 .................................................................. 1,259,363 1,268,493 524 1.6156 11/12/08 .................................................................. 1,177,359 1,186,430 1,138 1.5012 11/19/08 .................................................................. 1,186,243 1,194,288 1,610 1.5095 11/26/08 .................................................................. 1,075,768 1,084,707 719 1.5218 12/03/08 .................................................................. 1,179,362 1,190,664 -443 1.4783 12/10/08 .................................................................. 1,099,673 1,110,567 -274 1.4830 12/17/08 .................................................................. 1,058,085 1,073,014 179 1.5457 12/24/08 .................................................................. 965,024 981,579 559 1.4673 12/31/08 .................................................................. 957,371 972,208 304 1.4619 01/07/09 .................................................................. 1,066,822 1,082,005 713 1.5254 01/14/09 .................................................................. 1,016,675 1,028,165 785 1.4617 01/21/09 .................................................................. 1,067,083 1,076,045 1,006 1.3728 01/28/09 .................................................................. 999,667 1,006,842 937 1.4317 02/04/09 .................................................................. 949,301 959,670 1,094 1.4472 02/11/09 .................................................................. 968,382 980,370 n.a. 1.4367 02/18/09 .................................................................. 943,557 960,524 n.a. 1.4235 02/25/09 .................................................................. 981,582 999,063 n.a. 1.4265 03/04/09 .................................................................. 983,242 1,005,434 654 1.4142 03/11/09 .................................................................. 1,017,342 1,036,855 450 1.3780 03/18/09 .................................................................. 920,439 935,303 405 1.3974 03/25/09 .................................................................. 953,914 969,132 788 1.4585 June 2009 FOREIGN CURRENCY POSITIONS 95 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 2006 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) 813,178 846,452 Foreign currency denominated Assets Liabilities (3) (4) 400,194 350,140 Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 81,276 73,370 Calls 78,380 Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 80,387 2,269 1.9586 2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 2008 - Apr ................... 1,201,518 1,207,229 506,423 359,458 82,412 67,934 123,659 139,813 -310 1.9847 May.................. 1,246,155 1,248,506 479,557 332,747 84,379 68,920 111,410 126,483 -1,069 1.9793 June................. 1,172,121 1,168,789 470,463 331,253 72,241 58,749 91,843 104,769 -473 1.9906 July .................. 1,235,398 1,232,045 500,469 357,565 61,446 56,791 90,511 92,519 1,717 1.9806 Aug .................. 1,120,945 1,110,838 500,540 356,382 62,263 57,625 89,851 92,063 2,331 1.8190 Sept ................. 1,203,071 1,205,290 429,030 285,669 60,457 56,424 77,712 84,192 653 1.7804 Oct................... 1,356,523 1,365,196 448,584 319,184 61,870 58,802 76,430 79,670 678 1.6165 Nov .................. 1,206,138 1,217,492 500,194 347,609 51,130 51,199 64,123 63,733 850 1.5348 Dec .................. 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 2009 - Jan ................... 992,637 1,009,035 498,062 349,518 47,422 45,124 48,311 51,338 1,151 1.4413 Feb .................. 1,012,009 1,034,023 494,329 344,860 44,525 40,563 43,158 47,745 1,024 1.4276 951,181 969,221 462,479 331,262 57,320 53,595 42,656 43,739 925 1.4300 Mar .................. TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2005 - Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 Sept.................. 18,814 32,337 94,107 31,132 127 184 4,010 924 n.a. 1.7804 Dec................... 16,513 28,774 80,314 29,137 124 149 2,441 n.a. n.a. 1.4619 June 2009 FOREIGN CURRENCY POSITIONS 96 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) 10/01/08 ................................................................ 16,918,240 16,941,694 927 n.a. 10/08/08 ................................................................ 16,854,256 16,846,608 -4,543 n.a. 10/15/08 ................................................................ 17,104,175 17,036,148 -1,415 n.a. 10/22/08 ................................................................ 17,060,742 17,002,001 -574 n.a. 10/29/08 ................................................................ 17,198,746 17,202,489 -3,196 n.a. 11/05/08 ................................................................ 16,800,142 16,821,389 -185 n.a. 11/12/08 ................................................................ 16,297,587 16,305,861 -8,510 n.a. 11/19/08 ................................................................ 16,221,372 16,233,754 -10,214 n.a. 11/26/08 ................................................................ 14,984,715 14,978,506 -6,749 n.a. 12/03/08 ................................................................ 16,100,460 16,108,665 -849 n.a. 12/10/08 ................................................................ 14,612,817 14,660,571 -13,775 n.a. 12/17/08 ................................................................ 14,796,433 14,949,879 -1,892 n.a. 12/24/08 ................................................................ 13,447,582 13,572,731 -3,961 n.a. 12/31/08 ................................................................ 13,526,183 13,675,411 -5,697 n.a. 01/07/09 ................................................................ 14,300,145 14,422,373 -8,413 n.a. 01/14/09 ................................................................ 13,809,253 13,941,329 -4,813 n.a. 01/21/09 ................................................................ 13,874,873 14,010,253 -6,942 n.a. 01/28/09 ................................................................ 13,671,515 13,803,542 -6,638 n.a. 02/04/09 ................................................................ 13,279,293 13,375,259 -9,210 n.a. 02/11/09 ................................................................ 13,539,678 13,629,219 -6,733 n.a. 02/18/09 ................................................................ 13,354,569 13,404,152 -4,868 n.a. 02/25/09 ................................................................ 13,658,904 13,701,522 -6,173 n.a. 03/04/09 ................................................................ 13,325,673 13,374,755 212 n.a. 03/11/09 ................................................................ 13,590,367 13,639,625 3,531 n.a. 03/18/09 ................................................................ 12,844,471 12,909,547 -1,557 n.a. 03/25/09 ................................................................ 13,173,612 13,225,480 -3,814 n.a. June 2009 FOREIGN CURRENCY POSITIONS 97 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 Foreign currency denominated Options positions Puts Calls Exchange rate (10) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 2006 - Dec.............. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a. 2008 - Apr .............. 18,600,434 18,653,717 - - 2,736,978 2,700,906 2,651,712 n.a. n.a. n.a. Report date Purchased (1) May............. 18,987,815 19,043,557 - - 3,287,386 3,803,175 3,285,883 6,608,679 12,071 n.a. June............ 18,131,933 18,165,420 - - 3,200,841 3,290,251 3,322,983 6,668,912 8,027 n.a. July ............. 18,974,207 18,984,029 - - 3,860,825 3,934,239 4,282,276 7,568,455 -3,425 n.a. Aug ............. 16,998,976 17,015,504 - - 3,954,792 6,134,109 6,286,505 7,529,433 5,708 n.a. Sept ............ 17,880,214 17,888,232 - - 3,901,764 6,099,109 6,360,121 7,365,021 5,066 n.a. Oct.............. 18,023,570 18,010,589 - - 3,639,554 3,715,441 4,001,058 3,962,748 996 n.a. Nov ............. 16,897,006 16,899,403 - - 3,309,641 3,404,580 3,790,897 3,753,138 4,806 n.a. Dec ............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a. 2009 - Jan .............. 14,191,114 14,308,543 - - 3,087,045 3,143,982 3,540,964 3,518,820 -4,877 n.a. Feb ............. 14,134,645 14,188,658 - - 2,725,815 3,430,086 3,061,456 3,042,159 -5,698 n.a. Mar ............. 13,754,639 13,820,770 - - 2,849,625 2,892,513 2,993,819 2,951,855 -208 n.a. Net delta equivalent (9) Exchange rate (10) 12,692 3,155 n.a. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date 2005 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) 419,932 398,823 - - 22,061 14,840 12,765 2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. Sept .................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. Sept .................. 347,122 328,592 - - 27,044 23,503 19,379 13,640 -108 n.a. Dec ................... 292,011 281,080 - - 25,594 15,247 8,439 7,069 1,145 n.a. June 2009 FOREIGN CURRENCY POSITIONS 98 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) 10/01/08 ............................................................................. 4,363,095 4,293,458 3,832 0.7113 10/08/08 ............................................................................. 4,410,407 4,341,551 -24 0.7310 10/15/08 ............................................................................. 4,523,256 4,486,679 2,539 0.7371 10/22/08 ............................................................................. 4,569,210 4,518,769 2,873 0.7791 10/29/08 ............................................................................. 4,761,306 4,673,602 2,186 0.7782 11/05/08 ............................................................................. 4,606,624 4,504,677 1,999 0.7669 11/12/08 ............................................................................. 4,527,102 4,418,670 2,794 0.7963 11/19/08 ............................................................................. 4,521,837 4,416,581 5,450 0.7940 11/26/08 ............................................................................. 4,168,705 4,079,303 1,501 0.7795 12/03/08 ............................................................................. 4,652,370 4,559,484 2,531 0.7893 12/10/08 ............................................................................. 4,339,684 4,224,443 n.a. 0.7678 12/17/08 ............................................................................. 4,299,787 4,201,991 3,186 0.6965 12/24/08 ............................................................................. 3,871,157 3,785,724 4,269 0.7161 12/31/08 ............................................................................. 3,812,241 3,725,174 3,393 0.7184 01/07/09 ............................................................................. 4,120,350 4,038,845 3,516 0.7290 01/14/09 ............................................................................. 4,047,645 3,962,579 2,566 0.7591 01/21/09 ............................................................................. 4,036,929 3,949,716 2,716 0.7770 01/28/09 ............................................................................. 3,949,533 3,872,771 4,565 0.7551 02/04/09 ............................................................................. 3,779,455 3,704,868 2,663 0.7778 02/11/09 ............................................................................. 3,884,855 3,807,875 2,470 0.7756 02/18/09 ............................................................................. 3,828,944 3,760,804 2,407 0.7970 02/25/09 ............................................................................. 3,988,245 3,928,182 4,064 0.7855 03/04/09 ............................................................................. 3,875,566 3,815,898 4,116 0.7932 03/11/09 ............................................................................. 3,972,342 3,914,500 5,562 0.7828 03/18/09 ............................................................................. 3,774,945 3,713,170 5,720 0.7628 03/25/09 ............................................................................. 3,886,159 3,816,624 4,919 0.7386 June 2009 FOREIGN CURRENCY POSITIONS 99 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 2008 - Apr ................... 4,480,698 4,386,596 1,805,029 1,783,161 610,838 603,295 593,853 645,204 4,393 0.6423 May.................. 4,578,782 4,466,296 1,721,464 1,714,719 568,784 565,827 590,647 639,306 4,569 0.6427 June................. 4,303,139 4,237,361 1,616,625 1,628,034 608,851 615,710 601,216 643,773 6,264 0.635 July .................. 4,522,842 4,439,793 1,631,461 1,651,507 622,705 618,268 576,367 602,236 5,726 0.6415 Aug .................. 4,123,736 4,058,301 1,687,561 1,634,104 619,280 640,618 609,921 623,728 7,810 0.6817 Sept ................. 4,477,807 4,418,145 1,355,892 1,343,229 538,382 572,137 578,251 583,413 642 0.7102 Oct................... 4,839,339 4,749,132 1,708,452 1,662,678 519,760 565,703 582,178 580,715 -639 0.7885 Nov .................. 4,709,541 4,624,402 1,853,674 1,816,912 494,904 534,155 533,471 538,819 -832 0.7878 Dec .................. 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 2009 - Jan ................... 3,964,027 3,892,556 1,821,280 1,814,050 451,966 483,299 766,242 778,637 1,755 0.781 Feb .................. 4,009,759 3,948,460 1,860,679 1,850,057 438,200 471,934 506,044 513,741 2,404 0.7898 Mar .................. 3,966,315 3,909,096 1,783,672 1,771,541 452,634 478,774 488,051 503,447 715 0.7541 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2005 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls 117,211 137,716 198,507 129,312 11,011 2006 - Mar................... 131,132 149,125 223,971 135,999 June ................. 130,803 137,764 232,161 136,551 Sept.................. 141,600 146,199 220,610 Dec................... 126,039 132,907 2007 - Mar................... 74,638 June ................. Sept.................. Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 0.8445 7,622 7,232 6,209 -867 10,580 6,100 6,992 5,441 -1,532 0.8238 6,763 3,575 7,462 4,729 -934 0.7825 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 Sept.................. 87,960 94,583 246,486 113,016 10,431 5,295 8,896 9,632 1,653 0.7102 Dec................... 91,965 88,625 212,743 106,772 6,839 2,795 5,611 4,811 1,761 0.7184 June 2009 100 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, 2008, and Dec. 31, 2008 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance................................................................... U.S. Government securities............................................. Special drawing rights 1 ........................................................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable................................................................. Sept. 30, 2008 Oct. 1, 2008, through Dec. 31, 2008 Dec. 31, 2008 33,150 16,846,843 9,417,541 -33,150 814,071 -77,147 17,660,914 9,340,394 14,128,863 9,019,957 496,152 -45,375 1,519,959 -321,751 14,083,488 10,539,916 174,401 49,942,506 1,856,607 51,799,113 Liabilities and capital Current liabilities: Accounts payable................................................................. 37,434 -9,652 27,782 Total current liabilities ...................................................... 37,434 -9,652 27,782 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 2,200,000 7,629,646 292,795 -83,047 141,714 2,200,000 7,546,599 434,509 Total assets.......................................................................... Total other liabilities ......................................................... 10,122,441 58,667 10,181,108 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 39,582,631 1,807,592 200,000 41,390,223 Total capital...................................................................... 39,782,631 1,807,592 41,590,223 Total liabilities and capital............................................ 49,942,506 1,856,607 51,799,113 See footnote on the following page. June 2009 EXCHANGE STABILIZATION FUND 101 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, 2008, through Dec. 31, 2008 Fiscal year to date Oct. 1, 2008, through Dec. 31, 2008 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ 1,350,861 1,350,861 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. -18,969 -18,969 SDRs............................................................................................ 6,433 6,433 U.S. Government securities......................................................... 7,033 7,033 Foreign exchange ........................................................................ 128,209 128,209 Insurance premiums .................................................................... 334,025 334,025 Commissions ............................................................................... - - Income from operations ............................................................... 1,807,592 1,807,592 Net income (+) or loss (-)............................................................. 1,807,592 1,807,592 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 2009 Trust Funds 105 INTRODUCTION: Black Lung Disability Trust Fund Paragraph added since December 2008 The Black Lung Disability Trust Fund was established on the books of the Treasury in fiscal year 1978 according to the Black Lung Benefits Revenue Act of 1977 (Public Law 95-227). The Black Lung Benefits Revenue Act of 1981 (Public Law 97-119) reestablished the fund in the Internal Revenue Code (IRC), 26 United States Code 9501. The Consolidated Omnibus Budget Reconciliation Act of 1985 (Public Law 99-272), enacted April 7, 1986, provided for an increase in the coal tax rates effective April 1, 1986, through December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest payments ended on September 30, 1990. Payment of interest on advances resumed in fiscal year 1991. The Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203, title X, section 10503), signed December 22, 1987, extends the temporary increase in the coal tax through December 31, 2013. The Emergency Economic Stabilization Act of 2008 (Public Law 110-343, title I, subtitle B, section 113), enacted October 3, 2008, restructured the Trust Fund Debt by 1) refinancing the outstanding principal of the repayable advances and unpaid interest on such advances and 2) providing a one time Appropriation to the Trust Fund in an amount sufficient to pay to the general fund of the Treasury the difference between the market value of the outstanding repayable advances, plus accrued interest and the proceeds from the obligations issued by the Trust Fund to the Secretary of the Treasury. The Act also extends the temporary increase in the coal tax through December 31, 2018, and allows the prepayment of the Trust Fund debt prior to the maturity date. The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury to the trust fund: excise taxes on coal sold; taxable expenditures of self-dealing by, and excess contributions to, private black lung benefit trusts; reimbursements by responsible mine operators; and related fines, penalties and interest charges. Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust fund subject to adjustments in later transfers to actual tax receipts. After retirement of the current indebtedness, amounts available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in interest-bearing public debt securities. Any interest earned will be credited to the fund. Also credited, if necessary, will be repayable advances from the general fund to meet outlay requirements exceeding available revenues. To carry out the program, amounts are made available to the Department of Labor (DOL). Also charged to the fund are administrative expenses incurred by the Department of Health and Human Services (HHS) and the Treasury, repayments of advances from the general fund and interest on advances. The Code requires the Secretary of the Treasury to submit an annual report to Congress after consultation with the Secretary of Labor and the Secretary of HHS [26 United States Code 9602(a)]. The report must present the financial condition and results of operations of the fund during the past fiscal year and the expected condition and operations of the fund during the next 5 fiscal years. June 2009 TRUST FUNDS 106 TABLE TF-3.—Black Lung Disability Trust Fund Results of Operations, Fiscal Year 2008 [Source: DOL] $39,828,060 Balance Oct. 1, 2007* .......................................................................................................................................................................................... Receipts: Excise taxes (transferred from general fund): $1.10 tax on underground coal .................................................................................................................................................................... $0.55 tax on surface coal............................................................................................................................................................................. 4.4 percent tax on underground coal........................................................................................................................................................... 4.4 percent tax on surface coal.................................................................................................................................................................... Fines, penalties, and interest....................................................................................................................................................................... Collection—responsible mine operators...................................................................................................................................................... Recovery of prior year funds........................................................................................................................................................................ Repayable advances from the general fund................................................................................................................................................ Total receipts............................................................................................................................................................................................ Net receipts .............................................................................................................................................................................................. Outlays: Treasury administrative expenses ................................................................................................................................................................... Salaries and expenses—DOL—departmental management .......................................................................................................................... Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ Total outlays................................................................................................................................................................................................. Expenses: Program expenses—DOL................................................................................................................................................................................ Interest on repayable advances....................................................................................................................................................................... Total expenses............................................................................................................................................................................................. 302,302,000 167,524,000 21,311,000 162,044,000 520,796 4,492,218 426,000,000 1,084,194,014 1,084,194,014 376,000 24,785,000 335,000 32,761,000 58,257,000 273,231,899 739,469,089 1,012,700,988 53,064,086 $10,430,492,795 Balance Sept. 30, 2008 ........................................................................................................................................................................................ Cumulative debt, end of year ............................................................................................................................................................................... * Previous balance of $39,863,024 was submitted in error. The correct beginning balance is $39,828,060. Black Lung Disability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 Entire table revised since December 2008 [In thousands of dollars. Source: DOL] Balance Oct. 1 ........................................................................................ Receipts: Excise taxes....................................................................................... Advances from the general fund........................................................ One time appropriation*..................................................................... Fines, penalties, and interest............................................................. Total receipts ................................................................................. Outlays: Benefit payments ............................................................................... Administrative expenses.................................................................... Interest on repayable advances ........................................................ Repayment of principal debt.............................................................. Interest on principal debt ................................................................... Total outlays................................................................................... Balance Sept. 30.................................................................................... Cumulative debt, end of year................................................................. Note.—Detail may not add to totals due to rounding. June 2009 2009 2010 2011 2012 2013 53,064 53,064 58,507 53,064 53,064 371,000 282,144 6,497,989 2,000 7,153,133 670,000 2,000 672,000 678,000 5,667 2,000 685,667 687,000 20,854 2,000 709,854 691,000 26,394 2,000 719,394 255,317 57,683 6,835,461 4,672 7,153,133 53,064 6,158,245 241,379 60,421 353,424 11,333 666,557 58,507 5,804,821 227,900 62,305 379,286 21,619 691,110 53,064 5,425,535 214,112 64,256 394,287 37,199 709,854 53,064 5,031,248 200,632 66,323 396,403 56,036 719,394 53,064 4,634,845 * One time appropriation for the repayment of outstanding debt. TRUST FUNDS 107 TABLE TF-6A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal year 2010. 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 2010. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 52 less: Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 1 Unfunded authorizations (fiscal year 2010) ........................................................................................................................................................................ 51 48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 137 Note.—Detail may not add to totals due to rounding. Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 16 less: Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 2 Unfunded authorizations (fiscal year 2010) ........................................................................................................................................................................ 14 48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 20 June 2009 108 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. June 2009 RESEARCH PAPER SERIES 109 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. 2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security Trust Fund?” Randall P. Mariger. December 2008. 2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. December 2008. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 June 2009 110 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of March 2009, the debt limit was $12,104,000 million; the limit may change from year to year. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the June 2009 Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and GLOSSARY international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. 111 Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) 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, June 2009 112 GLOSSARY 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. 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.) 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. STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress June 2009 Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 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