Full text of Treasury Bulletin : March 2001

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Contents
MARCH 2001

FI NAN CIAL OP ER A TIONS
PROFILE OF THE ECONOMY
Anal y sis.—Sum mary of eco nomic in di ca tors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
FED ERAL FIS CAL OP ER A TIONS
In tro duc tion: Fed eral fis cal op er a tions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and first-quarter re ceipts by source . . . . . . . . . . . . . . . . . . 10
FFO-A.—Chart: Monthly re ceipts and out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
FFO-B.—Chart: Bud get re ceipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
FFO-1.—Sum mary of fis cal op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
FFO-2.—On-budget and off-budget re ceipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
FFO-3.—On-budget and off-budget out lays by agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
FFO-4.—Sum mary of U.S. Gov ern ment re ceipts by source and out lays by agency,
De cem ber 2000 and other pe ri ods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
AC COUNT OF THE U.S. TREA SURY
In tro duc tion: Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
FED ERAL DEBT
In tro duc tion: Fed eral debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
FD-1.—Summary of Fed eral debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
FD-2.—In ter est-bearing pub lic debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
FD-3.—Gov ern ment ac count se ries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors . . . . 26
FD-6.—Debt sub ject to stat u tory lim i ta tion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agencies. . . . . . . . . . . . . . . . . . . . . . . 27
FD-A.—Chart: Av er age length of pri vately held mar ket able debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
PUB LIC DEBT OP ER A TIONS
In tro duc tion: Pub lic debt op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
TREA SURY FI NANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties
other than reg u lar weekly and 52-week Trea sury bills out stand ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
PDO-2.—Of fer ings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills . . . . . . . . . . . . . . . . . . . . . . . . . 39
PDO-4A.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties other than bills . . . . . . . . . . . . . . . . . . . . . . . . 41
PDO-4B.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties, 52-week bills . . . . . . . . . . . . . . . . . . . . . . . . . 43
Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly
series (his tor i cal) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
U.S. SAV INGS BONDS AND NOTES
In tro duc tion: Sav ings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
SBN-1.—Sales and re demp tions by se ries, cu mu la tive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined. . . . . . . . . . . . . . . . . . . . . . . . . . 45
SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH and I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
OWN ER SHIP OF FED ERAL SE CU RITIES
In tro duc tion: Own er ship of Fed eral se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
OFS-2.—Es ti mated own er ship of U.S. Treasury securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
MARKET YIELDS
In tro duc tion: Mar ket yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
MY-A.—Chart: Yields of Trea sury se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
MY-2.—Av er age yields of long-term Trea sury, cor po rate and mu nic i pal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

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Contents
MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate and mu nic i pal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION
In tro duc tion: U.S. cur rency and coin out stand ing and in cir cu la tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency and coins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive totals. . . . . . . . . . . . . . . . . . . 57

IN TER NA TIONAL STA TIS TICS
INTERNATIONAL FI NAN CIAL STA TIS TICS
In tro duc tion: In ter na tional fi nan cial sta tis tics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
IFS-1.—U.S. Re serve as sets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
IFS-2.—Se lected U.S. li a bil i ties to for eign ers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions
and other res i dents of for eign coun tries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
CAPITAL MOVEMENTS
In tro duc tion: Cap i tal move ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
SECTION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES
CM-I-1.—To tal li a bil i ties by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
CM-I-2.—To tal li a bil i ties by type, pay able in dol lars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
CM-I-3.—To tal li a bil i ties by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
CM-I-4.—To tal li a bil i ties by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers and deal ers
with re spect to se lected coun tries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
SECTION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES
CM-II-1.—To tal claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
CM-II-2.—To tal claims by coun try. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
CM-II-3.—To tal claims on for eign ers by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers and deal ers
with re spect to se lected coun tries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
SECTION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED
BY BANKS IN THE UNITED STATES
CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar easnot reg u larly re ported sep a rately . . 78
SECTION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED
BY NONBANKING BUSI NESS EN TER PRISES IN THE UNITED STATES
CM-IV-1.—To tal li a bil i ties and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
CM-IV-2.—To tal li a bil i ties by coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
CM-IV-3.—To tal li a bil i ties by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
CM-IV-4.—To tal claims by coun try. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
CM-IV-5.—To tal claims by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun t ries . . . . . . . . . . . . . . . . . . . . . 88
SECTION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES
CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties,
by type and coun try, dur ing fourth quar ter 2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties,
by type and coun try, dur ing cal en dar year 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
.

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Contents
FOR EIGN CUR RENCY PO SI TIONS
Introduction: For eign cur rency po si tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
SEC TION I.—CA NA DIAN DOL LAR PO SI TIONS
FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98
FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
FCP-I-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
SEC TION II.—GER MAN MARK PO SI TIONS
FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
FCP-II-3.—Quar terly re port of large market par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
SEC TION III.—JAP A NESE YEN PO SI TIONS
FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
FCP-III-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
SEC TION IV.—SWISS FRANC PO SI TIONS
FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104
FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105
FCP-IV-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105
SEC TION V.—STER LING PO SI TIONS
FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107
FCP-V-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107
SEC TION VI.—U.S. DOL LAR POSITIONS
FCP-VI-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108
FCP-VI-2.—Monthly re port of major mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
FCP-VI-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
SEC TION VII.—EURO POSITIONS
FCP-VII-1.—Weekly re port of major mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
FCP-VII-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
FCP-VII-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
EX CHANGE STA BI LI ZA TION FUND
Introduction: Ex change Sta bi li za tion Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
ESF-1.—Bal ance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
ESF-2.—In come and ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

SPE CIAL RE PORTS
TRUST FUNDS
TF-10.—Air port and Air way Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117
In tro duc tion.— Ura nium En rich ment De con tam i na tion and De com mis sioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
In tro duc tion.— Black Lung Dis abil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
TF-12.—Black Lung Dis abil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

VI

Contents
In tro duc tion.— Har bor Main te nance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
TF-13.—Har bor Main te nance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
TF-14.—Hazardous Sub stance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
TF-15.—Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
In tro duc tion.— In land Wa ter ways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
TF-16.—In land Wa ter ways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
TF-17.—Leaking Un der ground Stor age Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
In tro duc tion.— Nu clear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
TF-18.—Nu clear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
In tro duc tion.— Re for es ta tion Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
TF-19.—Re for es ta tion Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
TF-D.—Chart: Ma jor trust funds, in ter est on in vest ments, fis cal 1999 and 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
TF-E
.—Chart: Ma jor trust funds, re ceipts and ex penses, fis cal 2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
In tro duc tion.— Aquatic Re sources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
TF-20.—Aquatic Re sources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
In tro duc tion.— Oil Spill Li a bil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
TF-21.—Oil Spill Li a bil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
In tro duc tion.— Vac cine In jury Com pen sa tion Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
TF-22.—Vac cine In jury Com pen sa tion Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
TF-23.— Na tional Rec re ational Trails Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
RE SEARCH PAPER IN DEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
GLOSSARY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136
ORDER FORM FOR TREA SURY PUB LI CA TIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In side back cover
NOTES: Def i ni tions for words shown in ital ics can be found in the glos sary; Fig ures may not add to to tals be cause of
round ing; p = Pre lim i nary; n.a. = Not avail able; r = Re vised.

VII

Nonquarterly Tables and Reports
For the con ve nience of the “Trea sury Bul le tin” user, nonquarterly ta bles and re ports
are listed be low along with the is sues in which they ap pear.
Is sues
March

June

Sept.

Dec.

Fed eral Fis cal Op er a tions
FFO-5.—Sum mary of in ter nal rev e nue re ceipts by re gions
and districts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

√

Spe cial Re ports*
Fi nan cial Report of the United States Gov ern ment ex cerpt. . . . . . . . . . . .
Trust Fund Re ports:
Air port and Air way Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aquatic Re sources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Black Lung Dis abil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Civil Ser vice Re tire ment and Dis abil ity Fund . . . . . . . . . . . . . . . . . . .
Fed eral Dis abil ity In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . .
Fed eral Hos pi tal In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . .
Fed eral Old-Age and Sur vi vors In sur ance Trust Fund . . . . . . . . . . . . .
Fed eral Sup ple men tary Med i cal In sur ance Trust Fund. . . . . . . . . . . . .
Har bor Main te nance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Haz ard ous Sub stance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
High way Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In land Wa ter ways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In vest ments of spec i fied trust ac counts . . . . . . . . . . . . . . . . . . . . . . . . .
Leaking Un der ground Stor age Tank Trust Fund . . . . . . . . . . . . . . . . . .
Na tional Ser vice Life In sur ance Fund . . . . . . . . . . . . . . . . . . . . . . . . . .
Nu clear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oil Spill Li a bil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rail road Re tire ment Ac count . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Re for es ta tion Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Un em ploy ment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ura nium En rich ment De con tam i na tion and
Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vac cine In jury Com pen sa tion Trust Fund . . . . . . . . . . . . . . . . . . . . . . .
*Note.—Sec tion 9011 of the Trans por ta tion Eq uity Act for the 21st Century, Pub lic Law 105-178, re pealed the Na tional Rec re ational Trails
Trust Fund.

√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√

√
√

√
√
√
√
√

3

Profile of the Economy
[Source: Of fice of Mac ro eco nomic Anal y sis]

Real gross domestic product (GDP)
Eco nomic growth slowed sharply in the sec ond half of 2000.
Af ter ris ing at a 5.2 per cent an nual pace in the first half of the
year, growth in real GDP slowed to an an nual rate of 2.2 percent in the third quar ter and 1.4 per cent in the fourth. The increase in the fourth quar ter was the small est in more than 5
years. Over the four quar ters of 2000, real GDP rose by 3.5
per cent, a full 1-1/2 per cent age points less than the av er age
over the pre ced ing 4 years.
The fourth-quarter de cel er a tion in growth was led by weakness in equipment and software investment and consumer
spend ing. To gether, those sec tors rep re sent roughly four-fifths
of to tal GDP. In vest ment in equip ment and soft ware fell at a
4.7 per cent an nual rate, the first de cline since the 1991 re ces
sion. Growth in con sumer ex pen di tures slowed to a 2.9 percent rate, mainly due to a drop in pur chases of mo tor ve hi cles
and slower growth in pur chases of other goods.
In ven tory growth was trimmed slightly in the fourth quar ter
but not by enough to bring stocks in line with sales. This suggests that in ven tory cor rec tion may ex tend into the first quar
ter of 2001. Ex ports de clined in the fourth quar ter for the first
time in nearly 2 years, and im ports were about un changed. The
for eign trade def i cit wid ened slightly but by less than in pre vi
ous quar ters. This re duced the drag on real GDP growth from
net ex ports to 0.6 per cent age point in the fi nal quar ter of 2000
from about 0.9 percentage point in each of the first three
quarters.

Inflation
In fla tion picked up in 2000. Core in fla tion (ex clud ing food
and en ergy) and food prices rose at a faster rate than in 1999,
but the in creases still re mained rel a tively mod er ate. En ergy
price in creases con tin ued at a dou ble-digit pace. Strong pro duc tiv ity growth dur ing 2000 helped keep la bor costs in check.
Con sumer prices in creased by 3.4 per cent in 2000, an ac celer a tion of about 3/4 percentage point from the pre vi ous year.
En ergy prices were up by 14.2 per cent af ter in creas ing by 13.4
per cent in 1999. Core in fla tion picked up to a 2.6 per cent pace
from 1.9 per cent in 1999. That was the small est yearly in crease
since 1965. Food prices rose at a 2.8 per cent rate, an ac cel er a tion of al most 1 per cent age point from 1999.
At the pro ducer level, the pat tern for fin ished goods prices
last year generally mirrored de velopments at the consumer
level. Fin ished goods prices rose by 3.6 per cent, up from 2.9

The na tional ac counts mea sures of in fla tion picked up in the
fourth quar ter but in creases con tin ued to be mod er ate. The
GDP price in dex rose at a 2.1 per cent an nual rate com pared
with 1.6 per cent in the third quar ter. The speedup pri mar ily reflected higher prices for some con sumer ser vices and for res iden tial con struc tion. Over the four quar ters of 2000, the GDP
price in dex was up by 2.3 per cent com pared with 1.6 per cent
in 1999.

Gro wth o f Re al GDP
(Pe rc e nt c ha nge , fourth qua rte r to fourth qua rte r)

7
6
5

4.1 4.3

4.1

4.0

4.6

5.0

4

3.5

3

2.5

2.2

2
1

0.9

0
91

92

93

94

95

96

97

98

99

00

per cent in 1999. Core in fla tion was mod er ate, in creas ing at a
1.2 per cent rate. That was lit tle changed from a 0.9 per cent rise
in 1999. The in crease in en ergy prices de cel er ated slightly from
a lit tle more than 18 per cent in 1999 to just over 17 per cent.
Further back in the production chain, core prices for crude
goods dropped by almost 6 percent while core intermediate
goods prices edged up at a mod er ate pace.
Pro duc tiv ity in the nonfarm busi ness sec tor rose by a strong
3.4 per cent over the four quar ters of 2000, off set ting a siz able
por tion of the 5.7 per cent in crease in hourly com pen sa tion. As
a re sult, unit la bor costs moved up by 2.2 per cent dur ing the
year. The em ploy ment cost in dex for to tal com pen sa tion, a sepa rate com pen sa tion mea sure that also is closely watched, in creased by 4.1 percent for the 12-month period end ing in
De cem ber. This was a lit tle less than the in crease in com pen sation in the pro duc tiv ity se ries but an ac cel er a tion from the 3.4
per cent gain dur ing 1999.

4

PRO FILE OF THE ECON OMY

C ons ume r Price s

Pro d uce r Pric es - Finis he d Go o ds

(Pe rc e nt c ha nge from a ye a r e a rlie r)

(P erc e n t cha ng e from a ye a r ea rlie r)

10

7

8

6

6

5
E luding food a nd
xc
ene rgy

4

Exc lud ing foo d and
e ne rgy

4
2

3

0

2

-2

To tal

Tota l

-4

1

89 90 91 92 93 94 9 5 96 97

89 90 91 92 93 94 95 96 97 98 99 00

Employment and unemployment
Pay roll em ploy ment growth has slowed in re cent months,
although spe cial fac tors re sulted in a sharp in crease in Jan uary. The un em ploy ment rate has risen to 4.2 per cent, sug gest ing a loosening of labor market tightness. Average hourly
earnings show lit tle ev i dence of wage pres sure.
Growth of em ploy ment on nonfarm pay rolls slowed over
the course of 2000 to a monthly av er age of only 46,000 in the
fourth quar ter, af ter Fed eral hir ing of tem po rary work ers for
the de cen nial cen sus boosted to tal em ploy ment in the early
part of the year. In Jan u ary, em ploy ment jumped by 268,000,
partly re flect ing a re ver sal of se vere weather late last year and

Une mplo ym e nt Rate

98 9 9 00

other seasonal aberrations. Averaging the latest 4 months
yields monthly em ploy ment growth of about 100,000. This is
less than half the pace of other re cent years but con sis tent with
mod er ate growth of eco nomic ac tiv ity. Most no ta ble among
the weak spots is man u fac tur ing, which lost 256,000 jobs during the past 12 months. Job growth in the private ser vice-producing sector also slowed markedly to a monthly
average of 106,000 during the past 4 months from ap prox imately 200,000 averaged from 1996 through 1999. On the
other hand, hir ing in con struc tion and fi nance, in sur ance, and
real es tate picked up re cently, spurred by the de cline in mortgage in ter est rates since spring.

Es tablis hme nt Emplo yme nt

(Pe rc e nt)

(Ave ra ge monthly c ha nge in thous a nds )

7.0

400
324

6.5

300

6.0
5.5

192

200

268

258

256

213

212

5.0
4.5

100

4.0

25

46

0

3.5
94

95

96

97

98

99

00

01

99-I

II

III

IV

00-I

II

*Ba s e d on Ja nua ry da ta

III

IV

I*

PRO FILE OF THE ECON OMY
The un em ploy ment rate rose from 4.0 per cent in De cem ber
to 4.2 per cent in Jan u ary, the high est read ing in 16 months.
This sug gests some loos en ing of the la bor mar ket tight ness
since last fall, when the unemployment rate reached a
three-decade low of 3.9 per cent. In Jan u ary, the share of the
work ing-age pop u la tion em ployed held at 64.5 per cent. This
matched last year’s av er age, which was an all-time re cord.
Nominal wage gains, as measured in the pay roll em ployment sur vey, re main sur pris ingly low given re cent la bor market conditions. Average hourly earnings of production and
other nonsupervisory work ers grew by 3.9 per cent over the 12
months ended in Jan u ary. This was only a slight ac cel er a tion
from 3.5 per cent a year ear lier. (More com pre hen sive mea sures of hourly com pen sa tion show greater ac cel er a tion recently, however.) Adjusted for inflation, average hourly
earn ings in creased by 0.8 per cent over the past year, con tin uing the gains ev i dent since 1995.

Real dis pos able per sonal in come
and consumer spending
Per sonal in come in nom i nal terms rose by 5.7 per cent dur ing
2000, about the same as dur ing 1999. Strength was con cen trated in the first half of the year, when wage and sal ary dis bursements (58 percent of income) rose at more than a 7
per cent an nual rate. A slow down in growth of wages and sal aries to about a 5.5 per cent pace in the sec ond half of 2000 re flected softer pri vate-sector job growth and the elim i na tion of
tem po rary Fed eral jobs as so ci ated with the de cen nial cen sus.
In ter est pay ments also slowed in the sec ond half, re flect ing declines in in ter est rates. Pro pri etors’ in come weak ened as well,
mainly be cause of the pat tern of farm sub sidy pay ments.
On a real af ter-tax ba sis, per sonal in come rose by 2.2 per cent
in 2000, down from 3.1 per cent dur ing 1999. The smaller gain
re flected the com bi na tion of faster growth of tax pay ments and
some what higher in fla tion gen er ated mainly by the rapid rise
in en ergy prices.
Real con sumer spend ing rose by 4.5 per cent in 2000, down
from 5.6 per cent dur ing 1999 and 5.0 per cent dur ing 1998.
Growth of ex pen di tures on du ra ble goods, such as mo tor ve hicles and fur ni ture and ap pli ances, was cut mark edly to 5.1 percent from dou ble-digit in creases dur ing 1998 and 1999. By the
end of 2000, consumer confidence fell in response to the
weaker stock mar ket, higher en ergy costs and in creased news
of worker lay offs. As a re sult, real con sumer spend ing grew at
only a 2.9 per cent an nual rate in the fi nal quar ter of 2000.
Even though consumer spending slowed, it continued to
grow faster than af ter-tax in come. There fore, it pulled the personal sav ing rate down to -0.8 per cent by the fourth quar ter of
2000. For the en tire year, the per sonal sav ing rate was -0.1 percent, down from a re cent high of 8.7 per cent in 1992. This was
the first time that the sav ing rate had been neg a tive since the
midst of the Great De pres sion in 1933. Of course, the cir cumstances are en tirely dif fer ent to day. Even with the de cline in

5

equity mar kets during 2000, household net worth has bene fited from the tre men dous gains in the stock mar ket in re cent
years. This “wealth ef fect” has been a ma jor fac tor be hind the
de cline in the per sonal sav ing rate. In creases in as set val ues are
not counted as in come in the na tional in come and prod uct accounts, from which sav ing is cal cu lated, but none the less contrib ute to the will ing ness and abil ity of con sum ers to spend.

In dus trial pro duc tion
and ca pac ity uti li za tion
Out put in the in dus trial sec tor de clined for the fourth straight
month in Jan u ary, fall ing by a sea son ally ad justed 0.3 per cent.
This followed a 0.8 percent an nual rate contraction in the
fourth quar ter of 2000, the first quar terly de cline since an 8.3
percent drop in the first quar ter of 1991, when the econ omy
was of fi cially in re ces sion. Re cent de clines re flected widespread softness, particularly in the manufacturing sector.
Large gains early in 2000 miti gated the effects of the
fourth-quarter slide on data for the en tire year. Dur ing the 12
months of 2000, in dus trial pro duc tion in creased by 3.2 per cent
from 1999. While that fig ure is much weaker than the 5.7 percent gain re corded in 1999, it is still stron ger than the tepid 2.7
percent in crease in 1998.
Man u fac turing pro duc tion, which ac counts for just over 88
percent of all in dus trial out put, de clined by 0.1 per cent in Janu ary. This fol lowed a dra matic 1.8 per cent drop in the fourth
quar ter of 2000. One source of man u fac tur ing’s weak ness is in
the au to mo bile sec tor, where slow ing de mand has led to production cut backs. Over the 12 months of 2000, man u fac tur ing
out put in creased by only 2.7 per cent. This was less than half of
the 6.1 percent gain witnessed in 1999 and the lowest
12-month per cent change since early 1996.
One bright spot in man u fac tur ing has been the high-tech sector, which includes com puters, communications equipment
and semi con duc tors. These three in dus tries com bined ex pe rienced pro duc tion growth of 28.6 per cent at an an nual rate in
the Oc to ber-to-December pe riod of 2000. While only about
half as fast as the third quar ter’s 56.9 per cent pace, it still gave
factory out put a slight boost in the fi nal quar ter. Ex clud ing
high-tech, man u fac tur ing pro duc tion de clined by 0.4 per cent
in Jan u ary and by 5.0 per cent at an an nual rate in the fourth
quarter. The fourth-quarter drop in man u fac tur ing other than
high-tech was much larger than a 1.9 per cent de cline re corded
in the first quar ter of 1995, when the econ omy was slow ing,
and a 1.7 per cent dip posted in the third quar ter of 1998, dur ing
the Asian cri sis.
The rate of in dus trial ca pac ity uti li za tion, which has been
drop ping over the past 4 months, edged down to 80.2 per cent
in Jan u ary. The Jan u ary read ing, which is the low est in roughly
8-1/2 years, is 1.8 per cent age points be low its long-term av erage and 4.2 points lower than the ex pan sion peak of 84.4 percent reached in early 1995.

6

PRO FILE OF THE ECON OMY

Nonfarm productivity and unit labor costs
De spite the re cord length of the cur rent ex pan sion, U.S. pro duc tiv ity re mained strong in 2000, rather than slowing as is
typ i cal in the late stages of an ex pan sion. Nonfarm busi ness
pro duc tiv ity (real out put per hour worked) rose by 2.4 per cent
at an an nual rate in the fourth quar ter, bring ing the rise dur ing
the en tire year to 3.4 per cent. Over the past 5 years, nonfarm
pro duc tiv ity has ad vanced at a 2.9 per cent an nual rate, the
fast est rate of growth for any such pe riod since 1968. This excep tional per for mance is widely at trib uted to strong in vestment in information technology and lends cre dence to the
view that pro duc tiv ity growth has moved to a higher trend rate
in re cent years from the 1.4 per cent an nual pace av er aged
from 1973 to 1995.
Hourly com pen sa tion costs in the nonfarm busi ness sec tor
shot up at a 6.6 per cent an nual rate in the fourth quar ter. That
was the third suc ces sive quar ter in which these costs had increased by at least a 6 per cent pace and marked the larg est
quar terly gain since early 1992. Pro duc tiv ity growth off set
part of the lat est rise, but, none the less, la bor costs per unit of
out put rose at a fairly rapid 4.1 per cent an nual rate in the fourth
quar ter. Dur ing all of 2000, unit la bor costs in creased by 2.2
per cent. While up from a very nar row 0.6 per cent rise dur ing
1999, re sults for 2000 were still con sis tent with low in fla tion.
Productivity in the man u fac tur ing sec tor continued to in crease at a rapid rate last year. Al though growth ta pered to a
4.8 percent annual rate in the fourth quar ter, the gain for all of
2000 reached a huge 6.5 per cent. This rate matched the stunning per for mance of 1999. Over the past 5 years, man u fac turing productivity aver aged a 5.4 percent annual rate of
advance—strength un prec e dented in the post-World War II
era. Growth of hourly com pen sa tion costs surged at an 8.6 percent an nual rate in the fourth quar ter and were up by 6.2 percent for the entire year. Yearly com pen sa tion costs had not
risen as sharply since 1982. Even so, soaring pro ductivity
growth was suf fi cient to yield a 0.3 per cent de cline in unit labor costs for the year. Fac tory unit la bor costs have been falling for the past 7 years. In the fourth quar ter, they were more
than 10 per cent be low the high reached in early 1994.

Current account balance
The cur rent ac count mea sures trade in goods and ser vices as
well as the flow of in vest ment in come and uni lat eral trans fers.
The cur rent ac count has been in def i cit al most con tin u ously
since the early 1980s. In the third quar ter of 2000, the cur rent
ac count def i cit swelled to $427 bil lion at an an nual rate. This
rep re sents a re cord high 4.3 per cent share of nom i nal GDP.
The def i cit has wid ened sub stan tially over the past de cade
pri mar ily be cause of deterioration in the mer chan dise trade
bal ance. Growth in U.S. do mes tic de mand has out paced that
of our ma jor trad ing part ners, caus ing im ports to grow much
more rap idly than ex ports. The ap pre ci a tion of the dol lar from
1995 and higher prices for im ported oil over the past 2 years
also have con trib uted to the grow ing trade gap. As a re sult, the
def i cit on mer chan dise trade has more than dou bled since the
mid-1990s. It reached a new high of $461.7 bil lion at an annual rate in the third quarter. Fur ther de te ri o ra tion was re corded in the fourth quar ter.

Other ma jor com po nents of the cur rent ac count also have
fu eled the grow ing def i cit. The sur plus on trade in ser vices has
nar rowed since 1997. More over, what had been a pos i tive balance on in vest ment in come turned neg a tive in 1998, as weak
foreign growth de pressed in ter est earn ings on U.S. in vestments abroad and U.S. growth sup ported strong in ter est income on for eign in vest ments in the United States. The bal ance
on in vest ment in come is likely to re main neg a tive in the future, since the ac cu mu la tion of cur rent ac count def i cits has resulted in an in crease in net for eign hold ings of U.S. as sets and
a net neg a tive in ter na tional in vest ment posi tion.
By def i ni tion, the cur rent ac count def i cit is matched by off
set ting trans ac tions in the fi nan cial and cap i tal ac counts, with
any dif fer ence in the re corded flows listed as a sta tis ti cal discrep ancy. Con tinuing in flows of for eign funds re flect the attrac tive ness of the United States as an in vest ment out let. In the
third quar ter of 2000, the fi nan cial ac count re corded in flows
for for eign as sets in the United States that ex ceeded out flows
for U.S. as sets abroad by $491.9 bil lion at an an nual rate. This
was down from the huge $610.9 bil lion net fi nan cial in flow recorded in the pre vi ous quar ter but still quite high by his tor i cal
standards. A mod er a tion in for eign di rect in vest ment in the
United States ac counted for some of the de cel er a tion, but foreign ac qui si tions of U.S. se cu ri ties rose sub stan tially.

Exchange rate of the dollar
The ex change rate of the dol lar against a broad in dex of 26
currencies of important U.S. trading partners strengthened
significantly in the first 11 months of 2000. While modest
soft en ing oc curred in the 2 sub se quent months, the ex change
rate of the dol lar against the broad in dex was still 6.5 per cent
higher in Jan u ary 2001 than in De cem ber 1999. The gain recorded over the lat est 13 months fol lowed a 2-year pe riod during which the ex change rate lev eled off af ter a sharp rise in
1996 and 1997.
Nearly all of the ap pre ci a tion since 1999 has been fu eled by
im prove ment of the dol lar against the cur ren cies of ma jor U.S.
trad ing part ners. These part ners in clude the euro-area countries, Can ada, Ja pan, the United King dom, Aus tra lia, Swe den
and Swit zer land. The ex change value of the dol lar jumped by
8.7 per cent over the 12 months of 2000, with the value against
the euro climb ing by 12.5 per cent and against the Jap a nese
yen by 9.4 per cent. The strength of the dol lar in re la tion to the
cur ren cies of the ma jor U.S. trad ing part ners mainly re flected
the faster pace of growth in the United States. The per cep tion
that U.S. as set mar kets would con tinue to pres ent gen er ally attrac tive in vest ment op por tu ni ties de spite in creased vol a til ity
also con trib uted to the stronger performance of the dollar.
Other fac tors such as dif fer ing cen tral bank pol i cies and concerns over for eign ex change pol icy and the course of structural re forms in the euro area also may have played a role.
Signs of a mod er a tion in U.S. eco nomic growth have lent
sup port to the euro re cently, push ing the ex change value of the
dol lar down by 9.1 per cent from a re cord high level be tween
Oc to ber 2000 and Jan u ary 2001. At the same time, the dol lar
strength ened against the yen on re newed con cerns about Jap anese eco nomic con di tions. The dol lar/yen ex change rate rose
by 7.6 per cent during the 4 months ended in January.

PRO FILE OF THE ECONOMY

Interest rates
The Fed eral Re serve eased mon e tary pol icy in Jan u ary 2001,
twice cut ting in ter est rates by 50 ba sis points. The first cut was
made in early Jan u ary be tween reg u larly sched uled meet ings
of the Fed eral Open Mar ket Com mit tee (FOMC). That was
only the third time in the last 6 years that the Fed eral Re serve
changed rates in be tween FOMC meet ings. The sec ond rate cut
oc curred at the end of the Jan u ary 30-31 FOMC meet ing. The
Fed eral Re serve de scribed its ac tions as the ap pro pri ate pol icy
in light of weak en ing sales and in vest ment due to lower con fi dence, tighter credit con di tions, and the ef fect of high en ergy
prices on house hold pur chas ing power and busi ness prof its.
The eas ing trend fol lowed a pe riod of nearly a year dur ing
which in ter est rates were left un changed. The two ac tions in
Jan u ary low ered the tar get for the fed eral funds rate (the rate
that banks and other fi nan cial in sti tu tions charge each other for
over night loans) to 5.5 per cent from 6.5 per cent. The dis count

7

rate (the rate the Fed eral Re serve charges banks for short-term
funds) was low ered to 5.0 per cent from 6.0 per cent. The market in ter est rate for the 3-month Trea sury bill, which usu ally
cen ters around the level of the dis count rate, was about 5.0 percent at the end of Jan u ary.
Rates on long-term Trea sury se cu ri ties con tin ued to de cline
in early 2001 as the price of the se cu ri ties rose. The higher
prices largely re flect a shrink ing sup ply of Trea sury se cu ri ties
be cause of buy backs and re duced new long-term debt is su ance
by the Trea sury due to grow ing bud get sur pluses.
Mort gage in ter est rates gen er ally fol low the pat tern of the
10-year Treasury note. The interest rate on a conventional
30-year fixed rate loan has been de clin ing since a re cent peak
of 8.5 per cent in May 2000. It dipped be low 7 per cent in early
2001. The de cline of roughly 150 ba sis points in the mort gage
in ter est rate prompted some re newed strength in hous ing demand dur ing the lat ter part of 2000.

Sho rt-te rm I te res t Rate s
n

Lo ng -te rm In tere s t R ate s

(Pe rc e nt)

(Pe rc e n t)

7. 0

7.0

6. 5

6.5

6. 0

30-ye a r bond

6.0

Fed e ra l fund s ra te

5. 5

5.5
5. 0
4. 5

10-ye a r note

4.5

4. 0
3. 5

5.0

Dis c ou nt ra te

3-m nth Trea s ury bill
o
s

1998

1999

2000

2001

Housing
Housing sales strength ened through the sec ond half of 2000,
and the num ber of new homes sold last year reached 900,000.
This was just a shade less than the 907,000 new sin gle-family
homes sold in 1999, an all-time re cord for this se ries that be gan
in 1963. Sales of ex ist ing sin gle-family homes also main tained
a near-record level in 2000, to tal ing 5.0 mil lion com pared with
an all-time high of 5.1 mil lion in 1999. The strong per for mance in home sales re flected a de cline in mort gage in ter est
rates of roughly 150 ba sis points af ter rates topped out in May.
By the early part of 2001, the mort gage rate for a 30-year loan
dipped be low 7 per cent.
A high level of sales of both new and ex ist ing homes over the
past sev eral years led to a dra matic in crease i n home own er ship.
The number of new homeowners grew by more than 10

4.0

1998

1999

2000

2001

mil lion dur ing the 1990s, and the home own er ship rate rose to
a record 67.4 per cent in 2000. Ex pan sion in home own er ship
has been par tic u larly no ta ble for mi nor ity groups.
Con struc tion of new hous ing units lagged be hind new home
sales in the sec ond half of 2000. This led to a re duc tion in the
in ven tory of new houses for sale and a de cline in res i den tial invest ment in both the third and fourth quar ters. To tal hous ing
starts amounted to 1.59 mil lion units in 2000, down from a re cord 1.67 mil lion starts in 1999. The value of res i den tial invest ment in real terms fell at a 10.6 per cent an nual rate in the
third quar ter and a fur ther 2.5 per cent in the fourth. How ever,
the re cent in creases in new home sales and hous ing starts may
lead to an in crease in hous ing con struc tion ex pen di tures in the
first quar ter of 2001.

8

PRO FILE OF THE ECON OMY

Federal budget
The Fed eral bud get posted a uni fied sur plus of $237 bil lion
in fis cal 2000, or 2.4 per cent in re la tion to GDP. That was the
larg est sur plus ever in dol lar terms and the larg est rel a tive to
GDP since fis cal 1948. The sur plus in fis cal 2000 was the third
in a row. It marked the eighth con sec u tive year of im prove ment
in the Fed eral bud get po si tion af ter the def i cit peaked at a record $290 bil lion in fis cal 1992.
Re ceipts jumped by 10.8 per cent in fis cal 2000, the fast est
rate of growth of any year of the cur rent ex pan sion and the largest increase since 1987. The strong growth reflected large
gains in the in come and wealth of individuals as well as a
marked im prove ment in cor po rate prof its fol low ing weak ness
in the past sev eral years.
Out lays of the Fed eral Gov ern ment in creased by 5.0 per cent
in fis cal 2000, an ac cel er a tion from av er age growth of 3.0 percent per year over the prior 7 years. Despite the speedup in
spending, growth in outlays was slower than growth in the
economy in fiscal 2000, and outlays in relation to GDP

declined to the lowest in almost 35 years. Among major
spend ing cat e go ries, out lays ac cel er ated in fis cal 2000 for such
func tions as de fense, Medicaid, So cial Se cu rity and farm price
sup port, among oth ers. Out lays for Medicare, which did not in
crease at all from 1997 to 1999, be gan to grow again in 2000.
Net in ter est ex penses de clined for the third con sec u tive year as
debt owed to the pub lic was re duced.
The bud get sur plus in fis cal 2000 re sulted in a $223 bil lion
re duc tion in debt held by the pub lic that year. Over the past 3
years, pub licly held debt has been cut by $361 bil lion, or 9.6
per cent. At the end of fis cal 2000, debt held by the pub lic repre sented 34.7 per cent of GDP, down from nearly 50 per cent 7
years ago and the small est ra tio since 1984.
Sur pluses are pro jected to con tinue through at least the next
10 years, ac cord ing to the Con gres sio nal Bud get Of fice. The
uni fied sur plus is pro jected to to tal $5.6 tril lion over that span,
with $2.5 tril lion of that re served for the So cial Se cu rity trust
fund. The Bush Ad min is tra tion has pro posed us ing $1.6 trillion of the re main ing $3.1 tril lion on-budget sur plus to re duce
taxes.

Pri vate sav ing de clined from a re cent high of 9.4 per cent of
NNP in 1992 to 3.2 per cent in the first three quar ters of 2000. A
Net national saving av er aged 6.7 percent of net national
sharp fall in sav ing by house holds more than off set a gain in
prod uct (NNP) in the first three quar ters of 2000 (the lat est pecor po rate sav ing. Increased
riod for which full detail is
wealth gen er ated by a surg ing
available). This was little dif stock market is an important
Ne t Natio nal S aving
fer ent from the 6.8 per cent for
fac tor in the re duced de sire of
all of 1999 but down from 7.5 (Sa ving a s a pe rc e nt of NNP)
house holds to save out of curpercent in 1998. (Net saving
rent in come. In the first three
15
and NNP exclude de pre ci a
quar ters of 2000, per sonal savtion to re place wornout or obTota l
ing was equiv a lent to only
solete equip ment, software
0.1 per cent of NNP, down from
10
and struc tures used in pro duc7.4 per cent in 1992. Growth of
tion.) Re cent fig ures none thecorporate prof its, on the other
less re mained considerably
5
hand, lifted net cor po rate savabove the 3.9 per cent of 1993,
ing from 2.2 per cent of NNP in
which was the low est for any
1992 to 3.2 per cent in 2000.
0
year since the 1930s.
Net do mes tic in vest ment (by
The swing in the Federal
gov ern ment and pri vate in dusbud get from large def i cits into
Public
-5
try in structures, equipment,
sur plus has more than ac software and in ventory) in counted for the im prove ment
creased from a very low 5.2
in na tional sav ing since 1993. -10
per cent of NNP in 1991 to 10.6
As a result, the pub lic sec tor
60
65
70
75
80
85
90
95
00* percent in the first three quarmoved from dissaving equiv ters of 2000. A large por tion of
*Ba s e d on firs t thre e qua rte rs
a lent to 4.7 per cent of NNP in
this in vestment has been fi 1993 (and an even larger 5.4
nanced from abroad, as U.S.
per cent in 1992) to sav ing of
net for eign in vest ment swung from 0.3 per cent of NNP in 1991
3.5 per cent in the first three quar ters of 2000. De spite the progto -4.8 per cent in 2000.
ress, net sav ing still re mains well be low the 11.6 per cent of
NNP av er aged in the 1950s and 1960s.

Net national saving and investment

9

INTRODUCTION: Federal Fiscal Operations
Bud get au thor ity usu ally takes the form of ap pro pri a tions
that al low obligationsto be in curred and pay ments to be made.
Reappropriations are Congressional actions that extend the
availability of unobligated amounts that have ex pired or would
oth er wise ex pire. These are counted as new bud get au thor ity in
the fis cal year of the leg is la tion in which thereappropriation act
is in cluded, re gard less of when the amounts were orig i nally appro pri ated or when they would oth er wise lapse.
Ob li ga tions gen er ally are liq ui dated by the is su ance of
checks or the dis burse ment of cash—outlays . Ob li ga tions may
also be liq ui dated (and out lays re corded) by the ac crual of inter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an
in crease in re demp tion value of bonds out stand ing); or by the
issuance of bonds, de ben tures, notes, mon e tary credits, or
elec tronic pay ments.
Re funds of col lec tions gen er ally are treated as re duc tions
of col lec tions, whereas pay ments for earned-income tax credits in ex cess of tax li a bil i ties are treated as out lays. Out lays
dur ing a fis cal year may be for pay ment of ob li ga tions in curred
in prior years or in the same year. Out lays, there fore, flow in
part from un ex pended bal ances of prior year bud get au thor ity
and from bud get au thor ity pro vided for the year in which the
money is spent. Total out lays include both budget and
off-budget out lays and are stated net of off set ting col lec tions.
Receipts are re ported in the ta bles as ei ther bud get receipts or off set ting col lec tions. They are col lec tions from the
pub lic, ex clud ing re ceipts off set against out lays. These, also
called gov ern men tal re ceipts, con sist mainly of tax receipts
(in clud ing so cial in sur ance taxes), re ceipts from court fines,
cer tain li censes, and de pos its of earn ings by the Fed eral Reserve system. Refunds of re ceipts are treated as de duc tions
from gross re ceipts. To tal Gov ern ment re ceipts are com pared
with to tal out lays in cal cu lat ing the bud get sur plus or def i cit.
Offsetting collections from other Government ac counts
or the pub lic are of a busi ness-type or mar ket-oriented na ture.
They are clas si fied as ei ther col lec tions cred ited to ap pro pri ations or fund ac counts, or off set ting re ceipts ( i.e., amounts de pos ited in re ceipt ac counts). The for mer nor mally can be used
with out ap pro pri a tion act by Con gress. These oc cur in two instances: (1) when authorized by law, amounts col lected for
ma te ri als or ser vices are treated as re im burse ments to ap propri a tions. For ac count ing purposes, earned reimbursements
are also known as rev e nues. These off set ting col lec tions are
net ted against gross out lays in de ter min ing net out lays from
such ap pro pri a tions; and (2) in the three types of re volv ing
funds (pub lic en ter prise, intragovernmental and trust); off setting col lec tions are net ted against spend ing, and out lays are reported as the net amount.
Offsetting receipts in receipt accounts cannot be used
with out ap pro pri a tion. They are sub di vided into three cat e gories: (1) pro pri etary re ceipts, or col lec tions from the pub lic,
off set against out lays by agency and by func tion; (2)
intragovernmental trans ac tions, or pay ments into re ceipt accounts from governmental appropriation or fund accounts.

They finance operations within and between Government
agen cies and are cred ited with col lec tions from other Gov ern
ment accounts; and (3) offsetting governmental receipts
which in clude for eign cash con tri bu tions.
Intrabudgetary transactions are subdivided into three
categories: (1) interfund transactions—payments are from
one fund group (ei ther Fed eral funds or trust funds) to a re ceipt
ac count in the other fund group; (2) Fed eral intrafund trans ac
tions—pay ments and re ceipts both oc cur within the Fed eral
fund group; and (3) trust intrafund trans ac tions—pay ments
and re ceipts both oc cur within the trust fund group.
Off setting re ceipts are gen er ally de ducted from bud get au
thority and out lays by func tion, subfunction, or agency. There
are four types of re ceipts, how ever, that are de ducted from bud
get totals as undistributed offsetting receipts. They are: (1)
agen cies’ pay ments (in clud ing pay ments by off-budget Fed eral
entities) as em ploy ers into em ploy ees’ re tire ment funds; (2) in
terest re ceived by trust funds; (3) rents and royalties on the
Outer Con ti nen tal Shelf lands; and (4) other in ter est (i.e., that
col lected on Outer Con ti nen tal Shelf money in de posit funds
when such money is trans ferred into the bud get).
The Gov ern ment has used the uni fied bud get con cept set
forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get
Con cepts” as a foun da tion for its bud get ary anal y sis and presen ta tion since 1969. The con cept calls for the bud get to in clude
all of the Government’s fiscal transactions with the public.
Since 1971, how ever, var i ous laws have been en acted re mov ing
sev eral Fed eral en ti ties from (or cre at ing them out side of) the
bud get. Other laws have moved cer tain off-budget Fed eral en ti
ties onto the bud get. Un der cur rent law, the off-budget Fed eral
en ti ties con sist of the two So cial Se cu rity trust funds, Fed eral
Old-Age and Sur vi vors In sur ance and the Fed eral Dis abil ity In
sur ance Trust Fund, and the Postal Ser vice.
Although an off-budget Fed eral en tity’s re ceipts, out lays,
and sur plus or def i cit or di narily are not sub ject to tar gets set by
the Con gres sio nal res o lu tion, the Bal anced Bud get and Emer
gency Deficit Control Act of 1985 [com monly known as the
Gramm-Rudman-Hollings Act as amended by the Bud get En
force ment Act of 1990 (2 United States Code 900-922)] in cluded
off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets un der
that act and in cal cu lat ing ex cess def i cit. Partly for this rea son, at
tention has fo cused on both on- and off-budget re ceipts, out lays
and def i cit of the Gov ern ment.
Tables FFO-1, FFO-2 and FFO-3 are pub lished quar terly
and cover 5 years of data, es ti mates for 2 years, de tail for 13
months, and fis cal year-to-date data. They pro vide a sum mary of
data re lat ing to Fed eral fis cal op er a tions re ported by Fed eral en tities and dis burs ing of fi cers, and daily re ports from the FRBs.
They also de tail ac count ing trans ac tions af fect ing re ceipts and
out lays of the Gov ern ment and off-budget Fed eral en ti ties and
their re lated ef fect on as sets and li a bil i ties of the Government.
Data are de rived from the “Monthly Trea sury State ment of Receipts and Out lays of the United States Gov ern ment.”

10

FED ERAL FIS CAL OP ER A TIONS

• Table FFO-1 sum ma rizes the amount of to tal re ceipts,
out lays, and sur plus or def i cit, as well as trans ac tions in Fed
eral se cu ri ties, mon e tary as sets and bal ances in Trea sury op er
at ing cash.
• Table FFO-2 in cludes on- and off-budget re ceipts by
source. Amounts represent in come taxes, social in surance
taxes, net con tri bu tions for other in sur ance and re tire ment, ex
cise taxes, es tate and gift taxes, cus toms du ties and net mis cella neous re ceipts.
• Table FFO-3 details on- and off-budget outlays by
agency.
• Table FFO-4 sum ma rizes on- and off-budget re ceipts
by source and outlays by func tion as re ported to each ma jor
fund group clas si fi ca tion for the cur rent fis cal year to date and
prior fis cal year to date.

• Ta ble FFO-5 sum ma rizes in ter nal rev e nue re ceipts by
re gions and dis tricts and by type of tax. Amounts re ported are
col lec tions made in a fis cal year. They span sev eral tax li a bility years be cause they con sist of pre pay ments (es ti mated tax
pay ments and taxes with held by em ploy ers for in di vid ual income and So cial Se cu rity taxes), pay ments made with tax returns and sub se quent pay ments made af ter tax re turns are due
or are filed (that is, pay ments with de lin quent re turns or on delin quent ac counts).
Amounts are re ported based on the pri mary fil ing ad dress
pro vided by each tax payer or re port ing en tity. For multistate
cor po ra tions, the ad dress may re flect only the district where
such a cor po ra tion re ported its taxes from a prin ci pal of fice
rather than other districts where in come was earned or where
in di vid ual in come and So cial Se cu rity taxes were with held. In

Budget Results and Financing of the U.S. Government
and First-Quarter Receipts by Source
[Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy]

First-Quarter Re ceipts
The fol low ing cap sule anal y sis of bud get re ceipts,
by source, for the first quar ter of fis cal 2001 sup ple ments fis cal data re ported in the December is sue of
the “Trea sury Bul le tin.” At the time of that is sue’s
release, not enough data were avail able to an a lyze
ad e quately col lec tions for the quar ter.

bil i ties made in the first quar ter of fis cal 2001, while there
was a -$1.3 bil lion ad just ment in the first quar ter of fis cal
2000.
Unemployment in surance—Unemployment insurance
re ceipts, net of re funds, for the first quar ter of fis cal 2001
were $4.2 billion, a neg li gi ble change over the comparable
quar ter of fis cal 2000. Net State taxes de pos ited in the U.S.
In di vid ual in come taxes—Individual in come tax receipts, Trea sury did not change sig nif i cantly from $3.3 bil lion. Net
net of re funds, were $219.9 bil lion for the first quar ter of fis cal Federal Unemployment Tax Act (FUTA) taxes did not
2001. This is an in crease of $4.4 bil lion over the com pa ra ble change sig nif i cantly from $0.9 bil lion.
Con tri bu tions for other in sur ance and re tire ment—
prior year quar ter. With held re ceipts in creased by $3.7 bil lion
and non-withheld re ceipts in creased by $0.8 bil lion dur ing this Con tri bu tions for other re tire ment were $1.2 bil lion for the
pe riod. Re funds in creased by $0.1 bil lion over the com pa ra ble first quar ter of fis cal 2001. This was a neg li gi ble change
fis cal 2000 quar ter. There was a de crease of $2.3 bil lion in ac- from the com pa ra ble quar ter of fis cal 2000.
counting adjustments be tween individual income tax receipts
Ex cise taxes—Net ex cise tax re ceipts for the first quar ter
and the So cial Se cu rity and Medicare trust funds over the com- of fis cal 2001 were $16.1 bil lion, an in crease of $0.2 bil lion
pa ra ble quar ter in fis cal 2000.
over the com pa ra ble prior year quar ter. To tal ex cise tax reCorporation in come taxes—Net cor po rate in come tax re- funds for the quarter were $0.2 billion, an in crease of $0.1
ceipts were $55.1 billion for the first quarter of fiscal 2001. bil lion over the com pa ra ble prior year quar ter.
This is an in crease of $6.3 bil lion com pared to the prior year
Estate and gift taxes— es tate and gift tax re ceipts
Net
first quarter. The $6.3 billion change is comprised of an in- were $6.9 billion for the first quarter of fis cal 2001. These
crease of $7.5 bil lion in es ti mated and fi nal pay ments, and an receipts represent a decrease of $0.7 billion over the same
in crease of $1.2 bil lion in cor po rate re funds.
quar ter in fis cal 2000.
Customs du ties— Customs duties net of re funds were
Em ploy ment taxes and con tributions—Em ploy ment
taxes and contributions receipts for the first quarter of fiscal $5.0 bil lion for the first quar ter of fis cal 2001. This is not a
2001 were $146.7 bil lion, an in crease of $10.8 bil lion over the sig nif i cant change over the com pa ra ble prior year quar ter.
com pa ra ble prior year quar ter. Re ceipts to the Fed eral Old-Age
Mis cel la neous re ceipts— Net mis cel la neous re ceipts for
and Survivors In surance, Federal Disability Insurance, and the first quar ter of fis cal 2001 were $6.2 bil lion, a de crease
Fed eral Hos pi tal In sur ance trust funds changed by $3.2 bil lion, of $3.3 bil lion over the com pa ra ble prior year quar ter. This
$1.1 bil lion, and $6.6 bil lion re spec tively. There was a $1.1 bil- change is due in part to de pos its of earn ings by Fed eral Relion ac count ing ad just ment for prior years em ploy ment tax li a serve Banks de creas ing by $2.7 bil lion.
-

FED ERAL FIS CAL OP ER A TIONS

11

Budget Results and Financing of the U.S. Government
and First-Quarter Receipts by Source, con.
To tal On- and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment
[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

First quar ter Oct. - Dec.

Ac tual fis cal year to date

To tal on- and off-budget re sults:
To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

461,265

461,265

On-budget re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

352,073

352,073

Off-budget re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

109,193

109,193

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.

463,610

463,610

On-budget out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

365,323

365,323

Off-budget out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

98,287

98,287

To tal sur plus or def i cit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-2,345

-2,345

On-budget sur plus or def i cit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-13,250

-13,250

Off-budget sur plus or def i cit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,906

10,906

Bor rowing from the pub lic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-25,030

-25,030

Re duc tion of op er at ing cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31,590

31,590

Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-4,215

-4,215

To tal on- and off-budget fi nanc ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,345

2,345

Means of fi nanc ing:

First-Quarter Net Bud get Re ceipts by Source, Fis cal 2001
[In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Source

Oct.

Nov.

Dec.

In di vid ual in come taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

76.0

60.5

83.5

Cor po rate in come taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.7

2.0

51.3

Em ploy ment taxes and con tri bu tions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45.2

48.5

52.9

Unemploymentinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.5

2.4

0.3

Con tri bu tions for other in sur ance and re tire ment. . . . . . . . . . . . . . . . . . . . . .

0.4

0.4

0.4

Ex cise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.2

6.0

5.9

Es tate and gift taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.9

2.1

1.9

Cus toms du ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.9

1.6

1.5

Mis cel la neous re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.3

1.9

2.9

To tal bud get re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

135.1

125.7

200.5

Note: De tail may not sum to to tals due to in de pend ent round ing.

12

FED ERAL FIS CAL OP ER A TIONS

CHART FFO-A.—
Monthly Receipts and Outlays, 2000-2001
(In b illion s of do lla rs )
300
O n-bu dg e t
re c eip ts

250
200

O ff-bu dg et
re c eip ts

150
100

O n-bu dg e t
o ut lay s

50

O ff-bu dg et
o ut lay s

0
-50
J

F

CHART FFO -B.—
Budget Receipts
by Source, Fiscal
Year to Date,
2000-2001

M

A

M

J

J

A

S

O

N

D

J

(I b illions o fdo l a rs )
n
400
350

2001

300

2000 *

250
200
150
100
50
0
Individ ua l

S ocial

Corpo ra te

Exc is e

Mis c .

in come
taxe s

insu ra nce
a nd
retir eme nt
re ceipt s

inc ome
ta xes

ta xes

rec eipt s

* Prior-year data are for the com pa ra ble pe riod.

Es tat e/ gift Cus t oms
tax es

dut ie s

FED ERAL FIS CAL OP ER A TIONS

13

TA BLE FFO-1.—Sum mary of Fis cal Op er a tions
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Means of fi nanc ing
-net trans ac tions

On-budget
surplus
or
deficit
(-)
(8)

Bor rowing from
the pub lic—
Off-budget
Fed eral
surplus
se cu ri ties
or
Pub lic
deficit
debt
(-)
se cu ri ties
(9)
(10)

To tal on-budget and off-budget re sults

Fis cal year
or month
1996
1997
1998
1999
2000

Total
receipts
(1)

. . . . . . . . . . . . 1,452,763
. . . . . . . . . . . . 1,578,977
. . . . . . . . . . . . 1,721,421
. . . . . . . . . . . . . r 1,827,302
. . . . . . . . . . . . . 2,025,038

1
1
1

On-budget
receipts
(2)
1,085,271
1,186,987
1,305,621
r 1,382,834
1,544,455

Off-budget
receipts
(3)

Total
outlays
(4)

367,492
1,560,094
391,989
1,601,595
415,800
1,651,383
444,468 r 1,702,942
480,583 r 1,788,140

On-budget
outlays
(5)

Off-budget
outlays
(6)

Total
surplus
or
deficit
(-)
(7)

1,259,638
1,290,594
1,334,781
r 1,382,164
r 1,457,375

300,455
311,000
316,602
320,778
330,765

-107,331
-22,618
70,039
r 124,360
r 236,897

-174,367
-103,607
-29,160
r 670
r 87,079

67,036
80,989
99,198
123,691
149,818

252,891
189,634
112,831
128,230
23,761

2000 - Est . . . . . . . . .

2,013,105

1,534,878

478,227

1,801,618

1,471,592

330,026

211,487

63,286

148,201

51,262

1999 - Dec. . . . . . . . .
2000 - Jan . . . . . . . . .
Feb . . . . . . . . .
Mar . . . . . . . . .
Apr . . . . . . . . .
May . . . . . . . .
June. . . . . . . .
July . . . . . . . . .
Aug . . . . . . . . .
Sept . . . . . . . .
Oct . . . . . . . . .
Nov . . . . . . . . .
Dec . . . . . . . . .

201,196
189,478
108,675
135,582
295,148
146,002
214,875
134,074
138,128
219,471
135,111
125,666
200,489

162,772
143,838
71,090
94,587
244,662
107,469
168,318
97,681
101,429
176,692
101,120
89,215
161,737

38,424
45,640
37,585
40,996
50,486
38,533
46,556
36,393
36,699
42,779
33,990
36,450
38,752

168,114
127,326
150,409
170,962
135,651
149,612
158,986
129,013
148,555
r 153,744
146,431
149,356
167,823

165,503
97,451
118,340
137,864
105,742
114,829
152,307
99,404
115,540
r 114,843
115,839
116,736
132,747

2,611
29,874
32,069
33,098
29,909
34,783
6,679
29,609
33,016
38,901
30,592
32,620
35,075

33,081
62,152
-41,734
-35,380
159,497
-3,611
55,888
5,061
-10,427
r 65,726
-11,321
-23,690
32,666

-2,732
46,387
-47,250
-43,278
138,920
-7,360
16,012
-1,723
-14,110
r 61,849
-14,719
-27,521
28,990

35,813
15,765
5,516
7,897
20,577
3,750
39,877
6,784
3,683
3,878
3,398
3,831
3,677

82,402
-64,209
23,425
39,628
-87,214
-37,953
39,216
-23,764
18,627
-2,839
-16,018
50,734
-46,117

Fis cal 2001 to date . .

461,265

352,073

109,193

463,610

365,323

98,287

-2,345

-13,250

10,906

-11,400

Fis cal year
or month

Bor rowing from the pub lic—
Fed eral se cu ri ties, con.
Investments of
Agency
Governsecuriment
Total
ties
accounts
10+11-12
(11)
(12)
(13)

Means of fi nanc ing—net transactions, con.
Cash and mon e tary assets (de duct)
Reserve
position
U.S.
on the U.S.
Treasury
Special
quota in
operating
drawing
the IMF
cash
rights
Other
(deduct)
(14)
(15)
(16)
(17)

Other
(18)

Transactions
not ap plied
to year’s
sur plus or
To tal
deficit
fi nanc ing
(19)
(20)

1996 1 . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . .
1998 1 . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . .

8,088
-1,857
-3,814
r -854
-832

131,266
149,606
160,067
216,070
r 245,736

129,713
38,171
-51,051
r -88,694
r -222,807

6,276
-603
-4,743
17,580
-3,799

-408
338
108
2,178
4,033

-4,626
-3,034
3,381
783
908

746
-1,383
7,110
-1,173
-6,292

-21,009
-20,711
-13,701
r -17,307
r -16,027

615
472
569
1,009
-3,213

107,331
22,618
-70,039
r -124,360
r -236,897

2000 - Est. . . . . . . . . . .

-354

235,216

-184,308

-6,458

*

*

*

-33,637

*

-211,487

1999 - Dec . . . . . . . . . .
2000 - Jan . . . . . . . . . .
Feb . . . . . . . . . .
Mar . . . . . . . . . .
Apr . . . . . . . . . .
May. . . . . . . . . .
June . . . . . . . . .
July . . . . . . . . . .
Aug . . . . . . . . . .
Sept . . . . . . . . .
Oct . . . . . . . . . .
Nov. . . . . . . . . .
Dec. . . . . . . . . .

-1,840
-348
-87
75
-213
-280
618
-554
-82
31
-458
35
128

44,812
19,428
6,206
-43
25,239
15,523
62,966
6,989
8,550
r 29,662
13,190
9,444
-9,299

35,749
-83,985
17,131
39,746
-112,667
-53,755
-23,131
-31,307
9,995
r -32,470
-29,666
41,325
-36,689

77,248
-20,592
-40,773
22,808
47,787
-69,470
34,350
-23,384
-20,874
39,479
-42,653
1,432
9,632

1,010
-136
76
60
788
187
1,135
-187
93
966
-147
200
1,169

-141
-387
-124
-191
61
-321
-726
-51
79
927
725
96
-651

-760
-228
-143
296
-2,464
-32
51
-342
-1,283
-114
-158
-38
1,335

8,526
490
-16,362
18,680
-227
-11,294
2,729
2,750
-20,917
r 7,956
166
-15,474
16,494

1
-73
-431
-976
-676
-468
-636
46
-1,412
-471
-985

-33,081
-62,152
41,734
35,380
-159,497
3,611
-55,888
-5,061
10,427
r -65,726
11,321
23,690
-32,666

Fis cal 2001 to date. . . .

-295

13,334

-25,030

-31,590

1,222

173

1,138

1,186

-2,868

2,345

* Less than $500,000.
1
Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury
State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta bl e.
Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re-

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be
mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund
off-budget. This would shift that fund’s to tals of $87.0 bil lion in out lays, $146.6 bil lion in
receipts, and a sur plus of $59.5 bil lion, es ti mated for fiscal 2001, from on-budget to off-budget.

14

FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

In come taxes
Fis cal year
or month

Withheld
(1)

In di vid ual
Other
Refunds
(2)
(3)

Net
(4)

Gross
(5)

Corporation
Refunds
(6)

Net
(7)

So cial insurance
and re tire ment re ceipts
Em ploy ment and gen eral re tire ment
Old-age, dis abil ity, and
Net in come
hos pi tal in sur ance
taxes
Gross
Refunds
Net
(8)
(9)
(10)
(11)

1996 1 . . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . . .
1998 1 . . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . .

533,080
580,207
646,483
693,940
780,397

212,234
250,819
281,590
308,246
358,110

88,897
93,560
99,476
122,706
134,046

656,417
737,466
828,597
879,480
1,004,461

189,055
204,492
213,270
216,325
235,655

17,231
22,199
24,593
31,645
28,367

171,824
182,294
188,677
184,680
207,288

828,241
919,760
1,017,274
1,064,160
1,211,749

474,134
503,749
537,733
578,244
618,075

1,644
1,051
2,071
1,508
1,965

472,490
502,698
535,662
576,736
616,110

2000 - Est . . . . . . . . . . .

998,867

-

-

998,867

202,692

-

202,692

1,201,559

612,586

-

612,586

1999 - Dec . . . . . . . . . .
2000 - Jan. . . . . . . . . . .
Feb . . . . . . . . . .
Mar . . . . . . . . . .
Apr . . . . . . . . . . .
May. . . . . . . . . .
June. . . . . . . . . .
July . . . . . . . . . .
Aug . . . . . . . . . .
Sept. . . . . . . . . .
Oct. . . . . . . . . . .
Nov . . . . . . . . . .
Dec . . . . . . . . . .

88,311
65,922
65,868
75,161
56,113
65,946
59,516
64,474
62,057
59,766
68,287
62,855
78,133

7,373
46,557
3,738
7,867
155,467
23,359
44,169
4,068
7,851
48,230
8,799
2,321
6,468

1,149
1,173
23,875
38,239
27,343
25,619
3,228
2,241
1,874
3,593
1,118
4,686
1,116

94,535
111,306
45,731
44,789
184,237
63,687
100,458
66,301
68,033
104,402
75,969
60,489
83,485

46,486
7,135
4,903
27,546
30,256
7,427
41,899
6,605
6,579
46,183
7,113
4,292
53,192

1,540
1,800
3,126
3,273
2,562
1,654
1,366
1,592
1,903
2,746
5,404
2,245
1,886

44,946
5,335
1,777
24,272
27,694
5,773
40,534
5,013
4,674
43,437
1,709
2,047
51,307

139,481
116,641
47,508
69,061
211,931
69,460
140,992
71,314
72,707
147,839
77,678
62,536
134,792

47,353
58,405
47,471
52,117
64,743
48,750
60,078
46,677
49,704
55,328
44,839
48,235
52,598

1,965
-

47,353
58,405
47,471
52,117
64,743
48,750
60,078
46,677
47,739
55,328
44,839
48,235
52,598

Fis cal 2001 to date . . . .

209,275

17,588

6,920

219,943

64,597

9,535

55,063

275,006

145,672

-

145,672

So cial in sur ance and re tire ment re ceipts, con.
Em ploy ment and gen eral re tire ment, con.

Fis cal year
or month

Gross
(12)

Rail road re tire ment
Refunds
Net
(13)
(14)

Net
employment
and gen eral
retirement
(15)

Unemploymentinsurance
Net
unemployment
Gross
Refunds
insurance
(16)
(17)
(18)

Net for other
in sur ance and re tire ment
Federal
employees
Other
retirement
retirement
Total
(19)
(20)
(21)

1996 1 . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . .
1998 1 . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . .

3,966
4,063
4,381
4,150
4,348

93
12
28
7
8

3,872
4,052
4,353
4,143
4,338

476,362
506,750
540,016
580,880
620,447

28,687
28,307
27,595
26,655
27,755

103
105
111
175
115

28,584
28,202
27,484
26,480
27,641

4,389
4,344
4,261
4,399
4,693

80
74
74
73
70

4,469
4,418
4,335
4,472
4,763

2000 - Est . . . . . . . . . .

4,260

-

4,260

616,846

27,188

-

27,188

4,592

74

4,666

1999 - Dec . . . . . . . . . .
2000 - Jan . . . . . . . . . .
Feb . . . . . . . . . .
Mar . . . . . . . . . .
Apr . . . . . . . . . .
May. . . . . . . . . .
June. . . . . . . . .
July . . . . . . . . . .
Aug . . . . . . . . . .
Sept . . . . . . . . .
Oct . . . . . . . . . .
Nov. . . . . . . . . .
Dec. . . . . . . . . .

389
415
388
452
353
466
-44
465
394
347
410
301
334

*
*
*
4
*
3
*
6
*
-7
2
*
*

389
414
388
447
352
464
-44
459
394
354
408
301
334

47,742
58,819
47,859
52,565
65,095
49,212
60,034
47,136
48,132
55,682
45,247
48,536
52,932

268
1,323
2,280
336
2,578
10,789
323
2,161
3,600
175
1,512
2,435
264

2
4
*
19
22
11
12
17
16
7
3
4
4

266
1,319
2,280
317
2,557
10,778
311
2,145
3,584
168
1,509
2,431
260

407
339
371
441
364
398
420
365
359
437
395
410
361

5
6
5
6
7
5
7
4
7
7
4
7
6

412
346
376
447
370
403
426
369
366
443
399
416
367

Fis cal 2001 to date . . .

1,045

2

1,043

146,715

4,211

11

4,200

1,166

17

1,183

See foot note at end of ta ble.

FED ERAL FIS CAL OP ER A TIONS

15

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con.
[In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Socialinsurance
and re tire ment
receipts,
con.
Fis cal year
or month

Net so cial insurEx cise taxes
ance and
Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund
High way Trust Fund
re tire ment receipts Gross
Refunds
Net
Gross
Refunds
Net
Gross
Refunds
Net
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)

Gross
(32)

Mis cel la neous
Re funds
Net
(33)
(34)

1996 1 . . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . . .
1998 1 . . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . . .

509,415
539,371
571,835
611,832
652,851

2,405
4,044
7,556
10,395
9,784

21
37
43
4
46

2,384
4,007
7,513
10,391
9,739

614
614
636
596
518

-

614
614
636
596
518

25,309
24,665
26,515
40,325
36,514

329
798
805
1,148
1,015

24,980
23,867
25,710
39,177
35,499

27,698
29,368
24,524
20,760
23,831

1,662
931
714
524
721

26,036
28,437
23,810
20,236
23,110

2000 - Est . . . . . . . . . . .

648,700

9,222

-

9,222

577

-

577

34,311

-

34,311

25,945

-

25,945

1999 - Dec . . . . . . . . . . .
2000 - Jan . . . . . . . . . . .
Feb . . . . . . . . . . .
Mar . . . . . . . . . . .
Apr . . . . . . . . . . .
May . . . . . . . . . .
June . . . . . . . . . .
July . . . . . . . . . . .
Aug . . . . . . . . . . .
Sept . . . . . . . . . .
Oct . . . . . . . . . . .
Nov . . . . . . . . . . .
Dec . . . . . . . . . . .

48,421
60,484
50,514
53,329
68,022
60,394
60,771
49,650
52,082
56,293
47,155
51,383
53,559

737
664
736
685
775
849
952
789
864
1,497
496
876
596

13
*
13
9
11
-

737
664
724
685
775
836
952
789
855
1,487
496
876
596

30
52
48
23
47
52
24
53
49
51
37
49
6

-

30
52
48
23
47
52
24
53
49
51
37
49
6

2,523
2,842
2,644
2,092
2,617
3,475
3,799
3,511
3,465
4,640
2,078
2,805
1,533

291
2
229
278
216
1
-

2,523
2,842
2,353
2,090
2,617
3,246
3,799
3,511
3,187
4,424
2,077
2,805
1,533

2,465
1,804
2,024
3,034
2,548
1,277
1,409
1,715
1,545
1,863
1,681
2,348
3,851

46
45
73
110
53
20
91
45
57
56
56
48
120

2,420
1,759
1,951
2,924
2,495
1,257
1,318
1,669
1,488
1,807
1,625
2,300
3,730

Fis cal 2001 to date . . . .

152,097

1,968

-

1,968

92

-

92

6,416

1

6,415

7,880

224

7,656

Fis cal year
or month

Ex cise taxes,
con.
Net
ex cise
Es tate and gift taxes
taxes
Gross
Refunds
Net
(35)
(36)
(37)
(38)

Net mis cel la neous re ceipts
De posits Uni ver sal serof earn ings vice fund
Cus toms du ties
by Fed eral and all
Gross
Refunds
Net Re serve Banks other
Total
(39)
(40)
(41)
(42)
(43)
(44)

To tal re ceipts
OnOffbud get
bud get
(45)
(46)

1996 1 . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . .
1998 1 . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . .

54,015
56,926
57,669
70,399
68,866

17,592
20,356
24,631
28,386
29,722

403
511
555
603
711

17,189
19,845
24,076
27,782
29,010

19,788
19,872
19,689
19,486
21,139

1,117
1,945
1,392
1,150
1,226

18,671
17,927
18,297
18,336
19,913

20,477
19,636
24,540
25,917
32,293

4,755
5,513
7,730
8,860
10,354

25,232
25,149
32,270
34,777
42,647

1,085,271
1,186,987
1,305,621
1,382,817
1,544,455

367,492
391,989
415,800
444,468
480,583

2000 - Est. . . . . . . . . .

70,055

30,081

-

30,081

19,621

-

19,621

32,899

10,190

43,089 1,534,878

478,227

1999 - Dec . . . . . . . . .
2000 - Jan . . . . . . . . .
.
Feb . . . . . . . . .
Mar . . . . . . . . .
Apr . . . . . . . . .
May . . . . . . . . .
June . . . . . . . .
July . . . . . . . . .
Aug . . . . . . . . .
Sept. . . . . . . . .
Oct . . . . . . . . .
Nov . . . . . . . . .
Dec . . . . . . . . .

5,709
5,316
5,076
5,722
5,934
5,391
6,093
6,022
5,580
7,769
4,235
6,030
5,865

2,641
2,146
1,837
2,438
4,291
2,546
2,139
1,919
2,371
2,224
2,966
2,214
1,919

66
30
69
59
49
67
52
47
67
56
98
73
56

2,575
2,116
1,768
2,379
4,243
2,480
2,087
1,872
2,304
2,168
2,868
2,141
1,863

1,685
1,543
1,588
1,799
1,561
1,682
1,850
1,858
2,130
1,873
1,972
1,737
1,576

73
85
377
119
58
83
83
77
59
49
72
97
115

1,612
1,457
1,212
1,681
1,503
1,598
1,767
1,781
2,071
1,823
1,900
1,640
1,461

2,701
2,481
1,573
2,482
2,797
5,949
2,447
2,584
2,471
2,304
1,024
1,252
2,236

697
983
1,023
930
718
729
718
851
912
1,276
251
684
713

3,398
3,464
2,597
3,412
3,515
6,678
3,165
3,435
3,383
3,579
1,275
1,935
2,949

162,772
143,838
71,090
94,587
244,662
107,469
168,318
97,681
101,429
176,692
101,120
89,215
161,737

38,424
45,640
37,585
40,996
50,486
38,533
46,556
36,393
36,699
42,779
33,990
36,450
38,752

Fis cal 2001 to date . .

16,131

7,099

227

6,871

5,285

284

5,000

4,511

1,648

6,160

352,073

109,193

1

Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury
State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.
Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re-

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be
mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund
off-budget. This would shift that fund’s to tals of $87.0 bil lion in out lays, $146.6 bil lion in receipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from on-budget to off-budget.

16

FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part-

Department Department

Fis cal year
or month

Legislative
branch
(1)

1996 1 . . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . . .
1998 1 . . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . . .

2,272
2,361
2,543
r 2,612
2,913

3,061
3,259
3,463
3,793
4,087

54,338
52,558
53,949
r 62,839
r 75,658

3,703
3,780
4,047
5,036
7,931

253,258
258,330
256,136
261,379
r 281,234

29,900
30,013
30,492
32,435
33,308

16,199
14,470
14,444
r 16,054
15,010

319,803
339,492
350,564
359,700
382,627

25,512
27,833
30,224
32,736
30,830

6,720
6,724
7,234
r 7,814
r 8,020

2000 - Est . . . . . . . . . . .

3,197

4,378

75,338

8,095

277,476

35,026

15,275

390,050

32,177

8,385

19,935

33,207

1999 - Dec . . . . . . . . . .
2000 - Jan. . . . . . . . . . .
Feb . . . . . . . . . .
Mar . . . . . . . . . .
Apr . . . . . . . . . . .
May. . . . . . . . . .
June. . . . . . . . . .
July . . . . . . . . . .
Aug . . . . . . . . . .
Sept. . . . . . . . . .
Oct. . . . . . . . . . .
Nov . . . . . . . . . .
Dec . . . . . . . . . .

233
229
192
237
209
271
219
201
187
197
521
229
229

316
304
315
408
306
319
323
322
346
411
283
401
338

7,805
7,580
4,814
4,183
4,467
3,841
4,470
3,462
4,421
r 10,048
8,379
6,756
7,248

511
380
503
729
731
1,406
983
594
631
485
511
490
442

29,953
16,557
21,178
28,278
20,425
22,708
28,523
18,665
23,683
r 27,142
20,093
23,335
28,040

3,037
2,756
3,185
4,293
2,534
2,997
2,689
1,415
3,513
1,483
2,558
2,756
4,032

1,583
837
1,029
1,136
1,080
1,222
1,384
1,097
1,121
1,973
1,245
1,261
1,447

36,632
25,951
30,813
38,100
27,601
32,255
36,311
27,909
34,894
31,676
34,353
33,622
35,379

4,263
630
2,292
3,667
1,924
2,732
3,573
1,546
2,456
2,267
2,932
2,860
3,748

926
572
706
565
597
491
783
516
573
r 980
858
786
670

1,532
1,572
1,567
1,876
1,438
1,894
1,604
1,406
1,687
1,595
1,878
2,057
1,728

3,300
3,032
2,572
2,350
2,589
2,401
2,621
2,620
2,752
2,504
2,601
2,596
2,892

Fis cal 2001 to date . . . .

979

1,022

22,382

1,443

71,468

9,346

3,954

103,353

9,540

2,314

5,663

8,090

Fis cal year
or month

De partDe part- ment of
De partJudicial ment of
ment of Defense, ment of
branch Agriculture Commerce mil i tary Education
(2)
(3)
(4)
(5)
(6)

De part ment of
Depart- the Trea sury, DepartDepartDepart- ment of
interest ment of the ment of
Corps
ment Transporon the Treasury, Veterans
of
of State
tation Pub lic Debt other
Affairs Engineers
(13)
(14)
(15)
(16)
(17)
(18)

1996 1 . . . . . . . . . . . . . .
1997 1 . . . . . . . . . . . . . .

4,953
5,237

38,777
39,838

1998 1 . . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . . .

4,585
r 6,463
6,849

39,468
r 41,836
r 45,965

2000 - Est . . . . . . . . . . .

8,402

1999 - Dec . . . . . . . . . .
2000 - Jan. . . . . . . . . . .
Feb . . . . . . . . . .
Mar . . . . . . . . . .

Department of
Justice
(11)

Department of
Labor
(12)

11,951 32,496
14,291 30,461
16,129 30,003
18,318 32,459
19,561 r 31,355

Other
EnvironFederal
General
InterDe fense, mental
Executive Emergency Services national
civil
Protection Of fice of the Management Admin- Assistance
programs Agency
President
Agency
istration Program
(19)
(20)
(21)
(22)
(23)
(24)

21,375
23,585

36,915
39,279

-

32,535
33,833

6,046
6,167

202
219

-

625
1,083

9,716
10,191

363,824 26,276
353,511 r 33,191
362,118 r 29,125

41,775
43,169
47,087

3,833
4,186
4,334

31,215
32,008
32,861

6,300
6,752
r 7,240

213
416
284

2,101
4,040
r 3,143

1,136
-46
25

9,001
r 10,061
12,084

45,981

362,067

30,793

46,705

4,491

33,008

7,040

267

3,373

521

10,515

1,280
517
545
481

3,814
3,198
2,938
3,743

73,268
19,690
20,779
20,889

1,492
1,548
13,230
8,076

5,309
1,982
3,743
5,857

505
273
353
332

2,700
2,749
2,752
2,771

617
518
532
691

20
20
48
25

366
266
281
233

-305
-52
-9
137

2,491
849
987
369

Apr . . . . . . . . . . .
May. . . . . . . . . .
June. . . . . . . . . .
July . . . . . . . . . .
Aug . . . . . . . . . .

483
486
478
536
458

3,180
3,900
4,228
3,787
4,856

19,879
26,802
75,884
19,333
22,301

3,016
2,312
1,494
1,453
471

2,174
4,015
5,279
1,921
r 3,719

327
330
423
355
403

2,779
2,765
2,742
2,743
2,755

553
637
629
544
646

21
23
20
21
22

208
216
279
120
140

45
101
46
-108
-107

1,457
499
528
1,344
852

Sept. . . . . . . . . .
Oct. . . . . . . . . . .
Nov . . . . . . . . . .
Dec . . . . . . . . . .

566
1,010
671
862

r 4,181
4,731
4,216
4,043

18,231
19,755
25,690
19,506

r -4,203
479
571
649

r 5,618
2,247
3,623
5,493

399
397
440
413

2,751
2,742
2,796
2,791

r 771
670
565
607

21
17
22
17

r 150
248
248
258

-230
426
-396
167

r 959
748
669
4,264

Fis cal 2001 to date . . . .

2,543

12,990

64,951

1,700

11,363

1,250

8,329

1,842

56

755

197

5,683

See foot note at end of ta ble.

343,955
355,796

Depart- of Health of Housing Department of and Hu man and Ur ban ment of
Energy
Services Development the In te rior
(7)
(8)
(9)
(10)

FED ERAL FIS CAL OP ER A TIONS

17

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Fis cal year
or month

National
Aeronautics
and
Na tional Of fice of
Small
Space
Science Personnel Business
AdminisFoun- Manage- Administration
dation
ment
tration
(25)
(26)
(27)
(28)

Social
Security
Administration
(29)

Independent
agencies
(30)

Un dis trib uted off set ting re ceipts
Rents and
Employer Interest
royalties
Allowshare, received on the Outer ances
employee by trust Continental
and
retirement
funds
Shelf lands
other
(31)
(32)
(33)
(34)

To tal outays
OnOffbudget bud get
(35)
(36)

1996 1 . . . . . . . . . . . . . .

13,882

-

42,872

872

375,232

8,578

-33,536

-98,029

-3,741

-343

1,259,638

300,455

1997 1 . . . . . . . . . . . . . .

14,358

-

45,385

334

393,309

4,378

-34,256

-104,992

-4,711

-11,011

1,290,594

311,000

1998 1 . . . . . . . . . . . . . .

14,206

3,188

46,307

-78

408,202

11,641

-34,872

-113,838

-4,522

-7,803

1,334,781

316,602

1999 . . . . . . . . . . . . . . .

r 13,665

3,285

47,515

58

419,790

r 6,943

-35,594

-118,634

-3,098

-1,754

r 1,382,164

320,778

2000 . . . . . . . . . . . . . . .

13,442

3,487

48,660

-422

441,810

r 10,361

-37,851

-128,911

-4,580

-1,503

r 1,457,375

330,765

2000 - Est . . . . . . . . . . .

13,447

3,596

49,352

-408

442,259

10,870

-38,525

-129,601

-4,065

-1,009

1,471,592

330,026

1999 - Dec . . . . . . . . . .

1,305

294

4,175

43

37,719

528

-2,857

-54,561

-183

*

165,503

2,611

2000 - Jan. . . . . . . . . . .

818

222

4,207

49

33,485

-139

-2,704

-145

-424

-

97,451

29,874

Feb . . . . . . . . . .

1,030

315

3,768

-962

35,956

-491

-2,767

-1,523

-263

*

118,340

32,069

Mar . . . . . . . . . .

1,214

281

4,081

166

38,488

1,691

-2,963

-1,119

-307

*

137,864

33,098

Apr . . . . . . . . . . .

1,065

252

4,360

213

33,759

929

-2,755

-100

-93

*

105,742

29,909

May . . . . . . . . . .

1,183

258

3,820

37

38,100

960

-2,918

-5,674

-779

*

114,829

34,783

June. . . . . . . . . .

1,276

318

4,082

51

43,109

-4,083

-2,936

-57,907

-435

*

152,307

6,679

July . . . . . . . . . .

972

316

4,303

23

34,301

2,552

-2,831

-86

-837

-1,502

99,404

29,609

Aug . . . . . . . . . .

1,197

379

4,050

-430

36,994

-1,414

-2,827

-1,727

-448

*

115,540

33,016

Sept . . . . . . . . . .

1,196

317

4,118

298

r 39,708

r 5,317

-6,638

-420

-127

*

r 114,843

38,901

Oct. . . . . . . . . . .

1,153

262

4,288

64

34,663

954

-2,837

-859

-938

*

115,839

30,592

Nov . . . . . . . . . .

1,217

304

3,872

160

36,599

262

-2,932

-5,778

-616

*

116,736

32,620

Dec . . . . . . . . . .

1,316

295

4,308

-74

40,046

1,537

-2,733

-1,979

-156

-

132,747

35,075

Fis cal 2001 to date . . . .

3,685

860

12,467

150

111,309

2,752

-8,501

-8,616

-1,710

*

365,323

98,287

* Less than $500,000.
Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury
State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.
Note.—These fig ures are based on the “Mid-Session Re view” of the fis cal 2001 bud get, re-

1

leased by the Of fice of Man age ment and Bud get on June 26, 2000. The es ti mates would be
mod i fied by the Ad min is tra tion’s pro posal to place the Medicare Hos pi tal In sur ance Trust Fund
off-budget. This would shift that fund’s to tals of $87.0 bil lion in out lays, $146.6 bil lion in receipts, and a sur plus of $59.5 bil lion, es ti mated for fis cal 2001, from on-budget to off-budget.

18

FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Agency,
Decem ber 2000 and Other Pe riods
[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Clas si fi ca tion
Bud get re ceipts:
Individual income taxes. . . . . . . . . . . . . . . . . . . . . . .
Corporation income taxes. . . . . . . . . . . . . . . . . . . . .
So cial in sur ance and re tire ment re ceipts:
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). . . . . . . . . . . . . . . . . . . . . . . . . . .
Bud get out lays:
Legislative branch. . . . . . . . . . . . . . . . . . . . . . . . . . .
Judicial branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Department of Agriculture. . . . . . . . . . . . . . . . . . . . .
Department of Commerce. . . . . . . . . . . . . . . . . . . . .
Department of Defense-military . . . . . . . . . . . . . . . .
Department of Education . . . . . . . . . . . . . . . . . . . . .
Department of Energy . . . . . . . . . . . . . . . . . . . . . . . .
Department of Health and Human Services. . . . . . .
Department of Housing and Urban Development. . .
Department of the Interior. . . . . . . . . . . . . . . . . . . . .
Department of Justice . . . . . . . . . . . . . . . . . . . . . . . .
Department of Labor. . . . . . . . . . . . . . . . . . . . . . . . .
Department of State . . . . . . . . . . . . . . . . . . . . . . . . .
Department of Transportation. . . . . . . . . . . . . . . . . .
De part ment of theTreasury:
Interest on the public debt. . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Department of Veterans Affairs . . . . . . . . . . . . . . . . .
Corps of Engineers. . . . . . . . . . . . . . . . . . . . . . . . . .
Other defense civil programs . . . . . . . . . . . . . . . . . .
Environmental Protection Agency. . . . . . . . . . . . . . .
Executive Office of the President . . . . . . . . . . . . . . .
Federal Emergency Management Agency . . . . . . . .
General Services Administration. . . . . . . . . . . . . . . .
International Assistance Program . . . . . . . . . . . . . . .
National Aeronautics and Space Administration . . . .
National Science Foundation . . . . . . . . . . . . . . . . . .
Office of Personnel Management . . . . . . . . . . . . . . .
Small Business Administration . . . . . . . . . . . . . . . . .
Social Security Administration. . . . . . . . . . . . . . . . . .
Other independent agencies. . . . . . . . . . . . . . . . . . .
Un dis trib uted off set ting re ceipts:
Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total outlays. . . . . . . . . . . . . . . . . . . . . . . . . . .
(On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . .
(Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . .
Surplus (+) or deficit (-) . . . . . . . . . . . . . . . . . . .
(On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . .
(Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . .
- No trans ac tions.
* Less than $500,000 .

This fis cal year to date
Management,
con sol i dated,
re volv ing and
Gen eral funds spe cial funds Trust funds To tal funds Gen eral funds
(1)
(2)
(3)
(4)
(5)

Prior fis cal year to date
Management,
con sol i dated,
re volv ing and
Trust
spe cial funds funds
(6)
(7)

To tal funds
(8)

219,942
55,063

1
-

-

219,943
55,063

215,516
48,779

1
-

-

215,517
48,779

-

-

109,193

109,193

-

-

104,916

104,916

7,360
6,871
3,260
4,240
296,736

151
1,534
1,761
3,448

37,522
4,200
1,183
8,619
207
158
161,082

37,522
4,200
1,183
16,131
6,871
5,000
6,160
461,265

5,982
7,594
3,311
7,658
288,840

123
1,534
1,697
3,355

30,997
4,183
1,216
9,859
175
65
151,411

30,997
4,183
1,216
15,963
7,594
5,020
9,421
443,606

296,736

3,448

51,889

352,073

288,840

3,355

46,495

338,689

-

-

109,193

109,193

-

-

104,916

104,916

655
907
11,449
1,367
69,842
9,362
4,867
66,226
9,915
2,154
4,526
2,646
2,313
-841

272
107
10,677
76
1,576
-16
-913
56
-375
93
235
-126
128
44

52
8
257
*
50
*
37,072
*
67
903
5,570
102
13,787

979
1,022
22,382
1,443
71,468
9,346
3,954
103,353
9,540
2,314
5,663
8,090
2,543
12,990

649
810
11,559
1,352
72,394
8,458
4,980
61,817
9,996
2,052
3,414
2,242
2,181
-1,638

316
255
16,788
137
1,580
-16
-850
32
-254
58
216
200
53
-53

5
-32
23
*
101
*
*
35,268
125
1,292
5,473
65
13,645

970
1,033
28,370
1,489
74,075
8,443
4,130
97,116
9,742
2,235
4,921
7,914
2,299
11,954

64,951
1,987
11,347
1,052
16,105
2,177
56
796
47
6,593
3,688
862
1,344
186
9,836
2,357

-388
-180
185
*
-21
*
-41
151
-258
*
*
-36
*
-1,608

101
197
13
-7,777
-314
*
*
*
-652
-3
-2
11,123
*
101,473
2,005

64,951
1,700
11,364
1,250
8,329
1,842
56
755
197
5,683
3,685
860
12,467
150
111,308
2,754

118,331
2,085
12,681
802
15,317
2,113
61
935
48
4,752
3,493
823
1,227
223
13,908
2,221

-458
-95
147
*
-27
*
314
154
-76
*
1
-93
*
815

102
194
191
-7,264
-368
*
*
-435
*
5
10,641
*
94,004
2,004

118,331
1,729
12,780
1,140
8,052
1,718
61
1,249
202
4,241
3,493
829
11,869
131
107,911
5,040

-1,710
307,061

*
9,635

-8,616
-8,501
146,913

-8,616
-10,212
463,610

-866
358,420

*
19,145

-60,211
-8,511
86,317

-60,211
-9,377
463,882

307,061

10,739

47,522

365,323

358,420

20,010

22,626

401,055

-

-1,104

99,391

98,287

-

-865

63,691

62,827

-10,326

-6,187

14,169

-2,345

-69,580

-15,790

65,094

-20,276

-10,326

-7,291

4,367

-13,250

-69,580

-16,655

23,869

-62,366

-

1,104

9,802

10,906

-

865

41,225

42,090

19

INTRODUCTION: Source and Availability of the
Bal ance in the Account of the U.S. Treasury
The De part ment of Trea sury’s (Trea sury’s) op er at ing cash
is main tained in ac counts with the Fed eral Re serve Banks
(FRBs) and branches, as well as in tax and loan ac counts in
other fi nan cial in sti tu tions. Ma jor in for ma tion sources in clude
FRBs, Trea sury Re gional Financial Cen ters, In ter nal Rev e nue
Ser vice Cen ters, Bu reau of the Pub lic Debt and var i ous elec tronic sys tems. As the FRB ac counts are de pleted, funds are
called in (with drawn) from thou sands of tax and loan ac counts
at fi nan cial in sti tu tions through out the coun try.

est-bearing ob li ga tions can par tic i pate. The pro gram per mits
Trea sury to col lect funds through fi nan cial in sti tu tions and to
leave the funds in TT&L depositaries and in the fi nan cial commu ni ties in which they arise un til Trea sury needs the funds for
its op er a tions. In this way, Trea sury is able to neu tral ize the effect of its fluc tu at ing op er a tions on TT&L fi nan cial in sti tu tion
reserves and on the economy. Likewise, those institutions
wish ing to re mit the funds to the Trea sury ac count at FRBs do
so as col lec tor depositaries.

Under authority of Pub lic Law 95-147 (cod i fied at 31
United States Code 323), Trea sury im ple mented a pro gram on
November 2, 1978, to in vest a por tion of its op er at ing cash in
ob li ga tions of depositaries main tain ing tax and loan ac counts.
Un der the Trea sury tax and loan (TT&L) in vest ment pro gram,
depositary financial in sti tu tions se lect the manner in which
they will par tic i pate. Fi nan cial in sti tu tions wish ing to re tain
funds deposited into their tax and loan accounts in in ter-

De posits to tax and loan ac counts oc cur as cus tom ers of fi
nan cial in sti tu tions de posit tax pay ments, which the fi nan cial
institutions use to purchase Gov ernment securities. In most
cases, this in volves a trans fer of funds from a cus tomer’s ac count to the tax and loan ac count in the same fi nan cial in sti tution. Also, Trea sury can di rect theFRBs to in vest ex cess funds
in tax and loan ac counts di rectly from the Trea sury ac count at
the FRBs.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve
and Tax and Loan Note Ac count Bal ances
[In mil lions of dol lars. Source: Fi nan cial Man age ment Servic e]

Credits and with draw als

Fis cal year
or month

Fed eral Re serve ac counts
Credits 1
Re ceived through
collector
Re ceived di rectly
depositaries
(1)
(2)

With drawals
(3)

2

Tax and loan note ac counts
Withdrawals
(trans fers to Fed eral
3
Taxes
Re serve ac counts)
(4)
(5)

1996 . . . . . . . . . . . . . . .

4,366,413

194,156

4,561,495

629,083

621,887

1997 . . . . . . . . . . . . . . .

4,263,210

191,134

4,454,345

775,799

776,394

1998 . . . . . . . . . . . . . . .

4,238,957

259,197

4,500,895

969,668

971,671

1999 . . . . . . . . . . . . . . .

4,893,279

259,019

5,150,608

1,048,120

1,032,230

2000 . . . . . . . . . . . . . . .

4,921,490

253,060

5,172,731

1,189,835

1,195,453

1999 - Dec. . . . . . . . . . .

459,798

29,680

466,101

134,558

80,688

2000 - Jan . . . . . . . . . . .

417,210

19,554

459,047

95,482

93,793

Feb . . . . . . . . . .

429,393

18,612

449,120

87,679

127,337

Mar . . . . . . . . . .

498,369

22,969

521,985

114,557

91,103

Apr . . . . . . . . . . .

484,630

21,079

494,199

103,024

66,748

May . . . . . . . . . .

443,369

19,902

473,694

90,790

149,837

June. . . . . . . . . .

400,829

24,136

424,203

114,290

80,702

July . . . . . . . . . .

300,458

19,529

320,803

88,465

111,033

Aug . . . . . . . . . .

385,320

20,049

404,800

86,804

108,247

Sept . . . . . . . . . .

358,343

21,567

377,412

114,239

77,258

Oct. . . . . . . . . . .

345,471

23,028

371,598

90,496

130,050

Nov . . . . . . . . . .

391,392

23,201

415,670

92,324

89,915

Dec . . . . . . . . . .

360,311

37,075

396,619

148,829

139,964

See foot notes at end of ta ble.

20

AC COUNT OF THE U.S. TREA SURY

TA BLE UST-1.—El e ments of Change in Fed eral Re serve
and Tax and Loan Note Ac count Bal ances, con.
[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Balances

Fis cal year
or month

End of pe riod
Federal
Tax and loan
Reserve
note accounts
(6)
(7)

High
Federal
Tax and loan
Reserve
note ac counts
(8)
(9)

Dur ing pe riod
Low
Federal
Tax and loan
Reserve
note ac counts
(10)
(11)

Federal
Reserve
(12)

Average
Tax and loan
note ac counts
(13)

1996 . . . . . . . . . . . . . . .

7,700

36,525

15,668

40,647

2,490

-

5,847

14,194

1997 . . . . . . . . . . . . . . .

7,692

35,930

52,215

38,811

3,145

874

6,836

17,957

1998 . . . . . . . . . . . . . . .

4,952

33,926

41,801

61,150

3,407

414

6,249

22,856

1999 . . . . . . . . . . . . . . .

6,641

49,817

10,305

65,585

3,777

100

5,645

20,562

2000 . . . . . . . . . . . . . . .

8,459

44,199

29,444

82,705

3,372

45

6,320

30,829

1999 - Dec . . . . . . . . . .

28,402

54,925

28,402

82,705

3,372

45

8,250

39,016

2000 - Jan . . . . . . . . . .

6,119

56,615

28,402

67,332

3,716

24,911

8,148

52,495

Feb. . . . . . . . . .

5,004

16,958

5,866

54,155

4,239

481

5,268

24,597

Mar. . . . . . . . . .

4,357

40,413

7,611

65,592

4,357

6,200

5,344

14,148

Apr . . . . . . . . . .

15,868

92,557

29,444

105,593

4,357

21,839

6,396

48,357

May . . . . . . . . .

5,445

23,087

25,635

97,979

3,428

23,087

7,060

64,520

June . . . . . . . . .

6,208

51,299

13,668

76,650

3,387

227

6,232

37,036

July. . . . . . . . . .

5,392

28,661

6,208

52,749

4,267

27,439

5,172

37,435

Aug. . . . . . . . . .

5,961

7,218

6,262

24,165

3,943

1,958

5,047

9,466

Sept . . . . . . . . .

8,459

44,199

11,392

54,308

3,717

853

6,695

21,950

Oct. . . . . . . . . .

5,360

4,646

8,459

44,199

4,207

426

6,338

13,246

Nov. . . . . . . . . .

4,382

7,055

6,228

32,813

4,231

860

5,093

10,621

Dec. . . . . . . . . .

5,149

15,920

10,984

30,535

3,872

2,609

5,758

11,603

1

Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties
other than Gov ern ment ac count se ries and taxes.
2
Rep re sents checks paid, wire trans fer pay ments,drawdownson let ters of credit, re demp tions
of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds
out of this ac count to the tax and loan note ac counts.
3
Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan
depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and
un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin
ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion income taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning
April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

21

IN TRO DUC TION: Fed eral Debt
Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise
most of the Fed eral debt, with se cu ri ties is sued by other Fed eral agen cies ac count ing for the rest. Ta bles in this sec tion of
the “Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in forma tion is pub lished in the “Monthly State ment of the Public
Debt of the United States.” Like wise, in for ma tion on agency
securities and on investments of Federal Government ac counts in Fed eral se cu ri ties is pub lished in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States
Government.”

• Table FD-1 sum marizes the Federal debt by listing
pub lic debt and agency se cu ri ties held by the pub lic, in clud ing
the Federal Reserve. It also includes debt held by Federal
agen cies, largely by the So cial Se cu rity and other Fed eral retire ment trust funds. The net un am or tized pre mium and dis count also are listed by to tal Fed eral se cu ri ties, se cu ri ties held
by Gov ern ment ac counts and se cu ri ties held by the pub lic. The
dif fer ence be tween the out stand ing face value of the Fed eral
debt and the net un am or tized pre mium and dis count is clas sified as the ac crual amount. (For greater de tail on hold ings of
Fed eral se cu ri ties by par tic u lar classes of in ves tors, see the
own er ship ta bles, OFS-1 and OFS-2.)
• Table FD-2 cat e go rizes by type in ter est-bearing marketable and nonmarketable Treasury securities. The dif ference be tween in ter est-bearing and to tal pub lic debt se cu ri ties
re flects out stand ing ma tured Trea sury se cu ri ties—that is, unre deemed se cu ri ties that have ma tured and are no lon ger accru ing in ter est. Be cause the Fed eral Fi nancing Bank is un der
the su per vi sion of Trea sury, its se cu ri ties are held by a U.S.
Gov ern ment ac count.
• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held
by U.S. Government accounts are sum ma rized by is sues to
par tic u lar funds within Gov ern ment. Many of the funds in vest
in par value spe cial se ries nonmarketables at in ter est rates deter mined by law. Oth ers in vest in mar ket-based spe cial Treasury securities whose terms mirror those of marketable
securities.
• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued
by Gov ern ment agen cies. Fed eral agency bor row ing has declined in re cent years, in part be cause the Fed eral Fi nancing
Bank has pro vided fi nanc ing to other Fed eral agen cies. (Fed-

eral agency borrowing from Treasury is presented in the
“Monthly Trea sury State ment of Re ceipts and Out lays of the
United States Government.”)
• Ta ble FD-5 il lus trates the av er age length of mar ketable in ter est-bearing pub lic debt held by pri vate in ves tors and
the ma tu rity dis tri bu tion of that debt.
In March 1971, Con gress en acted a lim ited ex cep tion to
the amount of bonds with rates greater than 4-1/4 per cent that
could be held by the pub lic. This per mit ted Trea sury to of fer
se cu ri ties ma tur ing in more than 7 years at cur rent mar ket in
ter est rates for the first time since 1965. In March 1976, the
def i ni tion of a bond was changed to in clude those se cu ri ties
longer than 10 years to ma tu rity. This ex cep tion has ex panded
since 1971, au tho riz ing Trea sury to continue to issue longterm se cu ri ties. The ceil ing on Trea sury bonds was re pealed
on No vem ber 10, 1988.
The vol ume of pri vately held Trea sury mar ket able se cu ri
ties by ma tu rity class re flects the re main ing pe riod to ma tu rity
of Trea sury bills, notes and bonds. The av er age length is com
prised of an average of re maining periods to ma tu rity,
weighted by the amount of each se cu rity held by pri vate in ves
tors. In other words, com pu ta tions of av er age length ex clude
Gov ern ment ac counts and theFRBs.

• In ta ble FD-6 , the debt ceil ing is com pared with the
out stand ing debt sub ject to lim i ta tion by law. The other debt
cat e gory in cludes Fed eral debt Con gress has des ig nated as be
ing sub ject to the debt ceil ing. Changes in the non-interestbearing debt shown in the last col umn re flect ma tu ri ties of
Treasury se cu ri ties on non busi ness days, which can be redeemed on the next busi ness day.
• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is
sued by Gov ern ment cor po ra tions and other agen cies. Cer tain
Federal agencies are authorized to borrow money from the
Trea sury, largely to fi nance di rect loan pro grams. In ad di tion,
agen cies such as the Bonneville Power Ad min is tra tion are au
tho rized to bor row from the Trea sury to fi nance cap i tal pro
jects. Treasury, in turn, finances these loans by selli n g
Trea sury se cu ri ties to the pub lic.

22

FED ERAL DEBT

TA BLE FD-1.—Sum mary of Fed eral Debt
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Se cu ri ties held by
End of fis cal year
or month

Amount outstanding
Pub lic debt
Agency
securities
se cu ri ties

Total
(1)

Gov ern ment ac counts
Pub lic debt
Agency
To tal
se cu ri ties
se cu ri ties

(2)

(3)

(4)

(5)

(6)

To tal

The pub lic
Pub lic debt
se cu ri ties

(7)

(8)

(9)

Agency
se cu ri ties

1996 . . . . . . . . . . . .
1997 . . . . . . . . . . . .
1998 . . . . . . . . . . . .

r 5,259,842
r 5,446,320
r 5,555,552

5,224,811
5,413,146
5,526,193

r 35,030
r 33,173
r 29,359

r 1,454,609
r 1,603,862
r 1,767,778

r 1,447,003
r 1,596,765
r 1,763,860

7,606
7,098
3,917

r 3,805,233
r 3,842,458
r 3,787,774

r 3,777,808
r 3,816,381
r 3,762,333

r 27,424
r 26,075
r 25,442

1999 . . . . . . . . . . . .
2000 . . . . . . . . . . . .

r 5,684,776
5,701,850

5,656,271
5,674,178

r 28,505
27,672

r 1,989,308
r 2,235,763

r 1,988,674
2,235,710

634
51

r 3,695,468
r 3,466,087

r 3,667,597
r 3,438,468

r 27,871
27,621

1999 - Dec. . . . . . . . .
2000 - Jan. . . . . . . . .

5,805,009
5,739,855

5,776,091
5,711,285

28,918
28,570

2,061,194
2,080,525

2,060,560
2,080,140

634
384

3,743,815
3,659,330

3,715,531
3,631,145

28,284
28,186

Feb . . . . . . . .

5,763,410

5,735,333

28,077

2,086,246

2,085,861

384

3,677,164

3,649,472

27,693

Mar . . . . . . . .
Apr . . . . . . . . .
May . . . . . . . .

5,801,544
5,713,047
5,674,829

5,773,392
5,685,108
5,647,170

28,152
27,939
27,659

2,085,801
2,111,144
2,127,690

2,085,418
2,110,760
2,127,639

384
384
51

3,715,743
3,601,903
3,547,139

3,687,974
3,574,348
3,519,531

27,768
27,555
27,608

June . . . . . . . .

5,714,216

5,685,938

28,278

2,190,276

2,190,225

51

3,523,940

3,495,713

28,227

July .
Aug .
Sept .
Oct. .
Nov .

.
.
.
.
.

5,686,531
5,705,463
5,701,850
5,684,542
5,736,948

5,658,807
5,677,822
5,674,178
5,657,328
5,709,699

27,724
27,641
27,672
27,214
27,249

2,197,107
2,206,204
r 2,235,763
2,248,673
2,258,532

2,197,056
2,206,153
2,235,710
2,248,622
2,258,481

51
51
51
51
51

3,489,424
3,499,259
r 3,466,087
3,435,869
3,478,416

3,461,751
3,471,669
3,438,468
3,408,706
3,451,218

27,673
27,590
27,621
27,163
27,198

Dec . . . . . . . .

5,689,593

5,662,216

27,377

2,248,726

2,248,675

51

3,440,867

3,413,541

27,326

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

Fed eral debt se cu ri ties

Se cu ri ties held by Gov ern ment ac counts

Amount outstand ing face
value

Net
unamortized
pre mium
and dis count

(10)

(11)

1996 . . . . . . . . . . . .
1997 . . . . . . . . . . . .
1998 . . . . . . . . . . . .

r 5,259,842
r 5,446,320
r 5,555,552

r 77,932
76,633
76,849

r 5,181,910
r 5,369,687
r 5,478,704

r 1,454,609
r 1,603,862
r 1,767,778

r 5,643
r 7,000
r 10,687

1999 . . . . . . . . . . . .

r 5,684,776

78,696

r 5,606,080

r 1,989,308

2000 . . . . . . . . . . . .

5,701,850

72,842

5,629,009

r 2,235,763

1999 - Dec. . . . . . . . .
2000 - Jan. . . . . . . . .
Feb . . . . . . . .

5,805,009
5,739,855
5,763,410

79,672
79,074
79,698

5,725,337
5,660,780
5,683,711

Mar . . . . . . . .

5,801,544

78,130

Apr . .
May .
June .
July .
Aug .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

. . . .
. . . .
. . . .
. . . .
. . . .

5,713,047
5,674,829
5,714,216
5,686,531
5,705,463

77,059
77,074
76,625
73,259
73,648

Sept .
Oct . .
Nov .
Dec .

.
.
.
.

.
.
.
.

.
.
.
.

. . . .
. . . .
. . . .
. . . .

5,701,850
5,684,542
5,736,948
5,689,593

72,842
72,009
73,646
72,280

End of fis cal year
or month

Ac crual
amount

Amount outstand ing face
value

Net
unamortized
premium
and dis count

(12)

(13)

(14)

Se cu ri ties held by the pub lic

Accrual
amount

Amount out stand ing face
value

Net
unamortized
pre mium
and dis count

Accrual
amount

(15)

(16)

(17)

(18)

r 1,448,966
r 1,596,862
r 1,757,090

r 3,805,233
r 3,842,458
r 3,787,774

r 72,289
r 69,633
r 66,162

r 3,732,944
r 3,772,825
r 3,721,613

r 16,148

r 1,973,160

r 3,695,468

r 62,548

r 3,632,920

r 16,867

r 2,218,896

r 3,466,087

r 55,975

r 3,410,113

2,061,194
2,080,525
2,086,246

16,818
16,720
16,235

2,044,376
2,063,804
2,070,011

3,743,815
3,659,330
3,677,164

62,854
62,354
63,463

3,680,961
3,596,976
3,613,701

5,723,415

2,085,801

15,834

2,069,968

3,715,743

62,296

3,653,447

5,635,988
5,597,755
5,637,590
5,613,272
5,631,817

2,111,144
2,127,690
2,190,276
2,197,107
2,206,204

15,937
16,960
16,580
16,423
16,970

2,095,207
2,110,730
2,173,695
2,180,684
2,189,234

3,601,903
3,547,139
3,523,940
3,489,424
3,499,259

61,122
60,114
60,045
56,836
56,676

3,540,781
3,487,025
3,463,895
3,432,588
3,442,583

5,629,009
5,612,533
5,663,302
5,617,313

2,235,761
2,248,673
2,258,532
2,248,726

r 16,867
16,718
17,002
16,496

r 2,218,896
2,231,955
2,241,530
2,232,230

r 3,466,087
3,435,869
3,478,416
3,440,867

r 55,975
55,291
56,644
55,784

r 3,410,113
3,380,578
3,421,772
3,385,083

FED ERAL DEBT

23

TA BLE FD-2.—In ter est-Bearing Pub lic Debt
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Marketable
To tal
in ter est-bearing
pub lic debt

To tal

Trea sury
bills

Trea sury
notes

Trea sury
bonds

Trea sury
in fla tion-indexed
notes and bonds

Fed eral
Fi nancing
Bank

Non mar ket able
To tal

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

1996. . . . . . . . . . .

5,220,790

3,418,371

761,232

2,098,670

543,469

-

15,000

1,802,419

1997. . . . . . . . . . .

5,407,528

3,439,616

701,909

2,122,172

576,151

24,384

15,000

1,967,912

1998. . . . . . . . . . .
1999. . . . . . . . . . .
2000. . . . . . . . . . .

5,518,681
5,647,241
5,622,092

3,331,030
3,232,998
2,992,752

637,648
653,165
616,174

2,009,115
1,828,775
1,611,326

610,444
643,695
635,263

58,823
92,365
114,988

15,000
15,000
15,000

2,187,651
2,414,242
2,629,341

1999 - Dec . . . . . . .

5,766,093

3,280,983

737,068

1,784,480

643,695

100,740

15,000

2,485,110

2000 - Jan .
.
Feb .
Mar .
Apr .
May .

5,701,444
5,725,655
5,763,794
5,646,150
5,637,059

3,199,800
3,218,720
3,261,231
3,119,260
3,092,397

669,954
695,872
753,288
651,307
636,604

1,764,027
1,745,758
1,732,606
1,693,993
1,692,174

643,695
654,964
652,964
650,964
639,739

107,124
107,126
107,373
107,996
108,879

15,000
15,000
15,000
15,000
15,000

2,501,644
2,506,935
2,502,564
2,526,890
2,544,662

June. . . . . . .

5,675,889

3,070,730

629,928

1,679,094

637,739

108,970

15,000

2,605,158

July . . . . . . .
Aug . . . . . . .
Sept . . . . . . .

5,648,865
5,667,989
5,622,092

3,046,111
3,056,536
2,992,752

620,616
647,355
616,174

1,663,128
1,642,643
1,611,326

633,239
636,763
635,263

114,127
114,774
114,988

15,000
15,000
15,000

2,602,754
2,611,454
2,629,341

Oct . . . . . . .

5,647,557

2,993,882

618,548

1,608,758

631,262

120,313

15,000

2,653,675

Nov . . . . . . .
Dec . . . . . . .

5,700,007
5,618,061

3,036,727
2,966,885

682,134
646,855

1,589,592
1,557,304

629,012
626,512

120,989
121,215

15,000
15,000

2,663,279
2,651,176

End of fis cal year
or month

.
.
.
.
.

.
.
.
.
.

. . . .
. . . .
. . . .
. . . .
. . . .

End of fis cal year
or month

U.S. savings
securities
(9)

1996 . . . . . . . . . . . . . . . . . .
1997 .
1998 .
1999 .
2000 .

For eign se ries
(10)

Non mar ket able, con.
Gov ern ment
State and lo cal
ac count se ries
gov ern ment se ries
(11)
(12)

Do mes tic
se ries
(13)

Other
(14)

184,147

37,488

1,454,690

95,674

29,995

424

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

182,665
180,816
180,019
177,724

34,909
35,079
30,970
25,431

1,608,478
1,777,329
2,005,166
2,242,900

111,863
164,431
168,091
153,288

29,995
29,995
29,995
29,996

1
1
1
1

1999 - Dec
2000 - Jan .
Feb
Mar
Apr .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

. . . . . . .
. . . . . . .
. . . . . . .
. . . . . . .
. . . . . . .

179,346
179,073
178,968
178,625
178,526

31,318
31,318
31,318
28,768
28,668

2,078,721
2,098,454
2,103,801
2,103,309
2,127,484

165,729
162,802
162,852
161,865
162,216

29,995
29,995
29,995
29,995
29,995

1
1
1
1
1

May .
June .
July .
Aug .
Sept .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

177,754
177,726
177,813
177,669
177,724

28,518
27,731
25,431
25,431
25,431

2,146,678
2,209,352
2,214,507
2,223,995
2,242,900

161,716
160,352
155,007
154,362
153,288

29,996
29,996
29,996
29,996
29,996

1
1
1
1
1

Oct. . . . . . . . . . . . . . .

177,949

25,431

2,267,351

152,948

29,996

1

Nov . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . .

178,142
176,866

25,111
27,161

2,277,298
2,266,127

152,731
151,026

29,996
29,996

1
1

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.

.
.
.
.
.

.
.
.
.
.

24

FED ERAL DEBT

Ta ble FD-3.—Gov ern ment Ac count Series
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of fis cal year
or month

To tal
(1)

Air port
and Air way
Trust
Fund
(2)

Bank
In sur ance
Fund
(3)

Federal
Fed eral
Em ployees Exchange
Disability em ployees
Life In sur- Stabilization In sur ance re tire ment
ance Fund
Fund
Trust Fund
funds
(4)
(5)
(6)
(7)

Federal
Hospital
In sur ance
Trust Fund
(8)

Federal
Fed eral Old-age and
Housing
Survivors
Ad min is tra- In sur ance
tion
Trust Fund
(9)
(10)

1996. . . . . . . . . . . .

1,454,690

7,682

22,186

16,962

11,853

50,051

377,677

125,805

7,894

499,403

1997.
1998.
1999.
2000.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

1,608,478
1,777,329
2,005,166
2,242,900

6,360
8,550
12,414
13,097

26,329
27,445
28,359
29,126

18,038
19,377
20,755
22,372

15,460
15,981
12,382
11,029

63,513
76,947
92,622
113,667

407,202
440,145
474,692
507,225

116,621
118,250
153,767
168,859

13,643
14,518
15,152
17,267

567,445
653,282
762,226
893,519

1999 - Dec .
2000 - Jan. .
Feb .
Mar .
Apr .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

. . . .
. . . .
. . . .
. . . .
. . . .

2,078,721
2,098,454
2,103,801
2,103,309
2,127,484

12,586
12,619
12,650
12,605
12,809

28,068
28,189
28,409
28,468
28,260

20,992
21,139
21,525
21,603
21,129

13,154
13,213
13,272
13,337
13,504

97,203
99,481
100,413
101,069
104,501

485,036
482,710
480,151
478,204
475,706

141,460
148,746
148,223
146,069
154,147

15,354
15,155
16,654
16,634
16,634

798,894
812,363
816,433
823,344
840,622

May .
June.
July .
Aug .
Sept.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

2,146,678
2,209,352
2,214,507
2,223,995
2,242,900

12,888
13,121
13,209
13,199
13,097

29,008
29,993
29,042
29,281
29,126

21,985
22,027
22,038
22,375
22,372

13,577
12,645
12,714
12,637
11,029

105,451
110,623
111,510
112,500
113,667

474,235
489,286
486,710
484,250
507,225

153,584
161,848
163,771
163,625
168,859

16,457
16,986
16,987
17,642
17,267

843,466
877,948
883,378
889,172
893,519

Oct . . . . . . . .

2,267,351

13,441

29,339

22,431

10,951

114,122

504,825

168,069

16,764

896,121

Nov . . . . . . . .
Dec . . . . . . . .

2,277,298
2,266,127

14,136
14,402

29,673
29,360

22,758
22,562

10,876
9,929

114,798
114,695

502,533
500,188

169,272
171,622

18,012
18,011

898,026
901,597

Trea sury
de posit
funds

Un em ploy
ment Trust
Fund

Other

(18)

(19)

(20)

.
.
.
.
.

.
.
.
.

.
.
.
.
.

End of fis cal year
or month

Federal
Sav ings and
Loan
Corporation,
Resolution
Fund

Federal
Sup ple men
National
tary Med i cal Government
Ser vice Life
Railroad
In sur ance
Life In surHighway
Insurance
Postal
Retirement
Trust Fund ance Fund Trust Fund
Fund
Ser vice Fund Account

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1996 . . . . . . . . . . .
1997 . . . . . . . . . . .
1998 . . . . . . . . . . .

694
1,806
2,087

27,175
34,464
39,502

99
-

11,660
22,341
17,926

12,007
12,023
12,008

860
860
1,000

14,763
17,486
19,764

77
74
71

53,849
61,880
70,598

213,993
222,933
239,878

1999 . . . . . . . . . . .
2000 . . . . . . . . . . .

2,304
2,508

26,528
45,075

-

28,083
31,023

11,954
11,804

1,086

22,347
22,628

71
62

77,357
86,399

264,153
266,154

1999 - Dec. . . . . . . .
2000 - Jan. . . . . . . .

2,290
2,301

46,080
46,700

-

23,818
24,683

12,168
12,090

-

22,655
22,822

69
70

78,635
77,157

280,259
279,016

Feb. . . . . . . .

2,314

Mar .
Apr .
May
June

. .
. .
. .
. .

2,331
2,328
2,340
2,354

46,476

-

25,750

11,994

-

22,210

69

77,570

279,688

44,709
46,950
46,275
45,265

-

26,152
26,334
27,297
27,550

11,881
11,803
11,723
12,066

-

22,206
22,261
22,381
22,372

69
69
66
66

75,739
75,056
84,542
85,915

278,889
275,371
281,403
279,287

July . . . . . . .
Aug . . . . . . .

2,383
2,430

46,042
45,392

-

28,756
29,188

11,990
11,907

69
615

22,531
22,660

66
62

85,267
87,882

278,044
279,178

Sept . . . . . . .
Oct . . . . . . . .
Nov . . . . . . .

2,508
2,428
2,441

45,075
45,133
44,346

-

31,023
30,269
30,859

11,804
11,727
11,653

1,086
-

22,628
22,708
22,756

62
62
18

86,399
85,477
86,897

266,154
293,484
298,244

Dec . . . . . . .

2,455

42,846

-

24,545

11,581

600

22,722

18

85,269

293,727

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

FED ERAL DEBT

25

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice]

Fed eral Deposit
In sur ance Cor po ra tion

Total
outstanding

De part ment
of Housing
and Ur ban
Development
Fed eral
Housing
Ad min is tra tion

Farm
Credit
System
Fi nan cial
As sis tance
Corp.

Other
in de pend ent
Ten nes see
Val ley
Au thor ity

Postal
Ser vice

Other

(1)

End of fis cal year
or month

Federal
Sav ings
and Loan
In sur ance
Cor po ra tion,
Resolution
Fund
(2)

(3)

(4)

(5)

(6)

(7)

1996 . . . . . . . . . . . . . . . . .

r 35,030

126

82

1,261

28,683

4,406

r 472

1997 . . . . . . . . . . . . . . . . .

r 33,173

95

68

1,261

27,386

3,898

r 465

1998 . . . . . . . . . . . . . . . . .

r 29,359

63

174

1,261

26,685

717

r 458

1999 . . . . . . . . . . . . . . . . .

r 28,505

63

114

r 863

26,378

634

r 451

2000 . . . . . . . . . . . . . . . . .

27,672

63

227

775

25,987

51

569

1999 - Dec . . . . . . . . . . . . . .

28,918

63

126

1,261

26,370

634

464

2000 - Jan . . . . . . . . . . . . . .

28,570

63

126

1,261

26,271

384

465

Feb . . . . . . . . . . . . . .

28,077

63

155

864

26,162

384

449

Mar . . . . . . . . . . . . . .

28,152

63

168

864

26,225

384

448

Apr . . . . . . . . . . . . . .

27,939

63

173

864

26,005

384

450

May . . . . . . . . . . . . . .

27,659

63

184

864

26,046

51

451

June. . . . . . . . . . . . . .

28,278

63

185

864

26,663

51

452

July . . . . . . . . . . . . . .

27,724

63

205

864

26,088

51

453

Aug . . . . . . . . . . . . . .

27,641

63

210

864

25,886

51

568

Sept. . . . . . . . . . . . . .

27,672

63

227

775

25,987

51

569

Oct . . . . . . . . . . . . . .

27,214

63

237

775

25,517

51

570

Nov . . . . . . . . . . . . . .

27,249

63

239

775

25,549

51

572

Dec . . . . . . . . . . . . . .

27,377

63

255

775

25,660

51

573

26

FED ERAL DEBT

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able
In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors
[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Ma tu rity classes
Amount
outstanding
pri vately held
(1)

End of fis cal year
or month
1996
1997
1998
1999
2000

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

Within
1 year
(2)

1-5 years
(3)

5-10 years
(4)

10-20 years
(5)

20 years
or more
(6)

Av er age length 1
(7)

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

3,011,185
2,998,846
2,856,637
2,728,011
2,469,152

1,058,558
1,017,913
940,572
915,145
858,903

1,212,258
1,206,993
1,105,175
962,644
791,540

306,643
321,622
319,331
378,163
355,382

111,360
154,205
157,347
149,703
167,082

322,366
298,113
334,212
322,356
296,246

5 yrs. 3
5 yrs. 4
5 yrs. 8
5 yrs. 9
5 yrs. 10

1999 - Dec .
2000 - Jan .
Feb .
Mar .
Apr .
May.
June
July .
Aug .
Sept
Oct .
Nov .
Dec .

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

2,787,126
2,683,681
2,702,058
2,743,400
2,600,311
2,570,193
2,549,041
2,524,546
2,530,893
2,469,152
2,451,427
2,491,065
2,423,503

1,009,248
915,464
939,872
1,001,796
893,167
876,491
877,788
871,922
887,294
858,903
847,999
908,769
871,579

934,945
921,105
907,671
889,900
857,878
860,823
842,755
822,703
822,565
791,540
784,391
773,442
746,162

370,470
375,697
373,002
372,500
371,881
362,767
362,792
367,915
355,767
355,382
354,418
345,276
344,615

144,045
144,045
152,913
151,049
151,048
155,082
151,975
150,725
168,672
167,082
164,211
164,211
162,096

328,417
327,369
328,601
328,156
326,337
315,031
313,732
311,281
296,595
296,246
300,407
299,365
299,050

5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.
5 yrs.

1

Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on
the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in
1997) are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the

mos.
mos.
mos.
mos.
mos.

6 mos.
8 mos.
9 mos.
7 mos.
10 mos.
10 mos.
10 mos.
9 mos.
10 mos.
10 mos.
10 mos.
9 mos.
10 mos.

end of the fis cal years back through 1967.
Note.— Details may not add to to tals due to round ing.

TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt out stand ing
sub ject to lim i ta tion
End of fis cal year
or month
1996 .
1997 .
1998 .
1999 .
2000 .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

To tal
(2)

Pub lic debt
(3)

Other debt
(4)

1

Pub lic debt
(5)

Other debt
(6)

Non-interestbear ing debt
sub ject to
lim i ta tion
(7)

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

5,500,000
5,950,000
5,950,000
5,950,000
5,950,000

5,137,195
5,327,624
5,439,447
5,567,694
5,591,625

5,137,113
5,327,556
5,439,281
5,567,588
5,591,407

82
68
166
106
218

5,135,157
5,323,010
5,432,833
5,559,616
5,540,373

82
68
166
106
218

1,956
4,546
6,448
7,972
51,034

1999 - Dec. .
2000 - Jan. .
Feb .
Mar .
Apr . .
May .
June .
July .
Aug .
Sept .
Oct. .
Nov .
Dec .

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.

. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .
. . .

5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000
5,950,000

5,686,853
5,622,637
5,646,910
5,686,504
5,599,334
5,561,420
5,600,647
5,576,713
5,594,586
5,591,625
5,575,670
5,626,550
5,580,455

5,686,734
5,622,518
5,646,762
5,686,344
5,599,168
5,561,245
5,600,471
5,576,517
5,594,384
5,591,407
5,575,441
5,626,319
5,580,208

119
118
147
160
166
176
177
196
201
218
229
231
247

5,677,792
5,613,733
5,638,139
5,677,802
5,561,264
5,552,188
5,591,475
5,567,628
5,585,603
5,540,373
5,566,722
5,617,677
5,537,104

119
118
147
160
166
176
177
196
201
218
229
231
247

8,942
8,785
8,623
8,542
37,904
9,057
8,996
8,889
8,781
51,034
8,719
8,642
43,104

1

.
.
.
.
.

Stat u tory debt
limit
(1)

In ter est-bearing debt
sub ject to lim i ta tion

Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

FED ERAL DEBT

27

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued
by Gov ern ment Cor po ra tions and Other Agencies
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part ment of Ag ri cul ture
End of fis cal year
or month

Total
(1)

1996 . . . . . . . . . . . . . . .
1997 . . . . . . . . . . . . . . .

Farm-Service
Agency
(2)

Ru ral Util ities
Service
(3)

Ru ral Housing
and Com mu nity
Development
Service
(4)

Ru ral Busi ness
and Co op er a tive
Development
Service
(5)

r 12,040
12,925

6,430
6,676

113
157

647
670

Foreign
Agricultural
Service
(6)

r 117,292
133,301

3,273
9,818

1998 . . . . . . . . . . . . . . .

154,155

19,937

13,295

7,808

203

642

1999 . . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . . .

r 182,988
r 191,596

32,625
27,323

r 13,837
14,690

8,506
9,413

261
305

761
729

1999 - Dec . . . . . . . . . . . .

173,807

20,900

13,730

8,506

261

761

2000 - Jan . . . . . . . . . . . .
Feb. . . . . . . . . . . .

179,961
180,963

25,653
26,964

13,697
13,682

8,506
8,506

261
261

761
761

Mar. . . . . . . . . . . .
Apr . . . . . . . . . . . .
May. . . . . . . . . . . .

180,232
180,538
181,581

24,383
25,923
26,148

14,931
14,931
14,930

9,665
9,665
9,665

307
307
307

761
761
761

.
.
.
.

188,710
187,035
187,370
r 191,596

27,206
27,808
23,166
27,323

14,740
14,740
14,739
14,690

9,665
9,665
9,665
9,413

307
307
307
305

761
761
780
729

Oct . . . . . . . . . . . .

200,258

32,149

14,425

9,413

305

725

Nov. . . . . . . . . . . .
Dec. . . . . . . . . . . .

182,032
186,407

14,808
17,455

14,376
14,421

9,413
9,423

305
320

725
725

June
July.
Aug.
Sept

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

De part ment of
En ergy
End of fis cal year
or month

1996
1997
1998
1999

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

.
.
.
.

Department
of Ed u ca tion
(7)
.
.
.
.

.
.
.
.

Bonneville
Power
Administration
(8)

De part ment of Housing
and Ur ban De vel op ment
Fed eral
Other
Housing
Housing
Administration
pro grams
(9)
(10)

Department
of Trea sury

Department
of Vet erans Af fairs

Federal
Fi nancing Bank
(11)

Di rect Loan
Fund
(12)

.
.
.
.

r 13,399
23,532
35,610
52,440

2,456
2,499
2,499
2,515

3,123
3,639
6,579
7,996

6,909
6,174
5,293
4,628

47,046
34,944
34,036
28,115

*
*
-

2000 . . . . . . . . . . . . . . .

65,716

2,513

7,155

3,653

27,836

-

1999 - Dec . . . . . . . . . . . .
2000 - Jan . . . . . . . . . . . .

53,787
56,414

2,555
2,559

7,996
7,996

4,203
4,203

27,152
25,752

-

Feb . . . . . . . . . . . .

56,414

2,559

7,996

4,203

25,181

-

Mar .
Apr .
May.
June
July .

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

56,414
56,414
56,414
62,913
62,913

2,559
2,599
2,464
2,464
2,546

7,996
7,996
7,996
7,996
7,996

4,203
4,203
4,203
4,203
4,203

24,305
23,699
24,102
23,512
23,142

-

Aug .
Sept
Oct .
Nov.
Dec.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

67,792
65,716
70,616
70,616
70,616

2,453
2,513
2,513
2,513
2,513

7,996
7,155
7,155
7,155
7,155

4,203
3,653
3,653
3,653
3,653

23,039
27,836
26,279
25,169
25,574

-

28

FED ERAL DEBT

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment
Cor po ra tions and Other Agencies, con.
[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Department
of Vet erans Af fairs, con.
End of fis cal year
or month

Loan Guaranty
Fund
(13)

Ex port-Import
Bank of the
United States
(14)

Railroad
Retirement
Board
(15)

Small
Business
Administration
(16)

Other
(17)

1996 . . . . . . . . . .

1,270

2,736

5,018

8,811

r 4,021

1997 . . . . . . . . . .

2,028

3,140

5,039

9,406

12,651

1998 . . . . . . . . . .

-

3,956

4,993

9,559

9,745

1999 . . . . . . . . . .

-

6,603

4,848

9,825

10,030

2000 . . . . . . . . . .

-

r 6,683

4,874

10,012

10,694

1999 - Dec . . . . . . .

-

6,665

5,576

8,981

12,734

2000 - Jan . . . . . . .

-

6,665

5,834

8,981

12,679

Feb. . . . . . .

-

6,665

6,078

8,981

12,712

Mar. . . . . . .

-

6,665

6,342

8,981

12,720

Apr . . . . . . .

-

6,665

6,606

8,981

11,787

May . . . . . .

-

6,970

6,851

8,981

11,789

June . . . . . .

-

6,970

4,138

9,954

13,879

July. . . . . . .

-

4,921

4,397

9,954

13,681

Aug. . . . . . .

-

4,921

4,611

10,012

13,684

Sept . . . . . .

-

6,683

4,874

10,012

10,694

Oct. . . . . . .

-

6,683

5,129

10,012

11,201

Nov. . . . . . .

-

6,683

5,365

10,012

11,241

Dec. . . . . . .

-

r 6,683

5,635

9,329

12,908

* Less than $500,000.

FED ERAL DEBT

29

CHARTS FD-A.—Average Length
of Privately Held Marketable Debt
(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

Years

6

5.5

December 31, 2000
5 Years, 10 Months

5
J

F

M

A

M

J

J

A

S

O

N

D

93

97

01

Years

12
June 1947
10 Years,
5 Months

10

8
Dec. 1975
2 Years,
5 Months

6

4

2

0
45

49

53

57

61

65

69

73

77

81

85

89

30

INTRODUCTION: Public Debt Operations
Chap ter 31 of Ti tle 31 of the United States Code al lows
the Sec re tary of Trea sury to bor row money by is su ing Treasury se cu ri ties. The Sec re tary de ter mines the terms and con ditions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate.
New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds
ma ture in more than 10 years from the is sue date. Each outstand ing mar ket able se cu rity is listed in the “Monthly Statement of the Pub lic Debt of the United States.” The in for ma tion
in this sec tion of the “Trea sury Bul le tin” per tains only to market able Trea sury se cu ri ties.
• Ta ble PDO-1 pro vides a ma tu rity sched ule of in terest-bearing mar ket able pub lic debt se cu ri ties other than reg ular weekly, 52-week and cash management bills. All
unmatured Trea sury notes and bonds are listed in ma tu rity order, from ear li est to lat est. A sep a rate break out is pro vided for
the com bined hold ings of the Gov ern ment ac counts and Federal Re serve Banks (FRBs ), so that the “all other in ves tors”
cat e gory in cludes all pri vate hold ings.
• Ta blePDO-2 pres ents the re sults of weekly auc tions of
13- and 26-week bills, as well as auc tions of 52-week bills.

Trea sury bills ma ture each Thurs day. Issues of 13-week bills
are reopenings of 26-week bills. Issues of cash man age ment
bills also are pre sented. High yields on ac cepted ten ders and
the dollar value of total bids are presented, with the dollar
value of awards made on both com pet i tive and non com pet i
tive bases.
To en cour age the par tic i pa tion of in di vid u als and smaller
in sti tu tions, Trea sury ac cepts non com pet i tive ten ders of up to
$1 mil lion for bills and $5 mil lion for notes and bonds in each
auc tion of se cu ri ties.
• Ta blePDO-3 lists the re sults of auc tions of mar ket able
se cu ri ties, other than weekly bills, in chro no log i cal or der over
the past 2 years. In cluded are: notes and bonds from ta ble
PDO-1 , 52-week bills from ta ble PDO-2, and data for cash
man age ment bills.
• Ta blePDO-4in di cates the to tal amount of mar ket able
se cu ri ties al lot ted to each class of in ves tor. TheFRBs tally into
in ves tor classes the ten ders in each auc tion of mar ket able se
cu ri ties other than weekly auc tions of 13- and 26-week bills.

TREASURY FINANCING: OCTOBER-DECEMBER
[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

On January 31, 2001, Treasury announced
the elimination of 52-week bills. The final
auc tion of this se cu rity took place on Feb ruary 27, 2001.
OCTOBER
Auc tion of 28-1/2-Year In fla tion-Indexed Bonds
On Oc to ber 4, 2000, Trea sury an nounced it would auc tion
$5,000 mil lion of 28-1/2-year in fla tion-indexed bonds to raise
cash. The 28-1/2-year, 3-7/8 per cent, in fla tion-indexed bonds
of April 2029 were dated April 15, 1999, and is sued Oc to ber
16, 2000. They are due April 15, 2029, with in ter est pay able on
April 15 and Oc to ber 15 un til ma tu rity.
Treasury received tenders for the bonds before 12 noon
east ern day light time (e.d.t.) for non com pet i tive ten ders and
be fore 1 p.m. e.d.t. for com pet i tive ten ders on Oc to ber 11. Tenders to taled $9,923 mil lion; Trea sury ac cepted $5,000 mil lion
at the high yield of 3.953 per cent with an equiv a lent ad justed
price of 103.628. Ten ders at the high yield were al lot ted 71
percent. The me dian yield was 3.918 percent, and the low
yield was 3.850 per cent. Non com pet i tive ten ders to taled $16
mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors
to taled $4,984 mil lion.
The min i mum par amount re quired for STRIPS of in fla tion-indexed bonds is $1,000.

Auc tion of 2-Year Notes
On October 18, Treasury announced it would auction
$10,000 mil lion of 2-year notes of Se ries AB-2002. The is sue
was to re fund $28,485 mil lion of se cu ri ties ma tur ing Oc to ber
31 and to pay down about $18,485 mil lion.
The notes of Se ries AB-2002 were dated Oc to ber 31, 2000.
They are due Oc to ber 31, 2002, with in ter est pay able on April
30 and Oc to ber 31 un til ma tu rity. Trea sury set an in ter est rate
of 5-3/4 percent after determining which tenders were accepted on a yield auc tion ba sis.
Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t.
for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on Oc to ber 25. Ten ders to taled $26,821 mil lion;
Trea sury ac cepted $10,006 mil lion. All non com pet i tive and
suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the
high yield of 5.845 percent with the equivalent price of
99.823. Ten ders at the high yield were al lot ted 98 per cent. The
me dian yield was 5.830 per cent, and the low yield was 5.795
per cent. Non com pet i tive ten ders to taled $960 mil lion. Com
pet i tive ten ders ac cepted from pri vate in ves tors to taled $9,047
million.
In ad di tion to the $10,006 mil lion of ten ders ac cepted in the
auc tion pro cess, Trea sury ac cepted $1,500 mil lion from Federal Re serve Banks (FRBs) as agents for for eign and in ter na
tional mon e tary au thor i ties. It also ac cepted $3,333 mil lion
from FRBs for their own ac count.
The in ter est rate de ter mined in this auc tion matched that of
the out stand ing is sue with the same ma tu rity and in ter est pay-

PUB LIC DEBT OP ER A TIONS

31

TREASURY FINANCING: OCTOBER-DECEMBER, con.
ment dates. There fore, the is sue will be con sid ered an ad di tional issue of the 5-year note of Series N-2002 originally
dated Oc to ber 31, 1997.
The min i mum par amount re quired for STRIPS of notes of
Se ries N-2002 is $800,000.
Cash Management Bills
On October 26, Treasury an nounced it would auction
$32,000 mil lion of 50-day bills. They were is sued No vem ber
1, 2000, and ma tured De cem ber 21, 2000. The is sue was to
raise new cash. Trea sury auc tioned the bills on Oc to ber 31.
They to taled $52,233 mil lion. Trea sury ac cepted $32,021 million. The high bank dis count rate was 6.38 per cent.
Debt Buyback Operations
In the debt buy back op er a tion held on Oc to ber 19, 2000, for
set tle ment on Oc to ber 23, Trea sury re ceived $4,785 mil lion of
of fers. It ac cepted $1,500 mil lion par amount for a to tal price
paid of $2,075 mil lion (less ac crued in ter est).
In the debt buy back op er a tion held on Oc to ber 26, 2000, for
set tle ment on Oc to ber 30, Trea sury re ceived $5,308 mil lion of
of fers. It ac cepted $1,500 mil lion par amount for a to tal price
paid of $1,935 mil lion (less ac crued in ter est).

NOVEMBER
No vem ber Quar terly Fi nancing
On November 1, Treasury announced it would auction
$12,000 mil lion of 5-year notes of Se ries F-2005 and $8,000
mil lion of 9-3/4-year notes of Se ries C-2010. The is sue was to
re fund $23,877 mil lion of Trea sury se cu ri ties ma tur ing No vem ber 15 and to pay down about $3,877 mil lion.
The notes of Se ries F-2005 were dated No vem ber 15, 2000.
They are due No vem ber 15, 2005, with in ter est pay able on
May 15 and No vem ber 15 un til ma tu rity. Trea sury set an in terest rate of 5-3/4 per cent af ter de ter min ing which ten ders were
ac cepted on a yield auc tion ba sis.
Trea sury re ceived ten ders for the notes be fore 12 noon eastern stan dard time (e.s.t.) for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for competitive tenders on November 7.
Ten ders to taled $20,831 mil lion; Trea sury ac cepted $12,000
mil lion. All non com pet i tive and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the high yield of 5.870 per cent
with an equiv a lent price of 99.486.Trea sury ac cepted in full all
com pet i tive ten ders at yields lower than 5.870. Ten ders at the
high yield were allotted 12 percent. The median yield was
5.830 per cent, and the low yield was 5.790 per cent. Non com pet i tive ten ders to taled $371 mil lion. Com pet i tive ten ders accepted from pri vate in ves tors to taled $11,630 mil lion.
In ad di tion to the $12,000 mil lion of ten ders ac cepted in the
auc tion pro cess, Trea sury ac cepted $1,400 mil lion from FRBs
as agents for for eign and in ter na tional mon e tary au thor i ties. It
also accepted $2,404 million from FRBs for their own ac count. The min i mum par amount re quired for STRIPS of notes
of Se ries F-2005 is $800,000.

The 9-3/4-year 5-3/4 per cent notes of Se ries C-2010 were
dated Au gust 15, 2000. They were is sued No vem ber 15, 2000,
and are due Au gust 15, 2010, with in ter est pay able on Feb ru
ary 15 and August l5 until maturity. Accrued in terest of
$14.37500 per $1,000, cov er ing the pe riod from Au gust 15 to
No vem ber 15, 2000, was pay able with each ac cepted ten der.
Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.
for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet
i tive ten ders on No vem ber 8. Ten ders to taled $21,030 mil lion;
Treasury ac cepted $8,000 mil lion. All non com pet i tive and
suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the
high yield of 5.865 per cent with an equiv a lent price of 99.134.
Ten ders at the high yield were al lot ted 30 per cent. Trea sury accepted in full all com pet i tive ten ders at yields lower than 5.865
percent. The median yield was 5.845 percent, and the low
yield was 5.800 per cent. Non com pet i tive ten ders to taled $48
mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors
to taled $7,953 mil lion.
In ad di tion to the $8,000 mil lion of ten ders ac cepted in the
auc tion pro cess, Trea sury ac cepted $800 mil lion from FRBs
as agents for for eign and in ter na tional mon e tary au thor i ties. It
also ac cepted $1,275 mil lion from FRBs for their own account. The min i mum par amount re quired for STRIPS of notes
of Se ries C-2010 is $800,000.
Auc tion of 2-Year Notes
On November 22, Treasury announced it would auction
$10,000 million of 2-year notes. The issue was to refund
$28,401 mil lion of se cu ri ties ma tur ing No vem ber 30 and to
pay down about $18,401 mil lion.
The notes of Series AC-2002 were dated No vem ber 30,
2000. They are due No vem ber 30, 2002, with in ter est pay able
on May 31 and No vem ber 30 un til ma tu rity. Trea sury set an in
terest rate of 5-5/8 percent af ter de ter min ing which ten ders
were ac cepted on a yield auc tion ba sis.
Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.
for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet
i tive ten ders on No vem ber 29. Ten ders to taled $31,440 million; Trea sury ac cepted $10,014 mil lion. All non com pet i tive
and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at
the high yield of 5.695 per cent with an equiv a lent price of
99.869. Tenders at the high yield were al lot ted 98 per cent.
Treasury ac cepted in full all com pet i tive ten ders at yields
lower than 5.695 per cent. The me dian yield was 5.689 per cent,
and the low yield was 5.665 per cent. Non com pet i tive ten ders
to taled $940 mil lion. Com pet i tive ten ders ac cepted from pri
vate in ves tors to taled $9,074 mil lion.
In ad di tion to the $10,014 mil lion of ten ders ac cepted in the
auc tion pro cess, Trea sury ac cepted $1,700 mil lion from FRBs
as agents for for eign and in ter na tional mon e tary au thor i ties. It
also ac cepted $3,333 mil lion from FRBs for their own account.
52-Week Bills
On November 22, Treasury announced it would auction
$10,000 million of 364-day Treasury bills. The bills were
dated November 30, 2000, and will mature No vem ber 29,
2001. The is sue was to re fund $16,730 mil lion of all ma tur ing

32

PUB LIC DEBT OP ER A TIONS

TREASURY FINANCING: OCTOBER-DECEMBER, con.
bills and to raise about $15,270 mil lion of new cash.Treasury
auc tioned the bills on No vem ber 28. Ten ders to taled $22,227
million; Treasury accepted $8,045 million. That included
$295 mil lion of non com pet i tive ten ders from the pub lic and
$1,960 mil lion is sued to FRBs as agents for for eign and in ter
na tional mon e tary au thor i ties. Trea sury is sued an ad di tional
$2,508 mil lion to FRBs for their own ac counts. The high bank
dis count rate was 5.710 per cent.
Cash Man age ment Bills
On November 9, Treasury announced it would auction
$12,000 mil lion of 33-day bills. The bills were is sued No vem
ber 15, 2000, and ma tured De cem ber 18, 2000. The is sue was
to raise new cash. Trea sury auc tioned the bills on No vem ber
14. They to taled $36,160 mil lion. Trea sury ac cepted $12,035
mil lion. The high bank dis count rate was 6.37 per cent.
On November 28, Trea sury an nounced it would auc tion
$36,000 mil lion of 14-day bills. The bills were is sued De cem
ber 1, 2000, and ma tured De cem ber 15, 2000. The is sue was to
raise new cash. Trea sury auc tioned the bills on No vem ber 30.
They to taled $67,780 mil lion. Trea sury ac cepted $36,033 million. The high bank dis count rate was 6.45 per cent.
Debt Buy back Op er a tions
In the debt buy back op er a tion held on No vem ber 9, 2000,
for set tle ment on No vem ber 13, Trea sury re ceived $4,796 million of of fers. It ac cepted $1,250 mil lion par amount for a to tal
price paid of $1,398 mil lion (less ac crued in ter est).
In the debt buy back op er a tion held on No vem ber 16, 2000,
for set tle ment on No vem ber 20, Trea sury re ceived $4,903 million of of fers. It ac cepted $1,000 mil lion par amount for a to tal
price paid of $1,313 mil lion (less ac crued in ter est).

DECEMBER
Auc tion of 2-Year Notes
On December 20, Treasury announced it would auction
$10,000 mil lion of 2-year notes. The issue was to refund

$27,402 mil lion of se cu ri ties ma tur ing De cem ber 31 and to
pay down about $17,402 mil lion.
The notes of Series AD-2002 were dated December 31,
2000. They were is sued Jan u ary 2, 2001, and are due De cember 31, 2002, with in ter est pay able on June 30 and De cem ber
31 un til ma tu rity. Trea sury set an in ter est rate of 5-1/8 per cent
af ter de ter min ing which ten ders were ac cepted on a yield auction ba sis. Ac crued in ter est of $0.28315 per $1,000, cov er ing
the pe riod from De cem ber 31, 2000, to Jan u ary 2, 2001, was
pay able with each ac cepted ten der.
Trea sury re ceived ten ders for the notes be fore 12 noon e.s.t.
for non com pet i tive ten ders and be fore 1 p.m. e.s.t. for com pet
i tive ten ders on De cem ber 27. Ten ders to taled $25,094 million; Trea sury ac cepted $10,000 mil lion. All non com pet i tive
and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at
the high yield of 5.130 per cent with an equiv a lent price of
99.990. Tenders at the high yield were al lot ted 47 per cent.
Treasury ac cepted in full all com pet i tive ten ders at yields
lower than 5.130 per cent. The me dian yield was 5.110 per cent,
and the low yield was 5.060 per cent. Non com pet i tive ten ders
to taled $971 mil lion. Com pet i tive ten ders ac cepted from private in ves tors to taled $9,030 mil lion.
In ad di tion to the $10,000 mil lion of ten ders ac cepted in the
auc tion pro cess, Trea sury ac cepted $1,500 mil lion from FRBs
as agents for for eign and in ter na tional mon e tary au thor i ties. It
also ac cepted $3,333 mil lion from FRBs for their own ac counts. The minimum par amount required for STRIPS of
notes of Se ries AD-2002 is $1,600,000.
Debt Buy back Op er a tions
In the debt buy back op er a tion held on De cem ber 7, 2000,
for set tle ment on De cem ber 11, Trea sury re ceived $4,983 million of of fers. It ac cepted $1,250 mil lion par amount for a to tal
price paid of $1,810 mil lion (less ac crued in ter est).
In the debt buy back op er a tion held on De cem ber 14, 2000,
for set tle ment on De cem ber 18, Trea sury re ceived $4,193 million of of fers. It ac cepted $1,250 mil lion par amount for a to tal
price paid of $1,670 mil lion (less ac crued in ter est).

PUB LIC DEBT OP ER A TIONS

33

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties
Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000
[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties
Held by

Date of fi nal ma tu rity

Is sue date

(1)
2001
Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Description

(2)

5-1/4%-E note
4-1/2%-U note
11-3/4% bond
1 7-3/4%-A note
1 5-3/8%-S note
5-5/8%-F note
1 5%-V note
6-3/8%-G note
1 4-7/8%-W note
6-1/4%-H note
1 5%-X note
13-1/8% bond
1 8%-B note
1 5-5/8%-T note
6-1/2%-J note
1 5-1/4%-Y note
1 5-3/4%-Z note
6-5/8%-K note
6-5/8%-L note
1 5-1/2%-AB note
1 7-7/8%-C note
13-3/8% bond
6-1/2%-M note
1 5-1/2%-AC note
6-3/8%-N note
1 5-5/8%-AD note
6-1/4%-P note
1 5-7/8%-AE note
15-3/4% bond
1 7-1/2%-D note
5-7/8%-Q note
6-1/8%-R note

01/31/96
02/01/99
01/12/81
02/15/91
02/17/98
02/29/96
03/01/99
04/10/96
03/31/99
04/30/96
04/30/99
04/02/81
05/15/91
05/15/98
05/31/96
06/01/99
06/30/99
07/01/96
07/31/96
08/02/99
08/15/91
07/02/81
09/03/96
08/31/99
09/30/96
09/30/99
10/31/96
11/01/99
10/07/81
11/15/91
12/02/96
12/31/96

Total . . . . . . . . . . . . . . . . . .
2002
Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
See foot note at end of ta ble.

6-1/4%-C note
7-5/8% bond
14-1/4% bond
6-1/4%-D note
6-5/8%-E note
6-5/8%-F note
1 7-1/2%-A note
6-1/2%-G note
6-1/4%-H note
1 3-5/8%-J note
6%-K note
1 6-3/8%-B note
6-1/4%-L note
1 5-7/8%-M note
1 5-3/4%-N note
7-7/8% bond
11-5/8% bond
1 5-3/4%-P note
1 5-5/8%-Q note
1 6-3/8%-R note
1 6-1/2%-S note
1 6-1/2%-T note
1 6-3/8%-U note

01/31/97
02/15/77
01/06/82
02/28/97
03/31/97
04/30/97
05/15/92
06/02/97
06/30/97
07/15/97
07/31/97
08/17/92
09/02/97
09/30/97
10/31/97
11/15/77
09/29/82
12/01/97
12/31/97
01/31/00
02/29/00
03/31/00
05/01/00

To tal
(3)

U.S. Gov ernment ac counts
and Fed eral Reserve Banks
(4)

All other
in ves tors
(5)

12,816
19,777
1,501
11,313
15,367
12,820
19,587
14,181
21,605
13,780
21,034
1,750
12,398
12,874
13,722
19,886
19,001
14,282
14,137
20,541
12,339
1,753
14,000
20,119
14,519
18,798
14,640
19,196
1,753
24,226
33,505
31,166
498,386

1,430
2,765
166
1,209
1,758
1,607
3,589
1,954
3,785
1,974
3,390
300
1,937
3,176
1,592
3,121
3,285
2,537
1,682
3,650
1,779
272
1,452
3,736
1,632
3,204
1,091
2,890
231
3,557
4,169
4,891
73,811

11,386
17,012
1,336
10,104
13,610
11,213
15,998
12,227
17,821
11,806
17,644
1,450
10,462
9,698
12,130
16,765
15,716
11,746
12,455
16,891
10,560
1,481
12,549
16,382
12,886
15,594
13,549
16,306
1,522
20,669
29,335
26,276
424,579

13,453
4,234
1,759
13,800
14,301
14,475
11,714
13,504
13,059
18,270
12,231
23,859
12,732
12,807
26,594
1,495
2,753
12,121
12,052
19,381
16,563
17,238
17,391

1,361
1,546
225
1,750
1,948
2,150
2,197
1,636
1,593
978
782
3,876
1,072
1,237
4,315
379
591
1,412
967
4,045
3,584
3,785
3,869

12,093
2,688
1,534
12,050
12,354
12,324
9,517
11,868
11,466
17,293
11,449
19,983
11,660
11,570
22,279
1,116
2,162
10,709
11,085
15,337
12,980
13,453
13,522

34

PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties
Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.
[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties
Held by

Date of fi nal ma tu rity

1

Is sue date

(1)
2002 con.
May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sep. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Description

(2)

1 6-5/8%-V note
1 6-3/8%-W note
1 6-1/4%-X note
1 6-1/8%-Y note
1 6%-Z note

5-5/8%-AC note

05/31/00
06/30/00
07/31/00
08/31/00
10/02/00
11/30/00

Total. . . . . . . . . . . . . . . . . .
2003
Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr.30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 5-1/2%-C

note
10-3/4% bond
1 6-1/4%-A note
1 5-1/2%-D note
1 5-1/2%-E note
1 5-3/4%-F note
10-3/4% bond
1 5-1/2%-G note
1 5-3/8%-H note
8-3/8% bond
11-1/8% bond
1 5-3/4%-B note
1 5-1/4%-J note
8-3/4% bond
11-7/8% bond
4-1/4%-K note

02/02/98
01/04/83
02/16/93
03/02/98
03/31/98
04/30/98
04/04/83
06/01/98
06/30/98
08/15/78
07/05/83
08/16/93
08/17/98
11/15/78
10/05/83
11/16/98

Total. . . . . . . . . . . . . . . . . .
2004
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5-7/8%-A note
4-3/4%-E note
9-1/8% bond
12-3/8% bond
1 7-1/4%-B note
1 5-1/4%-F note
13-3/4% bond
1 7-1/4%-C note
1 6%-G note
10-3/8% bond
1 11-5/8% bond
1 7-7/8%-D note
1 5-7/8%-H note
1
1

02/15/94
02/16/99
05/15/79
04/05/84
05/16/94
05/17/99
07/10/84
08/15/94
08/16/99
11/15/79
10/30/84
11/15/94
11/15/99

Total. . . . . . . . . . . . . . . . . .
2005
Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11-3/4% bond
7-1/2%-A note
10% bond
1 12% bond
1 6-1/2%-B note
1 10-3/4% bond
1 6-1/2%-C note
12-3/4% bond
1 5-7/8%-D note
1 6-3/4%-E note
1 5-3/4%-F note
1

02/15/80
02/15/95
05/15/80
04/02/85
05/15/95
07/02/85
08/15/95
11/17/80
11/24/95
05/15/00
11/15/00

Total. . . . . . . . . . . . . . . . . .
See foot note at end of ta ble.

To tal
(3)

U.S. Gov ernment ac counts
and Fed eral Reserve Banks

All other
investors

(4)

(5)

14,872
14,321
15,058
15,072
15,144
15,059
395,312

3,963
3,504
3,499
3,333
3,275
3,333
66,205

10,909
10,817
11,559
11,739
11,869
11,725
329,110

13,101
3,007
23,563
13,670
14,173
12,573
3,249
13,132
13,127
2,103
3,501
28,011
19,852
5,230
7,260
18,626
194,178

1,330
739
2,564
2,337
2,968
2,550
741
1,712
1,349
789
797
4,188
2,968
1,666
1,589
1,518
29,805

11,771
2,267
20,999
11,333
11,205
10,023
2,508
11,420
11,778
1,314
2,704
23,823
16,884
3,564
5,670
17,107
164,370

12,955
17,823
4,606
3,755
14,440
18,925
4,000
13,346
18,090
4,201
8,302
14,374
32,658
167,475

650
2,013
1,061
829
2,083
2,562
838
875
1,617
1,076
1,706
2,440
3,320
21,070

12,305
15,810
3,545
2,926
12,357
16,364
3,162
12,471
16,473
3,125
6,596
11,934
29,338
146,406

2,494
13,835
2,987
4,261
14,740
9,270
15,003
4,736
15,210
28,562
15,812
126,910

858
1,794
1,177
846
2,000
1,808
2,085
1,261
1,960
4,441
2,404
20,634

1,636
12,041
1,811
3,414
12,740
7,462
12,917
3,476
13,250
24,121
13,408
106,276

PUB LIC DEBT OP ER A TIONS

35

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties
Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.
[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Date of fi nal ma tu rity
2006
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 06-11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Description
(1)
1 9-3/8%
1 5-5/8%-A

bond
note
13-7/8% bond
1 6-7/8%-B note
1 7%-C note
1 6-1/2%-D note
14% bond

Is sue date
(2)

To tal
(3)

01/15/86
02/15/96
05/15/81
05/15/96
07/15/96
10/15/96
11/16/81

4,756
15,514
4,609
16,015
22,740
22,460
4,901
90,995

857
1,918
1,074
2,620
4,123
3,932
975
15,499

3,899
13,596
3,535
13,395
18,618
18,528
3,925
75,496

17,305
13,104
13,958
25,637
10,452

1,669
1,166
1,973
3,854
1,919

15,636
11,938
11,985
21,783
8,533

80,456

10,581

69,875

18,106
13,583
27,191
13,459
25,083
97,422

1,861
1,480
4,301
3,041
3,334
14,017

16,245
12,103
22,890
10,418
21,749
83,405

4,481
4,781
6,006
16,871
14,795
27,400
74,334

869
906
1,195
958
2,045
3,425
9,398

3,611
3,875
4,811
15,913
12,750
23,975
64,935

11,708
23,356
22,438

327
3,740
2,529

11,381
19,616
19,909

57,502

6,596

50,906

11,351
5,216
5,926

1,846
1,167
1,007

9,505
4,049
4,919

22,493

4,020

18,473

6,803
18,824
18,824

1,037
1,099
1,625

5,766
17,724
17,199

44,451

3,761

40,689

Total . . . . . . . . . . . . . . . . . .
2007
Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 07-12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 3-3/8%-A note
1 6-1/4%-B note
1 6-5/8%-C note
1 6-1/8%-D note

10-3/8% bond

02/06/97
02/18/97
05/15/97
08/15/97
11/15/82

Total . . . . . . . . . . . . . . . . . .
2008
Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15, 08-13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 3-5/8%-A note
1 5-1/2%-B note
1 5-5/8%-C note

12% bond
4-3/4%-D note

01/15/98
02/17/98
05/15/98
08/15/83
11/16/98

Total . . . . . . . . . . . . . . . . . .
2009
May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15, 09-14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15, 09-14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13-1/4% bond
12-1/2% bond
1 11-3/4% bond
1 3-7/8%-A note
1 5-1/2%-B note
1 6%-C note

05/15/84
08/15/84
11/15/84
01/15/99
05/17/99
08/16/99

Total . . . . . . . . . . . . . . . . . .
2010
Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 4-1/4%-A note
1 6-1/2%-B note
1 5-3/4%-C note

01/18/00
02/15/00
08/15/00

Total . . . . . . . . . . . . . . . . . .
2015
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1

11-1/4% bond
10-5/8% bond
9-7/8% bond

1

02/15/85
08/15/85
11/29/85

Total . . . . . . . . . . . . . . . . . .
2016
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1

9-1/4% bond
7-1/4% bond
7-1/2% bond

02/18/86
05/15/86
11/17/86

Total . . . . . . . . . . . . . . . . . .
See foot note at end of ta ble.

Amount of ma tu ri ties
Held by
U.S. Gov ernment ac counts
and Fed eral ReAll other
serve Banks
in ves tors
(4)
(5)

36

PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties
Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.
[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Date of fi nal ma tu rity

2017
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Description
(1)

1
1

Is sue date
(2)

To tal
(3)

8-3/4% bond
8-7/8% bond

05/15/87
08/17/87

16,857
12,929
29,786

2,755
2,058
4,813

14,102
10,871
24,973

7,367
7,689
15,056

1,240
768
2,008

6,128
6,921
13,049

17,061
19,596
36,657

2,155
1,933
4,088

14,906
17,663
32,569

9,918
8,374
18,872
37,164

1,439
1,502
1,881
4,822

8,479
6,872
16,991
32,342

10,415
10,719
10,683
31,731

944
1,618
1,658
3,068

9,471
9,101
9,025
28,663

63,548

7,288

56,260

10,289
8,845
19,134

874
1,601
2,475

9,415
7,244
16,659

17,480
22,669
40,149

2,636
1,554
4,190

14,845
21,116
35,961

10,527
10,527

1,615
1,615

8,912
8,912

11,476
12,007
23,483

1,177
1,800
2,977

10,300
10,208
20,508

12,838
10,824
11,483
35,145

1,115
1,614
1,724
4,453

11,723
9,210
9,759
30,692

Total . . . . . . . . . . . . . . . . . .
2018
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

9-1/8% bond
1 9% bond

05/16/88
11/22/88

Total . . . . . . . . . . . . . . . . . .
2019
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1

8-7/8% bond
8-1/8% bond

02/15/89
08/15/89

Total . . . . . . . . . . . . . . . . . .
2020
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1

8-1/2% bond
8-3/4% bond
8-3/4% bond

02/15/90
05/15/90
08/15/90

Total. . . . . . . . . . . . . . . . . .
2021
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1

7-7/8% bond
8-1/8% bond
8-1/8% bond
1 8% bond

02/15/91
05/15/91
08/15/91
11/15/91

Total . . . . . . . . . . . . . . . . . .
2022
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1

7-1/4% bond
7-5/8% bond

08/17/92
11/16/92

Total . . . . . . . . . . . . . . . . . .
2023
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1

7-1/8% bond
6-1/4% bond

02/16/93
08/16/93

Total . . . . . . . . . . . . . . . . . .
2024
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

7-1/2% bond

08/15/94

Total . . . . . . . . . . . . . . . . . .
2025
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1

7-5/8% bond
6-7/8% bond

02/15/95
08/15/95

Total . . . . . . . . . . . . . . . . . .
2026
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1

1 6% bond
6-3/4% bond
6-1/2% bond

02/15/96
08/15/96
11/15/96

Total . . . . . . . . . . . . . . . . . .
See foot note at end of ta ble.

Amount of ma tu ri ties
Held by
U.S. Gov ernment ac counts
and Fed eral ReAll other
serve Banks
in ves tors
(4)
(5)

PUB LIC DEBT OP ER A TIONS

37

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties
Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Dec. 31, 2000, con.
[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

Date of fi nal ma tu rity
2027
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Description
(1)
1
1
1

Is sue date
(2)

6-5/8% bond
6-3/8% bond
6-1/8% bond

02/18/97
08/15/97
11/17/97

Total . . . . . . . . . . . . . . . . . .
2028
Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1

3-5/8% bond
5-1/2% bond
5-1/4% bond

04/15/98
08/17/98
11/16/98

Total . . . . . . . . . . . . . . . . . .
2029
Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1

5-1/4% bond
3-7/8% bond
6-1/8% bond

02/16/99
04/15/99
08/16/99

Total . . . . . . . . . . . . . . . . . .
2030
May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

6-1/4% bond

02/15/00

Total . . . . . . . . . . . . . . . . . .

1 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Pub l ic Debt
of the United States.”

To tal
(3)

Amount of ma tu ri ties
Held by
U.S. Gov ernment ac counts
and Fed eral ReAll other
serve Banks
in ves tors
(4)
(5)

10,286
10,416
22,519

920
1,640
3,185

9,366
8,776
19,334

43,221

5,745

37,476

18,082
11,776
10,947
40,805

882
1,772
945
3,599

17,200
10,004
10,002
37,206

11,350
20,873
11,179

1,340
760
1,075

10,010
20,114
10,104

43,402

3,175

40,228

17,043
17,043

1,894
1,894

15,149
15,149

38

PUB LIC DEBT OP ER A TIONS

TA BLE PDO-2.—Of fer ings of Bills
[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States”; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Is sue date

De scrip tion of new is sue
Number
Amount
of days to
of bids
Ma tu rity date
ma tu rity 1
ten dered
(1)
(2)
(3)

Amounts of bids ac cepted
On nonOn com pet i- competitive
To tal amount tive ba sis 2
ba sis 3
(4)
(5)
(6)

On to tal com pet i tive bids ac cepted
High price per High dis count
hun dred
rate (per cent)
(7)
(8)

High in vest ment rate
(percent) 4
(9)

Reg u lar weekly:
(13 week and 26 week)
2000 - Oct. 5 . . . . . . 2001 - Jan.

4

91

29,048.7

14,423.2

9,139.4

1,222.4

98.464

6.075

6.257

12 . . . . .

Apr.
Jan.

5
11

182
91

27,571.2
34,486.4

13,751.1
17,028.1

4,563.9
8,123.6

1,212.0
1,332.7

96.946
98.464

6.040
6.075

6.318
6.257

19 . . . . .

Apr.
Jan.

12
18

182
91

31,043.3
30,255.4

16,028.3
15,407.9

5,378.6
8,714.8

1,625.2
1,188.5

96.939
98.463

6.055
6.080

6.333
6.261

26 . . . . .

Apr.
Jan.

19
25

182
91

28,794.5
30,184.5

14,593.7
15,952.5

5,052.0
8,422.3

1,083.7
1,292.5

96.972
98.443

5.990
6.160

6.262
6.344

2 ......

Apr. 2 6
Feb.
1

182
91

25,078.3
26,807.7

14,645.3
15,805.2

4,989.2
8,844.2

1,592.9
1,390.4

96.941
98.438

6.050
6.180

6.328
6.365

9 ......

May
Feb.

3
8

192
91

28,191.6
29,000.7

14,531.5
17,834.2

4,580.7
8,026.4

1,182.0
1,408.2

96.929
98.428

6.075
6.220

6.354
6.406

16 . . . . .

May 1 0
Feb. 1 5

182
91

28,442.4
28,824.0

16,174.9
15,579.8

5,428.4
8,833.6

1,572.8
1,380.7

96.914
98.437

6.105
6.185

6.386
6.369

24 . . . . .

May 1 7
Feb. 2 2

182
90

27,964.1
28,970.7

14,583.7
15,962.8

5,393.4
8,767.4

1,136.4
1,389.0

96.931
98.456

6.070
6.175

6.350
6.360

30 . . . . .

May 2 4
Mar.
1

181
91

31,501.1
33,467.5

14,915.7
13,931.3

5,143.5
10,069.7

1,512.5
1,275.9

96.958
98.443

6.050
6.160

6.327
6.344

7 ......

May 3 1
Mar.
8

182
91

29,641.9
34,658.0

11,011.7
18,755.6

6,527.6
7,860.7

955.2
1,364.3

96.944
98.493

6.045
5.960

6.322
6.137

June 7
Mar. 1 5
June 1 4

182
91
182

28,591.8
29,418.7
25,669.4

15,385.5
16,769.8
14,561.4

6,240.3
8,852.1
6,386.2

1,545.6
1,343.3
1,127.7

97.048
98.509
97.073

5.840
5.900
5.790

6.100
6.071
6.047

Mar. 2 2
June 2 1
Mar. 2 9

91
182
91

30,134.9
25,599.0
23,238.7

16,474.5
14,364.0
16,675.2

8,320.2
6,116.1
8,792.0

1,335.6
1,493.2
1,194.7

98.541
97.139
98.559

5.770
5.660
5.700

5.939
5.907
5.864

June 2 8

182

22,129.6

14,504.6

5,678.3

1,018.3

97.219

5.500

5.737

Nov.

Dec.

14 . . . . .
21 . . . . .
28 . . . . .

52 week:
2000 - Nov.

30 . . . . . 2001 - Nov.

29

364

26,694.6

12,512.1

7,749.4

295.1

94.227

5.710

6.052

Cash management:
2000 - Nov. 1 . . . . . . 2000 - Dec.
Nov. 15 . . . . .
Dec.

21
18

50
33

52,233.0
36,160.2

32,020.5
12,035.4

32,020.5
12,035.2

0.0
0.2

99.114
99.416

6.38
6.37

6.530
6.500

1 All 13-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 26 wee ks or 52

weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu ri ty of 52
weeks.
2 In cludes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral
Re serve Banks.

3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-priceformat as of No vem ber 2, 1998.
4 Equiv a lent cou pon-issue yield.

PUB LIC DEBT OP ER A TIONS

39

TA BLE PDO-3.—Pub lic Of fer ings of Marketable Se cu ri ties
Other than Reg u lar Weekly Trea sury Bills
[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Auc tion date

Is sue date

De scrip tion of se cu ri ties

(1)

1

Pe riod to fi nal ma tu rity
(years, months, days) 2

Amount
ten dered

(3)

(4)

(2)

01/04/00
01/12/00
01/26/00
02/01/00
02/08/00
02/09/00
02/10/00
02/17/00
02/23/00

01/06/00
01/18/00
01/31/00
02/03/00
02/15/00
02/15/00
02/15/00
02/18/00
02/29/00

5.997% bill—01/04/2001
4-1/4% ii note—01/15/10-A
6-3/8% note—01/31/02-R
6.287% bill—02/01/01
5-7/8% note—11/15/04-H-re open ing
6-1/2% note—02/15/10-B
6-1/4% bond—05/15/30
5.86% bill—04/27/00-reopening
6-1/2% note—02/28/02-S

02/29/00
03/02/00
03/28/00
03/29/00

03/02/00
03/03/00
03/30/00
03/30/00

6.197% bill—03/01/01
5.77% bill—03/16/00-reopening
6.09% bill—04/20/00-reopening
6.11% bill—04/18/00

03/29/00
04/26/00
05/09/00

03/31/00
05/01/00
05/15/00

6-1/2% note—03/31/02-T
6-3/8% note—04/30/02-U
6-3/4% note—05/15/05-E

2y
2y
5y

05/10/00
05/24/00
05/31/00
06/01/00

05/15/00
05/31/00
06/01/00
06/02/00

6-1/2% note—02/15/10-B-reopening
6-5/8% note—05/31/02-V
6.000% bill—05/31/01
5.20% bill—06/14/00

9y
2y

06/28/00
07/12/00
07/26/00
08/08/00
08/09/00
08/10/00
08/14/00
08/23/00
08/29/00
08/31/00
09/27/00
10/11/00
10/25/00
10/31/00
11/07/00
11/08/00
11/14/00
11/28/00
11/29/00
11/30/00
12/27/00

06/30/00
07/17/00
07/31/00
08/15/00
08/15/00
08/15/00
08/15/00
08/31/00
08/31/00
09/01/00
10/02/00
10/16/00
10/31/00
11/01/00
11/15/00
11/15/00
11/15/00
11/30/00
11/30/00
12/01/00
01/02/01

6-3/8% note—06/30/02-W
4-1/4% note—01/15/10-A-reopening
6-1/4% note—07/31/02-X
6-3/4% note—05/15/05-E-reopening
5-3/4% note—08/15/10-C
6-1/4% bond—05/15/30-reopening
6.35% bill—09/21/00-reopening
6-1/8% note—08/31/02-y
5.880% bill—08/30/01
6.44% bill—09/15/00
6% note—09/30/02-Z
3-7/8% bond—4/15/29-reopening
5-3/4% note—10/31/02-N
6.38% bill—12/21/00
5-3/4% note—11/15/05-F
5-3/4% note—8/15/10-C-reopening
6.37% bill—12/18/00
5.710% bill—11/29/01
5-5/8% note—11/30/02-AC
6.45% bill—12/15/00
5-1/8% note—12/31/02-AD

2y
9y
2y
4y
10y
29y

See foot notes at end of ta ble.

Amount
ac cepted

364d

364d
9m
3m
69d
2y
364d
13d
21d
19d

9m
364d
12d
6m
9m
9m
37d

2y
364d
14d
2y
28y
2y

6m
50d

5y
9y

9m
33d
364d

2y
14d
2y

(5)

Ac cepted yield and
equiv a lent price
for notes and bonds
(6)

30,491
18,740
33,731
30,068
25,052
16,782
14,527
56,198
36,492

14,941
6,317
19,347
16,224
5 14,230
12,270
5 11,271
30,006
16,528

29,797
73,094
54,001
57,225

15,612
25,014
35,003
30,071

36,049
33,052
27,183

10y
2y
4y
10y
30y

3,4

17,220
17,372
15,458

6.58 - 99.852
6.484 - 99.798
6.789 - 99.837

11,076
14,838
13,618
7,018

6.475 - 100.153
6.749 - 99.772

14,311
5,002
15,037
13,189
12,357
5,774
21,018
15,038
13,033
25,011
15,184
5,000
14,839
32,021
15,804
10,075
12,035
12,512
15,048
36,033
14,834

6.483 - 99.800
4.030 - 103.539
6.284 - 99.937
6.060 - 102.787
5.840 - 99.326
5.697 - 107.860

24,011
30,049
30,672
20,045
31,326
11,741
31,358
33,786
21,811
19,340
57,909
31,979
26,458
61,503
34,515
9,923
31,654
52,233
24,635
23,105
36,160
26,695
36,474
67,780
29,928

5

5

4.338 - 99.298
6.434 - 99.891
6.741 - 96.505
6.540 - 99.710
6.340 - 98.771
6.590 - 99.834

6.204 - 99.854

6.002 - 99.995
3.953 - 103.628
5.845 - 99.823
5.870 - 99.486
5.865 - 99.134

5.695 - 99.869
5.130 - 99.990

40

PUB LIC DEBT OP ER A TIONS

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties
Other than Reg u lar Weekly Trea sury Bills, con.
1 Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown

is the high bank dis count rate. For note and bond is sues, the rate
shown is the in ter est rate. For de tails of bill of fer ings, see ta ble PDO-2.
As of Oc to ber 1, 1997, all Trea sury is sues of notes and bonds are el i gi
ble for STRIPS.
2 From date of ad di tional is sue in case of a re open ing.
3 In reopenings, the amount ac cepted is in ad di tion to the amount of
orig i nal of fer ings.
4 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral
Re serve Banks; and to for eign and in ter na tional mon e tary au thor i ties,
whether in ex change for ma tur ing se cu ri ties or for new cash.

5 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of
this loan.

Note.— Starting with the Jan u ary 5, 1999, auc tion, amounts listed as
ten dered and ac cepted are amounts ten dered and awarded on auc tion
day. Be fore the Jan u ary 5, 1999, auc tion, amounts listed as ten dered
and ac cepted are amounts ten dered and awarded on is sue day.

PUB LIC DEBT OP ER A TIONS

41

TA BLE PDO-4A.—Al lot ments by In ves tor Class
for Mar ket able Pub lic Debt Se cu ri ties Other than Bills
[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

De scrip tion of se cu ri ties

Total
is sue
(1)

Date of
financing

Federal
Reserve
Banks

De pos itory in stitu tions 1

(2)

(3)

In di vid
uals 2

Dealers
and
brokers

Private
pension
and re tirement
funds

In vestment
funds

In sur ance
companies

Foreign
and
international

Other 3

(4)

(5)

(6)

(7)

(8)

(9)

(10)

04/15/99

3-7/8% bond—4/15/29

7,351

350

20

17

5,093

1

527

60

871

412

04/30/99

5% note—4/30/01-X

21,034

3,020

53

1,201

12,793

7

102

1

3,585

272

05/17/99

5-1/4% note—5/15/04-F

18,925

2,562

24

456

12,569

2

374

75

1,525

1,338

05/17/90

5-1/2% note—5/15/09-B

14,795

2,045

214

584

9,956

2

572

10

750

662

06/01/99

5-1/4% note—5/31/01-Y

19,886

3,556

114

1,268

12,715

10

74

4

1,596

549

06/30/99

5-3/4% note—6/30/01-Z

19,001

2,484

243

1,540

12,398

1

392

*

1,893

50

07/15/99

3-7/8% note—1/15/09-A-reopening

7,369

368

19

115

4,686

365

1,074

20

534

188

08/02/99

5-1/2% note—7/15/01-AB

20,541

3,560

98

1,496

12,286

5

718

*

2,327

51

08/16/99

6% note—8/15/04-G

18,090

1,617

120

1,022

12,817

1

807

1

1,637

68

08/16/99

6% note—8/15/09-C

14,757

1,290

113

125

9,246

1

2,431

15

1,453

83

08/16/99

6-1/8% bond—8/15/29

11,179

1,075

15

574

6,670

-

2,391

25

266

163

08/31/99

5-1/2% note—8/31/01-AC

20,119

3,256

222

1,314

12,136

1

475

1

2,529

185

09/30/99

5-5/8% note—9/30/01-AD

18,798

2,125

401

1,655

12,101

1

119

6

2,260

130

10/15/99

3-7/8% note—4/15/29-reopening

7,370

368

499

80

3,127

255

2,722

-

279

40

11/01/99

5-7/8% note—10/31/99-AE

19,196

2,682

71

1,192

12,568

1

634

5

2,005

38

11/15/99

5-7/8% note—11/15/04-H

18,406

2,190

1,020

501

11,565

1

1,638

-

1,465

26

11/15/99

6% note—8/15/09-C-reopening

12,643

2,135

251

81

8,846

*

394

5

800

131

11/30/99

5-7/8% note—11/30/01-Q

19,473

3,143

664

1,157

11,803

6

901

*

1,660

139

12/31/99

6-1/8% note—12/31/01-R

17,195

2,175

606

1,206

12,223

7

843

*

75

60

01/18/00

4-1/4% note—1/15/10-A

6,318

316

602

68

2,552

37

2,335

5

400

3

01/31/00

6-3/8% note—1/31/02-R

19,381

4,045

392

1,513

11,409

2

168

*

1,820

32

02/15/00

5-7/8% note—11/15/04-H-reopening

14,252

1,130

81

897

9,961

*

98

*

1,854

231

02/15/00

6-1/2% note—2/15/10-B

12,278

1,170

75

488

8,713

*

562

-

1,145

125

02/15/00

6-1/4% bond—5/15/30

11,269

1,170

232

127

7,749

-

1,475

-

223

293

02/29/00

6-1/2% note—2/28/02-S

16,563

3,219

217

1,425

8,937

7

760

2

1,795

201

03/31/00

6-1/2% note—3/31/02-T

17,238

3,515

337

1,849

8,897

1

300

1

2,047

303

05/01/00

6-3/8% note—4/30/02-U

17,391

3,869

291

1,638

9,065

3

473

*

2,020

32

05/15/00

6-3/4% note—5/15/05-E

15,426

2,357

109

995

10,466

2

193

1

1,230

73

05/15/00

6-1/2% note—2/15/10-B-reopening

11,078

2,570

111

210

6,668

*

644

*

839

36

See foot notes at end of ta ble.

42

PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Class
for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.
[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance]

De scrip tion of se cu ri ties

Total
is sue

De pos itory in stitu tions 1

In di vid
uals 2

Dealers
and
brokers

(1)

Date of
financing

Fed eral
Re serve
Banks
(2)

(3)

(4)

(5)

Private
pension
and re
tirement
funds

In vestment
funds

(6)

(7)

(8)

(9)

(10)

Foreign
In sur ance and
cominternapanies
tional

Other 3

05/31/00

6-5/8% note—5/31/02-V

14,872

3,838

67

1,845

7,674

1

125

1

1,296

25

06/30/00

6-3/8% note—6/30/02-W

14,321

3,109

58

1,517

7,831

7

112

1

1,476

210

07/17/00

4-1/4% note—1/15/10-A

5,003

-

1

403

2,537

292

1,468

-

293

9

07/31/00

6-1/4% note—7/31/02-X

15,058

3,333

64

1,249

8,020

*

27

2

2,053

310

08/15/00

6-3/4% note—5/15/05-E-reopening

13,137

2,085

55

634

8,249

*

78

-

2,030

6

08/15/00

5-3/4% note—8/15/00-C

12,360

1,254

21

88

9,214

*

247

-

1,186

350

08/15/00

6-1/4% bond—5/15/30-reopening

5,774

724

20

11

3,131

-

1,576

-

50

262

08/31/00

6-1/8% note—8/31/02-Y

15,072

3,333

61

1,355

8,091

16

2

*

1,945

269

10/02/00

6% note—9/30/02-Z

15,144

3,275

40

1,215

6,251

1

2,155

*

2,150

57

10/16/00

3-7/8% bond—4/15/29-reopening

5,001

-

15

70

1,927

525

2,132

-

330

2

10/31/00

5-3/4% note—10/31/02-N

14,857

3,333

115

944

7,886

-

776

*

1,791

12

11/15/00

5-3/4% note—11/15/02-F

15,812

2,404

7

365

11,066

*

268

-

1,640

62

11/15/00

5-3/4% note—8/15/10-C-reopening

10,078

1,275

*

45

7,819

-

30

-

889

20

11/30/00

5-5/8% note—11/30/02-AC

15,059

3,333

35

881

4,274

7

1,006

*

5,450

73

* Less than $500,000.
1
De pos i tory in sti tu tions in clude banks.
2
In cludes part ner ships and per sonal trust ac counts.
3
Re sid ual.

PUB LIC DEBT OP ER A TIONS

43

TA BLE PDO-4B.—Al lot ments by In ves tor Class
for Mar ket able Pub lic Debt Se cu ri ties, 52-Week Bills**
[Dol lar amounts in mil lions. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Date of
fi nanc ing

Date of
maturity
(1)

High rate
(percent)
(2)

Total
amount
is sued
(3)

Al lot ments by in ves tor class
Federal
Foreign
Re serve De pos i tory
Dealers and Pen sion and Investment Insurance and in ter
Banks in sti tu tions1 In di vid uals2
bro kers
re tire ment
funds
companies national
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)

All other 3
(12)

07/22/99

07/20/00

4.710

15,373

4,940

30

938

7,494

-

79

*

1,875

17

08/19/99
09/16/99

08/20/00
09/14/00

4.945
5.000

15,048
15,542

5,010
5,170

12
15

920
899

7,366
7,209

1

50
53

1
1

1,670
2,179

19
15

10/14/99

10/12/00

5.110

16,734

4,950

9

767

7,933

1

201

-

2,858

15

11/12/99

11/09/00

5.170

15,453

4,540

9

709

8,068

2

273

1

1,833

18

12/09/99

12/07/00

5.350

14,819

4,815

12

755

7,739

1

837

*

634

26

01/06/00

01/04/01

5.645

14,942

4,925

19

904

7,626

2

52

-

1,390

24

02/03/00

02/01/01

5.905

16,226

5,420

9

1,109

7,201

*

100

*

2,362

25

03/02/00

03/01/01

5.840

15,616

4,805

17

1,077

6,931

2

101

1

2,506

176

06/01/00

05/31/01

6.000

13,616

3,605

11

656

6,155

1

308

1

2,365

514

08/31/00

08/30/01

5.880

13,033

3,027

12

457

7,710

2

51

*

1,761

13

11/30/00

11/29/01

5.710

12,517

2,508

7

282

7,388

*

242

-

2,081

9

Note.—For de tail of of fer ings, see ta ble PDO-3 .
** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by
type of in ves tor.

* Less than $500,000.
1 De pos i tory in sti tu tions in clude banks.
2
In cludes partnerships and per sonal trust ac counts.
3 Re sid ual.

TA BLE PDO-4B.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties
for Bills Other than Reg u lar Weekly Se ries (His tor i cal)**
[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac counting]

Date of
fi nanc ing
04/29/99
05/27/99
06/24/99

Date of ma tu rity
(1)
04/27/00
05/25/00
06/22/00

1
Ex clu sive of banks and in sur ance com pa nies.
2

To tal amount
issued

Av er age rate
(percent)
(2)

52-week se ries
(3)

4.49
4.63
4.89

Fed eral Re serve
Banks
(4)

15,023
15,299
14,853

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

4,855
5,145
4,570

Al lot ments by in ves tor class
Com mer cial
Dealers
banks
Cor po ra tions 1 and bro kers
(5)
(6)
(7)
268
14
133

613
523
90

6,140
7,132
7,610

All other
(8)

2

3,147
2,485
2,450

Note.—For de tail of of fer ings, see ta ble PDO-3.
** Be gin ning July 1999, dif fer ent pro ce dures and cat e go ries are used to clas sify the bids by
type of in ves tor.

44

INTRODUCTION: Savings Bonds and Notes
Se riesEE bonds, on sale since Jan u ary 1, 1998, and se ries I
bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds
cur rently be ing sold. Se ries HH bonds are is sued in ex change
for Se ries E and EE sav ings bonds and sav ings notes. Se ries
A-D were sold from March 1, 1935, through April 30, 1941.
Se ries E was on sale from May 1, 1941, through De cem ber 31,
1979 (through June 1980 to pay roll sav ers only). Se ries F and
G were sold from May 1, 1941, through April 30, 1952. Se ries
H was sold from June 1, 1952, through De cem ber 31, 1979.
Se ries HH bonds were sold for cash from January 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May
1, 1952, through April 30, 1957. U.S. sav ings notes were on
sale May 1, 1967, through June 30, 1970. The notes were el i gible for purchase by individuals with the simultaneous purchase of se ries E sav ings bonds.
The prin ci pal terms and con di tions for pur chase and re demption and in for ma tion on in vest ment yields of sav ings
notes ap pear in the “Trea sury Bul le tins” of March 1967 and
June 1968; and in the An nual Re port of the Sec re tary of the
Trea sury for fis cal 1974.

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Dec. 31, 2000
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Sales 1
(1)

Se ries A-D 2 . . . . . . . . . . . . . . . . . . . . . . .

3,949

1,054

5,003

5,002

-

1

Se ries E, EE, H and HH. . . . . . . . . . . . . .

361,305

216,175

577,480

1,343

176,802

7,794

Se ries I. . . . . . . . . . . . . . . . . . . . . . . . . . .

2,005

41

2,046

69

2,152

-

Se ries F and G. . . . . . . . . . . . . . . . . . . . .

28,396

1,125

29,521

29,517

-

3

Se ries J and K. . . . . . . . . . . . . . . . . . . . .

3,556

198

3,754

3,753

-

-

Sav ings notes . . . . . . . . . . . . . . . . . . . . .

862

707

1,569

1,221

27

-

400,073

219,300

619,373

40,905

178,981

7,798

Series

Sales plus
ac crued dis count
(3)

Amount out stand ing
InterestMa tured nonbear ing debt interest-bearingdebt
(5)
(6)

Accrued
discount
(2)

Redemptions 1
(4)

Sav ings bonds:

To tal . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E
bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for
se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin
ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH
bonds.

2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be foundin

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”

U.S. SAV INGS BONDS AND NOTES

45

TA BLE SBN-2.—Sales and Re demp tions by Pe riod, All Se ries of Sav ings Bonds and Notes Com bined
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Period

Sales
(1)

Accrued
discount
(2)

Sales plus
accrued
discount
(3)

Redemptions
Sales
price 1
(5)

To tal
(4)

Amount out stand ing
Matured
Interestnon-interestbear ing debt
bear ing debt
(7)
(8)

Accrued
dis count 1
(6)

Fis cal years:
1935-95 . . . . . . . . . . . . . . . . . 370,682
1996 . . . . . . . . . . . . . . . . .
5,936
1997 . . . . . . . . . . . . . . . . .
5,334
1998 . . . . . . . . . . . . . . . . .
4,765
1999 . . . . . . . . . . . . . . . . .
6,530
2000 . . . . . . . . . . . . . . . . .
5,645

173,465
9,822
9,083
9,141
8,394
6,940

544,147
15,758
14,417
13,906
14,924
12,585

360,585
2,495
2,084
14,338
16,614
14,511

279,529
7,234
8,435
6,897
8,072
7,050

80,996
5,261
5,968
7,441
6,781
5,864

181,529
184,423
182,589
180,744
166,529
177,659

1,997
2,292
3,601
5,091
6,169
6,544

Cal en dar years:
1935-96. . . . . . . . . . . . . . . 382,305
1997 . . . . . . . . . . . . . . . . .
9,904
1998 . . . . . . . . . . . . . . . . .
4,870
1999 . . . . . . . . . . . . . . . . .
5,395

198,008
17,301
9,156
8,110

580,313
27,205
14,026
13,505

382,776
27,647
13,254
13,219

292,607
15,412
6,577
7,870

90,169
12,235
6,677
5,349

182,781
181,133
180,254
180,326

4,222
5,359
6,273
6,045

678
787
691
649
801
605
649
762
677
641
789
617
665

1,337
1,309
1,165
1,189
1,256
1,119
1,279
1,352
1,398
1,181
1,335
1,180
1,302

1,304
1,727
1,417
1,657
1,464
1,349
1,420
1,351
1,633
1,189
1,144
1,043
1,039

640
853
629
784
694
644
687
672
872
575
556
508
485

579
738
521
656
580
540
579
562
626
483
462
422
459

179,277
179,005
178,900
178,558
178,459
177,688
177,660
177,747
177,604
177,659
177,884
178,079
176,802

7,005
6,853
6,697
6,554
6,435
6,957
6,831
6,734
6,630
6,544
6,493
6,418
7,794

1999 - Dec. . . . . . . . . . . . . . .
2000 - Jan . . . . . . . . . . . . . . .
Feb. . . . . . . . . . . . . . .
Mar. . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . .
June . . . . . . . . . . . . . .
July. . . . . . . . . . . . . . .
Aug. . . . . . . . . . . . . . .
Sept . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . .
Nov. . . . . . . . . . . . . . .
Dec. . . . . . . . . . . . . . .
1

659
522
474
540
455
514
630
590
721
540
546
563
637

Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Period

Sales
(1)

Accrued
discount
(2)

Sales plus
accrued
discount
(3)

Total
(4)

Redemptions
Sales
price
(5)

Accrued
discount
(6)

Amount out stand ing
Ex change of
Matured
E bonds for
Interestnon-interestH and HH bonds bear ing debt
bear ing debt
(7)
(8)
(9)

Se ries E and EE
Fis cal years:
1941-95 . . . . . . . . .
1996 . . . . . . . . . . .
1997 . . . . . . . . . . .
1998 . . . . . . . . . . .
1999 . . . . . . . . . . .
2000 . . . . . . . . . . .

329,121
6,035
5,334
4,765
4,630
3,848

169,936
9,708
9,067
9,141
8,349
6,899

499,057
15,743
14,401
13,906
12,979
10,747

302,428
11,809
8,435
14,136
12,407
11,161

223,816
6,480
7,541
6,954
6,744
5,853

77,650
5,315
6,456
7,182
7,500
6,583

17,980
1,173
1,254
1,190
1,090
924

170,005
172,483
169,969
180,744
166,529
162,749

1,977
2,276
3,584
5,091
6,169
6,525

Cal en dar years:
1941-96 . . . . . . . . .
1997 . . . . . . . . . . .
1998 . . . . . . . . . . .
1999 . . . . . . . . . . .

332,811
9,316
4,870
4,909

185,957
16,499
9,152
8,098

518,768
25,815
14,022
13,007

312,108
24,863
14,123
12,551

235,780
13,044
6,669
5,602

83,241
11,598
6,326
5,856

19,745
2,192
1,981
1,013

170,744
168,802
167,375
165,702

4,198
5,359
6,250
6,983

1999 - Dec . . . . . . . .
2000 - Jan. . . . . . . . .
Feb. . . . . . . . .
Mar. . . . . . . . .
Apr . . . . . . . . .
May . . . . . . . .
June. . . . . . . .
July. . . . . . . . .
Aug. . . . . . . . .
Sept . . . . . . . .
Oct . . . . . . . . .
Nov. . . . . . . . .
Dec. . . . . . . . .

551
384
360
430
369
387
378
324
329
336
334
351
414

676
784
689
647
797
601
644
757
671
633
780
607
652

1,334
1,295
1,165
1,184
1,254
1,115
1,276
1,349
1,270
1,177
1,331
1,178
1,243

1,253
791
690
766
1,354
1,249
1,317
1,246
1,392
1,103
1,057
963
1,023

569
738
520
656
580
540
579
562
626
483
462
422
463

579
791
690
766
686
611
652
600
666
542
520
468
499

88
86
102
112
89
98
86
84
101
78
74
73
69

165,702
165,358
165,146
164,719
164,558
163,679
163,420
163,267
162,876
162,749
162,807
162,799
161,386

6,983
6,832
6,677
6,534
6,416
6,934
6,810
6,713
6,610
6,525
6,448
6,377
7,739

See note at end of ta ble.

46

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I, con.
[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Period

Sales plus
accrued
discount
(3)

Accrued
discount
(2)

Sales
(1)

Redemptions
Sales
price
(5)

Total
(4)

Accrued
discount
(6)

Amount out stand ing
Ex change of
Matured
E bonds for
Interestnon-interestH and HH bonds bear ing debt bear ing debt
(7)
(8)
(9)

Se ries H and HH
Fis cal years:
1952-95. . . . . . . . .

13,556

-

13,556

19,727

19,727

-

17,980

11,524

16

16
10
56
167
165

-

16
10
56
167
165

744
893
941
1,280
1,154

744
893
941
1,280
1,154

-

1,173
1,254
1,108
1,080
924

11,940
12,294
12,541
12,813
12,759

16
17
19
19
20

1952-96. . . . . . . . .
1997 . . . . . . . . . . .
1998 . . . . . . . . . . .
1999 . . . . . . . . . . .

13,553
-7
68
37

-

13,553
-7
68
37

20,620
1,693
906
751

20,620
1,693
906
751

-

19,478
2,193
857
1,013

12,038
12,331
12,594
12,856

23
23
23
19

1999 - Dec . . . . . . . .
2000 - Jan. . . . . . . . .
Feb . . . . . . . . .
Mar . . . . . . . . .
Apr . . . . . . . . .

3
14
5
1

-

3
14
5
1

69
112
105
123
110

69
112
105
123
110

-

88
86
102
112
89

12,869
12,858
12,855
12,839
12,821

22
21
20
20
19

May . . . . . . . .
June. . . . . . . .
July . . . . . . . . .
Aug . . . . . . . . .
Sept . . . . . . . .

4
3
3
8
4

-

4
3
3
8
4

100
103
105
105
86

100
103
105
105
86

-

98
86
84
101
78

12,810
12,797
12,781
12,770
12,759

23
22
21
20
20

Oct . . . . . . . . .

3

-

3

88

88

-

74

12,724

45

Nov . . . . . . . . .
Dec . . . . . . . . .

2
59

-

2
59

80
15

80
15

-

73
69

12,723
12,704

41
56

1996
1997
1998
1999
2000

...........
...........
...........
...........
...........

Cal en dar years:

Se ries I
Fis cal years:
1999-00 . . . . . . . . .
Cal en dar years:

1,730

41

1,771

49

49

-

-

2,152

-

1998 . . . . . . . . . . .
1999 . . . . . . . . . . .

117
463

-

117
463

11

11

-

-

117
440

-

1999 - Dec . . . . . . . .

105

1

106

3

3

-

-

469

-

2000 - Jan. . . . . . . . .
Feb. . . . . . . . .
Mar. . . . . . . . .
Apr . . . . . . . . .

124
113
105
85

2
3
2
3

126
116
107
88

3
4
4
4

3
4
4
4

-

-

789
898
1,000
1,080

-

May . . . . . . . .

122

4

126

4

4

-

-

1,198

-

June. . . . . . . .
July. . . . . . . . .
Aug. . . . . . . . .
Sept . . . . . . . .
Oct . . . . . . . . .

249
263
264
200
208

5
6
6
7
9

254
269
270
207
217

5
5
6
6
7

5
5
6
6
7

-

-

1,443
1,700
1,958
2,152
2,353

-

Nov. . . . . . . . .
Dec. . . . . . . . .

209
163

11
12

220
175

6
7

6
7

-

-

2,556
2,712

-

Note—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from
May 1, 1967, through June 30, 1970, to E bond buy ers.

47

INTRODUCTION: Ownership of Federal Securities
Federal se curities presented in the following tables are
pub lic debt se cu ri ties such as sav ings bonds, bills, notes and
bonds that the Trea sury is sues. The ta bles also de tail debt is sued by other Fed eral agen cies un der spe cial fi nanc ing au thori ties. [See the Fed eral debt (FD) ta bles for a more com plete
de scrip tion of the Fed eral debt.]
• Ta ble OFS-1 pres ents Trea sury mar ket able and nonmar ket able se cu ri ties and debt is sued by other Fed eral agen cies held by Government accounts, the FRBs and private
in ves tors. So cial Se cu rity and Fed eral re tire ment trust fund invest ments com prise much of the Gov ern ment ac count hold ings.

The FRBs ac quire Trea sury se cu ri ties in the mar ket as a
means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2pres ents the es ti mated amount of pub lic
debt securities held by private inves tors. In for ma tion is obtained from sources such as the Fed eral fi nan cial in sti tu tion
reg u la tory agen cies. State, lo cal and for eign hold ings in clude
spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti
ties and for eign of fi cial ac counts. They also in clude mu nic i
pal, foreign official and private holdings of mar ketable
Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion
of in ves tor cat e go ries.)

48

OWN ER SHIP OF FED ERAL SE CU RITIES

TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues
[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

Total
(3)

1996 . . . . . . . . . . . . . . . . . . . . . . . . .
1997 . . . . . . . . . . . . . . . . . . . . . . . . .
1998 . . . . . . . . . . . . . . . . . . . . . . . . .
1999 . . . . . . . . . . . . . . . . . . . . . . . . .
2000 . . . . . . . . . . . . . . . . . . . . . . . . .

r 5,259,842
r 5,446,320
r 5,555,552
r 5,684,776
5,701,850

5,220,790
5,407,528
5,518,681
5,647,241
5,622,092

r 1,447,003
r 1,596,765
r 1,763,860
r 1,988,674
2,235,710

1,506
1,254
1,254
1,123
461

r 1,445,497
r 1,595,511
r 1,762,606
r 1,987,551
2,235,249

390,924
436,496
458,131
496,472
511,413

1999 - Dec . . . . . . . . . . . . . . . . . . . .
2000 - Jan. . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . .
Oct. . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . .

5,805,009
5,739,855
5,763,410
5,801,544
5,713,047
5,674,829
5,714,216
5,686,531
5,705,463
5,701,850
5,684,542
5,736,948
5,689,593

5,766,093
5,701,444
5,725,655
5,763,794
5,646,150
5,637,059
5,675,889
5,648,865
5,667,989
5,622,092
5,647,557
5,700,007
5,618,061

2,060,560
2,080,140
2,085,861
2,085,418
2,110,760
2,127,639
2,190,225
2,197,056
r 2,206,153
2,235,710
2,248,622
2,258,481
2,248,675

1,123
1,123
1,123
1,123
1,123
459
459
461
461
461
461
461
461

2,059,437
2,079,017
2,084,738
2,084,295
2,109,637
2,127,180
2,189,766
2,196,595
r 2,205,692
2,235,249
2,248,161
2,258,020
2,248,214

477,735
499,967
500,539
501,708
506,696
506,744
504,950
506,103
510,182
511,413
526,994
530,201
532,815

End of
fis cal year
or month

End of
fis cal year
or month

In ter est-bearing pub lic debt se cu ri ties

In ter est-bearing pub lic debt se cu ri ties, con.
To tal
(7)

Held by pri vate in ves tors
Marketable
Nonmarketable
(8)
(9)

Held by U.S. Gov ern ment ac counts
Mar ket able
Nonmarketable
(4)
(5)

Matured
public
debt
and debt

Pub lic is sues
held by Fed eral
Re serve Banks
(6)

Agency se cu ri ties
Held by
U.S. Gov ern ment
ac counts and

Held by

bear ing no
interest
(10)

Total
outstanding
(11)

Fed eral Re serve
Banks
(12)

private
investors
(13)

4,021
5,618
7,512

r 35,030
r 33,173
r 29,359

7,606
7,098
3,917

r 27,424
r 26,075
r 25,442

1996 . . . . . . . . . . . . . . . . . . . . . . . . .
1997 . . . . . . . . . . . . . . . . . . . . . . . . .
1998 . . . . . . . . . . . . . . . . . . . . . . . . .

r 3,382,863
r 3,374,267
r 3,296,690

3,025,941
3,001,866
2,871,645

r 356,922
r 372,401
r 425,045

1999 . . . . . . . . . . . . . . . . . . . . . . . . .

r 3,162,094

2,735,403

r 426,691

9,030

r 28,505

634

r 27,871

2000 . . . . . . . . . . . . . . . . . . . . . . . . .

2,874,969

2,480,878

394,092

52,086

27,672

51

27,621

1999 - Dec . . . . . . . . . . . . . . . . . . . .
2000 - Jan . . . . . . . . . . . . . . . . . . . .

3,227,798
3,121,337

2,802,125
2,698,710

425,673
422,627

9,998
9,841

28,918
28,570

634
384

28,284
28,186

Feb . . . . . . . . . . . . . . . . . . . .

3,139,255

2,717,058

422,197

9,678

28,077

384

27,693

Mar . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . .
May. . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . .

3,176,668
3,028,694
3,002,676
2,980,714

2,758,400
2,611,441
2,585,194
2,565,321

418,269
417,253
417,482
415,392

9,597
38,958
10,111
10,050

28,152
27,939
27,659
28,278

384
384
51
51

27,768
27,555
27,608
28,227

July . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . .

2,945,706
r 2,951,654

2,539,547
2,545,893

406,159
r 405,762

9,943
9,833

27,724
27,641

51
51

27,673
27,590

Sept. . . . . . . . . . . . . . . . . . . .
Oct. . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . .

2,874,969
2,871,941
2,911,325

2,480,878
2,466,427
2,506,065

394,092
405,514
405,259

52,086
9,770
9,693

27,672
27,214
27,249

51
51
51

27,621
27,163
27,198

Dec . . . . . . . . . . . . . . . . . . . .

2,836,571

2,433,609

402,962

44,155

27,377

51

27,326

49

TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties
[In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Federal
Reserve
and Gov ernTotal
mentac - privately
held
counts 2
(2)
(3)

Pen sion funds
U.S.
sav ings
bonds 5
(5)

Pri vate 6
(6)

End of month
1990 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

3,052.0
3,143.8
3,233.3
3,364.8

935.4
1,003.8
1,026.0
1,059.5

2,116.6
2,140.0
2,207.3
2,305.3

218.8
214.2
214.8
206.5

119.9
121.9
123.9
126.2

116.6
122.6
126.5
129.7

139.0
144.6
146.4
144.5

132.3
133.7
136.4
138.2

142.7
141.2
147.6
162.8

401.1
405.0
407.3
410.6

445.4
451.0
463.8
487.1

400.8
405.7
440.7
499.8

1991 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

3,465.2
3,538.0
3,665.3
3,801.7

1,104.6
1,139.1
1,166.9
1,223.2

2,360.6
2,398.9
2,498.4
2,578.5

222.5
231.5
251.7
271.5

129.7
133.2
135.4
138.1

122.9
122.8
126.2
126.9

153.4
155.0
140.2
141.7

147.2
156.8
171.4
181.8

186.1
180.1
199.5
221.8

415.6
416.8
430.2
435.5

492.0
502.0
506.3
520.9

491.2
500.7
537.6
540.3

1992 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

3,881.3
3,984.7
4,064.6
4,177.0

1,215.5
1,272.3
1,282.4
1,329.7

2,665.8
2,712.4
2,782.2
2,847.3

300.5
315.1
337.1
348.3

142.0
145.4
150.3
157.3

116.9
116.7
120.0
121.1

140.7
146.7
166.4
172.3

188.4
192.8
194.8
197.5

227.9
235.2
245.1
259.5

460.0
435.6
429.3
418.2

536.4
558.2
562.8
576.7

553.0
566.7
576.5
596.4

1993 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

4,230.6
4,352.0
4,411.5
4,535.7

1,328.6
1,400.6
1,422.2
1,476.1

2,902.0
2,951.4
2,989.3
3,059.6

362.6
361.0
366.2
373.0

163.6
166.5
169.1
171.9

112.1
111.6
125.1
119.3

171.2
176.9
188.7
186.3

208.0
217.8
229.4
234.5

261.5
269.2
283.9
294.0

434.0
441.2
434.0
447.8

585.9
596.8
619.1
650.3

603.2
610.4
573.9
582.5

1994 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

4,575.9
4,645.8
4,692.8
4,800.2

1,476.0
1,547.5
1,562.8
1,622.6

3,099.9
3,098.3
3,130.0
3,177.6

397.4
383.9
364.0
339.6

175.0
177.1
178.6
180.5

119.6
128.9
135.9
139.4

195.0
193.4
191.9
192.1

233.4
238.1
243.7
240.1

278.0
271.6
265.3
273.0

443.4
425.2
398.2
370.0

661.1
659.9
682.0
667.3

597.0
620.3
670.4
775.6

1995 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

4,864.1
4,951.4
4,974.0
4,988.7

1,619.3
1,690.1
1,688.0
1,681.0

3,244.8
3,261.3
3,286.0
3,307.7

352.9
340.0
330.8
315.4

181.4
182.6
183.5
185.0

141.1
142.0
141.4
142.0

203.1
197.2
193.0
191.7

244.2
245.0
245.2
241.5

273.1
263.9
272.6
286.5

350.5
313.7
304.3
289.8

707.0
762.5
820.4
835.2

791.6
814.6
794.8
820.6

1996 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

5,117.8
5,161.1
5,224.8
5,323.2

1,731.1
1,806.7
1,831.6
1,892.0

3,386.7
3,354.4
3,393.2
3,431.2

322.1
318.7
310.9
296.6

185.8
186.5
186.8
187.0

143.7
143.9
140.5
139.3

198.9
208.2
202.4
203.5

239.4
229.5
226.8
214.1

310.4
306.5
308.4
315.8

283.6
283.3
263.8
257.0

908.1
929.7
993.4
1,102.1

794.7
748.1
760.2
715.8

1997 - Mar . . . . . . .

5,380.9

1,928.7

3,452.2

317.3

186.5

140.6

203.7

182.2

310.6

250.6

1,157.6

703.1

June. . . . . . .
Sept . . . . . . .
Dec. . . . . . . .

5,376.2
5,413.1
5,502.4

1,998.9
2,011.5
2,087.8

3,377.3
3,401.6
3,414.6

300.2
292.8
300.3

186.3
186.2
186.5

141.0
141.6
142.5

209.3
219.7
216.9

183.6
187.3
176.6

305.4
311.4
321.5

243.3
237.7
239.3

1,182.7
1,230.5
1,241.6

625.5
594.3
589.5

1998 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

5,542.4
5,547.9
5,526.2
5,614.2

2,104.9
2,198.6
2,213.0
2,280.2

3,437.5
3,349.3
3,313.2
3,334.0

308.2
290.7
244.4
237.3

186.3
186.0
186.0
186.7

142.8
145.2
150.6
157.8

211.9
214.8
211.2
217.7

169.4
160.6
151.3
144.5

325.1
319.4
319.7
343.2

238.1
258.5
266.4
269.3

1,250.5
1,256.0
1,224.2
1,278.7

605.2
518.1
559.4
498.8

1999 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

5,651.6
5,638.8
5,656.3
5,776.1

2,324.1
2,439.6
2,480.9
2,542.2

3,327.5
3,199.2
3,175.4
3,233.9

246.5
240.6
239.9
246.4

186.5
186.5
r 186.2
186.4

161.2
165.5
167.4
171.3

218.4
222.5
217.3
213.2

140.3
136.3
130.6
125.3

351.7
334.9
338.3
348.6

272.5
279.1
271.6
266.8

1,272.1
1,258.6
1,281.3
1,268.8

478.3
375.2
r 342.8
407.1

2000 - Mar . . . . . . .
June . . . . . .
Sept . . . . . . .
Dec. . . . . . .

5,773.4
5,685.9
5,674.2
5,662.2

2,590.6
2,698.6
2,737.9
2,781.9

3,182.8
2,987.4
2,936.2
2,880.4

r 234.9
r 219.3
p 218.7
n.a.

185.3
184.6
r 184.3
p 184.8

174.8
r 177.3
p 182.0
n.a.

211.1
r 210.5
p 208.9
n.a.

124.0
r 121.3
p 120.4
n.a.

r 339.6
r 322.5
p 325.4
n.a.

257.2
256.4
p 246.9
n.a.

r 1,273.8
r 1,248.8
1,225.2
p 1,220.8

r 382.1
r 246.7
224.4
n.a.

Source: “Monthly State ment of the Pub lic Debt of the United States.” Face value.
Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con dition, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Gov ern ment ac counts. Fed eral
Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments.
3 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209.
4 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions.
5 Source: “Monthly State ment of the Pub lic Debt of the United States.” Cur rent
ac crual value.
6 In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift
Sav ings Plan "G Fund."

State and In sur ance
lo cal gov ern- compaMu tual
ments
nies 3
funds 3,7
(7)
(8)
(9)

State
and lo cal
govern3
ments
(10)

Total
public
debt 1
(1)

1
2

De pos i tory
in sti tu
tions3,4
(4)

3

For eign
and inter- 8
Other 9
na tional in ves tors
(11)
(12)

7
In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies.
8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ket -

able for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury secu rities held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of
New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to
De cem ber 1994 and the 1994 bench mark to date.
9In cludes in di vid u als, Gov ern ment-sponsored en ter prises, bro kers and deal ers, bank per s onal
trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors.
Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date
own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral
Re serve Board.

50

INTRODUCTION: Market Yields
The tables and charts in this section present yields on
Trea sury mar ket able se cu ri ties, and com pare long-term yields
on Trea sury se cu ri ties with yields on long-term cor po rate and
mu nic i pal se cu ri ties.
• Table MY-1 lists Treasury market bid yields at con stant ma tu ri ties for bills, notes and bonds. The Trea sury yield
curve in the ac com pa ny ing chart is based on cur rent mar ket
bid quo ta tions on the most ac tively traded Trea sury se cu ri ties
as of 3:30 p.m. on the last busi ness day of the cal en dar quar ter.
The Treasury uses quotations ob tained by the FRB of
New York to de rive the yield curve, based on semi an nual in terest pay ments and read at con stant ma tu rity points to de velop a consistent data series. Yields on Treasury bills are
coupon equivalent yields of bank discount rates at which
Trea sury bills trade in the mar ket. The Board of Gov er nors of

the Fed eral Re serve Sys tem pub lishes the Trea sury constant
ma tu rity data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Treasury, cor po rate and mu nic i pal bonds. The long-term Trea sury
av er age yield is the 30-year con stant ma tu rity yield. The cor
po rate bond av er age yield is de vel oped by Trea sury by cal cu
lat ing reoffering yields on new long-term se cu ri ties ma tur ing
in at least 20 years and ratedAa by Moody’s In ves tors Ser vice.
The mu nic i pal bond av er age yield prior to 1991 was com piled
by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield
is the “Municipal Bond Yield Av erage,” published b y
Moody’s In ves tors Ser vice for 20-yearreoffering yields on se
lected Aa-rated gen eral ob li ga tions. See the foot notes for fur
ther ex pla na tion.

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities:
Bills, Notes and Bonds*
[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance]

Period

3-mo.
(1)

6-mo.
(2)

1-yr.
(3)

Monthly av er age:
2000 - Jan . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . .
June. . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . .
Oct. . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . .

5.50
5.73
5.86
5.82
5.99
5.86
6.14
6.28
6.18
6.29
6.36
5.94

5.76
6.00
6.11
6.07
6.39
6.24
6.27
6.35
6.25
6.32
6.34
5.92

End of month:
2000 - Jan. . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . .
June. . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . .
Oct. . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . .

5.76
5.78
5.88
5.82
5.63
5.88
6.27
6.31
6.23
6.38
6.21
5.89

5.97
6.02
6.15
6.12
6.35
6.23
6.42
6.38
6.28
6.36
6.18
5.70

* Rates are from the Trea sury yields curve.

2-yr.
(4)

3-yr.
(5)

5-yr.
(6)

7-yr.
(7)

10-yr.
(8)

30-yr.
(9)

6.12
6.22
6.22
6.15
6.33
6.17
6.08
6.18
6.13
6.01
6.09
5.60

6.44
6.61
6.53
6.40
6.81
6.48
6.34
6.23
6.08
5.91
5.88
5.35

6.49
6.65
6.53
6.36
6.77
6.43
6.28
6.17
6.02
5.85
5.79
5.26

6.58
6.68
6.50
6.26
6.69
6.30
6.18
6.06
5.93
5.78
5.70
5.17

6.70
6.72
6.51
6.27
6.69
6.33
6.22
6.05
5.98
5.84
5.78
5.28

6.66
6.52
6.26
5.99
6.44
6.10
6.05
5.83
5.80
5.74
5.72
5.24

6.63
6.23
6.05
5.85
6.15
5.93
5.85
5.72
5.83
5.80
5.78
5.49

6.30
6.20
6.28
6.24
6.37
6.08
6.07
6.22
6.07
6.12
5.92
5.32

6.61
6.53
6.50
6.68
6.69
6.38
6.30
6.18
5.98
5.94
5.61
5.11

6.65
6.58
6.44
6.64
6.66
6.31
6.24
6.09
5.91
5.87
5.52
5.06

6.71
6.61
6.32
6.56
6.54
6.18
6.16
5.98
5.85
5.83
5.42
4.99

6.75
6.67
6.28
6.49
6.52
6.25
6.19
5.98
5.93
5.87
5.50
5.16

6.68
6.42
6.03
6.23
6.29
6.03
6.04
5.73
5.80
5.77
5.48
5.12

6.49
6.15
5.84
5.97
6.02
5.90
5.79
5.67
5.88
5.79
5.60
5.46

MARKET YIELDS

51

CHART MY-A.—Yields of Trea sury Se cu ri ties, December 29, 2000*
Based on clos ing bid quo ta tions (in per cent ages)

6.5

6.0

5.5

Note: The curve is based only on the most actively traded is sues. Mar ket yields on cou pon
is sues due in less than 3 months are ex cluded.

5.0

4.5
0

2

4

6

8

10

12

14

16

18

Years to maturity
* Source: Of fice of Mar ket Fi nance

20

22

24

26

28

30

52

MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds
[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance]

Treasury
30-yr.
bonds
(1)

Pe riod

New Aa
corporate
bonds 1
(2)

New Aa
municipal
bonds 2
(3)

MONTHLY SERIES AV ER AGES OF DAILY OR WEEKLY SERIES
1989
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1990
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1991
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1992
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
See foot notes at end of ta ble.

8.93
9.01
9.17
9.03
8.83
8.27
8.08
8.12
8.15
8.00
7.90
7.90

9.92
10.11
10.33
10.11
9.82
9.24
9.20
9.09
9.29
9.04
9.20
9.23

7.18
7.31
7.42
7.30
7.05
6.94
6.89
6.73
7.10
7.13
6.95
6.76

8.26
8.50
8.56
8.76
8.73
8.46
8.50
8.86
9.03
8.86
8.54
8.24

9.56
9.68
9.79
10.02
9.97
9.69
9.72
10.05
10.17
10.09
9.79
9.55

6.95
7.03
7.09
7.26
7.14
6.98
7.03
7.13
7.15
7.24
6.87
6.85

8.27
8.03
8.29
8.21
8.27
8.47
8.45
8.14
7.95
7.93
7.92
7.70

9.60
9.14
9.14
9.07
9.13
9.37
9.38
8.88
8.79
8.81
8.72
8.55

7.00
6.61
6.88
6.81
6.78
6.90
6.89
6.66
6.58
6.44
6.37
6.43

7.58
7.85
7.97
7.96
7.89
7.84
7.60
7.39
7.34
7.53
7.61
7.44

8.36
8.63
8.62
8.59
8.57
8.45
8.19
7.96
7.99
8.17
8.25
8.12

6.29
6.42
6.59
6.54
6.39
6.32
5.90
5.81
6.05
6.18
6.22
6.02

MARKET YIELDS

53

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.
[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance]

Treasury
30-yr.
bonds
(1)

Pe riod

New Aa
corporate
bonds 1
(2)

New Aa
municipal
bonds 2
(3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES
1993
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1994
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1995
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1996
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
See foot notes at end of ta ble.

7.34
7.09
6.82
6.85
6.92
6.81
6.63
6.32
6.00
5.94
6.21
6.25

7.91
7.73
7.39
7.48
7.52
7.48
7.35
7.04
6.88
6.88
7.17
7.22

6.05
5.74
5.54
5.64
5.61
5.54
5.40
5.50
5.44
5.23
5.19
5.27

6.29
6.49
6.91
7.27
7.41
7.40
7.58
7.49
7.71
7.94
8.08
7.87

7.16
7.27
7.64
7.95
8.17
8.16
8.30
8.25
8.48
8.76
8.89
8.66

5.19
5.16
5.47
5.59
5.79
5.96
6.11
6.07
6.10
6.31
6.79
6.63

7.85
7.61
7.45
7.36
6.95
6.57
6.72
6.86
6.55
6.37
6.26
6.06

8.59
8.39
8.23
8.10
7.68
7.42
7.54
7.75
7.42
7.29
7.20
7.02

6.48
6.09
5.91
5.80
5.75
5.61
5.69
5.81
5.75
5.80
5.56
5.46

6.05
6.24
6.60
6.79
6.93
7.06
7.03
6.84
7.03
6.81
6.48
6.55

7.00
7.14
7.58
7.81
7.87
8.00
7.97
7.68
7.84
7.69
7.43
7.45

5.41
5.41
5.57
5.72
5.73
5.82
5.82
5.69
5.62
5.53
5.47
5.47

54

MARKET YIELDS

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.
[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance]

Treasury
30-yr.
bonds
(1)

Pe riod

New Aa
corporate
bonds 1
(2)

New Aa
municipal
bonds 2
(3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES
1997
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1998
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1999
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2000
Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 Trea sury se ries based on 3-week mov ing av er age of

reoffering yields of new cor po rate
bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

6.83
6.69
6.93
7.09
6.94
6.77
6.51
6.58
6.50
6.33
6.11
5.99

7.62
7.54
7.85
8.04
7.90
7.71
7.44
7.30
7.04
6.90
6.79
6.68

5.53
5.40
5.59
5.73
5.53
5.39
5.27
5.27
5.25
5.26
5.23
5.07

5.81
5.89
5.95
5.92
5.93
5.70
5.68
5.54
5.20
5.01
5.25
5.06

6.62
6.66
6.63
6.59
6.63
6.43
6.36
6.34
6.26
6.21
6.42
6.13

4.93
4.96
5.10
5.10
5.17
5.01
5.04
5.06
4.94
4.82
4.93
4.90

5.16
5.37
5.58
5.55
5.81
6.04
5.98
6.07
6.07
6.26
6.15
6.35

6.14
6.33
6.52
6.58
6.86
7.21
7.20
7.36
7.38
7.51
7.35
7.55

4.94
4.89
5.02
5.00
5.15
5.31
5.30
5.56
5.67
5.84
5.90
5.91

6.63
6.23
6.05
5.85
6.15
5.93
5.85
5.72
5.83
5.80
5.78
5.49

7.83
7.59
7.54
7.49
7.85
7.75
7.66
7.47
7.50
7.50
7.41
7.21

6.02
5.95
5.80
5.64
5.94
5.74
5.59
5.48
5.50
5.56
5.50
5.23

2 In dex of newreofferingyields on 20-year gen eral ob li ga tions ratedAa by Moody’s In ves tors
Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.

MARKET YIELDS

55

CHART MY-B.—Av er age Yields of Long-Term
Trea sury, Cor po rate and Mu nic i pal Bonds*
Monthly av er ages (in per cent ages)

11

10

Aa cor pora te bonds

9

8
Treas ury 30-yr. b onds

7

Aa municipal bo nds
6

5

4
88

89

90

91

92

93

94

95

Cal en dar years
*Source: Of fice of Mar ket Fi nance

96

97

98

99

00

01

56

INTRODUCTION: U.S. Currency and Coin Out stand ing and in Cir cu la tion
The U.S. Cur rency and Coin Out stand ing and in Cir cu lation (USCC ) state ment informs the pub lic of the to tal face
value of cur rency and coin used as a me dium of ex change that
is in cir cu la tion at the end of a given ac count ing month. The
state ment de fines the to tal amount of cur rency and coin outstanding and the portion deemed to be in cir cu la tion. It in cludes some old and cur rent rare is sues that do not cir cu late or
that may do so to a lim ited ex tent. Trea sury in cludes them in
the state ment be cause the is sues were orig i nally in tended for
gen eral cir cu la tion.

is sues of pa per money. It also gives an es ti mated av er age of
cur rency and coin held by each in di vid ual, us ing es ti mates of
pop u la tion from the Bu reau of the Cen sus. USCC in for ma tion
has been pub lished by Trea sury since 1888, and was pub lished
sep a rately un til 1983, when it was in cor po rated into the “Trea
sury Bul le tin.” The USCC co mes from monthly re ports com
piled by Treasury of fices, var ious U.S. Mint offices, t h e
Federal Reserve Banks (FRBs) and the Federal Reserve
Board.

The USCC state ment pro vides a de scrip tion of the var i ous

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Dec. 31, 2000
[Source: Fi nan cial Man age ment Ser vice]

To tal cur rency
and coin
(1)

To tal currency
(2)

$783,356,656,170

$752,233,536,072

$751,714,098,765

$265,547,816

$253,889,491

390,563,717

22,077,567

21,876,634

20,739

180,194

FRBs . . . . . . . . . . . . . . . . . . . . . . . . . . .

189,092,314,454

188,263,970,356

188,263,964,979

20

5,357

Amounts in cir cu la tion. . . . . . . . . . . . . . . .

$593,873,777,999

$563,947,488,149

$563,428,257,152

$265,527,057

$253,703,940

Cur rency
Amounts out stand ing. . . . . . . . . . . . . . . . .

Fed eral Re serve notes1
(3)

U.S. notes
(4)

Cur rency no
lon ger is sued
(5)

Less amounts held by:
The Trea sury. . . . . . . . . . . . . . . . . . . . .

Coins 2
Amounts out stand ing. . . . . . . . . . . . . . . . . . .

To tal
(1)

Dol lars 3
(2)

Frac tional coins
(3)

$31,123,120,098

$3,354,303,898

$27,768,816,200

The Trea sury. . . . . . . . . . . . . . . . . . . . . . . .

368,486,150

315,125,000

53,361,150

FRBs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

828,344,098

307,480,425

520,863,673

Amounts in cir cu la tion . . . . . . . . . . . . . . . . . .

$29,926,289,850

$2,731,698,473

$27,194,591,377

Less amounts held by:

See foot notes fol low ing ta ble USCC-2.

U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

57

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Dec. 31, 2000
[Source: Fi nan cial Man age ment Ser vice]

To tal
(1)

Cur rency in cir cu la tion by de nom i na tion

Fed eral Re serve notes 1
(2)

U.S. notes
(3)

Cur rency no
lon ger is sued
(4)

$1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$7,654,183,465

$7,507,208,143

$143,481

$146,831,841

$2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,239,584,714

1,107,168,774

132,403,366

12,574

$5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,853,692,030

8,713,145,855

109,955,210

30,590,965

$10 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,539,278,190

14,517,145,920

5,950

22,126,320

$20 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

98,612,978,200

98,592,871,260

3,360

20,103,580

$50 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55,047,265,650

55,035,767,900

-

11,497,750

$100 . . . . . . . . . . . . . . . . . . . . . . . . . . .

377,685,596,300

377,640,589,300

23,015,600

21,991,400

$500 . . . . . . . . . . . . . . . . . . . . . . . . . . .

143,203,000

143,015,000

-

188,000

$1,000. . . . . . . . . . . . . . . . . . . . . . . . . .

166,511,000

166,305,000

-

206,000

$5,000. . . . . . . . . . . . . . . . . . . . . . . . . .

1,755,000

1,700,000

-

55,000

$10,000. . . . . . . . . . . . . . . . . . . . . . . . .

3,440,000

3,340,000

-

100,000

Frac tional parts. . . . . . . . . . . . . . . . . . .

485

-

-

485

Par tial notes 4 . . . . . . . . . . . . . . . . . . . . . . .

115

-

90

25

To tal cur rency . . . . . . . . . . . . . . . . . .

$563,947,488,149

$563,428,257,152

$265,527,057

$253,703,940

Amount (in mil lions)
(1)

Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates

Per ca pita5
(2)

Dec. 31, 2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

579,781

2,097.29

Oct. 31, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

572,444

2,073.45

July 31, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

533,492

1,953.25

Sept. 30, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

409,272

1,553.15

Sept. 30, 1990. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

278,903

1,105.14

Sept. 30, 1985. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

187,337

782.45

Sept. 30, 1980. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

129,916

581.48

June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

81,196

380.08

June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

54,351

265.39

June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39,719

204.14

June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32,064

177.47

June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

$2,146.81

Nov. 30, 2000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
2

593,874

30,229

182.90

Is sued on or af ter July 1, 1929.
Ex cludes coins sold to col lec tors at pre mium prices.
In cludes $481,781,898 in stan dard sil ver dol lars.

4
5

Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion.
Based on Bu reau of the Cen sus es ti mates of pop u la tion.

61

INTRODUCTION:International Financial Statistics
The ta bles in this sec tion pro vide sta tis tics on U.S. Gov
ern ment re serve as sets, li a bil i ties toforeigners and its in ter na tional fi nan cial po si tion. All mon e tary fig ures are in dol lars or
dol lar equiv a lents.

(IMF), hold ings of con vert ible for eign cur ren cies and re serve
po si tion in the IMF.
• Table IFS-2 con tains sta tis tics on li a bil i ties to foreign
officialinstitutions,and se lected li a bil i ties to all otherfor eign
ers, which are used in the U.S. bal ance of pay ments sta tis tics.

• Ta ble IFS-1 shows re serve as sets of the United States,
including its gold stock, special drawing rights held in the
Spe cial Draw ing Ac count in the In ter na tional Mon e tary Fund

• Ta ble IFS-3 shows nonmarketable bonds and notes
that the Trea sury is sues to of fi cial in sti tu tions and other res idents of for eign coun tries.

TA BLE IFS-1.—U.S. Re serve As sets
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

To tal reserve
assets 1
(1)

Gold stock
(2)

1996 . . . . . . . . . . . . . . . .

75,089

1997 . . . . . . . . . . . . . . . .

Re serve po sition in In ter na
tional Mon e tary
1,5,6
Fund
(5)

Spe cial draw ing
rights 1,3
(3)

For eign cur ren cies 4
(4)

11,048

10,312

38,294

15,435

69,954

11,047

10,027

30,809

18,071

1998 . . . . . . . . . . . . . . . .

81,761

11,046

10,603

36,001

24,111

1999 . . . . . . . . . . . . . . . .

71,516

11,048

10,336

32,182

17,950

2000 - Jan. . . . . . . . . . . .

69,898

11,048

10,199

30,941

17,710

Feb. . . . . . . . . . . .

69,309

11,048

10,277

30,406

17,578

Mar. . . . . . . . . . . .

70,789

11,048

10,335

31,535

17,871

Apr . . . . . . . . . . . .

66,587

11,048

10,122

30,014

15,403

May . . . . . . . . . . .

67,160

11,048

10,310

30,429

15,373

June . . . . . . . . . . .

67,955

11,046

10,444

31,037

15,428

July. . . . . . . . . . . .

66,516

11,046

10,257

30,130

15,083

Aug. . . . . . . . . . . .

65,333

11,046

10,371

30,118

13,798

Sept . . . . . . . . . . .

66,256

11,046

10,316

31,209

13,685

Oct . . . . . . . . . . . .

65,257

11,046

10,169

30,514

13,528

Nov. . . . . . . . . . . .

65,523

11,046

10,369

30,617

13,491

Dec. . . . . . . . . . . .

67,647

11,046

10,539

31,238

14,824

2001 - Jan. . . . . . . . . . . .

67,542

11,046

10,497

30,920

15,079

End of calendar
year or month

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u i ng

the spe cial draw ing right ( SDR) based on a weighted av er age of ex change rates for the cur ren
cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also
are val ued on this ba sis be gin ning July 1974.
2 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United
States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against
all gold held.
3 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus transac tions in SDRs.

2

4

In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber
1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such
other rates as may be agreed upon by the par ties to the trans ac tions.
5 The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve
po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United
States could pur chase ad di tional amounts re lated to the U.S. quota.
6 In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Borrow in July 1998, and anSDR $619 mil lion loan to the IMF un der the New Ar range ments
to Bor row in De cem ber 1998.

62

INTERNATIONAL FI NAN CIAL STA TIS TICS

TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Li a bil i ties to for eign coun tries
Li a bil i ties to
other for eign ers

Of fi cial in sti tu tions1

End of
calendar
year or
month

Total
(1)

Total
(2)

Liabilities
re ported by
banks in
United
States
(3)

Marketable
U.S.
Treasury
bonds
and
notes 2
(4)

Nonmarketable U.S.
Treasury
bonds
and
notes 3
(5)

Other
readily
mar ket
able
liabilities 4
(6)

Liabilities
to
banks 5
(7)

Total
(8)

Liabilities
to nonLiabilities Marketable monetary
reported
U.S.
in ter naby banks Treasury
tional and
in the
bonds
regional
United
and
organiza2, 6
States
notes
tions 7
(9)
(10)
(11)

1995 . . . . . . . . . . . 1,832,427

599,692

275,928

298,238

6,492

19,034

799,987

417,953

121,170

296,783

14,795

1996 . . . . . . . . . . . 2,126,967

727,596

312,019

384,045

5,968

25,564

796,578

586,381

141,322

445,059

16,412

1997 . . . . . . . . . . . 2,452,208

749,295

283,685

428,004

5,994

31,612

931,575

757,193

172,405

584,788

14,145

1998 . . . . . . . . . . . 2,556,272

736,407

260,060

432,127

6,074

38,146

985,825

817,793

190,558

627,235

16,247

1999 - Dec. r . . . . . 2,616,564

783,440

295,024

422,266

6,111

60,039

988,032

824,639

198,061

626,578

20,453

2000 - Jan. r. . . . . 2,625,603

785,504

288,331

429,035

6,152

61,986

985,091

828,068

198,644

629,424

26,940

Feb. r . . . . . 2,630,158

789,197

287,293

430,812

6,191

64,901

976,190

839,409

205,992

633,417

25,362

Mar. r . . . . . 2,614,231

805,597

301,051

430,243

5,734

68,569

969,083

815,860

198,966

616,894

23,691

Apr. r . . . . . 2,633,824

810,613

295,331

436,646

5,770

72,866

973,771

823,852

198,877

624,975

25,588

May r . . . . . 2,680,087

802,449

284,584

435,241

5,808

76,816

1,022,744

827,287

207,727

619,560

27,607

June r . . . . 2,663,437

812,225

293,262

433,829

5,740

79,394

1,011,082

813,976

210,601

603,375

26,154

July r. . . . . . 2,690,711

822,552

299,720

433,190

5,180

84,462

1,040,026

806,971

208,703

598,268

21,162

Aug. . . . . . . 2,659,860

825,150

296,770

433,639

5,213

89,528

1,006,001

809,602

211,901

597,701

19,107

Sept . . . . . . 2,658,113

824,856

298,508

427,013

5,247

94,088

1,005,616

807,948

212,362

595,586

19,693

Oct . . . . . . . 2,718,043

826,216

301,553

419,863

5,280

99,520

1,042,123

828,380

228,867

599,513

21,324

Nov. p . . . . 2,721,015

825,116

302,692

414,896

5,313

102,215

1,052,015

822,737

231,883

590,854

21,147

Dec. p. . . . . 2,709,346

820,701

296,422

415,964

5,348

102,967

1,060,217

811,959

231,910

580,049

16,469

1

Includes Bank for In ter na tional Set tle ments.

2 Derived by ap ply ing re ported trans ac tions to bench mark data.
3 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as fol-

lows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,
30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Argentina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.
4In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies and
pri vate cor po ra tions.
5
In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in f or eign cur rencies to for eign banks and to “other for eign ers.”

6 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks.
7

Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American
De vel op ment Bank and the Asian De vel op ment Bank.
Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks,
other de pos i tory in sti tu tions and bro kers in the United States. Data gen er ally cor re spon d to
sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In terna tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and
non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ga
nizations.

INTERNATIONAL FI NAN CIAL STA TIS TICS

63

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued
to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar
year or month

Pay able in dol lars
Argentina 1
Mex ico 2
(3)
(4)

Ven e zuela3
(5)

Grand to tal
(1)

Total
(2)

1995 . . . . . . . . . . . . . . . . . . . . . . . . . .

6,492

6,492

945

4,515

1,032

1996 . . . . . . . . . . . . . . . . . . . . . . . . . .

5,968

5,968

1,015

3,835

1,118

1997 . . . . . . . . . . . . . . . . . . . . . . . . . .

5,994

5,994

1,091

3,692

1,211

1998 . . . . . . . . . . . . . . . . . . . . . . . . . .

6,074

6,074

1,172

3,991

911

1999 - Dec . . . . . . . . . . . . . . . . . . . . .

6,111

6,111

1,259

4,313

539

2000 - Jan . . . . . . . . . . . . . . . . . . . . . .

6,152

6,152

1,267

4,342

543

Feb . . . . . . . . . . . . . . . . . . . . .

6,191

6,191

1,274

4,370

547

Mar . . . . . . . . . . . . . . . . . . . . .

5,734

5,734

1,282

3,902

550

Apr . . . . . . . . . . . . . . . . . . . . . .

5,770

5,770

1,289

3,927

554

May . . . . . . . . . . . . . . . . . . . . .

5,808

5,808

1,297

3,953

558

June. . . . . . . . . . . . . . . . . . . . .

5,740

5,740

1,200

3,979

561

July . . . . . . . . . . . . . . . . . . . . .

5,180

5,180

1,207

3,408

565

Aug . . . . . . . . . . . . . . . . . . . . .

5,213

5,213

1,214

3,430

569

Sept. . . . . . . . . . . . . . . . . . . . .

5,247

5,247

1,222

3,452

573

Oct. . . . . . . . . . . . . . . . . . . . . .

5,280

5,280

1,229

3,474

577

Nov . . . . . . . . . . . . . . . . . . . . .

5,313

5,313

1,236

3,497

580

Dec . . . . . . . . . . . . . . . . . . . . .

5,348

5,348

1,244

3,520

584

1 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Trea sury bond is sue to the gov ern ment of Ar gen tina. Re maining face value of
the is sue is $6,148 mil lion.
2 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ern ment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of
$1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma turity

is sue with re main ing face value of $18,112 mil lion.
3 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury
bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $2,721 mil lion.

64

INTRODUCTION: Capital Movements
Trea sury col lects in for ma tion about the trans fer ence of finan cial as sets and other port fo lio cap i tal move ments be tween
the United States and for eign ers and has since 1935. Com mercial banks and other de pos i tory in sti tu tions, bank hold ing companies, securities bro kers and dealers, and nonbanking
en ter prises in the United States file cap i tal move ment re ports
with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re serve Board also per forms ser vices on be half of the Trea sury in
sup port of this data col lec tion sys tem.
Forms and in struc tions are de vel oped with the co op er a tion
of other Gov ern ment agen cies and the Fed eral Re serve Sys tem
and in consultation with rep re sen ta tives of banks, securities
firms and nonbanking enterprises. Copies of the reporting
forms and in struc tions may be ob tained from the Of fice of Program Ser vices, Of fice of the As sis tant Sec re tary for In ter national Affairs, Treasury, Wash ington, D.C. 20220; the
International Finance Di vi sion, Board of Gov er nors of the
Fed eral Re serve Sys tem, Wash ing ton, D.C. 20551; or dis trict
FRBs.
In gen eral, in for ma tion is re ported op po site the coun try or
geo graph ical area where the for eigner is lo cated, as shown on
records of report ing in sti tu tions. However, in for ma tion may
not al ways re flect the ul ti mate own er ship of as sets. Re porting
in sti tu tions are not re quired to go be yond ad dresses shown on
their re cords and so may not be aware of the ac tual coun try of
do mi cile of the ul ti mate ben e fi ciary.
Trans ac tions with branches or agen cies of for eign of fi cial
in sti tu tions, wher ever lo cated, are re ported op po site the country that has sov er eignty over the in sti tu tions. Trans ac tions with
in ter na tional and re gional or ga ni za tions are not re ported op posite any coun try, but are ac counted for in re gional group ings of
such or ga ni za tions. The only ex cep tion is in for ma tion per taining to the Bank for In ter na tional Set tle ments, which is re ported
op po site “Other Eu rope.”
Banks and other de pos i tory in sti tu tions, bank hold ing compa nies, In ter na tional Banking Fa cil ities (IBFs), se cu ri ties brokers and dealers, and nonbanking en ter prises in the United
States must file reports. These en terprises include the
branches, agencies, sub sidiaries and other affiliates in the
United States of for eign bank ing and nonbanking firms. Those
with li a bil i ties, claims or se cu ri ties trans ac tions be low spec ified ex emp tion lev els are ex empt from re port ing.
Banks and other de pos i tory in sti tu tions, and some bro kers
and deal ers, file monthly re ports cov er ing their dol lar li a bil ities to, and dol lar claims on, for eign ers in a num ber of countries. Twice a year, June 30 and De cem ber 31, they also re port
the same li a bil i ties and claims items at trib uted to for eign ers in
coun tries not shown sep a rately on the monthly re ports. Quarterly re ports are filed for li a bil i ties and claims de nom i nated in
for eign cur ren cies. The ex emp tion level applicable to these
bank ing re ports is $15 mil lion.
Banks and other de pos i tory in sti tu tions, se cu ri ties bro kers
and deal ers, and other en ter prises re port monthly their trans actions with for eign ers in long-term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate purchases or their ag gre gate sales amount to at least $2 mil lion
dur ing the cov ered month.
Ex porters, im port ers, in dus trial and commer cial con cerns,
fi nan cial in sti tu tions (other than banks, other de pos i tory in stitutions and bro kers), and other nonbanking en ter prises must
file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated
for eign ers amount to $10 mil lion or more at the end of the covered quar ter.
Nonbanking en ter prises also re port each month their ag gregate U.S. dol lar de nom i nated de posit and cer tif i cates of deposit claims of $10 mil lion or more on banks abroad.
The data in these ta bles do not cover all types of re ported
cap i tal move ments be tween the United States and other countries. The prin ci pal ex clu sions are the intercompany capi tal
trans ac tions of nonbanking busi ness en ter prises in the United
States with their own branches and sub sid iar ies abroad or with
their for eign par ent com pa nies (own for eign of fices) and cap ital trans ac tions of the U.S. Gov ern ment. Con sol i dated data on
all types of in ter na tional cap i tal trans ac tions are pub lished by
the De part ment of Com merce (Com merce) in its reg u lar re ports on the U.S. bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by
U.S. banks and other de pos i tory in sti tu tions, as well as bro kers
and deal ers. Dol lar li a bil i ties are re ported monthly; those denominated in foreign currencies are reported quar terly. Respondents report certain of their own liabilities and a wide
range of their cus tody li a bil i ties to for eign ers.
• Section II pres ents claims on foreigners reported by
U.S. banks and other de pos i tory in sti tu tions, bro kers and dealers. Data on banks’ claims held for their own ac count are collected monthly. In for ma tion on claims held for their do mes tic
cus tom ers as well as on for eign cur rency claims is col lected on
a quar terly ba sis only. Ma tu rity data are re ported ac cord ing to
time remaining to maturity. Reporting also covers certain
items held by bro kers and deal ers in the United States.
• Sec tion III con tains sup ple men tary data on dol lar li abil i ties to, and dol lar claims on, coun tries not listed sep a rately
on the monthly re ports sub mit ted by banks, other de pos i tory
in sti tu tions, bro kers and deal ers in the United States. The supple men tary re ports are filed semi an nu ally as of the end of June
and De cem ber.
• Sec tion IV shows the li a bil i ties to, and claims on, un affil i ated for eign ers of ex port ers, im port ers, in dus trial and commercial concerns, fi nancial institutions (other than banks,
other de pos i tory in sti tu tions and bro kers), and other
nonbanking en ter prises in the United States. In for ma tion does
not in clude ac counts of nonbanking en ter prises in the United
States with their own branches and sub sid iar ies abroad or with
their for eign par ent com pa nies. These are re ported by busi ness
en ter prises to Com merce on its di rect in vest ment forms. Data

CAP I TAL MOVE MENTS
ex clude claims on for eign ers held through banks in the United
States.

• Section V contains in for ma tion on trans ac tions with
for eign ers in long-term do mes tic and for eign se cu ri ties as reported by banks, brokers and other entities in the United
States. The data cover transactions executed in the United
States for the ac counts of for eign ers and trans ac tions ex e cuted
abroad for the ac counts of re port ing in sti tu tions and their domes tic cus tom ers. This in cludes trans ac tions in newly is sued
se cu ri ties as well as trans ac tions in and re demp tions of out stand ing is sues. How ever, the datado not in clude non mar ketable Trea sury bonds and notes shown in ta ble IFS-3.
The geo graph ical break down of the trans ac tions data does
not nec es sar ily re flect the do mi cile of the ul ti mate own ers or
the orig i nal is su ers of the se cu ri ties. This is be cause the path of
a se cu rity is not tracked prior to its be ing pur chased from, or
af ter it is sold to, a for eigner in a re port able trans ac tion. That is,
be fore it en ters and af ter it de parts the re port ing sys tem, own-

65

er ship of a se cu rity may be trans ferred be tween for eign ers of
dif fer ent coun tries. Such trans fers may oc cur any num ber of
times and are con cealed among the net fig ures for U.S. trans
ac tions op po site in di vid ual coun tries. Hence, the geo graph ical
break down shows only the coun try of do mi cile of the for eign
buy ers and sell ers of se cu ri ties in a par tic u lar round of trans ac
tions.
NOTE: Cur rent and his tor i cal data on United States transac tions with for eign ers in long-term se cu ri ties and on the gross
for eign li a bil i ties and claims re ported by banks in the United
States are avail able on the Trea sury In ter na tional Cap i tal (TIC)
reporting sys tem website: http://www.ustreas.gov/tic. These
data may be down loadedas sep a rate time se ries for each country or geo graph ical area reg u larly shown in the cap i tal move
ments tables. Also available on this website is a table on
“Ma jor For eign Holders of Trea sury Se cu ri ties,” show ing es timated to tal hold ings of U.S. Trea sury bills, bonds and notes
for current and recent periods. All data series on the TIC
website are up dated on the last busi ness day of each month .

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks
in the United States
TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

For eign coun tries
Banks and other for eign ers
Of fi cial in sti tu tions1
Pay able in
Pay able in
Payable
Pay able in for eign cur
for eign cur
Total
dollars
ren cies 3 Total
in dol lars
ren cies 3
(2)
(3)
(4)
(5)
(6)
(7)

End of cal en dar
year or month

Total li a bil ities
(1)

1995 . . . . . . . . . . . . . . .
1996 . . . . . . . . . . . . . . .
1997 . . . . . . . . . . . . . . .
1998 . . . . . . . . . . . . . . .

1,209,262
1,265,555
1,400,551
1,448,962

275,928
312,019
283,685
260,060

275,928
312,019
283,685
260,060

-

921,157 812,582
937,900 836,157
1,103,980
987,652
1,176,383 1,075,894

1999 - Dec. r . . . . . . . .
2000 - Jan. r . . . . . . . . .
Feb. r . . . . . . . . .
Mar. r . . . . . . . . .
Apr. r . . . . . . . . .
May r . . . . . . . . .
June r . . . . . . . .
July r . . . . . . . . .
Aug. . . . . . . . . . .
Sept.. . . . . . . . . .
Oct . . . . . . . . . . .
Nov. p . . . . . . . .
Dec. p . . . . . . . .

1,497,277
1,494,757
1,490,795
1,488,528
1,489,268
1,538,561
1,537,333
1,566,160
1,530,324
1,532,499
1,590,002
1,604,019
1,601,185

295,024
288,331
287,293
301,051
295,331
284,584
293,262
299,720
296,770
298,508
301,553
302,692
296,422

295,024
288,331
287,293
301,051
295,331
284,584
293,262
299,720
296,770
298,508
301,553
302,692
296,422

-

1,186,093
1,183,735
1,182,182
1,168,049
1,172,648
1,230,471
1,221,683
1,248,729
1,217,902
1,217,978
1,270,990
1,283,898
1,292,127

1

In cludes Bank for In ter na tional Set tle ments.
Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the InterAmeri can De vel op ment Bank.
2

1,098,440
1,096,082
1,094,529
1,083,099
1,087,698
1,145,521
1,136,863
1,163,909
1,133,082
1,139,461
1,192,473
1,205,381
1,213,610

3

Memoranda
To tal li a bil i ties to all
for eign ers re ported by
In ter na tional and re gional 2
IBFs
Pay able in
Pay able in
Pay able in for eign cur Payable for eign cur
Total
dollars
ren cies 3 in dol lars rencies 3
(8)
(9)
(10)
(11)
(12)

108,575
101,743
116,328
100,489

12,177
15,636
12,886
12,519

11,039
13,972
11,690
11,883

1,138
1,664
1,196
636

369,660
352,881
407,336
370,425

85,755
71,782
86,232
69,375

87,653
87,653
87,653
84,950
84,950
84,950
84,820
84,820
84,820
78,517
78,517
78,517
78,517

16,160
22,691
21,320
19,428
21,289
23,506
22,388
17,711
15,652
16,013
17,459
17,429
12,636

15,276
21,807
20,436
18,729
20,590
22,807
21,366
16,689
14,630
15,658
17,104
17,074
12,281

884
884
884
699
699
699
1,022
1,022
1,022
355
355
355
355

363,821
362,930
335,390
353,014
354,114
355,356
362,146
372,757
376,475
392,888
409,185
395,292
384,410

51,613
51,613
51,613
51,763
51,763
51,763
50,847
50,847
50,847
46,962
46,962
46,962
46,962

Data as of pre ced ing quar ter for non-quarter-end months.

66

CAP I TAL MOVE MENTS

TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars
Part A.—For eign Coun tries
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar
year or month

Of fi cial in sti tu tions 1
U.S. Trea To tal forsury bills
De posits
Deposits
eign counand cer tif i- Other li a
2
tries
Demand Time
cates
bilities 2 De mand Time
(1)
(2)
(3)
(4)
(5)
(6)
(7)

2

Banks
Other for eign ers
U.S. TreaU.S. Trea sury bills
To own
sury bills
De posits
and cer tif i- Other li a- for eign of
and cer tif i- Other li a2
2
cates
bil i ties
fices Demand Time
cates
bil i ties 2
(8)
(9)
(10)
(11)
(12)
(13)
(14)

1995 . . . . . . . . . .
1996 . . . . . . . . . .
1997 . . . . . . . . . .

1,088,510
1,148,176
1,271,337

2,098
1,511
2,314

30,717
33,336
41,396

168,534
198,921
148,301

74,579
78,251
91,674

11,758 103,471
13,692 89,765
16,767 83,433

15,872
23,106
31,915

164,021
166,728
198,053

396,290
401,544
485,079

10,571
11,802
12,247

53,714
58,025
68,251

12,599
14,495
12,954

44,286
57,000
78,953

1998 . . . . . . . . . .

1,335,954

3,003

29,506

134,177

93,374

14,071

45,904

35,359

227,134

562,868

12,312

70,558

13,322

94,366

1999 - Dec. r . . . .
2000 - Jan. r . . . .
Feb. r.. . .

1,393,464
1,384,413
1,381,822

3,341
2,645
3,306

28,942
25,909
27,690

156,177
153,548
156,995

106,564
106,229
99,302

17,583
12,964
12,424

48,140
51,171
51,510

16,796
17,401
14,578

208,681
204,720
204,167

609,179
611,182
605,858

21,862
20,707
23,733

76,189
75,421
77,206

12,023
10,134
12,269

87,987
92,382
92,784

Mar. r.. . .

1,384,150

2,381

30,117

164,781

103,772

13,930

49,712

15,524

199,106

605,861

12,873

77,431

13,803

94,859

Apr. r . . . .
May r . . .
June r . . .
July r . . . .

1,383,029
1,430,105
1,430,125
1,463,629

2,620
2,781
2,887
4,063

36,587
31,846
33,696
34,641

157,607
148,814
157,190
160,093

98,517
101,143
99,489
100,923

14,404
13,254
14,543
17,508

57,240
55,167
58,095
60,703

13,853
13,994
13,081
12,657

202,818
201,392
209,754
207,734

600,506
653,987
630,789
656,604

13,120
13,026
13,255
13,313

77,492
78,722
78,627
80,834

12,027 96,238
10,776 105,203
10,119 108,600
9,578 104,978

Aug . . . . .
Sept. . . . .
Oct. . . . . .
Nov. p . . .
Dec. p . . .

1,429,852
1,437,969
1,494,026
1,508,073
1,510,032

4,573
5,213
4,361
4,702
3,950

32,009
36,679
34,035
35,335
35,638

159,781
155,498
155,101
155,061
151,872

100,407
101,118
108,056
107,594
104,962

11,959
12,918
12,160
12,834
15,535

62,841
59,958
64,301
68,828
67,484

12,251
10,667
9,972
10,285
15,974

209,602
207,678
212,228
219,221
232,214

624,528
635,878
664,945
662,330
650,493

13,543
13,814
12,931
14,135
14,048

80,908
80,558
81,198
81,731
82,371

8,676
8,216
8,696
8,301
8,561

108,774
109,774
126,042
127,716
126,930

PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

To tal
End of cal en dar year or month
1995
1996
1997
1998

De mand de pos its

(1)

Time de pos its 2

U.S. Trea sury bills
and cer tif i cates

Otherliabilities

(2)

(3)

(4)

2

(5)

..........................
..........................
..........................
..........................

11,039
13,972
11,690
11,883

21
29
16
172

4,656
5,784
5,466
5,793

350
352
69
636

6,012
7,807
6,139
5,282

1999 - Dec. . . . . . . . . . . . . . . . . . . . . .
2000 - Jan. . . . . . . . . . . . . . . . . . . . . .
Feb. . . . . . . . . . . . . . . . . . . . . .
Mar . . . . . . . . . . . . . . . . . . . . .
Apr . . . . . . . . . . . . . . . . . . . . . .
May . . . . . . . . . . . . . . . . . . . . .
June . . . . . . . . . . . . . . . . . . . .
July. . . . . . . . . . . . . . . . . . . . . .
Aug. . . . . . . . . . . . . . . . . . . . . .
Sept.. . . . . . . . . . . . . . . . . . . . .
Oct. . . . . . . . . . . . . . . . . . . . . .
Nov. p . . . . . . . . . . . . . . . . . . . .
Dec. p . . . . . . . . . . . . . . . . . . . .

15,276
21,807
20,436
18,729
20,590
22,807
21,366
16,689
14,630
15,658
17,104
17,074
12,280

98
202
148
71
58
36
34
30
26
19
48
30
41

10,349
9,621
9,251
9,741
11,338
11,393
12,545
10,305
9,062
7,627
5,925
6,549
6,271

680
625
704
695
623
582
432
371
217
223
215
249
252

4,149
11,359
10,333
8,222
8,571
10,796
8,355
5,983
5,325
7,789
10,916
10,246
5,716

1 In cludes Bank for In ter na tional Set tle ments.
2 Time de pos its ex clude ne go tia ble time cer tif i cates of de posit, which are in cluded in “O ther li a
-

bil i ties.”

Note.—Nonmonetary in ter na tional and re gional or ga ni za tions in clude prin ci pally the In ter national Bank for Re con struc tion and De vel op ment and the Inter-American De vel op ment Bank.

CAP I TAL MOVE MENTS

67

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try
[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem]

1997

Cal en dar year
1998

1999 r

Aug. r

Sept.

2000
Oct.

Nov.

Europe:
Austria . . . . . . . . . . . . . . . . . . . .
Belgium-Luxembourg . . . . . . . .

3,388
46,246

3,474
45,004

2,960
46,078

2,925
32,272

2,733
30,765

2,229
30,585

2,863
33,326

2,916
34,338

Bulgaria . . . . . . . . . . . . . . . . . . .
Czech Republic . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . .
Finland. . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . .

729
564
1,903
2,869
52,148

776
323
1,720
2,098
49,839

472
790
2,357
1,749
58,317

373
835
3,844
1,628
46,647

337
730
3,556
1,516
42,805

354
784
3,128
1,422
44,848

313
671
3,658
1,878
46,646

367
578
3,128
1,416
40,951

Germany . . . . . . . . . . . . . . . . . .
Greece. . . . . . . . . . . . . . . . . . . .

30,589
1,558

30,898
2,085

29,004
3,877

32,002
3,467

30,005
3,336

32,426
3,450

30,877
3,349

39,328
2,018

Hungary. . . . . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . . . . . .

1,064
4,376

911
8,485

871
7,691

1,018
8,618

1,052
7,884

1,203
9,869

1,189
9,475

1,127
7,962

Italy . . . . . . . . . . . . . . . . . . . . . .
Netherlands. . . . . . . . . . . . . . . .

15,498
8,359

10,103
12,163

9,756
9,365

7,709
13,688

7,817
10,854

7,452
14,993

7,379
13,826

6,937
8,028

Norway . . . . . . . . . . . . . . . . . . .
Poland . . . . . . . . . . . . . . . . . . . .

341
5,112

788
6,053

1,363
4,274

1,641
2,965

3,547
2,837

4,148
3,367

5,205
3,738

2,351
3,590

Portugal. . . . . . . . . . . . . . . . . . .
Romania . . . . . . . . . . . . . . . . . .
Russia 1. . . . . . . . . . . . . . . . . . . .
Spain . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . .
Turkey . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . .
Yugoslavia 2 . . . . . . . . . . . . . . . .

3,736
734
7,979
19,878
2,834
46,065
4,068
212,790
239

3,788
311
2,441
16,991
3,237
53,891
4,358
202,280
233

2,501
768
5,476
11,091
4,744
64,092
7,972
190,706
286

2,276
1,061
14,258
9,282
6,139
79,766
8,021
192,777
285

2,369
944
15,975
8,823
6,352
90,173
8,187
193,561
280

2,387
940
17,265
9,672
6,390
99,048
8,506
192,090
275

2,504
802
20,027
7,302
7,505
88,051
4,539
191,204
284

2,529
850
19,025
8,203
6,641
76,629
7,573
191,103
281

Country

Dec. p

Other Europe. . . . . . . . . . . . . . .

14,394

14,384

14,778

17,821

18,566

19,546

18,006

16,670

Total Europe . . . . . . . . . . . . . .

487,461

476,634

481,338

491,318

495,004

516,377

504,617

484,539

Canada. . . . . . . . . . . . . . . . . . . . .
Latin Amer ica and Ca rib bean:

33,185

34,708

40,579

40,845

39,734

40,232

37,117

36,924

Argentina. . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . .

20,279
114,319

19,037
126,029

18,650
139,425

17,624
177,969

18,634
173,134

18,820
182,633

17,960
181,252

19,568
191,136

Bermuda . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . .

7,138
31,407

7,279
16,483

8,005
12,944

8,220
13,164

8,380
11,892

9,010
10,559

8,684
12,018

9,975
11,307

British West Indies. . . . . . . . . . .
Chile . . . . . . . . . . . . . . . . . . . . .

283,470
4,126

309,090
5,047

331,546
7,095

338,224
5,340

347,042
5,399

356,871
5,158

384,120
5,380

390,042
5,948

Colombia . . . . . . . . . . . . . . . . . .
Cuba . . . . . . . . . . . . . . . . . . . . .
Ecuador. . . . . . . . . . . . . . . . . . .
Guatemala. . . . . . . . . . . . . . . . .
Jamaica. . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . .

3,668
66
2,084
1,497
475
35,295

4,639
62
1,575
1,338
604
38,644

5,685
75
1,959
1,632
547
32,263

4,751
91
2,089
1,680
984
34,482

4,679
88
2,079
1,689
871
34,747

4,966
92
2,089
1,685
721
36,923

4,581
86
2,064
1,696
763
34,725

4,577
88
2,123
1,655
856
34,024

Netherlands Antilles . . . . . . . . .
Panama. . . . . . . . . . . . . . . . . . .
Peru. . . . . . . . . . . . . . . . . . . . . .

5,446
4,269
901

5,308
3,869
843

4,205
4,420
1,143

6,379
3,632
1,066

5,167
3,725
1,091

4,622
3,852
1,153

5,326
4,044
1,194

5,528
4,356
1,435

Trinidad and Tobago. . . . . . . . .
Uruguay. . . . . . . . . . . . . . . . . . .

597
2,403

475
2,522

601
2,393

675
2,568

773
2,684

808
2,629

750
3,061

909
3,123

Venezuela . . . . . . . . . . . . . . . . .
Other Latin America
and Caribbean. . . . . . . . . . . .
Total Latin America
and Caribbean . . . . . . . . . . .

21,771

20,202

20,459

24,169

24,216

24,503

26,177

24,978

9,067

9,808

10,916

11,293

11,119

10,926

10,303

10,549

548,278

572,854

603,963

654,400

657,409

678,020

704,184

722,177

See foot notes at end of ta ble.

68

CAP I TAL MOVE MENTS

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem]

Country

1997

Cal en dar year
1998

1999 r

Aug. r

Sept.

2000
Oct.

Nov.

China:
Mainland . . . . . . . . . . . . . . . . .

18,252

13,441

12,325

11,771

11,830

13,719

15,835

16,538

Taiwan. . . . . . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . . . . . .
India. . . . . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . . . . . .

11,859
19,216
4,574
3,616

12,748
21,779
5,372
8,326

13,644
28,260
7,368
6,571

14,704
27,541
5,547
7,318

15,170
26,877
5,839
7,321

18,319
26,078
5,549
7,600

17,660
26,218
5,174
8,386

17,719
27,062
4,533
8,535

Israel . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . .
Korea . . . . . . . . . . . . . . . . . . . . .

6,282
172,352
13,107

7,756
193,202
12,525

7,489
170,614
12,991

6,085
158,709
8,979

7,168
155,624
9,192

6,704
163,038
6,833

6,574
162,521
6,838

8,091
163,276
8,116

Lebanon . . . . . . . . . . . . . . . . . . .
Malaysia. . . . . . . . . . . . . . . . . . .
Pakistan . . . . . . . . . . . . . . . . . . .
Philippines . . . . . . . . . . . . . . . . .

1,102
1,737
1,335
3,255

1,190
2,392
847
3,564

1,212
3,851
813
3,806

1,058
2,108
1,335
2,086

731
1,702
1,213
1,826

836
1,736
1,399
1,680

760
1,760
1,547
2,338

703
2,341
1,003
2,434

Singapore. . . . . . . . . . . . . . . . . .
Syria. . . . . . . . . . . . . . . . . . . . . .
Thailand . . . . . . . . . . . . . . . . . . .
Oil-exporting countries 3 . . . . . . .

18,412
35
6,505
15,490

24,838
40
7,363
17,068

32,840
55
6,052
22,565

28,624
67
3,560
22,792

26,801
70
3,347
23,792

28,472
254
3,195
25,793

28,942
58
3,494
25,670

29,092
55
3,146
25,609

Other Asia . . . . . . . . . . . . . . . . .

3,873

3,975

5,387

5,213

5,317

5,211

5,072

5,321

Dec. p

Asia:

Total Asia . . . . . . . . . . . . . . . .

301,002

336,426

335,843

307,497

303,820

316,416

318,847

323,574

Africa:
Congo 4 . . . . . . . . . . . . . . . . . . .
Egypt . . . . . . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . . . . . .

10
1,667
302

5
1,343
213

14
2,023
147

7
1,615
144

5
1,544
145

4
1,546
144

4
1,655
147

4
1,572
187

Liberia . . . . . . . . . . . . . . . . . . . .
Morocco . . . . . . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . . . . . .
Oil-exporting countries 5 . . . . . . .

257
138
2,163
3,143

269
97
1,539
3,177

423
179
1,497
3,010

306
109
710
4,562

332
112
845
4,587

308
121
770
4,493

306
100
856
4,115

321
139
1,014
4,140

Other Africa . . . . . . . . . . . . . . . .

2,766

2,492

2,280

2,262

2,348

2,374

2,445

2,524

Total Africa . . . . . . . . . . . . . . .

10,446

9,135

9,573

9,715

9,918

9,760

9,628

9,901

Other coun tries:
Australia . . . . . . . . . . . . . . . . . . .

6,377

5,528

8,408

9,890

9,566

10,621

11,020

10,149

All other . . . . . . . . . . . . . . . . . . .

916

1,158

1,413

1,007

1,035

1,117

1,177

1,285

Total other countries . . . . . . . .

7,293

6,686

9,821

10,897

10,601

11,738

12,197

11,434

Total foreign countries . . . . .
I nternational and re gional orgs.:

1,387,665

1,436,443

1,481,117

1,514,672

1,516,486

1,572,543

1,586,590

1,588,549

International. . . . . . . . . . . . . . . .
European regional . . . . . . . . . . .
Latin American regional . . . . . . .
Asian regional . . . . . . . . . . . . . .

11,592
111
493
562

10,648
577
750
477

13,758
504
1,150
607

13,681
440
1,243
211

14,725
125
888
259

16,464
52
589
231

16,399
176
530
232

11,346
301
740
175

African regional . . . . . . . . . . . . .

123

67

141

77

16

123

92

74

Middle Eastern regional. . . . . . .
Total international
and regional . . . . . . . . . . . . .
Grand total . . . . . . . . . . . . . .

5

-

-

-

-

-

-

-

12,886
1,400,551

12,519
1,448,962

16,160
1,497,277

15,652
1,530,324

16,013
1,532,499

17,459
1,590,002

17,429
1,604,019

12,636
1,601,185

1

Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer
U.S.S.R. are re ported un der “Other Eu rope.”
2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og
nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994
for the For mer Yu go slav Re pub lic of Mac e do nia.

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates

(Trucial States).
4 For merly known as Zaire.
5
In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

CAP I TAL MOVE MENTS

69

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Dec. 31, 2000, Pre lim i nary
[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

Country
Europe:
Austria . . . . . . . . . . . . .
BelgiumLuxembourg . . . . . . .
Bulgaria . . . . . . . . . . . .
Czech Republic . . . . . .
Denmark . . . . . . . . . . .
Finland. . . . . . . . . . . . .
France . . . . . . . . . . . . .
Germany . . . . . . . . . . .
Greece. . . . . . . . . . . . .
Hungary. . . . . . . . . . . .
Ireland . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . .
Netherlands . . . . . . . . .
Norway. . . . . . . . . . . . .
Poland . . . . . . . . . . . . .
Portugal. . . . . . . . . . . .
Romania. . . . . . . . . . . .
Russia 4. . . . . . . . . . . . .
Spain . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . .
Switzerland . . . . . . . . .
Turkey . . . . . . . . . . . . .
United Kingdom . . . . . .
Yugoslavia5 . . . . . . . . .
Other Europe. . . . . . . .
Total Europe. . . . . . .
Canada. . . . . . . . . . . . . .
Latin Amer ica
and Ca rib bean:
Argentina. . . . . . . . . . .
Bahamas . . . . . . . . . . .
Bermuda . . . . . . . . . . .
Brazil . . . . . . . . . . . . . .
British West Indies. . . .
Chile. . . . . . . . . . . . . . .
Colombia . . . . . . . . . . .
Cuba . . . . . . . . . . . . . .
Ecuador. . . . . . . . . . . .
Guatemala. . . . . . . . . .
Jamaica. . . . . . . . . . . .
Mexico . . . . . . . . . . . . .
Netherlands Antilles . . .
Panama. . . . . . . . . . . .
Peru. . . . . . . . . . . . . . .
Trinidad and Tobago . .
Uruguay. . . . . . . . . . . .
Venezuela . . . . . . . . . .
Other Latin America
and Caribbean. . . . . .
Total Latin America
and Caribbean . . . .

See foot notes at end of ta ble.

Li a bil i ties pay able in dol lars
To for eign of fi cial in sti tu tions and un afMem oTo tal li a bil i ties
fil i ated for eign banks
To all other for eign ers
ran dum
Totals
ShortLi a bil i ties
Negotia Payable
term U.S.
to banks’
Short-term
ble CDs
in for eign Banks’
Treasury
own for U.S. Treaheld for
De posits
De posits
Payable cur ren- own li a- Custody
ob li ga Other li a- eign of sury ob li ga-Other li a - all forTotal in dol lars cies 1
bilities liabilities De mand Time 2 tions 3 bilities fices Demand Time 2 tions 3
bil i ties eign ers
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)

2,916

2,724

192

1,958

766

34,338 33,401
937
367
367
578
571
7
3,128
3,001
127
1,416
1,412
4
40,951 37,839 3,112
39,328 35,535 3,793
2,018
2,013
5
1,127
1,123
4
7,962
7,900
62
6,937
5,079 1,858
8,028
7,485
543
2,351
2,305
46
3,590
3,579
11
2,529
2,404
125
850
847
3
19,025 19,020
5
8,203
7,801
402
6,641
6,498
143
76,629 74,732 1,897
7,573
7,559
14
191,103 169,409 21,694
281
276
5
16,670 16,250
420

12,077
134
254
2,879
643
17,738
22,091
1,013
146
2,276
4,182
6,171
2,276
1,410
670
247
2,561
4,703
4,996
68,021
4,837
157,349
276
13,091

21,324
233
317
122
769
20,101
13,444
1,000
977
5,624
897
1,314
29
2,169
1,734
600
16,459
3,098
1,502
6,711
2,722
12,060
3,159

363
671
25
16
17
56
34
45
20
471 1,270
1,540 3,972
182
196
21
36
175
457
587
309 1,390
120
98
26
278
102
23
12
5
270
183
175
444
171
25
498 1,676
160
490
2,855 17,730
9
8
211 6,238

484,539 449,130 35,409 331,999 117,131
36,924 31,059 5,865 19,538 11,521

8,473 36,115
310 1,067

19,568 19,494
74
191,136 189,454 1,682
9,975
9,695
280
11,307 10,952
355
390,042 374,097 15,945
5,948
5,895
53
4,577
4,556
21
88
88
2,123
2,118
5
1,655
1,637
18
856
815
41
34,024 33,155
869
5,528
5,520
8
4,356
4,292
64
1,435
1,435
909
905
4
3,123
3,006
117
24,978 24,759
219
10,549

10,494

55

17,201 2,293
175,430 14,024
5,291 4,404
10,076
876
227,762 146,335
5,311
584
4,077
479
88
2,012
106
1,551
86
809
6
26,765 6,390
5,212
308
3,575
717
1,384
51
857
48
2,515
491
18,033 6,726
9,358

1,136

722,177 702,367 19,810 517,307 185,060

364

564

190
139
88
359
63
228
42
2
18
55
28
835
161
53
21
41
87
138

8,573
1,034
487
1,855
5,148
518
317
8
55
264
283
4,152
66
251
68
384
77
3,797

286

2,232

2,834 29,569

331

1,159

35

177

38

9,146 12,198
5,250
233
87
1
310
91
8
90 2,813
174
648
413
16,525 4,596 11,679
776 9,968
6,734
839
195
66
467
589
27
4 2,920
106
145 1,713
947
224 1,434
2,550
14 1,947
77
1,030 1,784
429
1,577
257
225
120
690
8
6,650 11,614
211
343 4,071
1,010
113
215
3,931
2,955 5,648 61,875
2,620 3,954
188
421 16,454 110,330
177
1,983 7,410
110

281 1,255
2
3
7
82
20
12
15
16
152
406
281
685
64
308
5
14
213
299
151
443
134
513
16
24
4
16
22
146
3
9
17
69
107
873
26
78
158
562
15
117
1,252 1,990
14
30
198

410
10
18
31
9
294
20
178
1
2
4
11
214
1,019
8
975
9

3,827
482
22
2
81
425
2,722
722
11,548 12,283
154
46
3,853
1,088
616
217
753
51
8
10
48
5
6
6
767
364
1,725
915
341
696
7
62
17,402
2,864
68
61
839

47,090 92,632 206,210
627 5,116 10,113

2,989 8,309
925 1,554

3,251
101

44,061 21,171
11,246
176

696
485
98
562
488
281
389
2
253
130
21
1,324
60
175
122
38
55
1,254

5,701
2,117
1,224
4,343
6,434
2,202
2,727
53
1,407
948
139
13,023
664
2,049
902
120
734
10,038

273
535
303
97
2,148
127
91
8
2
1
492
80
196
2
28
44
60

1,604
6,299
4,557
392
34,185
509
272
14
114
48
10
2,430
3,406
482
107
21
171
423

651
912
161
186
3,606
172
325
55
24
1
892
17
129
15
5
78
108

502

656 4,032

61

502

147

9,780 168,579 365,565

7,089 58,857

4,548

55,546

7,484

291 1,895
271
84 12,382 166,379
261 2,670
7
200 2,426
718
60 134,578 190,993
55
771
1,204
661
57
9
114
149
174
16
3
310
20
1,963 6,555
2,381
1
466
616
237
849
145
68
255
18
291
744
803
6,291 2,244
514
280

1,943

14

42

104

70

CAP I TAL MOVE MENTS

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Dec. 31, 2000, Pre lim i nary, con.
[Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em]

Country
Asia:
China:
Mainland . . . . . . . .
Taiwan. . . . . . . . . .
Hong Kong . . . . . . . .
India . . . . . . . . . . . . .
Indonesia. . . . . . . . .
Israel . . . . . . . . . . . .
Japan . . . . . . . . . . . .
Korea . . . . . . . . . . . .
Lebanon. . . . . . . . . .
Malaysia. . . . . . . . . .
Pakistan. . . . . . . . . .
Philippines . . . . . . . .
Singapore. . . . . . . . .
Syria. . . . . . . . . . . . .
Thailand. . . . . . . . . .

Li a bil i ties pay able in dol lars
To for eign of fi cial in sti tu tions and un afMem oTo tal liabilities
fil i ated for eign banks
To all other for eign ers
ran dum
To tals
ShortLiabilities
Ne go tiaPayable
term U.S.
to banks’
Short-term
ble CDs
in for eign Banks’
Treasury
own forU.S. Treaheld for
De posits
De posits
Payable cur ren- own li a- Custody
ob li ga- Other li a- eign of sury ob li ga Other li a- all for 1
Total in dol lars cies
bilities liabilities Demand Time 2 tions 3 bilities
fices Demand Time 2 tions 3
bilities eign ers
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)

54
375
348
75
85
90
692
33
5
33
20
67
102
3
27

376
2,644
2,729
168
358
2,214
1,335
193
85
300
77
416
464
20
199

210

1,203

46

447

761

2,219 12,781

605

14,879

3,792

2
55
14
196
33
87
182

1
12
8
14

38
6
99
1
170
222

44
13
1
7
10

Total Africa . . . . . .
9,901
9,804
97
7,596 2,208 1,297
1,359 1,721
3,046
823
418
569
Other coun tries:
Australia. . . . . . . . . .
10,149 10,090
59
4,450 5,640
303
502
113
6,814 1,285
323
92
1,285
1,277
8
1,244
33
42
19
16
713
168
85
209
All other . . . . . . . . . .
Total other
countries. . . . . . .
11,434 11,367
67
5,694 5,673
345
521
129
7,527 1,453
408
301
Total foreign
countries . . . . . 1,588,549 1,510,032 78,517 1,036,922 473,110 19,485 103,122 167,846 337,176 650,493 14,048 82,371
In ter na tional
and re gional orgs.:
International . . . . . . .
11,346 11,008 338
10,794
214
34
5,544
113
5,316
European regional . .
301
284
17
128
156
2
118
139
25
Latin American
regional . . . . . . . . .
740
740
707
33
3
575
162
Asian regional . . . . .
175
175
175
1
34
140
African regional . . . .
74
74
74
1
73
Middle Eastern
regional . . . . . . . . .
Total international
and regional . . . .
12,636 12,281 355
11,878
403
41
6,271
252
5,716
Grand total . . . . . 1,601,185 1,522,313 78,872 1,048,800 473,513 19,526 109,393 168,098 342,892 650,493 14,048 82,371

35

536

75

10
11

648
14

1,257
1

21

662

1,258

Other Asia . . . . . . . .
Total Asia . . . . . . .
Africa:
Congo 6 . . . . . . . . . .
Egypt . . . . . . . . . . . .
Ghana . . . . . . . . . . .
Liberia . . . . . . . . . . .
Morocco. . . . . . . . . .
South Africa . . . . . . .
Other Africa . . . . . . .

16,538 16,538
17,719 17,689
30
27,062 26,768 294
4,533
4,532
1
8,535
8,524
11
8,091
8,055
36
163,276 150,434 12,842
8,116
7,967 149
703
681
22
2,341
2,286
55
1,003
989
14
2,434
2,430
4
29,092 27,243 1,849
55
55
3,146
3,129
17
30,930

28,985 1,945

5,301 11,237
514
14,366 3,323
366
18,041 8,727
481
2,443 2,089
211
1,935 6,589
195
3,696 4,359
113
50,008 100,426 1,057
4,704 3,263
399
672
9
31
1,678
608
185
857
132
39
2,053
377
959
24,459 2,784
374
54
1
25
1,273 1,856
104
23,248

5,737 1,173

323,574 306,305 17,269 154,788 151,517 6,226
4
1,572
187
321
139
1,014
6,664

4
1,572
187
321
139
1,011
6,570

3
94

4
1,129
183
210
136
953
4,981

443
4
111
3
58
1,589

144
15
1
40
179
918

1,412
900
2,362 2,614
2,230
624
163
1,408
177
6,572
123
4,074
18,765 85,411
108
1,441
56
103
543
67
63
71
54
6,569
428
1
67
1,623
2,217

12,690
355
8,414
580
11,186 8,568
1,339 1,142
808
322
770
394
6,892 23,942
2,445 3,134
488
7
758
357
475
241
719
81
3,261 15,376
5
413
498

2,744

9,613 11,332

34,491 108,499

60,276 66,329

302
22
2
1,033

266
1,455

541
105
2
53
428
1,917

1
214
20
8
29
551

1
11
5
11
4
108
278

27
23
96
6
241
4
14
11
137

8,561

210
311
506
26
7
271
12,099
214
5
7
7
49
658
1
61

47
148
34
10
9
35
2,455
39
5
2
8
17
217
1
4

126,930 33,956

-

1
-

100
-

-

-

31
-

-

-

-

1

131

8,561

126,931 34,087

1

5 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og
-

2
3

nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pendent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994
for the For mer Yu go slav Re pub lic of Mac e do nia.
6 For merly known as Zaire.

These data as of June 30, 2000.
Ex cludes ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a bil ities.”
U.S. Trea sury bills and cer tif i cates held in cus tody for the ac count of oil-exporting coun tries in
“Other Asia” and “Other Af rica” amount to $1,393 mil lion.
4
Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer
U.S.S.R. are re ported un der “Other Eu rope.”

CAP I TAL MOVE MENTS

71

CHART CM-A.—U.S. Liabilities to Foreigners
Reported by U.S. Banks, Bro kers and Dealers
with Respect to Selected Countries
In 2000, U.S. banking liabilities
grew at twice the pace as in 1998
and 1999, due to strong growth in
the fourth quarter. For the year,
liabilities increased $104 billion,
primarily due to a $113 billion
increase opposite the Caribbean
financial centers.

700
(In bil lions of dol lars)

600

500

U.S. banking liabilities to
foreigners, excluding long-term
securities, are concentrated in
international financial centers. The
data on this page show that nearly
one-half of U.S. banking liabilities
currently is reported opposite the
United Kingdom and the banking
centers in the Caribbean. Foreigners domiciled in the rest of Europe
and in Asia hold an additional 40
percent.

400

300

200

100

0
1 99 6

1997

19 98

United King dom

All other Eu rope

Japan

1999

All other Asia

Dec. 2000

Ca rib bean bank ing cen ters
All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years
United Kingdom. . . . . . . . . . . . . .

182,035

212,790

202,280

190,706

191,103

All other Europe. . . . . . . . . . . . . .

259,163

274,671

274,354

290,632

293,436

Caribbean banking centers 1. . . . .

366,503

414,642

451,575

487,601

601,037

Japan. . . . . . . . . . . . . . . . . . . . . .

138,148

172,352

193,202

170,614

163,276

All other Asia . . . . . . . . . . . . . . . .

133,172

128,650

143,224

165,229

160,298

Subtotal. . . . . . . . . . . . . . . . . . . 1,079,021

1,203,105

1,264,635

1,304,782

1,409,150

186,534

197,446

184,327

192,495

192,035

Grand total . . . . . . . . . . . . . . . . 1,265,555

1,400,551

1,448,962

1,497,277

1,601,185

All other countries.. . . . . . . . . . . .

1

In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

U.S. bank ing li a bil i ties in the
mid-1990s went through a growth
spurt. The an nual growth rate between 1993 and 1997 av er aged 10
per cent. In 1998 and 1999, growth
slowed to less than 5 per cent per
year, more in line with the 1989
through 1992 pe riod. In 2000,
growth in creased to 7 per cent.

72

CAP I TAL MOVE MENTS

SEC TION II.—Claims on For eigners Re ported by Banks in the United States
TA BLE CM-II-1.—To tal Claims by Type
[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem]

1999
Type of claim

Cal en dar year
1998

Mar. r

2000

June r

Sept. r

Dec. r

Mar. r

June

Sept. p

Total claims . . . . . . . . . . . . . . . . . . . . . .

974,771

943,593

973,405

974,817

1,033,128

1,093,343

1,097,949

1,089,392

Payable in dollars. . . . . . . . . . . . . . . . .

875,891

851,919

890,343

896,247

944,937

1,008,098

1,011,285

1,009,914

Banks’ own claims on foreigners . . . .

734,995

699,956

742,675

752,518

793,139

810,545

827,178

840,405

Foreign public borrowers . . . . . . . .

23,542

33,611

36,689

34,418

35,090

36,586

41,224

40,436

27,230

24,160

24,549

24,556

34,538

24,377

22,371

23,765

Un af fil i ated for eign banks:
Deposits . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . .

78,976

70,002

80,096

77,750

62,648

65,546

66,583

63,491

Own foreign offices. . . . . . . . . . . . . .

484,535

457,585

479,349

479,621

529,682

553,457

557,717

576,452

All other foreigners . . . . . . . . . . . . . .

120,712

114,598

121,992

136,173

131,181

130,579

139,283

136,261

Claims of banks’
domestic customers . . . . . . . . . . . .

140,896

151,963

147,668

143,729

151,798

197,553

184,107

169,509

Deposits . . . . . . . . . . . . . . . . . . . . .

79,363

93,031

94,642

88,789

88,006

129,514

106,055

87,340

Negotiable and readily
transferable instruments . . . . . . .

47,914

46,338

42,670

40,804

51,161

56,032

62,975

70,334

Collections and other. . . . . . . . . . .

13,619

12,594

10,356

14,136

12,631

12,007

15,077

11,835

Payable in foreign currencies. . . . . . . .

98,880

91,674

83,062

78,570

88,191

85,245

86,664

79,478

Banks’ own claims on foreigners . . . .

78,162

80,635

59,588

67,036

67,365

63,492

67,862

60,355

Claims of banks’
domestic customers . . . . . . . . . . . .

20,718

11,039

23,474

11,534

20,826

21,753

18,802

19,123

Claims reported by IBFs . . . . . . . . . . .

252,269

233,550

231,787

265,536

274,601

305,670

292,369

306,893

Payable in dollars . . . . . . . . . . . . . . .

217,375

199,187

206,309

231,810

243,755

274,221

259,393

277,158

Payable in foreign currencies . . . . . .

34,894

34,363

25,478

33,726

30,846

31,449

32,976

29,735

Customer liability on acceptances . . . .

4,520

4,486

4,456

4,532

4,553

4,464

5,056

4,827

Memoranda:

Claims with re main ing
ma tu rity of 1 year or less:
On foreign public borrowers. . . . . . . . .

13,671

20,902

25,354

22,526

22,811

23,436

24,850

23,647

On all other unaffiliated foreigners . . . .

172,855

154,489

161,140

174,246

165,083

157,614

161,077

151,188

On foreign public borrowers. . . . . . . . .

9,839

13,290

11,704

12,162

12,013

12,852

15,905

16,236

On all other unaffiliated foreigners . . . .

54,053

53,667

63,070

61,164

67,175

68,271

71,307

72,455

Claims with re main ing
ma tu rity of more than 1 year:

CAP I TAL MOVE MENTS

73

TA BLE CM-II-2.—To tal Claims by Coun try
[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem]

1999

2000

Cal en dar year
1998

Mar. r

June r

Sept. r

Dec. r

Mar. r

June

Sept. p

Austria . . . . . . . . . . . . . . . . . . . . . .
Belgium-Luxembourg. . . . . . . . . . .
Bulgaria . . . . . . . . . . . . . . . . . . . . .
Czech Republic . . . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . . . .
Finland . . . . . . . . . . . . . . . . . . . . . .

2,744
11,989
3
162
4,367
1,292

4,582
10,852
2
228
4,534
1,922

4,605
14,206
3
202
3,529
1,991

4,283
10,644
1
113
4,848
2,244

4,651
15,774
7
152
3,223
2,426

6,515
15,162
4
113
2,381
2,569

5,546
12,598
3
183
4,837
3,272

6,561
10,721
6
140
5,307
4,258

France . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . .

27,708
46,117

27,656
44,415

28,965
49,506

31,077
49,703

36,433
58,385

42,175
68,678

40,607
62,070

38,910
58,091

Greece . . . . . . . . . . . . . . . . . . . . . .
Hungary . . . . . . . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . .

1,072
54
5,495
13,064
15,875

972
194
3,999
11,376
19,243

974
40
5,082
11,313
20,716

910
34
4,596
12,199
16,581

1,165
37
4,612
12,765
19,928

1,309
44
6,741
11,075
22,981

1,128
33
7,801
13,599
23,031

1,092
46
6,213
11,130
23,206

Norway. . . . . . . . . . . . . . . . . . . . . .
Poland . . . . . . . . . . . . . . . . . . . . . .
Portugal . . . . . . . . . . . . . . . . . . . . .
Romania. . . . . . . . . . . . . . . . . . . . .
Russia 1 . . . . . . . . . . . . . . . . . . . . . .
Spain . . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . .
Turkey . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . .
Yugoslavia 2 . . . . . . . . . . . . . . . . . .

1,560
706
866
59
858
7,760
9,196
53,678
3,781
162,874
62

1,427
1,394
1,362
85
779
4,276
10,789
57,040
3,605
159,393
64

1,477
1,257
1,471
91
823
8,204
7,421
82,747
4,146
189,014
54

1,592
1,116
1,817
85
838
6,495
7,653
96,079
2,867
180,432
51

1,160
1,219
1,927
68
731
5,400
8,508
85,388
9,906
172,345
50

2,633
436
1,539
66
725
4,694
14,450
120,877
9,613
186,684
50

3,036
403
2,217
64
763
5,033
15,312
96,159
4,757
210,763
49

5,613
240
2,195
79
661
4,167
15,280
105,411
4,270
209,082
49

Other Europe . . . . . . . . . . . . . . . . .

5,430

8,415

8,134

7,559

9,515

8,519

8,962

9,292

Total Europe . . . . . . . . . . . . . . . .

376,772

378,604

445,971

443,817

455,775

530,033

522,226

522,020

Canada . . . . . . . . . . . . . . . . . . . . . . .

73,578

63,910

54,632

53,446

56,906

61,885

62,407

54,794

Latin Amer ica and Ca rib bean:
Argentina . . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . .
British West Indies. . . . . . . . . . . . .
Chile. . . . . . . . . . . . . . . . . . . . . . . .
Colombia . . . . . . . . . . . . . . . . . . . .
Cuba . . . . . . . . . . . . . . . . . . . . . . .
Ecuador . . . . . . . . . . . . . . . . . . . . .
Guatemala . . . . . . . . . . . . . . . . . . .

10,909
100,955
5,418
18,195
187,464
8,498
6,671
1,461
1,149

11,052
84,793
4,413
16,291
198,892
8,237
6,233
1,276
1,077

11,381
66,742
6,336
16,013
204,479
7,624
5,683
1,128
1,066

11,510
80,950
8,711
15,958
193,254
6,974
4,852
873
1,080

11,486
112,826
8,117
18,733
210,411
6,743
4,543
780
1,162

11,480
99,150
7,498
17,263
211,590
6,684
3,964
712
1,209

11,807
97,013
6,391
18,974
215,997
6,330
3,820
638
1,259

12,327
93,149
6,569
20,212
218,665
6,129
3,886
654
1,258

Jamaica . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . .

247
24,011

327
22,072

320
20,677

334
19,092

299
19,160

332
17,974

296
17,825

341
17,447

Netherlands Antilles. . . . . . . . . . . .
Panama. . . . . . . . . . . . . . . . . . . . .
Peru . . . . . . . . . . . . . . . . . . . . . . . .

6,816
3,742
3,296

6,685
3,549
3,247

5,576
3,481
2,992

13,382
3,109
2,615

6,051
3,512
2,559

6,416
3,138
2,251

6,514
3,304
2,491

5,785
3,056
2,720

Trinidad and Tobago . . . . . . . . . . .
Uruguay. . . . . . . . . . . . . . . . . . . . .

461
1,156

505
861

557
1,069

591
980

609
822

637
786

685
641

599
746

Venezuela . . . . . . . . . . . . . . . . . . .
Other Latin America
and Caribbean. . . . . . . . . . . . . . .
Total Latin America
and Caribbean . . . . . . . . . . . . .

3,217

3,729

3,742

3,677

3,720

3,866

3,671

3,688

5,109

5,241

5,077

4,983

5,135

5,383

5,272

4,987

388,775

378,480

363,943

372,925

416,668

400,333

402,928

402,218

Country
Europe:

See foot notes at end of ta ble.

74

CAP I TAL MOVE MENTS

TA BLE CM-II-2.—To tal Claims by Coun try, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1999

2000

Cal en dar year
1998

Mar. r

June r

Sept. r

Dec. r

Mar. r

June

Sept. p

Mainland. . . . . . . . . . . . . . . . . . .
Taiwan. . . . . . . . . . . . . . . . . . . . .
Hong Kong. . . . . . . . . . . . . . . . . . .
India. . . . . . . . . . . . . . . . . . . . . . . .
Indonesia. . . . . . . . . . . . . . . . . . . .
Israel . . . . . . . . . . . . . . . . . . . . . . .
Japan. . . . . . . . . . . . . . . . . . . . . . .
Korea. . . . . . . . . . . . . . . . . . . . . . .
Lebanon. . . . . . . . . . . . . . . . . . . . .
Malaysia. . . . . . . . . . . . . . . . . . . . .
Pakistan. . . . . . . . . . . . . . . . . . . . .
Philippines. . . . . . . . . . . . . . . . . . .
Singapore. . . . . . . . . . . . . . . . . . . .

1,297
1,196
10,408
1,600
2,239
4,586
55,170
8,432
35
1,096
645
1,664
7,591

3,379
1,475
9,260
1,827
1,971
4,485
48,588
9,289
40
1,427
793
1,568
5,091

3,772
1,079
9,047
1,714
1,810
5,245
32,601
11,481
29
1,426
918
1,702
4,366

2,080
1,120
5,868
1,869
1,770
4,241
34,381
11,201
4,616
1,174
1,084
1,512
4,830

2,160
1,639
6,580
1,874
1,853
5,061
34,627
9,625
29
1,092
405
1,466
3,988

3,206
1,373
5,126
1,880
1,903
6,560
33,138
11,921
27
1,136
526
1,722
2,758

1,722
1,764
5,224
2,046
1,905
4,633
37,997
16,185
55
1,031
670
1,922
3,659

1,558
3,151
7,114
2,144
2,034
4,128
39,889
14,788
36
1,047
742
1,545
3,094

Syria. . . . . . . . . . . . . . . . . . . . . . . .
Thailand. . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries 3 . . . . . . . . .
Other Asia . . . . . . . . . . . . . . . . . . .

1
1,885
20,132
281

1,770
14,478
331

1,872
10,749
429

1,488
12,427
826

1,556
15,502
437

3
1,181
12,588
511

1
1,289
13,246
331

2
1,123
11,182
310

Total Asia . . . . . . . . . . . . . . . . . .

118,258

105,772

88,240

90,487

87,894

85,559

93,680

93,887

Congo 4 . . . . . . . . . . . . . . . . . . . . .
Egypt. . . . . . . . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . . . . . . . .

1
320
26

327
19

1
326
17

323
39

25
308
22

2
320
18

3
272
16

1
199
18

Liberia . . . . . . . . . . . . . . . . . . . . . .
Morocco. . . . . . . . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . . . . . . . .
Oil-exporting countries 5 . . . . . . . .

627
446
768
936

574
453
916
327

632
479
825
416

542
577
627
324

513
377
714
277

556
304
480
198

528
287
821
431

594
290
393
917

Other Africa . . . . . . . . . . . . . . . . . .

379

379

355

316

276

282

273

280

Total Africa . . . . . . . . . . . . . . . . .
Other coun tries:
Australia. . . . . . . . . . . . . . . . . . . . .

3,503

2,995

3,051

2,748

2,512

2,160

2,631

2,692

9,459

8,382

12,863

7,490

8,308

8,460

9,051

8,314

All other . . . . . . . . . . . . . . . . . . . . .
Total other
countries. . . . . . . . . . . . . . . . . .
Total foreign
countries . . . . . . . . . . . . . . . .

806

748

640

311

486

604

303

602

10,265

9,130

13,503

7,801

8,794

9,064

9,354

8,916

971,151

938,886

969,331

971,228

1,028,549

1,089,034

1,093,226

1,084,527

International . . . . . . . . . . . . . . . . . .
European regional. . . . . . . . . . . . .
Latin American regional. . . . . . . . .
Asian regional . . . . . . . . . . . . . . . .
African regional. . . . . . . . . . . . . . .

3,499
42
79
-

4,582
29
96
-

3,963
1
107
3
-

3,532
26
31
-

4,555
10
14
-

4,294
15
-

4,677
5
41
-

4,544
42
78
201
-

Middle Eastern regional. . . . . . . . .
Total international
and regional. . . . . . . . . . . . . . .
Grand total . . . . . . . . . . . . . . . .

-

-

-

-

-

-

-

-

3,620
974,771

4,707
943,593

4,074
973,405

3,589
974,817

4,579
1,033,128

4,309
1,093,343

4,723
1,097,949

4,865
1,089,392

Country
Asia:
China:

Africa:

In ter na tional and re gionalorgs.:

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

U.S.S.R. are re ported un der “Other Eu rope.”
2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og
nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pendent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994
for the For mer Yu go slav Re pub lic of Mac e do nia.

Emirates (Trucial States).
4 For merly known as Zaire.
5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

CAP I TAL MOVE MENTS

75

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Sept. 30, 2000
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Re porting banks’ own claims
Memorandum

Claims of banks’ do mes tic cus tom ers

Pay able in
for eign
currencies

Customers’
li a bil ity on
ac cep tan ces

Total

Pay able in
dollars

Pay able in
for eign
currencies

(4)

(5)

(6)

(7)

(8)

(9)

To tal claims

On own foreign of fices

(1)

Country

To tal banks’
own claims

On for eign
pub lic borrow ers and
unaffiliated
foreigners

(2)

(3)

Eu rope:
Austria . . . . . . . . . . . . . . . .
Belgium-Luxembourg. . . . .
Bulgaria . . . . . . . . . . . . . . .
Czech Republic . . . . . . . . .

6,561
10,721
6
140

3,441
7,983
5
138

2,582
5,452
5
82

2
892
52

857
1,639
4

4
-

3,120
2,738
1
2

2,618
2,519
1
-

502
219
2

Denmark . . . . . . . . . . . . . . .
Finland . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . .
Greece . . . . . . . . . . . . . . . .

5,307
4,258
38,910
58,091
1,092

3,688
3,663
29,713
39,384
884

1,125
200
7,297
11,769
369

2,278
3,361
19,765
21,460
147

285
102
2,651
6,155
368

58
2
-

1,619
595
9,197
18,707
208

1,603
3
8,342
17,008
165

16
592
855
1,699
43

Hungary . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . .
Italy. . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . .
Norway . . . . . . . . . . . . . . . .

46
6,213
11,130
23,206
5,613

43
5,472
8,361
17,116
4,628

37
3,040
3,145
9,264
4,401

2,175
3,070
6,243
73

6
257
2,146
1,609
154

1
97
-

3
741
2,769
6,090
985

354
1,685
5,454
867

3
387
1,084
636
118

Poland . . . . . . . . . . . . . . . .
Portugal . . . . . . . . . . . . . . .
Romania . . . . . . . . . . . . . . .
Russia 1 . . . . . . . . . . . . . . . .
Spain . . . . . . . . . . . . . . . . .

240
2,195
79
661
4,167

226
1,957
79
655
3,554

124
1,154
62
643
1,889

77
326
17
1,319

25
477
12
346

6

14
238
6
613

4
85
6
533

10
153
80

Sweden . . . . . . . . . . . . . . .
Switzerland. . . . . . . . . . . . .
Turkey . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . .
Yugoslavia 2 . . . . . . . . . . . .

15,280
105,411
4,270
209,082
49

10,109
101,899
2,916
151,721
49

2,418
3,177
2,679
34,342
49

6,083
97,168
142
98,161
-

1,608
1,554
95
19,218
-

159
283
179
-

5,171
3,512
1,354
57,361
-

5,017
3,140
1,329
54,328
-

154
372
25
3,033
-

OtherEurope . . . . . . . . . . .

9,292

2,048

1,698

31

319

1

7,244

2,753

4,491

Total Europe . . . . . . . . . .

522,020

399,732

97,003

262,842

39,887

790

122,288

107,814

14,474

Canada . . . . . . . . . . . . . . . . .

54,794

41,379

11,501

26,109

3,769

21

13,415

11,486

1,929

Latin Amer ica
and Ca rib bean:
Argentina . . . . . . . . . . . . . .

12,327

11,552

9,665

1,175

712

66

775

658

117

Bahamas . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . .
British West Indies . . . . . . .
Chile. . . . . . . . . . . . . . . . . .

93,149
6,569
20,212
218,665
6,129

85,953
6,417
19,240
186,142
6,012

5,911
6,165
12,507
31,527
5,904

77,215
100
6,554
147,217
50

2,827
152
179
7,398
58

39
24
564
160
29

7,196
152
972
32,523
117

7,195
152
754
31,871
109

1
218
652
8

Colombia . . . . . . . . . . . . . .
Cuba. . . . . . . . . . . . . . . . . .
Ecuador . . . . . . . . . . . . . . .
Guatemala. . . . . . . . . . . . .
Jamaica . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . .
Netherlands Antilles. . . . . .
Panama . . . . . . . . . . . . . . .
Peru . . . . . . . . . . . . . . . . . .
Trinidad and Tobago . . . . .
Uruguay . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . .
Other Latin America
and Caribbean. . . . . . . . .

3,886
654
1,258
341
17,447
5,785
3,056
2,720
599
746
3,688

3,860
631
1,246
340
17,008
5,783
2,955
2,705
598
743
3,570

3,734
594
1,152
297
16,557
1,401
1,879
1,925
474
572
3,288

116
29
74
40
292
4,369
902
772
106
156
102

10
8
20
3
159
13
174
8
18
15
180

5
23
26
324
32
13
1
7

26
23
12
1
439
2
101
15
1
3
118

26
23
12
1
380
2
101
11
1
3
118

59
4
-

4,987

4,890

3,948

781

161

111

97

97

-

See foot notes at end of ta ble.

76

CAP I TAL MOVE MENTS

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Sept. 30, 2000, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

To tal claims
(1)

To tal banks’
own claims
(2)

Mainland . . . . . . . . . . . . .
Taiwan . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . .
India . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . .
Israel . . . . . . . . . . . . . . . . .
Japan. . . . . . . . . . . . . . . . .
Korea. . . . . . . . . . . . . . . . .
Lebanon. . . . . . . . . . . . . . .
Malaysia. . . . . . . . . . . . . . .
Pakistan. . . . . . . . . . . . . . .
Philippines . . . . . . . . . . . . .
Singapore . . . . . . . . . . . . .
Syria. . . . . . . . . . . . . . . . . .
Thailand. . . . . . . . . . . . . . .

1,558
3,151
7,114
2,144
2,034
4,128
39,889
14,788
36
1,047
742
1,545
3,094
2
1,123

1,520
2,545
6,382
2,011
2,011
1,120
37,542
14,599
30
1,001
739
1,537
2,459
1
1,084

Other Asia . . . . . . . . . . . . .

11,492

11,175

Total Asia . . . . . . . . . . . .
Africa:
Congo 3 . . . . . . . . . . . . . . .
Egypt. . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . .
Liberia . . . . . . . . . . . . . . . .
Morocco. . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . .

93,887

85,756

1
199
18
594
290
393

1
181
13
594
279
378

OtherAfrica . . . . . . . . . . . .

1,197

Total Africa . . . . . . . . . . .
Other coun tries:
Australia. . . . . . . . . . . . . . .
All other . . . . . . . . . . . . . . .
Total other
countries. . . . . . . . . . . .
Total foreign
countries . . . . . . . . . .
In ter na tional
and re gional orgs.:
International . . . . . . . . . . . .
European regional . . . . . . .
Latin American regional . . .
Asianregional . . . . . . . . . .
African regional . . . . . . . . .

Country

Re porting banks’ own claims
On for eign
pub lic borrow ers and
Pay able in
unaffiliated
On own forfor eign
foreigners
eign of fices currencies
(3)
(4)
(5)

Memorandum

Claims of banks’ do mes tic cus tom ers

Customers’
li a bil ity on
ac cep tan ces
(6)

Total
(7)

Pay able in
dollars
(8)

9
1
11
24
5
5
57
2,310
3
6
16
1
13

38
606
732
133
23
3,008
2,347
189
6
46
3
8
635
1
39

38
94
662
122
5
3,001
1,882
85
6
6
2
7
620
1
21

Pay able in
for eign
currencies
(9)

Asia:
China:

Middle Eastern regional . . .
Total international
and regional. . . . . . . . .
Grand total . . . . . . . . . .
1

1,385
581
3,563
1,842
1,902
904
6,345
11,264
26
744
95
1,446
1,836
1
212

134
1,894
2,451
164
80
212
28,889
3,193
2
238
644
49
554
859

1
70
368
5
29
4
2,308
142
2
19
42
69
13

512
70
11
18
7
465
104
40
1
1
15
18

4,913

5,233

1,029

84

317

317

-

37,059

44,596

4,101

2,545

8,131

6,869

1,262

173
13
594
252
285

3
2
87

1
5
25
6

26
1
3
-

18
5
11
15

15
5
11
4

3
11

1,190

1,172

16

2

2

7

7

-

2,692

2,636

2,489

108

39

32

56

42

14

8,314
602

6,229
518

3,320
216

2,716
31

193
271

15
-

2,085
84

1,724
60

361
24

8,916

6,747

3,536

2,747

464

15

2,169

1,784

385

1,084,527

895,895

259,088

576,452

60,355

4,827

188,632

169,509

19,123

4,544
42
78
201
-

4,544
42
78
201
-

4,544
42
78
201
-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,865

4,865

4,865

-

-

-

-

-

-

1,089,392

900,760

263,953

576,452

60,355

4,827

188,632

169,509

19,123

Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for me r
U.S.S.R. are re ported un der “Other Eu rope.”
2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og
nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pend-

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June
1994 for the For mer Yu go slav Re pub lic of Mac e do nia.
3 For merly known as Zaire.

CAP I TAL MOVE MENTS

77

CHART CM-B.—U.S. Claims on Foreigners
Reported by U.S. Banks, Bro kers and Dealers with Re spect to Se lected Coun tries

Over the first three quar ters of 2000,
bank ing claims on for eign ers grew
strongly, due en tirely to growth in
the first quar ter. In the third quar ter,
how ever, claims de creased mod estly.
For the year to date, claims have in creased $56 bil lion, pri mar ily due to
a $66 bil lion in crease in claims op posite Eu rope.

400
(In bil lions of dol lars)

300

U.S. banking claims on foreigners,
excluding long-term securities, are
concentrated in international
financial centers. The data on this
page show that over three-quarters of
U.S. claims currently are reported
opposite the United Kingdom, “All
other Europe,” and the banking
centers in the Caribbean. Foreigners
domiciled in Asia hold less than 10
percent of U.S. claims, down from
20 percent at the end of 1996.

200

100

0
19 96

19 97

19 98

1 999

S ept . 2000

United King dom

All other Eu rope

Ca rib bean bank ing cen ters

Japan

All other Asia

All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years
Country

1996

United Kingdom . . . . . . . . . . . . . . . . . . . 129,301
All other Europe. . . . . . . . . . . . . . . . . . . 144,459
Caribbean banking centers 1. . . . . . . . . . 243,575

1997

1998

1999

Sept. 2000

151,645
176,991
297,995

162,874
213,888
304,395

172,345
283,430
340,917

209,082
312,938
327,224

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . .

92,172

86,759

55,170

34,627

39,889

All other Asia. . . . . . . . . . . . . . . . . . . . . .

76,413

79,301

63,088

53,267

53,998

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . 685,920

792,691

799,415

884,586

943,131

All other countries. . . . . . . . . . . . . . . . . . 134,995
Grand total . . . . . . . . . . . . . . . . . . . . . 820,915

151,390

175,356

148,542

146,261

944,081

974,771

1,033,128

1,089,392

1In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

After ex tremely strong growth in the
mid-1990s, to tal U.S. bank ing claims
on for eign ers are lev el ing off. Annual growth peaked at 15 per cent in
1997. In 1998 and the first three
quar ters of 1999, claims grew at a
much slower an nual rate of 3 percent. Strong growth in the fourth
quar ter of 1999 and the first quar ter
of 2000 re sulted in growth in bank ing claims of 6 per cent in 1999 and 7
per cent (an nu al ized) over the first
three quar ters of 2000.

78

CAP I TAL MOVE MENTS

SECTION III.—SupplementaryLiabilities and Claims Data
Reported by Banks in the United States
TABLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners
in Coun tries and Areas Not Reg u larly Re ported Sep a rately
[Po si tionat end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

To tal li a bil i ties
Cal en dar Year
Country

To tal banks’ own claims
2000

Cal en dar Year

2000

1998

1999

June

1998

1999

June

179
n.a.
265

332
63
179

222
105
224

762
14
n.a.

63
11
n.a.

49
n.a.
132

216
1,351
92
713
1,260
n.a.
1,422
985
31
497
1,299
110
782

297
1,692
104
726
1,404
68
1,758
982
52
345
1,537
115
886

317
1,693
141
550
1,455
53
1,422
1,066
37
304
1,684
161
920

32
465
18
624
541
n.a.
606
830
n.a.
24
366
62
112

n.a.
813
n.a.
582
568
13
787
954
7
16
328
60
98

n.a.
1,095
43
491
554
n.a.
858
888
n.a.
20
269
82
92

Suriname. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Asia:
Afghanistan . . . . . . . . . . . . . . . . . . . . . . . . . .
Burma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jordan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Macau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sri Lanka . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yemen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Af rica:
Angola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cameroon . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ethiopia . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guinea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ivory Coast . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kenya. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Madagascar. . . . . . . . . . . . . . . . . . . . . . . . . .
Mauritius . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mozambique . . . . . . . . . . . . . . . . . . . . . . . . .
Niger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rwanda . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Senegal . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Somalia . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sudan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tanzania . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tunisia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Uganda . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zambia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zimbabwe . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other:

181

178

167

89

67

80

n.a.
5
287
81
135
95

61
5
512
n.a.
221
368

49
8
386
91
131
400

n.a.
78
n.a.
45
n.a.

39
n.a.
n.a.
n.a.

82
41
1

244
35
162
70
80
173
30
165
179
4
34
49
16
15
253
90
n.a.
59
99

203
19
n.a.
28
55
228
26
125
110
4
57
32
16
11
214
124
121
52
73

287
16
135
24
62
138
19
137
126
2
43
44
13
11
213
163
84
50
61

n.a.
n.a.
n.a.
7
19
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
168
n.a.
n.a.
n.a.

n.a.
8
n.a.
n.a.
22
4
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
8
n.a.
*
13
13
n.a.
3
n.a.
n.a.
n.a.
4
n.a.
7
101
1
n.a.
*

New Zealand . . . . . . . . . . . . . . . . . . . . . . . . .
Papua New Guinea . . . . . . . . . . . . . . . . . . . .

648
56

636
n.a.

373
n.a.

388
33

215
27

143
n.a.

Other Eu rope:
Cyprus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Monaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Latin Amer ica and Ca rib bean:
Aruba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Barbados . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Belize. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bolivia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Costa Rica . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dominica . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dominican Republic. . . . . . . . . . . . . . . . . . . .
El Salvador . . . . . . . . . . . . . . . . . . . . . . . . . . .
French West Indies and French Guiana . . . .
Haiti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Honduras . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nicaragua. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Paraguay . . . . . . . . . . . . . . . . . . . . . . . . . . . .

* Less than $500,000.

Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing dates
for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury Bulletin.”

CAP I TAL MOVE MENTS

79

SEC TION IV.—Li a bil i ties to, and Claims on, Foreigners
Re ported by Nonbanking Business Enterprises
in the United States
TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Type of li a bil ity or claim

1996

Cal en dar year
1997

1998

Sept.

1999
Dec.

Mar. r

2000
June

Sept. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . .

61,782

57,382

46,570

52,979

53,020

53,489

70,534

76,944

Payable in dollars . . . . . . . . . . . . . . . . . .

39,542

41,543

36,668

36,296

37,605

35,614

47,864

51,751

Financial . . . . . . . . . . . . . . . . . . . . . . . .

11,913

12,630

10,371

12,231

13,883

12,858

22,803

26,159

Trade payables . . . . . . . . . . . . . . . . .

11,683

9,599

10,133

11,387

11,720

11,267

12,691

13,236

Advance receipts and other . . . . . . . .

15,946

19,314

16,164

12,678

12,002

11,489

12,370

12,356

Payable in foreign currencies . . . . . . . . .

22,240

15,839

9,902

16,683

15,415

17,875

22,670

25,193

Financial . . . . . . . . . . . . . . . . . . . . . . . .

21,136

14,247

8,884

15,191

14,097

16,322

21,265

23,736

Trade payables . . . . . . . . . . . . . . . . .

1,037

1,305

845

1,264

1,114

1,134

1,073

982

Advance receipts and other . . . . . . . .

67

287

173

228

204

419

332

475

Total claims . . . . . . . . . . . . . . . . . . . . . . . .

65,897

68,128

77,462

67,566

76,642

84,266

80,725

94,806

Payable in dollars . . . . . . . . . . . . . . . . . .

59,156

62,173

72,171

60,456

69,170

74,331

72,294

82,877

Deposits . . . . . . . . . . . . . . . . . . . . . . .

20,852

21,060

28,549

13,240

16,373

21,442

15,361

27,974

Other . . . . . . . . . . . . . . . . . . . . . . . . .

12,374

11,806

14,049

15,718

18,593

19,659

22,384

20,541

Trade receivables. . . . . . . . . . . . . . . .

23,495

26,157

25,743

27,769

30,624

28,512

29,584

29,573

Advance payments and other. . . . . . .

2,435

3,150

3,830

3,729

3,580

4,718

4,965

4,789

Payable in foreign currencies . . . . . . . . .

6,741

5,955

5,291

7,110

7,472

9,935

8,431

11,929

Deposits . . . . . . . . . . . . . . . . . . . . . . .

772

1,849

1,650

1,952

2,193

1,874

2,101

2,954

Other . . . . . . . . . . . . . . . . . . . . . . . . .

3,525

2,244

2,012

2,967

3,072

4,823

4,457

6,834

Trade receivables. . . . . . . . . . . . . . . .

2,256

1,379

1,459

1,628

1,978

2,931

1,693

1,960

Advance payments and other. . . . . . .

188

483

170

563

229

307

180

181

Commercial:

Commercial:

Financial:

Commercial:

Financial:

Commercial:

80

CAP I TAL MOVE MENTS

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try
[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem]

Cal en dar year
Country

1995

1999

1996

1997

1998

2000

Sept.

Dec.

Mar. r

June

Sept. p

Europe:
Austria. . . . . . . . . . . . . . . . . . . . . .

44

67

112

118

81

112

93

95

131

Belgium-Luxembourg . . . . . . . . . .
Bulgaria. . . . . . . . . . . . . . . . . . . . .
Czech Republic. . . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . . . .
Finland . . . . . . . . . . . . . . . . . . . . .
France. . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . .

700
1
26
138
179
1,480
2,741

1,111
2
22
93
161
1,771
2,836

852
5
38
170
281
2,189
3,232

357
3
105
132
83
2,017
3,455

178
3
78
73
87
2,295
2,913

171
26
105
48
2,331
3,105

82
1
25
138
38
2,388
2,794

341
2
26
131
47
2,413
2,619

324
1
25
173
42
2,026
3,155

Greece . . . . . . . . . . . . . . . . . . . . .
Hungary . . . . . . . . . . . . . . . . . . . .
Ireland. . . . . . . . . . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands. . . . . . . . . . . . . . . . . .
Norway . . . . . . . . . . . . . . . . . . . . .
Poland. . . . . . . . . . . . . . . . . . . . . .
Portugal. . . . . . . . . . . . . . . . . . . . .
Romania . . . . . . . . . . . . . . . . . . . .
Russia 1 . . . . . . . . . . . . . . . . . . . . .
Spain. . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . .
Turkey. . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . .
Yugoslavia 2 . . . . . . . . . . . . . . . . . .

89
9
414
374
966
209
7
35
3
177
171
233
1,308
118
13,706
6

72
12
449
911
1,322
424
30
33
9
105
222
204
1,323
129
21,464
9

89
13
1,136
923
933
242
7
36
165
115
334
244
936
285
15,753
6

120
3
1,307
1,177
1,835
188
11
29
149
82
546
171
654
211
9,677
8

117
9
762
865
2,601
238
32
17
208
141
546
184
726
356
18,271
7

141
9
827
749
2,503
266
46
34
159
251
501
158
773
384
19,592
11

283
9
1,226
1,312
2,618
126
52
19
236
194
389
161
633
446
19,240
6

223
5
2,513
1,515
2,597
185
81
16
184
122
478
147
702
511
24,445
7

356
11
1,184
1,548
2,464
195
48
15
180
34
381
145
825
543
31,635
8

Other Europe . . . . . . . . . . . . . . . .

188

165

159

181

172

201

187

220

196

Total Europe. . . . . . . . . . . . . . . .

23,322

32,946

28,255

22,619

30,960

32,503

32,696

39,625

45,645

Canada . . . . . . . . . . . . . . . . . . . . . .

1,672

2,491

3,549

2,083

2,097

2,059

2,337

2,767

2,146

Argentina. . . . . . . . . . . . . . . . . . . .
Bahamas. . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . .

136
60
352

272
299
347

219
157
432

118
21
299

157
25
204

169
23
157

247
10
288

202
88
1,316

186
120
1,559

Brazil. . . . . . . . . . . . . . . . . . . . . . .
British West Indies . . . . . . . . . . . .
Chile . . . . . . . . . . . . . . . . . . . . . . .
Colombia. . . . . . . . . . . . . . . . . . . .

155
922
76
63

274
1,044
160
123

363
616
150
120

304
967
111
72

242
825
74
111

271
540
64
141

243
512
94
111

265
485
99
156

298
520
61
156

Cuba. . . . . . . . . . . . . . . . . . . . . . .
Ecuador. . . . . . . . . . . . . . . . . . . . .
Guatemala . . . . . . . . . . . . . . . . . .
Jamaica. . . . . . . . . . . . . . . . . . . . .
Mexico. . . . . . . . . . . . . . . . . . . . . .
Netherlands Antilles . . . . . . . . . . .
Panama. . . . . . . . . . . . . . . . . . . . .
Peru . . . . . . . . . . . . . . . . . . . . . . .
Trinidad and Tobago. . . . . . . . . . .
Uruguay . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . .
Other Latin America
and Caribbean . . . . . . . . . . . . . .
Total Latin America
and Caribbean. . . . . . . . . . . . .

1
26
4
18
428
635
23
21
13
3
223

5
27
12
16
682
53
12
44
144
6
329

22
30
18
591
23
16
30
75
20
262

5
19
12
12
406
44
16
35
34
8
204

23
67
10
18
732
15
59
26
9
14
182

27
58
6
13
912
19
67
28
15
8
305

22
22
26
46
827
15
62
25
18
7
193

18
70
18
20
1,099
24
69
23
12
7
239

19
40
20
15
1,115
16
27
25
11
7
124

364

393

418

426

344

379

364

1,271

1,651

3,523

4,242

3,562

3,113

3,137

3,202

3,132

5,481

5,970

Latin Amer ica
and Ca rib bean:

See foot notes at end of ta ble.

CAP I TAL MOVE MENTS

81

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar year
Country

1995

1996

1999

1997

1998

2000

Sept.

Dec.

Mar. r

June

Sept. p

Asia:
China:
Mainland . . . . . . . . . . . . . . . . . . .
Taiwan . . . . . . . . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . . . . . . . .
India. . . . . . . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . . . . . . . .
Israel . . . . . . . . . . . . . . . . . . . . . . .
Japan. . . . . . . . . . . . . . . . . . . . . . .
Korea . . . . . . . . . . . . . . . . . . . . . . .
Lebanon. . . . . . . . . . . . . . . . . . . . .
Malaysia. . . . . . . . . . . . . . . . . . . . .
Pakistan. . . . . . . . . . . . . . . . . . . . .
Philippines . . . . . . . . . . . . . . . . . . .
Singapore . . . . . . . . . . . . . . . . . . . .
Syria. . . . . . . . . . . . . . . . . . . . . . . .
Thailand. . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries3 . . . . . . . . .

579
451
646
196
350
99
8,751
1,433
61
297
80
60
819
50
392
1,939

990
697
610
181
314
205
10,483
1,558
72
586
77
110
908
61
473
2,193

1,250
936
750
170
213
176
8,602
1,150
29
766
60
222
1,252
23
405
3,138

708
898
388
387
154
228
7,439
945
27
141
33
169
1,240
15
362
2,852

717
1,066
318
503
174
112
6,073
718
61
84
21
201
924
45
251
2,621

627
1,175
223
519
83
160
5,751
543
56
118
37
169
917
8
165
2,555

606
1,115
347
355
70
188
5,259
695
60
139
31
114
1,237
6
200
2,312

781
1,096
790
330
89
185
8,224
2,477
55
102
85
104
2,093
24
218
3,494

526
985
430
284
114
633
6,851
3,165
52
238
75
105
2,785
10
203
3,728

Other Asia . . . . . . . . . . . . . . . . . . .

206

327

211

141

161

217

222

271

357

Total Asia . . . . . . . . . . . . . . . . . .
Africa:

16,409

19,845

19,353

16,127

14,050

13,323

12,956

20,418

20,541

Congo 4 . . . . . . . . . . . . . . . . . . . . .
Egypt . . . . . . . . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . . . . . . . .
Liberia . . . . . . . . . . . . . . . . . . . . . .
Morocco. . . . . . . . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . . . . . . . .
Oil-exporting countries5 . . . . . . . . .

157
16
24
42
376
154

198
29
21
154
532
144

90
28
1
49
255
408
103

39
9
9
41
189
393
142

71
1
2
32
135
584
165

9
86
1
2
31
138
499
212

10
100
2
2
12
148
536
161

1
115
3
10
141
575
138

1
154
4
16
12
130
693
323

Total Africa . . . . . . . . . . . . . . . . .
Other coun tries:

769

1,078

934

822

990

978

971

983

1,333

Australia. . . . . . . . . . . . . . . . . . . . .

461

945

911

949

861

634

450

294

324

All other . . . . . . . . . . . . . . . . . . . . .
Total other
countries. . . . . . . . . . . . . . . . . .
Total foreign
countries . . . . . . . . . . . . . . . .

230

125

810

852

854

300

910

930

929

691

1,070

1,721

1,801

1,715

934

1,360

1,224

1,253

46,386

61,672

57,374

46,565

52,949

52,975

53,452

70,498

76,888

2
60
-

55
55
-

8
-

5
-

30
-

1
44
-

37
-

36
-

56
-

Other Africa . . . . . . . . . . . . . . . . . .

In ter na tional
and re gional orgs.:
International. . . . . . . . . . . . . . . . . .
European regional . . . . . . . . . . . . .
Latin American regional. . . . . . . . .
Asian regional . . . . . . . . . . . . . . . .
African regional . . . . . . . . . . . . . . .
Middle Eastern regional. . . . . . . . .
Total international
and regional . . . . . . . . . . . . . . .
Grand total . . . . . . . . . . . . . . . .
1

62

110

8

5

30

45

37

36

56

46,448

61,782

57,382

46,570

52,979

53,020

53,489

70,534

76,944

Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other
re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”
2
In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in dependent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June
1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab
Emirates (Trucial States).
4

For merly known as Zaire.

5

In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

82

CAP I TAL MOVE MENTS

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 2000, Pre lim i nary
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties
To tal li a bil i ties

Total

Pay able in dol lars

Pay able in for eign
currencies

Com mer cial
li a bil i ties

(1)

Country

(2)

(3)

(4)

(5)

Eu rope:
Austria . . . . . . . . . . . . . . . . . . . . . .
Belgium-Luxembourg. . . . . . . . . . .
Bulgaria . . . . . . . . . . . . . . . . . . . . .
Czech Republic . . . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . . . .
Finland . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . .
Greece . . . . . . . . . . . . . . . . . . . . . .
Hungary . . . . . . . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . .
Norway . . . . . . . . . . . . . . . . . . . . . .
Poland . . . . . . . . . . . . . . . . . . . . . .
Portugal . . . . . . . . . . . . . . . . . . . . .
Romania. . . . . . . . . . . . . . . . . . . . .
Russia 1 . . . . . . . . . . . . . . . . . . . . .
Spain . . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . .
Turkey . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . .
Yugoslavia 2 . . . . . . . . . . . . . . . . . .
OtherEurope . . . . . . . . . . . . . . . . .

131
324
1
25
173
42
2,026
3,155
356
11
1,184
1,548
2,464
195
48
15
180
34
381
145
825
543
31,635
8
196

3
169
1
4
36
1,299
2,132
2
1
1,024
385
2,040
4
17
3
10
239
12
178
8
28,601
7

125
1
6
1,030
1,519
2
1
309
53
2,016
4
17
3
10
218
12
140
8
9,308
5

3
44
4
30
269
613
715
332
24
21
38
19,293
2

128
155
1
24
169
6
727
1,023
354
10
160
1,163
424
191
31
12
180
24
142
133
647
535
3,034
8
189

Total Europe . . . . . . . . . . . . . . . .

45,645

36,175

14,787

21,388

9,470

Canada . . . . . . . . . . . . . . . . . . . . . . .

2,146

249

162

87

1,897

186
120
1,559
298
520
61
156
19
40
20
15
1,115
16
27
25
11
7
124

51
105
1,182
132
501
11
1
2
35
9
1
4
-

10
104
1,181
18
489
11
1
2
13
9
1
4
-

41
1
1
114
12
22
-

135
15
377
166
19
50
155
19
40
20
13
1,080
7
27
24
7
7
124

1,651

1,413

1,408

5

238

5,970

3,447

3,251

196

2,523

Latin Amer ica
and Ca rib bean:
Argentina . . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . .
British West Indies. . . . . . . . . . . . .
Chile. . . . . . . . . . . . . . . . . . . . . . . .
Colombia . . . . . . . . . . . . . . . . . . . .
Cuba . . . . . . . . . . . . . . . . . . . . . . .
Ecuador . . . . . . . . . . . . . . . . . . . . .
Guatemala . . . . . . . . . . . . . . . . . . .
Jamaica . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . .
Netherlands Antilles. . . . . . . . . . . .
Panama . . . . . . . . . . . . . . . . . . . . .
Peru . . . . . . . . . . . . . . . . . . . . . . . .
Trinidad and Tobago . . . . . . . . . . .
Uruguay. . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . .
Other Latin America
and Caribbean. . . . . . . . . . . . . . .
Total Latin America
and Caribbean . . . . . . . . . . . . .
See foot notes at end of ta ble.

CAP I TAL MOVE MENTS

83

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 2000, Pre lim i nary, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties
Country

To tal li a bil i ties

Total

Pay able in dol lars

Pay able in for eign
currencies
(4)

Com mer cial
li a bil i ties

(1)

(2)

(3)

(5)

Mainland . . . . . . . . . . . . . . . . . . .

526

94

55

39

432

Taiwan. . . . . . . . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . . . . . . . .
India . . . . . . . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . . . . . . . .

985
430
284
114

2
142
3
7

1
125
1
4

1
17
2
3

983
288
281
107

Israel . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . .
Korea . . . . . . . . . . . . . . . . . . . . . . .
Lebanon. . . . . . . . . . . . . . . . . . . . .
Malaysia. . . . . . . . . . . . . . . . . . . . .
Pakistan. . . . . . . . . . . . . . . . . . . . .

633
6,851
3,165
52
238
75

435
4,782
2,445
4
1

435
3,485
2,444
4
-

1,297
1
1

198
2,069
720
48
238
74

Philippines . . . . . . . . . . . . . . . . . . .
Singapore. . . . . . . . . . . . . . . . . . . .

105
2,785

2
1,362

1,344

2
18

103
1,423

Syria. . . . . . . . . . . . . . . . . . . . . . . .
Thailand. . . . . . . . . . . . . . . . . . . . .

10
203

22

-

22

10
181

Other Asia . . . . . . . . . . . . . . . . . . .

4,085

19

19

-

4,066

Total Asia . . . . . . . . . . . . . . . . . .

20,541

9,320

7,917

1,403

11,221

Africa:
Congo 3 . . . . . . . . . . . . . . . . . . . . .
Egypt . . . . . . . . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . . . . . . . .
Liberia . . . . . . . . . . . . . . . . . . . . . .
Morocco. . . . . . . . . . . . . . . . . . . . .

1
154
4
16
12

5
16
-

4
16
-

1
-

1
149
4
12

South Africa . . . . . . . . . . . . . . . . . .

130

15

-

15

115

OtherAfrica . . . . . . . . . . . . . . . . . .

1,016

12

12

-

1,004

Total Africa . . . . . . . . . . . . . . . . .

1,333

48

32

16

1,285

Asia:
China:

Other coun tries:
Australia. . . . . . . . . . . . . . . . . . . . .

324

45

5

40

279

All other . . . . . . . . . . . . . . . . . . . . .

929

611

5

606

318

Total other countries. . . . . . . . . .

1,253

656

10

646

597

Total foreign countries . . . . . . .

76,888

49,895

26,159

23,736

26,993

56
-

-

-

-

56
-

African regional . . . . . . . . . . . . . . .

-

-

-

-

-

Middle Eastern regional . . . . . . . . .

-

-

-

-

-

56
76,944

49,895

26,159

23,736

56
27,049

In ter na tional and re gionalorgs.:
International . . . . . . . . . . . . . . . . . .
European regional . . . . . . . . . . . . .
Latin American regional . . . . . . . . .
Asianregional . . . . . . . . . . . . . . . .

Total international
and regional. . . . . . . . . . . . . . .
Grand total . . . . . . . . . . . . . . . .
1

Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er
U.S.S.R. are re ported un der “Other Eu rope.”
2
In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in depend-

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994
for the For mer Yu go slav Re pub lic of Mac e do nia.
3

For merly known as Zaire.

84

CAP I TAL MOVE MENTS

TA BLE CM-IV-4.—To tal Claims by Coun try
[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem]

Cal en dar year

1999

Country

1995

1996

1997

1998

Austria . . . . . . . . . . . . . . . . . . . . . .
Belgium-Luxembourg. . . . . . . . . . .
Bulgaria . . . . . . . . . . . . . . . . . . . . .
Czech Republic . . . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . . . .
Finland . . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . .

114
424
29
53
107
185
2,633

159
411
19
34
101
173
2,338

126
734
32
42
155
211
2,811

146
899
11
67
81
244
3,035

Germany . . . . . . . . . . . . . . . . . . . .
Greece . . . . . . . . . . . . . . . . . . . . . .
Hungary . . . . . . . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . .

1,506
193
50
290
1,029
969

1,613
148
17
274
1,039
1,055

2,041
386
62
277
1,466
1,274

Norway . . . . . . . . . . . . . . . . . . . . . .
Poland . . . . . . . . . . . . . . . . . . . . . .

169
78

251
108

Portugal . . . . . . . . . . . . . . . . . . . . .
Romania. . . . . . . . . . . . . . . . . . . . .
Russia 1 . . . . . . . . . . . . . . . . . . . . .

64
16
300

Spain . . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . .
Turkey . . . . . . . . . . . . . . . . . . . . . .

Sept.

2000
Dec.

Mar.

June

Sept. p

357
863
7
100
75
296
3,587

208
845
6
26
310
261
3,203

445
811
5
37
197
249
4,355

257
742
13
42
156
257
3,984

297
697
21
43
234
212
4,401

2,126
316
66
244
1,257
1,342

2,493
397
62
353
1,159
1,684

2,464
487
54
340
1,284
2,658

2,703
482
50
434
1,268
3,318

2,482
441
54
494
1,190
3,226

2,839
327
47
589
1,193
3,796

303
124

165
111

280
66

273
62

192
70

201
61

253
66

92
14
239

78
7
221

153
20
232

157
18
280

91
11
293

91
11
369

121
15
398

106
9
340

537
288
1,018
256

645
372
1,116
222

623
504
988
379

527
565
897
236

695
329
1,273
424

715
339
1,253
464

766
358
1,223
705

905
321
1,187
591

903
368
1,308
419

United Kingdom . . . . . . . . . . . . . . .
Yugoslavia 2 . . . . . . . . . . . . . . . . . .

6,959
13

10,868
6

13,997
11

12,535
14

12,946
25

13,388
17

14,398
17

16,597
45

21,389
37

OtherEurope . . . . . . . . . . . . . . . . .

153

214

267

251

319

360

353

402

293

Total Europe . . . . . . . . . . . . . . . .

17,433

21,528

27,119

25,540

28,245

29,412

32,907

34,182

40,187

Canada . . . . . . . . . . . . . . . . . . . . . . .

4,802

5,607

5,973

5,120

5,810

5,310

6,263

9,049

10,462

Eu rope:

Latin Amer ica
and Ca rib bean:
Argentina . . . . . . . . . . . . . . . . . . . .

396

617

688

893

1,052

896

855

891

830

Bahamas . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . .
British West Indies. . . . . . . . . . . . .

1,995
353
1,728
10,472

1,588
415
2,771
15,726

2,335
352
2,475
10,571

427
575
1,859
24,492

784
1,073
2,028
7,420

1,613
401
2,381
12,280

1,314
415
2,495
15,909

703
415
2,560
7,802

1,433
409
2,550
15,777

Chile. . . . . . . . . . . . . . . . . . . . . . . .
Colombia . . . . . . . . . . . . . . . . . . . .
Cuba . . . . . . . . . . . . . . . . . . . . . . .
Ecuador . . . . . . . . . . . . . . . . . . . . .
Guatemala . . . . . . . . . . . . . . . . . . .

248
413
1
123
48

374
422
5
107
98

327
424
101
93

320
279
103
88

240
267
3
63
83

263
349
82
85

387
324
2
60
121

313
335
1
57
73

330
327
84
92

Jamaica . . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . .
Netherlands Antilles. . . . . . . . . . . .
Panama . . . . . . . . . . . . . . . . . . . . .

41
1,547
32
156

40
1,585
114
109

52
1,929
153
145

45
2,790
37
173

69
3,404
32
156

52
3,476
45
168

80
3,508
72
202

34
3,613
97
194

82
3,895
37
201

Peru . . . . . . . . . . . . . . . . . . . . . . . .
Trinidad and Tobago . . . . . . . . . . .

221
36

201
25

147
20

183
55

185
24

148
46

170
58

112
45

122
53

Uruguay. . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . .
Other Latin America
and Caribbean. . . . . . . . . . . . . . .
Total Latin America
and Caribbean . . . . . . . . . . . . .

32
317

42
388

49
612

59
456

67
412

68
487

70
500

70
544

60
480

705

681

820

1,176

1,266

1,325

1,302

2,807

727

18,864

25,308

21,293

34,010

18,628

24,165

27,844

20,666

27,489

See foot notes at end of ta ble.

CAP I TAL MOVE MENTS

85

TA BLE CM-IV-4.—To tal Claims by Coun try, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar year

1999

Country

1995

1996

1997

1998

Sept.

China:
Mainland . . . . . . . . . . . . . . . . . . .

696

992

1,076

825

Taiwan. . . . . . . . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . . . . . . . .
India . . . . . . . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . . . . . . . .
Israel . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . .
Korea . . . . . . . . . . . . . . . . . . . . . . .
Lebanon. . . . . . . . . . . . . . . . . . . . .
Malaysia. . . . . . . . . . . . . . . . . . . . .
Pakistan. . . . . . . . . . . . . . . . . . . . .
Philippines . . . . . . . . . . . . . . . . . . .
Singapore. . . . . . . . . . . . . . . . . . . .
Syria. . . . . . . . . . . . . . . . . . . . . . . .
Thailand. . . . . . . . . . . . . . . . . . . . .
Oil-exporting countries 3 . . . . . . . . .

532
454
323
367
267
2,741
933
48
496
42
123
573
12
199
977

511
669
402
665
323
3,038
822
41
560
99
245
781
7
288
993

814
562
439
704
347
2,799
988
37
547
44
144
779
11
280
1,118

770
331
348
417
327
2,875
1,084
26
492
37
148
734
12
489
1,144

2000
Dec.

Mar.

June

Sept. p

942

760

1,018

1,012

1,034

898
345
569
418
282
3,073
1,492
21
513
33
179
815
36
467
1,484

1,097
400
599
408
336
5,336
1,378
14
516
23
258
1,041
5
651
1,648

1,129
958
486
386
419
4,103
1,481
22
513
32
235
825
10
208
1,562

1,345
861
553
446
527
3,292
1,432
25
672
110
141
984
5
192
1,283

1,341
457
664
376
392
3,797
1,550
40
733
23
127
833
8
153
1,282

Asia:

Other Asia . . . . . . . . . . . . . . . . . . .

108

161

157

160

217

152

144

216

183

Total Asia . . . . . . . . . . . . . . . . . .

8,891

10,597

10,846

10,219

11,784

14,622

13,531

13,096

12,993

Congo 4 . . . . . . . . . . . . . . . . . . . . .
Egypt . . . . . . . . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . . . . . . . .
Liberia . . . . . . . . . . . . . . . . . . . . . .
Morocco. . . . . . . . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . . . . . . . .
Oil-exporting countries 5. . . . . . . . . . .

11
160
16
13
57
321
92

13
155
15
29
27
277
180

3
286
9
8
28
322
134

1
136
14
11
29
272
181

6
151
8
6
32
299
233

186
6
3
35
323
186

192
25
11
44
262
97

2
236
28
8
42
266
199

2
223
26
27
272
395

OtherAfrica . . . . . . . . . . . . . . . . . .

260

224

209

226

198

178

317

305

234

Total Africa . . . . . . . . . . . . . . . . .

930

920

999

870

933

917

948

1,086

1,179

1,310
270

1,536
265

1,485
390

1,398
286

1,766
362

1,889
351

2,124
638

2,105
536

2,006
485

1,580

1,801

1,875

1,684

2,128

2,240

2,762

2,641

2,491

52,500

65,761

68,105

77,443

67,528

76,639

84,255

80,720

94,801

International . . . . . . . . . . . . . . . . . .
European regional . . . . . . . . . . . . .
Latin American regional . . . . . . . . .
Asianregional . . . . . . . . . . . . . . . .

8
1
-

60
58
2
13

18
5
-

15
3
-

-

2
-

10
-

4
-

4
-

African regional . . . . . . . . . . . . . . .

-

3
-

-

1
-

1
37

1
-

1
-

1
-

1
-

Africa:

Other coun tries:
Australia. . . . . . . . . . . . . . . . . . . . .
All other . . . . . . . . . . . . . . . . . . . . .
Total other
countries. . . . . . . . . . . . . . . . . .
Total foreign
countries . . . . . . . . . . . . . . . .
In ter na tional
and re gional orgs.:

Middle Eastern regional . . . . . . . . .
Total international
and regional . . . . . . . . . . . . . . .
Grand total . . . . . . . . . . . . . . . .

9

136

23

19

38

3

11

5

5

52,509

65,897

68,128

77,462

67,566

76,642

84,266

80,725

94,806

1

Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all oth er
re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”
2

In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in dependent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994

for the For mer Yu go slav Re pub lic of Mac e do nia.
3
In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates
(Trucial States).
4
For merly known as Zaire.
5

In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

86

CAP I TAL MOVE MENTS

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Sept. 30, 2000, Pre lim i nary
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial claims
Country

To tal claims

To tal

De nom i nated in dol lars

De nom i nated in for eign
currencies

(1)
Europe:
Austria . . . . . . . . . . . . . . . . . . . . . .
Belgium-Luxembourg. . . . . . . . . . .
Bulgaria . . . . . . . . . . . . . . . . . . . . .
Czech Republic . . . . . . . . . . . . . . .
Denmark . . . . . . . . . . . . . . . . . . . .
Finland. . . . . . . . . . . . . . . . . . . . . .
France . . . . . . . . . . . . . . . . . . . . . .
Germany . . . . . . . . . . . . . . . . . . . .
Greece. . . . . . . . . . . . . . . . . . . . . .
Hungary. . . . . . . . . . . . . . . . . . . . .
Ireland . . . . . . . . . . . . . . . . . . . . . .
Italy . . . . . . . . . . . . . . . . . . . . . . . .
Netherlands . . . . . . . . . . . . . . . . . .
Norway. . . . . . . . . . . . . . . . . . . . . .
Poland . . . . . . . . . . . . . . . . . . . . . .
Portugal. . . . . . . . . . . . . . . . . . . . .
Romania. . . . . . . . . . . . . . . . . . . . .
Russia 1 . . . . . . . . . . . . . . . . . . . . . .
Spain . . . . . . . . . . . . . . . . . . . . . . .
Sweden . . . . . . . . . . . . . . . . . . . . .
Switzerland . . . . . . . . . . . . . . . . . .
Turkey . . . . . . . . . . . . . . . . . . . . . .
United Kingdom . . . . . . . . . . . . . . .
Yugoslavia2 . . . . . . . . . . . . . . . . . . .

(2)

(3)

(4)

297
697
21
43
234
212
4,401
2,839
327
47
589
1,193
3,796
253
66
106
9
340
903
368
1,308
419
21,389
37

167
304
2
87
1,477
696
212
2
363
128
2,486
119
5
8
94
309
124
626
217
16,191
-

165
297
2
84
863
532
211
2
355
100
855
118
6
94
293
114
606
216
12,366
-

2
7
3
614
164
1
8
28
1,631
1
5
2
16
10
20
1
3,825
-

Com mer cial
claims
(5)

130
393
21
41
147
212
2,924
2,143
115
45
226
1,065
1,310
134
61
98
9
246
594
244
682
202
5,198
37

Other Europe. . . . . . . . . . . . . . . . .

293

89

54

35

204

Total Europe . . . . . . . . . . . . . . . .

40,187

23,706

17,333

6,373

16,481

Canada. . . . . . . . . . . . . . . . . . . . . . .
Latin Amer ica
and Ca rib bean:
Argentina. . . . . . . . . . . . . . . . . . . .
Bahamas . . . . . . . . . . . . . . . . . . . .
Bermuda . . . . . . . . . . . . . . . . . . . .
Brazil . . . . . . . . . . . . . . . . . . . . . . .
British West Indies. . . . . . . . . . . . .
Chile. . . . . . . . . . . . . . . . . . . . . . . .
Colombia . . . . . . . . . . . . . . . . . . . .
Cuba . . . . . . . . . . . . . . . . . . . . . . .
Ecuador. . . . . . . . . . . . . . . . . . . . .
Guatemala. . . . . . . . . . . . . . . . . . .
Jamaica. . . . . . . . . . . . . . . . . . . . .
Mexico . . . . . . . . . . . . . . . . . . . . . .
Netherlands Antilles . . . . . . . . . . . .
Panama. . . . . . . . . . . . . . . . . . . . .
Peru. . . . . . . . . . . . . . . . . . . . . . . .
Trinidad and Tobago . . . . . . . . . . .
Uruguay. . . . . . . . . . . . . . . . . . . . .
Venezuela . . . . . . . . . . . . . . . . . . .
Other Latin America
and Caribbean. . . . . . . . . . . . . . .
Total Latin America
and Caribbean . . . . . . . . . . . . .

10,462

7,517

6,070

1,447

2,945

830
1,433
409
2,550
15,777
330
327
84
92
82
3,895
37
201
122
53
60
480

230
1,358
22
1,568
15,722
34
88
12
22
52
2,280
24
19
6
2
30
101

217
1,353
22
1,548
15,722
33
83
9
20
51
2,249
24
18
6
1
27
77

13
5
20
1
5
3
2
1
31
1
1
3
24

600
75
387
982
55
296
239
72
70
30
1,615
13
182
116
51
30
379

727

121

114

7

606

27,489

21,691

21,574

117

5,798

See foot notes at end of ta ble.

CAP I TAL MOVE MENTS

87

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Sept. 30, 2000, Pre lim i nary, con.
[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial claims
To tal claims

To tal

De nom i nated in dol lars

De nom i nated in for eign
currencies

(1)

(2)

(3)

(4)

Mainland . . . . . . . . . . . . . . . . . . .

1,034

173

165

8

861

Taiwan . . . . . . . . . . . . . . . . . . . . .
Hong Kong . . . . . . . . . . . . . . . . . . .
India . . . . . . . . . . . . . . . . . . . . . . . .
Indonesia . . . . . . . . . . . . . . . . . . . .
Israel. . . . . . . . . . . . . . . . . . . . . . . .
Japan . . . . . . . . . . . . . . . . . . . . . . .

1,341
457
664
376
392
3,797

166
130
330
113
21
1,726

6
84
292
112
21
256

160
46
38
1
1,470

1,175
327
334
263
371
2,071

Korea . . . . . . . . . . . . . . . . . . . . . . .
Lebanon . . . . . . . . . . . . . . . . . . . . .

1,550
40

521
-

521
-

-

1,029
40

Malaysia . . . . . . . . . . . . . . . . . . . . .
Pakistan . . . . . . . . . . . . . . . . . . . . .
Philippines . . . . . . . . . . . . . . . . . . .

733
23
127

451
4
13

384
4
11

67
2

282
19
114

Singapore. . . . . . . . . . . . . . . . . . . .
Syria . . . . . . . . . . . . . . . . . . . . . . . .
Thailand . . . . . . . . . . . . . . . . . . . . .

833
8
153

177
26

163
24

14
2

656
8
127

Other Asia . . . . . . . . . . . . . . . . . . .

1,465

151

146

5

1,314

Total Asia. . . . . . . . . . . . . . . . . . .

12,993

4,002

2,189

1,813

8,991

Congo 3 . . . . . . . . . . . . . . . . . . . . . .
Egypt . . . . . . . . . . . . . . . . . . . . . . .
Ghana . . . . . . . . . . . . . . . . . . . . . . .
Liberia . . . . . . . . . . . . . . . . . . . . . . .
Morocco . . . . . . . . . . . . . . . . . . . . .
South Africa . . . . . . . . . . . . . . . . . .

2
223
26
27
272

79
2
147

76
2
147

3
-

2
144
26
25
125

OtherAfrica . . . . . . . . . . . . . . . . . .

629

56

53

3

573

To tal Af rica . . . . . . . . . . . . . . . . .
Other coun tries:

1,179

284

278

6

895

Australia . . . . . . . . . . . . . . . . . . . . .

2,006

780

767

13

1,226

All other . . . . . . . . . . . . . . . . . . . . .

485

323

304

19

162

Country

Com mer cial
claims
(5)

Asia:
China:

Africa:

Total other
countries. . . . . . . . . . . . . . . . . .
Total foreign
countries . . . . . . . . . . . . . . . . .

2,491

1,103

1,071

32

1,388

94,801

58,303

48,515

9,788

36,498

In ter na tional
and re gional orgs.:
International . . . . . . . . . . . . . . . . . .
European regional . . . . . . . . . . . . .
Latin American regional . . . . . . . . .
Asianregional. . . . . . . . . . . . . . . . .

4
-

-

-

-

4
-

African regional . . . . . . . . . . . . . . .

1

-

-

-

1

Middle Eastern regional . . . . . . . . .
Total international
and regional . . . . . . . . . . . . . . .

-

-

-

-

-

5

-

-

-

5

Grand total . . . . . . . . . . . . . . . .

94,806

58,303

48,515

9,788

36,503

1

Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former
U.S.S.R. are re ported un der “Other Europe.”
2
In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pend-

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994
for the For mer Yu go slav Re pub lic of Mac e do nia.
3

For merly known as Zaire.

88

CAP I TAL MOVE MENTS

CHART CM-C.—Net Purchases of Long-Term
Domestic Securities by Foreigners, Selected Countries
U.S. banks, brokers and other persons
report foreigners’ transactions in
long-term U.S. securities (that is, U.S.
Treasury and Government agency
bonds and notes, and U.S. corporate
bonds and stocks), which are
conducted largely through
international financial centers. The
data on this page present aggregate
net purchases on an annual basis for
1997 through 2000, as well as activity
for the fourth quarter of 2000. The
figures show that foreigners’ annual
net purchases (gross purchases minus
gross sales) of U.S. securities have
maintained an extremely high level
since 1997.

250
(In bil lions of dol lars)
Note: To fa cil i tate com par i son of net pur
chases dur ing 2000 with those in prior years,
the chart de picts data for all pe ri ods at an
an nu al ized rate.

200

150

100

Annual net foreign purchases of U.S.
securities first surpassed $100 billion
in 1993. In 2000, net foreign
purchases of U.S. securities set a new
record, surpassing the previous one
set in 1997. For the year, net
purchases amounted to $457 billion,
of which $294 billion was reported
opposite Europe.

50

0
1997

1998

199 9

2000
20 00
J an. - Dec. O ct. - De c.

United King dom

All other Eu rope

Ca rib bean bank ing cen ters

Japan

All other Asia

All other coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years
2000
Jan. - Dec.

2000
Oct. - Dec.

1997

1998

1999

United Kingdom. . . . . . . . . . . . . . . . . . . .

174,918

137,970

129,014

165,219

41,519

All other Europe. . . . . . . . . . . . . . . . . . . .

104,375

84,047

71,492

128,436

19,283

Caribbean banking centers1 . . . . . . . . . . .

24,999

11,738

43,142

19,882

4,578

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . .

34,504

20,261

43,366

51,492

21,172

All other Asia.. . . . . . . . . . . . . . . . . . . . . .

26,669

11,050

34,168

52,151

11,414

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . .

365,465

265,066

321,182

417,180

97,966

All other countries.. . . . . . . . . . . . . . . . . .

22,514

12,725

28,979

39,663

8,311

Grand total . . . . . . . . . . . . . . . . . . . . . .

387,979

277,791

350,161

456,843

106,277

Coun try

1

In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

Over the past few years, the com po si tion of for eign ers’ net pur chases has
changed dra mat i cally. In the
mid-1990s, the ma jor ity of for eign ers’
net pur chases con sisted of U.S. Treasury bonds and notes. Since 1997,
how ever, for eign ers in creas ingly have
turned to other long-term se cu ri ties.
In fact, in 2000, for eign ers pur chased
re cord amounts of cor po rate bonds,
agency bonds and cor po rate stocks.

CAP I TAL MOVE MENTS

89

SECTION V.—U.S. International Transactions in Long-Term Securities
TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type
[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States.
Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Calendar
year or month

Total

Mar ket able Trea sury bonds and notes
Net for eign
U.S. Gov ern ment cor po rapurchases
tions and fed er ally sponFor eign coun tries
sored agen cies
In ter na- Gross
Net for - Gross
Net forOfficial Other
tional for eign Gross
eign
for eign Gross
eign
- for eign and rein sti tu
pur- for eign
purpur
for eign
purtions
ers
gional chases sales
chases chases sales chases

(1)

(2)

(3)

(4)

(5)

Cor po rate and other se cu ri ties
Bonds 1
Stocks
Gross
Net for- Gross
foreign Gross
eign
foreign Gross
purforeign purpurfor eign
chases sales chases chases sales

(6)

(7)

(8)

(9)

(10)

(11)

1996 . . . . . . . . . 232,241
1997 . . . . . . . . . 184,171
1998 . . . . . . . . . 49,039
1999 . . . . . . . . .
-9,953
2000 - Jan. - Dec. p -53,291

85,807
43,959
4,123
-9,861
-6,302

148,276
139,729
42,447
-657
-46,529

-1,842
483
2,469
565
-460

3,682,940
4,865,145
5,154,155
4,288,138
3,894,935

3,450,699
4,680,974
5,105,116
4,298,091
3,948,226

41,723
49,853
56,802
92,200
152,841

141,121
259,296
524,384
486,000
728,931

99,398
209,443
467,582
393,800
576,090

83,743
84,358
121,930
160,392
182,403

252,832
350,873
381,262
368,692
477,731

1999 - Dec. .
2000 - Jan. r
Feb. .
Mar. .
Apr . .
May .
June .
July. .
Aug. .
Sept .
Oct . .
Nov. p
Dec. p

4,962
-396
6,769 2,846
1,777 3,993
-569 -16,523
6,403 8,081
-1,405 -5,415
-1,412 -16,185
-639 -5,107
449
-567
-6,626 -2,115
-7,150 3,927
-4,967 -8,659
1,068 -10,805

76
-44
-207
221
36
-198
-335
-315
4
225
185
-147
115

244,912
342,747
415,262
374,673
335,420
330,828
291,954
238,934
261,054
288,657
355,252
310,825
349,329

240,270
333,176
409,699
391,544
320,900
337,846
309,886
244,995
261,168
297,173
358,290
324,598
358,951

5,055
5,664
13,732
14,744
9,017
13,871
6,468
10,178
16,311
16,397
18,186
18,343
9,930

25,073
45,483
59,708
59,366
61,185
57,950
53,147
53,485
61,079
64,605
64,319
72,605
75,999

20,018
39,819
45,976
44,622
52,168
44,079
46,679
43,307
44,768
48,208
46,133
54,262
66,069

10,355
14,513
15,125
14,795
8,687
7,677
25,735
10,392
21,983
13,762
13,156
18,747
17,831

(12)

31,658
33,660
38,604
46,816
27,370
31,810
54,173
34,095
46,729
41,779
38,709
42,081
41,905

. . . .
4,642
. . . .
9,571
. . . .
5,563
. . . . -16,871
. . . . 14,520
. . . .
-7,018
. . . . -17,932
. . . . -6,061
. . . .
-114
. . . .
-8,516
. . . . -3,038
. . . . -13,773
. . . . -9,622

(13)

(14)

(15)

169,089 12,511 590,714 578,203
266,515 69,597 1,097,958 1,028,361
259,332 50,020 1,573,696 1,523,676
208,300 107,522 2,340,659 2,233,137
295,328 174,890 3,605,196 3,430,306
21,303
19,147
23,479
32,021
18,683
24,133
28,438
23,703
24,746
28,017
25,553
23,334
24,074

8,954
10,581
27,745
24,232
3,304
6,313
17,793
15,573
24,273
8,559
16,336
9,054
11,127

256,414
263,946
293,110
402,373
309,778
268,500
300,356
271,572
286,819
297,677
339,995
284,909
286,161

247,460
253,365
265,365
378,141
306,474
262,187
282,563
255,999
262,546
289,118
323,659
275,855
275,034

1

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and
is sues of States and mu nici pali ties.

TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type
[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States.
Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Calendar
year or month
1996. . . . . . . . .
1997. . . . . . . . .
1998. . . . . . . . .
1999 . . . . . . . .
2000 - Jan. - Dec. p
1999 - Dec .
2000 - Jan. r
Feb. r
Mar. r
Apr. r
May r
June r
July r
Aug .
Sept. .
Oct . .
Nov. p
Dec. p

.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

.
.
.
.
.

Net for eign purchases of for- Net for eign pur eign se cu ri ties
chases from
from U.S.
U.S.
(1)
(2)

For eign bonds
Gross for eign
pur chases from
U.S.
(3)

Gross for eign
sales to U.S.
(4)

Net for eign pur
chases from
U.S.
(5)

For eign stocks
Gross for eign
pur chases from
U.S.
(6)

Gross for eign
sales to U.S.
(7)

. . . . .
. . . . .
. . . . .
. . . . .
. . . . .

-110,637
-89,083
-11,137
9,964
-13,367

-51,369
-48,144
-17,349
-5,676
-3,865

1,114,035
1,451,731
1,328,250
798,267
959,416

1,165,404
1,499,875
1,345,599
803,943
963,281

-59,268
-40,939
6,212
15,640
-9,502

450,365
756,018
929,569
1,177,303
1,803,084

509,633
796,957
923,357
1,161,663
1,812,586

. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . .

2,365
-2,415
-10,789
-12,045
817
12,718
2,460
-21,458
-2,140
10,537
-437
13,997
-4,612

3,872
-3,498
-2,172
-3,776
792
4,244
5,751
-6,488
-2,812
267
-3,439
8,434
-1,168

52,227
62,186
74,194
84,033
63,921
79,536
82,953
68,425
74,803
92,182
98,523
94,938
83,722

48,355
65,684
76,366
87,809
63,129
75,292
77,202
74,913
77,615
91,915
101,962
86,504
84,890

-1,507
1,083
-8,617
-8,269
25
8,474
-3,291
-14,970
672
10,270
3,002
5,563
-3,444

125,953
134,494
176,332
179,305
154,830
146,766
152,855
136,467
142,850
148,930
153,024
141,600
135,631

127,460
133,411
184,949
187,574
154,805
138,292
156,146
151,437
142,178
138,660
150,022
136,037
139,075

90

CAP I TAL MOVE MENTS

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties
by Type and Coun try
[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States.
Source: Trea sury In ter na tional Cap i tal Reporting Sys tem]

Mar ket able Trea sury
bonds and notes

U.S. Gov ern ment cor po ra tions
and Fed eral agency bonds

2000
Country

Calendar
year
1999
(1)

Europe:
Austria . . . . . . . . .
Belgium-Luxembourg .
Bulgaria . . . . . . . .
Czech Republic . . . .
Denmark . . . . . . . .
Finland . . . . . . . . .
France . . . . . . . . .
Germany . . . . . . . .
Greece . . . . . . . . .
Hungary . . . . . . . .
Ireland . . . . . . . . .
Italy . . . . . . . . . .
Netherlands . . . . . .
Norway . . . . . . . .
Poland . . . . . . . . .
Portugal . . . . . . . .
Romania . . . . . . . .
Russia 1 . . . . . . . .
Spain . . . . . . . . .
Sweden . . . . . . . .
Switzerland . . . . . .
Turkey . . . . . . . . .
United Kingdom . . . .
Yugoslavia 2 . . . . . .

Jan.
through
Dec.
(2)

-1,602
-613
-81
73
21
-10
-381
606
112
-1,373
-78
368
-3,264 -4,146
2,285 -7,304
782
-371
519
-249
-2,983
1,047
2,767
2,069
2,122
2,140
605
1,179
153
-1,527
1,023
1,568
407
239
517
379
-16,658
-802
1,699
1,082
-1,761 -10,326
-829
1,104
-20,232 -33,669
-10
Other Europe . . . . . -3,361 -2,169
Total Europe . . . . . -38,228 -50,705
192
Canada . . . . . . . . . 7,348
Latin Amer ica
and Ca rib bean:
Argentina . . . . . . .
-455
-3,374
Bahamas . . . . . . .
603
353
Bermuda . . . . . . . . 3,985 -7,351
Brazil. . . . . . . . . . 2,149
846
British West Indies. . . -6,992 -3,386
Chile . . . . . . . . . .
18
68
Colombia . . . . . . .
-672
842
Cuba. . . . . . . . . .
Ecuador . . . . . . . .
-755
-727
Guatemala. . . . . . .
12
Jamaica . . . . . . . .
11
7
Mexico . . . . . . . . . 3,116
2,425
Netherlands Antilles. . -9,546
5,379
Panama . . . . . . . .
204
-57
Peru . . . . . . . . . .
-1
-18
Trinidad and Tobago .
-8
-20
Uruguay . . . . . . . .
-163
-345
Venezuela . . . . . . .
362
1,288
Other Latin America
609
-844
and Caribbean. . . .
Total Latin America
and Caribbean . . . -7,523 -4,914
See foot notes at end of ta ble.

Cor po rate bonds

2000

Oct.
through
Dec. p
(3)

Cal en dar
year
1999 r
(4)

Jan.
through
Dec.
(5)

Cor po rate stocks

2000
Oct.
through
Dec. p
(6)

Cal en dar
year
1999 r
(7)

Jan.
through
Dec.
(8)

Oct.
through
Dec. p
(9)

Cal en dar
year
1999
(10)

2000
Jan.
Oct.
through
through
Dec.
Dec. p
(11)
(12)

-33
277
5
363
-954
294
-1,467
-1,826
3
-38
-566
-59
-1,175
528
-237
672
32
4
-2,213
106
-294
-385
-14,027
-559

686
1,383
337
269
284
2,906
3
-66
808
479
2,378
318
359
-68
65
306
1,902
267
694
12
14,040
-5
1,376

813
1,318
774
965
272
58
2,489
133
140
1,577
816
1,365
-365
121
35
176
41
7,176
598
1,554
1,216
30,185
1,278

371
38
729
543
-77
320
305
-101
-4
215
9
973
-519
12
33
103
-14
593
109
29
6
11,235
302

502
4,396
-1
-16
47
-20
1,586
4,817
29
9
3,006
465
68
182
25
7
2
179
308
3,859
-444
92,304
631

360
9,451
186
409
341
2,158
1,578
78
13
2,352
308
-235
120
26
-28
-23
42
1,292
2,279
-721
109,967
32
-3,014

125
4,218
-1
154
222
90
437
587
32
13
315
33
333
-262
21
-3
1
12
352
715
-1
27,045
399

564
7,133
2
5
1,331
293
3,813
13,410
-90
17
2,125
7,998
8,083
451
-10
58
2
13
2,657
953
5,650
42
42,902
7
651

1,076
18,218
14
3,162
836
5,727
31,752
804
140
4,926
12,230
4,915
3,018
38
96
1
141
4,271
2,489
11,960
65
58,736
-5
44

143
3,899
-1
12
870
272
2,205
3,148
42
133
798
1,701
1,879
426
7
-15
-1
32
209
277
-794
-7
17,266
-197

-21,549

28,733

52,735

15,210

111,941

126,971

34,837

98,060

164,654

32,304

-2,005

2,424

10,111

1,676

3,619

3,176

814

-335

5,956

3,139

-239
790
-3,427
1,121
2,911
-87
537
-1
-9
5
-1,343
2,486
-35
-3
56
703

313
1,549
11,868
61
9,889
373
242
-1
119
26
55
544
377
429
408
30
128
494

899
-4
6,131
903
11,439
147
-92
40
16
-7
2,838
1,782
484
486
16
192
2,152

148
-107
430
60
4,905
16
16
3
3
31
925
532
101
125
4
49
788

294
984
15,116
100
9,023
557
199
32
32
1
1,617
847
1,049
20
1
154
370

725
640
10,881
-79
12,972
-114
549
79
33
37
1,090
846
379
22
14
229
298

155
244
1,697
-18
4,316
16
59
27
2
336
203
19
2
10
22
46

489
-21
-1,459
-187
8,248
178
125
59
16
27
85
-3,547
536
11
5
158
274

746
-1,335
-10,052
136
-970
325
210
48
30
35
394
-8,617
368
46
21
243
301

116
-1,840
-3,672
-90
-4,617
50
75
9
3
12
196
-300
-78
7
9
71
-164

-254

717

2,371

486

766

1,049

93

190

259

75

3,211

27,621

29,793

8,515

31,162

29,650

7,229

5,187

-17,812

-10,138

CAP I TAL MOVE MENTS

91

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties
by Type and Coun try, con.
[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States.
Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Country

Mar ket able Trea sury
bonds and notes
2000
Cal en dar
Jan.
Oct.
year
through
through
1999
Dec.
Dec. p
(1)
(2)
(3)

U.S. Gov ern ment cor po ra tions
and Fed eral agency bonds
2000
Cal en dar
Jan.
Oct.
year
through
through
1999 r
Dec.
Dec. p
(4)
(5)
(6)

Cor po rate bonds
2000
Cal en dar
Jan.
Oct.
year
through
through
1999 r
Dec.
Dec. p
(7)
(8)
(9)

Cor po rate stocks
2000
Cal en dar
Jan.
Oct.
year
through
through
1999
Dec.
Dec. p
(10)
(11)
(12)

Asia:
China:
Mainland . . . . . .
8,190
Taiwan . . . . . . .
-2,076
Hong Kong . . . . . .
935
India . . . . . . . . .
816
Indonesia . . . . . .
1,895
Israel. . . . . . . . .
-809
Japan . . . . . . . . 20,102
Korea . . . . . . . .
8,625
Lebanon . . . . . . .
5
Malaysia . . . . . . .
-257
Pakistan . . . . . . .
2
Philippines . . . . . .
604
Singapore . . . . . . -12,538
Syria . . . . . . . . .
Thailand . . . . . . .
1,756
Oil-exporting
countries 3 . . . . .
2,207

-3,971
-10,089
-341
1,409
227
671
10,580
4,827
-174
-219
-2
722
-6,167
1,202

-2,579
-4,278
1,297
380
-687
624
2,198
1,838
-1
-307
-1
64
-3,659
407

8,343
1,313
5,265
20
350
11,639
2,596
3
285
1,502
35

18,819
3,877
8,669
119
8
772
23,802
1,807
1
25
1
-67
317
1
-16

6,390
1,706
1,358
122
147
10,586
-667
9
-109
883
2

520
280
644
78
-19
375
5,902
52
14
13
35
3,619
45

808
972
1,853
28
15
542
15,040
-795
1
106
1
213
1,276
1
51

158
415
800
3
11
141
3,471
-19
-2
-5
121
92
25

204
37
-156
-7
143
-792
5,723
-78
131
-14
24
40
-852
21
32

-103
-147
215
-6
158
-1,102
2,070
-160
249
3
45
17
10,788
28
-58

1
-82
-131
-24
5
-124
4,917
-16
54
10
6
-25
5,779
2
-5

3,482

-1,564

2,181

477

434

-202

1,565

1,026

-1,066

9,189

1,371

-98
29,359

-519
1,638

-167
-6,435

74
33,606

15
58,627

-52
20,809

-166
11,190

18
21,695

3
6,240

-11
3,379

497
21,683

234
11,972

-2,332
-512
91
41

-324
323
-230
-35

2
-17
-60
-15

48
591
1
17

11
772
4
-53

14
5
4

85
585
3

-2
-14
17
-2
-37

-10
20
-14

-1
-98
16
-6
70

-9
-40
-20
-6
271

2
-4
-1
5

-309
-3,021

-148
-414

24
-66

8
88
753

-2
176
908

108
131

-15
658

3
65
30

32
28

71
320
372

63
156
415

10
-4
8

1,594

1,435

290

-111

495

157

1,333

169

173

866

1,437

258

All other . . . . . . .
-47
Total other
1,547
countries. . . . .
Total foreign
countries . . . . -10,518
In ter na tional
and re gional orgs.:
International . . . . .
190
European regional . .
-30
Latin American
regional . . . . . .
666
Asian regional . . . .
-260
African regional . . .
-19
Middle Eastern
18
regional . . . . . .

-63

-32

34

216

148

738

372

49

-1,432

-992

1,372

258

-77

711

305

1,364

907

545

915

5

-734

-52,831

-26,586

93,060

152,885

46,646

159,934

182,429

49,693

107,578

174,901

36,551

-483
-122

-83
-2

-5
-

-45
-5

-186
-

441
-10

-5
-46

58
-46

-3
-

-47
-

-20
-

76
63
2

33
203
2

-1,008
98
55

9
2
-

-1
-

27
-

-5
30

-1
30

-71
14
-

100
2
-2

-14
-1
-

4

-

-

-5

-

-

-

-

4

-64

1

-460
-53,291

153
-26,433

-860
92,200

-44
152,841

-187
46,459

458
160,392

-26
182,403

41
49,734

-56
107,522

-11
174,890

-34
36,517

Other Asia . . . . . .
Total Asia . . . . .
Africa:
Congo 4 . . . . . . .
Egypt. . . . . . . . .
Ghana . . . . . . . .
Liberia . . . . . . . .
Morocco . . . . . . .
South Africa . . . . .
Oil-exporting
countries 5 . . . . .
Other Africa . . . . .
Total Africa. . . . .
Other coun tries:
Australia . . . . . . .

Total international
and regional . . .
Grand total . . . .

565
-9,953

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”
2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in depend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning
in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June
1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

31

In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab
Emirates (Trucial States).
4 For merly known as Zaire.
5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

92

CAP I TAL MOVE MENTS

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic
and For eign Se cu ri ties, by Type and Coun try, Dur ing Fourth Quar ter 2000, Pre lim i nary
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Gross pur chases by for eign ers from U.S. resi dents
Domesticsecurities
Mar ketable
Treas ury
and
Federal
Financ ing Bank
Total
bonds
pur and
chases
notes
(1)
(2)

Country
Europe:
Austria . . . . . . .
BelgiumLuxembourg . . . .
Bulgaria . . . . . . .
Czech Republic . . .
Denmark . . . . . .
Finland . . . . . . .
France . . . . . . .
Germany . . . . . .
Greece . . . . . . .
Hungary . . . . . . .
Ireland . . . . . . . .
Italy . . . . . . . . .
Netherlands . . . . .
Norway . . . . . . .
Poland . . . . . . .
Portugal . . . . . . .
Romania . . . . . .
Russia 1 . . . . . . .
Spain . . . . . . . .
Sweden . . . . . . .
Switzerland . . . . .
Turkey . . . . . . . .
United Kingdom . . .
Yugoslavia 2 . . . . .
Other Europe . . . .

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

5,375

2,149

38,736
5,147
36
5
3,102
985
8,850
2,732
5,450
1,471
98,086 33,317
85,157 32,947
2,047
1,045
491
144
94,008 55,975
43,959 11,201
41,935 12,172
28,606 18,572
1,703
1,312
3,445
2,186
569
249
10,228
740
14,742
4,556
18,447
6,275
53,197
3,672
17,295
901
988,990 375,343
8,213
3,581
Total Europe . . . . 1,572,667 576,677
Canada . . . . . . . . . 172,819 95,104
Latin Amer ica
and Ca rib bean:
Argentina . . . . . . .
9,730
133
Bahamas . . . . . . .
40,003 15,551
Bermuda . . . . . . . 230,844 41,192
Brazil . . . . . . . . .
11,309
2,180
British West Indies . .
394,697 77,917
Chile . . . . . . . . .
2,054
465
Colombia . . . . . . .
2,677
1,493
Cuba . . . . . . . . .
Ecuador . . . . . . . .
218
3
Guatemala . . . . . .
144
9
Jamaica . . . . . . . .
273
121
Mexico . . . . . . . .
16,274
8,516
Netherlands Antilles. .
51,941
8,385
Panama . . . . . . . .
2,526
95
Peru . . . . . . . . . .
501
Trinidad and Tobago .
128
39
Uruguay . . . . . . . .
1,245
299
Venezuela. . . . . . .
3,268
1,082
Other Latin America
and Caribbean . . .
4,113
658
Total Latin America
and Caribbean. . . 771,945 158,138
See foot notes at end of ta ble.

Bonds of
U.S.
Gov’t.
corps.
and fed
erally
spon sored
agencies
(3)
747

Cor po rate and
other
Bonds Stocks
(4)
(5)
153

1,493

2,563 5,810 18,947
2
769
154
33
1,429
441
2,420
338
99
547
980
1,859 47,271
2,556 1,896 26,752
91
32
645
71
13
142
6,859 1,539 10,587
982
488 23,278
2,494
983 14,846
5,895
46
1,716
137
21
26
49
20
771
306
5
9,249
1
139
787
121
3,551
508
599
7,118
1,783 1,563 32,971
6
105
48,381 62,795 206,303
769
985
2,078
87,749 79,618 401,746
2,780

For eign se cu ri ties
Bonds Stocks
(6)
(7)
187

646

Mar ketable
Treas ury
and
Federal
Fi nancing Bank
bonds
Total
and
sales
notes
(8)
(9)
4,758

2,182

1,672
4,597 28,629
29
32
46
1,115
1,544
416
1,412
7,802
34
2,961
5,121
2,192 12,467 94,262
2,924 18,082 80,644
17
217
2,012
4
117
346
10,223
8,825 91,102
1,708
6,302 41,605
2,263
9,177 41,575
1,225
1,152 27,271
139
68
1,868
87
332
2,647
9
447
21
78 10,205
1,461
4,266 15,024
214
3,733 16,505
1,081 12,127 57,074
15,543
740 18,380
133,539 162,629 955,618
316
484
8,554
175,341 251,536 1,513,025

4,870
622
3,686
1,177
34,784
34,773
1,042
182
56,541
11,260
13,347
18,044
1,549
1,514
217
736
6,769
6,169
3,966
1,286
389,370
4,140
598,226

37,943 11,674

22,590 168,197 97,109

267
281
1,167 7,041
865
1,255 13,459 4,042
12,459 7,383 135,127 21,235
435
90
556
5,101
46,504 17,732 206,055 17,224
70
110
692
444
238
247
389
282
33
35
132
12
3
29
85
7
41
46
63
1,064
493
1,465 1,380
2,784 1,060 31,210 3,139
205
139
1,557
343
216
3
80
63
4
10
64
1
90
41
416
364
829
87
888
299

841
9,106
372
4,831 41,371 14,761
13,448 235,036 44,619
2,947 10,406 1,059
29,265 388,893 75,006
273
2,002
552
28
1,857
956
3
177
4
11
142
18
2
191
116
3,356 14,400 9,859
5,363 49,794 5,899
187
2,472
130
139
281
10
105
42
35
1,029
243
83
1,763
379

845

2,728

Gross sales by for eign ers to U.S. resi dents
Domesticsecurities

195

1,982

163

66,952 29,190 395,370 61,203

270

3,768

912

61,092 762,793 154,927

Bonds of
U.S.
Gov’t.
corps.
and federally
sponsored
agencies
(10)
376

Cor po rate and
other
Bonds Stocks
(11)
(12)
28

2,525 1,592
1
40
886
219
415
9
660 1,422
2,251 1,309
192
75
6,644 1,224
973
455
1,521
650
6,414
308
125
16
23
203
9,263
194
109
399
247
1,754
848
1
37,146 35,750
467
586
72,539 44,781
1,104

1,350

Foreignsecurities
Bonds Stocks
(13)
(14)
161

661

15,048
989
3,605
3
15
13
21
29
832
1,550
230
1,231
275
5
3,240
45,066
2,014 10,316
23,604
2,324 16,383
603
36
139
9
80
9,789
8,457
8,447
21,577
1,339
6,001
12,967
2,670 10,420
1,290
334
881
19
79
96
786
71
237
6
21
107
28
71
3,342
1,431
3,179
6,841
215
2,634
33,765
929 15,812
112 16,034
947
189,037 140,842 163,473
2,275
553
533
369,442 178,785 249,252

1,914

34,804

11,301

21,965

119
126
972 1,011
12,029 5,686
375
108
41,599 13,416
54
94
222
188
30
8
27
10
139
157
2,252
857
104
120
91
1
41
19
41
41

1,051
15,299
138,799
646
210,672
642
314
123
82
34
1,269
31,510
1,635
73
55
345
1,052

6,566
3,700
20,732
5,063
16,250
319
159
10
3
28
787
3,248
272
38
2
354
178

872
5,628
13,171
3,155
31,950
341
18
2
12
3
2,189
6,028
211
78
6
27
72

102

1,907

166

322

58,437 21,961

405,508

57,875

64,085

359

CAP I TAL MOVE MENTS

93

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic
and For eign Se cu ri ties, by Type and Coun try, Dur ing Fourth Quar ter 2000, Pre lim i nary, con.
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total
purchases
(1)

Country

Asia:
China:
Mainland
Taiwan .
Hong Kong
India. . . .
Indonesia .
Israel . . .
Japan . . .
Korea . . .
Lebanon . .
Malaysia .
Pakistan . .
Philippines
Singapore .
Syria . . .
Thailand . .

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

Other Asia. . . . . . .
Total Asia .
Africa:
Congo 3 . . .
Egypt . . . .
Ghana . . . .
Liberia . . . .
Morocco . . .
South Africa .

. . . . .
.
.
.
.
.
.

.
.
.
.
.
.

.
.
.
.
.
.

.
.
.
.
.
.

.
.
.
.
.
.

Gross pur chases by for eign ers from U.S. resi dents
Domesticsecurities
Mar ketable Bonds of
Treas ury U.S.
and
Gov’t.
Federal corps.
Fi nanc - and fed ing Bank erally
Cor po rate and
bonds
sponother
For eign se cu ri ties
and
sored
notes agencies Bonds Stocks
Bonds Stocks
(2)
(3)
(4)
(5)
(6)
(7)

15,975
6,094
10,020
2,042
45,738 14,331
2,226
1,408
1,231
741
6,366
2,060
252,055 109,146
23,310 18,400
803
634
10
125
1,108
291
38,481 11,858
25
1,999
1,759
21,204
5,594
421,300 173,734
14
207
234
16
584
1,267
2,322

5
6
1
39
93
144

8,417
264
2,111
429
3,169
971
122
3
11
230
223
33,306 5,626
1,555
7
1
9
1
101
126
2,802 1,135
2
27
1,175 1,313
52,999 10,137
18
12
4
237
271

12
36
31
35
114

813
188
2,522
345
4,441 2,200
244
7
162
130
2,247
95
33,174 19,366
157
894
700
66
104
28
120
187
216
12,787 3,030
25
55
80
12,159
342
69,897 26,987
153
163
14
194
538
1,062

4
3
9
228
244

Total
sales
(8)

199
11,937
2,571 12,600
20,626 40,987
442
2,007
187
1,732
1,511
5,695
51,437 228,249
2,297 21,600
36
686
482
836
5
122
187
921
6,869 32,515
23
76
1,576
621
19,767
87,546 381,253
14
15
14
1
307
136
487

4
207
242
77
525
1,189
2,244

Gross sales by for eign ers to U.S. resi dents
Domesticsecurities
Mar ketable
Bonds of
Treas ury U.S.
and
Gov’t.
Federal corps.
Financ - and fed ing Bank erally
Cor po rate and
bonds
spon other
Foreignsecurities
and
sored
notes agencies Bonds Stocks
Bonds Stocks
(9)
(10)
(11)
(12)
(13)
(14)

8,673
6,320
13,034
1,028
1,428
1,436
106,948
16,562
1
317
1
227
15,517
1,352
7,325
180,169

2,027
405
1,811
83
22,720
2,222
210
1,919
793
32,190

106
14
171
82
2,155
26
3
6
5
1,043
2
284
3,897

812
2,604
4,572
268
157
2,371
28,257
173
646
94
114
212
7,008
23
60
10,554
57,925

96
237
2,095
22
36
213
18,353
302
2
79
23
2,155
78
150
23,841

223
3,020
19,304
689
111
1,510
49,816
2,315
34
340
7
244
4,873
84
661
83,231

3
23
61
54
69
210

4
7
129
140

22
16
45
3
86

151
167
15
189
532
1,054

5
5
2
245
257

4
22
24
1
235
211
497

190
48

3,906
1,542

706
161

4,981
340

238

5,448

867

5,321

72,877 874,181

272,926

424,351

Other Africa . . . . . .
Total Africa . . . . .
Other coun tries:
Australia . . . . . . . .
23,398 10,553
1,294
363
4,164 1,437
5,587 21,183
10,263
1,137
All other . . . . . . . .
2,177
316
377
420
550
244
270
2,668
348
229
Total other
25,575 10,869
1,671
783
4,714 1,681
5,857 23,851
10,611
1,366
countries. . . . . .
Total foreign
countries. . . . . 2,966,628 1,014,666 212,422 122,570 910,732 277,130 429,108 2,851,363 1,041,252 165,776
In ter na tional and
re gional orgs.:
International. . . . . .
1,217
403
492
75
189
9
49
1,880
486
678
European regional . .
1,101
2
1
41
1,057
737
2
Latin American
regional . . . . . . .
220
51
9
18
114
28
195
18
10
Asian regional . . . . .
312
284
13
3
12
111
81
African regional . . . .
32
2
30
Middle Eastern
17
16
1
16
regional . . . . . . .
Total international
2,899
740
501
125
333
53
1,147
2,939
587
688
and regional. . . .
Grand total . . . . 2,969,527 1,015,406 212,923 122,695 911,065 277,183 430,255 2,854,302 1,041,839 166,464
1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”
2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og
nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pend-

17
48

209
1

419
5

71
681

19
-

128
14
-

6
-

20
10
-

-

15

-

1

84
367
72,961 874,548

430
273,356

783
425,134

ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in
De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June
1994 for the For mer Yu go slav Re pub lic of Mac e do nia.
3 For merly known as Zaire.

94

CAP I TAL MOVE MENTS

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic
and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 2000
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Country

Total
purchases
(1)

Europe:
Austria . . . . . .
23,562
BelgiumLuxembourg. .
142,640
Bulgaria . . . . .
132
Czech Republic .
8,521
Denmark. . . . .
30,714
Finland . . . . .
26,675
France . . . . . .
423,454
Germany . . . .
319,792
Greece . . . . .
8,252
Hungary . . . . .
2,716
Ireland . . . . . .
277,778
Italy . . . . . . .
199,386
Netherlands . . .
171,591
Norway . . . . .
82,698
Poland . . . . . .
4,956
Portugal . . . . .
12,118
Romania. . . . .
2,437
Russia1 . . . . .
17,342
Spain . . . . . .
85,743
Sweden . . . . .
68,709
Switzerland . . .
231,634
Turkey . . . . . .
43,611
United Kingdom . 3,923,631
Yugoslavia 2 . . .
71
35,144
Other Europe . .
Total Europe. . 6,143,307
583,762
Canada . . . . . .
Latin Amer ica
and Ca rib bean:
Argentina . . . .
43,997
Bahamas . . . .
145,890
Bermuda. . . . .
914,326
Brazil . . . . . .
50,587
British
West Indies . . 1,448,151
Chile . . . . . . .
9,150
Colombia . . . .
9,133
Cuba. . . . . . .
2
Ecuador . . . . .
1,088
Guatemala. . . .
747
Jamaica . . . . .
765
Mexico . . . . . .
60,895
Netherlands
Antilles. . . . .
279,646
Panama . . . . .
12,916
Peru . . . . . . .
2,044
Trinidad and
Tobago . . . .
423
Uruguay . . . . .
5,596
Venezuela . . . .
12,204
Other Latin
America and
17,090
Caribbean . .
Total Latin
America and
Caribbean . 3,014,650
See foot notes at end of ta ble.

Gross pur chases by for eign ers from U.S. resi dents
Do mes tic se cu ri ties
Marketable
Bonds of
Treasury
U.S.
and
Gov’t.
Federal
corps.
Financand feding Bank
erally
Cor po rate and
bonds
sponother
For eign se cu ri ties
and
sored
notes
agencies Bonds Stocks Bonds Stocks
(2)
(3)
(4)
(5)
(6)
(7)
9,868

3,211

531

19,686
8,563 15,125
23
1
5,127
814
186
10,810
3,235
1,339
7,771
1,324
410
162,996
3,748
7,229
95,317
7,656
7,395
3,149
330
98
1,765
364
13
166,220 14,857
5,738
60,593
4,917
2,315
49,307
8,282
4,023
56,504 12,067
1,224
3,790
357
26
6,533
198
79
975
1,356
3,438 12,650
4
36,399
7,750
673
23,373
1,824
2,323
17,344
8,268
5,519
4,593
1,216
77
1,589,020 171,218 253,657
32
15,712
2,978
2,237

6,632

832

2,488

Gross sales by for eign ers to U.S. resi dents
Do mes tic se cu ri ties
Mar ketable Bonds of
TreasU.S.
ury and Gov’t.
Federal corps.
Fi nanc- and feding Bank erally
Cor po rate and
bonds
sponother
For eign se cu ri ties
To tal
and
sored
sales
notes agencies Bonds Stocks
Bonds Stocks
(8)
(9)
(10)
(11)
(12)
(13)
(14)
21,278

10,481

2,398

171

77,185 5,673 16,408 109,097 19,613 7,245
5,674
40
64
4
131
33
1
124
147
2,123
7,360
4,521
40
9,799 1,407
4,124
27,595 12,183 2,270
930
2,243
118 14,809
23,472
7,403 1,052
69
194,423 8,082 46,976 419,231 167,142 3,690
5,071
122,398 8,921 78,105 290,546 102,621 5,167
5,817
3,498
123
1,054
7,624
3,520
197
20
206
14
354
2,607
2,014
224
39,391 21,014 30,558 263,613 165,173 13,280
3,386
93,298 4,020 34,243 181,529 58,524 4,101
2,007
61,743 9,690 38,546 168,564 47,167 6,917
4,258
7,824 2,166
2,913
77,709 55,325 12,432
1,104
192
216
375
6,248
5,317
236
3,225
315
1,768
10,030
4,965
163
107
55
51
2,018
736 1,180
694
221
335
16,887
3,059 12,609
27
17,695 4,367 18,859
72,869 37,201
574
631
24,385 1,643 15,161
61,248 22,291 1,226
1,031
151,784 5,305 43,414 233,041 27,670 6,714
3,240
725 32,708
4,292
43,404
3,489
798
734,261 499,333 676,142 3,788,339 1,622,689 141,033 143,690
16
6
17
68
9,282 1,476
3,459
38,970 17,881 1,700
5,251

5,556

653

2,019

58,967
4,221 13,377
40
34
23
110
133
2,556
6,637
940
4,635
1,407
72 13,469
188,696
9,525 45,107
90,646 16,760 69,535
2,694
239
954
66
31
272
34,465 16,347 30,962
81,068
3,638 32,191
56,828 12,413 40,981
4,806
1,221
2,821
154
210
331
3,129
258
1,408
54
48
553
226
413
13,424
3,876 17,163
21,896
1,355 13,449
139,824
4,391 51,202
660 32,896
5,561
675,525 531,197 674,205
21
47
9,238
1,392
3,508

2,350,313 277,183 310,254 1,561,118 607,861 1,036,578 5,873,478 2,401,018 224,448 183,283 1,396,464 642,0281,026,237
270,458 16,351 13,093 156,702 45,642 81,516 568,219 270,266 6,240
9,917 150,746 40,705 90,345

1,085
52,185
138,101
6,206

1,396
3,950
56,096
1,581

2,071
6,955
31,353
638

5,475
51,101
553,446
3,331

43,343
4,459
497
148,112 51,832 3,954
915,566 145,452 49,965
51,789
5,360
678

1,346
6,315
20,472
717

4,729
52,436
563,498
3,195

27,720
10,590
82,342
21,853

267,607 160,684
1,813
277
4,486
694
16
123
22
19
164
54
27,204
3,437

59,842
746
1,008
115
93
38
2,465

806,954 48,493 104,571 1,432,045 270,993 149,245
3,208 1,785
1,321
8,821
1,745
130
1,633 1,131
181
7,379
3,644
786
2
2
758
44
32
1,627
743
83
503
34
76
634
22
3
233
247
29
510
157
61
6,999 8,443 12,347
51,454 24,779
599

46,870
860
459
36
60
1
1,375

807,924
2,883
1,423
2
710
473
198
6,605

44,220 112,793
1,366
1,837
939
128
38
17
22
54
78
15
7,542 10,554

4,719
502
8

148,938
8,010
459

11,635
930
196

41,277
1,110
397

78,417
306
4

13,884
836
628

5,565
881
30

86
701
1,956

16
359
2,322

18
330
458

216
2,019
4,450

3,554

3,169

1,465

6,693

29,221
11,122
84,628
21,029

140,321 11,570
8,378 1,306
505
321

4,749
20,577
50,702
17,802

29,889
1,209
556

291,709
11,267
1,224

54
1,885
1,518

33
302
1,500

338
5,186
7,527

106
1,046
668

167
170

4
101
160

195
1,776
4,149

5
1,734
1,082

28
362
1,298

1,152

1,057

14,446

4,398

798

416

6,434

1,115

1,285

583,913 249,525 114,071 1,596,225 223,983 246,933 2,992,979

73,038 12,102
363
352
22
142

4,592
22,985
53,837
19,986

588,827 219,732

84,421 1,614,037 213,407 272,555

CAP I TAL MOVE MENTS

95

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic
and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 2000, con.
[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total
purchases
(1)

Country

Asia:
China:
Mainland .
Taiwan . .
Hong Kong .
India . . . .
Indonesia . .
Israel . . . .
Japan . . .
Korea. . . .
Lebanon . .
Malaysia . .
Pakistan . .
Philippines .
Singapore .
Syria . . . .
Thailand . .
Other Asia .
Total Asia
Africa:
Congo 3 . .
Egypt. . . .
Ghana . . .
Liberia . . .
Morocco . .
South Africa
Other Africa

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

. . .
.
.
.
.
.
.
.

Gross pur chases by for eign ers from U.S. resi dents
Do mes tic se cu ri ties
Marketable
Bonds of
Treasury
U.S.
and
Gov’t.
Federal
corps.
Financand feding Bank
erally
Cor po rate and
bonds
sponother
For eign se cu ri ties
and
sored
notes
agencies Bonds Stocks
Bonds Stocks
(2)
(3)
(4)
(5)
(6)
(7)

91,654
37,120
176,585
9,527
4,774
32,441
894,387
51,634
3,728
3,382
678
6,216
156,473
225
9,292
117,155
1,595,271

57,944
7,289
49,480
5,414
2,535
12,629
349,370
33,809
4
582
3,169
64,602
8,006
42,487
637,320

26,490
4,794
15,910
124
13
1,000
104,216
5,863
1
32
1
248
9,110
1
11
10,605
178,419

1,162
1,026
2,555
28
33
773
21,775
100
12
120
1
313
5,847
1
65
3,558
37,369

Total
sales
(8)

Gross sales by for eign ers to U.S. res i dents
Do mes tic se cu ri ties
Mar ketable Bonds of
Treas ury U.S.
and
Gov’t.
Fed eral corps.
Fi nanc- and fed ing Bank erally
Cor po rate and
bonds
sponother
For eign se cu ri ties
and
sored
notes agencies Bonds Stocks
Bonds Stocks
(9)
(10)
(11)
(12)
(13)
(14)

2,836 2,258
964
74,529 61,915
7,671
354
2,939
450
11,081 3,166
9,764
40,502 17,378
917
5 4 11,228
404
19,399 6,699 82,542
168,210 49,821
7,241
702 19,184 5,715
1,357
44
2,560
8,314
4,005
5
1,363
57
978
215
1,000
4,077
2,308
5
18
820
197
11,206
548
6,285
33,774 11,958
228
231 12,308
714
116,968 42,754 259,304
820,985 338,790 80,414 6,735 114,898 38,244
734 2,064
9,064
46,607 28,982
4,056
895
894
699
3,246
263
202
3,442
178
11
2,997
53
593
235
1,820
3,294
801
7
14
590
308
629
3
44
683
2
584
11
1,162
584
740
4,923
2,447
315
100
1,145
161
39,151 11,197 26,566
146,172 70,769
8,793 4,571 28,363 10,302
205
5
13
219
177
410
275
525
7,998
6,804
27
14
468
180
55,359 1,172
3,974
101,966 39,524 10,113 1,975 45,673
696
265,314 71,482 405,367 1,465,695 635,682 119,792 15,674 243,631 58,191

1,200
10,521
85,547
2,884
729
8,335
241,904
11,081
203
1,574
86
755
23,374
42
505
3,985
392,725

.
.
.
.
.
.
.

.
.
.
.
.
.
.

36
2,466
9
3,135
216
4,294
6,049

1,110
857
118
741
469

69
1,111
7
12
550

58
211
122
109

8
927
5
825
80
1,229
3,006

44
22
1
58
764

28
258
4
109
10
2,132
1,151

38
2,782
5
2,089
477
3,280
5,652

1,434
534
348
776
617

58
339
3
65
376

2
72
194
2
159
41

17
967
5
845
86
958
2,787

38
69
11
15
691

19
213
108
27
1,307
1,140

Total Africa .
Other coun tries:
Australia . . . .
All other
countries . . .
Total other
countries . .
Total foreign
countries .
In ter na tional and
re gional orgs.:
International . .
European
regional . . . .
Latin American
regional . . . .
Asian regional .
African regional
Middle Eastern
regional . . . .
Total international and
regional. . .

.

16,205

3,295

1,749

500

6,080

889

3,692

14,323

3,709

841

470

5,665

824

2,814

.

93,286

43,190

3,957

1,172

15,197

6,527

23,243

87,394

41,755

3,462

1,003

13,760

4,881

22,533

.

10,671

1,590

957

950

2,984

2,512

1,678

11,198

1,653

741

212

4,416

2,411

1,765

.

103,957

44,780

4,914

2,122

18,181

9,039

24,921

98,592

43,408

4,203

1,215

18,176

7,292

24,298

. 11,457,152 3,890,079

728,141 477,409 3,603,620 958,8961,799,007 11,013,286 3,942,910 575,256 294,980 3,428,719 962,447 1,808,974

.

5,688

3,160

694

.

3,792

152

52

.
.
.

945
1,470
32

158
1,375
2

42
2
-

.

214

9

-

.

12,141

4,856

790

Grand total . . 11,469,293 3,894,935

231

717

259

627

6,722

3,643

739

236

764

540

800

2

1

231

3,354

3,401

274

57

58
1
30

623
40
-

6
23
-

58
29
-

748
1,387
2

82
1,312
-

33
-

48

1

287

2,734

63
1
-

523
38
2

7
-

47
29
-

-

195

1

9

271

5

5

-

259

-

2

322

1,576

520

4,077

12,531

5,316

834

348

1,587

834

3,612

728,931 477,731 3,605,196 959,4161,803,084 11,025,817 3,948,226 576,090 295,328 3,430,306 963,281 1,812,586

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er

U.S.S.R. are re ported un der “Other Eu rope.”
2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og
nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de
pendent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June
1994 for the For mer Yu go slav Re pub lic of Mac e do nia.
3 For merly known as Zaire.

96

CAP I TAL MOVE MENTS

CHART CM-D.—Net Purchases of Long-Term
Foreign Securities by U.S. Investors *

150
(In bil lions of dol lars)
Note: To fa cil i tate com par i son of net pur chases
dur ing 2000 with those in prior years, the chart
de picts data for all pe ri ods at an an nu al ized rate.

100

50

0

-50
1 996

1997

For eign bonds

19 98

1 999

20 00
J an.-Dec.

For eign stocks

2 000
Oct .-Dec .

To tal for eign se cu ri ties

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Cal en dar years
1996

1997

1998

1999

2000
Jan. - Dec.

Foreign bonds . . . . .

51,369

48,144

17,349

5,676

3,865

-3,827

Foreign stocks . . . . .

59,268

40,939

-15,640

9,502

-5,121

Total . . . . . . . . .

110,637

89,083

-9,964

13,367

-8,948

Type

-6,212
11,137

2000
Oct. - Dec.

*Net pur chases by U.S. in ves tors equal net sales by for eign ers,or gross sales mi nus gross purchases of se cu ri ties.

The data on this page represent
U.S. investors’ purchases and sales
of long-term foreign securities as
reported to the Treasury
International Capital (TIC)
reporting system. However, in the
past 2 years, U.S. investors also
have acquired a substantial amount
of foreign stocks, mostly
European, through mergers that
involve stock swaps. Net
acquisitions through stock swaps
amounted to $96 billion in 1998,
$123 billion in 1999, and $84
billion in 2000. (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.
Taking into ac count the stock
swaps, an nual U.S. net pur chases
of long-term for eign se cu ri ties
have av er aged about $100 bil lion
since the mid-1990s, with out much
vari a tion from year to year. In
1999, net stock pur chases, in cluding the stock swaps, to taled $107
bil lion, mostly through Eu rope and
Ja pan. Net bond pur chases to taled
$6 bil lion, far be low the lev els of
the mid-1990s. In 2000, tak ing
into ac count the es ti mated $84 billion in for eign stocks ac quired
through merg ers, U.S. res i dents
ac quired ap prox i mately $94 bil lion
in for eign stocks, sim i lar to the
amounts of pre vi ous years. As in
1999, pur chases of for eign bonds
were quite low, to tal ing only $4
billion.

FOR EIGN CUR RENCY PO SI TIONS

97

INTRODUCTION: Foreign Cur rency Positions
The “Trea sury Bul le tin” re ports for eign cur rency hold ings
of large for eign ex change mar ket par tic i pants. These re ports
pro vide in for ma tion on positions in de riv a tive in stru ments,
such as for eign ex change fu tures and op tions, that are in creasingly used in es tab lish ing for eign ex change po si tions but were
not cov ered in the old re ports.
The information is based on re ports of large for eign exchange mar ket par tic i pants on hold ings of six ma jor for eign
currencies (Canadian dollar, German mark, Japanese yen,
Swiss franc, pound sterling and euro) and the U.S. dollar.
Positions in the U.S. dol lar, which have been col lected since
January 1999, are intended to ap prox i mate "all other" cur rency positions of reporting institutions. U.S.-based busi nesses file a con sol i dated re port for their do mes tic and for eign
sub sid iar ies, branches and agen cies. U.S. sub sid iar ies of foreign en ti ties file only for them selves, not for their for eign parents. Fil ing is re quired by law (31 United States Code 5315; 31
Code of Fed eral Reg u la tions 128, Subpart C).
Weekly and monthly re ports must be filed through out the
cal en dar year by ma jor for eign ex change mar ket par tic i pants,
which are de fined as mar ket par tic i pants with more than $50
billion equivalent in for eign ex change con tracts on the last
busi ness day of any cal en dar quar ter dur ing the pre vi ous year
(end March, June, Sep tem ber or De cem ber). Such con tracts
include the amounts of foreign exchange spot contracts
bought and sold, for eign ex change for ward con tracts bought
and sold, for eign ex change fu tures bought and sold, and one

half the no tional amount of for eign ex change op tions bought
and sold.
A quar terly re port must be filed throughout the calendar
year by each foreign ex change market par tic i pant that had
more than $5 bil lion equiv a lent in for eign ex change con tracts
on the last busi ness day of any quar ter the pre vi ous year (end
March, June, Sep tem ber or De cem ber).
This in for ma tion is pub lished in seven sec tions cor re spond
ing to each of the ma jor cur ren cies cov ered by the re ports. Tables I-1 through VII-1 present the currency data reported
weekly by major market participants. Tables I-2 through
VII-2 pres ent more de tailed cur rency data of ma jor market
par tic i pants, based on monthly Trea sury and FFIEC 035 re ports. Ta bles I-3 through VII-3 pres ent quar terly con sol i dated
currency data reported by large market participants and
FFIEC re port ers that do not file weekly re ports.
Principal ex changed under cross-currency interest rate
swaps is re ported as part of pur chases or sales of for eign exchange. Such prin ci pal also was noted sep a rately on monthly
and quar terly re ports through De cem ber 1998, when this practice was discontinued. The net options position, or the net
delta-equivalent value of an op tions po si tion, is an es ti mate of
the re la tion ship be tween an op tion’s value and an equiv a lent
currency hedge. The delta equiv a lent value is de fined as the
prod uct of the first par tial de riv a tive of an op tion val u a tion
for mula (with re spect to the price of the un der ly ing cur rency)
mul ti plied by the no tional prin ci pal of the con tract.

98

FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions
TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Ex change rate (Ca na dian
dol lars per U.S. dol lar)

Purchased

Sold

Net op tions po si tions

(1)

(2)

(3)

07/05/00 . . . . . . . . . . . . . . . . . . . . . .

301,388

306,276

1,286

1.4905

07/12/00 . . . . . . . . . . . . . . . . . . . . . .

295,435

301,044

932

1.4809

07/19/00 . . . . . . . . . . . . . . . . . . . . . .

302,064

309,620

1,263

1.4769

07/26/00 . . . . . . . . . . . . . . . . . . . . . .

317,138

323,927

1,617

1.4652

08/02/00 . . . . . . . . . . . . . . . . . . . . . .

321,351

330,553

1,635

1.4806

08/09/00 . . . . . . . . . . . . . . . . . . . . . .

321,002

330,152

856

1.4837

08/16/00 . . . . . . . . . . . . . . . . . . . . . .

324,593

334,078

1,112

1.4783

08/23/00 . . . . . . . . . . . . . . . . . . . . . .

336,220

345,676

857

1.4851

08/30/00 . . . . . . . . . . . . . . . . . . . . . .

329,248

338,452

977

1.4774

09/06/00 . . . . . . . . . . . . . . . . . . . . . .

331,470

337,422

775

1.482

09/13/00 . . . . . . . . . . . . . . . . . . . . . .

343,277

350,403

661

1.4829

09/20/00 . . . . . . . . . . . . . . . . . . . . . .

322,514

328,709

524

1.4844

09/27/00 . . . . . . . . . . . . . . . . . . . . . .

319,887

326,698

524

1.4968

10/04/00 . . . . . . . . . . . . . . . . . . . . . .

325,922

335,040

564

1.495

10/11/00 . . . . . . . . . . . . . . . . . . . . . .

319,633

327,388

682

1.5056

10/18/00 . . . . . . . . . . . . . . . . . . . . . .

322,838

331,466

838

1.5144

10/25/00 . . . . . . . . . . . . . . . . . . . . . .

333,481

342,060

112

1.5182

11/01/00 . . . . . . . . . . . . . . . . . . . . . .

349,814

359,475

-317

1.5345

11/08/00 . . . . . . . . . . . . . . . . . . . . . .

346,494

355,870

652

1.5425

11/15/00 . . . . . . . . . . . . . . . . . . . . . .

351,667

360,411

1,163

1.5543

11/22/00 . . . . . . . . . . . . . . . . . . . . . .

355,899

363,825

883

1.5466

11/29/00 . . . . . . . . . . . . . . . . . . . . . .

360,277

367,794

637

1.5433

12/06/00 . . . . . . . . . . . . . . . . . . . . . .

371,321

372,673

1,321

1.5292

12/13/00 . . . . . . . . . . . . . . . . . . . . . .

385,379

391,872

1,033

1.5219

12/20/00 . . . . . . . . . . . . . . . . . . . . . .

365,665

371,749

1,200

1.524

12/27/00 . . . . . . . . . . . . . . . . . . . . . .

353,716

356,315

1,615

1.5124

Re port date

(4)

FOR EIGN CUR RENCY PO SI TIONS

99

SEC TION I.—Ca na dian Dol lar Po si tions, con.
TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
Assets
Liabilities
(3)
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Calls

Puts

Ex change
rate
Cross cur (Canadian
rency in ter dol lars per
est rate
U.S.
swaps
dollar)
(10)
(11)

1997 - Dec . . . . . . . .

279,941

274,008

70,279

60,864

40,016

47,493

33,885

28,795

-5,098

152,610

1.430

1998 - Dec . . . . . . . .

290,380

290,271

58,800

51,966

45,192

52,906

47,165

42,987

-4,347

158,643

1.532

1999 - Dec . . . . . . . .

301,513

299,999

48,830

46,714

29,403

32,548

24,040

25,542

43

n.a.

1.447

2000 - Jan. . . . . . . . .

327,754

329,721

63,788

64,191

31,474

33,151

25,000

27,157

57

n.a.

1.446

Feb . . . . . . . .

314,657

317,586

60,292

60,545

28,542

30,823

23,546

24,533

-396

n.a.

1.450

Mar . . . . . . . .

314,810

310,765

59,489

60,254

28,824

31,997

24,389

25,466

-1,319

n.a.

1.449

Apr. . . . . . . . .

309,784

313,757

59,267

59,884

27,450

30,023

22,514

23,191

-36

n.a.

1.481

May . . . . . . . .

313,107

315,566

61,731

63,964

27,760

30,106

21,713

24,321

956

n.a.

1.497

June. . . . . . . .

296,117

302,624

69,854

68,616

25,627

26,642

20,527

22,127

1,276

n.a.

1.481

July . . . . . . . .
Aug . . . . . . . .

320,209
332,934

325,274
339,272

68,701
69,128

61,628
61,140

25,197
27,180

25,018
23,227

19,356
19,376

21,212
20,948

1,282
987

n.a.
n.a.

1.488
1.472

Sept. . . . . . . .

322,776

329,735

70,881

63,624

21,209

20,481

16,970

17,789

477

n.a.

1.504

Oct. . . . . . . . .

348,003

357,793

65,566

61,648

19,131

19,985

16,168

16,653

99

n.a.

1.523

Nov . . . . . . . .

360,321

366,124

70,895

64,264

20,609

21,161

16,533

18,898

925

n.a.

1.536

Dec . . . . . . . .

368,065

351,224

73,277

69,548

19,303

20,495

18,106

19,916

1,285

n.a.

1.500

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
As sets
Liabilities
(3)
(4)

Calls
Bought
(5)

Puts
Written
(6)

Bought
(7)

Written
(8)

Ex change
Cross currate
rency in ter- (Canadian
Net delta
est rate
dol lars per
equivalent
swaps
U.S. dol lar)
(9)
(10)
(11)

1997 -D e c . . . . . . . .

39,503

36,754

58,877

54,039

3,978

n.a.

3,528

n.a.

-1,249

11,734

1.430

1998 - Mar . . . . . . . .

31,028

35,307

60,214

51,760

1,463

755

2,190

777

-206

10,422

1.420

June. . . . . . . .

30,445

33,441

61,523

47,014

1,553

678

1,958

1,162

n.a.

13,401

1.469

Sept . . . . . . . .

42,048

32,197

59,253

50,381

3,289

2,469

4,618

3,741

-1,322

8,992

1.532

Dec . . . . . . . .

30,214

30,372

62,426

54,635

1,383

n.a.

1,853

1,292

-129

7,214

1.532

1999 - Mar . . . . . . . .

42,926

40,252

49,479

52,069

373

229

875

341

-2,849

n.a.

1.509

June. . . . . . . .
Sept . . . . . . . .

26,534
25,629

26,029
25,735

50,617
51,562

45,798
49,931

378
182

n.a.
306

n.a.
n.a.

358
n.a.

n.a.
n.a.

n.a.
n.a.

1.463
1.468

Dec . . . . . . . .

22,143

23,486

63,486

65,638

168

n.a.

n.a.

n.a.

n.a.

n.a.

1.447

2000 - Mar . . . . . . . .

20,098

22,775

47,433

41,645

n.a.

n.a.

894

n.a.

n.a.

n.a.

1.449

June. . . . . . . .

19,402

23,303

49,544

43,279

323

n.a.

406

290

-93

n.a.

1.481

Sept . . . . . . . .

21,192

20,521

47,212

45,754

270

n.a.

257

212

-62

n.a.

1.504

100

FOR EIGN CUR RENCY PO SI TIONS

SECTION II.—German Mark Positions
TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Sold
(2)

07/05/00 . . . . . . . . . . . . . . . . . . . . . .

15,670

15,488

n.a.

1.863

07/12/00 . . . . . . . . . . . . . . . . . . . . . .

15,663

15,473

n.a.

1.842

07/19/00 . . . . . . . . . . . . . . . . . . . . . .

15,891

15,819

n.a.

1.807

07/26/00 . . . . . . . . . . . . . . . . . . . . . .

17,778

16,449

n.a.

1.842

08/02/00 . . . . . . . . . . . . . . . . . . . . . .

17,430

16,437

n.a.

1.787

08/09/00 . . . . . . . . . . . . . . . . . . . . . .

17,529

16,844

n.a.

1.759

08/16/00 . . . . . . . . . . . . . . . . . . . . . .

17,333

16,397

n.a.

1.789

08/23/00 . . . . . . . . . . . . . . . . . . . . . .

17,000

16,419

n.a.

1.759

08/30/00 . . . . . . . . . . . . . . . . . . . . . .

15,928

15,890

n.a.

1.747

09/06/00 . . . . . . . . . . . . . . . . . . . . . .

16,603

16,215

n.a.

1.703

09/13/00 . . . . . . . . . . . . . . . . . . . . . .

16,905

16,058

n.a.

1.679

09/20/00 . . . . . . . . . . . . . . . . . . . . . .

16,589

16,108

n.a.

1.658

09/27/00 . . . . . . . . . . . . . . . . . . . . . .

16,141

15,970

n.a.

1.727

10/04/00 . . . . . . . . . . . . . . . . . . . . . .

15,531

n.a.

n.a.

1.710

10/11/00 . . . . . . . . . . . . . . . . . . . . . .

15,105

15,522

n.a.

1.700

10/18/00 . . . . . . . . . . . . . . . . . . . . . .

15,213

15,154

n.a.

1.643

10/25/00 . . . . . . . . . . . . . . . . . . . . . .

14,353

14,782

n.a.

1.620

11/01/00 . . . . . . . . . . . . . . . . . . . . . .

13,916

n.a.

n.a.

1.684

11/08/00 . . . . . . . . . . . . . . . . . . . . . .

14,247

n.a.

n.a.

1.674

11/15/00 . . . . . . . . . . . . . . . . . . . . . .

14,039

n.a.

n.a.

1.677

11/22/00 . . . . . . . . . . . . . . . . . . . . . .

13,975

n.a.

n.a.

1.649

11/29/00 . . . . . . . . . . . . . . . . . . . . . .

13,593

n.a.

n.a.

1.677

12/06/00 . . . . . . . . . . . . . . . . . . . . . .

13,652

n.a.

n.a.

1.743

12/13/00 . . . . . . . . . . . . . . . . . . . . . .

13,615

n.a.

n.a.

1.714

12/20/00 . . . . . . . . . . . . . . . . . . . . . .

13,637

n.a.

n.a.

1.778

12/27/00 . . . . . . . . . . . . . . . . . . . . . .

12,436

n.a.

n.a.

1.820

Re port date

Net op tions po si tions
(3)

Ex change rate (Deut sche
marks per U.S. dol lar)
(4)

Purchased
(1)

FOR EIGN CUR RENCY PO SI TIONS

101

SEC TION II.—Ger man Mark Po si tions, con.
TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Pur chased
Sold
(1)
(2)

Non-capital items
As sets Li a bil i ties
(3)
(4)

Calls
Bought
Written
(5)
(6)

Bought
(7)

Written
(8)

Net delta
equiv a lent
(9)

Cross cur rency in ter
est rate
swaps
(10)

Puts

Ex change
rate
(Deutsche
marks per
U.S.
dollar)
(11)

1997 - Dec . . . . . . . .

2,105,621

2,111,401

267,177

261,206

565,018

581,794

591,231

619,946

2,728

382,295

1.799

1998 - Dec . . . . . . . .

2,137,633

2,095,888

275,795

276,946

538,892

569,968

535,282

564,736

5,041

434,747

1.956

1999 - Dec . . . . . . . .
2000 - Jan. . . . . . . . .
Feb . . . . . . . .
Mar . . . . . . . .
Apr . . . . . . . . .

27,357
21,741
20,091
16,661
15,895

35,643
22,777
22,667
18,387
17,268

8,371
n.a.
n.a.
n.a.
n.a.

11,700
30,533
30,269
n.a.
36,340

9,254
n.a.
4,107
3,831
3,932

11,991
7,185
6,544
5,788
5,437

14,709
n.a.
10,267
n.a.
n.a.

11,246
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

1.970
1.896
1.887
1.869
1.782

May . . . . . . . .
June. . . . . . . .
July . . . . . . . .
Aug . . . . . . . .
Sept. . . . . . . .

15,501
15,380
17,562
15,561
16,205

16,800
15,036
16,505
15,945
16,003

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

3,702
n.a.
n.a.
n.a.
n.a.

4,994
4,431
4,539
4,041
3,935

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
3,822
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

n.a.
n.a.
n.a.
n.a.
n.a.

1.833
1.865
1.813
1.736
1.725

Oct . . . . . . . . .

14,333

n.a.

n.a.

n.a.

n.a.

3,948

n.a.

3,542

n.a.

n.a.

1.660

Nov . . . . . . . .
Dec . . . . . . . .

13,709
11,153

n.a.
n.a.

n.a.
20,075

n.a.
23,477

n.a.
2,332

4,029
2,922

n.a.
6,418

3,644
3,327

n.a.
n.a.

n.a.
n.a.

1.706
1.842

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
Assets
Liabilities
(3)
(4)

Bought
(5)

Calls

Written
(6)

Bought
(7)

Puts

Written
(8)

Net delta
equiv a lent
(9)

Cross cur
rency in ter est rate
swaps
(10)

Ex change
rate
(Deut sche
marks per
U.S.
dollar)
(11)

1997 - Dec . . . . . . . .

201,756

199,798

126,973

114,319

31,912

35,304

36,668

28,473

-3,880

25,773

1.799

1998 - Mar . . . . . . . .

235,890

231,338

129,807

109,527

29,139

24,292

25,243

20,051

-1,648

28,619

1.849

June. . . . . . . .

242,644

232,986

122,544

102,431

24,910

21,817

24,974

16,914

729

27,753

1.809

Sept. . . . . . . .

265,496

239,820

122,384

96,420

39,593

39,362

40,077

31,743

405

29,173

1.668

Dec . . . . . . . .

204,109

182,509

114,722

96,084

19,975

18,118

20,838

20,055

749

33,636

1.956

1999 - Mar . . . . . . . .

35,238

30,884

78,296

77,336

5,273

3,681

6,945

3,443

-1,786

n.a.

2.106

June. . . . . . . .

29,882

24,365

69,238

69,965

2,430

1,973

n.a.

2,189

n.a.

n.a.

2.023

Sept. . . . . . . .

31,152

18,307

61,817

63,678

1,479

1,637

4,370

2,023

n.a.

n.a.

2.092

Dec . . . . . . . .

20,244

11,582

65,344

68,401

266

121

n.a.

n.a.

n.a.

n.a.

1.970

2000 - Mar . . . . . . . .

11,985

6,048

34,223

38,156

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1.869

June. . . . . . . .

10,471

5,011

29,156

30,563

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1.865

Sept. . . . . . . .

9,645

n.a.

27,070

23,899

19

32

n.a.

n.a.

n.a.

n.a.

1.7247

102

FOR EIGN CUR RENCY PO SI TIONS

SECTION III.—Japanese Yen Po si tions
TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Ex change rate (Jap anese yen per U.S. dol lar)

Purchased

Sold

Net op tions po si tions

(1)

(2)

(3)

(4)

07/05/00 . . . . . . . . . . . . . . . . . . . . . .

155,204

160,675

1,161

107.09

07/12/00 . . . . . . . . . . . . . . . . . . . . . .

160,256

165,706

1,035

108.31

07/19/00 . . . . . . . . . . . . . . . . . . . . . .

158,854

164,408

1,060

108.33

07/26/00 . . . . . . . . . . . . . . . . . . . . . .

161,109

166,040

1,072

109.27

08/02/00 . . . . . . . . . . . . . . . . . . . . . .

159,427

164,555

1,029

109.04

08/09/00 . . . . . . . . . . . . . . . . . . . . . .

162,702

167,667

1,115

107.93

08/16/00 . . . . . . . . . . . . . . . . . . . . . .

164,165

168,911

1,159

108.69

08/23/00 . . . . . . . . . . . . . . . . . . . . . .

161,059

166,485

1,167

107.15

08/30/00 . . . . . . . . . . . . . . . . . . . . . .

162,056

166,728

1,183

106.50

09/06/00 . . . . . . . . . . . . . . . . . . . . . .

160,885

166,300

1,086

105.97

09/13/00 . . . . . . . . . . . . . . . . . . . . . .

162,792

167,448

1,271

107.14

09/20/00 . . . . . . . . . . . . . . . . . . . . . .

156,998

160,879

1,335

106.58

09/27/00 . . . . . . . . . . . . . . . . . . . . . .

159,690

164,679

1,199

107.42

10/04/00 . . . . . . . . . . . . . . . . . . . . . .

157,102

161,392

1,207

109.40

10/11/00 . . . . . . . . . . . . . . . . . . . . . .

158,917

163,359

1,533

107.62

10/18/00 . . . . . . . . . . . . . . . . . . . . . .

157,197

161,442

1,452

107.91

10/25/00 . . . . . . . . . . . . . . . . . . . . . .

156,085

160,827

1,193

108.19

11/01/00 . . . . . . . . . . . . . . . . . . . . . .

154,685

158,939

1,101

108.22

11/08/00 . . . . . . . . . . . . . . . . . . . . . .

153,828

158,168

1,293

107.34

11/15/00 . . . . . . . . . . . . . . . . . . . . . .

155,364

159,635

1,190

108.94

11/22/00 . . . . . . . . . . . . . . . . . . . . . .

156,451

160,491

1,110

110.31

11/29/00 . . . . . . . . . . . . . . . . . . . . . .

156,543

160,782

880

111.22

12/06/00 . . . . . . . . . . . . . . . . . . . . . .

158,754

164,136

1,040

110.37

12/13/00 . . . . . . . . . . . . . . . . . . . . . .

167,381

172,825

880

112.40

12/20/00 . . . . . . . . . . . . . . . . . . . . . .

161,373

166,954

1,055

112.73

12/27/00 . . . . . . . . . . . . . . . . . . . . . .

157,446

163,092

1,164

114.37

Re port date

FOR EIGN CUR RENCY PO SI TIONS

103

SEC TION III.—Jap a nese Yen Po si tions, con.
TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
Assets
Liabilities
(3)
(4)

Bought
(5)

Calls

Written
(6)

Bought
(7)

Puts

Written
(8)

Cross currency inNet delta
ter est rate
equiv a lent
swaps
(9)
(10)

Ex change
rate
(Japanese
yen per
U.S.
dollar)
(11)

1997 - Dec . . . . . . . .

179,263

184,759

31,019

28,298

28,670

28,519

38,563

39,800

1,011

70,895

130.58

1998 - Dec . . . . . . . .

202,201

206,719

25,691

26,714

37,327

37,921

50,809

49,009

1,208

74,901

113.30

1999 - Dec . . . . . . . .

146,337

149,239

27,179

23,957

22,474

21,436

36,816

39,114

1,050

n.a.

102.31

2000 - Jan. . . . . . . . .

164,181

168,279

22,919

20,676

25,454

23,979

39,892

42,920

1,096

n.a.

107.46

Feb . . . . . . . .

166,871

171,733

24,273

22,013

24,637

22,993

31,889

33,603

1,537

n.a.

110.26

Mar . . . . . . . .

163,135

168,550

31,172

28,057

24,363

23,537

54,151

55,184

1,643

n.a.

102.80

Apr. . . . . . . . .

165,474

170,676

28,686

25,332

25,673

24,609

55,075

55,863

1,623

n.a.

108.17

May . . . . . . . .

163,511

169,121

25,742

22,879

23,890

22,461

53,384

53,724

1,281

n.a.

107.81

June . . . . . . . .

163,600

168,221

27,305

24,831

22,991

21,971

53,936

54,371

1,252

n.a.

106.07

July . . . . . . . .

160,222

165,016

24,126

22,462

22,774

22,392

54,979

54,882

1,029

n.a.

109.42

Aug . . . . . . . .

160,018

165,632

26,873

25,170

24,214

23,415

54,957

55,112

1,194

n.a.

106.72

Sept . . . . . . . .

159,853

163,889

24,925

23,938

22,841

22,348

50,755

50,928

1,207

n.a.

108.21

Oct. . . . . . . . .

156,295

160,553

24,881

23,216

25,212

25,012

50,612

51,092

1,121

n.a.

109.14

Nov . . . . . . . .

160,196

164,953

25,530

23,935

21,408

20,667

51,269

51,843

1,072

n.a.

110.40

Dec . . . . . . . .

157,318

162,804

25,262

24,120

19,555

18,884

47,477

48,889

1,142

n.a.

114.42

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
Assets
Liabilities
(3)
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Calls

Puts

Ex change
Cross cur rate
rency in ter- (Japanese
est rate yen per U.S.
swaps
dollar)
(10)
(11)

1997 - Dec . . . . . . . .

12,623

14,720

9,377

9,182

1,317

1,475

2,265

1,594

-447

2,745

130.58

1998 - Mar . . . . . . . .

14,474

15,329

10,378

10,338

936

1,080

2,783

1,089

-916

3,823

133.23

June . . . . . . .

15,991

17,117

9,376

9,876

882

1,223

3,626

1,074

-1,510

4,039

138.98

Sept. . . . . . . .

16,422

15,293

9,047

9,599

2,307

n.a.

4,800

3,368

-700

4,103

136.55

Dec . . . . . . . .

12,356

10,415

9,057

8,606

1,045

n.a.

4,031

2,412

-269

4,049

113.30

1999 - Mar . . . . . . . .

10,407

11,415

8,382

7,703

498

1,041

1,088

748

69

n.a.

118.90

June . . . . . . .

11,020

12,124

9,073

9,372

669

854

1,172

579

-84

n.a.

121.25

Sept. . . . . . . .

12,546

13,169

9,697

10,067

510

947

1,580

675

-320

n.a.

106.35

Dec . . . . . . . .

8,483

9,378

9,278

9,553

398

840

987

539

n.a.

n.a.

102.31

2000 - Mar . . . . . . . .

9,940

10,052

6,827

6,463

697

1,267

1,229

821

n.a.

n.a.

102.80

June . . . . . . .

9,758

9,480

6,558

6,359

558

855

992

722

115

n.a.

106.07

Sept. . . . . . . .

7,826

7,612

6,232

6,901

580

984

1,068

748

100

n.a.

108.21

104

FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV
.—Swiss Franc Positions
TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Ex change rate (Swiss
francs per U.S. dol lar)

Purchased

Sold

Net op tions po si tions

(1)

(2)

(3)

07/05/00 . . . . . . . . . . . . . . . . . . . . . .

441,428

440,837

-2,424

1.625

07/12/00 . . . . . . . . . . . . . . . . . . . . . .

457,400

453,395

-3,233

1.653

07/19/00 . . . . . . . . . . . . . . . . . . . . . .

464,869

461,868

-3,528

1.677

07/26/00 . . . . . . . . . . . . . . . . . . . . . .

477,573

474,626

-3,032

1.650

08/02/00 . . . . . . . . . . . . . . . . . . . . . .

477,980

475,579

-3,696

1.690

08/09/00 . . . . . . . . . . . . . . . . . . . . . .

485,979

483,783

-4,359

1.717

08/16/00 . . . . . . . . . . . . . . . . . . . . . .

509,474

505,670

-4,020

1.707

08/23/00 . . . . . . . . . . . . . . . . . . . . . .

496,313

492,357

-4,221

1.724

08/30/00 . . . . . . . . . . . . . . . . . . . . . .

499,403

493,054

-4,101

1.733

09/06/00 . . . . . . . . . . . . . . . . . . . . . .

512,581

510,482

-3,491

1.778

09/13/00 . . . . . . . . . . . . . . . . . . . . . .

523,001

523,744

-2,814

1.773

09/20/00 . . . . . . . . . . . . . . . . . . . . . .

454,064

457,156

-1,012

1.778

09/27/00 . . . . . . . . . . . . . . . . . . . . . .

450,263

453,145

-723

1.724

10/04/00 . . . . . . . . . . . . . . . . . . . . . .

452,944

454,304

-1,177

1.737

10/11/00 . . . . . . . . . . . . . . . . . . . . . .

459,135

459,039

-2,347

1.740

10/18/00 . . . . . . . . . . . . . . . . . . . . . .

463,224

463,532

-3,190

1.789

10/25/00 . . . . . . . . . . . . . . . . . . . . . .

446,069

447,537

-3,220

1.820

11/01/00 . . . . . . . . . . . . . . . . . . . . . .

447,453

450,374

-1,632

1.775

11/08/00 . . . . . . . . . . . . . . . . . . . . . .

442,931

449,954

-2,558

1.776

11/15/00 . . . . . . . . . . . . . . . . . . . . . .

448,231

456,137

-2,614

1.779

11/22/00 . . . . . . . . . . . . . . . . . . . . . .

412,479

418,000

-3,408

1.802

11/29/00 . . . . . . . . . . . . . . . . . . . . . .

457,816

462,975

-3,263

1.762

12/06/00 . . . . . . . . . . . . . . . . . . . . . .

484,791

487,652

-3,460

1.701

12/13/00 . . . . . . . . . . . . . . . . . . . . . .

475,966

474,387

-2,479

1.716

12/20/00 . . . . . . . . . . . . . . . . . . . . . .

433,811

435,227

-2,721

1.669

12/27/00 . . . . . . . . . . . . . . . . . . . . . .

407,627

413,957

-2,182

1.637

Re port date

(4)

FOR EIGN CUR RENCY PO SI TIONS

105

SEC TION IV.—Swiss Franc Po si tions, con.
TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
As sets
Liabilities
(3)
(4)

Calls

Puts

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Ex change
rate
Cross cur(Swiss
Net delta rency in ter- francs per
equivaest rate
U.S.
lent
swaps
dollar)
(9)
(10)
(11)

1997 - Dec . . . . . . . .

578,837

588,600

30,197

36,466

80,541

81,291

111,512

112,963

3,309

121,149

1.463

1998 - Dec . . . . . . . .

412,893

414,305

27,126

28,145

70,475

65,812

63,977

68,190

5,605

120,584

1.375

1999 - Dec . . . . . . . .

348,405

346,553

24,246

24,346

63,446

66,092

62,096

58,039

-4,618

n.a.

1.591

2000 - Jan. . . . . . . . .

447,049

446,131

29,379

34,443

73,383

78,779

73,715

69,263

-4,897

n.a.

1.657

Feb . . . . . . . .

491,882

492,841

29,623

34,465

73,452

76,384

70,640

63,473

-7,290

n.a.

1.665

Mar . . . . . . . .

495,967

500,847

27,933

32,146

69,929

72,004

62,581

57,571

-4,881

n.a.

1.664

Apr . . . . . . . . .

475,056

474,761

31,918

34,837

69,895

78,116

63,750

54,998

-5,762

n.a.

1.719

May . . . . . . . .

544,131

543,870

37,480

41,356

70,363

79,420

68,083

59,577

-4,389

n.a.

1.682

June. . . . . . . .

473,652

472,016

41,044

46,388

68,404

71,941

63,283

58,426

-2,309

n.a.

1.634

July . . . . . . . .

473,117

469,697

36,202

43,318

66,314

69,495

58,315

56,492

-3,300

n.a.

1.671

Aug . . . . . . . .

494,864

490,869

46,272

51,063

69,271

70,120

66,537

66,237

-4,016

n.a.

1.742

Sept . . . . . . . .

457,553

457,927

37,604

44,327

79,217

74,571

73,134

74,131

-1,090

n.a.

1.727

Oct. . . . . . . . .

445,195

446,969

44,711

51,168

83,680

81,501

75,315

76,735

-2,119

n.a.

1.798

Nov . . . . . . . .

475,265

477,843

48,580

51,858

75,301

74,948

64,606

63,180

-3,199

n.a.

1.730

Dec . . . . . . . .

391,980

400,664

67,268

70,627

60,340

58,622

55,933

52,641

-2,020

n.a.

1.613

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
Assets
Liabilities
(3)
(4)

Calls
Bought
(5)

Puts
Written
(6)

Bought
(7)

Written
(8)

Cross currency inNet delta ter est rate
equiv a lent
swaps
(9)
(10)

Ex change
rate
(Swiss
francs per
U.S.
dollar)
(11)

1997 - Dec . . . . . . . .

34,055

45,725

19,548

15,869

n.a.

6,186

7,108

6,137

-382

13,357

1.463

1998 - Mar . . . . . . . .

38,858

36,296

21,240

14,804

n.a.

n.a.

5,527

4,399

-685

12,767

1.524

June. . . . . . . .

40,338

34,567

19,349

14,136

n.a.

n.a.

3,604

2,183

-390

18,057

1.521

Sept. . . . . . . .

39,544

37,928

24,920

18,195

3,200

3,643

3,623

2,983

147

15,838

1.381

Dec . . . . . . . .

29,714

27,460

25,805

17,734

2,858

2,958

1,723

1,455

-58

15,491

1.375

1999 - Mar . . . . . . . .

27,949

24,485

n.a.

19,203

n.a.

n.a.

1,184

1,076

-298

n.a.

1.482

June. . . . . . . .

29,910

31,341

25,543

21,297

1,748

n.a.

999

839

-418

n.a.

1.551

Sept. . . . . . . .

41,114

42,781

26,958

22,921

n.a.

n.a.

4,829

n.a.

165

n.a.

1.495

Dec . . . . . . . .

29,996

32,669

26,008

22,409

n.a.

n.a.

2,416

1,886

-248

n.a.

1.591

2000 - Mar . . . . . . . .

25,551

32,822

23,732

11,470

n.a.

n.a.

2,481

2,495

164

n.a.

1.664

June. . . . . . . .

28,559

32,190

23,290

12,700

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

1.634

Sept. . . . . . . .

25,817

29,202

25,141

15,983

2,415

n.a.

n.a.

3,679

n.a.

n.a.

1.727

106

FOR EIGN CUR RENCY PO SI TIONS

SEC TION V.—Ster ling Po si tions
TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Purchased

Sold

Net op tions po si tions

Ex change rate (U.S.
dollars per pound)

(1)

(2)

(3)

(4)

07/05/00 . . . . . . . . . . . . . . . . . . . . . .

489,629

480,195

-459

1.508

07/12/00 . . . . . . . . . . . . . . . . . . . . . .

498,434

489,667

-28

1.507

07/19/00 . . . . . . . . . . . . . . . . . . . . . .

499,594

485,994

256

1.497

07/26/00 . . . . . . . . . . . . . . . . . . . . . .

511,339

507,061

-527

1.515

08/02/00 . . . . . . . . . . . . . . . . . . . . . .

513,137

511,957

2,224

1.493

08/09/00 . . . . . . . . . . . . . . . . . . . . . .

507,202

504,868

2,888

1.502

08/16/00 . . . . . . . . . . . . . . . . . . . . . .

522,172

521,886

1,576

1.500

08/23/00 . . . . . . . . . . . . . . . . . . . . . .

513,989

512,554

1,796

1.486

08/30/00 . . . . . . . . . . . . . . . . . . . . . .

517,820

519,084

2,532

1.459

09/06/00 . . . . . . . . . . . . . . . . . . . . . .

523,562

520,963

1,963

1.438

09/13/00 . . . . . . . . . . . . . . . . . . . . . .

537,659

534,361

2,124

1.409

09/20/00 . . . . . . . . . . . . . . . . . . . . . .

503,338

501,791

1,600

1.411

09/27/00 . . . . . . . . . . . . . . . . . . . . . .

513,364

513,834

2,445

1.464

10/04/00 . . . . . . . . . . . . . . . . . . . . . .

494,503

491,876

1,801

1.458

10/11/00 . . . . . . . . . . . . . . . . . . . . . .

507,723

509,131

2,223

1.463

10/18/00 . . . . . . . . . . . . . . . . . . . . . .

512,871

513,694

2,044

1.443

10/25/00 . . . . . . . . . . . . . . . . . . . . . .

507,076

507,249

1,558

1.433

11/01/00 . . . . . . . . . . . . . . . . . . . . . .

505,372

505,236

1,940

1.452

11/08/00 . . . . . . . . . . . . . . . . . . . . . .

518,221

515,754

1,855

1.425

11/15/00 . . . . . . . . . . . . . . . . . . . . . .

515,765

511,665

2,468

1.427

11/22/00 . . . . . . . . . . . . . . . . . . . . . .

520,499

510,824

1,560

1.406

11/29/00 . . . . . . . . . . . . . . . . . . . . . .

524,553

521,527

2,144

1.423

12/06/00 . . . . . . . . . . . . . . . . . . . . . .

533,199

531,103

2,197

1.442

12/13/00 . . . . . . . . . . . . . . . . . . . . . .

538,837

536,667

2,108

1.454

12/20/00 . . . . . . . . . . . . . . . . . . . . . .

512,505

510,635

1,835

1.478

12/27/00 . . . . . . . . . . . . . . . . . . . . . .

499,667

496,276

1,669

1.497

Re port date

FOR EIGN CUR RENCY PO SI TIONS

107

SEC TION V.—Ster ling Positions, con.
TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions
Spot, for ward
and fu ture con tracts

Non-capital items

Calls

Puts

Cross cur- Ex change
rency in terrate
Net delta
est rate (U.S. dollars
equivalent
swaps
per pound)
(9)
(10)
(11)

Re port date

Purchased
(1)

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

1997 - Dec . . . . . . . .

387,578

372,725

82,499

90,336

60,600

62,696

63,212

68,012

809

78,781

1.648

1998 - Dec . . . . . . . .
1999 - Dec . . . . . . . .
2000 - Jan. . . . . . . . .
Feb . . . . . . . .

451,435
431,852
497,624
516,559

436,782
417,589
488,987
509,165

90,311
82,826
97,029
111,681

83,682
85,068
98,765
111,999

62,967
33,780
42,205
39,616

59,537
40,959
46,351
44,522

84,861
38,668
57,366
43,838

81,929
36,834
45,713
43,475

1,817
-1,112
888
-50

106,491
n.a.
n.a.
n.a.

1.655
1.618
1.615
1.578

Mar . . . . . . . .

529,264

517,010

115,228

113,506

41,181

46,543

44,866

44,757

-297

n.a.

1.593

Apr. . . . . . . . .
May . . . . . . . .
June. . . . . . . .
July . . . . . . . .
Aug . . . . . . . .

519,581
555,033
520,539
514,698
514,722

506,509
547,157
509,635
511,881
513,438

108,944
108,955
112,633
112,472
119,784

109,325
108,297
111,197
110,417
115,727

36,994
56,464
67,267
68,323
65,893

42,749
59,518
66,540
65,305
62,687

44,776
60,228
56,604
59,749
56,798

46,006
58,190
55,430
59,849
60,341

-2,214
-182
-511
2,405
2,658

n.a.
n.a.
n.a.
n.a.
n.a.

1.553
1.500
1.517
1.499
1.449

Sept. . . . . . . .
Oct. . . . . . . . .
Nov . . . . . . . .
Dec . . . . . . . .

507,570
508,043
525,924
481,136

505,852
504,514
520,714
476,681

134,723
131,141
127,240
132,953

128,031
129,740
123,787
130,552

60,289
62,564
57,386
52,053

56,789
60,089
54,895
49,904

49,457
43,471
38,298
34,092

n.a.
47,039
40,369
35,317

2,250
2,004
1,819
1,692

n.a.
n.a.
n.a.
n.a.

1.474
1.449
1.426
1.492

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions
Spot, for ward
and fu ture con tracts

Re port date

Purchased
(1)

Non-capital items

Calls

Puts

Sold
(2)

Assets
(3)

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Cross cur- Ex change
rency in terrate
Net delta
est rate (U.S. dol lars
equivalent
swaps
per pound)
(9)
(10)
(11)

1997 -Dec . . . . . . . . . .

36,614

41,392

49,252

40,469

3,322

3,544

4,176

2,616

166

5,842

1.648

1998 - Mar . . . . . . . . . .

37,954

44,272

53,725

39,724

2,558

1,904

4,386

2,184

383

7,216

1.672

June . . . . . . . . .

34,360

41,814

49,305

36,806

2,203

2,583

5,248

2,365

-643

9,435

1.667

Sept. . . . . . . . . .

47,869

59,915

54,596

41,131

2,645

3,232

5,592

3,264

-1,032

10,809

1.700

Dec . . . . . . . . . .

41,798

52,331

55,012

40,001

1,785

1,655

4,116

2,774

-128

12,444

1.655

1999 - Mar . . . . . . . . . .

29,752

38,797

49,526

38,258

1,339

1,970

3,120

3,484

-468

n.a.

1.612

June . . . . . . . . .

33,120

38,967

61,274

50,042

1,672

1,822

1,855

n.a.

-448

n.a.

1.577

Sept. . . . . . . . . .

29,234

40,531

55,936

43,129

904

2,315

2,717

n.a.

n.a.

n.a.

1.647

Dec . . . . . . . . . .

20,688

29,551

59,303

49,273

1,095

1,514

2,415

1,230

n.a.

n.a.

1.618

2000 - Mar . . . . . . . . . .

26,741

30,937

40,575

33,411

1,158

1,236

2,095

1,372

-758

n.a.

1.593

June . . . . . . . . .

28,418

32,246

43,338

34,513

1,581

1,505

1,702

1,275

-44

n.a.

1.517

Sept. . . . . . . . . .

29,370

30,972

43,390

22,825

1,684

1,350

3,274

1,388

25

n.a.

1.474

108

FOR EIGN CUR RENCY PO SI TIONS

SEC TION VI.—U.S. Dol lar Po si tions
TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Re port date

Purchased
(1)

Sold
(2)

Net op tions po si tions
(3)

Ex change rate
(4)

07/05/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,854,322

4,896,854

10,285

n.a.

07/12/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,915,006

4,962,408

10,802

n.a.

07/19/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,917,006

4,961,365

12,837

n.a.

07/26/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,984,036

5,011,024

13,383

n.a.

08/02/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,999,680

5,023,358

11,299

n.a.

08/09/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,973,705

5,008,784

11,254

n.a.

08/16/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,064,632

5,078,333

12,334

n.a.

08/23/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,056,241

5,061,092

9,374

n.a.

08/30/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,067,143

5,086,963

10,568

n.a.

09/06/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,099,801

5,118,681

5,660

n.a.

09/13/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,118,660

5,132,043

5,355

n.a.

09/20/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,940,575

4,960,549

3,737

n.a.

09/27/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,060,089

5,080,634

5,879

n.a.

10/04/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,020,884

5,054,191

9,004

n.a.

10/11/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,009,484

5,039,732

7,003

n.a.

10/18/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,014,636

5,036,279

8,545

n.a.

10/25/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,005,743

5,023,389

8,923

n.a.

11/01/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,968,906

4,983,546

6,596

n.a.

11/08/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,017,754

5,037,922

6,224

n.a.

11/15/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,069,610

5,096,948

7,847

n.a.

11/22/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,914,733

4,950,009

8,721

n.a.

11/29/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,047,675

5,076,754

10,117

n.a.

12/06/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,137,724

5,159,775

6,810

n.a.

12/13/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,302,197

5,339,396

8,844

n.a.

12/20/00 . . . . . . . . . . . . . . . . . . . . . . . . .

5,058,497

5,106,979

6,771

n.a.

12/27/00 . . . . . . . . . . . . . . . . . . . . . . . . .

4,926,470

4,968,472

5,947

n.a.

FOR EIGN CUR RENCY PO SI TIONS

109

SEC TION VI.—U.S. Dol lar Po si tions, con.
TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

Report date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
As sets
Li a bil i ties
(3)
(4)

Calls
Bought
(5)

Written
(6)

Op tions po si tions
Puts
Bought
Written
(7)
(8)

Net delta
equiv a lent
(9)

Ex change
rate
(10)

1999 - Jan . . . . . . . . 5,537,723

5,535,483

-

-

763,547

1,462,327

718,645

689,063

-13,456

n.a.

Feb . . . . . . . . 5,587,436

5,553,305

-

-

793,634

1,498,088

748,568

722,894

-3,120

n.a.

Mar . . . . . . . . 5,440,238

5,425,796

-

-

729,810

665,770

644,917

653,165

-5,914

n.a.

Apr . . . . . . . . 5,315,004

5,287,849

-

-

682,510

648,960

632,525

613,643

-3,911

n.a.

May . . . . . . . 5,275,344

5,279,115

-

-

698,885

681,262

674,963

647,732

-1,573

n.a.

June . . . . . . . 5,154,576

5,176,838

-

-

634,850

615,868

605,099

573,999

-1,028

n.a.

July. . . . . . . . 5,279,823

5,302,309

-

-

628,617

606,469

610,172

582,079

-7,213

n.a.

Aug . . . . . . . . 5,268,144

5,279,461

-

-

641,397

622,160

623,278

592,968

-4,545

n.a.

Sept . . . . . . . 5,317,938

5,354,366

-

-

644,972

624,798

702,227

547,030

3,703

n.a.

Oct . . . . . . . . 5,453,737

5,504,653

-

-

656,844

641,341

724,157

574,675

1,369

n.a.

Nov . . . . . . . . 5,434,720

5,439,023

-

-

626,602

611,329

676,418

537,040

4,974

n.a.

Dec . . . . . . . . 4,428,661

4,469,330

-

-

554,465

538,078

606,475

464,834

4,031

n.a.

2000 - Jan . . . . . . . . 5,206,175

5,242,291

-

-

645,121

616,411

760,544

551,734

15,669

n.a.

Feb . . . . . . . . 5,259,655

5,294,417

-

-

561,186

526,371

647,577

514,353

n.a.

n.a.

Mar . . . . . . . . 5,194,805

5,229,059

-

-

736,426

718,276

647,870

506,808

4,441

n.a.

Apr . . . . . . . . 5,134,570

5,172,691

-

-

753,239

702,905

614,161

611,089

10,296

n.a.

May . . . . . . . 5,260,644

5,295,815

-

-

760,960

719,820

624,200

623,237

8,402

n.a.

June . . . . . . . 5,177,385

5,227,331

-

-

748,964

706,451

601,481

616,160

9,562

n.a.

July. . . . . . . . 5,095,365

5,100,472

-

-

767,980

741,771

629,466

626,458

11,853

n.a.

Aug . . . . . . . . 5,160,323

5,176,532

-

-

815,700

762,732

643,074

638,424

8,835

n.a.

Sept . . . . . . . 5,114,514

5,150,028

-

-

765,572

719,018

640,860

615,555

5,439

n.a.

Oct . . . . . . . . 5,043,018

5,061,759

-

-

782,150

748,119

655,836

633,993

5,429

n.a.

Nov . . . . . . . . 5,176,487

5,208,287

-

-

770,457

722,232

586,828

570,735

7,624

n.a.

Dec . . . . . . . . 4,903,805

4,922,496

-

-

696,817

665,879

549,766

523,288

5,750

n.a.

Cross currency inter est rate
swaps
(10)

Exchange
rate
(11)

TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions

Re port date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
Assets
Liabilities
(3)
(4)

Bought
(5)

Calls

Written
(6)

Bought
(7)

Puts

Written
(8)

Net delta
equiv a lent
(9)

1999 - Mar . . . . . . .

344,488

346,419

-

-

45,081

n.a.

24,808

31,891

-2,548

n.a.

n.a.

June . . . . . .

355,215

381,986

-

-

30,362

n.a.

14,682

34,477

-4,398

n.a.

n.a.

Sept . . . . . .

369,911

399,707

-

-

42,136

n.a.

16,652

32,959

n.a.

n.a.

n.a.

Dec. . . . . . .

322,693

356,352

-

-

38,983

n.a.

13,480

48,511

n.a.

n.a.

n.a.

2000 - Mar . . . . . . .

355,039

356,538

-

-

39,429

n.a.

18,542

45,725

n.a.

n.a.

n.a.

June . . . . . .

355,103

382,402

-

-

32,925

55,328

44,033

47,386

1,030

n.a.

n.a.

Sept . . . . . .

324,914

346,333

-

-

19,704

28,846

24,183

29,783

116

n.a.

n.a.

110

FOR EIGN CUR RENCY PO SI TIONS

SEC TION VII.—Euro Po si tions
TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward and fu ture con tracts
Purchased
Re port date

Sold

Net op tions po si tions

Ex change rate (Euros per
U.S. dol lar)

(1)

(2)

(3)

(4)

-9,763

1.050

07/05/00 . . . . . . . . . . . . . . . . . . . . . .

1,865,070

1,874,261

07/12/00 . . . . . . . . . . . . . . . . . . . . . .

1,874,117

1,879,601

-9,828

1.062

07/19/00 . . . . . . . . . . . . . . . . . . . . . .

1,886,015

1,892,975

-11,800

1.082

07/26/00 . . . . . . . . . . . . . . . . . . . . . .

1,947,599

1,945,140

-10,887

1.062

08/02/00 . . . . . . . . . . . . . . . . . . . . . .

1,932,530

1,930,840

-10,701

1.095

08/09/00 . . . . . . . . . . . . . . . . . . . . . .

1,910,152

1,907,472

-10,593

1.112

08/16/00 . . . . . . . . . . . . . . . . . . . . . .

1,957,183

1,962,290

-8,803

1.094

08/23/00 . . . . . . . . . . . . . . . . . . . . . .

1,973,376

1,975,250

-8,042

1.112

08/30/00 . . . . . . . . . . . . . . . . . . . . . .

2,002,567

2,001,823

-7,521

1.120

09/06/00 . . . . . . . . . . . . . . . . . . . . . .

2,025,189

2,034,059

-8,311

1.149

09/13/00 . . . . . . . . . . . . . . . . . . . . . .

2,021,654

2,038,127

-8,340

1.165

09/20/00 . . . . . . . . . . . . . . . . . . . . . .

1,948,477

1,962,655

-7,289

1.180

09/27/00 . . . . . . . . . . . . . . . . . . . . . .

2,031,106

2,040,695

-9,200

1.133

10/04/00 . . . . . . . . . . . . . . . . . . . . . .

1,949,220

1,954,291

-10,429

1.144

10/11/00 . . . . . . . . . . . . . . . . . . . . . .

1,994,630

1,993,638

-9,821

1.150

10/18/00 . . . . . . . . . . . . . . . . . . . . . .

2,024,708

2,031,560

-5,326

1.190

10/25/00 . . . . . . . . . . . . . . . . . . . . . .

2,021,316

2,031,907

-5,385

1.208

11/01/00 . . . . . . . . . . . . . . . . . . . . . .

2,019,107

2,030,420

-6,345

1.162

11/08/00 . . . . . . . . . . . . . . . . . . . . . .

2,029,291

2,037,929

-6,801

1.169

11/15/00 . . . . . . . . . . . . . . . . . . . . . .

2,068,951

2,070,420

-7,396

1.167

11/22/00 . . . . . . . . . . . . . . . . . . . . . .

1,929,080

1,933,671

-6,687

1.186

11/29/00 . . . . . . . . . . . . . . . . . . . . . .

2,087,039

2,084,823

-5,975

1.166

12/06/00 . . . . . . . . . . . . . . . . . . . . . .

2,104,616

2,101,899

-8,215

1.122

12/13/00 . . . . . . . . . . . . . . . . . . . . . .

2,130,269

2,126,881

-9,717

1.141

12/20/00 . . . . . . . . . . . . . . . . . . . . . .

2,031,831

2,024,908

-10,081

1.100

12/27/00 . . . . . . . . . . . . . . . . . . . . . .

1,988,189

1,995,724

-10,678

1.075

FOR EIGN CUR RENCY PO SI TIONS

111

SEC TION VII.—Euro Po si tions, con.
TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants
[In mil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Report
date

Spot, for ward
and fu ture con tracts
Purchased
Sold
(1)
(2)

Non-capital items
As sets
Liabilities
(3)
(4)

Bought
(5)

Op tions po si tions
Puts
Bought
Written
(7)
(8)

Calls
Written
(6)

Net delta
equivalent
(9)

Exchange
rate
(10)

1999 - Jan. . . . . . . .

1,566,699

1,532,673

393,367

390,239

202,578

227,242

221,568

231,761

-480

0.880

Feb . . . . . . .

1,561,850

1,542,552

421,460

408,904

253,912

340,648

367,143

300,936

11

0.907

Mar . . . . . . .

1,533,315

1,540,410

436,268

415,362

321,976

359,188

392,951

344,535

-944

0.929

Apr. . . . . . . .

1,478,252

1,479,302

449,714

438,523

370,757

352,512

434,286

381,994

-4,650

0.946

May . . . . . . .

1,533,635

1,529,586

458,925

465,158

328,363

355,660

407,031

356,631

-6,873

0.959

June. . . . . . .

1,499,547

1,491,928

455,688

439,095

328,733

367,383

415,102

348,041

-5,932

0.967

July . . . . . . .

1,548,840

1,535,220

516,778

501,493

383,833

404,428

439,824

336,243

-1,453

0.935

Aug . . . . . . .

1,548,312

1,546,834

443,457

422,338

480,873

493,330

449,582

331,725

-2,388

0.946

Sept. . . . . . .

1,696,687

1,689,902

433,942

412,149

485,119

475,029

399,095

350,204

-3,638

0.935

Oct. . . . . . . .

1,795,417

1,796,775

424,984

401,501

467,621

478,946

362,427

370,116

-3,981

0.948

Nov . . . . . . .

1,764,694

1,749,089

434,436

417,999

436,834

433,657

287,729

303,335

-7,737

0.991

Dec . . . . . . .

1,452,015

1,461,276

474,121

446,461

409,670

402,166

258,738

242,453

-7,254

0.993

2000 - Jan. . . . . . . .

1,724,560

1,737,462

442,897

428,201

619,530

628,646

346,236

355,194

-7,403

1.031

Feb . . . . . . .

1,860,625

1,880,888

487,896

467,967

584,483

590,403

372,396

362,992

-4,988

1.036

Mar . . . . . . .

1,899,472

1,901,388

523,523

494,884

349,396

574,205

347,514

356,175

-2,206

1.047

Apr. . . . . . . .

1,837,189

1,851,992

544,210

517,698

542,414

538,238

323,798

340,003

-2,612

1.098

May . . . . . . .

1,983,047

1,987,957

590,288

559,869

568,659

562,206

329,385

366,305

-6,890

1.067

June. . . . . . .

1,981,586

1,992,473

612,848

578,082

583,899

592,389

351,444

358,027

-9,478

1.049

July . . . . . . .

1,909,976

1,911,383

586,314

536,754

519,554

506,348

369,129

378,158

-10,343

1.079

Aug . . . . . . .

1,992,118

1,998,899

573,805

525,502

454,621

468,412

392,990

386,854

-7,744

1.127

Sept. . . . . . .

2,006,795

2,014,112

608,334

547,769

421,739

424,720

384,653

371,919

-8,987

1.134

Oct. . . . . . . .

2,005,978

2,016,298

656,950

559,093

379,876

365,534

351,453

385,327

-6,529

1.178

Nov . . . . . . .

2,121,354

2,119,639

639,786

585,005

300,549

288,753

298,360

334,643

-8,718

1.147

Dec . . . . . . .

1,962,446

1,957,163

657,186

619,882

262,483

249,899

257,504

278,235

-10,079

1.062

TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants
[In bil lions of euros. Source: Of fice of For eign Ex change Op er a tions]

Spot, for ward
and fu ture con tracts
Report
date

Purchased
(1)

Non-capital items

Sold
(2)

As sets
(3)

Liabilities
(4)

Op tions po si tions
Puts

Calls
Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Cross curNet delta rency in ter est Exchange
equivalent rate swaps
rate
(9)
(10)
(11)

1999 - Mar . . . . . . .

92,802

97,957

98,287

93,539

4,212

4,265

5,228

4,413

-1,083

n.a.

0.9289

June . . . . . .

112,045

121,089

80,972

69,409

3,878

6,839

6,310

4,308

-2,644

n.a.

0.9669

Sept . . . . . .

144,979

139,983

113,959

93,954

6,487

5,727

6,741

4,983

-3,297

n.a.

0.9350

Dec . . . . . . .

104,331

98,139

107,006

91,185

5,263

9,552

9,898

7,093

-3,796

n.a.

0.9930

2000 - Mar . . . . . . .

157,837

137,611

222,847

87,591

7,762

12,088

12,578

10,024

-916

n.a.

1.0466

June . . . . . .

153,599

144,972

225,865

86,355

10,660

11,704

13,871

12,373

-447

n.a.

1.0485

Sept . . . . . .

144,129

147,945

229,496

88,077

11,846

12,922

21,183

16,153

1,752

n.a.

1.134

112

INTRODUCTION: Exchange Stabilization Fund
To sta bi lize the ex change value of the dol lar, the Ex change Sta bi li za tion Fund (ESF) was es tab lished pur su ant to
chapter 6, sec tion 10 of the Gold Re serve Act of Jan u ary 30,
1934 (cod i fied at 31 United States Code 5302), which au thorized es tab lish ment of a Trea sury fund to be op er ated un der the
ex clu sive con trol of the Sec re tary, with ap proval of the Pres ident.
Sub se quent amend ment of the Gold Re serve Act mod ified the orig i nal pur pose some what to re flect ter mi na tion of
the fixed ex change rate sys tem.
Resources of the fund in clude dol lar bal ances, par tially
invested in U.S. Government se cu ri ties, special drawing
rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal
sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est
earned on as sets.
• Table ESF-1 pres ents the as sets, li a bil i ties and cap i tal
of the fund. The fig ures are in U.S. dol lars or their equiv a lents
based on cur rent ex change rates com puted ac cord ing to the accrual method of ac count ing. The cap i tal ac count rep re sents the
original capital ap pro pri ated to the fund by Con gress of $2 billion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the
ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary
Fund. Gains and losses are re flected in the cu mu la tive net income (+) or loss (-) ac count.
• Table ESF-2 shows the re sults of op er a tions by quarter. Fig ures are in U.S. dol lars or their equiv a lents com puted
ac cord ing to the ac crual method. “Profit (+) or loss (-) on foreign ex change” in cludes re al ized prof its or losses. “Ad just-

TA BLE ESF-1.—Bal ances as of July 1, 2000, and Sept. 30, 2000
[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man agement]

June 30, 2000

July 1, 2000,
through
Sept. 30, 2000

Sept. 30, 2000

12,645,207
10,444,354

-1,616,637
-127,939

11,028,570
10,316,415

6,634,663
8,877,769

234,639
-144,012

6,869,302
8,733,757

148,283

-1,444

146,839

38,750,276

-1,655,393

37,094,883

192,154

-4,030

188,124

192,154

-4,030

188,124

SDR cer tif i cates. . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,200,000

-

3,200,000

SDR allocations. . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,552,039

-192,986

6,359,053

To tal other li a bil i ties . . . . . . . . . . . . . . . . . . . . . . .

10,752,039

-1,192,986

9,559,053

As sets, li a bil i ties and cap i tal
Assets
U.S. dol lars:
Held with Trea sury:
U.S. Gov ern ment se cu ri ties . . . . . . . . . . . . . . . . .
Spe cial draw ing rights 1

.......................
For eign ex change and se cu ri ties:
Eu ro pean euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jap a nese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ac counts re ceiv able . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal as sets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Li a bil i ties and cap i tal
Cur rent li a bil i ties:
Ac counts pay able . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal cur rent li a bil i ties . . . . . . . . . . . . . . . . . . . . .
Other li a bil i ties:

Capital:
Cap i tal ac count . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net in come (+) or loss (-) (see ta ble ESF-2). . . . . .

200,000

-

200,000

27,606,083

-458,377

27,147,706

To tal cap i tal . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27,806,083

-458,377

27,347,706

38,750,276

-1,655,393

37,094,883

To tal li a bil i ties and cap i tal . . . . . . . . . . . . . . . .

See foot note on the fol low ing page.

EX CHANGE STA BI LI ZA TION FUND

113

TA BLE ESF-2.—In come and Ex pense
[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man agement]

Current quar ter
July 1, 2000,
through
Sept. 30, 2000

Fis cal year to date
Oct. 1, 1999,
through
Sept. 30, 2000

For eign ex change. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-647,089

-1,343,591

Ad just ment for change in val u a tion
of SDR hold ings and al lo ca tions 1 . . . . . . . . . . . . . . . . . . . . . .

-127,015

-255,353

43,748

156,848

U.S. Gov ern ment se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . .

195,921

805,564

For eign ex change. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71,445

256,135

Com mis sions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

104,773

In come from op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . .

-462,990

-275,624

Net in come (+) or loss (-) . . . . . . . . . . . . . . . . . . . . . . . .

-462,990

-275,624

In come and expense
Profit (+) or loss (-) on:

In ter est (+) or net charges (-) on:
SDRs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the
SDRs based on a weighted av er age of ex change rates for the cur ren cies of se lected mem ber
countries. The U.S. SDR hold ings and al lo ca tions are val ued on this ba sis be gin ning July
1974.
Note.—An nual bal ance sheets for fis cal 1934 through 1940 ap peared in the 1940 “An nual

Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in sub se
quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938,
have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978,
may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”

TRUST FUNDS

TA BLE TF-10.—Air port and Air way Trust Fund
Re sults of Op er a tions, Fis cal 2000*

*Note.—Data was not avail able at the time of pub li ca tion.

117

118

TRUST FUNDS

INTRODUCTION: Uranium Enrichment
Decontamination and Decommissioning Fund
The Ura nium En rich ment Decontamination and Decommissioning Fund was es tab lished on the books of Trea sury in
fis cal 1993, ac cord ing to pro vi sions of the En ergy Pol icy Act of
1992 (42 United States Code 2297g). Re ceipts rep re sent (1)
fees col lected from do mes tic pub lic util i ties based on their pro
rata share of pur chases of sep a ra tive work units from the De part ment of En ergy (DOE) and (2) ap pro pri a tions to ward the
Gov ern ment con tri bu tion based on the bal ance of sep a ra tive
work unit pur chases.
Ex pen di tures from the fund are for the pur pose of (1) decon tam i na tion and de com mis sion ing of the three gas eous dif fu sion plants, (2) re me dial ac tions and re lated en vi ron men tal
restoration costs at the gas eous dif fu sion plants and (3) re im bursement to ura nium/tho rium pro duc ers for the costs of de contamination, decommissioning, reclamation and remedial
ac tion of ura nium/tho rium sites that are in ci dent to sales to the
U.S. Government. Amounts available in the fund exceeding
cur rent needs may be in vested by the Sec re tary of the Trea sury
in ob li ga tions of the United States (1) hav ing ma tu ri ties con gru ent with the needs of the fund and (2) bear ing in ter est at

rates de ter mined ap pro pri ate, tak ing into con sid er ation the current av er age mar ket yield on out stand ing mar ket able ob li gations of the United States with re main ing pe ri ods to ma tu rity
com pa ra ble to these in vest ments.
The Sec re tary of the Trea sury is re quired by 42 United
States Code 2297g(b)(1) to pro vide an an nual re port to Congress, af ter con sul ta tion with the Sec re tary of En ergy. This report must present the financial con di tion and the re sults of
op er a tions of the fund dur ing the pre ced ing fis cal year.
The En ergy Pol icy Act of 1992 (42 United States Code
2297g-l, as amended) au tho rizes fund ing to en sure an nual depos its to the fund of $488.3 mil lion be fore ad just ments for infla tion. The Act stip u lates that the Government de posit $338.3
mil lion, ad justed for in fla tion, an nu ally. The Act also calls for
de pos its of $150 mil lion from do mes tic pub lic util ity as sessments. Between the fiscal years of 1993 and 2000, the total
Gov ern ment con tri bu tion amount au tho rized by the Act was
$2,844.0 million. Dur ing that time span, the Gov ern ment contrib uted only $2,283.6 mil lion to the fund. The re sult ing shortfall in authorized Government contributions is, therefore,
$560.4 mil lion.

TA BLE TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund
Re sults of Op er a tions, Fis cal 2000
[Source: DOE]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

$298

Receipts:
Fees col lected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pen alties col lected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
In ter est on in vest ments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

594,760,328
8,899
124,080,159

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

718,849,386

Outlays:
DOE, de con tam i na tion and de com mis sion ing ac tiv i ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

243,083,215
475,766,391

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

718,849,606

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$78

TA BLE TF-11.—Ura nium En rich ment De con tam i na tion and De com mis sioning Fund
Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005
[In thou sands of dol lars. Source: DOE]

2001
Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2002
1

1

600,720
154,406
755,126

605,509
180,949
786,458

274,000
481,126

2003
1

2004

2005

1

1

610,425
202,037
812,462

615,472
224,474
839,946

620,652
234,729
855,381

277,300
509,158

407,967
404,495

409,567
430,379

658,667
196,714

755,126

786,458

812,462

839,946

855,381

1

1

1

1

Receipts:
Fees col lected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In ter est col lected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outlays:
DOE, de con tam i na tion and de com mis sion ing fund. . . . . . . . . . . . . . . . .
Costs of in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

TRUST FUNDS

119

INTRODUCTION: Black Lung Disability Trust Fund
The Black Lung Dis abil ity Trust Fund was es tab lished on
the books of the Trea sury in fis cal 1978 ac cord ing to the Black
Lung Ben e fits Rev e nue Act of 1977 (Pub lic Law 95-227). The
Black Lung Bene fits Revenue Act of 1981 (Public Law
97-119) reestablished the fund in the In ter nal Rev e nue Code
(IRC), 26 United States Code 9501.
The Con sol i dated Om ni bus Bud get Rec on cil i a tion Act of
1985 (Pub lic Law 99-272), en acted April 7, 1986, pro vided for
an in crease in the coal tax ef fec tive April 1, 1986, through Decem ber 31, 1995, and a 5-year for give ness of in ter est ret ro active to October 1, 1985. The 5-year moratorium on interest
pay ments ended on Sep tem ber 30, 1990. Pay ment of in ter est
on advances resumed in fiscal 1991. The Omnibus Budget
Reconciliation Act of 1987 (Public Law 100-203, title X,
section 10503), signed De cem ber 22, 1987, ex tends the tem po rary in crease in the coal tax through De cem ber 31, 2013.
The Code des ig nates the fol low ing re ceipts to be ap propri ated and trans ferred from the gen eral fund of the Trea sury
to the trust fund: ex cise taxes on mined coal; tax able ex pen ditures of self-dealing by, and ex cess con tri bu tions to, pri vate
black lung ben e fit trusts; re im burse ments by re spon si ble mine
op er a tors; and re lated fines, pen al ties and in ter est charges.

Es ti mates made by the Sec re tary of the Trea sury de termine monthly trans fers of amounts for ex cise taxes to the trust
fund sub ject to ad just ments in later trans fers to ac tual tax re
ceipts.
After retirement of the current indebtedness, amounts
avail able in the fund ex ceed ing cur rent ex pen di ture re quire
ments will be in vested by the Sec re tary of the Trea sury in in
ter est-bearing pub lic debt se cu ri ties. Any in ter est earned will
be cred ited to the fund. Also cred ited, if nec es sary, will be re
payable ad vances from the gen eral fund to meet out lay require ments ex ceed ing avail able rev e nues.
To carry out the pro gram, amounts are made avail able to
the De part ment of La bor (DOL). Also charged to the fund are
administrative ex penses in curred by the De part ment of Health
and Hu man Ser vices ( HHS) and the Trea sury, re pay ments of
ad vances from the gen eral fund and in ter est on advances.
The Code re quires the Sec re tary of the Trea sury to sub mit
an an nual re port to Con gress af ter con sul ta tion with the Sec re
tary of La bor and the Sec re tary of HHS [26 United States Code
9602(a)]. The re port must pres ent the fi nan cial con di tion and
re sults of op er a tions of the fund dur ing the past fis cal year and
the ex pected con di tion and op er a tions of the fund dur ing the
next 5 fis cal years.

TA BLE TF-12.—Black Lung Dis abil ity Trust Fund
Re sults of Op er a tions, Fis cal 2000
[Source: DOL]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$20,083,189

Receipts:
Ex cise taxes ( transfered from gen eral fund):
$1.10 tax on un der ground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$0.55 tax on sur face coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.4 per cent tax on un der ground coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.4 per cent tax on sur face coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fi nes, pen al ties and in ter est . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Col lec tion—re spon si ble mine op er a tors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,361,000
129,570,000
194,084,000
80,452,000
1,772,769
5,546,024
131,000
490,000,000

Re cov ery of prior year funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Re pay able ad vances from the gen eral fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,015,916,793

Net re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,015,916,793

Outlays:
Trea sury ad min is tra tive ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48,962

Sal aries and ex penses—DOL—de part men tal man age ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sal aries and ex penses—DOL—Of fice of In spec tor Gen eral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sal aries and ex penses—DOL—Em ploy ment Stan dards Ad min is tra tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20,783,000
312,000
28,676,000

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

49,819,962

Expenses:
Pro gram ex penses—DOL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In ter est on re pay able ad vances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

422,656,178
541,117,143
963,773,321

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22,406,699

Cu mu la tive debt, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$6,748,556,899

120

TRUST FUNDS

TA BLE TF-12.—Black Lung Dis abil ity Trust Fund, con.
Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005
[In thou sands of dol lars. Source: DOL]

2001
Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2002

2003

2004

2005

22,407

-

-

-

-

Ex cise taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

555,000

569,000

582,000

596,000

609,000

Ad vances from the gen eral fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

471,000

468,000

472,000

476,000

477,000

Fi nes, pen al ties and in ter est. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,000

2,000

2,000

2,000

2,000

1,028,000

1,039,000

1,056,000

1,074,000

1,088,000

Ben e fit pay ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

407,343

389,183

377,344

365,333

350,244

Ad min is tra tive ex penses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52,657

54,817

56,656

58,667

60,756

In ter est on re pay able ad vances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

568,000

595,000

622,000

650,000

677,000

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,028,000

1,039,000

1,056,000

1,074,000

1,088,000

Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

7,219,557

7,687,557

8,159,557

8,635,557

9,112,557

Receipts:

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outlays:

Cu mu la tive debt, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note.—De tail may not add to to tals due to round ing.

TRUST FUNDS

121

IN TRO DUC TION: Har bor Maintenance Trust Fund
The Har bor Main te nance Trust Fund was es tab lished on
the books of the Trea sury on April 1, 1987, ac cord ing to the
Water Resources Development Act of 1986 (Public Law
99-662, No vem ber 17, 1986) (26 United States Code 9505).
Amounts in the Har bor Main te nance Trust Fund are available as pro vided by ap pro pri a tion acts for mak ing ex pen ditures to carry out section 210(a) of the Water Resources
De vel op ment Act of 1986. The ap pro pri a tions act forthe Department of Trans por ta tion ( DOT) for fis cal 1995 (Pub lic
Law 103-331, Sep tem ber 28, 1994), sec tion 339, waived collec tion of charges or tolls on the Saint Law rence Sea way in accor dance with sec tion 13(b) of the Act of May 13, 1954 (as in
ef fect on April 1, 1987). Leg is la tion was passed in the North
Amer i can Free Trade Agree ment Im ple men ta tion Act (Pub lic
Law 103-182, section 683), which amends para graph (3) of
sec tion 9505(c) of the IRCof 1986, to au tho rize pay ment of up
to $5 mil lion an nu ally to Trea sury for all ex penses of ad min istra tion in curred by the Trea sury, the U.S. Army Corps of En gineers and the De part ment of Com merce (Com merce) re lated
to the ad min is tra tion ofsubchapter A of chap ter 36 (re lat ing to
har bor main te nance tax). Sec tion 201 of the Wa ter Re sources

De vel op ment Act of 1996 (Pub lic Law 104-303) au tho rizes
use of the Har bor Main te nance Trust Fund for con struc tion of
dredged ma te rial dis posal fa cil i ties as so ci ated with the op er ation and main te nance of Fed eral nav i ga tion pro jects for com
mer cial nav i ga tion.
A sum mary judg ment is sued Oc to ber 25, 1995, by the
United States Court of In ter na tional Trade in the case United
States Shoe Corp. v. United States (Court No. 94-11-00668)
found the Har bor Main te nance fee un con sti tu tional un der the
Export Clause of the Con sti tu tion (Ar ti cle I, section 9, clause
5) and en joined the Cus toms Ser vice from col lect ing the fee.
The decision was affirmed by the Supreme Court on
March 31, 1998 (118 Su preme Court 1290). With the tax on
ex ports no lon ger col lected, rev e nues have been re duced by
ap prox i mately 30 per cent.
The Code re quires the Sec re tary of the Trea sury to sub mit
an an nual re port to Con gress [26 United States Code 9602(a)].
The re port must pres ent the fi nan cial con di tion and re sults of
op er a tions of the fund dur ing the past fis cal year and the ex
pected con di tion and op er a tions of the fund dur ing the next 5
fis cal years.

TA BLE TF-13.—Har bor Main te nance Trust Fund
Re sults of Op er a tions, Fis cal 2000
[Source: In thousands of dollars. De part ment of the Army Corps of En gi neers]

Bal ance Oct. 1, 1999 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,608,957

Receipts:
Ex cise taxes:
Imports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

558,607

Exports. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-20,035

Domestic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .

51,553

Passengers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,543

Zones ad mis sions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

84,921

In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82,965

To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

760,554

Expenses:
Corps of En gi neers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

686,898

Saint Law rence Sea way De vel op ment Cor po ra tion/DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,971

Trea sury ad min is tra tive cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,000

Op er ating ex penses, mis cel la neous re turns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

To tal ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

701,869

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,667,642

122

TRUST FUNDS

TA BLE TF-13.—Har bor Main te nance Trust Fund, con.
Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001-2005 2
[In mil lions of dol lars. Source: De part ment of the Army Corps of En gi neers]

2001

2002

2003

2004

2005

1,668.0

-

-

-

-

Har bor main te nance fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

Har bor Main te nance Trust Fund, leg is la tive pro posal
not sub ject to paygo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,668.0

-

-

-

-

Corps of En gi neers op er a tion, main te nance
and ad min is tra tive ex penses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

Corps of En gi neers con struc tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

Saint Law rence Sea way De vel op ment Cor po ra tion/DOT . . . . . . . . . . . .

-

-

-

-

-

Ad min is tra tive ex penses for Trea sury (Cus toms Ser vice) . . . . . . . . . . . .

-

-

-

-

-

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,668.0

-

-

-

-

Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

-

-

Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Receipts:

Outlays:

1

The source for fis cal 2000 be gin ning and end ing bal ance is from the Bu reau of the Pub lic
Debt, Of fice of Pub lic Debt Ac count ing, Di vi sion of Fed eral In vest ments, Trust Fund Man ag ement Branch.
2
Outyear pro jec tions are for plan ning pur poses and are based on eco nomic con di tions and
agen cies’ best pro jec tions of rev e nues and ex pen di tures.

TRUST FUNDS

TA BLE TF-14.—Haz ard ous Sub stance Superfund
Re sults of Op er a tions. Fis cal 2000*
*Note.—Data was not avail able at the time of pub li ca tion.

123

124

TA BLE TF-15.—High way Trust Fund
Re sults of Op er a tions, Fis cal 2000*

*Note.—Data was not avail able at the time of pub li ca tion.

TA BLE TF-15A.—High way Trust Fund*

*Note.—Data was not avail able at the time of pub li ca tion.

TRUST FUNDS

125

INTRODUCTION: Inland Waterways Trust Fund
The In land Wa ter ways Trust Fund was es tab lished by the
Trea sury in fis cal 1984, pur su ant to sec tion 203 of the In land
Waterways Revenue Act of 1978 (Pub lic Law 95-502) and
con tin ued pur su ant to section 1405 of the Wa ter Re sources
De vel op ment Act of 1986 (Pub lic Law 99-662, cod i fied at 26
United States Code 9506). Under 26 United States Code
9506(b), amounts from taxes on fuel used in com mer cial transpor ta tion on in land wa ter ways, as de ter mined by the Sec re tary
of the Trea sury, are ap pro pri ated to the trust fund.
The Tech ni cal and Mis cel la neous Rev e nue Act of 1988
(Public Law 100-647, approved November 10, 1988) in creased the tax each year, 1990 through 1995. These amounts
are trans ferred quar terly from the gen eral fund based on es timates made by the Sec re tary, sub ject to ad just ments in later
trans fers to the amounts of ac tual tax re ceipts.
The Sec re tary of the Trea sury in vests in in ter est-bearing
ob li ga tions of the United States that por tion of the trust fund,

in his judg ment, not re quired to meet cur rent with draw als. The
in ter est on, and pro ceeds from, the sale or re demp tion of any
ob li ga tion held in the trust fund is cred ited to the trust fund.
The In land Wa ter ways Reve nue Act of 1978 (Public Law
95-502) pro vides that amounts in the trust fund shall be avail
able as pro vided, by ap pro pri a tions acts, for con struc tion and
rehabilitation ex pen di tures for nav i ga tion on the in land and
intracoastal wa ter ways of the United States de scribed in 33
United States Code 1804. Ex pen di tures must be oth er wise au
tho rized by law.
An nual re ports to Con gress are re quired by 26 United
States Code 9602(a) to be sub mit ted by the Sec re tary of the
Treasury. These reports are required to cover the financial
con di tion and the re sults of op er a tions of the fund dur ing the
past fis cal year and its ex pected con di tion and op er a tions dur
ing the next 5 fis cal years.

TA BLE TF-16.—In land Wa ter ways Trust Fund
Re sults of Op er a tions, Fis cal 2000
[Source: De part ment of the Army Corps of En gi neers]

Bal ance Oct. 1, 1999 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$370,600,000

Receipts:
Fuel taxes/revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

99,600,000
20,000,000
119,600,000

Transfers:
Corps of En gi neers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

102,400,000

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$387,800,000

Ex pected Con di tion and Re sults of Op er a tions
Fis cal 2001-2005 2
[In mil lions of dol lars. Source: De part ment of the Army Corps of En gi neers]

2001

2002

2003

2004

2005

Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

387.8

415.8

486.8

511.8

527.8

Receipts:
Fuel taxes/revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.

108.0
23.0
131.0

109.0
26.0
135.0

111.0
29.0
140.0

112.0
31.0
143.0

114.0
32.0
146.0

Transfers:
Corps of En gi neers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

103.0

64.0

115.0

127.0

115.0

Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

415.8

486.8

511.8

527.8

558.8

1

The source for fis cal 2000 be gin ning and end ing bal ance is from the Bu reau of the Pub lic
Debt, Of fice of Pub lic Debt Ac count ing, Di vi sion of Federal In vest ments, Trust Fund Man age ment Branch.

2

Outyear pro jec tions are based on eco nomic con di tions and agen cies’ best pro jec tions of reve nues and ex pen di tures.

126

TRUST FUNDS

TA BLE TF-17.—Leaking Un der ground Stor age Tank Trust Fund
Re sults of Op er a tions, Fis cal 2000*

*Note.—Data was not avail able at the time of pub li ca tion.

TRUST FUNDS

127

INTRODUCTION: Nuclear Waste Fund
The Nu clear Waste Fund was es tab lished on the books of
the Trea sury in fis cal 1983, ac cord ing to sec tion 302 of the Nuclear Waste Pol icy Act of 1982 [Pub lic Law 97-425, cod i fied
at 42 United States Code 10222(c)]. Re ceipts rep re sent fees
col lected from pub lic util i ties based on elec tric ity gen er ated
by nu clear power re ac tors and spent nu clear fuel. Ex pen ditures from the fund are for pur poses of ra dio ac tive waste disposal ac tiv i ties.
Amounts avail able in the fund ex ceed ing cur rent needs
may be in vested by the Sec re tary of the Trea sury in ob li ga tions
of the United States (1) hav ing ma tu ri ties in tan dem with the
needs of the waste fund and (2) bear ing in ter est at rates de ter-

mined ap pro pri ate, tak ing into con sid er ation the cur rent av er
age mar ket yield on out stand ing mar ket able ob li ga tions of the
United States with re main ing pe ri ods to ma tu rity com pa ra ble
to the ma tu ri ties of such in vest ments, ex cept that the in ter est
rate on such in vest ments shall not ex ceed the av er age in ter est
rate ap pli ca ble to ex ist ing borrowings.
An an nual re port to Con gress by the Sec re tary of Treasury, af ter con sul ta tion with the Sec re tary of the De part ment
of Energy (DOE), is required by 42 United States Code
10222(e)(1). This re port must pres ent the fi nan cial con di tion
and the re sults of op er a tions of the waste fund dur ing the pre
ceding fis cal year.

TA BLE TF-18.—Nu clear Waste Fund
Re sults of Op er a tions, Fis cal 2000
[Source: DOE]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,145,354

Receipts:
Fees col lected. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

701,645,045

Pen alties and in ter est on fee pay ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

In ter est on in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

883,215,008

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,584,860,053

Nonexpenditure trans fers:
SF-1151 trans fers in (+) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

227,423,413

SF-1151 trans fers out (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245,173,413

Net nonexpenditure trans fers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-17,750,000

Outlays:
DOE ra dio ac tive waste dis posal ac tiv i ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

268,037,685

Cost of in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,294,855,212

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,562,892,897

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$5,362,510

128

TRUST FUNDS

INTRODUCTION: Reforestation Trust Fund
The Reforestation Trust Fund was established on the
books of the Trea sury in fis cal 1981 to con tinue through Septem ber 30, 1985, ac cord ing to pro vi sions of Title III—Re forestation, of the Recreational Boating Safety and Facilities
Im prove ment Act of 1980 [Pub lic Law 96-451, cod i fied at 16
United States Code 1606a(a)].
The act pro vides that the Sec re tary of the Trea sury shall
trans fer to the trust fund tar iffs, lim ited to not more than $30
mil lion for any fis cal year, re ceived in the Trea sury from Oc tober 1, 1979, through Sep tem ber 30, 1985, on (1) rough and primary wood prod ucts and wood waste; (2) lum ber, floor ing and
mold ings; and (3) wood ve neers, ply wood, other
wood-veneer assemblies and building boards. Public Law
99-190, ti tle II, 99 Stat utes at Large 1245, ex tended the re ceipts for the trust fund. Amounts avail able in the re for es ta tion

trust fund ex ceed ing cur rent with draw als are in vested in in terest-bearing ob li ga tions of the United States or in ob li ga tions
guaranteed as to both principal and interest by the United
States. The in ter est on, and the pro ceeds from the sale or re
demp tion of, any ob li ga tions are cred ited to the trust fund.
The Sec re tary of the De part ment of Ag ri cul ture is au tho
rized to ob li gate avail able sums in the trust fund (in clud ing
any amounts not ob li gated in pre vi ous years) for (1) re for es ta
tion and timber stand improvement and (2) administrative
costs of the Gov ern ment for these ac tiv i ties.
An nual re ports are re quired by 16 United States Code
1606a(c) (1) to be sub mit ted by the Sec re tary of the Trea sury,
af ter con sul ta tion with the Sec re tary of Ag ri cul ture, on the finan cial con di tion and the re sults of the op er a tions of the trust
fund dur ing the past fis cal year and on its ex pected con di tion
and op er a tions dur ing the next fis cal year.

TA BLE TF-19.—Re for es ta tion Trust Fund
Re sults of Op er a tions, Fis cal 2000
[Source: De part ment of Ag ri cul ture]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$8,265,582

Receipts:
Ex cise taxes (tar iffs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,000,000

Re demp tion of in vest ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

245,212

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .

30,245,212

Expenses:
Expenditure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,200,284

To tal ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,200,284

Ad just ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$25,310,510

TA BLE TF-19.—Re for es ta tion Trust Fund
Ex pected Con di tion and Re sults of Op er a tions, Fis cal 2001
[In thou sands of dol lars. Source: De part ment of Ag ri cul ture]

Bal ance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$25,311

Receipts:
Ex cise taxes (tar iffs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,000

Re demp tion of in vest ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

240

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,240

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30,000

Bal ance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$25,551

TRUST FUNDS

129

CHARTS TF-D and E.—Major Trust Funds
[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various
Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18 .]

180 0

150 0

120 0

90 0

60 0

Interest on
Investments,
Fiscal 1999-2000

30 0

0
A ir po rt

Ha za rd ou s

Nuclea r

Highwa y

and
A ir wa y
Tru st F un d

Su bs ta nc e
S uperfun d

Was te
Fun d

Trus t Fu nd

Receipts and
Expenses,
Fiscal 2000

1999

2000

(In millions of dollars)

40
35
30

Receipts

25

Expenses

20

(In bil lions of dol lars)

15
10
5
0
Highway
Trus t Fund

Airport
and
Airway
Trus t Fund

Hazardous
S ubs tance
S uperfund

Nuclear
Was te
Fund

Black
Lung
Trus t Fund

130

TRUST FUNDS

IN TRO DUC TION: Aquatic Re sources Trust Fund
The Aquatic Re sources Trust Fund was es tab lished on the
books of the Trea sury pur su ant to the Def i cit Re duc tion Act of
1984 [Pub lic Law 98-369, di vi sion A, ti tle X, sec tion 1016(a),
ap proved July 18, 1984]. The fund con sists of two ac counts: the
Sport Fish Res to ra tion Ac count and Boat Safety Ac count.
Mo tor boat fuel taxes are trans ferred, in amounts up to $70
mil lion per fis cal year, from the High way Trust Fund to the
Boat Safety Ac count. Au thor ity for such trans fers ex pires on
Oc to ber 1, 2003.
Amounts equiv a lent to the ex cise taxes re ceived on sport
fish ing equip ment and im port du ties on fish ing tackle, yachts
and plea sure craft are ap pro pri ated into the Sport Fish Res to ration Ac count. Mo tor boat fuel taxes not trans ferred to the Boat
Safety Ac count or to the Land and Wa ter Con ser va tion Fund
are trans ferred from the High way Trust Fund to the Sport Fish
R es to ra tion Ac count. Trans fers of mo tor boat fuel taxes from
the High way Trust Fund to the Land and Wa ter Con ser va tion
Fund are lim ited to $1 mil lion per fis cal year. In ad di tion, pursu ant to the Om ni bus Bud get Rec on cil i a tion Act of 1990 [Public Law 101-508, ti tle XI, sec tion 11211(i)(2) and (3)], small
en gine gas o line taxes are trans ferred to the Sport Fish Res to ration Ac count.
Amounts in the Sport Fish Res to ra tion Ac count are used,
as pro vided by ap pro pri a tions acts, for the pur poses of car ry ing

out “An Act to pro vide that the United States shall aid the States
in fish res to ra tion and man age ment pro jects, and for other purposes,” ap proved Au gust 9, 1950 (as in ef fect on the date of enactment of the The Transportation Equity Act for the 21st
Cen tury (TEA-21) Res to ra tion Act), the pur poses of sec tion
7404(d) of the Trans por ta tion Eq uity for the 21st Cen tury (as in
ef fect on the date of en act ment of the TEA-21 Res to ra tion Act),
and the Coastal Wet lands Planning, Pro tec tion and Res to ra tion
Act (as in ef fect on the date of en act ment of the TEA-21 Res tora tion Act).
Amounts in the Boat Safety Ac count, as pro vided by appro pri a tions acts, are avail able to carry out the pur poses of section 13106 of ti tle 46, United States Code (as in ef fect on the
date of en act ment of the TEA-21 Res to ra tion Act).
When the pro vi sions of 26 United States Code 9602(b) are
met, amounts avail able in the two ac counts ex ceed ing out lay
re quire ments are in vested in pub lic debt se cu ri ties with the inter est cred ited to the re spec tive ac counts.
An nual re ports to Con gress, re quired by 26 United States
Code 9602(a), are sub mit ted by the Sec re tary of the Trea sury.
These re ports are re quired to cover the fi nan cial con di tion and
results of op er a tions of the fund dur ing the past fis cal year and
those ex pected dur ing the next 5 fis cal years.

TA BLE TF-20.—Aquatic Re sources Trust Fund, Sport Fish Res to ra tion
Re sults of Op er a tions, Fis cal 2000
[Source: Fi nan cial Man age ment Ser vice (FMS)]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,140,272,805

Revenue:
Tax rev e nue:
Gas, motorboat. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .
Fish, equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Electric troll ing sonar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cus toms/im port duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gas, motorboat, small engines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal, tax revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

174,889,000
104,785,000
2,014,000
33,911,134
60,447,000
376,046,134

In vest ment rev e nue:
In ter est on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss on sale of se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal, in vest ment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

63,465,872
-883

To tal revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .

439,511,123

63,464,989

Nonexpendituretrans fers:
Trans fer to the De part ment of In te rior. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trans fer to U.S. Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trans fer to Corps of En gi neers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal nonexpenditure trans fers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

687,121,512
110,606,984
235,662,367
1,033,390,863

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$546,393,065

TRUST FUNDS

131

TA BLE TF-20.—Aquatic Re sources Trust Fund, Boat Safety
Re sults of Op er a tions, Fis cal 2000
[Source: FMS]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$74,838,164

Revenue:
In vest ment rev e nue:
In ter est on in vest ments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,637,764

Loss on sale of se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-883

To tal in vest ment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,636,881

To tal rev e nue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,636,881

Nonexpenditure trans fers:
U.S. Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,533,810

To tal nonexpendituretrans fers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,533,810

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$76,941,234

Note—The ex pected con di tion and re sults of op er a tions for fis cal 2001 through 2005 w ere not
avail able at the time of pub li ca tion.

132

TRUST FUNDS

INTRODUCTION: Oil Spill Liability Trust Fund
The Oil Spill Li a bil ity Trust Fund was es tab lished on the
books of the Trea sury by sec tion 8033 of the Om ni bus Bud get
Rec on cil i a tion Act of 1986 (Pub lic Law 99-509). It was made
ef fec tive on Jan u ary 1, 1990, by sec tion 7811(m)(3) of the Omni bus Budget Rec onciliation Act of 1989 (Pub lic Law
101-239) and amended by sec tion 9001of the Oil Pol lu tion Act
of 1990 (Pub lic Law 101-380).
Amounts equiv a lent to the taxes re ceived from the en viron men tal tax on pe tro leum, but only to the ex tent of the Oil
Spill Li a bil ity Trust Fund rate, are ap pro pri ated to the fund.
The tax is not ap plied dur ing any cal en dar quar ter if the Sec retary of the Trea sury es ti mates that, as of the close of the pre ceding calendar quarter, the unobligated balance in the fund
ex ceeds $1 billion.
Certain amounts were transferred from other funds and
were ap pro pri ated to the Oil Spill Li a bil ity Trust Fund as pro-

vided by 26 United States Code 9509(b). Cer tain paid pen al ties
and amounts re cov ered for dam ages are also ap pro pri ated to
the fund.
Amounts in the fund are available for oil spill cleanup
costs and cer tain other re lated pur poses as pro vided by ap propriations acts or sec tion 6002(b) of the Oil Pol lu tion Act of
1990 (Pub lic Law 101-380).
When the pro vi sions of 26 United States Code 9602(b) are
met, amounts avail able in the fund ex ceed ing out lay re quirements are in vested in pub lic debt se cu ri ties. In ter est is cred ited
to the fund.
An nual re ports to Con gress, re quired by 26 United States
Code 9602(a), are sub mit ted by the Sec re tary of the Trea sury.
These re ports are re quired to cover the fi nan cial con di tion and
re sults of op er a tions of the fund dur ing the past fis cal year and
those ex pected dur ing the next 5 fis cal years.

TA BLE TF-21.—Oil Spill Li a bil ity Trust Fund
Re sults of Op er a tions, Fis cal 2000
[Source: FMS]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,027,784,314

Revenue:
Tax on crude oil/pe tro leum prod ucts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,000

Trans-Alaska Pipe line li a bil ity fund deposit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181,846,967

Cost re cov er ies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fi nes and pen al ties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,645,108
33,461,537

To tal rev e nue be fore interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

221,958,612

In ter est on in vest ments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,131,373
-77,896

Re al ized loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
To tal in vest ment revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,053,477

To tal rev e nue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

284,012,089

Expenditures:
Trea sury ad min is tra tive ex pense - Bu reau of Pub lic Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,141

Nonexpenditure trans fers:
Trans fer to Denalia Commission. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,475,967

Trans fer to the De part ment of the In te rior. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,118,000

Trans fer to En vi ron men tal Pro tec tion Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14,974,400

Trans fer to De part ment of Transportation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,479,000

Trans fer to U.S. Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

285,778,840

To tal nonexpenditures trans fers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

317,826,207

To tal ex pen di ture/nonexpenditure trans fers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

317,828,348

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$993,968,055

Note.— The ex pected con di tion and re sults of op er a tions for fis cal 2001 through 2005 were
not avail able at the time of pub li ca tion.

TRUST FUNDS

133

INTRODUCTION: Vaccine Injury Compensation Trust Fund
The Vac cine In jury Com pen sa tion Trust Fund was cre ated
on the books of the Trea sury by sec tion 9202 of the Rev e nue
Act of 1987 (Public Law 100-203, ap proved De cem ber 22,
1987). Ex cise taxes on diph the ria, per tus sis and tet a nus; diphtheria, tetanus; mea sles, mumps and rubella; and polio vac cines (26 United States Code 4131) are ap pro pri ated into the
fund, which is a source of funds to pay claims for com pen sa tion

for vac cine-related in jury or death oc cur ring af ter Oc to ber 1,
1988.
An nual re ports to Con gress, re quired by 26 United States
Code 9602(a), are sub mit ted by the Sec re tary of the Trea sury.
These re ports are re quired to cover the fi nan cial con di tion and
re sults of op er a tions of the fund dur ing the past fis cal year and
those ex pected dur ing the next 5 fis cal years.

TA BLE TF-22.—Vac cine In jury Com pen sa tion Trust Fund
Re sults of Op er a tions, Fis cal 2000
[Source: FMS]

Bal ance Oct. 1, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,455,899,015

Receipts:
Ex cise tax re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

127,379,500

In ter est on in vest ments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

74,836,515

To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

202,216,015

Outlays:
U.S. Claims Court ex pense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,413,122

U.S. De part ment of Jus tice expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,378,463

To tal out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,791,586

Nonexpenditure trans fers:
Trans fer to Health Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,548,437

To tal out lays/transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

70,340,022

Bal ance Sept. 30, 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,587,775,007

Note.— The ex pected con di tion and re sults of op er a tions for fis cal 2001 through 2005 were
not avail able at the time of pub li ca tion.

134

TRUST FUNDS

TABLE TF-23.— Na tional Rec re ational Trails Trust Fund*

*Note.—Section 9011 of the Transportation Eq uity Act for the 21st Century,
Pub lic Law 105-178, re pealed the Na tional Rec re ational Trails Trust Fund.

TECH NI CAL PA PERS

135

Research Paper Series
Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy
9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.
9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and
John S. Greenlees. December 1990.
9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly
D. Zieschang. August 1990.
9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert
Gillingham and John S. Greenlees . February 1991.
9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.
9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.
9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.
9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.
9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”
Michael Cayton. February 1993.
9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees.
April 1993.
9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John
S. Greenlees. Revised April 1995.
9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan , Robert
Gillingham and John S. Greenlees . November 1995.
9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,
Robert Gillingham and John S. Greenlees . January 1997.
9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil.
December 1997.
Copies may be ob tained by writ ing to:
Ann Bailey, De part ment of the Trea sury
1500 Penn syl va nia Ave., NW., Room 4422
Wash ing ton, D.C. 20220
Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

136

Glossary
With References to Applicable Sections and Tables
Source: Fi nan cial Man age ment Ser vice
Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates
on sav ings bonds from the date of pur chase un til the date of redemp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B,
C, D, E, EE, F, I and J are discount or ac crual type
bonds—mean ing prin ci pal and in ter est are paid when bonds
are redeemed. Series G, H, HH and K are current-income
bonds, and the semi an nual in ter est paid to their hold ers is not
in cluded in ac crued dis count.
Amounts outstanding and in circulation (USCC)— In cludes all is sues by the Bu reau of the Mint pur posely in tended
as a me dium of ex change. Coins sold by the Bu reau of the Mint
at pre mium prices are ex cluded; how ever, uncirculated coin
sets sold at face value plus han dling charge are in cluded.
Average dis count rate (PDO-2, -3)—In Trea sury bill auc tions, pur chas ers ten der com pet i tive bids on a dis count rate basis. The av er age dis count rate is the weighted, or ad justed,
av er age of all bids ac cepted in the auc tion.
Budget au thority (“Federal Fiscal Op erations”)—Con gress passes laws giv ing bud get au thor ity to Gov ern ment en tities, which gives the agencies the power to spend Federal
funds. Con gress can stip u late var i ous cri te ria for the spend ing
of these funds. For example, Congress can stip u late that a
given agency must spend within a specific year, number of
years, or any time in the fu ture.
The ba sic forms of bud get au thor ity are ap pro pri a tions, author ity to bor row, con tract au thor ity, and au thor ity to ob li gate
and ex pend off set ting re ceipts and col lec tions. The pe riod of
time during which Con gress makes funds avail able may be
spec i fied as 1-year, mul ti ple-year or no-year. The avail able
amount may be clas si fied as ei ther def i nite or in def i nite; a specific amount or an un spec i fied amount can be made avail able.
Au thor ity also may be clas si fied as cur rent or per ma nent. Perma nent au thor ity re quires no cur rent ac tion by Con gress.
Bud get def i cit—The to tal, cu mu la tive amount by which budget outlays (spend ing) ex ceed bud get re ceipts (in come).
Cash management bills (PDO-2)—Marketable Treasury
bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund
short-term cash needs of Trea sury. Their sale, hav ing higher
min i mum and mul ti ple pur chase re quire ments than those of
other is sues, is gen er ally re stricted to com pet i tive bid ders.
Com pet i tive ten ders (“Trea sury Fi nancing Op er ations”)—A bid to pur chase a stated amount of one is sue of
Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is
ac cepted if it is within the range ac cepted in the auc tion. (See
Non com pet i tive ten ders.)
Cou pon is sue—The is sue of bonds or notes (pub lic debt).
Currency no longer is sued (USCC)—Old and new series
gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional
bank notes and 1890 Se ries Trea sury notes.
Cur rent i n come bonds (“U.S. Sav ings Bonds and
Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In terest is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt
in curred by the Trea sury sub ject to the stat u tory limit set by
Con gress. Un til World War I, a spe cific amount of debt was
au tho rized to each sep a rate se cu rity is sue. Be gin ning with the
Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion
was mod i fied un til, in 1941, it de vel oped into an over all limit
on the out stand ing Fed eral debt. As of December 2000, the
debt limit was $5,950,000 mil lion; the limit may change from
year to year.
The debt sub ject to lim i ta tion in cludes most of Trea sury’s
public debt ex cept se cu ri ties is sued to the Fed eral Fi nancing
Bank, upon which there is a lim i ta tion of $15 bil lion, and cer
tain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Febru ary 1991).
Discount—The in ter est de ducted in ad vance when pur chasing notes or bonds. (See Ac crued dis count.)
Dis count rate (PDO-2)—The dif fer ence be tween par value
and the ac tual pur chase price paid, an nu al ized over a 360-day
year. Because this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any com par i
son with cou pon is sue se cu ri ties.
Dollar coins (USCC)—Include standard sil ver and nonsilver
coins.
Domestic series (FD-2)—Non mar ket able, inter est and
non-interest-bearing securities issued periodically by Treasury to the Res o lu tion Funding Cor po ra tion (RFC) for in vestment of funds authorized under sec tion 21B of the Fed eral
Home Loan Bank Act (12 United States Code 1441b).
Federal intrafund transactions (“Federal Fiscal Operations”)—
Intrabudgetary trans ac tions in which pay ments and
re ceipts both oc cur within the same Fed eral fund group (Fed
eral funds or trust funds).
Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern
ment to the pub lic through the Fed eral Re serve Banks and
their mem ber banks. They rep re sent money owed by the Gov
ern ment to the pub lic. Cur rently, the item “Fed eral Reserve
notes—amounts outstanding” consists of new se ries is sues.
The Fed eral Re serve note is the only class of cur rency cur
rently is sued.
For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Locations other than those included under the definition of the
United States. (See United States.)
For eigner (“Cap i tal Move ments,” IFS-2)— All in sti tu tions
and in di vid u als living outside the United States, includ ing
U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and
other af fil i ates abroad of U.S. banks and busi ness con cerns;
central gov ern ments, cen tral banks, and other of fi cial in sti tu
tions of coun tries other than the United States; and in ter na
tional and regional or ganizations, wherever located. Also
re fers to per sons in the United States to the ex tent that they are
known by re port ing in sti tu tions to be act ing for foreigners.
For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—Includes cen tral gov ern ments of for eign coun tries, in clud ing all

137

Glossary
departments and agencies of national governments; central
banks, ex change au thor i ties, and all fis cal agents of for eign
na tional gov ern ments that un der take ac tiv i ties sim i lar to those
of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic
and con sular es tab lish ments of for eign na tional gov ern ments;
and any in ter na tional or re gional or ga ni za tion, in clud ing subor di nate and af fil i ate agen cies, cre ated by treaty or con ven tion
be tween sov er eign states.
Foreign public bor rower (“Capital Movements”)— In cludes for eign of fi cial in sti tu tions, as de fined above, the corporations and agen cies of foreign cen tral gov ernments,
in clud ing de vel op ment banks and in sti tu tions, and other agencies that are ma jor ity-owned by the cen tral gov ern ment or its
departments; and state provincial and local governments of
for eign coun tries and their de part ments and agen cies.
Foreign-targeted issue (PDO-1, -3)—Foreign-targeted is sues were notes sold between October 1984 and February
1986 to for eign in sti tu tions, for eign branches of U.S. in sti tutions, for eign cen tral banks or mon e tary au thor i ties, or to international organizations in which the United States held
mem ber ship. Sold as companion issues, they could be con verted to do mes tic (nor mal) Trea sury notes with the same matu rity and in ter est rates. In ter est was paid an nu ally.
Frac tional coins (USCC)—Coins minted in de nom i na tions
of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).
Gov ern ment ac count se ries (FD-2)—Cer tain trust fund stat
utes re quire the Sec re tary of the Trea sury to ap ply mon ies held
by these funds to ward the is su ance of non mar ket able spe cial
se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a
spe cific Gov ern ment agency, trust fund or ac count. Their rate
is based on an av er age of mar ket yields on out stand ing Treasury ob li ga tions, and they may be re deemed at the op tion of
the holder. Roughly 80 per cent of these are is sued to five holders: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund;
the civil service retirement and disability fund; the Federal
Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund;
and the Un em ploy ment Trust Fund.
Interfund trans ac tions (“Fed eral Fis c a l O p er ations”)—Trans ac tions in which pay ments are made from one
fund group (ei ther Fed eral funds or trust funds) to a re ceipt account in an other group.
International Monetary Fund (“Exchange Stabilization
Fund,” IFS-1)—(IMF) Es tab lished by the United Nations,
the IMF pro motes in ter na tional trade, sta bil ity of ex change
and mon e tary co op er a tion. Mem bers are al lowed to draw from
the fund.
Intrabudgetary transactions (“Fed eral Fiscal Op er ations”)—These oc cur when pay ment and re ceipt both oc cur
within the bud get, or when pay ment is made from off-budget
Fed eral en ti ties whose bud get au thor ity and outlays are ex cluded from the bud get to tals.
Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The
value of outstanding sav ings bonds and notes that have
reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all
Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued between May 1941 and November 1965), Series EE (issued
since Jan u ary 1980), Se ries H (is sued from June 1952 through
De cem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH
bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.
Noncompetitive tenders (“Treasury Financing Operations”)— fers by an in ves tor to pur chase Trea sury se cu riOf
ties at the price equiv a lent to the weighted av er age dis count
rate or yield of ac cepted com pet i tive ten ders in a Trea sury auc
tion. Non com pet i tive tenders are al ways ac cepted in full.
Off-budget Federal entities (“Federal Fiscal Oper ations”)—Federally owned and controlled en tities w hose
trans ac tions are ex cluded from the bud get to tals un der pro visions of law. Their re ceipts, out lays, and sur plus or def i cit are
not in cluded in bud get re ceipts, out lays or def i cits. Their bud
get au thor ity is not in cluded in to tals of the bud get.
Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li
ga tions in the form of cash, checks, the is su ance of bonds or
notes, or the ma tur ing of in ter est cou pons.
Own foreign offices (“Capital Movements”)—Refers to
U.S. reporting institutions’ par ent or ganizations, branches
and/or majority-owned sub sidiaries located outside t h e
United States.
Par value—The face value of bonds or notes, in clud ing in ter
est.
Quar terly f i nanc ing (“Trea sury Fi nancing Oper ations”)—
Trea sury has his tor i cally of fered pack ages of several “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,
Au gust and No vem ber, or on the next work ing day. These is
sues cur rently consist of a 3-year note, a 10-year note and a
30-year bond. Trea sury some times of fers ad di tional amounts
of out stand ing long-term notes or bonds, rather than sell ing
new se cu rity is sues. (See Re opening.)
Re ceipts (“Fed eral Fis cal Op er a tions”)— Funds col lected
from selling land, cap i tal or ser vices, as well as col lec tions
from the pub lic (bud get re ceipts), such as taxes, fines, du ties
and fees.
Reopening (PDO-3, -4)—The offer for sale of additional
amounts of out stand ing is sues, rather than an en tirely new is
sue. A re opened is sue will al ways have the same ma tu rity date,
CUSIP-number and in ter est rate as the orig i nal is sue.
Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”
IFS-1)— In ter na tional as sets cre ated by IMF that serve to in
crease inter na tional li quid ity and pro vide ad di tional in ter national reserves. SDRs may be purchased and sold among
el i gi ble hold ers through IMF. (See IMF.)
SDR al lo ca tions are the coun ter part to SDRs is sued by IMF
based on members’ quotas in IMF. Although shown in
Exchange Stabilization Fund (ESF) state ments as li a bil i ties,
they must be re deemed by ESF only in the event of liq ui da tion
of, or U.S. with drawal from, the SDR de part ment of IMF or
can cel la tion of SDRs.
SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem
against SDRs when SDRs are le gal ized as money. Pro ceeds of
mon e ti za tion are de pos ited into an ESF ac count at the Fed eral
Re serve Bank of New York.
Spot (“For eign Cur rency Po si tions”)—Due for receipt or
de liv ery within 2 work days.
State and lo cal gov ern ment se ries (FD-2)— (SLUGs) Special non mar ket able cer tif i cates, notes and bonds offered t o

138

Glossary
State and local governments as a means to in vest pro ceeds
from their own tax-exempt fi nanc ing. In ter est rates and ma turi ties com ply with IRS ar bi trage pro vi sions. SLUGs are of fered in both time de posit and de mand de posit forms. Time
de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes mature in 1 to 10 years and bonds ma ture in more than 10 years.
De mand de posit se cu ri ties are 1-day cer tif i cates rolled over
with a rate ad just ment daily.
Stat u tory debt limit (FD-6)—By Act of Con gress there is a
limit, ei ther tem po rary or per ma nent, on the amount of pub lic
debt that may be out stand ing. When this limit is reached, Treasury may not sell new debt is sues un til Con gress in creases or
ex tends the limit. For a de tailed list ing of changes in the limit
since 1941, see the Bud get of the United States Gov ern ment.
(See debt out stand ing sub ject to lim i ta tion.)
STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In terest and Prin ci pal Se cu ri ties. Long-term notes and bonds may
be divided into principal and interest-paying com ponents,

which may be trans ferred and sold in amounts as small as
$1,000. STRIPS are sold at auc tion at a min i mum par amount,
vary ing for each is sue. The amount is an arith me tic func tion of
the is sue’s in ter est rate.
Trea sury bills—The short est term Fed eral se cu rity (ma tu rity
dates nor mally vary ing from 3 to 12 months), they are sold at a
discount.
Trust fund trans ac tion (“Fed eral Fis cal Op er ations”)— intrabudgetary transaction in which both pay An
ments and re ceipts oc cur within the same trust fund group.
United States— In cludes the 50 States, Dis trict of Co lum bia,
Com mon wealth of Puerto Rico, Amer i can Sa moa, Midway
Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and
possessions.
U.S. notes (USCC)— Legal ten der notes of five dif fer ent issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863
($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10
notes).