Full text of Treasury Bulletin : March 2007
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BULLETIN MARCH 2007 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Additional Financial Management Service Releases on Federal Finances Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.† Monthly Treasury Statement of Receipts and Outlays of the United States Government. Provides Federal budget results, including receipts and outlays of funds, the surplus or deficit, and the means of financing the deficit or disposing of the surplus. Preparation based on agency reporting. Subscription price: $58.00 per year (domestic), $81.20 (foreign). Combined Statement of Receipts, Outlays, and Balances of the United States Government. This statement presents budget results and the cash-related assets and liabilities of the Federal Government with supporting details. Single copy price: $65.00 (domestic), $91.00 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service. The Budget Reports Division, Governmentwide Accounting, compiles statistical data from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9938/9939 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fms.treas.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Financial Management Service’s home page. www.fms.treas.gov/ Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations............................................................................................................................ 11 Analysis.—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ....................... 12 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 15 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 20 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 23 FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 FD-2.—Debt Held by the Public ......................................................................................................................................... 25 FD-3.—Government Account Series................................................................................................................................... 26 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 27 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 28 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 29 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 30 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 32 TREASURY FINANCING ................................................................................................................................................. 32 PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding ............................................................................................................ 36 PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 41 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 42 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes............................................................................................................................ 43 SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 43 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 44 SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 44 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 46 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 47 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 48 March 2007 IV Contents MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 49 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 49 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 50 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 50 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 51 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 55 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 55 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 56 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 57 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 58 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 61 CM-I-2.—Total Liabilities by Country................................................................................................................................ 62 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 64 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 66 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 67 CM-II-2.—Total Claims by Country ................................................................................................................................... 68 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 70 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 72 SECTION III.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 73 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 74 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 76 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 78 SECTION IV.—U.S. International Transactions in Long-Term Securities CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 80 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 81 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 82 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (fourth quarter)................................................................................................................. 84 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 86 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 88 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89 March 2007 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 90 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 91 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 92 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 92 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 93 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 94 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 94 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 95 FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 96 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 96 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 97 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 98 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 98 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 99 FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 100 FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 100 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 101 FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 102 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 102 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 103 ESF-1.—Balance Sheet ..................................................................................................................................................... 103 ESF-2.—Income and Expense ........................................................................................................................................... 104 SPECIAL REPORTS FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Introduction.—Financial Report Excerpt........................................................................................................................... 107 Financial Report Excerpt ................................................................................................................................................... 108 March 2007 VI Contents TRUST FUNDS Introduction.—Airport and Airway Trust Fund................................................................................................................. 120 TF-1.—Airport and Airway Trust Fund ............................................................................................................................ 121 Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 122 TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................... 123 Introduction.—Black Lung Disability Trust Fund............................................................................................................. 124 TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 124 Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 126 TF-4.—Harbor Maintenance Trust Fund ........................................................................................................................... 126 Introduction.—Hazardous Substance Superfund............................................................................................................... 128 TF-5.—Hazardous Substance Superfund........................................................................................................................... 128 Introduction.—Highway Trust Fund ................................................................................................................................. 130 TF-6.—Highway Trust Fund ............................................................................................................................................. 131 Introduction.—Inland Waterways Trust Fund ................................................................................................................... 134 TF-7.—Inland Waterways Trust Fund............................................................................................................................... 134 Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 135 TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 135 Introduction.—Nuclear Waste Fund.................................................................................................................................. 136 TF-9.—Nuclear Waste Fund.............................................................................................................................................. 136 TF-A.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 137 TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 137 Introduction.—Reforestation Trust Fund........................................................................................................................... 138 TF-10.—Reforestation Trust Fund .................................................................................................................................... 138 Introduction.— Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund) ......... 139 TF-11.—Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund).................... 140 Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 142 TF-12.—Oil Spill Liability Trust Fund ............................................................................................................................. 143 Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 144 TF-13.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 144 Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 145 TF-14.—Wool Research, Development, and Promotion Trust Fund................................................................................. 145 RESEARCH PAPER INDEX............................................................................................................................................ 146 GLOSSARY ...................................................................................................................................................................... 147 ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p = Preliminary; n.a. = Not available; r = Revised. March 2007 VII Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund) ...................................................................................... √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ March 2007 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations U.S. Savings Bonds and Notes Ownership of Federal Securities Market Yields U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product The economy continued to expand at a solid pace in the final quarter of 2006, as the continued weakness in residential investment was more than offset by significant strength in real consumer spending and a reduction in the net export deficit in the fourth quarter. January’s advance estimate of real gross domestic product (GDP) reported annualized growth accelerated to 3.5 percent in the fourth quarter of 2006, following a 2.0 percent gain in the third quarter. This brought real GDP growth to 3.4 percent over the four quarters of 2006. Since the second quarter of 2003, quarterly growth has averaged 3.6 percent. Consumer spending posted a robust 4.4 percent annualized increase, up sharply from the 2.8 percent pace in the third quarter. Declining spending on motor vehicles and parts was partially offset by a pickup in spending on computers. Spending in the remaining nondurable goods and in the services sectors contributed a combined 2.6 percentage points to GDP growth. For the four quarters of 2006 consumer spending was up 3.2 percent. Investment in business equipment and software edged down by 1.8 percent in the fourth quarter after a 7.7 percent gain in the third. Average growth for all four quarters of 2006 for this volatile series was 5.0 percent. A 19.2 percent annualized rate of decline in residential investment spending extended a four quarter string of negative readings in residential building, and reduced GDP growth by 1.2 percentage point in the fourth quarter. Nonresidential investment, which had grown 10.0 percent in the third quarter, also recorded its first decline in 14 quarters, slipping 0.4 percent. Business inventory investment subtracted 0.7 percentage point to fourth quarter GDP growth, as inventory building slowed during the quarter. The net export deficit on trade in goods and services narrowed $47.4 billion in real terms in the fourth quarter, and added 1.6 percentage points to GDP growth. Real exports of goods and services showed continued strength, up an annualized 10.0 percent after a 6.8 percent gain in the third quarter. Meanwhile, real imports of goods and services were down 3.2 percent in the fourth quarter, the first decline in 15 quarters. For all of 2006 real exports of goods and services were up 9.2 percent. Growth in real public sector spending rose in the fourth quarter, up an annualized 3.7 percent. This increase was largely the result of acceleration in Federal defense expenditures which increased 11.9 percent after declining in the middle two quarters of 2006. Federal outlays added 0.3 percentage point to GDP growth, while state and local outlays added 0.4 percentage point. Growth of Real GDP (Quarterly percent change at annual rate) 10 7.5 8 5.6 6 3.5 4 2.7 2.4 2.2 2 3.9 4.0 3.1 2.7 2.6 4.2 3.4 3.3 1.8 3.5 2.6 2.0 1.2 0.2 0 2002 2003 2004 2005 2006 March 2007 PROFILE OF THE ECONOMY 4 food and energy) rose 2.6 percent in the 12 months through December 2006, somewhat faster than the 2.2 percent increase of a year earlier, core inflation eased during the latter half of 2006. For the 3 months ending in September 2006, core inflation rose 2.7 percent, and then increased by 1.4 percent in the 3 months ending in December 2006. Declines in energy prices also contributed to a slower rise in the producer price index for finished goods, which was up 1.1 percent in the 12 months through December 2006, compared with 5.4 percent in the previous 12 month period. A decline in prices for finished energy goods at the producer price level contributed significantly to slowing inflation. These prices fell 2 percent in the 12 months through December 2006 compared with a nearly 24 percent increase of a year earlier. The core index (finished goods less food and energy) accelerated to 2.0 percent in the 12 months through December 2006, compared with an increase of only 1.4 percent in the previous 12 months. Inflation Fluctuations in energy prices have been the key factor behind changes in the overall inflation rate over the past several months and were instrumental in the decline in overall prices in the fourth quarter of 2006. In the 12 months through December 2006, the consumer price index (CPI) increased 2.5 percent, notably lower than the 3.4 percent rate for the previous 12 months. Inflation slowed as the year progressed; measured on a fourth-quarter over fourth-quarter basis, the CPI rose 1.9 percent in the fourth quarter of 2006, after five consecutive quarterly increases of between 3.3 percent and 4.0 percent. Lower energy prices accounted for the decline; in the 12 months through December 2006, energy prices rose by about 2.9 percent, compared with an increase of 17.1 percent in the previous 12 months. On a fourth-quarter over fourth-quarter basis, energy prices declined by 4.2 percent in the fourth quarter of 2006. Although the core consumer price index (which excludes Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 5 Excluding food and energy Excluding food and energy 4 4 2 3 0 2 Total 1 0 -2 Total -4 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 March 2007 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 PROFILE OF THE ECONOMY Employment and unemployment The labor market finished 2006 on a strong note and data suggest employment remained firm at the start of 2007. The unemployment rate is low and workers have achieved solid gains in real hourly earnings. Nonfarm payroll employment increased a moderate 111,000 in January, but data revisions boosted the job count in previous months. Average job growth in December and January was about 150,000. Employment increased by more than 2.2 million in 2006, an average of 187,000 per month. Since employment hit its low point in August 2003, the economy has generated more than 7.4 million jobs. Following its standard practice, the Bureau of Labor Statistics incorporated its annual benchmark revision to payroll employment data in early February. The revision, which reflects more complete estimates of payrolls using unemployment insurance tax records, increased the employment level for March 2006 by about 750,000. The service sector has been the source of most job gains. Professional and business services and leisure and hospitality each posted employment increases of about 25,000 in January, but that was down from gains of more than 50,000 per month in the fourth quarter. Payrolls in education and health services rose 31,000 in January, also down from its fourth quarter average. Employment in these three sectors rose by more than 1.4 million in 2006, or nearly two-thirds of the total net jobs created during the year. Retail 5 employment rose a slight 4,000 in January after shedding more than 40,000 jobs in 2006. Goods-producing industries have been affected by the housing slowdown and the downshift in auto production. Construction employment increased a solid 22,000 in January after losing a net 32,000 jobs in the fourth quarter. Mild weather across much of the country may have helped to boost January’s results. Employment in residential specialty trade contractors has declined by more than 100,000 since its recent peak last February. That is directly related to the housing slowdown. However, this effect has been partly offset by gains in nonresidential specialty trade contractor employment. Manufacturing employment fell by 16,000 in January. The factory sector lost 84,000 jobs in 2006. The unemployment rate edged up from 4.5 percent to 4.6 percent in January, but remains close to a 5-1/2 year low of 4.4 percent. The labor force participation rate (the share of the non-institutionalized population over 15 years old in the labor force) ended 2006 at a 3-1/2 year low of 66.4 percent, but edged back down to 66.3 percent in January. The average workweek edged down from 33.9 hours to 33.8 hours in January causing aggregate production worker hours to decline 0.1 percent. Nominal average hourly earnings increased 0.2 percent in January and were up 4.0 percent from a year earlier. Adjusting for inflation, real earnings were up 1.7 percent from a year earlier in December (latest data available). That marked the largest annual real wage increase since 2001. Payroll Employment (Average monthly change in thousands from end of quarter to end of quarter) Unemployment Rate (Percent) 350 7.0 264 6.5 219 250 6.0 194 163 133 150 5.5 5.0 4.5 4.0 151 202 170 124 112 16 50 Jan. 2007 4.6% 252 211 220 -19 -50 -95 -150 3.5 97 98 99 00 01 02 03 04 05 06 07 I II III IV I 2003 II III IV I 2004 II III IV I 2005 II III IV 2006 March 2007 6 PROFILE OF THE ECONOMY Real disposable personal income and consumer spending Personal income and outlays experienced steady growth in the fourth quarter of 2006 relative to the first three quarters of the year. Nominal personal income grew 4.9 percent at an annual rate in the fourth quarter of 2006, following growth of 5.9 percent in the third quarter. From 2005 to 2006, personal income grew 6.4 percent at an annual rate. Wages and salaries, accounting for more than 50 percent of personal income, rose at a 6.1 percent annual rate in the fourth quarter following a gain of 5.0 percent in the third quarter, and increased at a 6.6 percent annual rate in 2006. Growth of personal income receipts on assets slowed to 3.2 percent at an annual rate after jumping 9.0 percent during the third quarter. Growth of personal interest income declined at a 2.9 percent annual pace after rising 6.7 percent in the third quarter. Rental income in the fourth quarter dropped 5.6 percent at an annual rate after climbing 44.6 percent in the third quarter. The continued cooling of the housing market has caused rental activity to increase. Real disposable (after-tax) income rose 5.4 percent at an annual rate in the fourth quarter following a 4.1 percent gain in the third quarter and a 1.5 percent decline in the second quarter. For 2006 as a whole, real disposable personal income rose 2.7 percent at an annual rate. Real personal consumption expenditures increased at a 4.4 percent annual pace, 1.6 percent faster than the third quarter growth rate. The personal savings rate crept up 0.2 percent to -1.0 percent in the fourth quarter from -1.2 percent in the third quarter. Consumer spending has been larger than personal disposable income since the second quarter of 2005. Industrial production and capacity utilization Industrial production from factories, mines, and utilities decreased 0.5 percent at an annual rate in the fourth quarter of 2006, after rising at a 4.0 percent pace in the third quarter. Over the 12 months ending in December, output increased 2.4 percent. On an annual basis, industrial production grew 4.0 percent in 2006, the fastest rate since 2000. However, monthly indicators for the fourth quarter of 2006 and into early 2007 suggest a slowing in industrial output. Manufacturing production, which accounts for about 81 percent of all industrial output, fell 1.4 percent at an annual rate in the fourth quarter (after rising 4.4 percent in the third quarter), the first quarterly decline since the third quarter of 2003. Output of high-technology goods (computers, communications equipment, and semiconductors) grew by 31.8 percent at an annual rate, accelerating from the third quarter’s 27.3 percent pace. Production of motor vehicles and parts fell 3.6 percent at an annual rate in the fourth quarter, after falling 9.8 percent in the third quarter. In the 12 months through December, output of motor vehicles and parts was up 0.9 percent. Apart from automobiles, manufacturing output declined at a 1.2 percent annual rate in March 2007 the fourth quarter of 2006. The fourth quarter decline in nonautomobile manufacturing output was partly due to the slowdown in residential building activity; production of wood products declined nearly 27 percent and primary metals production fell about 22 percent in the fourth quarter. Production at utilities, accounting for roughly 9 percent of total industrial output, rose 4.5 percent at an annual rate in the fourth quarter (similar to the 4.6 percent rise in the third quarter.) Weather is usually a factor in this sector, and unseasonable weather in quarters often causes sharp swings in output from 1 month or quarter to the next. For example, unseasonably warm weather in December caused utilities output to dip by 2.7 percent. Output at mines (the remaining 10 percent of industrial output) rose 1.6 percent in the fourth quarter, following a 0.6 percent gain in the third quarter. Restoration of oil and gas extraction operations in the Gulf regions helped lead to a 12-month increase in mining output of 4.7 percent. The capacity utilization rate for the industrial sector edged down to 81.7 percent in the fourth quarter from 82.3 percent in the third quarter. Capacity utilization has trended higher over the past 2 years or so; in the fourth quarter it was still above its long-term average of 81.0. Capacity utilization ranged between 82 and 85 percent from 1994 through 1999. In manufacturing, capacity utilization was 80.2 percent in the fourth quarter, down from 80.9 percent in the third quarter, but it remains above its long-term average of 79.8 percent. Utilization in the high-technology industries rose almost 2 percentage points to 80.8 percent in the fourth quarter from 78.7 percent in the third quarter, and remained above its long-term average of 78.0 percent. Nonfarm productivity and unit labor costs Productivity growth picked up at the end of 2006, according to preliminary data. Productivity in the nonfarm business sector grew at an annual rate of 3.0 percent in the fourth quarter following a slight decline in the third quarter. Growth in output (4.2 percent) outpaced the rise in hours worked (1.2 percent) in the final quarter of the year. For 2006 as a whole, productivity increased 2.1 percent. That is somewhat slower than the 2.5 percent increase registered over the four quarters of 2005. Still, the longer-term trend of productivity growth appears strong. Since the business cycle peak in the first quarter of 2001, productivity has grown at an annual rate of 3.0 percent, up from 2.5 percent during the preceding 5-year period. Hourly compensation costs in the nonfarm business sector rose 4.8 percent at an annual rate in the fourth quarter and were up by a similar amount for the year as a whole. In real terms, compensation increased 3.0 percent over the four quarters of 2006, the strongest four-quarter gain in 3 years. An alternative measure from the Bureau of Labor Statistics, the employment cost index, shows that nominal compensation rose 3.3 percent during the four quarters of 2006. Unlike the productivity series, the employment cost index shows data on the two main components of compensation–wages and salaries and benefits. Wages and PROFILE OF THE ECONOMY salaries for all civilian workers were up 3.2 percent from a year earlier in the fourth quarter. Benefits were up 3.6 percent. Although the growth in benefit costs has slowed over the past 2 years, benefits continue to account for a disproportionate share of overall compensation gains. Unit labor costs, which represent the interaction of productivity and compensation, increased 1.7 percent at an annual rate in the fourth quarter, down from the third quarter’s 3.2 percent rise. These costs were up 2.8 percent over the latest four quarters. Although the growth of unit labor costs slowed at the end of 2006, increases remain firm compared to recent years. Rising unit labor costs can compel some companies to raise prices and could contribute to higher inflation. Productivity in the manufacturing sector rose 2.2 percent at an annual rate in the fourth quarter and was up 3.9 percent over the most recent four quarters. Over the past 10 years, factory productivity has grown at an average annual rate of 4.5 percent. Hourly compensation costs in manufacturing were up 7.3 percent at an annual rate in the fourth quarter and have advanced 4.3 percent over the most recent four quarters. Factory unit labor costs increased 5.0 percent at an annual rate in the fourth quarter but were up just 0.3 percent over the most recent four quarters. International transactions The U.S. current account deficit continued to grow in the third quarter of 2006, widening by roughly $34 billion to $902 billion at an annual rate. The third-quarter deficit was equivalent to 6.8 percent of GDP, up from 6.6 percent in the second quarter. The deterioration in the latest quarter had been foreshadowed by growth in the merchandise trade deficit, which widened by $32 billion to $874 billion at an annual rate. The balance on income (the difference between income receipts on U.S. assets abroad and income payments on foreign assets in the United States) grew a bit more negative in the third quarter, also contributing to the increase in the current account deficit. The income balance has historically been in surplus but shifted to a deficit in the fourth quarter of 2005, in part because foreigners have been earning higher returns on their investments in the United States than U.S. residents have earned on their foreign investments. The current account is matched by offsetting transactions in the capital and financial accounts, with any differences in the recorded flows listed as a statistical discrepancy. Net capital account transactions, which consist mainly of debt forgiveness and wealth transfers associated with immigration, fell to $2.2 billion in the third quarter from 7 $4.0 billion in the second quarter. The third-quarter tally was in line with the average over the previous 5 calendar years. Financial flows into and out of the United States accelerated in the third quarter and, on net, amounted to nearly $706 billion at an annual rate, up from $613 billion in the second quarter. Net foreign purchases of assets in the United States strengthened by $142 billion to $1.6 trillion at an annual rate, in large part because of a jump in U.S. liabilities to unaffiliated foreigners reported by nonbank concerns. Foreign purchases of U.S. securities other than Treasuries also rose as transactions in U.S. stocks swung back to net purchases from net sales in the second quarter. However, foreign acquisition of U.S. corporate and Federally-sponsored agency bonds slowed, and foreign direct investment eased. On the opposite side of the ledger, net outlays by U.S. residents for assets abroad rose by just $50 billion in the third quarter to $895 billion at an annual rate. Exchange rate of the dollar The value of the U.S. dollar compared to the currencies of America’s key trading partners continued to decline in the fourth quarter of 2006, extending a trend that began in early 2002. The nominal exchange value of the dollar (relative to a broad index covering the currencies of 26 important U.S. trading partners) depreciated nearly 1.5 percent during the fourth quarter of 2006. In December, the dollar settled at its lowest nominal level in about 9 years. Since peaking in February 2002, the U.S. currency as measured by this broad index has depreciated by close to 18 percent. The aggregate decline since 2002 mainly reflected dollar weakness against the seven currencies of the United States’ major trading partners, including the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland. Between February 2002 and December 2006, the exchange rate of the dollar compared to an index of these currencies fell by nearly 28 percent. Over this period, the dollar was down by 34 percent against the euro and by 12 percent against the yen. The dollar generally showed much less movement with respect to the currencies of the other 19 important trading partners (including Mexico, China, and India). It strengthened somewhat from February 2002 through the first half of 2004, but since then, the dollar has depreciated against the index of other important trading partners by about 8 percent. In December 2006, the dollar was 3.4 percent lower against this basket of currencies than at the February 2002 peak. March 2007 PROFILE OF THE ECONOMY 8 Interest rates At its most recent meeting in January 2007, the Federal Open Market Committee (FOMC)–the Federal Reserve’s policy-making arm–maintained the Federal funds target interest rate at 5.25 percent, where it has stood since late June 2006. The Federal Reserve has paused in the most recent five meetings, following 17 straight hikes of 25 basis points each in the current cycle of monetary tightening which began in late June 2004. Before that, the FOMC had held the Federal funds target (the rate that banks and other financial institutions charge each other for overnight loans) constant at 1 percent for one year. The funds target in January 2007 was at its highest level since March 2001. In the Treasury market, the 3-month Treasury bill rate stood at 5 percent in early February 2007, and had risen by about 270 basis points over the past 2 years. The 10-year yield had moved little as short rates rose during 2004 and 2005, but then moved significantly higher starting in early 2006. At about 5.2 percent as of early June 2006, the rate was about 145 basis points above its level in early 2004. Relative to that recent peak, the rate has trended lower, and has been consistently below 5 percent for the past 6 months. Since early December, the rate has trended upward by roughly 40 basis points, to 4.8 percent as of early February. Mortgage interest rates have generally followed movements of the 10-year Treasury rate, trending up since mid-2005, and moving decisively higher through the first half of 2006. In early July 2006, the rate for a thirty-year fixed rate mortgage reached 6.8 percent, its highest level in over 4 years. During the latter half of 2006, the mortgage rate generally declined in tandem with the 10-year Treasury rate to about 6.1 percent in December, but has since increased, and stood at 6.3 percent as of early February. Corporate bond yields have also generally followed movements in long-term Treasury yields. Moody’s seasoned Baa yield moved higher earlier last year, reaching a recent peak of 6.9 percent in late June 2006, but during the latter half of 2006 and early 2007, it retreated, trading between 6.1 percent and 6.5 percent. In early February, the yield was 6.4 percent. The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, has remained essentially unchanged through much of 2005 and 2006. This spread had widened to as much as 4.0 percentage points in October 2002, but over the past 7 months, has remained quite stable at about 1.6 percentage points. Short-term Interest Rates Long-term Interest Rates (Percent) (Percent) 10.0 7.0 Federal funds rate target 6.0 5.0 8.0 4.0 7.0 3.0 2.0 Corporate Baa bond 9.0 6.0 3-month Treasury bills 1.0 5.0 4.0 Treasury 10-year note 0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 March 2007 3.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 PROFILE OF THE ECONOMY Housing Housing activity remained sluggish in the fourth quarter of 2006, but showed continuing signs of stabilization. Housing starts and permits continued to decline, and housing affordability began to climb. However, sales of single-family homes rose after four straight quarters of decline, and the homeownership rate remained close to record levels, caused in part by level prices and low mortgage rates. Housing starts fell to a 1.564 million unit pace in the fourth quarter from a 1.714 million rate in the third quarter, and well below a three-decade high of 2.123 million the first quarter. For 2006 as a whole, starts totaled 1.801 million, down roughly 13 percent from the 2.068 million in 2005, the highest annual total in over 30 years. Real residential investment declined 15.9 percent at an annual rate in the fourth quarter, following an 18.8 percent decline in the third quarter. Residential investment, a key component of GDP, subtracted 1.2 percentage points from real GDP in both the third and fourth quarters. Leading housing market indicators were mixed as housing permits signaled continued slow growth, while measures of builder and buyer sentiment indicated a possible pickup in the housing market. The number of permits issued for future construction was 1.560 million at an annual rate in the fourth quarter, the slowest quarterly rate since the third quarter of 2000. However, measures of consumer homebuying attitudes and home builder sentiment improved in the fourth quarter. The National Association of Home Builder’s housing market index rose 3.0 points from September to December, while the net gain for the Michigan survey of consumer sentiment’s homebuying conditions index was 16.0 points in the fourth quarter. Both of these indexes continued the upward trend in January, perhaps signaling that the slowdown has decelerated. Sales of new single-family homes rose by 3.1 percent at an annual rate in the fourth quarter to a 1.061 million unit pace from a 1.007 million unit pace in the third quarter. Resales of existing single-family homes, accounting for nearly 85 percent of all one-family home sales, edged up 0.2 percent at an annual rate to a 5.487 million unit rate after two quarters of decline. The homeownership rate slipped by 0.2 percentage points to 68.7 percent in the fourth quarter but remains at a historically high level, just 0.6 percent below its peak in the spring of 2004. Slowing home price appreciation should help the homeownership rate stay high. The median sales price of new single-family homes rose just 1.83 percent in 2006 compared to 9.0 percent in 2005, while the median price of existing single-family homes remained flat in 2006 compared to a 10.6 percent increase in 2005. Mortgage interest rates declined steadily in the fourth quarter and remain low in early 2007. The average rate on a 30-year conventional mortgage dropped from 6.36 percent in October to 6.14 percent in December, before edging up to 6.22 percent in January. This is 7.0 basis points higher than 9 the 30-year mortgage rate in January 2006, but still below the 7-1/2 percent average posted in the second half of the 1990s. The low mortgage interest rate, along with stagnant housing prices, should help boost the affordability of homes in the coming months. The National Association of Realtors’ housing affordability index crept up to 109.2 in December from a reading of 106.5 in September, but remained below the 2005 average of 113.0. Federal budget Budget results for the first 3 months of fiscal year 2007 show the Federal deficit narrowed to $80.4 billion, an improvement of roughly $40 billion compared with the same months of fiscal year 2006. Receipts rose $43 billion or 8.2 percent through 3 months of the fiscal year versus last year due to strong growth in individual income and employment tax receipts (partly reflecting year-end bonuses), and to the quarterly payment of corporate income taxes, due in part to strong profit growth. Outlays increased by $4.3 billion, or 0.7 percent in the first 3 months of fiscal year 2007, partly reflecting less spending for rebuilding assistance in the Gulf Coast region. The largest increase in outlays was for Medicare, with expenditures up $24 billion or nearly 34 percent compared with the first 3 months of fiscal year 2006 (the new prescription drug benefit contributed $13.1 billion to the increase). Net outlays for national defense increased by $12.7 billion through the first 3 months of the fiscal year compared to the same 3 months of fiscal year 2006, or 11.4 percent. Net interest expenses fell by $4.9 billion or 8.6 percent from fiscal year 2006 due in part to lower short-term interest rates. The Administration’s Fiscal Year 2008 Budget was released on February 5, 2007. The Federal budget projects the deficit will decline from 1.9 percent of GDP in fiscal year 2006 to 1.8 percent in the current fiscal year and 1.6 percent of GDP in fiscal year 2008. The budget projects a small surplus in fiscal year 2012. Receipts are projected to rise 4.8 percent in fiscal year 2008 and continue to grow at an average pace of 5.6 percent through the rest of the forecast horizon to fiscal year 2012. Growth in outlays is projected to be 4.2 percent in fiscal year 2008 and then slow to about 2.8 percent on average in the 4 fiscal years through fiscal year 2012. The economic projections underpinning the budget estimate that real GDP will rise 2.9 percent in calendar 2007 and increase 3.1 percent in 2008. During the next few years, both actual and potential growth are likely to continue to moderate to about 3.0 percent – very close to the estimated long-term potential rate of growth of the economy – and as a result, the unemployment rate is projected to remain at about 4.8 percent. Consumer price inflation is predicted to remain at 2.6 percent in calendar 2007 and 2008, then decline to around 2.4 percent a year through 2012. These assumptions are very close to the average of private forecasts. March 2007 10 PROFILE OF THE ECONOMY Net national saving and investment Net national saving has been on a downward trend since the 1960s, in part due to declining private saving but also reflecting the growth of Federal Government budget deficits since the 1970s. Over this period, net national saving as a share of net national product (NNP) declined from an average of 12.2 percent in the 1960s to a slim 0.1 percent in 2005. In 2006, however, the net national saving rate rebounded to 2.2 percent in the first three quarters of the year. The small reversal was mainly due to an improvement in the Federal Government’s fiscal situation. In the first three quarters of 2006, the Federal budget deficit narrowed to 1.4 percent of NNP from 2.8 percent in 2005. State and local governments posted a small surplus in the first three quarters of 2006, equivalent to 0.1 percent of NNP. Altogether, government deficits as a share of NNP averaged 1.3 percent in the first three quarters of 2006. Private saving (of households and businesses) rose to 3.5 percent of NNP in the first three quarters of 2006 from 2.9 percent in 2005. The increase reflected a jump in the corporate saving rate to 4.3 percent after hovering around 3.3 percent from 2002 through 2005. Personal saving as a share of NNP has been on the decline since the early 1980s and turned negative in 2005 for the first time since the 1930s, dipping to -0.3 percent. This downward trend continued in 2006, with the ratio of personal saving to NNP falling to -0.8 percent in the first three quarters of the year. Net domestic investment was equivalent to 9.4 percent of NNP in the first three quarters of 2006. That was up from 7.8 percent in 2005. The increase was mostly accounted for by a pickup in private industry outlays for structures, equipment and software, and inventory, which rose to 8.0 March 2007 percent of NNP in the first three quarters of 2006. Net private domestic investment was around 6-1/2 percent of NNP in each of the prior two calendar years. A growing portion of domestic investment has been financed from abroad in recent years. In 2006, foreign inflows were equivalent to 7.2 percent of NNP in the first three quarters of the year. That was up from around 1-1/2 percent of NNP in the mid-1990s. Net National Saving (Saving as a percent of NNP) 15 Total 10 5 0 -5 Public -10 60 65 70 75 80 85 90 95 00 05 11 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. March 2007 12 FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. • Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. • Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] First-Quarter Receipts The following capsule analysis of budget receipts, by source, for the first quarter of fiscal year 2007 supplements fiscal data reported in the December issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes—Individual income tax receipts, net of refunds, were $250.8 billion for the first quarter of fiscal year 2007. This is an increase of $20.4 billion over the comparable prior year quarter. Withheld receipts increased by $18.1 billion and non-withheld receipts increased by $6.4 billion during this period. Refunds increased by $4.0 billion over the comparable fiscal year 2006 quarter. There was an increase of $1.5 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2006. Corporate income taxes—Net corporate income tax receipts were $98.8 billion for the first quarter of fiscal year 2007. This is an increase of $18.1 billion compared to the prior year first quarter. The $18.1 billion change is March 2007 comprised of an increase of $16.7 billion in estimated and final payments, and a decrease of $1.4 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the first quarter of fiscal year 2007 were $179.1 billion, an increase of $6.4 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $4.7 billion, $0.8 billion, and $0.9 billion respectively. There was a -$4.5 billion accounting adjustment for prior years employment tax liabilities made in the first quarter of fiscal year 2007, while there was a -$3.1 billion adjustment in the first quarter of fiscal year 2006. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the first quarter of fiscal year 2007 were $6.0 billion, a decrease of $0.3 billion over the comparable quarter of fiscal year 2006. Net State taxes deposited in the U.S. Treasury decreased by $0.3 billion to $5.2 billion. Net Federal Unemployment Tax Act taxes did not change significantly from $0.9 billion. FEDERAL FISCAL OPERATIONS 13 Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source, con. Contributions for other insurance and retirement— Contributions for other retirement were $1.1 billion for the first quarter of fiscal year 2007. This was a negligible change from the comparable quarter of fiscal year 2006. Excise taxes—Net excise tax receipts for the first quarter of fiscal year 2007 were $16.0 billion, a decrease of $1.4 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.4 billion, an increase of $0.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.3 billion for the first quarter of fiscal year 2007. These receipts represent an increase of $0.1 billion over the same quarter in fiscal year 2006. Customs duties—Customs duties net of refunds were $6.2 billion for the first quarter of fiscal year 2007. This is an increase of $0.1 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the first quarter of fiscal year 2007 were $9.3 billion, a decrease of $0.1 billion over the comparable prior year quarter. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on- and off-budget results: Total receipts ................................................................ On-budget receipts ................................................... Off-budget receipts ................................................... Total outlays.................................................................. On-budget outlays..................................................... Off-budget outlays..................................................... Total surplus or deficit (-) .............................................. On-budget surplus or deficit (-)................................. Off-budget surplus or deficit (-)................................. Means of financing: Borrowing from the public ............................................. Reduction of operating cash......................................... Other means ................................................................. Total on- and off-budget financing............................ First quarter Oct. - Dec. Actual fiscal year to date 2007 Budget estimates (Feb. 2007) full fiscal year 2007 573,524 438,730 134,794 653,925 574,093 79,833 -80,401 -135,362 54,961 573,524 438,730 134,794 653,925 574,093 79,833 -80,401 -135,362 54,961 2,540,096 1,905,966 634,130 2,784,267 2,332,984 451,283 -244,171 -427,018 182,847 58,668 21,460 273 80,401 58,668 21,460 273 80,401 254,305 7,127 -17,261 244,171 First-Quarter Net Budget Receipts by Source, Fiscal Year 2007 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... Oct. Nov. Dec. 86.2 9.4 57.2 2.2 0.3 4.2 2.3 2.5 3.5 167.7 63.1 4.5 61.2 3.6 0.3 5.7 1.8 2.2 3.6 145.9 101.5 85.0 60.7 0.3 0.4 6.1 2.2 1.5 2.2 260.0 Note.—Detail may not add to totals due to independent rounding. March 2007 FEDERAL FISCAL OPERATIONS 14 CHART FFO-A.— Monthly Receipts and Outlays, 2005-2006 (In billions of dollars) 300 250 On-budget receipts 200 Off-budget receipts On-budget outlays 150 100 Off-budget outlays 50 0 -50 D J F M A M J J A S O N D CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2006-2007 (In billions of dollars) 300 2007 250 2006 * 200 150 100 50 0 Individual Social Corporate Excise taxes income taxes insurance and income taxes retirement receipts * Prior-year data are for the comparable year. March 2007 Misc. receipts Estate/gift taxes Customs duties FEDERAL FISCAL OPERATIONS 15 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] On-budget surplus or deficit (-) (8) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) r -154,721 -377,140 r -412,986 r -318,298 r -248,202 r -314,378 -537,973 r -568,219 r -493,562 r -434,515 159,658 160,833 155,233 175,265 186,313 428,391 561,811 595,064 551,329 546,436 Total on-budget and off-budget results Fiscal year or month 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ Total receipts (1) Onbudget receipts (2) 1,853,051 1,337,730 1,782,108 1,258,265 1,879,784 1,345,040 2,153,350 1,575,874 r 2,406,675 r 1,798,293 Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) 515,321 523,842 534,744 577,475 608,382 r 2,007,772 2,159,248 r 2,292,770 r 2,471,647 r 2,654,878 r 1,652,108 1,796,238 r 1,913,259 r 2,069,437 r 2,232,808 355,663 363,010 379,512 402,210 422,069 Total surplus or deficit (-) (7) 2007 - Est.................... 2,540,096 2008 - Est.................... 2,662,474 1,905,966 1,988,389 634,130 674,085 2,784,267 2,901,861 2,332,984 2,439,334 451,283 462,527 -244,171 -239,387 -427,018 -450,945 182,847 211,558 556,588 568,284 2005 - Dec................... 2006 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 241,883 230,010 112,853 164,563 315,090 192,657 264,355 159,761 153,878 r 283,298 167,693 145,866 259,965 197,571 172,347 65,092 109,056 250,561 143,483 205,307 113,796 107,135 r 230,596 124,682 99,872 214,177 44,312 57,663 47,761 55,507 64,529 49,174 59,048 45,965 46,743 52,702 43,011 45,994 45,789 r 230,916 r 209,045 r 232,091 r 249,843 r 196,249 r 235,564 r 243,838 r 192,925 r 218,595 r 227,135 217,014 221,481 215,430 r 233,003 r 168,401 r 187,810 r 205,985 r 155,917 r 190,842 r 241,543 r 151,165 r 179,843 r 180,757 176,517 176,294 221,281 -2,087 40,644 44,281 43,859 40,332 44,722 2,295 41,760 38,752 46,378 40,497 45,187 -5,851 r 10,967 r 20,964 r -119,237 r -85,281 r 118,841 r -42,907 r 20,517 r -33,164 r -64,717 r 56,162 -49,321 -75,615 44,535 r -35,432 r 3,946 r -122,717 r -96,929 r 94,643 r -47,359 r -36,236 r -37,368 r -72,708 r 49,839 -51,836 -76,423 -7,104 46,399 17,019 3,480 11,648 24,197 4,452 56,753 4,204 7,991 6,324 2,514 807 51,639 78,153 25,212 51,493 98,353 -15,873 856 62,706 25,833 69,194 -6,865 77,642 47,812 46,940 Fiscal year 2007 to date ... 573,524 438,731 134,794 653,925 574,092 79,833 -80,401 -135,363 54,960 172,394 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Means of financing—net transactions, con. Fiscal year or month Borrowing from the publicFederal securities, con. Investments of Agency Government Total securities accounts 10+11-12 (11) (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. U.S. Treasury Special quota in the operating drawing IMF (deduct) cash rights Other (17) (14) (15) (16) 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ...................................... 2006 ...................................... -137 -922 -1,769 -547 -245 r 207,697 187,324 213,677 254,096 309,215 r 220,558 373,565 379,618 296,687 236,975 16,667 -25,926 1,390 -669 16,447 790 353 720 -4,537 410 r 18,823 -7,010 r -23,669 r -182 r 196 2,457 3,208 -4,630 -6,195 r -6,626 r -21,497 -26,352 r 5,855 r 8,472 r 22,319 -2,802 552 662 778 -666 r 157,522 377,140 r 412,324 r 317,520 r 248,202 2007 - Est.............................. 2008 - Est.............................. -174 -552 302,109 305,572 254,305 262,161 -7,127 - - - - -17,261 -22,774 - 244,171 239,387 2005 - Dec............................. 2006 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May............................ June........................... July ............................ Aug. ........................... Sept. .......................... Oct............................. Nov ............................ Dec ............................ 195 -163 -226 132 -214 212 64 -132 -192 75 -181 134 169 73,602 15,198 6,138 -2,664 36,586 12,516 73,418 3,473 6,321 34,750 39,569 -3,384 77,663 4,745 9,851 45,128 101,148 -52,674 -11,448 -10,647 22,227 62,681 -41,540 37,892 51,330 -30,554 30,637 32,227 -50,746 -9,912 70,805 -50,926 17,707 -8,083 -21,260 35,690 5,148 -36,372 9,763 29 93 7 34 175 186 -86 26 82 -71 22 214 -20 179 710 -539 -153 904 347 -255 172 64 r -167 -168 -60 757 -4,060 -398 * -261 -151 -620 1,299 -443 -747 r -94 -1,043 -268 -271 10,799 1,398 22,917 -26,213 4,805 2,948 8,850 2,587 -19,652 r 20,985 15,388 -12,201 -3,752 81 145 190 -250 - -11,160 -21,383 119,323 85,372 -119,602 42,513 -20,272 33,142 64,890 r -56,162 49,321 75,615 -44,535 Fiscal year 2007 to date........... 122 113,848 58,668 -21,461 216 529 -1,582 -565 - 80,401 Note.—These estimates are based on the Fiscal Year 2008 “Budget of the U.S. Government,” released by the Office of Management and Budget on February 5, 2007. Detail may not add to totals due to rounding. * Less than $500,000. March 2007 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Corporation Individual Net income taxes (8) Gross (9) 63,396 62,745 41,250 28,814 27,010 148,044 131,778 189,370 278,281 353,915 1,006,389 925,477 998,328 1,205,503 1,397,823 665,381 672,727 686,313 746,129 788,024 1,011 1,699 980 2,585 2,213 664,370 671,028 685,333 743,544 785,811 342,057 314,941 - 342,057 314,941 1,510,903 1,561,555 819,293 872,811 - 819,293 872,811 Refunds (3) Net (4) 750,754 734,647 753,260 786,559 848,954 286,956 252,502 243,324 320,942 387,307 179,365 193,451 187,626 180,279 192,354 858,345 793,699 808,958 927,222 1,043,908 211,439 194,522 230,619 307,095 380,925 2007 - Est...................... 1,168,846 2008 - Est...................... 1,246,614 - - 1,168,846 1,246,614 2002 .............................. 2003 .............................. 2004 .............................. 2005 .............................. 2006 .............................. Withheld (1) Net (7) Other (2) Fiscal year or month Gross (5) Refunds (6) Refunds (10) Net (11) 2005 - Dec..................... 2006 - Jan ..................... Feb .................... Mar .................... Apr..................... May.................... June................... July .................... Aug. ................... Sept. .................. Oct..................... Nov .................... Dec .................... 89,588 81,925 74,715 81,309 58,336 72,135 62,714 70,205 69,022 60,185 73,220 68,137 95,104 8,379 50,161 4,628 10,136 151,139 36,016 47,483 5,377 5,685 54,131 16,618 4,042 8,273 1,161 2,558 45,904 52,178 40,549 22,214 3,721 2,967 8,345 3,331 3,622 9,111 1,891 96,806 129,528 33,439 39,266 168,926 85,937 106,476 72,615 66,361 110,985 86,217 63,067 101,487 73,455 12,407 6,923 39,172 45,984 10,809 68,152 11,589 7,922 88,272 13,263 6,475 86,643 2,201 3,013 2,682 3,224 1,986 1,131 898 1,531 1,111 2,415 3,910 2,005 1,672 71,254 9,394 4,242 35,949 43,998 9,678 67,254 10,057 6,811 85,857 9,353 4,469 84,971 168,060 138,922 37,681 75,215 212,924 95,615 173,730 82,672 73,172 196,842 95,570 67,536 186,458 59,292 74,028 60,483 70,733 83,071 62,425 75,714 58,987 60,067 70,828 56,756 60,895 60,398 2,213 - 59,292 74,028 60,483 70,733 83,071 62,425 75,714 58,987 60,067 68,615 56,756 60,895 60,398 Fiscal year 2007 to date... 236,461 28,933 14,624 250,771 106,381 7,587 98,793 349,564 178,049 - 178,049 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement and general employment Gross Refunds Gross Refunds Net retirement insurance (16) (17) (12) (13) (14) (15) (18) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 4,185 3,963 4,030 4,123 4,234 8 9 5 3 2 4,177 3,954 4,026 4,119 4,231 668,548 674,982 689,359 747,663 790,042 27,746 33,481 39,582 42,120 43,559 127 115 129 119 139 27,620 33,366 39,453 42,001 43,420 4,533 4,578 4,545 4,409 4,308 61 53 51 50 50 4,594 4,631 4,596 4,460 4,358 2007 - Est.................... 2008 - Est.................... 4,357 4,514 - 4,357 4,514 823,650 877,325 44,985 45,203 - 44,985 45,203 4,704 4,634 38 33 4,742 4,667 2005 - Dec .................. 2006 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 351 425 451 446 333 459 -79 446 379 329 405 307 340 * * * * 1 8 -7 * -1 * 1 * * 351 425 451 445 332 451 -72 446 379 330 404 307 340 59,643 74,453 60,934 71,178 83,403 62,876 75,642 59,433 60,447 68,945 57,160 61,202 60,738 365 2,322 3,331 423 4,007 18,157 369 2,886 5,436 289 2,166 3,583 313 4 7 5 24 14 11 16 30 9 7 7 8 2 361 2,314 3,326 399 3,993 18,145 353 2,856 5,427 282 2,159 3,575 311 415 383 305 452 333 333 405 507 159 338 329 334 407 4 4 4 5 4 5 4 4 4 4 5 4 4 419 387 309 457 336 338 409 511 163 341 334 338 411 Fiscal year 2007 to date ... 1,052 1 1,051 179,100 6,062 17 6,045 1,070 13 1,083 See footnote at end of table. March 2007 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month 2002............................ 2003............................ 2004............................ 2005............................ 2006............................ Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Gross Refunds (27) (26) Highway Trust Fund Miscellaneous Net (28) Gross (29) Refunds (30) Net (31) Gross (32) Refunds (33) Net (34) 700,761 712,979 733,408 794,123 837,820 9,090 8,729 9,230 10,415 10,315 60 44 56 101 113 9,030 8,684 9,174 10,314 10,202 567 506 566 610 607 - 567 506 566 610 607 33,682 34,756 35,725 38,897 39,649 1,079 1,032 1,014 1,007 883 32,603 33,724 34,711 37,890 38,766 25,833 25,499 26,260 25,272 25,509 1,044 891 856 994 1,123 24,789 24,608 25,404 24,278 24,386 2007 - Est ................... 873,377 2008 - Est ................... 927,195 11,426 12,094 - 11,426 12,094 624 629 - 624 629 39,707 40,870 - 39,707 40,870 5,305 14,513 - 5,305 14,513 60,424 77,155 64,569 72,034 87,732 81,359 76,404 62,800 66,037 69,568 59,653 65,115 61,460 971 809 837 1,035 895 902 746 925 834 1,265 164 832 870 50 * 17 * 47 * - 971 809 787 1,035 896 885 746 925 834 1,218 164 832 870 53 50 52 58 55 50 42 52 48 79 9 47 55 - 53 50 52 58 55 50 42 52 48 79 9 47 55 3,208 3,260 3,141 3,516 3,349 3,216 3,085 3,301 3,234 5,929 632 3,121 3,353 193 -1 286 -1 252 155 -2 - 3,208 3,260 2,948 3,516 3,350 2,929 3,087 3,301 2,982 5,774 634 3,121 3,353 2,286 1,603 709 2,767 1,981 2,233 3,075 2,127 2,076 1,119 3,511 1,762 2,053 123 56 102 104 42 68 248 58 214 -27 103 111 201 2,163 1,547 606 2,663 1,938 2,165 2,826 2,069 1,862 1,146 3,407 1,651 1,852 Fiscal year 2007 to date.. 186,228 1,866 - 1,866 111 - 111 7,106 -2 7,108 7,326 415 6,910 2005 - Dec .................. 2006 - Jan................... Feb.................. Mar.................. Apr .................. May ................. June ................ July.................. Aug.................. Sept................. Oct .................. Nov.................. Dec.................. Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross (36) Customs duties Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Deposits of earnings by Federal Universal Reserve service fund banks and all other (43) (42) Total receipts Total (44) On-budget Off-budget (45) (46) 2002 ............................ 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 66,989 67,522 69,855 73,093 73,962 27,242 22,827 25,579 25,606 28,688 734 868 749 841 811 26,507 21,959 24,831 24,764 27,877 19,829 21,032 21,806 24,198 25,701 1,227 1,170 723 820 891 18,602 19,862 21,083 23,378 24,810 23,683 21,878 19,652 19,297 29,945 10,120 12,430 12,627 13,190 r 14,439 33,803 34,309 32,279 32,487 r 44,384 1,337,730 1,258,265 1,345,040 1,575,874 1,798,293 515,321 523,842 534,744 577,475 608,382 2007 - Est.................... 2008 - Est.................... 57,062 68,106 25,277 25,705 - 25,277 25,705 26,766 29,223 - 26,766 29,223 32,638 36,115 14,073 14,575 46,711 50,690 1,095,966 1,988,389 634,130 674,085 2005 - Dec................... 2006 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 6,396 5,666 4,394 7,271 6,239 6,030 6,702 6,347 5,726 8,217 4,215 5,651 6,131 2,006 1,925 1,767 4,015 2,912 2,646 2,158 2,068 2,372 2,460 2,434 1,874 2,281 63 68 43 43 59 70 132 54 70 70 121 94 88 1,943 1,857 1,724 3,972 2,853 2,576 2,026 2,014 2,302 2,390 2,313 1,780 2,193 1,989 1,995 1,917 2,020 1,921 2,095 2,187 2,296 2,602 2,379 2,514 2,354 2,156 68 82 73 52 82 79 56 -197 412 33 57 124 650 1,921 1,914 1,844 1,968 1,839 2,017 2,131 2,493 2,190 2,346 2,457 2,230 1,505 1,988 3,391 1,581 2,862 2,408 3,760 2,279 2,268 3,230 2,362 2,114 2,352 1,322 1,152 1,105 1,060 1,240 1,095 1,301 1,084 1,166 1,220 r 1,574 1,371 1,200 897 3,140 4,496 2,641 4,102 3,503 5,061 3,362 3,434 4,451 r 3,936 3,484 3,553 2,219 197,571 172,347 65,092 109,056 250,561 143,483 205,307 113,796 107,135 230,601 124,682 99,872 214,177 44,312 57,663 47,761 55,507 64,529 49,174 59,048 45,965 46,743 52,702 43,011 45,994 45,789 Fiscal year 2007 to date.. 15,997 6,589 303 6,286 7,024 831 6,192 5,788 3,468 9,256 438,731 134,794 Note.—These estimates are based on the Fiscal Year 2008 “Budget of the U.S. Government,” released by the Office of Management and Budget on February 5, 2007. Detail may not add to totals due to rounding. * Less than $500,000. March 2007 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) 465,803 505,024 r 542,812 581,463 r 614,313 16,013 32,133 26,802 38,717 69,100 Legislative branch (1) Judicial branch (2) Department of Agriculture (3) 3,228 3,404 3,900 3,995 4,129 4,828 5,128 5,393 5,543 5,820 68,875 72,860 71,572 85,333 r 93,533 5,322 5,670 5,829 6,147 6,374 332,037 388,741 437,043 474,374 499,355 46,376 17,760 57,144 19,380 62,779 19,894 72,857 21,274 93,427 r 19,653 2007 - Est ............... 4,306 2008 - Est ............... 4,704 5,845 6,661 88,767 89,026 6,179 7,078 548,915 583,283 68,040 58,603 21,988 21,867 671,254 699,240 319 387 335 318 306 304 332 372 321 381 371 335 305 485 555 442 552 403 460 600 468 486 473 512 451 561 9,955 9,439 7,382 6,766 6,764 5,118 5,365 5,206 4,807 6,388 14,601 8,665 8,905 563 594 451 554 472 471 417 600 569 629 437 595 506 47,218 34,986 38,516 48,467 37,985 39,757 46,588 35,273 44,153 45,076 48,657 44,039 48,485 4,280 8,129 5,644 5,594 5,265 21,317 5,209 3,367 5,230 18,518 5,742 4,305 5,418 1,340 2,000 1,407 2,574 1,954 1,421 1,791 950 1,058 r 1,537 1,812 1,504 2,085 Fiscal year 2007 to date ......................... 1,011 1,524 32,171 1,538 141,181 15,465 5,401 Fiscal year or month 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2005 - Dec.............. 2006 - Jan .............. Feb ............. Mar ............. Apr.............. May............. June............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. Fiscal year or month Department of State (14) DepartDepartment of Depart- Department of Defense, ment of ment of Commerce military Education Energy (6) (7) (4) (5) Department of the Treasury, interest on DepartDepartTreasury ment ment of debt of the Transpor- securities Treasury, tation (gross) other (15) (16) (17) Department of Veterans Affairs (18) Corps of Engineers (19) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 31,792 37,406 44,989 42,448 42,434 9,748 9,204 8,615 9,288 9,063 21,477 21,029 29,576 22,366 23,320 64,685 69,562 56,679 46,943 43,139 50,418 43,200 42,834 44,402 10,877 10,528 23,039 24,045 47,440 52,296 49,732 49,949 48,104 63,944 41,162 55,702 65,716 41,532 58,402 r 45,774 58,088 55,844 53,608 7,040 8,228 6,244 5,818 4,150 3,943 3,645 3,885 3,804 4,580 3,617 3,205 3,422 3,207 3,444 2,853 3,351 2,855 6,981 3,631 3,228 3,251 3,100 3,936 3,626 3,574 962 870 654 626 575 197 1,008 786 892 997 787 725 652 2,156 2,122 1,637 1,960 2,253 1,985 1,344 2,112 1,750 2,222 2,108 1,975 1,875 4,099 4,964 753 5,214 3,841 3,891 3,676 3,433 3,578 2,960 3,383 5,732 1,689 167,540 10,244 11,136 2,164 5,958 10,804 Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) General InterServices national Admin- Assistance istration Program (23) (24) 2002 ....................... 9,360 2003 ....................... 9,341 2004 ....................... 10,925 2005 ....................... 12,754 2006 ....................... 12,957 56,333 50,454 54,872 56,597 60,141 332,537 318,149 321,566 352,350 405,872 r 35,418 49,674 r 54,330 r 57,927 r 58,873 50,900 56,956 59,585 69,844 69,808 4,728 4,680 4,732 4,720 6,946 35,158 39,881 41,732 43,484 44,435 7,451 8,044 8,328 7,911 8,322 453 387 3,349 7,689 5,378 -279 338 -452 17 22 13,267 13,461 13,660 15,034 r 13,945 2007 - Est............... 16,322 2008 - Est............... 16,803 63,775 67,032 433,004 469,919 57,503 55,071 72,325 83,288 7,557 6,480 47,636 49,098 8,038 7,778 2,677 1,389 498 828 17,061 17,959 2005 - Dec ............. 2006 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... July............. Aug............. Sept............ Oct.............. Nov............. Dec............. 1,462 512 1,220 943 756 1,098 1,002 1,020 1,526 1,364 1,416 860 1,285 4,859 4,471 4,240 4,350 4,574 4,626 5,467 4,739 6,533 6,596 5,478 5,197 4,868 93,067 13,849 21,243 19,694 19,621 26,062 98,255 23,296 24,213 20,854 22,293 20,305 95,909 r 908 r 5,449 r 29,368 r 11,410 r 6,029 r 1,955 r 3,042 r 1,665 r 1,879 r -5,227 574 1,254 1,200 9,020 3,168 5,631 7,274 3,084 5,982 9,259 3,024 6,104 8,689 3,485 5,865 9,641 799 633 699 820 416 606 623 498 101 276 -100 311 272 4,080 4,114 3,561 4,105 3,339 3,710 3,606 4,073 3,132 3,755 3,618 4,221 4,371 696 713 682 831 704 623 722 653 887 514 788 648 647 493 489 458 512 404 463 456 372 322 360 258 318 356 6 -93 -64 279 14 56 106 -128 42 -149 -89 51 50 4,017 457 784 r 1,677 398 -87 r 1,201 r 1,275 477 r 1,018 812 625 340 Fiscal year 2007 to date............................ 3,561 15,543 138,507 3,028 18,991 483 12,210 2,083 932 12 1,777 See footnote at end of table. March 2007 FEDERAL FISCAL OPERATIONS 19 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] National Aeronautics and Space Administration (25) National Science Foundation (26) 2002 ....................... 14,404 4,187 2003 ....................... 14,610 2004 ....................... Office of Personnel Management (27) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) 52,541 492 488,241 15,761 -42,782 -153,316 -5,024 4,730 54,135 1,559 507,733 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * r 1,913,259 379,512 2005 ....................... 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 r 2,069,437 402,210 2006 ....................... 15,125 r 5,541 62,400 905 585,742 r 12,351 -60,856 -169,295 -7,282 -113 r 2,232,808 422,069 2007 - Est............... 16,143 5,860 58,802 675 622,919 26,710 -61,134 -181,316 -6,810 -13,880 2,332,984 451,283 2008 - Est............... 17,250 6,026 64,162 725 654,467 17,355 -64,761 -192,445 -9,194 -12,302 2,439,334 462,527 2005 - Dec ............. 1,384 423 4,736 92 50,607 2,801 -4,174 -75,318 -396 * r 233,003 -2,087 2006 - Jan .............. 1,060 384 5,344 115 46,327 1,498 -4,440 374 -1,045 * r 168,401 40,644 Feb ............. 1,150 435 5,119 113 48,809 -45 -3,711 -1,438 -586 - r 187,810 44,281 Mar ............. 1,273 467 5,217 -414 52,260 -958 -4,131 -1,062 -442 - r 205,985 43,859 Apr.............. 1,037 359 5,541 123 46,745 1,022 -3,885 -1,661 -356 * r 155,918 40,332 May ............ 1,403 438 5,109 148 49,722 r 1,019 -3,783 -4,089 -1,043 * r 190,842 44,722 June ........... 1,325 504 5,030 111 56,465 -113 -4,386 -77,247 -911 -1 r 241,543 2,295 July............. 1,048 518 5,704 160 46,785 2,211 -3,907 -736 -560 - r 151,165 41,760 Aug............. 1,353 590 5,111 160 44,095 r 1,085 -4,296 -2,474 -547 - r 179,843 38,752 Sept............ 2,030 r 546 5,176 142 52,693 1,027 -4,259 -385 -410 -111 r 180,757 46,378 Oct.............. 662 410 5,751 160 46,987 783 -17,739 -1,672 -911 * 176,517 40,497 Nov............. 1,242 436 4,852 155 49,512 538 -3,764 -1,541 -607 * 176,294 45,187 Dec............. 1,431 417 5,142 97 53,463 2,369 -4,150 -80,339 -299 -12,728 221,281 -5,851 Fiscal year 2007 to date ........................ 3,335 1,263 15,745 412 149,962 3,690 -25,653 -83,552 -1,817 -12,728 574,092 79,833 Fiscal year or month Note.—These estimates are based on the Fiscal Year 2008 “Budget of the U.S. Government,” released by the Office of Management and Budget on February 5, 2007. Total outlays OnOffbudget budget (35) (36) -2 r 1,652,108 355,663 Detail may not add to totals due to rounding. * Less than $500,000. March 2007 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, December 2006 and Other Periods [In millions of dollars. Source: Financial Management Service] Classification Budget receipts: Individual income taxes............................................... Corporation income taxes ........................................... Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ Estate and gift taxes ................................................... Customs duties ........................................................... Miscellaneous receipts................................................ Total receipts....................................................... (On-budget)..................................................... (Off-budget)..................................................... Budget outlays: 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 Homeland Security.............................. Department of Housing and Urban Development....... Department of the Interior ........................................... Department of Justice ................................................. Department of Labor ................................................... Department of State.................................................... Department of Transportation..................................... Department of the Treasury: 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................................ 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....................................... Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... Total outlays........................................................ (On-budget)..................................................... (Off-budget)..................................................... Surplus or deficit (-)............................................. (On-budget)..................................................... (Off-budget)..................................................... - No transactions. * Less than $500,000. March 2007 General funds (1) This fiscal year to date Management, consolidated, revolving and Trust special funds funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 250,769 98,794 2 - - 250,771 98,794 230,372 80,676 1 - - 230,374 80,676 6,118 6,286 3,815 6,223 372,005 372,005 - 151 2,021 2,876 5,050 5,050 - 134,794 44,307 6,045 1,083 9,727 357 156 196,468 61,675 134,794 134,794 44,307 6,045 1,083 15,996 6,286 6,193 9,256 573,524 438,730 134,794 6,965 6,162 3,945 6,208 334,329 334,329 - 187 1,804 2,886 4,878 4,878 - 129,290 43,441 6,324 1,107 10,217 320 304 191,003 61,713 129,290 129,290 43,441 6,324 1,107 17,369 6,162 6,068 9,399 530,210 400,920 129,290 987 1,237 17,891 1,500 139,248 15,471 5,689 116,485 10,146 11,616 1,971 5,317 2,921 3,168 3,878 19 277 13,890 38 1,892 -11 -288 125 46 -480 113 606 -94 263 30 6 11 390 * 42 6 * 50,929 54 * 79 35 7,975 131 11,635 1,012 1,525 32,171 1,538 141,181 15,466 5,401 167,539 10,245 11,136 2,164 5,958 10,803 3,562 15,544 935 1,167 18,259 1,552 125,262 15,165 5,450 107,739 14,796 10,169 2,438 5,451 3,018 3,209 3,967 117 250 17,987 65 3,271 -11 -489 86 9,946 -427 -43 459 -433 132 16 21 -34 52 * 21 * * 36,204 61 -2 64 25 8,245 176 10,562 1,073 1,383 36,298 1,617 128,554 15,154 4,961 144,029 24,803 9,741 2,458 5,936 10,829 3,516 14,546 138,507 2,577 19,226 257 41,681 2,261 931 -47 3,361 3,334 1,259 2,197 428 14,832 2,896 326 -423 45 -13,827 * * 59 -235 * 11 -54 -16 * 288 125 187 182 -15,644 -177 -1,348 * -8 13,602 * 135,130 505 138,507 3,028 18,990 484 12,211 2,083 932 12 1,778 3,335 1,262 15,745 412 149,962 3,690 138,783 2,777 17,743 2,050 39,817 3,027 1,542 28 6,771 3,445 1,289 2,094 248 12,750 2,570 415 -346 12 -15,405 -100 * -70 -193 * 4 44 -3 * 1,276 111 196 210 -13,372 -934 170 * 6 12,910 * 129,091 1,760 138,783 3,304 17,592 2,272 11,040 1,993 1,542 -42 6,747 3,445 1,299 15,048 244 141,841 5,605 -7,961 563,264 563,264 -191,259 -191,259 - -18,133 -15,529 -14,461 -1,069 20,580 19,511 1,069 -83,552 -14,105 106,190 25,289 80,901 90,278 36,386 53,892 -83,552 -40,199 653,925 574,093 79,833 -80,401 -135,362 54,961 -1,383 552,127 552,127 -217,798 -217,798 - -11,105 5,453 6,042 -590 -574 -1,164 590 -80,576 -12,954 92,013 12,377 79,635 98,991 49,336 49,655 -80,576 -25,442 649,592 570,546 79,046 -119,381 -169,626 50,245 Note.—Detail may not add to totals due to rounding. 21 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 1 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 6,160,448 6,450,164 7,094,904 7,485,532 7,839,784 367,327 426,493 469,641 468,563 501,945 6,529,692 6,877,311 7,565,782 7,955,702 8,340,659 1,231,160 1,148,226 1,168,663 1,339,363 1,478,945 1,212,577 1,173,496 1,166,036 1,338,425 1,463,568 2005 - Dec....................................... 2006 - Jan....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 627,464 594,893 634,537 715,388 677,342 812,718 747,766 575,577 701,006 653,769 641,358 744,683 622,390 50,258 40,428 35,131 45,559 44,578 39,839 51,768 37,385 38,196 50,897 37,450 37,727 56,643 677,783 634,288 670,250 760,516 722,591 854,704 796,646 613,941 738,841 704,122 678,642 783,654 678,698 172,910 122,033 104,907 144,933 131,138 106,537 147,719 103,252 96,103 162,287 103,843 96,232 183,298 142,212 90,840 155,071 155,275 59,662 155,316 132,901 110,356 117,725 127,141 98,861 131,360 173,870 See footnotes at end of table. March 2007 ACCOUNT OF THE U.S. TREASURY 22 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Tax and loan Federal note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and loan Federal note Reserve accounts (10) (11) Average Tax and loan Federal note Reserve accounts (12) (13) 2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 2005 - Dec............................. 4,573 32,053 6,385 43,591 4,243 709 5,135 23,027 2006 - Jan ............................. 5,606 63,247 5,888 63,247 3,715 1,282 4,942 28,389 Feb ............................ 5,024 13,082 6,172 60,185 3,973 265 5,155 17,096 Mar ............................ 5,455 2,739 5,908 26,753 2,844 97 5,032 11,424 Apr............................. 4,784 74,215 6,760 74,215 3,646 1,226 5,036 21,857 May............................ 2,637 25,436 6,738 93,784 2,637 9,480 5,264 41,381 June........................... 5,525 40,255 5,570 58,476 4,257 1,838 5,052 27,197 July ............................ 4,546 33,152 5,570 40,255 4,087 5,408 5,013 12,548 Aug ............................ 4,907 11,531 5,498 17,725 2,907 430 4,885 6,590 Sept ........................... 5,451 46,676 7,507 70,575 3,646 78 4,939 30,017 Oct............................. 5,617 51,658 12,396 51,658 4,103 5,946 5,404 19,348 Nov ............................ 4,373 16,531 5,563 48,202 4,128 418 4,906 19,275 Dec ............................ 4,708 25,959 7,083 54,288 4,418 75 5,223 24,290 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: withheld income taxes beginning March 1948; taxes on employers and employees 2 March 2007 under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 23 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. March 2007 FEDERAL DEBT 24 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Government accounts Public debt Agency securities securities Total (5) (6) (7) Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 6,255,111 6,809,272 7,403,237 7,956,346 8,530,366 6,228,236 6,783,320 7,379,053 7,932,710 8,506,974 26,874 25,952 24,183 23,637 23,392 2,675,648 2,859,291 3,075,687 3,331,333 3,663,773 2,675,648 2,859,291 3,075,687 3,331,332 3,663,766 1 1 7 2005 - Dec ..................... 2006 - Jan...................... Feb..................... Mar..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 8,194,251 8,219,745 8,293,333 8,394,740 8,379,083 8,380,354 8,443,683 8,467,856 8,538,350 8,530,366 8,607,540 8,656,590 8,703,738 8,170,413 8,196,070 8,269,886 8,371,156 8,355,718 8,356,776 8,420,042 8,444,347 8,515,034 8,506,974 8,584,329 8,633,245 8,680,224 23,837 23,674 23,448 23,584 23,365 23,577 23,641 23,509 23,317 23,392 23,211 23,345 23,514 3,455,808 3,471,422 3,499,204 3,498,354 3,536,001 3,549,086 3,622,594 3,624,439 3,629,882 3,663,773 3,703,455 3,703,130 3,779,021 3,455,806 3,471,420 3,499,202 3,498,352 3,535,999 3,549,084 3,622,592 3,624,436 3,629,875 3,663,766 3,703,449 3,703,125 3,779,016 2 2 2 2 2 2 2 2 8 7 7 5 5 End of fiscal year or month End of fiscal year or month Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized outstanding premium Accrual face value and discount amount (13) (14) (15) The public Public debt securities (8) Agency securities (9) 3,579,462 3,949,981 4,327,550 4,625,013 4,866,593 3,552,588 3,924,029 4,303,366 4,601,378 4,843,208 26,874 25,952 24,182 23,636 23,385 4,738,443 4,748,323 4,794,129 4,896,386 4,843,082 4,831,268 4,821,089 4,843,417 4,908,468 4,866,593 4,904,085 4,953,460 4,924,717 4,714,607 4,724,650 4,770,683 4,872,804 4,819,719 4,807,692 4,797,450 4,819,911 4,885,159 4,843,208 4,880,880 4,930,120 4,901,208 23,835 23,672 23,446 23,582 23,363 23,575 23,639 23,507 23,309 23,385 23,204 23,340 23,509 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 2002 ............................... 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 6,255,111 6,809,272 7,403,237 7,956,346 8,530,366 57,278 50,551 51,219 53,546 81,375 6,197,833 6,758,722 7,352,017 7,902,800 8,448,991 2,675,648 2,859,291 3,075,687 3,331,333 3,663,773 17,541 13,860 16,596 18,145 41,371 2,658,107 2,845,430 3,059,091 3,313,188 3,622,403 3,579,463 3,949,981 4,327,550 4,625,013 4,866,593 39,737 36,691 34,623 35,401 40,004 3,539,726 3,913,291 4,292,926 4,589,612 4,826,588 2005 - Dec...................... 2006 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May..................... June ................... July..................... Aug..................... Sept.................... Oct...................... Nov..................... Dec..................... 8,194,251 8,219,745 8,293,333 8,394,740 8,379,083 8,380,354 8,443,683 8,467,856 8,538,350 8,530,366 8,607,540 8,656,590 8,703,738 55,723 56,168 78,490 81,408 81,843 82,045 82,605 81,077 82,570 81,375 81,089 82,193 82,231 8,138,528 8,163,577 8,214,843 8,313,332 8,297,240 8,298,308 8,361,078 8,386,779 8,455,781 8,448,991 8,526,452 8,574,398 8,621,507 3,455,808 3,471,422 3,499,204 3,498,354 3,536,001 3,549,086 3,622,594 3,624,439 3,629,882 3,663,773 3,703,455 3,703,130 3,779,021 19,141 19,557 41,201 43,015 44,075 44,645 44,735 43,106 42,229 41,371 41,458 44,516 42,769 3,436,667 3,451,865 3,458,003 3,455,339 3,491,925 3,504,442 3,577,859 3,581,333 3,587,653 3,622,403 3,661,997 3,658,614 3,736,251 4,738,443 4,748,323 4,794,129 4,896,386 4,843,082 4,831,268 4,821,089 4,843,417 4,908,468 4,866,593 4,904,085 4,953,460 4,924,717 36,582 36,611 37,289 38,393 37,768 37,400 37,870 37,971 40,341 40,004 39,631 37,677 39,462 4,701,862 4,711,712 4,756,840 4,857,993 4,805,315 4,793,867 4,783,219 4,805,446 4,868,127 4,826,588 4,864,454 4,915,784 4,885,256 March 2007 FEDERAL DEBT 25 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2002 .................................. 2003 .................................. 2004 .................................. 2005 .................................. 2006 .................................. 3,553,180 3,924,090 4,307,345 4,601,239 4,843,121 3,121,357 3,460,330 3,845,855 4,066,053 4,283,804 868,220 918,196 961,449 910,323 908,474 1,521,572 1,799,424 2,109,494 2,328,213 2,445,307 592,695 576,590 551,904 520,507 534,473 138,870 166,120 223,008 307,011 395,550 431,823 463,760 461,490 535,186 559,317 2005 - Dec......................... 2006 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May........................ June ...................... July........................ Aug........................ Sept....................... Oct......................... Nov........................ Dec........................ 4,714,821 4,724,637 4,771,117 4,872,485 4,819,949 4,807,517 4,797,204 4,819,732 4,884,685 4,843,121 4,880,611 4,929,567 4,901,047 4,165,847 4,176,332 4,259,473 4,321,654 4,264,460 4,250,516 4,235,126 4,261,336 4,325,311 4,283,804 4,318,562 4,361,354 4,322,860 960,701 952,800 997,284 1,039,036 962,168 951,623 913,803 929,926 959,323 908,474 926,025 985,399 940,772 2,360,155 2,360,363 2,390,260 2,408,302 2,408,208 2,406,354 2,425,710 2,414,905 2,437,098 2,445,307 2,442,789 2,432,207 2,440,466 516,425 516,418 526,498 526,501 526,510 522,965 522,924 522,918 534,473 534,473 534,472 530,439 530,548 328,567 346,751 345,431 347,815 367,573 369,573 372,689 393,587 394,417 395,550 415,277 413,309 411,075 548,975 548,306 511,644 550,830 555,489 557,001 562,078 558,396 559,374 559,317 562,049 568,213 578,186 U.S. savings securities (8) Depositary compensation securities (9) Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) Nonmarketable, con. End of fiscal year or month 2002 ....................................... 2003 ....................................... 2004 ....................................... 2005 ....................................... 2006 ....................................... 193,312 201,561 204,201 203,645 203,656 14,991 - 12,519 11,007 5,881 3,086 2,986 47,605 53,463 58,528 67,961 78,129 144,286 148,366 158,214 225,283 238,835 29,995 29,995 29,995 29,995 29,995 4,107 4,377 4,669 5,214 5,715 2005 - Dec.............................. 2006 - Jan .............................. Feb ............................. Mar ............................. April ............................ May............................. June............................ July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 205,162 205,605 205,901 205,976 206,067 205,669 205,227 204,825 204,025 203,656 203,210 202,800 202,433 - 3,786 3,786 3,586 3,386 3,186 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 69,097 70,277 32,414 71,258 72,082 73,698 76,289 77,631 78,224 78,129 78,434 78,940 79,269 235,566 233,441 234,545 234,844 238,663 239,174 242,022 237,425 238,603 238,835 241,728 247,794 257,634 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 5,368 5,201 5,203 5,370 5,494 5,478 5,558 5,533 5,541 5,715 5,695 5,697 5,869 March 2007 FEDERAL DEBT 26 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust tration Fund (9) (10) 2002 .............. 2003 .............. 2004 .............. 2005 .............. 2006 .............. 2,707,295 2,912,216 3,129,990 3,380,605 3,722,747 10,997 10,518 9,892 10,047 7,893 30,542 31,054 32,089 32,733 46,216 25,350 26,778 28,107 29,485 31,282 9,717 10,502 10,319 15,238 15,711 155,256 170,762 182,769 193,263 202,178 570,168 613,718 631,749 660,109 689,812 228,906 251,307 264,375 277,268 302,186 21,251 23,823 23,325 22,646 22,036 1,173,759 1,313,427 1,452,599 1,616,159 1,793,129 2005 - Dec..... 2006 - Jan ..... Feb .... Mar .... Apr..... May.... June... July .... Aug .... Sept ... Oct..... Nov .... Dec .... 3,506,577 3,523,210 3,513,085 3,551,185 3,589,106 3,604,230 3,680,235 3,683,171 3,689,211 3,722,747 3,762,745 3,762,962 3,839,348 11,661 11,999 11,894 12,136 11,685 11,321 11,378 10,771 10,262 7,893 8,703 9,224 9,588 32,799 32,850 33,126 32,954 33,142 33,891 45,776 46,242 46,216 46,141 46,582 46,487 29,996 30,032 30,387 30,384 30,386 30,787 30,851 30,889 31,244 31,282 31,296 31,802 31,894 15,320 15,377 15,372 15,399 15,456 15,524 15,548 15,617 15,645 15,711 15,784 15,817 15,884 195,715 196,841 196,377 196,701 198,773 198,170 203,646 202,715 202,198 202,178 200,726 199,672 203,922 670,101 653,893 650,289 661,190 657,952 654,859 670,501 667,218 664,463 689,812 686,514 683,367 699,611 285,941 288,996 287,856 283,296 295,171 292,941 299,470 300,797 297,012 302,186 299,621 296,959 305,387 23,800 23,749 23,965 23,965 23,964 21,320 21,319 21,319 21,543 22,036 22,155 23,327 22,367 1,663,726 1,679,132 1,682,806 1,693,145 1,715,423 1,719,732 1,772,302 1,777,547 1,785,216 1,793,129 1,795,430 1,796,899 1,845,339 End of fiscal year or month Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 2006 ..................... 2,800 2,963 3,013 3,123 3,029 38,804 24,849 17,439 17,204 33,061 18,840 13,578 10,212 8,271 10,998 11,465 11,246 10,949 10,597 10,189 1,430 2,651 1,283 1,218 4,233 23,383 503 627 570 477 - 68,265 48,188 45,239 54,806 66,213 316,362 356,349 406,004 427,868 484,104 2005 - Dec............ 2006 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 3,080 3,090 3,100 3,113 3,123 3,065 2,978 2,992 3,005 3,029 3,042 3,055 3,068 23,929 25,290 27,237 25,887 29,146 31,151 27,246 31,101 30,895 33,061 31,249 32,100 33,128 9,972 10,796 10,854 11,970 13,470 13,524 13,451 12,826 12,820 10,998 11,072 11,013 12,029 10,687 10,598 10,514 10,407 10,328 10,240 10,452 10,375 10,289 10,189 10,113 10,046 10,265 1,747 1,866 2,274 3,159 3,532 3,868 2,930 2,519 3,091 4,233 - 357 473 501 571 544 454 575 609 496 477 470 361 347 - 53,975 51,557 52,787 49,800 49,734 66,332 65,279 64,277 68,310 66,213 65,014 67,020 65,909 473,771 486,671 473,746 497,108 497,277 497,051 532,309 485,823 486,480 484,104 535,415 535,718 534,123 Note.—Detail may not add to totals due to rounding. March 2007 FEDERAL DEBT 27 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total outstanding (1) Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation, Resolution Fund (2) Department of Housing and Urban Development Federal Housing Administration (3) Farm Credit System Financial Assistance Corporation (4) Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) 2002 ..................................... 26,874 - 298 775 25,261 - 541 2003 ..................................... 25,952 - 279 325 24,876 - 472 2004 ..................................... 24,183 - 200 325 23,253 - 406 2005 ..................................... 23,637 - 146 - 23,097 - 394 2006 ..................................... 23,392 - 112 - 22,899 - 381 2005 - Dec ........................... 23,837 - 161 - 23,278 - 398 2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 Feb ........................... 23,448 - 85 - 22,971 - 391 Mar ........................... 23,584 - 80 - 23,112 - 392 Apr............................ 23,365 - 85 - 22,891 - 389 May .......................... 23,577 - 87 - 23,099 - 390 June ......................... 23,641 - 90 - 23,159 - 391 July........................... 23,509 - 90 - 23,026 - 393 Aug........................... 23,317 - 90 - 22,846 - 380 Sept.......................... 23,392 - 112 - 22,899 - 381 Oct............................ 23,211 - 112 - 22,717 - 382 Nov........................... 23,345 - 111 - 22,850 - 383 Dec........................... 23,514 - 110 - 23,020 - 385 Note.—Detail may not add to totals due to rounding. March 2007 FEDERAL DEBT 28 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) 2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 9 mos. 2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 2005 - Dec...................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. Apr...................... 3,483,412 1,198,187 1,273,413 543,174 292,741 175,897 4 yrs. 9 mos. May..................... 3,492,721 1,178,383 1,288,303 573,995 275,911 176,129 4 yrs. 10 mos. June.................... 3,473,551 1,136,203 1,302,488 582,153 276,216 176,491 4 yrs. 10 mos. July ..................... 3,501,559 1,130,146 1,319,182 591,937 283,575 176,719 4 yrs. 10 mos. Aug ..................... 3,563,832 1,195,210 1,316,350 581,832 290,832 179,608 4 yrs. 10 mos. Sept .................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. Oct...................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. Nov ..................... 3,594,275 1,186,116 1,328,664 626,014 283,386 170,096 4 yrs. 9 mos. Dec ..................... 3,524,921 1,136,717 1,303,590 632,680 282,368 169,566 4 yrs. 10 mos. End of fiscal year or month Note.—Detail may not add to totals due to rounding. March 2007 Average length (7) FEDERAL DEBT 29 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Statutory debt limit (1) Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 2005 - Dec....................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 Apr....................................... 8,965,000 8,262,718 8,262,647 71 8,355,718 71 93,071 May...................................... 8,965,000 8,263,812 8,263,741 71 8,356,777 71 93,035 June..................................... 8,965,000 8,330,646 8,330,572 74 8,420,042 74 89,470 July ...................................... 8,965,000 8,352,614 8,352,521 92 8,444,347 92 91,826 Aug ...................................... 8,965,000 8,423,321 8,423,225 97 8,515,034 97 91,809 Sept ..................................... 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 Oct....................................... 8,965,000 8,498,016 8,497,920 96 8,584,329 96 86,409 Nov ...................................... 8,965,000 8,545,715 8,545,621 95 8,633,246 95 87,625 Dec ...................................... 8,965,000 8,592,513 8,592,419 94 8,680,224 94 87,805 End of fiscal year or month 1 Debt subject to limit Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. March 2007 FEDERAL DEBT 30 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 213,555 224,472 213,321 211,763 228,065 25,074 24,858 15,956 26,851 22,578 16,312 15,291 16,560 18,489 20,432 10,780 11,497 11,937 12,608 12,911 417 379 474 461 485 906 1,321 1,897 1,979 1,358 2005 - Dec....................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 234,407 236,924 246,465 243,973 246,842 251,249 246,122 251,390 256,546 228,065 223,955 231,064 226,323 27,221 21,158 22,104 23,033 23,308 22,580 23,051 22,326 22,382 22,578 16,583 20,477 14,636 18,725 18,850 18,993 19,133 19,648 19,648 19,648 19,648 19,648 20,432 20,512 20,692 20,418 12,735 13,050 13,164 13,284 13,637 13,637 13,637 13,637 13,637 12,911 12,942 13,054 13,091 469 476 482 486 496 499 499 499 499 485 486 490 493 1,123 1,123 1,108 1,108 1,128 1,128 1,146 1,561 1,358 1,358 1,358 1,429 1,429 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 89,713 91,938 96,530 104,471 105,522 2,770 2,698 2,900 2,777 2,482 7,553 8,794 7,635 7,548 6,258 2,640 2,640 1,203 239 - 24,693 36,657 29,305 12,413 16,618 2005 - Dec ...................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 113,474 117,016 121,325 121,325 122,359 125,810 123,133 128,209 133,043 105,522 108,836 108,836 108,836 2,687 2,687 2,687 2,772 2,707 2,707 2,707 2,717 2,647 2,482 2,482 2,482 2,442 7,548 7,549 7,549 7,549 7,549 7,549 7,549 7,549 7,549 6,258 6,258 6,258 6,258 239 239 - 12,990 12,621 13,232 12,982 13,016 14,277 14,408 14,394 14,591 16,618 14,466 14,374 15,052 March 2007 FEDERAL DEBT 31 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2002 ...................................... 6,657 2,870 11,036 12,133 2003 ...................................... 7,281 2,954 6,627 11,538 2004 ...................................... 7,237 2,962 8,546 10,179 2005 ...................................... 5,848 2,973 7,695 7,411 2006 ...................................... 4,911 2,958 9,303 22,249 2005 - Dec ............................ 5,848 3,787 9,506 18,056 2006 - Jan ............................ 5,848 4,068 11,624 20,615 Feb ............................ 5,848 4,309 12,953 22,711 Mar ............................ 4,911 4,582 9,303 23,505 Apr............................. 4,911 4,856 9,303 23,924 May ........................... 4,911 5,106 9,303 24,094 June .......................... 4,911 2,144 9,303 23,987 July............................ 4,911 2,428 9,303 24,208 Aug............................ 4,911 2,677 9,303 24,303 Sept........................... 4,911 2,958 9,303 22,249 Oct............................. 4,911 3,240 9,303 22,578 Nov............................ 4,911 3,491 11,903 22,667 Dec............................ 4,911 3,773 12,347 22,637 End of fiscal year or month Note.—Detail may not add to totals due to rounding. March 2007 32 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 provides a maturity schedule of interest-bearing marketable Treasury notes and bonds. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks (FRBs), so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. Issues of cash management bills also are presented. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Note: Additional information, including auction allotments by investor class for marketable Treasury coupon and bill securities, is posted on the 7th business day of each month at http://www.treas.gov/offices/domestic-finance/ debtmanagement/investor_class_auction.shtml. TREASURY FINANCING: OCTOBER-DECEMBER [Source: Bureau of the Public Debt, Office of Financing] OCTOBER Auction of 2-Year Notes private investors totaled $19,126 million. Accrued interest of $0.25412 per $1,000 must be paid for the period from September 30 to October 2. On September 25, 2006, Treasury announced it would auction $20,000 million of 2-year notes of Series Z-2008. The issue was to refund $23,657 million of securities maturing September 30 and to raise new cash of approximately $10,343 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $4,499 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2008 is $1,000. The notes of Series Z-2008 were dated September 30 and issued October 2. They are due September 30, 2008, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. On September 25, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series N-2011. The issue was to refund $23,657 million of securities maturing September 30 and to raise new cash of approximately $10,343 million. Treasury received tenders for the notes before 12 noon eastern daylight saving time (e.d.s.t.) for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on September 27. Tenders totaled $55,300 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.660 percent with the equivalent price of $99.933494. Treasury accepted in full all competitive tenders at yields lower than 4.660 percent. Tenders at the high yield were allotted 30.42 percent. The median yield was 4.635 percent, and the low yield was 4.595 percent. Noncompetitive tenders totaled $864 million. Competitive tenders accepted from March 2007 Auction of 5-Year Notes The notes of Series N-2011 were dated September 30 and issued October 2. They are due September 30, 2011, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on September 28. Tenders totaled $38,455 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: OCTOBER-DECEMBER, con. allotted securities at the high yield of 4.569 percent with an equivalent price of $99.694413. Treasury accepted in full all competitive tenders at yields lower than 4.569 percent. Tenders at the high yield were allotted 8.92 percent. The median yield was 4.547 percent, and the low yield was 4.500 percent. Noncompetitive tenders totaled $142 million. Competitive tenders accepted from private investors totaled $13,848 million. Accrued interest of $0.24725 per $1,000 must be paid for the period from September 30 to October 2. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $3,500 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series N-2011 is $1,000. Auction of 9-Year 9-Month 2-1/2 Percent Treasury Inflation-Protected Security (TIPS) On October 10, 2006, Treasury announced it would auction $8,000 million of 9-year 9-month 2-1/2 percent TIPS to raise new cash. The 9-year 9-month TIPS of Series D-2016 were dated July 15 and issued October 16. They are due July 15, 2016, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on October 12. Tenders totaled $16,710 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.426 percent with an equivalent adjusted price of $101.503690. Treasury accepted in full all competitive tenders at yields lower than 2.426. Tenders at the high yield were allotted 40.57 percent. The median yield was 2.390 percent, and the low yield was 2.300 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $7,970 million. Adjusted accrued interest of $6.37245 per $1,000 must be paid for the period from July 15 to October 16.Both the unadjusted price of $100.635208 and the unadjusted accrued interest of $6.31793 were adjusted by an index ratio of 1.00863 for the period from July 15 to October 16. In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $1,412 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2016 is $1,000. Auction of 4-Year 6-Month 2-3/8 Percent TIPS On October 19, 2006, Treasury announced it would auction $7,000 million of 4-year 6-month 2-3/8 percent TIPS to raise new cash. The 4-year 6-month TIPS of Series G-2011 were dated October 15 and issued October 31. They are due April 15, 2011, with interest payable on April 15 and October 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on October 23. Tenders totaled $20,209 million; Treasury accepted $7,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.691 percent with an equivalent adjusted price of $101.365114. Treasury accepted in full all competitive tenders at yields lower than 2.691. Tenders at the high yield were allotted 94.03 percent. The median yield was 2.668 percent, and the low yield was 2.630 percent. Noncompetitive tenders totaled $67 million. Competitive tenders accepted from private investors totaled $6,933 million. Adjusted accrued interest of $1.07237 per $1,000 must be paid for the period from October 15 to October 31.Both the unadjusted price of $98.680030 and the unadjusted accrued interest of $1.04396 were adjusted by an index ratio of 1.02721 for the period from April 15 to October 31. In addition to the $7,000 million of tenders accepted in the auction process, Treasury accepted $2,181 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series G-2011 is $1,000. Auction of 2-Year Notes On October 19, 2006, Treasury announced it would auction $20,000 million of 2-year notes of Series AA-2008. The issue was to refund $22,482 million of securities maturing October 31 and to raise new cash of approximately $11,518 million. The notes of Series AA-2008 were dated and issued October 31. They are due October 31, 2008, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. for competitive tenders on October 24. Tenders totaled $58,240 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.894 percent with the equivalent price of $99.964216. Treasury accepted in full all competitive tenders at yields lower than 4.894 percent. Tenders at the high yield were allotted 60.62 percent. The median yield was 4.873 percent, and the low yield was 4.850 percent. Noncompetitive tenders totaled $758 million. Competitive tenders accepted from private investors totaled $19,242 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $2,726 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2008 is $1,000. March 2007 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: OCTOBER-DECEMBER, con. Auction of 5-Year Notes On October 19, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series P-2011. The issue was to refund $22,482 million of securities maturing October 31 and to raise new cash of approximately $11,518 million. The notes of Series P-2011 were dated and issued October 31. They are due October 31, 2011, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on October 26. Tenders totaled $29,681 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.694 percent with an equivalent price of $99.695653. Treasury accepted in full all competitive tenders at yields lower than 4.694 percent. Tenders at the high yield were allotted 46.66 percent. The median yield was 4.670 percent, and the low yield was 4.620 percent. Noncompetitive tenders totaled $132 million. Competitive tenders accepted from private investors totaled $13,868 million. $57,563 million of Treasury securities maturing on November 15 and to pay down approximately $25,563 million. The 3-year notes of Series U-2009 were dated and issued November 15. They are due November 15, 2009, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon eastern standard time (e.s.t.) for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on November 8. Tenders totaled $43,074 million; Treasury accepted $19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.666 percent with an equivalent price of $99.886450. Treasury accepted in full all competitive tenders at yields lower than 4.666 percent. Tenders at the high yield were allotted 1.91 percent. The median yield was 4.649 percent, and the low yield was 4.593 percent. Noncompetitive tenders totaled $326 million. Competitive tenders accepted from private investors totaled $18,669 million. In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $5,772 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series U-2009 is $1,000. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $2,181 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series P-2011 is $1,000. The 10-year notes of Series F-2016 were dated and issued November 15. They are due November 15, 2016, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. NOVEMBER Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1 p.m. e.s.t. for competitive tenders on November 9. Tenders totaled $28,789 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.627 percent with an equivalent price of $99.984133. Treasury accepted in full all competitive tenders at yields lower than 4.627 percent. Tenders at the high yield were allotted 92.75 percent. The median yield was 4.590 percent, and the low yield was 4.540 percent. Noncompetitive tenders totaled $50 million. Competitive tenders accepted from private investors totaled $12,925 million. Cash Management Bills On November 10, 2006, Treasury announced it would auction $11,000 million of 15-day bills. They were issued November 15 and matured November 30. The issue was to raise new cash. Treasury auctioned the bills on November 13. Tenders totaled $33,865 million; Treasury accepted $11,000 million. The high bank discount rate was 5.170 percent. On November 9, Treasury announced it would auction $5,000 million of 1-day bills. They were issued November 15 and matured November 16. The issue was to raise new cash. Treasury auctioned the bills on November 14. Tenders totaled $24,355 million; Treasury accepted $5,000 million. The high bank discount rate was 5.190 percent November Quarterly Financing On November 1, 2006, Treasury announced it would auction $19,000 million of 3-year notes of Series U-2009, and $13,000 million of 10-year notes of Series F-2016 to refund March 2007 In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $2,294 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2016 is $1,000. Auction of 2-Year Notes On November 22, 2006, Treasury announced it would auction $20,000 million of 2-year notes of Series AB-2008. The issue was to refund $22,674 million of securities PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: OCTOBER-DECEMBER, con. maturing November 30 and to raise new cash of approximately $11,326 million. The notes of Series AB-2008 were dated and issued November 30. They are due November 30, 2008, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on November 28. Tenders totaled $60,462 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.692 percent with an equivalent price of $99.873505. Treasury accepted in full all competitive tenders at yields lower than 4.692 percent. Tenders at the high yield were allotted 67.80 percent. The median yield was 4.670 percent, and the low yield was 4.640 percent. Noncompetitive tenders totaled $893 million. Competitive tenders accepted from private investors totaled $19,107 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $4,338 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AB-2008 is $1,000. Auction of 5-Year Notes On November 22, 2006, Treasury announced it would auction $14,000 million of 5-year notes of Series Q-2011. The issue was to refund $22,674 million of securities maturing November 30 and to raise new cash of approximately $11,326 million. The notes of Series Q-2011 were dated and issued November 30. They are due November 30, 2011, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 4-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on November 29. Tenders totaled $31,951 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.507 percent with an equivalent price of $99.968974. Treasury accepted in full all competitive tenders at yields lower than 4.507 percent. Tenders at the high yield were allotted 75.91 percent. The median yield was 4.473 percent, and the low yield was 4.440 percent. Noncompetitive tenders totaled $181 million. Competitive tenders accepted from private investors totaled $13,819 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $3,037 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Q-2011 is $1,000. DECEMBER Cash Management Bills On November 28, 2006, Treasury announced it would auction $29,000 million of 14-day bills. They were issued December 1, 2006 and matured December 15. The issue was to raise new cash. Treasury auctioned the bills on November 29. Tenders totaled $69,636 million; Treasury accepted $29,000 million. The high bank discount rate was 5.215 percent. On December 1 Treasury announced it would auction $11,000 million of 10-day bills. They were issued December 5 and matured December 15. The issue was to raise new cash. Treasury auctioned the bills on December 4. Tenders totaled $39,280 million; Treasury accepted $11,000 million. The high bank discount rate was 5.195 percent. Auction of 9-Year 11-Month 4-5/8 Percent Notes On December 7, 2006, Treasury announced it would auction $8,000 million of 9-year 11-month 4-5/8 percent notes of Series F-2016. The issue was to raise new cash. The notes of Series F-2016 were dated November 15 and issued December 15. They are due November 15, 2016, with interest payable on May 15 and November 15 until maturity. Treasury received tenders for the notes before 12 noon e.s.t. for noncompetitive tenders and before 1:00 p.m. e.s.t. for competitive tenders on December 13. Tenders totaled $19,866 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.580 percent with an equivalent price of $100.348304. Treasury accepted in full all competitive tenders at yields lower than 4.580 percent. Tenders at the high yield were allotted 85.37 percent. The median yield was 4.566 percent, and the low yield was 4.500 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $7,987 million. Accrued interest of $3.83287 per $1,000 must be paid for the period from November 15 to December 15. The minimum par amount required for STRIPS of notes of Series F-2016 is $1,000. March 2007 PUBLIC DEBT OPERATIONS 36 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity 2007 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 28 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 31 ........................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 30 ......................................................... Oct. 31........................................................... Nov. 15 .......................................................... Nov. 15, 07-12............................................... Nov. 30 .......................................................... Dec. 31 .......................................................... See footnote at end of table. March 2007 All other investors (5) Description (1) Issue date (2) Total (3) 3-3/8%-A note 3-1/8%-M note 6-1/4%-B note 2-1/4%-H note 3-3/8%-N note 3-3/4%-P note 3-5/8%-Q note 6-5/8%-C note 4-3/8%-E note 3-1/8%-J note 3-1/2%-R note 3-5/8%-S note 3-7/8%-T note 6-1/8%-D note 3-1/4%-F note 2-3/4%-K note 4%-U note 4%-V note 4-1/4%-W note 3%-G note 1 10-3/8% bond 4-1/4%-X note 4-3/8%-Y note 02/06/97 01/31/05 02/18/97 02/17/04 02/28/05 03/31/05 05/02/05 05/15/97 05/15/02 05/17/04 05/31/05 06/30/05 08/01/05 08/15/97 08/15/02 08/16/04 08/31/05 09/30/05 10/31/05 11/15/02 11/15/82 11/30/05 01/03/06 20,075 29,027 13,104 25,469 32,007 32,001 31,998 13,958 24,351 27,564 29,119 26,664 25,870 25,637 25,411 24,674 26,671 26,591 26,553 50,620 10,126 26,667 26,667 600,823 2,251 6,091 1,820 1,666 8,672 8,000 10,350 3,365 3,810 4,114 7,716 6,924 7,979 6,096 3,766 3,220 7,372 6,861 7,527 6,729 2,512 7,317 7,152 131,310 17,824 22,936 11,284 23,803 23,335 24,001 21,647 10,593 20,542 23,450 21,403 19,741 17,890 19,541 21,645 21,453 19,300 19,730 19,026 43,890 7,614 19,350 19,515 469,513 21,003 27,168 13,583 27,489 23,885 26,504 26,842 26,837 27,191 33,338 26,708 25,933 26,499 26,429 11,917 21,357 20,291 26,504 16,002 24,499 15,996 22,728 25,083 18,181 2,323 5,163 2,491 3,762 2,658 4,685 6,341 4,861 6,465 2,013 4,707 3,929 4,497 5,209 3,074 4,222 2,287 4,504 1,411 5,374 974 2,726 3,548 2,427 18,680 22,005 11,092 23,727 21,228 21,819 20,501 21,976 20,726 31,326 22,001 22,004 22,002 21,219 8,843 17,135 18,004 22,001 14,591 19,125 15,022 20,002 21,535 15,754 Total ............................. 2008 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 29 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 31 ........................................................... Aug. 15, 08-13............................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 15 ......................................................... Sept. 30 ......................................................... Oct. 15........................................................... Oct 31............................................................ Nov. 15 .......................................................... Nov. 15 .......................................................... Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) 3-5/8%-A note 4-3/8%-R note 5-1/2%-B note 3%-E note 3-3/8%-M note 4-5/8%-S note 4-5/8%-T note 4-7/8%-U note 5-5/8%-C note 2-5/8%-F note 3-3/4%-N note 4-7/8%-V note 5-1/8%-W note 5%-X note 1 12% bond 3-1/4%-G note 4-1/8%-P note 4-7/8%-Y note 3-1/8%-H note 4-5/8%-Z note 3-1/8%-J note 4-7/8%-AA note 4-3/4%-D note 3-3/8%-K note 01/15/98 01/31/06 02/17/98 02/18/03 02/15/05 02/28/06 03/31/06 05/01/06 05/15/98 05/15/03 05/16/05 05/31/06 06/30/06 07/31/06 08/15/83 08/15/03 08/15/05 08/31/06 09/15/03 10/02/06 10/15/03 10/31/06 11/16/98 11/17/03 PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) Description (1) Issue date (2) 2008 con. Nov. 15 .......................................................... Nov 30 ........................................................... Dec. 15 .......................................................... 4-3/8%-Q note 4-5/8-AB note 3-3/8%-L note 11/15/05 11/30/06 12/15/03 Total............................. 21,450 24,338 16,000 623,757 3,799 4,338 1,322 99,110 17,651 20,000 14,678 524,647 2009 Jan. 15........................................................... Jan. 15........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Mar. 15 .......................................................... Apr. 15........................................................... May 15, 09-14 ............................................... May 15........................................................... May 15........................................................... May 15........................................................... June 15.......................................................... July 15 ........................................................... Aug. 15, 09-14............................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Sept. 15 ......................................................... Oct. 15........................................................... Nov. 15, 09-14............................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Dec. 15 .......................................................... 3-7/8%-A note 3-1/4%-D note 3%-E note 4-1/2%-R note 2-5/8%-F note 3-1/8%-G note 1 13-1/4% bond 5-1/2%-B note 3-7/8%-H note 4-7/8%-S note 4%-J note 3-5/8%-K note 1 12-1/2% bond 6%-C note 3-1/2%-L note 4-7/8%-T note 3-3/8%-M note 3-3/8%-N note 11-3/4% bond 3-1/2%-P note 4-5/8%-U note 3-1/2%-Q note 01/15/99 01/15/04 02/17/04 02/15/06 03/15/04 04/15/04 05/15/84 05/17/99 05/17/04 05/15/06 06/15/04 07/15/04 08/15/84 08/16/99 08/16/04 08/15/06 09/15/04 10/15/04 11/15/84 11/15/04 11/15/06 12/15/04 Total............................. 19,571 16,003 17,434 22,309 16,001 16,003 4,481 14,795 18,060 27,380 15,005 15,005 4,388 27,400 17,295 23,420 15,005 15,005 5,015 18,752 24,773 15,002 368,101 2,899 1,386 1,830 1,582 1,121 939 1,021 2,625 4,208 6,705 687 1,234 1,007 6,658 2,500 2,418 148 610 1,195 4,104 5,772 398 51,046 16,672 14,617 15,604 20,727 14,881 15,064 3,459 12,170 13,852 20,675 14,318 13,771 3,381 20,742 14,794 21,003 14,857 14,395 3,820 14,648 19,001 14,604 317,055 2010 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Feb. 15............................................................ Mar. 15............................................................ Apr. 15 ............................................................ Apr. 15 ............................................................ May 15 ........................................................... June 15........................................................... July 15 ............................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Sept. 15 .......................................................... Oct. 15 ............................................................ Nov. 15 ........................................................... Dec. 15 ........................................................... 4-1/4%-A note 3-5/8%-E note 6-1/2%-B note 3-1/2%-F note 4%-G note 7-8%-D note 4%-H note 3-7/8%-J note 3-5/8%-K note 3-7/8%-L note 5-3/4%-C note 4-1/8%-M note 3-7/8%-N note 4-1/4%-P note 4-1/2%-Q note 4-3/8%-R note 01/18/00 01/18/05 02/15/00 02/15/05 03/15/05 10/29/04 04/15/05 05/16/05 06/15/05 07/15/05 08/15/00 08/15/05 09/15/05 10/17/05 11/15/05 12/15/05 13,581 15,005 23,356 16,617 15,005 29,833 15,001 18,749 14,001 13,001 22,438 14,963 13,001 13,001 15,961 13,001 266,513 1,504 1,350 4,800 2,678 876 1,095 1,356 3,859 404 7 3,595 2,307 453 580 3,200 610 28,673 12,077 13,655 18,556 13,939 14,130 28,738 13,645 14,890 13,597 12,994 18,842 12,657 12,548 12,421 12,761 12,391 237,840 Date of final maturity Total............................. See footnote at end of table. March 2007 PUBLIC DEBT OPERATIONS 38 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity Description (1) Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 2011 Jan. 15 .............................................................. Jan. 15 .............................................................. Feb. 15.............................................................. Feb. 28.............................................................. Mar. 31.............................................................. Apr. 15 .............................................................. Apr. 30 .............................................................. May 31 .............................................................. June 30............................................................. July 31 .............................................................. Aug. 15 ............................................................. Aug. 31 ............................................................. Sept. 30 ............................................................ Oct. 31 .............................................................. Nov. 30 ............................................................. 4-1/4%-D note 3-1/2%-A note 5%-B note 4-1/2%-E note 4-3/4%-F note 2-3/8%-G note 4-7/8%-H note 4-7/8%-J note 5-1/8%-K note 4-7/8%-L note 5%-C note 4-5/8%-M note 4-1/2%-N note 4-5/8%-P note 4-1/2%-Q note 01/17/06 01/16/01 02/15/01 02/28/06 03/31/06 04/28/06 05/01/06 05/31/06 06/30/06 07/31/06 08/15/01 08/31/06 10/02/06 10/31/06 11/30/06 Total ............................. 13,001 12,758 23,436 17,500 17,498 20,518 17,501 17,145 17,500 16,831 26,635 17,501 17,500 16,181 17,037 268,542 50 630 3,583 3,628 3,792 2,597 3,620 3,253 4,251 3,433 3,206 3,500 3,735 2,181 3,037 44,495 12,951 12,128 19,853 13,872 13,706 17,921 13,881 13,891 13,249 13,398 23,430 14,001 13,765 14,001 14,000 224,048 2012 Jan. 15 .............................................................. Feb. 15.............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-3/8%-A note 4-7/8%-B note 3%-C note 4-3/8%-D note 4%-E note 01/15/02 02/15/02 07/15/02 08/15/02 11/15/02 Total ............................. 6,825 24,780 25,839 19,648 18,113 95,204 102 4,461 2,678 3,297 236 10,774 6,723 20,319 23,160 16,351 17,877 84,431 2013 Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-7/8%-A note 3-5/8%-B note 1-7/8%-C note 4-1/4%-D note 4-1/4%-E note 02/18/03 05/15/03 07/15/03 08/15/03 11/17/03 Total ............................. 19,498 18,254 21,988 33,521 30,637 123,898 1,670 252 322 4,454 2,456 9,153 17,829 18,002 21,666 29,067 28,181 114,745 2014 Jan. 15 .............................................................. Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15. ............................................................ 2%-A note 4%-B note 4-3/4%-C note 2%-D note 4-1/4%-E note 4-1/4%-F note 01/15/04 02/17/04 05/17/04 07/15/04 08/16/04 11/15/04 Total ............................. 22,941 28,081 27,303 20,347 24,722 25,473 148,866 726 1,956 2,993 2,235 2,739 10,649 22,215 26,125 24,310 20,347 22,487 22,734 138,216 2015 Jan. 15 ............................................................. Feb. 15.............................................................. Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. Nov. 15 ............................................................. 1-5/8%-A note 11-1/4% bond 4%-B note 4-1/8%-C note 1-7/8%-D note 10-5/8% bond 4-1/4%-E note 4-1/2%-F note 9-7/8% bond 01/18/05 02/15/85 02/15/05 05/16/05 07/15/05 08/15/85 08/15/05 11/15/05 11/29/85 Total ........................ 20,085 10,520 24,215 24,472 17,640 4,024 22,470 23,221 5,585 152,231 1,846 1,367 2,471 216 1,172 1,472 2,221 1,012 11,776 20,085 8,675 22,848 22,001 17,424 2,852 20,998 21,000 4,573 140,456 March 2007 PUBLIC DEBT OPERATIONS 39 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) Date of final maturity Description (1) 2016 Jan. 15............................................................. Feb. 15 ............................................................ Feb. 15 ............................................................ May 15 ............................................................ May 15............................................................. July 15 ............................................................. Aug. 15 ............................................................ Nov. 15 ............................................................ Nov. 15 ............................................................ 2% note 9-1/4% bond 4-1/2%-B note 7-1/4% bond 5-1/8%-C note 2-1/2%-D note 4-7/8%-E note 7-1/2% bond 4-5/8%-F note 01/17/06 02/18/86 02/15/06 05/15/86 05/15/06 07/17/06 08/15/06 11/17/86 11/15/06 Total.......................... 17,288 5,432 21,842 18,824 23,294 20,000 22,557 18,787 23,294 171,317 229 1,142 841 2,253 2,294 3,059 1,557 2,816 2,294 16,485 17,059 4,290 21,001 16,570 21,000 16,942 21,000 15,971 21,000 154,833 2017 May 15 ............................................................ Aug. 15 ........................................................... 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total ......................... 15,559 10,968 26,528 2,780 2,248 5,028 12,779 8,720 21,500 2018 May 15 ............................................................ Nov. 15 ........................................................... 9-1/8% bond 9% bond 05/16/88 11/22/88 Total.......................... 6,717 7,174 13,892 1,250 1,053 2,303 5,468 6,121 11,589 2019 Feb. 15............................................................ Aug. 15 ........................................................... 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total ......................... 13,090 18,941 32,031 2,472 2,841 5,313 10,618 16,100 26,718 2020 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... 8-1/2% bond 8-3/4% bond 8-3/4% bond 02/15/90 05/15/90 08/15/90 Total ......................... 9,476 7,582 17,059 34,118 1,486 1,502 2,629 5,617 7,990 6,081 14,430 28,501 2021 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... Nov. 15 ........................................................... 7-7/8% bond 8-1/8% bond 8-1/8% bond 8% bond 02/15/91 05/15/91 08/15/91 11/15/91 Total ......................... 10,076 10,067 9,506 30,632 60,281 1,530 1,618 1,883 4,596 9,626 8,546 8,449 7,623 26,036 50,655 2022 Aug. 15 ........................................................... Nov. 15 ........................................................... 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total ......................... 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 2023 Feb. 15............................................................ Aug. 15 ........................................................... 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total ......................... 15,782 22,659 38,441 2,716 2,893 5,608 13,067 19,767 32,833 2024 Nov. 15 ........................................................... 7-1/2% bond 08/15/94 Total ......................... 9,604 9,604 1,615 1,615 7,989 7,989 March 2007 PUBLIC DEBT OPERATIONS 40 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 2006, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Date of final maturity Description (1) Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 2025 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. 2-3/8% bond 7-5/8% bond 6-7/8% bond 07/30/04 02/15/95 08/15/95 Total ........................... 29,982 9,509 11,187 50,678 3,383 1,719 1,970 7,071 26,599 7,791 9,218 43,608 2026 Jan. 15 .............................................................. Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 2% bond 6% bond 6-3/4% bond 6-1/2% bond 01/31/06 02/15/96 08/15/96 11/15/96 Total ............................ 20,339 12,838 8,810 10,860 52,847 3,050 1,675 1,864 1,724 8,313 17,288 11,163 6,946 9,136 44,534 2027 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 6-5/8% bond 6-3/8% bond 6-1/8% bond 02/18/97 08/15/97 11/17/97 Total ........................... 9,522 9,197 22,021 40,740 1,485 1,690 3,349 6,573 8,037 7,507 18,673 34,217 2028 Apr. 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-5/8% bond 5-1/2% bond 5-1/4% bond 04/15/98 08/17/98 11/16/98 Total ........................... 20,944 11,776 10,947 43,667 3,165 1,915 1,611 6,691 17,779 9,861 9,336 36,976 2029 Feb. 15.............................................................. Apr. 15 .............................................................. Aug. 15 ............................................................. 5-1/4% bond 3-7/8% bond 6-1/8% bond 02/16/99 04/15/99 08/16/99 Total ........................... 11,350 23,938 11,179 46,466 1,670 3,500 2,145 7,315 9,680 20,438 9,034 39,152 2030 May 15 .............................................................. 6-1/4% bond 02/15/00 Total ........................... 17,043 17,043 2,224 2,224 14,819 14,819 2031 Feb. 15.............................................................. 5-3/8% bond 02/15/01 Total ........................... 16,428 16,428 1,423 1,423 15,005 15,005 2032 Apr. 15 .............................................................. 3-3/8% bond 10/15/01 Total ........................... 5,699 5,699 302 302 5,397 5,397 2036 Feb. 15.............................................................. 4-1/2% bond 2/15/06 Total ........................... 26,397 26,397 2,398 2,398 23,999 23,999 1 This security is not eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” March 2007 PUBLIC DEBT OPERATIONS 41 TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (6) (4) (5) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) Regular weekly: (4 week, 13 week, and 26 week) 2006 - Oct. 05 .................. 2006 - Nov. 02 28 28,213.4 11,672.2 7,687.6 312.5 99.642222 4.600 4.681 2007 - Jan. 04 91 43,598.6 22,702.6 13,734.8 1,930.3 98.795514 4.765 4.890 2007 - Apr. 05 182 42,728.5 21,441.2 13,007.5 1,733.6 97.560694 4.825 5.014 2006 - Nov. 09 28 26,509.4 11,889.2 7,690.2 309.9 99.627833 4.785 4.870 2007 - Jan. 11 91 42,466.0 21,712.9 13,959.6 1,880.6 98.774028 4.850 4.978 5.084 Oct. 12 ................. Oct. 19 ................. Oct. 26 ................. Nov. 02 ................ Nov. 09 ................ Nov. 16 ................ Nov. 24 ................ Nov. 30 ................ Dec. 07 ................ Dec. 14 ................ Dec. 21 ................ Dec. 28 ................ 1 2007 - Apr. 12 182 39,689.5 21,580.2 13,297.2 1,592.9 97.527833 4.890 2006 - Nov. 16 28 41,084.1 15,524.4 11,705.7 294.4 99.615000 4.950 5.038 2007 - Jan. 18 91 44,328.0 22,599.6 14,016.6 1,873.5 98.751278 4.940 5.072 5.132 2007 - Apr. 19 182 41,607.4 21,352.4 13,105.3 1,689.7 97.505083 4.935 2006 - Nov. 24 29 45,279.1 20,827.5 16,684.8 315.3 99.592792 5.055 5.146 2007 - Jan. 25 91 47,283.1 23,837.3 14,976.1 1,973.9 98.738639 4.990 5.124 2007 - Apr. 26 182 40,485.6 21,262.1 13,058.1 1,652.1 97.484861 4.975 5.174 2006 - Nov. 30 28 45,769.8 24,500.6 20,601.3 398.8 99.604500 5.085 5.176 2007 - Feb. 01 91 53,089.3 24,229.6 14,963.1 2,007.3 98.742431 4.975 5.108 2007 - May 03 182 44,576.1 21,450.4 12,922.9 1,802.2 97.494972 4.955 5.153 2006 - Dec. 07 28 53,755.7 24,697.3 20,651.0 349.4 99.602944 5.105 5.197 2007 - Feb. 08 91 49,280.7 24,323.4 14,798.0 2,022.4 98.747486 4.955 5.088 2007 - May 10 182 43,124.3 21,531.7 13,097.1 1,678.0 97.482333 4.980 5.180 2006 - Dec. 14 28 55,743.4 27,448.2 23,620.3 380.0 99.599444 5.150 5.243 2007 - Feb. 15 91 46,565.6 24,114.4 14,702.8 2,057.5 98.747486 4.955 5.088 5.153 2007 - May 17 182 42,940.2 21,380.2 12,849.0 1,876.1 97.494972 4.955 2006 - Dec. 21 27 64,389.2 29,214.3 25,628.5 371.7 99.613000 5.160 5.252 2007 - Feb. 22 90 57,790.8 25,000.5 15,871.7 2,047.9 98.765000 4.940 5.071 5.136 2007 - May 24 181 48,039.5 21,250.2 12,882.2 1,837.9 97.516278 4.940 2006 - Dec. 28 28 65,572.1 29,569.1 25,606.1 394.2 99.597889 5.170 5.263 2007 - Mar. 01 91 49,662.7 25,010.0 16,144.1 1,726.0 98.760125 4.905 5.036 2007 - May 31 182 44,770.4 22,625.2 14,287.8 1,612.6 97.505083 4.935 5.132 2007 - Jan. 04 28 45,228.9 21,662.4 17,581.9 418.2 99.629778 4.760 4.844 2007 - Mar. 08 91 52,590.4 25,342.1 15,897.6 1,897.5 98.768972 4.870 4.999 2007 - June 07 182 50,762.8 22,787.0 14,046.7 1,703.9 97.553111 4.840 5.030 2007 - Jan. 11 28 34,769.7 14,314.8 10,703.6 296.6 99.629778 4.760 4.844 2007 - Mar. 15 91 53,139.2 25,358.6 16,065.9 1,834.2 98.786667 4.800 4.926 2007 - June 14 182 48,241.6 22,752.7 14,051.1 1,740.8 97.540472 4.865 5.057 2007 - Jan. 18 28 38,130.1 14,759.1 10,697.0 303.1 99.631333 4.740 4.824 2007 - Mar. 22 91 46,618.5 23,997.5 15,015.4 1,789.8 98.780347 4.825 4.952 2007 - June 21 182 41,052.1 21,332.4 13,208.3 1,591.8 97.530361 4.885 5.078 2007 - Jan. 25 28 30,218.5 11,702.3 7,701.0 299.1 99.637556 4.660 4.742 2007 - Mar. 29 91 44,025.4 24,025.9 15,229.9 1,710.2 98.767708 4.875 5.004 2007 - June 28 182 37,260.8 21,241.7 13,206.5 1,593.7 97.522778 4.900 5.094 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. However, as of September 21, 2004, the limit was raised to $5 million. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. March 2007 PUBLIC DEBT OPERATIONS 42 TABLE PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) Description of securities 1 (2) 01/11/06 01/12/06 01/24/06 01/25/06 02/07/06 02/08/06 02/09/06 02/22/06 02/23/06 03/01/06 03/07/06 03/09/06 03/14/06 03/27/06 03/29/06 03/30/06 04/05/06 04/06/06 04/12/06 04/12/06 04/25/06 04/26/06 04/27/06 05/09/06 05/11/06 05/24/06 05/25/06 05/30/06 06/05/06 06/08/06 06/27/06 06/28/06 07/13/06 07/25/06 07/26/06 07/27/06 08/07/06 08/09/06 08/10/06 08/29/06 08/30/06 08/30/06 09/05/06 09/12/06 09/13/06 09/27/06 09/28/06 10/12/06 10/23/06 10/24/06 10/26/06 11/08/06 11/09/06 11/13/06 11/14/06 11/28/06 11/29/06 11/29/06 12/04/06 12/31/06 01/17/06 01/17/06 01/31/06 01/31/06 02/15/06 02/15/06 02/15/06 02/28/06 02/28/06 03/03/06 03/08/06 03/15/06 03/14/06 03/31/06 03/31/06 04/03/06 04/06/06 04/07/06 04/13/06 04/17/06 04/28/06 05/01/06 05/01/06 05/15/06 05/15/06 05/31/06 05/31/06 06/02/06 06/06/06 06/15/06 06/30/06 06/30/06 07/17/06 07/31/06 07/31/06 07/31/06 08/15/06 08/15/06 08/15/06 08/31/06 08/31/06 09/01/06 09/07/06 09/15/06 09/14/06 10/02/06 10/02/06 10/16/06 10/31/06 10/31/06 10/31/06 11/15/06 11/15/06 11/15/06 11/15/06 11/30/06 11/30/06 12/01/06 12/05/06 12/15/06 4-1/4% note—01/15/11-D 2% TIPS—01/15/16-A 2% TIPS—01/15/26 4-3/8% note—01/31/08-R 4-1/2% note—02/15/09-R 4-1/2% note—02/15/16-B 4-1/2% bond—02/15/36 4-5/8% note—02/29/08-S 4-1/2% note—02/28/11-E 4.445% bill—03/15/06 4.380% bill—03/14/06 4-1/2% note—02/15/16-B 4.410% bill—03/15/06 4-5/8% note—03/31/08-T 4-3/4% note—03/31/11-F 4.685% bill—04/17/06 4.675% bill—04/17/06 4.685% bill—04/17/06 4.720% bill—04/17/06 2% TIPS—01/15/16-A 2-3/8% TIPS—04/15/11-G 4-7/8% note—04/30/08-U 4-7/8% note—04/30/11-H 4-7/8% note—05/15/09-S 5-1/8% note—05/15/16-C 4-7/8% note—05/31/08-V 4-7/8% note—05/31/11-J 4.870% bill—06/15/06 4.875% bill—06/15/06 5-1/8% note—05/15/16-C 5-1/8% note—06/30/08-W 5-1/8% note—06/30/11-K 2-1/2% TIPS—07/15/16-D 2% TIPS—01/15/26 5% note—07/31/08-X 4-7/8% note—07/31/11-L 4-7/8% note—08/15/09-T 4-7/8% note—08/15/16-E 4-1/2% bond—02/15/36 4-7/8% note—08/31/08-Y 4-5/8% note—08/31/11-M 5.170% bill—09/15/06 5.165% bill—09/15/06 4-7/8% note—08/15/16-E 5.200% bill—09/15/06 4-5/8% note—09/30/08-Z 4-1/2% note—09/30/11-N 2-1/2% TIPS—07/15/16-D 2-3/8% TIPS—04/15/11-G 4-7/8% note—10/31/08-AA 4-5/8% note—10/31/11-P 4-5/8% note—11/15/09-U 4-5/8% note—11/15/16-F 5.170% bill—11/30/06 5.190% bill—11/16/06 4-5/8% note—11/30/08-AB 4-1/2% note—11/30/11-Q 5.215% bill—12/15/06 5.195% bill—12/15/06 4-5/8% note—11/15/16-F 1 Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) 5Y 10y 20y 2y 3y 10y 30y 2y 5y 27,260 16,609 16,568 51,525 43,942 30,985 29,562 53,765 34,002 64,333 30,051 22,947 18,006 51,536 35,055 48,464 40,730 27,650 44,766 15,623 16,042 49,910 29,665 54,873 35,124 60,706 31,468 48,407 29,616 21,815 54,595 32,190 17,452 16,919 49,140 34,807 47,305 30,485 19,278 55,511 47,037 70,816 38,742 23,245 35,137 59,800 41,955 18,122 22,389 60,966 31,861 48,845 31,083 33,865 24,355 64,800 34,988 69,636 39,280 19,866 13,000 9,000 11,765 27,163 22,307 13,841 14,841 26,500 17,500 25,000 7,000 8,000 4,000 26,834 17,500 20,000 13,000 8,000 17,000 8,000 11,000 26,834 17,500 27,379 15,294 25,929 17,143 22,000 9,000 8,000 26,497 17,500 10,588 8,235 26,424 16,830 23,418 14,557 11,557 26,504 17,500 29,000 12,000 8,000 8,000 24,499 17,500 9,412 9,181 22,726 16,181 24,772 15,294 11,000 5,000 24,338 17,037 29,000 11,000 8,000 9y 2y 5Y 9y 5y 2y 5y 3y 10y 2y 5y 9m 9y 2y 5y 10y 19y 2y 5y 3y 10y 29y 2y 5y 11m 9y 11m 2y 5y 9y 4y 2y 5y 3y 10y 9y 1d 14d 11d 10d 4d 13d 9d 6m 6m 14d 8d 1d 9m 6m 15d 1d 2y 5y Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. March 2007 11m 12d 6d 11m 14d 10d Accepted yield and equivalent price for notes and bonds (6) 4.370 - 99.466250 2.025 - 99.722833 2.039 - 98.949064 4.427 - 99.901510 4.595 - 99.736583 4.540 - 99.681335 4.530 - 99.510492 4.689 - 99.879165 4.622 - 99.460872 4.760 - 97.955698 4.730 - 99.801852 4.785 - 99.845985 2.409 - 99.480271 2.379 - 100.067434 4.975 - 99.811765 4.964 - 99.610037 4.995 - 99.669485 5.140 - 99.883851 4.933 - 99.890815 4.945 - 99.693242 4.975 - 101.154246 5.239 - 99.786183 5.203 - 99.660453 2.550 - 99.593010 2.494 - 94.278150 5.090 - 99.830895 4.995 - 99.474808 4.898 - 99.936548 4.930 - 99.569877 5.080 - 91.181992 4.921 - 99.913392 4.738 - 99.502144 4.810 - 100.499835 4.660 - 99.933494 4.569 - 99.694413 2.426 - 101.503690 2.691 - 101.365114 4.894 - 99.964216 4.694 - 99.695653 4.666 - 99.886450 4.627 - 99.984133 4.692 - 99.873505 4.507 - 99.968974 4.580 – 100.348304 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. 43 INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since July 1, 1980, and series I bonds, on sale since September 1, 1998, are the savings bonds currently being sold. As of September 1, 2004, investors are no longer able to reinvest H and HH bonds or exchange E and EE bonds for HH bonds. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and in the Annual Report of the Secretary of the Treasury for fiscal year 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through December 31, 2006 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Sales 1 (1) Accrued discount (2) Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 Series E, EE, H, and HH................................. 406,357 256,298 662,655 496,115 151,866 14,678 Series I ............................................................ 35,740 6,052 41,792 6,030 35,760 - Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 Series J and K................................................. 3,556 198 3,754 3,753 - - Savings notes ................................................. 862 679 1,541 1,471 - 68 Total ............................................................ 478,860 265,407 744,267 541,889 187,625 14,751 Series Sales plus accrued discount (3) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) Redemptions 1 (4) Savings bonds: 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E and EE bonds for series H and HH bonds. March 2007 U.S. SAVINGS BONDS AND NOTES 44 TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Redemptions Period Fiscal years: 1935-03 .............................. 2004 2 ................................. 2005 2 ................................. 2006 2.................................. Sales (1) Accrued discount (2) Sales plus accrued discount (3) 452,475 10,334 6,501 8,505 242,351 6,924 6,728 7,533 694,826 17,258 13,229 16,038 493,324 14,618 13,783 16,023 343,936 6,276 6,614 8,109 149,388 8,342 7,170 7,914 192,563 194,062 189,912 189,157 8,938 10,078 13,673 14,442 Calendar years: 1935-03 .............................. 2004 2 ................................. 2005 2 ................................. 2006 2 ................................. 455,904 8,711 7,955 6,290 244,102 6,806 6,843 7,656 700,006 15,517 14,797 13,946 496,206 14,922 14,089 16,674 345,203 6,520 6,883 8,662 151,003 8,402 7,206 8,011 192,160 191,674 191,167 187,625 11,641 12,721 13,936 14,751 2005 - Dec.......................... 2006 - Jan .......................... Feb ......................... Mar ......................... Apr.......................... May......................... June........................ July ......................... Aug ......................... Sept ........................ Oct.......................... Nov ......................... Dec ......................... 1,303 1,517 874 816 605 398 285 254 262 233 262 346 438 564 648 599 589 713 592 630 712 674 628 773 540 560 1,867 2,165 1,473 1,405 1,318 990 914 966 935 860 1,035 886 999 1,284 1,722 1,176 1,330 1,227 1,388 1,357 1,367 1,735 1,229 1,481 1,297 1,366 685 796 522 626 587 720 690 738 966 616 875 747 779 599 926 654 704 640 668 667 629 769 613 605 550 586 191,167 191,604 191,866 191,911 191,864 191,424 190,941 190,391 189,577 189,157 188,605 188,121 187,625 13,936 13,942 13,976 14,006 14,145 14,188 14,228 14,377 14,391 14,442 14,548 14,622 14,751 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Sales price 1 (5) Accrued discount 1 (6) 2 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Redemptions Exchange of E and EE bonds for H and HH bonds 1 (7) Interestbearing debt (8) Amount outstanding Matured non-interestbearing debt (9) Sales (1) Accrued discount (2) Sales plus accrued discount (3) Fiscal years: 1941-03 ............. 2004 2 ................ 2005 2 ................ 2006 2................. 384,193 3,037 2,554 1,941 237,968 5,890 5,553 5,502 622,161 8,927 8,107 7,443 427,510 10,403 11,414 12,792 301,378 4,614 4,474 5,112 153,485 8,274 7,062 7,680 27,353 2,485 122 - 158,536 153,433 146,482 140,382 8,761 9,903 13,426 14,177 Calendar years: 1941-03 ............. 2004 2 ................ 2005 2 ................ 2006 2 ................ 385,354 2,951 2,430 1,832 239,466 5,788 5,523 5,522 624,820 8,740 7,953 7,354 428,377 10,704 11,757 12,680 309,708 4,710 4,678 4,994 147,975 8,326 7,085 7,686 29,306 2,332 6 - 155,722 150,352 145,349 139,226 11,417 12,490 13,682 14,480 2005 - Dec......... 2006 - Jan ......... Feb ........ Mar ........ Apr......... May........ June....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 294 202 94 132 129 139 148 139 144 134 151 172 247 431 508 452 425 533 398 430 505 455 430 539 408 440 726 710 546 557 662 537 578 644 599 564 690 580 687 1,083 1,483 964 1,094 1,016 1,068 1,060 1,059 1,238 887 911 875 1,024 495 571 322 403 388 423 416 454 519 305 360 364 468 588 912 642 691 627 645 644 605 720 582 551 511 556 - 145,349 144,579 144,123 143,554 143,064 142,490 141,965 141,407 140,755 140,382 140,066 139,691 139,226 13,682 13,680 13,717 13,749 13,886 13,929 13,972 14,114 14,127 14,177 14,271 14,352 14,480 Period See footnotes at end of table. March 2007 Total Sales price (4) (5) Series E and EE Accrued discount (6) U.S. SAVINGS BONDS AND NOTES 45 TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Redemptions Total (4) Series I Sales price (5) Accrued discount (6) Exchange of E and EE bonds for H and HH bonds 1 (7) Amount outstanding Interestbearing debt (8) Matured non-interestbearing debt (9) - Fiscal years: 1998-03 .......... 20,057 1,326 21,383 1,121 1,070 51 - 20,262 2004 2 ............. 4,813 1,034 5,847 766 708 58 - 25,343 - 2005 2 ............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 2006 2.............. 6,563 2,030 8,593 1,949 1,723 226 - 35,825 - - Calendar years: 1998-03 .......... 22,320 1,579 23,899 1,250 1,190 60 - 22,649 2004 2 ............. 3,444 1,017 4,462 896 829 66 - 26,215 - 2005 2 ............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 2006 2 ............. 4,458 2,134 6,592 2,669 2,351 318 - 35,760 - 2005 - Dec...... 1,009 133 1,142 109 98 11 - 31,837 - 2006 - Jan ...... 1,315 140 1,455 124 111 13 - 33,167 - Feb ..... 780 147 927 98 86 11 - 33,997 - 1 Mar ..... 684 164 848 109 97 12 - 34,736 - Apr...... 476 180 656 101 89 12 - 35,291 - May..... 259 194 453 211 189 22 - 35,533 - June.... 137 200 337 185 163 23 - 35,684 - July ..... 115 207 322 200 177 23 - 35,806 - Aug ..... 118 219 336 375 326 49 - 35,767 - Sept .... 99 197 296 238 208 30 - 35,825 - Oct...... 110 234 345 459 405 54 - 35,711 - Nov ..... 174 132 307 324 285 39 - 35,693 - Dec ..... 192 120 312 245 215 30 - 35,760 - Exchange of E and EE bonds for H and HH bonds are not included in sales and redemption figures. 2 Entire fiscal year and calendar year totals are included in 2004, 2005, and 2006 totals. March 2007 46 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in this table to agree with the Bureau of the Public Debt’s publication changes. March 2007 • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 47 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] End of fiscal year or month Total Federal securities outstanding (1) Public debt securities Held by U.S. Government accounts Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2002 ................................................ 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 6,255,406 6,809,272 7,403,236 7,956,346 8,530,366 6,228,236 6,783,320 7,379,053 7,932,710 8,506,974 2,675,647 2,859,291 3,075,703 3,331,333 3,663,773 311 311 142 1 1 2,675,336 2,858,980 3,075,561 3,331,332 3,663,772 628,414 654,593 698,207 733,439 764,828 2005 - Dec....................................... 2006 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 8,194,251 8,219,745 8,293,333 8,394,740 8,379,083 8,380,354 8,443,683 8,467,856 8,538,350 8,530,366 8,607,540 8,656,590 8,703,738 8,170,413 8,196,070 8,269,886 8,371,156 8,355,718 8,356,776 8,420,042 8,444,347 8,515,034 8,506,974 8,584,329 8,633,245 8,680,224 3,455,808 3,471,422 3,499,204 3,498,354 3,536,001 3,549,086 3,622,594 3,624,439 3,629,882 3,663,773 3,703,455 3,703,130 3,779,021 1 1 1 1 1 1 1 1 1 1 1 1 1 3,455,807 3,471,421 3,499,203 3,498,353 3,536,000 3,549,085 3,622,593 3,624,438 3,629,881 3,663,772 3,703,454 3,703,129 3,779,020 732,861 745,610 751,565 755,193 756,289 758,865 762,595 760,863 762,732 764,828 764,264 768,492 774,988 Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Nonmarketable (9) Total outstanding (10) Held by private investors (11) Total (7) Marketable (8) 2002 .................................................................... 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 2006 .................................................................... 2,924,175 3,269,347 3,605,143 3,867,938 4,078,373 2,507,997 2,805,814 3,147,752 3,351,440 3,538,210 416,178 463,443 457,391 516,498 540,163 27,170 25,952 24,183 23,637 23,392 27,170 25,952 24,183 23,637 23,392 2005 - Dec........................................................... 2006 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 3,981,745 3,979,038 4,019,117 4,117,609 4,063,428 4,048,826 4,034,853 4,059,045 4,122,420 4,078,373 4,116,610 4,161,624 4,126,215 3,451,097 3,449,221 3,526,004 3,585,206 3,526,915 3,510,378 3,491,421 3,519,546 3,581,939 3,538,210 3,573,704 3,612,518 3,566,969 530,647 529,818 493,112 532,404 536,513 538,448 543,431 539,499 540,481 540,163 542,906 549,105 559,246 23,837 23,674 23,448 23,584 23,365 23,577 23,641 23,509 23,317 23,392 23,211 23,345 23,514 23,837 23,674 23,448 23,584 23,365 23,577 23,641 23,509 23,317 23,392 23,211 23,345 23,514 March 2007 OWNERSHIP OF FEDERAL SECURITIES 48 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 1995 - Mar......... June ....... Sept........ Dec......... 1996 - Mar......... June ....... Sept........ Dec......... 1997 - Mar......... June ....... Sept........ Dec......... 1998 - Mar......... June ....... Sept........ Dec......... 1999 - Mar......... June ....... Sept........ Dec......... 2000 - Mar......... June ....... Sept........ Dec......... 2001 - Mar......... June ....... Sept........ Dec......... 2002 - Mar......... June ....... Sept........ Dec......... 2003 - Mar......... June ....... Sept........ Dec......... 2004 - Mar......... June ....... Sept........ Dec......... 2005 - Mar......... June ....... Sept........ Dec......... 2006 - Mar......... June ....... Sept........ Dec......... 4,864.1 4,951.4 4,974.0 4,988.7 5,117.8 5,161.1 5,224.8 5,323.2 5,380.9 5,376.2 5,413.1 5,502.4 5,542.4 5,547.9 5,526.2 5,614.2 5,651.6 5,638.8 5,656.3 5,776.1 5,773.4 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 7,932.7 8,170.4 8,371.2 8,420.0 8,507.0 8,680.2 1,619.3 1,690.1 1,688.0 1,681.0 1,731.1 1,806.7 1,831.6 1,892.0 1,928.7 1,998.9 2,011.5 2,087.8 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,905.6 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 4,389.2 4,432.8 4,558.1 1 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 3,244.8 3,261.3 3,286.0 3,307.7 3,386.7 3,354.4 3,393.2 3,431.2 3,452.2 3,377.3 3,401.6 3,414.6 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.9 3,164.7 3,268.0 3,377.9 3,502.8 3,531.5 3,607.0 3,690.6 3,855.4 3,803.0 3,864.9 3,970.6 4,113.9 4,030.8 4,074.2 4,122.1 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.7 209.3 222.9 153.6 145.5 147.4 154.2 163.2 159.9 139.6 127.5 142.0 127.3 125.5 117.2 115.4 116.8 113.9 n.a. 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.5 204.6 204.2 204.4 204.2 204.2 203.6 205.1 206.0 205.2 203.7 202.4 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions, and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 2 March 2007 Private 6 (6) 142.1 142.9 142.3 143.0 144.7 144.9 141.6 140.4 141.7 142.1 143.0 144.1 141.3 139.0 135.5 133.2 135.5 142.9 150.9 153.0 150.2 149.0 147.9 145.0 153.4 148.5 149.9 144.6 150.6 149.0 151.4 150.8 162.9 167.3 164.6 169.2 167.0 170.1 170.6 170.5 174.3 177.5 180.9 181.2 183.0 188.4 191.2 n.a. 7 State and Insurance compalocal nies 3 governments (7) (8) 225.0 217.2 211.3 208.2 213.5 221.1 213.4 212.8 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.1 147.9 142.5 133.6 130.5 130.4 127.1 130.1 130.1 129.4 128.9 132.1 129.9 n.a. 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 152.4 155.0 159.0 160.4 162.9 164.4 165.2 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 210.5 202.4 211.5 224.9 240.8 230.4 226.4 227.2 221.6 216.4 221.3 232.3 234.6 230.8 231.7 257.6 245.0 228.1 222.5 228.7 222.3 205.4 207.8 225.7 225.3 221.0 234.1 261.9 266.1 253.8 256.8 281.0 296.6 302.9 287.7 281.6 281.6 259.5 255.8 254.9 261.9 249.6 245.6 252.2 249.7 244.9 237.7 n.a. 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.4 298.6 299.2 304.5 306.3 309.3 307.9 310.0 316.9 324.8 321.2 328.4 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 380.8 387.4 408.0 431.5 448.4 456.2 456.5 466.2 468.0 n.a. Foreign Other and international 8 investors 9 (11) (12) 707.0 762.5 820.4 835.2 908.1 929.7 993.4 1,102.1 1,157.6 1,182.7 1,230.5 1,241.6 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 1,051.2 1,067.1 1,135.4 1,200.8 1,246.8 1,286.3 1,382.8 1,454.2 1,533.0 1,677.1 1,739.6 1,798.7 1,853.4 1,956.3 1,879.6 1,930.6 2,036.0 2,083.6 2,099.1 2,147.5 2,225.0 831.4 855.1 836.8 864.8 848.8 810.3 830.2 794.0 786.5 708.2 682.3 674.9 696.9 614.4 660.3 605.4 603.4 496.3 461.2 521.7 657.2 523.5 510.8 490.0 508.1 363.1 419.8 400.8 381.0 304.6 287.9 268.9 322.1 319.3 362.4 387.5 351.8 338.9 379.4 412.3 429.2 448.3 441.1 432.8 528.0 413.7 417.0 n.a. Includes money market mutual funds, mutual funds, and closed-end investment companies. Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 benchmark to September 2001, the March 2000 benchmark to September 2002, the June 2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. For additional information see: http://www.treas.gov/tic/ticsec2.shtml. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 MARKET YIELDS 49 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 30 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These Constant Maturity Treasury rates (CMTs) are interpolated from the Treasury yield curve and published daily at Treasury’s Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as quoted in the secondary bond market as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. Treasury discontinued the 30-year constant maturity yield during the time period February 18, 2002, through February 8, 2006. Thus, 30-year yields for that time frame are not available. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 1-mo. (1) 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) 20-yr. (10) 30-yr. (11) Monthly average: 2006 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... Oct ...................................... Nov ..................................... Dec ..................................... 4.12 4.38 4.55 4.61 4.70 4.71 4.90 5.16 4.77 4.97 5.21 4.87 4.34 4.54 4.63 4.72 4.84 4.92 5.08 5.09 4.93 5.05 5.07 4.97 4.47 4.69 4.79 4.90 5.01 5.17 5.27 5.17 5.08 5.12 5.15 5.07 4.45 4.68 4.77 4.90 5.00 5.16 5.22 5.08 4.97 5.01 5.01 4.94 4.40 4.67 4.73 4.89 4.97 5.12 5.12 4.90 4.77 4.80 4.74 4.67 4.35 4.64 4.74 4.89 4.97 5.09 5.07 4.85 4.69 4.72 4.64 4.58 4.35 4.57 4.72 4.90 5.00 5.07 5.04 4.82 4.67 4.69 4.58 4.53 4.37 4.56 4.71 4.94 5.03 5.08 5.05 4.83 4.68 4.69 4.58 4.54 4.42 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.73 4.60 4.56 4.65 4.73 4.91 5.22 5.35 5.29 5.25 5.08 4.93 4.94 4.78 4.78 n.a. n.a. 4.73 5.06 5.20 5.15 5.13 5.00 4.85 4.85 4.69 4.68 End of month: 2006 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... July ..................................... Aug ..................................... Sept .................................... Oct ...................................... Nov ..................................... Dec ..................................... 4.37 4.47 4.65 4.60 4.75 4.54 5.02 5.12 4.60 5.18 5.22 4.75 4.47 4.62 4.63 4.77 4.86 5.01 5.10 5.05 4.89 5.08 5.03 5.02 4.59 4.74 4.81 4.91 5.08 5.24 5.18 5.11 5.02 5.13 5.10 5.09 4.58 4.73 4.82 4.90 5.07 5.21 5.11 5.01 4.91 4.99 4.94 5.00 4.54 4.69 4.82 4.87 5.04 5.16 4.97 4.79 4.71 4.71 4.62 4.82 4.49 4.67 4.83 4.87 5.03 5.13 4.93 4.71 4.62 4.62 4.52 4.74 4.47 4.61 4.82 4.92 5.04 5.10 4.91 4.70 4.59 4.57 4.45 4.70 4.49 4.57 4.83 4.98 5.06 5.11 4.93 4.70 4.60 4.57 4.45 4.70 4.53 4.55 4.86 5.07 5.12 5.15 4.99 4.74 4.64 4.61 4.46 4.71 4.74 4.70 5.07 5.31 5.35 5.31 5.17 4.95 4.84 4.81 4.66 4.91 n.a. 4.51 4.90 5.17 5.21 5.19 5.07 4.88 4.77 4.72 4.56 4.81 Period * Rates are from the Treasury yields curve. March 2007 50 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, December 31, 2006 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $996,885,420,421 $959,178,864,518 $958,679,731,516 $252,162,866 $246,970,136 The Treasury....................................... 278,873,778 20,447,234 20,266,173 7,505 173,556 FRBs ................................................... 176,461,778,445 175,661,179,744 175,661,176,387 - 3,357 Amounts in circulation............................. $820,144,768,198 $783,497,237,540 $782,998,288,956 $252,155,361 $246,793,223 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $37,706,555,903 $3,505,529,008 $34,201,026,895 The Treasury....................................... 258,426,544 236,450,544 21,976,000 FRBs ................................................... 800,598,701 69,822,183 730,776,518 Amounts in circulation............................. $36,647,530,658 $3,199,256,281 $33,448,274,377 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. March 2007 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 51 TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2006 [Source: Financial Management Service] Currency in circulation by denomination $1 ...................................................................... Total (1) U.S. notes (3) Currency no longer issued (4) $8,905,529,500 $143,503 $143,643,337 Federal Reserve notes 1 (2) $9,049,316,340 $2 ...................................................................... 1,532,419,520 1,400,212,626 132,194,318 12,576 $5 ...................................................................... 10,492,843,480 10,356,036,390 109,055,410 27,751,680 $10 .................................................................... 15,986,791,460 15,965,549,690 6,300 21,235,470 $20 .................................................................... 119,219,518,240 119,199,409,800 3,840 20,104,600 $50 .................................................................... 62,790,638,100 62,779,137,750 500 11,499,850 $100 .................................................................. 564,112,426,800 564,079,692,200 10,740,900 21,993,700 $500 .................................................................. 142,383,000 142,189,000 5,500 188,500 $1,000 ............................................................... 165,675,000 165,462,000 5,000 208,000 $5,000 ............................................................... 1,765,000 1,710,000 - 55,000 $10,000 ............................................................. 3,460,000 3,360,000 - 100,000 Fractional notes 4 .............................................. 600 - 90 510 Total currency ............................................... $783,497,237,540 $782,998,288,956 $252,155,361 $246,793,223 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) Dec. 31, 2006....................................................................................... 820,145 $2,724 Nov. 30, 2006....................................................................................... 806,350 2,685 Oct. 31, 2006........................................................................................ 790,556 2,637 Sept. 30, 2005...................................................................................... 766,487 2,578 Sept. 30, 2000...................................................................................... 568,614 2,061 Sept. 30, 1995...................................................................................... 409,272 1,553 Sept. 30, 1990...................................................................................... 278,903 1,105 Sept. 30, 1985...................................................................................... 187,337 782 Sept. 30, 1980...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30, 1970 ...................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 June 30, 1960 ...................................................................................... 32,064 177 June 30, 1955 ...................................................................................... 30,229 183 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Represents value of certain fractional denominations not presented for redemption. Based on Bureau of the Census estimates of population. March 2007 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 55 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 Apr ......................................................................... 66,846 11,041 8,518 40,068 7,219 May........................................................................ 67,706 11,041 8,704 40,742 7,219 June....................................................................... 67,935 11,041 8,618 40,370 7,906 July ........................................................................ 67,559 11,041 8,644 40,414 7,460 Aug ........................................................................ 66,606 11,041 8,726 40,124 6,715 Sept ....................................................................... 66,217 11,041 8,655 39,902 6,619 Oct ......................................................................... 65,588 11,041 8,676 40,294 5,577 Nov ........................................................................ 66,705 11,041 8,890 41,465 5,309 Dec ........................................................................ 65,895 11,041 8,870 40,943 5,040 2007 - Jan .......................................................................... 65,063 11,041 8,786 40,381 4,855 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. Note.—Detail may not add to total due to rounding. March 2007 INTERNATIONAL FINANCIAL STATISTICS 56 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 End of calendar year or month Total (1) Total (2) Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Other Treasury readily bonds marketable and notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) 2000 - Mar. 8 ........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 21,690 Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 27,677 Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 2005 - June 8 r....... 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 Series Break r ........ 5,066,404 1,931,980 493,704 1,052,742 911 384,623 1,791,611 1,297,908 776,836 521,072 44,905 2005 - Dec. r .......... 5,371,689 1,987,422 498,510 1,077,122 948 410,842 1,895,920 1,440,916 769,564 671,352 47,431 2006 - Jan. r........... 5,450,049 1,999,430 492,783 1,083,500 954 422,192 1,951,509 1,451,751 785,488 666,263 47,359 Feb. r .......... 5,559,257 2,012,610 487,463 1,096,179 960 428,008 2,001,317 1,495,413 822,443 672,970 49,917 Mar. r .......... 5,581,716 2,015,432 491,043 1,088,847 967 434,575 2,029,138 1,490,213 800,762 689,451 46,933 Apr. r........... 5,744,482 2,020,999 478,096 1,099,925 973 442,005 2,167,507 1,509,888 835,762 674,126 46,088 May r........... 5,872,591 2,037,872 497,907 1,085,956 980 453,029 2,222,602 1,565,398 860,301 705,097 46,719 June r.......... 5,754,004 2,032,214 490,161 1,081,254 986 459,813 2,097,694 1,564,082 825,125 738,957 60,014 July r ........... 5,833,883 2,058,973 495,814 1,089,493 993 472,673 2,136,020 1,582,237 840,734 741,503 56,653 Aug ............. 5,868,488 2,071,854 479,277 1,106,375 999 485,202 2,130,893 1,610,469 841,624 768,845 55,272 Sept ............ 5,915,246 2,086,144 476,153 1,114,081 1,006 494,904 2,167,908 1,602,687 839,880 762,807 58,507 Oct .............. 6,006,278 2,081,165 445,438 1,132,544 1,013 502,170 2,241,485 1,626,040 856,838 769,202 57,588 Nov. p ......... 6,182,318 2,094,275 449,931 1,133,560 1,019 509,765 2,341,980 1,685,235 883,544 801,691 60,828 Dec. p ......... 6,119,114 2,128,175 459,362 1,139,652 1,026 528,135 2,267,066 1,666,890 860,625 806,265 56,983 1 Includes Bank for International Settlements for data before June 2006. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 2006, also includes Bank for International Settlements. 2 3 March 2007 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, and end-June 2005, respectively, and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 57 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) 2001 .............................................................................. 3,411 3,411 2002 .............................................................................. 2,769 2003 .............................................................................. Mexico 2 (4) Venezuela 3 (5) 977 1,801 633 2,769 715 1,368 686 2,613 2,613 768 1,102 743 2004 .............................................................................. 1,630 1,630 825 - 805 2005 - Dec..................................................................... 948 948 77 - 871 2006 - Jan ..................................................................... 954 954 77 - 877 Feb .................................................................... 960 960 77 - 883 Mar .................................................................... 967 967 78 - 889 Apr..................................................................... 973 973 78 - 895 May.................................................................... 980 980 79 - 901 June................................................................... 986 986 79 - 907 July .................................................................... 993 993 80 - 913 Aug .................................................................... 999 999 80 - 919 Sept ................................................................... 1,006 1,006 81 - 925 Oct ..................................................................... 1,013 1,013 81 - 931 Nov .................................................................... 1,019 1,019 82 - 938 Dec .................................................................... 1,026 1,026 82 - 944 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $264 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $3,821 million. Note: This issue was paid off in full and retired on January 29, 2004. Argentina 1 (3) 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. March 2007 58 INTRODUCTION: Capital Movements Background Basic definitions Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly and quarterly reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Requests for public comments on proposed changes are published in the Federal Register, and any further modifications are based on the comments received. The most recent revisions to selected reporting forms and instructions were effective June 30, 2006. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district Federal Reserve banks. Reporting forms and instructions also may be downloaded from the TIC website. The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including: U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. Effective beginning with data for June 2006, information pertaining to the Bank for International Settlements is now included with data for international organizations, and information for the European Central Bank is distributed across the individual euro-area countries. For prior dates, information for these organizations is included in “Other Europe”. “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. March 2007 Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to the data. Notices of these changes and requests for public CAPITAL MOVEMENTS improve the quality of the series by closing known gaps in the data. Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to and dollar claims on foreigners in a number of countries. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with unaffiliated foreigners. Separate reports are filed for financial balances and for commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. Effective with the reports filed for June 2006, the country coverage of the monthly TIC forms was expanded significantly and the semiannual reports, which covered the smaller market economies, were discontinued. Country coverage was also expanded for the quarterly banking forms, the Form S, the Form D, and the Forms CQ-1 and CQ-2, effective with reports filed for June 2006. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. 59 Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in four sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. The expansion of the country coverage on the standard report forms allows for publication of additional country detail for data beginning as of June 2006. As a result, the former Capital Movements Section III, which listed bank-reported claims and liabilities of selected countries from the semiannual reports, has been discontinued. • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of issued by foreigners. Further, the foreigner March 2007 60 CAPITAL MOVEMENTS category, negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III (formerly reported as Section IV) shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the TIC reports CQ-1 and CQ-2 exclude accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. Such accounts with foreign affiliates are reported by business enterprises to Commerce on its direct investment forms. There was an exception when reporting of foreign affiliate positions of insurance underwriting subsidiaries and financial intermediaries was included in Section B of Form CQ-1 for reports between end-March 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. • Section IV (formerly Section V) contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions March 2007 and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 61 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners ................................... Payable in dollars .................................................. Foreign official institutions ................................. Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... Foreign banks (including own foreign offices) and other foreigners ............................ Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... International and regional organizations 1 .......... Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... Payable in foreign currencies 2 .............................. Sector: Banks and other foreigners............................ International and regional organizations 1 .......... Major currencies: Canadian dollars............................................ Euro............................................................... United Kingdom pounds sterling.................... Japanese yen ................................................ Memoranda: Respondents’ own liabilities payable in dollars.............................................................. Liabilities to own foreign offices ........................ Liabilities collaterized by repurchase agreements................................................. Foreign official institutions ........................ Foreign banks and other foreigners........... International and regional organizations 1 .......... Reported by IBFs........................................... Respondents’ own liabilities payable in foreign currencies 2 .......................................... Reported by IBFs........................................... Liabilities held in custody for domestic customers and selected other liabilities 3 ......... Payable in dollars .......................................... of which: other short-term negotiable securities and negotiable CDs................ of which: short-term U.S. Government agency securities................................ of which: negotiable CDs........................ Payable in foreign currencies 2 ...................... Calendar Year 2005 r June r July r Aug. r 3,186,745 3,080,907 498,510 45,426 201,863 3,447,799 3,334,918 490,161 42,323 185,138 3,503,655 3,390,774 495,814 44,788 186,321 3,481,621 3,368,740 479,277 49,120 189,963 3,517,016 3,401,120 476,153 50,291 179,394 3,576,085 3,460,189 445,438 50,595 178,474 3,710,404 3,594,508 449,931 51,274 186,164 3,618,242 3,502,346 459,362 50,959 176,829 125,663 125,558 123,669 139,031 121,242 143,463 113,441 126,753 111,716 134,752 100,913 115,456 99,150 113,343 105,873 125,701 2,561,604 990,014 56,895 2,811,600 1,095,239 61,417 2,865,535 1,111,715 65,954 2,861,298 1,066,497 64,142 2,893,996 1,084,111 61,433 2,984,531 1,159,043 66,937 3,111,732 1,258,359 68,267 3,013,899 1,198,960 73,174 391,355 1,123,340 20,793 8,361 1,085 485,047 1,169,897 33,157 17,846 4,158 509,054 1,178,812 29,425 16,192 2,222 517,431 1,213,228 28,165 14,792 2,522 524,595 1,223,857 30,971 18,901 1,327 532,103 1,226,448 30,220 19,988 814 542,360 1,242,746 32,845 18,977 1,281 547,126 1,194,639 29,085 19,021 800 4,096 7,251 105,838 3,903 7,250 112,881 4,107 6,904 112,881 5,293 5,558 112,881 3,989 6,754 115,896 3,836 5,582 115,896 2,888 9,699 115,896 2,855 6,409 115,896 103,880 1,958 111,219 1,662 111,219 1,662 111,219 1,662 113,792 2,104 113,792 2,104 113,792 2,104 113,792 2,104 9,919 52,206 8,399 12,702 9,423 54,524 11,462 15,231 9,423 54,524 11,462 15,231 9,423 54,524 11,462 15,231 9,184 52,316 14,686 14,419 9,184 52,316 14,686 14,419 9,184 52,316 14,686 14,419 9,184 52,316 14,686 14,419 2,299,950 1,552,323 2,471,586 1,660,959 2,501,874 1,656,589 2,475,948 1,642,920 2,518,666 1,688,010 2,577,112 1,753,015 2,694,398 1,843,548 2,595,689 1,755,383 713,327 113,425 596,245 3,657 447,584 769,110 131,713 634,405 2,992 434,042 782,552 129,603 649,496 3,453 413,828 784,614 116,516 664,113 3,985 385,470 805,214 121,552 679,417 4,245 379,421 791,120 105,079 682,821 3,220 382,540 806,512 104,852 695,671 5,989 416,926 761,595 112,743 645,557 3,295 377,926 91,693 33,223 100,448 49,015 100,448 49,015 100,448 49,015 100,508 46,483 100,508 46,483 100,508 46,483 100,508 46,483 795,102 780,957 875,765 863,332 901,333 888,900 905,225 892,792 897,842 882,454 898,465 883,077 915,498 900,110 922,045 906,657 319,598 360,162 366,152 361,847 357,003 348,652 355,388 362,639 136,783 53,594 14,145 144,070 57,078 12,433 136,006 58,559 12,433 121,856 61,615 12,433 116,927 59,876 15,388 104,177 60,128 15,388 105,747 64,253 15,388 113,755 65,272 15,388 2006 1 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. Beginning with data for June 2006, also includes the Bank for International Settlements. Sept. Oct. Nov. Dec. p 2 Data may be as of preceding quarter-end for most recent month shown in table. 3 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. March 2007 CAPITAL MOVEMENTS 62 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ................................................. Belgium ............................................... Bulgaria ............................................... Cyprus 1 .............................................. Czech Republic.................................... Denmark .............................................. Finland................................................. France ................................................. Germany.............................................. Greece................................................. Hungary ............................................... Iceland 1 .............................................. Ireland.................................................. Italy...................................................... Kazakhstan 1 ....................................... Luxembourg ........................................ Monaco 1 ............................................ Netherlands ......................................... Norway ................................................ Poland ................................................. Portugal ............................................... Romania .............................................. Russia ................................................. Serbia and Montenegro 2 .................... Spain ................................................... Sweden................................................ Switzerland .......................................... Turkey.................................................. Ukraine 1 ............................................. United Kingdom ................................... Channel Islands .................................. All other Europe 1 ................................. Total Europe .................................... Memo: Euro Area 3 Memo: European Union 4 ................... Canada .................................................... Latin America: Argentina ............................................. Belize 5 ................................................ Bolivia 5 ............................................... Brazil.................................................... Chile .................................................... Colombia ............................................. Costa Rica 5 ........................................ Ecuador ............................................... El Salvador 5 ....................................... Guatemala ........................................... Guyana 5 ............................................. Honduras 5 .......................................... Mexico ................................................. Nicaragua 5 ......................................... Panama ............................................... Paraguay 5 .......................................... Peru..................................................... Suriname 5 .......................................... Uruguay ............................................... Venezuela............................................ All other Latin America 5 ...................... Total Latin America.......................... Caribbean: Anguilla 6 ............................................ Antigua and Barbuda 6 ........................ Aruba 6 ................................................ Bahamas ............................................. Barbados 6 .......................................... Bermuda .............................................. British Virgin Islands 6 ......................... Cayman Islands .................................. Cuba.................................................... Dominican Republic 6 .......................... French West Indies 6 ........................... Haiti 6 .................................................. Jamaica ............................................... Netherlands Antilles............................. See footnotes at end of table. March 2007 2003 Calendar year 2004 2005 r Aug. r Sept. 2006 Oct. Nov. Dec. p 4,841 9,642 224 n.a. 2,359 3,744 1,821 41,727 53,617 1,266 345 n.a. 30,888 6,643 n.a. 37,005 n.a. 17,150 22,471 3,724 1,011 575 41,694 162 10,329 7,377 111,678 13,749 n.a. 345,235 20,814 17,478 807,569 215,940 n.a. 37,780 4,355 13,649 221 n.a. 1,661 3,151 1,116 83,951 76,040 1,179 770 n.a. 64,199 7,683 n.a. 52,548 n.a. 20,272 32,907 5,680 1,676 1,636 70,203 110 9,078 6,144 100,660 5,189 n.a. 501,721 21,327 26,369 1,113,495 335,746 n.a. 36,499 3,607 17,105 139 n.a. 1,446 1,544 3,767 76,016 70,867 1,212 527 n.a. 68,669 8,149 n.a. 62,804 n.a. 16,460 27,927 6,340 2,883 565 101,355 119 10,060 4,796 141,498 10,006 n.a. 590,505 29,737 23,540 1,281,643 341,599 n.a. 38,051 4,345 15,949 176 453 1,233 2,268 1,410 76,613 68,863 1,196 642 324 76,849 8,248 6,031 68,156 259 24,064 53,617 7,480 2,437 1,170 53,421 236 9,592 3,932 43,680 10,176 1,398 724,266 27,033 3,575 1,299,094 357,724 1,098,706 46,871 4,506 16,002 152 435 1,348 2,401 1,100 70,843 70,514 1,567 339 324 75,358 7,789 4,953 74,638 202 25,899 57,236 7,261 2,754 577 49,184 249 9,289 3,883 50,216 9,939 1,116 718,240 27,643 3,668 1,299,625 360,259 1,094,951 49,162 4,532 16,917 201 416 1,352 1,094 1,013 69,520 68,812 1,391 563 322 75,588 9,144 5,063 74,545 243 31,449 41,074 7,576 2,815 386 46,006 307 10,872 5,061 37,626 9,248 1,032 756,329 33,294 4,785 1,318,575 366,597 1,139,982 52,458 5,069 20,403 140 553 1,360 1,964 1,196 72,451 70,431 2,295 496 386 77,263 11,808 4,135 77,064 498 35,289 36,488 8,072 2,953 292 53,192 273 9,974 4,012 37,027 10,623 1,400 763,621 31,927 3,851 1,346,507 386,197 1,167,034 52,362 4,443 15,591 88 611 1,352 1,003 3,361 71,645 70,590 1,631 833 337 83,364 9,279 6,139 73,861 371 27,287 42,306 7,475 2,563 491 62,869 295 10,814 3,754 38,644 10,628 919 684,196 32,872 4,241 1,273,853 374,429 1,074,383 48,426 9,880 n.a. n.a. 17,839 4,504 4,277 n.a. 2,611 n.a. 1,557 n.a. n.a. 36,952 n.a. 4,125 n.a. 1,406 n.a. 3,688 21,546 6,014 114,399 10,932 n.a. n.a. 16,912 7,368 6,353 n.a. 2,707 n.a. 1,544 n.a. n.a. 51,954 n.a. 4,641 n.a. 1,975 n.a. 4,189 24,861 6,422 139,858 9,775 n.a. n.a. 12,898 9,045 6,521 n.a. 3,426 n.a. 1,660 n.a. n.a. 44,738 n.a. 5,334 n.a. 3,062 n.a. 4,976 27,535 8,595 137,565 10,354 249 2,397 15,135 14,293 10,543 2,013 2,651 2,188 1,557 97 2,346 51,145 223 5,962 656 3,391 108 5,549 22,549 8 153,414 10,415 283 2,228 14,818 15,839 10,672 1,951 2,883 2,072 1,517 102 2,260 50,049 256 5,895 676 3,664 100 5,679 23,045 10 154,414 10,833 251 1,984 16,466 16,260 10,962 2,024 3,054 2,055 1,508 128 2,231 47,614 278 5,609 656 4,087 103 6,069 23,751 59 155,982 10,790 253 1,969 20,741 17,141 11,539 2,649 2,872 2,065 1,430 128 2,190 46,790 234 6,857 663 3,778 99 5,891 24,078 9 162,166 10,597 440 2,100 16,763 16,896 11,660 2,768 3,176 1,940 1,406 98 2,300 45,991 236 7,126 646 4,268 102 6,158 22,941 9 157,621 n.a. n.a. n.a. 157,689 n.a. 39,229 n.a. 745,754 96 n.a. n.a. n.a. 720 8,739 n.a. n.a. n.a. 188,604 n.a. 93,040 n.a. 894,069 110 n.a. n.a. n.a. 922 5,867 n.a. n.a. n.a. 213,833 n.a. 52,361 n.a. 922,518 120 n.a. n.a. n.a. 970 6,398 2,533 196 593 238,274 12,388 46,228 15,013 1,139,617 127 3,493 39 382 972 5,954 1,481 164 657 239,567 13,371 51,119 15,587 1,163,520 127 3,528 18 415 1,082 6,158 2,314 188 557 242,787 13,301 50,269 16,450 1,202,437 128 3,809 22 487 867 6,060 1,191 172 514 265,511 18,018 49,143 16,143 1,266,891 81 3,970 25 459 1,031 5,206 1,536 175 406 251,742 18,546 51,485 16,404 1,253,701 83 3,794 19 499 1,021 8,429 CAPITAL MOVEMENTS 63 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean con. St. Kitts and Nevis 6 .......................... Trinidad and Tobago......................... Turks and Caicos Islands 6 ............... All other Caribbean 6 ........................ Total Caribbean ............................ Asia: Bangladesh 7 .................................... China, Mainland ............................... Hong Kong........................................ India.................................................. Indonesia .......................................... Israel................................................. Japan................................................ Jordan 7 ............................................ Korea................................................ Laos 7 .............................................. Lebanon............................................ Malaysia ........................................... Pakistan............................................ Philippines ........................................ Singapore ......................................... Syria ................................................. Taiwan.............................................. Thailand............................................ Yemen 7 ........................................... Oil exporting countries 8 .................... All other Asia 7 ................................. Total Asia ..................................... Africa: Botswana 9 ....................................... Egypt ................................................ Ghana............................................... Kenya 9 ............................................ Liberia............................................... Mauritius 9 ........................................ Morocco............................................ Mozambique 9 .................................. South Africa ...................................... Tanzania 9 ........................................ Uganda 9 .......................................... Zambia 9 .......................................... Zimbabwe 9 ...................................... Oil exporting countries 10 .................. All other Africa 9 ............................... Total Africa ................................... Other countries: Australia............................................ New Zealand .................................... French Polynesia 11 ......................... All other 11 ........................................ Total other ................................... All countries .......................................... International and regional orgs: International organizations............... Regional organizations 12 ................ Total international and regional organizations................ Grand total................................ 1 2003 Calendar year 2004 n.a. 1,259 n.a. 27,662 981,148 2006 2005 r Aug. r Sept. Oct. Nov. n.a. 1,630 n.a. 40,297 1,224,539 n.a. 2,836 n.a. 32,620 1,231,656 80 2,733 229 155 1,469,006 73 2,794 226 134 1,500,021 74 2,866 223 186 1,543,025 67 2,759 157 164 1,631,502 61 3,130 161 165 1,611,357 n.a. 13,236 49,974 14,535 14,374 12,231 170,315 n.a. 12,659 n.a. 676 1,640 2,963 1,690 23,766 22 26,835 7,232 n.a. 24,787 7,656 384,591 n.a. 52,768 43,913 11,178 5,905 11,238 173,872 n.a. 12,457 n.a. 777 2,837 1,196 2,956 28,912 21 26,524 11,356 n.a. 41,263 6,841 434,014 n.a. 46,466 35,246 13,860 4,213 9,828 161,951 n.a. 27,200 n.a. 797 2,287 1,768 3,780 20,291 28 23,287 9,966 n.a. 50,659 7,258 418,885 918 50,329 36,609 16,410 4,685 6,369 145,353 1,245 21,998 106 858 3,053 1,058 3,073 20,077 30 20,044 10,258 186 69,812 5,275 417,746 670 55,059 35,962 14,859 5,359 9,562 136,845 1,252 23,176 134 883 3,344 1,167 3,323 17,983 28 23,211 9,985 138 69,755 4,956 417,651 655 47,048 33,688 15,694 3,286 8,821 138,580 1,544 23,174 120 947 2,929 889 3,485 28,967 29 19,026 7,865 242 72,408 5,026 414,423 807 46,711 40,243 18,346 3,852 6,805 136,745 1,762 21,980 124 1,019 3,159 915 3,484 28,948 30 19,484 8,327 193 72,129 5,129 420,192 824 44,491 44,236 18,793 4,377 7,248 136,945 1,511 27,926 120 1,174 3,847 1,283 3,824 30,717 26 22,916 8,320 180 69,423 5,893 434,074 n.a. 2,336 596 n.a. 181 n.a. 376 n.a. 3,734 n.a. n.a. n.a. n.a. 3,608 3,131 13,962 n.a. 2,711 468 n.a. 266 n.a. 156 n.a. 3,477 n.a. n.a. n.a. n.a. 4,347 3,373 14,798 n.a. 4,953 572 n.a. 217 n.a. 138 n.a. 3,054 n.a. n.a. n.a. n.a. 6,880 4,313 20,127 399 2,772 459 182 560 241 198 127 1,898 340 833 73 91 7,846 3,699 19,718 298 2,325 431 215 522 390 174 80 1,474 260 873 98 79 8,294 2,886 18,399 194 1,576 386 242 302 341 162 66 1,379 338 879 97 80 4,465 3,367 13,874 329 2,681 342 217 339 409 168 96 1,747 259 923 139 81 5,287 4,306 17,323 236 2,253 389 234 343 626 198 87 1,411 363 926 143 78 4,455 2,981 14,723 14,087 2,592 n.a. 4,174 20,853 2,360,302 23,579 3,725 n.a. 8,513 35,817 2,999,020 18,427 3,028 n.a. 14,612 36,067 3,163,994 27,800 4,863 60 13,222 45,945 3,451,794 23,146 5,247 79 16,197 44,669 3,483,941 24,607 4,079 68 16,670 45,424 3,543,761 24,666 4,157 69 16,511 45,403 3,675,455 26,003 4,541 64 16,391 46,999 3,587,053 18,437 3,731 14,550 4,303 17,598 5,153 23,620 6,207 27,839 5,236 27,188 5,136 30,659 4,290 26,930 4,259 22,168 2,382,470 18,853 3,017,873 22,751 3,186,745 29,827 3,481,621 33,075 3,517,016 32,324 3,576,085 34,949 3,710,404 31,189 3,618,242 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” Dec. p 6 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All other Caribbean.” 7 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 8 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2007 CAPITAL MOVEMENTS 64 TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2006, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total Held by Total liabilities foreign Of which: Total Total own custody payable in official short-term liabilities institutions Held by all dollars and liabilities liabilities U.S. other foreign payable in payable in payable in and foreign Treasury dollars dollars dollars currency foreigners obligations 2 banks (2) (3) (4) (6) (1) (5) (7) Europe: Austria .................................... 4,443 3,792 Belgium .................................. 15,591 14,528 Cyprus 5.................................. 611 611 Czech Republic ...................... 1,352 1,341 Denmark................................. 1,003 931 Finland.................................... 3,361 3,203 France .................................... 71,645 68,908 Germany................................. 70,590 57,197 Greece.................................... 1,631 1,629 Hungary.................................. 833 825 Ireland .................................... 83,364 83,124 Italy......................................... 9,279 7,316 Kazakhstan 5 .......................... 6,139 6,132 Luxembourg ........................... 73,861 72,804 Monaco 5 ................................ 371 369 Netherlands ............................ 27,287 24,641 Norway ................................... 42,306 42,289 Poland .................................... 7,475 7,465 Portugal.................................. 2,563 2,250 Romania ................................. 491 478 Russia .................................... 62,869 62,845 Spain ...................................... 10,814 9,026 Sweden................................... 3,754 3,709 Switzerland ............................. 38,644 28,481 Turkey..................................... 10,628 10,539 Ukraine 5 ................................. 919 916 United Kingdom ...................... 684,196 657,703 Channel Islands...................... 32,872 32,778 4,961 4,954 All other Europe 5 ...................... 1,273,853 1,210,785 Total Europe......................... Memo: Euro Area 6 ............... 374,429 348,419 48,426 44,139 Canada.......................................... Latin America: Argentina................................... 10,597 10,474 Belize 7 ...................................... 440 439 Bolivia 7 ..................................... 2,100 2,092 Brazil ......................................... 16,763 16,384 Chile .......................................... 16,896 16,825 Colombia................................... 11,660 11,630 Costa Rica 7 .............................. 2,768 2,759 Ecuador..................................... 3,176 3,150 El Salvador 7 ............................. 1,940 1,940 Guatemala ................................ 1,406 1,387 Honduras 7 ................................ 2,300 2,270 Mexico....................................... 45,991 45,341 Panama..................................... 7,126 7,071 Paraguay 7 ................................ 646 640 Peru........................................... 4,268 4,253 Uruguay .................................... 6,158 6,102 Venezuela ................................. 22,941 22,642 445 445 All other Latin America 7 ........... Total Latin America .............. 157,621 155,844 Caribbean: Aruba 8 ...................................... 406 406 Bahamas................................... 251,742 250,777 8 Barbados ................................ 18,546 18,403 Bermuda ................................... 51,485 51,291 British Virgin Islands 8 ............... 16,404 16,250 See footnotes at end of table. March 2007 Negotiable CDs and short-term negotiable securities Other Miscellaneous liabilities 3 Held by Of which: foreign Total other shortofficial liabilities term negotiable Of which: institutions Held by all payable in other foreign securities negotiable and foreign banks foreigners currency 4 (excl. CDs) CDs (8) (10) (11) (12) (9) 1,187 8,923 604 287 770 2,611 56,636 44,999 1,576 304 9,576 6,448 978 41,140 273 14,611 37,851 1,770 1,748 265 17,814 6,249 875 18,837 2,407 916 633,275 30,637 4,065 947,633 195,705 27,447 2,605 5,605 7 1,054 161 592 12,272 12,198 53 521 73,548 868 5,154 31,664 96 10,030 4,438 5,695 502 213 45,031 2,777 2,834 9,644 8,132 24,428 2,141 889 263,152 152,714 16,692 529 1,961 256 178 112 2,385 22,048 18,127 457 73 2,387 3,583 637 7,819 108 3,089 294 307 1,487 38 6,739 3,164 382 10,288 1,793 752 130,152 27,749 1,437 248,331 67,036 5,632 258 292 343 35 194 70 1,300 2,508 733 150 1,723 744 7 879 74 1,787 132 234 204 37 289 1,423 233 4,759 99 33 19,313 309 227 38,389 11,921 4,335 376 1,901 4 1,003 65 140 8,045 4,788 23 185 1,448 340 3,519 8,518 91 3,089 236 4,402 16 381 604 122 4,607 8,023 5,144 821 761 58,651 29,287 6,184 98 1,180 2 51 71 95 2,856 1,055 18 312 55,763 87 1,626 17,191 5 4,844 3,609 1,291 466 212 44,641 304 534 4,067 92 11,846 299 28 152,644 83,958 5,653 2,004 2,524 1 25 357 1,111 3,462 10 11 13,891 218 9 4,982 1,611 569 2 21 1 7 1,807 2,138 968 12 2,946 856 17 39,560 31,998 2,943 500 4,205 5 57 464 156 27,126 24,011 387 94 4,055 2,293 334 355 1 1,842 37,369 1,229 21 190 10,786 1,531 298 3,093 518 131 314,263 222 1,813 437,349 66,482 13,476 26 2,465 17 6,422 3,247 1 3,857 51 33,060 90 8,379 80 36 2 193 2 699 2 174,039 2,522 671 235,861 57,737 5,916 651 1,063 11 72 158 2,737 13,393 2 8 240 1,963 7 1,057 2 2,645 17 10 313 13 24 1,787 45 10,163 89 3 26,493 94 7 63,068 26,010 4,287 9,057 418 1,435 14,198 7,439 5,091 1,900 2,892 1,311 1,276 2,221 30,703 5,693 609 3,785 4,589 21,032 422 114,071 1,417 21 657 2,186 9,386 6,539 859 258 629 111 49 14,638 1,378 31 468 1,513 1,610 23 41,773 440 173 538 5,697 3,211 1,099 988 430 669 141 1,439 11,258 2,490 111 2,135 1,178 7,497 103 39,597 7,971 161 821 4,146 3,750 3,461 623 1,970 329 1,039 701 18,168 2,711 477 1,231 1,648 12,539 270 62,016 797 2 82 469 978 4,069 151 29 116 17 1 8,156 359 13 234 1,009 465 5 16,952 245 6 237 1,611 8,334 2,149 42 177 369 59 11 5,876 740 9 203 275 724 7 21,074 369 13 336 74 65 321 664 52 144 34 37 560 273 9 29 229 370 11 3,590 481 75 73 3,570 399 512 280 360 306 67 67 649 299 9 414 1,613 638 43 9,855 171 9 5 817 88 19 11 132 7 30 14 674 199 12 7 150 409 6 2,760 123 1 8 379 71 30 9 26 19 30 650 55 6 15 56 299 1,777 344 246,833 4,383 34,859 9,047 62 3,944 14,020 16,432 7,203 167 162,506 3,796 3,068 163 119 3,325 283 5,526 7,959 26 585 616 3,687 4,039 12 1,686 7,413 11,176 1,760 24 191 5,975 1,328 1,096 39 73,474 11 148 3 19 9,010 309 26,358 1,230 965 143 194 154 CAPITAL MOVEMENTS 65 TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2006, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Negotiable CDs and short-term negotiable securities Other Miscellaneous liabilities 3 Total Held by Held by Of which: Total Total foreign Of which: other shortforeign liabilities custody Total own Total short-term official liabilities payable in official term liabilities institutions Held by all liabilities dollars and liabilities U.S. negotiable Of which: institutions Held by all payable in payable in payable in payable in and foreign other foreign other Treasury securities negotiable and foreign foreign dollars dollars dollars foreigners obligations 2 (excl. CDs) foreigners currency 4 currency banks banks CDs (4) (3) (2) (6) (11) (12) (5) (1) (10) (8) (7) (9) Country Caribbean, con. Cayman Islands ....................... 1,253,701 Dominican Republic 8 ............... 3,794 Haiti 8 ........................................ 499 Jamaica.................................... 1,021 Netherlands Antilles................. 8,429 Trinidad and Tobago................ 3,130 2,200 All other Caribbean 8 ................ Total Caribbean.................. 1,611,357 Asia: China, Mainland....................... 44,491 Hong Kong............................... 44,236 India ......................................... 18,793 Indonesia ................................. 4,377 Israel ........................................ 7,248 Japan ....................................... 136,945 Jordan 9 .................................... 1,511 Korea........................................ 27,926 Malaysia................................... 3,847 Pakistan ................................... 1,283 Philippines................................ 3,824 Singapore................................. 30,717 Taiwan...................................... 22,916 Thailand ................................... 8,320 77,640 All other Asia 9.......................... Total Asia............................. 434,074 Africa: Egypt ........................................ 2,253 Ghana ...................................... 389 Kenya 10 ................................... 234 Liberia ...................................... 343 Morocco ................................... 198 South Africa ............................. 1,411 9,895 All other Africa 10 ...................... 14,723 Total Africa........................... Other countries: Australia ................................... 26,003 New Zealand............................ 4,541 All other .................................... 16,455 46,999 Total other........................... All countries.................................. 3,587,053 International and regional orgs: International organizations....... 26,930 4,259 Regional organizations 11 ........ Total International and 31,189 regional organizations ...... Grand total ...................... 3,618,242 1 1,241,227 934,363 3,785 3,601 499 467 986 937 8,425 3,174 3,096 2,603 2,176 1,937 1,597,321 1,242,548 306,864 184 32 49 5,251 493 239 354,773 497,595 1,059 141 561 1,847 1,627 179 672,709 23,960 2,403 203 214 590 444 546 45,572 5,057 103 8 44 4,963 84 140 19,352 26,780 36 17 2 263 290 64 49,499 1,854 45 7 3 25 10 29 10,587 536,783 40 115 141 336 528 23 611,641 149,198 99 8 21 401 113 1,195 187,961 12,474 9 35 4 34 24 14,036 44,457 43,082 18,791 4,377 7,239 127,392 1,507 27,781 3,846 1,272 3,793 29,009 22,886 8,317 76,333 420,082 19,219 27,203 4,704 1,777 5,473 47,671 1,277 8,176 2,919 1,145 2,967 26,237 20,625 7,251 26,020 202,664 25,238 15,879 14,087 2,600 1,766 79,721 230 19,605 927 127 826 2,772 2,261 1,066 50,313 217,418 4,557 12,767 2,763 736 1,060 21,127 981 4,804 1,068 717 1,822 20,578 5,221 817 12,758 91,776 1,212 5,339 1,140 392 1,913 5,118 53 476 122 127 487 1,288 4,003 332 1,444 23,446 14,767 2,317 8,432 2,573 833 70,361 204 4,767 362 46 443 1,491 1,408 969 36,145 145,118 9,915 12,920 5,557 11 780 5,778 23 14,528 557 53 335 936 368 72 11,001 62,834 508 565 11 16 152 639 3 139 3 5 48 339 467 18 3,149 6,062 13,392 2,883 810 649 2,486 19,725 242 3,018 1,728 304 603 4,294 11,395 6,102 11,594 79,225 106 6,291 78 15 4,644 1 49 6 20 55 83 24 7 242 11,621 34 1,154 2 9 9,553 4 145 1 11 31 1,708 30 3 1,307 13,992 2,253 389 234 341 198 1,389 9,870 14,674 1,930 289 218 205 184 959 7,597 11,382 323 100 16 136 14 430 2,273 3,292 1,140 87 130 12 128 622 5,269 7,388 89 28 60 131 28 166 711 1,213 239 100 11 56 360 1,932 2,698 22 2 78 36 116 254 62 3 2 34 188 289 701 174 28 59 29 171 1,627 2,789 3 13 27 43 2 22 25 49 4,803 7,097 936 958 163 124 5,902 8,179 903,002 1,073,612 785 139 412 1,336 176,307 504 483 61 1,048 250,003 3,272 402 97 3,771 295,729 968 10,832 51 2,397 5 139 1,024 13,368 64,055 1,167,703 1,420 70 200 1,690 445,852 1,125 41 15,417 16,583 113,792 24,878 20,075 4,500 3,564 1,038 875 30,416 24,514 3,473,261 2,570,259 24,837 4,248 23,027 2,403 1,810 1,845 - 17,328 1,693 497 303 185 1,453 1,128 89 - 5,699 710 2,093 11 29,085 25,430 3,655 - 19,021 800 1,638 1,217 - 6,409 2,104 906,657 1,073,612 195,328 250,803 297,367 65,272 1,167,703 452,261 115,896 3,502,346 2,595,689 Excludes negotiable certificates of deposit. U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other Asia” and “Other Africa” amount to $1,972 million. 3 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and non-negotiable short-term securities. 4 These data as of June 30, 2006. 5 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in "All other Europe." 2 6 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 7 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are included in "All other Latin America."8 Before June 2006, data for Aruba, Barbados, British Virgin Islands, Dominican Republic, and Haiti are included in "All other Caribbean." 9 Before June 2006, data for Jordan are included in "All other Asia." 10 Before June 2006, data for Kenya are included in "All other Africa." 11 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2007 CAPITAL MOVEMENTS 66 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1700 1600 (In billions of dollars) 1500 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 Dec. 2006 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Country United Kingdom.......................... All other Europe ......................... Caribbean banking centers 1,2 .... Japan.......................................... All other Asia .............................. Subtotal .................................... All other countries ...................... Grand total ............................... 1 2 2002 2003 Calendar years 2004 2005 Dec. 2006 203,237 483,421 837,771 176,331 162,938 1,863,698 202,433 345,235 462,334 955,536 170,315 214,276 2,147,696 234,774 501,721 611,774 1,186,221 173,872 260,142 2,733,730 284,143 590,505 691,138 1,200,444 161,951 256,934 2,900,972 285,773 684,196 589,657 1,572,483 136,945 297,129 3,280,410 337,832 2,066,131 2,382,470 3,017,873 3,186,745 3,618,242 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. March 2007 U.S. liabilities to foreigners reported by U.S. banks were recorded at $3.6 trillion in December 2006, an increase of $431 billion from yearend 2005. U.S. banking liabilities include foreign holdings of U.S. short-term securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities increased about $169 billion in 2005, about $635 billion in 2004, and about $316 billion in 2003. Much of the increase in liabilities to foreigners in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking liabilities increased about $136 billion. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years. Foreigners domiciled in the rest of Europe and in Asia account for about one-third of U.S. banking liabilities. CAPITAL MOVEMENTS 67 SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar Year 2004 Sept. Dec. r Mar. r Total claims.............................................................. 2,188,441 2,463,685 2,444,149 2,643,991 2,746,206 2,828,699 Payable in dollars.................................................. 2,026,841 2,316,822 2,289,197 2,468,630 2,549,682 2,642,919 Own claims on foreigners................................... 1,664,223 1,904,804 1,864,834 2,000,261 2,041,749 2,085,433 Foreign official institutions ............................... 71,892 79,523 72,919 72,745 82,997 97,221 Type of Claim 2005 2006 June Sept. p Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 1,187,954 1,392,273 1,391,775 1,503,629 1,540,071 1,574,174 All other foreigners .......................................... 404,377 433,008 400,140 423,887 418,681 414,038 Claims of domestic customers.............................. 362,618 412,018 424,363 468,369 507,933 557,486 Payable in foreign currencies .................................. 161,600 146,863 154,952 175,361 196,524 185,780 Own claims on foreigners ..................................... 129,544 101,745 98,852 107,999 107,808 97,704 Canadian dollars .............................................. 15,336 13,199 13,613 12,308 13,314 12,269 Euros................................................................ 62,138 53,347 55,919 62,570 57,399 49,206 United Kingdom pounds sterling...................... 10,388 11,592 10,985 13,021 15,039 14,886 Japanese yen................................................... 34,207 15,324 10,084 9,624 10,270 10,359 Claims of domestic customers.............................. 32,056 45,118 56,100 67,362 88,716 88,076 Canadian dollars .............................................. 3,225 2,875 4,536 6,159 4,566 6,581 of which: of which: Euros................................................................ 17,865 32,446 38,671 41,985 65,812 65,912 United Kingdom pounds sterling...................... 3,805 4,581 8,621 13,245 11,307 9,938 Japanese yen................................................... 3,716 633 952 917 1,278 1,799 Total own claims on foreigners ............................. 1,793,767 2,006,549 1,963,686 2,108,260 2,149,557 2,183,137 Non-negotiable deposits .................................... 719,257 797,705 792,262 882,151 948,129 939,995 Short-term negotiable instruments (payable in dollars)........................................... 7,858 12,983 9,738 10,679 10,436 10,630 Resale agreements ............................................ 479,422 535,782 482,090 517,176 503,064 522,664 Memoranda: Other................................................................... 587,203 660,063 679,596 698,254 687,928 709,848 Claims on own foreign offices............................... 1,097,873 1,317,432 1,304,277 1,435,358 1,477,657 1,514,185 Claims reported by IBFs ....................................... 411,693 468,136 478,683 524,667 535,869 545,207 Payable in dollars ............................................... 365,267 440,893 448,031 488,254 498,015 511,023 Payable in foreign currencies............................. 46,426 27,243 30,652 36,413 37,854 34,184 Total claims held for domestic customers ............ 394,674 457,136 480,463 535,731 596,649 645,562 Non-negotiable deposits .................................... 161,039 195,088 193,658 226,345 245,703 236,039 Short-term negotiable instruments (payable in dollars)........................................... 195,956 220,701 232,059 245,431 265,304 333,366 Other ..................................................................... 37,679 41,347 54,746 63,955 85,642 76,157 March 2007 CAPITAL MOVEMENTS 68 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .................................................... Belgium................................................... Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Kazakhstan 1 ........................................... Luxembourg ........................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia..................................................... Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands...................................... All other Europe 1 .................................... Total Europe ........................................ Memo: Euro Area 2 .................................... Memo: European Union 3 .......................... Canada...................................................... Latin America: Argentina ................................................ Bolivia 4 ................................................... Brazil....................................................... Chile ....................................................... Colombia ................................................ Costa Rica 4 ............................................ Ecuador .................................................. El Salvador 4 ........................................... Guatemala.............................................. Honduras 4 .............................................. Mexico .................................................... Nicaragua 4 ............................................. Panama .................................................. Paraguay 4 .............................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. All other Latin America 4 ......................... Total Latin America.............................. Caribbean: Anguilla 5 ................................................ Bahamas ................................................ Barbados 5 .............................................. See footnotes at end of table. March 2007 Calendar year 2004 2005 Mar. June Sept. Dec. r Mar. r 2006 June Sept. p 5,732 11,676 106 746 2,736 12,365 126,728 47,300 140 192 23,245 21,748 n.a. 9,151 35,244 27,739 222 2,039 264 1,104 11,365 28,445 118,486 2,604 567,001 31,814 6,424 1,094,616 306,733 n.a. 78,707 6,167 15,245 45 1,124 1,668 14,362 121,676 58,609 132 47 26,932 22,723 n.a. 10,273 26,362 19,253 1,373 2,007 245 1,175 17,575 30,875 96,195 2,618 553,537 32,646 18,410 1,081,274 322,063 n.a. 75,851 5,685 17,581 22 1,134 2,008 11,181 143,495 47,392 169 125 25,109 23,712 n.a. 9,490 28,819 34,360 768 2,166 265 1,023 15,627 27,992 127,408 3,049 610,121 32,735 17,906 1,189,342 330,426 n.a. 77,062 6,017 17,867 50 2,247 2,810 9,610 133,850 55,198 148 112 29,875 22,870 n.a. 10,332 32,835 25,914 1,683 2,056 275 1,044 12,557 29,905 175,428 3,329 635,797 35,416 17,392 1,264,617 333,215 n.a. 84,012 5,432 14,095 23 3,413 2,619 9,610 131,334 48,016 106 121 41,916 23,200 n.a. 14,885 30,557 19,083 1,840 1,138 288 1,320 10,809 27,865 151,785 3,459 626,351 42,827 18,996 1,231,088 331,098 n.a. 94,997 6,006 22,054 40 3,457 1,884 10,156 142,554 50,795 243 168 33,406 20,011 n.a. 15,251 29,267 26,715 1,186 958 272 1,274 14,106 29,696 172,207 3,341 708,891 42,006 21,710 1,357,654 344,807 n.a. 93,152 6,862 27,065 45 3,875 3,162 12,909 176,148 57,198 690 50 35,121 25,726 501 17,672 33,965 30,051 1,552 1,934 273 1,458 11,561 27,537 124,222 3,438 721,810 40,083 1,755 1,366,661 406,849 1,165,159 110,354 8,469 19,950 38 2,578 1,687 15,054 170,797 54,563 888 133 47,332 35,122 446 17,690 37,807 33,006 1,591 1,950 265 1,746 14,823 37,427 141,631 4,084 749,619 40,776 2,134 1,441,607 424,446 1,217,776 104,502 2,442 n.a. 14,659 6,279 2,708 n.a. 493 n.a. 891 n.a. 14,179 n.a. 2,020 n.a. 1,550 422 3,086 2,753 51,482 2,317 n.a. 17,735 6,673 2,657 n.a. 509 n.a. 831 n.a. 14,736 n.a. 2,160 n.a. 1,393 359 2,874 2,543 54,787 2,280 n.a. 15,839 6,788 2,630 n.a. 588 n.a. 893 n.a. 14,917 n.a. 2,375 n.a. 1,543 454 2,690 2,497 53,494 2,625 n.a. 14,470 6,487 2,712 n.a. 548 n.a. 753 n.a. 14,088 n.a. 2,113 n.a. 1,345 491 2,760 2,379 50,771 2,507 n.a. 15,621 6,990 2,506 n.a. 602 n.a. 903 n.a. 15,194 n.a. 2,359 n.a. 1,242 486 2,613 2,632 53,655 2,464 n.a. 16,469 6,863 2,963 n.a. 588 n.a. 1,005 n.a. 15,377 n.a. 2,555 n.a. 1,200 481 2,503 2,568 55,036 2,545 155 16,039 7,226 2,678 734 555 814 910 409 18,428 95 2,713 41 1,253 425 2,210 26 57,256 2,354 173 14,955 7,115 2,714 721 589 851 904 382 18,116 93 2,927 40 1,334 527 2,586 77 56,458 n.a. 126,048 n.a. n.a. 132,868 n.a. n.a. 161,984 n.a. n.a. 167,401 n.a. n.a. 167,880 n.a. n.a. 190,055 n.a. 2,589 239,869 391 3,913 207,743 395 CAPITAL MOVEMENTS 69 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. Bermuda....................................... British Virgin Islands 5 ................... Cayman Islands............................ Dominican Republic 5 ................... Haiti 5............................................. Jamaica ........................................ Netherlands Antilles ..................... Trinidad and Tobago .................... All other Caribbean 5 .................... Total Caribbean ......................... Asia: China, Mainland. .......................... Hong Kong ................................... India.............................................. Indonesia...................................... Israel............................................. Japan............................................ Jordan 6 ......................................... Korea ............................................ Lebanon........................................ Malaysia ....................................... Pakistan........................................ Philippines .................................... Singapore ..................................... Taiwan .......................................... Thailand........................................ Oil exporting countries 7 ............... All other Asia 6 .............................. Total Asia................................... Africa: Cameroon 8 ................................... Egypt ............................................ Ghana........................................... Liberia........................................... Morocco........................................ South Africa.................................. Oil exporting countries 9 ............... All other Africa 8 ............................ Total Africa ................................ Other countries: Australia........................................ New Zealand ................................ All other ........................................ Total other countries.................. Total foreign countries ............ International and regional orgs: International organizations ........... Regional organizations 10 ............. Total international and regional organizations.......... Grand total .............................. 1 Calendar year 2004 2005 Sept. Dec. r Mar. r 2006 June Sept. p 30,030 n.a. 642,189 n.a. n.a. 438 4,940 734 9,787 850,102 24,011 n.a. 643,181 n.a. n.a. 423 5,105 832 9,560 850,513 20,875 n.a. 619,811 n.a. n.a. 448 4,558 957 8,687 823,216 24,842 n.a. 675,797 n.a. n.a. 471 4,622 822 9,398 906,007 23,106 3,258 688,419 403 49 592 4,410 948 254 964,288 25,734 2,926 693,951 452 34 688 3,962 792 361 940,951 13,355 3,732 2,532 556 5,865 89,543 n.a. 16,172 44 1,605 57 853 7,330 12,578 1,667 8,579 113 164,581 10,744 8,588 2,467 601 3,429 94,252 n.a. 16,045 42 1,730 37 952 7,136 10,753 6,091 8,853 141 171,861 17,493 7,530 2,866 638 4,860 92,589 n.a. 17,139 46 1,417 42 1,112 8,937 8,234 8,778 13,152 221 185,054 14,957 9,042 2,669 523 5,827 114,459 n.a. 17,470 53 834 33 1,820 8,210 8,909 8,183 13,670 187 206,846 17,023 8,516 2,334 467 4,778 111,641 n.a. 12,169 33 987 29 1,224 7,963 6,680 7,232 10,964 368 192,408 19,671 10,903 2,098 578 5,378 113,383 23 18,172 22 980 29 1,264 7,494 4,411 8,281 13,726 163 206,576 15,413 10,261 3,071 470 6,276 137,918 23 29,424 21 819 62 1,108 8,644 5,917 7,803 11,941 133 239,304 n.a. 246 22 273 95 631 249 191 1,707 n.a. 361 16 251 112 463 342 227 1,772 n.a. 521 18 232 95 306 312 494 1,978 n.a. 553 11 228 108 312 361 207 1,780 n.a. 661 19 267 94 414 339 252 2,046 n.a. 771 37 245 84 444 307 850 2,738 21 1,156 32 283 105 653 309 259 2,818 22 1,181 8 313 71 461 335 420 2,811 15,211 2,243 82 17,536 2,180,396 13,143 2,896 221 16,260 2,166,937 14,948 2,111 109 17,168 2,361,007 13,260 2,732 93 16,085 2,452,832 18,569 3,601 178 22,348 2,434,196 21,413 3,973 416 25,802 2,632,797 22,248 3,188 402 25,838 2,733,791 28,497 3,244 219 31,960 2,817,593 6,856 1,189 6,095 2,635 6,794 1,308 10,492 361 8,086 1,867 9,040 2,154 10,960 1,455 10,274 832 8,045 2,188,441 8,730 2,175,667 8,102 2,369,109 10,853 2,463,685 9,953 2,444,149 11,194 2,643,991 12,415 2,746,206 11,106 2,828,699 Mar. June 34,495 n.a. 587,781 n.a. n.a. 351 5,610 760 7,843 762,888 29,566 n.a. 594,032 n.a. n.a. 391 5,725 690 9,140 772,412 9,425 6,316 2,298 617 3,119 102,859 n.a. 16,194 49 1,539 37 1,023 6,604 10,935 1,450 10,755 240 173,460 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, Nicaragua and Paraguay are included in “All other Latin America.” 2 5 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican Republic, and Haiti are included in “All other Caribbean.” 6 Before June 2006, data for Jordan are included in “All other Asia.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Before June 2006, data for Cameroon are included in “All other Africa.” 9 Includes Algeria, Gabon, Libya, and Nigeria. 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East organizations. March 2007 CAPITAL MOVEMENTS 70 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2006 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Europe: Austria ............................................... Belgium.............................................. Czech Republic ................................. Denmark............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary............................................. Ireland................................................ Italy .................................................... Kazakhstan1 ...................................... Luxembourg ...................................... Netherlands ....................................... Norway .............................................. Poland ............................................... Portugal ............................................. Romania ............................................ Russia................................................ Spain ................................................. Sweden.............................................. Switzerland........................................ Turkey................................................ United Kingdom................................. Channel Islands .................................. All other Europe 1 ............................... Total Europe ................................... Total claims (1) Total own claims (2) 8,469 4,200 19,950 14,141 2,578 2,577 1,687 462 15,054 12,818 170,797 113,813 54,563 20,069 888 149 133 115 47,332 19,626 35,122 26,850 446 439 17,690 11,868 37,807 27,307 33,006 27,024 1,591 1,585 1,950 1,014 265 264 1,746 1,734 14,823 10,816 37,427 10,362 141,631 135,834 4,084 3,949 749,619 609,830 40,776 30,384 2,172 1,358 1,441,607 1,088,588 Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in customer Payable in foreign claims dollars currencies (7) (8) (9) 4,134 13,788 2,560 300 12,739 103,456 16,222 143 70 18,997 25,425 437 10,064 24,499 26,988 1,560 832 232 1,669 9,714 10,122 132,205 3,611 586,730 30,272 1,106 1,037,875 660 12,648 2,535 133 12,668 90,909 6,839 59 5 9,519 25,250 300 2,263 8,115 25,288 1,539 585 9 1,421 9,580 8,160 128,120 2,741 449,558 26,325 807 826,036 3,474 1,140 25 167 71 12,547 9,383 84 65 9,478 175 137 7,801 16,384 1,700 21 247 223 248 134 1,962 4,085 870 137,172 3,947 299 211,839 66 353 17 162 79 10,357 3,847 6 45 629 1,425 2 1,804 2,808 36 25 182 32 65 1,102 240 3,629 338 23,100 112 252 50,713 4,269 5,809 1 1,225 2,236 56,984 34,495 740 18 27,706 8,272 7 5,822 10,500 5,982 6 935 1 12 4,007 27,065 5,797 135 139,789 10,392 814 353,019 3,450 2,841 1,051 1,547 38,721 17,958 3 24,993 3,143 7 5,086 4,394 5,767 1 155 3 874 26,724 5,751 8 126,765 8,401 744 278,388 819 2,968 1 174 689 18,262 16,536 736 18 2,713 5,129 736 6,106 215 5 780 1 9 3,133 341 46 127 13,024 1,991 70 74,631 Memo: Euro Area 2 ............................... 424,446 262,671 240,013 179,095 60,918 22,658 161,775 103,166 58,609 Canada................................................. Latin America: Argentina ........................................... Bolivia 3 .............................................. Brazil.................................................. Chile .................................................. Colombia ........................................... Costa Rica 3 ....................................... Ecuador ............................................. El Salvador 3 ...................................... Guatemala......................................... Honduras 3 ......................................... Mexico ............................................... Panama ............................................. Peru ................................................... Uruguay............................................. Venezuela ......................................... All other Latin America 3 .................... Total Latin America......................... 104,502 76,316 65,427 53,258 12,169 10,889 28,186 21,767 6,419 2,354 173 14,955 7,115 2,714 721 589 851 904 382 18,116 2,927 1,334 527 2,586 210 56,458 2,215 173 14,740 7,109 2,697 718 583 850 902 380 17,991 2,560 1,329 525 2,450 209 55,431 2,170 170 14,386 6,758 2,671 717 579 849 883 380 17,088 2,314 1,320 517 2,369 209 53,380 286 7 6,984 2,391 1,412 309 196 413 356 176 955 1,440 263 140 423 95 15,846 1,884 163 7,402 4,367 1,259 408 383 436 527 204 16,133 874 1,057 377 1,946 114 37,534 45 3 354 351 26 1 4 1 19 903 246 9 8 81 2,051 139 215 6 17 3 6 1 2 2 125 367 5 2 136 1 1,027 126 142 5 11 6 1 2 2 115 365 5 2 136 1 919 13 73 1 6 3 10 2 108 See footnotes at end of table. March 2007 CAPITAL MOVEMENTS 71 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2006, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Caribbean: Bahamas ........................................... Bermuda............................................ British Virgin Islands 4 ........................ Cayman Islands................................. Dominican Republic 4 ........................ Jamaica ............................................. Netherlands Antilles .......................... Trinidad and Tobago ......................... All other Caribbean 4 ......................... Total Caribbean .............................. Asia: China, Mainland ................................ Hong Kong ........................................ India................................................... Indonesia........................................... Israel.................................................. Japan................................................. Korea ................................................. Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Taiwan ............................................... Thailand............................................. All other Asia ..................................... Total Asia........................................ Africa: Egypt ................................................. Ghana................................................ Liberia................................................ Morocco............................................. South Africa....................................... All other Africa ................................... Total Africa ..................................... Other countries: Australia............................................. New Zealand ..................................... All other ............................................. Total other countries....................... Total foreign countries ................. International and regional orgs: International organizations ................ Regional organizations 5 .................... Total international and regional organizations ................................ Grand total ................................... 1 Total claims (1) Total own claims (2) Claims on all other foreigners (5) Claims of domestic customers Total Payable in customer Payable in foreign claims dollars currencies (7) (8) (9) Payable in foreign currencies (6) 207,743 25,734 2,926 693,951 452 688 3,962 792 4,703 940,951 137,006 22,046 2,717 536,988 452 688 3,950 745 4,567 709,159 135,513 21,574 2,179 517,768 439 665 3,945 745 4,434 687,262 131,894 77 18 433,294 88 99 1,017 205 50 566,742 3,619 21,497 2,161 84,474 351 566 2,928 540 4,384 120,520 1,493 472 538 19,220 13 23 5 133 21,897 70,737 3,688 209 156,963 12 47 136 231,792 70,624 3,624 209 155,644 12 47 136 230,296 113 64 1,319 1,496 15,413 10,261 3,071 470 6,276 137,918 29,424 819 62 1,108 8,644 5,917 7,803 12,118 239,304 15,229 9,511 2,705 458 4,879 128,975 29,105 799 59 1,102 7,272 5,746 7,529 12,057 225,426 15,223 9,202 2,646 439 4,851 123,353 28,978 783 57 1,094 5,906 5,563 7,342 10,734 216,171 14,412 5,376 2,266 173 4,691 115,720 27,638 713 42 852 4,750 5,004 7,336 10,057 199,030 811 3,826 380 266 160 7,633 1,340 70 15 242 1,156 559 6 677 17,141 6 309 59 19 28 5,622 127 16 2 8 1,366 183 187 1,323 9,255 184 750 366 12 1,397 8,943 319 20 3 6 1,372 171 274 61 13,878 184 111 346 12 1,385 7,779 270 4 3 269 4 8 52 10,427 639 20 12 1,164 49 16 3 3 1,103 167 266 9 3,451 1,181 8 313 71 461 777 2,811 624 5 313 71 316 744 2,073 601 5 304 48 282 740 1,980 154 5 2 48 222 359 790 447 302 60 381 1,190 23 9 23 34 4 93 557 3 145 33 738 4 3 120 32 159 553 25 1 579 28,497 3,244 219 31,960 2,817,593 16,127 1,128 219 17,474 2,174,467 13,549 901 218 14,668 2,076,763 9,244 444 5 9,693 1,671,395 4,305 457 213 4,975 405,368 2,578 227 1 2,806 97,704 12,370 2,116 14,486 643,126 11,061 2,074 13,135 555,091 1,309 42 1,351 88,035 10,274 832 8,372 298 8,372 298 - 8,372 298 - 1,902 534 1,883 512 19 22 11,106 2,828,699 8,670 2,183,137 8,670 2,085,433 1,671,395 8,670 414,038 97,704 2,436 645,562 2,395 557,486 41 88,076 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 3 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in “All other Latin America.” 2 Foreign official institutions and foreign banks (4) Total own claims payable in dollars (3) 4 Before June 2006, data for the British Virgin Islands and Dominican Republic are included in “All other Caribbean.” 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations March 2007 CAPITAL MOVEMENTS 72 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1100 In September 2006, U.S. claims on foreigners reported by U.S. banks amounted to about $2.8 trillion, an increase of $385 billion from the level recorded at yearend 2005. U.S. banking claims include holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $256 billion in 2005, $488 billion in 2004, and $183 billion in 2003. In large part, the increase in claims in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking claims increased $12 billion. (In billions of dollars) 1000 900 800 700 600 500 400 300 200 100 0 2002 2003 2004 2005 Sept. 2006 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom ....................... All other Europe ....................... Caribbean banking centers 1,2 . Japan ....................................... All other Asia............................ Subtotal.................................. All other countries .................... Grand total ............................. 1 2 2002 2003 2004 2005 Sept.2006 293,642 406,139 533,194 59,792 53,952 1,346,719 170,023 385,701 401,137 612,200 74,174 65,922 1,539,134 160,865 567,001 527,615 755,954 102,859 70,601 2,024,030 164,411 626,351 604,737 815,483 114,459 92,387 2,253,417 190,732 749,619 691,988 934,317 137,918 101,386 2,615,228 213,471 1,516,742 1,699,999 2,188,441 2,444,149 2,828,699 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. March 2007 As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. CAPITAL MOVEMENTS 73 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of liability or claim Total liabilities ................................................ Payable in dollars....................................... Financial................................................. Short-term negotiable securities........ Other .................................................. Commercial............................................ Trade payables .................................. Advance receipts and other............... Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of liability: Financial............................................. Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade payables .............................. Advance receipts and other........... Total claims.................................................... Payable in dollars....................................... Financial................................................. Non-negotiable deposits .................... Negotiable CDs and short-term negotiable instruments..................... Other .................................................. Commercial............................................ Trade receivables .............................. Advance payments and other............ Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of claim: Financial............................................. Non-negotiable deposits ................ Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade receivables .......................... Advance payments and other........ 2002 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 Calendar year 2003 73,700 43,147 15,515 1,895 13,620 27,632 16,000 11,632 30,553 2004 92,009 55,386 29,575 1,410 28,165 25,811 16,705 9,106 36,623 Sept. r 66,468 52,307 17,794 1,520 16,274 34,513 22,651 11,862 14,161 2005 Dec. r 76,710 58,728 24,003 3,248 20,755 34,725 21,751 12,974 17,982 Mar. r 75,888 57,864 19,631 1,282 18,349 38,233 24,863 13,370 18,024 2006 June 77,775 60,167 19,160 1,787 17,373 41,007 27,942 13,921 17,608 Sept. p 89,537 67,189 27,266 4,857 22,409 39,923 27,135 13,872 22,348 n.a. n.a. n.a. n.a. n.a. 1,630 11,159 12,031 2,702 3,031 2,623 10,125 19,041 1,860 2,974 2,015 5,031 3,132 1,685 2,298 2,525 5,041 3,640 2,326 4,450 1,589 7,384 3,160 1,638 4,253 1,806 4,722 3,378 1,516 6,186 2,978 4,341 3,153 1,560 10,316 20,717 n.a. n.a. 1,860 1,230 630 102,566 91,551 65,070 n.a. 28,095 12,107 15,988 2,458 1,174 1,284 100,916 83,388 57,894 33,944 33,272 10,349 22,923 3,351 1,476 1,875 143,232 94,884 67,445 42,005 11,553 3,918 7,635 2,608 1,134 1,474 135,339 94,286 66,405 42,026 15,246 5,802 9,444 2,736 1,299 1,437 144,950 105,700 75,802 42,140 15,076 4,172 10,904 2,948 1,336 1,612 129,849 91,591 60,724 32,700 14,133 4,547 9,586 3,475 1,339 1,280 135,306 108,485 75,526 36,014 19,103 4,970 14,133 3,245 1,318 843 148,606 110,533 78,370 29,752 n.a. n.a. 26,481 22,635 3,846 11,015 3,047 21,365 25,494 21,245 4,249 17,528 9,739 16,314 27,439 24,778 2,661 48,348 11,513 13,118 27,881 24,817 3,064 41,053 12,888 20,774 29,898 26,080 3,818 39,250 12,129 15,920 30,867 27,043 3,824 38,258 12,614 26,898 32,959 30,038 3,843 26,821 21,439 27,179 32,163 29,281 3,895 38,073 n.a. n.a. n.a. n.a. n.a. 2,469 4,318 4,429 1,420 4,892 1,841 22,212 10,805 7,583 5,907 11,178 11,423 9,204 4,076 5,172 9,829 10,643 8,341 3,724 6,713 8,267 9,937 9,061 3,636 7,357 9,014 6,377 5,418 760 5,252 11,114 7,792 5,049 889 13,229 6,319 n.a. n.a. n.a. 4,696 3,750 946 9,453 1,976 164 7,313 8,075 7,373 702 43,072 5,878 153 37,041 5,276 4,451 825 37,808 7,703 332 29,773 3,245 2,718 527 35,592 8,009 292 27,291 3,658 3,151 507 34,119 7,890 236 25,993 4,139 3,491 648 23,168 6,422 173 16,573 3,653 2,229 502 34,180 4,855 203 29,122 3,893 2,146 734 March 2007 CAPITAL MOVEMENTS 74 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country Europe: Austria .................................. Belgium 1 .............................. Bulgaria ................................ Czech Republic.................... Denmark............................... Finland ................................. France .................................. Germany .............................. Greece ................................. Hungary................................ Ireland .................................. Italy....................................... Luxembourg 1 ....................... Netherlands.......................... Norway ................................. Poland .................................. Portugal................................ Romania............................... Russia 2 ................................ Serbia and Montenegro (formerly Yugoslavia) 3..... Spain .................................... Sweden ................................ Switzerland .......................... Turkey .................................. United Kingdom ................... Channel Islands and Isle of Man 4 ..................... Other Europe ....................... Total Europe .................... Canada..................................... Latin America: Argentina.............................. Brazil .................................... Chile ..................................... Colombia.............................. Ecuador................................ Guatemala ........................... Mexico.................................. Panama................................ Peru...................................... Uruguay................................ Venezuela ............................ Other Latin America 5 ........... Total Latin America ............. Caribbean: Bahamas.............................. Bermuda................................... British West Indies 6................. Cayman Islands 6 ................. Cuba..................................... Jamaica................................ Netherlands Antilles............. Trinidad and Tobago............ Other Caribbean 5 ................ Total Caribbean ............... See footnotes at end of table. March 2007 2005 2001 2002 2003 2004 151 253 3 10 148 86 3,575 3,249 410 27 1,264 1,395 n.a. 3,117 320 43 16 17 48 64 285 4 13 522 56 6,008 3,704 403 32 785 1,271 n.a. 2,415 406 46 17 20 38 82 163 3 6 67 47 4,443 4,386 474 11 856 1,154 705 668 445 26 7 30 71 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 14 423 97 884 133 25,131 9 403 115 494 101 25,180 1,068 656 1,884 302 26,911 n.a. 211 41,025 n.a. 201 42,592 2,577 Sept. 2006 Dec. r Mar. r June Sept. p 137 88 13 76 28 2,860 3,431 475 11 1,388 1,390 583 708 795 225 28 6 115 68 73 17 78 20 2,631 3,646 401 12 1,636 1,174 378 895 3,537 229 39 4 64 103 83 10 72 20 2,601 4,154 344 12 1,312 1,220 454 1,057 449 316 47 2 73 93 110 14 137 74 3,249 3,655 358 15 1,242 990 368 875 347 326 49 5 120 41 118 34 19 76 47 2,362 10,660 349 14 1,315 936 433 1,068 460 317 24 6 101 2 591 800 1,078 180 32,878 7 384 431 1,159 150 12,801 4 399 747 1,237 137 15,093 5 262 774 945 283 12,414 2 567 170 1,282 217 13,724 1 208 927 1,526 230 16,587 188 44,653 2 286 47,720 502 350 28,143 501 250 33,271 760 319 28,092 35 260 28,284 10 382 38,251 2,179 3,405 4,578 4,894 4,905 4,752 5,176 6,248 50 325 56 82 4 13 935 49 41 8 168 284 2,015 62 318 55 50 5 13 1,201 61 21 6 178 503 2,473 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 114 212 325 142 28 8 1,949 49 3 2 738 83 3,653 148 288 387 106 10 23 2,234 56 8 2 681 105 4,048 180 219 392 182 6 18 2,769 48 20 3 499 61 4,397 199 289 444 218 8 7 2,826 80 10 3 467 112 4,663 173 282 474 231 28 16 2,558 57 11 1 452 38 4,321 209 1,551 1,672 n.a. 42 12 46 38 n.a. 3,570 74 1,528 401 n.a. 29 28 11 33 n.a. 2,104 14 1,224 n.a. 3,154 2 17 3 16 564 4,994 32 9,230 n.a. 7,279 24 14 15 729 17,323 74 698 n.a. 6,589 17 14 13 849 8,254 70 1,704 n.a. 6,522 14 13 44 936 9,303 82 1,457 n.a. 8,963 15 11 42 479 11,049 65 1,089 n.a. 8,818 17 2 42 995 11,028 85 736 n.a. 10,585 18 2 19 1,064 12,509 CAPITAL MOVEMENTS 75 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. .................... Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea...................................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... Thailand.................................. Oil-exporting countries 7 ......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana..................................... Liberia..................................... Morocco.................................. South Africa............................ Oil-exporting countries 8 ......... Other Africa ............................ Total Africa ......................... Other countries: Australia ................................. New Zealand 9 ........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs: International organizations..... Regional organizations 10 ....... Total international and regional organizations...... Grand total ..................... 1 2001 Calendar year 2002 2003 2004 Sept. Mar. r 2006 June Sept. p 735 560 179 44 195 5,850 897 57 393 94 1,100 1,793 6 819 105 2,649 83 15,559 1,252 495 160 100 350 6,124 548 53 140 158 108 1,796 13 659 118 3,993 247 16,314 1,129 583 86 60 519 6,196 1,331 13 188 233 139 1,436 2 441 34 3,184 284 15,858 3,983 668 103 74 302 5,869 723 35 256 171 117 822 21 491 79 2,946 303 16,963 2,690 684 135 68 223 7,196 1,714 35 384 194 102 1,523 2 701 194 3,897 306 20,048 3,825 746 158 89 613 7,354 1,743 42 335 230 109 1,823 4 1,010 212 4,159 298 22,750 3,744 783 269 60 386 7,172 1,770 27 439 186 105 2,705 4 1,275 499 5,637 216 25,277 4,077 684 275 48 417 7,447 1,859 13 417 143 120 2,396 3 1,098 789 5,991 230 26,007 3,653 1,148 381 51 314 7,255 1,627 17 326 151 136 2,592 5 1,203 616 6,178 230 25,883 1 117 3 30 34 111 441 152 889 1 128 2 1 42 130 496 158 958 86 28 4 41 52 464 230 905 132 2 14 44 36 518 332 1,078 121 2 40 53 555 202 973 119 1 1 42 950 590 210 1,913 1 141 4 6 46 953 440 145 1,736 1 131 3 69 43 805 755 280 2,087 112 3 2 42 744 591 217 1,711 584 n.a. 430 1,014 732 n.a. 238 970 1,053 71 98 1,222 1,047 51 98 1,196 391 29 80 500 397 38 83 518 466 28 87 581 486 23 7 516 516 25 47 588 66,649 67,590 73,684 92,007 66,465 76,708 75,884 77,761 89,511 30 22 52 16 2 3 2 4 14 3 23 30 74 16 2 3 2 4 14 26 66,679 67,664 73,700 92,009 66,468 76,710 75,888 77,775 89,537 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 2005 Dec. r 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 6 March 2007 CAPITAL MOVEMENTS 76 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ....................................... Belgium 1 ................................... Bulgaria ..................................... Czech Republic......................... Denmark.................................... Finland ...................................... France ....................................... Germany ................................... Greece ...................................... Hungary..................................... Ireland ....................................... Italy............................................ Luxembourg 1 ............................ Netherlands............................... Norway ...................................... Poland ....................................... Portugal..................................... Romania.................................... Russia 2 ..................................... Serbia and Montenegro (formerly Yugoslavia) 3.......... Spain ......................................... Sweden ..................................... Switzerland ............................... Turkey ....................................... United Kingdom ........................ Channel Islands and Isle of Man 4 .......................... Other Europe ............................ Total Europe ......................... Canada.......................................... Latin America: Argentina................................... Brazil ......................................... Chile .......................................... Colombia................................... Ecuador..................................... Guatemala ................................ Mexico....................................... Panama..................................... Peru........................................... Uruguay..................................... Venezuela ................................. Other Latin America 5 ................ Total Latin America ................... Caribbean: Bahamas................................... Bermuda......................................... British West Indies 6 .................... Cayman Islands 6 ...................... Cuba.......................................... Jamaica..................................... Netherlands Antilles.................. Trinidad and Tobago................. Other Caribbean 5 ..................... Total Caribbean .................... See footnotes at end of table. March 2007 2001 Calendar year 2002 2003 2005 2004 Sept. Dec. Mar. r 2006 June Sept. p 1,985 893 13 79 138 238 4,371 2,726 339 66 821 1,434 n.a. 2,667 257 77 71 34 137 1,770 991 9 62 112 624 6,411 5,447 409 51 516 2,963 n.a. 5,138 286 79 222 24 93 1,752 523 14 54 716 176 5,865 4,132 204 53 423 4,069 115 3,184 315 104 161 25 118 1,816 2,307 37 64 494 617 3,713 6,787 199 46 1,672 2,434 127 7,883 229 57 146 47 157 2,071 823 26 47 290 728 6,346 3,405 168 33 884 3,118 357 3,610 354 51 123 25 307 2,159 1,822 29 49 341 336 5,063 4,238 380 57 795 3,702 391 3,387 402 58 60 22 359 2,309 1,412 14 54 184 385 3,947 3,787 241 58 468 2,035 354 3,797 268 58 62 26 731 1,977 525 17 55 135 408 5,271 4,134 199 84 741 2,020 474 2,201 233 71 85 18 684 2,037 787 7 51 157 521 4,663 10,718 215 34 936 2,028 351 3,242 324 81 63 28 724 23 1,042 441 1,200 383 20,343 10 1,370 417 886 503 14,390 13 1,803 779 2,538 474 15,366 14 1,242 648 2,506 594 27,699 12 1,737 469 2,607 567 24,853 17 2,032 503 1,876 638 24,772 9 1,232 486 2,184 787 24,671 12 1,410 456 2,075 472 26,425 10 1,410 508 2,414 519 35,714 n.a. 362 40,140 9,011 n.a. 422 43,205 7,803 546 43,522 8,381 25 607 62,171 8,429 70 945 54,027 16,291 16 1,315 54,820 16,122 26 918 50,503 14,375 9 862 51,053 15,802 29 1,023 68,594 17,551 810 3,081 242 240 62 90 4,466 105 79 20 371 919 10,485 602 3,036 217 240 112 79 4,180 79 69 30 392 1,102 10,138 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 367 2,692 302 274 75 114 3,762 183 87 29 546 512 8,943 350 2,972 303 299 95 100 4,108 198 117 5 539 485 9,571 420 2,602 317 273 97 107 3,644 240 138 11 572 425 8,846 428 2,684 289 337 124 135 3,079 233 131 12 526 265 8,243 507 2,473 310 364 112 135 3,243 225 138 11 482 311 8,311 1,018 1,287 33,060 n.a. 2 93 70 45 n.a. 35,575 1,069 1,011 21,547 n.a. 94 45 54 n.a. 23,820 1,075 1,024 n.a. 20,067 16 84 32 100 951 23,349 1,631 5,358 n.a. 36,320 8 67 37 120 1,085 44,626 3,703 1,611 n.a. 30,557 1 65 17 135 1,255 37,344 1,631 2,238 n.a. 36,416 12 70 42 119 1,721 42,249 2,403 2,303 n.a. 29,438 2 67 37 143 1,077 35,470 3,841 2,763 n.a. 29,633 3 72 15 142 1,544 38,013 4,494 2,095 n.a. 23,854 2 61 16 135 1,349 32,006 CAPITAL MOVEMENTS 77 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. .................... Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea...................................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... Thailand ................................. Oil-exporting countries 7......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana .................................... Liberia .................................... Morocco ................................. South Africa ........................... Oil-exporting countries 8......... Other Africa............................ Total Africa......................... Other countries: Australia ................................. New Zealand 9........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs : International organizations..... Regional organizations 10 ....... Total international and regional organizations...... Grand total ..................... 1 2001 Calendar year 2002 2003 Sept. Dec. Mar. r 2006 June Sept. p 1,052 1,094 638 239 700 3,610 1,850 16 645 44 1,001 1,120 11 853 232 985 189 14,279 867 682 743 280 453 3,618 1,738 21 521 17 708 1,044 28 696 237 897 132 12,682 1,066 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 783 250 1,046 222 12,669 3,688 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 892 326 1,208 309 15,783 3,798 815 550 616 475 2,327 1,220 18 494 96 420 1,425 5 865 302 1,364 317 15,107 4,958 941 413 445 403 2,696 1,244 22 536 57 275 1,944 6 853 295 1,800 408 17,296 4,600 1,183 413 387 390 2,663 1,216 28 327 56 109 1,345 7 743 337 1,670 288 15,762 4,686 1,260 618 392 452 2,824 1,065 30 386 66 302 1,525 3 996 340 2,548 221 17,714 4,386 911 441 308 416 2,982 1,378 38 375 41 219 1,657 3 883 345 2,935 289 17,607 233 7 28 35 293 137 326 1,059 18 155 9 50 24 273 120 330 979 2 176 8 109 27 247 150 336 1,055 1 159 4 102 33 193 162 281 935 2 166 12 92 12 162 289 398 1,133 1 194 16 98 23 1,075 295 419 2,121 4 213 13 89 26 1,095 349 396 2,185 13 169 15 75 58 980 351 426 2,087 12 196 16 86 26 967 393 422 2,118 2,150 n.a. 383 2,533 113,082 3,540 n.a. 393 3,933 102,560 3,619 208 83 3,910 100,905 1,588 441 245 2,274 143,218 1,851 433 199 2,483 135,328 2,144 420 207 2,771 144,950 2,121 381 197 2,699 129,840 2,169 164 49 2,382 135,294 2,198 159 50 2,407 148,594 - 2 4 1 10 3 11 1 10 - 2 7 11 1 4 8 - 6 11 14 11 - 9 12 12 113,082 102,566 100,916 143,232 135,339 144,950 129,849 135,306 148,606 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 2005 2004 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2007 CAPITAL MOVEMENTS 78 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, September 30, 2006, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium 1 ....................................... Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg 1 ................................ Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia 2 ......................................... Serbia and Montenegro (formerly Yugoslavia) 3 .............. Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man 4 .............................. Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America 5 .................... Total Latin America ....................... Caribbean: Bahamas ....................................... Bermuda............................................. Cayman Islands 6 ............................. Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean 5 ......................... Total Caribbean......................... See footnotes at end of table. March 2007 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 41 118 34 19 76 47 2,362 10,660 349 14 1,315 936 433 1,068 460 317 24 6 101 25 2 4 3 37 823 9,455 25 7 1,265 8 393 449 7 5 15 16 116 34 15 73 10 1,539 1,205 324 7 50 928 40 619 453 317 19 6 86 2,037 787 7 51 157 521 4,663 10,718 215 34 936 2,028 351 3,242 324 81 63 28 724 1,983 564 4 16 73 179 2,569 9,074 65 2 339 535 95 2,712 167 4 32 9 566 54 223 3 35 84 342 2,094 1,644 150 32 597 1,493 256 530 157 77 31 19 158 1 208 927 1,526 230 16,587 52 820 145 23 12,973 1 156 107 1,381 207 3,614 10 1,410 508 2,414 519 35,714 626 275 1,364 427 31,907 10 784 233 1,050 92 3,807 10 382 38,251 6,248 10 38 26,584 2,911 344 11,667 3,337 29 1,023 68,594 17,551 3 865 54,455 15,179 26 158 14,139 2,372 173 282 474 231 28 16 2,558 57 11 1 452 38 4,321 10 67 6 35 15 2 135 163 215 468 231 28 16 2,523 42 11 1 452 36 4,186 507 2,473 310 364 112 135 3,243 225 138 11 482 311 8,311 46 1,421 63 24 32 39 1,244 141 19 1 128 146 3,304 461 1,052 247 340 80 96 1,999 84 119 10 354 165 5,007 85 736 10,585 18 2 19 1,064 12,509 16 10,016 7 6 74 10,119 85 720 569 11 2 13 990 2,390 4,494 2,095 23,854 2 61 16 135 1,349 32,006 4,463 1,631 23,291 22 3 69 165 29,644 31 464 563 2 39 13 66 1,184 2,362 CAPITAL MOVEMENTS 79 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, September 30, 2006, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland ............................ Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea............................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Taiwan........................................... Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand 7 ............................... All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International organizations............ Regional organizations 8 ............... Total international and regional organizations............. Grand total ............................ 1 Total liabilities (1) Liabilities Financial (2) Total claims (4) Claims Financial (5) Commercial (6) 3,653 1,148 381 51 314 7,255 1,627 17 326 151 136 2,592 5 1,203 616 230 25,883 2,921 147 38 15 2 1,223 68 3 8 3 19 94 20 4 30 5,795 732 1,001 343 36 312 6,032 1,559 14 318 148 117 2,498 5 1,183 612 200 20,088 4,386 911 441 308 416 2,982 1,378 38 375 41 219 1,657 3 883 345 289 17,607 3,285 378 52 222 54 779 495 11 119 151 137 54 198 104 7,248 1,101 533 389 86 362 2,203 883 27 256 41 68 1,520 3 829 147 185 10,359 112 3 2 42 744 217 1,711 1 1 3 723 13 741 111 3 1 39 21 204 970 12 196 16 86 26 967 422 2,118 12 10 86 11 771 154 1,078 186 16 15 196 268 1,040 516 25 47 588 77 6 1 84 439 19 46 504 2,198 159 50 2,407 1,522 86 34 1,642 676 73 16 765 89,511 46,369 43,142 148,594 112,550 36,044 3 23 - 3 23 4 8 - 4 8 26 - 26 12 - 12 89,537 46,369 43,168 148,606 112,550 36,056 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 2 Commercial (3) 4 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other countries.” 8 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 5 March 2007 CAPITAL MOVEMENTS 80 SECTION IV.—U.S. International Transactions in Long-Term Securities TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Marketable Treasury bonds and notes Net foreign purchases Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (2) (3) (4) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) Calendar year or month Total (1) 2002 ......................................... 2003 ......................................... 2004 ......................................... 2005 r ....................................... 2006 - Jan. - Dec. p.................. 119,921 263,580 352,079 338,112 198,557 7,149 103,838 201,140 68,689 62,530 110,761 159,685 150,220 266,471 134,913 2,011 57 719 2,952 1,114 7,264,450 8,001,517 8,936,045 10,051,248 10,956,492 7,144,529 7,737,937 8,583,966 9,713,136 10,757,935 195,145 155,800 226,401 219,256 290,760 1,727,972 1,440,289 1,209,381 1,097,458 1,572,175 1,532,827 1,284,489 982,980 878,202 1,281,415 2005 - Dec. r ............................ 2006 - Jan. r. ............................ Feb. r ............................ Mar. r ............................ Apr. r............................. May r ............................ June r ........................... July r............................. Aug ............................... Sept .............................. Oct................................ Nov. p ........................... Dec. p ........................... 17,024 1,714 19,124 8,823 -3,841 17,762 28,670 11,156 44,103 1,655 24,690 34,120 10,581 5,838 6,378 12,679 -7,332 11,078 -13,969 -4,702 8,239 16,882 7,706 18,463 1,016 6,092 10,892 -5,089 6,707 16,481 -15,325 30,971 33,860 2,546 27,342 -6,038 6,395 32,489 4,574 294 425 -262 -326 406 760 -488 371 -121 -13 -168 615 -85 599,609 853,528 867,720 975,496 719,043 1,087,416 911,422 815,315 908,244 906,746 955,892 1,000,158 955,512 582,585 851,814 848,596 966,673 722,884 1,069,654 882,752 804,159 864,141 905,091 931,202 966,038 944,931 11,218 29,154 30,063 15,509 18,005 36,891 23,006 19,537 33,477 25,204 16,110 15,767 28,037 94,276 125,513 127,232 118,944 129,696 147,871 125,726 123,739 127,242 123,864 127,603 140,619 154,126 83,058 96,359 97,169 103,435 111,691 110,980 102,720 104,202 93,765 98,660 111,493 124,852 126,089 Corporate and other securities Bonds 1 Calendar year or month Net foreign purchases (10) Stocks Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2002 .............................................................................. 2003 .............................................................................. 2004 .............................................................................. 2005 ............................................................................. 2006 - Jan. - Dec. p....................................................... 182,310 265,743 309,500 372,222 502,971 820,747 979,923 1,171,415 1,277,006 1,668,587 638,437 714,180 861,915 904,784 1,165,616 50,189 34,737 28,476 81,950 149,845 3,209,760 3,104,232 3,862,043 4,731,749 6,903,574 3,159,571 3,069,495 3,833,567 4,649,799 6,753,729 2005 - Dec..................................................................... 2006 - Jan. r .................................................................. Feb. r ................................................................. Mar. r ................................................................. Apr. r.................................................................. May r ................................................................. June r ................................................................ July r.................................................................. Aug .................................................................... Sept ................................................................... Oct..................................................................... Nov. p ................................................................ Dec. p ................................................................ 35,841 30,234 37,689 49,620 40,272 42,826 40,890 20,545 39,765 58,958 40,787 65,396 35,989 107,408 107,127 130,715 151,543 119,269 145,272 135,320 96,550 131,907 157,606 149,072 176,737 167,469 71,567 76,893 93,026 101,923 78,997 102,446 94,430 76,005 92,142 98,648 108,285 111,341 131,480 10,333 25,229 17,826 22,770 12,319 13,960 -1,643 14,411 7,979 14,639 26,992 6,963 -11,600 421,895 499,945 494,941 577,450 513,772 684,113 621,723 539,824 583,110 562,165 642,661 610,618 573,252 411,562 474,716 477,115 554,680 501,453 670,153 623,366 525,413 575,131 547,526 615,669 603,655 584,852 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. March 2007 CAPITAL MOVEMENTS 81 TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) 2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 2005 .................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 2006 - Jan. - Sept. p ............................ -246,022 -139,675 1,868,994 2,008,669 -106,347 3,699,449 3,805,796 2005 - Dec. .......................................... -22,036 -5,615 117,158 122,773 -16,421 230,215 246,636 2006 - Jan. r ......................................... -15,350 -3,985 143,287 147,272 -11,365 257,226 268,591 Feb. r ........................................ -11,533 44 146,226 146,182 -11,577 288,877 300,454 Mar. r ........................................ -21,514 -8,803 171,103 179,906 -12,711 310,443 323,154 Apr. r......................................... -19,142 -7,659 132,420 140,079 -11,483 283,598 295,081 May r ........................................ -23,299 -14,990 173,593 188,583 -8,309 388,816 397,125 June r ....................................... -7,919 -10,091 143,862 153,953 2,172 323,827 321,655 July r......................................... -21,753 -18,537 123,918 142,455 -3,216 262,693 265,909 Aug ........................................... -2,907 -9,364 139,924 149,288 6,457 287,599 281,142 Sept .......................................... -22,799 -13,558 145,881 159,439 -9,241 281,210 290,451 Oct............................................ -15,047 -6,691 162,901 169,592 -8,356 346,249 354,605 Nov. p ....................................... -37,361 -17,583 190,822 208,405 -19,778 342,699 362,477 Dec. p ....................................... -47,398 -28,458 195,057 223,515 -18,940 326,212 345,152 Calendar year or month Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) March 2007 CAPITAL MOVEMENTS 82 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Europe: Austria............................. Belgium........................... Bulgaria........................... Cyprus 1 .......................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Kazakhstan 1 ................... Luxembourg.................... Monaco 1 ......................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia............................. Serbia and Montenegro 2... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. Ukraine 1 ......................... United Kingdom .............. Channel Islands .............. All other Europe 1 ............ Total Europe ............... Memo: Euro Area 3 .............. Memo: European Union 4 .... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica 5 .................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... All other Latin America 5 ... Total Latin America ..... See footnotes at end of table. March 2007 Marketable Treasury bonds and notes 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (2) (3) (1) U.S. Government corporations and Federal agency bonds 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (5) (6) (4) Corporate bonds 2006 Oct. Jan. Calendar through year through Dec. Dec. p 2005 r (8) (9) (7) Corporate stocks 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (11) (12) (10) 53 500 -108 n.a. 3,072 -713 -116 9,559 14,497 129 19 1,246 3,753 n.a. 2,046 n.a. -6,095 6,414 2,352 -264 107 1,974 217 3,859 1,832 -4,904 403 n.a. 134,118 419 -731 173,638 29,167 n.a. 21,452 -927 580 -26 n.a. 520 -2,970 -39 -1,600 1,471 302 147 -1,293 255 n.a. -1,290 n.a. 690 5,129 -1,323 -786 514 5,830 301 -1,351 703 -2,884 4,320 n.a. 92,605 -96 1,033 99,815 -3,988 n.a. 17,955 -720 -191 15 11 -93 -46 75 7,513 -677 -11 -44 -2,657 -207 965 -847 69 2,000 15,420 930 -310 427 627 254 -153 -887 -2,701 -810 549 31,235 -68 -22 49,646 3,815 34,986 -3,294 13 -398 34 n.a. -205 540 52 500 5,938 16 -26 3,591 721 n.a. 1,583 n.a. 1,259 1,238 -708 42 -145 3,101 1 213 252 -1,971 8 n.a. 40,819 54 -958 55,564 13,530 n.a. 12,476 -91 -193 49 n.a. -318 -14 130 -261 4,471 6 -3,062 4,175 356 n.a. 5,045 n.a. -648 8,833 -123 -129 592 12,738 -265 707 -181 3 n.a. 53,552 1,530 1,902 88,802 12,594 n.a. 11,684 2 -190 36 11 -130 -38 -11 799 1,265 -9 -234 154 -302 1,160 -261 39 -200 3,037 -126 -198 -196 1,472 -259 -28 175 165 14,012 1,488 -104 21,529 790 14,218 3,008 -74 3,625 -12 n.a. -57 -921 -80 13,156 6,488 10 190 12,184 -53 n.a. 4,610 n.a. 2,772 3,100 -15 21 5 1 7,101 -370 3,742 4 n.a. 168,881 16,570 831 241,709 49,760 n.a. 2,279 379 -635 32 n.a. 11 -354 100 21,626 -11,919 67 -1,207 13,934 -505 n.a. 4,691 n.a. 3,379 5,725 -35 21 2 63 6,580 2,238 9,965 65 n.a. 240,657 10,397 406 305,682 37,717 n.a. 8,182 148 -519 20 209 6 -251 47 9,119 -17,107 47 -51 4,089 177 8 274 20 1,804 1,451 1 -65 1 35 651 1,326 4,101 66 74,000 1,835 -24 81,418 -1,335 73,903 2,463 -88 5,757 -13 n.a. 95 663 429 7,675 -3,278 53 -22 1,660 -2,567 n.a. 7,924 n.a. -2,326 2,300 -9 -50 -1 -52 -26 -486 1,334 -43 n.a. 19,775 350 538 39,592 15,163 n.a. 16,549 -74 1,622 -9 n.a. 100 2,161 118 21,738 -8,164 -231 116 -1,775 -2,333 n.a. 11,611 n.a. -5,428 -583 -46 120 -12 -41 -1 289 664 1,194 -79 n.a. 75,464 96 35 96,552 17,493 n.a. 11,822 -14 -1,452 -342 12 220 -168 9,991 -4,039 -233 22 -2,421 -1,311 -2 2,025 57 -3,611 -140 -27 -33 -10 -111 43 538 -1,307 -19 -4 11,835 -958 49 8,590 -1,223 11,031 2,043 403 12,269 -1,507 1,512 n.a. 16 365 9,756 282 -39 393 518 -600 23,368 32 23,100 97 -1,832 n.a. 40 -107 -308 36 -78 -116 242 763 21,869 52 6,904 116 232 167 6 58 -5,732 -49 1 -503 313 -222 1,343 109 629 335 560 n.a. 1 39 11,874 531 767 539 -13 102 15,473 81 5,166 307 623 n.a. 217 33 6,371 270 641 324 185 -37 14,181 53 841 30 453 150 12 5,462 36 88 -87 122 -38 7,122 1,248 524 226 270 n.a. 250 -6 1,618 837 433 630 500 673 7,203 591 617 726 957 n.a. 128 -32 3,863 543 694 282 1,516 150 10,035 69 326 362 337 42 -38 -2 999 -45 218 103 52 -4 2,419 -2 -218 121 82 n.a. -9 -4 -266 202 18 67 -111 17 -103 183 -348 263 117 n.a. -28 -7 1,753 123 159 102 -191 25 2,151 91 -280 62 13 -12 -3 4 378 108 -7 25 93 16 488 CAPITAL MOVEMENTS 83 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Caribbean: Anguilla 6 ................................... Bahamas ................................... Barbados 6 ................................. Bermuda .................................... British Virgin Islands 6 ................ Cayman Islands ......................... Cuba.......................................... Jamaica ..................................... Netherlands Antilles................... Trinidad and Tobago.................. All other Caribbean 6 .................. Total Caribbean ..................... Asia: China, Mainland......................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea......................................... Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand..................................... Oil exporting countries 7 ............. All other Asia.............................. Total Asia .............................. Africa: Egypt ......................................... Liberia........................................ Morocco..................................... South Africa ............................... Oil exporting countries 8 ............. All other Africa ........................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other ............................. Total foreign countries ....... International and regional orgs: International organizations......... Regional organizations 9 ............ Total international and regional organizations.............. Grand total......................... Marketable Treasury bonds and notes 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (1) (2) (3) U.S. Government corporations and Federal agency bonds 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (4) (5) (6) Corporate bonds 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (7) (8) (9) Corporate stocks 2006 Jan. Oct. Calendar year through through Dec. Dec. p 2005 r (10) (11) (12) n.a. 5,454 n.a. 33,924 n.a. -9,082 -135 839 -77 14,074 44,997 n.a. -8,110 n.a. 2,662 n.a. -18,698 -174 11,451 626 2,667 -9,576 -645 -666 1,058 1,059 123 -6,159 35 6,087 249 -15 1,126 n.a. -72 n.a. 1,876 n.a. 12,467 294 -465 159 3,045 17,304 n.a. 377 n.a. 2,577 n.a. 31,810 216 278 27 5,058 40,343 3 -71 759 783 319 7,221 61 4 33 107 9,219 n.a. 1,110 n.a. 5,448 n.a. 34,154 167 124 -72 -443 40,488 n.a. 2,102 n.a. 10,611 n.a. 73,000 40 403 -63 6,705 92,798 826 1,056 300 2,450 245 26,219 -9 99 -21 173 31,338 n.a. 2,176 n.a. 4,763 n.a. 5,034 5 2,657 9 770 15,414 n.a. -2,011 n.a. 6,125 n.a. 27,438 5 -517 48 3,933 35,021 1,111 205 -120 1,534 1,981 12,783 2 -256 10 3 17,253 37,369 12,313 526 1,243 641 -5,015 1,459 2 1,056 -39 1,070 2,391 4,355 8,423 2,063 460 68,317 37,709 16,234 -730 2,074 6,004 2,015 6,768 1 -2,393 -42 -207 -2,512 -4,690 1,292 4,183 716 66,422 9,529 22,986 2,609 16,289 336 7 710 -191 6,205 270 9,170 59,140 -2,360 4,006 4 -3 -98 1,795 33 28 -238 380 -2,606 1,566 -1,917 8,983 1,335 437 -2,436 1,810 168 158 20,444 117,661 35,605 32,109 248 -1,291 320 45,062 3,370 2 3,187 -41 142 -81 1 8,909 -11 6,788 208 134,527 2,149 7,094 -5 -358 -16 5,813 1,172 781 -14 68 -409 1 2,045 3 663 85 19,072 26,130 11,012 1 34 947 25,617 775 5 1,315 32 74 1,036 2,962 -3 1,022 -27 70,932 31,251 14,802 54 180 286 12,713 3,166 -11 1,122 -14 185 5,992 2,463 119 5,282 169 77,759 8,340 4,794 85 28 90 6,163 1,007 -7 295 -3 67 1,863 572 85 841 23 24,243 -528 1,050 -179 -62 1,312 72 -101 62 -165 -5 146 7,215 -3 -356 -24 1,789 -35 10,188 465 -465 -300 -6 972 -668 -143 121 -20 -5 9 -4,467 -4 85 -47 7,965 -13 3,479 771 -883 -97 -9 164 -1,636 -28 54 -2 -2 29 -4,350 -1 -22 -36 149 -3 -5,902 59 -11 51 63 2,027 33 2,222 633 16 199 292 2,400 53 3,593 17 -264 71 4 69 -103 1 -193 25 12 37 -118 -2 -64 8 10 14 -34 33 140 -1 -27 85 164 394 42 -117 -58 27 -44 -150 22 -190 25 13 -218 -348 101 48 -3 60 -12 87 281 -83 -28 -9 87 11 111 89 -68 -26 19 1 -33 -107 143 994 29 1,166 335,160 -2,579 -68 12 -2,635 197,443 -415 712 -98 -113 10 9 -503 608 69,029 218,983 997 31 72 1,100 290,519 -46 28 23 5 59,921 6,259 7,299 76 266 30 24 6,365 7,589 369,370 501,895 770 72 -16 826 142,359 140 80 -148 72 81,993 959 -248 -24 687 149,801 -62 53 -4 -13 22,352 2,555 397 917 197 83 190 193 48 60 -67 272 804 -212 25 -42 -1 32 12 3 2,952 338,112 1,114 198,557 362 273 69,391 219,256 241 290,760 -7 59,914 2,852 1,076 372,222 502,971 -187 142,172 -43 81,950 44 149,845 3 22,355 667 1 149 190 -754 14 267 466 -104 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 1,750 1,102 Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. Before June 2006, data for Costa Rica are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other Caribbean.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 5 March 2007 CAPITAL MOVEMENTS 84 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Fourth Quarter 2006, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: 5,082 1,717 Austria ....................................... 12,442 2,510 Belgium...................................... 119 48 Bulgaria...................................... 18,523 36 Cyprus 1 ..................................... 1,731 891 Czech Republic.......................... 6,323 1,152 Denmark .................................... 2,192 251 Finland....................................... France ....................................... 467,632 245,404 75,789 18,539 Germany.................................... 1,454 158 Greece....................................... 1,273 46 Hungary ..................................... Ireland........................................ 274,164 134,078 28,224 6,386 Italy ............................................ 4,365 1,775 Kazakhstan 1 .............................. 64,327 2,773 Luxembourg............................... 946 199 Monaco 1 .................................... 60,647 16,898 Netherlands ............................... 84,285 43,955 Norway....................................... 3,206 2,652 Poland ....................................... 1,665 178 Portugal ..................................... 845 700 Romania .................................... 6,463 2,800 Russia........................................ 651 647 Serbia and Montenegro 2 ........... 24,578 3,761 Spain ......................................... 33,248 1,237 Sweden...................................... 48,738 4,978 Switzerland ................................ 4,064 1,750 Turkey........................................ 1,274 833 Ukraine 1 .................................... United Kingdom ......................... 2,551,439 1,405,060 18,206 1,505 Channel Islands ......................... All other Europe 1 ....................... Total Latin America................ Caribbean: Anguilla 5 .................................... Bahamas.................................... Barbados 5 ................................. See footnotes at end of table. March 2007 Foreign securities Stocks Bonds (6) (7) 938 4,442 8 2,205 532 2,906 420 177,216 29,427 496 222 9,534 9,327 34 11,835 471 16,660 5,622 73 983 2 130 1,483 10,259 19,765 79 23 327,023 3,336 844 636,293 262,759 36,187 761 408 1,562 91 797 129 5,627 10,410 62 802 106,232 5,300 119 3,159 111 6,512 4,043 257 87 1 213 3,131 2,646 1,884 1,506 251 185,340 1,237 319 342,998 141,819 47,954 658 5,330 2,437 3,716 25,839 2,702 1 51 33 14,492 20,600 25 177 1,907 984 1,139 6,362 1,198 1,086 2,591 175 23,428 441,230 237,891 9,146 97,216 19,217 671 1,943 168 175 1,032 90 4,979 280,468 136,735 6,330 25,399 6,592 25 2,186 810 6,667 69,040 3,621 61 653 130 13,978 56,999 14,899 2,597 67,624 28,535 222 2,409 1,722 403 2,957 488 3 622 273 774 4,923 2,173 4 394 393 5,670 25,697 3,913 17,008 33,213 2,124 10,682 49,175 7,679 650 4,739 2,560 2 338 284 328,459 2,481,756 1,373,825 2,607 14,620 1,573 411 6,396 904 456,221 3,733,708 1,854,153 76,732 1,034,708 428,838 38,821 261,457 121,688 418 387 1 164 88 243 1,843 2,353 19 234 8,200 739 1,236 33,753 26 3,383 21,813 126 199 334 1,000 341 401 2,134 71,791 673 164 152,063 51,878 7,452 440 1,687 6 7 530 27 4,196 21,755 12 79 6,898 267 8 6,127 19 1,611 1,767 1 78 39 9,801 399 5,019 13 145,754 5,525 195 212,260 52,899 8,249 952 5,894 8 2,547 520 2,686 588 167,224 33,466 728 200 11,955 10,638 36 9,810 414 20,270 5,762 100 1,016 12 241 1,440 9,721 21,072 98 27 315,188 4,294 795 627,703 263,982 34,144 Foreign securities Bonds Stocks (13) (14) 432,653 118,394 4,966 37,370 5,928 4,812 760 798 484 30,527 3,544 1,700 5,089 3,401 906 100,285 288 23,651 2,186 1,471 348 72 399 7,722 366 150 2,428 549 494 40,124 109 1,669 250 602 41 191 17 6,534 362 112 383 193 37 10,500 153 373 489 397 86 156 3 1,984 431 310 203 1,235 65 5,885 1,347 1,562 826 578 143 42 40 4,031 913 273 496 602 153 11,006 2,122 3,624 1,138 1,406 96 14 13 4,290 802 519 1,042 542 92 15,700 947 6,491 1,039 358 46 323 12 5,966 670 336 537 280 65 17,070 4,733 34,633 5,792 3,854 586 691 473 28,816 3,850 1,388 5,508 4,475 1,243 96,042 236 16,747 2,070 1,239 181 66 341 13,454 415 149 2,931 236 716 38,781 56 828 220 149 41 41 5 1,072 326 24 470 71 75 3,378 84 47 127 60 44 194 5 985 476 92 100 1,183 69 3,466 1,256 1,842 764 565 155 45 36 3,653 805 280 471 509 137 10,518 2,041 6,934 790 1,527 132 14 74 2,663 1,078 593 1,048 2,203 207 19,304 1,060 8,235 1,821 314 33 331 12 6,989 750 250 488 273 39 20,595 68,864 117,053 4,134 2,753 44,331 1,264 3 1,934 1,731 1,754 5,568 791 57,235 34,665 203 1,152 17,590 79 5,967 67,560 12,965 114,629 66 2,669 3,398 44,997 206 2,005 972 928 4,512 491 56,124 34,460 323 1,571 16,368 609 5,539 12,287 68 882 588 1,168 26 216 6 279 74 13,315 4,648 59 28 10,987 444 16 6,401 39 3,415 3,218 2 13 1 74 10,452 1,725 9,120 79 219,754 7,360 171 293,678 51,564 10,712 Corporate and other Bonds Stocks (11) (12) 262,528 2,687 Memo: Euro Area 3 ......................... 1,018,195 All other Latin America 4............. Corporate and other Bonds Stocks (4) (5) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal federallyFinancing Total Bank bonds sponsored agencies sales and notes (10) (9) (8) 419 197 36 12 34 50 233 2,642 3,618 9 8,354 437 2,396 33,492 65 3,184 24,850 1 138 2,472 82 373 2,309 165 85,803 2,161 60 173,592 52,668 10,460 Total Europe.......................... 3,806,581 1,903,799 Canada........................................... Latin America: Argentina ................................... Brazil.......................................... Chile .......................................... Colombia.................................... Ecuador ..................................... Costa Rica 4 ............................... Guatemala ................................. Mexico ....................................... Panama ..................................... Peru ........................................... Uruguay ..................................... Venezuela.................................. Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Domestic securities 342 741 11,000 4,170 3 1 1,739 16,281 239 521 1,339 96 1,461 4,730 25,345 9,198 11,228 387 629 239 190 111,680 4,999 1,045 6,117 73 23 10,049 5,680 6 58 3,092 13,744 6,521 3,226 121 339 651 525 3 195 1,275 1 4,078 6,123 3,172 17,396 1,648 11,623 1,179 889 23 4 219,220 355,978 860 1,695 3,796 542 395,665 491,864 156,349 80,762 49,810 40,114 CAPITAL MOVEMENTS 85 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Fourth Quarter 2006, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Country Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean, con. Bermuda ................................... 371,657 British Virgin Islands 5 ............... 165,602 Cayman Islands ........................ 1,579,938 Cuba ......................................... 1,523 Jamaica .................................... 27,148 Netherlands Antilles .................. 1,667 Trinidad and Tobago................. 93,971 5,498 446,577 331 9,441 579 159 604,904 11,466 619 113,163 159 620 564 215 130,474 102,810 121,955 4,306 3,468 13,696 268,932 25,165 508 5,111 273 3,065 41,069 1 16,636 4,515 27,253 638,763 49,455 22,719 1,172 2,213 7,029 108,331 8,673 6 309 63 1,176 10,018 2,251 2,844 9,087 225,346 31,415 12,501 5 320 26,130 6,330 1,982 212 2,337 1 4,035 63 4,948 90,279 11,039 6,335 91 39 752 9,877 1,215 313 3 106 4,479 1,024 93 2,137 37,503 2,113 1,682 370 1,405 1,494 7,064 1,152 8 350 234 238 1,982 2 808 9 56 875 25 95 26 122 268 54,530 13,704 2,985 164 174 10 57,689 13,878 Total other countries ......... Total foreign countries .. 7,211,762 2,908,427 4,331 533 54 4,918 421,098 All other Caribbean 5 ................. 1,266 Total Caribbean.................... 2,338,852 Asia: China, Mainland. ....................... Hong Kong............................ India...................................... Indonesia .............................. Israel..................................... Japan.................................... Korea .................................... Lebanon................................ Malaysia................................ Pakistan................................ Philippines ............................ Singapore ............................. Syria ..................................... Taiwan .................................. Thailand................................ All other Asia......................... Total Asia.......................... Africa: Egypt .................................... Liberia................................... Morocco................................ South Africa .......................... All other Africa ...................... Total Africa ....................... Other countries: Australia................................ New Zealand......................... All other ................................ International and regional orgs: 3,291 2,493 International organizations .... 2,606 642 Regional organizations 6 ....... Total international and 5,897 3,135 regional organizations.... Grand total.................... 7,217,659 2,911,562 1 Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Bonds Stocks agencies (3) (4) (5) 415 835 1,250 422,348 Foreign securities Bonds (6) 14,387 196,571 5,501 6,815 115,540 6,283 112,254 679,871 58,216 41 585 366 462 10,613 1,546 50 62 232 243 383 102 142,365 1,095,728 91,067 2,542 6,981 4,880 3,776 112 28 147 104 3,163 609 10,536 19,128 382 2,221 301 12 88 789 98 5 280 884 6,586 4,674 3,150 832 156 521 8,360 1,219 40,781 41,783 195 465 7 154 228 1,049 Total sales (8) 49,761 365,420 30,847 163,459 169,857 1,527,676 41 1,380 4,466 20,950 180 1,367 164 1,018 274,314 2,266,128 92,912 5,375 452,736 296 3,354 330 174 603,778 1,378 71,744 2,898 965 1,823 94,930 6,344 189 1,630 104 407 12,975 5,344 838 1,502 203,071 78,399 118,699 4,598 2,759 7,569 253,766 23,633 420 4,519 389 2,881 45,374 1 16,309 3,384 28,746 591,446 39,926 20,110 836 1,503 824 99,161 11,033 2 407 30 1,414 12,624 4,168 1,509 11,355 204,902 683 274 13 563 735 2,268 1,740 1,923 213 1,346 2,257 7,479 485 7 201 44 978 1,715 2,110 4,957 6,820 22,608 59,265 14,119 140 450 1,207 491 2,084 262 37 44 5 24 169 2,287 5,451 8,032 23,123 61,518 14,381 492,698 1,826,495 548,156 1,014,888 7,017,778 2,839,398 223 357 19 17 85 539 56 216 2,945 2,910 2,027 746 580 36 624 272 5,855 2,773 493,278 1,826,531 548,780 1,015,160 7,023,633 2,842,171 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 2 56 32 419 115 622 Stocks (7) Marketable Treasury and Federal Financing Bank bonds and notes (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (11) (12) (10) 10,683 11,937 195,037 300 6,570 113,559 105,942 86,035 667,088 98 50 583 616 363 10,869 531 71 52 108 70 380 121,255 111,027 1,078,475 29,266 2,699 5,407 1,541 10 6 358 11 336 662 20,317 3,714 5,158 208 7 1,201 18 14 6 144 39 2,746 2,616 1,990 452 60 8 4,200 1,273 71,207 13,260 4 872 1 32 909 3 285 1 327 616 Foreign securities Bonds (13) Stocks (14) 5,822 8,337 59,353 311 1,225 192 167 93,955 49,029 29,318 156,522 42 4,523 191 119 257,638 1,771 5,763 209 156 2,999 12,172 410 247 90 100 251 10,936 1 3,172 192 8,214 46,683 2,133 2,762 105 49 110 19,084 1,066 14 217 2 389 2,221 528 535 2,146 31,361 2,604 83,116 3,432 682 2,638 99,318 5,758 150 2,586 237 644 14,231 5,999 1,080 1,558 224,033 263 491 7 135 260 1,156 132 22 1 119 70 344 853 246 4 1,046 590 2,739 4,377 1,340 5,019 10,001 24,409 505 68 397 351 501 31 53 48 12 25 4,913 1,461 5,464 10,364 24,935 361,177 350,339 1,804,143 600,803 1,061,918 355 902 435 332 19 14 78 631 31 285 1,257 767 33 709 316 362,434 351,106 1,804,176 601,512 1,062,234 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other Caribbean.” 6 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2007 CAPITAL MOVEMENTS 86 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2006 [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Markeable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: Austria............................... 22,823 9,961 Belgium............................. 54,995 11,647 Bulgaria............................. 240 91 Czech Republic................. 6,263 2,892 Denmark ........................... 25,577 5,461 Finland .............................. 9,596 1,437 France............................... 1,615,676 841,986 Germany ........................... 283,650 83,453 Greece .............................. 5,951 843 Hungary ............................ 3,336 404 Ireland............................... 809,400 441,814 Italy ................................... 96,556 23,117 Luxembourg ...................... 191,706 15,086 Netherlands....................... 203,382 67,624 Norway.............................. 260,721 144,469 Poland............................... 10,738 8,900 Portugal............................. 7,496 1,811 Romania............................ 5,306 3,508 Russia............................... 31,767 12,013 Serbia and Montenegro 1 .. 1,534 1,444 Spain................................. 92,474 23,589 Sweden............................. 122,028 16,338 Switzerland ....................... 180,831 24,067 Turkey............................... 27,106 19,767 United Kingdom................. 9,221,965 5,000,774 Channel Islands ................ 78,277 6,569 14,504 95,311 All other Europe 1 .............. Total Europe ................. 13,464,704 6,783,570 Memo: Euro Area 2 ................ 3,393,704 1,522,369 Canada ................................. 1,061,513 462,386 Latin America: Argentina........................... Brazil................................. Chile.................................. Colombia........................... Ecuador............................. Guatemala ........................ Mexico .............................. Panama............................. Peru .................................. Uruguay ............................ Venezuela ......................... All other Latin America ...... Total Latin America ....... See footnotes at end of table. March 2007 16,987 130,529 25,645 19,053 2,285 2,283 130,651 14,331 6,563 15,637 11,646 10,720 386,330 1,217 77,445 12,574 5,467 147 1,847 45,346 1,999 285 7,131 1,439 6,895 161,792 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 1,762 779 49 671 899 794 14,149 12,367 96 24,019 3,130 73,031 11,763 63,147 153 188 1,314 14,706 8,028 3,760 6,832 4 347,908 4,729 5,545 599,823 2,155 3,877 2,682 2,385 22,943 10,889 8,535 19,319 2,032 12,682 72,386 11,067 44 45 11 213 117 11 1,950 141 598 6,000 2,372 1,408 11,015 2,106 4,688 26,416 8,431 353 2,216 997 3,797 9,669 1,476 37,634 618,145 22,683 81,079 1,578,108 843,586 19,046 95,525 35,670 37,589 289,488 81,982 109 1,896 678 2,328 5,705 541 171 715 1,319 727 6,747 257 39,180 37,814 246,158 20,414 808,829 443,107 1,522 38,286 8,660 21,841 95,353 22,862 28,009 48,522 9,475 17,583 184,101 16,376 10,198 51,679 15,770 46,349 198,101 66,934 10,612 20,267 12,009 10,217 242,259 139,340 17 220 796 652 12,206 10,223 243 3,280 645 1,329 10,405 2,598 2 7 458 17 3,878 2,994 113 1,043 552 3,340 14,591 6,183 73 13 4 1,218 1,143 30,577 6,024 6,920 17,336 102,592 24,940 3,562 35,531 7,416 55,421 116,474 15,635 23,871 78,564 7,683 39,814 173,050 26,951 99 292 2,422 4,522 22,218 15,447 734,905 1,248,085 689,189 1,201,104 8,917,715 4,908,169 32,405 19,834 6,012 8,728 64,509 6,665 1,891 11,318 6,171 55,882 105,829 13,471 986,673 2,355,542 1,088,658 1,650,438 13,091,003 6,683,755 1,853 973 989 913 664 14,410 7,896 91 3,062 19,845 2,774 67,986 12,411 54,314 276 317 722 1,968 8,293 3,053 7,013 1 294,356 3,199 3,643 511,021 1,776 3,951 1,324 3,150 9,169 17,697 21,209 12,270 12 54 3 27 1,850 43 746 1,762 8,854 1,736 4,720 253 2,098 248 4,930 16,008 596,407 21,552 86,145 30,966 103,688 24,120 40,837 42 2,127 513 2,392 1,378 599 690 761 25,246 39,589 260,852 20,190 2,027 40,619 6,030 21,040 23,318 36,912 23,622 15,888 6,819 57,107 11,511 43,319 4,887 20,850 12,757 10,111 52 266 589 800 222 3,160 2,740 1,369 19 140 3 50 1,084 330 4,976 74 1 23,997 5,735 22,096 17,530 1,324 34,867 5,928 55,667 13,906 77,370 7,899 39,911 34 371 2,020 4,345 494,248 1,172,621 786,202 1,262,119 22,008 19,738 6,023 6,876 1,485 11,283 15,497 60,450 680,991 2,258,990 1,235,673 1,720,573 150,106 177,562 926,583 352,371 264,713 3,377,680 1,526,357 55,888 39,956 138,470 207,184 157,629 1,030,646 313 6,417 1,059 1,729 376 44 18,799 1,150 901 1,283 407 330 32,808 1,030 1,162 1,335 1,424 524 35 7,577 1,856 938 645 3,290 609 20,425 4,950 5,569 3,166 1,960 183 151 16,446 3,430 969 1,732 2,271 1,174 42,001 5,096 14,912 3,468 6,959 53 149 18,397 3,350 2,527 3,166 3,380 1,352 62,809 4,381 25,024 4,043 1,514 1,002 57 24,086 2,546 943 1,680 859 360 66,495 17,014 108,924 24,518 20,605 1,931 2,968 116,013 13,310 4,475 16,219 14,298 10,383 350,658 137,512 139,845 909,090 395,816 269,060 444,431 44,204 31,774 126,648 218,326 165,263 1,185 54,345 12,477 7,299 107 1,954 45,654 1,963 363 7,247 1,197 6,132 139,923 232 1,251 752 1,106 159 11 12,428 880 260 959 222 367 18,627 439 545 609 467 396 67 3,714 1,313 244 363 1,774 459 10,390 4,767 5,917 2,903 1,843 211 158 14,693 3,307 810 1,630 2,462 1,149 39,850 5,781 16,772 3,430 8,528 47 731 15,462 3,568 2,002 4,520 6,320 1,845 69,006 4,610 30,094 4,347 1,362 1,011 47 24,062 2,279 796 1,500 2,323 431 72,862 CAPITAL MOVEMENTS 87 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2006, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Market able Treasury and Federal Financing Bank bonds and notes (2) Caribbean: 445,932 Bahamas .............................. Bermuda ............................... 1,510,722 Cayman Islands .................... 5,975,139 Cuba..................................... 6,575 Jamaica ................................ 140,754 Netherlands Antilles.............. 7,497 Trinidad and Tobago............. All other Caribbean ............... 1,001,433 168,103 475,191 1,830,213 1,872 57,848 3,035 55,207 Total Caribbean................ 9,088,052 2,591,469 Asia: China, Mainland ............... Hong Kong ........................ India .................................. Indonesia........................... Israel ................................. Japan ................................ Korea ................................ Lebanon ............................ Malaysia............................ Pakistan ............................ Philippines......................... Singapore.......................... Syria.................................. Taiwan .............................. Thailand ............................ All other Asia ..................... Total Asia ...................... Africa: Egypt................................. Liberia ............................... Morocco ............................ South Africa....................... All other Africa................... Total Africa.................... Other countries: Australia ............................ New Zealand ..................... All other............................. Total other countries...... Total foreign countries ............... International and regional orgs: International organizations... Regional organizations 3 ..... Total international and regional organizations....... Grand total................... Domestic securities Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (4) (5) 9,065 44,068 427,300 639 2,813 2,374 9,498 495,757 26,233 137,051 52,568 741,501 357,147 2,526,488 276 2,305 1,985 54,153 188 209 35,052 718,910 473,449 4,180,617 51,441 54,039 451,853 176,213 25,805 171,589 1,496,645 472,529 225,461 608,530 5,833,856 1,848,911 1,379 104 6,543 2,046 4,898 19,057 127,505 46,397 999 692 7,412 2,409 22,469 160,297 980,429 52,540 332,452 1,014,308 8,904,243 2,601,045 8,688 41,491 395,490 423 2,535 2,347 4,440 455,414 101,459 124,017 3,567 6,344 8,628 409,517 49,551 12 8,165 138 4,390 54,797 15,911 8,366 28,244 823,106 66,848 21,274 13 1,345 678 97,625 19,820 1,805 46 353 9,579 6,426 92 9,803 235,707 6,736 5,641 78 16 2,513 21,672 887 15 696 45 153 9,874 1,344 24 3,728 53,422 Foreign securities Bonds Stocks (6) (7) Total sales (8) 4,255 197,471 201,108 406,260 13,051 19,000 2,568 10,973 8,984 34,001 391,032 1,034,198 25,016 99,690 378 1,452 4,874 19,388 278 1,781 1,150 10,367 43,198 159,548 5 18,961 59,871 3,234 13,919 5,761 83,458 723,848 2,151,382 Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 24,131 139,062 41,957 735,376 284,147 2,499,050 236 2,300 1,582 54,670 251 161 28,347 714,977 380,651 4,145,596 49,989 32,032 221,400 1,440 4,365 1,590 24,331 335,147 53,770 173,260 584,858 98 17,956 654 155,794 986,390 6,531 19,042 784 559 11,839 44,466 1,006 1,060 769 254 973 28,439 5 11,953 754 28,175 156,609 6,454 13,938 473 481 1,680 67,801 3,111 32 1,835 819 3,093 8,042 1,212 706 7,727 117,404 9,443 222,348 14,085 2,228 8,663 393,117 25,315 333 6,118 479 1,405 48,817 23,025 3,977 5,781 765,134 310,110 449,555 16,982 12,662 41,140 1,095,553 114,443 1,642 19,354 680 9,710 157,641 2 64,808 14,688 107,125 2,416,095 139,168 140,251 2,837 8,418 14,632 411,532 56,319 13 5,772 96 4,183 52,285 11,221 9,658 33,143 889,528 102,453 53,383 261 54 998 142,687 23,190 2 4,992 5 495 9,498 1 15,335 81 16,799 370,234 37,987 20,443 132 196 2,799 34,385 4,053 4 1,818 31 338 15,866 3,807 143 9,179 131,181 6,996 18,577 484 553 12,811 43,798 863 1,181 749 249 982 23,972 1 12,038 707 36,127 160,088 19,251 15,793 217 873 916 72,119 5,002 64 1,149 21 2,562 12,822 3,446 865 6,116 141,216 4,755 5,268 801 5,642 10,194 26,660 2,021 52 650 666 4,160 7,549 17 1,528 61 175 1,781 72 426 87 1,058 1,643 669 1,737 80 612 1,402 4,500 273 243 841 956 2,313 1,703 1,282 71 3,375 2,443 8,874 4,695 5,791 582 7,340 6,609 25,017 1,388 36 451 374 1,707 3,956 16 1,721 36 126 1,899 30 543 145 1,075 1,793 752 1,765 89 525 1,280 4,411 308 164 2 550 237 1,261 2,201 1,562 40 5,710 2,184 11,697 187,621 7,186 1,284 196,091 48,135 627 47 48,809 10,638 1,047 133 11,818 11,974 499 122 12,595 20,180 1,351 377 21,908 22,480 1,983 28 24,491 74,214 1,679 577 76,470 189,794 6,365 1,148 197,307 50,714 695 35 51,444 9,641 1,016 61 10,718 4,675 233 98 5,006 19,221 1,599 401 21,221 25,242 1,210 142 26,594 80,301 1,612 411 82,324 26,639,445 10,945,103 1,568,109 1,665,922 6,903,126 1,859,123 3,698,062 25,750,256 10,747,660 1,277,590 1,164,027 6,753,325 2,003,411 3,804,243 13,110 13,739 6,727 1,939 1,468 2,379 1,165 1,465 317 131 3,210 6,661 223 1,164 11,553 8,138 5,599 1,742 1,215 2,331 928 661 285 119 3,124 2,134 402 1,151 29,826 11,389 4,066 2,665 448 9,871 1,387 22,904 10,275 3,825 1,589 404 5,258 1,553 26,669,271 10,956,492 1,572,175 1,668,587 6,903,574 1,868,994 3,699,449 25,773,160 10,757,935 1,281,415 1,165,616 6,753,729 2,008,669 3,805,796 1 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2007 88 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 700 650 (In billions of dollars) 600 Note: To facilitate comparison of net purchases during 2006 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 550 500 450 400 350 300 250 200 150 100 50 0 -50 2003 2004 2005 2006 Jan.-Dec. 2006 Oct.-Dec. United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] The data on this page represent foreign investors’ purchases and sales of longterm U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported to the TIC reporting system. Foreign investors also acquired U.S. equities through mergers and reincorporations that involve stock swaps. Net foreign acquisitions of U.S. equities through stock swaps have been modest, amounting to $2 billion in 2003, $36 billion in 2004, $6 billion in 2005, and $4 billion in 2006. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC web site. The TIC website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows on foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments, also not reported under the TIC system, are estimated to have reduced foreign net purchases of U.S. securities by $123 billion in 2003, $86 billion in 2004, and $141 billion in both 2005 and 2006. Calendar years Country United Kingdom .............................. All other Europe.............................. Caribbean banking centers 1,2 ........ Japan .............................................. All other Asia................................... Subtotal....................................... All other countries........................... Grand total .................................. 2006 Jan. - Dec. 2006 Oct. - Dec. 363,593 146,910 102,259 79,814 187,284 879,860 131,680 462,278 128,573 140,470 59,122 223,065 1,013,508 128,625 131,082 30,101 52,398 19,510 38,347 271,438 22,394 1,011,540 1,142,133 293,832 2003 2004 2005 167,329 114,433 78,538 176,587 116,980 653,867 65,993 254,112 110,153 87,638 247,114 130,399 829,416 87,040 719,860 916,456 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. March 2007 Net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2003, net foreign acquisitions of U.S. securities (including stock swaps and accounting for ABS repayment flows) totaled $599 billion. Net acquisitions picked up to $866 billion in 2004, and a bit further to $875 billion in 2005. In 2006, net foreign acquisitions grew to a new record of $1,005 billion. CAPITAL MOVEMENTS 89 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 500 (In billions of dollars) 450 Note: To facilitate comparison of net purchases during 2006 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 400 350 300 250 200 150 100 50 0 -50 2002 2003 Foreign bonds 2004 2005 2006 2006 Jan.-Dec. Oct.-Dec. Foreign stocks Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ........ Foreign stocks........ Total ..................... 2002 2003 2004 2005 2006 Jan. - Dec. 2006 Oct.- Dec. -28,492 1,493 -26,999 -32,046 88,587 56,541 67,872 84,970 152,842 45,095 127,296 172,391 139,675 106,347 246,022 52,732 47,074 99,806 The data on this page represent U.S. investors’ purchases and sales of longterm foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, $4 billion in 2005, and $29 billion in 2006. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC web site. Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. U.S. investors’ acquisitions of foreign securities (including stock swaps) then slowed over the 2001-2003 period before rebounding to $141 billion in 2004 and $176 billion in 2005. The pace of U.S. acquisitions picked up further in 2006, as U.S. investors acquired $275 billion in foreign securities. * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. March 2007 90 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. March 2007 A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. FOREIGN CURRENCY POSITIONS 91 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 07/05/06 .................................................................... 508,785 521,132 5,158 1.1115 07/12/06 .................................................................... 519,118 529,614 n.a. 1.1353 07/19/06 .................................................................... 543,677 554,261 n.a. 1.1353 07/26/06 .................................................................... 541,342 545,792 n.a. 1.1375 08/02/06 .................................................................... 546,296 553,222 n.a. 1.1258 08/09/06 .................................................................... 568,705 576,862 n.a. 1.1197 08/16/06 .................................................................... 571,283 582,960 n.a. 1.1160 08/23/06 .................................................................... 586,116 599,618 5,623 1.1100 08/30/06 .................................................................... 597,503 613,733 5,877 1.1099 09/06/06 .................................................................... 643,020 656,114 5,545 1.1052 09/13/06 .................................................................... 657,212 671,129 4,978 1.1191 09/20/06 .................................................................... 541,582 557,609 n.a. 1.1272 09/27/06 .................................................................... 542,273 559,066 n.a. 1.1150 10/04/06 .................................................................... 546,922 567,221 n.a. 1.1286 10/11//06 ................................................................... 551,718 567,450 5,615 1.1357 10/18/06 .................................................................... 555,531 568,339 5,810 1.1375 10/25/06 .................................................................... 565,050 578,441 5,944 1.1249 11/01/06 .................................................................... 582,785 594,601 5,035 1.1313 11/08/06 .................................................................... 575,804 590,256 5,345 1.1275 11/15/06 .................................................................... 598,260 610,302 5,381 1.1389 11/22/06 .................................................................... 620,650 629,406 5,847 1.1414 11/29/06 .................................................................... 637,872 649,235 5,025 1.1356 12/06/06 .................................................................... 667,653 677,514 4,850 1.1468 12/13/06 .................................................................... 708,256 723,571 5,655 1.1544 12/20/06 .................................................................... 578,466 594,356 6,644 1.1483 12/27/06 .................................................................... 585,066 599,587 6,377 1.1610 March 2007 FOREIGN CURRENCY POSITIONS 92 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 2005 - Oct ................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 Apr................... 519,848 532,981 170,064 154,319 68,240 67,161 78,300 77,958 6,055 1.1203 May.................. 560,039 580,758 174,499 154,485 72,693 70,186 87,548 88,881 6,156 1.1027 June................. 505,810 516,196 167,922 149,903 70,159 65,375 76,587 78,921 5,511 1.1150 July .................. 543,484 550,749 175,085 156,506 68,831 66,468 76,505 76,586 n.a. 1.1309 Aug .................. 601,998 616,249 170,353 150,803 74,981 71,810 82,379 82,167 5,631 1.1066 Sept ................. 530,755 549,613 169,857 152,331 72,604 66,917 83,597 88,294 5,635 1.1151 Oct................... 565,745 580,031 173,293 153,737 74,503 65,361 90,281 95,720 5,738 1.1227 Nov .................. 654,823 674,367 170,986 155,681 77,995 70,318 108,599 112,230 4,454 1.1413 Dec .................. 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 2003 - Dec................... 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 Sept. ................ 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 2005 - Mar................... 25,265 32,483 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 2006 - Mar................... 24,604 30,803 n.a. n.a. 662 824 2,870 905 -826 1.167 June ................. 25,026 29,920 n.a. n.a. 463 758 2,501 688 -700 1.115 Sept.................. 24,873 31,760 87,957 n.a. 419 460 2,269 882 -459 1.1151 March 2007 FOREIGN CURRENCY POSITIONS 93 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Exchange rate (Japanese yen per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 07/05/06 .................................................................. 278,064 276,235 -516 115.65 07/12/06 .................................................................. 282,456 279,533 -863 115.41 07/19/06 .................................................................. 287,453 285,266 -1,080 117.08 07/26/06 .................................................................. 279,936 277,673 -296 116.85 08/02/06 .................................................................. 291,223 289,538 -916 114.54 08/09/06 .................................................................. 285,432 283,594 -1,000 115.14 08/16/06 .................................................................. 291,524 289,366 -439 115.71 08/23/06 .................................................................. 290,476 287,878 -684 116.43 08/30/06 .................................................................. 298,937 296,035 -1,113 117.07 09/06/06 .................................................................. 302,375 300,958 -1,386 116.73 09/13/06 .................................................................. 306,990 305,112 -927 117.47 09/20/06 .................................................................. 280,846 278,773 -1,207 117.29 09/27/06 .................................................................. 281,893 279,938 -804 117.53 10/04/06 .................................................................. 278,523 277,287 -625 118.02 10/11//06 ................................................................. 279,273 278,699 -433 119.49 10/18/06 .................................................................. 291,736 289,886 -506 119.09 10/25/06 .................................................................. 289,243 287,439 -813 119.13 11/01/06 .................................................................. 297,528 295,189 -1,085 117.01 11/08/06 .................................................................. 291,762 289,198 -1,156 117.74 11/15/06 .................................................................. 301,556 298,798 -973 118.06 11/22/06 .................................................................. 300,514 296,147 -1,253 116.61 11/29/06 .................................................................. 319,341 314,657 -1,612 116.29 12/06/06 .................................................................. 340,027 335,364 -1,625 115.07 12/13/06 .................................................................. 347,315 342,908 -1,372 117.43 12/20/06 .................................................................. 314,862 310,198 -1,297 118.39 12/27/06 .................................................................. 307,409 303,358 -1,463 118.76 Report date March 2007 FOREIGN CURRENCY POSITIONS 94 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 2006 - Jan .................. 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 Feb ................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 Mar ................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 Apr.................. 294,033 294,109 64,789 66,067 76,809 77,965 66,271 63,658 -725 113.79 May................. 285,022 284,069 61,373 61,954 87,985 90,864 71,927 68,004 -1,475 112.26 June................ 297,203 295,494 63,441 63,875 88,696 89,726 71,975 68,708 -515 114.51 July ................. 312,459 310,916 62,849 62,834 86,999 93,658 76,131 73,012 -878 114.44 Aug ................. 318,012 315,284 63,059 63,237 83,278 85,278 76,063 73,256 -1,130 117.35 Sept ................ 299,128 296,874 60,314 60,431 79,864 82,423 77,269 74,421 -833 117.99 Oct.................. 317,530 315,192 61,954 61,378 83,887 82,683 80,317 79,722 -900 116.82 Nov ................. 345,933 341,167 58,849 58,313 82,898 85,863 81,961 79,345 -1,470 115.55 Dec ................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2003 - Dec................... 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 Sept ................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 2006 - Mar................... 9,559 10,001 9,742 5,812 823 n.a. 1,041 n.a. -78 117.48 June ................. 8,764 8,954 7,684 4,052 1,066 n.a. 505 n.a. 198 114.51 Sept .................. 8,828 9,517 6,819 3,433 n.a. n.a. 782 n.a. -57 117.99 March 2007 FOREIGN CURRENCY POSITIONS 95 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 07/05/06 .................................................................. 532,171 543,773 10,986 1.2336 07/12/06 .................................................................. 564,876 576,293 10,626 1.2344 07/19/06 .................................................................. 607,221 611,406 6,279 1.2497 07/26/06 .................................................................. 589,828 592,578 6,079 1.2488 08/02/06 .................................................................. 599,874 608,327 7,818 1.2293 08/09/06 .................................................................. 578,955 584,615 7,977 1.2228 08/16/06 .................................................................. 618,729 625,693 8,808 1.2272 08/23/06 .................................................................. 625,211 632,668 9,026 1.2357 08/30/06 .................................................................. 639,825 649,381 9,093 1.2293 09/06/06 .................................................................. 722,446 731,794 9,954 1.2378 09/13/06 .................................................................. 775,432 785,635 9,387 1.2491 09/20/06 .................................................................. 589,567 602,343 9,152 1.2498 09/27/06 .................................................................. 588,845 604,836 10,195 1.2451 10/04/06 .................................................................. 591,533 610,137 n.a. 1.2517 10/11//06 ................................................................. 646,507 664,372 n.a. 1.2702 10/18/06 .................................................................. 639,771 656,411 n.a. 1.2721 10/25/06 .................................................................. 615,876 629,618 10,804 1.2648 11/01/06 .................................................................. 647,611 662,795 n.a. 1.2433 11/08/06 .................................................................. 675,548 688,893 n.a. 1.2494 11/15/06 .................................................................. 723,654 739,875 n.a. 1.2472 11/22/06 .................................................................. 668,289 687,230 n.a. 1.2276 11/29/06 .................................................................. 800,281 823,384 n.a. 1.2098 12/06/06 .................................................................. 865,215 885,308 n.a. 1.1933 12/13/06 .................................................................. 845,335 866,648 n.a. 1.2063 12/20/06 .................................................................. 630,587 652,668 n.a. 1.2169 12/27/06 .................................................................. 637,942 660,858 n.a. 1.2253 March 2007 FOREIGN CURRENCY POSITIONS 96 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 2005 - Dec................... 599,163 609,505 58,736 60,650 2006 - Jan ................... 640,273 653,345 63,431 63,686 Feb .................. 733,504 713,614 79,629 Mar .................. 670,466 681,666 Apr................... 772,327 May.................. June................. Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 52,132 53,509 47,728 2,918 1.1417 109,698 99,568 78,533 64,881 3,016 1.3148 115,713 104,059 85,278 70,203 5,369 1.2784 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 783,403 91,363 95,077 95,885 91,527 108,354 106,916 9,118 1.2411 644,787 651,170 72,754 73,612 110,911 105,578 122,077 117,845 1,759 1.2159 546,074 552,858 69,993 70,944 104,742 94,686 116,673 115,261 10,107 1.2247 July .................. 576,765 579,881 67,686 69,097 116,188 112,484 122,892 119,621 8,346 1.2311 Aug .................. 640,777 643,594 65,950 70,881 118,631 120,353 113,945 114,436 9,421 1.2336 Sept ................. 592,282 607,776 61,941 67,928 138,124 135,033 154,166 158,976 13,880 1.2504 Oct................... 658,618 673,562 65,123 64,107 142,039 128,958 161,356 166,004 12,737 1.2424 Nov .................. 795,736 813,606 74,946 73,814 139,351 128,709 160,901 169,130 n.a. 1.1966 Dec .................. 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2003 - Dec................... 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 Sept ................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 2006 - Mar................... 20,009 28,592 41,540 10,966 n.a. n.a. 745 575 n.a. 1.3025 June ................. 17,596 21,001 44,998 11,526 n.a. n.a. 623 479 n.a. 1.2247 Sept.................. 16,647 22,699 44,748 11,102 n.a. n.a. 1,099 590 n.a. 1.2504 March 2007 FOREIGN CURRENCY POSITIONS 97 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 07/05/06 .................................................................. 702,589 711,726 5,282 1.8342 07/12/06 .................................................................. 713,715 721,872 5,012 1.8347 07/19/06 .................................................................. 752,893 768,098 6,123 1.8377 07/26/06 .................................................................. 755,857 767,746 6,377 1.8474 08/02/06 .................................................................. 754,444 768,411 5,842 1.8781 08/09/06 .................................................................. 777,451 793,612 6,447 1.9089 08/16/06 .................................................................. 784,096 801,042 6,169 1.8999 08/23/06 .................................................................. 793,842 815,613 5,902 1.8929 08/30/06 .................................................................. 813,062 832,186 6,268 1.9042 09/06/06 .................................................................. 843,109 864,089 4,763 1.8810 09/13/06 .................................................................. 862,108 884,053 3,969 1.8767 09/20/06 .................................................................. 754,536 766,417 3,740 1.8894 09/27/06 .................................................................. 777,899 799,320 1,847 1.8866 10/04/06 .................................................................. 775,010 795,551 3,168 1.8839 10/11//06 ................................................................. 800,656 820,305 2,463 1.8568 10/18/06 .................................................................. 826,123 842,793 2,677 1.8675 10/25/06 .................................................................. 803,962 820,255 3,401 1.8772 11/01/06 .................................................................. 836,864 855,060 4,024 1.9091 11/08/06 .................................................................. 831,437 848,284 3,419 1.9057 11/15/06 .................................................................. 867,406 889,253 2,269 1.8883 11/22/06 .................................................................. 790,547 812,508 1,551 1.9145 11/29/06 .................................................................. 933,976 957,450 3,134 1.9492 12/06/06 .................................................................. 944,912 972,140 2,837 1.9692 12/13/06 .................................................................. 962,927 991,615 2,906 1.9663 12/20/06 .................................................................. 851,784 882,289 3,083 1.9648 12/27/06 .................................................................. 848,534 878,409 2,995 1.9566 March 2007 FOREIGN CURRENCY POSITIONS 98 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 Apr................... 835,022 846,351 354,455 308,103 64,594 53,009 66,218 72,061 8,979 1.8220 May.................. 836,629 845,419 364,089 312,446 71,914 66,346 72,405 79,071 7,380 1.8732 June................. 725,150 736,071 355,843 303,614 68,589 63,326 66,706 71,128 5,207 1.8491 July .................. 755,506 765,260 359,328 314,167 66,022 58,513 68,251 69,619 5,967 1.8685 Aug .................. 821,972 838,655 377,759 331,135 68,908 63,446 65,708 69,177 6,279 1.9024 Sept ................. 774,062 799,307 375,214 319,165 65,845 63,047 65,939 67,262 1,357 1.8716 Oct................... 844,905 863,283 405,285 351,894 73,435 67,458 72,904 73,764 3,091 1.9084 Nov .................. 909,677 934,410 397,105 345,588 86,311 85,218 80,470 80,317 2,279 1.9693 Dec .................. 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2003 - Dec................... 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 Sept ................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 2006 - Mar................... 24,371 39,982 61,619 30,338 409 336 n.a. 1,923 -810 1.7393 June ................. 23,891 37,629 65,463 31,087 394 336 3,774 n.a, -607 1.8491 Sept .................. 26,799 35,325 53,291 21,040 n.a. n.a. n.a. 1,844 -258 1.8716 March 2007 FOREIGN CURRENCY POSITIONS 99 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 07/05/06 ................................................................ 9,554,304 9,815,404 14,316 n.a. 07/12/06 ................................................................ 9,758,536 10,001,539 9,730 n.a. 07/19/06 ................................................................ 9,921,507 10,182,370 9,251 n.a. 07/26/06 ................................................................ 9,803,594 10,076,680 4,702 n.a. 08/02/06 ................................................................ 10,023,600 10,284,975 3,483 n.a. 08/09/06 ................................................................ 9,930,581 10,168,737 2,532 n.a. 08/16/06 ................................................................ 10,235,438 10,503,192 2,111 n.a. 08/23/06 ................................................................ 10,280,050 10,538,456 2,897 n.a. 08/30/06 ................................................................ 10,569,550 10,828,783 361 n.a. 09/06/06 ................................................................ 10,733,354 10,960,580 2,164 n.a. 09/13/06 ................................................................ 11,019,969 11,260,077 2,192 n.a. 09/20/06 ................................................................ 9,847,225 10,092,029 3,188 n.a. 09/27/06 ................................................................ 10,019,313 10,187,577 6,867 n.a. 10/04/06 ................................................................ 9,703,418 9,789,312 5,126 n.a. 10/11//06 ............................................................... 9,804,720 9,905,349 5,174 n.a. 10/18/06 ................................................................ 10,047,996 10,140,322 4,454 n.a. 10/25/06 ................................................................ 9,915,304 10,006,988 2,065 n.a. 11/01/06 ................................................................ 10,322,943 10,422,621 3,073 n.a. 11/08/06 ................................................................ 10,144,400 10,243,792 3,518 n.a. 11/15/06 ................................................................ 10,443,383 10,527,814 4,999 n.a. 11/22/06 ................................................................ 9,869,031 9,960,939 5,679 n.a. 11/29/06 ................................................................ 11,426,391 11,509,066 9,349 n.a. 12/06/06 ................................................................ 11,750,991 11,845,498 11,580 n.a. 12/13/06 ................................................................ 11,866,410 11,952,498 6,347 n.a. 12/20/06 ................................................................ 10,500,222 10,580,125 4,360 n.a. 12/27/06 ................................................................ 10,413,409 10,491,842 -2,140 n.a. March 2007 FOREIGN CURRENCY POSITIONS 100 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (10) 2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 2005 - Dec................... 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. Apr................... 10,778,208 11,007,781 - - 1,567,422 1,496,237 1,635,862 2,709,089 -21,552 n.a. May.................. 10,421,788 10,650,275 - - 1,716,677 1,963,147 1,829,209 1,892,706 286 n.a. June................. 10,068,313 10,239,643 - - 1,675,501 1,666,363 1,856,663 1,861,828 -13,169 n.a. July .................. 10,330,311 10,544,212 - - 1,691,002 1,763,124 1,813,144 1,913,506 -151 n.a. Aug .................. 10,871,483 11,065,800 - - 1,741,868 1,773,783 1,870,581 1,939,367 -7,922 n.a. Sept ................. 10,162,395 10,236,779 - - 1,726,993 1,769,316 1,935,549 1,930,817 -3,040 n.a. Oct................... 10,681,385 10,780,324 - - 1,900,053 1,844,507 1,965,291 1,957,859 -8,833 n.a. Nov .................. 11,668,046 11,734,248 - - 1,966,802 1,987,505 2,072,970 2,089,732 919 n.a. Dec .................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. Mar .................. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date 2003 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) 14,580 11,154 Net delta equivalent (9) Exchange rate (10) 2,186 n.a. 419,759 427,434 - - 18,627 12,023 2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. Sept ................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 2005 - Mar................... 444,804 450,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. Sept .................. 435,999 419,841 - - 12,959 11,423 8,008 7,764 9,741 n.a. Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 2006 - Mar................... 453,038 441,138 - - 21,745 19,340 18,901 20,373 1,909 n.a. June.................. 453,241 459,206 - - 16,802 19,028 17,032 18,063 655 n.a. Sept. ................. 476,727 484,578 - - 25,157 32,393 21,260 26,633 3,899 n.a. March 2007 FOREIGN CURRENCY POSITIONS 101 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 07/05/06 ............................................................................. 3,037,364 2,970,439 -13,247 0.7858 07/12/06 ............................................................................. 3,138,801 3,069,281 -9,526 0.7870 07/19/06 ............................................................................. 3,220,308 3,147,415 -7,499 0.7962 07/26/06 ............................................................................. 3,171,896 3,115,946 -8,336 0.7919 08/02/06 ............................................................................. 3,240,151 3,170,715 -7,092 0.7814 08/09/06 ............................................................................. 3,193,992 3,121,894 -8,471 0.7759 08/16/06 ............................................................................. 3,304,114 3,226,574 -10,351 0.7774 08/23/06 ............................................................................. 3,315,201 3,236,022 -8,311 0.7816 08/30/06 ............................................................................. 3,409,344 3,329,357 -4,212 0.7797 09/06/06 ............................................................................. 3,395,512 3,324,894 -2,157 0.7820 09/13/06 ............................................................................. 3,520,237 3,448,441 -2,588 0.7869 09/20/06 ............................................................................. 3,139,445 3,077,492 -1,195 0.7873 09/27/06 ............................................................................. 3,110,568 3,082,398 -1,942 0.7875 10/04/06 ............................................................................. 2,945,563 2,939,175 -3,150 0.7882 10/11//06 ............................................................................ 2,978,759 2,973,866 -3,114 0.7970 10/18/06 ............................................................................. 3,008,999 3,009,920 -4,253 0.7990 10/25/06 ............................................................................. 2,961,965 2,964,419 -443 0.7942 11/01/06 ............................................................................. 3,062,033 3,060,367 -2,591 0.7830 11/08/06 ............................................................................. 3,032,562 3,026,463 -2,515 0.7828 11/15/06 ............................................................................. 3,128,963 3,122,722 -3,747 0.7808 11/22/06 ............................................................................. 2,870,164 2,860,805 -5,485 0.7735 11/29/06 ............................................................................. 3,453,066 3,438,859 -9,994 0.7607 12/06/06 ............................................................................. 3,503,922 3,488,507 -13,768 0.7515 12/13/06 ............................................................................. 3,455,329 3,441,183 -13,765 0.7567 12/20/06 ............................................................................. 3,050,005 3,030,039 -13,382 0.7586 12/27/06 ............................................................................. 3,037,426 3,030,114 -8,541 0.7619 March 2007 FOREIGN CURRENCY POSITIONS 102 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 Apr................... 3,471,295 3,407,520 1,721,131 1,666,382 584,294 588,514 445,431 522,863 -850 0.7921 May.................. 3,080,902 3,007,061 1,482,020 1,424,586 710,526 826,561 459,928 531,130 998 0.7792 June................. 3,051,598 3,042,657 1,520,413 1,411,160 656,565 766,673 440,688 509,901 -11,244 0.7825 July .................. 3,150,032 3,121,396 1,444,554 1,389,799 654,064 755,023 447,559 519,735 -10,853 0.7835 Aug .................. 3,303,572 3,271,323 1,436,080 1,392,072 662,842 756,995 459,556 529,779 -4,385 0.7817 Sept ................. 2,938,940 2,941,237 1,376,828 1,320,973 658,124 723,444 459,974 551,851 -1,928 0.7882 Oct................... 3,106,968 3,102,984 1,450,067 1,392,160 698,951 688,800 476,597 565,953 -2,437 0.7829 Nov .................. 3,384,224 3,371,697 1,528,203 1,476,998 668,561 727,152 514,595 566,983 -15,568 0.7541 Dec .................. 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2003 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) 153,335 144,106 157,491 77,634 2004 - Mar................... 175,305 179,774 210,250 127,055 June................. 178,189 190,395 200,735 129,209 Sept ................. 145,258 149,813 198,168 112,634 Dec .................. 146,656 155,582 191,031 2005 - Mar................... 138,011 148,004 206,505 Calls Bought (5) 8,294 Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 7,684 9,465 6,754 -781 0.7952 10,418 11,420 14,269 13,505 -3,231 0.8120 14,878 13,521 9,764 10,856 -2,450 0.8200 13,785 n.a. 9,761 10,839 455 0.8042 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 127,548 9,171 4,963 7,254 8,662 -37 0.7711 June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 2006 - Mar................... 142,022 157,084 226,059 137,973 12,373 7,893 7,038 5,441 -239 0.8238 June ................. 140,544 144,101 234,265 138,771 8,577 5,389 7,499 4,766 102 0.7825 Sept .................. 150,655 152,055 223,028 156,394 9,281 5,323 7,344 5,368 -2,413 0.7882 March 2007 103 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 (codified at 31 United States Code 5302), which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.—Balances as of June 30, 2006, and Sept. 30, 2006 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital June 30, 2006 July 1, 2006, through Sept. 30, 2006 Sept. 30, 2006 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 15,547,659 163,386 15,711,045 Special drawing rights 1 ........................................................... 8,669,587 -15,077 8,654,510 Foreign exchange and securities: European euro ..................................................................... 11,787,593 11,857 11,799,450 Japanese yen....................................................................... 8,252,239 -239,642 8,012,597 Accounts receivable................................................................. 135,173 52,463 187,636 Total assets.......................................................................... 44,392,251 -27,013 44,365,238 Accounts payable................................................................. 43,704 3,225 46,929 Total current liabilities ...................................................... 43,704 3,225 46,929 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... 2,200,000 7,248,217 -14,698 2,200,000 7,233,519 Liabilities and capital Current liabilities: Total other liabilities ......................................................... 9,448,217 -14,698 9,433,519 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 34,700,330 -15,540 200,000 34,684,790 Total capital...................................................................... 34,900,330 -15,540 34,884,790 Total liabilities and capital............................................ 44,392,251 -27,013 44,365,238 See footnote on the following page. March 2007 EXCHANGE STABILIZATION FUND 104 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter July 1, 2006, through Sept. 30, 2006 Fiscal year to date Oct. 1, 2005, through Sept. 30, 2006 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ -329,795 250,331 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... -3,070 24,477 SDRs............................................................................................ 13,473 44,319 U.S. Government securities......................................................... 207,525 684,987 Foreign exchange ........................................................................ 96,327 328,438 Commissions ............................................................................... - - Income from operations ............................................................... -15,540 1,332,552 Net income (+) or loss (-)............................................................. -15,540 1,332,552 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. March 2007 Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” Financial Report of the United States Government Excerpt Trust Funds 107 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT INTRODUCTION: Financial Report of the United States Government The following pages are excerpted from the 2006 Financial Report of the United States Government (Financial Report). The report and accompanying information, prepared and published annually by the Financial Management Service, are modeled after corporate-type reports and are developed on an accrual basis of accounting. The excerpts represent some of the most noteworthy information contained in the Financial Report. Data for the Financial Report are compiled from Federal program agency accounting systems Governmentwide. Treasury also presents a management discussion and analysis, the customary notes to the financial statements, a section on stewardship information, and supplemental information in the complete document. The Government Accountability Office (GAO) is required by law to audit the Financial Report. GAO’s report, as well as the complete Financial Report, can be accessed easily through the internet at www.fms.treas.gov/fr. March 2007 108 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Financial Statements of the United States Government for the Years Ended September 30, 2006, and September 30, 2005 Statements of Net Cost These statements present the net cost of fiscal years 2006 and 2005 Government operations, which include the operations related to earmarked funds, funds financed by specifically identified revenues, often supplemented by other financing sources, which remain available over time. For the purposes of this document, “Government” refers to the United States Government. It categorizes costs by Chief Financial Officer Act entities and other significant entities. Costs and earned revenues are generally presented by department on an accrual basis, while the budget presents costs and revenues by obligations and outlays generally on a cash basis. In the Statements of Net Cost, the costs and earned revenues are divided between the corresponding departments and entities mentioned above, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. The focus of the budget of the United States is by agency. Budgets are prepared, defended, and monitored by agency. In reporting by agency, we are assisting the external users in assessing the budget integrity, operating performance, stewardship, and systems and control of the Federal Government. These statements contain the following three components: • Gross cost—This is the full cost of all the departments and entities. These costs are assigned on a cause-and-effect basis, or reasonably allocated to the corresponding departments and entities. • Earned revenue—This is revenue the Government earned by providing goods and services to the public at a price. • Net cost—This is computed by subtracting earned revenue from gross cost. Net cost for Governmentwide reporting purposes includes the General Services Administration (GSA) and the Office of Personnel Management (OPM) agency allocations, and is net of intragovernmental eliminations. For this reason, individual agency net cost amounts will not agree with the agency’s financial statements. Because of their specific functions, most of the costs originally associated with GSA and OPM have been allocated to and reflected in the costs of their user agencies. The remaining costs for GSA and OPM on the Statements of Net Cost are the administrative operating costs, the expenses from prior and past costs from health and pension plan amendments, and the actuarial gains and losses for these agencies. Health and pension benefits that are not reported in the individual agency statements have been allocated out of OPM to the agencies. The interest on securities issued by the Department of the Treasury (Treasury) held by the public is part of Treasury’s responsibilities, but because of its importance, and the dollar amounts, it is reported separately in these statements. Statements of Operations and Changes in Net Position These statements report the results of Government operations which include the results of earmarked fund operations. They include unearned revenues that are generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties. These statements also cover the cost of Government operations, net of revenue earned from the sale of goods and services to the public (earned revenues). They further include any adjustments and unreconciled transactions that affect the net position. Revenue Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/Self-Employment Contributions Act (SECA) taxes and other taxes including payroll taxes collected from other agencies. These taxes are characterized as “unearned” revenue. March 2007 109 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Excise taxes consist of taxes collected for various items, such as airline tickets, gasoline products, distilled spirits and imported liquor, tobacco, firearms, and others. These are also characterized as “unearned” revenue. Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. Therefore, unlike other earned revenues, miscellaneous earned revenues are not subtracted from gross cost to derive net cost. It also includes rents and royalties on the Outer Continental Shelf Lands resulting from the leasing and development of mineral resources on public lands. Earmarked revenues are from specifically identified “earmarked” activities during the year. Earmarked revenues are required by statute to be used for designated activities, benefits or purposes and must be accounted for separately from the rest of the Government’s non-earmarked revenues. Refer to Note 20—Earmarked Funds for detailed information. Intragovernmental interest represents interest earned from the investment of surplus earmarked revenues, which finance the deficit spending of non-earmarked operations. These investments are recorded as Intragovernmental debt holdings and included in Note 10, in the table titled Intragovernmental Debt Holdings: Federal Debt Securities Held as Investments by Government Accounts. These interest payments, and the associated investments, are eliminated in the consolidation process. Net Cost of Government Operations The net cost of Government operations (which is gross cost less earned revenue) flows through from the Statements of Net Cost. The net cost associated with earmarked activities is separately reported. Intragovernmental Transfers Intragovernmental transfers reflect amounts required by statute to be transferred from the General Fund of the Treasury to earmarked funds, as well as contributions to earmarked funds made by Federal agencies on behalf of their employees, beneficiaries, or others. Other-Unmatched Transactions and Balances Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due to unreconciled differences, agency reporting errors, and timing differences in the consolidated financial statements. Refer to Note 1—Summary of Significant Accounting Policies and the Supplemental Information—Unmatched Transactions and Balances for detailed information. Net Position, Beginning of Period The net position, beginning of period, reflects the net position reported on the prior year’s balance sheet as of the end of that fiscal year. The net position for earmarked funds is shown separately. Prior period adjustments are revisions to adjust the beginning net position and balances presented on the prior year financial statements. Refer to Note 1B—Basis of Accounting and Revenue Recognition, and Note 17—Prior Period Adjustments-Corrections of Errors for detailed information. Net Position, End of Period The net position, end-of-period, amount reflects the net position as of the end of the fiscal year. The net position for earmarked funds is shown separately. March 2007 110 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Reconciliations of Net Operating Cost and Unified Budget Deficit The purpose of the reconciliation is to report how the proprietary net operating cost and the unified budget deficit relate to each other. The premise of the reconciliation is that the accrual and budgetary accounting bases share transaction data. These statements report the reconciliation of the results of operations (net operating cost) on the Statements of Operations and Changes in Net Position to the unified budget deficit in the President’s budget. Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the basis of accounting measures used in the Financial Report. These statements begin with the net results of operations (net operating cost), where operating revenues are reported on a modified cash basis of accounting and the net cost of Government operations on an accrual basis of accounting and reports activities where the bases of accounting for the components of net operating cost and the unified budget deficit differed. Components of Net Operating Cost Not Part of the Budget Deficit This information includes the operating components, such as the changes of benefits payable for veterans, military and civilian employees, and the environmental liabilities and depreciation expense not included in the budget results. Components of the Budget Deficit Not Part of Net Operating Cost This information includes the budget components, such as capitalized fixed assets, changes in accounts and taxes receivable, and increases in other assets not included in the operating results. These items are typically part of the balance sheets only, and are not part of the operating results. All Other Reconciling Items represent the net difference that is needed to balance this statement to the unified budget deficit. Statements of Changes in Cash Balance from Unified Budget and Other Activities The primary purpose of these statements is to report how the annual unified budget deficit relates to the change in the Government’s operating cash balance and debt held by the public. It explains why the unified budget deficit normally would not result in an equivalent change in the Government’s operating cash balance. These statements reconcile the unified budget deficit to the change in operating cash during the fiscal year and explain how the budget deficits (fiscal years 2006 and 2005) were financed. A budget deficit is the result of outlays (expenditures) exceeding receipts (revenue) during a particular fiscal year. In depicting how the unified budget deficits were financed, these statements show that in fiscal years 2006 and 2005, the greatest amounts were net new borrowings from the public. Other transactions also required cash disbursements and are not part of the repayments of the debt. These other transactions, such as the payment of interest on debt held by the public, required cash payments and contributed to the use of cash. These statements show the differences between accrual and cash budgetary basis, mainly because of timing differences in the financial statements. March 2007 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111 Balance Sheets The balance sheets show the Government’s assets and liabilities. When combined with stewardship information, this information presents a more comprehensive understanding of the Government’s financial position. All of the line items on the balance sheets are described in the Notes to the Financial Statements. The net position for earmarked funds is shown separately. Assets Assets included on the balance sheets are resources of the Government that remain available to meet future needs. The most significant assets that are reported on the balance sheets are property, plant, and equipment; inventories; and loans receivable. There are, however, other significant resources available to the Government that extend beyond the assets presented in these financial statements. Those resources include stewardship assets, including natural resources, and the Government’s sovereign powers to tax, regulate commerce, and set monetary policy. Liabilities and Net Position Liabilities are obligations of the Government resulting from prior actions that will require financial resources. The most significant liabilities reported on the balance sheets are Federal debt securities held by the public and accrued interest and Federal employee and veteran benefits payable. Liabilities also include environmental and disposal liabilities and social insurance benefits due and payable as of the reporting date. As with reported assets, the Government’s responsibilities, policy commitments, and contingencies are much broader than these reported balance sheet liabilities. They include the social insurance programs in the Statements of Social Insurance and are disclosed in the Supplemental Information—Social Insurance section and a wide range of other programs under which the Government provides benefits and services to the people of this Nation, as well as certain future loss contingencies. The magnitude and complexity of social insurance programs, coupled with the extreme sensitivity of projections relating to the many assumptions of the programs, produce a wide range of possible results. Note 23—Social Insurance describes the social insurance programs, reports long-range estimates that can be used to assess the financial condition of the programs, and explains some of the factors that impact the various programs. Using this information, readers can apply their own judgment as to the condition and sustainability of the individual programs. Each of the social insurance programs has an associated trust fund to account for its activity. The collection of earmarked taxes and other earmarked revenue is credited to the corresponding trust fund that will use these funds to meet a particular Government purpose. If the collections from taxes and other sources exceed the payments to the beneficiaries, the excess revenue is invested in Treasury securities or “loaned” to the Treasury’s General Fund; therefore, the trust fund balances do not represent cash. An explanation of the trust funds for social insurance and many of the other large trust funds is included in Note 20—Earmarked Funds and Note 21—Dedicated Collections. That note also contains information about trust fund receipts, disbursements, and assets. The Government has entered into contractual commitments requiring the future use of financial resources and has unresolved contingencies where existing conditions, situations, or circumstances create uncertainty about future losses. Commitments as well as contingencies that do not meet the criteria for recognition as liabilities on the balance sheets, but for which there is at least a reasonable possibility that losses have been incurred, are disclosed in Note 18—Contingencies and Note 19—Commitments. Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the Government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position. March 2007 112 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Statements of Social Insurance The Statements of Social Insurance provide estimates of the status of the most significant Social Insurance programs; Social Security, Medicare, Railroad Retirement, and Black Lung social insurance programs, which are administered by the Social Security Administration (SSA), the Department of Health and Human Services (HHS), the Railroad Retirement Board (RRB), and the Department of Labor (DOL), respectively. The estimates are actuarial present values1 of the projections and are based on the economic and demographic assumptions representing the trustees’ best estimates as set forth in the relevant Social Security and Medicare trustees’ reports and in the relevant agency performance and accountability reports for the Railroad Retirement Board and the Department of Labor (Black Lung). 1 Present values recognize that a dollar paid or collected next year is worth less than a dollar today, because a dollar today could be saved and earn a year’s worth of interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. March 2007 113 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Net Cost for the Years Ended September 30, 2006, and September 30, 2005 Gross Cost (In billions of dollars) Department of Defense ................................ 658.0 Department of Health & Human Services .... 678.8 Social Security Administration...................... 593.1 Interest on Treasury Securities held by the public ................................................... 221.5 Department of Veterans Affairs.................... 117.3 Department of Agriculture ............................ 109.0 Department of Education ............................. 97.3 Department of the Treasury ......................... 85.5 Department of Transportation ...................... 66.6 Department of Energy .................................. 70.9 Department of Homeland Security............... 63.4 Department of Labor .................................... 48.2 Department of Housing and Urban Development ............................................. 43.0 Department of Justice .................................. 28.6 Office of Personnel Management ................ 34.8 National Aeronautics and Space Administration .............................................. 19.2 Department of the Interior ............................ 20.0 Department of State ..................................... 16.0 Agency for International Development......... 10.5 Environmental Protection Agency................ 9.9 Department of Commerce............................ 9.9 Federal Communications Commission ........ 7.9 Railroad Retirement Board........................... 12.1 National Science Foundation ....................... 5.7 Federal Deposit Insurance Corporation ....... 1.8 Small Business Administration...................... 1.7 U.S. Nuclear Regulatory Commission ......... 1.0 General Services Administration.................. 0.9 0.2 National Credit Union Administration ........... 9.5 Tennessee Valley Authority........................... Export-Import Bank of the United States ..... (0.5) Pension Benefit Guaranty Corporation ........ 58.9 U.S. Postal Service ........................................ 27.0 All other entities .............................................. Total........................................................... 3,127.7 Earned Revenue 2006 Net Cost Gross Cost Earned Revenue 2005 Net Cost 24.1 51.4 0.3 633.9 627.4 592.8 703.9 623.4 572.1 26.9 39.6 (2.0) 677.0 583.8 574.1 3.5 11.4 4.7 4.1 0.6 5.1 6.8 - 221.5 113.8 97.6 92.6 81.4 66.0 65.8 56.6 48.2 181.2 276.6 112.6 75.6 82.3 62.4 46.8 74.6 50.0 3.4 19.9 4.7 3.1 0.6 3.7 6.7 - 181.2 273.2 92.7 70.9 79.2 61.8 43.1 67.9 50.0 1.0 1.0 15.1 42.0 27.6 19.7 43.6 27.3 33.1 1.3 0.8 14.4 42.3 26.5 18.7 0.1 3.2 2.0 0.2 0.4 1.5 0.6 0.2 0.4 0.5 0.4 0.2 8.7 2.5 4.3 68.9 7.6 224.8 16.4 16.3 13.6 12.8 8.9 7.7 6.6 9.5 5.5 1.2 1.0 0.4 (0.2) (0.1) (0.1) (2.7) 0.8 (12.9) 22.7 2,949.8 2.9 2.2 0.1 0.3 1.7 0.3 5.0 0.1 0.3 0.6 0.5 0.1 10.0 1.3 3.8 71.6 (3.5) 226.4 19.2 17.1 13.8 10.4 9.6 8.2 7.6 7.1 5.7 1.7 1.4 0.4 0.4 0.1 (0.5) (1.3) (4.3) (12.7) 30.5 2,901.3 16.5 19.5 15.6 13.0 9.3 9.2 7.2 9.5 5.5 1.4 1.4 0.9 0.2 0.1 8.6 (0.2) 5.1 56.0 30.3 3,174.6 The accompanying notes are an integral part of these financial statements. March 2007 114 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Operations and Changes in Net Position for the Years Ended September 30, 2006, and September 30, 2005 (In billions of dollars) Revenue: Individual income tax and tax withholdings........... Corporation income taxes ..................................... Unemployment taxes............................................. Excise taxes .......................................................... Estate and gift taxes.............................................. Customs duties...................................................... Other taxes and receipts ....................................... Miscellaneous earned revenues ........................... Intragovernmental interest .................................... Total revenue ........................................................ Eliminations ........................................................... Consolidated revenue ........................................... Net Cost: Net cost ................................................................. Intragovernmental interest .................................... Total net cost......................................................... Eliminations ........................................................... Consolidated net cost............................................ NonEarmarked Funds Earmarked Funds 2005 2006 Consolidated Consolidated (Restated) 1,045.7 350.0 24.5 27.4 24.7 42.8 17.1 1,532.2 800.4 41.4 49.6 17.2 185.3 1,093.9 1,846.1 350.0 41.4 74.1 27.4 24.7 60.0 17.1 185.3 2,626.1 (185.3) 2,440.8 1,690.1 271.8 40.0 71.0 24.7 22.0 46.7 19.2 2,185.5 1,635.1 185.3 1,820.4 1,266.2 1,266.2 2,901.3 185.3 3,086.6 (185.3) 2,901.3 2,949.8 2,949.8 Intragovernmental transfers ................................. (344.3) 344.3 - Other--Unmatched transactions and balances (Note 1)................................................................. 11.0 - 11.0 Net Operating (Cost)/Revenue.............................. (621.5) 172.0 (449.5) (760.2) Net position, beginning of period ........................ Prior period adjustments-corrections of errors (Note 17 and Note 26) ........................................ Other prior period adjustments (Note 17).............. Net Operating (Cost)/Revenue.............................. Net position, end of period ................................... (8,714.1) 247.2 (8,466.9) (7,709.8) 172.0 419.2 (449.5) (8,916.4) 2.9 0.2 (760.2) (8,466.9) (621.5) (9,335.6) The accompanying notes are an integral part of these financial statements. March 2007 4.1 115 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Reconciliations of Net Operating Cost and Unified Budget Deficit for the Years Ended September 30, 2006, and September 30, 2005 (In billions of dollars) Net operating cost ..................................................................................... Components of Net Operating Cost Not Part of the Budget Deficit: Increase (decrease) in Liability for Military Employee Benefits (Note 11): Increase in military pension liabilities ........................................................ Increase in military health liabilities........................................................... (Decrease) Increase in other military benefits .......................................... Increase in liability for military employee benefits..................................... 2006 2005 (Restated) (449.5) (760.2) 71.7 3.3 (0.3) 74.7 57.7 108.6 3.3 169.6 Increase (Decrease) in Liability for Veterans Compensation (Note 11): Increase in liabilities for veterans .............................................................. (Decrease) Increase in liabilities for survivors .......................................... Increase in liabilities for burial benefits ..................................................... Increase in liability for veteran's compensation......................................... 45.4 (14.3) 0.1 31.2 150.1 47.2 0.5 197.8 Increase in Liabilities for Civilian Employee Benefits (Note 11): Increase in civilian pension liabilities......................................................... Increase in civilian health liabilities ........................................................... Increase (Decrease) in other civilian benefits ........................................... Increase in liabilities for civilian employee benefits................................... 75.2 4.5 1.6 81.3 43.6 24.6 (5.9) 62.3 Increase in Environmental Liabilities (Note 12): Increase in Energy's environmental liabilities ........................................... Increase in all others' environmental liabilities .......................................... Increase in environmental liabilities .......................................................... 40.5 4.9 45.4 8.1 2.5 10.6 Depreciation expense .................................................................................. Property, plant, and equipment disposals and revaluations ....................... Increase in benefits due and payable .......................................................... (Decrease) Increase in insurance programs ............................................... Increase in other liabilities ........................................................................... Seigniorage and sale of gold ...................................................................... (Decrease) Increase in accounts payable ................................................... (Increase) in accounts and taxes receivable ............................................... 82.9 2.4 12.3 (20.4) 21.1 (0.7) (9.5) (2.7) 79.7 (43.7) 14.1 31.0 15.1 (0.8) 7.8 (9.7) Components of the Budget Deficit Not Part of Net Operating Cost: Capitalized Fixed Assets: Department of Defense ............................................................................. Civilian Agencies ....................................................................................... Total Capitalized Fixed Assets ............................................................... (76.4) (27.3) (103.7) (28.3) (25.1) (53.4) (Increase) in inventory ................................................................................. (Increase) in Securities and Investments..................................................... Decrease (Increase) in other assets............................................................ Principal repayments of precredit reform loans .......................................... (9.3) (6.4) 0.5 3.5 (10.5) (16.2) (5.0) (2.2) All Other Reconciling Items...................................................................... (0.8) (4.8) Unified budget deficit ................................................................................ (247.7) (318.5) The accompanying notes are an integral part of these financial statements. March 2007 116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Changes in Cash Balance from Unified Budget and Other Activities for the Years Ended September 30, 2006, and September 30, 2005 2006 (In billions of dollars) Unified budget deficit..................................... 2005 (247.7) (318.5) Adjustments for Noncash Outlays Included in the Budget: Interest accrued by Treasury on debt held by (177.6) the public............................................................. Subsidy expense (Note 4) ............................. 34.3 (154.4) 14.4 Items Affecting the Cash Balance Not Included in the Budget: Net Transactions from Financing Activity: Repayment of debt held by the public............ 4,248.5 Borrowings from the public ......................... (4,485.5) Total......................................................... Net Transactions from Monetary Activity: Increase/(decrease) in special drawing rights........................................................ Increase in other monetary assets.............. (Decrease) in loans to the IMF............................. Total..................................................................... Net Transactions from Other Activities: Net direct loan activity ................................ Interest paid by Treasury on debt held by the public ................................................. Net guaranteed loan activity ....................... (Decrease)/Increase in miscellaneous assets ...................................................... (Increase)/Decrease in allocations of special drawing rights .............................. Decrease/(Increase) in deposit fund balances .................................................. Decrease in miscellaneous liabilities.............. Seigniorage and other equity...................... Reclassification of aged unreconciled accounts .................................................. NRRIT non-Federal securities1 ................... Prior period adjustment ............................... Total......................................................... 4,317.4 (4,614.1) (237.0) (296.7) 0.4 3.1 (6.6) (4.5) 0.3 (6.2) (3.1) (10.4) - (3.7) 171.4 (46.9) 152.2 (20.1) (0.5) 0.3 (0.1) 0.1 1.0 0.1 (0.7) (2.0) (0.9) - - 2.1 (2.7) 2.1 120.0 Disposition of deficit...................................... 131.7 (263.4) (315.4) Increase/(Decrease) in operating cash balance ....................................................... 15.7 (3.1) Operating Cash: (Note 2) Operating cash balance beginning of period .. Operating cash balance end of period........... 27.9 43.6 31.0 27.9 1 For more information, see Railroad Retirement in the Supplemental Information-Social Insurance section. The amount for the change in the NRRIT non-Federal Securities reflected above is based on NRRIT amounts reported as of August 31. This differs from the amounts reflected in Note 7, Securities and Investments, for NRRIT which are as of September 30. The accompanying notes are an integral part of these financial statements. March 2007 117 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Balance Sheets as of September 30, 2006, and September 30, 2005 (In billions of dollars) 2006 2005 (Restated) Assets: Cash and other monetary assets (Note 2) ...................................... 97.9 85.8 Accounts and taxes receivable, net (Note 3) .................................. 68.8 66.1 Loans receivable, net (Note 4)........................................................ 220.8 221.8 Inventories and related property, net (Note 5) ................................ 281.3 272.0 Property, plant, and equipment, net (Note 6 and Note 26) ............. 688.5 670.2 Securities and investments (Note 7) ............................................... 83.8 75.3 Other assets (Note 8)...................................................................... 55.4 56.7 Total assets .................................................................................. 1,496.5 1,447.9 Accounts payable (Note 9).............................................................. 58.4 67.9 Federal debt securities held by the public and accrued interest (Note 10)....................................................................................... 4,867.5 4,624.2 Federal employee and veteran benefits payable (Note 11)............ 4,679.0 4,491.8 Environmental and disposal liabilities (Note 12) ............................. 305.2 259.8 Benefits due and payable (Note 13) ............................................... 129.3 117.0 Insurance program liabilities (Note 14) ........................................... 72.8 93.2 Loan guarantee liabilities (Note 4) .................................................. 66.4 47.7 Other liabilities (Note 15) ................................................................ 234.3 213.2 Total liabilities ............................................................................... 10,412.9 9,914.8 Stewardship property, plant, and equipment Stewardship Land (Note 24) and Heritage Assets (Note 25) Liabilities: Contingencies (Note 18) and Commitments (Note 19) Net position: Earmarked funds (Note 20)............................................................. 419.2 Non-earmarked funds ..................................................................... (9,335.6) Total net position........................................................................ (8,916.4) (8,466.9) Total liabilities and net position.................................................. 1,496.5 1,447.9 The accompanying notes are an integral part of these financial statements. March 2007 118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Social Insurance Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections (In billions of dollars) 2006 ************UNAUDITED*********** 2005 2004 2003 2002 Federal Old-Age, Survivors and Disability Insurance (Social Security): (Note 23) Contributions and Earmarked Taxes from: Participants who have attained age 62......................................... 533 464 Participants ages 15-61................................................................ 16,568 15,290 15,006 13,696 Future participants (under age 15 and births during period)............... 32,107 29,450 All current and future participants .............................................. 41 35 14,388 13,576 12,900 12,213 27,699 26,147 34 13,048 11,893 25,289 Expenditures for Scheduled Future Benefits for: Participants who have attained age 62......................................... Participants ages 15-61................................................................ Future participants (under age 15 and births during period)............... All current and future participants .............................................. 5,866 26,211 6,480 38,557 5,395 23,942 5,816 35,154 4,933 4,662 22,418 21,015 5,578 5,398 32,928 31,075 4,402 20,210 5,240 29,851 Present value of future expenditures less future revenue............. 6,4491 5,7042 5,2293 4,9274 4,5625 Federal Hospital Insurance (Medicare Part A): (Note 23) Contributions and Earmarked Taxes from: Participants who have attained eligibility age 65 .......................... Participants who have not attained eligibility age 15-64 ............... Future participants (under age 15 and births during period)).............. All current and future participants .............................................. 192 5,685 4,767 10,644 162 5,064 4,209 9,435 14 4,820 4,009 8,976 12 4,510 3,773 8,411 12 4,408 3,753 8,286 Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility age 65 .......................... Participants who have not attained eligibility age 15-64 ............... Future participants (under age 15 and births during period)).............. All current and future participants .............................................. 2,397 15,633 3,904 21,934 2,179 12,668 3,417 18,264 2,168 1,897 12,054 10,028 3,246 2,653 17,468 14,577 1,747 9,195 2,470 13,412 Present value of future expenditures less future revenue............. 11,2901 8,8292 8,4923 6,1664 5,1265 Federal Supplementary Medical Insurance (Medicare Part B): (Note 23) Premiums from: Participants who have attained eligibility age 65 .......................... 40 Participants who have not attained eligibility age 15-64 ............... 3,167 90 Future participants (under age 15 and births during period)).............. 4,481 All current and future participants .............................................. 363 2,900 924 4,187 33 2,665 89 3,889 28 2,148 68 3,119 25 1,856 60 2,708 1,475 1,306 10,577 8,845 3,277 2,622 15,329 12,773 1,132 7,463 2,238 10,833 Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility age 65 .......................... Participants who have not attained eligibility age 15-64 ............... Future participants (under age 15 and births during period)).............. All current and future participants .............................................. 1,773 12,433 3,407 17,613 1,622 11,541 3,408 16,571 Present value of future expenditures less future revenue6 .............. 13,1311 12,3842 11,4403 Federal Supplementary Medical Insurance (Medicare Part D): (Note 23) Premiums and State Transfers from: 17 Participants who have attained eligibility age 65 .......................... 1,700 Participants who have not attained eligibility age 15-64 ............... 49 Future participants (under age 15 and births during period)).............. 2,366 All current and future participants .............................................. 185 1,790 572 2,547 17 1,857 61 2,651 Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility age 65 .......................... Participants who have not attained eligibility age 15-64 ............... Future participants (under age 15 and births during period)).............. All current and future participants .............................................. 79 7,338 2,121 10,250 880 7,913 2,440 11,233 77 7,566 2,431 10,770 Present value of future expenditures less future revenue6...................... 7,8841 8,6862 8,1193 March 2007 9,6534 8,1255 119 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Social Insurance Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections (In billions of dollars) 2006 ************UNAUDITED*********** 2005 2004 2003 2002 Railroad Retirement: (Note 23) Contributions and Earmarked Taxes from: Participants who have attained eligibility ...................................... Participants who have not attained eligibility ................................ Future participants........................................................................ All current and future participants .............................................. 5 40 56 100 4 37 41 82 4 37 39 80 4 40 41 85 3 40 41 83 Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility ...................................... Participants who have not attained eligibility ................................ Future participants........................................................................ All current and future participants .............................................. 92 84 25 201 84 73 16 173 81 72 14 167 80 73 14 167 74 76 13 162 Present value of future expenditures less future revenues 7 .............. 101 1 91 2 87 3 83 4 79 5 (4) 9 (5) 10 (4) 11 (4) 12 (5) 13 Black Lung (Part C): (Note 23) 8 Present value of future expenditures less future revenues .............. 1 The projection period is 1/1/2006 - 12/31/2080 and the valuation date is 1/1/2006. The projection period is 1/1/2005 - 12/31/2079 and the valuation date is 1/1/2005. 3 The projection period is 1/1/2004 - 12/31/2078 and the valuation date is 1/1/2004. 4 The projection period is 1/1/2003 - 12/31/2077 and the valuation date is 1/1/2003. 5 The projection period is 1/1/2002 - 12/31/2076 and the valuation date is 1/1/2002. 6 These amounts represent the present value of the transfers from the General Fund of the Treasury to the Supplementary Medical Insurance Trust Fund. These future intragovernmental transfers are included as income in both HHS’ and the Centers for Medicare & Medicaid Services’ (CMS) Financial Report but are not income from the Governmentwide perspective of this report. 7 These amounts approximate the present value of the financial interchange and transfers from the General Fund of the Treasury to the Social Security Equivalent Benefit (SSEB) Account (see discussion of Railroad Retirement Program in the required supplemental information section of this report). They are included as income in the Railroad Retirement Financial Report but are not income from the Governmentwide perspective of this report. 8 Does not include interest expense accruing on the outstanding debt. 9 The projection period is 9/30/2006 - 9/30/2040 and the valuation date is 9/30/2006. 10 The projection period is 9/30/2005 - 9/30/2040 and the valuation date is 9/30/2005. 11 The projection period is 9/30/2004 - 9/30/2040 and the valuation date is 9/30/2004. 12 The projection period is 9/30/2003 - 9/30/2040 and the valuation date is 9/30/2003. 13 The projection period is 9/30/2002 - 9/30/2040 and the valuation date is 9/30/2002. 2 Totals do not necessarily equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2007 120 TRUST FUNDS INTRODUCTION: Airport and Airway Trust Fund The Airport and Airway Trust Fund was established on the books of Treasury in fiscal year 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49 United States Code 1742(a), repealed]. The Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248, dated September 3, 1982) reestablished the trust fund in the Internal Revenue Code (26 United States Code 9502) effective September 1, 1982. Treasury transfers from the general fund to the trust fund amounts equivalent to the taxes received from transportation of persons and property by air, gasoline and jet fuel used in commercial and noncommercial aircraft, and an international arrival and departure tax. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5, 1990) increased rates for the excise taxes transferred to the fund. Treasury bases these transfers on estimates made by the Secretary of the Treasury. These are subject to adjustments in later transfers in the amount of actual tax receipts. The Taxpayers Relief Act of 1997 (Public Law 105-35), effective October 1, 1997, extended the aviation excise taxes for 10 years. The taxes now expire on September 30, 2007. The Act included other provisions that: • Converted the 10 percent ad valorem tax on domestic passenger tickets to a combination of ad valorem/flight segment tax over 3 years, beginning October 1, 1997. Beginning October 1999 through September 30, 2007, the tax is 7.5 percent, plus in calendar year 2006, a $3.30 tax per segment. • Retained the existing freight waybill and general aviation jet fuel/gas taxes. It also retained a special rule applied to flights between the continental United States and Alaska or Hawaii. The $6 departure tax is indexed to the Consumer Price Index. Effective calendar year 2006, the tax is $7.30. • Imposed a new 7.5 percent tax on payments to airlines for frequent flyer and similar awards by banks and credit card companies, merchants and frequent flyer March 2007 program partners, such as other airlines, hotels and rental car companies, and other businesses. • Increased the $6 international departure tax to $12 per passenger and added a $12 international arrival tax, indexed to the Consumer Price Index. Effective 2006, the tax is $14.50. • Lowered ticket tax rates on flights to certain rural airports to 7.5 percent without a flight segment tax component. • Transferred revenues from the 4.3 cents-per-gallon aviation fuel tax previously dedicated to reducing the national deficit from the general fund to the Airport and Airway Trust Fund. The Administration is proposing the current tax system be replaced by a mix of adjusted taxes and user fees. This will decrease both revenue and outlays from the trust fund beginning in fiscal year 2009. When the provisions of 26 United States Code 9602(b) are met, amounts available in the trust fund exceed outlay requirements, Treasury invests excess amounts in public debt securities and credits the interest to the fund. Additional sums from the general fund also are credited as authorized and made available, by law, if they are needed to meet outlay requirements. Treasury makes available to the Federal Aviation Administration (FAA), Department of Transportation (DOT), amounts required for outlays to carry out the Airport and Airway program. The Secretary of the Treasury makes other charges to the trust fund to transfer certain refunds of taxes and certain outfits, under section 34 of the Internal Revenue Code (IRC). Annual reports to Congress, required by 26 U.S.C. 9602 (a), are submitted by the Secretary of the Treasury, after consultation with the Secretary of Transportation. These reports are required to cover the financial condition and results of operations of the trust fund during the past fiscal year and those expected during the next 5 fiscal years. TRUST FUNDS 121 TABLE TF-1.—Airport and Airway Trust Fund Results of Operations, Fiscal Year 2006 [Source: DOT] Description IRC section (26 United States Code) Amount $11,290,130,291 Balance Oct. 1, 2005 ................................................................................................................................................................................................ Receipts: Excise taxes (transferred from general fund): 4041............................................................................................ Liquid fuel other than gasoline.............................................................. 4081............................................................................................ Gasoline................................................................................................ 4261 (a) (b)................................................................................. Transportation by airseats, berths, etc ................................................. 4261 (c)....................................................................................... Use of international travel facilities ....................................................... 4271............................................................................................ Transportation of property, cargo ......................................................... Gross excise taxes ....................................................................................................................................................................................... 790,152,000 16,915,000 7,423,297,472 1,993,697,000 478,614,000 10,702,675,472 Less refunds of taxes (reimbursed to general fund): 4041............................................................................................ Liquid fuel other than gasoline.................................................................. Gasoline................................................................................................................................................................................................................ Total refunds of taxes ....................................................................................................................................................................................... Net taxes........................................................................................................................................................................................................... Interest on investments......................................................................................................................................................................................... Total receipts .................................................................................................................................................................................................... Offsetting collections................................................................................................................................................................................................. 105,873,000 7,036,000 112,909,000 10,589,766,472 494,760,249 11,084,526,721 108,346,690 Expenses: Operations ............................................................................................................................................................................................................ Grants in aid.......................................................................................................................................................................................................... Facilities and equipment ....................................................................................................................................................................................... Research, engineering, and development............................................................................................................................................................ Air carriers............................................................................................................................................................................................................. Total expenses.................................................................................................................................................................................................. Offsetting collections................................................................................................................................................................................................. Balance Sept. 30, 2006 ............................................................................................................................................................................................ 5,485,673,312 3,840,567,197 2,506,700,626 140,725,681 64,296,937 12,037,963,753 108,346,690 $10,336,693,259 Airport and Airway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In millions of dollars. Source: DOT] 2007 2008 2009 2010 2011 10,336 10,159 8,628 9,188 10,190 Excise taxes, net of refunds.................................................... 11,426 12,094 4,323 4,674 5,062 381 Balance Oct. 1 ............................................................................ Receipts: Interest on investments........................................................... 495 478 404 378 Offsetting collections............................................................... 210 51 50 50 51 Total receipts ...................................................................... 12,131 12,623 4,777 5,102 5,494 Gross Outlays ......................................................................... 12,308 14,154 4,217 4,100 4,173 Balance Sept. 30......................................................................... 10,159 8,628 9,188 10,190 11,511 Expenses: March 2007 122 TRUST FUNDS INTRODUCTION: Uranium Enrichment Decontamination and Decommissioning Fund The Uranium Enrichment Decontamination and Decommissioning Fund was established on the books of the Treasury in fiscal year 1993, according to provisions of the Energy Policy Act of 1992 (42 United States Code 2297g). Receipts represent (1) fees collected from domestic public utilities based on their pro rata share of purchases of separative work units from the Department of Energy (DOE) and (2) appropriations toward the Government contribution based on the balance of separative work unit purchases. Expenditures from the fund are for the purpose of (1) decontamination and decommissioning of the three gaseous diffusion plants, (2) remedial actions and related environmental restoration costs at the gaseous diffusion plants, and (3) reimbursement to uranium/thorium producers for the costs of decontamination, decommissioning, reclamation, and remedial action of uranium/thorium sites that are incident to sales to the U.S. Government. Amounts available in the fund exceeding current needs may be invested by the Secretary of the Treasury in obligations of the United States (1) having maturities congruent with the needs of the fund and (2) bearing interest at rates determined appropriate, taking into consideration the March 2007 current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to these investments. The Secretary of the Treasury is required by 42 United States Code 2297g(b)(1) to provide an annual report to Congress, after consultation with the Secretary of Energy. This report must present the financial condition and the results of operations of the fund during the preceding fiscal year. The Energy Policy Act of 1992 (42 United States Code 2297g-1, as amended) authorizes funding to ensure annual deposits to the fund of $518.2 million before adjustments for inflation. The Act stipulates that the Government deposit $369.6 million, adjusted for inflation, annually. The Act also calls for deposits of $150 million from domestic public utility assessments. Between the fiscal years of 1993 and 2006, the total Government contribution amount authorized by the Act was $5,749.5 million. During that time span, the Government contributed only $4,910.4 million to the fund. The resulting shortfall in authorized Government contributions is, therefore, $839.1 million. TRUST FUNDS 123 TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund Results of Operations, Fiscal Year 2006 [Source: DOE] Balance Oct. 1, 2005 ................................................................................................................................................................................. $14,990,779 Receipts: Fees collected ........................................................................................................................................................................................ 651,819,575 Penalties collected ................................................................................................................................................................................. - Interest on investments.......................................................................................................................................................................... 194,100,190 Total receipts...................................................................................................................................................................................... 845,919,765 Outlays: DOE, decontamination and decommissioning activities........................................................................................................................ 502,897,049 Cost of investments................................................................................................................................................................................ 331,466,386 Total outlays....................................................................................................................................................................................... 834,363,435 Balance Sept. 30, 2006.............................................................................................................................................................................. $26,547,109 Uranium Enrichment Decontamination and Decommissioning Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In thousands of dollars. Source: DOE] 2007 2008 2009 2010 2011 26,547 1 1 1 1 Fees collected...................................................................... 665,170 452,000 452,000 46,500 - Interest collected.................................................................. 167,886 168,070 161,936 149,247 132,572 Total receipts ................................................................... 833,056 620,070 613,936 195,747 132,572 DOE, decontamination and decommissioning fund ............ 663,927 615,275 773,422 525,666 566,124 Costs of investments ........................................................... 195,675 4,795 -159,486 -329,919 -433,552 Total outlays..................................................................... 859,602 620,070 613,936 195,747 132,572 Balance Sept. 30...................................................................... 1 1 1 1 1 Balance Oct. 1 ......................................................................... Receipts: Outlays: March 2007 124 TRUST FUNDS INTRODUCTION: Black Lung Disability Trust Fund The Black Lung Disability Trust Fund was established on the books of the Treasury in fiscal year 1978 according to the Black Lung Benefits Revenue Act of 1977 (Public Law 95-227). The Black Lung Benefits Revenue Act of 1981 (Public Law 97-119) reestablished the fund in the Internal Revenue Code (IRC), 26 United States Code 9501. The Consolidated Omnibus Budget Reconciliation Act of 1985 (Public Law 99-272), enacted April 7, 1986, provided for an increase in the coal tax rates effective April 1, 1986, through December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest payments ended on September 30, 1990. Payment of interest on advances resumed in fiscal year 1991. The Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203, title X, section 10503), signed December 22, 1987, extends the temporary increase in the coal tax through December 31, 2013. The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury to the trust fund: excise taxes on coal sold; taxable expenditures of self-dealing by, and excess contributions to, private black lung benefit trusts; reimbursements by responsible mine operators; and related fines, penalties and interest charges. Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust fund subject to adjustments in later transfers to actual tax receipts. After retirement of the current indebtedness, amounts available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in interest-bearing public debt securities. Any interest earned will be credited to the fund. Also credited, if necessary, will be repayable advances from the general fund to meet outlay requirements exceeding available revenues. To carry out the program, amounts are made available to the Department of Labor (DOL). Also charged to the fund are administrative expenses incurred by the Department of Health and Human Services (HHS) and the Treasury, repayments of advances from the general fund and interest on advances. The Code requires the Secretary of the Treasury to submit an annual report to Congress after consultation with the Secretary of Labor and the Secretary of HHS [26 United States Code 9602(a)]. The report must present the financial condition and results of operations of the fund during the past fiscal year and the expected condition and operations of the fund during the next 5 fiscal years. TABLE TF-3.—Black Lung Disability Trust Fund Results of Operations, Fiscal Year 2006 [Source: DOL] Balance Oct. 1, 2005 ........................................................................................................................................................................................... Receipts: Excise taxes (transferred from general fund): $1.10 tax on underground coal .................................................................................................................................................................... $0.55 tax on surface coal............................................................................................................................................................................. 4.4 percent tax on underground coal........................................................................................................................................................... 4.4 percent tax on surface coal.................................................................................................................................................................... Fines, penalties, and interest....................................................................................................................................................................... Collection—responsible mine operators...................................................................................................................................................... Recovery of prior year funds........................................................................................................................................................................ Repayable advances from the general fund................................................................................................................................................ Total receipts............................................................................................................................................................................................ Net receipts .............................................................................................................................................................................................. Outlays: Treasury administrative expenses ................................................................................................................................................................... Salaries and expenses—DOL—departmental management .......................................................................................................................... Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ Total outlays................................................................................................................................................................................................. Expenses: Program expenses—DOL................................................................................................................................................................................ Interest on repayable advances....................................................................................................................................................................... Total expenses............................................................................................................................................................................................. Balance Sept. 30, 2006 ........................................................................................................................................................................................ Cumulative debt, end of year ............................................................................................................................................................................... March 2007 $41,375,141 302,856,000 134,496,000 35,557,000 134,478,000 548,748 4,414,442 445,000,000 1,057,350,190 1,057,350,190 342,154 24,239,000 344,000 33,050,000 57,975,154 307,066,878 694,963,681 1,002,030,559 38,719,619 $9,631,556,899 TRUST FUNDS 125 Black Lung Disability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011* [In thousands of dollars. Source: DOL] 2007 2008 2009 2010 2011 38,719 38,540 38,256 38,040 37,907 Excise taxes....................................................................................... 624,000 629,000 640,000 659,000 679,000 Advances from the general fund........................................................ 404,000 437,000 437,000 432,000 422,000 Fines, penalties, and interest............................................................. 2,000 2,000 2,000 2,000 2,000 Total receipts ................................................................................. 1,068,719 1,068,000 1,079,000 1,093,000 1,103,000 Benefit payments ............................................................................... 293,203 270,763 257,033 244,794 230,794 Administrative expenses.................................................................... 58,517 58,237 59,967 62,206 62,206 Interest on repayable advances ........................................................ 717,178 739,284 762,216 786,133 810,421 Total outlays................................................................................... 1,068,898 1,068,284 1,079,216 1,093,133 1,103,421 Balance Sept. 30.................................................................................... 38,540 38,256 38,040 37,907 37,486 Cumulative debt, end of year................................................................. 11,893,830 12,330,830 12,767,830 13,199,830 13,621,830 Balance Oct. 1 ........................................................................................ Receipts: Outlays: Note.—Detail may not add to totals due to rounding. * These numbers do not include the administration’s legislative proposal to restructure the trust fund’s debt, thus enabling the debt to be retired in fiscal year 2040. March 2007 TRUST FUNDS 126 INTRODUCTION: Harbor Maintenance Trust Fund The Harbor Maintenance Trust Fund was established on the books of the Treasury on April 1, 1987, according to the Water Resources Development Act of 1986 (Public Law 99662, November 17, 1986) (26 United States Code 9505). Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures to carry out section 210(a) of the Water Resources Development Act of 1986. The appropriations act for the Department of Transportation (DOT) for fiscal year 1995 (Public Law 103-331, September 28, 1994), section 339, waived collection of charges or tolls on the Saint Lawrence Seaway in accordance with section 13(b) of the Act of May 13, 1954 (as in effect on April 1, 1987). Legislation was passed in the North American Free Trade Agreement Implementation Act (Public Law 103-182, section 683), which amends paragraph (3) of section 9505(c) of the IRC of 1986, to authorize payment of up to $5 million annually to Treasury for all expenses of administration incurred by the Treasury, the U.S. Army Corps of Engineers and the Department of Commerce (Commerce) related to the administration of subchapter A of chapter 36 (relating to harbor maintenance tax). Section 201 of the Water Resources Development Act of 1996 (Public Law 104-303) authorizes use of the Harbor Maintenance Trust Fund for construction of dredged material disposal facilities associated with the operation and maintenance of Federal navigation projects for commercial navigation. A summary judgment issued October 25, 1995, by the United States Court of International Trade in the case United States Shoe Corp. v. United States (Court No. 94-11-00668) found the Harbor Maintenance fee unconstitutional under the Export Clause of the Constitution (Article I, section 9, clause 5) and enjoined the Customs Service from collecting the fee. The decision was affirmed by the Supreme Court on March 31, 1998 (118 Supreme Court 1290). With the tax on exports no longer collected, revenues have been reduced by approximately 30 percent. The Code requires the Secretary of the Treasury to submit an annual report to Congress [26 United States Code 9602(a)]. The report must present the financial condition and results of operations of the fund during the past fiscal year and the expected condition and operations of the fund during the next 5 fiscal years. TABLE TF-4.—Harbor Maintenance Trust Fund Results of Operations, Fiscal Year 2006 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 2005 ............................................................................................................................................................................................................ $2,785,384,341 Receipts: Excise taxes: Imports .......................................................................................................................................................................................................................... 953,592,060 Exports.......................................................................................................................................................................................................................... - Domestic ....................................................................................................................................................................................................................... 65,758,215 Passengers ................................................................................................................................................................................................................... 10,127,713 Foreign trade................................................................................................................................................................................................................. 177,022,264 Interest on investments................................................................................................................................................................................................. 130,430,433 Total receipts ............................................................................................................................................................................................................ 1,336,930,685 Expenses: Corps of Engineers ........................................................................................................................................................................................................... 779,000,000 Saint Lawrence Seaway Development Corporation/DOT ................................................................................................................................................ 16,121,160 Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 3,000,000 Operating expenses, miscellaneous returns .................................................................................................................................................................... - Total expenses.............................................................................................................................................................................................................. 798,121,160 Balance Sept. 30, 2006 ........................................................................................................................................................................................................ $3,324,193,866 March 2007 TRUST FUNDS 127 Harbor Maintenance Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011* [In millions of dollars. Source: Department of the Army Corps of Engineers] 2007 2008 2009 2010 2011 3,324.0 3,965.0 4,746.0 5,642.0 6,722.0 Harbor maintenance fee .................................................................................. 1,264.0 1,367.0 1,461.0 1,561.0 1,663.0 Interest on investments.................................................................................... 175.0 213.0 232.0 306.0 357.0 Total receipts ............................................................................................... 1,439.0 1,580.0 1,693.0 1,867.0 2,020.0 - - - - - 779.0 780.0 778.0 768.0 758.0 Corps of Engineers construction ..................................................................... - - - - - Saint Lawrence Seaway Development Corporation/DOT ............................... 16.0 16.0 16.0 16.0 16.0 Administrative expenses for Department of Homeland Security (Customs Service).................................................................................................... 3.0 3.0 3.0 3.0 3.0 Total outlays................................................................................................. 798.0 799.0 797.0 787.0 777.0 Balance Sept. 30.................................................................................................. 3,965.0 4,746.0 5,642.0 6,722.0 7,965.0 Balance Oct. 1 ..................................................................................................... Receipts: Outlays: Harbor Maintenance Trust Fund, legislative proposal not subject to paygo..................................................................................... Corps of Engineers operation, maintenance, and administrative expenses ....................................................................... * Outyear projections are for planning purposes and are based on economic conditions and agencies’ best projections of revenues and expenses. March 2007 TRUST FUNDS 128 INTRODUCTION: Hazardous Substance Superfund The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal year 1981, in accordance with section 221 of the Hazardous Substance Response Revenue Act of 1980 [42 United States Code 9631(a), repealed]. The trust fund was renamed the Hazardous Substance Superfund (Superfund) and relocated in accordance with section 517 of the Superfund Amendments and Reauthorization Act of 1986 [Public Law 99-499, dated October 17, 1986 (26 United States Code 9507)]. The authority to collect excise taxes on petroleum and chemicals, and an environmental tax for all corporations with modified alternative taxable income in excess of $2 million, expired in 1995. To implement the Superfund program, amounts are appropriated from the Superfund to the Environmental Protection Agency (EPA) for programmatic and administrative expenses. An annual report to Congress by the Secretary of Treasury is required by 26 United States Code 9602(a). These reports present the financial condition of the Superfund and the results of operation for the past fiscal year, and its expected condition during the next 5 fiscal years. TABLE TF-5.—Hazardous Substance Superfund Results of Operations, Fiscal Year 2006 [Source: EPA] Balance Oct. 1, 2005 ...................................................................................................................................................................................... $95,300,000 Receipts: Crude and petroleum .................................................................................................................................................................................. - Certain chemicals........................................................................................................................................................................................ - Corporate environmental ............................................................................................................................................................................ 1,100,000 General fund appropriation ......................................................................................................................................................................... 1,189,800,000 Cost recoveries ........................................................................................................................................................................................... 59,700,000 Fines and penalties..................................................................................................................................................................................... 2,500,000 Interest on investments............................................................................................................................................................................... 102,900,000 Offsetting collections................................................................................................................................................................................... - Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - Total receipts........................................................................................................................................................................................... 1,356,000,000 Expenses: EPA expense .............................................................................................................................................................................................. 1,242,000,000 Other expenses........................................................................................................................................................................................... 37,700,000 Total expenses........................................................................................................................................................................................ 1,279,700,000 Balance Sept. 30, 2006................................................................................................................................................................................... $171,600,000 Note.—Reporting in this Superfund Trust Fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the actual March 2007 status of this trust fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate trust fund reporting. TRUST FUNDS 129 Hazardous Substance Superfund Expected Condition and Results of Operations, Fiscal Years 2007-20111 [In millions of dollars. Source: EPA] 2007 2008 2009 2010 2011 172 154 153 152 151 Interest ......................................................................................................... 151 151 151 151 151 Recoveries, fines, and penalties.................................................................. 57 57 57 57 57 Fines and penalties...................................................................................... 2 2 2 2 2 Taxes ........................................................................................................... - - - - - Offsetting collections.................................................................................... - - - - - General revenues ........................................................................................ 1,043 1,091 1,091 1,091 1,091 Total receipts ........................................................................................... 1,253 1,301 1,301 1,301 1,301 Appropriations 2................................................................................................ 1,220 1,244 1,244 1,244 1,244 Other expenses................................................................................................ 51 58 58 58 58 Balance Sept. 30.............................................................................................. 154 153 152 151 150 Balance Oct. 1 ................................................................................................. Receipts: 1 Reporting in this Superfund Trust Fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of this trust fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate trust fund reporting. 2 Fiscal year 2007 appropriation represents estimated funding level of full-year Continuing Resolution as of February 5, 2007. March 2007 130 TRUST FUNDS INTRODUCTION: Highway Trust Fund The Highway Trust Fund was established on the books of the Treasury in fiscal year 1957, according to provisions of the Highway Revenue Act of 1956 (Act of June 29, 1956, chapter 462, section 209). It has been amended and extended by various highway surface transportation and other acts since 1959. Section 1110(d) of the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy For Users (SAFETEA-LU) (Public Law 109-59) extended the Highway Trust Fund to be available for making expenditures before September 30, 2009 (October 1, 2009, in the case of expenditures for administrative expenses). Amounts equivalent to taxes on gasoline, diesel fuel, special motor fuels, certain tires, heavy trucks and trailers, and heavy vehicle use are designated by the Act to be appropriated and transferred from the general fund of the Treasury to the trust fund. These transfers are made twice monthly based on estimates by the Secretary of the Treasury, subject to later adjustments to reflect the amount of actual tax receipts. Amounts available in the fund exceeding outlay requirements are invested in non-interest-bearing public debt securities. Within the fund is a mass transit account, funded by a portion of the excise tax collections under sections 4041 and 4081 of the IRC (title 26 United States Code). The funds from this account are used for expenditures in accordance with chapter 53 of title 49 United States Code, the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240), the Transportation Equity Act for the 21st Century (TEA-21), and SAFETEA-LU. The remaining excise taxes are included in a separate account within the March 2007 trust fund commonly referred to as the highway account. Expenditures from this account are made according to the provisions of various transportation acts. Amounts required for outlays to carry out the eligible surface transportation programs are made available to the responsible operating administrations within the Department of Transportation. Other charges to the trust fund are made by the Secretary of the Treasury for transfer of certain taxes to the Land and Water Conservation Fund and the Aquatic Resources Trust Fund. The Secretary of the Treasury, in consultation with the Secretary of Transportation, is required to submit annual reports to Congress by section 9602(a) of title 26 United States Code. These reports cover the financial condition and results of operations of the fund for the past fiscal year and expected condition and operations during the next 5 fiscal years. In addition, the Secretary of the Treasury is required by 26 U.S.C. 9503(d)(7) to report to specified Congressional Committees any estimate which he, in consultation with the Secretary of Transportation, makes pursuant to 26 U.S.C. 9503(d)(1) or any determination which he makes pursuant to 26 U.S.C. 9503(d)(2). The Congressional Committees are the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, the Committees on the Budget of both Houses, the Committee on Transportation and Infrastructure of the House of Representatives, and the Committee on Environment and Public Works of the Senate. TRUST FUNDS 131 TABLE TF-6.—Highway Trust Fund Results of Operations, Fiscal Year 2006 [Source: DOT] Description IRC section (26 United States Code) Balance Oct. 1, 2005 ........................................................................................................................................................................................... Receipts: Excise taxes (transferred from general fund): Gasoline ........................................................................................................4081 ......................................................................................... Diesel and special motor fuels......................................................................4041 ......................................................................................... Highway tires.................................................................................................4071 ......................................................................................... Retail tax on trucks........................................................................................4051 ......................................................................................... Heavy vehicle use.........................................................................................4481 ......................................................................................... Total excise taxes .................................................................................................................................................................................... Less refunds and tax credits (reimbursed to general fund): Diesel fuel, bus use......................................................................................................................................................................................... Diesel .............................................................................................................................................................................................................. Gasohol........................................................................................................................................................................................................... Gasoline used to make gasohol ..................................................................................................................................................................... Gasoline .......................................................................................................................................................................................................... Special fuel...................................................................................................................................................................................................... Total refunds and tax credits ................................................................................................................................................................... Less transfers: To Land and Water Conservation Fund ...................................................................................................................................................... To Aquatic Resources Trust Fund ............................................................................................................................................................... To general fund ............................................................................................................................................................................................ Total transfers .......................................................................................................................................................................................... Other income: Fines and penalties...................................................................................................................................................................................... Cash Management Improvement Act interest (net)..................................................................................................................................... Transportation Infrastructure Finance and Innovation Act loan subsidy reestimate ................................................................................... Total other income ................................................................................................................................................................................... Net receipts .......................................................................................................................................................................................... Expenses: Federal Highway Administration: Federal aid to highways ............................................................................................................................................................................... Right-of-way revolving fund ......................................................................................................................................................................... Other ............................................................................................................................................................................................................ Total ......................................................................................................................................................................................................... Federal Motor Carrier Safety Administration ............................................................................................................................................... Federal Transit Administration..................................................................................................................................................................... National Highway Traffic Safety Administration: Operations and research ......................................................................................................................................................................... Highway traffic safety grants.................................................................................................................................................................... National driver register............................................................................................................................................................................. Total ..................................................................................................................................................................................................... Federal Railroad Administration: Other agencies............................................................................................................................................................................................. Total expenses......................................................................................................................................................................................... Balance Sept. 30, 2006........................................................................................................................................................................................ Note: Detail may not add to totals due to rounding. Amount $12,542,497,455 24,667,951,000 9,906,181,000 488,210,000 3,618,945,000 1,403,550,000 40,084,837,000 27,968,000 465,959,000 2,436,000 696,000 385,209,320 887,000 883,155,320 1,000,000 426,295,000 21,018,000 448,313,000 10,960,835 1,138,794 13,439,000 25,538,629 38,778,907,309 32,840,184,747 619,047 146,454,073 32,987,257,867 434,634,409 1,952,116,441 208,359,928 279,243,549 2,645,782 490,249,259 16,121,160 35,880,379,136 $15,441,025,628 Note: Fiscal Year 2006 beginning balance includes data for the Highway Account and Mass Transit Account. March 2007 TRUST FUNDS 132 Highway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In billions of dollars. Source: DOT] Combined Statement Highway and Mass Transit Accounts 2007 2008 2009 2010 2011 15 16 13 8 2 Excise taxes, net of refunds....................................... 40 41 42 43 43 Interest, net ................................................................ - - - - - Balance Oct. 1 ............................................................... Receipts: Total receipts ......................................................... 40 41 42 43 43 Outlays........................................................................... 39 44 47 49 50 Balance Sept. 30............................................................ 16 13 8 2 -5 Mass Transit Account 2007 2008 2009 2010 2011 6 7 6 4 1 Excise taxes, net of refunds............................................ 5 5 5 5 5 Interest, net ..................................................................... - - - - - Total receipts .............................................................. 5 5 5 5 5 Outlays................................................................................ 4 6 7 8 8 Balance Sept. 30................................................................. 7 6 4 1 -2 2007 2008 2009 2010 2011 9 9 7 4 - Excise taxes, net of refunds................................................. 35 36 37 37 38 Interest, net .......................................................................... - - - - - Total receipts ................................................................... 35 36 37 37 38 Outlays..................................................................................... 35 38 40 41 42 Balance Oct. 1 .................................................................... Receipts: Highway Account Balance Oct. 1 ......................................................................... Receipts: Balance Sept. 30...................................................................... 9 7 4 - -4 Unfunded authorizations (EOY)............................................... 72 69 72 68 64 48-month revenue estimate..................................................... 148 151 153 155 157 Note.—Detail may not add to totals due to rounding. March 2007 TRUST FUNDS 133 TABLE TF-6A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal year 2008. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal year 2008. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 88 less: Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6 Unfunded authorizations (fiscal year 2008) ........................................................................................................................................................................ 82 48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 151 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2008) .............................................................................................................. 12 less: Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6 Unfunded authorizations (fiscal year 2008) ........................................................................................................................................................................ 6 48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 21 March 2007 134 TRUST FUNDS INTRODUCTION: Inland Waterways Trust Fund The Inland Waterways Trust Fund was established by the Treasury in fiscal year 1984, pursuant to section 203 of the Inland Waterways Revenue Act of 1978 (Public Law 95502) and continued pursuant to section 1405 of the Water Resources Development Act of 1986 (Public Law 99-662, codified at 26 United States Code 9506). Under 26 United States Code 9506(b), amounts from taxes on fuel used in commercial transportation on inland waterways, as determined by the Secretary of the Treasury, are appropriated to the trust fund. The Technical and Miscellaneous Revenue Act of 1988 (Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later transfers to the amounts of actual tax receipts. The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment, not required to meet current withdrawals. The interest on, and proceeds from, the sale or redemption of any obligation held in the trust fund is credited to the trust fund. The Inland Waterways Revenue Act of 1978 (Public Law 95-502) provides that amounts in the trust fund shall be available as provided, by appropriations acts, for construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United States described in 33 United States Code 1804. Expenditures must be otherwise authorized by law. Annual reports to Congress are required by 26 United States Code 9602(a) to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-7.—Inland Waterways Trust Fund Results of Operations, Fiscal Year 2006 [Source: Department of the Army Corps of Engineers] $352,602,360 Balance Oct. 1, 2005 ........................................................................................................................................................................................... Receipts: Fuel taxes/revenues......................................................................................................................................................................................... Interest on investments.................................................................................................................................................................................... Total receipts................................................................................................................................................................................................ Transfers: Corps of Engineers .......................................................................................................................................................................................... Balance Sept. 30, 2006........................................................................................................................................................................................ 80,807,000 9,368,993 90,175,993 175,106,627 $267,671,726 Inland Waterways Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011* [In millions of dollars. Source: Department of the Army Corps of Engineers] Balance Oct. 1....................................................................................................... Receipts: Fuel taxes.......................................................................................................... Interest on investments..................................................................................... Total receipts................................................................................................. Transfers: Corps of Engineers ........................................................................................... Balance Sept. 30................................................................................................... * Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. March 2007 2007 2008 2009 2010 2011 268 188 163 137 109 84 12 96 85 11 96 86 10 96 87 9 96 88 8 96 176 188 121 163 122 137 124 109 127 78 TRUST FUNDS 135 INTRODUCTION: Leaking Underground Storage Tank Trust Fund The Leaking Underground Storage Tank (LUST) Trust Fund was established in fiscal year 1981 according to provisions of the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (Public Law 96-510, codified at 26 United States Code 9508), as amended by the Superfund Amendments and Re-authorization Act of 1986 (Public Law 99-499, dated October 17, 1986), sections 13163(c) and 13242(d)(42) of the Omnibus Budget Reconciliation Act of 1993 (Public Law 103-66, dated August 10, 1993), and section 1032(e)(13) of the Taxpayer Relief Act of 1987 (Public Law 105-34, dated August 5, 1997). The LUST Trust Fund is financed by taxes collected on gasoline, diesel fuels, special motor fuels, aviation fuels and fuels used in commercial transportation on inland waterways. Amounts available in the LUST Trust Fund, exceeding current expenditure requirements, are invested by the Secretary of the Treasury in interest-bearing Government securities (e.g., Treasury bills). All interest earned is credited directly to the LUST Trust Fund. To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the EPA for programmatic and administrative expenses. An annual report to Congress by the Secretary of the Treasury is required by 26 United States Code 9602(a). These reports present the financial condition of the LUST Trust Fund and results of operations for the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-8.—Leaking Underground Storage Tank Trust Fund Results of Operations, Fiscal Year 2006 1 [Source: EPA] $2,351,000,000 Balance Oct. 1, 2005 2 ................................................................................................................................................................................... Receipts: Taxes.......................................................................................................................................................................................................... Interest........................................................................................................................................................................................................ 211,000,000 99,000,000 310,000,000 Gross tax receipts .................................................................................................................................................................................. Undisbursed balances: Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... Total undisbursed balances ................................................................................................................................................................... Expenses: Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. - Total expenses ....................................................................................................................................................................................... 86,000,000 86,000,000 Balance Sept. 30, 2006.................................................................................................................................................................................. $2,575,000,000 1 Reporting in this trust fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of this trust fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate trust fund reporting. 2 The fiscal year 2005 end of the year balance has been adjusted upward since the March 2006 Treasury Bulletin was published to reflect the fiscal year 2005 end of year balance as reported in the Department of Treasury’s Final Leaking Underground Storage Tank Trust Fund (20X8153) Monthly Statement dated September 30, 2005. Leaking Underground Storage Tank Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011* [In millions of dollars. Source: EPA] 2007 2008 2009 2010 2011 2,575 2,804 3,039 3,274 3,509 Total receipts........................................................................................................... 196 104 300 199 109 308 199 109 308 199 109 308 199 109 308 Appropriations ................................................................................................................. 69 73 73 73 73 Other Expenses .............................................................................................................. 2 - - - - Balance Sept. 30............................................................................................................. 2,804 3,039 3,274 3,509 3,744 Balance Oct. 1................................................................................................................. Receipts: Taxes........................................................................................................................... Interest ........................................................................................................................ NOTE.—Fiscal year 2007 appropriation represents estimated funding level of full-year Continuing Resolution as of February 5, 2007. March 2007 TRUST FUNDS 136 INTRODUCTION: Nuclear Waste Fund The Nuclear Waste Fund was established on the books of the Treasury in fiscal year 1983, according to section 302 of the Nuclear Waste Policy Act of 1982 [Public Law 97-425, codified at 42 United States Code 10222(c)]. Receipts represent fees collected from public utilities based on electricity generated by nuclear power reactors and spent nuclear fuel. Expenditures from the fund are for purposes of radioactive waste disposal activities. Amounts available in the fund exceeding current needs may be invested by the Secretary of the Treasury in obligations of the United States (1) having maturities in tandem with the needs of the waste fund and (2) bearing interest at rates determined appropriate, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturities of such investments, except that the interest rate on such investments shall not exceed the average interest rate applicable to existing borrowings. An annual report to Congress by the Secretary of the Treasury, after consultation with the Secretary of the Department of Energy (DOE), is required by 42 United States Code 10222(e)(1). This report must present the financial condition and the results of operations of the waste fund during the preceding fiscal year. TABLE TF-9.—Nuclear Waste Fund Results of Operations, Fiscal Year 2006 [Source: DOE] Balance Sept. 30, 2005........................................................................................................................................................................................ $3,658,080 Receipts: Fees collected .................................................................................................................................................................................................. 751,537,563 Penalties and interest on fee payments........................................................................................................................................................... Interest on investments.................................................................................................................................................................................... 541,656,667 Total receipts................................................................................................................................................................................................ 1,293,194,230 Nonexpenditure transfers: SF-1151 transfers in (+)................................................................................................................................................................................... - SF-1151 transfers out (-).................................................................................................................................................................................. - Net nonexpenditure transfers....................................................................................................................................................................... - Outlays: DOE radioactive waste disposal activities ....................................................................................................................................................... 202,064,624 Cost investments.............................................................................................................................................................................................. 1,043,882,300 Total outlays................................................................................................................................................................................................. 1,245,946,924 Balance Sept. 30, 2006........................................................................................................................................................................................ 50,905,386 March 2007 TRUST FUNDS 137 CHARTS TF-A and B.—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-1, TF-3, TF-5, TF-6 and TF-9.] 1800 2005 2006 1500 1200 900 Interest on Investments, Fiscal Years 2005-2006 (In millions of dollars) 600 300 0 Nuclear Waste Fund Airport and Airway Trust Fund Hazardous Substance Superfund 45 Receipts and Expenses, Fiscal Year 2006 (In billions of dollars) 40 Receipts 35 Expenses 30 25 20 15 10 5 0 Highway Trust Fund Airport and Airway Trust Fund Hazardous Substance Superfund Nuclear Waste Fund Black Lung Trust Fund March 2007 TRUST FUNDS 138 INTRODUCTION: Reforestation Trust Fund The Reforestation Trust Fund was established on the books of the Treasury in fiscal year 1981 to continue through September 30, 1985, according to provisions of Title III—Reforestation, of the Recreational Boating Safety and Facilities Improvement Act of 1980 [Public Law 96451, codified at 16 United States Code 1606a(a)]. The act provides that the Secretary of the Treasury shall transfer to the trust fund tariffs, limited to not more than $30 million for any fiscal year, received in the Treasury from October 1, 1979, through September 30, 1985, on (1) rough and primary wood products and wood waste; (2) lumber, flooring and moldings; and (3) wood veneers, plywood, other wood-veneer assemblies and building boards. Public Law 99-190, title II, 99 Statutes at Large 1245, extended the receipts for the trust fund. Amounts available in the reforestation trust fund exceeding current withdrawals are invested in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations are credited to the trust fund. The Secretary of the Department of Agriculture is authorized to obligate available sums in the trust fund (including any amounts not obligated in previous years) for (1) reforestation and timber stand improvement and (2) administrative costs of the Government for these activities. Annual reports are required by 16 United States Code 1606a(c) (1) to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust fund during the past fiscal year and on its expected condition and operations during the next fiscal year. TABLE TF-10.—Reforestation Trust Fund Results of Operations, Fiscal Year 2006 [Source: Department of Agriculture] Balance Oct. 1, 2005 ........................................................................................................................................................................................... $25,675,288 Receipts: Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,458 Redemption of investment ............................................................................................................................................................................... - Total receipts................................................................................................................................................................................................ 30,000,458 Expenses: Expenditure ...................................................................................................................................................................................................... 30,672,175 Total expenses............................................................................................................................................................................................. 30,672,175 Adjustment ........................................................................................................................................................................................................... $25,003,571 Balance Sept. 30, 2006........................................................................................................................................................................................ Reforestation Trust Fund Expected Condition and Results of Operations, Fiscal Year 2007 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1..................................................................................................................................................................................................... 25,003 Receipts: Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 Redemption of investment .............................................................................................................................................................................. - Total receipts............................................................................................................................................................................................... 30,000 Outlays ................................................................................................................................................................................................................ 30,114 Balance Sept. 30 ................................................................................................................................................................................................. 24,889 March 2007 TRUST FUNDS 139 INTRODUCTION: Sport Fish Restoration and Boating Safety Trust Fund (Formerly Aquatic Resources Trust Fund) The Aquatic Resources Trust Fund (ARTF) was established on the books of the Treasury pursuant to the Deficit Reduction Act of 1984 [Public Law 98-369, division A, title X, section 1016(a), approved July 18, 1984]. The ARTF was restructured and renamed the Sport Fish Restoration and Boating Trust Fund by the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users or “SAFETEA-LU” [Public Law 10959, title XI, subtitle B, part 2, section 11115, approved August 10, 2005,] as amended by the Sportfishing and Recreational Boating Safety Amendments Act of 2005 [Public Law 109-74, approved September 29, 2005]. Funding of ARTF programs was extended several times before a transportation bill was finally enacted—P.L. 109-14 (through June 30, 2005), P.L. 109-20 (through July 19, 2005), P.L. 109-35 (through July 21, 2005), P.L. 109-37 (through July 27, 2005), P.L. 109-40 (through July 30, 2005), and P.L. 109-42 (through August 14, 2005). P.L. 10959 (The Transportation Equity Act) comprehensively amended and reauthorized the Sport Fish Restoration Program to (beginning in fiscal year 2006) permanently appropriate boat safety funding and modify distribution of funds whereby all accounts will annually receive a fixed percentage of the total fund revenue, eliminated the ARTF to create a Sport Fish Restoration and Boating Trust Fund, and modified the excise tax on certain sport fishing equipment. P.L. 109-74 funded sport fishing and boating safety programs from the Highway Trust Fund through the end of fiscal year 2006. Effective October 1, 2005, motorboat fuel taxes (less $1 million transferred to the Land and Water Conservation Fund) and small engine gasoline taxes [pursuant to the Omnibus Budget Reconciliation Act of 1990, Public Law 101-508, title XI, section 11211(i)(2) and (3)] were transferred from the Highway Trust Fund to the Sport Fish Restoration and Boating Trust Fund. In addition, amounts equivalent to the excise taxes received on sport fishing equipment and import duties on fishing tackle, yachts, and pleasure craft are appropriated into the fund. Amounts in the trust fund are used, as provided by appropriation acts, for the purposes of carrying out the Dingell-Johnson Sport Fish Restoration Act, approved August 9, 1950, the purposes of section 13106 of title 46, United States Code, the purpose of section 7404)d) of the Transportation Equity Act for the 21st Century, and the Coastal Wetlands Planning, Protection and Restoration Act (as amended by SAFETEA-LU). When the provisions of 26 United States Code 9602(b) are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities with the interest credited to the fund. Annual reports to Congress required by 26 United States Code 9602(a), are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next 5 fiscal years. March 2007 TRUST FUNDS 140 TABLE TF-11.—Sport Fish Restoration and Boating Safety Trust Fund Sport Fish Restoration Results of Operations, Fiscal Year 2006 (Formerly Aquatic Resources Trust Fund) [Source: Bureau of the Public Debt] Balance Oct. 1, 2005 ............................................................................................................................................................................................ $511,695,464 Revenue: Tax revenue: Gas, motorboat ............................................................................................................................................................................................. 330,630,000 Fish equipment.............................................................................................................................................................................................. 90,963,000 Electric trolling sonar..................................................................................................................................................................................... - Customs/import duties .................................................................................................................................................................................. 40,346,207 Gas, motorboat small engines ...................................................................................................................................................................... 96,956,000 Total, tax revenue ..................................................................................................................................................................................... 558,895,207 Investment revenue: Interest on investments................................................................................................................................................................................. 52,969,758 Loss on sale of securities.............................................................................................................................................................................. Total, investment revenue......................................................................................................................................................................... 52,969,758 Total revenue ............................................................................................................................................................................................ 611,864,965 Nonexpenditure transfers: Transfer to Interior......................................................................................................................................................................................... 347,017,822 Transfer to U.S. Coast Guard ....................................................................................................................................................................... 90,085,207 Transfer to Corps of Engineers..................................................................................................................................................................... 63,059,645 Total nonexpenditure transfers ................................................................................................................................................................. 500,162,674 Balance Sept. 30, 2006......................................................................................................................................................................................... $623,397,755 Sport Fish Restoration and Boating Safety Trust Fund Sport Fish Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In thousands of dollars. Source: Department of the Interior] 2007 2008 2009 2010 2011 623,398 657,813 681,012 704,215 728,530 Taxes ............................................................................................ 589,000 607,000 626,000 646,000 666,000 Interest .......................................................................................... 48,804 54,003 58,206 62,521 67,194 Transfers....................................................................................... - - - - - Total receipts ............................................................................ 637,804 661,003 684,206 708,521 733,194 603,389 637,804 661,003 684,206 708,521 Total expenses.......................................................................... 603,389 637,804 661,003 684,206 708,521 Balance Sept. 30............................................................................... 657,813 681,012 704,215 728,530 753,203 Balance Oct. 1 ..................................................................................... Receipts/revenue: Expenses: Expenses/transfers ....................................................................... March 2007 TRUST FUNDS 141 Sport Fish Restoration and Boating Safety Trust Fund Boat Safety Results of Operations, Fiscal Year 2006 (Formerly Aquatic Resources Trust Fund) [Source: Bureau of the Public Debt] $94,735,262 Balance Oct. 1, 2005........................................................................................................................................................................................... Revenue: Investment revenue: Interest on investments ................................................................................................................................................................................... 3,144,586 Loss on sale of securities................................................................................................................................................................................ - Total investment revenue................................................................................................................................................................................ 3,144,586 Total revenue .............................................................................................................................................................................................. 3,144,586 Nonexpenditure transfers: U.S. Coast Guard ............................................................................................................................................................................................ - U.S. Fish and Wildlife...................................................................................................................................................................................... 28,155,000 Total nonexpenditure transfers ................................................................................................................................................................... 28,155,000 Balance Sept. 30, 2006....................................................................................................................................................................................... $69,724,848 Sport Fish Restoration and Boating Safety Trust Fund Boat Safety Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In thousands of dollars. Source: Department of Transportation] 2007 2008 2009 2010 2011 69,725 50,764 35,865 25,044 11,539 Taxes ....................................................................................... - - - - - Interest ..................................................................................... 3,458 2,240 1,466 870 551 Transfers.................................................................................. - - - - - Total receipts ....................................................................... 3,458 2,240 1,466 870 551 Expenses/outlays..................................................................... - - - - - Transfers FWS, USCG ............................................................ 22,419 17,139 12,287 14,375 12,090 Total expenses..................................................................... 22,419 17,139 12,287 14,375 12,090 Balance Sept. 30.......................................................................... 50,764 35,865 25,044 11,539 - Balance Oct. 1 ............................................................................. Receipts/revenue: Expenses: March 2007 142 TRUST FUNDS INTRODUCTION: Oil Spill Liability Trust Fund The Oil Spill Liability Trust Fund was established on the books of the Treasury by section 8033 of the Omnibus Budget Reconciliation Act of 1986 (Public Law 99-509). It was made effective on January 1, 1990, by section 7811(m)(3) of the Omnibus Budget Reconciliation Act of 1989 (Public Law 101-239) and amended by section 9001of the Oil Pollution Act of 1990 (Public Law 101-380). The Energy Policy Act of 2005 (Public Law 109-58) reinstated the tax on petroleum to ensure continued viability of the fund. Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil Spill Liability Trust Fund rate, are appropriated to the fund. The tax is not applied during any calendar quarter if the Secretary of the Treasury estimates that, as of the close of the preceding calendar quarter, the unobligated balance in the fund exceeds $2.7 billion. Certain amounts were transferred from other funds and were appropriated to the Oil Spill Liability Trust Fund as March 2007 provided by 26 United States Code 9509(b). Certain paid penalties and amounts recovered for damages are also appropriated to the fund. Amounts in the fund are available for oil spill cleanup costs and certain other related purposes as provided by appropriations acts or section 6002(b) of the Oil Pollution Act of 1990 (Public Law 101-380). When the provisions of 26 United States Code 9602(b) are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities. Interest is credited to the fund. Annual reports to Congress, required by 26 United States Code 9602(a), are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next 5 fiscal years. TRUST FUNDS 143 TABLE TF-12.—Oil Spill Liability Trust Fund Results of Operations, Fiscal Year 2006 [Source: Bureau of the Public Debt] $580,826,723 Balance Oct. 1, 2005 ..................................................................................................................................................................................................... Revenue: Tax on crude oil/petroleum products ......................................................................................................................................................................... - Other income.............................................................................................................................................................................................................. - Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - Cost recoveries .......................................................................................................................................................................................................... 7,336,016 Fines and penalties.................................................................................................................................................................................................... 6,628,490 Excise Taxes.............................................................................................................................................................................................................. 54,212,000 Net revenue before interest ................................................................................................................................................................................... 68,176,506 Investment Income: Interest on investments.............................................................................................................................................................................................. 25,242,560 Realized gain ............................................................................................................................................................................................................. - Total investment income ........................................................................................................................................................................................ 25,242,560 Total revenue ......................................................................................................................................................................................................... 93,419,066 Expenditures: Treasury administrative expense – BPD ................................................................................................................................................................... 70,000 Nonexpenditure transfers: Transfer to Denali commission .................................................................................................................................................................................. 4,227,257 Transfer to Interior...................................................................................................................................................................................................... 6,902,924 Transfer to EPA.......................................................................................................................................................................................................... 15,329,584 Transfer to DOT-Research and Special Programs Administration ........................................................................................................................... 14,850,000 Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 94,701,594 Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 1,000,000 Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 46,035,000 Transfer to North Pacific ............................................................................................................................................................................................ - Total nonexpenditures transfers ............................................................................................................................................................................ 183,046,359 Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 183,116,359 Balance Sept. 30, 2006.................................................................................................................................................................................................. $491,129,430 Oil Spill Liability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In millions of dollars. Source: Department of Homeland Security] Balance Oct. 1 .................................................................................................... 2007 2008 2009 2010 2011 491 471 468 503 562 Estimated receipts .............................................................................................. 229 235 244 256 266 Estimated expenses ........................................................................................... 249 238 209 197 182 Balance Sept. 30 ................................................................................................ 471 468 503 562 646 March 2007 TRUST FUNDS 144 INTRODUCTION: Vaccine Injury Compensation Trust Fund The Vaccine Injury Compensation Trust Fund was created on the books of the Treasury by section 9202 of the Revenue Act of 1987 (Public Law 100-203, approved December 22, 1987). Excise taxes on diphtheria, pertussis, tetanus, measles, mumps, rubella, polio, hepatitis B, haemophilus influenza type b, varicella, rotavirus, pneumococcal conjugate vaccines, hepatitis A (26 United States Code 4131), and trivalent influenza are appropriated into the trust fund, which is the source of funds to pay compensation awards for a vaccine-related injury or death occurring after October 1, 1988, as well as program administrative expenses. Additionally, two new vaccines have been added for coverage effective February 1, 2007; the meningococcal vaccine and the human papillomavirus vaccine. Annual reports to Congress, required by 26 United States Code 9602(a), are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next 5 fiscal years. TABLE TF-13.—Vaccine Injury Compensation Trust Fund Results of Operations, Fiscal Year 2006 [Source: Bureau of the Public Debt] Balance Oct. 1, 2005 ........................................................................................................................................................................................... $2,204,182,331 Receipts: Excise tax receipts ........................................................................................................................................................................................... 184,148,750 84,785,066 268,933,816 Interest on investments.................................................................................................................................................................................... Total receipts................................................................................................................................................................................................ Outlays: U.S. Court of Federal Claims expenses .......................................................................................................................................................... 3,794,670 U.S. Department of Justice expenses ............................................................................................................................................................. 6,269,670 2,448 10,066,788 General fund transfer – program management ............................................................................................................................................... Total outlays................................................................................................................................................................................................. Nonexpenditure transfers: Transfer to health resources............................................................................................................................................................................ 74,564,000 84,630,788 $2,388,485,359 Total outlays/transfers.................................................................................................................................................................................. Balance Sept. 30, 2006........................................................................................................................................................................................ Vaccine Injury Compensation Trust Fund Expected Condition and Results of Operations, Fiscal Years 2007-2011 [In thousands of dollars. Source: Department of Health and Human Services ] 2007 2008 2009 2010 2011 Balance Oct. 1 ........................................................................................ 2,388,485 2,590,902 2,799,695 3,015,052 3,237,173 Receipts (from tax) ................................................................................. 189,672 99,609 289,281 195,363 102,598 297,961 201,223 105,675 306,898 207,260 108,846 316,106 213,478 112,111 325,589 3,794 6,269 10,063 3,794 6,269 10,063 3,794 6,269 10,063 3,794 6,269 10,063 3,794 6,269 10,063 76,801 86,864 2,590,902 79,105 89,168 2,799,695 81,478 91,541 3,015,052 83,922 93,985 3,237,173 86,440 96,503 3,466,259 Interest on investments....................................................................... Total receipts .................................................................................. Outlays: U.S. Court of Federal Claims expenses ............................................. U.S. Department of Justice expenses ................................................ Total outlays.................................................................................... Nonexpenditure transfers: Transfers to health resources............................................................. Total outlays/transfers .................................................................... Balance Sept. 30..................................................................................... Note.—Detail may not add to totals due to rounding. March 2007 TRUST FUNDS 145 INTRODUCTION: Wool Research, Development, and Promotion Trust Fund The Wool Research, Development, and Promotion Trust Fund was established in fiscal year 2000 with a sunset provision effective January, 1, 2004, according to provisions of the Trade and Development Act of 2000 (Public Law 106-200, signed May 18, 2000). The Trade Act of 2002 (Public Law 107-210, signed August 6, 2002) extended the sunset provision to January 1, 2006. The Miscellaneous Trade and Technical Corrections Act of 2004 (Public Law 108-429, signed December 3, 2004) extended the sunset provision to 2008. The Pension Protection Act of 2006 (Public Law 109-280, signed August 17, 2006) extended the sunset provision to 2010. The Act provides that the Secretary of the Treasury shall transfer to the trust fund out of the general fund of the U.S. Treasury amounts determined to be equivalent to the duty received on articles under chapters 51 and 52 of the Harmonized Tariff Schedule of the United States. The amount to be transferred is limited to $2,500,000 in any fiscal year and may be invested in U.S. Treasury securities. The Secretary of Agriculture is authorized to provide grants to a nationally recognized council established for the development of the United States wool market for the development of the United States wool market for the following purposes: • Assist United States wool producers in improving the quality of wool and wool production methods for wool produced in the United States. • Disseminate information on improvements to United States wool producers. • Assist United States wool producers in developing and promoting the wool market. Annual reports to Congress are required on the financial condition and the results of the operations of the trust fund during the past fiscal year and on its expected condition and operations during the next fiscal year. TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund Results of Operations, Fiscal Year 2006 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1, 2005................................................................................................................................................................................................ - Receipts: Harmonized tariff .................................................................................................................................................................................................. 2,250 Total receipts.................................................................................................................................................................................................... 2,250 Expenses: Expenditure .......................................................................................................................................................................................................... 2,250 Total expenses ................................................................................................................................................................................................. 2,250 Balance Sept. 30, 2006............................................................................................................................................................................................ - Wool Research, Development, and Promotion Trust Fund Expected Condition and Results of Operations, Fiscal Year 2007 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1.......................................................................................................................................................................................................... - Receipts: Harmonized tariff .................................................................................................................................................................................................. 2,250 Total receipts.................................................................................................................................................................................................... 2,250 Expenses: Expenditure .......................................................................................................................................................................................................... 2,250 Total expenses ................................................................................................................................................................................................. 2,250 Balance Sept. 30 ...................................................................................................................................................................................................... - March 2007 TECHNICAL PAPERS 146 Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham and John S. Greenlees. November 1995. 9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, Robert Gillingham and John S. Greenlees. January 1997. 9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. December 1997. 2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. Worth. May 2001. 2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and Christopher J. Soares. June 2001. 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1425 New York Ave., NW., Room 1000 Washington, DC 20220 Telephone (202) 622-1519, or fax (202) 622-1294 March 2007 147 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Accrued discount (SBN-1, -2, -3)—Interest that accumulates on savings bonds from the date of purchase until the date of redemption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, I, and J are discount or accrual type bonds—meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Coupon issue—The issue of bonds or notes (public debt). Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of December 2006, the debt limit was $8,965,000 million; the limit may change from year to year. Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (“U.S. Savings Bonds and Notes”)— Bonds paying semiannual interest to holders. Interest is not included in accrued discount. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series March 2007 148 GLOSSARY issues. The Federal Reserve note is the only class of currency currently issued. disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and March 2007 International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, I, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), Series HH bonds (issued since January 1980 through October 1982) mature in 20 years, and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. GLOSSARY 149 Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) Reopening (PDO-3)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). March 2007 PUBLICATIONS AND SUBSCRIPTION ORDER FORM Order Processing Code Easy Secure Internet: bookstore.gpo.gov 3264 Mail: Superintendent of Documents PO Box 371954 Pittsburgh, PA 15250 –7954 Toll Free: 866 512–1800 Phone: 202 512–1800 Fax: 202 512–2250 Publications Publication Title Stock Number Qty 048-000-00557-8 Price Combined Statement of Receipts, Outlays, and Balances of the United States Government Total Price $65.00 Total for Publications Subscription List ID Qty Price Title Treasury Bulletin Monthly Treasury Statement Monthly Statement of the Public Debt of the United States TRBU MTSRO MSPD Total Price $46.00 $58.00 $44.00 Total for Subscriptions Prices include regular domestic postage and handling and are subject to change. International customers please add 40%. Total Cost of Order Please return order form with payment. Personal name (Please type or print) Check method of payment: Company name ❑ Check payable to Superintendent of Documents Street address ❑ SOD Deposit Account City, State, Zip code ❑ VISA ❑ MasterCard ❑ Discover/NOVUS ❑ American Express Country (expiration date) Daytime phone including area code Fax or e–mail Authorizing signature Thank you for your interest in U.S. Government Information. ALL SALES ARE FINAL. 2/03
@FedFRASER