Full text of Treasury Bulletin : March 2009
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BULLETIN MARCH 2009 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Additional Financial Management Service Releases on Federal Finances Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.† Combined Statement of Receipts, Outlays, and Balances of the United States Government. This statement presents budget results and the cash-related assets and liabilities of the Federal Government with supporting details. Single copy price: $67.00 (domestic), $93.80 (foreign). Financial Report of the United States Government. Annual report provides information about Government financial operations on the accrual basis. Single copy price: $26.00 (domestic), $36.40 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service. 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.............................................................................................................................. 8 Analysis.—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ......................... 9 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 11 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 11 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 12 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 13 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 15 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 17 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 18 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 18 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 20 FD-1.—Summary of Federal Debt ...................................................................................................................................... 21 FD-2.—Debt Held by the Public ......................................................................................................................................... 22 FD-3.—Government Account Series................................................................................................................................... 23 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 24 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 25 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 26 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 27 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 29 TREASURY FINANCING ................................................................................................................................................. 30 PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 36 PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 37 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 38 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 39 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 40 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 41 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 41 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 42 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43 March 2009 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 47 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 47 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 49 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 50 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 53 CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 56 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 58 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 59 CM-II-2.—Total Claims by Country ................................................................................................................................... 60 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 64 SECTION III.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 65 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 66 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 68 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 70 SECTION IV.—U.S. International Transactions in Long-Term Securities CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 74 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (fourth quarter)................................................................................................................. 76 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 78 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by Businesses in the United States CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82 CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 83 CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country....................................................................... 84 CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract................... 85 CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country .................. 86 March 2009 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 87 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 88 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 93 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 93 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 94 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 95 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 95 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 96 FCP-V-2.—Monthly Report of Major Market Participants ................................................................................................. 97 FCP-V-3.—Quarterly Report of Large Market Participants................................................................................................ 97 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ................................................................................................. 98 FCP-VI-2.—Monthly Report of Major Market Participants................................................................................................ 99 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................... 99 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 100 ESF-1.—Balance Sheet ..................................................................................................................................................... 100 ESF-2.—Income and Expense ........................................................................................................................................... 101 SPECIAL REPORTS FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Introduction.—Financial Report Excerpt........................................................................................................................... 105 Financial Report Excerpt ................................................................................................................................................... 106 TRUST FUNDS Introduction.—Airport and Airway Trust Fund................................................................................................................. 119 TF-1.—Airport and Airway Trust Fund ............................................................................................................................ 120 Introduction.—Uranium Enrichment Decontamination and Decommissioning Fund....................................................... 121 TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund................................................................... 122 Introduction.—Black Lung Disability Trust Fund............................................................................................................. 123 TF-3.—Black Lung Disability Trust Fund ........................................................................................................................ 123 Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 125 March 2009 VI Contents TF-4.—Harbor Maintenance Trust Fund ........................................................................................................................... 125 Introduction.—Hazardous Substance Superfund............................................................................................................... 127 TF-5.—Hazardous Substance Superfund........................................................................................................................... 127 Introduction.—Highway Trust Fund ................................................................................................................................. 129 TF-6.—Highway Trust Fund ............................................................................................................................................. 130 Introduction.—Inland Waterways Trust Fund ................................................................................................................... 133 TF-7.—Inland Waterways Trust Fund............................................................................................................................... 133 Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 134 TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 134 Introduction.—Nuclear Waste Fund.................................................................................................................................. 135 TF-9.—Nuclear Waste Fund.............................................................................................................................................. 135 TF-A.—Chart: Major Trust Funds, Interest on Investments.............................................................................................. 136 TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 136 Introduction.—Reforestation Trust Fund........................................................................................................................... 137 TF-10.—Reforestation Trust Fund .................................................................................................................................... 137 Introduction.— Sport Fish Restoration and Boating Safety Trust Fund............................................................................ 138 TF-11.—Sport Fish Restoration and Boating Safety Trust Fund....................................................................................... 139 Introduction.—Oil Spill Liability Trust Fund.................................................................................................................... 141 TF-12.—Oil Spill Liability Trust Fund ............................................................................................................................. 142 Introduction.—Vaccine Injury Compensation Trust Fund ................................................................................................ 143 TF-13.—Vaccine Injury Compensation Trust Fund .......................................................................................................... 143 Introduction.—Wool Research, Development, and Promotion Trust Fund....................................................................... 144 TF-14.—Wool Research, Development, and Promotion Trust Fund................................................................................. 144 RESEARCH PAPER SERIES........................................................................................................................................... 145 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 2009 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 Trust Fund................................................ √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ March 2009 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations U.S. Savings Bonds and Notes Ownership of Federal Securities Market Yields U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of February 6, 2009 Introduction Growth of Real GDP (Quarterly percent change at annual rate) In early December 2008, the National Bureau of Economic Research (NBER) announced its determination that the U.S. economy had been in recession since December 2007, notwithstanding the positive growth in real gross domestic product (GDP) registered during the first two quarters of 2008. The December 2007 business cycle peak marked the end of a 73-month expansion that began in November 2001. The previous expansion, which began in March 1991 and peaked in March 2001, had lasted 120 months. Growth in the U.S. economy had been on a slower path since late 2007, but turned slightly negative in the third quarter of 2008, and steeply negative in the fourth quarter. Labor market conditions, consumer spending, and business investment have all declined sharply, and export growth, once a bright spot in the economy, has also slowed dramatically with falling demand in global markets. Headline inflation, which peaked in July 2008 on the back of rising energy and other commodity prices, retreated sharply during the latter half of last year, and most recently, the headline consumer price level has fallen sharply. Core inflation (a measure excluding food and energy) has remained relatively contained, falling to the lower end of recent ranges last December. Conditions in housing and financial markets continued to deteriorate, but very late in 2008 and in early 2009, credit conditions showed some signs of improvement. Stock market indexes dropped significantly in 2008 and have continued to trend downwards early this year. Private analysts predict that the economy will remain very weak in the first half of 2009, but start to pick up in the third and fourth quarters. Growth Growth in the U.S. economy stalled in the fourth quarter of 2007, the quarter in which the NBER dated the start of the current recession. Still, the economy grew by a quarterly average of nearly 1.9 percent during the first two quarters of 2008, fueled in part by a significant improvement in net exports as well as fiscal stimulus-supported personal consumption. It contracted in the final two quarters, and edged down 0.2 percent over the whole year, the first fourquarter decline since 1991. In the third quarter of 2008, real GDP fell by 0.5 percent at an annual rate, due to a drop in consumer spending. In the fourth quarter of last year, real GDP fell by 3.8 percent–the largest quarterly decline since 1982. In that quarter, consumer spending declined and residential investment fell for the 12th straight quarter, while business investment fell sharply. Net exports declined 10.0 8.0 6.0 3.6 3.8 3.5 3.02.6 4.0 3.0 2.5 1.3 2.0 4.8 4.8 4.8 2.7 1.5 0.8 2.8 0.9 0.1 0.0 -0.2 -2.0 -4.0 -0.5 -3.8 -6.0 2004 2005 2006 2007 2008 slightly, and government spending grew modestly. The only sizeable offset to widespread weakening came from a large inventory build in the fourth quarter. Growth of consumer spending–which accounts for about 70 percent of GDP–began to slow in the spring of 2007. Spending growth averaged about 1 percent at an annual rate in the first half of 2008, but turned sharply negative in the latter half of last year, declining by 3.8 percent in the third quarter and by 3.5 percent in the fourth quarter–these were the first declines in consumer spending since the 1990-91 recession. The decline in consumer spending subtracted 2.5 percentage points from real GDP growth in the fourth quarter. Over the entire year, consumption fell 1.3 percent, marking the largest four-quarter drop since 1974. Residential investment–mostly residential homebuilding–accounts for only about 3-1/2 percent of GDP, but the ongoing decline in this sector has been a significant drag on real GDP growth since early 2006. In the fourth quarter of 2008, residential investment plunged 23.6 percent, the 12th straight quarterly decline, and subtracted 0.8 percentage point from real GDP growth, roughly matching the average quarterly subtraction from this component since the start of 2006. In 2009, the housing market is expected to weigh further on real GDP growth. Home sales remain sluggish, and inventories of unsold homes are at historically high levels. Housing starts and building permits are down sharply. Single-family starts and permits plunged to record lows in December 2008. The level of permits remained below starts for the 23rd straight month, suggesting further declines in new residential construction lie ahead. Homebuilder optimism is at an all-time low. March 2009 4 PROFILE OF THE ECONOMY House prices continued to fall, weighed down by the elevated inventory of homes on the market. According to the Federal Housing Financing Authority, prices for purchased homes fell 8.7 percent over the year ending in November 2008. Other measures, such as the Standard & Poor’s (S&P)/Case-Shiller indexes, indicate that home prices are declining in most major U.S. cities. The Case-Shiller 20-city index is down 18 percent over the year through November 2008, and is 25 percent below its mid-2006 peak. Mortgage delinquencies rose to an all-time high in the third quarter, although the nationwide foreclosure rate flattened out at a record level of 1.2 percent. Subprime adjustable rate mortgages remain largely responsible for the record foreclosure rate; however, foreclosure starts on prime loans have continued to rise as credit difficulties have spilled over to high-quality loans. Business activity outside of homebuilding also slowed in 2008 compared with 2007. After growing by 6.4 percent in 2007 and by roughly 2.5 percent at an annual rate in the first half of 2008, nonresidential fixed investment–about 10 percent of GDP–declined by 1.7 percent in the third quarter and then dropped by about 19 percent in the fourth quarter. The fourth quarter plunge was the largest since the mid1970s, and reflected the first decline in outlays for business structures in almost 3 years, and the largest decline in spending on equipment and software since 1958. Inventory investment contributed 0.8 percentage point to the third quarter real GDP growth and a more substantial 1.3 percent in the fourth quarter. Nonetheless, the fourth quarter inventory build may have reflected an unintended accumulation due to falling consumption and investment, which would point to lower growth or a steeper decline in the first quarter of this year. Export growth had been a key driver of growth for the six quarters prior to the final quarter of last year, when the contribution of this component declined significantly. The latter trend is expected to continue this year, given slowing growth and recession in overseas markets. Exports account for about 12 percent of GDP, while imports, which are subtracted from GDP, account for about 17 percent. Real exports fell nearly 20 percent in the fourth quarter of 2008, March 2009 year-over-year, after growing 3.0 percent in the third quarter and 10 to 11 percent in the first two quarters of the year. Real imports declined nearly 16 percent over the last four quarters, the largest decline in imports since mid-1980. As a result, net exports contributed only 0.1 percentage points to fourth quarter growth in real GDP–far less than the boosts of roughly 1 to 3 percent in the previous three quarters. Public sector purchases–which account for roughly 20 percent of GDP–grew 1.9 percent at an annual rate in the fourth quarter, slowing from the third quarter’s 5.8 percent rate and contributing only 0.4 percent to real GDP growth. Federal spending grew 5.8 percent in the fourth quarter, slowing considerably from the 13.8 percent pace of the previous quarter. State and local government finances continued to deteriorate, with spending down 0.5 percent in the final quarter of last year, after growing by an average of nearly 2 percent in the previous two quarters. Labor Markets Labor market conditions have weakened noticeably since late 2007–since the recession began in December 2007, a total of 3.6 million jobs have been lost. On a percentage basis, the 13-month decline is the largest since 1982. Nonfarm payrolls fell by an average of 180,000 per month during the first three quarters of 2008, then plunged by an average of 518,000 per month in the final quarter. Job losses have been spread broadly across most sectors. Manufacturing has lost two million jobs since December 2007, and construction has cut 781,000 jobs. However, a few sectors have continued to see job growth, including health care and education, which together added about 573,000 jobs to payrolls between December 2007 and January 2009. The unemployment rate has trended higher, with more noticeable increases over the past 6 months: unemployment jumped to 7.6 percent in January 2009, the highest rate since September 1992, and was 3.2 percentage points above the March 2007 low of 4.4 percent. Payroll employment fell by 598,000 in January 2009, the largest 1-month decline since December 1974. PROFILE OF THE ECONOMY 5 Payroll Employment (Average monthly change in thousands from end of quarter to end of quarter) Unemployment Rate (Percent) 400 257 300 230 200 151 206 8.0 255 206 151 88 100 7.5 109 105 71 80 Jan. 2009 7.6% 7.0 6.5 0 -100 -113 -200 6.0 -153 5.5 -208 -300 5.0 -400 4.5 -500 -518 -600 4.0 3.5 -700 I II III IV I 2005 II III IV 2006 I II III IV I 2007 00 II III IV 01 02 03 04 05 06 07 08 09 2008 Inflation Rising food prices and the energy price surge through the middle of last year boosted headline inflation, which peaked at 5.6 percent in the 12 months through July 2008 and has since retreated sharply. Headline consumer prices rose 0.1 percent in the year ending December 2008, plummeting from the 4.1 percent year-earlier pace and representing the smallest yearly rise since 1955. Fluctuations in headline consumer prices have mainly reflected changes in energy and food prices, which are volatile, and more recently, slowing consumer and business spending as well. In fact, for the 3 months ending in December 2008, headline consumer prices fell by 12.7 percent at an annual rate. Core consumer prices (excluding food and energy) rose by 1.8 percent in the latest year, slowing from the 2.4 percent pace in 2007. This was the smallest increase in the core measure since 2003. In the 3 months ending in December 2008, core prices declined by 0.3 percent. The personal consumption expenditures (PCE) price deflator rose 0.6 percent in the year ending in December 2008, down significantly from the 3.5 percent rate posted a year earlier. The core PCE price deflator also slowed, rising 1.7 percent in the 12 months through December 2008, below its year-earlier increase of 2.3 percent. Energy prices reached record highs in mid-summer, but have fallen sharply since then. The retail price of regular gasoline–which hit a record of $4.11 per gallon in early July–stood at $1.84 per gallon in the week ended January 26–a level not seen since early 1994. The front-month futures price for West Texas Intermediate crude oil traded to a record $147 per barrel in mid-July, but has since dropped by more than $100 to roughly $42 per barrel in late January. Compared with 1 year ago, oil prices are now about $45 per barrel lower. Consumer Prices (Percent change from a year earlier) 7 Food 6 5 4 3 2 1 Excluding food and energy Total 0 98 99 00 01 02 03 04 05 06 07 08 March 2009 6 PROFILE OF THE ECONOMY Food prices began rising much more rapidly in early 2007 and continued to accelerate in 2008, remaining above the overall inflation rate. Consumer food prices rose by 5.9 percent in the 12 months through December, above the 4.9 percent increase of a year-earlier, which itself was markedly above the 2.1 percent increase for the year ending December 2006. Most recently, however, food prices edged down 0.1 percent in December 2008, the first decline since April 2006. Federal Budget The federal budget deficit widened to $455 billion in fiscal year 2008 (3.2 percent of GDP), following 3 years of improvement that had trimmed the deficit to $162 billion (1.2 percent of GDP) in fiscal year 2007. Stimulus payments associated with the Economic Stimulus Act of 2008 as well as the weak economy were partly responsible for the increase in the fiscal year 2008 deficit. The budget deficit will continue to grow in fiscal year 2009 as expenditures rise sharply and receipts are depressed by falling employment and income as well as declining asset values. The increase in federal spending due to the Troubled Assets Relief Program (TARP) outlays, and expenditures associated with a new stimulus package, are expected to push the federal deficit to a record level in fiscal year 2009, both in absolute terms and as a share of GDP. In early January 2009, the Congressional Budget Office estimated that the fiscal year 2009 deficit will exceed $1.2 trillion, equivalent to more than 8 percent of GDP. Financial Markets Financial markets came under unprecedented stress last fall, but a wide range of measures have been taken as part of the Emergency Economic Stabilization Act of 2008, enacted in early October. For example, the Capital Purchase Program has allocated nearly $195 billion in funds from the TARP to a broad array of financial institutions. Several additional programs have been put in place to help normalize credit markets and prevent disruption in financial markets and the broader economy. Partly in response to rising financial market stress as well as signs of more slowing in the broader economy, the Federal Reserve began easing monetary policy in August 2007, and has since cut the federal funds rate target by 525 basis points. That amount represents the lower bound of the range of 0 percent to 0.25 percent set at the December 2008 Federal Open Market Committee (FOMC) meeting, which brought the target to its lowest level in history. The target range was maintained at the FOMC’s most recent meeting in late January, when the Committee observed downside risks to inflation as well as growth. In addition, the Federal Reserve has greatly expanded its tools to increase liquidity in credit markets and ease lending terms to sectors that need a temporary injection. These include the Asset-Backed Commercial Paper Monetary Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, the Money March 2009 Market Investor Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility. Although these facilities were set to expire this Spring, the Federal Reserve extended the programs through October 30, 2009. The expiration date of the Term Asset-Backed Securities Loan Facility remains until December 31, 2009, and other liquidity facilities, such as the Term Auction Facility, do not have a fixed expiration date. Finally, last October, the Federal Reserve announced that it would pay interest on member banks’ required reserves. Equity market indexes fell very sharply last year, and volatility rose to record levels. The S&P 500 index declined 38.5 percent last year, compared with a 3.5 percent gain in 2007. The loss was the largest since 1931, when an earlier version of the index (containing only 90 stocks) dropped 47 percent. As of early February, the S&P was down another 5 percent. The Dow Jones Industrial Average (DJIA) declined 33.8 percent in 2008, after rising by 6.4 percent in 2007. So far this year, the DJIA has declined by about 8 percent. The S&P stock market volatility index (VIX), often used as a measure of financial market uncertainty, surged to an alltime high of 80 percent in late October, after hovering in a range of 20 to 30 percent for most of 2008. The VIX remains elevated, but has since retreated to about 43 percent as of early February. Long-term Treasury interest rates have been buffeted by a variety of factors, including flight-to-quality flows in response to financial market pressures as well as concerns about the increase in supply that will be necessary to fund the Treasury’s emergency support programs. For most of last year, the 10-year Treasury note yield traded in a fairly narrow range of 3.5 to 4.5 percent. The yield then dropped off sharply starting in mid-November, reaching 2.1 percent in late December. Since then, the 10-year note yield has traded higher, reaching 3.0 percent as of early February. The 3-month Treasury bill yield, by contrast, generally trended lower throughout 2008 under the relatively steady influence of safe-haven demand for short-term liquid assets. The yield reached an all-time low of slightly above zero by the end of December, but has risen relatively rapidly since, to about 0.3 percent as of early February. The 2- to 10-year Treasury yield spread, one measure of the steepness of the yield curve, has widened noticeably since mid-2007. A steepening yield curve may suggest rising uncertainty about long-term prospects. Key interest rates on private securities have risen sharply relative to Treasury rates, reflecting an increase in financial risk and concerns by financial market participants about short-term liquidity difficulties facing a number of institutions. The spread between the 3-month London Interbank Offered Rate (LIBOR) and the 3-month Treasury bill rate (the TED spread, a measure of inter-bank liquidity and credit risk) had averaged less than 50 basis points in 2006 and much of 2007. Starting in August 2007, however, this spread started to widen sharply, reaching an all-time high of nearly 460 basis points in early October 2008. In very recent months, though, perceptions of credit market risks have PROFILE OF THE ECONOMY Long-Term Interest Rate Spreads 7 Short-Term Interest Rate Spreads (Percent) (Percent) 7.0 6.0 TED Spread 6.0 5.0 5.0 Corporate Baa to Treasury Ten-Year Yield Spread 4.0 4.0 3.0 3.0 2.0 1.0 Libor-OIS Spread 2.0 Treasury Two-Year to Ten-Year Yield Spread 1.0 0.0 -1.0 2006 2007 2008 2009 improved, and as of early February, while remaining elevated, the TED spread had narrowed considerably to about 100 basis points. The spread between the Baa corporate bond yield and the 10-year Treasury yield, another measure of investor risk appetite, averaged 170 basis points through most of 2007, before the financial market turmoil emerged. This spread also trended upward starting in August 2007 and peaked at nearly 620 basis points last December. Since then, this spread has narrowed only a bit, to about 530 basis points as of early February–still very high by historical standards. Finally, the spread between LIBOR and the 3month overnight indexed swap rate (OIS)–a measure of what banks perceive as the credit risk in lending to one another– was roughly 9 basis points prior to mid-2007, but by October 2008, had peaked at 365 basis points. As of early February, this spread had narrowed substantially, to about 100 basis points, but remains quite high relative to its pre-crisis range. Rates for conventional mortgages have trended lower in recent months, but jumbo mortgage rates have continued to rise. The interest rate for a 30-year conventional fixed-rate mortgage touched a 2008 high of 6.6 percent in July, but fell to an all-time low of 4.96 percent this year in mid-January. The conventional rate is currently about 5.25 percent. The jumbo-conventional spread had widened to 215 basis points by the end of last year, well up from the more typical 20 to 25 basis point spread seen prior to the onset of the housing and credit market problems. This spread has since narrowed somewhat, to about 180 basis points as of early February. Foreign Trade and Exchange Rates Although the U.S. trade balance (which measures trade in goods and services) and current account (which also includes investment income flows and unilateral transfers) remain in deficit, both deficits have narrowed appreciably in 0.0 2006 2007 2008 2009 recent years, largely due to an improvement in the trade balance. The merchandise trade deficit reached $838 billion in 2006, but declined to $819 billion in 2007. Data for the first 11 months of 2008 show that the merchandise trade deficit has narrowed further, mainly reflecting the lower value–and to a small extent, lower volume–of oil imports in the latter half of the year. The current account balance has been in deficit almost continuously since the early 1980s, and in 2006, reached a record $788 billion, equivalent to 6.0 percent of GDP. In 2007, the deficit narrowed to $731 billion, or 5.3 percent of GDP. Through the third quarter of 2008, the current account deficit had narrowed to $696.4 billion at an annual rate (equivalent to 4.8 percent of GDP). The value of the U.S. dollar compared with the currencies of seven major trading partners (the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland) has depreciated significantly from its peak in February 2002, but most recently, has begun to stabilize. Between February 2002 and January 2009, the exchange value of the dollar compared to an index of these currencies fell by about 28 percent. Between January 2007 and January 2009, however, the dollar appreciated by 1.4 percent against these currencies. Over the longer timeframe, the dollar depreciated by 33 percent against the yen, and by 34 percent against the euro, but over the past 2 years, the dollar has depreciated by about 25 percent against the yen and by roughly 2 percent against the euro. The dollar has also begun to stabilize against an index of currencies of 19 other important trading partners (including China, India, and Mexico). Between February 2002 and January 2009, the dollar appreciated by about 1 percent against this basket of currencies, and over the past 2 years, firmed by nearly 5 percent. March 2009 8 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. March 2009 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. 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. 9 • 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 2009 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 $255.3 billion for the first quarter of fiscal year 2009. This is a decrease of $18.4 billion over the comparable prior year quarter. Withheld receipts decreased by $10.6 billion and non-withheld receipts decreased by $1.4 billion during this period. Refunds increased by $6.4 billion over the comparable fiscal year 2008 quarter. There was an increase of $5.8 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2008. Corporate income taxes—Net corporate income tax receipts were $50.4 billion for the first quarter of fiscal year 2009. This is a decrease of $42.2 billion compared to the prior year first quarter. The $42.2 billion change is comprised of a decrease of $39.9 billion in estimated and final payments, and an increase of $2.3 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the first quarter of fiscal year 2009 were $193.7 billion, an increase of $2.3 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $0.7 billion, $0.1 billion, and $1.5 billion respectively. There was a -$7.8 billion accounting adjustment for prior years employment tax liabilities made in the first quarter of fiscal year 2009, while there was a -$2.0 billion adjustment in the first quarter of fiscal year 2008. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the first quarter of fiscal year 2009 were $5.2 billion, a decrease of $0.4 billion over the comparable quarter of fiscal year 2008. Net State taxes deposited in the U.S. Treasury decreased by $0.4 billion to $4.5 billion. Net Federal Unemployment Tax Act taxes decreased by $0.1 billion to $0.8 billion. March 2009 FEDERAL FISCAL OPERATIONS 10 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 2009. This was a negligible change from the comparable quarter of fiscal year 2008. Excise taxes—Net excise tax receipts for the first quarter of fiscal year 2009 were $14.4 billion, a decrease of $1.6 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.4 billion, a decrease of $0.1 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.6 billion for the first quarter of fiscal year 2009. These receipts represent a decrease of $0.4 billion over the same quarter in fiscal year 2008. Customs duties—Customs duties net of refunds were $6.9 billion for the first quarter of fiscal year 2009. This is a decrease of $0.2 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the first quarter of fiscal year 2009 were $13.9 billion, an increase of $2.1 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $2.0 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] First quarter Oct. - Dec. Total on- and off-budget results: Total receipts ............................................................... On-budget receipts .................................................. Off-budget receipts .................................................. Total outlays................................................................. On-budget outlays.................................................... Off-budget outlays.................................................... Total surplus or deficit (-) ............................................. On-budget surplus or deficit (-)................................ Off-budget surplus or deficit (-)................................ Means of financing: Borrowing from the public ............................................ Reduction of operating cash........................................ Other means ................................................................ Total on- and off-budget financing........................... Actual fiscal year to date 2009 547,440 403,414 144,026 1,032,638 941,184 91,453 -485,198 -537,771 52,573 547,440 403,414 144,026 1,032,638 941,184 91,453 -485,198 -537,771 52,573 560,894 4,961 -80,657 485,198 560,894 4,961 -80,657 485,198 First-Quarter Net Budget Receipts by Source, Fiscal Year 2009 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... Note.—Detail may not add to totals due to independent rounding. March 2009 Oct. Nov. Dec. 86.3 0.1 62.3 2.0 0.4 3.9 2.1 2.6 5.1 164.8 60.1 2.0 67.2 3.0 0.3 5.3 2.3 2.2 2.4 144.8 108.9 48.3 64.2 0.2 0.4 5.2 2.2 2.0 6.4 237.8 FEDERAL FISCAL OPERATIONS 11 CHART FFO-A.— Monthly Receipts and Outlays, 2007-2008 (In billions of dollars) 400 On-budget receipts 350 300 Off-budget receipts 250 On-budget outlays 200 150 Off-budget outlays 100 50 0 -50 D J F M A M J J A S O N D CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2007-2008 (In billions of dollars) 300 2008 250 2007 * 200 150 100 50 0 Individual income taxes Social insurance and retirement receipts Corporate Excise taxes income taxes Misc. receipts Customs duties Estate/gift taxes * Prior-year data are for the comparable year. March 2009 FEDERAL FISCAL OPERATIONS 12 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] On-budget surplus or deficit (-) (8) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) -412,986 -318,298 -248,197 r -161,527 r -454,795 -568,219 -493,562 -434,510 r -342,978 r -638,081 155,233 175,265 186,313 181,452 r 183,286 595,064 551,329 546,436 499,976 1,035,015 Total on-budget and off-budget results Fiscal year or month 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 2008 ............................ Total receipts (1) Onbudget receipts (2) Off-budget receipts (3) 1,879,784 1,345,040 2,153,350 1,575,874 2,406,675 1,798,293 r 2,567,672 r 1,932,584 r 2,523,638 r 1,865,593 Total outlays (4) 534,744 2,292,770 577,475 2,471,647 608,382 2,654,873 635,088 r 2,729,199 658,045 r 2,978,433 On-budget outlays (5) Off-budget outlays (6) 1,913,259 2,069,437 2,232,804 r 2,275,562 r 2,503,674 379,512 402,210 422,069 453,636 r 474,759 Total surplus or deficit (-) (7) 2009 - Est.................... 2,651,363 1,968,990 682,373 3,133,202 2,631,725 501,477 -481,839 -662,735 180,896 814,784 2007- Dec.................... 2008 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 276,982 255,217 105,723 178,816 403,751 124,272 259,912 160,494 157,016 r 272,224 164,846 144,782 237,811 227,125 191,181 53,495 120,840 333,059 70,392 199,010 110,050 106,449 r 218,141 117,998 94,377 191,039 49,857 64,036 52,229 57,976 70,692 53,880 60,902 50,444 50,567 54,083 46,849 50,405 46,772 228,721 237,379 281,287 227,028 244,469 290,199 226,365 263,261 268,930 r 226,487 402,024 309,179 321,435 235,395 193,589 232,181 177,070 199,021 239,019 228,631 217,179 218,692 r 169,526 354,566 258,676 327,942 -6,674 43,790 49,106 49,958 45,448 51,180 -2,266 46,082 50,237 r 56,961 47,457 50,503 -6,507 48,261 17,839 -175,563 -48,212 159,282 -165,927 33,547 -102,767 -111,914 r 45,737 -237,177 -164,397 -83,624 -8,270 -2,408 -178,686 -56,230 134,038 -168,628 -29,621 -107,129 -112,243 r 48,614 -236,569 -164,299 -136,903 56,531 20,246 3,123 8,018 25,244 2,700 63,168 4,362 330 r -2,877 -608 -98 53,279 79,026 11,103 119,605 82,503 -59,357 25,284 103,474 91,775 60,044 376,498 546,654 88,115 41,709 Fiscal year 2009 to date ... 547,439 403,414 144,026 1,032,638 941,184 91,453 -485,198 -537,771 52,573 676,478 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Means of financing—net transactions, con. Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) Reserve position on the U.S. quota in U.S. Treasury Special operating the Total drawing rights Other cash IMF (deduct) 10+11-12 (13) (17) (15) (16) (14) Agency securities (11) Investments of Government accounts (12) 2004 ...................................... 2005 ...................................... 2006 ...................................... 2007 ...................................... 2008 ...................................... -1,769 -547 -245 -433 r 145 213,677 254,096 309,215 293,218 267,438 379,618 296,687 236,975 206,325 r 767,722 1,390 -669 16,447 23,110 r 296,371 720 -4,537 410 646 r 117 -23,669 -182 196 1,314 1,552 -4,630 -6,195 -6,626 -2,157 r 286 6,517 9,250 20,983 -22,667 -15,354 662 778 666 782 759 412,986 318,298 248,197 r 161,527 r 454,795 2009 - Est.............................. 226 277,302 537,707 - * * * -55,868 * 481,839 2007 - Dec ............................ 2008 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... July............................ Aug............................ Sept........................... Oct............................. Nov............................ Dec............................ 47 -43 -124 486 -302 8 356 -183 -101 -139 2,465 -2,317 100 88,048 14,724 -8,106 6,685 28,843 -8,422 97,463 -24,999 -15,069 41,472 54,614 -5,478 66,695 -8,975 -3,664 127,587 76,304 -88,501 33,713 6,367 116,591 75,012 334,887 494,505 91,276 -24,887 48,431 13,296 -59,244 35,111 94,569 -126,805 39,414 8,240 -54,683 364,735 243,350 -112,502 -135,809 -60 90 121 204 -125 4 78 -77 -278 -77 -417 23 317 -86 -219 31 730 90 240 305 320 -176 509 440 -28 577 -172 -7 43 21 -48 859 125 -304 -159 -25 -314 2,908 339 8,727 -1,015 -11,073 7,749 23,705 6,512 -107 -5,645 -18,418 -15,777 -14,269 -36,478 -26,255 100 225 115 24 295 190 -48,261 -17,839 175,563 48,212 -159,282 165,927 -33,547 102,767 111,914 r -45,737 237,177 164,397 83,624 Fiscal year 2009 to date ....... 248 115,831 560,894 -4,961 -77 989 2,933 -77,002 190 485,198 Fiscal year or month Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. Government,” released by the Office of Management and Budget on July 28, 2008. March 2009 Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Corporation Individual Fiscal year or month Withheld (1) Other (2) Refunds (3) Net (4) Gross (5) Refunds (6) Net (7) Net income taxes (8) Gross (9) Refunds (10) Net (11) 2004 .................. 2005 .................. 2006 .................. 2007 .................. 2008 .................. 753,260 786,559 848,954 r 928,583 970,195 243,324 320,942 387,307 r 437,668 455,398 187,626 180,279 192,354 202,779 279,845 808,958 927,222 1,043,908 1,163,472 r 1,145,748 230,619 307,095 380,925 395,534 354,293 41,250 28,814 27,010 25,292 49,947 189,370 278,281 353,915 370,243 304,346 998,328 1,205,503 1,397,823 1,533,715 1,450,093 686,313 746,129 788,024 822,216 854,485 980 2,585 2,213 2,220 2,461 685,333 743,544 785,810 819,996 852,024 2009 - Est.......... 1,250,360 - - 1,250,360 304,063 - 304,063 1,554,423 876,697 - 876,697 2007 - Dec......... 2008 - Jan ......... Feb ........ Mar ........ Apr......... May........ June....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 106,925 87,249 88,645 89,041 75,392 71,492 73,436 76,858 70,653 76,035 79,525 67,870 103,431 7,338 65,071 4,022 11,008 214,619 7,805 54,806 6,581 4,611 59,089 14,554 3,663 8,187 1,606 3,483 68,267 43,417 45,985 57,645 19,688 17,314 5,001 3,527 7,756 11,437 2,738 112,657 148,838 24,400 56,632 244,025 21,651 108,554 66,124 70,263 131,597 86,323 60,095 108,880 87,770 10,579 4,995 37,997 48,105 8,784 61,970 12,492 5,466 58,537 9,926 4,209 51,345 3,891 4,519 6,687 5,428 6,433 1,737 3,642 2,210 1,549 4,906 9,845 2,215 3,052 83,879 6,060 -1,692 32,569 41,672 7,046 58,328 10,282 3,917 53,631 81 1,994 48,293 196,536 154,898 22,708 89,201 285,697 28,697 166,882 76,406 74,180 185,228 86,404 62,089 157,173 66,595 82,287 67,066 73,443 91,281 68,472 78,458 64,842 65,051 73,309 61,916 66,825 63,790 2,461 - 66,595 82,287 67,066 73,443 91,281 68,472 78,458 64,842 65,051 70,848 61,916 66,825 63,790 Fiscal year 2009 to date................ 250,826 26,404 21,931 255,298 65,480 15,112 50,368 305,666 192,531 - 192,531 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 (21) (20) (19) 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 2008 ............................ 4,030 4,123 4,234 4,263 4,445 5 3 2 2 r 12 4,026 4,119 4,231 4,261 r 4,433 689,359 747,663 790,042 824,257 856,457 39,582 42,120 43,559 41,216 r 39,642 129 119 139 125 r 115 39,453 42,001 43,420 41,091 r 39,527 4,545 4,409 4,308 4,207 4,121 51 50 50 51 r 44 4,596 4,460 4,358 4,258 4,165 2009 - Est.................... 4,303 - 4,303 881,000 45,672 - 45,672 4,752 26 4,778 2007 - Dec .................. 2008 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 394 394 454 439 383 418 -68 436 389 459 388 383 369 1 * * * 2 * 1 * * * * 393 394 454 439 380 418 -68 435 389 459 388 383 368 66,989 82,681 67,520 73,882 91,661 68,890 78,390 65,277 65,440 71,307 62,304 67,208 64,158 265 2,143 2,993 366 7,682 12,759 696 2,827 4,500 r2 2,014 2,980 245 6 4 3 14 18 13 10 12 13 9 6 4 3 259 2,139 2,989 353 7,663 12,746 686 2,815 4,487 r -7 2,007 2,976 242 345 366 322 321 321 391 318 384 316 323 391 319 391 4 4 4 4 4 3 3 3 4 4 3 3 3 349 370 327 325 325 394 322 387 320 327 394 322 394 Fiscal year 2009 to date.... 1,140 * 1,139 193,670 5,239 13 5,225 1,101 9 1,110 See footnote at end of table. March 2009 FEDERAL FISCAL OPERATIONS 14 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Fiscal year or month 2004............................ 2005............................ 2006............................ 2007............................ 2008............................ Excise taxes Black Lung Disability Trust Fund Gross Refunds (26) (27) Highway Trust Fund Net (28) Gross (29) Refunds (30) Miscellaneous Net (31) Gross (32) Refunds (33) Net (34) 733,408 794,123 837,820 869,607 r 900,150 9,230 10,415 10,531 11,535 r 12,048 56 101 105 67 56 9,174 10,314 10,425 11,468 r 11,992 566 610 607 639 653 - 566 610 607 639 653 35,725 38,897 39,433 40,402 r 37,441 1,014 1,007 891 1,040 r 1,057 34,711 37,890 38,543 39,362 r 36,385 26,260 25,272 25,509 18,734 r 19,742 856 994 1,123 5,134 r 1,438 25,404 24,278 24,386 13,600 r 18,304 2009 - Est ................... 931,450 12,217 - 12,217 653 - 653 38,659 - 38,659 16,308 - 16,308 2007 - Dec .................. 67,597 2008 - Jan................... 85,190 Feb.................. 70,836 Mar.................. 74,560 Apr .................. 99,649 May ................. 82,030 June ................ 79,398 July.................. 68,479 Aug.................. 70,247 Sept................. r 71,626 Oct .................. 64,706 Nov.................. 70,506 Dec.................. 64,794 945 870 1,062 864 901 947 1,074 1,054 1,143 1,764 265 942 898 30 9 12 5 - 945 870 1,062 834 901 938 1,074 1,054 1,131 1,759 265 942 898 54 49 78 58 60 45 54 53 32 100 14 53 50 - 54 49 78 58 60 45 54 53 32 100 14 53 50 3,407 3,134 3,162 3,170 3,298 2,160 3,251 3,190 2,689 5,574 912 3,171 3,021 335 294 289 138 - 3,407 3,134 3,162 2,835 3,298 1,865 3,251 3,190 2,400 5,436 912 3,171 3,021 1,445 1,049 1,112 1,518 1,458 2,554 1,669 1,701 1,955 515 2,782 1,293 1,384 133 69 492 -256 82 140 107 65 134 126 63 137 169 1,312 979 619 1,773 1,376 2,413 1,562 1,637 1,821 389 2,720 1,155 1,216 Fiscal year 2009 to date.. 200,006 2,105 - 2,105 117 - 117 7,104 - 7,104 5,459 369 5,091 Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) 2004 ....................... 69,855 2005 ....................... 73,093 2006 ....................... 73,962 2007 ....................... 65,069 2008 ....................... r 67,334 Estate and gift taxes Gross (36) Refunds (37) Customs duties Net (38) Gross (39) Refunds (40) Net (41) Deposits of Universal earnings by service fund and all Federal Total Reserve banks other (42) (43) (44) Total receipts On-budget (45) Off-budget (46) 25,579 25,606 28,688 26,978 r 29,824 749 841 811 934 r 980 24,831 24,764 27,877 26,044 28,844 21,806 24,198 25,701 27,548 r 28,537 723 820 891 1,538 r 969 21,083 23,378 24,810 26,010 r 27,568 19,652 19,297 29,945 32,043 r 33,598 12,628 13,190 14,439 r 15,185 r 16,049 32,280 32,487 44,384 47,228 r 49,647 1,345,040 1,575,874 1,798,293 r 1,932,584 r 1,8 65,593 534,744 577,475 608,382 635,088 658,045 2009 -Est................ 67,837 26,074 - 26,074 28,297 - 28,297 27,087 16,195 43,282 1,968,990 682,373 2007 - Dec.............. 2008 - Jan ............. Feb ............. Mar ............. Apr.............. May ............ June ........... July............. Aug............. Sept............ Oct.............. Nov............. Dec............. 5,718 5,032 4,921 5,500 5,636 5,262 5,942 5,933 5,384 7,684 3,911 5,321 5,185 2,527 2,395 1,890 2,510 4,735 2,089 2,371 2,605 1,930 2,140 2,181 2,387 2,293 66 60 69 105 105 95 73 69 79 96 85 112 107 2,460 2,336 1,820 2,405 4,630 1,994 2,298 2,536 1,851 2,044 2,097 2,274 2,186 2,211 2,295 2,280 2,172 2,177 2,223 2,397 2,732 2,306 2,585 2,727 2,310 2,165 84 61 57 102 101 65 91 54 80 102 94 85 127 2,127 2,234 2,223 2,070 2,075 2,158 2,306 2,678 2,226 2,483 2,633 2,225 2,038 1,486 4,125 2,063 3,801 4,802 2,990 1,952 2,995 1,233 1,917 3,607 1,333 4,826 1,058 1,403 1,151 1,278 1,261 1,140 1,134 1,466 1,895 r 1,241 1,489 1,033 1,609 2,545 5,529 3,214 5,079 6,063 4,130 3,086 4,461 3,128 r 3,158 5,097 2,366 6,435 227,125 191,181 53,495 120,840 333,059 70,392 199,010 110,050 106,449 r 218,141 117,998 94,377 191,039 49,857 64,036 52,229 57,976 70,692 53,880 60,902 50,444 50,567 54,083 46,849 50,405 46,772 Fiscal year 2009 to date........................ 14,417 6,861 304 6,557 7,202 306 6,896 9,766 4,131 13,898 403,414 144,026 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. Government,” released by the Office of Management and Budget on July 28, 2008. * Less than $500,000. Detail may not add to totals due to rounding. March 2009 FEDERAL FISCAL OPERATIONS 15 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 Agriculture (3) Department of Depart- DepartDepartment of Defense, ment of ment of Commerce military Education Energy (4) (6) (7) (5) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) 542,812 581,463 614,313 672,036 r 700,501 26,802 38,717 69,100 39,172 40,683 44,989 42,448 42,434 45,559 r 49,086 8,615 9,288 9,063 r 10,497 r 9,880 29,576 22,366 23,320 23,351 r 26,544 56,679 46,943 43,139 47,543 r 58,840 Department of Health and Human Services (8) Department of Labor (13) Legislative branch (1) Judicial branch (2) 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 2008 ....................... 3,900 3,995 4,129 r 4,307 r 4,429 5,393 5,543 5,820 6,008 6,341 71,572 85,333 93,533 r 84,427 r 90,786 5,829 6,147 6,374 6,479 r 7,726 437,043 474,374 499,350 r 528,590 r 594,680 2009 - Est ............... 4,962 6,981 100,547 9,821 656,722 64,624 24,448 739,241 46,087 45,501 9,847 26,791 69,001 2007 - Dec.............. 2008 - Jan .............. Feb ............. Mar ............. Apr.............. May............. June............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 323 406 342 353 512 351 352 359 345 389 378 343 706 487 502 511 469 509 602 560 520 529 546 706 473 528 9,931 9,269 7,269 7,345 5,276 5,972 6,085 5,762 6,872 6,271 14,704 8,064 11,518 691 608 599 525 511 643 r 887 670 719 671 748 745 1,119 49,174 44,309 48,199 44,512 48,986 51,253 45,880 51,475 51,647 52,024 66,078 45,627 60,484 4,501 7,581 7,055 4,907 4,572 8,758 4,542 3,853 4,630 5,549 5,609 4,286 6,042 2,209 1,243 1,859 1,059 2,384 2,390 1,073 1,823 553 4,522 2,184 1,620 2,027 44,631 56,579 68,807 46,289 62,436 73,706 45,114 62,356 71,118 46,577 76,469 44,875 63,502 2,949 3,202 3,196 3,427 3,173 3,126 3,918 3,203 3,388 4,169 5,060 4,419 5,907 4,206 3,890 3,545 3,755 3,687 7,316 3,873 3,654 3,536 r 3,411 3,884 3,685 4,145 1,001 912 827 825 575 711 869 1,011 437 r 978 889 880 988 2,296 2,412 1,919 2,140 2,187 2,006 2,255 2,278 1,993 2,296 2,292 2,262 2,570 4,995 5,302 4,695 3,854 5,895 6,870 3,801 5,745 5,863 r 5,528 6,492 5,566 8,913 Fiscal year 2009 to date ......................... 1,427 1,707 34,286 2,612 172,189 15,937 5,831 184,846 15,386 11,714 2,757 7,124 20,971 Fiscal year or month Fiscal year or month Department of State (14) 2004 ....................... 10,925 2005 ....................... 12,754 2006 ....................... 12,957 2007 ....................... 13,749 2008 ....................... r 17,505 62,779 19,894 72,857 21,274 93,427 19,653 66,372 20,117 r 65,957 r 21,404 Department of the Treasury, interest on Treasury DepartDepartment of debt ment Transpor- securities of the tation (gross) Treasury, other (17) (15) (16) Department of Veterans Affairs (18) Corps of Engineers (19) 54,872 56,597 60,141 61,701 r 64,945 321,566 352,350 405,872 429,978 r 451,154 54,330 57,927 58,873 60,623 r 97,665 59,585 69,844 69,808 72,820 r 84,783 4,732 4,720 6,946 3,918 r 5,077 Environmental Protection Agency (21) Executive Office of the President (22) 41,732 43,484 44,435 47,112 r 45,784 8,329 7,911 8,322 8,258 r 7,938 3,349 7,689 5,378 2,957 1,172 -452 17 22 32 342 13,660 15,034 13,945 12,764 r 11,403 Other Defense, civil programs (20) InterGeneral national Services Admin- Assistance Program istration (23) (24) 2009 - Est............... 22,872 70,479 449,070 66,055 94,084 10,258 52,210 7,999 703 722 16,757 2007 - Dec ............. 2008 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... July............. Aug............. Sept............ Oct.............. Nov............. Dec............. 1,806 1,295 1,154 1,357 r 668 2,244 1,220 1,284 1,892 1,347 2,372 1,697 2,037 5,282 4,076 4,091 4,935 4,406 5,428 5,965 6,521 6,169 6,881 6,606 5,318 6,253 106,138 24,687 20,037 23,024 22,362 22,388 110,973 24,068 29,937 19,883 18,984 18,559 97,775 2,576 5,088 32,303 13,084 9,523 19,226 15,380 2,000 1,806 r -5,771 116,733 91,285 53,764 6,704 3,511 9,943 4,141 7,058 11,017 3,372 7,261 10,236 4,284 11,568 4,059 10,969 437 507 447 376 333 371 364 483 500 487 634 629 906 4,021 4,193 4,010 3,993 3,232 3,771 3,864 3,948 3,074 3,875 3,922 5,238 5,683 714 687 630 713 576 675 637 570 697 695 645 653 743 152 140 110 92 93 80 72 82 272 -130 82 40 55 38 29 17 189 -12 135 24 -4 -97 -34 20 -73 65 800 3,647 644 341 1,784 -331 1,015 1,244 542 r 2,282 2,344 2,215 -175 Fiscal year 2009 to date ......................... 6,106 18,177 135,318 261,782 26,596 2,169 14,843 2,041 177 12 4,384 See footnote at end of table. March 2009 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and National Office of Space Science Personnel AdminisFounManagetration dation ment (25) (26) (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (35) (36) 2004 .................. 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 2005 .................. 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,803 422,069 2007 .................. r 15,861 5,529 r 58,431 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 r 2,275,562 453,636 2008 .................. 17,834 r 5,848 64,393 527 r 657,799 r 45,196 -66,178 r -191,537 -18,285 r-1,790 r 2,503,674 r 474,759 2009 - Est.......... 18,186 6,439 68,461 876 699,976 31,873 -68,308 -201,717 -13,953 -4,413 2,631,725 501,477 2007 - Dec ........ 1,548 451 5,352 73 53,638 2,341 -4,084 -85,937 -721 * 235,395 -6,674 2008 - Jan ......... 1,216 394 5,987 78 50,648 1,843 -4,472 -1,180 -1,208 -1 193,589 43,790 Feb ........ 1,264 429 5,843 -268 57,598 2,369 -4,316 -1,509 -2,328 -5 232,181 49,106 Mar ........ 1,486 463 6,061 66 51,620 1,841 -4,201 -720 -1,288 * 177,070 49,958 Apr......... 1,541 396 6,390 61 54,759 484 -4,094 -2,931 -2,863 -1 199,021 45,448 May ....... 1,593 440 5,331 69 59,244 2,226 -4,591 -1,543 -1,279 * 239,019 51,180 June ...... 1,618 513 5,432 79 55,573 -1,560 -4,285 -88,768 -2,555 -1,780 228,631 -2,266 July........ 1,550 658 6,039 63 55,137 17,865 -4,537 -1,560 -2,119 -1 r 217,179 46,082 Aug........ 1,446 609 6,206 89 58,821 3,528 -4,506 -3,114 -809 * 218,692 50,237 Sept....... 1,872 570 400 75 52,131 r 11,560 -4,407 -1,030 -1,413 * r 169,526 r 56,961 Oct......... 1,483 477 6,008 82 59,153 6,380 -18,701 -1,906 -357 * 354,566 47,457 Nov........ 1,426 492 5,604 81 52,073 10,777 -4,260 52 -144 -9,389 258,676 50,503 Dec........ 1,810 452 5,335 101 58,693 304 -4,968 -86,222 -594 - 327,942 -6,507 Fiscal year 2009 to date ............... 4,719 1,421 16,947 264 169,919 17,461 -27,929 -88,076 -1,095 -9,389 941,184 91,453 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. Government,” released by the Office of Management and Budget on July 28, 2008. * Less than $500,000. Detail may not add to totals due to rounding. March 2009 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, December 2008 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. General funds (1) This fiscal year to date Management, consolidated, Trust revolving and funds special 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) 255,292 50,368 6 - - 255,298 50,368 273,659 92,532 4 - - 273,663 92,532 4,316 6,557 4,222 10,128 330,882 330,882 - 273 2,273 3,526 6,079 6,079 - 144,026 49,645 5,225 1,110 9,828 402 243 210,479 66,453 144,026 144,026 49,645 5,225 1,110 14,417 6,557 6,897 13,898 547,439 403,414 144,026 4,825 6,930 4,611 8,324 390,882 390,882 - 188 2,114 3,089 5,395 5,395 - 143,236 48,172 5,657 1,069 11,026 389 387 209,936 66,700 143,236 143,236 48,172 5,657 1,069 16,040 6,930 7,114 11,799 606,212 462,976 143,236 1,104 1,380 23,625 2,197 170,480 15,941 6,320 129,377 13,505 11,821 2,665 6,543 6,876 5,864 2,668 318 313 10,357 416 1,702 -7 -489 * 1,812 -106 -54 650 279 111 -157 5 14 303 * 8 3 * 55,470 69 * 147 -69 13,816 131 15,665 1,427 1,707 34,285 2,613 172,189 15,937 5,831 184,846 15,385 11,714 2,757 7,125 20,970 6,106 18,177 1,032 1,460 20,101 1,797 153,005 14,514 5,860 120,314 10,308 12,719 2,325 6,609 2,843 4,547 3,814 -9 121 10,130 96 3,340 -9 -1,362 60 -479 -297 304 475 -610 321 -136 -2 12 433 * 51 3 * 47,144 52 -2 106 -26 9,055 178 12,794 1,021 1,593 30,663 1,893 156,396 14,509 4,499 167,517 9,881 12,420 2,735 7,058 11,288 5,046 16,472 135,318 262,129 26,968 1,938 61,812 2,290 177 49 5,113 4,723 1,384 2,216 265 16,782 3,288 -526 -587 201 -8,220 -71 * -36 -152 -4 27 -623 * -13 3,895 179 215 30 -38,749 -178 -577 * 11 15,355 * 153,151 10,277 135,318 261,782 26,596 2,169 14,843 2,041 177 13 4,384 4,719 1,422 16,947 265 169,920 17,461 153,794 4,961 24,239 1,237 59,141 2,055 361 29 3,775 4,252 1,349 2,223 223 18,154 2,741 -78 -465 28 -12,104 -10 * 66 -295 -3 21 -520 -9 * 723 142 187 -58 -35,211 14 * -3,246 * 4 15,002 * 144,115 1,577 153,794 5,025 23,961 1,207 11,825 2,059 361 95 234 4,249 1,374 16,704 214 162,269 5,040 -846 923,972 923,863 109 -593,090 -592,981 -109 -20,283 -11,249 -10,845 -404 17,328 16,923 404 -88,076 -17,285 119,915 28,166 91,749 90,564 38,287 52,277 -88,076 -38,413 1,032,638 941,184 91,453 -485,198 -537,771 52,572 -2,174 637,606 637,606 -246,724 -246,724 - -11,746 -12,448 -11,285 -1,163 17,843 16,679 1,163 -89,181 -15,272 87,871 2,443 85,428 122,065 64,256 57,809 -89,181 -29,193 713,028 628,764 84,264 -106,816 -165,788 58,972 Note.—Detail may not add to totals due to rounding. March 2009 18 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances 1 [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 4 Reserve accounts) (4) (5) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 7,094,904 7,485,532 7,839,784 8,455,356 9,947,954 469,641 468,563 501,945 528,724 530,425 7,565,782 7,955,702 8,340,659 8,983,992 10,151,438 1,168,663 1,339,363 1,478,945 1,571,322 1,602,823 1,166,036 1,338,425 1,463,568 1,548,300 1,633,393 2007 - Dec....................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 680,387 746,426 863,418 770,080 940,794 898,793 822,259 785,812 781,045 1,248,995 59,953 44,251 37,176 45,335 53,189 37,593 49,684 40,315 36,826 48,868 728,889 801,024 901,942 814,287 994,580 936,721 871,584 825,849 818,446 970,065 199,675 128,702 120,623 152,098 154,020 108,037 156,942 111,929 102,232 152,727 162,694 105,059 178,518 118,114 58,854 234,507 117,886 103,966 156,341 115,790 Oct....................................... Nov ...................................... Dec ...................................... 1,513,643 801,868 799,185 40,509 35,649 55,150 1,283,783 939,874 989,379 108,703 101,651 161,413 135,722 111,797 162,177 See footnotes at end of table. March 2009 ACCOUNT OF THE U.S. TREASURY 19 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. 1 [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Tax and loan Federal note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and loan Federal note Reserve accounts (10) (11) Average Tax and loan note Federal accounts Reserve (13) (12) 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 2008 ...................................... 32,988 39,129 32,988 135,752 2,973 - 5,181 17,751 2007 - Dec............................. 16,120 40,855 16,120 60,329 3,924 671 5,867 24,354 2008 - Jan ............................. 5,773 64,498 16,120 64,498 4,262 2,734 5,525 19,670 Feb ............................ 4,424 6,603 6,052 50,127 2,992 94 4,830 13,358 Mar ............................ 5,552 40,587 6,590 40,587 4,346 6,603 5,150 17,731 Apr............................. 4,955 135,752 7,417 135,752 3,437 - 5,328 26,304 May............................ 4,620 9,282 6,342 98,302 2,973 - 4,766 32,453 June........................... 4,978 48,338 7,413 48,338 4,167 124 5,020 16,190 July ............................ 5,256 56,300 6,720 56,300 4,024 241 5,070 9,714 Aug ............................ 4,681 2,192 5,658 25,373 4,275 830 4,806 7,745 Sept ........................... 32,988 39,129 32,988 39,129 3,899 1,177 5,757 16,359 Oct............................. 43,998 12,109 136,672 79,897 3,987 8,172 33,898 24,884 Nov ............................ 66,385 1,964 91,193 12,109 17,355 1,722 55,834 5,209 Dec ............................ 106,123 1,199 132,738 2,181 41,646 1,199 90,197 1,912 1 This report does not include Supplementary Financing Program balances. Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 2 as follows: withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. March 2009 20 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 March 2009 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. FEDERAL DEBT 21 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Public debt Agency Total securities securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 2008 ............................... 7,403,236 7,956,346 8,530,366 9,030,612 10,047,828 7,379,053 7,932,710 8,506,974 9,007,653 10,024,725 24,183 23,637 23,392 22,959 23,104 3,075,687 3,331,333 3,663,773 3,958,417 4,210,491 3,075,687 3,331,332 3,663,766 3,958,411 4,210,485 1 1 7 6 6 4,327,549 4,625,013 4,866,593 5,072,195 5,837,337 4,303,366 4,601,378 4,843,208 5,049,242 5,814,240 24,182 23,636 23,385 22,953 23,098 2007 - Dec ..................... 2008 - Jan...................... Feb..................... Mar..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 9,252,317 9,261,110 9,381,029 9,461,058 9,400,719 9,411,969 9,515,532 9,608,823 9,668,997 10,047,828 10,599,663 10,684,427 10,723,156 9,229,172 9,238,008 9,358,051 9,437,594 9,377,557 9,388,798 9,492,006 9,585,479 9,645,755 10,024,725 10,574,094 10,661,175 10,699,805 23,145 23,102 22,978 23,464 23,163 23,170 23,527 23,344 23,243 23,104 25,569 23,252 23,352 4,092,890 4,105,795 4,098,349 4,103,552 4,133,040 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 4,092,884 4,105,789 4,098,344 4,103,546 4,133,034 4,110,201 4,206,981 4,182,258 4,166,656 4,210,485 4,266,380 4,260,581 4,327,154 6 6 6 6 6 6 6 6 6 6 6 6 6 5,159,427 5,155,315 5,282,680 5,357,506 5,267,679 5,301,762 5,308,545 5,426,559 5,502,335 5,837,337 6,333,277 6,423,841 6,395,996 5,136,288 5,132,219 5,259,707 5,334,048 5,244,523 5,278,597 5,285,025 5,403,221 5,479,099 5,814,240 6,307,714 6,400,594 6,372,651 23,139 23,096 22,972 23,458 23,157 23,164 23,521 23,338 23,237 23,098 25,563 23,246 23,346 Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized Accrual outstanding premium amount face value and discount (14) (15) (13) Securities held by the public Net Amount unamortized Accrual outstanding premium amount face value and discount (17) (18) (16) 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 2008 ............................... 7,403,236 7,956,346 8,530,366 9,030,612 10,047,828 51,219 53,546 81,375 82,078 64,135 7,352,017 7,902,800 8,448,991 8,948,534 9,983,694 3,075,687 3,331,333 3,663,773 3,958,417 4,210,491 16,596 18,145 41,370 42,796 27,432 3,059,091 3,313,188 3,622,403 3,915,621 4,183,059 4,327,550 4,625,013 4,866,593 5,072,195 5,837,337 34,623 35,401 40,005 39,282 36,703 4,292,926 4,589,612 4,826,588 5,032,913 5,800,635 2007 - Dec ..................... 2008 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... July..................... Aug..................... Sept.................... Oct...................... Nov..................... Dec..................... 9,252,317 9,261,110 9,381,029 9,461,058 9,400,719 9,411,969 9,515,532 9,608,823 9,668,997 10,047,828 10,599,663 10,684,427 10,723,156 79,511 77,244 77,682 74,722 74,042 60,000 59,733 61,431 61,663 64,135 66,851 65,816 62,737 9,172,806 9,183,866 9,303,347 9,386,336 9,326,677 9,351,969 9,455,799 9,547,392 9,607,334 9,983,694 10,532,813 10,618,610 10,660,419 4,092,890 4,105,795 4,098,349 4,103,552 4,133,040 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 42,422 40,603 41,264 39,782 40,427 26,016 25,332 25,608 25,075 27,432 28,713 28,392 28,271 4,050,468 4,065,192 4,057,086 4,063,771 4,092,613 4,084,192 4,181,655 4,156,656 4,141,587 4,183,059 4,237,672 4,232,194 4,298,889 5,159,427 5,155,315 5,282,680 5,357,506 5,267,679 5,301,762 5,308,545 5,426,559 5,502,335 5,837,337 6,333,277 6,423,841 6,395,996 37,089 36,641 36,418 34,940 33,615 33,984 34,401 35,823 36,588 36,703 38,138 37,424 34,466 5,122,338 5,118,674 5,246,261 5,322,565 5,234,064 5,267,777 5,274,145 5,390,736 5,465,748 5,800,635 6,295,140 6,386,416 6,361,529 End of fiscal year or month March 2009 FEDERAL DEBT 22 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2004 .................................. 2005 .................................. 2006 .................................. 2007 .................................. 2008 .................................. 4,307,345 4,601,239 4,843,121 5,049,306 5,808,692 3,845,855 4,066,053 4,283,804 4,428,405 5,210,151 961,449 910,323 908,474 954,607 1,484,332 2,109,494 2,328,213 2,445,307 2,456,100 2,623,364 551,904 520,507 534,473 560,922 578,504 223,008 307,011 395,550 456,776 523,951 461,490 535,186 559,317 620,900 598,540 2007 - Dec ........................ 2008 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May ....................... June ...................... July........................ Aug........................ Sept....................... Oct......................... Nov........................ Dec........................ 5,136,303 5,132,265 5,259,804 5,334,116 5,244,195 5,278,699 5,285,064 5,403,382 5,479,100 5,808,692 6,302,794 6,396,591 6,369,319 4,516,792 4,513,092 4,641,684 4,712,665 4,622,476 4,665,461 4,676,573 4,802,224 4,881,685 5,210,151 5,704,139 5,798,435 5,774,190 999,547 980,012 1,120,975 1,153,879 1,020,681 1,114,547 1,055,697 1,130,970 1,221,987 1,484,332 1,904,060 1,998,226 1,861,187 2,487,368 2,502,767 2,477,293 2,513,108 2,539,859 2,475,730 2,542,526 2,573,863 2,555,609 2,623,364 2,685,691 2,673,928 2,791,514 558,447 558,445 571,736 571,738 571,760 580,983 580,995 580,982 582,815 578,504 578,915 591,492 591,867 471,430 471,868 471,680 473,940 490,175 494,202 497,355 516,410 521,274 523,951 535,472 534,789 529,622 619,510 619,173 618,120 621,451 621,719 613,238 608,490 601,158 597,415 598,540 598,655 598,156 595,129 U.S. savings securities (8) Depositary compensation securities (9) Nonmarketable, con. End of fiscal year or month Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) 2004 ....................................... 2005 ....................................... 2006 ....................................... 2007 ....................................... 2008 ....................................... 204,201 203,645 203,656 197,126 194,253 - 5,881 3,086 2,986 2,986 2,986 58,528 67,961 78,129 88,153 107,498 158,214 225,283 238,835 296,513 260,238 29,995 29,995 29,995 29,995 29,995 4,669 5,214 5,715 6,126 3,569 2007 - Dec ............................. 2008 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May ............................ June ........................... July............................. Aug............................. Sept............................ Oct.............................. Nov............................. Dec............................. 196,452 195,690 195,583 195,425 195,327 195,225 195,003 194,753 194,467 194,253 194,236 194,216 194,075 - 2,986 5,886 5,286 4,886 4,886 3,286 3,086 2,986 2,986 2,986 3,986 3,986 3,986 91,189 95,757 97,088 99,903 100,366 100,448 100,989 103,836 104,441 107,498 112,814 113,884 115,117 293,239 286,451 284,921 286,344 286,818 280,017 275,203 265,534 261,553 260,238 254,564 253,455 249,318 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 5,648 5,392 5,247 4,897 4,326 4,265 4,214 4,053 3,972 3,569 3,058 2,618 2,637 March 2009 FEDERAL DEBT 23 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust Fund tration (10) (9) 2004 .............. 2005 .............. 2006 .............. 2007 .............. 2008 .............. 3,129,990 3,380,605 3,722,747 4,026,772 4,297,677 9,892 10,047 7,893 7,931 7,674 32,089 32,733 46,216 47,515 29,937 28,107 29,485 31,282 32,965 34,397 10,319 15,238 15,711 16,436 16,847 182,769 193,263 202,178 213,830 216,487 631,749 660,109 689,812 702,043 729,705 264,375 277,268 302,186 319,377 318,741 23,325 22,646 22,036 22,410 19,093 1,452,599 1,616,159 1,793,129 1,968,262 2,150,651 2007 - Dec..... 2008 - Jan ..... Feb .... Mar .... Apr..... May.... June .. July.... Aug.... Sept... Oct..... Nov.... Dec.... 4,164,266 4,181,707 4,175,632 4,183,685 4,213,642 4,190,825 4,288,079 4,266,035 4,250,862 4,297,677 4,358,403 4,353,747 4,421,658 10,357 9,073 9,676 9,696 9,892 9,405 7,361 7,466 7,714 7,674 8,432 7,593 7,855 47,562 47,723 48,222 48,441 48,579 47,860 47,778 33,671 32,182 29,937 29,519 24,611 25,496 33,517 33,561 33,742 33,753 33,765 34,184 34,205 34,234 34,375 34,397 34,494 34,963 35,032 16,603 16,650 16,672 16,699 16,729 16,746 16,776 16,805 16,833 16,847 17,184 17,179 17,661 215,046 215,942 214,979 214,556 216,189 215,358 220,133 218,802 217,423 216,487 214,667 213,094 215,810 710,949 707,547 703,967 699,976 696,704 693,556 708,884 705,751 702,187 729,705 726,483 722,953 738,870 326,096 328,005 321,962 323,477 330,969 323,086 337,668 322,707 314,158 318,741 310,991 316,700 321,910 22,737 22,758 23,019 23,132 23,104 18,725 18,770 18,834 19,081 19,093 19,244 19,379 19,415 2,024,392 2,042,616 2,046,490 2,054,564 2,076,763 2,081,808 2,140,243 2,145,094 2,147,096 2,150,651 2,151,971 2,153,752 2,203,404 End of fiscal year or month Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplementary Medical Insurance Trust Fund (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 2004 ..................... 2005 ..................... 2006 ..................... 2007 ..................... 2008 ..................... 3,013 3,123 3,029 3,182 3,320 17,439 17,204 33,061 39,248 59,090 10,212 8,271 10,998 12,205 12,811 10,949 10,597 10,189 9,752 9,272 1,283 1,218 4,233 979 1,605 627 570 477 596 624 - 45,239 54,806 66,213 74,923 72,432 406,004 427,868 484,104 555,118 614,991 2007 - Dec ........... 2008 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... July........... Aug........... Sept.......... Oct............ Nov........... Dec........... 3,257 3,266 3,273 3,278 3,303 3,298 3,304 3,311 3,316 3,320 3,320 3,319 3,325 42,716 43,358 40,010 46,939 47,217 42,827 50,137 58,847 54,265 59,090 54,795 59,364 59,850 11,247 11,606 12,319 11,578 13,055 10,659 9,979 8,831 7,026 12,811 10,906 10,804 10,386 9,810 9,722 9,626 9,530 9,437 9,355 9,535 9,453 9,380 9,272 9,186 9,119 9,294 1,200 1,000 1,000 1,000 1,000 1,200 1,200 1,000 1,000 1,605 1,200 1,200 1,200 356 487 636 489 522 463 451 457 461 624 561 367 364 - 73,563 70,471 70,538 66,964 66,208 79,931 79,108 76,487 77,310 72,432 68,300 67,362 61,805 614,858 617,922 619,501 619,613 620,206 602,364 602,547 604,285 607,055 614,991 697,150 691,988 689,981 Note.—Detail may not add to totals due to rounding. March 2009 FEDERAL DEBT 24 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Farm Credit System Financial Assistance Corporation (3) Other independent Tennessee Valley Authority (4) 2004 ............................ 24,183 200 325 23,253 243 163 2005 ............................ 23,637 146 - 23,097 235 159 2006 ............................ 23,392 112 - 22,899 225 156 2007 ............................ 22,959 85 - 22,506 215 153 2008 ............................ 23,104 69 - 22,680 204 150 2007 - Dec .................. 23,145 84 - 22,690 215 156 2008 - Jan ................... 23,102 68 - 22,662 215 157 Feb ................... 22,978 69 - 22,550 210 149 Mar ................... 23,464 69 - 23,035 210 150 Apr.................... 23,163 66 - 22,735 210 151 May................... 23,170 67 - 22,741 210 152 June.................. 23,527 65 - 23,101 210 151 July ................... 23,344 69 - 22,910 210 155 Aug ................... 23,243 69 - 22,820 204 149 Sept .................. 23,104 69 - 22,680 204 150 Oct.................... 25,569 69 - 25,146 204 149 Nov ................... 23,252 69 - 22,828 204 151 Dec ................... 23,352 69 - 22,926 204 151 End of fiscal year or month Note.—Detail may not add to totals due to rounding. March 2009 National Archives and Records Administration (5) Other (6) FEDERAL DEBT 25 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (7) 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 2007 - Dec...................... 3,781,877 1,295,981 1,309,642 700,562 310,814 164,878 4 yrs. 9 mos. 2008 - Jan ...................... 3,805,408 1,315,046 1,295,456 710,580 319,185 165,140 4 yrs. 9 mos. Feb ..................... 3,933,939 1,451,105 1,294,886 691,672 319,156 174,120 4 yrs. 8 mos. Mar ..................... 4,127,033 1,607,155 1,323,534 702,527 319,481 174,336 4 yrs. 5 mos. Apr...................... 4,079,776 1,509,658 1,366,837 709,124 338,330 155,827 4 yrs. 6 mos. May..................... 4,162,323 1,618,739 1,329,756 718,171 333,602 162,056 4 yrs. 6 mos. June.................... 4,203,532 1,580,568 1,396,177 730,327 334,145 162,224 4 yrs. 6 mos. July ..................... 4,328,809 1,668,784 1,439,791 716,694 364,351 162,453 4 yrs. 5 mos. Aug ..................... 4,386,440 1,774,790 1,390,479 706,395 351,906 162,870 4 yrs. 5 mos. Sept .................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. Oct...................... 5,238,827 2,462,352 1,496,698 764,782 352,076 162,919 3 yrs. 10 mos. Nov ..................... 5,312,125 2,540,826 1,490,667 761,948 355,148 163,536 3 yrs. 10 mos. Dec ..................... 5,307,633 2,406,537 1,607,484 776,147 354,202 163,262 3 yrs. 10 mos. Note.—Detail may not add to totals due to rounding. March 2009 FEDERAL DEBT 26 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 7,333,166 184 7,379,053 184 45,887 7,871,040 7,870,911 130 7,932,710 130 61,799 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 2007 - Dec....................................... 9,815,000 9,144,715 9,144,647 68 9,229,173 68 84,525 2008 - Jan ....................................... 9,815,000 9,155,842 9,155,791 52 9,238,008 52 82,218 Feb ...................................... 9,815,000 9,275,683 9,275,631 53 9,358,051 53 82,421 Mar ...................................... 9,815,000 9,358,135 9,358,082 53 9,437,594 53 79,512 Apr....................................... 9,815,000 9,298,567 9,298,517 50 9,377,557 50 79,041 May...................................... 9,815,000 9,324,137 9,324,086 51 9,388,799 51 64,714 June..................................... 9,815,000 9,427,901 9,427,850 51 9,492,006 51 64,156 July ...................................... 10,615,000 9,520,220 9,520,169 51 9,585,480 51 65,310 Aug ...................................... 10,615,000 9,580,508 9,580,457 51 9,645,755 51 65,299 Sept ..................................... 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 Oct....................................... 11,315,000 10,504,702 10,504,651 51 10,574,094 51 69,444 Nov ...................................... 11,315,000 10,595,725 10,595,674 51 10,661,175 51 65,502 Dec ...................................... 11,315,000 10,640,274 10,640,223 51 10,699,805 51 59,583 Debt subject to limit Statutory debt limit (1) Total (2) 2004 ................................................ 7,384,000 7,333,350 2005 ................................................ 8,184,000 2006 ................................................ End of fiscal year or month 1 Consists of guaranteed debt issued by the Federal Housing Administration. March 2009 Public debt (3) Securities outstanding FEDERAL DEBT 27 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 213,321 211,763 228,065 219,079 252,783 15,956 26,851 22,578 10,662 9,691 16,560 18,489 20,432 22,803 24,789 11,937 12,608 12,911 13,803 14,780 474 461 485 420 479 1,897 1,979 1,358 1,448 1,456 2007 - Dec....................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 224,572 229,879 231,100 230,254 229,880 233,312 229,296 234,242 240,154 252,783 298,445 326,003 357,973 10,918 12,614 12,808 12,820 12,287 11,960 11,555 9,101 9,167 9,691 16,067 18,862 9,673 23,084 23,331 23,538 23,447 23,613 23,878 23,959 23,703 24,588 24,789 25,003 25,155 25,659 14,198 14,321 14,475 14,354 14,478 14,621 14,624 14,789 14,686 14,780 14,908 15,022 15,171 431 435 439 440 442 444 447 447 467 479 484 488 490 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,456 1,456 1,456 1,456 1,456 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 96,530 104,471 105,522 103,973 128,331 2,900 2,777 2,482 2,241 2,186 7,635 7,548 6,258 4,573 4,832 1,203 239 - 29,305 12,413 16,618 17,609 21,957 2007 - Dec ...................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 109,587 113,250 113,250 115,120 115,120 115,894 116,026 123,152 129,383 128,331 144,402 145,018 145,131 2,221 2,201 2,201 2,201 2,100 2,200 2,200 2,240 2,200 2,186 2,186 2,151 2,151 4,573 4,573 4,573 4,573 4,573 4,573 4,573 4,573 4,573 4,832 4,832 4,832 4,832 - 16,284 15,418 15,090 14,430 13,746 14,913 15,156 14,567 13,664 21,957 23,148 22,948 22,868 March 2009 FEDERAL DEBT 28 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2004 ...................................... 7,237 2,962 8,546 10,179 2005 ...................................... 5,848 2,973 7,695 7,411 2006 ...................................... 4,911 2,958 9,303 22,249 2007 ...................................... 4,364 2,945 11,366 22,872 2008 ...................................... 2,929 3,096 9,463 28,793 2007 - Dec ............................ 4,364 3,768 11,366 22,331 2008 - Jan ............................. 4,364 4,064 11,366 22,495 Feb ............................ 4,364 4,312 11,901 22,701 Mar ............................ 4,364 4,597 9,133 23,327 Apr............................. 4,364 4,881 9,133 23,696 May ........................... 4,364 5,149 9,138 24,728 June .......................... 3,552 2,221 9,138 24,397 July............................ 3,573 2,518 9,138 24,993 Aug............................ 2,768 2,796 9,463 24,942 Sept........................... 2,929 3,096 9,463 28,793 Oct............................. 2,929 3,394 9,463 50,174 Nov............................ 2,929 3,683 9,463 73,996 Dec............................ 3,151 3,990 9,463 113,939 End of fiscal year or month Note.—Detail may not add to totals due to rounding. March 2009 29 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: Additional information, including maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding, can now be found on the Bureau of Public Debt’s website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ pdotables_downloadable_files.htm. Note: On April 30, 2008, Treasury announced the reintroduction of the 52-week bill. The first auction of this security took place on June 3, 2008. Note: Cash managements bills that are identified below are issued as part of the Supplementary Financing Program (SFP). For more details about the SFP, visit www.treasury.gov/ press/releases/hp1144.htm or call 202-622-2960. TREASURY FINANCING: OCTOBER-DECEMBER [Source: Bureau of the Public Debt, Office of Financing] OCTOBER Cash Management Bills On September 29, 2008, Treasury announced it would auction $45,000 million of 15-day bills. They were issued October 1 and matured October 16. The issue was to raise new cash and was part of the Supplementary Financing Program (SFP). Treasury auctioned the bills on September 30. Tenders totaled $89,355 million; Treasury accepted $45,000 million. The high bank discount rate was 0.990 percent. On September 29, Treasury announced it would auction $50,000 million of 42-day bills. They were issued October 2 and matured November 13. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 1. Tenders totaled $139,806 million; Treasury accepted $50,000 million. The high bank discount rate was 1.100 percent. On September 29, Treasury announced it would auction $45,000 million of 56-day bills. They were issued October 3 and matured November 28. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 2. Tenders totaled $128,538 million; Treasury accepted $45,000 million. The high bank discount rate was 0.770 percent. On October 2, Treasury announced it would auction $30,000 million of 72-day bills. They were issued October 7 and matured December 18. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 6. Tenders totaled $89,706 million; Treasury accepted $30,000 million. The high bank discount rate was 0.500 percent. On October 6, Treasury announced it would auction $30,000 million of 79-day bills. They were issued October 8 and matured December 26. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 7. Tenders totaled $86,005 million; Treasury accepted $30,000 million. The high bank discount rate was 1.190 percent. On October 6, Treasury announced it would auction $40,000 million of 63-day bills. They were issued October 9 and matured December 11. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 8. Tenders totaled $110,595 million; Treasury accepted $40,000 million. The high bank discount rate was 0.770 percent. On October 6, Treasury announced it would auction $30,000 million of 97-day bills. They were issued October 10 and will mature January 15, 2009. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 9. Tenders totaled $98,890 million; Treasury accepted $30,000 million. The high bank discount rate was 0.800 percent. March 2009 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: OCTOBER-DECEMBER, con. On October 14, Treasury announced it would auction $45,000 million of 63-day bills. They were issued October 16 and matured December 18. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 15. Tenders totaled $98,315 million; Treasury accepted $45,000 million. The high bank discount rate was 0.490 percent. On October 15, Treasury announced it would auction $30,000 million of 74-day bills. They were issued October 20 and will mature January 2, 2009. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 17. Tenders totaled $76,664 million; Treasury accepted $30,000 million. The high bank discount rate was 0.800 percent. On October 14, Treasury announced it would auction $35,000 million of 191-day bills. They were issued October 20 and will mature April 29, 2009. The issue was to raise new cash. Treasury auctioned the bills on October 16. Tenders totaled $84,054 million; Treasury accepted $35,000 million. The high bank discount rate was 1.350 percent. On October 14, Treasury announced it would auction $35,000 million of 247-day bills. They were issued October 20 and will mature June 24, 2009. The issue was to raise new cash. Treasury auctioned the bills on October 16. Tenders totaled $69,541 million; Treasury accepted $35,000 million. The high bank discount rate was 1.350 percent. On October 15, Treasury announced it would auction $30,000 million of 94-day bills. They were issued October 20 and will mature January 22, 2009. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 17. Tenders totaled $70,074 million; Treasury accepted $30,000 million. The high bank discount rate was 0.930 percent. On October 16, Treasury announced it would auction $35,000 million of 225-day bills. They were issued October 22 and will mature June 4, 2009. The issue was to raise new cash. Treasury auctioned the bills on October 20. Tenders totaled $66,476 million; Treasury accepted $35,000 million. The high bank discount rate was 1.600 percent. On October 20, Treasury announced it would auction $40,000 million of 98-day bills. They were issued October 23 and will mature January 29, 2009. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 22. Tenders totaled $86,684 million; Treasury accepted $40,000 million. The high bank discount rate was 1.240 percent. On October 27, Treasury announced it would auction $40,000 million of 64-day bills. They were issued October 30 and will mature January 2, 2009. The issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on October 29. Tenders totaled $115,642 million; Treasury accepted $40,000 million. The high bank discount rate was 0.700 percent. March 2009 Auction of 6-Year 7-Month 4-1/8 Percent Notes On October 8, 2008, Treasury announced that it would auction $10,000 million of 6-year 7-month 4-1/8 percent notes of Series C-2015. The issue was to refund $15,022 million of securities maturing October 15 and to raise new cash of approximately $30,978 million. The notes of Series C-2015 were dated May 15 and issued October 15. They are due May 15, 2015, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the notes before 11:00 a.m. eastern time (e.t.) for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on October 8. Tenders totaled $12,155 million; Treasury accepted $10,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.310 percent with an equivalent price of $104.781927. Treasury accepted in full all competitive tenders at yields lower than 3.310 percent. Tenders at the high yield were allotted 15.10 percent. The median yield was 2.899 percent, and the low yield was 2.780 percent. There were no noncompetitive tenders. Competitive tenders accepted from private investors totaled $10,000 million. Accrued interest of $17.15014 per $1,000 must be paid for the period from May 15 to October 15. The minimum par amount required for STRIPS of notes of Series C-2015 is $100. Auction of 6-Year 10-Month 4-1/4 Percent Notes On October 8, 2008, Treasury announced that it would auction $10,000 million of 6-year 10-month 4-1/4 percent notes of Series E-2015. The issue was to refund $15,022 million of securities maturing October 15 and to raise new cash of approximately $30,978 million. The notes of Series E-2015 were dated August 15 and issued October 15. They are due August 15, 2015, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 8. Tenders totaled $21,142 million; Treasury accepted $10,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.440 percent with an equivalent price of $104.888494. Treasury accepted in full all competitive tenders at yields lower than 3.440 percent. Tenders at the high yield were allotted 91.40 percent. The median yield was 3.290 percent, and the low yield was 3.145 percent. Noncompetitive tenders totaled $2,000. Competitive tenders accepted from private investors totaled $10,000 million. Accrued interest of $7.04484 per $1,000 must be paid for the period from August 15 to October 15. The minimum par amount required for STRIPS of notes of Series E-2015 is $100. PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: OCTOBER-DECEMBER, con. Auction of 6-Year 4-Month 4 Percent Notes On October 8, 2008, Treasury announced that it would auction $10,000 million of 6-year 4-month 4 percent notes of Series B-2015. The issue was to refund $15,022 million of securities maturing October 15 and to raise new cash of approximately $30,978 million. The notes of Series B-2015 were dated August 15 and issued October 15. They are due February 15, 2015, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on October 9. Tenders totaled $23,733 million; Treasury accepted $10,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.228 percent with an equivalent price of $104.384130. Treasury accepted in full all competitive tenders at yields lower than 3.228 percent. Tenders at the high yield were allotted 75.84 percent. The median yield was 3.150 percent, and the low yield was 2.400 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $9,998 million. Accrued interest of $6.63043 per $1,000 must be paid for the period from August 15 to October 15. The minimum par amount required for STRIPS of notes of Series B-2015 is $100. Auction of 9-Year 4-Month 3-1/2 Percent Notes On October 8, 2008, Treasury announced that it would auction $10,000 million of 9-year 4-month 3-1/2 percent notes of Series B-2018. The issue was to refund $15,022 million of securities maturing October 15 and to raise new cash of approximately $30,978 million. The notes of Series B-2018 were dated August 15 and issued October 15. They are due February 15, 2018, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on October 9. Tenders totaled $23,086 million; Treasury accepted $10,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.790 percent with an equivalent price of $97.730424. Treasury accepted in full all competitive tenders at yields lower than 3.790 percent. Tenders at the high yield were allotted 73.69 percent. The median yield was 3.719 percent, and the low yield was 3.640 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $9,999 million. Accrued interest of $5.80163 per $1,000 must be paid for the period from August 15 to October 15. The minimum par amount required for STRIPS of notes of Series B-2018 is $100. Auction of 9-Year 9-Month 1-3/8 Percent Treasury Inflation Protected Security (TIPS) On October 6, 2008, Treasury announced it would auction $6,000 million of 9-year 9-month 1-3/8 percent TIPS. The issue was to refund $15,022 million of securities maturing October 15 and to raise new cash of approximately $30,978 million. The 9-year 9-month TIPS of Series D-2018 were dated July 15 and issued October 15. They are due July 15, 2018, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 8. Tenders totaled $13,318 million; Treasury accepted $6,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.850 percent with an equivalent adjusted price of $89.111177. Treasury accepted in full all competitive tenders at yields lower than 2.850. Tenders at the high yield were allotted 73.90 percent. The median yield was 2.650 percent, and the low yield was 2.359 percent. Noncompetitive tenders totaled $78 million. Competitive tenders accepted from private investors totaled $5,922 million. Adjusted accrued interest of $3.50010 per $1,000 must be paid for the period from July 15 to October 15. Both the unadjusted price of $87.517484 and the unadjusted accrued interest of $3.43750 were adjusted by an index ratio of 1.01821, for the period from July 15 to October 15. In addition to the $6,000 million of tenders accepted in the auction process, Treasury accepted $974 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2018 is $100. 52-Week Bills On October 16, 2008, Treasury announced it would auction $21,000 million of 364-day Treasury bills. They were issued October 23, and will mature October 22, 2009. The issue was to refund $114,017 million of all maturing bills and raise new cash of approximately $24,983 million. Treasury auctioned the bills on October 21. Tenders totaled $65,304 million; Treasury accepted $21,000 million. That included $178 million of noncompetitive tenders from the public. The high bank discount rate was 1.720 percent. Auction of 2-Year Notes On October 23, 2008, Treasury announced it would auction $34,000 million of 2-year notes of Series AD-2010. The issue was to refund $19,892 million of securities maturing October 31 and to raise new cash of approximately $44,108 million. March 2009 32 PUBLIC DEBT OPERATIONS TREASURY FINANCING: OCTOBER-DECEMBER, con. The notes of Series AD-2010 were dated and issued October 31. They are due October 31, 2010, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 28. Tenders totaled $84,609 million; Treasury accepted $34,001 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.600 percent with the equivalent price of $99.803937. Treasury accepted in full all competitive tenders at yields lower than 1.600 percent. Tenders at the high yield were allotted 93.81 percent. The median yield was 1.575 percent, and the low yield was 1.400 percent. Noncompetitive tenders totaled $529 million. Competitive tenders accepted from private investors totaled $33,447 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $1,506 million from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AD-2010 is $100. Auction of 4-Year 6-Month 0-5/8 Percent TIPS On October 23, 2008, Treasury announced it would auction $6,000 million of 4-year 6-month 0-5/8 percent TIPS. The issue was to refund $19,892 million of securities maturing October 31 and to raise new cash of approximately $44,108 million. The 4-year 6-month TIPS of Series J-2013 were dated October 15 and issued October 31. They are due April 15, 2013, with interest payable on April 15 and October 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 27. Tenders totaled $10,884 million; Treasury accepted $6,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.270 percent with an equivalent adjusted price of $92.380436. Treasury accepted in full all competitive tenders at yields lower than 3.270 percent. Tenders at the high yield were allotted 0.49 percent. The median yield was 3.000 percent, and the low yield was 2.850 percent. Noncompetitive tenders totaled $123 million. Competitive tenders accepted from private investors totaled $5,877 million. Adjusted accrued interest of $0.28480 per $1,000 must be paid for the period from October 15 to October 31. Both the unadjusted price of $89.113534 and the unadjusted accrued interest of $0.27473 were adjusted by an index ratio of 1.03666, for the period from April 15 to October 31. March 2009 In addition to the $6,000 million of tenders accepted in the auction process, Treasury accepted $266 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series J-2013 is $100. Auction of 5-Year Notes On October 23, 2008, Treasury announced it would auction $24,000 million of 5-year notes of Series R-2013. The issue was to refund $19,892 million of securities maturing October 31 and to raise new cash of approximately $44,108 million. The notes of Series R-2013 were dated and issued October 31. They are due October 31, 2013, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 2-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 30. Tenders totaled $54,650 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.825 percent with an equivalent price of $99.652559 Treasury accepted in full all competitive tenders at yields lower than 2.825 percent. Tenders at the high yield were allotted 5.01 percent. The median yield was 2.759 percent, and the low yield was 2.570 percent. Noncompetitive tenders totaled $82 million. Competitive tenders accepted from private investors totaled $23,793 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,063 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2013 is $100. NOVEMBER Cash Management Bills On November 3, 2008, Treasury announced it would auction $40,000 million of 238-day bills. They were issued November 6 and will mature July 2, 2009. The issue was to raise new cash. Treasury auctioned the bills on November 4. Tenders totaled $93,423 million; Treasury accepted $40,000 million. The high bank discount rate was 1.330 percent. On November 3, Treasury announced it would auction $30,000 million of 77-day bills. They were issued November 6 and will mature January 22, 2009. This issue was to raise new cash and was part of the SFP. Treasury auctioned the bills on November 5. Tenders totaled $88,605 million; Treasury accepted $30,000 million. The high bank discount rate was 0.420 percent. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: OCTOBER-DECEMBER, con. On November 10, Treasury announced it would auction $40,000 million of 182-day bills. They were issued November 14 and will mature May 15, 2009. The issue was to raise new cash. Treasury auctioned the bills on November 13. Tenders totaled $91,772 million; Treasury accepted $40,000 million. The high bank discount rate was 0.990 percent. On November 13, Treasury announced it would auction $35,000 million of 254-day bills. They were issued November 18 and will mature July 30, 2009. The issue was to raise new cash. Treasury auctioned the bills on November 17. Tenders totaled $93,728 million; Treasury accepted $35,000 million. The high bank discount rate was 1.050 percent. On November 24, Treasury announced it would auction $35,000 million of 328-day bills. They were issued November 28 and will mature October 22, 2009. The issue was to raise new cash. Treasury auctioned the bills on November 25. Tenders totaled $78,860 million; Treasury accepted $35,000 million. The high bank discount rate was 1.000 percent. November Quarterly Financing On November 5, 2008, Treasury announced it would auction $25,000 million of 3-year notes of Series S-2011, $20,000 million of 10-year notes of Series F-2018 and $10,000 million of 29-year 6-month 4-1/2 percent Bonds of May 2038 to refund $54,940 million of Treasury securities maturing on November 15 and to raise new cash of approximately $60 million. The 3-year notes of Series S-2011 were dated November 15 and issued November 17. They are due November 15, 2011, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on November 10. Tenders totaled $76,830 million; Treasury accepted $25,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.800 percent with an equivalent price of $99.854788. Treasury accepted in full all competitive tenders at yields lower than 1.800. Tenders at the high yield were allotted 21.59 percent. The median yield was 1.743 percent, and the low yield was 1.600 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $24,955 million. Accrued interest of $0.09669 per $1,000 must be paid for the period from November 15 to November 17. In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $4,443 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Series S-2011 is $100. The 10-year notes of Series F-2018 were dated November 15 and issued November 17. They are due November 15, 2018, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 3-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 12. Tenders totaled $44,007 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.783 percent with an equivalent price of $99.727098. Treasury accepted in full all competitive tenders at yields lower than 3.783. Tenders at the high yield were allotted 59.39 percent. The median yield was 3.710 percent, and the low yield was 3.550 percent. Noncompetitive tenders totaled $199 million. Competitive tenders accepted from private investors totaled $19,756 million. Accrued interest of $0.20718 per $1,000 must be paid for the period from November 15 to November 17. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $3,554 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Series F-2018 is $100. The 29-year 6-month 4-1/2 percent Bonds of May 2038 were dated November 15 and issued November 17. They are due May 15, 2038, with interest payable on May 15 and November 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 13. Tenders totaled $20,715 million; Treasury accepted $10,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.310 percent with an equivalent price of $103.154521. Treasury accepted in full all competitive tenders at yields lower than 4.310. Tenders at the high yield were allotted 83.20 percent. The median yield was 4.204 percent, and the low yield was 4.095 percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled $9,978 million. Accrued interest of $0.24862 per $1,000 must be paid for the period from November 15 to November 17. In addition to the $10,000 million of tenders accepted in the auction process, Treasury accepted $1,777 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Bonds of May 2038 is $100. 52-Week Bills On November 13, 2008, Treasury announced it would auction $22,000 million of 364-day Treasury bills. They were issued November 20, and will mature November 19, 2009. The issue was to refund $108,015 million of all maturing bills and pay down approximately $15 million. Treasury auctioned March 2009 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: OCTOBER-DECEMBER, con. the bills on November 18. Tenders totaled $67,237 million; Treasury accepted $22,000 million, which included $197 million of noncompetitive tenders from the public. The high bank discount rate was 1.040 percent. DECEMBER Cash Management Bills On December 8, 2008, Treasury announced it would auction $20,000 million of 278-day bills. They were issued December 11 and will mature September 15, 2009. The issue was to raise new cash. Treasury auctioned the bills on December 10. Tenders totaled $64,442 million; Treasury accepted $20,000 million. The high bank discount rate was 0.390 percent. Auction of 2-Year Notes On November 20, 2008, Treasury announced it would auction $36,000 million of 2-year notes of Series AE-2010. The issue was to refund $20,000 million of securities maturing November 30 and to raise new cash of approximately $42,000 million. The notes of Series AE-2010 were dated November 30 and issued December 1. They are due November 30, 2010, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 1-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 24. Tenders totaled $74,834 million; Treasury accepted $36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.269 percent with an equivalent price of $99.962624. Treasury accepted in full all competitive tenders at yields lower than 1.269 percent. Tenders at the high yield were allotted 21.59 percent. The median yield was 1.185 percent, and the low yield was 1.034 percent. Noncompetitive tenders totaled $431 million. Competitive tenders accepted from private investors totaled $35,569 million. Accrued interest of $0.03434 per $1,000 must be paid for the period from November 30 to December 1. In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $2,519 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AE-2010 is $100. Auction of 5-Year Notes On November 20, 2008, Treasury announced it would auction $26,000 million of 5-year notes of Series S-2013. The issue was to refund $20,000 million of securities maturing March 2009 November 30 and to raise new cash of approximately $42,000 million. The notes of Series S-2013 were dated November 30 and issued December 1. They are due November 30, 2013, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 25. Tenders totaled $63,437 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.110 percent with an equivalent price of $99.480824. Treasury accepted in full all competitive tenders at yields lower than 2.110 percent. Tenders at the high yield were allotted 76.52 percent. The median yield was 2.096 percent, and the low yield was 1.980 percent. Noncompetitive tenders totaled $101 million. Competitive tenders accepted from private investors totaled $25,899 million. Accrued interest of $0.05495 per $1,000 must be paid for the period from November 30 to December 1. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $1,819 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2013 is $100. Auction of 3-Year Notes On December 8, 2008, Treasury announced it would auction $28,000 million of 3-year notes of Series T-2011. The issue was to refund $14,678 million of securities maturing December 15 and to raise new cash of approximately $29,322 million. The notes of Series T-2011 were dated and issued December 15. They are due December 15, 2011, with interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on December 10. Tenders totaled $60,275 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.245 percent with the equivalent price of $99.647715. Treasury accepted in full all competitive tenders at yields lower than 1.245 percent. Tenders at the high yield were allotted 64.62 percent. The median yield was 1.149 percent, and the low yield was 0.960 percent. Noncompetitive tenders totaled $56 million. Competitive tenders accepted from private investors totaled $27,944 million. PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: OCTOBER-DECEMBER, con. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $841 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2011 is $100. Auction of 9-Year 11-Month 3-3/4 Percent Notes On December 8, 2008, Treasury announced that it would auction $16,000 million of 9-year 11-month 3-3/4 percent notes of Series F-2018. The issue was to refund $14,678 million of securities maturing December 15 and to raise new cash of approximately $29,322 million. The notes of Series F-2018 were dated November 15 and issued December 15. They are due November 15, 2018, with interest payable on May 15 and November 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on December 11. Tenders totaled $39,054 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.670 percent with an equivalent price of $109.352316. Treasury accepted in full all competitive tenders at yields lower than 2.670 percent. Tenders at the high yield were allotted 59.96 percent. The median yield was 2.590 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled $15,927 million. Accrued interest of $3.10773 per $1,000 must be paid for the period from November 15 to December 15. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $481 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2018 is $100. 52-Week Bills On December 11, 2008, Treasury announced it would auction $22,000 million of 364-day Treasury bills. They were issued December 18, 2008, and will mature December 17, 2009. The issue was to refund $159,012 million of all maturing bills and pay down approximately $58,012 million. Treasury auctioned the bills on December 16. Tenders totaled $56,549 million; Treasury accepted $22,000 million. That included $166 million of noncompetitive tenders from the public. The high bank discount rate was 0.590 percent. Auction of 2-Year Notes On December 18, 2008, Treasury announced it would auction $38,000 million of 2-year notes of Series AF-2010. The issue was to refund $20,000 million of securities maturing December 31 and to raise new cash of approximately $46,000 million. The notes of Series AF-2010 were dated and issued December 31. They are due December 31, 2010, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on December 22. Tenders totaled $80,925 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.922 percent with an equivalent price of $99.907073. Treasury accepted in full all competitive tenders at yields lower than 0.922 percent. Tenders at the high yield were allotted 97.81 percent. The median yield was 0.834 percent, and the low yield was 0.750 percent. Noncompetitive tenders totaled $343 million. Competitive tenders accepted from private investors totaled $37,657 million. In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $2,773 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AF-2010 is $100. Auction of 5-Year Notes On December 18, 2008, Treasury announced it would auction $28,000 million of 5-year notes of Series T-2013. The issue was to refund $20,000 million of securities maturing December 31 and to raise new cash of approximately $46,000 million. The notes of Series T-2013 were dated and issued December 31. They are due December 31, 2013, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on December 23. Tenders totaled $57,817 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.539 percent with an equivalent price of $99.813005. Treasury accepted in full all competitive tenders at yields lower than 1.539 percent. Tenders at the high yield were allotted 16.89 percent. The median yield was 1.459 percent, and the low yield was 1.300 percent. Noncompetitive tenders totaled $37 million. Competitive tenders accepted from private investors totaled $27,963 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $2,043 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2013 is $100. March 2009 PUBLIC DEBT OPERATIONS 36 TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Issue date Amounts of bids accepted On On nonTotal competitive competitive basis basis 3 amount 2 (6) (4) (5) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) 99.921444 99.718889 99.221444 99.947111 99.883722 99.443889 99.992222 99.873611 99.443889 99.945556 99.684028 99.090000 99.964556 99.772500 99.292222 99.975111 99.866028 99.443889 99.994556 99.910264 99.499500 99.992222 99.962083 99.575333 99.996111 99.962500 99.753639 99.996778 99.987361 99.782611 100.000000 99.998736 99.848333 100.000000 99.987361 99.863500 100.000000 99.990000 99.856708 1.010 1.100 1.540 0.680 0.460 1.100 0.100 0.500 1.100 0.700 1.250 1.800 0.440 0.900 1.400 0.320 0.530 1.100 0.070 0.355 0.990 0.100 0.150 0.840 0.050 0.150 0.490 0.040 0.050 0.430 0.000 0.005 0.300 0.000 0.050 0.270 0.000 0.040 0.285 1.025 1.118 1.574 0.690 0.467 1.122 0.101 0.508 1.122 0.710 1.271 1.842 0.446 0.915 1.430 0.325 0.538 1.122 0.071 0.360 1.009 0.101 0.152 0.855 0.051 0.152 0.498 0.041 0.051 0.437 0.000 0.005 0.305 0.000 0.051 0.274 0.000 0.041 0.289 Regular weekly: (4 week, 13 week, and 26 week) 2008 - Oct. 02 .................. Oct. 09.................. Oct. 16.................. Oct. 23.................. Oct. 30.................. Nov. 06 ................. Nov. 13 ................. Nov. 20 ................. Nov. 28 ................. Dec. 04 ................. Dec. 11 ................. Dec. 18 ................. Dec. 26 ................. 1 2008 - Oct. 30 2009 - Jan. 02 Apr. 02 2008 - Nov. 06 2009 - Jan. 08 Apr. 09 2008 - Nov. 13 2009 - Jan. 15 Apr. 16 2008 - Nov. 20 2009 - Jan. 22 Apr. 23 2008 - Nov. 28 2009 - Jan. 29 Apr. 30 2008 - Dec. 04 2009 - Feb. 05 May 07 2008 - Dec. 11 2009 - Feb. 12 May 14 2008 - Dec. 18 2009 - Feb. 19 May 21 2008 - Dec. 26 2009 - Feb. 26 May 28 2009 - Jan. 02 Mar. 05 June 04 Jan. 08 Mar. 12 June 11 Jan. 15 Mar. 19 June 18 Jan. 22 Mar. 26 June 25 28 92 182 28 91 182 28 91 182 28 91 182 29 91 182 28 91 182 28 91 182 28 91 182 28 90 181 29 91 182 28 91 182 28 91 182 27 90 181 73,875.4 85,244.4 81,496.5 87,827.8 73,502.8 65,481.5 83,357.3 82,994.0 68,774.6 73,079.1 62,279.1 52,134.1 78,752.9 74,806.2 82,026.8 98,107.3 77,230.8 71,497.6 105,342.4 89,580.6 85,191.3 94,778.8 84,734.2 91,377.4 88,349.2 67,424.2 78,237.1 119,941.0 85,205.3 78,533.9 128,455.4 89,977.0 71,017.4 97,690.2 75,560.4 73,266.5 100,856.0 78,245.2 72,223.0 28,781.5 26,000.1 27,000.1 31,285.1 26,000.0 27,000.0 29,418.1 25,000.3 27,000.1 32,938.1 25,000.1 26,000.0 30,781.6 25,000.2 25,000.2 40,285.1 27,000.1 27,000.1 36,418.1 27,000.0 27,000.1 37,938.1 27,000.1 27,000.1 35,781.6 28,000.0 28,000.1 42,285.3 28,000.0 28,000.0 32,421.0 27,000.0 27,000.2 30,941.3 27,000.0 27,000.0 25,783.2 27,000.1 27,000.1 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. March 2009 24,220.2 23,655.6 25,133.4 24,420.0 23,854.4 25,206.9 26,442.5 22,748.2 25,229.5 26,604.2 23,145.7 24,466.9 26,302.7 22,395.0 22,835.9 33,488.7 25,261.0 25,472.6 33,546.4 25,431.4 25,599.5 31,394.3 25,432.2 25,564.2 31,363.9 25,792.2 25,917.2 35,613.5 26,558.6 26,696.8 29,453.3 25,565.0 25,835.2 24,686.3 25,691.6 26,134.0 20,877.1 24,932.6 25,383.3 779.8 2,144.5 1,666.6 580.0 2,045.7 1,493.1 557.5 2,052.1 1,377.1 395.9 1,839.3 1,193.1 446.4 1,766.5 1,261.3 411.3 1,489.1 1,152.6 453.6 1,468.6 1,125.6 337.1 1,517.9 1,161.0 410.9 1,444.3 1,291.3 386.6 1,341.4 1,053.3 447.9 1,335.0 1,065.0 317.0 1,308.4 866.0 402.5 1,398.6 967.6 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. However, as of September 21, 2004, the limit was raised to $5 million. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. PUBLIC DEBT OPERATIONS 37 TABLE PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) Description of securities 1 (2) 09/30/08 10/01/08 10/02/08 10/06/08 10/07/08 10/08/08 10/09/08 10/08/08 10/08/08 10/08/08 10/09/08 10/09/08 10/15/08 10/16/08 10/16/08 10/17/08 10/17/08 10/20/08 10/21/08 10/22/08 10/29/08 10/27/08 10/28/08 10/30/08 11/04/08 11/05/08 11/13/08 11/10/08 11/12/08 11/13/08 11/17/08 11/18/08 11/25/08 11/24/08 11/25/08 12/10/08 12/10/08 12/11/08 12/16/08 12/22/08 12/23/08 10/01/08 10/02/08 10/03/08 10/07/08 10/08/08 10/09/08 10/10/08 10/15/08 10/15/08 10/15/08 10/15/08 10/15/08 10/16/08 10/20/08 10/20/08 10/20/08 10/20/08 10/22/08 10/23/08 10/23/08 10/30/08 10/31/08 10/31/08 10/31/08 11/06/08 11/06/08 11/14/08 11/17/08 11/17/08 11/17/08 11/18/08 11/20/08 11/28/08 12/01/08 12/01/08 12/11/08 12/15/08 12/15/08 12/18/08 12/31/08 12/31/08 0.990% bill—10/16/08 1.100% bill—11/13/08 0.770% bill—11/28/08 0.500% bill—12/18/08 1.190% bill—12/26/08 0.770% bill—12/11/08 0.800% bill—01/15/09 4-1/8% note—05/15/15-C 4-1/4%note—08/15/15-E 1-3/8% TIPS—07/15/18-D 4% note—02/15/15-B 3-1/2% note—02/15/18-B 0.490% bill—12/18/08 1.350% bill—04/29/09 1.350% bill—06/24/09 0.800% bill—01/02/09 0.930% bill—01/22/09 1.600% bill—06/04/09 1.720% bill—10/22/09 1.240% bill—01/29/09 0.700% bill—01/02/09 0-5/8% TIPS—04/15/13-J 1-1/2% note—10/31/10-AD 2-3/4% note—10/31/13-R 1.330% bill—07/02/09 0.420% bill—01/22/09 0.990% bill—05/15/09 1-3/4% note—11/15/11-S 3-3/4% note—11/15/18-F 4-1/2% bond—05/15/38 1.050% bill—07/30/09 1.040% bill—11/19/09 1.000% bill—10/22/09 1-1/4% note—11/30/10-AE 2% note—11/30/13-S 0.390% bill—09/15/09 1-1/8% note—12/15/11-T 3-3/4% note—11/15/18-F 0.590% bill—12/17/09 0-7/8% note—12/31/10-AF 1-1/2% note—12/31/13-T Period to final maturity (years, months, days) 2 (3) 15d 42d 56d 72d 79d 63d 97d 6y 6y 9y 6y 9y 7m 10m 9m 4m 4m 63d 191d 247d 74d 94d 225d 364d 98d 64d 4y 2y 5y 6m 238d 77d 182d 3y 10y 29y 6m 254d 364d 328d 2y 5y 278d 3y 9y 11m 364d 2y 5y Amount tendered (4) 89,355 139,806 128,538 89,706 86,005 110,595 98,890 12,155 21,142 14,292 23,733 23,086 98,315 84,054 69,541 76,664 70,074 66,476 65,304 86,684 115,642 11,149 86,115 55,713 93,423 88,605 91,772 81,273 47,561 22,492 93,728 67,237 78,860 77,353 65,256 64,442 61,117 39,535 56,549 83,698 59,860 Amount accepted 3, 4 (5) 45,000 50,000 45,000 30,000 30,000 40,000 30,000 10,000 10,000 6,974 10,000 10,000 45,000 35,000 35,000 30,000 30,000 35,000 21,000 40,000 40,000 6,266 35,507 25,063 40,000 30,000 40,000 29,443 23,554 11,777 35,000 22,000 35,000 38,519 27,819 20,000 28,842 16,481 22,000 40,773 30,044 Accepted yield and equivalent price for notes and bonds (6) 3.310 - 104.781927 3.440 - 104.888494 2.850 - 89.111177 3.228 - 104.384130 3.790 - 97.730424 3.270 - 92.380436 1.600 - 99.803937 2.825 - 99.652559 1.800 - 99.854788 3.783 - 99.727098 4.310 - 103.154521 1.269 - 99.962624 2.110 - 99.480824 1.245 - 99.647715 2.670 - 109.352316 0.922 - 99.907073 1.539 - 99.813005 1 4 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank Includes securities issued to the Federal Reserve System; and to foreign and international discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill monetary authorities, whether in exchange for maturing securities or for new cash. offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 2 From date of additional issue in case of a reopening. auction day. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. March 2009 38 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 2009 • 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 39 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] End of fiscal year or month Total Federal securities outstanding (1) Public debt securities Held by U.S. Government accounts Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 2008 ................................................ 7,403,236 7,956,346 8,530,366 9,030,612 10,047,828 7,379,053 7,932,710 8,506,974 9,007,653 10,024,725 3,075,687 3,331,333 3,663,773 3,958,417 4,210,491 142 1 1 1 - 3,075,545 3,331,332 3,663,772 3,958,416 4,210,491 698,207 733,439 764,828 774,913 484,486 2007 - Dec....................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 9,252,317 9,261,110 9,381,029 9,461,058 9,400,719 9,411,969 9,515,532 9,608,823 9,668,997 10,047,828 10,599,663 10,684,427 10,723,156 9,229,172 9,238,008 9,358,051 9,437,594 9,377,557 9,388,798 9,492,006 9,585,479 9,645,755 10,024,725 10,574,094 10,661,175 10,699,805 4,092,890 4,105,795 4,098,349 4,103,552 4,133,040 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 1 1 1 1 1 - 4,092,889 4,105,794 4,098,348 4,103,551 4,133,039 4,110,207 4,206,987 4,182,264 4,166,662 4,210,491 4,266,386 4,260,586 4,327,160 735,735 708,807 708,806 586,473 543,805 481,632 473,303 473,303 473,303 484,486 483,606 477,868 489,694 Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Held by private investors (11) Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) 2004 .................................................................... 2005 .................................................................... 2006 .................................................................... 2007 .................................................................... 2008 .................................................................... 3,605,159 3,867,938 4,078,373 4,274,323 5,329,748 3,147,752 3,351,440 3,538,210 3,673,220 4,751,490 457,407 516,498 540,163 601,103 578,258 24,183 23,637 23,392 22,959 23,104 24,183 23,637 23,392 22,959 23,104 2007 - Dec........................................................... 2008 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 4,400,548 4,423,406 4,550,896 4,747,569 4,700,712 4,796,960 4,811,716 4,929,913 5,005,790 5,329,748 5,824,102 5,922,721 5,882,951 3,800,849 3,824,078 3,952,580 4,145,887 4,098,756 4,203,552 4,223,123 4,348,820 4,428,587 4,751,490 5,245,754 5,344,797 5,307,950 599,698 599,328 598,316 601,682 601,956 593,408 588,594 581,092 577,203 578,258 578,348 577,924 575,001 23,145 23,102 22,978 23,464 23,163 23,170 23,527 23,344 23,243 23,104 25,569 23,252 23,352 23,145 23,102 22,978 23,464 23,163 23,170 23,527 23,344 23,243 23,104 25,569 23,252 23,352 March 2009 OWNERSHIP OF FEDERAL SECURITIES 40 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] End of month Total public debt 1 (1) 1997 - Mar......... 5,380.9 June ....... 5,376.2 Sept........ 5,413.1 Dec......... 5,502.4 1998 - Mar......... 5,542.4 June ....... 5,547.9 Sept........ 5,526.2 Dec......... 5,614.2 1999 - Mar......... 5,651.6 June ....... 5,638.8 Sept........ 5,656.3 Dec......... 5,776.1 2000 - Mar......... 5,773.4 June ....... 5,685.9 Sept........ 5,674.2 Dec......... 5,662.2 2001 - Mar......... 5,773.7 June ....... 5,726.8 Sept........ 5,807.5 Dec......... 5,943.4 2002 - Mar......... 6,006.0 June ....... 6,126.5 Sept........ 6,228.2 Dec......... 6,405.7 2003 - Mar......... 6,460.8 June ....... 6,670.1 Sept........ 6,783.2 Dec......... 6,998.0 2004 - Mar......... 7,131.1 June ....... 7,274.3 Sept........ 7,379.1 Dec......... 7,596.1 2005 - Mar......... 7,776.9 June ....... 7,836.5 Sept........ 7,932.7 Dec......... 8,170.4 2006 - Mar......... 8,371.2 June ....... 8,420.0 Sept........ 8,507.0 Dec......... 8,680.2 2007 - Mar......... 8,849.7 June ....... 8,867.7 Sept........ 9,007.7 Dec......... 9,229.2 2008 - Mar......... 9,437.6 June ....... 9,492.0 Sept........ 10,024.7 Dec......... 10,699.8 1 Federal Reserve and Intragovernmental Holdings 2 (2) 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 4,576.6 4,715.1 4,738.0 4,833.5 4,694.7 4,685.8 4,692.7 4,806.4 Pension funds 3 U.S. Total privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 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 4,114.0 4,030.8 4,074.2 4,122.1 4,273.1 4,152.6 4,269.7 4,395.7 4,742.9 4,806.2 5,332.0 5,893.4 317.3 300.2 292.8 300.3 308.3 290.9 244.5 237.4 247.4 240.6 241.2 248.7 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.7 209.3 222.6 153.6 145.4 147.0 153.3 162.9 158.7 138.5 125.0 141.8 127.0 125.4 117.2 115.4 117.4 113.8 115.1 119.9 110.6 119.8 129.9 127.4 114.9 133.0 n.a. 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.4 204.6 204.1 204.4 204.2 204.2 203.6 205.1 206.0 205.2 203.7 202.4 200.3 198.6 197.1 196.5 195.4 195.0 194.3 194.1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions, and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." March 2009 Private 6 (6) 141.7 142.1 143.0 144.1 141.3 139.0 135.5 133.2 135.5 142.9 150.9 153.0 150.2 149.0 147.9 145.0 153.4 148.5 149.9 144.6 150.6 149.0 151.4 150.8 162.9 167.3 164.6 169.2 167.0 170.2 170.6 170.5 174.3 177.5 180.9 181.2 183.0 188.4 195.2 204.2 216.5 224.2 237.9 255.6 273.1 282.0 290.2 n.a. 7 State and Insurance local compagovernments nies 3 (7) (8) 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.5 148.6 143.6 134.9 140.8 151.0 158.0 171.3 164.8 153.8 153.0 150.9 151.6 153.0 155.1 156.1 161.4 164.5 165.0 164.7 166.2 n.a. 181.8 183.1 186.8 176.6 169.5 160.6 151.4 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 152.4 155.0 159.0 160.4 161.3 161.2 160.6 159.0 150.8 142.1 133.4 123.3 123.4 123.4 130.0 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 221.6 216.4 221.3 232.3 234.6 230.8 231.7 257.6 245.0 228.1 222.5 228.7 222.3 205.4 207.8 225.7 225.3 221.0 234.1 261.9 266.1 253.8 256.8 281.0 296.6 302.3 287.1 280.8 280.8 258.7 255.0 254.1 261.1 248.7 244.7 251.3 248.7 244.2 235.7 250.7 264.2 267.2 306.2 362.7 464.7 460.8 621.3 n.a. 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.4 298.6 299.2 304.5 306.3 309.3 307.9 310.0 316.9 324.8 321.2 328.4 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 381.7 389.1 412.0 444.0 467.6 481.4 486.1 499.4 502.1 516.9 535.0 550.3 541.4 531.5 523.6 522.2 535.7 n.a. Foreign Other and international 8 investors 9 (11) (12) 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 2,084.5 1,979.8 2,027.3 2,105.0 2,196.7 2,193.9 2,237.2 2,352.9 2,507.5 2,634.2 2,848.2 3,125.0 786.5 708.2 682.3 674.9 696.9 614.4 660.3 605.4 603.4 496.3 461.1 521.7 657.2 523.5 510.8 490.0 508.1 363.1 419.8 400.8 381.0 304.6 287.9 269.2 322.0 320.0 363.1 388.4 351.9 339.5 370.1 393.3 395.2 395.8 388.2 384.1 475.9 484.2 484.2 415.8 434.5 309.6 335.2 278.8 362.7 308.9 413.2 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, the June 2005 benchmark to February 2006, and the June 2006 benchmark to February 2007. 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 41 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 30 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These Constant Maturity Treasury rates (CMTs) are interpolated from the Treasury yield curve and published daily at Treasury’s Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as quoted in the secondary bond market as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. Treasury discontinued the 30-year constant maturity yield during the time period February 18, 2002, through February 8, 2006. Thus, 30-year yields for that time frame are not available. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 1-mo. (1) 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) 20-yr. (10) 30-yr. (11) Monthly average: 2008 - Jan...................................... Feb..................................... Mar..................................... Apr ..................................... May .................................... June ................................... July .................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 2.74 2.27 1.35 1.07 1.76 1.72 1.60 1.68 0.89 0.29 0.09 0.03 2.82 2.17 1.28 1.31 1.76 1.89 1.66 1.75 1.15 0.69 0.19 0.03 2.84 2.10 1.51 1.58 1.86 2.19 1.98 1.97 1.64 1.23 0.74 0.26 2.71 2.05 1.54 1.74 2.06 2.42 2.28 2.18 1.91 1.42 1.07 0.49 2.48 1.97 1.62 2.05 2.45 2.77 2.57 2.42 2.08 1.61 1.21 0.82 2.51 2.19 1.80 2.23 2.69 3.08 2.87 2.70 2.32 1.86 1.51 1.07 2.98 2.78 2.48 2.84 3.15 3.49 3.30 3.14 2.88 2.73 2.29 1.52 3.31 3.21 2.93 3.19 3.46 3.73 3.60 3.46 3.25 3.19 2.82 1.89 3.74 3.74 3.51 3.68 3.88 4.10 4.01 3.89 3.69 3.81 3.53 2.42 4.35 4.49 4.36 4.44 4.60 4.74 4.62 4.53 4.32 4.45 4.27 3.18 4.33 4.52 4.39 4.44 4.60 4.69 4.57 4.50 4.27 4.17 4.00 2.87 End of month: 2008 - Jan...................................... Feb..................................... Mar..................................... Apr ..................................... May .................................... June ................................... July .................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 1.64 2.07 1.22 1.17 1.98 1.60 1.55 1.63 1.02 0.12 0.02 0.11 1.96 1.85 1.38 1.43 1.89 1.90 1.68 1.72 0.92 0.46 0.01 0.11 2.07 1.83 1.51 1.64 2.01 2.17 1.89 1.97 1.60 0.94 0.44 0.27 2.11 1.77 1.55 1.85 2.22 2.36 2.27 2.17 1.78 1.34 0.90 0.37 2.17 1.65 1.62 2.29 2.66 2.63 2.52 2.36 2.00 1.56 1.00 0.76 2.27 1.87 1.79 2.49 2.93 2.91 2.81 2.60 2.28 1.80 1.27 1.00 2.82 2.50 2.46 3.03 3.41 3.34 3.25 3.10 2.98 2.80 1.93 1.55 3.19 2.96 2.88 3.34 3.68 3.61 3.56 3.45 3.38 3.29 2.35 1.87 3.67 3.53 3.45 3.77 4.06 3.99 3.99 3.83 3.85 4.01 2.93 2.25 4.35 4.37 4.30 4.49 4.74 4.59 4.63 4.47 4.43 4.74 3.71 3.05 4.35 4.41 4.30 4.49 4.72 4.53 4.59 4.43 4.31 4.35 3.45 2.69 Period * Rates are from the Treasury yields curve. March 2009 42 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, 2008 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $1,061,523,382,683 $1,023,336,654,780 $1,022,849,431,368 $242,165,766 $245,057,646 The Treasury....................................... 268,121,155 7,181,372 7,156,698 7,505 17,169 FRBs ................................................... 171,370,083,161 169,681,830,702 169,681,821,446 - 9,256 Amounts in circulation............................. $889,885,178,367 $853,647,642,706 $853,160,453,224 $242,158,261 $245,031,221 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $38,186,727,903 $3,505,529,008 $34,681,198,895 The Treasury....................................... 260,939,783 199,706,792 61,232,991 FRBs ................................................... 1,688,252,459 580,326,294 1,107,926,165 Amounts in circulation............................. $36,237,535,661 $2,725,495,922 $33,512,039,739 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. March 2009 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 43 TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2008 [Source: Financial Management Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $9,333,994,305 $143,503 $142,789,123 Federal Reserve notes 1 (2) $9,476,926,931 $2 ................................................................................ 1,664,966,010 1,532,830,864 132,122,518 12,628 $5 ................................................................................ 11,029,794,255 10,894,067,815 108,798,010 26,928,430 $10 .............................................................................. 16,287,189,690 16,266,182,690 6,300 21,000,700 $20 .............................................................................. 125,119,302,520 125,099,191,900 3,840 20,106,780 $50 .............................................................................. 64,727,257,900 64,715,752,450 500 11,504,950 $100 ............................................................................ 625,028,920,800 625,005,840,700 1,073,000 22,007,100 $500 ............................................................................ 142,317,000 142,107,500 5,500 204,000 $1,000 ......................................................................... 165,667,000 165,415,000 5,000 247,000 $5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 $10,000 ....................................................................... 3,520,000 3,360,000 - 160,000 Fractional notes 4 ........................................................ 600 - 90 510 Total currency ......................................................... $853,647,642,706 $853,160,453,224 $242,158,261 $245,031,221 Amounts (in millions) (1) Per capita 5 (2) Dec. 31, 2008....................................................................................... $889,885 $2,853 Nov. 31, 2008....................................................................................... 872,308 2,853 Oct. 31, 2008........................................................................................ 859,107 2,810 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 Comparative totals of currency and coins in circulation—selected dates 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 2009 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 47 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 2004 ................................................................................... 85,938 11,043 12,638 39,722 22,535 2005 ................................................................................... 86,824 11,045 13,582 42,718 19,479 2006 ................................................................................... 65,127 11,043 8,210 37,838 8,036 2007 ................................................................................... 65,895 11,041 8,870 40,943 5,040 2008 - Jan .......................................................................... 72,017 11,041 9,566 47,173 4,237 Feb ......................................................................... 73,404 11,041 9,688 48,395 4,280 Mar ......................................................................... 75,764 11,041 9,892 50,529 4,302 Apr.......................................................................... 74,372 11,041 9,767 49,311 4,253 May......................................................................... 75,170 11,041 9,771 49,247 5,111 June........................................................................ 75,740 11,041 9,849 49,613 5,237 July ......................................................................... 74,832 11,041 9,772 49,089 4,930 Aug ......................................................................... 72,560 11,041 9,494 47,252 4,774 Sept ........................................................................ 71,834 11,041 9,418 46,626 4,750 Oct.......................................................................... 69,763 11,041 9,001 45,288 4,433 Nov ......................................................................... 73,378 11,041 9,023 45,970 7,344 Dec ......................................................................... 77,648 11,041 9,340 49,584 7,683 2009 - Jan .......................................................................... 75,364 11,041 9,047 47,595 7,680 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. Excludes outstanding reciprocal currency swaps with the foreign central banks. At end-January 2009 swaps outstanding were $387.448 billion: $206.373 billion with the European Central Bank, $20.380 billion with the Swiss National Bank, $23.453 billion with the Bank of England, $84.582 billion with the Bank of Japan, $10.160 billion with the Federal Reserve Bank of Australia, $10 billion with the Bank of Sweden, $9.1 billion with the National Bank of Denmark, $7.05 billion with the Bank of Norway, and $16.350 billion with the Bank of Korea. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. Note.—Detail may not add to totals due to rounding. March 2009 INTERNATIONAL FINANCIAL STATISTICS 48 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 End of calendar year or month Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Other Treasury bonds readily and marketable notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable U.S. reported Treasury by banks bonds in the and United Total notes 2, 6 States (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) Total (1) Total (2) 2000 - Mar. 8 .......... Series Break........... 2000 ....................... 2001 ....................... 2002 - June 8 ......... Series Break........... 2002 ....................... 2003 - June 8 .......... Series Break........... 2003 ....................... 2004 - June 8 ......... Series Break .......... 2004 ....................... 2005 - June 8 ........ Series Break .......... 2005 ....................... 2006 - June 8 ......... Series Break .......... 2006 ....................... 2007 - June 8 .......... Series Break .......... 2,585,384 2,445,944 2,565,942 2,724,292 3,002,222 3,003,380 3,235,231 3,586,765 3,603,925 3,863,508 4,469,769 4,407,294 4,819,747 5,071,533 5,066,404 5,371,689 6,067,606 6,056,316 6,500,815 7,095,223 7,206,880 807,303 900,117 916,095 923,501 981,627 1,039,702 1,075,034 1,169,600 1,233,261 1,340,497 1,559,686 1,648,167 1,775,080 1,821,338 1,957,191 2,012,633 2,070,222 2,275,684 2,372,146 2,515,167 2,795,998 301,358 301,358 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 461,656 495,176 495,176 431,184 490,145 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 1,030,763 1,077,953 1,102,333 1,112,617 1,211,819 1,271,174 1,281,070 1,450,593 5,734 5,734 5,348 3,411 3,000 3,000 2,769 2,876 2,876 2,613 1,569 1,569 1,630 911 911 948 986 986 1,026 1,067 1,067 69,027 102,880 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 638,290 737,854 849,161 933,296 933,296 1,049,619 1,125,812 1,299,551 1,299,551 1,382,628 1,431,589 1,431,589 1,439,484 1,559,518 1,559,518 1,677,951 1,791,611 1,791,611 1,895,920 2,189,215 2,189,215 2,415,205 2,607,127 2,607,127 813,312 586,996 581,302 653,367 696,781 642,437 750,877 957,712 911,398 1,057,446 1,326,934 1,169,285 1,336,538 1,424,082 1,272,697 1,415,705 1,747,236 1,536,930 1,663,272 1,922,800 1,756,192 196,440 196,440 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 1,041,237 1,041,237 1,102,362 1,257,884 1,257,884 616,872 390,556 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 560,910 664,916 498,308 31,473 25,535 18,926 21,612 24,263 21,690 26,692 27,864 27,677 26,081 23,631 30,324 30,178 34,502 44,905 47,431 60,933 54,487 50,192 50,129 47,563 2007- Dec. r ........... 2008 - Jan. r........... Feb. r .......... Mar. r .......... Apr. r........... May r........... June r.......... July ............. Aug ............. Sept ............ Oct .............. Nov. p ......... Dec. p ......... 7,676,097 7,786,089 7,877,666 7,876,664 7,904,939 7,863,434 7,760,608 7,761,133 7,808,290 7,808,094 8,045,569 7,996,668 7,877,123 2,960,682 3,026,966 3,014,409 3,028,218 3,061,337 3,079,202 3,096,073 3,116,242 3,118,077 3,137,768 3,152,262 3,144,329 3,152,008 596,660 623,519 608,986 574,751 567,040 568,497 571,012 597,093 607,728 632,294 663,873 694,707 707,856 1,443,691 1,479,792 1,476,198 1,504,209 1,526,507 1,522,783 1,523,888 1,533,956 1,538,804 1,543,748 1,542,664 1,516,459 1,520,310 1,111 1,118 1,125 1,133 1,140 1,148 1,155 1,163 1,171 1,179 1,187 1,194 1,203 919,220 922,536 928,099 948,124 966,649 986,773 1,000,017 984,029 970,373 960,546 944,538 931,968 922,639 2,769,850 2,741,442 2,759,533 2,733,258 2,681,487 2,587,530 2,528,835 2,477,911 2,481,414 2,567,451 2,834,696 2,819,710 2,683,349 1,901,789 1,970,682 2,057,747 2,069,751 2,120,001 2,151,341 2,093,385 2,123,573 2,164,072 2,062,622 2,018,066 1,983,339 1,989,619 1,311,466 1,379,650 1,450,990 1,440,161 1,436,131 1,461,904 1,377,376 1,383,252 1,395,559 1,278,592 1,199,559 1,164,999 1,159,451 590,323 591,032 606,757 629,590 683,870 689,437 716,009 740,321 768,513 784,030 818,507 818,340 830,168 43,776 46,999 45,977 45,437 42,114 45,362 42,315 43,407 44,727 40,254 40,545 49,290 52,147 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 2 3 March 2009 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006 and end-June 2007 respectively, and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 49 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) 2003 .............................................................................. 2,613 2,613 2004 .............................................................................. 1,630 2005 .............................................................................. Mexico 2 (4) Venezuela 3 (5) 768 1,102 743 1,630 825 - 805 948 948 77 - 871 2006 .............................................................................. 1,026 1,026 82 - 944 2007 - Dec..................................................................... 1,111 1,111 88 - 1,022 2008 - Jan ..................................................................... 1,118 1,118 89 - 1,029 Feb..................................................................... 1,125 1,125 89 - 1,036 Mar..................................................................... 1,133 1,133 90 - 1,043 Apr ..................................................................... 1,140 1,140 91 - 1,050 May .................................................................... 1,148 1,148 91 - 1,057 June ................................................................... 1,155 1,155 92 - 1,064 July .................................................................... 1,163 1,163 92 - 1,071 Aug .................................................................... 1,171 1,171 93 - 1,078 Sept ................................................................... 1,179 1,179 93 - 1,086 Oct ..................................................................... 1,187 1,187 94 - 1,093 Nov .................................................................... 1,194 1,194 94 - 1,100 Dec .................................................................... 1,203 1,203 95 - 1,108 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. 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 2009 50 INTRODUCTION: Capital Movements Background Basic definitions Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly and quarterly reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Requests for public comments on proposed changes are published in the Federal Register, and any further modifications are based on the comments received. The most recent revisions to selected reporting forms and instructions were effective June 30, 2006. The reporting forms and instructions may be downloaded from the TIC website. Copies of the reporting forms and instructions also may be obtained from the Global Economics Group, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district Federal Reserve banks. The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including: U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. Effective beginning with data for June 2006, information pertaining to the Bank for International Settlements is now included with data 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 2009 Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to and dollar claims on foreigners in a number of countries. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. TIC Form D is filed quarterly by all U.S. resident banks, securities dealers, and other firms with worldwide holding of derivatives in their own and in their customers’ accounts exceeding $100 billion in notional value. Data from this information collection was first released on May 15, 2007, with data on holdings beginning from end-December 2005, and data on net settlements beginning from the first quarter of 2006. Quarterly reports are also filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with unaffiliated foreigners. Separate reports are filed for financial balances and for commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. Effective with the reports filed for June 2006, the country coverage of the monthly TIC forms was expanded significantly and the semiannual reports, which covered the smaller market economies, were discontinued. Country coverage was also expanded for the quarterly banking forms, the Form S, the Form D, and the Forms CQ-1 and CQ-2, effective with reports filed for June 2006. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international 51 capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in four sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. The expansion of the country coverage on the standard report forms allows for publication of additional country detail for data beginning as of June 2006. As a result, the former Capital Movements Section III, which listed bank-reported claims and liabilities of selected countries from the semiannual reports, has been discontinued. • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, March 2009 52 CAPITAL MOVEMENTS 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of issued by foreigners. Further, the foreigner category, negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III (formerly reported as Section IV) shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the TIC reports CQ-1 and CQ-2 exclude accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. Such accounts with foreign affiliates are reported by business enterprises to Commerce on its direct investment forms. There was an exception when reporting of foreign affiliate positions of insurance underwriting subsidiaries and financial intermediaries was included in Section B of Form CQ-1 for reports between end-March 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. • Section IV (formerly Section V) contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in Table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss March 2009 market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. • Section V presents quarterly data on holdings and net cash settlements of cross-border derivatives contracts reported by banks, securities brokers, dealers, and nonfinancial companies in the U.S. with sizable holdings of derivatives contracts. Total holdings are divided between those contracts with positive fair values and those contracts with negative fair values from the perspective of the reporter. The fair (market) value is generally defined as the amount for which a derivative contract could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The data on U.S. net settlements with foreign residents include all cash receipts and payments made during the quarter for the acquisition, sale, or final closeout of derivatives, including all settlement payments under the terms of derivatives contracts such as the periodic settlement under a swap agreement and the daily settlement of an exchange-traded contract. In calculating net settlements, U.S. receipts of cash from foreign persons are positive amounts (+), and U.S. payments of cash to foreign persons are negative amounts (-). Items excluded from net settlements are: (a) collateral including initial and maintenance margins, whether or not in the form of cash; and (b) purchases of underlying commodities, securities, or other noncash assets. (e.g., the purchase/sale by foreigners of a long-term security is reported on TIC Form S). The gross fair (market) values and net settlement payments on derivatives are reported by type of derivative and by country based on the residence of the direct foreign counterparty. Positions of foreign customers on U.S. exchanges are reported opposite the country in which the foreign counterparty resides. In the case of U.S. residents’ futures contracts on foreign exchanges, the country of the exchange is reported as the country of the foreign counterparty. NOTE: Current and historical data on United States transactions with foreigners in long-term securities on the gross foreign liabilities and claims reported by banks and nonbanks in the United States and on derivatives contracts with foreigners are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 53 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners............................... Payable in dollars............................................... Foreign official institutions ............................. Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities................................................... Other liabilities............................................ Foreign banks (including own foreign offices) and other foreigners ........................ Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities................................................... Other liabilities............................................ International and regional organizations 1 ..... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities................................................... Other liabilities............................................ Payable in foreign currencies 2 .......................... Sector: Banks and other foreigners........................ International and regional organizations 1 ...... Major currencies: Canadian dollars ........................................ Euro............................................................ United Kingdom pounds sterling................ Japanese yen............................................. Memoranda: Respondents’ own liabilities payable in dollars........................................................... Liabilities to own foreign offices..................... Liabilities collaterized by repurchase agreements ............................................. Foreign official institutions ..................... Foreign banks and other foreigners....... International and regional organizations 1..... Reported by IBFs ....................................... Respondents’ own liabilities payable in foreign currencies 2 ...................................... Reported by IBFs ....................................... Liabilities held in custody for domestic customers and selected other liabilities 3 .... Payable in dollars....................................... of which: other short-term negotiable securities and negotiable CDs............ of which: short-term U.S. Government agency securities ............................ of which: negotiable CDs .................... Payable in foreign currencies 2 .................. Calendar Year 2007 r June r July 4,706,310 4,426,409 596,660 49,872 198,378 4,503,580 4,252,866 571,012 44,817 226,625 4,486,073 4,235,359 597,093 51,079 232,464 182,061 166,349 152,886 146,684 3,802,509 1,474,307 101,872 2008 Sept. Oct. Nov. Dec. p 4,514,041 4,263,327 607,728 50,701 245,562 4,502,928 4,265,382 632,294 53,973 276,781 4,723,530 4,485,984 663,873 54,820 360,550 4,713,004 4,475,458 694,707 54,503 427,152 4,587,805 4,350,259 707,856 60,756 457,876 159,154 154,396 151,040 160,425 142,690 158,850 104,797 143,706 80,747 132,305 62,665 126,559 3,657,156 1,408,676 147,691 3,612,108 1,361,126 146,310 3,627,918 1,303,426 164,911 3,609,416 1,409,079 224,748 3,797,628 1,610,065 280,696 3,748,082 1,669,216 289,010 3,606,173 1,632,547 282,482 638,532 1,587,798 27,240 17,784 288 642,036 1,458,753 24,698 13,397 1,073 641,246 1,463,426 26,158 16,161 547 640,087 1,519,494 27,681 15,892 435 570,754 1,404,835 23,672 12,346 286 552,691 1,354,176 24,483 6,838 7,929 546,074 1,243,782 32,669 9,079 15,076 540,831 1,150,313 36,230 9,066 16,196 4,023 5,145 279,901 5,169 5,059 250,714 5,885 3,565 250,714 5,781 5,573 250,714 5,577 5,463 237,546 6,132 3,584 237,546 5,819 2,695 237,546 5,939 5,029 237,546 278,807 1,094 249,055 1,659 249,055 1,659 249,055 1,659 236,627 919 236,627 919 236,627 919 236,627 919 18,855 153,143 18,176 49,098 15,204 127,876 11,064 57,674 15,204 127,876 11,064 57,674 15,204 127,876 11,064 57,674 13,428 121,559 11,219 59,310 13,428 121,559 11,219 59,310 13,428 121,559 11,219 59,310 13,428 121,559 11,219 59,310 3,301,255 2,021,262 3,077,386 1,873,015 3,049,753 1,836,712 3,055,511 1,816,561 3,044,546 1,928,588 3,173,189 2,153,260 3,111,580 2,121,945 2,984,270 2,000,804 1,109,129 154,617 950,367 4,145 481,998 988,998 140,821 844,360 3,817 468,814 997,299 149,164 845,602 2,533 485,825 1,028,203 153,119 871,283 3,801 463,544 896,042 146,211 747,062 2,769 471,792 753,845 128,621 623,316 1,908 592,037 657,822 119,177 536,812 1,833 624,017 577,823 116,275 458,372 3,176 608,868 261,508 69,985 233,449 72,597 233,449 72,597 233,449 72,597 225,859 58,261 225,859 58,261 225,859 58,261 225,859 58,261 1,143,547 1,125,154 1,192,745 1,175,480 1,202,871 1,185,606 1,225,081 1,207,816 1,232,523 1,220,836 1,324,482 1,312,795 1,375,565 1,363,878 1,377,676 1,365,989 503,938 482,762 489,478 486,532 432,149 375,991 348,714 337,176 201,286 94,664 18,393 170,795 107,999 17,265 163,923 107,231 17,265 154,520 115,149 17,265 156,136 100,729 11,687 131,585 90,717 11,687 116,188 86,416 11,687 102,088 87,853 11,687 1 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. Aug. 2 Data may be as of preceding quarter-end for most recent month shown in table. Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. 3 March 2009 CAPITAL MOVEMENTS 54 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ................................................. Belgium ............................................... Bulgaria ............................................... Cyprus 1 .............................................. Czech Republic.................................... Denmark .............................................. Finland................................................. France ................................................. Germany.............................................. Greece................................................. Hungary ............................................... Iceland 1 .............................................. Ireland.................................................. Italy...................................................... Kazakhstan 1 ....................................... Luxembourg ........................................ Monaco 1 ............................................ Netherlands ......................................... Norway ................................................ Poland ................................................. Portugal ............................................... Romania .............................................. Russia ................................................. Serbia and Montenegro 2 .................... Spain ................................................... Sweden................................................ Switzerland .......................................... Turkey.................................................. Ukraine 1 ............................................. United Kingdom ................................... Channel Islands .................................. All other Europe 1 ................................. Total Europe .................................... Memo: Euro Area 3 ............................................. Memo: European Union 4 ................... Canada .................................................... Latin America: Argentina ............................................. Belize 5 ................................................ Bolivia 5 ............................................... Brazil.................................................... Chile .................................................... Colombia ............................................. Costa Rica 5 ........................................ Ecuador ............................................... El Salvador 5 ....................................... Guatemala ........................................... Guyana 5 ............................................. Honduras 5 .......................................... Mexico ................................................. Nicaragua 5 ......................................... Panama ............................................... Paraguay 5 .......................................... Peru..................................................... Suriname 5 .......................................... Uruguay ............................................... Venezuela............................................ All other Latin America 5 ...................... Total Latin America.......................... Caribbean: Anguilla 6 ............................................ Antigua and Barbuda 6 ........................ Aruba 6 ................................................ Bahamas ............................................. Barbados 6 .......................................... Bermuda .............................................. British Virgin Islands 6 ......................... Cayman Islands .................................. Cuba.................................................... Dominican Republic 6 .......................... French West Indies 6 ........................... Haiti 6 .................................................. Jamaica ............................................... Netherlands Antilles............................. See footnotes at end of table. March 2009 2005 Calendar year 2006 2007 r Aug. Sept. 2008 Oct. Nov. Dec. p 3,607 17,105 139 n.a. 1,446 1,544 3,767 76,016 70,867 1,212 527 n.a. 68,669 8,149 n.a. 62,804 n.a. 16,460 27,927 6,340 2,883 565 101,355 119 10,060 4,796 141,498 10,006 n.a. 590,505 29,737 23,540 1,281,643 341,599 n.a. 38,051 3,934 15,595 88 634 1,353 969 3,362 83,606 92,815 1,488 820 431 84,414 9,301 6,145 73,989 380 26,781 42,401 7,475 2,720 492 62,736 295 9,805 3,890 63,546 10,457 919 926,069 33,857 3,852 1,574,620 407,811 1,349,799 49,396 3,575 22,437 148 1,068 1,433 791 1,456 73,355 145,955 1,357 1,219 667 123,913 10,421 5,945 108,463 206 26,125 48,309 19,651 2,999 581 104,741 532 13,022 7,723 58,468 12,139 1,392 1,051,764 25,391 4,897 1,880,143 533,078 1,619,013 68,274 5,852 13,249 104 611 2,300 4,284 1,508 67,247 162,914 1,346 602 352 171,168 9,248 11,059 106,316 128 40,422 36,404 29,936 2,098 966 87,094 293 14,679 3,259 41,686 22,785 1,869 919,194 13,871 5,837 1,778,680 596,886 1,558,013 74,190 3,367 14,312 89 938 1,093 3,983 1,684 84,549 164,713 1,030 431 273 147,400 12,214 10,679 99,198 226 42,987 23,936 20,906 2,214 381 79,192 144 16,548 12,374 47,191 20,049 2,050 822,454 13,460 5,462 1,655,527 591,393 1,453,558 74,285 3,308 12,987 100 820 1,019 3,978 1,615 83,604 159,024 2,104 658 487 150,370 11,650 12,553 98,105 396 45,594 21,438 12,846 1,956 563 77,292 161 20,384 5,213 60,682 17,284 2,411 789,949 14,459 6,593 1,619,602 591,960 1,406,967 85,394 1,566 12,200 99 885 957 4,477 1,691 72,493 150,498 1,818 1,848 1,034 160,869 13,083 11,975 94,436 373 42,340 22,897 9,604 2,100 626 60,555 182 16,042 4,178 56,891 18,177 5,372 725,360 14,045 7,366 1,516,038 570,714 1,318,690 71,223 2,458 15,867 118 758 686 4,502 1,597 54,568 144,211 1,963 808 1,074 177,139 10,006 13,747 118,797 316 34,893 17,929 4,729 2,131 638 72,392 182 16,800 3,625 57,327 20,298 4,041 667,684 11,748 7,923 1,470,956 581,509 1,265,227 77,150 9,775 n.a. n.a. 12,898 9,045 6,521 n.a. 3,426 n.a. 1,660 n.a. n.a. 44,738 n.a. 5,334 n.a. 3,062 n.a. 4,976 27,535 8,595 137,565 10,628 484 2,123 16,271 16,926 11,702 2,967 3,431 1,964 1,444 98 2,594 45,846 238 7,183 672 4,281 128 6,139 22,883 8 158,010 12,090 307 2,559 24,887 15,731 11,038 2,502 3,296 2,352 1,851 141 2,162 53,234 215 7,062 693 5,286 128 6,503 23,588 15 175,640 11,805 358 3,136 24,626 14,207 11,440 2,782 3,413 2,611 1,740 96 1,799 62,102 241 6,979 672 6,520 150 5,627 26,601 41 186,946 13,459 385 3,516 18,328 14,847 12,248 2,628 3,731 2,692 1,695 160 1,791 57,539 296 7,687 679 5,471 178 5,736 26,787 40 179,893 13,145 339 4,336 21,057 17,016 12,129 2,521 3,788 2,663 1,797 173 1,733 66,991 245 8,122 699 5,971 124 6,064 28,409 20 197,342 13,076 311 4,458 18,571 16,331 10,951 2,288 3,738 2,576 1,982 286 1,557 62,901 265 8,677 690 4,688 125 6,749 27,725 48 187,993 12,834 298 4,573 17,708 15,892 10,376 2,009 3,593 2,923 1,865 276 1,546 68,332 300 10,718 666 4,610 157 7,582 26,814 48 193,120 n.a. n.a. n.a. 213,833 n.a. 52,361 n.a. 922,518 120 n.a. n.a. n.a. 970 6,398 3,149 186 408 257,200 18,680 55,502 22,082 1,316,517 82 3,895 19 495 1,056 8,503 13,065 217 265 286,669 21,602 49,865 35,092 1,488,182 80 3,813 35 555 1,358 10,131 7,954 217 489 281,370 17,905 46,605 42,764 1,389,107 94 3,409 54 658 1,354 5,519 12,718 133 470 301,259 17,667 46,163 43,296 1,416,970 94 3,271 34 735 1,184 4,781 15,695 137 538 289,218 17,466 48,493 42,322 1,540,320 93 2,992 30 619 996 5,182 13,231 122 686 305,429 16,761 46,627 41,213 1,574,822 89 3,006 27 478 922 5,686 9,910 118 737 334,377 17,018 46,898 38,288 1,449,370 89 3,097 26 539 1,025 6,505 CAPITAL MOVEMENTS 55 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. St. Kitts and Nevis 6 .......................... Trinidad and Tobago......................... Turks and Caicos Islands 6 ............... All other Caribbean 6 ........................ Total Caribbean ............................ Asia: Bangladesh 7 .................................... China, Mainland ............................... Hong Kong........................................ India.................................................. Indonesia .......................................... Israel................................................. Japan................................................ Jordan 7 ............................................ Korea, South..................................... Laos 7 .............................................. Lebanon............................................ Malaysia ........................................... Pakistan............................................ Philippines ........................................ Singapore ......................................... Syria ................................................. Taiwan.............................................. Thailand............................................ Yemen 7 ........................................... Oil exporting countries 8 .................... All other Asia 7 ................................. Total Asia ..................................... Africa: Botswana 9 ....................................... Egypt ................................................ Ghana............................................... Kenya 9 ............................................ Liberia............................................... Mauritius 9 ........................................ Morocco............................................ Mozambique 9 .................................. South Africa ...................................... Tanzania 9 ........................................ Uganda 9 .......................................... Zambia 9 .......................................... Zimbabwe 9 ...................................... Oil exporting countries 10 .................. All other Africa 9 ............................... Total Africa ................................... Other countries: Australia............................................ New Zealand .................................... French Polynesia 11 ......................... All other 11 ........................................ Total other ................................... All countries .......................................... International and regional orgs: International organizations............... Regional organizations 12 ................ Total international and regional organizations................ Grand total................................ 1 2005 Calendar year 2006 2008 2007 r Aug. Sept. Oct. Nov. Dec. p n.a. 2,836 n.a. 32,620 1,231,656 90 3,354 165 157 1,691,540 122 3,389 213 189 1,914,842 135 3,329 213 198 1,801,374 131 3,958 237 186 1,853,287 150 3,467 206 162 1,968,086 150 4,060 209 162 2,013,680 138 3,959 224 170 1,912,488 n.a. 46,466 35,246 13,860 4,213 9,828 161,951 n.a. 27,200 n.a. 797 2,287 1,768 3,780 20,291 28 23,287 9,966 n.a. 50,659 7,258 418,885 824 44,474 44,639 18,813 4,386 7,327 141,655 2,146 28,099 120 1,168 3,847 1,282 3,857 30,831 25 22,952 8,319 179 70,314 5,893 441,150 889 94,369 47,133 18,257 5,223 7,812 190,122 1,179 35,215 380 1,032 2,852 1,464 4,927 38,704 24 25,952 14,189 202 80,593 5,052 575,570 1,421 73,224 42,651 17,539 6,562 8,750 191,446 1,165 20,448 176 881 2,616 1,631 3,712 35,436 26 22,553 18,009 217 125,391 6,707 580,561 1,412 124,737 54,224 18,347 8,287 11,551 202,360 1,320 16,684 68 1,169 2,294 2,127 4,119 32,351 24 30,134 14,369 159 121,832 8,275 655,843 2,086 183,615 63,033 21,607 6,084 14,938 219,030 1,849 14,539 48 901 2,329 1,252 6,470 36,629 23 33,807 18,732 425 126,043 8,115 761,555 2,386 234,750 52,805 23,393 6,748 15,633 229,989 2,159 15,423 42 1,174 2,227 2,226 8,361 44,231 32 30,734 19,956 296 125,549 6,513 824,627 3,472 223,743 55,014 28,975 9,979 21,059 226,722 2,244 15,536 66 1,434 2,211 4,175 9,016 44,913 65 30,340 18,735 212 118,592 7,101 823,604 n.a. 4,953 572 n.a. 217 n.a. 138 n.a. 3,054 n.a. n.a. n.a. n.a. 6,880 4,313 20,127 236 2,252 389 234 469 641 198 87 1,565 363 926 143 78 4,457 2,981 15,019 925 3,683 346 612 422 6,436 180 126 1,649 407 1,233 190 105 6,131 3,443 25,888 781 3,857 320 282 357 1,268 243 54 3,007 305 910 179 75 4,328 5,791 21,757 641 7,321 386 306 328 880 532 60 2,978 320 794 142 71 3,979 6,279 25,017 519 10,536 237 333 454 1,373 542 89 3,185 574 474 216 70 4,365 6,911 29,878 425 8,661 289 310 436 983 458 121 2,653 776 284 147 87 3,882 7,471 26,983 375 9,396 316 341 420 925 378 141 2,937 681 329 140 81 4,374 6,446 27,280 18,427 3,028 n.a. 14,612 36,067 3,163,994 26,178 4,543 63 18,704 49,488 3,979,223 14,891 3,190 83 19,455 37,619 4,677,976 18,283 4,807 118 17,985 41,193 4,484,701 18,005 4,082 110 12,288 34,485 4,478,337 19,213 4,632 127 12,299 36,271 4,698,128 22,421 3,931 122 12,398 38,872 4,679,416 29,728 3,888 123 12,319 46,058 4,550,656 17,598 5,153 26,862 4,274 24,236 4,098 24,827 4,513 19,124 5,467 21,395 4,007 30,079 3,509 32,418 4,731 22,751 3,186,745 31,136 4,010,359 28,334 4,706,310 29,340 4,514,041 24,591 4,502,928 25,402 4,723,530 33,588 4,713,004 37,149 4,587,805 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All other Caribbean.” 7 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 8 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 56 TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2008, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total liabilities Total payable in dollars and liabilities payable in foreign dollars currency (2) (1) Europe: Austria .............................. 2,458 2,457 Belgium............................. 15,867 15,450 Cyprus .............................. 758 758 Czech Republic................. 686 679 Denmark ........................... 4,502 4,495 Finland.............................. 1,597 1,464 France .............................. 54,568 51,833 Germany........................... 144,211 75,064 Greece.............................. 1,963 1,963 Hungary ............................ 808 756 Ireland............................... 177,139 176,967 Italy................................... 10,006 7,436 Kazakhstan....................... 13,747 13,510 Luxembourg...................... 118,797 117,308 Monaco............................. 316 314 Netherlands ...................... 34,893 33,410 Norway ............................. 17,929 17,814 Poland .............................. 4,729 4,714 Portugal ............................ 2,131 2,119 Romania ........................... 638 633 Russia............................... 72,392 72,354 Spain ................................ 16,800 15,262 Sweden............................. 3,625 3,476 Switzerland ....................... 57,327 54,491 Turkey............................... 20,298 20,226 Ukraine ............................. 4,041 4,041 United Kingdom ................ 667,684 623,419 Channel Islands ................ 11,748 11,586 9,297 9,237 All other Europe.................. Total Europe .................. 1,470,956 1,343,237 581,509 501,767 Memo: Euro Area 4 ........ 77,150 70,738 Canada ................................... Latin America: Argentina ............................ 12,834 12,680 Belize.................................. 298 298 Bolivia................................. 4,573 4,461 Brazil................................... 17,708 17,374 Chile ................................... 15,892 15,519 Colombia ............................ 10,376 10,325 Costa Rica.......................... 2,009 1,995 Ecuador .............................. 3,593 3,557 El Salvador......................... 2,923 2,921 Guatemala.......................... 1,865 1,812 Honduras............................ 1,546 1,529 Mexico ................................ 68,332 66,921 Panama.............................. 10,718 10,655 Paraguay............................ 666 665 Peru.................................... 4,610 4,535 Uruguay.............................. 7,582 7,429 Venezuela .......................... 26,814 26,133 781 781 All other Latin America....... 193,120 189,590 Total Latin America........ Caribbean: Aruba.................................. 737 737 Bahamas ............................ 334,377 333,987 Barbados............................ 17,018 16,973 Bermuda............................. 46,898 45,440 See footnotes at end of table. March 2009 Negotiable CDs and short-term negotiable securities Other Miscellaneous liabilities 2 Held by Total foreign custody official liabilities institutions Held by all payable in and foreign other dollars banks foreigners (4) (6) (5) Held by Of which: Of which: other shortforeign short-term official term U.S. negotiable Of which: institutions Held by all Treasury other securities negotiable and foreign obligations (excl. CDs) banks foreigners CDs (7) (8) (9) (10) (11) Total liabilities payable in foreign currency 3 (12) 326 11,477 20 401 631 1,077 5,078 16,100 72 440 133,704 2,536 9,840 80,106 253 12,752 5,331 2,463 138 121 46,252 2,541 1,454 35,570 16,375 41 20,994 4,494 1,350 411,936 265,928 16,423 1,445 2,897 242 201 659 122 8,660 31,795 1,275 189 18,792 3,055 1,404 7,292 12 4,874 984 437 1,478 33 13,415 6,688 567 11,953 2,292 1,791 184,263 5,257 2,530 314,602 88,677 6,451 282 497 489 51 80 108 2,514 2,295 496 77 2,842 1,002 11 21,432 49 3,243 226 303 465 56 2,057 2,165 387 2,605 263 102 29,258 1,206 851 75,412 37,972 6,162 126 2,855 16 401 372 491 2,969 9,173 47 388 36,889 2,155 9,840 40,969 245 2,978 5,032 628 37 120 42,683 1,655 249 27,165 16,338 37 11,273 1,786 1,197 218,113 100,360 5,823 40 3,108 125 5 1,733 4,617 12 18 69,402 7 22,812 8 6,973 161 1,832 92 3,564 656 124 7,335 20 4 3,303 1,905 91 127,947 109,457 4,300 12 5,512 4 53 533 171 1,321 13 3 23,849 66 15,137 1,972 138 3 9 1 5 149 642 1,060 15 2,306 658 45 53,677 48,749 5,320 534 279 7 26 3,206 170 16,894 25,619 121 60 11,472 1,146 2,255 2,233 8,935 11,273 1,511 35 423 10,575 3,859 1,505 3,075 1,296 2,107 205,403 335 4,521 318,875 71,373 39,588 17 302 35 18,893 244 21 13,721 6 7,433 4,435 3 55 90 2 1,298 2 187,613 439 2 234,611 45,179 3,094 1 417 7 7 133 2,735 69,147 52 172 2,570 237 1,489 2 1,483 115 15 12 5 38 1,538 149 2,836 72 44,265 162 60 127,719 79,742 6,412 10,468 2,212 258 40 1,587 2,874 15,861 1,513 8,614 6,905 5,178 5,147 1,336 659 3,176 381 1,444 1,477 1,400 412 1,446 83 45,607 21,314 8,316 2,339 627 38 3,131 1,404 5,890 1,539 24,551 1,582 752 29 139,642 49,948 616 48 459 6,399 3,814 1,075 615 695 431 164 711 21,066 3,389 97 1,487 652 7,240 176 49,134 9,406 137 1,087 4,972 3,383 3,676 599 2,280 540 1,127 642 19,018 4,589 509 1,312 2,498 16,208 444 72,427 1,677 6 1,705 1,014 2,423 3,832 82 214 838 270 18 17,193 1,557 15 93 924 289 1 32,151 70 972 356 3,635 903 506 32 574 81 7 2,693 483 9 1,257 206 739 8 12,531 454 34 197 74 817 412 71 85 65 61 58 1,384 295 14 52 340 554 20 4,987 312 73 37 3,988 1,396 401 114 150 471 102 91 5,302 310 13 330 2,610 827 128 16,655 145 4 571 51 26 8 101 2 7 2 265 32 8 4 199 276 4 1,705 154 112 334 373 51 14 36 2 53 17 1,411 63 1 75 153 681 3,530 679 58 331,423 2,564 3,270 13,703 12,841 32,599 227 268,206 2,580 594 356 5,925 536 9,999 12 1,734 5,802 18,021 19 305 5,577 13,563 27 244 2,315 761 11 55,927 105 106 85 1,646 58 2,396 390 45 1,458 Total own liabilities payable in dollars (3) 2,131 3,973 738 278 3,864 387 46,755 58,964 1,892 316 43,263 4,901 3,670 37,202 61 20,658 12,483 2,251 1,981 512 26,102 12,721 2,022 18,921 3,851 4,000 602,425 7,092 7,887 931,301 235,839 54,315 CAPITAL MOVEMENTS 57 TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2008, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Grand total ...................... 4,587,805 36,951 16,523 1,423,474 1,087,293 3,077 2,857 539 487 994 963 6,441 4,398 3,758 2,607 9,827 9,624 1,882,198 1,472,965 20,428 336,181 220 52 31 2,043 1,151 203 409,233 35 503,143 582 162 331 1,574 1,749 168 779,351 223,737 53,303 28,829 9,963 20,756 174,399 2,243 15,305 2,210 4,175 9,002 43,465 30,283 18,730 130,888 767,288 54,242 22,776 6,700 5,489 7,852 103,713 1,426 7,822 1,958 3,890 8,243 31,683 27,320 1,689 45,892 330,695 169,495 30,527 22,129 4,474 12,904 70,686 817 7,483 252 285 759 11,782 2,963 17,041 84,996 436,593 20,912 11,065 2,527 2,224 1,574 49,864 966 2,384 1,556 432 2,231 22,846 8,322 1,117 15,846 143,866 9,396 316 341 415 378 2,926 13,278 27,050 4,032 316 326 289 349 2,477 10,359 18,148 5,364 15 126 29 449 2,919 8,902 1,266 114 197 1 284 1,870 5,360 9,092 29,404 20,188 9,216 9,902 3,796 2,252 1,544 1,108 728 669 59 172 33,928 23,109 10,819 11,182 4,314,029 2,970,175 1,343,854 1,313,678 31,598 4,632 10,634 3,461 20,964 1,171 - 36,230 14,095 22,135 - 4,350,259 2,984,270 1,365,989 1,313,678 Excludes negotiable certificates of deposit. Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end. 2 Other Miscellaneous liabilities 2 Total Held by Held by Of which: Total foreign Of which: other shortTotal liabilities foreign Total Total own custody payable in official short-term official liabilities term liabilities liabilities institutions Held by all dollars and liabilities U.S. negotiable Of which: institutions Held by all payable in payable in payable in payable in and foreign Treasury securities negotiable and foreign foreign foreign other other dollars dollars dollars currency banks foreigners obligations (excl. CDs) banks foreigners currency 3 CDs (2) (3) (4) (5) (6) (7) (12) (9) (11) (1) (8) (10) Caribbean, con. British Virgin Islands ................ 38,288 Cayman Islands ....................... 1,449,370 Dominican Republic................. 3,097 Haiti .......................................... 539 Jamaica.................................... 1,025 Netherlands Antilles................. 6,505 Trinidad and Tobago................ 3,959 10,675 All other Caribbean Total Caribbean.................. 1,912,488 Asia: China, Mainland....................... 223,743 Hong Kong............................... 55,014 India ......................................... 28,975 Indonesia ................................. 9,979 Israel ........................................ 21,059 Japan ....................................... 226,722 Jordan ...................................... 2,244 Korea, South............................ 15,536 Malaysia................................... 2,211 Pakistan ................................... 4,175 Philippines................................ 9,016 Singapore................................. 44,913 Taiwan...................................... 30,340 Thailand ................................... 18,735 All other Asia............................ 130,942 Total Asia............................. 823,604 Africa: Egypt ........................................ 9,396 Ghana ...................................... 316 Kenya....................................... 341 Liberia ...................................... 420 Morocco ................................... 378 South Africa ............................. 2,937 13,492 All other Africa.......................... 27,280 Total Africa........................... Other countries: Australia ................................... 29,728 New Zealand............................ 3,888 12,442 All other .................................... 46,058 Total other........................... All countries.................................. 4,550,656 International and regional orgs: International organizations....... 32,418 4,731 Regional organizations5 ........... Total International and 37,149 regional organizations ...... 1 Negotiable CDs and short-term negotiable securities 16,017 130,056 1,964 281 346 666 245 8,550 174,941 17,589 53,766 55 15 14 1,908 826 113 99,855 1,817 23,282 124 11 11 20 238 38 45,005 802 4,559 41 26 6 97 10 52 8,940 86 600,245 299 41 285 891 613 7 658,616 605 108,423 12 3 1 1,285 77 899 115,490 1,337 25,896 20 31 64 201 848 30,290 18,527 165,169 5,426 15,847 1,687 12,596 244 2,201 1,810 12,290 7,597 58,392 60 709 710 720 124 156 193 193 642 709 1,309 11,215 6,492 2,199 315 16,958 1,843 71,760 46,979 371,114 3,926 13,415 9,118 2,237 400 9,395 1 4,947 74 53 5 346 137 45 8,389 52,488 311 1,148 15 36 214 507 107 1,740 17 10 45 217 592 17 4,836 9,812 14,831 6,016 2,763 3,010 4,460 47,507 400 4,561 279 3,270 5,292 7,365 12,526 274 28,082 140,636 61 386 123 11 8 1,137 243 4 24 78 167 15 4 132 2,393 6 1,711 146 16 303 52,323 1 231 1 14 1,448 57 5 54 56,316 5,194 11 64 4 411 2,879 8,563 59 1 59 15 18 39 191 111 3 2 3 20 1 140 2,633 152 51 98 23 414 3,954 7,325 1 7 14 20 42 5 11 214 230 1,550 3,215 170 1,511 287 13 2,007 4,739 379,625 740,358 4,456 21 5 4,482 246,944 1,365 6,101 11 969 41 207 1,417 7,277 84,293 1,188,972 2,815 6 3 2,824 360,159 324 92 11,714 12,130 236,627 3,398 1,631 820 99 133 50 78 190 42 179 1,025 1,697 7,236 1,830 15,694 502 1,766 613 9,066 16,196 2,379 388,691 756,554 249,323 3,504 56 - 3,560 - 5,029 919 87,853 1,188,972 365,188 237,546 4 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 58 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 2000 (In billions of dollars) 1800 1600 1400 1200 1000 800 600 400 200 0 2004 2005 2006 2007 Dec. 2008 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 2004 2005 2006 2007 Dec. 2008 United Kingdom........................ 501,721 590,505 926,069 1,051,764 667,684 All other Europe ....................... 611,774 691,138 648,551 828,379 803,272 Caribbean banking centers 1 ..... 1,186,221 1,200,444 1,666,987 1,877,001 1,886,156 173,872 260,142 161,951 256,934 141,655 299,495 190,122 385,448 226,722 596,882 Subtotal .................................. 2,733,730 All other countries .................... 284,143 2,900,972 3,682,757 4,332,714 4,180,716 285,773 327,602 373,596 407,089 Grand total ............................. 3,017,873 3,186,745 4,010,359 4,706,310 4,587,805 Japan........................................ All other Asia ............................ 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. March 2009 U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.6 trillion in December 2008, a decrease of $119 billion from yearend 2007. 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 $696 billion in 2007, about $824 billion in 2006, and about $169 billion in 2005. However, much of the increase in liabilities to foreigners in 2006 reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking liabilities increased about $250 billion. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that almost 60 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years and the United Kingdom recorded much of the decline in banking liabilities in 2008. Foreigners domiciled in the rest of Europe and in Asia account for about one-third of U.S. banking liabilities. CAPITAL MOVEMENTS 59 SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar Year 2006 Sept. Dec. r Mar. r 2008 June Sept. p Total claims.............................................................. 3,140,564 3,681,499 3,792,775 4,021,318 3,796,875 3,643,518 Payable in dollars.................................................. 2,944,476 3,451,699 3,547,969 3,752,665 3,555,835 3,428,615 Own claims on foreigners................................... 2,291,340 2,680,735 2,791,032 3,002,990 2,857,135 2,786,730 Foreign official institutions ............................... 98,010 86,799 107,062 99,766 94,038 75,405 Foreign banks, including own foreign offices ........................................................... 1,662,805 1,963,625 2,068,427 2,242,633 2,138,571 2,122,114 Type of Claim 2007 All other foreigners .......................................... 530,525 630,311 615,543 660,591 624,526 589,211 Claims of domestic customers.............................. 653,136 770,964 756,937 749,675 698,700 641,885 Payable in foreign currencies .................................. 196,088 229,800 244,806 268,653 241,040 214,903 Own claims on foreigners ..................................... 131,530 149,605 170,113 184,354 160,377 142,508 Canadian dollars .............................................. 16,024 35,419 32,718 31,010 27,741 22,905 Euros................................................................ 65,947 56,535 75,137 81,239 62,854 52,145 United Kingdom pounds sterling...................... 18,871 14,728 15,804 17,965 12,512 10,697 Japanese yen................................................... 14,463 19,463 23,911 27,717 29,661 28,855 Claims of domestic customers.............................. 64,558 80,195 74,693 84,299 80,663 72,395 of which: of which: Canadian dollars .............................................. 4,814 4,873 3,008 2,703 3,019 4,637 Euros................................................................ 47,468 62,161 60,501 67,014 60,000 53,310 United Kingdom pounds sterling...................... 7,068 3,925 3,160 5,197 6,058 6,450 Japanese yen................................................... 1,676 2,739 2,817 3,109 5,975 2,799 Total own claims on foreigners ............................. 2,422,870 2,830,340 2,961,145 3,187,344 3,017,512 2,929,238 Non-negotiable deposits .................................... 983,110 991,664 1,057,794 1,208,487 1,176,880 1,076,217 15,508 39,876 48,082 44,879 42,383 42,331 664,373 808,378 769,509 821,916 747,197 751,879 759,879 990,422 1,085,760 1,112,062 1,051,052 1,058,811 1,639,474 1,808,249 1,929,030 2,118,986 1,987,536 1,959,268 562,430 615,052 686,623 646,189 527,208 520,261 524,907 578,337 644,202 608,557 488,712 493,385 37,523 36,715 42,421 37,632 38,496 26,876 717,694 851,159 831,630 833,974 779,363 714,280 312,635 389,057 444,306 440,261 389,854 349,272 Short-term negotiable instruments (payable in dollars) ........................................ 353,438 399,862 340,734 346,228 343,831 317,909 Other ..................................................................... 51,621 62,240 46,590 47,485 45,678 47,099 Memoranda: Short-term negotiable instruments (payable in dollars) .......................................... Resale agreements ............................................ Other................................................................... Claims on own foreign offices............................... Claims reported by IBFs ....................................... Payable in dollars ............................................... Payable in foreign currencies............................. Total claims held for domestic customers ............ Non-negotiable deposits .................................... March 2009 CAPITAL MOVEMENTS 60 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .................................................... Belgium................................................... Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Kazakhstan 1 ........................................... Luxembourg ........................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia..................................................... Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands...................................... All other Europe 1 .................................... Total Europe ........................................ Memo: Euro Area 2 .................................... Memo: European Union 3 .......................... Canada...................................................... Latin America: Argentina ................................................ Bolivia 4 ................................................... Brazil....................................................... Chile ....................................................... Colombia ................................................ Costa Rica 4 ............................................ Ecuador .................................................. El Salvador 4 ........................................... Guatemala.............................................. Honduras 4 .............................................. Mexico .................................................... Nicaragua ............................................... Panama .................................................. Paraguay 4 .............................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. All other Latin America 4 ......................... Total Latin America.............................. Caribbean: Anguilla 5 ................................................ Bahamas ................................................ Barbados 5 .............................................. See footnotes at end of table. March 2009 Calendar year 2006 Mar. 2007 June Sept. Dec. r Mar. r 2008 June Sept. p 8,563 20,258 38 3,546 2,770 10,360 165,030 45,429 1,081 157 62,881 41,462 510 16,033 38,723 35,117 1,115 1,988 290 4,254 15,969 29,377 112,020 5,429 938,123 45,533 4,193 1,610,249 427,777 1,404,001 106,662 8,309 33,993 39 3,232 5,699 14,933 190,458 59,267 1,421 185 71,841 38,332 725 17,679 45,310 28,204 1,842 2,245 217 1,819 32,377 28,572 170,752 3,754 974,980 48,523 3,501 1,788,209 516,165 1,532,513 109,057 8,572 43,167 38 3,604 1,757 15,143 199,784 71,143 1,442 187 70,771 34,782 863 26,823 60,364 25,101 3,454 2,506 209 1,777 25,154 31,026 183,080 3,678 1,043,097 56,782 3,689 1,917,993 559,651 1,644,892 134,332 9,189 23,449 37 2,113 2,393 24,206 189,346 86,617 1,409 252 68,598 43,098 754 22,636 73,708 28,281 3,999 2,840 200 3,334 26,085 37,603 191,231 3,718 1,137,811 42,882 3,689 2,029,478 571,182 1,757,330 141,301 8,083 26,646 30 4,049 10,314 30,533 202,757 79,122 1,658 378 80,906 51,856 688 27,017 63,711 29,105 8,242 3,113 195 1,869 32,753 34,964 201,003 3,735 1,108,747 35,468 3,632 2,050,574 608,155 1,776,738 140,166 7,980 28,017 52 2,666 10,984 27,748 235,583 92,792 1,963 248 100,575 63,530 732 25,112 72,195 27,315 17,109 3,672 178 1,638 56,322 28,652 184,125 3,989 1,182,691 20,459 3,418 2,199,743 716,944 1,959,559 160,939 9,371 36,465 56 2,276 10,789 32,299 223,540 96,442 1,835 222 107,009 63,963 665 21,455 75,430 25,063 17,276 2,988 202 2,315 62,332 36,386 133,876 4,055 1,067,090 18,074 3,180 2,054,653 734,438 1,868,758 138,419 8,665 24,683 55 273 8,477 29,103 207,384 86,050 1,465 336 92,874 61,795 544 20,815 66,473 31,173 11,678 2,392 159 2,629 55,669 30,423 123,053 4,159 1,126,991 15,908 3,199 2,016,426 658,414 1,836,897 146,441 2,977 157 20,454 7,152 2,915 733 612 872 1,055 433 17,936 89 2,556 41 1,474 361 2,477 37 62,331 2,880 139 22,354 6,120 4,104 780 581 871 1,135 461 19,257 89 2,670 60 1,416 1,119 2,651 147 66,834 3,631 172 25,578 6,489 4,287 782 777 901 1,108 417 19,824 82 3,525 79 2,250 341 2,791 34 73,068 4,197 166 32,740 7,887 6,208 797 896 801 1,235 606 23,028 74 3,456 92 2,150 1,083 3,013 63 88,492 4,251 169 31,500 9,829 4,972 1,028 993 831 1,348 494 24,582 83 4,118 108 3,092 415 2,580 70 90,463 4,346 172 28,278 10,267 4,953 1,217 886 797 1,358 493 26,844 93 4,794 130 4,487 403 2,152 194 91,864 4,547 166 38,984 11,378 4,779 1,304 801 772 1,433 484 25,560 131 5,286 148 4,978 393 2,107 52 103,303 5,074 190 32,058 11,873 4,653 1,234 843 801 1,411 506 26,665 112 5,083 161 4,963 407 2,022 50 98,106 5,281 194,510 471 2,575 200,268 372 3,479 196,649 794 3,140 205,312 352 6,493 238,924 445 7,796 271,848 557 8,035 209,972 594 12,996 213,724 684 CAPITAL MOVEMENTS 61 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. Bermuda...................................... British Virgin Islands 5 .................. Cayman Islands........................... Dominican Republic 5 .................. Haiti 5............................................ Jamaica ....................................... Netherlands Antilles .................... Trinidad and Tobago ................... All other Caribbean 5 ................... Total Caribbean ........................ Asia: China, Mainland. ......................... Hong Kong .................................. India............................................. Indonesia..................................... Israel............................................ Japan........................................... Jordan 6 ........................................ Korea, South ............................... Lebanon....................................... Malaysia ...................................... Pakistan....................................... Philippines ................................... Singapore .................................... Taiwan ......................................... Thailand....................................... Asian oil exporters 7 .................... All other Asia 6 ............................. Total Asia.................................. Africa: Cameroon 8 .................................. Egypt ........................................... Ghana.......................................... Liberia.......................................... Morocco....................................... South Africa................................. African oil exporters 9 .................. All other Africa 8 ........................... Total Africa ............................... Other countries: Australia....................................... New Zealand ............................... All other ....................................... Total other countries................. Total foreign countries ........... International and regional orgs: International organizations .......... Regional organizations 10 ............ Total international and regional organizations............ Grand total ............................. 1 Calendar year 2006 June Sept. Dec. r Mar. r June Sept. p 21,721 4,270 835,646 650 50 695 2,686 1,055 383 1,067,418 29,321 5,934 884,896 615 56 768 2,897 1,034 563 1,129,299 18,845 7,420 948,695 571 67 592 2,634 680 627 1,181,053 20,419 5,190 932,175 630 56 666 4,877 524 584 1,173,925 12,378 4,857 961,957 686 46 687 4,624 673 770 1,232,540 19,442 6,012 971,352 720 52 751 5,085 724 786 1,285,125 15,740 6,779 994,336 787 76 848 4,288 809 672 1,242,936 15,224 6,922 906,900 754 76 832 3,726 592 555 1,162,985 15,915 8,300 3,209 559 6,568 157,671 21 25,258 20 947 29 1,020 5,519 3,607 6,585 11,789 424 247,441 19,326 6,500 3,209 549 6,390 136,611 21 24,841 27 627 42 1,094 5,347 3,880 6,131 13,281 614 228,490 20,709 7,506 3,514 525 7,680 130,634 33 26,815 39 1,104 105 1,123 6,163 6,140 5,607 15,470 929 234,096 18,104 7,472 4,563 583 6,451 106,578 49 14,392 53 1,914 218 1,233 5,687 3,864 2,369 15,403 723 189,656 19,359 10,263 4,588 1,030 5,031 97,856 54 28,247 51 1,989 164 1,271 6,662 1,641 5,978 23,932 799 208,915 16,672 10,566 4,620 1,089 4,902 111,232 21 28,398 52 1,166 64 1,835 7,867 3,065 2,483 14,672 1,554 210,258 20,335 10,022 5,984 1,243 4,907 89,066 24 20,482 48 1,114 115 1,517 7,393 2,027 1,194 13,996 1,023 180,490 11,162 14,720 6,182 1,168 3,588 83,006 30 14,741 66 695 195 930 7,151 2,351 203 11,436 1,052 158,676 20 1,833 13 296 84 640 414 251 3,551 16 1,692 19 266 77 416 326 269 3,081 16 1,331 8 322 85 438 295 388 2,883 12 1,713 31 371 47 431 321 424 3,350 11 1,488 30 331 50 730 453 6,570 9,663 9 1,773 42 338 45 620 1,301 13,594 17,722 10 1,940 53 266 55 520 834 16,880 20,558 10 2,014 62 327 30 1,021 1,123 1,377 5,964 26,600 4,147 242 30,989 3,128,641 32,769 2,929 364 36,062 3,361,032 36,902 2,838 335 40,075 3,583,500 42,739 2,170 357 45,266 3,671,468 43,465 4,541 316 48,322 3,780,643 36,569 6,125 486 43,180 4,008,831 43,749 6,104 425 50,278 3,790,637 40,533 6,133 526 47,192 3,635,790 11,279 644 10,236 570 9,779 475 9,371 660 10,930 1,202 11,444 1,043 5,516 722 5,513 2,215 11,923 3,140,564 10,806 3,371,838 10,254 3,593,754 10,031 3,681,499 12,132 3,792,775 12,487 4,021,318 6,238 3,796,875 7,728 3,643,518 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are included in “All other Latin America.” 2 2008 2007 Mar. 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 2009 CAPITAL MOVEMENTS 62 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2008 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 8,665 Belgium.............................................. 24,683 Czech Republic ................................. 273 Denmark............................................ 8,477 Finland............................................... 29,103 France ............................................... 207,384 Germany............................................ 86,050 Greece............................................... 1,465 Hungary............................................. 336 Ireland................................................ 92,874 Italy .................................................... 61,795 Kazakhstan........................................ 544 Luxembourg ...................................... 20,815 Netherlands ....................................... 66,473 Norway .............................................. 31,173 Poland ............................................... 11,678 Portugal ............................................. 2,392 Romania ............................................ 159 Russia................................................ 2,629 Spain ................................................. 55,669 Sweden.............................................. 30,423 Switzerland........................................ 123,053 Turkey................................................ 4,159 United Kingdom................................. 1,126,991 Channel Islands .................................. 15,908 3,254 All other Europe ................................ Total Europe ................................... 2,016,426 658,414 Memo: Euro Area 1 ............................... 146,441 Canada................................................. Latin America: Argentina ........................................... 5,074 Bolivia 3 .............................................. 190 Brazil.................................................. 32,058 Chile .................................................. 11,873 Colombia ........................................... 4,653 Costa Rica ........................................ 1,234 Ecuador ............................................. 843 El Salvador ....................................... 801 Guatemala......................................... 1,411 Honduras .......................................... 506 Mexico ............................................... 26,665 Panama ............................................. 5,083 Peru ................................................... 4,963 Uruguay............................................. 407 Venezuela ......................................... 2,022 323 All other Latin America ..................... 98,106 Total Latin America......................... See footnotes at end of table. March 2009 Total own claims (2) Total own claims payable in dollars (3) 4,642 4,624 22,073 21,730 266 255 2,516 2,321 25,864 25,807 180,635 171,980 57,975 49,751 502 149 336 287 64,358 63,668 53,424 49,844 520 516 12,492 11,508 48,555 46,498 24,090 23,916 11,580 11,461 1,375 1,370 159 136 2,571 2,518 48,650 46,326 8,848 7,920 115,891 107,339 4,154 3,782 975,910 947,947 4,832 4,356 2,246 1,769 1,674,464 1,607,778 521,270 493,788 112,593 94,168 4,986 190 31,836 11,866 4,599 1,234 836 801 1,411 506 26,565 5,068 4,695 405 1,907 323 97,228 4,816 177 31,086 11,078 3,770 1,185 831 801 1,355 505 25,444 4,842 4,540 333 1,805 323 92,891 Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) 1,712 20,503 255 1,443 25,232 141,512 42,138 85 16 51,144 49,652 419 3,575 16,098 22,612 11,458 865 1 1,939 45,922 6,928 100,979 2,908 745,147 2,407 1,212 1,296,162 398,784 78,188 2,912 1,227 878 575 30,468 7,613 64 271 12,524 192 97 7,933 30,400 1,304 3 505 135 579 404 992 6,360 874 202,800 1,949 557 311,616 95,004 15,980 18 343 11 195 57 8,655 8,224 353 49 690 3,580 4 984 2,057 174 119 5 23 53 2,324 928 8,552 372 27,963 476 477 66,686 27,482 18,425 4,023 2,610 7 5,961 3,239 26,749 28,075 963 28,516 8,371 24 8,323 17,918 7,083 98 1,017 58 7,019 21,575 7,162 5 151,081 11,076 1,008 341,962 137,144 33,848 2,935 585 1 5,780 2,582 15,609 15,241 3 24,964 1,480 7,945 14,431 6,951 117 58 3,064 20,961 7,060 4 141,606 9,949 892 282,217 89,256 29,233 1,088 2,025 6 181 657 11,141 12,835 960 3,552 6,891 24 378 3,488 132 98 900 3,955 614 102 1 9,475 1,127 116 59,745 47,888 4,615 1,305 14 17,861 5,595 2,001 294 266 307 679 191 1,137 3,797 1,973 31 260 113 35,824 3,511 163 13,225 5,483 1,769 891 565 494 676 314 24,307 1,045 2,567 302 1,545 210 57,067 170 13 750 788 829 49 5 56 1 1,121 226 155 72 102 4,337 88 222 7 54 7 100 15 268 2 115 878 62 195 5 51 7 15 15 19 2 115 486 26 27 2 3 85 249 392 Claims of domestic customers Total Payable Payable in foreign customer in currencies claims dollars (9) (7) (8) CAPITAL MOVEMENTS 63 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2008, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Caribbean: Bahamas ........................................... 213,724 Bermuda............................................ 15,224 British Virgin Islands ......................... 6,922 Cayman Islands................................. 906,900 Dominican Republic ......................... 754 Jamaica ............................................. 832 Netherlands Antilles .......................... 3,726 Trinidad and Tobago ......................... 592 14,311 All other Caribbean ........................... Total Caribbean .............................. 1,162,985 Asia: China, Mainland ................................ 11,162 Hong Kong ........................................ 14,720 India................................................... 6,182 Indonesia........................................... 1,168 Israel.................................................. 3,588 Japan................................................. 83,006 Korea, South ..................................... 14,741 Malaysia ............................................ 695 Pakistan............................................. 195 Philippines ......................................... 930 Singapore .......................................... 7,151 Taiwan ............................................... 2,351 Thailand............................................. 203 12,584 All other Asia ..................................... 158,676 Total Asia........................................ Africa: Egypt ................................................. 2,014 Ghana................................................ 62 Liberia................................................ 327 Morocco............................................. 30 South Africa....................................... 1,021 All other Africa ................................... 2,510 Total Africa ..................................... 5,964 Other countries: Australia............................................. 40,533 New Zealand ..................................... 6,133 526 All other ............................................. 47,192 Total other countries....................... Total foreign countries ................. 3,635,790 International and regional orgs: International organizations ................ 5,513 2,215 Regional organizations 2 .................... Total international and regional 7,728 organizations .................................. Grand total ................................... 3,643,518 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) 142,499 14,725 6,823 674,476 721 832 3,647 592 14,289 858,604 141,424 13,178 5,324 641,308 708 808 3,400 592 13,324 820,066 134,956 76 58 511,951 234 203 153 194 217 648,042 6,468 13,102 5,266 129,357 474 605 3,247 398 13,107 172,024 1,075 1,547 1,499 33,168 13 24 247 965 38,538 71,225 499 99 232,424 33 79 22 304,381 71,195 497 99 230,822 33 79 22 302,747 30 2 1,602 1,634 11,097 14,554 5,970 1,154 3,032 78,345 13,878 451 195 905 7,029 2,130 131 12,447 151,318 10,497 13,908 5,882 1,111 2,879 70,776 13,775 423 194 864 5,622 1,954 90 11,842 139,817 9,757 12,151 4,876 849 2,719 60,242 13,148 335 185 742 3,995 1,575 72 9,286 119,932 740 1,757 1,006 262 160 10,534 627 88 9 122 1,627 379 18 2,556 19,885 600 646 88 43 153 7,569 103 28 1 41 1,407 176 41 605 11,501 65 166 212 14 556 4,661 863 244 25 122 221 72 137 7,358 45 24 182 1 547 3,152 220 2 3 9 9 13 101 4,308 20 142 30 13 9 1,509 643 242 22 113 212 59 36 3,050 402 62 327 27 975 2,285 4,078 397 62 327 8 908 2,279 3,981 205 60 2 7 859 982 2,115 192 2 325 1 49 1,297 1,866 5 19 67 6 97 1,612 3 46 225 1,886 30 3 25 104 162 1,582 21 121 1,724 22,899 2,117 526 25,542 2,923,827 21,276 817 525 22,618 2,781,319 16,747 505 4 17,256 2,197,519 4,529 312 521 5,362 583,800 1,623 1,300 1 2,924 142,508 17,634 4,016 21,650 711,963 16,543 4,005 20,548 639,701 1,091 11 1,102 72,262 4,757 654 4,757 654 - 4,757 654 - 756 1,561 696 1,488 60 73 5,411 2,929,238 5,411 2,786,730 2,197,519 5,411 589,211 142,508 2,317 714,280 2,184 641,885 133 72,395 Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in Payable in customer foreign claims dollars currencies (8) (7) (9) 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2008, also includes Cyprus, Malta, and Slovenia. 2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 64 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1400 (In billions of dollars) In September 2008, U.S. claims on foreigners reported by U.S. banks amounted to about $3.6 trillion, a decrease of $149 billion from that recorded at yearend 2007. U.S. banking claims include holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $652 billion in 2007 and $640 billion in 2006, but part of the latter increase reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking claims increased about $209 billion. Banking claims increased $312 billion in 2005. 1200 1000 800 600 400 200 0 2004 2005 2006 2007 Sept. 2008 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 2004 2005 2006 2007 Sept. 2008 United Kingdom............................ All other Europe ........................... Caribbean banking centers 1 ........ Japan............................................ All other Asia ................................ Subtotal ...................................... All other countries ........................ Grand total ................................. 567,001 527,615 755,954 102,859 70,601 2,024,030 164,411 2,188,441 627,105 604,908 870,441 114,713 92,387 2,309,554 190,845 2,500,399 938,123 672,126 1,061,389 157,671 89,770 2,919,079 221,485 3,140,564 1,108,747 941,827 1,226,858 97,856 111,059 3,486,347 306,428 3,792,775 1,126,991 889,435 1,151,579 83,006 75,670 3,326,681 316,837 3,643,518 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. March 2009 As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. The share of claims against foreigners domiciled in Asia has declined over the past decade from about 20 percent at the end of 1996 to less than 5 percent currently. CAPITAL MOVEMENTS 65 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of liability or claim 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........ 2004 Calendar year 2005 2006 Sept. 2007 Dec. r Mar. r 2008 June Sept. p 92,009 55,386 29,575 1,410 28,165 25,811 16,705 9,106 36,623 76,710 58,728 24,003 3,248 20,755 34,725 21,751 12,974 17,982 89,217 72,331 35,033 8,266 26,767 37,298 24,101 13,197 16,886 112,853 84,072 29,103 3,016 26,087 54,969 27,961 27,008 28,781 103,835 79,161 26,474 1,983 24,491 52,687 26,261 26,426 24,674 111,287 85,117 23,995 2,391 21,604 61,122 29,874 31,248 26,170 107,533 86,712 21,646 3,338 18,308 65,066 36,257 28,809 20,821 103,044 87,341 23,021 3,020 20,001 64,320 32,167 32,153 15,703 2,623 10,125 19,041 1,860 2,974 2,525 5,041 3,640 2,326 4,450 3,536 5,239 4,494 1,770 1,847 1,500 13,488 4,307 3,673 5,813 2,162 9,075 4,267 3,908 5,262 2,655 10,496 4,261 4,249 4,509 1,790 9,624 4,589 2,597 2,221 1,895 5,751 3,348 2,948 1,761 33,272 10,349 22,923 3,351 1,476 1,875 143,232 94,884 67,445 42,005 15,246 5,802 9,444 2,736 1,299 1,437 144,950 105,700 75,802 42,140 13,679 3,351 10,328 3,207 1,572 1,635 126,032 100,031 66,871 28,380 25,948 1,647 24,301 2,833 1,361 1,472 144,477 105,282 65,146 25,583 21,445 2,940 18,505 3,229 1,605 1,624 136,416 110,070 66,726 28,393 22,180 5,360 16,820 3,990 2,398 1,592 138,809 114,989 72,084 32,439 17,639 3,036 14,603 3,182 1,515 1,667 146,367 123,173 75,228 41,538 13,037 3,143 9,894 2,666 1,249 1,417 118,962 97,506 52,911 21,654 9,739 16,314 27,439 24,778 2,661 48,348 12,888 20,774 29,898 26,080 3,818 39,250 2,624 35,867 33,160 29,388 3,772 26,001 1,235 38,328 40,136 33,345 6,791 39,195 1,168 37,165 43,344 37,108 6,236 26,346 1,282 38,363 42,905 35,739 7,166 23,820 1,276 32,414 47,945 40,875 7,070 23,194 857 30,400 44,595 38,599 5,996 21,456 1,841 22,212 10,805 7,583 5,907 9,829 10,643 8,341 3,724 6,713 9,194 6,951 4,675 1,027 4,154 5,024 16,622 4,274 9,398 3,877 5,371 10,833 4,210 1,378 4,554 5,751 8,962 3,612 1,139 4,356 4,911 9,846 4,036 1,064 3,337 5,380 7,507 3,499 1,088 3,982 43,072 5,878 153 37,041 5,276 4,451 825 35,592 8,009 292 27,291 3,658 3,151 507 21,775 3,529 120 18,126 4,226 3,414 812 35,638 11,237 109 24,292 3,557 3,175 382 21,305 1,498 77 19,730 5,041 4,684 357 19,754 1,613 72 18,069 4,066 3,797 269 20,059 1,464 111 18,484 3,135 2,900 235 19,661 1,566 93 18,002 1,795 1,691 104 March 2009 CAPITAL MOVEMENTS 66 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country Europe: Austria .................................. Belgium ................................ Bulgaria ................................ Czech Republic.................... Denmark............................... Finland ................................. France .................................. Germany .............................. Greece ................................. Hungary................................ Ireland .................................. Italy....................................... Luxembourg ......................... Netherlands.......................... Norway ................................. Poland .................................. Portugal................................ Romania............................... Russia .................................. Serbia and Montenegro (formerly Yugoslavia)....... Spain .................................... Sweden ................................ Switzerland .......................... Turkey .................................. United Kingdom ................... Channel Islands and Isle of Man ....................... Other Europe ....................... Total Europe .................... Canada..................................... Latin America: Argentina.............................. Brazil .................................... Chile ..................................... Colombia.............................. Ecuador................................ Guatemala ........................... Mexico.................................. Panama................................ Peru...................................... Uruguay................................ Venezuela ............................ Other Latin America............. Total Latin America ............. Caribbean: Bahamas.............................. Bermuda................................... Cayman Islands ................... Cuba..................................... Jamaica................................ Netherlands Antilles............. Trinidad and Tobago............ Other Caribbean .................. Total Caribbean ............... See footnotes at end of table. March 2009 2007 2003 2004 2005 2006 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 68 73 17 78 20 2,631 3,646 401 12 1,636 1,174 378 895 3,537 229 39 4 64 91 181 44 14 132 140 2,562 12,391 182 18 316 1,040 977 1,709 545 330 27 9 110 1,068 656 1,884 302 26,911 2 591 800 1,078 180 32,878 4 399 747 1,237 137 15,093 188 44,653 3,405 2 286 47,720 4,578 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 14 1,224 3,154 2 17 3 16 564 4,994 Sept. 2008 Dec. r Mar. r June Sept. p 350 197 26 21 1,030 38 3,133 8,325 197 18 475 1,375 483 1,171 327 412 404 7 305 230 492 36 25 937 63 3,165 4,977 187 46 1,569 1,196 235 1,194 721 385 205 6 306 90 308 34 52 269 69 3,296 3,127 199 16 925 1,106 197 1,036 517 371 122 10 411 115 1,194 6 48 156 160 2,173 2,912 348 21 1,315 448 168 1,417 1,129 359 41 42 498 78 872 4 34 164 192 2,637 3,056 300 24 1,265 1,377 366 968 474 350 37 57 523 1 269 952 1,070 261 17,339 4 627 951 1,580 642 27,475 3 533 438 1,705 754 23,350 6 754 237 2,027 754 25,261 2 692 271 2,834 749 22,946 1 771 264 2,983 675 17,540 501 250 33,271 4,905 15 421 41,146 7,694 117 455 50,145 7,503 208 539 43,505 7,767 149 505 41,848 7,329 117 466 40,627 7,237 120 622 35,754 7,241 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 148 288 387 106 10 23 2,234 56 8 2 681 105 4,048 138 264 406 208 89 25 2,150 57 6 13 353 24 3,733 133 448 388 327 300 10 2,963 107 54 25 602 26 5,383 156 940 546 356 33 10 2,848 85 36 20 575 106 5,711 173 1,168 647 372 128 8 3,112 196 11 7 886 97 6,805 158 1,113 605 360 140 8 4,200 87 113 26 1,187 73 8,070 111 1,107 435 391 142 10 2,631 104 57 13 1,338 50 6,389 32 9,230 7,279 24 14 15 729 17,323 70 1,704 6,522 14 13 44 936 9,303 70 777 12,804 20 2 25 761 14,459 129 1,161 14,722 21 4 108 1,214 17,359 89 707 15,969 18 4 74 803 17,664 180 1,322 15,830 21 5 100 514 17,972 163 1,103 13,494 26 5 93 894 15,778 108 728 14,490 35 4 72 778 16,215 CAPITAL MOVEMENTS 67 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. .................... Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea, South .......................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... Thailand.................................. Oil-exporting countries 1 ......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana..................................... Liberia..................................... Morocco.................................. South Africa............................ Oil-exporting countries 2 ......... Other Africa ............................ Total Africa ......................... Other countries: Australia ................................. New Zealand .......................... All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs: International organizations..... Regional organizations 3 ........ Total international and regional organizations...... Grand total ..................... 1 2003 Calendar year 2004 2007 2005 2006 Sept. Dec. r Mar. r 2008 June Sept. p 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 3,825 746 158 89 613 7,354 1,743 42 335 230 109 1,823 4 1,010 212 4,159 298 22,750 1,297 564 418 57 385 7,210 1,350 11 471 171 95 2,839 8 1,093 599 3,955 156 20,679 3,653 1,068 1,255 141 291 7,152 1,516 7 399 282 47 4,007 8 1,166 561 7,380 344 29,277 857 981 1,447 172 293 6,888 1,213 9 562 172 89 4,255 8 1,019 380 7,158 377 25,880 4,041 845 1,350 250 264 8,030 1,348 5 566 50 89 4,445 8 975 392 10,068 424 33,150 4,746 922 1,289 253 280 6,374 1,235 18 555 62 91 2,279 8 877 341 12,304 247 31,881 5,374 971 1,261 414 310 7,528 1,508 11 348 71 116 4,482 2 797 383 10,070 304 33,950 86 28 4 41 52 464 230 905 132 2 14 44 36 518 332 1,078 119 1 1 42 950 590 210 1,913 132 6 3 42 35 283 379 880 1 247 6 1 103 33 763 325 1,479 280 12 6 190 52 655 294 1,489 259 1 63 210 83 1,069 544 2,229 291 18 75 124 68 1,108 332 2,016 143 2 85 120 68 743 529 1,690 1,053 71 98 1,222 73,684 1,047 51 98 1,196 92,007 397 38 83 518 76,708 560 36 15 611 89,202 1,581 77 16 1,674 112,820 1,658 91 25 1,774 103,790 1,824 80 32 1,936 111,269 1,784 75 31 1,890 107,499 1,648 78 33 1,759 102,998 16 2 2 15 3 30 2 43 1 17 34 46 16 2 2 15 33 45 18 34 46 73,700 92,009 76,710 89,217 112,853 103,835 111,287 107,533 103,044 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 68 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ....................................... Belgium ..................................... Bulgaria ..................................... Czech Republic......................... Denmark.................................... Finland ...................................... France ....................................... Germany ................................... Greece ...................................... Hungary..................................... Ireland ....................................... Italy............................................ Luxembourg .............................. Netherlands............................... Norway ...................................... Poland ....................................... Portugal..................................... Romania.................................... Russia ....................................... Serbia and Montenegro (formerly Yugoslavia)............ Spain ......................................... Sweden ..................................... Switzerland ............................... Turkey ....................................... United Kingdom ........................ Channel Islands and Isle of Man ............................ Other Europe ............................ Total Europe ......................... Canada.......................................... Latin America: Argentina................................... Brazil ......................................... Chile .......................................... Colombia................................... Ecuador..................................... Guatemala ................................ Mexico....................................... Panama..................................... Peru........................................... Uruguay..................................... Venezuela ................................. Other Latin America.................. Total Latin America ................... Caribbean: Bahamas................................... Bermuda......................................... Cayman Islands ........................ Cuba.......................................... Jamaica..................................... Netherlands Antilles.................. Trinidad and Tobago................. Other Caribbean ....................... Total Caribbean .................... See footnotes at end of table. March 2009 2003 Calendar year 2004 2005 2006 Sept. 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 13 1,803 779 2,538 474 15,366 2007 Dec. r Mar. r 2008 June Sept. p 2,159 1,822 29 49 341 336 5,063 4,238 380 57 795 3,702 391 3,387 402 58 60 22 359 2,031 419 3 50 149 591 3,420 10,148 163 45 858 2,337 352 3,570 366 99 64 36 774 2,014 1,071 4 127 208 528 4,822 9,256 142 174 1,007 2,442 1,567 4,435 289 160 82 37 1,029 2,039 807 6 134 184 805 6,061 4,926 250 153 968 2,515 919 3,989 325 153 89 60 1,326 1,990 3,335 9 128 193 627 5,546 5,833 218 163 781 3,024 777 2,772 355 146 75 51 1,329 1,992 2,683 7 93 677 971 5,281 8,760 260 165 2,357 2,217 577 4,674 602 167 116 41 664 2,452 3,034 6 93 159 415 3,282 5,195 242 107 2,790 1,572 469 2,739 309 165 82 57 711 14 1,242 648 2,506 594 27,699 17 2,032 503 1,876 638 24,772 10 1,425 652 1,424 420 17,483 18 1,634 632 1,768 540 26,085 15 1,625 689 2,143 732 23,662 23 2,080 1,157 2,020 548 21,777 17 2,070 548 2,100 604 24,074 13 2,074 497 1,592 587 19,174 546 43,522 8,381 25 607 62,171 8,429 16 1,315 54,820 16,122 19 1,267 48,175 17,520 116 965 61,152 14,803 109 1,465 56,149 16,418 115 1,157 56,229 15,302 102 931 62,750 16,057 91 2,159 50,066 15,376 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 350 2,972 303 299 95 100 4,108 198 117 5 539 485 9,571 470 2,927 299 349 119 116 3,242 266 164 12 481 376 8,821 495 2,409 411 431 96 173 3,413 273 228 17 624 413 8,983 463 2,682 404 449 160 200 3,505 323 196 33 669 431 9,515 563 2,666 805 565 166 198 3,539 302 239 30 695 553 10,321 596 2,823 641 496 250 218 4,354 463 278 74 671 480 11,344 473 2,632 628 548 245 181 3,975 439 327 109 591 444 10,592 1,075 1,024 20,067 16 84 32 100 951 23,349 1,631 5,358 36,320 8 67 37 120 1,085 44,626 1,631 2,238 36,416 12 70 42 119 1,721 42,249 3,949 1,734 26,051 2 60 30 125 1,264 33,215 2,493 2,925 23,487 2 98 92 124 1,369 30,590 2,200 1,704 16,987 10 106 118 172 1,518 22,815 1,909 1,776 28,363 92 187 146 1,609 34,082 1,650 1,793 26,742 82 46 111 1,711 32,135 353 1,851 15,093 86 62 92 1,260 18,797 CAPITAL MOVEMENTS 69 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. .................... Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea, South .......................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... Thailand ................................. Oil-exporting countries 1......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana .................................... Liberia .................................... Morocco ................................. South Africa ........................... Oil-exporting countries 2......... Other Africa............................ Total Africa......................... Other countries: Australia ................................. New Zealand.......................... All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs : International organizations..... Regional organizations 3 ........ Total international and regional organizations...... Grand total ..................... 2003 Calendar year 2004 2005 2006 1,066 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 783 250 1,046 222 12,669 3,688 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 892 326 1,208 309 15,783 4,958 941 413 445 403 2,696 1,244 22 536 57 275 1,944 6 853 295 1,800 408 17,296 1,772 1,009 654 231 360 3,349 1,143 19 270 86 109 1,811 10 972 312 1,814 328 14,249 2 176 8 109 27 247 150 336 1,055 1 159 4 102 33 193 162 281 935 1 194 16 98 23 1,075 295 419 2,121 3,619 208 83 3,910 100,905 1,588 441 245 2,274 143,218 1 10 3 11 2007 Sept. Dec. r Mar. r 2008 June Sept. p 1,866 9,224 781 167 563 4,343 1,235 18 344 54 128 1,938 10 1,098 346 2,225 425 24,765 1,913 8,762 812 206 601 5,518 1,272 19 362 115 109 2,809 1 1,240 416 2,552 513 27,220 1,883 1,288 707 259 620 5,247 1,237 22 303 83 105 1,985 3 1,397 491 2,070 446 18,146 2,155 2,044 824 258 610 5,309 1,215 26 307 67 131 2,187 2 1,172 440 2,081 183 19,011 2,110 1,141 885 330 579 5,231 1,223 34 263 48 80 2,215 1,088 372 2,793 193 18,585 11 165 3 73 21 221 332 411 1,237 6 335 7 62 34 307 293 331 1,375 6 296 8 54 21 254 350 400 1,389 6 315 4 54 30 267 352 724 1,752 5 302 10 51 30 320 396 736 1,850 5 265 3 53 21 311 379 708 1,745 2,144 420 207 2,771 144,950 2,365 351 76 2,792 126,009 2,584 148 49 2,781 144,449 2,467 145 37 2,649 136,155 2,566 154 30 2,750 138,582 2,709 151 17 2,877 146,024 3,430 157 17 3,604 118,765 - 4 19 17 11 150 111 209 18 231 112 23 174 11 14 - 23 28 261 227 343 197 100,916 143,232 144,950 126,032 144,477 136,416 138,809 146,367 118,962 1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 70 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, September 30, 2008, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium ........................................ Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg ................................. Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia .......................................... Serbia and Montenegro (formerly Yugoslavia) ............... Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man ................................ Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America ..................... Total Latin America ....................... Caribbean: Bahamas ....................................... Bermuda............................................. Cayman Islands .............................. Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean ........................... Total Caribbean......................... See footnotes at end of table. March 2009 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 78 872 4 34 164 192 2,637 3,056 300 24 1,265 1,377 366 968 474 350 37 57 523 29 581 1 8 17 590 1,739 29 8 141 15 120 238 62 1 5 88 49 291 4 33 156 175 2,047 1,317 271 16 1,124 1,362 246 730 412 349 32 57 435 2,452 3,034 6 93 159 415 3,282 5,195 242 107 2,790 1,572 469 2,739 309 165 82 57 711 2,409 2,836 5 73 179 1,069 2,862 129 59 2,268 176 416 2,343 184 44 1 13 373 43 198 6 88 86 236 2,213 2,333 113 48 522 1,396 53 396 125 121 81 44 338 1 771 264 2,983 675 17,540 78 6 112 25 13,845 1 693 258 2,871 650 3,695 13 2,074 497 1,592 587 19,174 1,506 263 756 418 14,375 13 568 234 836 169 4,799 120 622 35,754 7,241 119 52 17,909 1,311 1 570 17,845 5,930 91 2,159 50,066 15,376 86 1,835 34,678 10,992 5 324 15,388 4,384 111 1,107 435 391 142 10 2,631 104 57 13 1,338 50 6,389 10 37 14 2 77 15 13 1 169 101 1,070 421 391 140 10 2,554 89 57 13 1,325 49 6,220 473 2,632 628 548 245 181 3,975 439 327 109 591 444 10,592 39 1,508 105 60 14 44 1,267 254 52 1 177 121 3,642 434 1,124 523 488 231 137 2,708 185 275 108 414 323 6,950 108 728 14,490 35 4 72 778 16,215 65 13,743 6 3 110 13,927 108 663 747 29 4 69 668 2,288 353 1,851 15,093 86 62 92 1,260 18,797 296 710 14,633 6 48 436 16,129 57 1,141 460 80 62 44 824 2,668 CAPITAL MOVEMENTS 71 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, September 30, 2008, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland ............................ Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea, South ................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Taiwan........................................... Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand ................................ All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International organizations............ Regional organizations 1 ............... Total international and regional organizations............. Grand total ............................ Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 5,374 971 1,261 414 310 7,528 1,508 11 348 71 116 4,482 2 797 383 304 33,950 90 261 57 16 22 1,640 184 2 3 3 5 155 6 6 40 2,578 5,284 710 1,204 398 288 5,888 1,324 9 345 68 111 4,327 2 791 377 264 31,372 2,110 1,141 885 330 579 5,231 1,223 34 263 48 80 2,215 1,088 372 193 18,585 625 304 231 220 38 1,097 400 2 54 9 157 28 237 35 3,616 1,485 837 654 110 541 4,134 823 32 209 48 71 2,058 1,060 135 158 14,969 143 2 85 120 68 529 1,690 1 61 14 23 103 143 1 24 120 54 506 1,587 5 265 3 53 21 311 708 1,745 5 8 1 49 9 176 215 529 257 2 4 12 135 493 1,216 1,648 78 33 1,759 102,998 57 2 2 61 36,058 1,591 76 31 1,698 66,940 3,430 157 17 3,604 118,765 2,884 95 2 2,981 72,567 546 62 15 623 46,198 46 - 46 23 174 5 - 18 174 46 - 46 197 5 192 103,044 36,058 66,986 118,962 72,572 46,390 1 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 72 SECTION IV.—U.S. International Transactions in Long-Term Securities TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Marketable Treasury bonds and notes Net foreign purchases Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (4) (2) (3) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Gross foreign Net foreign Gross foreign purchases sales purchases (8) (9) (7) Calendar year or month Total (1) 2004 ......................................... 2005 ......................................... 2006 ......................................... 2007 r ....................................... 2008 - Jan. - Dec. p.................. 352,079 338,112 195,536 197,967 316,020 201,140 68,689 69,639 2,994 76,619 150,220 266,471 125,075 196,021 239,845 719 2,952 822 -1,048 -444 8,936,045 10,051,248 10,957,936 15,127,526 14,627,532 8,583,966 9,713,136 10,762,400 14,929,559 14,311,512 226,401 219,256 286,464 218,979 -37,764 1,209,381 1,097,458 1,572,160 2,050,451 2,588,900 982,980 878,202 1,285,696 1,831,472 2,626,664 2007 - Dec. r ............................ 2008 - Jan. r ............................. Feb. r ............................ Mar. r ............................ Apr. r............................. May r ............................ June r ........................... July r............................. Aug. .............................. Sept. ............................. Oct................................ Nov. p ........................... Dec. p ........................... 423 36,763 12,240 51,003 76,592 1,790 28,011 34,012 32,837 20,737 32,873 -25,813 14,975 10,980 36,101 -3,594 28,011 22,298 -3,724 1,105 10,068 4,848 4,944 -1,084 -26,205 3,851 -10,832 709 15,725 22,833 54,280 5,567 26,572 24,312 28,192 15,517 34,477 -167 11,828 275 -47 109 159 14 -53 334 -368 -203 276 -520 559 -704 1,000,665 1,487,597 1,485,680 1,459,154 1,202,021 1,156,223 1,375,650 1,274,643 1,022,035 1,628,400 1,179,175 689,317 667,637 1,000,242 1,450,834 1,473,440 1,408,151 1,125,429 1,154,433 1,347,639 1,240,631 989,198 1,607,663 1,146,302 715,130 652,662 -7,259 15,722 33,566 16,134 12,190 25,506 29,358 -42,066 -24,189 6,171 -50,217 -22,493 -37,446 227,714 258,286 279,910 332,852 259,359 255,882 227,298 173,505 155,794 190,743 201,845 140,987 112,439 234,973 242,564 246,344 316,718 247,169 230,376 197,940 215,571 179,983 184,572 252,062 163,480 149,885 Corporate and other securities Bonds * Calendar year or month Net foreign purchases (10) Stocks Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2004 .............................................................................. 2005 .............................................................................. 2006 .............................................................................. 2007 .............................................................................. 2008 - Jan. - Dec. p....................................................... 309,500 372,222 510,806 393,355 93,528 1,171,415 1,277,006 1,678,464 1,913,307 1,467,059 861,915 904,784 1,167,658 1,519,952 1,373,531 28,476 81,950 150,415 195,522 40,751 3,862,043 4,731,749 6,868,571 10,639,316 11,990,636 3,833,567 4,649,799 6,718,156 10,443,794 11,949,885 2007 - Dec..................................................................... 2008 - Jan. r .................................................................. Feb. r ................................................................. Mar .................................................................... Apr..................................................................... May.................................................................... June................................................................... July .................................................................... Aug. ................................................................... Sept ................................................................... Oct..................................................................... Nov. p ................................................................ Dec. p ................................................................ 37,299 3,394 19,267 -4,691 25,003 59,842 4,685 -4,138 -13,130 -8,438 -13,063 -16,205 41,002 140,595 125,084 138,092 140,391 164,754 189,665 124,990 97,810 80,587 93,860 91,137 81,421 139,268 103,296 121,690 118,825 145,082 139,751 129,823 120,305 101,948 93,717 102,298 104,200 97,626 98,266 33,461 17,872 2,052 11,376 -11,569 15,980 -1,817 -5,778 -982 11,519 -6,205 4,437 3,866 944,625 1,261,143 1,009,448 1,134,086 958,436 997,461 1,066,125 1,273,558 905,531 1,168,913 1,019,917 634,878 561,140 911,164 1,243,271 1,007,396 1,122,710 970,005 981,481 1,067,942 1,279,336 906,513 1,157,394 1,026,122 630,441 557,274 * Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. March 2009 CAPITAL MOVEMENTS 73 TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) 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 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 2007 r ................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 2008 - Jan. - Dec. p.............................. 102,050 81,980 2,263,622 2,181,642 20,070 5,431,013 5,410,943 2007 - Dec. r ........................................ -15,729 -15,726 168,636 184,362 -3 430,970 430,973 2008 - Jan. r ......................................... -21,542 -19,261 247,486 266,747 -2,281 523,407 525,688 Feb. r. ....................................... -14,326 3,954 241,387 237,433 -18,280 442,265 460,545 Mar. r ........................................ -2,545 377 264,947 264,570 -2,922 487,580 490,502 Apr. r......................................... 9,367 9,612 193,225 183,613 -245 505,496 505,741 May r ........................................ -28,806 -10,700 182,056 192,756 -18,106 494,660 512,766 June r ....................................... -11,121 -12,683 188,259 200,942 1,562 499,993 498,431 July r......................................... 32,356 15,462 158,503 143,041 16,894 560,901 544,007 Aug ........................................... 20,217 17,366 157,238 139,872 2,851 428,218 425,367 Sept .......................................... 35,332 37,810 227,068 189,258 -2,478 482,944 485,422 Oct............................................ 36,259 14,570 177,287 162,717 21,689 468,014 446,325 Nov. p ....................................... 34,483 13,176 122,939 109,763 21,307 288,699 267,392 Dec. p ....................................... 12,376 12,297 103,227 90,930 79 248,836 248,757 Calendar year or month Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) March 2009 CAPITAL MOVEMENTS 74 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Europe: Austria............................. Belgium........................... Bulgaria........................... Cyprus 1 .......................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Kazakhstan 1 ................... Luxembourg.................... Monaco 1 ......................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia............................. Serbia and Montenegro 2... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. Ukraine 1 ......................... United Kingdom .............. Channel Islands .............. All other Europe 1 ............ Total Europe ............... Memo: Euro Area 3 .............. Memo: European Union 4 .... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica 5 .................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... All other Latin America 5 ... Total Latin America ..... See footnotes at end of table. March 2009 Marketable Treasury bonds and notes 2008 Jan. Oct. Calendar year through through Dec. Dec. p 2007 r (2) (3) (1) U.S. Government corporations and Federal agency bonds 2008 Jan. Oct. Calendar year through through Dec. Dec. p 2007 r (5) (6) (4) Corporate bonds 2008 Jan. Oct. Calendar through year through Dec. Dec. p 2007 (8) (9) (7) Corporate stocks 2008 Oct. Jan. Calendar year through through Dec. Dec. p 2007 r (11) (12) (10) 97 -3,100 -28 -4 81 912 2 -7,827 -3,452 -566 -42 1,694 -1,472 857 -694 -302 1,471 -27,339 -111 1,293 -353 7,215 349 2,509 2,176 -2,617 -803 -138 208,578 -979 -69 177,338 -10,045 200,853 -1,945 -1,054 -1,941 8 64 -288 349 361 -15,360 722 181 -237 -4,251 756 1,644 -7,093 -102 -4,790 32,812 5,857 1,091 -219 11,193 -96 -7,921 -3,136 1,159 -1,650 -1,658 188,559 1,368 222 196,551 -39,181 151,662 -5,908 -36 -412 1 5 12 -277 80 -2,121 427 113 58 7,376 3,206 94 -1,372 83 -1,130 5,178 592 -71 -473 -1,572 -210 -2,335 -1,080 2,490 405 -2,080 15,672 515 -177 22,961 3,710 17,856 -8,411 -339 -1,808 -30 -9 -426 -268 69 4,285 219 -9 -438 1,080 -96 -594 -11,386 37 -631 8,221 -202 -477 466 18,303 4 -21 -443 -2,246 131 187 59,585 4,791 -132 77,823 -9,114 49,189 2,968 -282 -1,601 -5 -24 -900 -1,883 -36 2,760 -3,389 103 42 -3,400 -1,245 -337 -26,743 94 -1,069 -6,496 1,091 55 -532 -3,582 -9 -946 -3,224 -1,949 690 -591 78,127 -1,561 -806 22,352 -35,843 35,954 5,434 -102 -341 -3 -3 -78 -18 -2,324 156 4 -30 -3,249 -201 15 -1,063 108 -55 -4,376 -69 -4 -10,705 3 -2,491 -826 111 -72 -18,977 -179 -611 -45,380 -7,197 -29,470 -629 -644 -7,413 12 167 89 1,496 56 4,261 5,419 7 -1,555 8,658 -121 -38 -14,650 18 -652 4,747 7 -261 32 378 -1,353 1,715 3,581 152 32 208,956 -6,717 1,104 207,482 -6,694 204,111 12,274 -344 -11,149 -13 33 -71 -513 -84 -1,991 4,953 56 -133 -15,326 157 -23 -9,453 166 -364 -1,559 -14 48 9 548 -1 -1,020 -519 11,895 12 95 31,931 -12,555 -609 -5,838 -34,621 -4,015 7,194 -45 -3,184 4 -20 -302 -47 953 -903 1 8 -6,911 125 -83 -2,647 87 762 -1,488 -9 46 -12 10 -171 11,270 15 71 6,752 -859 -32 3,391 -11,843 -5,608 2,347 -102 -1,168 1 175 41 1,378 251 19,521 600 88 113 28 -4,289 -32 -7,143 -1,440 6,887 6,120 -176 148 -15 104 -2 430 250 -2,977 36 2 69,473 877 82 89,259 15,249 86,576 8,086 419 -1,042 -7 137 174 392 -36 -7,189 -19,341 -493 163 838 -1,835 17 -7,658 -77 -1,469 7,486 -92 145 -4 48 2 -75 5,096 5,404 -7 -35 29,936 574 175 11,646 -37,465 -1,749 7,383 91 -11 -1 35 12 -822 -67 -1,896 -2,270 -233 19 236 -277 16 -1,662 -17 -2,193 1,540 40 -1 -5 -57 -2,644 2,206 9 1 4,869 -551 98 -3,535 -8,271 -6,815 693 195 77,066 4,202 833 203 -2 -75 1,454 -132 1,560 423 -197 330 85,860 -163 -10,225 4,706 1,356 204 11 -348 -7,057 140 3,566 739 -407 -751 -8,229 -251 -20,923 519 2,174 127 -9 -176 -4,812 27 345 284 -84 27 -22,752 -26 1,160 630 1,375 132 -21 -21 1,705 -275 1,100 55 151 378 6,343 -223 470 -1,015 1,731 269 -219 -7 5,024 277 527 -98 -2 12 6,746 -2 325 -165 110 281 -16 -2 43 13 192 104 -148 -288 447 84 780 317 783 281 261 -20 1,860 154 633 230 -298 32 5,097 422 742 121 368 5 -349 18 1,742 403 369 390 -20 31 4,242 53 419 -30 51 -34 -129 2 1,522 104 200 61 -21 -37 2,161 612 -1,768 1,147 320 -36 29 18 148 -279 189 337 56 7 780 373 1,438 808 -8 2 113 6 507 418 -24 210 257 40 4,140 -128 297 -104 51 -11 57 -3 -942 -51 98 -98 16 13 -805 CAPITAL MOVEMENTS 75 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Caribbean: Anguilla 6 ................................... Bahamas ................................... Barbados 6 ................................. Bermuda .................................... British Virgin Islands 6 ................ Cayman Islands ......................... Cuba.......................................... Jamaica ..................................... Netherlands Antilles................... Trinidad and Tobago.................. All other Caribbean 6 .................. Total Caribbean ..................... Asia: China, Mainland......................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea, South.............................. Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand..................................... Oil exporting countries 7 ............. All other Asia.............................. Total Asia .............................. Africa: Egypt ......................................... Liberia........................................ Morocco..................................... South Africa ............................... Oil exporting countries 8 ............. All other Africa ........................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International organizations......... Regional organizations 9 ............ Total international and regional organizations.............. Grand total......................... Marketable Treasury U.S. Government corporations bonds and notes and Federal agency bonds 2008 2008 Jan. Oct. Jan. Oct. Calendar Calendar year through through year through through Dec. Dec. p 2007 r Dec. Dec. p 2007 r (3) (4) (6) (1) (2) (5) Corporate bonds 2008 Jan. Oct. Calendar year through through Dec. p Dec. 2007 (7) (8) (9) Corporate stocks 2008 Jan. Oct. Calendar year through through Dec. Dec. p 2007 r (10) (11) (12) 640 9,429 622 -4,338 2,652 -2,786 3 -3,738 -372 176 2,288 -805 -12,705 -19 9,193 2,310 34,450 -11 -4,682 111 113 27,955 -651 -1,249 23 7,749 2,492 2,146 44 1,637 32 -30 12,193 -112 555 3,054 -26,028 -202 12,730 34 78 188 834 -8,869 -211 2,146 354 -37,961 582 -51,387 -232 593 198 -91 -86,009 -774 895 269 -286 -1,000 -35,419 -50 384 63 141 -35,777 -1,565 1,463 388 8,257 695 31,912 17 410 -84 201 41,694 -269 183 196 -394 -6,320 29,018 22 28 -6 84 22,542 27 215 124 -582 -4,166 6,640 18 -45 -6 -68 2,157 4,087 -136 73 5,432 1,570 40,191 45 -2,826 99 54 48,589 -2,229 -1,849 110 -1,155 -4,550 -29,153 20 -4,678 -24 55 -43,453 -1,907 -1,254 -66 -2,771 -1,751 -7,560 5 955 15 24 -14,310 -7,968 2,045 1,076 4,513 -2,739 -48,684 -17,924 -1 382 -171 3,054 2,454 -8,319 842 1,795 372 -69,273 84,743 6,242 2,048 -5,875 -2,112 6,077 -11,171 -26 -944 19 -2,118 -7,036 5,829 -2,869 24,923 1,170 98,900 4,233 73,170 -3,072 30,604 1,322 184 -3,133 -658 1,489 182 5,617 13,789 -8,908 12,042 -1 -1 -1,008 3,068 -14 -94 -715 185 1,689 -590 8,542 -1,040 726 544 11,360 8,221 -537 178 17,590 139,784 16,738 24,541 -326 146 -252 6,107 -16,239 -3 2,141 -1,264 14 -1,855 2,524 264 -14,468 -112 17,956 -10,418 1,375 -350 16 -153 -8,767 -10,588 -827 -16 16 -625 4,260 54 -1,049 -284 -27,356 41,675 12,780 17 441 75 39,565 11,277 109 2,052 -14 176 6,868 1,176 48 3,803 -58 119,990 29,598 7,006 97 19 587 22,256 630 -3 308 -72 83 -1,077 1,650 160 3,497 -103 64,636 3,179 1,699 2 1 475 -1,122 -1,890 1 -1 -3 -36 -1,015 202 -37 -1,128 -8 319 3,993 35,434 -460 -68 -287 -4,973 112 76 342 -4 30 -2,539 -3 94 -39 12,240 26 43,974 -706 27,462 1,344 -27 961 21,382 2,752 63 29 -5 -5 4,717 5 12 -13 7,277 60 65,308 268 3,005 -14 -21 191 12,691 39 -11 138 -1 -33 5,513 -315 -15 70 27 21,532 1,042 -59 -79 801 4,568 -146 6,127 1,093 -86 -269 -2,294 11,416 449 10,309 -453 9 -2 -813 3,731 122 2,594 72 19 -401 -40 -74 21 -403 -1,702 23 -2,289 -109 654 -92 -3,515 -55 -1 -660 -95 266 -15 -560 -3 -18 -50 -35 -63 -169 -22 -318 1 -66 152 67 -186 -4 -37 -9 153 -1 102 -34 -44 -16 12 -302 84 -300 5 -2,587 -4 333 -2,626 237 -4,642 1 -107 -2 26 -27 144 35 -1,351 1 -30 -1,380 199,015 -2,993 -153 32 -3,114 316,464 -1,588 103 10 -1,475 22,700 1,100 -151 5 954 218,600 -56 315 16 275 -36,761 -437 22 -20 -435 -109,690 5,030 695 15 5,740 392,108 319 3 2 324 92,914 480 28 2 510 10,987 4,826 300 47 5,173 195,561 340 -19 19 340 40,722 -1,382 -102 -27 -1,511 2,099 -358 -690 -191 -253 -486 -179 83 296 -141 -862 -156 -310 1,637 -390 613 1 419 328 -3 -37 17 12 -1 -1,048 197,967 -444 316,020 -665 379 22,035 218,979 -1,003 -37,764 -466 -110,156 1,247 393,355 614 93,528 747 11,734 -40 195,521 29 40,751 -1 2,098 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 Before June 2006, data for Costa Rica are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other Caribbean.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2009 CAPITAL MOVEMENTS 76 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Fourth Quarter 2008, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: Austria..................................... 3,738 1,101 Belgium................................... 19,764 2,520 Bulgaria................................... 9 5 Cyprus 1 .................................. 1,024 10 Czech Republic....................... 847 501 Denmark ................................. 5,986 597 Finland .................................... 2,362 581 France..................................... 964,619 369,916 Germany ................................. 75,395 24,987 Greece .................................... 1,617 574 Hungary .................................. 551 70 Ireland..................................... 60,039 20,480 Italy ......................................... 19,751 7,346 Kazakhstan 1 ........................... 1,346 854 Luxembourg ............................ 26,195 2,520 Monaco 1 ................................. 1,223 146 Netherlands............................. 55,977 4,620 Norway.................................... 51,892 26,166 Poland..................................... 4,217 3,424 Portugal .................................. 1,926 175 Romania ................................. 858 762 Russia..................................... 7,460 6,438 Serbia and Montenegro 2 ........ 79 60 Spain....................................... 19,686 5,625 Sweden................................... 58,361 1,434 Switzerland ............................. 68,888 9,787 Turkey..................................... 4,170 2,364 Ukraine 1 ................................. 1,240 634 United Kingdom ...................... 2,112,831 1,062,355 Channel Islands ...................... 32,235 19,528 3,181 1,055 All other Europe 1 .................... Total Europe ....................... 3,607,466 1,576,635 Memo: Euro Area 3 ...................... 1,252,630 440,462 76,015 Canada ....................................... 292,861 Latin America: Argentina ................................ 3,792 223 Brazil....................................... 43,077 27,333 Chile........................................ 12,460 6,078 Colombia................................. 9,794 6,227 Costa Rica 4 ............................ 1,883 1,183 Ecuador .................................. 788 275 Guatemala .............................. 290 190 Mexico .................................... 34,314 10,284 Panama .................................. 3,679 535 Peru ........................................ 3,230 937 Uruguay .................................. 4,663 2,320 Venezuela............................... 2,182 156 1,038 443 All other Latin America 4 .......... 56,184 Total Latin America ............. 121,190 Caribbean: Anguilla 5 ................................. 49,952 7,155 Bahamas................................. 98,315 42,450 Barbados 5 .............................. 3,578 633 See footnotes at end of table. March 2009 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Stocks Bonds (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Marketable Treasury and Federal Financing Total Bank bonds sales and notes (9) (8) 254 264 13 437 56 6,053 6,033 21 14,859 371 17 5,373 109 3,980 12,222 450 15 109 304 1,364 112 97,593 72 350 150,431 37,401 15,356 117 477 5 1 251 45 5,266 2,216 11 15 2,297 302 1,272 93 2,103 688 68 105 149 66 15,716 15 75 169,537 349 189 201,428 14,392 8,365 1,032 378 856 3,501 1,137 4,108 2,713 9,683 31,924 2,932 4 9 4 201 175 620 901 5 189 50 106 824 489 1,590 1,476 1,635 6,167 874 347 143 1,190 2,192 501 514,176 30,655 38,553 962,848 372,037 16,774 12,851 12,534 73,984 24,560 555 22 434 1,572 461 340 57 69 516 12 8,009 8,303 6,091 60,371 13,105 5,527 1,128 5,076 16,617 4,140 28 412 35 1,470 760 7,952 5,830 3,248 40,964 3,892 708 30 137 884 63 21,436 5,969 17,869 56,078 5,750 7,560 2,742 2,514 49,994 20,988 56 94 193 3,863 2,832 866 580 222 1,521 246 64 27 5 1,302 1,235 409 32 476 19,749 8,010 17 2 288 270 1,515 4,927 7,362 16,122 7,960 24,205 4,005 28,347 54,772 2,514 28,292 1,763 11,966 55,024 7,297 103 1,132 444 2,206 1,959 58 470 3 3,087 2,714 310,825 150,526 321,995 2,075,414 1,046,683 7,438 2,250 2,598 33,019 19,013 1,004 273 309 4,268 1,232 965,388 239,013 474,571 3,581,450 1,553,674 582,840 73,675 103,860 1,269,223 436,752 77,950 49,455 65,720 292,258 84,426 52 411 899 1,035 289 26 1,430 227 533 166 31 210 5,309 139 491 516 244 31 6 3 2,760 315 224 175 84 64 5,052 1,201 3,640 3,206 459 157 142 66 6,769 1,425 838 670 1,281 199 20,053 1,328 4,701 803 1,537 159 197 26 6,273 611 464 918 478 91 17,586 849 6,501 958 292 64 142 5 6,798 566 234 414 152 31 17,006 3,138 60,167 12,341 6,458 1,660 733 450 37,373 3,599 2,313 4,219 2,221 1,304 135,976 44 2,161 2,094 139 2,729 171 37,231 30,852 448 5 6,401 117 5,378 13,722 115 53,123 100,107 3,239 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 356 604 16 3 515 74 8,376 5,877 18 30 18,108 572 2 6,436 1 4,035 16,598 519 19 10,705 106 2,795 2,190 1 72 116,570 251 961 195,811 44,598 15,985 162 3,661 1 21 553 92 4,313 3,119 10 7 9,208 177 83 3,919 6 1,341 2,176 9 22 117 139 237 4,446 4 162,785 1,208 221 198,037 26,235 6,018 941 4,119 5 166 177 2,412 414 516,072 19,044 788 321 7,773 5,804 12 9,614 725 23,629 6,020 56 826 65 414 17 1,572 26,849 26,086 94 57 305,956 7,989 906 968,923 591,111 77,257 212 8,869 78 9 517 192 26,353 9,241 33 70 6,491 700 591 13,011 6 3,464 1,707 233 222 2 195 247 2,464 2,642 12 238 135,312 1,834 110 215,057 69,144 46,126 693 11,739 635 125 1,296 919 35,697 12,142 262 76 5,686 5,223 22 4,091 83 17,860 2,505 214 185 308 1 6,098 19,913 12,363 140 2 308,108 2,724 837 449,948 101,383 62,446 474 48,256 5,559 4,053 1,056 284 366 15,096 508 592 2,036 240 416 78,936 54 86 1,064 925 8 42 2 1,387 214 341 62 179 498 4,862 86 72 546 193 65 135 1 1,238 211 24 114 105 101 2,891 1,329 3,343 3,310 408 168 85 69 7,711 1,476 740 768 1,265 186 20,858 301 2,159 601 589 102 71 6 5,135 513 268 821 155 67 10,788 894 6,251 1,261 290 261 116 6 6,806 677 348 418 277 36 17,641 7,806 43,699 610 818 1,266 1,825 112 2,514 47 39,138 32,106 514 18 6,765 81 5,231 13,757 162 CAPITAL MOVEMENTS 77 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Fourth Quarter 2008, 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. 236,801 Bermuda ................................... 130,036 British Virgin Islands 5 ............... Cayman Islands ........................ 1,608,795 Cuba ......................................... 1,716 Jamaica .................................... 27,612 Netherlands Antilles .................. 1,041 Trinidad and Tobago................. 1,426 All other Caribbean 5 ................. Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (4) (5) (3) 33,935 14,273 373,828 1,428 6,677 182 228 480,789 12,079 393 194,547 91 700 307 388 212,804 52,053 Hong Kong............................ 91,188 13,787 India...................................... 10,854 4,502 Indonesia .............................. 2,396 968 Israel..................................... 47,242 35,712 Japan.................................... 289,889 161,370 Korea, South......................... 21,072 7,371 Lebanon................................ 262 Malaysia................................ 4,216 451 Pakistan................................ 99 Philippines ............................ 2,564 1,444 Singapore ............................. 54,669 11,724 Syria ..................................... 18 Taiwan .................................. 34,488 18,167 Thailand................................ 5,332 3,630 38,075 18,847 All other Asia......................... 330,026 676,758 Total Asia.......................... Africa: Egypt .................................... 1,732 975 Liberia................................... 878 14 Morocco................................ 170 134 South Africa .......................... 1,896 396 8,090 5,420 All other Africa ...................... 6,939 12,766 Total Africa ....................... Other countries: Australia................................ 46,867 6,736 New Zealand......................... 1,651 125 182 10 All other ................................ 48,700 6,871 Total other countries ......... Total foreign countries .. 6,919,013 2,533,459 International and regional orgs: International organizations .... 5,803 2,410 3,347 260 Regional organizations 6 ....... Total international and 2,670 9,150 regional organizations.... Grand total.................... 6,928,163 2,536,129 8,609 5,761 441 1,158 16,956 3,721 360 7 104 12,808 6,319 253 7,761 64,258 5,188 2,867 7 2 885 4,747 617 8 134 10 25 1,329 809 596 17,224 23 7 105 274 409 1 47 159 207 Total Caribbean.................... 2,159,272 Asia: 74,394 China, Mainland. ....................... 1 5,270 505 1 5,776 454,343 583 345 928 455,271 Foreign securities Bonds (6) 6,844 152,125 4,959 80,704 61,452 766,196 18 29 227 8,173 38 96 44 638 76,621 1,076,492 1,679 5,236 34,499 128 7,921 223 57 56,266 4,102 3,189 10,921 1,171 304 181 218 170 6,008 189 20,085 17,959 912 1,306 207 2 305 1,061 68 1 344 200 12,779 1,903 5 4,413 100 234 204 6,836 2,527 67,741 30,163 119 627 16 277 835 1,874 66 18 110 610 804 Total sales (8) 883 413 4 1 1,836 1,602 Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (11) (12) (10) 30,139 233,908 24,471 134,403 178,273 1,641,856 22 1,625 3,914 24,034 195 855 71 1,372 256,300 2,194,522 26,186 11,781 371,682 1,384 5,040 150 258 468,596 12,365 1,393 229,966 141 316 244 247 248,581 1,253 56,681 5,860 597 3,290 68,772 7,145 45 1,905 13 447 14,126 13 4,680 1,011 1,508 167,346 75,363 86,694 9,068 5,782 44,003 276,209 42,028 253 5,293 129 3,165 44,635 18 21,234 4,335 28,471 646,680 47,820 16,859 3,180 4,101 34,223 155,753 16,279 1 1,459 14 2,159 10,035 9,625 2,904 8,024 312,436 548 165 20 1,008 792 2,533 2,051 1,094 834 2,524 3,378 9,881 1,428 5 136 1,209 1,567 4,345 1,574 5,944 6,346 20,997 48,575 8,324 56 341 381 243 2,705 22 3 147 1 20 221 1,633 6,432 6,728 21,260 51,501 8,346 310,530 2,215,930 400,015 1,004,736 6,912,268 2,510,759 87 726 4,510 2,556 2,896 439 1,296 5 3,438 813 7,066 3,335 311,826 2,215,935 403,453 1,005,549 6,919,334 2,514,094 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 2 Stocks (7) Marketable Treasury and Federal Financing Bank bonds and notes (9) Foreign securities Bonds (13) Stocks (14) 7,426 154,896 9,125 82,455 54,812 773,756 24 272 7,218 44 81 112 614 74,464 1,090,802 3,029 4,749 27,634 62 8,195 111 64 50,708 30,006 24,900 184,006 14 2,993 225 77 261,371 19,027 4,386 350 425 1,311 25,723 14,309 1,187 23 88 13,433 2,059 199 9,094 91,614 2,009 1,168 5 1 410 5,869 2,507 7 135 13 61 2,344 607 37 1,732 16,905 3,834 7,916 318 239 5,817 7,394 873 218 167 69 377 7,266 5 4,728 249 6,739 46,209 1,539 1,197 46 321 140 21,693 2,432 1 688 3 128 1,498 214 178 1,346 31,424 1,134 55,168 5,169 695 2,102 59,777 5,628 26 1,657 7 352 10,059 13 4,001 768 1,536 148,092 78 8 660 200 23 969 5 84 9 7 105 118 734 18 251 718 1,839 64 31 4 49 213 361 358 232 16 806 850 2,262 5,707 1,094 7,326 6,017 1,449 483 28 443 21 1 174 5 6,211 1,123 7,943 7,471 564,033 299,543 2,213,831 361,935 20,107 280 20 20,407 962,167 739 655 464 85 4 2 341 1,134 66 241 1,394 549 6 1,475 565,427 300,092 2,213,837 363,410 307 962,474 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 2009 CAPITAL MOVEMENTS 78 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2008 [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Markeable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Europe: Austria............................... 23,639 Belgium............................. 71,504 Bulgaria............................. 68 Cyprus 1 ........................... 7,425 Czech Republic................. 6,625 Denmark ........................... 48,276 Finland .............................. 12,059 France............................... 4,633,835 Germany ........................... 430,334 Greece .............................. 11,207 Hungary ............................ 3,061 Ireland............................... 783,943 Italy ................................... 78,234 Kazakhstan 1 .................... 11,446 Luxembourg ...................... 150,568 Monaco 1 ......................... 5,390 Netherlands....................... 307,427 Norway.............................. 241,206 Poland............................... 23,617 Portugal............................. 9,577 Romania............................ 4,387 Russia............................... 61,870 Serbia and Montenegro 2 .. 751 Spain................................. 91,473 Sweden............................. 235,668 Switzerland ....................... 260,757 Turkey............................... 24,843 Ukraine 1 .......................... 5,341 United Kingdom................. 12,562,494 Channel Islands ................ 93,123 16,469 All other Europe 1 .............. Total Europe ................. 20,216,621 Memo: Euro Area 3 ................ 6,616,063 Canada ................................. 1,555,996 Latin America: Argentina........................... Brazil................................. Chile.................................. Colombia........................... Costa Rica 4 ..................... Ecuador............................. Guatemala ........................ Mexico .............................. Panama............................. Peru .................................. Uruguay ............................ Venezuela ......................... All other Latin America 4 ... Total Latin America ....... See footnotes at end of table. March 2009 21,938 214,346 73,675 39,353 7,876 3,559 1,567 172,020 16,843 14,769 18,571 9,649 4,236 598,402 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 8,218 1,149 8,659 1,391 42 176 47 3,721 473 6,817 4,186 3,227 1,065 2,148,440 39,769 110,846 25,390 1,715 156 495 152 336,159 54,208 13,596 2,275 8,666 533 12,109 36,286 251 113 44,308 17,183 108,014 57,614 19,362 2,374 2,455 182 3,922 3 41,882 10,953 497 20,503 674 10,039 14,121 38,371 6,951 15,581 699 3,780 150 6,981,672 505,757 38,351 632 3,963 1,428 9,995,837 785,915 5,060 23,101 754 5,693 2,765 3,647 16,480 8,392 32,935 121,652 21 5 83 4,888 6,616 82 1,201 1,031 45 1,099 507 780 7,066 1,766 17,928 8,421 9,158 45,060 128 1,282 1,256 5,101 10,559 20,083 2,196,755 93,710 135,078 4,629,041 22,300 153,170 62,586 56,042 431,517 98 2,167 4,719 2,353 6,563 442 3,255 88 1,166 718 20,830 45,848 296,846 30,052 806,485 1,165 28,848 11,554 20,796 72,440 114 95 1,839 199 9,829 16,404 41,946 18,021 25,802 245,892 228 3,788 322 688 5,142 7,424 120,721 26,024 91,768 311,147 11,392 39,934 9,599 14,653 210,031 806 16,728 8 215 852 161 3,793 1,784 1,202 8,102 9 344 96 13 5,052 676 1,660 1,230 5,469 51,600 227 27 894 26,856 71,224 7,727 7,021 28,692 2,201 85,907 19,176 104,224 217,923 29,065 113,501 9,189 63,680 246,148 44 870 5,903 1,746 21,874 132 172 1,092 15 7,016 660,255 1,850,548 809,427 1,754,835 12,232,042 4,088 28,851 6,117 15,084 103,294 402 5,507 1,935 3,236 17,286 811,316 4,776,758 1,433,804 2,412,991 19,944,660 9,273 1,431 10,600 2,992 34 5 112 71 4,009 1,373 6,468 6,069 2,866 1,100 2,163,800 37,009 110,124 28,779 1,533 52 732 110 340,410 57,608 12,840 3,520 7,022 870 19,201 63,029 353 19 49,097 18,252 75,202 64,110 13,505 1,283 1,364 127 4,141 535 30,689 14,535 593 9 28,424 1,621 13,175 17,345 37,212 8,900 17,231 9 5,438 741 6,793,113 427,630 36,983 2,193 3,741 2,234 9,799,286 763,563 1,098 5,274 1,177 4,848 14,796 17,522 43,320 32,423 13 28 3 49 1,064 567 4,752 116 925 114 529 2,279 17,536 3,367 9,341 212 1,318 454 4,608 22,074 2,203,944 67,509 134,704 17,347 172,511 50,595 52,160 42 2,660 160 2,115 221 1,003 730 459 36,156 45,010 294,434 32,866 1,008 30,683 2,642 21,747 137 78 1,621 101 25,857 49,604 61,317 26,883 62 3,865 236 607 7,788 122,190 21,564 92,256 12,951 32,448 11,850 13,470 22 307 499 1,112 113 3,648 1,512 1,338 348 23 5 128 1,612 400 4,236 1 225 20 46 8,747 7,096 1,114 24,222 2,720 80,811 13,320 90,552 17,170 108,097 11,605 63,164 32 877 2,078 1,647 37 207 464 129 628,324 1,820,612 805,460 1,756,903 16,643 28,277 3,881 15,317 1,011 5,332 1,769 3,199 817,154 4,765,112 1,403,805 2,395,740 2,710,954 179,824 100,963 2,627,384 2,750,135 215,667 135,584 2,664,849 557,824 439,114 6,749,038 546,708 436,095 519,217 63,371 36,373 381,819 253,441 301,775 1,538,756 525,125 57,937 29,179 374,436 248,326 303,753 1,777 116,128 40,688 23,098 5,115 815 784 54,938 2,364 4,913 7,285 695 1,261 259,861 263 4,724 3,106 4,302 353 245 18 16,338 1,263 1,858 569 631 1,321 34,991 771 1,318 1,664 1,177 268 224 45 8,865 1,640 550 890 467 222 18,101 6,140 21,349 13,855 3,797 1,012 424 309 31,885 5,293 2,857 3,210 3,573 844 94,548 6,981 26,081 7,173 6,006 733 607 335 24,657 3,282 2,873 4,428 3,284 311 86,751 6,006 44,746 7,189 973 395 1,244 76 35,337 3,001 1,718 2,189 999 277 104,150 19,277 216,989 67,770 34,639 7,359 3,620 1,810 159,736 15,405 8,682 15,979 15,442 4,856 571,564 1,940 126,353 35,982 21,742 4,911 804 1,132 61,995 2,224 1,347 6,546 1,102 2,012 268,090 486 4,254 4,121 2,571 84 464 25 11,314 986 1,331 667 633 1,309 28,245 349 576 1,543 809 263 573 27 7,123 1,237 181 500 487 191 13,859 5,767 19,911 13,047 3,805 1,010 311 303 31,378 4,875 2,881 3,000 3,316 804 90,408 4,580 13,012 4,874 4,715 470 403 261 17,465 2,787 967 3,204 8,916 239 61,893 6,155 52,883 8,203 997 621 1,065 62 30,461 3,296 1,975 2,062 988 301 109,069 CAPITAL MOVEMENTS 79 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2008, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Caribbean: Anguilla 5............................... 419,600 Bahamas .............................. 615,505 5 Barbados ............................ 9,359 Bermuda ............................... 1,375,448 British Virgin Islands 5 ........... 791,830 Cayman Islands .................... 8,709,517 Cuba..................................... Jamaica ................................ 6,521 Netherlands Antilles.............. 211,843 Trinidad and Tobago............. 4,683 6,011 All other Caribbean ............... Total Caribbean................ 12,150,316 Asia: China, Mainland ............... Hong Kong ........................ India .................................. Indonesia........................... Israel ................................. Japan ................................ Korea, South ..................... Lebanon ............................ Malaysia............................ Pakistan ............................ Philippines......................... Singapore.......................... Syria.................................. Taiwan .............................. Thailand ............................ All other Asia ..................... Total Asia ...................... Africa: Egypt................................. Liberia ............................... Morocco ............................ South Africa....................... All other Africa................... Total Africa.................... Other countries: Australia ............................ New Zealand ..................... All other............................. Total other countries...... Total foreign countries ............... International and regional orgs: International organizations... Regional organizations 6 ..... Total international and regional organizations....... Grand total................... Market able Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallysponsored agencies (3) 18,895 649 309,695 10,533 1,120 5,238 186,452 62,867 76,921 4,787 1,618,303 1,112,416 4,891 866 112,039 4,550 648 1,106 821 1,280 2,329,785 1,204,292 496,924 285,900 551,023 66,770 43,772 12,233 5,999 13,574 313,004 266,982 1,310,674 551,563 45,127 129,871 1,314 110 34,156 10,168 70 1,185 14,764 7,652 266,829 66,851 515 106,989 32,898 21,132 13,626 172,652 64,534 3,478,378 1,430,483 Domestic securities Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 782 350,952 21,104 179,449 598 1,207 43,792 863,289 33,286 509,167 337,388 4,405,105 129 217 2,647 61,137 220 369 412 2,506 440,358 6,373,398 993 47,328 423,524 19,700 860 22,323 72,401 627,590 322,400 8,387 471 725 8,779 1,139 4,884 28,209 190,839 1,419,313 177,259 100,828 28,656 139,013 807,219 74,611 4,205 181,001 1,055,304 8,742,488 1,583,853 1,163,803 367 51 7,129 4,902 1,098 10,792 20,678 221,043 116,721 3,957 985 1,355 4,256 537 908 308 684 5,971 708 1,371 274,105 1,528,378 12,267,312 2,301,830 1,290,301 129,929 54,637 35 987 3,548 143,744 25,295 10,036 187 912 46,177 18,199 782 34,566 469,034 42,054 14,410 151 22 2,396 60,732 8,041 47 697 62 345 8,412 3,071 218 9,828 150,486 15,652 77,700 2,756 928 25,211 61,640 5,362 947 986 307 1,742 53,079 449 22,607 788 43,639 313,793 17,731 7,118 850 1,061 1,438 89,913 9,191 43 3,466 30 2,178 14,769 2,130 960 10,793 161,671 5,658 354,574 201,157 330,388 472,297 60,528 27,747 36,017 10,185 4,577 19,781 11,874 13,429 312,186 269,094 403,082 1,236,576 545,486 36,855 147,867 56,298 167 1,248 136 8,803 30,866 11,112 529 2,497 51 1,935 16,423 9,770 77,541 259,207 73,887 66 511 28,084 95,194 27,069 4,758 22,491 16,495 9,292 144,424 38,441 952,911 3,152,159 1,331,583 Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 1,051 353,181 20,921 181,298 402 1,097 44,186 864,444 39,606 513,717 308,370 4,434,258 107 197 2,619 65,815 226 393 328 2,451 417,816 6,416,851 1,127 47,605 22,403 72,181 472 785 43,172 189,424 28,868 146,212 163,086 1,089,118 779 46 10,744 21,187 762 1,430 373 740 271,786 1,568,728 113,191 30,096 361 841 3,800 137,637 41,534 3 7,895 1,451 898 48,032 15,675 518 49,146 451,078 12,456 7,404 54 3 1,809 38,476 7,411 50 389 134 262 9,489 1,421 58 6,434 85,850 16,358 50,238 1,412 955 24,250 40,258 2,610 884 957 312 1,747 48,362 444 22,595 801 36,302 248,485 5,499 6,073 493 1,401 568 93,251 7,386 10 2,231 31 1,969 7,277 1,829 585 6,622 135,225 5,913 317,958 23,512 4,707 12,665 381,468 32,628 165 8,282 518 1,777 72,160 67 26,605 4,034 7,479 899,938 12,984 3,568 574 11,489 35,724 64,339 8,606 47 280 4,769 18,374 32,076 157 38 88 302 888 1,473 12 127 3 23 277 442 439 2,361 127 1,358 6,937 11,222 448 161 34 1,242 5,520 7,405 3,322 834 42 3,795 3,728 11,721 13,134 6,345 3,187 15,765 22,661 61,092 7,513 133 549 7,063 6,509 21,767 1,859 15 2,377 411 326 4,988 34 445 2 89 58 628 434 4,948 131 1,025 9,326 15,864 142 58 20 3,015 981 4,216 3,152 746 108 4,162 5,461 13,629 260,087 7,908 824 268,819 50,433 576 71 51,080 22,562 2,625 102 25,289 7,981 177 16 8,174 36,928 1,522 483 38,933 27,446 1,495 20 28,961 114,737 1,513 132 116,382 274,308 18,021 1,145 293,474 53,426 729 39 54,194 22,618 2,310 86 25,014 7,662 174 14 7,850 36,588 1,541 464 38,593 38,589 11,762 29 50,380 115,425 1,505 513 117,443 38,332,871 14,618,339 2,584,365 1,465,250 11,990,471 2,246,138 5,428,308 37,829,017 14,301,875 2,621,126 1,372,336 11,949,749 2,175,631 5,408,300 14,898 20,993 6,833 2,360 2,270 2,265 1,238 571 115 50 4,113 13,371 329 2,376 13,802 11,358 7,024 2,613 2,411 3,127 625 570 98 38 3,431 2,580 213 2,430 35,891 9,193 4,535 1,809 165 17,484 2,705 25,160 9,637 5,538 1,195 136 6,011 2,643 38,368,762 14,627,532 2,588,900 1,467,059 11,990,636 2,263,622 5,431,013 37,854,177 14,311,512 2,626,664 1,373,531 11,949,885 2,181,642 5,410,943 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 2 Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other Caribbean.” 6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. March 2009 80 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 900 (In billions of dollars) 800 700 600 Note: To facilitate comparison of net purchases during 2008 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 500 400 300 200 100 0 -100 -200 2005 2006 2007 2008 2008 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] Calendar years Country United Kingdom.......................... All other Europe ......................... Caribbean banking centers 1 ......... Japan.......................................... All other Asia .............................. Subtotal .................................. All other countries ...................... Grand total.............................. 1 2008 Oct - Dec. 2005 2006 2007 2008 363,593 146,910 102,259 79,814 187,284 879,860 131,680 472,380 126,118 139,732 58,050 226,863 1,023,143 120,078 546,592 5,310 74,788 -303 234,778 861,165 144,657 328,553 -103,842 -75,093 55,822 190,978 396,418 16,117 8,316 -30,879 -32,877 8,419 3,666 -43,355 -30,934 1,011,540 1,143,221 1,005,822 412,535 -74,289 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. March 2009 The data on this page represent foreign investors’ purchases and sales of longterm U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported to the TIC reporting system. Foreign investors 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 $36 billion in 2004, $6 billion in 2005, $4 billion in 2006, $11 billion in 2007, and less than $1 billion in 2008. (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 $86 billion in 2004, $144 billion in 2005, $160 billion in 2006, $235 billion in 2007, and $193 billion in 2008. Net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2005, net foreign acquisitions of U.S. securities (including stock swaps and accounting for ABS repayment flows) totaled $873 billion. Net purchases reached a new record of $987 billion in 2006, but then slowed to $782 billion in 2007. Net acquisitions slowed further to $219 billion in 2008, as foreign investors acquired $364 billion in U.S. securities in the first half of the year, but on net sold U.S. securities in the second half of the year. For the fourth quarter, net sales (after accounting for ABS repayments) were $110 billion. CAPITAL MOVEMENTS 81 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 500 (In billions of dollars) 400 Note: To facilitate comparison of net purchases during 2008 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 300 200 100 0 -100 -200 -300 -400 2004 2005 Foreign bonds 2006 2007 2008 Foreign stocks 2008 Oct.-Dec. Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ........... Foreign stocks........... Total ........................ 2004 2005 2006 2007 2008 2008 Oct - Dec. 67,872 84,970 152,842 45,095 127,296 172,391 144,452 106,455 250,907 133,923 95,300 229,223 -81,980 20,070 -102,050 -40,043 -43,075 -83,118 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, $4 billion in 2005, $19 billion in 2006, $11 billion in 2007, and $4 billion in 2008. (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, $176 billion in 2005, and $270 billion in 2006. The pace of acquisition eased a bit in 2007, as U.S. investors acquired $241 billion in foreign securities. In 2008, U.S. investors switched to net sales of $98 billion in foreign securities, with net sales (after accounting for acquisitions through stock swaps) of $82 billion in the fourth quarter. March 2009 CAPITAL MOVEMENTS 82 SECTION V.—Holdings of, and Transactions in, Financial Derivatives Contracts with Foreigners Reported by Businesses in the United States TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, by Type of Contract [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2006 Dec. 2007 Sept. 2008 Dec. Mar. June Sept. p Gross total of holdings with negative fair values ........................... 1,179,159 1,649,656 2,487,860 4,055,518 3,528,055 3,138,386 Total over-the-counter (OTC) contracts..................................... 1,156,241 1,621,385 2,456,093 4,015,089 3,469,018 3,092,038 Single-currency interest rate contracts .................................. 749,009 901,771 1,434,083 2,320,674 1,781,034 1,602,170 Forwards ............................................................................ 541 1,483 1,410 3,554 4,586 8,046 Swaps ................................................................................ 678,413 795,200 1,275,308 2,125,556 1,594,291 1,425,059 Options............................................................................... 70,055 105,088 157,365 191,564 182,157 169,065 Foreign exchange contracts .................................................. 151,046 242,717 240,138 367,553 294,743 325,466 Forwards ............................................................................ 47,068 85,173 72,450 120,033 87,327 113,706 Swaps ................................................................................ 78,390 115,327 115,889 172,489 151,177 160,807 Options............................................................................... 25,588 42,217 51,799 75,031 56,239 50,953 Other contracts ...................................................................... 256,186 476,897 781,872 1,326,862 1,393,241 1,164,402 Total exchange-traded contracts ............................................... 22,918 28,271 31,767 40,429 59,037 46,348 Own contracts on foreign exchanges .................................... 4,042 3,799 4,101 6,033 5,837 5,158 U.S. customers’ contracts on foreign exchanges.................. 2,738 3,337 3,658 4,019 6,110 5,561 Foreign counterparty contracts on U.S. exchanges .............. 16,138 21,135 24,008 30,377 47,090 35,629 Contracts with own foreign office........................................... 312,724 475,390 615,885 1,018,175 937,871 960,208 Contracts with foreign official institutions .............................. 9,586 13,916 14,495 15,166 13,152 12,094 Contracts of U.S. depository institutions with foreigners....... 391,948 511,518 790,580 1,409,843 997,078 1,180,178 Gross total of holdings with positive fair values............................. 1,238,995 1,720,605 2,559,332 4,186,275 3,638,417 3,240,318 Total over-the-counter (OTC) contracts..................................... 1,213,354 1,687,484 2,526,075 4,142,982 3,575,564 3,190,484 Single-currency interest rate contracts .................................. 793,057 936,941 1,463,086 2,363,064 1,825,236 1,655,033 Forwards ............................................................................ 1,027 1,646 1,234 3,445 4,926 5,119 Swaps ................................................................................ 702,386 815,722 1,288,685 2,146,969 1,619,634 1,463,033 Options............................................................................... 89,644 119,573 173,167 212,650 200,676 186,881 Foreign exchange contracts .................................................. 176,267 279,826 290,943 436,499 349,048 356,026 Memorandum items: Forwards ............................................................................ 44,941 79,290 73,894 123,941 82,668 118,693 Swaps ................................................................................ 102,795 153,116 160,129 230,375 205,104 179,177 Options............................................................................... 28,531 47,420 56,920 82,183 61,276 58,156 Other contracts ...................................................................... 244,030 470,717 772,046 1,343,419 1,401,280 1,179,425 Total exchange-traded contracts ............................................... 25,641 33,121 33,257 43,293 62,853 49,834 3,708 Own contracts on foreign exchanges .................................... 4,590 5,063 4,558 5,730 5,665 Customers’ contracts on foreign exchanges ......................... 2,882 3,109 3,422 4,869 7,742 6,553 Foreign counterparty contracts on U.S. exchanges .............. 18,169 24,949 25,277 32,694 49,446 39,573 318,870 479,632 623,349 1,044,166 955,322 975,010 Memorandum items: Contracts with own foreign office........................................... Contracts with foreign official institutions .............................. 10,385 11,017 13,040 17,015 12,861 9,657 Contracts of U.S. depository institutions with foreigners....... 407,594 526,490 811,889 1,435,062 1,029,986 1,205,971 March 2009 CAPITAL MOVEMENTS 83 TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2006 Country 2007 Dec. Sept. 2008 Dec. Mar. June Sept. p Europe: Belgium .......................................................................... 9,338 9,699 12,803 16,305 17,750 12,470 France ............................................................................ 67,056 87,513 130,795 215,113 194,366 164,518 Germany ........................................................................ 85,235 110,814 175,390 276,936 255,611 177,000 Ireland ............................................................................ 115,002 121,036 162,977 265,049 184,059 213,901 Italy................................................................................. 5,850 5,070 6,412 8,841 8,952 6,652 Netherlands.................................................................... 21,114 26,644 31,659 60,808 58,928 39,964 Switzerland .................................................................... 28,036 42,079 61,915 104,751 97,204 77,780 United Kingdom ............................................................. 632,362 963,006 1,535,536 2,594,941 2,251,499 2,056,285 All other Europe ............................................................. 30,383 41,971 56,910 59,745 74,959 60,224 Total Europe .............................................................. 994,376 1,407,832 2,174,397 3,602,489 3,143,328 2,808,794 Memo: Euro Area ........................................................ 323,436 387,989 549,170 879,490 757,354 645,097 Memo: European Union 2............................................... 963,045 1,360,096 2,095,271 3,488,499 3,022,261 2,712,917 Canada............................................................................... 27,239 39,513 43,759 58,898 58,529 50,780 Total Latin America ............................................................ 13,299 13,908 13,764 18,827 17,092 13,013 1 Caribbean: Cayman Islands ............................................................. 57,234 82,005 110,074 144,650 122,194 105,342 All other Caribbean ........................................................ 15,655 18,331 22,706 30,542 32,122 24,521 Total Caribbean ......................................................... 72,889 100,336 132,780 175,192 154,316 129,863 Asia: Japan ........................................................................... 37,077 40,878 67,577 101,660 66,700 62,813 All other Asia.................................................................. 16,367 23,546 33,085 66,326 57,373 46,370 Total Asia ................................................................... 53,444 64,424 100,662 167,986 124,073 109,183 Total Africa......................................................................... 2,153 2,794 3,025 3,930 5,845 4,402 10,567 14,915 13,239 20,309 18,648 16,328 Other countries: Australia ......................................................................... 1 All other .......................................................................... 576 801 849 789 547 652 Total other countries .................................................. 11,143 15,716 14,088 21,098 19,195 16,980 Total foreign countries ........................................... 1,174,543 1,644,523 2,482,475 4,048,420 3,522,378 3,133,015 Total International and regional organizations .................. 4,616 5,135 5,389 7,097 5,677 5,372 Grand total ................................................................. 1,179,159 1,649,656 2,487,860 4,055,518 3,528,055 3,138,386 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. March 2009 CAPITAL MOVEMENTS 84 TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 2006 2007 Dec. Sept. 2008 Dec. Mar. June Sept. p Europe: Belgium ..................................................................... 9,806 9,314 13,329 18,708 19,872 14,308 France ....................................................................... 73,478 93,953 139,382 226,062 204,125 173,382 Germany.................................................................... 97,012 121,413 185,036 290,360 271,668 188,081 Ireland ....................................................................... 120,433 126,251 163,883 275,417 193,358 222,010 Italy............................................................................ 12,119 12,539 15,668 20,850 20,761 12,104 Netherlands............................................................... 23,547 30,090 36,044 66,908 63,412 41,475 Switzerland................................................................ 29,175 47,315 69,586 111,750 103,906 86,565 United Kingdom......................................................... 658,948 997,074 1,558,496 2,639,440 2,272,620 2,095,015 All other Europe ........................................................ 23,466 31,943 47,949 51,901 67,924 53,003 Total Europe.......................................................... 1,047,984 1,469,891 2,229,373 3,701,396 3,217,646 2,885,943 Memo: Euro Area 1 .................................................... 349,741 409,853 572,162 925,817 801,150 673,406 Memo: European Union 2 .......................................... 1,015,511 1,418,452 2,144,029 3,581,027 3,090,441 2,780,637 Canada.......................................................................... 31,611 45,346 51,648 71,569 74,917 55,752 Total Latin America ....................................................... 14,278 16,055 16,037 21,763 20,120 15,338 Cayman Islands ........................................................ 49,702 76,659 112,007 154,244 131,186 114,599 All other Caribbean ................................................... 17,461 17,114 21,305 30,145 28,070 25,422 Total Caribbean..................................................... 67,163 93,773 133,312 184,389 159,256 140,021 Caribbean: Asia: Japan......................................................................... 38,327 41,031 66,643 98,841 65,405 61,821 All other Asia ............................................................. 19,560 26,414 36,647 73,158 64,837 54,199 Total Asia .............................................................. 57,887 67,445 103,290 171,999 130,242 116,020 Total Africa .................................................................... 3,088 3,579 4,260 4,987 6,155 4,722 Other countries: Australia .................................................................... 13,509 20,397 17,356 25,327 25,666 18,402 All other ..................................................................... 762 865 954 1,042 708 955 Total other countries ............................................. 14,271 21,262 18,310 26,369 26,374 19,357 Total foreign countries ...................................... 1,236,282 1,717,351 2,556,230 4,182,472 3,634,710 3,237,153 Total international and regional organizations.............. 2,713 3,253 3,104 3,802 3,705 3,164 Grand total ............................................................ 1,238,995 1,720,605 2,559,332 4,186,275 3,638,417 3,240,318 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. March 2009 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. CAPITAL MOVEMENTS 85 TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract [In millions of dollars. Source: Treasury International Capital Reporting System] 2007 Type of Derivatives Contract Total Total over-the-counter (OTC) contracts................................................. 6,851 Single-currency interest rate contracts .............................................. 2007 July - Sept. 2008 Oct. - Dec. Jan. - Mar. Apr. - June. July - Sept. p. 5,001 -9,218 -4,221 -4,617 -6,443 11,030 4,365 -399 -6,127 -4 421 Foreign exchange contracts............................................................... -3,814 -2,229 -824 -3,559 768 -5,564 Other contracts................................................................................... -365 2,865 -7,995 5,465 -5,381 -1,300 Total exchange-traded contracts ........................................................... -629 941 -4,290 -3,745 2,262 2,368 Own contracts on foreign exchanges ................................................ 3,566 2,353 -1,095 1,709 7,227 971 U.S. customers’ contracts on foreign exchanges .............................. 2,634 -627 543 -648 1,185 -4,608 Foreign counterparty contacts on U.S. exchanges ........................... -6,829 -785 -3,738 -4,806 -6,150 6,005 Total net cash settlements from foreigners ........................................... 6,222 5,942 -13,508 -7,966 -2,355 -4,075 872 -309 309 1,431 -1,198 768 Memorandum items: Contracts with foreign official institutions....................................... Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. March 2009 CAPITAL MOVEMENTS 86 TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country [In millions of dollars. Source: Treasury International Capital Reporting System] Country 2007 Total 2007 July - Sept. Oct. - Dec. Jan. - Mar. 2008 Apr. - June July - Sept. p Europe: Belgium ................................................................................. -2,380 381 -2,396 23 101 188 France ................................................................................... -3,685 -1,175 -103 -156 -2,673 -3,983 Germany ............................................................................... 84 -1,804 338 -563 -2,746 1,310 Ireland ................................................................................... -319 605 1,087 -1,061 -318 -789 Italy........................................................................................ 730 641 303 -249 41 -1,004 Netherlands........................................................................... 516 -444 89 -594 -3,206 124 Switzerland ........................................................................... 6,498 2,080 -887 -5,085 -996 -2,907 United Kingdom .................................................................... 12,570 8,408 -6,129 -1,866 5,581 -10,318 All other Europe .................................................................... 2,114 1,432 -1,869 1,524 -4,209 6,199 Total Europe ..................................................................... 16,128 10,123 -9,567 -8,027 -8,425 -11,180 Memo: Euro area ................................................................ -2,962 -1,018 -2,026 -2,367 -13,618 1,148 Memo: European Union ...................................................... 9,750 8,190 -8,585 -2,906 -8,153 -9,461 Canada...................................................................................... -3,005 -625 -1,145 3,139 399 -2,375 Total Latin America ................................................................... -1,329 1,346 -2,355 -330 260 -143 Cayman Islands .................................................................... -1,159 -3,732 2,738 3,149 3,109 5,462 All other Caribbean ............................................................... -250 -22 -1,117 -1,003 1,072 5,013 Total Caribbean ................................................................ -1,409 -3,754 1,621 2,146 4,181 10,475 Japan .................................................................................... -2,703 511 -2,264 -4,730 2,998 -2,784 All other Asia......................................................................... -12 -1,885 -363 -1,647 -1,642 196 Total Asia .......................................................................... -2,715 -1,374 -2,627 -6,377 1,356 -2,588 Total Africa................................................................................ -264 329 -118 -146 36 137 Australia ................................................................................ -1,602 -36 1,095 1,352 35 1,758 All other ................................................................................. -230 -65 9 18 49 -69 Total other countries ......................................................... -1,832 -101 1,104 1,370 84 1,689 Total foreign countries .................................................. 5,574 5,944 -13,087 -8,225 -2,109 -3,985 Total international and regional organizations.......................... 651 -2 -418 255 -247 -98 Grand total ........................................................................ 6,222 5,942 -13,508 -7,966 -2,355 -4,075 1 2 Caribbean: Asia: Other countries: 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Note.—Negative figures indicate net cash payments or a net outflow of capital from the United the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes States. Slovenia; however, separate data for Slovenia are not available. 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. March 2009 87 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. March 2009 FOREIGN CURRENCY POSITIONS 88 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 07/09/08 .................................................................... 711,322 732,182 1,051 1.0108 07/16/08 .................................................................... 715,333 735,096 1,052 1.0020 07/23/08 .................................................................... 697,995 719,553 712 1.0088 07/30/08 .................................................................... 757,078 777,097 478 1.0240 08/06/08 .................................................................... 774,042 793,291 -15 1.0470 08/13/08 .................................................................... 784,424 804,575 -110 1.0658 08/20/08 .................................................................... 778,138 800,182 164 1.0627 08/27/08 .................................................................... 812,165 835,662 995 1.0483 09/03/08 .................................................................... 845,058 869,690 1,213 1.0610 09/10/08 .................................................................... 876,972 894,307 993 1.0735 09/17/08 .................................................................... 704,084 717,697 900 1.0788 09/24/08 .................................................................... 705,521 736,071 2,075 1.0351 10/01/08 .................................................................... 726,302 755,232 1,220 1.0607 10/08/08 .................................................................... 747,856 776,565 782 1.1246 10/15/08 .................................................................... 766,619 816,424 -19 1.1804 10/22/08 .................................................................... 779,982 813,210 -244 1.2496 10/29/08 .................................................................... 815,488 847,757 -170 1.2302 11/05/08 .................................................................... 798,069 831,975 -988 1.1590 11/12/08 .................................................................... 792,728 825,515 -999 1.2296 11/19/08 .................................................................... 783,997 823,234 -1,067 1.2370 11/26/08 .................................................................... 803,255 843,667 -1,038 1.2338 12/03/08 .................................................................... 805,182 844,188 -766 1.2573 12/10/08 .................................................................... 748,643 785,797 -454 1.2553 12/17/08 .................................................................... 682,878 712,787 -494 1.2058 12/24/08 .................................................................... 617,841 648,036 -726 1.2125 12/31/08 .................................................................... 630,632 661,410 -344 1.2240 March 2009 FOREIGN CURRENCY POSITIONS 89 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 2008 - Jan ................... 776,057 792,881 192,919 172,864 73,674 69,899 80,493 84,503 -359 1.0018 Feb .................. 813,057 828,410 203,219 186,880 70,622 67,515 78,337 82,716 34 0.9796 Mar .................. 704,900 725,870 197,173 181,297 68,766 64,611 79,214 84,604 636 1.0275 Apr................... 792,511 811,750 204,674 182,754 72,251 61,955 78,321 86,569 446 1.0092 May.................. 783,032 800,143 193,260 175,265 75,246 62,438 69,409 81,474 305 0.9938 June................. 708,422 723,727 195,618 177,698 73,064 62,946 66,938 77,223 550 1.0185 July .................. 762,144 783,370 203,718 183,997 60,370 57,570 60,852 65,535 311 1.0261 Aug .................. 813,975 835,396 210,772 192,626 62,405 62,211 68,050 67,675 1,002 1.0631 Sept ................. 730,492 758,806 180,842 156,950 59,498 60,990 62,821 60,724 1,228 1.0597 Oct................... 817,607 846,772 191,668 164,583 52,351 53,220 61,117 59,599 -1,214 1.2158 Nov .................. 800,323 841,201 175,232 152,935 39,942 39,348 46,428 45,867 -1,401 1.2360 Dec .................. 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) n.a. 2,157 660 n.a. 1.1656 662 824 2,870 905 -826 1.167 463 758 2,501 688 -700 1.115 460 2,269 882 -459 1.1151 456 1,536 844 n.a. 1.1652 n.a. n.a. n.a. n.a. 1.153 259 346 1,481 805 -174 1.0634 n.a. 256 1,450 n.a. -192 0.9959 Foreign currency denominated Purchased (1) Sold (2) Assets (3) Liabilities (4) 2005 - Dec................... 25,109 32,454 96,654 2006 - Mar................... 21,479 27,460 June ................. 22,757 27,397 Sept.................. 22,644 29,191 87,920 n.a. 419 Dec................... 20,327 26,745 65,076 34,842 833 2007 - Mar................... 13,129 21,573 67,774 32,113 444 June ................. 10,551 16,894 94,501 65,451 Sept.................. 10,062 16,161 92,670 69,270 Report date Options positions Puts Calls Bought (5) Written (6) n.a. 451 n.a. n.a. n.a. n.a. Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 June.................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 Sept .................. 23,453 26,995 126,375 74,937 n.a. 1,221 2,006 n.a. -305 1.0597 March 2009 FOREIGN CURRENCY POSITIONS 90 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Purchased (1) Sold (2) 07/09/08 .................................................................. 400,950 405,428 2,444 107.12 07/16/08 .................................................................. 409,473 413,657 2,508 104.64 07/23/08 .................................................................. 400,323 404,868 2,382 107.68 07/30/08 .................................................................. 408,004 412,602 2,696 108.17 08/06/08 .................................................................. 416,106 420,953 2,575 109.39 08/13/08 .................................................................. 425,314 431,597 2,638 108.71 08/20/08 .................................................................. 414,802 420,027 2,637 109.98 08/27/08 .................................................................. 427,108 432,054 2,527 109.72 09/03/08 .................................................................. 426,579 430,636 2,534 108.18 09/10/08 .................................................................. 451,295 452,551 2,684 107.86 09/17/08 .................................................................. 382,063 387,629 2,741 104.71 09/24/08 .................................................................. 389,166 392,787 2,662 106.03 10/01/08 .................................................................. 384,427 386,643 2,881 106.06 10/08/08 .................................................................. 393,429 397,678 3,085 99.73 10/15/08 .................................................................. 384,522 387,978 2,742 101.47 10/22/08 .................................................................. 382,081 385,793 2,908 98.63 10/29/08 .................................................................. 386,310 388,470 2,989 97.48 11/05/08 .................................................................. 382,229 384,211 2,749 98.95 11/12/08 .................................................................. 372,682 376,978 2,990 95.54 11/19/08 .................................................................. 372,567 375,593 2,892 96.75 11/26/08 .................................................................. 332,477 336,149 3,308 95.46 12/03/08 .................................................................. 361,131 364,740 3,080 93.25 12/10/08 .................................................................. 313,791 316,310 2,342 92.94 12/17/08 .................................................................. 325,864 330,318 3,229 87.84 12/24/08 .................................................................. 273,736 278,154 3,180 90.68 12/31/08 .................................................................. 295,748 300,266 3,279 90.79 Report date March 2009 Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) FOREIGN CURRENCY POSITIONS 91 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.0200 2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.7100 2008 - Jan .................. 490,030 488,827 71,259 73,463 107,544 112,513 120,372 116,450 1,499 106.7400 Feb ................. 495,368 494,130 69,639 71,944 101,084 108,656 122,855 117,542 1,301 104.1900 Mar ................. 443,854 446,334 72,918 75,250 97,540 104,402 120,219 115,041 1,795 99.8500 Apr.................. 466,324 469,942 65,225 64,829 99,022 105,469 126,044 116,971 1,886 104.5300 May................. 461,438 466,315 63,410 62,519 95,209 99,745 122,994 116,228 1,860 105.4600 June................ 439,162 443,086 61,139 61,095 96,713 97,406 121,907 120,939 2,325 106.1700 July ................. 441,716 446,651 60,836 61,555 88,992 83,603 108,585 111,919 2,760 108.1000 Aug ................. 392,062 396,748 63,062 63,542 85,876 79,157 104,878 109,226 2,497 108.6900 Sept ................ 423,091 425,131 50,022 53,276 74,504 66,723 89,868 94,721 2,867 105.9400 Oct.................. 412,583 415,910 56,997 55,756 73,233 63,856 86,630 93,689 2,791 98.2800 Nov ................. 381,547 385,268 54,011 53,231 68,158 58,087 79,887 87,524 3,307 95.4600 Dec ................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.7900 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2005 - Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 Sept .................. 6,210 6,531 12,792 3,175 338 356 1,032 516 13 105.94 March 2009 FOREIGN CURRENCY POSITIONS 92 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 07/09/08 .................................................................. 909,518 912,942 5,034 1.0301 07/16/08 .................................................................. 956,480 961,463 5,450 1.0148 07/23/08 .................................................................. 945,664 950,069 5,126 1.0372 07/30/08 .................................................................. 984,538 989,975 5,376 1.0484 08/06/08 .................................................................. 971,702 975,739 n.a. 1.0602 08/13/08 .................................................................. 992,620 998,428 n.a. 1.0855 08/20/08 .................................................................. 997,669 1,005,873 4,913 1.1008 08/27/08 .................................................................. 1,026,016 1,033,517 4,426 1.1009 09/03/08 .................................................................. 1,045,545 1,053,547 4,756 1.1055 09/10/08 .................................................................. 1,097,185 1,100,484 2,268 1.1360 09/17/08 .................................................................. 865,195 872,129 3,341 1.1208 09/24/08 .................................................................. 841,059 844,977 4,387 1.0889 10/01/08 .................................................................. 883,586 884,744 3,200 1.1209 10/08/08 .................................................................. 900,125 903,661 3,460 1.1272 10/15/08 .................................................................. 909,460 910,234 1,222 1.1346 10/22/08 .................................................................. 921,676 924,984 1,182 1.1656 10/29/08 .................................................................. 903,735 907,328 1,376 1.1371 11/05/08 .................................................................. 895,349 894,256 392 1.1606 11/12/08 .................................................................. 887,579 888,223 521 1.1790 11/19/08 .................................................................. 889,482 888,491 -1,294 1.2103 11/26/08 .................................................................. 775,535 776,780 -1,355 1.2064 12/03/08 .................................................................. 867,127 868,053 -2,061 1.2142 12/10/08 .................................................................. 866,076 867,047 n.a. 1.1949 12/17/08 .................................................................. 745,495 743,722 -1,085 1.0852 12/24/08 .................................................................. 673,497 672,165 -1,072 1.0788 12/31/08 .................................................................. 642,442 640,373 -861 1.0673 March 2009 FOREIGN CURRENCY POSITIONS 93 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date 2006 - Dec................... Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 627,243 79,535 75,067 132,261 124,219 155,127 164,475 Spot, forward and future contracts Purchased Sold (1) (2) 603,056 Calls Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) n.a. 1.2195 2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 2008 - Jan ................... 1,183,779 1,190,500 94,103 93,353 298,632 296,744 271,835 261,703 6,042 1.0845 Feb .................. 1,247,179 1,246,541 98,182 103,160 303,261 296,929 272,978 261,076 6,329 1.0435 Mar .................. 1,023,038 1,024,562 89,945 94,181 312,854 311,534 279,277 264,442 4,678 0.9921 Apr................... 1,066,288 1,070,771 90,352 95,096 321,797 313,672 288,797 276,183 9,454 1.0422 May.................. 1,077,285 1,083,612 81,621 87,293 237,148 240,622 292,500 270,968 7,882 1.0426 June................. 961,572 965,153 78,608 85,377 240,478 248,576 288,702 261,523 4,852 1.0202 July .................. 1,023,986 1,028,303 81,469 84,695 236,083 228,418 256,053 248,205 4,984 1.0489 Aug .................. 912,341 918,638 80,549 87,292 235,362 n.a. n.a. 241,288 3,827 1.1019 Sept ................. 932,559 935,518 63,284 64,874 220,343 n.a. n.a. 222,942 3,158 1.1189 Oct................... 937,246 948,889 75,393 78,075 196,983 184,747 191,872 194,011 -1,471 1.1669 Nov .................. 886,183 887,457 75,284 75,755 178,017 171,105 188,261 190,888 -2,266 1.2165 Dec .................. 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2005 - Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 Sept.................. 15,914 28,874 62,698 12,101 n.a. n.a. 1,025 518 - 1.1189 March 2009 FOREIGN CURRENCY POSITIONS 94 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 07/09/08 .................................................................. 1,140,132 1,133,802 697 1.9812 07/16/08 .................................................................. 1,168,710 1,165,979 1,265 1.9995 07/23/08 .................................................................. 1,191,908 1,189,965 2,274 2.0021 07/30/08 .................................................................. 1,218,653 1,209,927 2,090 1.9810 08/06/08 .................................................................. 1,202,671 1,191,078 1,728 1.9479 08/13/08 .................................................................. 1,303,419 1,291,700 1,464 1.8682 08/20/08 .................................................................. 1,232,568 1,218,348 608 1.8603 08/27/08 .................................................................. 1,243,362 1,226,769 635 1.8318 09/03/08 .................................................................. 1,271,133 1,255,472 377 1.7795 09/10/08 .................................................................. 1,374,085 1,359,060 -443 1.7547 09/17/08 .................................................................. 1,170,684 1,161,230 -53 1.7895 09/24/08 .................................................................. 1,150,411 1,147,325 1,361 1.8502 10/01/08 .................................................................. 1,159,986 1,160,481 177 1.7804 10/08/08 .................................................................. 1,242,053 1,252,501 31 1.7310 10/15/08 .................................................................. 1,281,561 1,294,176 558 1.7432 10/22/08 .................................................................. 1,298,510 1,307,541 439 1.6174 10/29/08 .................................................................. 1,310,136 1,316,620 71 1.6298 11/05/08 .................................................................. 1,259,363 1,268,493 524 1.6156 11/12/08 .................................................................. 1,177,359 1,186,430 1,138 1.5012 11/19/08 .................................................................. 1,186,243 1,194,288 1,610 1.5095 11/26/08 .................................................................. 1,075,768 1,084,707 719 1.5218 12/03/08 .................................................................. 1,179,362 1,190,664 -443 1.4783 12/10/08 .................................................................. 1,099,673 1,110,567 -274 1.4830 12/17/08 .................................................................. 1,058,085 1,073,014 179 1.5457 12/24/08 .................................................................. 965,024 981,579 559 1.4673 12/31/08 .................................................................. 957,371 972,208 304 1.4619 March 2009 FOREIGN CURRENCY POSITIONS 95 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date 2006 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2,269 1.9586 2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 2008 - Jan ................... 1,220,025 1,231,394 463,681 374,928 76,989 66,042 110,200 119,264 1,464 1.9895 Feb .................. 1,245,182 1,249,918 471,218 368,666 78,323 67,643 114,945 125,253 1,878 1.9864 Mar .................. 1,173,412 1,179,272 474,291 375,421 80,102 69,629 124,441 139,517 1,339 1.9855 Apr................... 1,201,518 1,207,229 506,423 359,458 82,412 67,934 123,659 139,813 -310 1.9847 May.................. 1,246,155 1,248,506 479,557 332,747 84,379 68,920 111,410 126,483 -1,069 1.9793 June................. 1,172,121 1,168,789 470,463 331,253 72,241 58,749 91,843 104,769 -473 1.9906 July .................. 1,235,398 1,232,045 500,469 357,565 61,446 56,791 90,511 92,519 1,717 1.9806 Aug .................. 1,120,945 1,110,838 500,540 356,382 62,263 57,625 89,851 92,063 2,331 1.8190 Sept ................. 1,203,071 1,205,290 429,030 285,669 60,457 56,424 77,712 84,192 653 1.7804 Oct................... 1,356,523 1,365,196 448,584 319,184 61,870 58,802 76,430 79,670 678 1.6165 Nov .................. 1,206,138 1,217,492 500,194 347,609 51,130 51,199 64,123 63,733 850 1.5348 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 Dec .................. TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2005 - Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n,a. -1,292 1.9843 2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 Sept .................. 18,814 32,337 94,107 31,132 127 184 4,010 924 n.a. 1.7804 March 2009 FOREIGN CURRENCY POSITIONS 96 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 07/09/08 ................................................................ 17,058,331 17,074,878 -485 n.a. 07/16/08 ................................................................ 17,450,721 17,469,346 -4,045 n.a. 07/23/08 ................................................................ 17,402,864 17,411,829 -3,659 n.a. 07/30/08 ................................................................ 18,164,102 18,157,419 -790 n.a. 08/06/08 ................................................................ 18,013,902 18,028,375 1,966 n.a. 08/13/08 ................................................................ 18,386,126 18,388,516 1,876 n.a. 08/20/08 ................................................................ 18,147,207 18,145,537 4,086 n.a. 08/27/08 ................................................................ 18,752,292 18,756,348 1,666 n.a. 09/03/08 ................................................................ 18,568,911 18,595,390 3,175 n.a. 09/10/08 ................................................................ 19,264,034 19,328,267 8,820 n.a. 09/17/08 ................................................................ 16,747,673 16,767,152 1,765 n.a. 09/24/08 ................................................................ 16,926,195 16,960,138 -1,367 n.a. 10/01/08 ................................................................ 16,918,240 16,941,694 927 n.a. 10/08/08 ................................................................ 16,854,256 16,846,608 -4,543 n.a. 10/15/08 ................................................................ 17,104,175 17,036,148 -1,415 n.a. 10/22/08 ................................................................ 17,060,742 17,002,001 -574 n.a. 10/29/08 ................................................................ 17,198,746 17,202,489 -3,196 n.a. 11/05/08 ................................................................ 16,800,142 16,821,389 -185 n.a. 11/12/08 ................................................................ 16,297,587 16,305,861 -8,510 n.a. 11/19/08 ................................................................ 16,221,372 16,233,754 -10,214 n.a. 11/26/08 ................................................................ 14,984,715 14,978,506 -6,749 n.a. 12/03/08 ................................................................ 16,100,460 16,108,665 -849 n.a. 12/10/08 ................................................................ 14,612,817 14,660,571 -13,775 n.a. 12/17/08 ................................................................ 14,796,433 14,949,879 -1,892 n.a. 12/24/08 ................................................................ 13,447,582 13,572,731 -3,961 n.a. 12/31/08 ................................................................ 13,526,183 13,675,411 -5,697 n.a. March 2009 FOREIGN CURRENCY POSITIONS 97 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Foreign currency denominated Options positions Puts Calls Exchange rate (10) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 2006 - Dec.............. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a. 2008 - Jan .............. 18,485,177 18,506,856 - - 2,713,748 2,515,460 2,553,416 n.a. -3,773 n.a. Feb ............. 19,347,277 19,391,890 - - 3,566,916 2,868,568 2,622,890 n.a. 11,550 n.a. Mar ............. 18,225,601 18,226,937 - - 2,797,478 2,527,739 2,632,024 n.a. 5,332 n.a. Apr.............. 18,600,434 18,653,717 - - 2,736,978 2,700,906 2,651,712 n.a. n.a. n.a. May............. 18,987,815 19,043,557 - - 3,287,386 3,803,175 3,285,883 6,608,679 12,071 n.a. June............ 18,131,933 18,165,420 - - 3,200,841 3,290,251 3,322,983 6,668,912 8,027 n.a. July ............. 18,974,207 18,984,029 - - 3,860,825 3,934,239 4,282,276 7,568,455 -3,425 n.a. Aug ............. 16,998,976 17,015,504 - - 3,954,792 6,134,109 6,286,505 7,529,433 5,708 n.a. Sept ............ 17,880,214 17,888,232 - - 3,901,764 6,099,109 6,360,121 7,365,021 5,066 n.a. Oct.............. 18,023,570 18,010,589 - - 3,639,554 3,715,441 4,001,058 3,962,748 996 n.a. Nov ............. 16,897,006 16,899,403 - - 3,309,641 3,404,580 3,790,897 3,753,138 4,806 n.a. Dec ............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a. Net delta equivalent (9) Exchange rate (10) 12,692 3,155 n.a. Report date Purchased (1) TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date 2005 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) 419,932 398,823 - - 22,061 14,840 12,765 2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. Sept .................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. Sept .................. 347,122 328,592 - - 27,044 23,503 19,379 13,640 -108 n.a. March 2009 FOREIGN CURRENCY POSITIONS 98 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 07/09/08 ............................................................................. 4,214,517 4,110,285 7,214 0.6352 07/16/08 ............................................................................. 4,305,963 4,206,081 6,543 0.6310 07/23/08 ............................................................................. 4,276,810 4,177,857 5,464 0.6366 07/30/08 ............................................................................. 4,457,183 4,368,957 3,999 0.6427 08/06/08 ............................................................................. 4,396,092 4,307,828 6,931 0.6490 08/13/08 ............................................................................. 4,528,388 4,444,347 6,902 0.6714 08/20/08 ............................................................................. 4,556,240 4,469,099 8,350 0.6802 08/27/08 ............................................................................. 4,770,207 4,692,264 8,433 0.6810 09/03/08 ............................................................................. 4,710,165 4,634,602 7,462 0.6902 09/10/08 ............................................................................. 4,893,921 4,813,895 5,870 0.7133 09/17/08 ............................................................................. 4,267,569 4,195,538 4,756 0.7035 09/24/08 ............................................................................. 4,316,597 4,226,857 2,583 0.6824 10/01/08 ............................................................................. 4,363,095 4,293,458 3,832 0.7113 10/08/08 ............................................................................. 4,410,407 4,341,551 -24 0.7310 10/15/08 ............................................................................. 4,523,256 4,486,679 2,539 0.7371 10/22/08 ............................................................................. 4,569,210 4,518,769 2,873 0.7791 10/29/08 ............................................................................. 4,761,306 4,673,602 2,186 0.7782 11/05/08 ............................................................................. 4,606,624 4,504,677 1,999 0.7669 11/12/08 ............................................................................. 4,527,102 4,418,670 2,794 0.7963 11/19/08 ............................................................................. 4,521,837 4,416,581 5,450 0.7940 11/26/08 ............................................................................. 4,168,705 4,079,303 1,501 0.7795 12/03/08 ............................................................................. 4,652,370 4,559,484 2,531 0.7893 12/10/08 ............................................................................. 4,339,684 4,224,443 n.a. 0.7678 12/17/08 ............................................................................. 4,299,787 4,201,991 3,186 0.6965 12/24/08 ............................................................................. 3,871,157 3,785,724 4,269 0.7161 12/31/08 ............................................................................. 3,812,241 3,725,174 3,393 0.7184 March 2009 FOREIGN CURRENCY POSITIONS 99 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 2008 - Jan ................... 4,507,929 4,438,088 1,903,183 1,880,082 594,741 574,110 574,188 587,291 10,179 0.6738 Feb .................. 4,702,185 4,642,890 1,992,369 1,960,485 591,100 594,740 604,782 624,269 2,606 0.6585 Mar .................. 4,242,145 4,202,857 2,026,042 1,971,843 590,344 587,194 593,820 625,854 7,609 0.6327 Apr................... 4,480,698 4,386,596 1,805,029 1,783,161 610,838 603,295 593,853 645,204 4,393 0.6423 May.................. 4,578,782 4,466,296 1,721,464 1,714,719 568,784 565,827 590,647 639,306 4,569 0.6427 June................. 4,303,139 4,237,361 1,616,625 1,628,034 608,851 615,710 601,216 643,773 6,264 0.635 July .................. 4,522,842 4,439,793 1,631,461 1,651,507 622,705 618,268 576,367 602,236 5,726 0.6415 Aug .................. 4,123,736 4,058,301 1,687,561 1,634,104 619,280 640,618 609,921 623,728 7,810 0.6817 Sept ................. 4,477,807 4,418,145 1,355,892 1,343,229 538,382 572,137 578,251 583,413 642 0.7102 Oct................... 4,839,339 4,749,132 1,708,452 1,662,678 519,760 565,703 582,178 580,715 -639 0.7885 Nov .................. 4,709,541 4,624,402 1,853,674 1,816,912 494,904 534,155 533,471 538,819 -832 0.7878 Dec .................. 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2005 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls 117,211 137,716 198,507 129,312 11,011 2006 - Mar................... 131,132 149,125 223,971 135,999 June ................. 130,803 137,764 232,161 136,551 Sept.................. 141,600 146,199 220,610 Dec................... 126,039 132,907 2007 - Mar................... 74,638 June ................. Sept.................. Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 0.8445 7,622 7,232 6,209 -867 10,580 6,100 6,992 5,441 -1,532 0.8238 6,763 3,575 7,462 4,729 -934 0.7825 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 Sept .................. 87,960 94,583 246,486 113,016 10,431 5,295 8,896 9,632 1,653 0.7102 March 2009 100 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 (codified at 31 United States Code 5302), which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.—Balances as of June 30, 2008, and Sept. 30, 2008 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] June 30, 2008 July 1, 2008, through Sept. 30, 2008 16,776,279 9,849,155 33,150 70,564 -431,614 33,150 16,846,843 9,417,541 15,621,683 8,981,822 238,166 -1,492,820 38,135 257,986 14,128,863 9,019,957 496,152 51,467,105 -1,524,599 49,942,506 Liabilities and capital Current liabilities: Accounts payable................................................................. 39,362 -1,928 37,434 Total current liabilities ...................................................... 39,362 -1,928 37,434 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 2,200,000 8,003,970 - -374,324 292,795 2,200,000 7,629,646 292,795 Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance................................................................... U.S. Government securities............................................. Special drawing rights 1 ........................................................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable................................................................. Total assets.......................................................................... Sept. 30, 2008 Total other liabilities ......................................................... 10,203,970 -81,529 10,122,441 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 41,023,773 -1,441,142 200,000 39,582,631 Total capital...................................................................... 41,223,773 -1,441,142 39,782,631 Total liabilities and capital............................................ 51,467,105 -1,524,599 49,942,506 See footnote on the following page. March 2009 EXCHANGE STABILIZATION FUND 101 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter July 1, 2008, through Sept. 30, 2008 Fiscal year to date Oct. 1, 2007, through Sept. 30, 2008 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ -1,659,730 532,397 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. -87,698 -2,418 SDRs............................................................................................ 13,300 55,281 U.S. Government securities......................................................... 80,534 459,247 Foreign exchange ........................................................................ 167,407 647,136 Insurance premiums .................................................................... 45,045 45,045 Commissions ............................................................................... - - Income from operations ............................................................... -1,441,142 1,736,688 Net income (+) or loss (-)............................................................. -1,441,142 1,736,688 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” March 2009 Financial Report of the United States Government Excerpt Trust Funds 105 INTRODUCTION: Financial Report of the United States Government The following pages are excerpted from the 2008 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 2009 106 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Financial Statements of the United States Government for the Years Ended September 30, 2008, and September 30, 2007 Statements of Net Cost These statements present the net cost of fiscal years 2008 and 2007 Government1 operations, including the operations related to earmarked funds (funds financed by specifically identified revenues, often supplemented by other financing sources, which remain available over time). The Government’s fiscal year begins October 1 and ends September 30. Costs are categorized on the Statement of Net Cost by significant entity. 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 Government. These statements contain the following three components: • Gross cost—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—is exchange revenue resulting from the Government providing goods and services to the public at a price. • Net cost—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 the costs of their user agencies for Governmentwide reporting purposes. 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. The interest on securities issued by the Department of the Treasury (Treasury) and held by the public is reported on Treasury’s financial statements, 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 non-exchange 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 (exchange revenue). They further include certain adjustments and unreconciled transactions that affect the net position. 1 For purposes of this document, “Government” refers to the United States Government. March 2009 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 107 Revenue Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/SelfEmployment Contributions Act (SECA) taxes and other taxes including payroll taxes. These taxes are characterized as non-exchange revenue. 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 non-exchange revenue. Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. Therefore, unlike other earned revenues on the Statement of Net Cost, 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 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 21— 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 are included in Note 11, 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 (An example of which is the annual transfer to the Department of Health and Human Services’(HHS) Supplementary Medical Insurance Trust Fund (Medicare Parts B and D) which receives sufficient funding from the General Fund to equal the annual costs incurred by these Medicare programs). Additionally, this line item includes contributions to earmarked funds made by Federal agencies on behalf of their employees, beneficiaries, or others. Unmatched Transactions and Balances Unmatched transactions and balances are adjustments needed to bring the change in net position into balance due to unreconciled intragovernmental 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 18—Prior Period Adjustments for detailed information. March 2009 108 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 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. Reconciliations of Net Operating Cost and Unified Budget Deficit These statements reconcile 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. The premise of the reconciliation is that the accrual and budgetary accounting bases share transaction data. Receipts and outlays in the President’s budget are measured primarily on a cash basis and differ from the accrual basis of accounting 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 in benefits payable for veterans, military and civilian employees, 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 net inventory, and increases in other assets not included in the operating results. These items impact the balance sheet only and are not part of the operating results. March 2009 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 109 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 cash and other monetary assets 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 cash and other monetary assets. These statements reconcile the unified budget deficit to the change in cash and other monetary assets during the fiscal year and explain how the budget deficits (fiscal years 2008 and 2007) were financed. A budget deficit is the result of outlays (expenditures) exceeding receipts (revenue) during a particular fiscal year. The budget deficit is typically financed through borrowings from the public. Other transactions also require 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, 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. Balance Sheets The balance sheets show the Government’s assets, liabilities, and net position. When combined with stewardship information, this information presents a more comprehensive understanding of the Government’s financial position. 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; cash and other monetary assets; 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, set monetary policy and the power to print additional currency. 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. March 2009 110 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 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 21—Earmarked Funds. 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 19—Contingencies and Note 20—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. 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, HHS, the Railroad Retirement Board (RRB), and the Department of Labor, respectively. The estimates are actuarial present values2 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 RRB and the Department of Labor (Black Lung). 2 Present values recognize that a dollar paid or collected in the future is worth less than a dollar today, because a dollar today could be invested and earn interest. To calculate a present value, future amounts are thus reduced using an assumed interest rate, and those reduced amounts are summed. March 2009 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111 United States Government Statements of Net Cost for the Years Ended September 30, 2008, and September 30, 2007 Gross Cost (In billions of dollars) Department of Defense ............................... 767.6 Department of Health and Human Services............................................................ 769.1 Social Security Administration ..................... 663.9 Department of Veterans Affairs ................... 434.6 Interest on Treasury Securities held by the public................................................... 241.6 Department of the Treasury......................... 197.0 Department of Agriculture............................ 109.3 Department of Transportation...................... 71.5 Department of Education............................. 66.9 Department of Labor.................................... 60.6 Department of Housing and Urban Development ............................................. 60.6 Department of Homeland Security .............. 60.0 Department of Energy ................................. 35.8 Department of Justice.................................. 31.7 Office of Personnel Management ................ 39.5 Federal Deposit Insurance Corporation ....... 24.3 Department of the Interior............................ 23.4 National Aeronautics and Space Administration ........................................... 20.4 Department of State .................................... 22.1 Railroad Retirement Board .......................... 20.7 Department of Commerce ........................... 11.9 Environmental Protection Agency ............... 10.1 Agency for International Development ........ 9.1 Federal Communications Commission........ 8.5 National Science Foundation....................... 6.0 Small Business Administration...................... 1.9 Smithsonian Institution ................................ 0.9 General Services Administration ................. 1.0 U.S. Nuclear Regulatory Commission ......... 1.2 0.5 National Credit Union Administration........... 1.1 Securities and Exchange Commission ........ 10.2 Tennessee Valley Authority......................... Farm Credit System Insurance Corporation ............................................... 0.4 Export-Import Bank of the United States..... 2.3 Pension Benefit Guaranty Corporation........ 60.0 U.S. Postal Service...................................... 45.9 All other entities .............................................. Total .......................................................... 3,891.6 Earned Revenue 2008 Net Cost Gross Cost Earned Revenue 2007 26.8 740.8 689.6 25.1 664.5 56.4 0.3 4.2 712.7 663.6 430.4 718.6 626.4 63.1 51.8 0.3 3.7 666.8 626.1 59.4 12.4 9.8 0.8 5.0 - 241.6 184.6 99.5 70.7 61.9 60.6 238.9 86.9 98.6 66.2 66.3 50.1 6.3 12.1 0.5 4.5 - 238.9 80.6 86.5 65.7 61.8 50.1 0.8 7.9 4.2 1.1 16.0 1.7 2.1 59.8 52.1 31.6 30.6 23.5 22.6 21.3 54.0 51.1 67.5 28.8 36.2 1.7 18.6 0.9 7.1 4.3 1.0 15.5 0.9 2.0 53.1 44.0 63.2 27.8 20.7 0.8 16.6 0.2 2.6 4.2 2.0 0.5 (0.1) 0.4 0.4 0.5 0.8 0.1 1.0 10.1 20.2 19.5 16.5 9.9 9.6 9.2 8.1 6.0 1.5 0.9 0.5 0.4 0.4 0.1 0.1 16.3 18.4 15.7 9.6 10.0 9.7 7.9 5.7 1.3 0.7 0.6 1.0 0.3 1.0 10.9 0.1 3.4 10.3 1.9 0.4 0.3 0.4 0.4 0.5 0.6 0.1 1.5 10.4 16.2 15.0 5.4 7.7 9.6 9.4 7.5 5.7 0.9 0.7 0.1 0.4 0.2 (0.5) 0.5 0.5 1.5 60.1 23.5 3,157.3 0.1 0.9 6.1 73.7 0.7 247.8 (0.1) (0.4) (4.6) (13.6) 22.8 2,909.5 0.2 0.7 3.5 73.7 0.6 250.9 (0.2) (0.3) (1.2) (13.7) 45.3 3,640.7 Net Cost The accompanying notes are an integral part of these financial statements. March 2009 112 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, 2008, and September 30, 2007 (Restated-See Note 21) (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.................................... NonNonEarmarked Earmarked Earmarked Earmarked Funds Funds Consolidated Funds Funds Consolidated 2008 2007 (Restated) 1,210.0 299.7 15.3 28.8 27.3 50.7 29.9 1,661.7 2,186.4 201.0 2,387.4 868.4 39.4 51.8 34.3 5.8 201.0 1,200.7 1,454.3 1,454.3 2,078.4 299.7 39.4 67.1 28.8 27.3 85.0 35.7 201.0 2,862.4 (201.0) 2,661.4 1,164.4 367.2 3,640.7 201.0 3,841.7 (201.0) 3,640.7 1,653.1 192.7 1,845.8 1,659.4 35.2 4.4 192.7 1,160.6 1,256.4 1,256.4 2,909.5 192.7 3,102.2 (192.7) 2,909.5 (338.0) Unmatched transactions and balances (Note 1) ........................................................ (29.8) Net operating (cost)/revenue ........................ (1,093.5) 84.4 (1,009.1) (470.3) 194.8 (275.5) Net position, beginning of period................. Prior period adjustments – changes in accounting principles (Note 18).................. Net operating (cost)/revenue......................... Net position, end of period ........................... (9,826.0) 620.2 (9,205.8) (9,340.7) 424.3 (8,916.4) 11.4 84.4 (1,009.1) 704.6 (10,203.5) (15.0) (470.3) (9,826.0) 1.1 194.8 620.2 (13.9) (275.5) (9,205.8) The accompanying notes are an integral part of these financial statements. March 2009 (290.6) 39.3 53.6 1,999.8 367.2 39.3 67.5 26.0 18.2 79.6 29.7 192.7 2,820.0 (192.7) 2,627.3 Intragovernmental transfers ......................... 11.4 (1,093.5) (10,908.1) 338.0 13.9 26.0 18.2 44.4 25.3 835.4 (29.8) 290.6 6.7 6.7 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 113 United States Government Reconciliations of Net Operating Cost and Unified Budget Deficit for the Years Ended September 30, 2008, and September 30, 2007 (In billions of dollars) 2008 2007 Net Operating Cost .............................................................................................. (1,009.1) (275.5) Components of Net Operating Cost Not Part of the Budget Deficit: Increase in Liability for Military Employee Benefits (Note 12): Increase in military pension liabilities .................................................................. (Decrease) in military health liabilities ................................................................. (Decrease) in other military benefits.................................................................... Increase in liability for military employee benefits................................................ 125.3 (15.3) (0.1) 109.9 61.7 (1.3) (0.1) 60.3 Increase (Decrease) in liability for veteran's compensation (Note 12): Increase (Decrease) in liabilities for veterans...................................................... Increase in liabilities for survivors........................................................................ Increase (Decrease) in liabilities for burial benefits ............................................. Increase (Decrease) in liability for veteran's compensation................................. 287.9 50.2 0.9 339.0 (26.8) 0.8 (0.1) (26.1) Increase in liabilities for civilian employee benefits (Note 12): Increase in civilian pension liabilities ................................................................... Increase in civilian health liabilities...................................................................... Increase in other civilian benefits ........................................................................ Increase in liabilities for civilian employee benefits ............................................. 68.5 30.2 2.2 100.9 37.3 16.4 2.2 55.9 Increase in environmental and disposal liabilities (Note 13): Increase in Energy's environmental and disposal liabilities ................................. (Decrease) Increase in all others' environmental and disposal liabilities.............. Increase in environmental and disposal liabilities................................................ 2.4 (1.6) 0.8 33.3 3.5 36.8 Depreciation expense ............................................................................................ Property, plant, and equipment disposals and revaluations .................................. Increase in benefits due and payable..................................................................... Increase (Decrease) in insurance program liabilities.............................................. Increase in other liabilities ...................................................................................... Seigniorage and sale of gold ................................................................................. Increase in accounts payable................................................................................. (Increase) in net accounts and taxes receivable .................................................... (Increase) in Investments in Government Sponsored Enterprises ......................... Increase in Keepwell Payable ................................................................................ 54.8 5.0 10.7 5.1 41.6 (0.7) 7.1 (5.2) (7.0) 13.8 45.3 10.9 4.4 (0.1) 21.8 (0.8) 7.8 (19.0) - Components of the budget deficit that are not part of net operating cost: Capitalized Fixed Assets Department of Defense ....................................................................................... All Other Agencies............................................................................................... Total Capitalized Fixed Assets ......................................................................... (71.6) (34.8) (106.4) (29.1) (29.7) (58.8) (Increase) Decrease in net inventory ..................................................................... (12.5) 4.2 Decrease (Increase) in Securities and Investments ............................................... (Increase) in other assets....................................................................................... Principal repayments of precredit reform loans ..................................................... 18.2 (14.5) 5.1 (12.9) (10.0) 8.5 All Other Reconciling items .................................................................................... (11.4) (15.5) Unified budget deficit.............................................................................................. (454.8) (162.8) The accompanying notes are an integral part of these financial statements. March 2009 114 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, 2008, and September 30, 2007 2008 (In billions of dollars) Unified budget deficit ......................................... 2007 (454.8) (162.8) Adjustments for noncash outlays included in the budget: Interest accrued by Treasury on debt held by the public ...................................... Subsidy expense (Note 4) ........................... 209.0 189.4 (3.0) Subtotal ..................................................... (9.3) 206.0 180.1 Items affecting the cash balance not included in the Budget: Net Transactions from financing activity: Borrowings from the public .......................... 5,615.8 4,547.3 Repayment of debt held by the public ......... (4,853.1) Agency securities ........................................ (4,340.4) - Subtotal ..................................................... (0.4) 762.7 206.5 Net transactions from monetary and other activity: Interest paid by Treasury on debt held by the public................................................... (213.3) (186.1) Other............................................................ (4.1) Subtotal ..................................................... (7.6) (217.4) (193.7) Increase in cash and other monetary assets ..................................................... 296.5 30.1 Balance beginning of period ..................... 128.0 97.9 Balance end of period ............................... 424.5 128.0 Cash and other monetary assets: (Note 2): The accompanying notes are an integral part of these financial statements. March 2009 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115 United States Government Balance Sheets as of September 30, 2008, and September 30, 2007 (Restated-See Note 21) (In billions of dollars) 2008 2007 (Restated) Assets: Cash and other monetary assets (Note 2) ..................................... 424.5 128.0 Accounts and taxes receivable, net (Note 3).................................. 93.0 87.8 Loans receivable, net (Note 4) ....................................................... 263.4 231.9 Inventories and related property, net (Note 5)................................ 289.6 277.1 Property, plant, and equipment, net (Note 6) ................................. 737.7 691.1 Securities and investments (Note 7) .............................................. 79.6 99.8 Investments in Government sponsored enterprises (Note 8)......... 7.0 - Other assets (Note 9) ..................................................................... 79.9 65.4 Total assets.................................................................................. 1,974.7 1,581.1 Accounts payable (Note 10) ........................................................... 73.3 66.2 Federal debt securities held by the public and accrued interest (Note 11) ...................................................................................... 5,836.2 5,077.7 Federal employee and veteran benefits payable (Note 12) ........... 5,318.9 4,769.1 Environmental and disposal liabilities (Note 13)............................. 342.8 342.0 Benefits due and payable (Note 14)............................................... 144.4 133.7 Insurance program liabilities (Note 15)........................................... 77.8 72.7 Loan guarantee liabilities (Note 4).................................................. 72.9 69.1 Keepwell payable (Note 8) ............................................................. 13.8 - Other liabilities (Note 16) ................................................................ 298.1 256.4 Total liabilities .............................................................................. 12,178.2 10,786.9 704.6 620.2 Stewardship Land and Heritage Assets (Note 24) Liabilities: Contingencies (Note 19) and Commitments (Note 20) Net position: Earmarked funds (Note 21) (Restated) .......................................... Non-earmarked funds (Restated)................................................... (10,908.1) (9,826.0) Total net position ....................................................................... (10,203.5) (9,205.8) Total liabilities and net position ................................................. 1,974.7 1,581.1 The accompanying notes are an integral part of these financial statements. March 2009 116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Social Insurance (Note 23) Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections (In billions of dollars) 2008 Federal Old-Age, Survivors and Disability Insurance (Social Security): 14 Revenue (Contributions and Earmarked Taxes) from: Participants who have attained eligibility age (62 and over) ..... 542 Participants who have not attained eligibility age ................ 18,249 17,566 Future participants ..................................................................... 36,357 All current and future participants..................................... Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility age (62 and over) ..... (6,958) Participants who have not attained eligibility age ................ (29,021) (6,933) Future participants ..................................................................... (42,911) All current and future participants..................................... Present value of future expenditures in excess of future (6,555) 1 revenue ............................................................................ 14 Federal Hospital Insurance (Medicare Part A): Revenue (Contributions and Earmarked Taxes) from: 202 Participants who have attained eligibility age (65 and over) ..... Participants who have not attained eligibility age ................ 6,320 5,361 Future participants ..................................................................... 11,883 All current and future participants..................................... Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility age (65 and over) ..... (2,747) Participants who have not attained eligibility age ................ (17,365) (4,506) Future participants ..................................................................... (24,619) All current and future participants..................................... Present value of future expenditures in excess of future 1 revenue ............................................................................ (12,736) 14 Federal Supplementary Medical Insurance (Medicare Part B): Revenue (Premiums) from: Participants who have attained eligibility age (65 and over) ..... 46 Participants who have not attained eligibility age ................ 3,859 1,158 Future participants ..................................................................... 5,478 All current and future participants..................................... Expenditures for Scheduled Future Benefits for: (1,986) Participants who have attained eligibility age (65 and over) ..... Participants who have not attained eligibility age ................ (14,949) (4,262) Future participants ..................................................................... (21,197) All current and future participants..................................... Present value of future expenditures in excess of future 1 6 revenue .............................................................................. (15,719) Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2009 ***UNAUDITED*** 2005 2004 2007 2006 477 17,515 16,121 34,113 533 16,568 15,006 32,107 464 15,290 13,696 29,450 41 14,388 12,900 27,699 (6,329) (27,928) (6,619) (40,876) (5,866) (26,211) (6,480) (38,557) (5,395) (23,942) (5,816) (35,154) (4,933) (22,418) (5,578) (32,928) (6,763) 2 (6,449) 3 (5,704) 4 (5,229) 5 178 5,975 4,870 11,023 192 5,685 4,767 10,644 162 5,064 4,209 9,435 14 4,820 4,009 8,976 (2,558) (15,639) (5,118) (23,315) (2,397) (15,633) (3,904) (21,934) (2,179) (12,668) (3,417) (18,264) (2,168) (12,054) (3,246) (17,468) (12,292) 2 (11,290) 3 (8,829) 4 (8,492) 5 43 3,184 1,172 4,789 40 3,167 90 4,481 363 2,900 924 4,187 33 2,665 89 3,889 (1,834) (12,130) (4,257) (18,221) (1,773) (12,433) (3,407) (17,613) (1,622) (11,541) (3,408) (16,571) (1,475) (10,577) (3,277) (15,329) (13,432) 2 (13,131) 3 (12,384) 4 (11,440) 5 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117 United States Government Statements of Social Insurance (Note 23), continued Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 2008 (In billions of dollars) ***UNAUDITED*** 2005 2004 2007 2006 16 1,627 61 2,405 17 1,700 49 2,366 185 1,790 572 2,547 17 1,857 61 2,651 (794 (7,273) (2,699) (10,766) (792 (7,338) (2,121) (10,250) (880) (7,913) (2,440) (11,233) (773 (7,566) (2,431) (10,770) (8,361) 2 (7,884) 3 (8,686) 4 (8,119) 5 5 43 54 102 5 41 54 100 5 40 56 100 4 37 41 82 4 37 39 80 14 Federal Supplementary Medical Insurance (Medicare Part D): Revenue (Premiums and State Transfers) from: Participants who have attained eligibility age (65 and over) ..... 12 Participants who have not attained eligibility age ................ 1,380 60 Future participants ..................................................................... 2,107 All current and future participants..................................... Expenditures for Scheduled Future Benefits for: (581 Participants who have attained eligibility age (65 and over) ..... Participants who have not attained eligibility age ................ (6,527) (2,856) Future participants ..................................................................... (9,964) All current and future participants..................................... Present value of future expenditures in excess of future (7,857) 1 revenue 6 .............................................................................. Railroad Retirement: Revenue (Contributions and Earmarked Taxes) from: Participants who have attained eligibility ........................... Participants who have not attained eligibility ..................... Future participants............................................................. All current and future participants ................................... Expenditures for Scheduled Future Benefits for: Participants who have attained eligibility ........................... Participants who have not attained eligibility ..................... Future participants............................................................. All current and future participants ................................... Present value of future expenditures in excess of 7 future revenue ................................................................... (97) (88) (26) (212) (93) (86) (26) (205) (92) (84) (25) (201) (84) (73) (16) (173) (81) (72) (14) (167) (109) 1 (105) 2 (101) 3 (91) 4 (87) 5 Black Lung (Part C): Present value of future revenue in excess of future expenditures 8 ...................................................................... 59 5 10 4 11 5 12 4 13 Total present value of future expenditures in excess of future revenue ................................................................ (42,970) (40,948) (38,851) (35,689) (33,363) Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2009 118 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Social Insurance (Note 23), continued Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 2008 (In billions of dollars) Social Insurance Summary: 14 Participants who have attained eligibility age: Revenue (e.g., Contributions and earmarked taxes) ......... Expenditures for scheduled future benefits ....................... Present value of future expenditures in excess of future revenue.............................................................. Participants who have not attained eligibility age: Revenue (e.g., Contributions and earmarked taxes) ......... Expenditures for scheduled future benefits ....................... Present value of future expenditures in excess of future revenue.............................................................. Closed group – Total present value of future expenditures in excess of future revenue........................ Future participants: Revenue (e.g., Contributions and earmarked taxes) ......... Expenditures for scheduled future benefits ....................... Present value of future revenue in excess of future expenditures ................................................................ Open group – Total present value of future expenditures in excess of future revenue........................ 2007 2006 ***UNAUDITED*** 2004 2005 1,333 (12,369) 1,260 (11,608) 1,312 (10,920) 1,178 (10,160) 1,071 (9,430) (11,036) (10,348) (9,608) (8,982) (8,359) 29,851 (67,950) 28,342 (63,056) 27,160 (61,696) 25,081 (56,138) 23,767 (52,686) (38,099) (34,714) (34,536) (31,057) (28,919) (49,135) (45,062) (44,145) (40,039) (37,278) 24,743 (18,578) 22,828 (18,714) 21,227 (15,933) 19,442 (15,092) 18,457 (14,542) 6,165 4,114 5,294 4,350 3,915 (42,970) (40,948) (38,851) (35,689) (33,363) 1 The projection period is 1/1/2008 - 12/31/2082 and the valuation date is 1/1/2008. The projection period is 1/1/2007 - 12/31/2081 and the valuation date is 1/1/2007. The projection period is 1/1/2006 - 12/31/2080 and the valuation date is 1/1/2006. 4 The projection period is 1/1/2005 - 12/31/2079 and the valuation date is 1/1/2005. 5 The projection period is 1/1/2004 - 12/31/2078 and the valuation date is 1/1/2004. 6 These amounts represent the present value of the future 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’ Financial Reports but are not income from the Governmentwide perspective of this report. 7 These amounts approximate the present value of the future financial interchange and the future transfers from the General Fund of the Treasury to the Social Security Equivalent Benefit 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 9/30/2008 - 9/30/2040 and the valuation date is 9/30/2008. 10 The projection period is 9/30/2007 - 9/30/2040 and the valuation date is 9/30/2007. 11 The projection period is 9/30/2006 - 9/30/2040 and the valuation date is 9/30/2006. 12 The projection period is 9/30/2005 - 9/30/2040 and the valuation date is 9/30/2005. 13 The projection period is 9/30/2004 - 9/30/2040 and the valuation date is 9/30/2004. 14 Participants for the Social Security and Medicare programs are assumed to be the “closed group” of individuals who are at least age 15 at the start of the projection period, and are participating as either taxpayers, beneficiaries, or both, except for the 2007 Medicare programs for which current participants are assumed to be at least 18 instead of 15 years of age. 2 3 Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2009 TRUST FUNDS 119 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 Taxpayer Relief Act of 1997 (Public Law 105-34), effective October 1, 1997, extended the aviation excise taxes for 10 years, until 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. The tax is 7.5 percent, plus in calendar year 2008, a $3.50 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 2008, the tax is $7.70. • 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 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 2008, the tax is $15.40. • 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 aviation excise taxes were extended as part of a series of continuing resolutions (Public Laws 110-92, 110-116, 110137, and 110-149), the Consolidated Appropriations Act, 2008 (Public Law 110-161), the Airport and Airway Extension Act of 2008 (Public Law 110-190), and the Federal Aviator Administration Extension Act of 2008 (Public Laws 110-252 and 110-330). As of January 15, 2009, the majority of the taxes (with the exception of the 4.3 cents per gallon component of the fuel taxes) are scheduled to expire on March 31, 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. March 2009 TRUST FUNDS 120 TABLE TF-1.—Airport and Airway Trust Fund Results of Operations, Fiscal Year 2008 [Source: DOT] Description IRC section (26 United States Code) Amount $10,102,406,572 Balance Oct. 1, 2007 ................................................................................................................................................................................................ 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 ....................................................................................................................................................................................... 585,533,000 38,960,000 8,440,284,000 2,462,375,000 521,040,000 12,048,192,000 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................................................................................................................................................................................................. 49,256,000 6,701,000 55,957,000 11,992,235,000 432,647,540 12,424,882,540 113,675,519 Expenses: Operations ............................................................................................................................................................................................................ Grants in aid.......................................................................................................................................................................................................... Facilities and equipment ....................................................................................................................................................................................... Research, engineering, and development............................................................................................................................................................ Air carriers............................................................................................................................................................................................................. Total expenses.................................................................................................................................................................................................. Offsetting collections................................................................................................................................................................................................. Balance Sept. 30, 2008 ............................................................................................................................................................................................ 6,397,060,900 3,808,316,523 2,457,604,755 118,568,179 40,594,331 12,822,144,688 113,675,519 $9,705,144,424 Airport and Airway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In millions of dollars. Source: DOT] Balance Oct. 1 ............................................................................ 2009 2010 2011 2012 2013 9,705 8,659 7,938 7,683 7,952 Receipts: Excise taxes, net of refunds.................................................... 11,364 11,917 12,758 13,614 14,240 Interest on investments........................................................... 376 271 268 307 348 Offsetting collections............................................................... 166 - - - - Total receipts ...................................................................... 11,906 12,188 13,026 13,921 14,588 12,952 12,909 13,281 13,652 13,918 8,659 7,938 7,683 7,952 8,622 Expenses: Gross Outlays ......................................................................... Balance Sept. 30......................................................................... * There may be slight differences in the reported figures due to rounding. March 2009 TRUST FUNDS 121 INTRODUCTION: Uranium Enrichment Decontamination and Decommissioning (D&D) Fund The Uranium Enrichment D&D 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 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) authorized funding to ensure annual deposits to the fund of $518.2 million before adjustments for inflations. This amount would consist of $369.6 million in Government deposits and $148.6 million from domestic public utility assessments. The assessments were to continue for 15 years from fiscal years 1993 through 2007. The utilities completed their contribution requirements with the fiscal year 2007 assessment. Government contributions through fiscal year 2007, however, were approximately $918.6 million less than authorized by the Energy Policy Act. Through fiscal year 2007, the total Government contribution amount authorized by the Act was $6,281.0 million, but Government contributions totaled only $5,362.4 million. The ability of the D&D Fund to fulfill its responsibilities is contingent upon the receipt of these contributions. Therefore, the Department will continue to ask Congress for annual Government contributions until the Government’s obligation has been met. For fiscal year 2008, Congress appropriated $463.0 million but a budget rescission reduced the payment to $458.8 million. After adjusting the $918.6 million funding shortfall for inflation and then subtracting the $458.8 million of fiscal year 2008 contributions, the shortfall stands at $477.9 million at the end of fiscal year 2008. March 2009 TRUST FUNDS 122 TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund Results of Operations, Fiscal Year 2008 [Source: DOE] Balance Oct. 1, 2007 ................................................................................................................................................................................. $1,496,714 Receipts: Fees collected ........................................................................................................................................................................................ 458,786,700 Penalties collected ................................................................................................................................................................................. - Interest on investments.......................................................................................................................................................................... 191,844,302 Total receipts...................................................................................................................................................................................... 650,631,002 Outlays: DOE, decontamination and decommissioning activities........................................................................................................................ 557,686,138 Cost of investments................................................................................................................................................................................ 90,028,050 Total outlays....................................................................................................................................................................................... 647,714,188 Balance Sept. 30, 2008.............................................................................................................................................................................. $4,413,528 Uranium Enrichment Decontamination and Decommissioning Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In thousands of dollars. Source: DOE] 2009 2010 2011 2012 2013 4,414 1 1 1 1 Fees collected...................................................................... 463,000 41,700 - - - Interest collected.................................................................. 187,876 173,995 160,076 146,537 131,753 Total receipts ................................................................... 650,876 215,695 160,076 146,537 131,753 DOE, decontamination and decommissioning fund ............ 606,387 567,310 512,660 489,491 506,246 Costs of investments ........................................................... 48,902 -351,615 -352,584 -342,954 -374,493 Total outlays..................................................................... 655,289 215,695 160,076 146,537 131,753 Balance Sept. 30...................................................................... 1 1 1 1 1 Balance Oct. 1 ......................................................................... Receipts: Outlays: March 2009 123 INTRODUCTION: Black Lung Disability Trust Fund Paragraph added since December 2008 The Black Lung Disability Trust Fund was established on the books of the Treasury in fiscal year 1978 according to the Black Lung Benefits Revenue Act of 1977 (Public Law 95-227). The Black Lung Benefits Revenue Act of 1981 (Public Law 97-119) reestablished the fund in the Internal Revenue Code (IRC), 26 United States Code 9501. The Consolidated Omnibus Budget Reconciliation Act of 1985 (Public Law 99-272), enacted April 7, 1986, provided for an increase in the coal tax rates effective April 1, 1986, through December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest payments ended on September 30, 1990. Payment of interest on advances resumed in fiscal year 1991. The Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203, title X, section 10503), signed December 22, 1987, extends the temporary increase in the coal tax through December 31, 2013. The Emergency Economic Stabilization Act of 2008 (Public Law 110-343, title I, subtitle B, section 113), enacted October 3, 2008, restructured the Trust Fund Debt by 1) refinancing the outstanding principal of the repayable advances and unpaid interest on such advances and 2) providing a one time Appropriation to the Trust Fund in an amount sufficient to pay to the general fund of the Treasury the difference between the market value of the outstanding repayable advances, plus accrued interest and the proceeds from the obligations issued by the Trust Fund to the Secretary of the Treasury. The Act also extends the temporary increase in the coal tax through December 31, 2018, and allows the prepayment of the Trust Fund debt prior to the maturity date. The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury to the trust fund: excise taxes on coal sold; taxable expenditures of self-dealing by, and excess contributions to, private black lung benefit trusts; reimbursements by responsible mine operators; and related fines, penalties and interest charges. Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust fund subject to adjustments in later transfers to actual tax receipts. After retirement of the current indebtedness, amounts available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in interest-bearing public debt securities. Any interest earned will be credited to the fund. Also credited, if necessary, will be repayable advances from the general fund to meet outlay requirements exceeding available revenues. To carry out the program, amounts are made available to the Department of Labor (DOL). Also charged to the fund are administrative expenses incurred by the Department of Health and Human Services (HHS) and the Treasury, repayments of advances from the general fund and interest on advances. The Code requires the Secretary of the Treasury to submit an annual report to Congress after consultation with the Secretary of Labor and the Secretary of HHS [26 United States Code 9602(a)]. The report must present the financial condition and results of operations of the fund during the past fiscal year and the expected condition and operations of the fund during the next 5 fiscal years. March 2009 TRUST FUNDS 124 TABLE TF-3.—Black Lung Disability Trust Fund Results of Operations, Fiscal Year 2008 [Source: DOL] $39,828,060 Balance Oct. 1, 2007* .......................................................................................................................................................................................... Receipts: Excise taxes (transferred from general fund): $1.10 tax on underground coal .................................................................................................................................................................... $0.55 tax on surface coal............................................................................................................................................................................. 4.4 percent tax on underground coal........................................................................................................................................................... 4.4 percent tax on surface coal.................................................................................................................................................................... Fines, penalties, and interest....................................................................................................................................................................... Collection—responsible mine operators...................................................................................................................................................... Recovery of prior year funds........................................................................................................................................................................ Repayable advances from the general fund................................................................................................................................................ Total receipts............................................................................................................................................................................................ Net receipts .............................................................................................................................................................................................. Outlays: Treasury administrative expenses ................................................................................................................................................................... Salaries and expenses—DOL—departmental management .......................................................................................................................... Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... Salaries and expenses—DOL—Employment Standards Administration........................................................................................................ Total outlays................................................................................................................................................................................................. Expenses: Program expenses—DOL................................................................................................................................................................................ Interest on repayable advances....................................................................................................................................................................... Total expenses............................................................................................................................................................................................. 302,302,000 167,524,000 21,311,000 162,044,000 520,796 4,492,218 426,000,000 1,084,194,014 1,084,194,014 376,000 24,785,000 335,000 32,761,000 58,257,000 273,231,899 739,469,089 1,012,700,988 53,064,086 $10,430,492,795 Balance Sept. 30, 2008 ........................................................................................................................................................................................ Cumulative debt, end of year ............................................................................................................................................................................... * Previous balance of $39,863,024 was submitted in error. The correct beginning balance is $39,828,060. Black Lung Disability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 Entire table revised since December 2008 [In thousands of dollars. Source: DOL] Balance Oct. 1 ........................................................................................ Receipts: Excise taxes....................................................................................... Advances from the general fund........................................................ One time appropriation*..................................................................... Fines, penalties, and interest............................................................. Total receipts ................................................................................. Outlays: Benefit payments ............................................................................... Administrative expenses.................................................................... Interest on repayable advances ........................................................ Repayment of principal debt.............................................................. Interest on principal debt ................................................................... Total outlays................................................................................... Balance Sept. 30.................................................................................... Cumulative debt, end of year................................................................. Note.—Detail may not add to totals due to rounding. March 2009 2009 2010 2011 2012 2013 53,064 53,064 58,507 53,064 53,064 371,000 282,144 6,497,989 2,000 7,153,133 670,000 2,000 672,000 678,000 5,667 2,000 685,667 687,000 20,854 2,000 709,854 691,000 26,394 2,000 719,394 255,317 57,683 6,835,461 4,672 7,153,133 53,064 6,158,245 241,379 60,421 353,424 11,333 666,557 58,507 5,804,821 227,900 62,305 379,286 21,619 691,110 53,064 5,425,535 214,112 64,256 394,287 37,199 709,854 53,064 5,031,248 200,632 66,323 396,403 56,036 719,394 53,064 4,634,845 * One time appropriation for the repayment of outstanding debt. TRUST FUNDS 125 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 2008 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 2007 ............................................................................................................................................................................................................ $3,840,926,593 Receipts: Excise taxes: Imports .......................................................................................................................................................................................................................... 1,087,507,643 Exports.......................................................................................................................................................................................................................... 110,051 Domestic ....................................................................................................................................................................................................................... 102,865,968 Passengers ................................................................................................................................................................................................................... 11,560,345 Foreign trade................................................................................................................................................................................................................. 265,188,994 Interest on investments................................................................................................................................................................................................. 127,329,818 Total receipts ............................................................................................................................................................................................................ 1,594,562,819 Expenses: Corps of Engineers ........................................................................................................................................................................................................... 766,000,000 Saint Lawrence Seaway Development Corporation/DOT ................................................................................................................................................ 17,392,000 Administrative cost for Department of Homeland Security (Customs)............................................................................................................................. 3,093,000 Operating expenses, miscellaneous returns .................................................................................................................................................................... - Total expenses.............................................................................................................................................................................................................. 786,485,000 Balance Sept. 30, 2008 ........................................................................................................................................................................................................ $4,649,004,412 March 2009 126 TRUST FUNDS Harbor Maintenance Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013* [In millions of dollars. Source: Department of the Army Corps of Engineers] 2009 2010 2011 2012 2013 4,649.0 5,115.0 5,324.0 6,313.0 7,625.0 Harbor maintenance fee .................................................................................. 1,164.0 1,276.0 1,553.0 1,831.0 1,984.0 Interest on investments.................................................................................... 133.0 178.0 269.0 339.0 474.0 Total receipts ............................................................................................... 1,297.0 1,454.0 1,822.0 2,170.0 2,458.0 - - - - - Corps of Engineers operation, maintenance, and administrative expenses ....................................................................... 803.0 1,217.0 800.0 825.0 850.0 Corps of Engineers construction ..................................................................... - - - - - Saint Lawrence Seaway Development Corporation/DOT ............................... 17.0 17.0 22.0 22.0 23.0 Administrative expenses for Department of Homeland Security (Customs Service).................................................................................................... 11.0 11.0 11.0 11.0 11.0 Total outlays................................................................................................. 831.0 1,245.0 833.0 858.0 884.0 Balance Sept. 30.................................................................................................. 5,115.0 5,324.0 6,313.0 7,625.0 9,199.0 Balance Oct. 1 ..................................................................................................... Receipts: Outlays: Harbor Maintenance Trust Fund, legislative proposal not subject to paygo..................................................................................... * Outyear projections are for planning purposes and are based on economic conditions and agencies’ best projections of revenues and expenses. March 2009 TRUST FUNDS 127 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 1, 2 Results of Operations, Fiscal Year 2008 [Source: EPA] Balance Oct. 1, 2007 ...................................................................................................................................................................................... $273,300,000 Receipts: Crude and petroleum .................................................................................................................................................................................. - Certain chemicals........................................................................................................................................................................................ - Corporate environmental ............................................................................................................................................................................ - General fund appropriation ......................................................................................................................................................................... 985,000,000 Cost recoveries ........................................................................................................................................................................................... 90,000,000 Fines and penalties..................................................................................................................................................................................... 3,000,000 Interest on investments............................................................................................................................................................................... 86,000,000 Offsetting collections................................................................................................................................................................................... - Agency for Toxic Substance and Disease Registry offsetting collections.................................................................................................. - Total receipts........................................................................................................................................................................................... 1,164,000,000 Expenses: EPA expense .............................................................................................................................................................................................. 1,254,000,000 Other expenses........................................................................................................................................................................................... 50,450,000 Total expenses........................................................................................................................................................................................ 1,304,450,000 Balance Sept. 30, 2008................................................................................................................................................................................... $132,850,000 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 Reporting excludes the Iron Mountain account in the Hazardous Substance Superfund Trust Fund. March 2009 128 TRUST FUNDS Hazardous Substance Superfund Expected Condition and Results of Operations, Fiscal Years 2009-2013 1, 2, 3 [In millions of dollars. Source: EPA] 2009 2010 2011 2012 2013 133 81 25 81 81 Interest ......................................................................................................... 32 32 32 32 32 Recoveries ................................................................................................... 104 104 104 104 104 Fines and penalties...................................................................................... 2 2 2 2 2 Taxes ........................................................................................................... - - - - - Offsetting collections.................................................................................... - - - - - General revenues ........................................................................................ 1,117 1,117 1,229 1,173 1,173 Total receipts ........................................................................................... 1,255 1,255 1,367 1,311 1,311 Appropriations 2................................................................................................ 1,254 1,254 1,254 1,254 1,254 Other expenses................................................................................................ 53 57 57 57 57 Balance Sept. 30.............................................................................................. 81 25 81 81 81 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. March 2009 2 Fiscal year 2009 appropriation represents a full-year Continuing Resolution (CR) based on fiscal year 2008 Enacted appropriation level. Fiscal year 2009 excludes potential economic stimulus supplemental funding. 3 Fiscal year 2010 represents Current Services Baseline (CSB). TRUST FUNDS 129 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 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. March 2009 130 TRUST FUNDS TABLE TF-6.—Highway Trust Fund Results of Operations, Fiscal Year 2008 [Source: DOT] Description IRC section (26 United States Code) Balance Oct. 1, 2007* .......................................................................................................................................................................................... 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........................................................................................................................................................................................................ Gasoline .......................................................................................................................................................................................................... Total refunds and tax credits ................................................................................................................................................................... Less transfers: To Land and Water Conservation Fund ...................................................................................................................................................... To Aquatic Resources Trust Fund ............................................................................................................................................................... To Airport Resources Trust Fund ................................................................................................................................................................ To general fund ............................................................................................................................................................................................ Total transfers .......................................................................................................................................................................................... Other income: Fines and penalties...................................................................................................................................................................................... Cash Management Improvement Act interest (net)..................................................................................................................................... Transfer from general fund – P.L. 110-318 ................................................................................................................................................. 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, 2008........................................................................................................................................................................................ Note: The opening balance of $15,441,025,628 was revised on December 3, 2007, to reflect the actual transfer of aviation fuel excise taxes from the Highway Trust Fund to the Airport Airway Trust Fund and to reduce the TIFIA subsidy. March 2009 Amount $15,416,217,721 25,325,646,000 10,531,919,000 386,627,000 1,445,621,000 1,038,312,000 38,728,125,000 670,905,000 385,607,000 1,056,512,000 1,000,000 481,999,000 377,524,000 444,546,000 1,305,069,000 17,988,767 2,628,383 8,017,000,000 8,037,617,150 44,404,161,150 35,715,420,258 -9,826,608 142,884,718 35,848,478,368 504,611,856 5,989,594,523 167,847,655 485,721,461 5,266,199 658,835,315 6,758 43,001,526,820 $16,818,852,050 TRUST FUNDS 131 Highway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In billions of dollars. Source: DOT] Combined Statement Highway and Mass Transit Accounts 2009 2010 2011 2012 2013 17 7 -5 -17 -28 Excise taxes, net of refunds....................................... 37 39 40 40 41 Interest, net ................................................................ - - - - - Balance Oct. 1* .............................................................. Receipts: Total receipts ......................................................... 37 39 40 40 41 Outlays........................................................................... 47 50 51 52 53 Balance Sept. 30............................................................ 7 -5 -17 -28 -40 * P.L. 110-318 transferred $8 billion from the General Fund into the Highway Trust Fund. Mass Transit Account 2009 2010 2011 2012 2013 7 5 2 -1 -4 Excise taxes, net of refunds............................................ 6 5 5 5 5 Interest, net ..................................................................... - - - - - Balance Oct. 1 .................................................................... Receipts: Total receipts .............................................................. 6 5 5 5 5 Outlays................................................................................ 8 9 8 8 9 Balance Sept. 30................................................................. 5 2 -1 -4 -8 Highway Account 2009 2010 2011 2012 2013 10 2 -7 -15 -24 Excise taxes, net of refunds................................................. 32 33 35 35 36 Interest, net .......................................................................... - - - - - Total receipts ................................................................... 32 33 35 35 36 Outlays..................................................................................... 40 42 43 44 44 Balance Sept. 30...................................................................... 2 -7 -15 -24 -32 Balance Oct. 1 ......................................................................... Receipts: Unfunded authorizations (EOY)............................................... 86 95 105 114 124 48-month revenue estimate..................................................... 139 142 145 147 149 March 2009 132 TRUST FUNDS TABLE TF-6A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal year 2010. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal year 2010. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 79 less: Cash balance (fiscal year 2010) ......................................................................................................................................................................................... -7 Unfunded authorizations (fiscal year 2010) ........................................................................................................................................................................ 86 48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 142 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 14 less: Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 2 Unfunded authorizations (fiscal year 2010) ........................................................................................................................................................................ 12 48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 21 March 2009 TRUST FUNDS 133 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 2008 [Source: Department of the Army Corps of Engineers] $209,383,002 Balance Oct. 1, 2007 ........................................................................................................................................................................................... Receipts: Fuel taxes/revenues......................................................................................................................................................................................... Interest on investments.................................................................................................................................................................................... Total receipts................................................................................................................................................................................................ Transfers: Corps of Engineers .......................................................................................................................................................................................... Balance Sept. 30, 2008........................................................................................................................................................................................ 87,598,000 4,772,325 92,370,325 170,959,713 $130,793,614 Inland Waterways Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013* [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................................................................................................... 2009 2010 2011 2012 2013 131 93 93 93 93 79 3 82 77 2 79 77 2 79 77 2 79 77 2 79 120 93 79 93 79 93 79 93 79 93 * Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. March 2009 TRUST FUNDS 134 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 2008 * [Source: EPA] $2,857,000,000 Balance Oct. 1, 2007...................................................................................................................................................................................... Receipts: Taxes.......................................................................................................................................................................................................... Interest........................................................................................................................................................................................................ 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 .................................................................................. Other expenses .......................................................................................................................................................................................... Total expenses ....................................................................................................................................................................................... 171,000,000 123,000,000 294,000,000 106,000,000 2,000,000 108,000,000 $3,043,000,000 Balance Sept. 30, 2008.................................................................................................................................................................................. * 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. Leaking Underground Storage Tank Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 1, 2, 3 [In millions of dollars. Source: EPA] Balance Oct. 1................................................................................................................. Receipts: Taxes........................................................................................................................... Interest ........................................................................................................................ Total receipts........................................................................................................... Appropriations ................................................................................................................. Other Expenses .............................................................................................................. Balance Sept. 30............................................................................................................. 1 Reporting in the trust fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of the trust fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate trust fund reporting. March 2009 2 2009 2010 2011 2012 2013 3,043 3,243 3,452 3,661 3,870 192 114 306 106 3,243 195 120 315 106 3,452 195 120 315 106 3,661 195 120 315 106 3,870 195 120 315 106 4,079 Fiscal year 2009 appropriation represents a full-year Continuing Resolution (CR) based on fiscal year enacted appropriation level. Fiscal year 2009 excludes potential economic stimulus supplemental funds. 3 Fiscal year 2010 represents Current Services Baseline (CSB). TRUST FUNDS 135 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 2008 [Source: DOE] Balance Sept. 30, 2007........................................................................................................................................................................................ $14,256,195 Receipts: Fees collected .................................................................................................................................................................................................. 763,098,120 Penalties and interest on fee payments........................................................................................................................................................... - Interest on investments.................................................................................................................................................................................... 26,753,421 Total receipts................................................................................................................................................................................................ 789,851,541 Nonexpenditure transfers: SF-1151 transfers in (+)................................................................................................................................................................................... - SF-1151 transfers out (-).................................................................................................................................................................................. -32,646,000 Net nonexpenditure transfers....................................................................................................................................................................... -32,646,000 Outlays: DOE radioactive waste disposal activities ....................................................................................................................................................... 213,032,061 Cost investments.............................................................................................................................................................................................. 559,598,029 Total outlays................................................................................................................................................................................................. 772,630,090 Balance Sept. 30, 2008........................................................................................................................................................................................ -$1,168,354 March 2009 TRUST FUNDS 136 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.] 1200 2007 2008 900 600 Interest on Investments, Fiscal Years 2007-2008 (In millions of dollars) 300 0 Nuclear Waste Fund Airport and Airway Trust Fund Hazardous Substance Superfund 50 Receipts and Expenses, Fiscal Year 2008 (In billions of dollars) 45 Receipts 40 Expenses 35 30 25 20 15 10 5 0 Highway Trust Fund March 2009 Airport and Airway Trust Fund Nuclear Waste Fund Hazardous Substance Superfund Black Lung Trust Fund TRUST FUNDS 137 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 2008 [Source: Department of Agriculture] Balance Oct. 1, 2007 ........................................................................................................................................................................................... $13,686,570 Receipts: Excise taxes (tariffs)......................................................................................................................................................................................... 30,000,132 Redemption of investment ............................................................................................................................................................................... - Total receipts................................................................................................................................................................................................ 30,000,132 Expenses: Expenditure ...................................................................................................................................................................................................... 29,091,611 Total expenses............................................................................................................................................................................................. 29,091,611 Adjustment ........................................................................................................................................................................................................... 973 $14,596,064 Balance Sept. 30, 2008........................................................................................................................................................................................ Reforestation Trust Fund Expected Condition and Results of Operations, Fiscal Year 2009 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1..................................................................................................................................................................................................... 14,596 Receipts: Excise taxes (tariffs)........................................................................................................................................................................................ 30,000 Redemption of investment .............................................................................................................................................................................. - Total receipts............................................................................................................................................................................................... 30,000 Outlays ................................................................................................................................................................................................................ 30,000 Balance Sept. 30 ................................................................................................................................................................................................. 14,596 March 2009 TRUST FUNDS 138 INTRODUCTION: Sport Fish Restoration and Boating 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. March 2009 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. TRUST FUNDS 139 TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund Sport Fish Restoration Results of Operations, Fiscal Year 2008 [Source: Bureau of the Public Debt] Balance Oct. 1, 2007 ............................................................................................................................................................................................ $719,161,289 Revenue: Tax revenue: Gas, motorboat ............................................................................................................................................................................................. 378,996,000 Fish equipment.............................................................................................................................................................................................. 113,192,000 Electric trolling sonar..................................................................................................................................................................................... - Customs/import duties .................................................................................................................................................................................. 41,717,376 Gas, motorboat small engines ...................................................................................................................................................................... 103,003,000 Total, tax revenue ..................................................................................................................................................................................... 636,908,376 Investment revenue: Interest on investments (cash basis) ............................................................................................................................................................ 71,553,714 Loss on sale of securities.............................................................................................................................................................................. - Total, investment revenue......................................................................................................................................................................... 71,553,714 Total revenue ............................................................................................................................................................................................ 708,462,090 Nonexpenditure transfers: Transfer to Interior......................................................................................................................................................................................... -480,998,939 Transfer to U.S. Coast Guard ....................................................................................................................................................................... -126,123,836 Transfer to Corps of Engineers..................................................................................................................................................................... -88,286,685 Total nonexpenditure transfers ................................................................................................................................................................. -695,409,460 Balance Sept. 30, 2008......................................................................................................................................................................................... $732,213,919 Sport Fish Restoration and Boating Trust Fund Sport Fish Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In thousands of dollars. Source: Department of the Interior] 2009 2010 2011 2012 2013 732,214 693,113 705,718 733,792 760,152 Taxes ............................................................................................ 605,000 619,000 641,000 661,000 679,000 Interest .......................................................................................... 71,547 70,152 76,226 82,586 87,003 Transfers....................................................................................... - - - - - Total receipts ............................................................................ 676,547 689,152 717,226 743,586 766,003 Expenses/transfers ....................................................................... 715,648 676,547 689,152 717,226 743,586 Total expenses.......................................................................... 715,648 676,547 689,152 717,226 743,586 Balance Sept. 30............................................................................... 693,113 705,718 733,792 760,152 782,569 Balance Oct. 1 ..................................................................................... Receipts/revenue: Expenses: March 2009 TRUST FUNDS 140 Sport Fish Restoration and Boating Trust Fund Boating Safety Results of Operations, Fiscal Year 2008 [Source: Bureau of the Public Debt] Balance Oct. 1, 2007........................................................................................................................................................................................... $51,559,695 Revenue: Investment revenue: Interest on investments ................................................................................................................................................................................... 2,047,435 Loss on sale of securities................................................................................................................................................................................ - Total investment revenue................................................................................................................................................................................ 2,047,435 Total revenue .............................................................................................................................................................................................. 2,047,435 Nonexpenditure transfers: Transfer to Coast Guard ................................................................................................................................................................................. 6,800,000 Transfer to Interior........................................................................................................................................................................................... 10,339,000 Total nonexpenditure transfers ................................................................................................................................................................... 17,139,000 Balance Sept. 30, 2008....................................................................................................................................................................................... $36,508,130 Sport Fish Restoration and Boating Trust Fund Boating Safety Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In thousands of dollars. Source: Department of Transportation] 2009 2010 36,508 21,679 - - - Taxes ....................................................................................... - - - - - Interest ..................................................................................... 2,310 2,650 - - - Transfers.................................................................................. - - - - - Total receipts ....................................................................... 2,310 2,650 - - - Expenses/outlays..................................................................... - - - - - Transfers FWS, USCG ............................................................ 17,139 24,329 24,329 - - Total expenses..................................................................... 17,139 24,329 24,329 - - Balance Sept. 30.......................................................................... 21,679 - - - - Balance Oct. 1 ............................................................................. 2011 2012 2013 Receipts/revenue: Expenses: * In accordance with Public Law 109-59, the old Boat Safety Account will be liquidated by the end of fiscal year 2010. March 2009 TRUST FUNDS 141 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 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. March 2009 TRUST FUNDS 142 TABLE TF-12.—Oil Spill Liability Trust Fund Results of Operations, Fiscal Year 2008 [Source: Bureau of the Public Debt] $829,263,891 Balance Oct. 1, 2007 ..................................................................................................................................................................................................... Revenue: Tax on crude oil/petroleum products ......................................................................................................................................................................... - Other income.............................................................................................................................................................................................................. - Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - Cost recoveries .......................................................................................................................................................................................................... 7,923,188 Fines and penalties.................................................................................................................................................................................................... 21,928,970 Excise Taxes.............................................................................................................................................................................................................. 333,259,522 Net revenue before interest ................................................................................................................................................................................... 363,111,680 Investment Income: Interest on investments.............................................................................................................................................................................................. 33,037,889 Realized gain ............................................................................................................................................................................................................. - Total investment income ........................................................................................................................................................................................ 33,037,889 Total revenue ......................................................................................................................................................................................................... 396,149,569 Expenditures: Treasury administrative expense – BPD ................................................................................................................................................................... 20,600 Nonexpenditure transfers: Transfer to Denali commission .................................................................................................................................................................................. 5,830,934 Transfer to Interior...................................................................................................................................................................................................... 12,526,000 Transfer to EPA.......................................................................................................................................................................................................... 17,055,714 Transfer to DOT-Research and special projects ....................................................................................................................................................... 26,508,199 Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 25,190,625 Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 51,095,291 Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 45,000,000 Transfer to North Pacific ............................................................................................................................................................................................ - Total nonexpenditures transfers ............................................................................................................................................................................ 183,206,763 Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 183,227,363 Balance Sept. 30, 2008.................................................................................................................................................................................................. $1,042,186,097 Oil Spill Liability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In millions of dollars. Source: Department of Homeland Security] Balance Oct. 1 .................................................................................................... 2009 2010 2011 2012 2013 1,042 1,238 1,472 1,709 1,960 Estimated receipts .............................................................................................. 436 416 419 433 442 Estimated expenses ........................................................................................... 240 182 182 182 182 Balance Sept. 30 ................................................................................................ 1,238 1,472 1,709 1,960 2,220 March 2009 TRUST FUNDS 143 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 2008 [Source: Bureau of the Public Debt] Balance Oct. 1, 2007 ........................................................................................................................................................................................... $2,602,172,617 Receipts: Excise tax receipts ........................................................................................................................................................................................... 251,409,000 Interest on investments.................................................................................................................................................................................... 106,579,310 Total receipts................................................................................................................................................................................................ 357,988,310 Expenditure Appropriations: U.S. Court of Federal Claims expenses .......................................................................................................................................................... 1,826,103 U.S. Department of Justice expenses ............................................................................................................................................................. 7,512,205 Total outlays................................................................................................................................................................................................. 9,338,308 Nonexpenditure appropriations: Health resources .............................................................................................................................................................................................. 87,000,000 Total outlays/transfers.................................................................................................................................................................................. 96,338,308 Balance Sept. 30, 2008........................................................................................................................................................................................ $2,863,822,619 Vaccine Injury Compensation Trust Fund Expected Condition and Results of Operations, Fiscal Years 2009-2013 [In thousands of dollars. Source: Department of Health and Human Services ] 2009 2010 2011 2012 2013 Balance Oct. 1 ........................................................................................ 2,863,823 3,133,602 3,411,756 3,698,534 3,994,196 Receipts (from tax) ................................................................................. 258,951 266,720 274,721 282,963 291,452 Interest on investments....................................................................... 109,776 113,070 116,462 119,956 123,554 Total receipts .................................................................................. 368,727 379,790 391,183 402,919 415,006 Outlays: U.S. Court of Federal Claims expenses ............................................. 1,826 1,826 1,826 1,826 1,826 U.S. Department of Justice expenses ................................................ 7,512 7,512 7,512 7,512 7,512 Total outlays.................................................................................... 9,338 9,338 9,338 9,338 9,338 Nonexpenditure transfers: Transfers to health resources............................................................. 89,610 92,298 95,067 97,919 100,857 Total outlays/transfers .................................................................... 98,948 101,636 104,405 107,257 110,195 Balance Sept. 30..................................................................................... 3,133,602 3,411,756 3,698,534 3,994,196 4,299,007 March 2009 TRUST FUNDS 144 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 Emergency Economic Stabilization Act of 2008 (Public Law 110-343, signed October 3, 2008) extended the sunset provision to 2015. 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 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 2008 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1, 2007 ................................................................................................................................................................................................ - Receipts: Harmonized tariff................................................................................................................................................................................................... 2,250 Total receipts..................................................................................................................................................................................................... 2,250 Expenses: Expenditure ........................................................................................................................................................................................................... 2,250 Total expenses.................................................................................................................................................................................................. 2,250 Balance Sept. 30, 2008............................................................................................................................................................................................ - Wool Research, Development, and Promotion Trust Fund Expected Condition and Results of Operations, Fiscal Year 2009 [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 2009 145 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. March 2009 146 RESEARCH PAPER SERIES 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. 2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security Trust Fund?” Randall P. Mariger. December 2008. 2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. December 2008. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 March 2009 147 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of December 2008, the debt limit was $11,315,000 million; the limit may change from year to year. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and March 2009 148 GLOSSARY international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. March 2009 Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, GLOSSARY 149 they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 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