Full text of Treasury Bulletin : March 2012
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BULLETIN MARCH 2012 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: $70.00 (domestic), $98.00 (foreign). Financial Report of the United States Government. This annual report provides information about Government financial operations on the accrual basis. Single copy price: $36.00 (domestic), $50.40 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402 The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9939/9937 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fms.treas.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Financial Management Service’s home page. www.fms.treas.gov/ Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations .............................................................................................................................. 9 Analysis.—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ....................... 10 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12 FFO-B.—Chart: Budget Receipts by Source ....................................................................................................................... 12 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 13 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 18 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 19 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19 FEDERAL DEBT Introduction.—Federal Debt ................................................................................................................................................ 21 FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 FD-2.—Debt Held by the Public ......................................................................................................................................... 23 FD-3.—Government Account Series ................................................................................................................................... 24 FD-4.—Interest-Bearing Securities Issued by Government Agencies ................................................................................. 25 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 26 FD-6.—Debt Subject to Statutory Limit .............................................................................................................................. 27 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 28 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 30 TREASURY FINANCING ................................................................................................................................................. 30 PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 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 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 41 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 41 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 42 March 2012 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 45 IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 45 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 46 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries .............................................................................................................................. 47 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 48 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 51 CM-I-2.—Total Liabilities by Country................................................................................................................................ 52 CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 54 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries ...................................................................................................................... 56 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 57 CM-II-2.—Total Claims by Country ................................................................................................................................... 58 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 60 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries ...................................................................................................................... 62 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 63 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 64 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 66 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 68 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 ............................................ 70 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 71 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 72 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (fourth quarter)............................................................................................................... 74 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ............................................................................................................... 76 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 78 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 79 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 .................................. 80 CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 81 CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country ....................................................................... 82 CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract................... 83 CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ................................ 84 March 2012 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions ......................................................................................................................... 85 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 86 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 87 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 87 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 88 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 89 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 89 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 90 FCP-III-2.—Monthly Report of Major Market Participants ................................................................................................ 91 FCP-III-3.—Quarterly Report of Large Market Participants ............................................................................................... 91 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 92 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 93 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 93 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 94 FCP-V-2.—Monthly Report of Major Market Participants ................................................................................................. 95 FCP-V-3.—Quarterly Report of Large Market Participants ................................................................................................ 95 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ................................................................................................. 96 FCP-VI-2.—Monthly Report of Major Market Participants................................................................................................ 97 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................... 97 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund ....................................................................................................................... 98 ESF-1.—Balance Sheet ....................................................................................................................................................... 98 ESF-2.—Income and Expense ............................................................................................................................................. 99 SPECIAL REPORTS FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Introduction.—Financial Report Excerpt........................................................................................................................... 103 Financial Report Excerpt ................................................................................................................................................... 104 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 ........................................................................................................................ 124 March 2012 VI Contents Introduction.—Harbor Maintenance Trust Fund ............................................................................................................... 125 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 ................................................................................................................... 134 TF-7.—Inland Waterways Trust Fund ............................................................................................................................... 134 Introduction.—Leaking Underground Storage Tank Trust Fund....................................................................................... 135 TF-8.—Leaking Underground Storage Tank Trust Fund .................................................................................................. 135 Introduction.—Nuclear Waste Fund .................................................................................................................................. 136 TF-9.—Nuclear Waste Fund.............................................................................................................................................. 136 TF-A.—Chart: Major Trust Funds, Interest on Investments .............................................................................................. 137 TF-B.—Chart: Major Trust Funds, Receipts and Expenses .............................................................................................. 137 Introduction.—Reforestation Trust Fund........................................................................................................................... 138 TF-10.—Reforestation Trust Fund .................................................................................................................................... 138 Introduction.— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................ 139 TF-11.—Sport Fish Restoration and Boating Safety Trust Fund....................................................................................... 140 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 Introduction.— Agriculture Disaster Relief Trust Fund .................................................................................................... 145 TF-15.—Agriculture Disaster Relief Trust Fund ............................................................................................................... 145 RESEARCH PAPER SERIES ........................................................................................................................................... 147 GLOSSARY ...................................................................................................................................................................... 149 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 2012 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: Agriculture Disaster Relief Trust Fund ............................................................. √ 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 2012 Financial Report of the United States Government Excerpt Trust Funds 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of February 16, 2012 Introduction The recovery continued to firm in the final quarter of 2011, as various components of private demand strengthened further and the temporary factors that had weighed on growth earlier in the year reversed. Labor market conditions also improved. Since the recovery began in mid-2009, the economy has added 3.2 million payroll jobs, and the unemployment rate has declined 1.2 percentage points, but is still high at 8.3 percent. Activity in the housing sector remains weak and continues to be restrained by a number of factors, including the high level of unemployment, excess supply, relatively tight lending standards, and uncertainty about future home price values, but recent data have brightened somewhat. The run-up in oil and food prices earlier last year impacted inflation as well as private consumption. Headline inflation has moved higher since February 2011, and core inflation (which excludes food and energy) has stabilized very recently at a higher level, although it remains low by historical standards. In financial markets, equity indexes have rallied in recent weeks as risk appetite begins to recover, and Treasury bond yields have generally trended substantially lower. Financial disbursements under the American Recovery and Reinvestment Act of 2009 (ARRA, or the “Recovery Act”) were increased from $787 billion to $840 billion, reflecting additional measures to restore financial stability, create jobs, and improve housing markets. Late last year, the Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their mortgage loans. At the very end of 2011, the 2 percentage point employee payroll tax cut and unemployment insurance benefits were each extended for 2 months. Most recently, the Administration announced a proposal to help eligible homeowners with mortgage refinancing, and continues to push a number of initiatives designed to boost growth and create jobs in the near term. Pursuing its statutory mandate to foster maximum employment and price stability, the Federal Reserve continues to bolster liquidity by maintaining holdings of securities at current levels and rolling over holdings of Treasury securities as they mature. At the end of June 2011, the Federal Reserve completed its purchases of longer-term Treasury securities. At its latest meeting in late January, the Federal Open Market Committee (FOMC) extended the timeframe for maintaining the federal funds rate target in its current range of 0 to 0.25 percent from mid-2013 to late 2014, citing weak labor market conditions and a variety of Growth of Real GDP (Quarterly percent change at annual rate) 8.0 6.0 3.8 4.0 2.0 1.7 1.3 3.9 3.8 2.8 2.5 2.3 1.3 1.8 0.4 0.0 -2.0 -4.0 -0.7 -1.8 -3.7 -6.0 -6.7 -8.0 -10.0 -8.9 -12.0 2008 2009 2010 2011 significant downside risks to the economy. At that meeting, the FOMC also took the historic step of announcing a longrun inflation goal of 2 percent for the price index for personal consumption expenditures (measured on an annual basis). Economic Growth Since the current expansion began in mid-2009, the economy has grown by 6.2 percent and, as of the most recent quarter, real gross domestic product (GDP) was 0.7 percent above its level at the end of 2007, when the recession began. According to the advance estimate, real GDP growth accelerated from a 1.8 percent annual rate in the third quarter of 2011 to a 2.8 percent annual rate in the fourth quarter of 2011–the tenth straight quarter of growth since the economy emerged from recession in mid-2009. While the acceleration was mainly due to a marked pick-up in private inventory accumulation, faster growth of personal consumption expenditures and a notably stronger pace of residential investment also contributed. Consensus forecasts currently put real GDP growth in the first quarter of 2012 at around a 2.0 percent annual rate. Private domestic final demand (consumption plus private fixed investment, considered a better measure of underlying demand because it subtracts out inventory movements) grew at a 2.2 percent annual rate in the fourth quarter, slowing from the 3.3 percent rate in the third quarter, but above the 1.9 percent pace posted in the first half of 2011. Real personal consumption expenditures–which account for about 70 percent of GDP–advanced by 2.0 percent at an annual March 2012 4 PROFILE OF THE ECONOMY rate in the fourth quarter, faster than the 1.7 percent rise in the third quarter. Consumption added 1.5 percent points to real GDP growth in the latest quarter. Residential investment–mostly residential homebuilding– surged 10.9 percent in the fourth quarter, after rising 1.3 percent in the third quarter. Residential activity added 0.2 percentage point to real GDP growth in the fourth quarter. Although the housing sector remains weak, recent data have been more favorable. Single-family housing starts fell 1.0 percent in January to 508,000 units (annualized), 72 percent below the January 2006 peak, and well below the 1.1 million average level from 1980 to 2004. New single-family home sales fell 2.2 percent in December to 307,000 (annualized) and were 78 percent below the July 2005 peak of 1.39 million. Existing single-family home sales rose 4.6 percent in December at 4.1 million units (annualized). The number of new single-family homes for sale is at its lowest level on record (back to 1963). Relative to sales, there was a 6.1month supply of new homes on the market at the end of December. The supply of new homes available for sale has returned to its long-run average; the inventory of existing single-family homes has fallen, but was still high relative to sales at a 6.2-month supply in December. Selected home price measures appear to have stabilized recently, but continue to fall on a year-over-year basis. The Federal Housing Financing Authority (FHFA) purchase-only house price index rose 1.0 percent in November and was down 1.8 percent in the year through November, slowing from the 4.3 percent decline a year earlier. The Standard & Poor’s (S&P)/Case-Shiller composite home price indexes declined in November: the 10-city and 20-city indexes each fell 0.7 percent. On a 12-month basis through November 2011, the 10-city index declined 3.6 percent while the 20-city index was 3.7 percent lower. Despite the deceleration in year-overyear declines, the large inventory of homes on the market and in the foreclosure pipeline augur for future weakness in home prices. According to the December 2011 Pulsenomics/Zillow survey of price expectations, home prices are expected to show no recovery during 2012, and a 1. 9 percent rise during 2013. Nonresidential fixed investment–about 10 percent of GDP–rose 1.7 percent at an annual rate in the fourth quarter of 2011, decelerating markedly from an annual rate of 15.7 percent in the third quarter. For the past eight quarters, nonresidential fixed investment growth has averaged 9.3 percent. Growth in business spending on equipment and software slowed to 5.2 percent in the fourth quarter from a 16.2 percent pace in the third quarter. Outlays for structures dropped 7.2 percent in the fourth quarter after jumping by nearly 23 percent and about 14 percent in the second and third quarters, respectively. Altogether, nonresidential fixed investment contributed 0.2 percentage point to real GDP growth in the fourth quarter. Inventory accumulation strengthened, adding nearly 2 percentage points to growth. Exports account for about 12 percent of GDP, while imports (which are subtracted from total domestic spending March 2012 to calculate GDP) account for about 17 percent. In each of the 3 years prior to 2010, the net export deficit (exports less imports) narrowed, reflecting weak demand for imports that exceeded softer foreign demand for U.S. goods and services. The improvement in the net export deficit contributed 1 percentage point on average to quarterly real GDP growth during this period. In 2010, this trend reversed, and for the year as a whole, net exports posed a drag on growth of 0.5 percentage point. Net exports posed a modest drag on growth in the first and fourth quarters of 2011, but contributed to growth in the second and third quarters, such that net exports added 0.1 percentage point to growth in 2011. In the fourth quarter of 2011, exports grew 4.7 percent and imports grew 4.4 percent. The current account balance (reflecting international trade in goods and services, investment income flows, and unilateral transfers) has been in deficit almost continuously since the early 1980s and, in 2006, reached a record $803 billion, equivalent to 6.0 percent of GDP. By 2009, the current account deficit had narrowed to $377 billion (2.7 percent of GDP), as the trade deficit narrowed, but it widened in 2010 to $471 billion (3.2 percent of GDP) as the U.S. economy recovered. The current account deficit continued to grow in 2011, reaching $499 million in the second quarter (3.3 percent), but narrowed in the third quarter to $441 million (2.9 percent). Government purchases–which account for roughly 20 percent of GDP–fell for the fifth straight quarter in the final quarter of 2011. Purchases fell 4.6 percent after edging down 0.1 percent in the third quarter. Federal spending declined 7.3 percent in the fourth quarter, subtracting 0.6 percentage point from GDP growth, and State and local Government expenditures fell 2.6 percent, subtracting 0.3 percentage point from growth. Labor Markets During the recession (from December 2007 through June 2009), the economy lost 7.7 million private-sector jobs. Job losses continued even after the recovery began, but in March 2010 nonfarm payrolls began to rise again. Since then, total employment has grown by nearly 3.2 million. In the private sector, employment has increased by almost 3.7 million during the same period. Job losses during the recession were spread broadly across most sectors, but with the resumption of job growth, many of these sectors have added jobs. Since the labor market recovery began in early 2010, payrolls in professional and business services have risen by more than 1.1 million, and leisure and hospitality industries’ employment has increased by 575,000. Manufacturing payrolls have grown by 400,000 since early 2010. A few sectors continued to add jobs throughout the recession and continue to hire new workers: since early 2010, the health care and social assistance sector has added 541,000 jobs. On the other hand, the Government sector, notably at the local level, has lost more jobs in recent months than during the 19 PROFILE OF THE ECONOMY Unemployment Rate Payroll Employment (Percent) (Average monthly change in thousands from end of quarter to end of quarter) 400 300 200 100 0 -100 -200 -300 -305 -400 -500 -600 -700 -651 -800 -900 III IV 2008 5 11.0 10.5 196 154 192 10.0 130 128 157 9.5 9.0 38 8.5 8.0 -45 Jan. 2012 8.3 % 7.5 7.0 -138 -256 6.5 6.0 -512 5.5 5.0 4.5 -780 4.0 I II III IV 2009 I II III IV 2010 I II III IV 2011 months of recession. Since early 2010, Government payrolls have declined by nearly 500,000, including 364,000 local government jobs. The unemployment rate peaked at 10.0 percent in October 2009–a 26-year high and 5.6 percentage points above the May 2007 low of 4.4 percent. More recently, the unemployment rate has declined, falling from 9.1 percent in mid 2011 to 8.3 percent in January 2012. A broader measure of unemployment that includes workers who are underemployed and those who are only marginally attached to the labor force (the U-6 unemployment rate) reached a record high of 17.2 percent in October 2009 (series dates from 1994)–nearly double its level of 8.8 percent in December 2007. This measure stood at 15.1 percent in January 2012. The percentage of the unemployed who have been out of work for 27 weeks or more peaked at an all-time high of 45.5 percent in March 2011, then edged down briefly before climbing again to reach 45.0 percent in May 2011. As of January 2012, it had eased to 42.9 percent. Inflation Headline inflation is higher, but is beginning to stabilize. Core inflation (excluding food and energy) is also rising but remains relatively low by historical standards. Headline consumer prices rose 3.0 percent over the 12 months ending in December, accelerating from the previous year’s 1.5 percent increase. Energy prices rose 6.6 percent in the year through December, slowing somewhat from the year-earlier increase of 7.7 percent. On a 12-month basis core consumer 3.5 00 01 02 03 04 05 06 07 08 09 10 11 12 prices (excluding food and energy) rose 2.2 percent through December 2011, compared with a 0.8 percent advance a year earlier. Labor market slack and the continued low level of capacity utilization will likely remain a moderating influence on core inflation and wage growth in the foreseeable future. Energy prices rose sharply early last year, reflecting political turmoil in the Middle East and North Africa and concerns about supply disruptions. From mid-February to late April 2011, the front-month futures price of West Texas Intermediate (WTI) crude oil increased by almost $30 (about 35 percent) to nearly $114 per barrel. Retail gasoline prices climbed in response, reaching a peak of $3.97 per gallon in May 2011. Energy prices fell over last summer and fall, but have recently moved higher. The front-month futures price of WTI has climbed from an average of $86 per barrel in October to $98 per barrel thus far in February 2012. The retail price of regular gasoline was $3.48 per gallon in the week ending February 6, 2012, down roughly 50 cents from its May 2011 peak but up 35 cents from a year ago. Food prices have accelerated further in recent months. In the year through December 2011, consumer food prices increased 4.7 percent, much faster than the 1.5 percent rise of the previous year. Federal Budget and Debt The federal budget deficit was $1.3 trillion (8.7 percent of GDP) in fiscal year 2011, little changed from fiscal year 2010 in nominal terms, but down from 9.0 percent of GDP. March 2012 6 PROFILE OF THE ECONOMY Consumer Prices (Percent change from a year earlier) 7 6 Food 5 4 3 2 1 0 -1 Excluding food and energy Total -2 -3 98 99 00 01 02 03 04 05 06 07 08 09 10 11 The Administration’s Fiscal Year 2013 Budget projects the deficit will rise slightly to $1.33 trillion in fiscal year 2012, but decline as a share of GDP to 8.5 percent, from 8.7 percent in fiscal year 2011. The deficit is projected to narrow to 5.5 percent of GDP in fiscal year 2013 and to 3.9 percent in fiscal year 2014. By 2018, the deficit will fall to less than 3 percent of GDP, and the debt-to-GDP ratio will be on a declining path. The primary deficit – receipts less outlays, excluding net interest – is expected to fall from 7.1 percent of GDP in fiscal year 2012 to 4.0 percent of GDP in fiscal year 2013. The primary deficit is projected to continue to drop until reaching balance in fiscal year 2018, at which point spending will no longer add to the national debt. Economic Policy Key fiscal and monetary policy actions taken over the past few years have aided the recovery. On the fiscal policy side, the ARRA authorized the Federal Government to spend $787 billion to stimulate domestic demand, an amount that was increased to $840 billion, to be consistent with the President’s 2012 Budget. In recent years, this spending provided an important boost to economic activity, but the Administration also proposed and implemented a variety of additional programs to maintain the recovery’s momentum. These included an extension and expansion of the first-time home buyer tax credit, a new Small Business Jobs and Wages Tax Credit, and additional financial support for State and local Governments. In December 2010, the 2010 Tax Relief Act authorized a 2 percent payroll tax cut, extensions of unemployment benefits, extensions of refundable tax credits, and a 2-year extension of the 2001 tax cuts. In late December 2011, the 2 percentage point employee payroll tax cut and unemployment benefits included in the 2010 tax legislation were each extended for two additional months. The Administration has also proposed more than $350 billion in short-term job creation and growth-boosting March 2012 initiatives as part of the fiscal year 2013 budget, including the extension of the 2 percentage point payroll tax cut as well as unemployment benefits through the rest of 2012, an extension of the 100 percent bonus depreciation provision through 2012, and a new tax credit for 2012, focused on small businesses, that gives a 10 percent tax credit equal to 10 percent of wages added up to $500,000. The Administration recently announced a plan to help eligible homeowners refinance their mortgages in order to take advantage of historically low rates. Presently, an agreement is pending in Congress that would allow an extension of the 2 percent payroll tax cut, unemployment insurance, and existing levels of payments to participating Medicare physicians, all through the end of 2012. Partly in response to rising financial market stress, as well as to signs of more slowing in the broader economy, the Federal Reserve began easing monetary policy in August 2007. By late 2008, the FOMC had lowered the federal funds target interest rate dramatically, reducing it to a historically low target range of 0 percent to 0.25 percent at the December 2008 FOMC meeting. That target range was maintained at the FOMC’s most recent meeting in late January 2012. At the same time, the Committee acknowledged moderate economic expansion as well as improving labor market conditions, but also an elevated unemployment rate and depressed housing market conditions. Significantly, it extended the timeframe for its current monetary policy stance, stating that, “economic conditions…are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.” Previous statements had indicated the target rate would remain low until mid-2013. In addition to lowering the federal funds rate target, in late 2008, the Federal Reserve significantly expanded its tools to increase liquidity in credit markets, and eased lending terms to sectors in need of liquidity, including a variety of facilities and funds directed at specific financial markets. As of June 30, 2010, all of these special facilities had expired. At the August 2010 FOMC meeting, the Federal Reserve announced it would maintain its holdings of securities at current levels by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities and to continue rolling over the Federal Reserve’s holdings of Treasury securities as they mature. At the end of June 2011, the FOMC completed purchases of $600 billion of longer-term Treasury securities. At the September 2011 meeting, the FOMC announced it would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of longer-term (6 to 30 years) Treasury securities and selling an equal amount of shorter-term (3 years or less) Treasury securities, all by the end of June 2012. The Committee also announced a reinvestment of principal payments from its holdings of agency debt and agency mortgage-backed securities into the latter securities. The FOMC reaffirmed these policies at its January meeting. PROFILE OF THE ECONOMY Financial Markets Financial markets have largely recovered from the unprecedented strains experienced in the fall of 2008, but came under renewed pressure in 2011 as investors expressed concerns about slowing economic growth in the U.S. as well as globally and about strains in debt markets in Europe. Credit flows have improved substantially since early 2009, although credit conditions in some markets remain relatively tight. Bank lending conditions have tightened somewhat in standards and terms, but demand for loans, especially various types of commercial loans, has increased. Demand for residential loans has increased in connection with mortgage refinancing. Measures of risk tolerance and volatility deteriorated in late summer, reflecting renewed concerns about economic conditions in the U.S. and abroad, but more recently, have improved. After plunging 38.5 percent in 2008, the sharpest loss since 1931 (when an earlier version of the index, containing only 90 stocks, dropped 47 percent), the S&P 500 index rose 23.5 percent in 2009, 12.8 percent in 2010, and was flat in 2011. However, thus far in 2012, the S&P 500 is about 8.0 percent higher. The S&P Stock Market Volatility Index (VIX), often used as a measure of financial market uncertainty, surged to an all-time high of 80 percent in late October 2008, after hovering in a range of 20 to 30 percent for most of that year. The VIX retreated fairly steadily during 2009, ending that year at about 20 percent. Since then, the VIX has fluctuated more widely, resurging to 46 percent in mid-May 2010 and to that level again in early October 2011. Since the most recent peak, this index has trended lower, and stood at about 18 percent as of early February. 7 A variety of factors have buffeted long-term Treasury interest rates, including flight-to-quality flows in response to a variety of specific risk events as well as supply concerns related to funding of the government’s debt, concern about the need for fiscal retrenchment, the downgrade of U.S. Treasury debt by rating agency S&P in August 2011, and ongoing concerns about European debt markets and debt downgrades in some European countries. The yield on the 10-year note traded above the 3 percent level during the first half of 2011, but has since trended lower, reaching a record low of 1.72 percent in late September 2011. The 3-month Treasury bill yield fluctuated in a range from about 0.05 percent to 0.17 percent for much of 2011, but since last August, the yield has fluctuated in a range of 0.0 percent to 0.02 percent. It stood at just under 0.01 percent as of early February 2012. The 2- to 10-year Treasury yield spread, one measure of the steepness of the yield curve, widened to 291 basis points in early February 2011, but since then, it has trended noticeably lower, reaching 163 basis points as of early February 2012. Key interest rates on private securities, which spiked in response to financial market turbulence in late 2008, have since retraced as conditions have stabilized. The spread between the 3-month London Inter-bank Offered Rate (LIBOR) and the 3-month Treasury bill rate (the TED spread, a measure of inter-bank liquidity and credit risk) rose to an all-time high of nearly 460 basis points in early October 2008. However, improvements in short-term credit availability have led to a narrowing of this spread since. In 2011, through early August, the TED spread fluctuated in a range from 14 to 25 basis points. Since then, this spread has widened, reaching almost 60 basis points earlier this year, before narrowing again to 45 basis points in early February. March 2012 8 PROFILE OF THE ECONOMY The spread between the Baa corporate bond yield and the 10-year Treasury yield peaked at nearly 620 basis points in December 2008. After narrowing, on trend, in the intervening years and trading below 300 basis points for much of 2011, it widened above that level again in early August 2011 and as of early February, stood at 325 basis points, still very high by historical standards. Rates for conforming mortgages have trended lower in recent years, as have rates for jumbo mortgages. The interest rate for a 30-year conforming fixed-rate mortgage fell to a record low of 3.87 in mid-February 2012. Foreign Exchange Rates 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 March 2012 its peak in February 2002. For example, between February 2002 and July 2009, the exchange value of the dollar compared to an index of these currencies fell by about 19 percent. Over the past 2 years (January 2010 to January 2012), the dollar has depreciated by about 1.5 percent against this index. Over the longer timeframe, the dollar depreciated by nearly 30 percent against the yen and by almost 40 percent against the euro. Over the past 2 years, the dollar has depreciated by 15.5 percent against the yen and has appreciated by nearly 11 percent against the euro. Against an index of currencies of 19 other important trading partners (including China, India, and Mexico), the dollar depreciated 2 percent over the longer timeframe, and has depreciated roughly 2 percent against this basket over the past 2 years. 9 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. March 2012 10 FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. Table FFO-3 details on- and off-budget outlays by agency. Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and 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 2012 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 adequately analyze collections for the quarter. Individual income taxes—Individual income tax receipts, net of refunds, were $270.4 billion for the first quarter of fiscal year 2012. This is an increase of $14.3 billion over the comparable prior year quarter. Withheld receipts increased by $5.7 billion and non-withheld receipts increased by $3.0 billion during this period. Refunds decreased by $5.6 billion over the comparable fiscal year 2011 quarter. There was a decrease of $9.1 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2011. Corporate income taxes—Net corporate income tax receipts were $55.6 billion for the first quarter of fiscal year 2012. This is an increase of $19.7 billion compared to the March 2012 prior year first quarter. The $19.7 billion change is comprised of an increase of $7.0 billion in estimated and final payments, and a decrease of $12.7 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the first quarter of fiscal year 2012 were $167.7 billion, a decrease of $12.8 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 -$14.0 billion, -$2.4 billion, and $3.6 billion respectively. There was a -$7.7 billion accounting adjustment for prior years’ employment tax liabilities made in the first quarter of fiscal year 2012, while there was a -$16.8 billion adjustment in the first quarter of fiscal year 2011. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the first quarter of fiscal year 2012 were $11.3 billion, an increase of $2.2 billion over the comparable quarter of fiscal year 2011. Net State taxes deposited in the U.S. Treasury increased by $2.2 billion to $10.7 billion. Net Federal Unemployment Tax Act taxes decreased by $0.1 billion to $0.6 billion. FEDERAL FISCAL OPERATIONS 11 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 $1.0 billion for the first quarter of fiscal year 2012. This was a negligible change from the comparable quarter of fiscal year 2011. Excise taxes—Net excise tax receipts for the first quarter of fiscal year 2012 were $17.8 billion, an increase of $1.0 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.5 billion, an increase of $0.1 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $3.0 billion for the first quarter of fiscal year 2012. These receipts represent an increase of $2.3 billion over the same quarter in fiscal year 2011. Customs duties—Customs duties net of refunds were $7.7 billion for the first quarter of fiscal year 2012. This is an increase of $0.3 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the first quarter of fiscal year 2012 were $21.0 billion, a decrease of $3.2 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $2.9 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 ........................... Fiscal year 2012 555,437 436,026 119,411 877,173 781,923 95,248 -321,735 -345,897 24,163 555,437 436,026 119,411 877,173 781,923 95,248 -321,735 -345,897 24,163 325,964 -27,647 23,466 321,735 325,964 -27,647 23,466 321,735 First-Quarter Net Budget Receipts by Source, Fiscal Year 2012 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes ..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... Oct. Nov. Dec. 86.7 2.5 54.5 2.7 0.3 4.9 1.0 2.8 7.6 163.1 70.7 1.6 58.5 4.9 0.3 6.7 1.0 2.6 6.1 152.4 113.0 51.5 54.7 3.7 0.3 6.2 1.0 2.2 7.3 240.0 Note.—Detail may not add to totals due to independent rounding. March 2012 12 March 2012 FEDERAL FISCAL OPERATIONS FEDERAL FISCAL OPERATIONS 13 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Total receipts (1) On-budget receipts (2) Off-budget receipts (3) 2,567,447 2,523,324 2,104,365 2,161,728 2,302,495 1,932,359 1,865,279 1,450,355 1,530,040 1,736,709 635,088 2,728,970 658,045 2,978,123 654,010 3,520,088 631,688 3,455,931 565,787 r 3,598,086 2012 - Est. ................... 2,673,576 2013 - Est .................... 2,964,407 2,022,384 2,242,992 651,192 721,415 3,670,035 3,693,071 3,082,762 3,034,486 587,273 658,585 Fiscal year or month 2007 ............................ 2008 ............................ 2009 ............................ 2010 ............................ 2011 ............................ Total outlays (4) On-budget outlays (5) Total surplus or deficit (-) (7) Off-budget outlays (6) 2,275,334 2,503,371 3,003,070 2,901,248 r 3,099,477 453,636 -161,527 474,751 -454,798 517,018 -1,415,722 554,683 -1,294,204 498,609 r -1,295,591 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 (10) (9) -342,978 -638,092 -1,552,714 -1,371,208 r -1,362,769 181,452 183,294 136,992 77,004 67,179 499,976 1,035,015 1,889,727 1,652,342 1,234,576 -956,455 -647,519 -1,020,374 -710,349 63,919 143,975 1,176,660 985,883 2010 - Dec ................... 2011 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 236,875 226,550 110,656 150,894 289,543 174,936 249,658 159,063 169,246 240,153 163,072 152,402 239,963 197,098 171,448 67,556 105,897 229,912 130,554 199,467 117,047 126,274 192,532 123,769 110,346 201,911 39,778 55,102 43,100 44,997 59,631 44,382 50,191 42,016 42,972 47,622 39,303 42,056 38,052 315,009 276,346 333,163 339,048 329,929 232,577 292,738 288,439 303,388 r 301,699 261,539 289,704 325,930 314,504 230,966 282,276 289,979 284,498 181,441 296,470 242,804 252,991 r 250,124 214,770 238,285 328,868 505 45,380 50,887 49,068 45,431 51,136 -3,732 45,635 50,398 51,575 46,768 51,419 -2,939 -78,134 -49,796 -222,507 -188,154 -40,387 -57,641 -43,080 -129,376 -134,143 r -61,546 -98,466 -137,302 -85,967 -117,406 -59,518 -214,721 -184,082 -54,586 -50,887 -97,003 -125,757 -126,717 r -57,593 -91,001 -127,939 -126,957 39,272 9,722 -7,787 -4,072 14,200 -6,754 53,922 -3,619 -7,426 -3,953 -7,465 -9,363 40,991 162,832 103,980 63,412 76,515 18,920 56,961 -221 485 342,447 108,016 206,986 117,297 113,814 Fiscal year 2012 to date ... 555,437 436,026 119,411 877,173 781,923 95,248 -321,735 -345,897 24,163 438,097 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. Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the cash rights Other IMF (deduct) (14) (15) (16) (17) 2007 ...................................... 2008 ...................................... 2009 ...................................... 2010 ...................................... 2011 ...................................... -433 145 99 771 1,014 293,218 267,438 146,766 179,044 125,742 206,325 767,722 1,743,060 1,474,069 1,109,849 23,110 296,371 -96,343 34,567 -251,743 646 117 45,528 -535 -1,535 1,314 1,552 1,674 -538 6,011 -2,157 286 8,719 -531 9,719 -22,667 -15,356 -368,200 r -146,902 -51,806 -375 * 160,745 454,040 1,415,282 r 1,293,454 r 1,295,591 2012 - Est .............................. 2013 - Est .............................. 189 -504 133,477 167,033 1,043,373 818,345 - * * * * * * -86,918 -170,827 * * 956,455 647,519 2010 - Dec ............................ 2011 - Jan ............................. Feb ............................ Mar ............................ Apr ............................. May............................ June........................... July ............................ Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 134 209 225 -135 166 -2 -125 1,015 -15 -517 -346 448 185 48,503 10,832 -16,394 -10,441 14,476 -11,184 -20,294 -14,376 73,507 3,248 74,491 -17,013 54,941 114,463 93,358 80,031 86,821 4,610 68,143 19,948 15,877 268,925 104,251 132,149 134,758 59,058 61,351 6,412 -158,527 -72,557 -11,596 13,159 17,365 -69,808 -22,687 13,601 41,156 -11,641 -1,868 526 808 421 -1,512 1,264 -662 90 -52 401 -1,708 869 -1,206 -583 -773 365 102 -683 953 -380 3,148 1,433 -416 2,088 630 29 1,227 136 235 83 6,509 636 1,692 81 1,300 224 -594 427 -427 130 24,911 -35,742 -15,445 33,090 27,034 3,307 43,816 46,372 -157,260 -26,295 9,399 -10,701 25,815 - 78,134 49,796 222,507 188,154 40,387 57,641 43,080 129,376 134,143 61,546 98,466 137,302 85,967 Fiscal year 2012 to date .......... 287 112,419 325,965 27,647 -920 1,886 130 24,513 - 321,735 Note.—These estimates are based on the Fiscal Year 2012 Mid-Session Review, released by the Office of Management and Budget on September 1, 2011. Note.—Includes Allowance for Joint Committee deficit reduction target of $40,004 million in 2012, and $81,145 million in 2013. * Less than $500,000. - No Transactions Detail may not add to totals due to rounding. March 2012 FEDERAL FISCAL OPERATIONS 14 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Individual Fiscal year or month Withheld (1) Other (2) Corporation Refunds (3) Net (4) Gross (5) Refunds (6) Net (7) Net income taxes (8) Gross (9) Refunds (10) Net (11) 2007 .................. 2008 .................. 2009 .................. 2010 .................. 2011 .................. 928,583 970,195 861,774 880,361 990,952 437,668 455,399 312,474 278,223 338,348 202,779 279,845 258,940 260,035 237,827 1,163,472 1,145,748 915,307 898,549 1,091,473 395,534 354,293 225,891 279,880 243,492 25,292 49,947 87,662 88,443 62,407 370,243 304,346 138,229 191,437 181,085 1,533,715 1,450,094 1,053,536 1,089,986 1,272,559 822,216 854,485 847,184 813,505 756,371 2,220 2,461 2,511 1,749 2,094 819,996 852,024 844,673 811,756 754,276 2012 - Est .......... 2013 - Est .......... 1,208,547 1,340,705 - - 1,208,547 1,340,705 332,820 407,554 - 332,820 407,554 1,541,367 1,748,259 850,985 936,461 - 850,985 936,461 2010 - Dec ......... 2011 - Jan ......... Feb ........ Mar ........ Apr ......... May ........ June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 111,023 86,420 87,161 101,495 76,384 80,651 75,013 74,281 84,027 72,449 81,933 74,525 102,324 11,803 47,292 4,469 10,549 143,394 5,847 41,972 5,774 5,715 46,108 12,719 5,288 12,255 2,510 4,740 53,783 59,288 64,217 15,807 3,913 4,325 3,302 4,176 7,905 9,142 1,627 120,316 128,973 37,847 52,757 155,561 70,691 113,072 75,730 86,440 114,381 86,747 70,671 112,952 48,864 9,213 4,555 23,918 30,969 8,529 50,594 8,541 3,757 42,176 10,241 4,483 53,540 5,463 5,568 5,953 7,016 5,922 3,123 1,839 2,289 2,120 3,269 7,775 2,846 2,030 43,400 3,645 -1,397 16,902 25,046 5,406 48,755 6,253 1,637 38,908 2,466 1,637 51,510 163,716 132,618 36,450 69,659 180,607 76,097 161,827 81,983 88,077 153,289 89,213 72,308 164,462 53,289 72,868 56,688 59,997 79,707 58,693 67,792 56,231 57,580 67,394 54,135 58,140 54,356 2,094 - 53,289 72,868 56,688 59,997 79,707 58,693 67,792 56,231 57,580 65,300 54,135 58,140 54,356 Fiscal year 2012 to date................... 258,782 30,262 18,674 270,370 68,264 12,651 55,613 325,983 166,631 - 166,631 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement employment and general insurance retirement Gross Refunds Gross Refunds Net (18) (15) (16) (17) (12) (13) (14) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2007 ............................ 2008 ............................ 2009 ............................ 2010 ............................ 2011 ............................ 4,263 4,445 4,214 4,141 4,240 2 12 1 1 2 4,261 4,433 4,213 4,140 4,238 824,257 856,457 848,886 815,896 758,515 41,216 39,642 37,996 44,922 56,335 125 115 107 99 95 41,091 39,527 37,889 44,823 56,241 4,207 4,125 4,104 4,042 4,021 51 44 38 35 30 4,258 4,169 4,142 4,076 4,051 2012 - Est .................... 2013 - Est .................... 4,356 4,666 - 4,356 4,666 855,341 941,127 54,963 59,377 - 54,963 59,377 4,027 3,789 23 20 4,050 3,809 2010 - Dec .................. 2011 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 379 425 483 382 372 425 -117 378 427 342 393 362 336 * * * * 1 2 1 * -1 * * 1 * 379 425 483 382 372 423 -119 378 427 342 393 362 335 53,669 73,292 57,171 60,380 80,079 59,116 67,673 56,609 58,007 65,642 54,528 58,501 54,692 2,659 2,810 3,426 681 5,672 22,331 697 2,642 8,173 745 2,745 4,880 3,717 4 4 1 8 18 8 15 18 8 6 -1 3 7 2,655 2,806 3,426 673 5,654 22,323 682 2,624 8,165 739 2,745 4,878 3,710 368 307 302 308 369 322 359 300 303 367 292 344 316 3 3 2 3 2 2 2 3 3 3 2 3 3 370 310 304 311 371 325 361 303 305 370 293 347 318 Fiscal year 2012 to date.... 1,091 1 1,090 167,721 11,342 9 11,333 952 8 958 See footnotes at end of table. March 2012 FEDERAL FISCAL OPERATIONS 15 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement Gross Refunds Net receipts (23) (24) (25) (22) Fiscal year or month 2007 .............................. 2008 .............................. 2009 .............................. 2010 .............................. 2011 .............................. 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) 869,607 900,154 890,918 864,795 818,807 11,535 12,048 10,679 10,632 11,551 67 56 110 19 18 11,468 11,992 10,569 10,613 11,532 639 653 645 595 623 - 639 653 645 595 623 40,402 37,441 36,007 35,562 36,907 1,040 1,057 1,046 569 - 39,362 36,385 34,961 34,993 36,907 18,734 19,742 23,408 27,942 27,510 5,134 1,438 7,100 7,234 4,191 13,600 18,304 16,308 20,709 23,320 2012 - Est ..................... 914,354 2013 - Est ..................... 1,004,313 11,250 11,605 - 11,250 11,605 587 584 - 587 584 38,596 39,041 - 38,596 39,041 28,846 35,805 - 28,846 35,805 56,694 76,408 60,901 61,364 86,104 81,764 68,716 59,536 66,477 66,751 57,566 63,726 58,720 930 867 1,210 850 975 979 1,017 1,049 1,100 1,429 256 1,082 1,034 7 4 4 3 - 930 867 1,203 850 975 975 1,017 1,049 1,096 1,426 256 1,082 1,034 53 50 64 51 59 39 51 53 50 86 14 58 55 - 53 50 64 51 59 39 51 53 50 86 14 58 55 3,191 2,971 3,835 2,818 3,230 2,551 3,099 3,199 2,712 5,364 815 3,825 3,655 - 3,191 2,971 3,835 2,818 3,230 2,551 3,099 3,199 2,712 5,364 815 3,825 3,655 1,969 1,370 -664 3,638 2,209 2,327 2,678 2,036 2,152 3,828 3,926 1,963 1,660 175 121 421 249 170 803 93 238 999 610 142 219 183 1,794 1,249 -1,085 3,389 2,039 1,524 2,585 1,798 1,153 3,218 3,785 1,744 1,477 Fiscal year 2012 to date .... 180,012 2,372 - 2,372 127 - 127 8,295 - 8,295 7,549 544 7,006 2010 - Dec .................... 2011 - Jan ..................... Feb .................... Mar .................... Apr..................... May ................... June .................. July .................... Aug .................... Sept ................... Oct..................... Nov .................... Dec .................... Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Customs duties Estate and gift taxes Gross (36) Refunds (37) 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) 2007 ....................... 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 65,069 67,334 62,484 66,909 72,381 26,978 29,824 24,677 19,751 9,079 934 980 1,195 866 1,680 26,044 28,844 23,482 18,885 7,399 27,548 28,537 23,546 26,266 30,697 1,538 969 1,092 969 1,178 26,010 27,568 22,454 25,298 29,519 32,043 33,598 34,318 75,845 82,546 14,960 15,732 17,172 20,010 19,284 47,003 49,330 51,490 95,855 101,831 1,932,359 1,865,279 1,450,355 1,530,040 1,736,708 635,088 658,045 654,010 631,688 565,787 2012 - Est ............... 2013 - Est ............... 79,279 87,035 12,365 13,192 - 12,365 13,192 33,552 36,794 - 33,552 36,794 72,910 55,059 19,749 19,755 92,659 74,814 2,022,384 2,242,992 651,192 721,415 2010 - Dec ............. 2011 - Jan .............. Feb ............. Mar ............. Apr .............. May............. June............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 5,968 5,137 4,016 7,108 6,303 5,089 6,752 6,099 5,011 10,095 4,870 6,708 6,220 289 262 226 232 6,248 295 208 197 202 271 1,056 1,028 1,023 71 1,066 92 110 57 32 18 18 45 26 35 61 20 218 -804 134 122 6,191 263 190 179 157 245 1,021 967 1,003 2,390 2,509 2,192 2,351 2,570 2,211 2,599 2,891 2,762 2,972 2,964 2,746 2,543 94 89 81 136 109 101 88 92 114 101 120 120 326 2,296 2,420 2,111 2,215 2,461 2,110 2,511 2,799 2,648 2,871 2,844 2,626 2,217 6,269 9,095 5,424 8,808 6,233 8,283 8,298 7,071 5,392 5,188 5,963 4,615 5,277 1,714 1,676 1,619 1,620 1,641 1,330 1,364 1,396 1,485 1,715 1,595 1,452 2,064 7,983 10,771 7,043 10,428 7,875 9,613 9,662 8,467 6,877 6,903 7,558 6,067 7,341 197,098 171,448 67,556 105,897 229,912 130,554 199,467 117,047 126,274 192,532 123,769 110,346 201,911 39,778 55,102 43,100 44,997 59,631 44,382 50,191 42,016 42,972 47,622 39,303 42,056 38,052 Fiscal year 2012 to date ............................. 17,798 3,107 116 2,991 8,253 566 7,687 15,855 5,111 20,966 436,026 119,411 Note.—These estimates are based on the Fiscal Year 2012 Mid-Session Review, released by the Office of Management and Budget on September 1, 2011. Note.—Includes Allowance for Joint Committee deficit reduction target of $40,004 million in 2012, and $81,145 million in 2013. * Less than $500,000. - No Transactions Detail may not add to totals due to rounding. March 2012 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Legislative branch (1) Judicial branch (2) Department of Agriculture (3) Department of Commerce (4) Department of Depart- DepartDefense, ment of ment of military Education Energy (6) (7) (5) Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 2007 ....................... 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 4,292 4,409 4,703 5,838 4,583 6,008 6,345 6,643 7,185 7,295 84,423 90,789 114,436 129,454 139,394 6,477 7,725 10,720 13,233 9,930 528,575 594,656 636,772 666,717 678,077 66,372 65,957 53,387 92,858 64,271 20,117 21,404 23,684 30,775 31,371 671,983 39,172 700,454 40,683 796,266 51,720 854,060 44,455 891,245 r 45,744 45,559 49,086 61,018 60,143 57,008 10,467 9,822 11,778 13,163 13,529 23,351 47,543 26,544 58,840 27,713 138,156 29,558 173,053 30,518 r 131,973 2012 - Est ............... 2013 - Est ............... 5,318 5,180 7,555 7,278 149,134 150,560 11,314 9,371 708,112 671,571 78,082 67,127 42,662 34,221 882,845 939,322 44,859 45,220 46,873 44,530 31,947 13,025 89,407 31,567 32,729 69,275 2010 - Dec .............. 2011 - Jan .............. Feb.............. Mar.............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 428 358 362 381 369 408 370 350 363 356 413 394 384 594 555 533 601 700 571 584 557 617 807 580 556 567 13,314 11,842 9,775 12,077 10,090 11,385 10,888 9,813 10,800 11,091 18,002 11,097 13,979 853 644 1,012 798 702 904 775 700 955 671 899 931 940 64,556 46,360 47,268 61,126 57,512 49,318 56,729 52,368 56,404 63,208 58,055 53,132 61,084 8,077 7,615 11,746 11,230 3,904 8,519 -20,237 6,097 8,385 3,731 4,075 6,628 6,438 78,810 63,800 70,925 79,970 87,693 56,260 77,921 70,059 75,802 85,476 53,149 71,949 70,260 3,902 3,268 2,766 3,971 3,302 3,958 4,174 3,510 3,833 r 4,886 5,002 4,578 4,754 4,416 4,104 3,840 4,308 4,560 3,633 13,095 3,725 3,852 3,281 3,921 4,090 4,180 1,167 1,044 924 940 898 1,144 1,410 1,235 1,196 1,235 1,019 1,213 1,013 2,341 2,771 2,191 2,579 2,449 2,754 2,477 2,477 2,548 2,409 3,049 2,562 2,587 12,943 12,249 10,916 12,713 10,757 9,897 9,395 9,746 10,711 r 9,359 7,089 10,150 9,942 Fiscal year 2012 to date ............................ 3,421 2,403 2,521 3,210 2,137 2,972 3,449 2,696 1,681 1,228 2,983 2,835 3,233 ` 1,191 1,703 43,078 2,770 172,271 17,141 9,051 195,358 14,334 12,191 3,245 8,198 27,181 Fiscal year or month Department of State (14) Department of the Treasury, interest on DepartTreasury Department of debt ment Transpor- securities of the tation (gross) Treasury, other (17) (15) (16) Department of Veterans Affairs (18) Corps of Engineers (19) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) InterGeneral national Services Admin- Assistance Program istration (23) (24) 2007 ....................... 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 13,739 17,493 21,430 23,804 24,334 61,701 64,945 73,006 77,751 77,302 429,978 451,154 383,073 413,955 454,015 60,619 97,658 318,701 30,385 82,720 72,792 84,746 95,454 108,275 126,917 3,918 5,077 6,840 9,875 10,138 47,111 45,783 57,276 54,031 54,775 8,258 7,938 8,070 11,007 10,770 2,957 1,172 742 583 484 29 342 320 861 1,889 12,750 11,362 14,801 20,040 20,601 2012 - Est ............... 2013 - Est ............... 13,924 31,710 80,732 72,287 466,449 533,341 95,495 65,762 127,850 136,523 8,243 6,999 52,200 58,156 9,370 7,127 468 470 1,982 2,228 25,630 25,489 2010 - Dec ............. 2011 - Jan .............. Feb ............. Mar ............. Apr .............. May............. June............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2,641 1,355 2,092 2,138 1,502 1,769 1,790 1,747 1,818 3,415 2,233 2,547 2,796 6,306 5,172 4,772 5,155 5,070 5,926 7,491 6,140 8,330 8,066 7,293 6,534 6,921 104,700 21,123 21,759 24,460 28,895 30,859 110,537 26,645 21,614 19,883 27,771 21,709 98,114 2,183 14,204 54,223 24,399 17,995 -35,302 8,426 3,613 3,946 -19,986 5,188 3,155 13,434 13,889 5,593 9,781 11,565 15,092 5,443 9,996 9,518 10,403 15,728 5,989 9,985 14,528 1,165 764 878 843 871 910 921 669 613 701 755 719 844 4,489 4,958 4,143 4,533 2,927 3,629 4,037 4,109 4,761 8,749 -696 4,829 9,356 1,041 825 1,044 924 745 841 815 735 759 989 549 948 927 34 34 42 64 42 35 45 15 30 54 34 27 31 215 29 98 333 259 114 263 -82 259 202 112 66 277 1,255 1,154 1,448 991 1,550 3,324 3,085 564 2,013 2,143 1,221 2,503 2,383 Fiscal year 2012 to date............................ 7,576 20,748 147,594 21,777 30,502 2,318 13,489 2,424 92 455 6,107 See footnotes at end of table. March 2012 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and National Office of Space Science Personnel AdminisFounManagetration dation ment (25) (26) (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (36) (35) 2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636 2008 .................. 17,834 5,786 64,393 528 657,799 45,192 -66,178 -191,537 -18,285 -1,790 2,503,371 474,751 2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018 2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684 2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 r 3,099,477 498,609 2012 - Est .......... 18,667 7,519 76,622 1,174 822,867 39,100 -80,856 -180,085 -7,995 -40,158 3,082,762 587,273 2013 - Est .......... 18,552 7,462 80,630 931 873,527 12,531 -82,218 -180,943 -7,364 -58,376 3,034,486 658,585 2010 - Dec ........ 1,737 536 5,636 137 68,227 -3,502 -5,773 -84,354 -375 - 314,504 505 2011 - Jan ......... 1,172 537 6,469 156 60,044 2,724 -5,181 -1,189 -609 - 230,966 45,380 Feb ........ 1,208 497 5,850 130 64,218 3,575 -5,143 -1,669 -565 - 282,276 50,887 Mar ........ 1,633 515 6,902 4,872 64,407 -1,571 -5,137 -1,427 -455 - 289,979 49,070 Apr ......... 1,356 583 6,228 131 69,076 2,589 -5,652 -4,316 -84 - 284,498 45,431 May........ 1,477 539 5,910 120 61,420 3,253 -5,365 -2,777 -1,161 -108 181,441 51,136 June....... 1,500 655 5,558 112 69,482 -1,742 -5,715 -84,994 -551 - 296,470 -3,732 July ........ 1,447 652 6,645 88 65,150 4,942 -4,900 -2,519 -74 - 242,804 45,635 Aug ........ 1,389 755 6,405 112 65,319 4,818 -5,079 -959 -1,064 - 252,991 50,398 Sept ....... 1,747 702 6,121 98 69,546 2,438 -5,427 -319 -568 -323 r 250,124 51,575 Oct ......... 1,168 610 6,972 113 61,488 7,852 -21,363 -3,615 -370 - 214,770 46,768 Nov ........ 1,523 537 6,043 103 65,499 -473 -5,519 -511 -636 - 238,285 51,419 Dec ........ 1,734 569 5,964 95 70,359 5,098 -6,635 -80,226 3 - 328,868 -2,939 4,425 1,716 18,979 311 197,346 12,477 -33,517 -84,352 -1,003 - 781,923 95,248 Fiscal year 2012 to date Note.—These estimates are based on the Fiscal Year 2012 Mid-Session Review, released by the Office of Management and Budget on September 1, 2011. Note.—Includes Allowance for Joint Committee deficit reduction target of $40,004 million in 2012, and $81,145 million in 2013. * Less than $500,000. - No Transactions Detail may not add to totals due to rounding. March 2012 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, December 2011 and Other Periods [In millions of dollars. Source: Financial Management Service] Classification Budget receipts: Individual income taxes............................................... Corporation income taxes ........................................... Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ Estate and gift taxes ................................................... Customs duties ........................................................... Miscellaneous receipts ................................................ Total receipts ....................................................... (On-budget) ..................................................... (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... Judicial branch ............................................................ Department of Agriculture ........................................... Department of Commerce........................................... Department of Defense-military .................................. Department of Education ............................................ Department of Energy ................................................. Department of Health and Human Services ............... Department of Homeland Security.............................. Department of Housing and Urban Development....... Department of the Interior ........................................... Department of Justice ................................................. Department of Labor ................................................... Department of State .................................................... Department of Transportation ..................................... Department of the Treasury: Interest on the public debt....................................... Other ....................................................................... Department of Veterans Affairs .................................. Corps of Engineers ..................................................... Other defense civil programs ...................................... Environmental Protection Agency............................... Executive Office of the President................................ General Services Administration ................................ International Assistance Program ............................... National Aeronautics and Space Administration ........ National Science Foundation ...................................... Office of Personnel Management ............................... Small Business Administration ................................... Social Security Administration .................................... Other independent agencies ....................................... Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... Total outlays ........................................................ (On-budget) ..................................................... (Off-budget) ..................................................... Surplus or deficit (-) ............................................. (On-budget) ..................................................... (Off-budget) ..................................................... - No transactions. * Less than $500,000. March 2012 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) 270,368 55,613 2 - - 270,370 55,613 256,020 35,932 2 - - 256,022 35,932 5,596 2,991 4,895 16,447 355,910 355,910 - 248 2,379 4,394 7,023 7,023 - 119,411 48,310 11,333 959 11,955 413 124 192,505 73,094 119,411 119,411 48,310 11,333 959 17,798 2,991 7,687 20,965 555,437 436,026 119,411 6,761 723 4,565 19,698 323,699 323,699 - 161 2,425 4,147 6,735 6,735 - 135,775 44,770 9,149 1,091 9,849 383 347 201,364 65,589 135,775 135,775 44,770 9,149 1,091 16,770 723 7,373 24,192 531,797 396,022 135,775 1,210 1,262 33,122 2,641 170,409 17,147 9,509 145,398 13,605 12,246 2,859 7,687 21,519 6,853 4,993 -13 449 9,699 131 1,842 -6 -458 -193 621 -56 294 553 450 545 -52 -6 -8 256 -2 19 1 50,151 108 * 92 -42 5,213 178 15,807 1,191 1,704 43,078 2,771 172,270 17,141 9,051 195,356 14,334 12,191 3,245 8,198 27,181 7,576 20,748 1,236 1,373 31,533 2,627 186,349 23,288 9,349 163,344 12,818 12,641 3,165 7,195 19,259 6,076 6,968 29 382 9,856 141 1,406 -6 -275 -78 -824 -30 218 716 117 459 -35 -1 15 248 * 30 * * 60,075 81 -2 120 -48 16,855 174 14,249 1,265 1,771 41,637 2,768 187,784 23,282 9,074 223,341 12,076 12,610 3,503 7,863 36,230 6,710 21,182 147,595 21,153 30,861 1,999 71,497 3,161 91 -74 5,462 4,455 1,671 2,682 310 42,968 3,606 510 -560 274 -6,307 -28 * 530 -108 -31 37 -885 * -14 5,807 115 202 45 -51,701 -708 753 * 7 17,181 154,391 3,063 147,595 21,778 30,503 2,318 13,489 2,425 91 456 6,107 4,424 1,716 18,978 310 197,345 12,475 148,239 10,485 34,216 2,755 71,221 2,686 124 56 5,046 4,684 1,668 2,477 353 22,072 3,074 522 -610 190 -9,621 -25 * 358 -117 3 38 -820 -10 -13 -10,433 194 192 22 -48,671 432 * * -603 1 5 16,346 * 173,477 835 148,239 11,201 33,798 2,966 12,929 3,092 123 414 4,327 4,688 1,711 18,003 343 195,536 -6,524 -1,003 786,894 786,840 54 -430,984 -430,930 -54 -11,145 1,886 1,627 259 5,137 5,396 -259 -84,351 -22,373 88,391 -6,546 94,937 104,114 79,640 24,474 -84,351 -34,521 877,173 781,923 95,249 -321,735 -345,897 24,162 -1,253 795,124 795,068 56 -471,425 -471,369 -56 -11,315 -19,777 -20,287 510 26,512 27,022 -510 -87,849 -20,766 125,411 13,148 112,263 75,953 52,441 23,512 -87,849 -33,334 900,757 787,928 112,829 -368,960 -391,906 22,946 Note.—Detail may not add to totals due to rounding. 19 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances 1 [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 4 Reserve accounts) (4) (5) 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 8,455,356 9,947,954 11,577,153 11,016,385 10,508,615 528,724 530,425 482,146 556,403 592,338 8,983,992 10,151,438 12,118,510 11,538,208 11,352,518 1,571,322 1,602,823 1,398,542 1,362,591 1,366,003 1,548,300 1,633,393 1,435,675 1,362,604 1,366,181 2010 - Dec ....................................... 2011 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 1,019,745 872,343 811,106 994,693 856,002 881,266 907,430 610,948 912,117 953,587 767,502 781,926 815,735 63,172 45,483 40,299 51,559 55,336 45,463 58,898 44,530 45,996 55,536 46,541 45,274 66,472 1,021,566 911,411 1,009,944 1,118,662 923,094 913,531 948,843 725,437 980,804 995,320 773,042 838,879 882,076 151,833 115,496 104,826 132,553 130,541 99,821 127,622 93,363 97,073 123,221 98,338 89,746 145,854 151,834 115,499 104,814 132,700 130,380 99,860 127,742 93,212 97,069 123,423 98,183 89,708 147,853 See footnotes at end of table. March 2012 ACCOUNT OF THE U.S. TREASURY 20 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. 1 [In millions of dollars. Source: Financial Management Service] Balances End of period Fiscal year or month Federal Reserve (6) SFP (7) High Tax and loan note accounts (8) Federal Reserve (9) SFP (10) Tax and loan note accounts (11) Federal Reserve (12) During period Low Tax and loan note SFP accounts (13) (14) Average Federal Reserve (15) Tax and loan note accounts (17) SFP (16) 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 2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 2010 - Dec .............. 140,773 199,964 1,990 140,773 199,964 2,117 10,567 199,959 1,931 60,317 199,961 1,979 2011 - Jan .............. 147,189 199,963 1,987 147,189 199,964 2,015 41,191 199,961 1,987 87,841 199,962 1,990 88,632 99,980 1,999 117,875 199,963 2,052 23,123 99,980 1,999 58,348 144,615 2,010 Mar ............. 111,203 5,000 1,852 111,203 99,980 2,163 14,159 5,000 1,852 57,477 41,605 2,011 Apr .............. 99,447 5,000 2,012 131,725 5,000 2,046 23,405 5,000 1,911 66,889 5,000 2,001 May............. 112,645 5,000 1,974 144,911 5,000 2,228 54,144 5,000 1,605 90,511 5,000 1,993 June............ 130,130 5,000 1,853 134,570 5,000 3,067 20,027 5,000 1,853 79,240 5,000 2,051 2011 ....................... Feb ............. July ............. 65,172 - 2,004 107,369 5,000 2,038 35,827 - 1,879 70,304 4,355 1,987 Aug ............. 42,481 - 2,007 66,958 - 2,048 8,905 - 1,948 24,006 - 1,998 Sept ............ 56,284 - 1,805 79,414 - 2,437 10,572 - 1,805 39,351 - 2,007 Oct .............. 97,285 - 1,960 97,285 - 2,034 16,185 - 1,805 44,981 - 1,981 Nov ............. 85,605 - 1,999 85,605 - 2,088 20,307 - 1,953 40,315 - 2,005 Dec ............. 85,737 - 2,017 118,682 - 2,215 15,310 - - 67,361 - 1,891 1 This report includes Supplementary Financing Program (SFP) balances. Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 2 March 2012 4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 21 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. March 2012 FEDERAL DEBT 22 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Public debt Agency Total securities securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2007 ............................... 2008 ............................... 2009 ............................... 2010 ............................... 2011 ............................... 9,030,612 10,047,828 11,933,031 13,585,596 14,815,328 9,007,653 10,024,725 11,909,828 13,561,622 14,790,340 22,959 23,104 23,203 23,974 24,988 3,958,417 4,210,491 4,355,292 4,534,014 4,658,307 3,958,411 4,210,485 4,355,291 4,534,011 4,658,301 6 6 1 3 6 5,072,195 5,837,337 7,577,739 9,051,582 10,157,021 5,049,242 5,814,240 7,554,537 9,027,611 10,132,039 22,953 23,098 23,202 23,971 24,982 2010 - Dec ..................... 2011 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 14,049,381 14,155,425 14,219,364 14,294,579 14,312,261 14,369,297 14,367,591 14,367,889 14,709,806 14,815,328 15,018,350 15,135,588 15,248,213 14,025,215 14,131,050 14,194,764 14,270,114 14,287,629 14,344,667 14,343,087 14,342,369 14,684,292 14,790,340 14,993,709 15,110,499 15,222,940 24,166 24,375 24,600 24,465 24,632 24,629 24,504 25,520 25,514 24,988 24,642 25,090 25,274 4,629,808 4,640,544 4,624,079 4,613,547 4,627,930 4,616,651 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 4,629,804 4,640,539 4,624,074 4,613,541 4,627,924 4,616,645 4,596,208 4,581,742 4,655,148 4,658,301 4,732,697 4,715,592 4,770,437 5 5 5 6 6 6 6 6 6 6 6 6 6 9,419,573 9,514,881 9,595,285 9,681,032 9,684,331 9,752,646 9,771,377 9,786,141 10,054,652 10,157,021 10,285,647 10,419,990 10,477,770 9,395,411 9,490,511 9,570,690 9,656,573 9,659,705 9,728,022 9,746,879 9,760,627 10,029,144 10,132,039 10,261,011 10,394,906 10,452,502 24,161 24,370 24,595 24,459 24,626 24,623 24,498 25,514 25,508 24,982 24,636 25,084 25,268 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) 2007 ............................... 2008 ............................... 2009 ............................... 2010 ............................... 2011 ............................... 9,030,612 10,047,828 11,933,031 13,585,596 14,815,328 82,078 64,135 59,219 58,963 53,105 8,948,534 9,983,694 11,873,812 13,526,633 14,762,223 3,958,417 4,210,491 4,355,292 4,534,014 4,658,307 42,796 27,432 25,467 25,145 23,697 3,915,621 4,183,059 4,329,825 4,508,869 4,634,610 5,072,195 5,837,337 7,577,739 9,051,582 10,157,021 39,282 36,703 33,752 33,818 29,408 5,032,913 5,800,635 7,543,987 9,017,764 10,127,613 2010 - Dec ..................... 2011 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 14,049,381 14,155,425 14,219,364 14,294,579 14,312,261 14,369,297 14,367,591 14,367,889 14,709,806 14,815,328 15,018,350 15,135,588 15,248,213 58,494 60,349 60,650 59,486 58,082 58,159 56,800 55,596 55,072 53,105 49,488 48,980 47,608 13,990,887 14,095,076 14,158,713 14,235,093 14,254,179 14,311,138 14,310,792 14,312,292 14,654,733 14,762,223 14,968,863 15,086,608 15,200,606 4,629,808 4,640,544 4,624,079 4,613,547 4,627,930 4,616,651 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 24,571 24,475 24,404 24,313 24,221 24,126 23,983 23,894 23,792 23,697 23,602 23,510 23,413 4,605,237 4,616,069 4,599,675 4,589,234 4,603,710 4,592,526 4,572,231 4,557,855 4,631,362 4,634,610 4,709,101 4,692,088 4,747,030 9,419,573 9,514,881 9,595,285 9,681,032 9,684,331 9,752,646 9,771,377 9,786,141 10,054,652 10,157,021 10,285,647 10,419,990 10,477,770 33,923 35,874 36,246 35,173 33,861 34,033 32,817 31,702 31,280 29,408 25,886 25,470 24,195 9,385,650 9,479,007 9,559,038 9,645,860 9,650,470 9,718,612 9,738,561 9,754,437 10,023,371 10,127,613 10,259,761 10,394,520 10,453,576 End of fiscal year or month March 2012 FEDERAL DEBT 23 TABLE FD-2.—Debt Held by the Public * [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2007 .................................. 2008 .................................. 2009 .................................. 2010 .................................. 2011 .................................. 5,049,306 5,808,692 7,551,862 9,022,808 10,127,031 4,428,405 5,210,151 6,987,937 8,475,928 9,604,300 954,607 1,484,332 1,986,173 1,783,675 1,475,557 2,456,100 2,623,364 3,772,964 5,252,585 6,406,983 560,922 578,504 677,491 846,054 1,016,407 456,776 523,951 551,308 593,614 705,352 620,900 598,540 563,924 546,880 522,731 2010 - Dec ........................ 2011 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May ....................... June ...................... July ........................ Aug ........................ Sept ....................... Oct......................... Nov ........................ Dec ........................ 9,390,476 9,485,417 9,565,541 9,651,643 9,654,950 9,723,456 9,742,223 9,755,796 10,024,253 10,127,031 10,256,015 10,389,958 10,447,663 8,841,411 8,942,856 9,026,217 9,110,819 9,114,716 9,240,787 9,314,861 9,357,568 9,501,649 9,604,300 9,726,339 9,858,380 9,916,999 1,768,931 1,756,620 1,734,504 1,694,692 1,635,406 1,576,536 1,529,417 1,490,449 1,491,239 1,475,557 1,480,662 1,511,028 1,519,462 5,568,201 5,668,644 5,747,050 5,843,938 5,898,889 6,049,390 6,145,991 6,199,125 6,313,529 6,406,983 6,501,319 6,573,057 6,598,894 888,429 901,967 918,418 931,474 945,100 961,176 974,150 986,819 1,003,417 1,016,407 1,029,426 1,046,715 1,060,111 615,851 615,625 626,245 640,714 635,321 653,686 665,303 681,176 693,464 705,352 714,932 727,579 738,532 549,065 542,561 539,325 540,824 540,234 482,669 427,363 398,227 522,604 522,731 529,676 531,578 530,664 U.S. savings securities (8) Depositary compensation securities (9) Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) Nonmarketable, con. End of fiscal year or month 2007 ....................................... 2008 ....................................... 2009 ....................................... 2010 ....................................... 2011 ....................................... 197,126 194,253 192,452 188,796 185,187 - 2,986 2,986 4,886 4,186 2,986 88,153 107,498 118,636 129,355 151,346 296,513 260,238 216,488 193,208 151,831 29,995 29,995 29,995 29,995 29,995 6,126 3,569 1,466 1,340 1,386 2010 - Dec ............................. 2011 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May ............................ June ........................... July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 188,007 187,537 187,303 186,864 186,562 186,428 186,085 185,758 185,368 185,187 185,622 185,493 185,278 - 3,986 3,986 3,786 3,786 3,786 3,686 3,686 3,086 2,986 2,986 2,986 2,986 2,986 132,852 132,537 134,593 136,956 137,707 85,545 39,793 22,187 151,903 151,346 155,188 157,104 159,019 192,928 187,213 182,360 181,922 180,849 175,651 166,423 155,835 150,918 151,831 154,480 154,665 152,058 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 1,297 1,293 1,289 1,301 1,336 1,364 1,380 1,367 1,435 1,386 1,407 1,335 1,328 * Effective June 2001, FMS revised procedures and categories in this table to reflect the format changes in the Monthly Statement of the Public Debt of the United States. March 2012 FEDERAL DEBT 24 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 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 Housing Administration (9) End of fiscal year or month Total (1) 2007 .................. 2008 .................. 2009 .................. 2010 .................. 2011 .................. 4,026,772 4,297,677 4,454,316 4,645,280 4,793,916 7,931 7,674 7,829 7,045 8,641 47,515 29,937 16,076 37,441 34,926 32,965 34,397 36,146 37,605 39,678 16,436 16,847 18,615 20,436 22,721 213,830 216,487 207,932 187,222 161,965 702,043 729,705 757,656 785,988 811,768 319,377 318,741 309,702 279,475 245,939 22,410 19,093 10,668 4,194 4,160 2010 - Dec ........ 2011 - Jan ......... Feb ........ Mar ........ Apr......... May ....... June ...... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 4,745,249 4,755,829 4,741,324 4,733,014 4,748,039 4,684,821 4,620,377 4,588,205 4,791,292 4,793,916 4,872,195 4,857,215 4,913,919 7,862 7,537 8,394 8,463 8,700 7,071 7,604 8,224 8,801 8,641 9,450 9,544 9,823 39,430 37,593 35,914 38,291 38,747 37,583 37,161 36,177 36,101 34,926 34,043 35,151 32,324 38,200 38,254 38,555 38,591 38,669 39,025 39,077 39,126 39,584 39,678 39,741 40,138 40,163 20,434 20,437 20,438 22,905 22,906 22,890 22,750 22,750 22,725 22,721 22,721 22,699 22,699 180,023 179,313 175,823 173,057 172,809 169,639 171,004 168,149 164,436 161,965 158,013 154,618 153,996 793,917 790,056 786,319 782,674 779,362 757,549 696,628 696,584 784,010 811,768 807,560 804,043 819,581 271,405 275,462 268,110 259,965 260,974 260,890 267,165 259,358 250,349 245,939 245,501 242,409 244,310 5,687 6,326 6,939 7,351 7,774 8,263 2,245 2,884 3,530 4,160 4,735 5,067 5,393 End of fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund (10) 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) Unemployment Trust Fund (17) Other (18) 2007 ..................... 2008 ..................... 2009 ..................... 2010 ..................... 2011 ..................... 1,968,262 2,150,651 2,296,316 2,399,111 2,492,531 3,182 3,320 3,313 3,388 3,374 39,248 59,090 61,764 70,982 70,446 12,205 12,811 11,484 24,455 16,302 9,752 9,272 8,735 8,161 7,541 979 1,605 4,239 1,142 1,207 596 624 405 506 696 74,923 72,432 19,628 18,703 16,030 555,118 614,991 683,808 759,426 855,991 2010 - Dec ........... 2011 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2,429,514 2,440,571 2,436,034 2,433,539 2,450,012 2,446,613 2,498,211 2,498,080 2,492,618 2,492,531 2,489,493 2,482,482 2,524,898 3,397 3,398 3,398 3,398 3,398 3,374 3,374 3,374 3,374 3,374 3,378 3,377 3,377 71,662 75,117 76,202 77,342 72,338 78,365 80,356 79,248 77,638 70,446 78,529 78,013 80,268 22,273 22,487 21,610 23,752 24,000 24,177 22,050 21,436 19,541 16,302 15,616 14,782 13,856 8,151 8,072 7,986 7,879 7,781 7,694 7,803 7,724 7,644 7,541 7,473 7,398 7,503 1,005 392 392 592 555 392 592 392 392 1,207 392 392 592 378 469 498 543 544 457 484 518 457 696 554 398 392 14,268 12,486 13,582 12,144 12,201 23,668 21,126 16,686 17,858 16,030 12,658 14,226 15,634 837,643 837,859 841,130 842,528 847,269 797,171 742,747 727,495 862,234 855,991 942,338 942,478 939,110 Note.—Detail may not add to totals due to rounding. March 2012 FEDERAL DEBT 25 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Architect of the Capitol (3) Other independent Tennessee Valley Authority (4) 2007 ............................ 22,959 85 152 22,506 215 -1 2008 ............................ 23,104 69 150 22,680 204 * 2009 ............................ 23,203 33 144 22,834 193 * 2010 ............................ 23,974 29 139 23,627 180 * 2011 ............................ 24,988 29 133 24,660 166 * 2010 - Dec .................. 24,166 31 142 23,813 180 * 2011 - Jan ................... 24,375 31 143 24,021 180 * Feb .................. 24,600 31 135 24,261 173 * Mar .................. 24,465 31 136 24,125 173 * Apr................... 24,632 31 137 24,291 173 * May ................. 24,629 31 138 24,287 173 * June ................ 24,504 31 139 24,161 173 * July .................. 25,520 29 140 25,178 173 * Aug .................. 25,514 29 141 25,178 166 * Sept ................. 24,988 29 133 24,660 166 * Oct................... 24,642 29 134 24,313 166 * Nov .................. 25,090 29 135 24,760 166 * Dec .................. 25,274 29 136 24,943 166 * End of fiscal year or month Note.—Detail may not add to totals due to rounding. National Archives and Records Administration (5) Other/Federal Communications Commission (6) * Less than $500,000. March 2012 FEDERAL DEBT 26 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58 2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49 2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49 2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60 2010 - Dec ...................... 7,831,450 2,544,760 2,981,135 1,568,471 330,178 406,906 57 2011 - Jan ...................... 7,825,784 2,559,917 2,968,708 1,552,207 328,998 415,954 57 Feb ..................... 7,810,240 2,568,072 2,962,896 1,527,039 329,050 423,183 57 Mar ..................... 7,781,983 2,555,954 2,937,225 1,528,474 329,019 431,311 58 Apr ...................... 7,653,649 2,522,043 2,870,226 1,496,984 324,243 440,152 58 May..................... 7,721,626 2,499,253 2,953,201 1,499,893 317,188 452,090 59 June.................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59 July ..................... 7,674,300 2,481,706 2,924,762 1,471,149 315,618 481,063 60 Aug ..................... 7,861,156 2,495,843 3,048,014 1,510,394 310,042 496,863 60 Sept .................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60 Oct ...................... 8,074,439 2,546,549 3,164,655 1,539,649 307,001 516,584 60 Nov ..................... 8,196,987 2,615,920 3,234,816 1,535,457 292,136 518,658 59 Dec ..................... 8,205,749 2,641,533 3,251,453 1,505,074 289,711 517,978 59 End of fiscal year or month Note.—Detail may not add to totals due to rounding. March 2012 FEDERAL DEBT 27 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Securities outstanding Debt subject to limit Statutory debt limit (1) Total (2) 2007 ................................................ 9,815,000 8,921,343 2008 ................................................ 10,615,000 2009 ................................................ Securities not subject to limit (7) Other debt 1 (4) Public debt (5) Other debt (6) 8,921,274 69 9,007,653 69 86,379 9,959,850 9,959,799 51 10,024,725 51 64,926 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 2010 - Dec .............................. 14,294,000 13,972,516 13,972,503 13 14,025,215 13 52,713 2011 - Jan .............................. 14,294,000 14,078,501 14,078,487 13 14,131,051 13 52,564 Feb ............................. 14,294,000 14,142,331 14,142,318 13 14,194,764 13 52,447 Mar ............................. 14,294,000 14,217,862 14,217,849 13 14,270,115 13 52,266 Apr .............................. 14,294,000 14,235,938 14,235,925 13 14,287,630 13 51,704 May............................. 14,294,000 14,293,975 14,293,962 13 14,344,668 13 50,705 June............................ 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124 July ............................. 14,294,000 14,293,975 14,293,965 10 14,342,369 10 48,404 Aug ............................. 14,694,000 14,638,920 14,638,910 10 14,684,293 10 45,382 Sept ............................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 Oct .............................. 15,194,000 14,948,905 14,948,895 10 14,993,709 10 44,814 Nov ............................. 15,194,000 15,067,516 15,067,506 10 15,110,499 10 42,993 Dec ............................. 15,194,000 15,180,337 15,180,327 10 15,222,940 10 42,613 End of fiscal year or month 1 Public debt (3) Consists of guaranteed debt issued by the Federal Housing Administration. March 2012 FEDERAL DEBT 28 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture End of fiscal year or month 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2010 - Dec ............................. 2011 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May ............................ June ........................... July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. End of fiscal year or month 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) 219,079 252,783 747,566 881,890 937,923 10,662 9,691 11,617 11,284 9,349 22,803 24,789 26,074 25,098 24,883 13,803 14,780 16,675 18,534 19,438 420 479 481 522 523 1,448 1,456 778 1,160 1,163 948,584 981,808 1,003,066 999,202 1,008,098 991,105 1,006,839 1,048,986 945,601 937,923 1,031,529 1,013,643 1,057,133 21,740 22,280 22,254 10,178 10,178 11,009 11,113 9,166 9,345 9,349 14,382 16,194 17,886 25,707 25,823 25,958 26,117 26,212 26,387 25,682 25,682 24,748 24,883 25,022 25,181 25,376 19,213 19,368 19,470 19,587 19,753 19,923 19,599 19,600 19,311 19,438 19,587 19,743 19,891 532 538 540 545 548 553 513 513 515 523 528 533 534 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,160 1,163 1,163 1,163 1,163 1,163 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) 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 103,973 128,331 234,918 373,717 546,321 2,241 2,186 2,130 2,513 2,943 4,573 4,832 4,420 4,749 6,032 5 21 58 17,609 21,957 47,107 46,809 45,257 2010 - Dec ............................. 2011 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... July............................. Aug............................. Sept............................ Oct ............................. Nov............................. Dec ............................. 435,535 448,202 451,721 470,015 474,825 483,302 505,409 545,977 542,629 546,321 631,403 630,048 668,600 2,588 2,763 2,883 2,883 2,948 3,048 3,218 3,218 3,153 2,943 3,043 3,043 3,078 4,749 4,749 4,749 4,749 4,749 4,749 4,749 4,749 4,749 6,032 6,032 6,032 6,032 26 39 58 11 11 11 38,612 38,598 39,476 39,738 41,751 42,422 43,475 42,922 42,717 45,257 46,135 45,992 47,854 March 2012 FEDERAL DEBT 29 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2007 ...................................... 4,364 2,945 11,366 22,872 2008 ...................................... 2,929 3,096 9,463 28,793 2009 ...................................... 3,805 3,359 10,873 385,323 2010 ...................................... 7,254 3,481 11,752 374,997 2011 ...................................... 8,279 3,484 11,190 259,006 2010 - Dec ............................ 7,432 4,465 11,811 375,040 2011 - Jan ............................. 7,483 4,806 11,811 394,226 Feb ............................ 7,483 5,089 11,811 410,471 Mar ............................ 7,635 5,409 10,942 400,244 Apr............................. 7,669 5,708 11,037 401,560 May ........................... 7,872 6,003 11,037 373,640 June .......................... 8,241 2,523 11,037 370,120 July ............................ 8,241 2,853 11,080 373,797 Aug ............................ 7,652 3,149 11,080 275,351 Sept ........................... 8,279 3,484 11,190 259,006 Oct............................. 8,773 3,816 11,189 260,445 Nov ............................ 9,563 4,089 11,189 240,862 Dec ............................ 10,100 4,426 11,189 240,993 End of fiscal year or month Note.—For the Department of Housing and Urban Development, other HUD Housing Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 through the current fiscal year to date. Note.—Detail may not add to totals due to rounding. March 2012 30 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26week 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: Cash management bills identified below are issued as part of the Supplementary Financing Program (SFP). For more details about the SFP, visit www.treasury.gov/ press/releases/hp1144.htm or call 202-622-2960. Note: On February 4, 2009, Treasury announced the reintroduction of the 7-year note. The first auction of this security took place on February 26, 2009. TREASURY FINANCING: OCTOBER-DECEMBER [Source: Bureau of the Public Debt, Office of Financing] OCTOBER Cash Management Bills On October 5, 2011, Treasury announced it would auction $10,000 million of 5-day bills. They were issued October 12 and matured October 17. Treasury auctioned the bills on October 6. Tenders totaled $60,450 million; Treasury accepted $10,000 million. The high bank discount rate was 0.000 percent. Auction of 3-Year Notes On October 6, 2011, Treasury announced it would auction $32,000 million of 3-year notes. The issue was to raise new cash of approximately $66,000 million. The 3-year notes of Series AE-2014 were dated October 15 and issued October 17. They are due October 15, 2014, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon eastern time (e.t.) for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 11. Tenders totaled $105,629 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.544 percent with the equivalent price of $99.869476. Treasury accepted in full all competitive tenders at yields lower than 0.544 percent. Tenders at the high yield were allotted 31.18 percent. The median yield was 0.500 percent, and the low yield was 0.410 percent. Noncompetitive tenders totaled $28 million. March 2012 Competitive tenders accepted from private investors totaled $31,972 million. Accrued interest of $0.02732 per $1,000 must be paid for the period from October 15 to October 17. The minimum par amount required for STRIPS of notes of Series AE-2014 is $100. Auction of 9-Year 10-Month 2-1/8 Percent Notes On October 6, 2011, Treasury announced it would auction $21,000 million of 9-year 10-month 2-1/8 percent notes. The issue was to raise new cash of approximately $66,000 million. The 9-year 10-month notes of Series E-2021 were dated August 15 and issued October 17. They are due August 15, 2021, 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 12. Tenders totaled $60,085 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.271 percent with an equivalent price of $98.717572. Treasury accepted in full all competitive tenders at yields lower than 2.271 percent. Tenders at the high yield were allotted 32.58 percent. The median yield was 2.190 percent, and the low yield was 2.097 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $20,989 million. Accrued interest of $3.63791 per $1,000 must be paid for the period from August 15 to October 17. The minimum par amount required for Separate Trading of PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: OCTOBER-DECEMBER, con. Registered Interest and Principal Securities (STRIPS) of notes of Series E-2021 is $100. Auction of 29-Year 10-Month 3-3/4 Percent Bonds On October 6, 2011, Treasury announced it would auction $13,000 million of 29-year 10-month 3-3/4 percent bonds. The issue was to raise new cash of approximately $66,000 million. The 29-year 10-month bonds of August 2041 were dated August 15 and issued October 17. They are due August 15, 2041, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 13. Tenders totaled $38,268 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.120 percent with an equivalent price of $112.166894. Treasury accepted in full all competitive tenders at yields lower than 3.120 percent. Tenders at the high yield were allotted 84.23 percent. The median yield was 3.095 percent, and the low yield was 3.000 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $12,987 million. Accrued interest of $6.41984 per $1,000 must be paid for the period from August 15 to October 17. The minimum par amount required for STRIPS of bonds of August 2041 is $100. 52-Week Bills On October 13, 2011, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued October 20, and will mature October 18, 2012. The issue was to refund $109,012 million of all maturing bills and raise new cash of approximately $1,988 million. Treasury auctioned the bills on October 18. Tenders totaled $112,924 million; Treasury accepted $25,001 million. That included $147 million of noncompetitive tenders from the public. The high bank discount rate was 0.120 percent. Auction of 29-Year 4-Month 2-1/8 Percent Treasury Inflation Protected Security (TIPS) On October 13, 2011, Treasury announced that it would auction $7,000 million of 29-year 4-month 2-1/8 percent TIPS. The issue was to refund $57,236 million of securities maturing October 31 and to raise new cash of approximately $48,764 million. The 29-year 4-month TIPS of February 2041 were dated August 15 and issued October 31. They are due February 15, 2041, with interest payable on February 15 and August 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 20. Tenders totaled $21,448 million; Treasury accepted $7,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.999 percent with an equivalent adjusted price of $132.953297. Treasury accepted in full all competitive tenders at yields lower than 0.999 percent. Tenders at the high yield were allotted 87.47 percent. The median yield was 0.960 percent, and the low yield was 0.890 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $6,986 million. Adjusted accrued interest of $4.59928 per $1,000 must be paid for the period from August 15 to October 31. Both the unadjusted price of $128.531803 and the unadjusted accrued interest of $4.44633 were adjusted by an index ratio of 1.03440, for the period from February 15 to October 31. In addition to the $7,000 million of tenders accepted in the auction process, Treasury accepted $266 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of TIPS of February 2041 is $100. Auction of 2-Year Notes On October 20, 2011, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $57,236 million of securities maturing October 31 and to raise new cash of approximately $48,764 million. The 2-year notes of Series AR-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 0-1/4 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 October 25. Tenders totaled $127,420 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.281 percent with an equivalent price of $99.938217. Treasury accepted in full all competitive tenders at yields lower than 0.281 percent. Tenders at the high yield were allotted 10.48 percent. The median yield was 0.265 percent, and the low yield was 0.210 percent. Noncompetitive tenders totaled $198 million. Competitive tenders accepted from private investors totaled $34,802 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $1,331 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AR-2013 is $100. March 2012 PUBLIC DEBT OPERATIONS 32 TREASURY FINANCING: OCTOBER-DECEMBER, con. Auction of 5-Year Notes On October 20, 2011, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $57,236 million of securities maturing October 31 and to raise new cash of approximately $48,764 million. The 5-year notes of Series AD-2016 were dated and issued October 31. They are due October 31, 2016, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 1 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 26. Tenders totaled $101,458 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.055 percent with an equivalent price of $99.732813. Treasury accepted in full all competitive tenders at yields lower than 1 percent. Tenders at the high yield were allotted 57.79 percent. The median yield was 1.029 percent, and the low yield was 0.975 percent. Noncompetitive tenders totaled $29 million. Competitive tenders accepted from private investors totaled $34,971 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $1,331 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AD-2016 is $100. Auction of 7-Year Notes On October 20, 2011, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $57,236 million of securities maturing October 31 and to raise new cash of approximately $48,764 million. The 7-year notes of Series R-2018 were dated and issued October 31. They are due October 31, 2018, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on October 27. Tenders totaled $75,061 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.791 percent with an equivalent price of $99.731389. Treasury accepted in full all competitive tenders at yields lower than 1.791 percent. Tenders at the high yield were allotted 59.51 percent. The median yield was 1.708 percent, and the low yield was 1.600 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $28,986 million. March 2012 In addition to the $29,000 million of tenders accepted in the auction process, Treasury accepted $1,103 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2018 is $100. NOVEMBER November Quarterly Financing On November 2, 2011, Treasury announced it would auction $32,000 million of 3-year notes, $24,000 million of 10-year notes and $16,000 million of 30-year bonds to refund $23,934 million of securities maturing on November 15 and to raise new cash of approximately $48,066 million. The 3-year notes of Series AF-2014 were dated and issued November 15. They are due November 15, 2014, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 8. Tenders totaled $109,053 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.379 percent with an equivalent price of $99.988079. Treasury accepted in full all competitive tenders at yields lower than 0.379 percent. Tenders at the high yield were allotted 59.46 percent. The median yield was 0.358 percent, and the low yield was 0.289 percent. Noncompetitive tenders totaled $43 million. Competitive tenders accepted from private investors totaled $31,957 million. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $2,448 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Series AF-2014 is $100. The 10-year notes of Series F-2021 were dated and issued November 15. They are due November 15, 2021, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 9. Tenders totaled $63,268 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.030 percent with an equivalent price of $99.729725. Treasury accepted in full all competitive tenders at yields lower than 2.030 percent. Tenders at the high yield were allotted 62.35 percent. The median yield was 1.969 percent, and the low yield was 1.865 percent. Noncompetitive tenders totaled $29 million. Competitive tenders accepted from private investors totaled $23,971 million. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: OCTOBER-DECEMBER, con. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,836 million from FRBs for their own accounts. The minimum par amount required for STRIPS of Series F-2021 is $100. The 30-year bonds of November 2041 were dated and issued November 15. They are due November 15, 2041, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 3-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 10. Tenders totaled $38,384 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.199 percent with an equivalent price of $98.579514. Treasury accepted in full all competitive tenders at yields lower than 3.199 percent. Tenders at the high yield were allotted 24.17 percent. The median yield was 3.100 percent, and the low yield was 2.970 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $15,989 million. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,224 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2041 is $100. 52-Week Bills On November 10, 2011, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued November 17, and will mature November 15, 2012. The issue was to refund $105,999 million of all maturing bills and to raise new cash of approximately $10,001 million. Treasury auctioned the bills on November 15. Tenders totaled $119,102 million; Treasury accepted $25,001 million. That included $153 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. Auction of 9-Year 8-Month 0-5/8 Percent TIPS On November 10, 2011, Treasury announced it would auction $11,000 million of 9-year 8-month 0-5/8 percent TIPS. The issue was to refund $57,374 million of securities maturing November 30 and to raise new cash of approximately $52,626 million. The 9-year 8-month TIPS of Series D-2021 were dated July 15 and issued November 30. They are due July 15, 2021, 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 November 17. Tenders totaled $29,023 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.099 percent with an equivalent adjusted price of $105.733846. Treasury accepted in full all competitive tenders at yields lower than 0.099. Tenders at the high yield were allotted 6.08 percent. The median yield was 0.030 percent, and the low yield was -0.107 percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled $10,978 million. Adjusted accrued interest of $2.35929 per $1000 must be paid for the period from July 15 to November 30. Both the unadjusted price of $105.037448 and the unadjusted accrued interest of $2.34375 were adjusted by an index ratio of 1.00663, for the period from July 15 to November 30. In addition to the $11,000 million of tenders accepted in the auction process, Treasury accepted $498 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2021 is $100. Auction of 2-Year Notes On November 17, 2011, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $57,374 million of securities maturing November 30 and to raise new cash of approximately $52,626 million. The 2-year notes of Series AS-2013 were dated and issued November 30. They are due November 30, 2013, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 0-1/4 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 21. Tenders totaled $142,491 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.280 percent with an equivalent price of $99.940209. Treasury accepted in full all competitive tenders at yields lower than 0.280 percent. Tenders at the high yield were allotted 8.48 percent. The median yield was 0.250 percent, and the low yield was 0.206 percent. Noncompetitive tenders totaled $173 million. Competitive tenders accepted from private investors totaled $34,827 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $1,586 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AS-2013 is $100. Auction of 5-Year Notes On November 17, 2011, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $57,374 million of securities maturing November 30 and to raise new cash of approximately $52,626 million. The 5-year notes of Series AE-2016 were dated and issued November 30. They are due November 30, 2016, with interest payable on May 31 and November 30 until maturity. March 2012 PUBLIC DEBT OPERATIONS 34 TREASURY FINANCING: OCTOBER-DECEMBER, con. 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 November 22. Tenders totaled $110,217 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.937 percent with an equivalent price of $99.697840. Treasury accepted in full all competitive tenders at yields lower than 0.937 percent. Tenders at the high yield were allotted 59.91 percent. The median yield was 0.900 percent, and the low yield was 0.819 percent. Noncompetitive tenders totaled $34 million. Competitive tenders accepted from private investors totaled $34,966 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $1,586 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AE-2016 is $100. Auction of 7-Year Notes On November 17, 2011, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $57,374 million of securities maturing November 30 and to raise new cash of approximately $52,626 million. The 7-year notes of Series S-2018 were dated and issued November 30. They are due November 30, 2018, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on November 23. Tenders totaled $92,894 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.415 percent with an equivalent price of $99.734313. Treasury accepted in full all competitive tenders at yields lower than 1.415 percent. Tenders at the high yield were allotted 32.00 percent. The median yield was 1.390 percent, and the low yield was 1.296 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $28,980 million. In addition to the $29,000 million of tenders accepted in the auction process, Treasury accepted $1,314 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2018 is $100. DECEMBER Auction of 3-Year Notes On December 8, 2011, Treasury announced it would auction $32,000 million of 3-year notes. The issue was to March 2012 refund $26,426 million of securities maturing December 15 and to raise new cash of approximately $39,574 million. The 3-year notes of Series AG-2014 were dated and issued December 15. They are due December 15, 2014, with interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 0-1/4 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 December 12. Tenders totaled $115,958 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.352 percent with the equivalent price of $99.695876. Treasury accepted in full all competitive tenders at yields lower than 0.352 percent. Tenders at the high yield were allotted 7.09 percent. The median yield was 0.319 percent, and the low yield was 0.256 percent. Noncompetitive tenders totaled $49 million. Competitive tenders accepted from private investors totaled $31,951 million. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $1,171 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2014 is $100. Auction of 9-Year 11-Month 2 Percent Notes On December 8, 2011, Treasury announced that it would auction $21,000 million of 9-year 11-month 2 percent notes. The issue was to refund $26,426 million of securities maturing December 15 and to raise new cash of approximately $39,574 million. The 9-year 11-month notes of Series F-2021 were dated November 15 and issued December 15. They are due November 15, 2021, 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 13. Tenders totaled $74,207 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.020 percent with an equivalent price of $99.819684. Treasury accepted in full all competitive tenders at yields lower than 2.020 percent. Tenders at the high yield were allotted 67.48 percent. The median yield was 1.989 percent, and the low yield was 1.850 percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled $20,967 million. Accrued interest of $1.64835 per $1,000 must be paid for the period from November 15 to December 15. In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $769 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2021 is $100. PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: OCTOBER-DECEMBER, con. Auction of 29-Year 11-Month 3-1/8 Percent Bonds On December 8, 2011, Treasury announced it would auction $13,000 million of 29-year 11-month 3-1/8 percent bonds. The issue was to refund $26,426 million of securities maturing December 15 and to raise new cash of approximately $39,574 million. The 29-year 11-month bonds of November 2041 were dated November 15 and issued December 15. They are due November 15, 2041, with interest payable on May 15 and November 15 until maturity. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on December 14. Tenders totaled $39,635 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.925 percent with an equivalent price of $103.966337. Treasury accepted in full all competitive tenders at yields lower than 2.925 percent. Tenders at the high yield were allotted 98.64 percent. The median yield was 2.890 percent, and the low yield was 2.815 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $12,980 million. Accrued interest of $2.57555 per $1,000 must be paid for the period from November 15 to December 15. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $476 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2041 is $100. 52-Week Bills On December 8, 2011, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued December 15, and will mature December 13, 2012. The issue was to refund $109,998 million of all maturing bills and to raise new cash of approximately $6,002 million. Treasury auctioned the bills on December 13. Tenders totaled $114,654 million; Treasury accepted $25,001 million, which included $161 million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent. Auction of 4-Year 4-Month 0-1/8 Percent TIPS On December 8, 2011, Treasury announced it would auction $12,000 million of 4-year 4-month 0-1/8 percent TIPS. The issue was to raise new cash of approximately $12,000 million. The 4-year 4-month TIPS of Series W-2016 were dated October 15 and issued December 30. They are due April 15, 2016, 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 December 15. Tenders totaled $36,115 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.877 percent with an equivalent adjusted price of $107.098375. Treasury accepted in full all competitive tenders at yields lower than -0.877 percent. Tenders at the high yield were allotted 63.94 percent. The median yield was -0.930 percent, and the low yield was 1.010 percent. Noncompetitive tenders totaled $58 million. Competitive tenders accepted from private investors totaled $11,942 million. Adjusted accrued interest of $0.26629 per $1,000 must be paid for the period from October 15 to December 30. Both the unadjusted price of $104.392521 and the unadjusted accrued interest of $0.25956 were adjusted by an index ratio of 1.02592, for the period from April 15 to December 30. The minimum par amount required for STRIPS of TIPS of Series W-2016 is $100. March 2012 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 Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive basis amount 2 basis 3 (6) (4) (5) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) 100.000000 99.994944 99.969667 99.999222 99.996208 99.977250 99.998833 99.992417 99.967139 99.999597 99.994944 99.969667 99.999611 99.997472 99.972194 100.000000 99.998736 99.982306 99.999611 99.997472 99.979778 99.998500 99.996250 99.974861 99.998444 99.992417 99.964611 100.000000 99.998736 99.974722 100.000000 99.997472 99.977250 100.000000 99.998736 99.979778 100.000000 99.993681 99.972194 0.000 0.020 0.060 0.010 0.015 0.045 0.015 0.030 0.065 0.005 0.020 0.060 0.005 0.010 0.055 0.000 0.005 0.035 0.005 0.010 0.040 0.020 0.015 0.050 0.020 0.030 0.070 0.000 0.005 0.050 0.000 0.010 0.045 0.000 0.005 0.040 0.000 0.025 0.055 0.000 0.020 0.061 0.010 0.015 0.046 0.015 0.031 0.066 0.005 0.020 0.061 0.005 0.010 0.056 0.000 0.005 0.036 0.005 0.010 0.041 0.020 0.015 0.051 0.020 0.031 0.071 0.000 0.005 0.051 0.000 0.010 0.046 0.000 0.005 0.041 0.000 0.025 0.056 Regular weekly: (4 week, 13 week, and 26 week) 2011 - Oct. 06 .................. Oct. 13 ................. Oct. 20 ................. Oct. 27 ................. Nov. 03 ................ Nov. 10 ................ Nov. 17 ................ Nov. 25 ................ Dec. 01 ................ Dec. 08 ................ Dec. 15 ................ Dec. 22 ................ Dec. 29 ................ 1 2011 - Nov. 03 2012 - Jan. 05 Apr. 05 2011 - Nov. 10 2012 - Jan. 12 Apr. 12 2011 - Nov. 17 2012 - Jan. 19 Apr. 19 2011 - Nov. 25 2012 - Jan. 26 Apr. 26 2011 - Dec. 01 2012 - Feb. 02 May 03 2011 - Dec. 08 2012 - Feb. 09 May 10 2011 - Dec. 15 2012 - Feb. 16 May 17 2011 - Dec. 22 2012 - Feb. 23 May 24 2011 - Dec. 29 2012 - Mar. 01 May 31 Jan. 05 Mar. 08 June 07 Jan. 12 Mar. 15 June 14 Jan. 19 Mar. 22 June 21 Jan. 26 Mar. 29 June 28 28 91 182 28 91 182 28 91 182 29 91 182 28 91 182 28 91 182 28 91 182 27 90 181 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 150,537.6 143,918.6 137,829.0 142,162.5 149,364.0 127,617.6 138,335.8 132,599.4 133,673.8 139,163.9 137,808.3 128,893.9 172,413.4 131,556.4 127,964.4 169,461.8 139,929.8 129,976.9 157,661.6 136,783.1 130,098.3 153,352.9 129,089.9 123,024.7 160,314.2 129,616.8 124,401.7 270,666.5 137,725.1 131,017.4 267,376.8 129,296.9 121,410.8 275,911.1 130,146.6 136,027.9 206,701.5 122,926.5 126,404.9 36,289.1 29,001.0 27,000.3 32,419.0 29,000.1 27,000.0 35,938.0 29,000.1 27,001.5 33,782.6 29,000.5 27,000.4 41,286.2 29,000.4 27,000.2 37,423.2 29,000.5 27,000.8 40,938.1 29,000.4 27,000.4 38,781.9 29,000.8 27,000.4 41,285.7 29,000.6 27,000.6 37,423.8 29,000.5 27,000.1 40,952.8 29,000.7 27,000.5 33,795.0 29,000.0 27,001.2 36,297.5 29,000.3 27,000.5 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 2012 29,739.6 27,996.2 25,437.3 29,794.4 27,993.3 25,744.6 29,748.4 28,161.1 25,662.0 28,994.0 27,378.6 25,393.3 34,758.3 28,210.5 25,975.0 34,767.4 27,996.3 25,780.8 34,713.6 27,970.5 25,835.7 34,785.6 28,162.9 26,087.5 33,831.8 27,349.8 25,366.9 34,767.1 28,003.1 25,925.3 34,731.5 28,212.6 25,995.0 29,792.1 28,199.2 26,166.2 28,792.3 27,233.7 25,468.5 264.4 854.8 653.0 206.5 876.1 726.5 251.6 832.0 699.4 210.2 826.6 648.0 242.8 789.9 625.2 237.8 779.2 719.9 286.5 854.9 664.7 214.7 837.9 612.9 268.3 751.4 633.7 238.7 797.5 674.8 283.3 788.0 605.6 221.3 800.8 635.0 228.6 809.7 619.2 3 Tenders for $5 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. 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] Description of securities 1 (2) Period to final maturity (years, months, days) 2 (3) Auction date Issue date (1) 10/06/2011 10/12/2011 0.000% bill—10/17/11 10/11/2011 10/17/2011 0.500% note—10/15/14-AE 3y 10/12/2011 10/17/2011 2.125% note—08/15/21-E 9y 10/13/2011 10/17/2011 3.750% bond—08/15/41 29y 10/18/2011 10/20/2011 0.120% bill—10/18/12 10/20/2011 10/31/2011 2.125% TIPS—02/15/41 29y 4m 10/25/2011 10/31/2011 0.250% note—10/31/13-AR 10/26/2011 10/31/2011 10/27/2011 5d Amount tendered (4) Amount accepted 3, 4 (5) Accepted yield and equivalent price for notes and bonds (6) 60,450 10,000 105,629 32,000 10m 60,085 21,000 2.271 - 98.717572 10m 38,268 13,000 3.120 - 112.166894 112,924 25,001 364d 0.544 - 99.869476 21,714 7,266 0.999 - 132.953297 2y 128,751 36,331 0.281 - 99.938217 1.000% note—10/31/16-AD 5y 102,789 36,331 1.055 - 99.732813 10/31/2011 1.750% note—10/31/18-R 7y 76,164 30,103 1.791 - 99.731389 11/08/2011 11/15/2011 0.375% note—11/15/14-AF 3y 111,502 34,449 0.379 - 99.988079 11/09/2011 11/15/2011 2.000% note—11/15/21-F 10y 65,104 25,836 2.030 - 99.729725 11/10/2011 11/15/2011 3.125% bond—11/15/41 30y 39,608 17,224 3.199 - 98.579514 11/15/2011 11/17/2011 0.100% bill—11/15/12 119,102 25,001 11/17/2011 11/30/2011 0.625% TIPS—07/15/21-D 9y 29,522 11,498 0.099 - 105.733846 11/21/2011 11/30/2011 0.250% note—11/30/13-AS 2y 144,077 36,586 0.280 - 99.940209 11/22/2011 11/30/2011 0.875% note—11/30/16-AE 5y 111,803 36,586 0.937 - 99.697840 11/23/2011 11/30/2011 1.375% note—11/30/18-S 7y 94,208 30,314 1.415 - 99.734313 12/12/2011 12/15/2011 0.250% note—12/15/14-AG 3y 117,129 33,171 0.352 - 99.695876 12/13/2011 12/15/2011 0.110% bill—12/13/12 114,654 25,001 12/13/2011 12/15/2011 2.000% note—11/15/21-F 12/14/2011 12/15/2011 3.125% bond—11/15/41 12/15/2011 12/30/2011 0.125% TIPS—04/15/16-W 1 364d 8m 364d 9y 11m 74,975 21,769 2.020 - 99.819684 29y 11m 40,111 13,476 2.925 - 103.966337 4y 36,115 12,000 -0.877 - 107.098375 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. 4m 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. March 2012 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 2012 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) 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 9,030,612 10,047,828 11,933,031 13,585,596 14,815,328 9,007,653 10,024,725 11,909,828 13,561,622 14,790,340 3,958,417 4,210,491 4,355,292 4,534,014 4,658,307 1 - 3,958,416 4,210,491 4,355,292 4,534,014 4,658,307 774,913 484,486 827,126 909,910 1,689,186 2010 - Dec ....................................... 2011 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 14,049,381 14,155,425 14,219,364 14,294,579 14,312,261 14,369,297 14,367,591 14,367,889 14,709,806 14,815,328 15,018,350 15,135,588 15,248,213 14,025,215 14,131,050 14,194,764 14,270,114 14,287,629 14,344,667 14,343,087 14,342,369 14,684,292 14,790,340 14,993,709 15,110,499 15,222,940 4,629,808 4,640,544 4,624,079 4,613,547 4,627,930 4,616,651 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 - 4,629,808 4,640,544 4,624,079 4,613,547 4,627,930 4,616,651 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 1,112,948 1,218,348 1,316,019 1,427,405 1,506,178 1,614,484 1,702,065 1,719,555 1,732,525 1,689,186 1,740,637 1,739,914 1,741,045 Public debt securities, con. Held by private investors Agency securities 1 Held by Government accounts (12) Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) Held by private investors (11) 2007 .................................................................... 2008 .................................................................... 2009 .................................................................... 2010 .................................................................... 2011 .................................................................... 4,274,323 5,329,748 6,727,410 8,117,698 8,442,847 3,673,220 4,751,490 6,182,607 7,588,415 7,935,360 601,103 578,258 544,804 529,284 507,488 22,959 23,104 23,203 23,974 24,988 22,953 23,098 23,202 23,971 24,982 6 6 1 3 6 2010 - Dec ........................................................... 2011 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr ........................................................... May.......................................................... June......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct ........................................................... Nov .......................................................... Dec .......................................................... 8,282,459 8,272,158 8,254,666 8,229,162 8,153,521 8,113,532 8,044,808 8,041,066 8,296,613 8,442,847 8,520,369 8,654,987 8,711,452 7,750,313 7,746,357 7,732,196 7,705,335 7,630,392 7,647,747 7,632,583 7,658,075 7,789,280 7,935,360 7,636,993 7,781,891 7,883,501 532,147 525,802 522,471 523,827 523,130 465,786 412,225 382,991 507,334 507,488 232,036 446,890 395,352 24,166 24,375 24,600 24,465 24,632 24,629 24,504 25,520 25,514 24,988 24,642 25,090 25,274 24,161 24,370 24,595 24,459 24,626 24,623 24,498 25,514 25,508 24,982 24,636 25,084 25,268 5 5 5 6 6 6 6 6 6 6 6 6 6 End of fiscal year or month 1 Agency securities have been revised to show separate amounts for securities held by private investors and those held by government accounts. Note. – Public issues held by the Federal Reserve banks have been revised to include Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank System. March 2012 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 2002 - Mar ......... June ....... Sept ........ Dec ......... 2003 - Mar ......... June ....... Sept ........ Dec ......... 2004 - Mar ......... June ....... Sept ........ Dec ......... 2005 - Mar ......... June ....... Sept ........ Dec ......... 2006 - Mar ......... June ....... Sept ........ Dec ......... 2007 - Mar ......... June ....... Sept ........ Dec ......... 2008 - Mar ......... June ....... Sept ........ Dec ......... 2009 - Mar ......... June ....... Sept ........ Dec ......... 2010 - Mar ......... June ....... Sept ........ Dec ......... 2011 - Mar ......... June ....... Sept ........ Dec ......... 1 Total public debt 1 (1) Federal Reserve and Intragovernmental Holdings 2 (2) 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 7,932.7 8,170.4 8,371.2 8,420.0 8,507.0 8,680.2 8,849.7 8,867.7 9,007.7 9,229.2 9,437.6 9,492.0 10,024.7 10,699.8 11,126.9 11,545.3 11,909.8 12,311.3 12,773.1 13,201.8 13,561.6 14,025.2 14,270.0 14,343.1 14,790.3 15,222.8 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,905.6 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 4,389.2 4,432.8 4,558.1 4,576.6 4,715.1 4,738.0 4,833.5 4,694.7 4,685.8 4,692.7 4,806.4 4,785.2 5,026.8 5,127.1 5,276.9 5,259.8 5,345.1 5,350.5 5,656.2 5,958.9 6,220.4 6,328.0 6,439.6 Pension funds 3 U.S. Total privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 2,849.2 2,849.8 2,924.8 3,018.5 3,070.0 3,164.7 3,267.9 3,377.9 3,502.8 3,531.5 3,607.1 3,690.5 3,855.3 3,803.0 3,864.9 3,970.6 4,114.0 4,030.8 4,074.2 4,122.1 4,273.1 4,152.6 4,269.7 4,395.7 4,742.9 4,806.2 5,332.0 5,893.4 6,341.7 6,518.5 6,782.7 7,034.4 7,513.3 7,856.7 8,211.1 8,368.9 8,311.1 8,122.7 8,462.4 8,783.3 187.6 204.7 209.3 222.6 153.6 145.4 146.8 153.1 162.8 158.6 138.5 125.0 141.8 126.9 125.3 117.1 113.0 119.5 113.6 114.8 119.8 110.4 119.7 129.8 125.0 112.7 130.0 105.0 125.6 140.8 198.1 202.4 269.4 266.1 322.9 319.1 321.2 279.3 292.2 n.a. 191.9 192.7 193.3 194.9 196.9 199.2 201.6 203.9 204.5 204.6 204.2 204.5 204.2 204.2 203.6 205.2 206.0 205.2 203.7 202.4 200.3 198.6 197.1 196.5 195.4 195.0 194.3 194.1 194.0 193.6 192.5 191.3 190.2 189.6 188.7 187.9 186.7 186.0 185.1 185.2 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 2012 Private 6 (6) 152.7 152.1 154.5 153.8 165.8 170.2 167.7 172.2 169.8 173.3 174.0 173.7 177.3 181.0 184.2 184.9 186.7 192.1 201.9 207.5 221.7 232.5 246.7 257.6 270.5 276.7 292.5 297.2 330.9 353.4 398.1 429.8 462.2 531.9 595.2 615.9 632.9 658.7 689.6 n.a. 7 State and Insurance local compagovernments nies 3 (7) (8) 163.3 153.9 156.3 158.9 162.1 161.3 155.5 148.6 143.6 134.9 140.8 151.0 158.0 171.3 164.8 153.8 153.0 150.9 154.7 156.2 158.3 159.3 138.9 141.6 142.0 141.8 143.9 146.4 150.2 159.9 167.3 174.5 179.1 182.0 185.5 185.6 187.9 186.9 188.7 n.a. 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 172.4 174.6 182.9 188.5 193.3 195.0 200.7 202.3 200.3 196.1 196.8 197.9 185.4 168.9 155.1 141.9 152.1 159.4 163.4 171.4 191.0 200.0 210.2 222.0 225.7 231.8 240.6 248.4 246.9 246.1 253.7 n.a. Mutual funds 3, 7 (9) 266.1 253.8 256.8 281.0 296.6 302.3 287.1 280.9 280.8 258.7 255.0 254.1 261.1 248.7 244.7 251.3 248.7 244.2 235.7 250.7 264.5 267.7 306.3 362.9 484.4 477.2 656.1 768.8 715.9 695.6 644.9 666.2 646.4 632.1 607.4 637.9 641.1 653.1 699.0 n.a. State and local Foreign govern- and international 8 ments 3 (11) (10) 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 381.7 389.1 412.0 444.0 463.7 475.0 473.3 484.2 484.9 506.8 546.2 569.3 526.8 525.1 524.9 513.4 493.9 475.1 508.0 504.7 492.3 493.9 499.9 504.8 498.1 503.6 496.8 479.3 460.8 n.a. 1,057.2 1,123.1 1,188.6 1,235.6 1,275.2 1,371.9 1,443.3 1,523.1 1,670.0 1,735.4 1,794.5 1,849.3 1,952.2 1,877.5 1,929.6 2,033.9 2,082.1 1,977.8 2,025.3 2,103.1 2,194.8 2,192.0 2,235.3 2,353.2 2,506.3 2,587.4 2,802.4 3,077.2 3,265.7 3,460.8 3,570.6 3,685.1 3,877.9 4,070.0 4,324.2 4,435.6 4,473.6 4,511.1 4,667.0 n.a. Other investors 9 (12) 388.8 313.8 297.0 277.4 330.2 327.8 371.0 395.4 324.8 310.1 335.5 355.4 355.5 354.4 348.2 347.0 450.9 460.9 457.5 382.7 382.0 253.7 343.7 287.2 342.2 342.5 455.5 658.3 860.4 809.7 908.7 969.2 1,162.5 1,248.5 1,248.5 1,235.0 1,124.0 922.2 1,026.3 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. For additional information see: http://www.treasury.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: 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, 2011 [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) $1,250,084,844,632 $1,206,370,003,278 $1,205,887,175,554 $240,521,766 $242,305,958 The Treasury ....................................... 150,241,926 31,732,202 31,549,886 7,505 174,811 FRBs ................................................... 174,140,863,198 171,835,076,094 171,835,058,528 - 17,566 Amounts in circulation ............................. $1,075,793,739,508 $1,034,503,194,982 $1,034,020,567,140 $240,514,261 $242,113,581 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $43,714,841,354 $6,271,467,008 $37,443,374,346 The Treasury ....................................... 118,509,724 41,986,752 76,522,972 FRBs ................................................... 2,305,787,104 1,419,408,135 886,378,969 Amounts in circulation ............................. $41,290,544,526 $4,810,072,121 $36,480,472,405 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. March 2012 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 42 TABLE USCC-2.—Amounts Outstanding and in Circulation, December 31, 2011 [Source: Financial Management Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $9,856,744,784 $143,503 $141,731,899 Federal Reserve notes 1 (2) $9,998,620,186 $2 ................................................................................ 1,896,675,820 1,764,702,530 131,960,718 12,572 $5 ................................................................................ 11,797,697,010 11,663,689,520 108,388,810 25,618,680 $10 .............................................................................. 17,190,041,190 17,169,419,320 6,300 20,615,570 $20 .............................................................................. 141,082,184,076 141,062,075,736 3,840 20,104,500 $50 .............................................................................. 69,606,248,700 69,594,748,850 500 11,499,350 $100 ............................................................................ 782,618,890,900 782,596,899,400 - 5 21,991,500 $500 ............................................................................ 142,139,500 141,946,000 5,500 188,000 $1,000 ......................................................................... 165,482,000 165,271,000 5,000 206,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,450,000 3,360,000 - 90,000 Fractional notes 4 ........................................................ 600 - 90 510 Total currency ......................................................... $1,034,503,194,982 $1,034,020,567,140 $240,514,261 $242,113,581 Amounts (in millions) (1) Per capita 6 (2) Dec. 31, 2011 ....................................................................................... 1,075,794 3,439 Nov. 30, 2011 ....................................................................................... 1,062,276 3,398 Oct. 31, 2011 ........................................................................................ 1,046,015 3,348 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. March 2012 6 Represents value of certain partial denominations not presented for redemption. Represents current FRB adjustment. Based on Bureau of the Census’ estimates of population. International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 45 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, 6 (5) 2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385 2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492 2011 - Jan .......................................................................... 133,943 11,041 57,633 52,544 12,725 Feb ......................................................................... 134,655 11,041 58,054 52,754 12,806 Mar ......................................................................... 139,315 11,041 56,543 52,399 19,332 Apr .......................................................................... 142,989 11,041 57,806 54,191 19,950 May......................................................................... 146,946 11,041 57,144 53,301 25,460 June........................................................................ 147,660 11,041 57,234 53,843 25,542 July ......................................................................... 149,704 11,041 57,182 54,635 26,845 Aug ......................................................................... 150,654 11,041 57,583 54,933 27,096 Sept ........................................................................ 148,487 11,041 55,875 52,766 28,804 Oct .......................................................................... 150,695 11,041 56,744 53,583 29,327 Nov ......................................................................... 148,028 11,041 55,538 52,684 28,765 Dec ......................................................................... 147,953 11,041 54,955 51,878 30,080 2012 - Jan .......................................................................... 149,280 11,041 55,521 52,279 30,438 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. Recent allocations are as follows: August 2009—$43,069 million and September 2009—$4,529 million. 4 Includes holdings of Treasury and Federal Reserve System; consistent with the Quarterly Report on Treasury and Federal Reserve Foreign Exchange Operations, foreign currency dominated assets are shown not at market value but rather at amortized cost revalued at current foreign currency market exchange rates in order to report these assets in U.S. dollars. Excludes outstanding reciprocal currency swaps with foreign central banks. As of end-January 2012, swaps outstanding were $104.5 billion: $84.5 billion with the European Central Bank, $475 million with the Swiss National Bank, and $19.5 billion with the Bank of Japan. 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. 6 IMF data include the reserve tranche position and, as of May 2011, New Arrangements to Borrow. Note.—Detail may not add to totals due to rounding. March 2012 INTERNATIONAL FINANCIAL STATISTICS 46 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 Nonmarketable U.S. Other Treasury bonds readily and marketable notes 3 liabilities 2, 4 (5) (6) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (8) (10) (9) Liabilities to nonmonetary international and regional organizations 7 (11) Total (2) Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) 2000 ............................ 2,565,942 2001............................. 2,724,292 2002 - June 8 ............... 3,002,222 Series Break ................ 3,003,380 2002............................. 3,235,231 2003 - June 8 ............... 3,586,765 Series Break ................ 3,603,925 2003............................. 3,863,508 2004 - June 8 .............. 4,469,769 Series Break ................ 4,407,294 2004 ............................ 4,819,747 2005 - June 8 ............... 5,071,533 Series Break ................ 5,066,404 2005 ............................ 5,371,673 2006 - June 8 ............... 6,067,930 Series Break ................ 6,056,640 2006 ............................ 6,500,815 2007 - June 8 ............... 7,098,730 Series Break ................ 7,210,387 2007 ............................ 7,676,097 2008 - June 8 ............... 8,078,003 Series Break ................ 8,103,582 2008 ............................ 8,220,414 2009 - June 8 ............... 8,036,897 Series Break ................ 8,044,916 2009 ............................ 8,295,001 2010 - June 8 .............. 8,658,334 Series Break ................ 8,655,385 916,095 923,501 981,627 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 2,372,319 2,515,167 2,795,998 2,960,682 3,108,890 3,340,105 3,386,589 3,473,629 3,734,843 3,766,445 3,752,827 4,065,513 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 461,829 495,176 495,176 596,660 583,829 583,829 711,622 779,889 779,889 713,990 630,061 630,061 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 1,030,763 1,077,953 1,102,333 1,112,617 1,211,819 1,271,174 1,281,070 1,450,593 1,443,691 1,523,888 1,683,160 1,679,181 1,722,168 2,052,329 2,170,748 2,232,904 2,615,683 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 1,111 1,155 1,155 1,203 1,251 1,251 1,302 1,354 1,354 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 638,290 737,854 849,161 919,220 1,000,017 1,071,960 994,583 970,321 901,375 880,406 888,509 818,416 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 1,895,904 2,189,218 2,189,218 2,415,205 2,607,127 2,607,127 2,769,850 2,612,236 2,612,236 2,799,649 2,565,058 2,565,058 2,607,210 2,658,164 2,658,164 581,302 653,367 696,781 642,437 750,877 957,712 911,398 1,057,446 1,326,934 1,169,285 1,336,538 1,424,082 1,272,697 1,415,705 1,747,557 1,537,251 1,663,099 1,926,307 1,759,699 1,901,789 2,314,685 2,107,622 1,980,221 1,961,550 1,697,792 1,877,701 2,194,406 1,864,438 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 1,041,558 1,041,558 1,102,189 1,261,391 1,261,391 1,311,466 1,598,663 1,598,663 1,357,856 1,173,725 1,173,725 1,142,188 1,181,414 1,181,414 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 560,910 664,916 498,308 590,323 716,022 508,959 622,365 787,825 524,067 735,513 1,012,992 683,024 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 43,776 42,192 43,619 53,955 36,659 47,223 43,645 52,937 67,270 2010 - Dec. r ............... 9,119,116 2011 - Jan. r ................ 9,158,911 Feb. r ............... 9,303,102 Mar. r ............... 9,587,670 Apr. r................ 9,705,139 May r ............... 9,794,354 June r .............. 9,505,438 July r ................ 9,379,145 Aug. ................. 9,708,647 Sept ................. 9,719,951 Oct ................... 9,660,978 Nov. p .............. 9,721,404 Dec. p .............. 9,745,686 4,140,756 4,136,267 4,150,154 4,148,703 4,197,951 4,215,136 4,219,340 4,214,968 4,252,284 4,246,010 4,214,419 4,246,283 4,228,434 640,802 608,747 602,189 590,238 609,116 604,393 600,382 580,853 626,741 583,545 556,897 569,083 562,067 2,725,592 2,743,798 2,759,503 2,766,951 2,796,507 2,818,135 2,829,418 2,843,584 2,833,905 2,872,330 2,866,358 2,890,024 2,869,747 1,409 1,419 1,427 1,437 1,447 1,456 1,466 1,476 1,486 1,495 1,505 1,515 1,525 772,953 782,304 787,035 790,077 790,882 791,152 788,075 789,056 790,153 788,640 789,659 785,662 795,095 2,796,400 2,780,827 2,876,145 3,082,077 3,165,656 3,262,147 2,960,256 2,860,607 3,050,775 2,998,123 3,007,836 2,983,449 2,969,284 2,120,244 2,172,954 2,210,725 2,286,493 2,262,003 2,242,189 2,245,992 2,227,397 2,328,965 2,402,665 2,357,923 2,400,852 2,456,810 1,183,270 1,204,522 1,225,965 1,285,351 1,270,761 1,233,332 1,251,323 1,234,274 1,267,597 1,291,598 1,228,279 1,243,120 1,297,251 936,974 968,432 984,760 1,001,142 991,242 1,008,857 994,669 993,123 1,061,368 1,111,067 1,129,644 1,157,732 1,159,559 61,716 68,863 66,078 70,397 79,529 74,882 79,850 76,173 76,623 73,153 80,800 90,819 91,158 End of calendar year or month 1 Total (1) Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in January 2004); 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 Inter-American Development Bank, and the Asian Development Bank. 2 March 2012 Liabilities to banks 5 (7) 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 endJune 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, end-June 2007, end-June 2008, end-June 2009, and end-June 2010, 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 47 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) Argentina 1 (3) 2006 .............................................................................. 1,026 1,026 82 944 2007 .............................................................................. 1,111 1,111 88 1,022 2008 .............................................................................. 1,203 1,203 95 1,108 2009 .............................................................................. 1,302 1,302 102 1,200 2010 – Dec .................................................................... 1,409 1,409 110 1,299 2011 - Jan ..................................................................... 1,419 1,419 110 1,308 Feb..................................................................... 1,427 1,427 111 1,317 Mar..................................................................... 1,437 1,437 112 1,326 Apr ..................................................................... 1,447 1,447 112 1,334 May .................................................................... 1,456 1,456 113 1,343 June ................................................................... 1,466 1,466 114 1,352 July .................................................................... 1,476 1,476 114 1,361 Aug .................................................................... 1,486 1,486 115 1,371 Sept ................................................................... 1,495 1,495 116 1,380 Oct ..................................................................... 1,505 1,505 116 1,389 Nov .................................................................... 1,515 1,515 117 1,398 Dec .................................................................... 1,525 1,525 118 1,407 1 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $264 million. Venezuela 2 (4) 2 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. March 2012 48 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 2012 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 49 capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Effective with the December 2009 Treasury Bulletin, a number of data reporters were reclassified in the TIC system as bank holding companies, beginning with the reports as of the fourth quarter of 2008. These data reporters are now included in the monthly bank-reported statistics and are no longer reporting as nonbanks. 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 March 2012 50 CAPITAL MOVEMENTS separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. Section III (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, March 2012 purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. 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 51 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 currencies2 ........................... 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 2010 r June r July r Aug. r Sept. Oct. Nov. Dec. p 4,640,601 4,447,191 640,802 49,884 462,303 4,844,116 4,610,980 600,382 56,579 411,121 4,704,055 4,470,919 580,853 53,247 392,314 4,974,211 4,741,075 626,741 59,035 409,224 4,900,102 4,667,904 583,545 51,960 387,297 4,824,805 4,592,607 556,897 45,599 374,642 4,835,208 4,603,010 569,083 42,367 378,981 4,866,624 4,634,426 562,067 55,217 357,610 26,559 102,056 26,027 106,655 25,403 109,889 26,496 131,986 22,440 121,848 16,264 120,392 17,839 129,896 13,807 135,433 3,787,151 1,780,399 262,245 3,980,308 1,936,540 224,964 3,863,610 1,903,019 206,981 4,087,101 2,103,281 218,575 4,058,310 2,110,151 242,474 4,004,704 2,100,461 242,901 3,995,158 2,059,492 261,131 4,035,124 2,053,492 281,016 377,304 1,367,203 19,238 9,637 5,454 402,392 1,416,412 30,290 17,734 5,297 393,156 1,360,454 26,456 15,580 4,496 386,388 1,378,857 27,233 13,610 4,154 382,001 1,323,684 26,049 13,948 5,424 358,594 1,302,748 31,006 13,927 6,130 369,357 1,305,178 38,769 12,452 9,692 356,394 1,344,222 37,235 14,441 9,542 1,863 2,284 193,410 2,383 4,876 233,136 2,359 4,021 233,136 2,846 6,623 233,136 3,195 3,482 232,198 3,347 7,602 232,198 2,890 13,735 232,198 3,241 10,011 232,198 192,519 891 231,271 1,865 231,271 1,865 231,271 1,865 231,411 787 231,411 787 231,411 787 231,411 787 15,907 81,631 11,329 46,183 23,276 105,227 13,959 42,775 23,276 105,227 13,959 42,775 23,276 105,227 13,959 42,775 21,269 91,514 14,462 54,615 21,269 91,514 14,462 54,615 21,269 91,514 14,462 54,615 21,269 91,514 14,462 54,615 3,311,463 2,247,574 3,538,796 2,314,294 3,446,210 2,235,675 3,693,392 2,439,233 3,625,073 2,378,231 3,590,729 2,370,811 3,563,120 2,350,493 3,612,816 2,352,886 635,755 87,475 546,721 1,559 560,121 738,464 97,241 637,882 3,341 649,989 704,713 99,141 602,373 3,199 617,742 744,075 124,680 613,956 5,439 750,267 687,021 110,992 574,316 1,713 710,497 683,436 108,724 569,151 5,561 704,830 663,688 117,170 534,088 12,430 700,735 763,137 121,626 633,002 8,509 744,508 186,715 45,650 224,058 50,592 224,058 50,592 224,058 50,592 224,073 54,320 224,073 54,320 224,073 54,320 224,073 54,320 1,142,423 1,135,728 1,081,262 1,072,184 1,033,787 1,024,709 1,056,761 1,047,683 1,050,956 1,042,831 1,010,003 1,001,878 1,048,015 1,039,890 1,029,735 1,021,610 217,402 241,046 229,791 225,799 218,147 190,942 197,790 190,938 43,594 72,552 6,695 43,122 86,006 9,078 48,307 71,342 9,078 49,794 70,151 9,078 45,421 68,910 8,125 39,661 60,507 8,125 39,576 61,529 8,125 31,876 63,057 8,125 2011 1 Principally the Bank for International Settlements, the International Bank for Reconstruction and Development (World Bank), and the Inter-American Development Bank. 2 Data may be as of preceding quarter-end for most recent month shown in table. 3 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. March 2012 CAPITAL MOVEMENTS 52 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 ............................................... Czech Republic ................................. Denmark ............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary ............................................. Iceland .............................................. Ireland ............................................... Italy .................................................... Kazakhstan ....................................... Luxembourg ..................................... Monaco.............................................. Netherlands ....................................... Norway .............................................. Poland ............................................... Portugal ............................................. Romania ............................................ Russia .............................................. Serbia and Montenegro .................... Spain ................................................. Sweden ............................................. Switzerland ........................................ Turkey ............................................... Ukraine .............................................. United Kingdom................................. Channel Islands ................................ All other Europe ................................ Total Europe .................................. Memo: Euro Area 1 .......................... Memo: European Union 2................. Canada .................................................. Latin America: Argentina ........................................... Belize................................................. Bolivia ................................................ Brazil ................................................. Chile .................................................. Colombia ........................................... Costa Rica ......................................... Ecuador ............................................. El Salvador ........................................ Guatemala ......................................... Guyana .............................................. Honduras ........................................... Mexico ............................................... Nicaragua .......................................... Panama ............................................. Paraguay ........................................... Peru ................................................... Suriname ........................................... Uruguay ............................................. Venezuela ......................................... All other Latin America ...................... Total Latin America ....................... Caribbean: Anguilla.............................................. Antigua and Barbuda ........................ Aruba ................................................. Bahamas ........................................... Barbados ........................................... Bermuda ............................................ British Virgin Islands ......................... Cayman Islands ................................ Cuba .................................................. Dominican Republic .......................... French West Indies ........................... Haiti ................................................... Jamaica ............................................. Netherlands Antilles .......................... See footnotes at end of table. March 2012 2008 Calendar year 2009 2010 r Aug. r Sept. 2011 Oct. Nov. 2,568 16,278 125 789 681 4,548 1,615 59,520 159,709 2,005 781 1,096 182,351 8,821 13,765 130,917 314 37,005 18,000 4,731 2,166 647 73,139 182 17,414 3,963 57,583 20,281 4,071 784,793 12,344 7,965 1,630,168 621,493 1,422,690 80,127 1,954 14,676 148 1,780 881 3,339 1,127 60,904 112,143 1,071 575 815 147,936 8,695 10,425 101,534 177 17,924 2,438 4,786 1,790 590 74,671 300 14,369 5,917 47,786 22,377 3,167 784,529 14,953 9,182 1,472,960 486,405 1,287,981 93,981 2,436 19,090 130 968 504 5,168 1,095 58,462 108,350 1,270 794 864 129,133 6,367 13,219 89,844 186 15,799 3,002 6,037 2,710 3,468 50,963 457 12,615 5,296 45,900 24,178 4,278 996,534 18,238 8,826 1,636,181 448,713 1,467,304 111,151 3,260 18,150 681 698 172 5,501 872 112,960 138,142 880 706 1,495 131,040 12,561 20,834 83,766 347 24,581 3,394 5,189 906 286 13,194 694 14,751 9,564 87,433 30,357 4,431 1,188,986 11,596 8,361 1,935,788 543,384 1,754,849 133,187 2,735 24,221 143 721 428 5,762 1,256 132,927 127,432 1,004 754 1,594 139,547 13,900 19,476 95,618 676 22,274 4,728 4,023 1,846 295 11,981 1,542 16,522 11,119 87,408 29,756 3,513 1,122,542 12,396 7,629 1,905,768 580,595 1,725,948 144,166 2,657 26,242 146 620 173 5,838 8,533 143,929 131,959 1,572 1,158 1,787 127,048 14,727 22,473 90,075 889 19,617 2,920 4,372 1,516 348 12,328 1,702 15,141 8,168 58,185 31,018 3,946 1,145,801 10,783 8,707 1,904,379 584,213 1,750,670 110,402 2,550 24,136 145 776 174 5,961 3,627 113,904 128,986 3,146 911 2,366 142,497 13,923 24,850 84,047 599 20,397 4,641 4,130 1,306 402 12,428 1,510 15,201 8,303 64,551 32,023 3,956 1,111,630 11,649 8,910 1,853,637 555,048 1,687,021 138,032 3,520 25,345 143 765 184 5,679 3,595 138,864 120,283 4,430 1,129 1,760 145,506 13,963 22,308 104,059 810 18,221 3,579 5,642 1,972 343 12,827 1,320 14,190 7,251 88,274 21,390 3,375 1,093,248 13,123 13,561 1,890,659 595,351 1,709,386 140,616 12,949 299 4,544 18,586 15,909 10,396 2,005 3,600 2,945 1,875 276 1,570 71,040 301 10,891 667 4,712 157 8,221 26,816 48 197,807 12,653 329 2,955 62,357 11,710 17,640 1,957 3,919 2,826 2,153 204 1,420 51,643 491 9,852 716 4,894 278 8,768 25,245 59 222,069 12,378 308 1,711 47,326 16,277 21,022 1,431 3,841 1,873 2,170 270 1,549 62,657 773 8,095 902 7,761 269 7,746 23,060 50 221,469 11,994 400 2,371 22,838 22,806 20,703 1,452 3,499 1,740 2,369 291 1,609 58,332 889 6,985 739 9,054 383 8,510 23,208 33 200,205 11,893 412 2,066 25,507 22,792 20,732 1,326 3,622 1,800 2,461 237 1,598 66,335 926 7,420 840 8,317 343 8,246 23,169 30 210,072 11,725 437 2,102 22,746 24,033 19,613 1,374 3,550 1,441 2,461 238 1,700 64,048 929 7,706 778 8,940 445 8,537 22,999 29 205,831 12,127 442 1,986 23,336 20,861 14,414 1,713 3,650 1,454 2,014 275 1,583 60,669 775 7,590 838 9,663 371 8,154 21,890 33 193,838 11,293 464 2,109 24,684 21,658 12,067 1,517 3,869 1,516 1,865 223 1,740 66,508 810 7,902 828 9,078 515 8,056 26,884 35 203,621 13,091 115 738 338,432 17,056 53,173 44,616 1,544,995 89 3,089 26 540 1,023 6,679 11,520 118 589 290,354 10,407 40,291 34,856 1,480,624 83 3,286 36 679 989 6,944 10,913 69 372 264,388 11,538 42,395 44,215 1,531,892 77 3,546 35 1,275 877 7,681 13,408 89 388 279,703 11,527 55,378 42,555 1,483,397 51 2,968 27 1,303 972 6,296 13,031 91 361 268,607 11,615 54,768 45,195 1,473,584 51 2,921 36 996 935 6,667 13,451 89 382 273,323 12,330 52,035 41,601 1,425,660 48 2,773 32 987 823 7,034 12,738 93 402 248,255 12,728 50,218 41,872 1,461,232 47 3,070 32 935 850 6,284 11,938 100 335 238,155 14,860 48,421 42,520 1,417,047 46 3,231 37 928 1,033 6,586 Dec. p CAPITAL MOVEMENTS 53 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 .......................... Trinidad and Tobago ...................... Turks and Caicos Islands............... All other Caribbean ........................ Total Caribbean.......................... Asia: Bangladesh .................................... China, Mainland ............................. Hong Kong ..................................... India................................................ Indonesia ........................................ Israel............................................... Japan.............................................. Jordan ............................................ Korea, South .................................. Laos................................................ Lebanon ......................................... Malaysia ......................................... Pakistan.......................................... Philippines ...................................... Singapore ....................................... Syria ............................................... Taiwan ............................................ Thailand.......................................... Yemen ............................................ Oil exporting countries 3 ................. All other Asia .................................. Total Asia ................................... Africa: Botswana........................................ Egypt .............................................. Ghana............................................. Kenya ............................................. Liberia............................................. Mauritius ......................................... Morocco.......................................... Mozambique................................... South Africa .................................... Tanzania......................................... Uganda ........................................... Zambia ........................................... Zimbabwe ....................................... Oil exporting countries 4 ................. All other Africa ................................ Total Africa ................................. Other countries: Australia ......................................... New Zealand .................................. French Polynesia ........................... All other .......................................... Total other ................................. All countries ........................................ International and regional orgs: International organizations ............ Regional organizations 5 ............... Total international and regional organizations ............. Grand total ............................. 2008 Calendar year 2009 2011 2010 r Aug. r Sept. Oct. Nov. Dec. p 139 3,945 227 170 2,028,143 144 3,988 107 127 1,885,142 159 3,474 100 161 1,923,168 168 3,802 76 120 1,902,227 182 4,127 81 120 1,883,368 213 3,950 230 130 1,835,091 202 3,540 83 160 1,842,741 214 5,008 75 268 1,790,802 3,479 226,169 54,534 28,834 10,005 20,860 251,993 2,247 16,078 66 1,434 2,346 4,186 9,561 45,194 65 30,702 18,748 212 121,758 7,133 855,604 4,506 106,078 129,918 26,421 21,671 16,816 185,546 2,527 12,458 74 1,421 2,297 3,805 5,365 28,378 34 29,938 17,028 336 105,728 7,563 707,908 3,837 47,475 106,545 25,762 22,547 18,485 161,612 2,752 12,305 103 1,616 4,290 5,272 6,189 43,422 39 31,349 31,736 247 100,923 6,501 633,007 3,685 49,623 89,169 25,761 30,425 18,872 211,574 2,120 13,368 59 2,438 4,105 7,101 6,459 37,110 44 24,985 32,652 482 121,082 6,265 687,379 2,721 30,788 88,348 22,095 21,976 20,622 190,212 1,849 17,728 38 954 3,185 5,476 6,686 37,714 41 27,869 33,831 327 119,680 6,948 639,088 3,135 38,649 81,638 21,637 18,243 23,654 194,263 1,986 19,313 55 1,322 3,491 5,504 8,379 37,991 42 28,675 39,328 305 120,430 9,269 657,309 1,988 44,436 74,288 19,870 15,706 22,330 232,462 1,642 18,211 37 1,369 4,205 4,444 8,669 35,455 40 28,823 39,438 511 126,477 7,985 688,386 2,841 56,336 92,481 19,616 19,415 21,211 218,616 2,059 18,977 97 1,245 3,825 4,333 11,295 38,386 40 31,239 35,271 275 135,401 8,804 721,763 376 9,401 316 342 466 1,089 379 141 4,215 682 329 141 88 4,380 6,605 28,950 307 17,481 284 476 626 1,669 339 232 3,005 482 441 235 276 7,108 8,239 41,200 232 26,550 641 400 664 2,145 786 283 1,384 483 468 425 321 5,605 6,938 47,325 716 12,669 702 614 678 1,881 547 309 1,621 572 520 487 193 6,776 9,045 37,330 609 11,033 665 450 665 1,942 360 339 1,581 585 345 379 192 7,194 8,120 34,459 423 8,874 651 645 591 1,784 324 344 2,357 540 633 438 217 6,531 7,074 31,426 403 7,195 658 580 569 3,822 167 383 1,990 618 650 390 194 6,882 5,470 29,971 319 7,102 854 515 552 1,984 237 480 2,162 696 596 369 213 6,667 7,402 30,148 33,479 3,849 143 10,857 48,328 4,869,127 27,056 5,480 164 7,428 40,128 4,463,388 32,863 3,919 142 11,247 48,171 4,620,472 33,113 5,469 138 10,277 48,997 4,945,113 39,246 7,658 120 9,321 56,345 4,873,266 32,292 6,451 138 9,693 48,574 4,793,012 33,540 5,971 124 9,412 49,047 4,795,652 36,469 4,759 131 9,634 50,993 4,828,602 32,837 4,692 13,453 3,126 14,667 5,462 21,140 7,958 18,625 8,211 23,969 7,824 32,327 7,229 30,090 7,932 37,529 4,906,656 16,579 4,479,967 20,129 4,640,601 29,098 4,974,211 26,836 4,900,102 31,793 4,824,805 39,556 4,835,208 38,022 4,866,624 1 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 2 As of January 2007, includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 54 TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2011, 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 Total own dollars and liabilities liabilities payable in payable in foreign currency dollars dollars (1) (2) (3) Europe: Austria ............................ 3,520 2,719 2,134 Belgium .......................... 25,345 22,646 8,750 Cyprus ............................ 765 761 758 Czech Republic .............. 184 156 156 Denmark ......................... 5,679 5,653 1,177 Finland............................ 3,595 3,483 2,949 France ............................ 138,864 124,499 109,639 Germany......................... 120,283 98,987 91,252 Greece............................ 4,430 4,416 1,133 Hungary .......................... 1,129 1,111 551 Ireland ............................ 145,506 143,939 25,372 Italy ................................. 13,963 12,713 11,689 Kazakhstan .................... 22,308 22,140 2,109 Luxembourg ................... 104,059 101,884 25,562 Monaco........................... 810 809 689 Netherlands .................... 18,221 17,270 13,700 Norway ........................... 3,579 3,526 2,880 Poland ............................ 5,642 5,628 1,822 Portugal .......................... 1,972 1,963 1,935 Romania ......................... 343 342 342 Russia ............................ 12,827 12,721 7,516 Spain .............................. 14,190 13,165 11,634 Sweden........................... 7,251 7,163 5,189 Switzerland ..................... 88,274 85,643 60,929 Turkey............................. 21,390 21,335 3,401 Ukraine ........................... 3,375 3,334 3,334 United Kingdom .............. 1,093,248 1,038,114 1,017,061 Channel Islands ............. 13,123 12,493 8,227 16,784 16,725 13,968 All other Europe ............... Total Europe ................ 1,890,659 1,785,338 1,435,858 595,351 549,068 307,041 Memo: Euro Area 4 ...... 140,616 131,522 117,889 Canada ................................. Latin America: Argentina .......................... 11,293 11,102 10,462 Belize ................................ 464 462 448 Bolivia ............................... 2,109 2,092 1,763 Brazil................................. 24,684 24,182 21,684 Chile ................................. 21,658 21,120 12,470 Colombia .......................... 12,067 11,993 6,261 Costa Rica........................ 1,517 1,512 1,410 Ecuador ............................ 3,869 3,848 3,652 El Salvador ....................... 1,516 1,504 1,214 Guatemala........................ 1,865 1,806 1,694 Honduras.......................... 1,740 1,740 1,688 Mexico .............................. 66,508 56,843 52,793 Panama ............................ 7,902 7,735 7,187 Paraguay .......................... 828 828 761 Peru .................................. 9,078 8,686 7,912 Uruguay ............................ 8,056 7,989 7,605 Venezuela ........................ 26,884 26,671 25,789 1,583 1,582 1,444 All other Latin America .... 203,621 191,695 166,237 Total Latin America ..... See footnotes at end of table. March 2012 Held by Total foreign custody official liabilities institutions Held by all payable in and foreign other dollars banks foreigners (4) (5) (6) Negotiable CDs and short-term securities Other Miscellaneous liabilities 2 Held by Of which: Of which: other shortforeign short-term official term U.S. negotiable Of which: institutions Held by all Treasury other securities negotiable and foreign obligations (excl. CDs) banks foreigners CDs (8) (9) (7) (10) (11) Total liabilities payable in foreign currency 3 (12) 585 13,896 2 4,476 535 14,860 7,735 3,284 560 118,567 1,024 20,031 76,322 120 3,570 646 3,806 28 5,205 1,531 1,974 24,714 17,934 21,053 4,266 2,757 349,480 242,027 13,633 1,448 2,671 437 45 448 2,672 80,220 30,835 427 68 3,898 9,949 1,393 5,178 199 5,412 666 1,506 1,212 23 5,409 4,692 196 49,969 2,194 3,108 457,876 3,291 3,225 678,668 149,239 14,553 352 671 202 85 296 122 2,208 2,625 642 115 4,384 1,014 50 10,675 454 6,715 159 212 681 72 1,023 2,169 358 3,338 222 197 19,604 3,542 1,002 63,189 32,758 9,093 302 8,207 2 4,294 58 12,354 5,167 3,280 551 40,716 777 19,831 43,543 120 1,455 329 2,882 27 5,200 1,429 487 19,413 17,871 15,350 3,550 2,400 209,594 117,347 10,371 85 1,098 93 51 1,204 1,092 1 46,452 8 200 21,475 1,082 280 924 4 9 1,248 4,773 60 980 391 295 81,805 72,613 1,501 5 4,577 15 426 1,245 468 4 8 27,980 149 9,525 97 37 1 1 29 91 400 1 2,665 128 62 47,914 44,507 289 488 5,412 2 25 474 138 19,315 58,111 41 367 7,149 721 650 1,119 36 1,321 2,025 104 39 241 994 4,755 3,766 6,916 984 25 280,638 93 9,690 405,639 98,660 80,021 39 10 117 1 33 17 7,953 689 22 1 13,360 95 16 10,369 1,188 30 3 6 90 82 1,017 834 3 4 261,001 1,498 51 298,529 33,944 15,694 801 2,699 4 28 26 112 14,365 21,296 14 18 1,567 1,250 168 2,175 1 951 53 14 9 1 106 1,025 88 2,631 55 41 55,134 630 59 105,321 46,283 9,094 640 14 329 2,498 8,650 5,732 102 196 290 112 52 4,050 548 67 774 384 882 138 25,458 544 184 551 6,824 7,270 1,319 419 890 269 224 816 24,086 3,094 174 4,873 1,435 6,838 466 60,276 9,470 208 1,201 8,128 4,038 4,522 537 2,467 555 1,165 757 23,502 3,457 565 1,780 2,619 18,395 507 83,873 352 1 83 1,842 3,390 5,407 10 43 48 1 966 309 1 255 258 43 31 13,040 111 185 256 2,507 246 40 94 268 58 24 515 146 65 497 63 681 54 5,810 173 13 61 349 2,688 42 52 34 22 6 26 2,554 91 1 19 63 156 53 6,403 276 55 11 1,675 1,132 397 448 239 372 284 115 4,530 529 15 1,247 3,429 292 471 15,517 176 1 5,108 95 60 6 81 18 21 1 690 109 7 15 122 266 6,776 191 2 17 502 538 74 5 21 12 59 9,665 167 392 67 213 1 11,926 CAPITAL MOVEMENTS 55 TABLE CM-I-3.—Total Liabilities by Type and Country, December 31, 2011, 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 Caribbean: Aruba........................................ Bahamas .................................. Barbados.................................. Bermuda .................................. British Virgin Islands ................ Cayman Islands ....................... Dominican Republic ................. Haiti .......................................... Jamaica .................................... Netherlands Antilles ................. Trinidad and Tobago................ All other Caribbean .................. Total Caribbean .................. Asia: China, Mainland ....................... Hong Kong ............................... India ......................................... Indonesia ................................. Israel ........................................ Japan ....................................... Jordan ...................................... Korea, South ............................ Malaysia ................................... Pakistan ................................... Philippines ................................ Singapore................................. Taiwan...................................... Thailand ................................... All other Asia ............................ Total Asia ............................. Africa: Egypt ........................................ Ghana ...................................... Kenya ....................................... Liberia ...................................... Morocco ................................... South Africa ............................. All other Africa .......................... Total Africa........................... Other countries: Australia ................................... New Zealand ............................ All other .................................... Total other........................... All countries .................................. International and regional orgs: International organizations....... Regional organizations 5 .......... Total International and regional organizations ........ Grand total ...................... 1 Total Held by Of which: Held by liabilities Total foreign Of which: other shortforeign Total payable in Total Total own custody official short-term term official liabilities dollars and liabilities liabilities liabilities institutions Held by all U.S. negotiable Of which: institutions Held by all payable in foreign payable in payable in payable in and foreign other Treasury securities negotiable and foreign other foreign currency dollars dollars dollars banks foreigners obligations (excl. CDs) CDs banks foreigners currency 3 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 335 238,155 14,860 48,421 42,520 1,417,047 3,231 928 1,033 6,586 5,008 12,678 1,790,802 335 237,529 14,835 45,318 39,801 1,376,201 3,219 928 961 6,497 4,716 11,221 1,741,561 327 235,667 8,309 17,103 24,378 1,124,536 3,202 892 953 6,342 2,543 11,174 1,435,426 8 1,862 6,526 28,215 15,423 251,665 17 36 8 155 2,173 47 306,135 96 188,057 2,900 1,478 96 492,325 588 411 281 2,902 1,701 128 690,963 168 5,827 421 12,852 22,242 209,070 1,799 320 361 3,017 352 10,355 266,784 1,017 5,267 18,794 12,525 70,677 2 6 4 87 2,118 17 110,514 6 675 1,072 8,109 2,134 11,758 10 7 47 2 16 23,836 2 126 178 758 412 2,064 5 23 4 21 3 14 3,610 6 39,541 4,948 196 474,643 801 161 306 338 486 2 521,428 57 2,286 49 3,131 2,392 115,664 14 5 85 54 689 124,426 626 25 3,103 2,719 40,846 12 72 89 292 1,457 49,241 56,336 92,481 19,616 19,415 21,211 218,616 2,059 18,977 3,825 4,333 11,295 38,386 31,239 35,271 148,703 721,763 56,198 90,646 19,551 19,402 21,060 181,474 2,059 18,057 3,772 4,333 11,274 37,339 31,017 35,263 148,387 679,832 52,819 48,169 7,455 5,655 10,977 102,191 1,949 9,217 3,544 3,539 10,474 29,396 28,191 2,942 60,454 376,972 3,379 42,477 12,096 13,747 10,083 79,283 110 8,840 228 794 800 7,943 2,826 32,321 87,933 302,860 36,526 25,223 2,080 3,212 1,169 31,663 1,851 3,858 2,949 445 2,122 23,264 9,752 1,583 18,697 164,394 5,566 3,092 2,460 518 1,894 9,049 81 968 228 285 2,587 2,534 6,613 650 3,623 40,148 2,909 41,295 10,558 13,643 9,974 76,995 6,780 211 771 775 6,245 2,498 32,200 81,667 286,521 216 973 1,370 97 71 1,040 1,533 12 1 17 1,237 22 27 5,346 11,962 55 128 52 6 37 115 110 224 2 8 455 283 85 904 2,464 10,654 9,387 2,792 1,871 7,895 59,180 13 4,499 349 2,803 5,652 3,486 11,417 704 37,656 158,358 272 10,548 239 55 20 3,432 4 195 21 28 113 118 432 14 494 15,985 138 1,835 65 13 151 37,142 920 53 21 1,047 222 8 316 41,931 7,102 854 515 552 237 2,162 18,726 30,148 7,101 854 515 544 230 2,063 18,231 29,538 5,586 839 515 484 224 1,732 16,940 26,320 1,515 15 60 6 331 1,291 3,218 1,734 145 356 21 166 1,288 10,560 14,270 247 82 98 325 48 262 2,749 3,811 1,473 15 60 322 1,289 3,159 1 2 2 5 42 7 49 3,602 611 60 138 10 100 3,330 7,851 3 1 1 5 82 301 393 1 8 7 99 495 610 36,469 4,759 9,765 50,993 4,828,602 31,362 4,725 1,618 37,705 4,597,191 23,940 4,272 1,450 29,662 3,588,364 7,422 453 168 8,043 1,008,827 14,859 193 213 15,265 1,638,389 2,391 340 691 3,422 470,320 4,908 381 138 5,427 638,626 865 67 26 958 125,877 1,083 4 4 1,091 61,820 6,478 3,673 540 10,691 1,199,505 778 67 6 851 462,654 5,107 34 8,147 13,288 231,411 30,090 7,932 29,416 7,819 19,912 4,540 9,504 3,279 - 11,931 2,510 9,071 471 100 1,904 333 904 - 7,981 2,030 674 113 38,022 37,235 24,452 12,783 - 14,441 9,542 2,004 1,237 - 10,011 787 4,866,624 4,634,426 3,612,816 1,021,610 1,638,389 484,761 648,168 127,881 63,057 1,199,505 472,665 232,198 Excludes negotiable certificates of deposit. Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end. 2 Other Miscellaneous Liabilities 2 Negotiable CDs and short-term securities 4 As of January 2008, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 56 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 2007 2008 2009 2010 Dec. 2011 United Kingdom ..................... 1,051,764 784,793 784,529 996,534 1,093,248 All other Europe ..................... 828,379 845,375 688,431 639,647 797,411 Caribbean banking centers .... 1,877,001 1,998,786 1,862,921 1,898,666 1,760,631 Japan ..................................... 190,122 251,993 185,546 161,612 218,616 All other Asia ......................... 385,448 603,611 522,362 471,395 503,147 Subtotal ............................... 4,332,714 4,484,558 4,043,789 4,167,854 4,373,053 All other countries.................. 373,596 422,098 436,178 472,747 493,571 Grand total ........................... 4,706,310 4,906,656 4,479,967 4,640,601 4,866,624 1 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.9 trillion in December 2011, an increase of $226 billion from yearend 2010. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased about $427 billion in 2009 but increased about $200 billion in 2008 and about $161 billion in 2010. However, the 2008 increase is primarily attributable to the addition of several new bank holding companies to the reporter panel. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that nearly 60 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers, particularly the United Kingdom, recorded much of the decline in banking liabilities during the financial crisis and much of the rebound in 2010. In 2011, liabilities to all of Europe grew rapidly as European banks provided funds to support their U.S. branches. U.S. liabilities to foreigners also grew in 2011 for most other regions except the Caribbean, where the decline may partially result from regulatory changes that made positions with offshore branches less advantageous to U.S. banks. March 2012 CAPITAL MOVEMENTS 57 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 2009 Sept. r Dec. r Mar. r June Sept. p Total claims .............................................................. 3,981,531 4,431,775 4,545,718 4,657,438 4,449,637 4,400,400 Payable in dollars .................................................. 3,600,673 4,031,661 4,123,616 4,223,072 4,027,340 3,996,918 Own claims on foreigners................................... 2,808,203 3,227,841 3,258,964 3,352,391 3,206,374 3,261,683 Foreign official institutions ............................... 47,057 59,323 55,772 58,829 44,325 43,532 Foreign banks, including own foreign offices ........................................................... 2,155,942 2,448,604 2,467,628 2,526,909 2,335,690 2,375,208 Type of Claim 2010 2011 All other foreigners .......................................... 603,743 710,286 724,705 766,653 826,359 842,943 Claims of domestic customers .............................. 792,470 803,820 864,652 870,681 820,966 735,235 Payable in foreign currencies .................................. 380,858 400,114 422,102 434,366 422,297 403,482 Own claims on foreigners ..................................... 333,622 324,671 339,979 350,239 308,216 302,024 Canadian dollars .............................................. 43,712 38,055 41,794 48,928 51,154 39,036 Euros ................................................................ 182,243 160,833 169,063 170,414 133,331 129,693 United Kingdom pounds sterling...................... 33,074 32,771 30,495 35,431 37,245 38,391 Japanese yen................................................... 37,615 48,659 50,879 39,915 33,703 33,764 Claims of domestic customers .............................. 47,236 75,443 82,123 84,127 114,081 101,458 Canadian dollars .............................................. 6,912 13,791 15,436 16,111 16,650 18,191 Euros ................................................................ 28,355 31,267 32,940 40,628 42,327 28,560 United Kingdom pounds sterling...................... 3,680 3,012 2,822 4,817 3,518 2,308 Japanese yen................................................... 3,468 17,182 18,149 10,043 35,880 36,404 Total own claims on foreigners ............................. 3,141,825 3,552,512 3,598,943 3,702,630 3,514,590 3,563,707 Non-negotiable deposits .................................... 1,492,372 1,640,739 1,671,804 1,716,655 1,473,124 1,512,089 Short-term negotiable instruments (payable in dollars) ........................................... 13,201 14,061 16,633 15,329 18,536 15,226 Resale agreements ............................................ 530,527 752,743 734,316 737,048 794,162 794,439 Other................................................................... 1,107,574 1,147,064 1,176,190 1,233,598 1,228,768 1,241,953 Claims on own foreign offices ............................... 2,054,846 2,288,296 2,295,951 2,342,220 2,284,386 2,272,347 Claims reported by IBFs ....................................... 669,710 655,933 669,307 716,753 670,271 648,123 Payable in dollars ............................................... 627,476 600,171 615,435 664,970 623,224 609,022 Payable in foreign currencies ............................. 42,234 55,762 53,872 51,783 47,047 39,101 Total claims held for domestic customers ............ 839,706 879,263 946,775 954,808 935,047 836,693 Non-negotiable deposits .................................... 378,672 400,434 436,422 405,799 407,679 412,048 Short-term negotiable instruments (payable in dollars) ........................................... 417,354 402,770 424,957 466,149 427,705 341,134 Other................................................................... 43,680 77,590 85,396 82,860 99,663 83,511 of which: of which: Memoranda: March 2012 CAPITAL MOVEMENTS 58 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 ........................................... Luxembourg .......................................... Netherlands ........................................... Norway .................................................. Poland ................................................... Portugal ................................................. Romania ................................................ Russia.................................................... Spain ..................................................... Sweden.................................................. Switzerland ............................................ Turkey.................................................... United Kingdom ..................................... Channel Islands..................................... All other Europe .................................... Total Europe ....................................... Memo: Euro Area 1 ............................. Memo: European Union 2 ................... Canada ..................................................... Latin America: Argentina ............................................... Bolivia ................................................... Brazil...................................................... Chile ...................................................... Colombia ............................................... Costa Rica ............................................ Ecuador ................................................. El Salvador ........................................... Guatemala ............................................. Honduras .............................................. Mexico ................................................... Nicaragua .............................................. Panama ................................................. Paraguay .............................................. Peru ....................................................... Uruguay ................................................. Venezuela ............................................. All other Latin America ......................... Total Latin America............................. Caribbean: Anguilla ................................................. Bahamas ............................................... Barbados .............................................. See footnotes at end of table. March 2012 Calendar year 2009 Mar. 3,299 14,056 23 514 6,054 43,722 196,350 88,001 970 1,395 76,082 51,033 377 31,406 66,921 21,433 495 2,357 183 1,822 46,988 15,715 79,447 4,170 1,157,152 19,616 5,227 1,934,807 625,053 1,806,596 170,119 3,600 13,544 18 469 4,421 26,151 208,454 76,895 1,313 1,324 60,237 55,101 262 25,442 57,840 18,123 1,270 1,620 128 1,548 44,900 24,042 73,951 4,422 1,241,191 19,287 6,927 1,972,481 578,472 1,851,346 200,986 3,585 516 32,953 14,461 3,553 1,017 503 558 1,103 391 24,658 73 3,229 137 3,118 715 1,742 35 92,347 10,715 268,057 489 Sept. Dec. r Mar. r 2011 June Sept. p 3,119 17,702 17 114 3,237 27,998 165,469 90,422 663 1,077 54,391 31,211 223 26,835 47,074 20,626 1,229 1,261 119 1,219 27,813 33,558 66,840 4,887 1,246,841 13,679 6,995 1,894,617 497,430 1,783,634 190,477 2,786 19,546 15 50 4,278 36,662 205,399 96,587 655 602 43,406 45,189 357 25,063 52,522 22,695 2,192 1,269 116 1,453 28,321 32,255 67,536 5,373 1,309,092 15,736 5,444 2,024,599 559,726 1,908,336 184,736 3,470 20,967 19 72 4,004 45,772 210,262 91,730 693 556 29,265 32,858 270 23,661 48,175 17,456 402 1,415 112 1,353 15,122 41,082 57,856 5,526 1,328,224 15,497 4,901 2,000,721 525,427 1,899,905 221,358 3,639 19,761 10 49 3,231 41,767 249,447 90,515 990 179 32,568 30,868 277 30,425 58,620 21,865 940 1,542 178 1,105 14,081 54,830 70,010 4,946 1,344,945 16,231 6,115 2,099,133 576,545 1,980,913 226,948 3,171 16,288 9 59 2,784 40,547 264,121 84,694 1,016 179 31,138 29,084 358 34,894 68,870 18,229 233 1,611 254 1,104 16,888 43,484 69,715 5,040 1,260,279 14,598 6,262 2,014,909 594,727 1,902,023 234,072 3,576 10,639 10 24 2,837 39,169 165,165 77,616 685 338 33,392 10,924 106 25,867 59,736 17,570 442 1,244 502 1,786 10,550 40,400 98,604 5,721 1,241,535 12,835 5,221 1,866,495 439,789 1,725,993 228,697 3,554 411 36,709 14,048 3,862 950 500 424 1,123 320 26,146 77 3,009 151 3,612 537 1,583 32 97,048 3,869 387 42,009 14,452 4,360 1,036 488 358 1,076 347 29,823 74 3,035 147 3,706 687 1,579 32 107,465 4,216 409 53,607 15,041 4,610 997 508 261 1,055 336 28,737 79 3,767 180 4,376 395 1,536 29 120,139 4,372 154 56,730 14,985 7,443 1,228 491 386 1,249 372 31,723 97 3,768 488 4,419 2,446 1,573 72 131,996 4,520 137 63,088 16,075 8,552 1,208 452 395 1,298 398 36,478 89 3,867 289 5,180 504 1,747 42 144,319 4,925 158 70,150 16,713 7,912 1,605 433 551 1,983 435 34,908 105 4,428 349 5,996 550 2,075 71 153,347 7,220 163 76,886 15,502 8,493 1,941 439 496 2,219 394 34,778 104 4,796 346 5,651 897 1,825 197 162,347 11,544 352,345 438 13,167 355,349 561 10,693 370,710 523 10,826 380,494 504 13,233 404,566 547 13,120 374,185 627 13,285 480,615 633 2010 June CAPITAL MOVEMENTS 59 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 ................... Cayman Islands.......................... Dominican Republic ................... Haiti ............................................ Jamaica ...................................... Netherlands Antilles ................... Trinidad and Tobago .................. All other Caribbean..................... Total Caribbean ....................... Asia: China, Mainland. ........................ Hong Kong ................................. India ............................................ Indonesia .................................... Israel ........................................... Japan .......................................... Jordan ........................................ Korea, South .............................. Lebanon...................................... Malaysia ..................................... Pakistan ...................................... Philippines .................................. Singapore ................................... Taiwan ........................................ Thailand ...................................... Asian oil exporters 3 ................... All other Asia .............................. Total Asia ................................. Africa: Cameroon ................................... Egypt .......................................... Ghana ......................................... Liberia Morocco ...................................... South Africa ................................ African oil exporters 4 ................. All other Africa ............................ Total Africa .............................. Other countries: Australia...................................... New Zealand .............................. All other ...................................... Total other countries ................ Total foreign countries .......... International and regional orgs: International organizations ......... Regional organizations 5 ............ Total international and regional organizations ........ Grand total ........................... 1 Calendar year 2009 2010 Mar. June 2011 Sept. Dec. r Mar. r June Sept. p 11,202 7,007 1,073,339 780 48 452 7,210 540 796 1,380,635 10,502 8,896 1,094,406 719 42 435 7,126 612 678 1,487,743 10,718 11,452 1,149,172 827 40 395 8,026 419 573 1,550,699 10,524 10,651 1,142,204 845 43 341 6,906 526 564 1,554,530 12,256 12,552 1,177,432 891 38 379 6,080 546 645 1,602,643 12,658 13,466 1,140,961 897 40 355 6,987 636 462 1,594,808 14,269 13,931 983,669 1,101 33 466 6,533 726 488 1,409,148 16,416 13,457 953,163 1,094 30 585 2,563 530 527 1,482,898 4,252 21,504 7,624 813 3,382 185,928 17 15,658 67 354 22 905 16,281 3,019 236 22,712 602 283,376 12,532 30,107 9,903 749 3,981 193,394 24 22,279 69 483 50 1,158 20,271 2,618 296 13,440 654 312,008 20,366 36,667 11,503 721 5,591 225,858 19 25,669 96 1,361 30 1,064 22,616 3,587 335 15,572 822 371,877 15,181 41,826 12,359 682 5,680 269,554 46 24,133 77 1,987 21 1,839 21,668 5,385 385 14,165 904 415,892 18,011 38,751 13,040 1,009 5,828 289,392 77 19,259 59 2,293 11 1,715 19,965 5,405 702 16,068 1,289 432,874 23,812 49,997 14,440 1,242 5,607 279,612 72 18,271 114 3,424 71 1,956 21,319 5,796 1,386 19,113 1,738 447,970 24,725 62,132 16,731 1,668 6,160 300,952 80 19,411 109 5,300 47 1,750 18,484 5,228 875 16,181 3,092 482,925 21,486 65,841 19,217 2,118 5,670 312,025 73 23,876 100 6,108 58 2,662 24,517 6,840 441 16,726 3,369 511,127 8 646 186 449 12 1,508 291 5,691 8,791 6 2,391 194 671 36 890 273 5,643 10,104 7 3,089 218 737 108 699 346 5,595 10,799 6 4,308 198 723 112 1,187 269 6,116 12,919 5 7,775 104 951 232 1,266 308 6,228 16,869 7 2,527 153 1,005 175 1,498 277 5,978 11,620 5 4,225 204 986 311 1,013 342 5,813 12,899 3 1,675 116 1,061 139 751 336 5,155 9,236 84,446 10,658 573 95,677 3,965,752 84,178 10,531 654 95,363 4,175,733 90,845 9,841 751 101,437 4,227,371 87,108 9,211 4,221 100,540 4,413,355 97,219 10,437 4,683 112,339 4,518,800 104,417 8,745 1,064 114,226 4,639,024 113,010 7,694 1,171 121,875 4,429,175 112,449 7,474 1,715 121,638 4,382,438 14,328 1,451 20,669 1,147 17,133 4,137 16,735 1,685 17,234 9,684 14,220 4,194 16,060 4,402 13,850 4,112 15,779 3,981,531 21,816 4,197,549 21,270 4,248,641 18,420 4,431,775 26,918 4,545,718 18,414 4,657,438 20,462 4,449,637 17,962 4,400,400 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 60 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2011 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 3,576 Belgium.............................................. 10,639 Czech Republic ................................. 24 Denmark ............................................ 2,837 Finland ............................................... 39,169 France ............................................... 165,165 Germany ............................................ 77,616 Greece ............................................... 685 Hungary ............................................. 338 Ireland................................................ 33,392 Italy .................................................... 10,924 Kazakhstan ........................................ 106 Luxembourg ...................................... 25,867 Netherlands ....................................... 59,736 Norway .............................................. 17,570 Poland ............................................... 442 Portugal ............................................. 1,244 Romania ............................................ 502 Russia................................................ 1,786 Spain ................................................. 10,550 Sweden.............................................. 40,400 Switzerland ........................................ 98,604 Turkey................................................ 5,721 United Kingdom ................................. 1,241,535 Channel Islands .................................. 12,835 5,231 All other Europe ................................ Total Europe ................................... 1,866,495 439,789 Memo: Euro Area 1 ......................... 228,697 Canada ................................................. Latin America: Argentina ........................................... 7,220 Bolivia ................................................ 163 Brazil.................................................. 76,886 Chile .................................................. 15,502 Colombia ........................................... 8,493 Costa Rica ........................................ 1,941 Ecuador ............................................. 439 El Salvador ....................................... 496 Guatemala ......................................... 2,219 Honduras .......................................... 394 Mexico ............................................... 34,778 Panama ............................................. 4,796 Peru ................................................... 5,651 Uruguay ............................................. 897 Venezuela ......................................... 1,825 647 All other Latin America ..................... 162,347 Total Latin America......................... See footnotes at end of table. March 2012 Total own claims (2) Total own claims payable in dollars (3) 2,684 2,669 9,175 5,719 22 10 1,317 454 34,816 33,783 139,431 128,864 50,307 37,002 159 78 167 148 32,726 27,751 7,328 6,310 87 87 21,514 19,240 42,896 38,380 6,325 6,231 431 386 787 739 143 132 1,747 1,669 7,593 3,975 8,376 5,672 88,362 82,417 5,698 5,523 1,139,920 1,015,589 8,373 7,949 4,339 3,903 1,614,722 1,434,680 350,040 304,965 165,137 134,857 5,461 163 75,143 15,422 8,492 1,941 439 496 2,219 387 34,384 4,606 5,641 815 1,687 645 157,941 5,251 152 72,829 15,366 7,350 1,609 431 406 1,920 386 31,034 4,461 5,625 792 1,378 637 149,627 Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) 119 4,823 5 242 33,732 103,507 32,742 7 2 8,477 6,108 54 2,623 11,373 5,720 376 162 51 1,187 3,274 3,980 77,885 4,547 701,010 2,640 748 1,005,394 207,334 105,146 2,550 896 5 212 51 25,357 4,260 71 146 19,274 202 33 16,617 27,007 511 10 577 81 482 701 1,692 4,532 976 314,579 5,309 3,155 429,286 97,631 29,711 15 3,456 12 863 1,032 10,567 13,306 81 19 4,975 1,018 2,273 4,517 94 45 47 11 78 3,618 2,704 5,945 175 124,331 424 436 180,042 45,075 30,280 893 1,464 2 1,520 4,354 25,733 27,309 527 171 666 3,596 19 4,353 16,840 11,245 11 458 359 39 2,956 32,024 10,242 23 101,615 4,462 891 251,773 89,749 63,560 385 827 1,284 3,543 20,779 21,252 360 203 19 4,302 14,717 10,988 36 785 31,858 10,169 14 93,445 4,456 478 219,900 67,386 46,407 508 637 2 236 811 4,954 6,057 527 171 306 3,393 51 2,123 257 11 458 359 3 2,171 166 73 9 8,170 6 413 31,873 22,363 17,153 910 3 46,212 9,091 4,864 619 37 260 1,319 235 8,730 2,170 2,355 107 106 216 77,234 4,341 149 26,617 6,275 2,486 990 394 146 601 151 22,304 2,291 3,270 685 1,272 421 72,393 210 11 2,314 56 1,142 332 8 90 299 1 3,350 145 16 23 309 8 8,314 1,759 1,743 80 1 7 394 190 10 82 138 2 4,406 1,757 1,682 79 1 7 10 190 10 2 138 2 3,878 2 61 1 384 80 528 Claims of domestic customers Total Payable in Payable in foreign customer currencies dollars claims (9) (8) (7) CAPITAL MOVEMENTS 61 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, September 30, 2011, 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 ........................................... 480,615 Bermuda ............................................ 16,416 British Virgin Islands .......................... 13,457 Cayman Islands................................. 953,163 Dominican Republic .......................... 1,094 Jamaica ............................................. 585 Netherlands Antilles .......................... 2,563 Trinidad and Tobago ......................... 530 14,475 All other Caribbean ........................... Total Caribbean .............................. 1,482,898 Asia: China, Mainland ................................ 21,486 Hong Kong ........................................ 65,841 India ................................................... 19,217 Indonesia ........................................... 2,118 Israel .................................................. 5,670 Japan ................................................. 312,025 Korea, South ..................................... 23,876 Malaysia ............................................ 6,108 Pakistan ............................................. 58 Philippines ......................................... 2,662 Singapore .......................................... 24,517 Taiwan ............................................... 6,840 Thailand ............................................. 441 20,268 All other Asia ..................................... 511,127 Total Asia ........................................ Africa: Egypt ................................................. 1,675 Ghana ................................................ 116 Liberia ................................................ 1,061 Morocco ............................................. 139 South Africa ....................................... 751 5,494 All other Africa ................................... 9,236 Total Africa ..................................... Other countries: Australia............................................. 112,449 New Zealand ..................................... 7,474 1,715 All other ............................................. 121,638 Total other countries ....................... Total foreign countries ................. 4,382,438 International and regional orgs: International organizations ................ 13,850 4,112 Regional organizations 2 .................... Total international and regional 17,962 organizations ................................ Grand total .................................. 4,400,400 1 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) 393,503 15,412 13,342 672,287 1,094 585 2,560 530 14,475 1,113,788 392,459 13,420 8,796 635,375 1,074 470 2,462 526 12,212 1,066,794 387,893 16 1 464,586 263 249 906 27 127 854,068 4,566 13,404 8,795 170,789 811 221 1,556 499 12,085 212,726 1,044 1,992 4,546 36,912 20 115 98 4 2,263 46,994 87,112 1,004 115 280,876 3 369,110 87,071 1,004 115 277,628 3 365,821 41 3,248 3,289 18,630 64,678 17,606 1,925 2,816 260,112 23,069 624 56 2,039 23,572 6,706 414 19,850 442,097 17,319 58,820 16,459 1,840 2,577 243,049 19,845 587 56 1,903 22,594 6,347 237 19,255 410,888 15,696 54,664 13,310 1,571 2,167 188,131 17,902 193 46 1,778 16,970 6,001 195 14,675 333,299 1,623 4,156 3,149 269 410 54,918 1,943 394 10 125 5,624 346 42 4,580 77,589 1,311 5,858 1,147 85 239 17,063 3,224 37 136 978 359 177 595 31,209 2,856 1,163 1,611 193 2,854 51,913 807 5,484 2 623 945 134 27 418 69,030 2,787 128 1,568 35 229 16,050 379 4 2 4 194 7 13 248 21,648 69 1,035 43 158 2,625 35,863 428 5,480 619 751 127 14 170 47,382 864 115 1,053 138 680 5,390 8,240 843 105 968 93 550 4,915 7,474 706 94 2 89 452 477 1,820 137 11 966 4 98 4,438 5,654 21 10 85 45 130 475 766 811 1 8 1 71 104 996 74 1 2 72 149 737 8 1 69 32 847 48,007 2,807 1,687 52,501 3,554,426 45,390 1,044 1,654 48,088 3,252,408 41,004 775 41,779 2,418,740 4,386 269 1,654 6,309 833,668 2,617 1,763 33 4,413 302,018 64,442 4,667 28 69,137 828,012 64,086 4,661 28 68,775 726,578 356 6 362 101,434 6,814 2,467 6,808 2,467 - 6,808 2,467 6 - 7,036 1,645 7,036 1,621 24 9,281 3,563,707 9,275 3,261,683 2,418,740 9,275 842,943 6 302,024 8,681 836,693 8,657 735,235 24 101,458 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in Payable in foreign customer dollars currencies claims (8) (9) (7) 2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 62 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 2007 2008 2009 2010 Sept. 2011 United Kingdom ........................... All other Europe ........................... Caribbean banking centers 1 ....... Japan ........................................... All other Asia ................................ Subtotal ...................................... All other countries ........................ Grand total ................................. 1,111,135 945,500 1,239,679 97,856 111,059 3,505,229 309,079 1,016,448 816,342 1,390,009 101,218 66,572 3,390,589 328,604 1,157,152 777,655 1,370,044 185,928 97,448 3,588,227 393,304 1,328,224 672,497 1,592,582 289,392 143,482 4,026,177 519,541 1,241,535 624,960 1,471,010 312,025 199,102 3,848,632 551,768 3,814,308 3,719,193 3,981,531 4,545,718 4,400,400 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. In September 2011, U.S. claims on foreigners reported by U.S. banks amounted to about $4.4 trillion, a decrease of $145 billion from that recorded at yearend 2010. U.S. banking claims include holdings of foreign short-term securities, but exclude holdings of foreign long-term securities. U.S. banking claims increased $262 billion in 2009 and $564 billion in 2010. However, they decreased $95 billion during the global financial crisis in 2008, despite an increase from the addition of several new bank holding companies to the reporter panel. As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. Over 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. These financial centers accounted for much of the decline in U.S. banking claims in 2008. Although U.S. banking claims on most regions rebounded during 2009 and 2010, they fell again during the first three quarters of 2011. Similar to liabilities, the decline in claims against Europe reflects stress on European banks, while the decline in claims against the Caribbean may be partially attributable to regulatory changes affecting this region. The share of U.S. claims accounted for by “All other countries”, which includes Australia and Canada as well as countries in Latin America, has increased steadily over the past 4 years. March 2012 CAPITAL MOVEMENTS 63 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 ........... 2007 Calendar year 2008 2009 Sept. r 2010 Dec. r Mar. r 2011 June Sept. p 103,835 79,161 26,474 1,983 24,491 52,687 26,261 26,426 24,674 87,630 69,124 18,650 2,740 15,910 50,474 18,811 31,663 18,506 79,272 58,595 12,986 1,300 11,686 45,609 21,000 24,609 20,677 82,053 63,001 11,645 1,012 10,633 51,356 26,304 25,052 19,052 78,876 63,764 12,225 902 11,323 51,539 27,087 24,452 15,112 75,689 61,914 11,634 933 10,701 50,280 26,318 23,962 13,775 75,821 62,711 12,148 1,715 10,433 50,563 26,213 24,350 13,110 82,816 73,113 12,342 426 11,916 60,771 32,310 28,461 9,703 2,162 9,075 4,267 3,908 5,262 2,235 6,487 1,361 962 7,461 3,709 5,276 1,431 926 9,335 4,450 5,446 1,578 1,609 5,969 3,456 4,742 1,241 1,645 4,028 3,509 4,337 1,379 1,326 3,224 3,218 4,432 1,387 1,307 2,766 2,186 3,697 1,050 1,104 1,666 21,445 2,940 18,505 3,229 1,605 1,624 136,416 110,070 66,726 28,393 15,632 2,108 13,524 2,874 1,334 1,540 107,476 83,810 43,223 12,539 16,914 1,264 15,650 3,763 1,318 2,445 102,138 77,184 35,654 9,042 14,480 624 13,856 4,572 1,937 2,635 98,589 74,715 31,752 11,596 9,966 633 9,333 5,146 1,889 3,257 104,801 79,433 31,947 10,684 8,598 501 8,097 5,177 2,185 2,992 101,622 75,112 33,104 9,225 7,863 318 7,545 5,247 1,998 3,249 111,084 74,877 32,840 8,109 7,028 335 6,693 2,675 1,924 751 113,348 78,636 29,856 8,780 1,168 37,165 43,344 37,108 6,236 26,346 1,133 29,551 40,587 31,161 9,426 23,666 7,082 19,530 41,530 29,196 12,334 24,954 5,860 14,296 42,963 31,898 11,065 23,874 6,525 14,738 47,486 35,109 12,377 25,368 6,556 17,323 42,008 32,075 9,933 26,510 7,119 17,612 42,037 31,943 10,094 36,207 4,546 16,530 48,780 37,778 11,002 34,712 5,371 10,833 4,210 1,378 4,554 2,409 5,140 1,922 451 13,744 2,519 8,838 1,738 1,795 10,064 2,076 11,301 2,724 1,769 6,004 3,661 8,825 3,088 3,279 6,515 3,831 10,850 3,419 2,507 5,903 4,881 11,778 3,840 9,319 6,389 3,206 18,581 4,489 2,619 5,817 21,305 1,498 77 19,730 5,041 4,684 357 19,851 1,968 86 17,797 3,815 3,595 220 21,405 2,139 7,462 11,804 3,549 3,334 215 20,336 1,762 11,694 6,880 3,538 3,247 291 21,776 1,377 10,475 9,924 3,592 3,268 324 22,266 1,418 11,083 9,765 4,244 3,705 539 32,246 1,891 20,739 9,616 3,961 3,310 651 32,255 1,702 21,433 9,120 2,457 2,309 148 March 2012 CAPITAL MOVEMENTS 64 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] 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 2012 2006 Calendar year 2007 2008 2009 Sept. r 2010 Dec. Mar. r 2011 June Sept. p 91 181 44 14 132 140 2,562 12,391 182 18 316 1,040 977 1,709 545 330 27 9 110 230 492 36 25 937 63 3,165 4,977 187 46 1,569 1,196 235 1,194 721 385 205 6 306 95 427 1 45 161 79 4,801 3,746 241 30 2,067 509 837 1,728 385 269 35 71 524 78 201 44 140 521 3,004 5,428 232 16 2,725 509 503 882 472 201 25 11 297 166 290 28 167 118 3,546 5,401 277 57 1,688 435 529 910 835 140 56 19 425 113 258 32 177 105 2,968 4,563 273 58 1,532 463 373 731 870 151 26 15 714 166 210 32 196 70 2,548 3,823 245 60 1,333 473 397 637 890 133 19 14 428 114 240 33 105 111 2,523 3,881 267 66 1,505 440 336 882 659 125 26 8 565 78 261 1 29 161 42 2,781 4,057 155 69 1,339 469 303 1,150 873 70 13 16 932 1 269 952 1,070 261 17,339 3 533 438 1,705 754 23,350 6 816 274 2,333 709 14,916 502 446 2,444 1,619 10,428 3 528 209 2,500 1,916 9,349 2 363 1,345 2,357 1,358 10,150 3 457 1,371 2,254 886 9,316 5 483 1,369 2,017 773 10,135 2 369 1,543 1,885 738 13,748 15 421 41,146 7,694 208 539 43,505 7,767 95 435 35,635 5,960 84 524 31,336 6,199 171 503 30,266 9,157 70 484 29,551 8,800 60 660 26,681 9,214 60 573 27,301 7,799 126 779 31,989 8,779 138 264 406 208 89 25 2,150 57 6 13 156 940 546 356 33 10 2,848 85 36 20 89 626 353 332 30 8 1,579 166 34 12 68 587 318 385 13 6 2,088 330 32 13 91 521 462 509 23 8 2,460 232 71 12 110 734 553 550 28 5 3,121 221 99 55 178 791 573 393 70 9 3,095 188 94 5 353 24 3,733 575 106 5,711 413 50 3,692 190 74 4,104 506 167 5,062 726 34 6,236 869 71 6,336 75 987 690 393 28 9 3,452 239 114 59 660 90 1,055 597 517 119 10 3,158 267 33 17 889 64 6,770 97 6,849 70 777 12,804 20 2 25 761 14,459 89 707 15,969 18 4 74 803 17,664 52 723 10,354 37 6 60 444 11,676 85 1,706 8,348 8 15 3 45 362 10,572 131 1,433 4,132 17 10 52 1,049 6,824 103 1,069 2,175 1 13 8 19 1,057 4,445 13 829 1,908 1 12 3 24 1,561 4,351 15 847 1,750 14 6 70 730 3,432 100 702 1,801 21 91 72 1,788 4,575 CAPITAL MOVEMENTS 65 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 2006 2010 Calendar year 2007 2008 2009 Sept. r Dec. Mar. r 2011 June Sept. p 1,297 564 418 57 385 7,210 1,350 11 471 171 95 2,839 8 1,093 599 3,955 156 20,679 857 981 1,447 172 293 6,888 1,213 9 562 172 89 4,255 8 1,019 380 7,158 377 25,880 4,769 593 1,082 366 292 6,190 1,314 15 363 28 107 3,767 3 722 295 6,378 460 26,744 3,956 689 761 381 336 6,072 919 8 311 25 86 1,872 1 483 432 6,700 305 23,337 4,121 1,061 761 369 155 6,894 1,167 3 178 83 93 1,852 1 742 437 8,441 606 26,964 4,346 1,147 818 424 205 6,544 1,169 7 347 67 100 1,447 360 403 8,567 423 26,374 4,754 1,326 870 455 130 6,397 1,112 7 384 64 124 1,311 394 336 7,788 407 25,859 4,577 1,225 829 544 147 6,046 1,303 7 451 47 162 1,356 6 435 394 8,889 538 26,956 5,987 1,375 797 554 121 6,406 1,126 10 467 12 187 1,229 1 477 361 8,062 580 27,752 132 6 3 42 35 283 379 880 280 12 6 190 52 655 294 1,489 293 5 64 112 256 764 341 1,835 8 192 3 61 118 283 984 541 2,190 102 4 55 75 64 1,030 635 1,965 111 2 52 89 67 799 693 1,813 119 4 53 121 107 741 653 1,798 71 6 52 89 145 780 894 2,037 71 6 46 116 77 638 556 1,510 560 36 15 611 89,202 1,658 91 25 1,774 103,790 1,925 92 30 2,047 87,589 1,228 179 25 1,432 79,170 1,355 309 29 1,693 81,931 1,241 279 23 1,543 78,762 1,069 198 6 1,273 75,512 1,165 201 15 1,381 75,676 1,008 185 24 1,217 82,671 15 2 43 7 34 71 31 93 29 109 5 107 70 130 15 141 4 15 89,217 45 103,835 41 87,630 102 79,272 122 82,053 114 78,876 177 75,689 145 75,821 145 82,816 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 2012 CAPITAL MOVEMENTS 66 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 2012 Calendar year 2007 2008 2009 Sept. r Dec. r Mar. r 2011 June Sept. p 2,031 419 3 50 149 591 3,420 10,148 163 45 858 2,337 352 3,570 366 99 64 36 774 2,039 807 6 134 184 805 6,061 4,926 250 153 968 2,515 919 3,989 325 153 89 60 1,326 1,951 393 6 85 74 541 2,736 8,621 192 95 1,814 1,195 183 2,092 271 132 76 54 694 1,832 365 7 107 272 1,801 3,184 4,151 193 197 1,252 1,981 188 2,783 257 239 67 96 547 1,752 375 13 93 83 312 2,449 5,698 139 45 896 1,935 250 2,265 234 195 65 127 481 1,789 503 16 131 210 1,469 2,496 5,073 223 83 791 1,778 177 2,304 185 277 53 132 506 1,775 410 9 111 114 39 3,026 9,574 154 81 910 1,577 221 2,356 209 341 39 129 511 1,616 449 12 123 129 41 3,552 9,309 164 150 817 1,404 201 2,461 274 284 49 117 559 1,631 369 21 90 205 42 3,858 15,061 201 235 790 1,395 176 2,252 253 237 31 118 532 10 1,425 652 1,424 420 17,483 15 1,625 689 2,143 732 23,662 14 1,072 450 1,788 593 17,983 17 967 311 1,723 667 25,389 10 803 445 1,437 631 23,471 13 712 516 1,726 677 20,162 8 1,197 575 1,728 456 19,869 10 1,174 476 1,400 599 28,155 11 1,240 483 1,134 519 24,846 19 1,267 48,175 17,520 109 1,465 56,149 16,418 419 1,107 44,631 10,551 541 433 49,567 10,474 86 372 44,662 11,780 100 422 42,524 14,233 116 481 46,017 13,083 147 480 54,153 13,259 438 1,094 57,263 15,079 470 2,927 299 349 119 116 3,242 266 164 12 481 376 8,821 463 2,682 404 449 160 200 3,505 323 196 33 669 431 9,515 473 2,365 540 429 173 180 3,089 408 270 106 657 435 9,125 513 2,003 362 411 146 134 3,082 340 194 68 479 336 8,068 568 2,069 464 424 164 111 3,067 369 229 196 495 602 8,758 581 2,424 454 455 173 115 4,830 330 319 148 412 319 10,560 449 2,133 508 487 170 107 4,779 359 209 129 407 284 10,021 485 2,236 584 542 165 115 4,801 388 264 176 411 339 10,506 407 2,056 487 326 129 71 4,597 345 262 113 475 331 9,599 3,949 1,734 26,051 2 60 30 125 1,264 33,215 2,200 1,704 16,987 10 106 118 172 1,518 22,815 353 1,722 19,513 79 112 111 1,013 22,903 302 3,567 6,908 64 52 83 1,188 12,164 111 2,282 6,977 61 109 43 1,037 10,620 164 1,449 8,416 2 58 178 42 1,061 11,370 229 1,285 7,107 1 53 75 32 1,015 9,797 139 1,433 5,931 30 30 67 715 8,345 362 1,347 4,253 35 27 57 1,699 7,780 2006 2010 CAPITAL MOVEMENTS 67 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. ....................... Hong Kong ................................ India .......................................... Indonesia................................... Israel ......................................... Japan ........................................ Korea, South ............................. Lebanon .................................... Malaysia .................................... Pakistan .................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand .................................... Oil-exporting countries 1............ Other Asia ................................. Total Asia .............................. Africa: Congo (formerly Zaire) .............. Egypt ......................................... Ghana ....................................... Liberia ....................................... Morocco .................................... South Africa .............................. Oil-exporting countries 2............ Other Africa ............................... Total Africa ............................ Other countries: Australia .................................... New Zealand ............................. All other ..................................... Total other countries ............. Total foreign countries ...... International and regional orgs: International organizations........ Regional organizations 3 ........... Total international and regional organizations........... Grand total .................... 1 2006 2010 Calendar year 2007 2008 2009 Sept. r Dec. r Mar. r 2011 June Sept. p 1,772 1,009 654 231 360 3,349 1,143 19 270 86 109 1,811 10 972 312 1,814 328 14,249 1,913 8,762 812 206 601 5,518 1,272 19 362 115 109 2,809 1 1,240 416 2,552 513 27,220 1,455 809 695 273 635 4,578 980 44 275 33 63 1,448 12 976 330 3,392 179 16,177 1,737 943 779 354 456 2,513 2,312 19 215 38 81 2,991 11 966 336 2,601 230 16,582 1,953 974 985 348 213 3,431 2,184 12 219 31 112 3,518 21 928 235 3,002 212 18,378 2,278 1,491 997 362 284 4,372 1,986 29 245 33 126 3,532 15 1,025 250 4,035 307 21,367 2,081 1,280 949 449 277 3,007 2,258 10 154 39 122 2,650 13 914 198 3,096 273 17,770 2,463 1,152 1,396 414 296 3,570 2,189 13 190 33 117 3,052 50 1,067 258 3,102 321 19,683 2,134 1,211 1,776 404 297 2,875 2,261 9 177 106 110 2,994 18 1,112 203 2,902 182 18,771 11 165 3 73 21 221 332 411 1,237 6 296 8 54 21 254 350 400 1,389 5 362 7 54 24 356 300 495 1,603 15 228 6 55 10 374 260 498 1,446 171 13 38 27 368 216 365 1,198 2 219 14 37 15 403 270 383 1,343 1 133 18 36 28 352 212 328 1,108 174 13 3 28 356 342 331 1,247 1 166 9 3 23 329 189 339 1,059 2,365 351 76 2,792 126,009 2,467 145 37 2,649 136,155 2,194 72 13 2,279 107,269 3,655 100 7 3,762 102,063 3,011 77 44 3,132 98,528 3,246 90 24 3,360 104,757 3,653 86 20 3,759 101,555 3,735 91 14 3,840 111,033 3,520 98 20 3,638 113,189 4 19 150 111 21 186 49 26 45 16 37 7 56 11 39 12 39 120 23 126,032 261 136,416 207 107,476 75 102,138 61 98,589 44 104,801 67 101,622 51 111,084 159 113,348 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 2012 CAPITAL MOVEMENTS 68 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, September 30, 2011, 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 footnote at end of table. March 2012 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 78 261 1 29 161 42 2,781 4,057 155 69 1,339 469 303 1,150 873 70 13 16 932 52 67 1 26 1,886 2,289 18 6 200 5 94 486 133 2 4 22 26 194 1 29 160 16 895 1,768 137 63 1,139 464 209 664 740 68 9 16 910 1,631 369 21 90 205 42 3,858 15,061 201 235 790 1,395 176 2,252 253 237 31 118 532 1,538 182 5 137 15 2,517 12,585 98 1 497 133 75 1,303 71 59 2 22 280 93 187 21 85 68 27 1,341 2,476 103 234 293 1,262 101 949 182 178 29 96 252 2 369 1,543 1,885 738 13,748 1 102 1,087 21 19 5,339 1 267 456 1,864 719 8,409 11 1,240 483 1,134 519 24,846 652 215 404 360 16,198 11 588 268 730 159 8,648 126 779 31,989 8,779 120 76 12,056 2,583 6 703 19,933 6,196 438 1,094 57,263 15,079 433 830 38,613 10,024 5 264 18,650 5,055 90 1,055 597 517 119 10 3,158 267 33 17 889 97 6,849 7 17 21 1 4 238 25 15 2 330 83 1,038 576 516 115 10 2,920 242 33 17 874 95 6,519 407 2,056 487 326 129 71 4,597 345 262 113 475 331 9,599 36 924 68 13 18 28 1,313 172 28 1 60 65 2,726 371 1,132 419 313 111 43 3,284 173 234 112 415 266 6,873 100 702 1,801 21 91 72 1,788 4,575 50 1,577 7 75 1,709 100 652 224 21 91 65 1,713 2,866 362 1,347 4,253 35 27 57 1,699 7,780 322 131 3,852 1 22 156 4,484 40 1,216 401 34 5 57 1,543 3,296 CAPITAL MOVEMENTS 69 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, September 30, 2011, 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) 5,987 1,375 797 554 121 6,406 1,126 10 467 12 187 1,229 1 477 361 580 27,752 139 51 60 30 3 1,753 73 3 3 71 3 39 59 2,537 5,848 1,324 737 524 118 4,653 1,053 10 467 9 184 1,158 1 474 322 521 25,215 2,134 1,211 1,776 404 297 2,875 2,261 9 177 106 110 2,994 18 1,112 203 182 18,771 337 62 147 256 23 911 332 1 19 4 44 288 28 46 54 2,729 1,797 1,149 1,629 148 274 1,964 1,929 8 158 102 66 2,706 18 1,084 157 128 16,042 71 6 46 116 77 556 1,510 2 44 1 2 23 72 69 6 2 115 75 533 1,438 1 166 9 3 23 329 339 1,059 35 6 1 190 190 442 1 131 3 3 22 139 149 617 1,008 185 24 1,217 82,671 79 2 2 83 19,370 929 183 22 1,134 63,301 3,520 98 20 3,638 113,189 2,970 3 2 2,975 61,993 550 95 18 663 51,196 141 4 - 141 4 39 120 118 39 2 145 82,816 19,370 145 63,446 159 113,348 118 62,111 41 51,237 1 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 70 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 Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) Calendar year or month Total (1) 2007 ......................................... 2008 ......................................... 2009 ......................................... 2010 ......................................... 2011 - Jan. - Dec. p.................. 197,967 314,880 538,388 703,682 378,289 2,994 76,218 161,406 172,065 144,155 196,021 239,105 376,906 531,429 222,585 -1,048 -443 76 188 11,549 15,127,526 14,629,213 11,593,203 16,189,912 17,890,673 14,929,559 14,314,333 11,054,815 15,486,230 17,512,384 218,979 -38,664 -11,491 108,019 80,904 2,050,451 2,590,262 1,043,178 1,108,653 1,132,565 1,831,472 2,628,926 1,054,669 1,000,634 1,051,661 2010 - Dec ................................ 2011 - Jan. r ............................. Feb. r ............................ Mar. r ............................ Apr. r............................. May r ............................ June r ........................... July r ............................. Aug ............................... Sept .............................. Oct ................................ Nov. p ........................... Dec. p ........................... 53,045 49,050 32,621 25,368 23,744 39,110 -2,264 12,777 58,239 86,916 15,295 54,010 -16,577 13,748 18,206 15,705 7,448 29,556 21,628 11,283 14,166 -9,679 38,425 -5,972 23,666 -20,277 39,467 31,458 16,328 16,382 -9,900 17,615 -14,188 -1,546 68,245 49,699 18,577 28,088 1,827 -170 -614 588 1,538 4,088 -133 641 157 -327 -1,208 2,690 2,256 1,873 1,424,061 1,428,240 1,515,428 1,730,416 1,264,534 1,635,728 1,707,361 1,320,895 2,107,413 1,515,469 1,369,166 1,356,655 939,368 1,371,016 1,379,190 1,482,807 1,705,048 1,240,790 1,596,618 1,709,625 1,308,118 2,049,174 1,428,553 1,353,871 1,302,645 955,945 10,054 11,944 -1,045 11,853 6,913 -8,532 -235 7,781 7,693 6,439 4,710 6,168 27,215 97,125 96,826 77,351 87,469 86,296 75,142 82,590 92,031 98,874 121,204 101,249 108,975 104,558 87,071 84,882 78,396 75,616 79,383 83,674 82,825 84,250 91,181 114,765 96,539 102,807 77,343 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) 2007 .............................................................................. 2008 .............................................................................. 2009 ............................................................................. 2010 .............................................................................. 2011 - Jan. - Dec. p....................................................... 393,355 93,877 -40,774 -13,154 -45,176 1,913,307 1,467,469 1,189,391 971,246 996,099 1,519,952 1,373,592 1,230,165 984,400 1,041,275 195,521 44,796 152,734 109,741 25,157 10,639,315 12,037,928 6,653,957 6,747,218 7,720,251 10,443,794 11,993,132 6,501,223 6,637,477 7,695,094 2010 - Dec ..................................................................... 2011 - Jan. r .................................................................. Feb. r ................................................................. Mar. r ................................................................. Apr. r.................................................................. May r ................................................................. June r ................................................................ July r .................................................................. Aug .................................................................... Sept ................................................................... Oct ..................................................................... Nov. p ................................................................ Dec. p ................................................................ 2,904 -734 -4,328 1,510 -4,585 4,153 -12,478 1,878 801 -4,936 -10,577 4,835 -20,715 79,908 96,659 92,271 108,671 85,131 86,850 113,603 77,458 84,324 63,763 60,752 72,086 54,531 77,004 97,393 96,599 107,161 89,716 82,697 126,081 75,580 83,523 68,699 71,329 67,251 75,246 6,763 15,946 6,091 14,559 17,796 9,246 3,793 -1,078 -6,520 -19,398 2,752 -7,062 -10,968 540,138 574,907 595,065 732,435 593,124 673,830 665,514 606,495 901,462 635,626 634,396 575,808 531,589 533,375 558,961 588,974 717,876 575,328 664,584 661,721 607,573 907,982 655,024 631,644 582,870 542,557 * Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. March 2012 CAPITAL MOVEMENTS 71 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] Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) -95,300 5,215,764 5,311,064 2,217,694 20,246 5,443,267 5,423,021 1,951,939 2,079,413 -59,360 3,169,501 3,228,861 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263 -123,906 -52,688 3,530,447 3,583,135 -71,218 3,967,595 4,038,813 2010 - Dec ............................................ -11,461 -2,978 230,791 233,769 -8,483 319,975 328,458 2011 - Jan. r .......................................... -27,398 -8,546 274,344 282,890 -18,852 317,931 336,783 Feb. r ......................................... -11,792 1,649 291,882 290,233 -13,441 344,389 357,830 Mar. r ......................................... -43,325 -29,419 376,791 406,210 -13,906 405,044 418,950 Apr. r ......................................... -23,547 -10,420 310,066 320,486 -13,127 329,053 342,180 May r ......................................... -32,227 -25,831 306,409 332,240 -6,396 342,569 348,965 June r ........................................ 9,261 7,648 355,659 348,011 1,613 342,488 340,875 July r.......................................... -21,913 -5,974 283,980 289,954 -15,939 306,699 322,638 Aug ............................................ -11,086 -7,923 250,806 258,729 -3,163 380,235 383,398 Sept ........................................... -31 -2,028 260,216 262,244 1,997 314,999 313,002 Oct............................................. -4,108 -1,918 264,710 266,628 -2,190 309,463 311,653 Nov. p ........................................ 3,321 1,969 299,820 297,851 1,352 288,295 286,943 Dec. p ....................................... 38,939 28,105 255,764 227,659 10,834 286,430 275,596 Foreign bonds Gross foreign purchases from U.S. (3) Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) 2007 ...................................................... -229,205 -133,905 2,973,330 3,107,235 2008 ...................................................... 74,188 53,942 2,271,636 2009 ...................................................... -186,834 -127,474 2010 ...................................................... -115,259 2011 - Jan. - Dec. p .............................. Calendar year or month Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) March 2012 CAPITAL MOVEMENTS 72 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 ............................ Czech Republic ............... Denmark ......................... Finland ............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland ............................. Italy ................................. Kazakhstan ..................... Luxembourg .................... Monaco ........................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia ............................. Serbia and Montenegro ..... Spain............................... Sweden ........................... Switzerland ..................... Turkey ............................. Ukraine ........................... United Kingdom .............. Channel Islands .............. All other Europe .............. Total Europe ............... Memo: Euro Area 1 ..... Memo: European Union 2 ..................... Canada ............................... Latin America: Argentina ........................ Brazil ............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica ...................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela ....................... All other Latin America ..... Total Latin America ..... See footnotes at end of table. March 2012 Marketable Treasury U.S. Government corporations bonds and notes and Federal agency bonds 2011 2011 Calendar Jan. Oct. Calendar Jan. Oct. year through through year through through 2010 Dec. Dec. p 2010 Dec. Dec. p (4) (5) (6) (1) (2) (3) Corporate bonds 2011 Jan. Calendar Oct. year through through 2010 Dec. Dec. p (7) (8) (9) Corporate stocks 2011 Calendar Jan. Oct. through through year Dec. Dec. p 2010 (11) (10) (12) -277 -1,757 239 -198 -177 2,319 398 -5,819 13,165 19 -659 -3,127 963 2,924 -4,704 572 -1,356 8,244 -752 -374 101 -15,771 -583 -5,086 2,150 19,517 -2,592 3,609 341,751 -368 -154 352,217 -8,242 71 -533 209 -153 48 587 25 32,295 3,884 -108 43 -11,611 881 1,874 -10,313 135 174 5,190 1,847 -2 332 -26,321 -173 5,596 3,750 6,224 4,874 -652 156,940 1,648 196 176,957 20,096 100 -16 29 1 -96 -135 31 8,519 1,897 21 -23 3,218 507 490 394 118 -719 2,197 -918 -4 -62 -6,169 103 6,540 -345 -19,246 -120 -247 -6,595 458 -180 -10,252 20,419 117 2,256 42 -88 -2,028 3 16,377 3,565 -9 -125 -3,956 392 -104 -15,303 173 -153 912 1,065 -14 9 -3 6 -96 -174 -3,300 1 -126 17,836 590 -807 17,060 3,235 130 -329 -25 6 87 8,284 205 -65 -77 -4,656 -334 -44 -15,723 -11 460 -1,868 735 -5 78 -10 -19 -556 292 -55 -3,012 190 695 -15,628 -12,002 -32 -81 10 -31 40 2,992 247 -1 -103 17 -68 -161 -4,703 30 -289 -4,083 100 47 -50 -103 -247 -50 11,146 117 34 4,778 -1,918 271 -16,201 -114 175 -257 -6,429 -2,997 -7 13 -2,980 184 99 1,380 -57 -1,688 -956 -23 -109 -8 -268 2 -1,893 -1,693 -283 170 35 -10,921 -1,478 -48 -46,081 -30,925 1 -17,867 -4 -23 26 -433 -135 -9,133 -3,833 33 62 -1,612 -169 -55 -1,388 -116 -2,828 -4,562 338 -18 129 -597 -3,037 325 70 -86 -23,671 -2,737 222 -71,097 -37,638 -110 -4,359 2 20 -62 24 -1,658 -655 35 -16 -1,479 -49 -59 -342 55 -1,171 -502 220 -6 -28 -2,813 -1,751 -74 -13,908 -602 -36 -29,324 -9,843 -29 -494 -25 -134 128 719 19,640 -443 29 65 976 -3,074 -1 131 301 -5,654 2,075 20 -152 -24 -155 -1 943 1,740 7,553 71 34 27,839 1,625 350 54,053 12,779 -8 -3,973 -31 20 -391 736 658 -26,557 2,123 -122 -97 80 1,718 2 -1,570 -269 -2,173 3,247 -117 -854 -9 18 -1 -827 -3,640 -4,269 -42 -8 3,038 869 47 -32,402 -31,517 117 -1,102 -3 71 -228 37 -12 -6,042 1,873 -18 -38 311 -1,299 -10 -1,346 155 -1,478 -144 -31 -95 16 -381 -474 -1,635 -19 -2 -5,476 -8 -44 -17,305 -9,527 336,813 78,712 183,847 17,668 12,271 6,634 19,676 7,778 -14,911 3,543 9,121 264 -43,315 1,578 -64,421 -1,427 -26,440 537 42,485 6,469 -32,065 14,091 -15,722 523 66 24,934 743 -84 335 128 -31 -1,973 -244 1,305 1,231 90 108 26,608 -74 47,408 12,823 8,837 -59 968 221 -4,524 -188 -33 1,688 -56 -133 66,878 74 3,407 2,717 5,974 21 30 -48 761 -6 669 606 -13 8 14,200 47 1,297 -98 208 -5 683 3 1,433 524 553 -402 164 228 4,635 15 1,289 256 176 124 116 -17 10,418 486 650 -366 63 732 13,942 6 674 348 52 104 32 -2 3,811 181 586 -2 40 200 6,030 243 -149 369 232 28 146 40 302 881 254 348 194 87 2,975 -40 345 579 -325 -2 -20 -11 530 -57 216 123 531 417 2,286 -42 196 119 -125 23 23 -373 -38 279 -13 312 148 509 293 -68 854 210 -22 760 10 2,598 579 -556 308 159 56 5,181 -100 -88 -981 -45 -3 42 -4 1,554 361 349 61 325 1 1,472 -193 104 266 -27 -7 -14 -1 -311 -17 -44 -2 -41 -20 -307 CAPITAL MOVEMENTS 73 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 ...................................... Bahamas.................................... Barbados ................................... Bermuda .................................... British Virgin Islands................... Cayman Islands ......................... Cuba .......................................... Jamaica ..................................... Netherlands Antilles ................... Trinidad and Tobago .................. All other Caribbean .................... Total Caribbean ..................... Asia: China, Mainland. ........................ Hong Kong ................................. India ........................................... Indonesia ................................... Israel .......................................... Japan ......................................... Korea, South .............................. Lebanon ..................................... Malaysia..................................... Pakistan ..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan ....................................... Thailand ..................................... Oil exporting countries 3 ............. All other Asia .............................. Total Asia ............................... Africa: Egypt.......................................... Liberia ........................................ Morocco ..................................... South Africa ............................... Oil exporting countries 4 ............. 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 5 ............ Total international and regional organizations .............. Grand total ......................... 1 U.S. Government corporations Marketable Treasury bonds and notes and Federal agency bonds 2011 2011 Jan. Calendar Jan. Oct. Calendar Oct. through year through through year through Dec. p 2010 Dec. Dec. p 2010 Dec. (3) (4) (5) (6) (1) (2) -1,424 -8,752 416 3,110 562 13,262 6 2,763 392 221 10,556 478 11,778 139 5,107 5,135 -21,191 -1 -6,786 -809 -57 -6,207 51,159 8,743 1,494 5,081 3,366 124,121 -3,152 35 -131 69 2,846 15,219 14,869 18,278 -6,234 152 235,915 -46,952 9,669 -1,840 3,071 -3,009 148,498 -4,646 53 4,059 5,563 2,428 -5,750 -651 -3,133 785 108,145 1,112 51 -115 -5,020 8,244 863 5,135 123 7 183 -851 2,048 486 1,996 -5,646 -7 4 -5,649 703,494 1,517 -199 -15 1,303 366,740 145 43 11,259 290 188 703,682 11,549 378,289 -477 2,207 108 2,186 236 -5,454 -1 -841 -1,073 47 -3,062 Corporate bonds Corporate stocks 2011 2011 Jan. Jan. Oct. Calendar Calendar Oct. through through through through year year Dec. Dec. p Dec. Dec. p 2010 2010 (9) (12) (8) (11) (7) (10) -29 715 772 4,625 276 6,697 -20 108 85 582 13,811 29 406 165 1,970 -153 10,444 -36 284 -100 317 13,326 -25 -57 75 -227 123 94 53 -79 -62 191 86 723 -878 -724 1,742 339 18,422 22 1,656 -116 451 21,637 -126 -382 971 1,869 1,581 9,543 -1 22 2,749 30 411 16,667 57 -499 493 528 872 -1,191 -1 1 736 -12 112 1,096 571 108 136 5,501 1,566 16,081 -11 -204 204 243 24,195 -1,795 -421 -109 1,482 3,150 28,866 -79 11 690 68 -65 31,798 116 -989 -70 -137 -614 4,561 -55 1 557 24 -48 3,346 -46,098 -29,282 9,063 6,505 -345 -4 1,381 124 -937 565 72,978 71,289 734 6,967 1 -1 1,395 2,861 58 -21 2,074 -1,479 160 13,621 -2,157 -1,549 -1,689 -2,060 -164 -32 36,454 67,504 17,790 1,008 501 -439 36,463 8,539 1 -1,372 -2 -2,775 -918 5,891 197 1,699 -60 66,523 7,206 740 311 -2 13,569 3,721 -810 1 249 -59 269 1,629 -38 26,786 -354 -896 14 -49 210 842 1,248 153 454 9 135 8,280 5,288 101 -5,675 53 9,813 3,065 -822 -39 132 81 9,505 -3,195 -97 -12 -1 409 3,244 -3 2,875 136 -737 -105 14,436 -593 587 1 -1 -30 3,898 -1,192 -18 -138 6 95 1,081 545 -13 -49 -63 4,116 2,798 9,760 -591 -50 392 4,587 281 15 317 -4 27 -4,445 -31 339 68 4,570 93 18,126 360 6,460 -568 126 -409 3,400 -140 66 252 -21 -57 -6,687 -2 -485 -66 6,295 49 8,573 929 891 -160 -3 147 -33 85 -2 23 -5 -19 -4,649 -1 -74 -17 1,625 24 -1,239 -42 1 -914 21 65 39 -830 -3 6 7 -10 -3 165 162 5 2 -12 10 -4 1 -13 19 2 147 39 48 242 -6 83 -8 -71 147 24 169 6 8 -9 -4 -49 21 -27 -19 -10 -13 -27 -27 -224 -320 -27 -85 -6 -42 1 1,021 862 -13 -52 26 -13 968 916 1,382 -638 16 -39 -12 -11 1,386 -688 45,909 109,270 -21 -5 28 2 81,870 362 -11 8 359 38,304 -1,582 -21 19 -1,584 -11,420 -3,511 -40 -98 -3,649 -42,615 -2,626 -91 -11 -2,728 -25,821 2,024 93 -34 2,083 109,787 317 99 -7 409 24,803 -1,064 -169 -9 -1,242 -15,308 -1,258 7 -401 -565 -245 34 -1,594 -140 -1,862 -699 -572 -64 -41 -5 348 6 23 7 6,819 -1,251 52,728 108,019 -966 80,904 -211 38,093 -1,734 -13,154 -2,561 -45,176 -636 -26,457 -46 109,741 354 25,157 30 -15,278 -7 4 221 260 -166 237 549 6,718 101 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States ). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 74 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Fourth Quarter 2011, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Europe: Austria .................................... 6,679 619 Belgium................................... 5,737 597 Bulgaria .................................. 408 211 Cyprus .................................... 31,570 11 Czech Republic ...................... 1,119 532 Denmark ................................. 10,336 1,167 Finland .................................... 2,580 82 France .................................... 964,705 725,422 Germany ................................. 81,213 23,993 Greece .................................... 804 278 Hungary .................................. 500 135 Ireland..................................... 104,337 56,664 Italy ......................................... 20,133 4,288 Kazakhstan ............................. 2,285 1,378 Luxembourg ........................... 49,157 12,507 Monaco ................................... 872 120 Netherlands ............................ 32,092 5,494 Norway ................................... 53,452 25,517 Poland .................................... 7,361 6,369 Portugal .................................. 1,941 338 Romania ................................. 97 43 Russia..................................... 5,124 3,681 Serbia and Montenegro.......... 201 200 Spain ...................................... 19,195 8,468 Sweden................................... 17,840 4,133 Switzerland ............................. 53,513 12,186 Turkey..................................... 3,607 1,997 Ukraine ................................... 986 889 United Kingdom ...................... 2,429,636 1,471,509 Channel Islands...................... 28,748 3,591 448 2,893 All other Europe...................... Total Europe ....................... 3,939,121 2,372,865 Memo: Euro Area 1 ............. 1,321,113 838,826 Canada ....................................... 496,242 192,194 Latin America: Argentina ................................ 4,350 216 Brazil....................................... 66,382 39,492 Chile ....................................... 17,833 7,827 Colombia ................................ 13,440 7,723 Costa Rica .............................. 1,595 1,052 Ecuador .................................. 554 83 Guatemala .............................. 830 553 Mexico .................................... 35,998 9,931 Panama .................................. 4,920 288 Peru ........................................ 6,391 2,292 Uruguay .................................. 5,515 1,793 Venezuela .............................. 2,641 84 239 1,066 All other Latin America ........... 71,573 Total Latin America ............ 161,515 Caribbean: Anguilla ................................... 150,559 4,269 Bahamas ................................ 71,855 27,041 Barbados ................................ 3,180 708 See footnotes at end of table. March 2012 Bonds of U.S. Gov’t corps and Corporate and other federallysponsored agencies Bonds Stocks (3) (4) (5) Gross sales by foreigners to U.S. residents Domestic securities Foreign securities Bonds (6) Stocks (7) Total sales (8) 408 260 10 91 609 8,587 916 1 10 18,539 136 8,774 32 423 6,292 100 1 97 32 96 1,019 60,238 1,259 313 108,244 38,697 6,247 185 289 6 20 433 68 3,444 1,296 46 20 2,499 282 110 6,461 74 1,323 7,391 220 18 347 229 3,331 1 62,507 511 142 91,253 16,294 11,413 63 1,184 367 457 104 40 1 5,463 339 1,150 35 63 234 9,500 320 365 275 153 18 46 31 904 488 395 225 415 173 3,808 1,612 2,921 4,347 3,185 307 81 97 8,664 1,331 1,129 1,414 944 176 26,208 1,572 12,329 2,572 1,129 83 119 137 4,023 1,983 699 1,704 930 182 27,462 567 10,091 2,445 793 31 185 11 7,013 491 726 344 205 62 22,964 3,853 60,055 14,446 8,892 1,683 318 973 34,769 4,515 5,573 5,905 2,030 703 143,715 25 838 204 106 3,354 580 123,333 28,798 202 734 5,659 438 22,092 6,165 1,048 150,749 72,316 2,489 Marketable Treasury and Federal Financing Bank bonds and notes (9) 763 4,248 456 2,522 518 2,194 1,560 837 29,434 613 138 59 381 182 28,166 175 3,202 31,457 10 319 189 59 1,316 628 4,721 2,749 1,175 8,325 1,302 497 496 827 2,423 50 179,582 25,826 21,843 953,779 716,903 22,732 22,629 9,648 64,997 22,096 319 17 143 798 257 161 153 21 710 158 9,208 3,935 13,491 113,468 53,446 9,829 2,397 3,201 19,385 3,780 9 783 5 1,960 888 8,778 3,893 8,744 64,712 12,113 530 37 79 562 2 11,340 6,853 6,658 33,447 6,213 4,011 7,698 2,543 53,622 23,320 275 190 207 8,155 7,287 1,265 82 237 2,308 342 20 34 141 105 426 432 488 11,242 9,850 1 98 97 2,104 5,084 3,161 9,426 1,928 4,392 3,812 5,178 19,364 4,478 21,648 4,830 10,499 74,774 31,432 159 1,010 441 2,879 2,117 6 83 7 1,321 1,136 295,469 227,910 312,003 2,415,254 1,478,104 17,496 1,838 4,053 29,132 3,133 1,320 449 220 3,755 628 627,878 329,394 409,487 3,961,148 2,383,117 277,509 77,243 72,544 1,329,531 818,407 132,359 89,923 64,106 496,757 185,560 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds (11) Stocks (12) Foreign securities Bonds (13) Stocks (14) 440 341 122 569 5,595 669 2 113 18,522 204 161 13,477 2 712 10,375 1 50 82 199 1,266 50 49,092 1,142 279 103,466 40,615 5,983 295 4,648 4 495 44 5,102 1,951 11 36 3,978 331 169 6,803 19 2,494 7,893 24 375 3,042 5,082 75 76,415 1,113 178 120,577 26,137 10,876 646 3,296 141 28,095 547 4,684 509 185,624 20,859 337 199 8,897 11,128 19 10,124 375 12,818 4,155 306 1,360 20 410 1 2,485 4,866 23,283 178 8 300,945 17,504 1,364 645,183 287,036 131,836 255 19,420 6 185 43 797 715 17,587 10,661 53 150 16,003 959 713 12,356 84 5,077 5,509 332 99 16 645 1,395 1,476 4,683 189 17 208,657 1,423 1,058 310,561 84,951 99,584 369 1,116 52 3,163 98 925 535 22,968 8,761 139 54 12,621 2,983 10 9,839 80 6,132 2,370 230 483 287 3,161 5,303 9,028 395 35 302,041 4,817 248 398,244 72,385 62,918 142 36,085 5,110 1,749 1,031 53 601 9,170 294 1,623 1,187 97 231 57,373 57 510 19 405 8 3 1,652 158 564 37 23 34 3,470 362 169 156 278 18 23 8 1,277 526 116 238 103 25 3,299 1,805 2,817 4,081 3,212 314 95 98 8,975 1,348 1,173 1,416 985 196 26,515 674 9,702 2,746 2,237 290 52 253 6,194 1,628 1,092 2,667 618 150 28,303 813 10,772 2,334 1,011 30 87 10 7,501 561 1,005 360 204 67 24,755 4,746 24,834 600 50 895 129 49 3,853 87 123,217 29,787 272 809 6,624 441 21,878 6,323 960 CAPITAL MOVEMENTS 75 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Fourth Quarter 2011, 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 Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Corporate and Financing federallyother Total Bank bonds sponsored purchases and notes agencies Bonds Stocks (1) (2) (3) (4) (5) Caribbean, con. Bermuda ................................ 164,464 British Virgin Islands .............. 133,234 Cayman Islands ..................... 1,503,375 219 Cuba...................................... Jamaica ................................. 502 Netherlands Antilles............... 12,533 Trinidad and Tobago ............. 2,219 2,400 All other Caribbean ................ Foreign securities Bonds (6) Stocks (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (10) (11) (12) Foreign securities Bonds (13) Stocks (14) 21,729 19,380 421,775 16 4,145 1,491 7,554 695 70,392 179 206 414 7,210 3,884 38,837 41 849 29 78,336 71,710 574,103 138 17 3,947 186 29,918 13,784 255,156 6 245 1,748 73 19,717 162,239 23,781 130,947 143,112 1,503,333 75 230 4 517 1,638 13,149 26 3,340 19,543 19,144 427,229 17 4,986 2,564 7,781 572 70,298 126 285 476 6,682 3,012 40,028 1 40 113 41 78,473 72,324 569,542 193 16 3,390 162 29,820 11,341 252,449 4 315 2,921 67 19,940 24,554 143,787 32 3 1,454 30 Total Caribbean ................. 2,044,540 148 500,702 263 80,770 175 55,065 1,488 882,258 270 308,031 56 2,310 217,714 2,041,619 101 503,764 72 80,684 63 53,969 1,536 878,912 458 305,249 80 219,041 100,241 122,268 10,717 11,254 96,904 347,777 44,229 804 7,027 52 6,225 68,982 19,888 6,163 74,520 34,461 6,458 8,670 86,873 205,770 11,719 13 2,818 5,054 39,812 3,589 2,573 15,843 5,500 482 1,593 53,467 13,828 1,647 14 2,488 2,373 422 2,345 1,959 4 82 418 12,378 542 86 238 6 310 2,584 1,583 113 4,335 9,388 295 132 4,729 17,568 1,343 634 419 4 214 10,059 5,853 554 1,245 4,318 127 870 611 14,472 8,168 6 664 18 318 3,329 1,184 366 1,953 66,642 3,833 1,018 2,680 44,122 8,629 65 1,241 24 315 10,710 5,306 2,135 138,557 109,449 11,456 9,538 99,114 257,346 36,191 814 8,126 19 6,090 69,449 1 19,667 8,299 120,618 25,398 6,803 7,289 87,810 132,792 10,985 12 1,423 4,996 37,738 3,429 4,730 8,637 4,760 171 1,595 39,898 10,107 2,457 13 2,239 2,432 153 2,938 1,372 3 83 448 8,480 1,734 104 376 215 1,503 1,038 126 3,406 8,497 455 135 4,582 17,601 1,258 636 396 9 233 14,708 1 5,927 571 985 2,952 356 467 2,590 14,918 2,977 2 1,775 1 336 2,467 813 698 1,973 66,470 3,839 1,393 2,089 43,657 9,130 60 1,699 9 297 10,794 6,028 2,021 44,363 886,894 24,105 506,435 6,118 103,775 1,009 23,657 7,949 63,476 3,042 38,738 2,140 150,813 43,012 817,128 25,958 469,981 4,527 76,989 1,121 19,541 6,300 64,715 3,154 34,491 1,952 151,411 376 250 245 3,534 37 11 231 1,965 13 5 2 223 10 40 1 - 154 113 2 257 65 11 1 311 97 70 8 778 381 287 27 4,020 44 7 10 1,705 13 235 4 32 10 4 167 165 2 231 93 6 1,017 60 77 5 828 5,020 9,425 1,717 3,961 66 309 44 95 1,535 2,061 260 648 1,398 2,351 4,450 9,165 1,646 3,412 60 308 72 122 580 1,145 580 1,696 1,512 2,482 44,831 2,355 6,561 229 3,631 238 1,870 27 6,776 377 10,304 1,171 15,689 313 45,193 1,786 5,179 213 3,269 249 4,496 118 7,840 546 10,286 398 14,123 262 193 15 47,379 6,805 Total foreign countries ... 7,585,116 3,654,535 12 3,881 312,726 29 59 1,926 7,212 187,217 1,741,452 49 11,524 805,720 29 387 27 16,031 47,366 5,419 883,466 7,516,898 3,608,626 4 3,522 274,422 40 68 4,654 8,454 213,038 1,756,760 49 10,733 790,617 199 14,584 873,435 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.......... International and regional orgs: International organizations..... 14,545 10,373 13,954 281 Regional organizations 2 ........ Total international and 28,499 10,654 regional organizations .... Grand total .................... 7,613,615 3,665,189 1,903 128 331 1,745 65 8,341 3,655 2,148 700 308 1,359 171 153 24 10 12,829 657 1,138 180 119 88 3 162 586 152 341 14,574 722 9,479 3,835 2,267 788 311 1,521 757 187,369 1,741,793 820,294 884,188 7,526,377 3,612,461 276,689 213,826 1,757,071 792,138 874,192 2,056 314,782 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. March 2012 CAPITAL MOVEMENTS 76 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2011 [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 Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyTotal Bank bonds sponsored purchases and notes agencies (1) (2) (3) Europe: Austria ................................ 18,177 Belgium .............................. 29,824 Bulgaria .............................. 1,703 Cyprus ................................ 140,162 Czech Republic .................. 4,662 Denmark ............................. 47,485 Finland ............................... 12,355 France ................................ 4,726,532 Germany ............................ 354,935 Greece ............................... 3,751 Hungary .............................. 3,773 Ireland ................................ 340,755 Italy..................................... 105,377 Kazakhstan......................... 9,446 Luxembourg ....................... 208,628 Monaco .............................. 3,368 Netherlands ........................ 174,299 Norway ............................... 181,896 Poland ................................ 36,999 Portugal .............................. 9,809 Romania ............................. 4,502 Russia ................................ 34,602 Serbia and Montenegro ...... 458 Spain .................................. 60,832 Sweden .............................. 84,267 Switzerland ......................... 262,176 Turkey ................................ 15,737 Ukraine ............................... 3,638 United Kingdom .................. 11,606,464 Channel Islands.................. 143,318 14,986 All other Europe.................. Total Europe................... 18,644,916 Memo: Euro Area 1 ......... 6,190,358 Canada ................................... 2,126,230 Latin America: Argentina ............................ Brazil .................................. Chile ................................... Colombia ............................ Costa Rica .......................... Ecuador .............................. Guatemala .......................... Mexico ................................ Panama .............................. Peru.................................... Uruguay .............................. Venezuela .......................... All other Latin America ....... Total Latin America ........ See footnotes at end of table. March 2012 18,112 334,833 65,044 45,332 6,652 5,637 3,162 167,752 26,405 25,555 22,919 14,264 6,026 741,693 2,462 1,252 2,934 657 858 602 42 1,190 10,891 304 1,556 1,472 3,735,559 43,273 112,648 4,905 813 6 986 121 157,236 52,551 14,253 542 6,927 167 37,378 30,170 202 43 43,262 3,339 87,886 16,849 33,237 835 1,372 3 4,297 29,435 153 439 15 17,608 552 22,543 473 66,995 3,801 9,858 3,180 7,462,227 238,700 13,160 3,042 2,400 1,834 11,884,394 405,103 4,128,108 138,768 Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Marketable Treasury and Federal Financing Total Bank bonds sales and notes (8) (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (10) (11) (12) 657 2,442 9,507 1,857 9,803 2,392 1,123 1,554 13,223 6,921 4,535 117,121 3,466 986 3 665 177 1,561 649 30 124,249 834 14,404 140,516 756 68 26 1,338 925 1,183 3,880 1,142 2,242 16,642 11,999 5,407 43,961 10,304 298 515 4,207 1,870 2,735 14,268 1,531 1,386 16,366 772,345 65,295 93,694 4,717,118 3,703,264 34,989 7,730 95,271 94,871 39,510 306,998 108,764 4,700 80 1,713 513 626 3,675 922 72 255 1,195 646 570 9,664 943 198 17,232 36,617 21,513 55,606 387,284 168,847 57,207 1,279 53,276 20,790 15,236 87,222 13,372 876 114 91 2,055 92 7,267 5,053 211 24,242 49,074 23,307 44,456 285,458 47,691 45,894 200 2,280 156 487 3,796 67 54 8,095 47,114 37,424 35,065 168,632 43,087 2,879 15,856 23,014 24,565 13,726 172,511 82,696 18,717 360 639 1,219 709 40,586 31,390 100 64 6,127 833 1,410 10,473 1,374 8 131 57 17 4,301 3,965 647 1,205 1,298 1,864 61,624 55,756 75 4 645 612 25 1,547 9,979 15,590 15,556 48,080 12,012 571 2,827 17,719 17,647 23,058 80,622 18,793 1,029 18,941 102,124 17,035 53,280 255,684 60,771 3,509 75 657 3,347 1,800 9,223 4,984 3 50 336 69 4,324 3,832 55 367,137 1,297,997 966,032 1,274,371 11,523,869 7,305,287 241,712 3,675 93,935 11,062 18,444 143,310 11,512 2,852 872 6,495 1,984 1,401 16,353 2,204 1,139 492,624 2,781,818 1,359,632 1,721,345 18,679,829 11,707,437 420,731 4,108,012 150,770 Foreign securities Bonds Stocks (13) (14) 656 2,450 1,597 1,587 19,421 17,196 70,805 5,246 7 696 39 170 54 124,229 748 14,662 1,729 330 679 2,675 15,906 8,485 6,293 650 3,549 4,293 2,860 25,499 798,902 56,592 97,873 11,563 93,148 49,781 39,043 47 1,835 175 625 193 1,292 6,598 440 18,843 36,537 47,702 58,148 1,448 51,558 4,086 15,882 169 89 1,638 107 25,630 50,644 69,300 46,299 316 2,549 317 493 10,923 49,287 24,762 37,693 20,418 19,767 18,889 12,024 22 756 7,176 1,142 82 6,981 673 1,355 140 52 144 518 1,187 2,575 1,513 5 3 2,145 10,806 7,332 15,214 5,864 21,359 11,199 22,378 18,616 106,393 16,725 49,670 5 699 1,549 1,986 89 58 171 119 390,808 1,294,959 1,013,975 1,277,128 6,412 93,066 10,819 18,649 650 6,448 3,883 2,029 563,721 2,814,220 1,442,269 1,731,451 79,471 1,219,142 299,619 325,250 6,302,542 338,895 337,097 838,255 30,746 51,820 494,252 421,220 289,937 2,127,281 820,587 27,203 117,109 1,250,659 53,247 480,161 454,697 291,386 654 218,301 29,494 20,481 4,419 1,156 2,015 47,325 1,919 8,158 5,483 424 1,556 341,385 122 5,698 748 1,548 126 2,761 3 19,271 1,311 2,328 238 183 1,063 35,400 861 3,970 1,300 703 96 207 61 8,229 2,907 839 1,052 1,380 626 22,231 8,028 16,303 14,320 12,488 1,338 471 605 36,808 8,016 5,088 5,834 4,658 929 114,886 5,012 42,610 10,205 6,198 491 570 409 20,996 9,332 3,999 8,180 6,288 1,487 115,777 3,435 47,951 8,977 3,914 182 472 69 35,123 2,920 5,143 2,132 1,331 365 112,014 21,513 288,728 54,496 38,280 6,668 4,158 3,353 174,329 24,330 23,520 21,455 14,125 5,242 680,197 728 170,893 16,671 11,644 4,478 188 1,794 51,849 2,107 8,191 3,795 480 1,689 274,507 107 4,409 492 1,372 2 2,645 20 8,853 825 1,678 604 120 331 21,458 901 3,625 721 1,028 98 227 72 7,699 2,964 623 929 849 209 19,945 8,128 16,391 15,301 12,533 1,341 429 609 35,254 7,655 4,739 5,773 4,333 928 113,414 6,082 37,083 11,918 8,122 577 162 792 38,823 7,890 3,923 8,370 7,322 1,790 132,854 5,567 56,327 9,393 3,581 172 507 66 31,851 2,889 4,366 1,984 1,021 295 118,019 CAPITAL MOVEMENTS 77 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2011, 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 Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean: 696,295 Anguilla ................................. 391,176 Bahamas ............................... 10,458 Barbados ............................... 977,005 Bermuda................................ 583,435 British Virgin Islands .............. Cayman Islands..................... 6,961,022 219 Cuba ..................................... 1,712 Jamaica ................................. 95,440 Netherlands Antilles .............. 8,554 Trinidad and Tobago ............. 8,767 All other Caribbean ................ 1 Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 19,117 166,631 3,393 106,452 144,906 2,247,600 293 35,141 4,805 842 2,729,180 127 3,628 654 34,087 1,910 234,507 498 3,529 2,145 837 281,922 424 28,230 1,440 31,083 16,876 217,916 124 3,612 349 775 300,829 562,275 131,421 1,089 445,716 274,516 2,553,425 138 147 31,838 647 4,101 4,005,313 853 22,011 1,753 257,862 46,150 1,020,489 6 636 6,275 441 1,495 1,357,971 113,499 39,255 2,129 101,805 99,077 687,085 75 14 15,045 167 718 1,058,869 699,113 381,183 8,777 964,750 570,619 6,948,186 254 2,018 101,103 9,254 8,880 9,694,137 18,639 154,853 3,254 101,345 139,771 2,268,791 294 41,927 5,614 899 2,735,387 98 3,222 489 32,117 2,063 224,063 534 3,245 2,245 520 268,596 550 28,612 469 29,214 15,295 208,373 1 102 863 319 364 284,162 564,070 131,842 1,198 444,234 271,366 2,524,559 217 136 31,148 579 4,166 3,973,515 990 22,410 1,578 256,066 42,248 1,006,219 4 938 5,925 345 1,990 1,338,713 114,766 40,244 1,789 101,774 99,876 716,181 32 14 17,995 152 941 1,093,764 378,589 531,725 30,858 39,057 393,578 1,359,205 174,754 4,695 39,328 261 34,061 354,144 70 100,546 24,896 162,025 3,627,792 287,040 97,155 10,486 27,240 360,435 786,419 56,971 282 10,009 26,323 216,258 18,272 12,109 85,214 1,994,213 45,496 21,996 2,036 2,325 183,347 51,200 1 8,497 5 89 11,433 16,018 482 15,552 358,477 11,184 11,027 20 673 2,045 51,251 6,032 599 1,702 23 833 13,578 8,361 411 3,630 111,369 17,191 47,975 1,241 661 15,316 84,738 4,130 2,733 1,902 61 1,467 42,525 34 22,682 1,185 36,951 280,792 7,824 34,587 713 2,294 4,187 56,112 19,557 689 11,311 50 4,055 19,203 6,872 2,743 11,011 181,208 9,854 318,985 18,398 6,153 9,270 197,338 36,864 391 5,907 122 1,294 51,147 36 28,341 7,966 9,667 701,733 405,118 507,153 36,706 36,278 396,438 1,158,563 176,515 3,999 35,712 238 31,539 352,831 89 95,406 24,727 156,845 3,418,157 333,992 87,486 12,326 24,169 363,444 637,921 61,617 229 5,950 20,760 213,830 24,022 12,760 87,562 1,886,068 27,706 20,988 1,535 2,764 146,884 42,661 9,869 7 2,864 12,351 10,127 285 13,913 291,954 8,119 11,849 59 541 1,964 41,746 9,227 696 1,714 24 424 10,334 3 5,486 275 4,472 96,933 16,831 41,515 1,809 535 15,725 81,338 4,270 2,667 1,650 82 1,524 49,212 36 23,167 1,251 30,607 272,219 3,194 26,174 1,403 2,327 4,732 57,617 13,121 31 9,366 43 4,425 13,697 3,822 2,091 11,802 153,845 15,276 319,141 21,109 7,171 7,809 193,057 45,619 376 7,163 82 1,542 53,407 50 28,782 8,065 8,489 717,138 3,548 1,916 470 19,829 21,795 47,558 1,058 96 358 11,998 9,714 23,224 49 7 10 738 445 1,249 20 308 3 256 328 915 1,153 934 6 1,262 3,823 7,178 527 334 35 1,509 1,232 3,637 741 237 58 4,066 6,253 11,355 3,431 1,606 248 21,862 20,554 47,701 935 89 175 12,849 7,180 21,228 52 1 3 748 283 1,087 26 225 11 327 157 746 1,180 1,019 12 1,304 2,801 6,316 738 35 15 2,579 2,277 5,644 500 237 32 4,055 7,856 12,680 206,026 7,349 961 214,336 39,419 889 135 40,443 10,993 577 57 11,627 14,730 222 94 15,046 32,404 2,112 264 34,780 40,811 2,199 214 43,224 67,669 1,350 197 69,216 208,773 6,316 1,567 216,656 37,902 1,088 150 39,140 11,014 582 29 11,625 18,241 262 192 18,695 32,087 2,013 271 34,371 42,092 1,250 167 43,509 67,437 1,121 758 69,316 35,136,609 17,851,094 1,124,524 994,834 7,719,019 3,482,669 3,964,469 34,863,958 17,484,354 1,042,654 1,037,449 7,694,216 3,571,531 4,033,754 38,342 1,237 6,406 1,635 995 270 1,191 41 10,733 37,045 27,083 947 6,807 2,200 2,857 969 843 35 9,649 1,955 789 4,270 101,021 39,579 35,237,630 17,890,673 8,041 1,132,565 1,265 996,099 1,232 7,720,251 47,778 3,530,447 3,126 58,404 28,030 3,967,595 34,922,362 17,512,384 9,007 1,051,661 3,826 1,041,275 878 7,695,094 11,604 3,583,135 5,059 4,038,813 Total Caribbean ................ 9,734,084 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 2 ..... Total international and regional organizations ....... Grand total..................... Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Domestic securities 58,188 42,833 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For data as of January 2011, also includes Estonia. 2 521 2,605 48,028 10,376 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. March 2012 78 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected 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 2009 2010 2011 2011 Oct.- Dec. 328,706 -105,325 -74,524 57,276 193,377 399,510 15,379 414,889 212,743 33,534 23,959 128,219 187,661 586,116 52,741 638,857 376,505 744 69,439 200,839 130,519 778,046 130,242 908,288 133,295 -75,465 56,723 197,866 -189 312,230 126,944 439,174 -14,833 -37,270 2,132 90,412 -24,295 16,146 32,940 49,086 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the Treasury International Capital (TIC) reporting system. Foreign investors have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been relatively small in recent years, with no acquisitions in 2008, and acquisitions of less than $1 billion in 2009. Stock swap acquisitions picked up to over $8 billion in 2010, but this pace of acquisition again slowed during 2011 to $5.1 billion. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC Website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net purchases of U.S. securities by $191 billion in 2008, $204 billion in 2009, $232 billion in 2010, and $168 billion in 2011. After including stock swaps and accounting for ABS repayment flows, net foreign acquisitions of U.S. securities totaled $224 billion in 2008, as foreign investors acquired U.S. securities in the first half of the year, but on net sold U.S. securities in the second half of the year. Foreign net purchases recovered to $436 billion in 2009. The pace of acquisition picked up further in 2010, when foreign net purchases were recorded at $685 billion, surpassing those in 2008 and 2009 and nearly recovering the momentum recorded in 2007. More recently, the pace of acquisition has slowed, with net foreign purchases recorded at only $276 billion in 2011. March 2012 CAPITAL MOVEMENTS 79 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds.................................. Foreign stocks ................................. Total ............................................... 2007 2008 2009 2010 133,905 95,300 229,205 -53,942 -20,246 -74,188 127,474 59,360 186,834 54,644 60,615 115,259 2011 52,688 71,218 123,906 2011 Oct. - Dec. -28,156 -9,996 -38,152 * 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. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. Net acquisitions through stock swaps amounted to $12 billion in 2007, $7 billion in 2008, $2 billion in 2009, $12 billion in 2010, and $11 billion in 2011. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $241 billion in 2007. U.S. investors switched to net sales of $67 billion in foreign securities in 2008, but resumed their net purchases of foreign securities in 2009 with acquisitions of $189 billion. Net purchases slowed in 2010 to $127 billion, but have slightly picked up in 2011 to $135 billion. March 2012 CAPITAL MOVEMENTS 80 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] 2009 2010 2011 Dec. Sept. Dec. Mar. r June Sept. p Gross total of holdings with negative fair values ........................... 3,363,444 4,679,187 3,541,931 3,076,050 3,336,971 5,041,526 Total over-the-counter (OTC) contracts..................................... 3,333,846 4,649,244 3,512,342 3,044,720 3,307,847 5,002,492 Single-currency interest rate contracts .................................. 2,532,612 3,855,297 2,787,529 2,348,265 2,633,109 4,088,069 Forwards ............................................................................ 5,733 9,225 6,684 6,373 5,354 6,476 Swaps ................................................................................ 2,310,645 3,556,177 2,557,293 2,132,959 2,412,515 3,768,065 Options ............................................................................... 216,234 289,895 223,552 208,933 215,240 313,528 Foreign exchange contracts .................................................. 245,230 343,410 304,088 291,084 280,953 390,547 Forwards ............................................................................ 67,679 127,208 110,520 112,508 104,155 165,228 Swaps ................................................................................ 139,065 176,830 153,063 139,117 136,126 180,159 Options ............................................................................... 38,486 39,372 40,505 39,459 40,672 45,160 Other contracts ...................................................................... 556,004 450,537 420,725 405,371 393,785 523,876 Equity ................................................................................. 55,363 45,504 40,073 40,864 40,667 50,940 Credit .................................................................................. 404,839 319,892 290,208 264,462 274,520 398,081 All other .............................................................................. 95,802 85,141 90,444 100,045 78,598 74,855 Total exchange-traded contracts ............................................... 29,598 29,943 29,589 31,330 29,124 39,034 Own contracts on foreign exchanges .................................... 515 911 674 649 663 1,456 U.S. customers’ contracts on foreign exchanges .................. 4,342 4,962 3,847 4,288 4,724 5,110 Foreign counterparty contracts on U.S. exchanges .............. 24,741 24,070 25,068 26,393 23,737 32,468 Memorandum items: Contracts with own foreign office ........................................... 847,311 1,100,869 853,851 749,229 788,613 1,170,892 Contracts with foreign official institutions .............................. 14,299 16,884 15,975 13,937 14,363 17,455 Contracts of U.S. depository institutions with foreigners ....... n.a. n.a. n.a. n.a. n.a. n.a. Gross total of holdings with positive fair values............................. 3,489,779 4,783,698 3,652,313 3,185,281 3,457,494 5,171,503 Total over-the-counter (OTC) contracts..................................... 3,460,696 4,754,629 3,621,801 3,151,742 3,426,647 5,129,394 Single-currency interest rate contracts .................................. 2,596,825 3,915,177 2,844,526 2,406,864 2,693,081 4,142,929 Forwards ............................................................................ 5,440 9,257 6,541 5,375 4,662 6,057 Swaps ................................................................................ 2,357,111 3,591,278 2,596,870 2,177,818 2,453,233 3,794,443 Options ............................................................................... 234,274 314,642 241,115 223,671 235,186 342,429 Foreign exchange contracts .................................................. 277,387 358,225 330,298 317,735 313,425 419,577 Forwards ............................................................................ 71,203 127,118 113,369 113,784 108,899 174,754 Swaps ................................................................................ 164,657 186,574 170,886 160,244 160,824 192,737 Options ............................................................................... 41,527 44,533 46,043 43,707 43,702 52,086 Other contracts ...................................................................... 586,484 481,227 446,977 427,143 420,141 566,888 Equity ................................................................................. 41,864 44,576 44,936 47,278 48,589 61,956 Credit .................................................................................. 445,687 355,504 318,710 287,870 296,677 427,765 All other .............................................................................. 98,933 81,147 83,331 91,995 74,875 77,167 Total exchange-traded contracts ............................................... 29,083 29,069 30,512 33,539 30,847 42,109 Own contracts on foreign exchanges .................................... 751 1,163 878 1,067 787 1,052 Customers’ contracts on foreign exchanges ......................... 3,702 3,807 3,226 3,720 3,920 4,701 Foreign counterparty contracts on U.S. exchanges .............. 24,630 24,099 26,408 28,752 26,140 36,356 Memorandum items: Contracts with own foreign office ........................................... 877,838 1,107,824 874,301 764,566 814,875 1,190,142 Contracts with foreign official institutions .............................. 12,483 14,845 13,451 12,382 13,202 15,637 Contracts of U.S. depository institutions with foreigners ....... n.a. n.a. n.a. n.a. n.a. n.a. March 2012 CAPITAL MOVEMENTS 81 TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2010 2009 Country 2011 Dec. Sept. Dec. Mar. r June Sept. p Belgium ...................................................................................... 11,312 14,508 10,244 8,934 9,267 13,566 France ........................................................................................ 146,048 198,743 156,930 139,414 145,428 225,168 Germany .................................................................................... 197,835 294,082 209,014 183,026 193,261 297,657 Ireland ........................................................................................ 261,347 332,169 251,881 212,960 248,282 357,092 Italy ............................................................................................. 7,457 9,317 6,893 5,386 5,254 8,000 Netherlands ................................................................................ 13,838 17,608 12,907 11,349 11,772 17,317 Europe: Switzerland ................................................................................ 47,560 94,420 81,315 72,255 80,099 106,733 United Kingdom ......................................................................... 2,352,344 3,302,886 2,468,669 2,137,045 2,323,956 3,572,886 All other Europe ......................................................................... 40,712 60,067 42,746 38,612 38,793 60,563 Total Europe .......................................................................... 3,078,453 4,323,800 3,240,599 2,808,981 3,056,112 4,658,982 Memo: Euro Area 1 .................................................................... 663,627 904,730 676,357 585,782 638,602 957,120 Memo: European Union 2........................................................... 3,024,687 4,223,012 3,154,262 2,732,260 2,971,753 4,547,491 Canada........................................................................................... 40,263 56,200 45,276 43,353 45,044 66,684 Total Latin America ........................................................................ 7,949 9,337 9,327 10,494 7,690 11,207 Cayman Islands ......................................................................... 54,221 50,126 48,930 36,264 36,579 53,066 All other Caribbean .................................................................... 11,874 20,261 14,925 12,177 12,849 23,445 Total Caribbean ..................................................................... 66,095 70,387 63,855 48,441 49,428 76,511 Japan ......................................................................................... 91,203 125,547 106,590 96,724 108,352 128,906 All other Asia .............................................................................. 30,447 41,344 31,901 26,398 26,012 36,298 Total Asia ............................................................................... 121,650 166,891 138,491 123,122 134,364 165,204 Total Africa ..................................................................................... 17,072 24,816 20,527 19,382 20,256 28,740 Australia ..................................................................................... 22,434 16,314 14,480 13,558 14,782 23,522 All other ...................................................................................... 742 1,464 995 920 1,107 1,295 Total other countries .............................................................. 23,176 17,778 15,475 14,478 15,889 24,817 Total foreign countries ....................................................... 3,354,658 4,669,209 3,533,550 3,068,251 3,328,783 5,032,145 Total international and regional organizations............................... 8,784 9,979 8,379 7,798 8,186 9,381 Grand total ............................................................................. 3,363,444 4,679,187 3,541,931 3,076,050 3,336,971 5,041,526 Caribbean: Asia: Other countries: 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. March 2012 CAPITAL MOVEMENTS 82 TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 2011 2010 2009 Dec. Sept. Dec. Belgium .................................................................... 15,638 18,842 13,449 France ...................................................................... 164,934 224,928 Germany................................................................... 216,416 305,392 Ireland ...................................................................... 281,432 351,467 Mar. r June Sept. p 11,508 12,271 17,361 180,511 161,349 169,253 256,905 220,547 193,489 206,070 314,849 268,319 226,655 264,454 376,667 Europe: Italy ........................................................................... 10,546 10,804 8,392 7,492 7,353 10,233 Netherlands .............................................................. 16,622 20,837 15,457 13,840 14,348 19,158 Switzerland ............................................................... 54,305 100,589 87,746 79,166 88,198 116,851 United Kingdom........................................................ 2,386,455 3,330,615 2,503,208 2,168,229 2,367,739 3,623,295 All other Europe ....................................................... 35,827 51,641 37,176 34,001 35,583 55,685 Total Europe......................................................... 3,182,175 4,415,115 3,334,805 2,895,729 3,165,269 4,791,004 Memo: Euro Area ................................................... 726,892 966,650 731,174 635,565 696,740 1,033,385 1 Memo: European Union ......................................... 3,121,726 4,309,146 3,242,593 2,813,137 3,073,638 4,670,079 Canada ......................................................................... 44,255 56,365 46,349 47,533 46,459 67,638 Total Latin America ...................................................... 10,714 13,588 11,961 10,693 10,302 13,859 Cayman Islands ....................................................... 62,945 64,962 60,329 48,187 45,184 63,397 All other Caribbean .................................................. 13,687 17,541 14,472 14,550 12,917 16,548 Total Caribbean.................................................... 76,632 82,503 74,801 62,737 58,101 79,945 Japan........................................................................ 91,422 122,724 104,198 96,511 104,190 125,742 All other Asia ............................................................ 35,400 43,193 35,925 30,988 29,527 38,754 Total Asia ............................................................. 126,822 165,917 140,123 127,499 133,717 164,496 Total Africa ................................................................... 17,127 25,235 20,988 19,513 20,490 28,528 Australia ................................................................... 27,467 19,548 18,704 17,318 18,683 21,070 All other .................................................................... 1,075 1,877 1,049 1,023 1,125 1,400 Total other countries ............................................ 28,542 21,425 19,753 18,341 19,808 22,470 2 Caribbean: Asia: Other countries: Total foreign countries ..................................... 3,486,267 4,780,148 3,648,780 3,182,045 3,454,146 5,167,940 Total international and regional organizations ............. 3,513 3,551 3,532 3,235 3,348 3,563 Grand total ........................................................... 3,489,779 4,783,698 3,652,313 3,185,281 3,457,494 5,171,503 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. March 2012 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. CAPITAL MOVEMENTS 83 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] 2010 Type of Derivatives Contract 2011 2010 Total July - Sept. Oct. - Dec. Jan. - Mar. r Apr. - June July - Sept. p Total over-the-counter (OTC) contracts ............................................... 14,531 -9,307 -360 943 6,409 -1,155 Single-currency interest rate contracts ............................................ 9,423 4,939 6,537 -191 -1,478 -6,250 Foreign exchange contracts............................................................. -12,798 -19,269 -8,373 -895 4,591 412 Other contracts................................................................................. 17,906 5,023 1,476 2,029 3,296 4,683 Total exchange-traded contracts ......................................................... -455 -2,586 197 1,984 1,010 -2,794 Own contracts on foreign exchanges .............................................. 6,225 1,754 1,527 2,891 2,526 1,964 U.S. customers’ contracts on foreign exchanges ............................ 5,637 1,053 3,624 1,133 -584 -2,669 Foreign counterparty contacts on U.S. exchanges ......................... -12,317 -5,393 -4,954 -2,040 -932 -2,089 Total net cash settlements from foreigners ......................................... 14,076 -11,893 -163 2,927 7,419 -3,949 -1,816 -710 218 2,181 -215 -1,676 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 2012 CAPITAL MOVEMENTS 84 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] 2010 2011 Country 2010 Total July - Sept. Oct. - Dec. Jan. - Mar. r Apr. - June July - Sept. p Belgium ................................................................................. 3,046 759 646 147 -128 108 France................................................................................... 887 -1,146 1,448 -3,723 703 -3,168 Europe: Germany ............................................................................... 6,911 1,417 39 -223 203 -1,896 Ireland ................................................................................... -2,314 571 -861 -133 -505 2,398 Italy ....................................................................................... -802 301 -208 -603 -476 -743 Netherlands .......................................................................... 1,436 -234 662 -78 567 443 Switzerland ........................................................................... 4,863 -1,327 -27 272 -59 -1,163 United Kingdom .................................................................... 6,047 -12,516 577 7,015 1,684 -3,823 All other Europe .................................................................... 1,742 -1,257 1,273 -988 -1,412 1,286 Total Europe ..................................................................... 21,816 -13,432 3,549 1,686 577 -6,558 Memo: Euro area 1 ............................................................... 9,825 760 2,118 -5,537 -867 -2,486 Memo: European Union ..................................................... 14,819 -12,444 2,972 1,139 589 -5,868 Canada ..................................................................................... -5,060 -1,162 -674 -1,267 1,275 -259 Total Latin America................................................................... -1,957 -830 -659 -321 1,076 2,407 Cayman Islands .................................................................... 5,801 4,314 -2,377 344 2,775 -2,529 All other Caribbean ............................................................... 40 937 -17 2,819 1,792 158 Total Caribbean ................................................................ 5,841 5,251 -2,394 3,163 4,567 -2,371 Japan .................................................................................... -7,829 -2,542 -1,338 -1,064 -1,810 372 All other Asia ........................................................................ 3,748 1,629 1,414 658 182 2,010 Total Asia .......................................................................... -4,081 -913 76 -406 -1,628 2,382 Total Africa ............................................................................... 119 -233 -60 210 666 586 Australia ................................................................................ -2,117 -371 65 135 936 265 All other................................................................................. 255 -47 179 -59 121 -86 Total other countries ......................................................... -1,862 -418 244 76 1,057 179 2 Caribbean: Asia: Other countries: Total foreign countries .................................................. 14,816 -11,737 82 3,141 7,590 -3,634 Total international and regional organizations ......................... -739 -155 -245 -214 -172 -315 Grand total ........................................................................ 14,076 -11,893 -163 2,927 7,419 -3,949 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. March 2012 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 85 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 reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. The information in the tables referenced above is based on the reports referenced in this Introduction: Foreign Currency Positions and is not audited by the Federal Reserve banks or the Treasury Department. 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 2012 FOREIGN CURRENCY POSITIONS 86 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 07/06/2011 ............................................................. 811,499 824,398 n.a. 0.9656 07/13/2011 ............................................................. 807,136 818,964 n.a. 0.9582 07/20/2011 ............................................................. 808,832 820,460 n.a. 0.9479 07/27/2011 ............................................................. 833,054 845,139 n.a. 0.9474 08/03/2011 ............................................................. 877,389 889,805 n.a. 0.9632 08/10/2011 ............................................................. 903,362 918,714 n.a. 0.9909 08/17/2011 ............................................................. 847,341 865,860 n.a. 0.9818 08/24/2011 ............................................................. 873,876 888,743 280 0.9878 08/31/2011 ............................................................. 909,731 925,753 307 0.9783 09/07/2011 ............................................................. 905,007 920,196 -205 0.9882 09/14/2011 ............................................................. 931,983 945,158 -67 0.9913 09/21/2011 ............................................................. 859,483 868,974 14 0.9985 09/28/2011 ............................................................. 860,791 868,137 497 1.0226 10/05/2011 ............................................................. 865,376 877,482 n.a. 1.0448 10/12/2011 ............................................................. 878,239 889,033 n.a. 1.0163 10/19/2011 ............................................................. 862,496 873,390 362 1.0136 10/26/2011 ............................................................. 889,436 900,304 363 1.0100 11/02/2011 ............................................................. 891,660 902,873 n.a. 1.0125 11/09/2011 ............................................................. 893,871 895,784 538 1.0176 11/16/2011 ............................................................. 863,215 872,413 n.a. 1.0205 11/23/2011 ............................................................. 835,391 847,205 n.a. 1.0479 11/30/2011 ............................................................. 902,895 907,406 n.a. 1.0199 12/07/2011 ............................................................. 882,779 887,358 -37 1.0106 12/14/2011 ............................................................. 912,736 916,618 n.a. 1.0403 12/21/2011 ............................................................. 809,093 816,854 405 1.0286 12/28/2011 ............................................................. 771,427 778,784 n.a. 1.0232 March 2012 FOREIGN CURRENCY POSITIONS 87 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Options positions Puts Calls Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2009 - Dec ................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461 2010 - Dec ................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948 2011 - Jan ................... 839,224 849,651 163,411 137,287 45,062 44,953 43,018 38,265 n.a. 1.0020 Feb .................. 891,321 897,362 162,749 143,360 45,890 45,770 42,021 36,930 n.a. 0.9737 Mar .................. 834,107 840,681 167,154 140,089 44,230 45,748 44,338 36,653 n.a. 0.9717 Apr ................... 873,357 886,224 166,148 142,424 43,817 42,839 41,009 37,043 n.a. 0.9486 May.................. 913,962 918,863 165,624 143,274 43,774 47,303 45,774 37,562 n.a. 0.9688 June................. 828,475 840,096 164,719 139,075 40,463 45,666 46,243 37,104 n.a. 0.9642 July .................. 867,361 879,472 164,407 140,453 43,344 46,569 46,783 39,517 -34 0.9539 Aug .................. 916,430 930,639 169,515 145,433 54,065 54,858 50,763 45,102 212 0.9783 Sept ................. 881,629 889,061 174,232 156,830 42,957 45,972 51,010 47,312 547 1.0389 Oct ................... 884,168 892,879 174,311 160,432 45,215 47,048 52,693 46,377 405 0.9932 Nov .................. 887,296 889,589 169,972 157,015 41,042 46,747 50,719 42,976 n.a. 1.0199 Dec .................. 782,031 788,805 157,869 146,892 33,077 35,638 40,751 36,810 -72 1.0168 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Written (8) Net delta equivalent (9) 743 1,846 n.a. n.a. 1.2240 185 381 1,261 861 n.a. 1.2606 43,860 n.a. 196 n.a. 325 -78 1.1626 Options positions Puts Calls Bought (5) Written (6) 67,230 n.a. 85,319 62,047 66,859 Purchased (1) Sold (2) 2008 - Dec ................... 14,969 27,815 110,044 2009 - Mar ................... 8,282 19,513 June ................. 12,824 18,576 Report date Bought (7) Exchange rate (Canadian dollars per U.S. dollar) (10) Foreign currency denominated Assets (3) Liabilities (4) Sept .................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719 Dec ................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461 2010 - Mar ................... 23,334 23,789 80,369 44,359 2,063 n.a. n.a. n.a. 322 1.0156 June ................. 15,386 23,016 79,466 45,200 n.a. n.a. 789 n.a. 59 1.0606 Sept .................. 15,842 26,139 82,418 46,599 378 163 941 n.a. 2 1.0293 Dec ................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948 2011 - Mar ................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717 June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642 Sept .................. 17,082 30,990 87,268 41,908 375 404 n.a. 471 118 1.0389 March 2012 FOREIGN CURRENCY POSITIONS 88 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 07/06/2011 .............................................................. 331,005 335,470 n.a. 80.90 07/13/2011 .............................................................. 357,622 361,085 n.a. 78.99 07/20/2011 .............................................................. 348,398 351,732 n.a. 78.76 07/27/2011 .............................................................. 349,135 352,157 1,332 77.99 08/03/2011 .............................................................. 354,042 357,011 n.a. 76.87 08/10/2011 .............................................................. 368,510 371,256 n.a. 76.41 08/17/2011 .............................................................. 353,530 357,027 n.a. 76.46 08/24/2011 .............................................................. 360,622 364,139 n.a. 76.78 08/31/2011 .............................................................. 365,612 369,561 n.a. 76.50 09/07/2011 .............................................................. 373,457 377,782 n.a. 77.39 09/14/2011 .............................................................. 372,946 376,652 n.a. 76.71 09/21/2011 .............................................................. 358,555 361,937 n.a. 76.38 09/28/2011 .............................................................. 360,622 363,625 n.a. 76.51 10/05/2011 .............................................................. 351,706 354,976 n.a. 76.86 10/12/2011 .............................................................. 350,518 354,698 n.a. 77.30 10/19/2011 .............................................................. 346,467 351,807 n.a. 76.79 10/26/2011 .............................................................. 352,754 358,447 n.a. 76.05 11/02/2011 .............................................................. 365,036 371,527 n.a. 78.04 11/09/2011 .............................................................. 355,474 361,511 n.a. 77.77 11/16/2011 .............................................................. 363,409 369,707 583 77.02 11/23/2011 .............................................................. 347,264 353,053 n.a. 77.41 11/30/2011 .............................................................. 364,604 369,640 n.a. 77.58 12/07/2011 .............................................................. 353,771 359,706 n.a. 77.69 12/14/2011 .............................................................. 360,689 366,825 n.a. 78.08 12/21/2011 .............................................................. 347,731 353,980 n.a. 78.00 12/28/2011 .............................................................. 340,187 346,186 n.a. 77.98 Spot, forward and future contracts Report date March 2012 FOREIGN CURRENCY POSITIONS 89 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2009 - Dec .................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08 2010 - Dec .................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11 2011 - Jan .................. 369,241 375,012 54,370 48,195 38,554 37,365 62,482 64,274 n.a. 81.97 Feb ................. 366,487 371,904 54,579 49,051 39,954 37,954 63,822 66,818 n.a. 81.94 Mar ................. 369,726 374,751 54,078 49,034 41,398 40,475 67,997 71,517 n.a. 82.76 Apr .................. 363,251 372,086 56,134 49,299 41,763 39,964 67,481 71,339 n.a. 81.31 May................. 361,158 365,701 53,929 47,302 40,812 39,011 65,677 69,182 1,812 81.29 June................ 361,137 364,632 52,628 46,265 39,309 38,574 63,651 65,867 n.a. 80.64 July ................. 368,456 371,468 51,957 47,569 40,436 38,621 62,548 66,829 n.a. 77.18 Aug ................. 392,835 396,342 63,857 57,141 38,830 37,028 61,617 65,739 n.a. 76.50 Sept ................ 382,995 385,210 58,889 52,365 37,059 37,116 58,490 61,129 n.a. 77.04 Oct .................. 403,827 407,957 56,816 50,698 38,206 38,088 59,995 61,063 n.a. 77.97 Nov ................. 390,303 394,615 58,880 51,370 37,379 37,404 58,236 60,183 n.a. 77.58 Dec ................. 367,464 372,224 60,602 53,562 35,198 35,193 56,040 57,701 n.a. 76.98 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) 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) 2008 - Dec ................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 2009 - Mar ................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15 June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42 Sept .................. 3,099 4,231 5,633 2,209 n.a. 401 964 321 n.a. 89.49 Dec ................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08 2010 - Mar ................... 3,023 5,651 6,454 2,294 142 285 961 417 -66 93.40 June ................. 3,442 4,142 5,657 2,687 135 292 919 594 50 88.49 Sept .................. 2,937 3,644 5,897 2,804 54 253 558 274 n.a. 83.53 Dec ................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11 2011 - Mar ................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76 June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64 Sept .................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04 March 2012 FOREIGN CURRENCY POSITIONS 90 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 07/06/2011 .............................................................. 917,123 910,775 n.a. 0.8393 07/13/2011 .............................................................. 971,951 964,297 2,616 0.8213 07/20/2011 .............................................................. 929,706 922,506 n.a. 0.8204 07/27/2011 .............................................................. 932,449 926,276 1,810 0.8023 08/03/2011 .............................................................. 1,040,221 1,033,111 2,333 0.7660 08/10/2011 .............................................................. 1,092,784 1,112,812 2,184 0.7296 08/17/2011 .............................................................. 1,035,529 1,065,497 1,287 0.7891 08/24/2011 .............................................................. 974,951 1,011,043 1,526 0.7950 08/31/2011 .............................................................. 1,037,588 1,071,322 1,705 0.8038 09/07/2011 .............................................................. 1,109,046 1,143,739 899 0.8599 09/14/2011 .............................................................. 1,050,458 1,085,818 1,253 0.8772 09/21/2011 .............................................................. 1,002,393 1,032,145 1,432 0.8932 09/28/2011 .............................................................. 1,006,738 1,022,674 612 0.8955 10/05/2011 .............................................................. 954,666 984,993 504 0.9228 10/12/2011 .............................................................. 925,156 955,151 10 0.8944 10/19/2011 .............................................................. 903,058 933,080 318 0.9022 10/26/2011 .............................................................. 913,482 942,770 148 0.8841 11/02/2011 .............................................................. 924,091 955,919 -339 0.8808 11/09/2011 .............................................................. 933,239 963,519 74 0.9060 11/16/2011 .............................................................. 928,340 962,105 n.a. 0.9169 11/23/2011 .............................................................. 890,605 920,875 n.a. 0.9202 11/30/2011 .............................................................. 935,354 964,559 -286 0.9106 12/07/2011 .............................................................. 925,786 948,963 n.a. 0.9251 12/14/2011 .............................................................. 952,563 975,028 n.a. 0.9530 12/21/2011 .............................................................. 923,557 954,228 n.a. 0.9378 12/28/2011 .............................................................. 875,456 910,235 n.a. 0.9430 March 2012 FOREIGN CURRENCY POSITIONS 91 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date 2009 - Dec ................... Foreign currency denominated Assets Liabilities (4) (3) Spot, forward and future contracts Purchased Sold (1) (2) 740,722 741,622 Options positions Puts Written Bought Written (6) (7) (8) Calls Bought (5) 65,758 62,901 91,492 93,507 108,091 102,644 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 1,914 1.0358 2010 - Dec ................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341 2011 - Jan ................... 1,032,244 1,029,774 78,578 70,627 145,540 133,181 152,008 164,044 1,471 0.9402 Feb .................. 1,130,398 1,126,457 78,083 69,224 148,595 141,507 175,342 177,972 1,516 0.9305 Mar .................. 1,060,907 1,055,365 74,193 67,685 152,733 134,367 165,556 178,921 1,805 0.9157 Apr ................... 1,016,605 1,011,988 74,761 69,758 139,916 141,346 162,404 159,970 1,143 0.8666 May.................. 1,041,220 1,031,358 76,137 71,576 146,509 139,393 158,403 161,959 4,475 0.8525 June................. 1,003,191 996,266 73,306 67,147 146,905 146,792 171,506 167,705 1,962 0.8413 July .................. 1,019,760 1,012,367 72,751 68,813 148,585 152,688 175,603 168,928 1,899 0.7881 Aug .................. 1,088,167 1,121,207 153,557 124,479 161,421 164,507 191,397 183,354 1,494 0.8038 Sept ................. 1,013,152 1,042,198 150,042 109,280 159,294 168,840 196,205 183,503 n.a. 0.9048 Oct ................... 958,579 981,344 148,792 110,490 153,945 158,690 185,198 172,528 -1,192 0.8706 Nov .................. 966,583 995,690 155,758 112,695 145,216 163,435 183,431 169,889 -284 0.9106 Dec .................. 883,902 913,795 127,394 93,416 135,380 133,882 160,846 153,679 -41 0.9374 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (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) 2008 - Dec ................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673 2009 - Mar ................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395 June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867 Sept .................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375 Dec ................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358 2010 - Mar ................... 8,065 15,848 44,441 8,074 n.a. n.a. 539 n.a. n.a. 1.0528 June ................. 8,291 14,611 50,611 6,919 n.a. n.a. 545 n.a. -56 1.0774 Sept .................. 9,471 14,753 51,571 7,029 428 280 241 n.a. -24 0.9808 Dec ................... 9,513 14,149 52,189 10,966 233 n.a. 256 n.a. -27 0.9341 2011 - Mar ................... 10,382 15,792 49,574 8,475 47 n.a. 1,796 n.a. n.a. 0.9157 June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413 Sept .................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048 March 2012 FOREIGN CURRENCY POSITIONS 92 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 07/06/2011 .............................................................. 1,367,106 1,403,245 n.a. 1.5998 07/13/2011 .............................................................. 1,431,979 1,471,082 n.a. 1.6111 07/20/2011 .............................................................. 1,372,206 1,413,878 n.a. 1.6139 07/27/2011 .............................................................. 1,449,345 1,488,036 n.a. 1.6357 08/03/2011 .............................................................. 1,374,537 1,413,815 n.a. 1.6406 08/10/2011 .............................................................. 1,401,437 1,459,465 149 1.6169 08/17/2011 .............................................................. 1,398,435 1,441,942 669 1.6591 08/24/2011 .............................................................. 1,405,181 1,451,219 -97 1.6375 08/31/2011 .............................................................. 1,444,533 1,494,642 150 1.6269 09/07/2011 .............................................................. 1,494,611 1,545,512 n.a. 1.5948 09/14/2011 .............................................................. 1,584,776 1,630,446 n.a. 1.5773 09/21/2011 .............................................................. 1,481,035 1,515,833 n.a. 1.5619 09/28/2011 .............................................................. 1,530,317 1,565,574 163 1.5648 10/05/2011 .............................................................. 1,455,236 1,489,173 n.a. 1.5436 10/12/2011 .............................................................. 1,436,071 1,472,407 984 1.5757 10/19/2011 .............................................................. 1,412,327 1,446,058 912 1.5799 10/26/2011 .............................................................. 1,437,652 1,470,339 n.a. 1.5905 11/02/2011 .............................................................. 1,484,926 1,521,860 1,042 1.5974 11/09/2011 .............................................................. 1,465,565 1,503,241 n.a. 1.5958 11/16/2011 .............................................................. 1,463,760 1,503,350 717 1.5770 11/23/2011 .............................................................. 1,429,013 1,467,818 n.a. 1.5511 11/30/2011 .............................................................. 1,497,245 1,526,875 n.a. 1.5705 12/07/2011 .............................................................. 1,509,956 1,560,516 525 1.5691 12/14/2011 .............................................................. 1,534,122 1,585,458 n.a. 1.5445 12/21/2011 .............................................................. 1,397,913 1,447,608 n.a. 1.5680 12/28/2011 .............................................................. 1,329,508 1,381,662 n.a. 1.5478 March 2012 FOREIGN CURRENCY POSITIONS 93 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date 2009 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 1,394 1.6167 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 2010 - Dec ................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598 2011 - Jan ................... 1,344,444 1,383,868 493,020 369,437 66,798 65,657 71,623 73,613 1,498 1.6042 Feb .................. 1,382,412 1,414,628 497,872 377,422 65,621 63,752 67,924 67,228 1,651 1.6247 Mar .................. 1,416,582 1,446,722 507,323 388,262 66,305 62,073 71,964 69,966 966 1.6048 Apr ................... 1,418,541 1,466,955 497,787 374,121 62,937 60,146 73,510 70,313 1,793 1.6691 May.................. 1,471,934 1,501,785 519,315 397,294 62,998 62,051 71,881 68,509 n.a. 1.6439 June................. 1,440,512 1,479,670 509,947 390,895 59,017 58,493 70,376 65,380 743 1.6067 July .................. 1,402,739 1,443,910 523,799 409,012 57,902 57,365 65,546 64,816 n.a. 1.6455 Aug .................. 1,472,736 1,522,454 576,228 450,627 57,793 59,820 65,855 67,778 n.a. 1.6269 Sept ................. 1,518,676 1,557,354 652,916 502,697 60,079 72,488 76,099 74,247 -251 1.5624 Oct ................... 1,478,071 1,512,561 620,870 495,874 59,919 66,053 72,563 71,785 -468 1.6141 Nov .................. 1,515,496 1,549,427 612,191 501,632 60,932 64,001 74,484 70,960 n.a. 1.5705 Dec .................. 1,372,512 1,430,202 602,048 490,698 53,956 52,416 60,517 60,664 n.a. 1.5537 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2008 - Dec ................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619 2009 - Mar ................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300 June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452 Sept .................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004 Dec ................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167 2010 - Mar ................... 7,995 11,820 92,208 39,848 418 570 1,202 427 n.a. 1.5186 June ................. 9,265 12,251 90,043 41,445 1,277 n.a. 1,391 388 70 1.4947 Sept .................. 12,267 17,703 75,127 36,290 695 n.a. 2,659 n.a. n.a. 1.5731 Dec ................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a. 1.5598 2011 - Mar ................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. -106 1.6048 June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067 Sept .................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624 March 2012 FOREIGN CURRENCY POSITIONS 94 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Sold Purchased (1) (2) Net options positions (3) Exchange rate (4) 07/06/2011 ............................................................ 19,752,197 19,707,846 n.a. - 07/13/2011 ............................................................ 20,743,510 20,634,569 n.a. - 07/20/2011 ............................................................ 20,097,050 20,034,840 n.a. - 07/27/2011 ............................................................ 20,671,940 20,608,863 13,918 - 08/03/2011 ............................................................ 20,619,153 20,546,269 19,280 - 08/10/2011 ............................................................ 21,750,498 21,626,263 15,407 - 08/17/2011 ............................................................ 21,177,116 21,011,109 11,027 - 08/24/2011 ............................................................ 21,256,626 21,087,449 11,562 - 08/31/2011 ............................................................ 21,685,346 21,510,856 9,868 - 09/07/2011 ............................................................ 21,987,449 21,805,232 13,026 - 09/14/2011 ............................................................ 22,513,047 22,344,619 15,434 - 09/21/2011 ............................................................ 21,258,299 21,095,113 14,441 - 09/28/2011 ............................................................ 21,580,447 21,406,805 9,305 - 10/05/2011 ............................................................ 21,046,096 20,850,586 4,145 - 10/12/2011 ............................................................ 20,829,683 20,599,984 4,458 - 10/19/2011 ............................................................ 20,575,688 20,407,854 1,671 - 10/26/2011 ............................................................ 20,868,602 20,702,993 5,422 - 11/02/2011 ............................................................ 21,234,962 21,043,255 2,399 - 11/09/2011 ............................................................ 20,783,065 20,592,657 5,310 - 11/16/2011 ............................................................ 20,865,770 20,619,438 -2,257 - 11/23/2011 ............................................................ 20,662,211 20,406,588 7,416 - 11/30/2011 ............................................................ 21,662,155 21,388,599 2,912 - 12/07/2011 ............................................................ 21,093,148 20,797,633 134 - 12/14/2011 ............................................................ 21,509,000 21,260,488 -255 - 12/21/2011 ............................................................ 20,025,183 19,769,397 -4,469 - 12/28/2011 ............................................................ 19,150,100 18,959,156 -6,314 - March 2012 FOREIGN CURRENCY POSITIONS 95 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2009 - Dec .............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 - 2010 - Dec .............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 - 2011 - Jan .............. 19,555,804 19,638,055 - - 1,874,769 1,860,116 1,967,888 2,036,556 29,875 - Feb ............. 19,923,918 19,962,720 - - 1,868,670 1,849,664 1,962,288 2,015,708 19,695 - Mar ............. 20,170,893 20,192,501 - - 1,971,336 1,950,442 2,054,684 2,076,441 10,283 - Apr .............. 20,680,050 20,527,327 - - 2,010,863 2,005,299 2,154,387 2,174,983 19,105 - May............. 21,395,847 21,361,316 - - 1,990,164 1,964,412 2,110,776 2,062,283 23,106 - June............ 21,054,545 20,971,115 - - 2,026,341 2,044,518 2,167,547 2,090,157 n.a. - July ............. 21,276,711 21,278,776 - - 2,054,101 2,079,211 2,194,316 2,143,085 12,052 - Aug ............. 22,504,064 22,412,968 - - 2,127,846 2,172,416 2,304,090 2,250,918 17,098 - Sept ............ 21,970,665 21,835,877 - - 2,304,325 2,244,332 2,294,158 2,349,665 13,820 - Oct .............. 21,948,236 21,540,550 - - 2,226,019 2,190,085 2,337,588 2,275,752 3,992 - Nov ............. 22,359,300 22,092,405 - - 2,222,985 2,071,598 2,287,710 2,244,419 3,031 - Dec ............. 19,821,780 19,647,322 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 - TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Calls Bought (5) Written (6) Options positions Puts Written Bought (7) (8) Net delta equivalent (9) Exchange rate (10) 2008 - Dec ................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a. 2009 - Mar ................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a. June ................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a. Sept .................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a. Dec ................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a. 2010 - Mar ................... 266,851 214,778 - - 26,305 15,869 12,439 11,812 1,690 n.a. June ................. 288,216 218,072 - - 23,353 20,732 11,872 12,702 -361 n.a. Sept .................. 262,899 236,595 - - 20,297 17,238 17,441 15,217 -1,748 n.a. Dec ................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a. 2011 - Mar ................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a. June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a. Sept .................. 307,249 258,703 - - 25,246 16,710 41,329 26,316 -598 n.a. March 2012 FOREIGN CURRENCY POSITIONS 96 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 07/06/2011 ......................................................................... 5,491,377 5,508,411 n.a. 0.6979 07/13/2011 ......................................................................... 6,019,064 6,040,039 n.a. 0.7059 07/20/2011 ......................................................................... 5,564,133 5,582,256 n.a. 0.7048 07/27/2011 ......................................................................... 5,648,060 5,666,228 n.a. 0.6957 08/03/2011 ......................................................................... 5,684,893 5,712,444 1,201 0.6983 08/10/2011 ......................................................................... 5,937,476 5,974,111 -1,967 0.7046 08/17/2011 ......................................................................... 5,696,437 5,738,717 -2,407 0.6927 08/24/2011 ......................................................................... 5,614,517 5,653,618 -2,828 0.6944 08/31/2011 ......................................................................... 5,671,776 5,700,672 -4,231 0.6942 09/07/2011 ......................................................................... 5,943,979 5,973,981 -4,527 0.7113 09/14/2011 ......................................................................... 6,196,696 6,237,376 -3,059 0.7294 09/21/2011 ......................................................................... 5,774,405 5,819,783 -3,240 0.7287 09/28/2011 ......................................................................... 5,908,180 5,955,603 n.a. 0.7338 10/05/2011 ......................................................................... 5,839,591 5,900,927 n.a. 0.7503 10/12/2011 ......................................................................... 5,734,424 5,793,487 n.a. 0.7244 10/19/2011 ......................................................................... 5,650,488 5,760,303 n.a. 0.7260 10/26/2011 ......................................................................... 5,699,491 5,804,100 -2,022 0.7227 11/02/2011 ......................................................................... 5,850,904 5,954,104 -1,590 0.7245 11/09/2011 ......................................................................... 5,838,864 5,944,688 -762 0.7355 11/16/2011 ......................................................................... 5,907,093 5,999,988 -2,394 0.7405 11/23/2011 ......................................................................... 5,803,615 5,837,578 n.a. 0.7492 11/30/2011 ......................................................................... 6,123,487 6,142,451 n.a. 0.7433 12/07/2011 ......................................................................... 5,934,998 5,975,958 -3,550 0.7471 12/14/2011 ......................................................................... 6,159,385 6,193,446 -3,886 0.7709 12/21/2011 ......................................................................... 5,647,501 5,694,304 n.a. 0.7669 12/28/2011 ......................................................................... 5,460,790 5,494,020 n.a. 0.7736 March 2012 FOREIGN CURRENCY POSITIONS 97 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2009 - Dec ................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977 2010 - Dec ................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467 2011 - Jan ................... 5,351,312 5,313,558 1,768,796 1,679,054 389,947 437,743 497,626 457,867 n.a. 0.7291 Feb .................. 5,340,368 5,310,279 1,799,073 1,718,262 363,344 427,166 474,691 411,831 4,508 0.7250 Mar .................. 5,446,089 5,412,608 1,754,428 1,655,996 368,489 433,364 484,030 419,108 n.a. 0.7051 Apr ................... 5,385,977 5,415,338 1,814,515 1,700,930 362,693 416,667 463,949 414,840 92 0.6747 May.................. 5,810,431 5,817,228 1,951,486 1,836,564 374,449 429,970 498,545 445,129 n.a. 0.6956 June................. 5,775,646 5,799,361 1,858,200 1,737,432 390,620 444,788 531,884 483,424 n.a. 0.6886 July .................. 5,776,402 5,798,951 1,844,572 1,730,812 399,693 467,598 518,002 496,400 -1,040 0.6950 Aug .................. 5,794,129 5,821,358 2,206,418 2,066,827 415,628 490,596 554,298 543,078 -5,297 0.6942 Sept ................. 5,872,810 5,931,490 2,273,978 2,131,458 426,021 620,189 687,023 622,557 n.a. 0.7436 Oct ................... 5,937,294 5,961,858 2,262,983 2,126,490 424,122 525,463 616,830 574,892 -4,437 0.7170 Nov .................. 6,214,820 6,237,226 2,242,748 2,102,286 427,269 510,874 678,262 602,623 n.a. 0.7433 Dec .................. 5,551,011 5,594,711 2,168,550 2,075,633 380,524 430,827 565,230 521,678 -8,026 0.7708 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 2008 - Dec ................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184 2009 - Mar ................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541 June ................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133 Sept. ................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835 Dec ................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977 2010 - Mar ................... 51,802 76,415 234,770 120,877 5,079 3,219 11,669 6,053 -2,245 0.7393 June ................. 62,540 98,644 250,029 129,267 6,650 2,309 11,961 10,324 -875 0.8136 Sept .................. 65,135 69,731 235,094 123,160 11,214 4,215 5,996 7,070 931 0.7352 Dec ................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,871 -115 0.7467 2011 - Mar ................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051 June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886 Sept .................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436 March 2012 98 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, 2011, and September 30, 2011 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] June 30, 2011 July 1, 2011, through Sept. 30, 2011 22,749,626 57,234,202 -28,422 -1,358,901 22,721,204 55,875,301 15,292,225 11,495,381 172,540 -1,074,804 544,521 -22,821 14,217,421 12,039,902 149,719 Total assets.......................................................................... 106,943,974 -1,940,427 105,003,547 Liabilities and capital Current liabilities: Accounts payable................................................................. 50,745 -15,288 35,457 Total current liabilities ...................................................... 50,745 -15,288 35,457 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 56,520,981 - -1,371,308 - 5,200,000 55,149,673 - Total other liabilities ......................................................... 61,720,981 -1,371,308 60,349,673 Capital: Capital account .................................................................... Net income (+) or loss (-) (see Table ESF-2) ...................... 200,000 1,639,484 -553,831 200,000 1,085,653 Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance ................................................................... U.S. Government securities ............................................. Government Sponsored Enterprises (GSE) Securities ... Special drawing rights 1 ........................................................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable ................................................................. Sept. 30, 2011 Total capital...................................................................... 45,172,248 -553,831 44,618,417 Total liabilities and capital ............................................ 106,943,974 -1,940,427 105,003,547 See footnote on the following page. March 2012 EXCHANGE STABILIZATION FUND 99 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, 2011, through September 30, 2011 Fiscal year to date Oct. 1, 2010, through Sept. 30, 2011 Foreign exchange ........................................................................ -604,601 777,868 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. -18,026 37,727 SDRs ............................................................................................ 508 5,304 U.S. Government securities ......................................................... 1,106 14,287 GSE Securities............................................................................. - - Foreign exchange ........................................................................ 67,182 250,467 Insurance premiums .................................................................... - - Commissions ............................................................................... - - Income from operations ............................................................... -553,831 1,085,653 Net income (+) or loss (-) ............................................................. -553,831 1,085,653 Income and expense Profit (+) or loss (-) on: 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 2012 Financial Report of the United States Government Excerpt Trust Funds 103 INTRODUCTION: Financial Report of the United States Government The following pages are excerpted from the 2011 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 2012 104 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Financial Statements of the United States Government for the Years Ended September 30, 2011, and September 30, 2010 Statements of Net Cost These statements present the net cost of fiscal years 2011 and 2010 Government 1 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 and earned revenues are categorized on the Statement of Net Cost by significant entity, providing greater accountability by showing the relationship of the agencies’ net cost to the Governmentwide net cost. Costs and earned revenues are presented in this report by department on an accrual basis, while the budget presents costs and revenues by obligations and receipts, generally on a cash basis. 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 controls of the Government. These statements contain the following four components: Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions. 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. (Gain)/loss from changes in assumptions—is the loss or gain from changes in long-term assumptions used to measure the liabilities reported for Federal civilian and military employee pensions, other postemployment benefits and other retirement benefits, including veterans’ compensation. Net cost—is computed by subtracting earned revenue from gross cost, plus/minus the (gain)/loss from changes in assumptions. 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 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, if applicable. 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 involved, 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 operations for earmarked funds. 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 present 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 U.S. Government. March 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 105 Revenue Individual income tax and tax withholdings include Federal Insurance Contributions Act (FICA)/SelfEmployment Contributions Act (SECA) taxes and other 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 also are characterized as non-exchange revenue. Other taxes and receipts include Federal Reserve banks (FRBs) earnings, tax related fines, penalties and interest, and railroad retirement taxes. Miscellaneous earned revenues consist of earned revenues received from the public with virtually no associated cost. These revenues include 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. See Note 24—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 14—Federal Debt Securities Held by the Public and Accrued Interest, 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 (gross cost [including (gains)/losses from changes in assumptions] 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 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 approximately 76 percent and 80 percent, respectively, of its funding from the General Fund. 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, timing differences, and General Fund transactions in the consolidated financial statements. See Note 1.T—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 due to corrections of errors or changes in accounting principles. See Note 1.B—Basis of Accounting and Revenue Recognition and Note 21—Prior Period Adjustments for detailed information. March 2012 106 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 separately shown. 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. The premise of the reconciliation is that the accrual and budgetary accounting bases share transaction data. Receipts and outlays in the budget are measured primarily on a cash basis and differ from the accrual basis of accounting used in the Financial Report. Refer to Note 1.B—Basis of Accounting and Revenue Recognition for details. 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 differ. 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 which are recorded as outlays in the budget when purchased, and reflected in net operating cost through depreciation expense over the useful life of the asset and increases in other assets that are not included in the operating results. 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 2011 and 2010) were financed. A budget deficit is the result of outlays (expenditures) exceeding receipts (revenue) during a particular fiscal year. The budget deficit is financed through borrowings from the public. Other transactions also require cash disbursements and are not part of the deficit. These other transactions, such as the payment of interest on debt held by the public, contributed to the use of cash. The budget deficit also includes certain amounts that are recognized in the budget and will be disbursed in a future period or are adjustments that did not affect the cash balance. These amounts include interest accrued on debt issued by Treasury and held by the public and subsidy March 2012 107 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT expense related to direct and guaranteed loans as well as equity investment activity and did not contribute to the change in the cash balance. These statements show the adjustments for noncash outlays included in the budget and items affecting the cash balance not included in the budget to explain the change in cash and other monetary assets. 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 (PP&E), net; inventories and related property, net; cash and other monetary assets; loans receivable and mortgage-backed securities, net; and Troubled Asset Relief Program (TARP) direct loans and equity investments, net. 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, liabilities to Government-Sponsored Enterprises, and 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 disclosed in the Supplemental Information—Social Insurance section, the fiscal long-term projections of non-interest spending disclosed in the Supplemental Information—Statement of Fiscal Projections for the U.S. Government 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 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 22—Contingencies and Note 23—Commitments. The collection of earmarked taxes and other earmarked revenue is credited to the corresponding Earmarked 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 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 24—Earmarked Funds. That note also contains information about trust fund receipts, disbursements, and assets. Because of its sovereign power to tax and borrow, and the country’s wide economic base, the Government has unique access to financial resources through generating tax revenues and issuing Federal debt securities. This provides the Government with the ability to meet present obligations and those that are anticipated from future operations and are not reflected in net position. March 2012 108 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT Net position is the residual difference between assets and liabilities and is the cumulative results of operations since inception. For detailed components that comprise the net position, refer to the section “Statement of Operations and Changes in Net Position.” Statements of Social Insurance and Changes in Social Insurance Amounts The Statements of Social Insurance provide estimates of the status of the most significant social insurance programs: Social Security, Medicare, Railroad Retirement, and Black Lung social insurance programs, which are administered by the Social Security Administration (SSA), HHS, the Railroad Retirement Board (RRB), and the Department of Labor (DOL), respectively. The estimates are actuarial present values 2 of the projections and are based on the economic and demographic assumptions representing the trustees’ reasonable estimates as set forth in the relevant Social Security and Medicare trustees’ reports and in the agency financial report of HHS and DOL (Black Lung) and in the relevant agency performance and accountability reports for the SSA and RRB. The projections are based on the continuation of program provisions contained in current law. 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. In preparing the Statements of Social Insurance, Government management considers and selects assumptions and data that it believes provide a reasonable basis for the assertions in the statement. However, because of the large number of factors that affect the Statements of Social Insurance and the fact that such assumptions are inherently subject to substantial uncertainty (arising from the likelihood of future events, significant uncertainties, and contingencies), there will be differences between the estimates in the Statements of Social Insurance and the actual results, and those differences may be material. Note 26—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. The Statement of Changes in Social Insurance Amount reconciles the change between the current valuation period and the prior valuation period. 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 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 109 United States Government Statement of Net Cost for the Year Ended September 30, 2011 (In billions of dollars) Department of Health and Human Services ............................................................ Social Security Administration ..................... Department of Defense ............................... Interest on Treasury Securities Held by the Public .................................................. Department of Veterans Affairs ................... Department of Agriculture............................ Department of Labor .................................... Department of the Treasury......................... Department of Transportation...................... Department of Housing and Urban Development ............................................. Department of Education ............................. Department of Homeland Security .............. Department of Energy ................................. Department of Justice .................................. Office of Personnel Management ................. Department of State .................................... Department of the Interior............................ National Aeronautics and Space Administration ........................................... Agency for International Development ........ Railroad Retirement Board .......................... Environmental Protection Agency ............... Federal Communications Commission........ Department of Commerce ........................... National Science Foundation....................... Pension Benefit Guaranty Corporation........ Small Business Administration .................... Smithsonian Institution ................................ U.S. Nuclear Regulatory Commission ......... Farm Credit System Insurance Corporation ............................................... Export-Import Bank of the United States..... General Services Administration ................. Tennessee Valley Authority ......................... Securities and Exchange Commission........ National Credit Union Administration ........... U.S. Postal Service ...................................... Federal Deposit Insurance Corporation ...... All other entities .............................................. (Gain)/Loss from Changes in Assumptions Net Cost Gross Cost Earned Revenue 943.4 782.9 828.7 66.4 0.4 78.0 877.0 782.5 750.7 0.1 (32.0) 877.1 782.5 718.7 250.9 124.3 154.2 132.8 115.2 77.9 4.7 9.4 30.6 0.7 250.9 119.6 144.8 132.8 84.6 77.2 58.9 - 250.9 178.5 144.8 132.8 84.6 77.2 60.8 69.7 58.9 52.5 31.3 43.7 27.0 23.8 1.2 15.0 9.4 7.9 1.3 19.1 3.4 2.7 59.6 54.7 49.5 44.6 30.0 24.6 23.6 21.1 0.4 0.3 0.4 - 59.6 54.7 49.9 44.6 30.0 24.9 24.0 21.1 18.8 12.1 17.0 11.3 9.3 11.3 7.1 12.8 3.6 0.7 1.0 0.1 0.7 5.9 0.5 0.4 2.5 7.4 0.4 0.8 18.7 11.4 11.1 10.8 8.9 8.8 7.1 5.4 3.2 0.7 0.2 - 18.7 11.4 11.1 10.8 8.9 8.8 7.1 5.4 3.2 0.7 0.2 0.6 0.4 11.5 1.1 0.2 56.2 (2.1) 47.4 Total .......................................................... 3,998.3 0.1 0.7 0.6 11.8 1.6 3.1 64.6 13.7 0.5 365.6 Subtotal (0.1) (0.1) (0.2) (0.3) (0.5) (2.9) (8.4) (15.8) 46.9 3,632.7 28.1 (0.1) (0.1) (0.2) (0.3) (0.5) (2.9) (8.4) (15.8) 46.9 3,660.8 The accompanying notes are an integral part of these financial statements. March 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 110 United States Government Statement of Net Cost for the Year Ended September 30, 2010 (Gain)/Loss from Changes in Assumptions Net Cost 857.7 753.9 889.2 (0.1) (58.8) 857.6 753.9 830.4 4.7 6.0 29.4 0.6 214.8 235.5 130.6 179.0 372.9 79.8 101.4 - 214.8 336.9 130.6 179.0 372.9 79.8 56.7 100.8 58.9 28.9 32.7 43.5 24.5 20.7 1.3 11.3 8.9 3.8 1.2 18.0 2.8 2.4 55.4 89.5 50.0 25.1 31.5 25.5 21.7 18.3 5.7 84.1 0.6 - 55.4 89.5 55.7 25.1 31.5 109.6 22.3 18.3 22.1 10.7 14.6 12.7 9.5 16.5 6.9 11.9 5.4 0.8 1.2 0.1 0.2 5.8 0.5 0.5 2.3 8.1 0.4 0.9 22.0 10.5 8.8 12.2 9.0 14.2 6.9 3.8 5.0 0.8 0.3 - 22.0 10.5 8.8 12.2 9.0 14.2 6.9 3.8 5.0 0.8 0.3 0.4 0.6 9.7 1.1 3.2 57.3 16.8 47.3 Total .......................................................... 4,472.3 0.1 0.7 0.6 10.8 1.4 1.1 65.7 16.1 0.7 309.2 (In billions of dollars) Department of Health and Human Services ............................................................ Social Security Administration ..................... Department of Defense ............................... Interest on Treasury Securities Held by the Public .................................................. Department of Veterans Affairs ................... Department of Agriculture............................ Department of Labor .................................... Department of the Treasury......................... Department of Transportation...................... Department of Housing and Urban Development ............................................. Department of Education ............................. Department of Homeland Security .............. Department of Energy ................................. Department of Justice .................................. Office of Personnel Management ................. Department of State .................................... Department of the Interior............................ National Aeronautics and Space Administration ........................................... Agency for International Development ........ Railroad Retirement Board .......................... Environmental Protection Agency ............... Federal Communications Commission........ Department of Commerce ........................... National Science Foundation....................... Pension Benefit Guaranty Corporation........ Small Business Administration .................... Smithsonian Institution ................................ U.S. Nuclear Regulatory Commission ......... Farm Credit System Insurance Corporation ............................................... Export-Import Bank of the United States..... General Services Administration ................. Tennessee Valley Authority ......................... Securities and Exchange Commission........ National Credit Union Administration ........... U.S. Postal Service ...................................... Federal Deposit Insurance Corporation ...... All other entities .............................................. Gross Cost Earned Revenue 920.4 754.2 929.0 62.7 0.3 39.8 214.8 240.2 136.6 179.0 402.3 80.4 The accompanying notes are an integral part of these financial statements. March 2012 Subtotal (0.1) (0.3) (1.1) (0.3) 2.1 (8.4) 0.7 46.6 4,163.1 132.9 (0.1) (0.3) (1.1) (0.3) 2.1 (8.4) 0.7 46.6 4,296.0 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 111 United States Government Statements of Operations and Changes in Net Position for the Years Ended September 30, 2011, and 2010 NonEarmarked Funds (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 of Government Operations: Net cost ......................................................... Intragovernmental interest ............................ Total net cost ................................................ Eliminations ................................................... Consolidated net cost.................................... 1,092.9 175.1 21.3 7.3 28.5 120.4 11.3 1,456.8 2,110.6 202.0 2,312.6 NonEarmarked Earmarked Earmarked Funds Consolidated Funds Funds Consolidated 2011 2010 772.9 56.1 52.2 20.9 4.9 202.0 1,109.0 1,550.2 1,550.2 1,865.8 175.1 56.1 73.5 7.3 28.5 141.3 16.2 202.0 2,565.8 (202.0) 2,363.8 3,660.8 202.0 3,862.8 (202.0) 3,660.8 22.6 18.8 25.1 96.9 11.3 1,256.9 2,553.5 195.0 2,748.5 Intragovernmental transfers ......................... (540.5) Unmatched transactions and balances (Note 1.T) ..................................................... (15.6) Net operating (cost)/revenue ........................ (1,411.9) 99.3 Net position, beginning of period ................. (14,119.7) Prior period adjustments–changes in (2.0) accounting principles (Note 21) .................. Net operating (cost)/revenue ......................... (1,411.9) 646.9 (13,472.8) (12,208.6) 2.0 99.3 748.2 63.4 (1,312.6) (1,974.5) (14,785.4) (14,119.7) Net position, end of period ........................... (15,533.6) 540.5 902.6 179.6 (482.1) (15.6) (0.8) (1,312.6) (1,974.5) 830.3 1,732.9 179.6 45.2 71.6 18.8 25.1 127.5 15.8 195.0 2,411.5 (195.0) 2,216.5 45.2 49.0 30.6 4.5 195.0 1,154.6 1,742.5 4,296.0 195.0 4,491.0 (195.0) 4,296.0 1,742.5 482.1 (0.8) (105.8) (2,080.3) 752.7 (11,455.9) 63.4 (105.8) (2,080.3) 646.9 (13,472.8) The accompanying notes are an integral part of these financial statements. March 2012 112 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Reconciliations of Net Operating Cost and Unified Budget Deficit for the Years Ended September 30, 2011, and 2010 2011 (1,312.6) 2010 (2,080.3) 98.6 (62.4) (1.2) 35.0 85.6 78.9 (0.3) 164.2 58.9 223.8 (13.2) (13.0) 4.2 (22.0) 103.5 3.3 8.3 115.1 0.4 (17.5) 2.4 2.8 (3.0) (20.5) 68.4 (4.6) 6.7 (13.9) 10.5 (9.5) (11.7) 23.3 57.5 (9.8) 3.5 9.4 62.4 (0.4) (0.3) (7.1) (23.6) 9.9 (43.7) 2.7 268.0 (3.0) 8.1 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....................................................................... (51.3) (36.4) (87.7) (59.4) (33.1) (92.5) Effect of prior year TARP downward re-estimate ........................................... (Increase) in inventory (Increase) in investments in Government-sponsored enterprises ............... (Increase) in debt and equity securities ........................................................... Decrease/(increase) in other assets ................................................................ Credit reform and other loan activities ....................................................... All other reconciling items .................................................................................. Unified budget deficit .................................................................................. 23.6 (9.9) (20.8) (0.8) 4.0 (10.5) 9.0 (1,298.6) 110.0 (1.6) (52.6) (5.8) (24.7) 8.0 (7.6) (1,294.1) (In billions of dollars) Net operating cost ................................................................................................ Components of net operating cost not part of the budget deficit: Increase in liability for military employee benefits (Note 15): Increase in military pension liabilities ............................................................ (Decrease)/increase in military health liabilities........................................... (Decrease) in other military benefits.............................................................. Increase in liability for military employee benefits ....................................... Increase in liability for veteran's compensation (Note 15) (Decrease)/increase in liabilities for civilian employee benefits (Note 15): (Decrease)/increase in civilian pension liabilities ........................................ (Decrease)/increase in civilian health liabilities ........................................... Increase in other civilian benefits................................................................... (Decrease)/increase in liabilities for civilian employee benefits ................ Increase/(decrease) in environmental and disposal liabilities (Note 16): Increase/(decrease) in Energy's environmental and disposal liabilities .......................................................................................................... Increase/(decrease) in all others' environmental and disposal liabilities .................................................................................................................. Increase/(decrease) in environmental and disposal liabilities ................... Depreciation expense......................................................................................... Property, plant, and equipment disposals and revaluations ........................ Increase in benefits due and payable .............................................................. (Decrease)/increase in insurance and guarantee program liabilities .......... Increase in other liabilities ................................................................................. Seigniorage and sale of gold ............................................................................ (Decrease) in accounts payable ....................................................................... (Increase) in net accounts and taxes receivable ............................................ TARP yearend upward/(downward) re-estimate ............................................ Decrease in Non-TARP Investments in American International Group, Inc. due to valuation losses ............................................................................ (Decrease)/increase in liabilities to Government-sponsored enterprises ... (Decrease)/increase in valuation loss on investments in Governmentsponsored enterprises ..................................................................................... The accompanying notes are an integral part of these financial statements. March 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 113 United States Government Statements of Changes in Cash Balance from Unified Budget and Other Activities for the Years Ended September 30, 2011, and 2010 2011 (In billions of dollars) Unified budget deficit ......................................... 2010 (1,298.6) (1,294.1) Adjustments for noncash outlays included in the budget: Interest accrued by Treasury on debt held by the public ...................................... TARP yearend re-estimates ........................ TARP Subsidy expense/(income) (Note 5)..... Other Federal entity subsidy expense/(income) (Note 4) ........................... Subtotal ..................................................... 244.2 (46.9) 7.2 206.8 (86.4) (24.2) (43.9) (9.4) 160.6 86.8 Items affecting the cash balance not included in the Budget: Net Transactions from financing activity: Borrowings from the public .......................... Repayment of debt held by the public ......... Agency securities ........................................ Subtotal ..................................................... Transactions from monetary and other activity: Interest paid by Treasury on debt held by the public ................................................... Net TARP direct loans and equity investments activity ................................... Net GSE—mortgage-backed securities activity ....................................................... Net loan receivable activity .......................... Allocations of special drawing rights ........... Other ............................................................ Subtotal ..................................................... 7,962.8 (6,854.2) 1.0 8,525.5 (7,054.5) 0.7 1,109.6 1,471.7 (239.7) (201.2) 59.0 111.8 93.7 (157.6) 0.2 21.2 9.1 (160.3) (1.0) 12.6 (223.2) (229.0) (251.6) 428.6 177.0 35.4 393.2 428.6 Cash and other monetary assets (Note 2): (Decrease)/increase in cash and other monetary assets ..................................... Balance, beginning of period .................... Balance, end of period .............................. The accompanying notes are an integral part of these financial statements. For budgetary purposes, the effect of the yearend downward re-estimates (reduction of net outlays) and upward re-estimates (increase of net outlays) is not recognized until the subsequent fiscal year. As such, for fiscal year 2011, the budget deficit reflected a reduction of noncash outlays for $23.6 billion relating to the fiscal year 2010 yearend downward re-estimates. Also, for fiscal year 2011, TARP subsidy expense includes $23.3 billion in yearend upward re-estimates, which will be reflected in the fiscal year 2012 budget. For fiscal year 2010, the budget deficit reflected a reduction of noncash outlays for $110 billion relating to the fiscal year 2009 yearend downward re-estimates. Also, for fiscal year 2010, TARP subsidy income includes $23.6 billion in yearend downward re-estimates, which was reflected in the fiscal year 2011 budget. March 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 114 United States Government Balance Sheets as of September 30 (In billions of dollars) 2011 2010 Assets: Cash and other monetary assets (Note 2) ..................................... 177.0 428.6 Accounts and taxes receivable, net (Note 3).................................. 106.3 94.6 Loans receivable and mortgage-backed securities, net (Note 4) ... 772.1 688.6 TARP direct loans and equity investments, net (Note 5) ............... Non-TARP Investments in American International Group, Inc. (Note 6) ........................................................................................ 80.1 144.7 10.9 20.8 Inventories and related property, net (Note 7)................................ 296.1 286.2 Property, plant, and equipment, net (Note 8) ................................. 852.8 828.9 Debt and equity securities (Note 9) ................................................ 99.7 98.9 Investments in Government-Sponsored Enterprises (Note 11) ..... Other assets (Notes 10 and 12) ..................................................... 133.0 179.3 109.2 183.3 Total assets .................................................................................. 2,707.3 2,883.8 Stewardship land and heritage assets (Note 27) Liabilities: Accounts payable (Note 13) ........................................................... Federal debt securities held by the public and accrued interest (Note 14) ...................................................................................... 63.4 72.9 10,174.1 9,060.0 Federal employee and veteran benefits payable (Note 15) ........... 5,792.2 5,720.3 Environmental and disposal liabilities (Note 16)............................. 324.1 321.3 Benefits due and payable (Note 17) ............................................... 171.0 164.3 Insurance and guarantee program liabilities (Note 18) .................. 161.7 175.6 Loan guarantee liabilities (Note 4) .................................................. 63.0 65.8 Liabilities to Government-Sponsored Enterprises (Note 11) .......... 316.2 359.9 Other liabilities (Notes 10 and 19) .................................................. 427.0 416.5 Total liabilities .............................................................................. 17,492.7 16,356.6 748.2 646.9 Contingencies (Note 22) and Commitments (Note 23) Net position: Earmarked funds (Note 24) ............................................................ Non-earmarked funds ..................................................................... (15,533.6) (14,119.7) Total net position ....................................................................... (14,785.4) (13,472.8) Total liabilities and net position ................................................. 2,707.3 2,883.8 The accompanying notes are an integral part of these financial statements. March 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 115 United States Government Statements of Social Insurance (Note 26) Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections (In billions of dollars) 2011 2010 2009 2008 2007 575 18,559 18,082 37,217 542 18,249 17,566 36,357 477 17,515 16,121 34,113 (7,465) (7,223) (44,894) (6,958) (29,021) (6,933) (42,911) (6,329) (27,928) (6,619) (40,876) (7,677) 3 (6,555) 4 (6,763) 5 248 7,216 6,944 14,408 209 6,348 5,451 12,008 202 6,320 5,361 11,883 178 5,975 4,870 11,023 (2,648) (12,032) (2,411) (17,091) (2,958) (18,147) (4,673) (25,778) (2,747) (17,365) (4,506) (24,619) (2,558) (15,639) (5,118) (23,315) Federal Old-Age, Survivors and Disability Insurance (Social Security): 14 Revenue (Contributions and Earmarked Taxes) from: 726 672 Participants who have attained eligibility age (62 and over) ..... 20,734 19,914 Participants who have not attained eligibility age ................ 20,144 19,532 Future participants ..................................................................... 41,603 40,118 All current and future participants ..................................... Expenditures for Scheduled Future Benefits for: (8,618) (8,096) Participants who have attained eligibility age (62 and over) ..... Participants who have not attained eligibility age ................ (34,042) (32,225) (8,100) (7,744) Future participants ..................................................................... (50,760) (48,065) All current and future participants ..................................... Present value of future expenditures in excess of future 1 (7,947) 2 revenue ............................................................................ (9,157) Federal Hospital Insurance (Medicare Part A): 14 Revenue (Contributions and Earmarked Taxes) from: 262 Participants who have attained eligibility age (65 and over) ..... 7,581 Participants who have not attained eligibility age ................ 7,260 Future participants ..................................................................... 15,104 All current and future participants ..................................... Expenditures for Scheduled Future Benefits for: (2,923) Participants who have attained eligibility age (65 and over) ..... Participants who have not attained eligibility age ................ (12,887) (2,546) Future participants ..................................................................... All current and future participants ..................................... (18,356) Present value of future expenditures in excess of future 1 revenue ............................................................................ (3,252) (30,207) (2,683) 2 (13,770) 3 (12,736) 4 (12,292) 5 Federal Supplementary Medical Insurance (Medicare Part B): 14 Revenue (Premiums) from: 570 538 498 461 433 Participants who have attained eligibility age (65 and over) ..... 3,651 3,460 4,224 3,859 3,184 Participants who have not attained eligibility age ................ 865 839 1,270 1,158 1,172 Future participants ..................................................................... 5,086 4,836 5,992 5,478 4,789 All current and future participants ..................................... Expenditures for Scheduled Future Benefits for: (2,343) (2,166) (2,142) (1,986) (1,834) Participants who have attained eligibility age (65 and over) ..... Participants who have not attained eligibility age ................ (13,489) (12,587) (16,342) (14,949) (12,130) (3,108) (2,984) (4,672) (4,262) (4,257) Future participants ..................................................................... All current and future participants ..................................... (18,940) (17,737) (23,156) (21,197) (18,221) Present value of future expenditures in excess of future 1 2 3 4 5 6 revenue .............................................................................. (13,854) (12,901) (17,165) (15,719) (13,432) Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2012 116 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT United States Government Statements of Social Insurance (Note 26), continued Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 2011 (In billions of dollars) 2010 2009 2008 2007 165 1,626 694 2,486 140 1,442 618 2,199 123 1,380 604 2,107 167 1,627 611 2,405 (646) (6,355) (2,714) (9,715) (595) (6,144) (2,632) (9,371) (581) (6,527) (2,856) (9,964) (794) (7,273) (2,699) (10,766) (7,229) 2 (7,172) 3 (7,857) 4 (8,361) 5 6 46 65 117 5 47 66 118 5 48 123 5 43 54 102 5 41 54 100 Federal Supplementary Medical Insurance (Medicare Part D): 14 Revenue (Premiums and State Transfers) from: 173 Participants who have attained eligibility age (65 and over) ..... 1,608 Participants who have not attained eligibility age ................ 703 Future participants ..................................................................... 2,484 All current and future participants ..................................... Expenditures for Scheduled Future Benefits for: (695) Participants who have attained eligibility age (65 and over) ..... (6,438) Participants who have not attained eligibility age ................ (2,817) Future participants ..................................................................... (9,950) All current and future participants ..................................... Present value of future expenditures in excess of future 1 6 revenue .............................................................................. (7,466) 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 future revenue 7 ................................................................... (109) (86) (28) (223) (105) (88) (27) (220) (102) (91) (30) (223) (97) (88) (26) (212) (93) (86) (26) (205) (106) 1 (103) 2 (100) 3 (109) 4 (105) 5 Black Lung (Part C): Present value of future revenue in excess of future expenditures 8 ...................................................................... 59 6 10 6 11 5 12 5 13 Total present value of future expenditures in excess of future revenue ................................................................ (33,830) (30,857) (45,878) (42,970) (40,948) Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2012 70 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 117 United States Government Statements of Social Insurance (Note 26), continued Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections 2011 (In billions of dollars) 2010 2009 2008 2007 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 ............................................................. 1,737 (14,688) 1,628 (13,661) 1,427 (13,262) 1,333 (12,369) 1,260 (11,608) (12,951) (12,033) (11,835) (11,036) (10,348) 33,620 (66,942) 32,263 (63,287) 30,621 (70,931) 29,851 (67,950) 28,342 (63,056) (33,322) (31,024) (40,310) (38,099) (34,714) Closed-group – Total present value of future expenditures in excess of future revenue........................ (46,272) (43,057) (52,145) (49,135) (45,062) 29,037 (16,594) 28,075 (15,875) 25,491 (19,224) 24,743 (18,578) 22,828 (18,714) 12,443 12,200 6,267 6,165 4,114 Open-group – Total present value of future expenditures in excess of future revenue........................ (33,830) (30,857) (45,878) (42,970) (40,948) Future participants: Revenue (e.g., Contributions and earmarked taxes) ......... Expenditures for scheduled future benefits ....................... Present value of future revenue in excess of future expenditures ................................................................ 1 The projection period is 1/1/2011 -12/31/2085 and the valuation date is 1/1/2011. The projection period is 1/1/2010 -12/31/2084 and the valuation date is 1/1/2010. The projection period is 1/1/2009 -12/31/2083 and the valuation date is 1/1/2009. 4 The projection period is 1/1/2008 -12/31/2082 and the valuation date is 1/1/2008. 5 The projection period is 1/1/2007 -12/31/2081 and the valuation date is 1/1/2007. 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 unaudited 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 9/30/2011 -9/30/2040 and the valuation date is 9/30/2011. 10 The projection period is 9/30/2010 -9/30/2040 and the valuation date is 9/30/2010. 11 The projection period is 9/30/2009 -9/30/2040 and the valuation date is 9/30/2009. 12 The projection period is 9/30/2008 -9/30/2040 and the valuation date is 9/30/2008. 13 The projection period is 9/30/2007 -9/30/2040 and the valuation date is 9/30/2007. 14 Participants for the Social Security and Medicare programs are assumed to be the “closed-group” of individuals who are at least 15 years of age 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 2012 FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT, EXCERPT 118 United States Government Statement of Changes in Social Insurance Amounts for the Year Ended September 30, 2011 (Note 26) (In billions of dollars) Net present value (NPV) of future revenue less future expenditures for current and future participants (the “open group”) over the next 75 years, beginning of the year ..................................... Social Security Medicare HI Other (e.g. Railroad Retirement) Medicare SMI Total (7,947) (2,683) (20,130) (97) (30,857) Changes in valuation period ..................... (436) (112) (968) (2) (1,518) Changes in demographic data and assumptions ........................................... (688) (112) (59) (0) (859) Changes in economic data and assumptions ........................................... (143) 0 - (2) (145) Changes in law or policy ........................... - - (14) - (14) Changes in methodology and programmatic data ................................. 56 - - - 56 Changes in economic and other healthcare assumptions ......................... - 185 (648) - (463) Change in projection base ........................ - (531) 500 - (31) Net change in open group measure ............ (1,211) (570) (1,189) (4) (2,974) Open group measure, end of year............... (9,157) (3,252) (21,320) (101) (33,830) Reasons for changes in the NPV during the year: Totals may not equal the sum of components due to rounding. The accompanying notes are an integral part of these financial statements. March 2012 119 TRUST FUNDS INTRODUCTION: Airport and Airway Trust Fund The Airport and Airway Trust Fund was established on the books of Treasury in fiscal year 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49 United States Code 1742(a), repealed]. The Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248, dated September 3, 1982) reestablished the trust fund in the Internal Revenue Code (26 United States Code 9502) effective September 1, 1982. Treasury transfers from the general fund to the trust fund amounts equivalent to the taxes received from transportation of persons and property by air, gasoline and jet fuel used in commercial and noncommercial aircraft, and an international arrival and departure tax. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5, 1990) increased rates for the excise taxes transferred to the fund. Treasury bases these transfers on estimates made by the Secretary of the Treasury. These are subject to adjustments in later transfers in the amount of actual tax receipts. On February 6, 2012, Congress passed a 4 year authorization bill extending taxes through September 2015 (Public Laws 112-7, 112-16, 112-21, 112-27), Surface and Air Transportation Programs Extension of 2011 (Public Law 112-30), and Airport and Airway Extension Act of 2012 (PL 112-91). The FAA Modernization and Reform Act 2012 (Public Law 112-095), effective February 18, 2012, extended the aviation excise taxes until September 30, 2015. The Act included provisions that: Retained the existing passenger ticket, flight segment, and freight waybill taxes. The flight segment tax is indexed to the Consumer Price Index; effective calendar year 2012, the tax is $3.80. It also retained a special rule applied to flights between the continental United States and Alaska or Hawaii. This departure tax is indexed to the Consumer Price Index; effective calendar year 2012, the tax is $8.40. Retained the existing international and departure per passenger tax. The tax is indexed to the Consumer Price Index; effective calendar year 2012, the tax is $16.70. Retained the existing 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. Retained the commercial aviation fuel tax and the general aviation jet fuel/gas taxes. Imposed a new surtax on fuel used in aircraft that is part of a fractional ownership program; the surtax applies to fuel used after March 31, 2012. It also changed the classification of transportation as part of a fractional ownership program from commercial aviation to noncommercial aviation. Repealed the excise tax exemption for transportation by small aircraft operating on nonestablished lines. (IRS defines the term “operated on an established line” to mean operated with some degree of regularity between definite points). 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 2012 TRUST FUNDS 120 TABLE TF-1.—Airport and Airway Trust Fund Results of Operations, Fiscal Year 2011 [Source: DOT] Description IRC section (26 United States Code) Amount Balance Oct. 1, 2010 ...................................................................................................................................................................................................... 9,427,777,617 Receipts: Excise taxes (transferred from general fund): Liquid fuel other than gasoline.............................................................. 4041 ...................................................................................... Gasoline ................................................................................................ 4081 ...................................................................................... Transportation by airseats, berths, etc ................................................. 4261 (a) (b) ........................................................................... Use of international travel facilities ....................................................... 4261 (c)................................................................................. Transportation of property, cargo ......................................................... 4271 ...................................................................................... Gross excise taxes ............................................................................................................................................................................................. 501,037,014 29,534,426 8,084,593,217 2,508,289,289 426,703,140 11,550,157,086 Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline.................................................................. 4041 ...................................................................................... Gasoline ...................................................................................................................................................................................................................... Total refunds of taxes ............................................................................................................................................................................................. Net taxes ................................................................................................................................................................................................................. Interest on investments............................................................................................................................................................................................... Total receipts .......................................................................................................................................................................................................... Offsetting collections ....................................................................................................................................................................................................... 12,914,574 5,423,393 18,337,966 11,531,819,120 182,396,699 11,714,215,819 97,000,000 Expenses: Operations .................................................................................................................................................................................................................. Grants in aid ................................................................................................................................................................................................................ Facilities and equipment ............................................................................................................................................................................................. Research, engineering, and development.................................................................................................................................................................. Air carriers ................................................................................................................................................................................................................... Total expenses........................................................................................................................................................................................................ Offsetting collections ....................................................................................................................................................................................................... Balance Sept. 30, 2011 * ................................................................................................................................................................................................ 4,549,882,000 3,216,409,000 2,750,622,220 174,042,840 135,220,069 10,826,176,129 97,000,000 10,325,817,307 * The starting fiscal year 2011 total balance includes a $10 million upward adjustment to reflect the refund to the trust fund. Airport and Airway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 [In millions of dollars. Source: DOT] 2012 2013 2014 2015 2016 10,326 10,051 9,538 10,026 11,253 Excise taxes, net of refunds.................................................... 11,600 11,949 12,406 13,001 13,606 Interest on investments........................................................... 206 226 227 281 383 $100 Surcharge ...................................................................... - 863 889 923 959 Offsetting collections ............................................................... 101 103 98 91 92 Total receipts ...................................................................... 11,907 13,141 13,620 14,296 15,040 Gross Outlays ......................................................................... 12,182 13,654 13,132 13,069 12,996 Balance Sept. 30......................................................................... 10,051 9,538 10,026 11,253 13,297 Balance Oct. 1 ............................................................................ Receipts: Expenses: March 2012 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) authorizes funding to ensure annual deposits to the fund of $518.2 million before adjustments for inflation. The Act stipulates that the Government deposit $369.6 million, adjusted for inflation, annually. The Act also calls for deposits of $150 million from domestic public utility assessments. The assessments were authorized for 15 years with the final assessment scheduled for fiscal year 2007. Between fiscal years 1993 and 2007, the total Government contribution amount authorized by the Act was $6,281.0 million. During that time span, the Government contributed only $5,362.4 million to the fund. The resulting shortfall in authorized Government contributions was, therefore, $918.6 million. The Government continued to make annual contributions to eliminate this shortfall. Through fiscal year 2009 contributions, the overall shortfall (after adjustments for inflation) was $40.6 million. Also, during fiscal year 2009, the Government designated $390 million of American Recovery and Reinvestment Act (ARRA) funding for the fund’s mission. The ARRA funding was not an actual deposit into the fund’s invested balances, but it provides a dollar for dollar reduction in the required outlays from the invested balances. DOE recognizes the ARRA funding as an offset to the Government’s contribution shortfall, thereby satisfying the Government’s contribution responsibility. March 2012 TRUST FUNDS 122 TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund Results of Operations, Fiscal Year 2011 [Source: DOE] Balance Oct. 1, 2010 ................................................................................................................................................................................. 4,977,577 Receipts: Fees collected ........................................................................................................................................................................................ 33,632,600 Penalties collected ................................................................................................................................................................................. - Interest on investments .......................................................................................................................................................................... 140,227,143 Total receipts ...................................................................................................................................................................................... 173,859,743 Outlays: DOE, decontamination and decommissioning activities........................................................................................................................ 561,955,789 Cost of investments................................................................................................................................................................................ -388,087,193 Total outlays ....................................................................................................................................................................................... 173,868,596 Balance Sept. 30, 2011.............................................................................................................................................................................. 4,968,724 Uranium Enrichment Decontamination and Decommissioning Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 [In thousands of dollars. Source: DOE] 2012 2013 2014 2015 2016 4,969 4,969 4,969 4,969 4,969 Fees collected ...................................................................... - - - - - Interest collected .................................................................. 117,399 107,614 97,889 87,881 77,648 Total receipts ................................................................... 117,399 107,614 97,889 87,881 77,648 DOE, decontamination and decommissioning fund ............ 472,180 442,493 430,692 430,389 427,840 Costs of investments ........................................................... -354,781 -334,879 -332,803 -342,508 -350,192 Total outlays..................................................................... 117,399 107,614 97,889 87,881 77,648 Balance Sept. 30...................................................................... 4,969 4,969 4,969 4,969 4,969 Balance Oct. 1 ......................................................................... Receipts: Outlays: March 2012 TRUST FUNDS 123 INTRODUCTION: Black Lung Disability Trust Fund The Black Lung Disability Trust Fund was established on the books of the Treasury in fiscal year 1978 according to the Black Lung Benefits Revenue Act of 1977 (Public Law 95227). 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, extended 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 2012 TRUST FUNDS 124 TABLE TF-3.—Black Lung Disability Trust Fund Results of Operations, Fiscal Year 2011 [Source: DOL] 55,527,814 Balance Oct. 1, 2010 ........................................................................................................................................................................................... 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 ................................................................................................................................................................................ Repayable advances and interest ................................................................................................................................................................... Repayment of bond principal ........................................................................................................................................................................... Interest on principal debt.................................................................................................................................................................................. Total expenses ............................................................................................................................................................................................. Balance Sept. 30, 2011 ........................................................................................................................................................................................ Cumulative debt, end of year ............................................................................................................................................................................... 285,353,367 200,641,001 11,232,574 125,654,843 1,238,202 9,985,344 107,749,000 741,854,331 741,854,331 500,241 25,394,000 327,000 32,670,004 58,891,245 227,396,910 60,160,200 379,286,424 21,618,576 688,462,110 50,028,790 5,593,283,938 Black Lung Disability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 [In thousands of dollars. Source: DOL] Balance Oct. 1 ........................................................................................ Receipts: Excise taxes ....................................................................................... Advances from the general fund........................................................ Fines, penalties, and interest ............................................................. Total receipts ................................................................................. Outlays: Benefit payments ............................................................................... Administrative expenses .................................................................... Repayable advances ......................................................................... 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 2012 2012 2013 2014 2015 2016 50,029 50,029 50,029 50,029 50,029 603,000 198,451 2,000 803,451 600,000 301,703 2,000 903,703 595,000 423,168 2,000 1,020,168 598,000 556,203 2,000 1,156,203 607,000 704,114 2,000 1,313,114 205,295 58,806 107,749 115 394,287 37,199 803,451 50,029 5,593,284 193,193 58,806 198,451 814 396,403 56,036 903,703 50,029 5,397,449 181,996 60,724 301,703 2,896 397,393 75,466 1,020,168 50,029 5,302,748 171,408 60,724 423,168 8,294 395,769 96,840 1,156,203 50,029 5,328,533 161,436 60,724 556,203 17,242 396,213 121,295 1,313,113 50,030 5,488,967 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 2011 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 2010 * ............................................................................................................................................................................................................. 5,647,442,225 Receipts: Excise taxes: Imports .............................................................................................................................................................................................................................. 1,059,073,704 Exports ............................................................................................................................................................................................................................. -12,763 Domestic ........................................................................................................................................................................................................................... 122,337,681 Passengers ....................................................................................................................................................................................................................... 13,207,735 Foreign trade .................................................................................................................................................................................................................... 274,502,316 Interest on investments..................................................................................................................................................................................................... 130,099,540 Total receipts................................................................................................................................................................................................................ 1,599,208,213 Expenses: Corps of Engineers .............................................................................................................................................................................................................. 791,414,000 Saint Lawrence Seaway Development Corporation/DOT ................................................................................................................................................... 32,259,352 Administrative cost for Department of Homeland Security (Customs) ................................................................................................................................ 3,226,000 Operating expenses, miscellaneous returns ....................................................................................................................................................................... - Total expenses.................................................................................................................................................................................................................. 826,899,352 Balance Sept. 30, 2011 ............................................................................................................................................................................................................ 6,419,751,086 * The starting fiscal year 2011 amount adjusted to reconcile with the Treasury Statement. March 2012 126 TRUST FUNDS Harbor Maintenance Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016* [In millions of dollars. Source: Department of the Army Corps of Engineers] 2012 2013 2014 2015 2016 6,419.8 7,189.3 8,102.9 9,173.9 10,426.9 Harbor maintenance fee .................................................................................. 1,516.1 1,584.3 1,665.0 1,733.0 1,803.0 Interest on investments.................................................................................... 149.6 204.2 290.0 422.0 512.0 Total receipts ............................................................................................... 1,665.7 1,788.5 1,955.0 2,155.0 2,315.0 Harbor Maintenance Trust Fund, legislative proposal not subject to paygo ..................................................................................... - - - - - Corps of Engineers operation, maintenance, and administrative expenses ....................................................................... 794.8 779.4 787.0 804.0 830.0 Corps of Engineers construction ..................................................................... 65.4 58.5 60.0 60.0 60.0 Saint Lawrence Seaway Development Corporation/DOT ............................... 32.0 33.0 33.0 34.0 34.0 Administrative expenses for Department of Homeland Security (Customs Service) ................................................................................................... 4.0 4.0 4.0 4.0 4.0 Total outlays................................................................................................. 896.2 874.9 884.0 902.0 928.0 Balance Sept. 30.................................................................................................. 7,189.3 8,102.9 9,173.9 10,426.9 11,813.9 Balance Oct. 1 ..................................................................................................... Receipts: Outlays: * Outyear projections are for planning purposes and are based on economic conditions and agencies’ best projections of revenues and expenses. March 2012 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 2011 [Source: EPA] Balance Oct. 1, 2010 ...................................................................................................................................................................................... 124,850,000 Receipts: Crude and petroleum .................................................................................................................................................................................. - Certain chemicals........................................................................................................................................................................................ - Corporate environmental ............................................................................................................................................................................ 300,000 General fund appropriation ......................................................................................................................................................................... 1,156,000,000 Cost recoveries ........................................................................................................................................................................................... 98,000,000 Fines and penalties ..................................................................................................................................................................................... 2,000,000 Interest on investments ............................................................................................................................................................................... 49,000,000 Offsetting collections ................................................................................................................................................................................... - Agency for Toxic Substance and Disease Registry offsetting collections .................................................................................................. - Total receipts ........................................................................................................................................................................................... 1,305,300,000 Expenses: EPA expense .............................................................................................................................................................................................. 1,280,900,000 Other expenses ........................................................................................................................................................................................... 10,650,000 Total expenses ........................................................................................................................................................................................ 1,291,550,000 Balance Sept. 30, 2011................................................................................................................................................................................... 138,600,000 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 2012 128 TRUST FUNDS Hazardous Substance Superfund Expected Condition and Results of Operations, Fiscal Years 2011-2016 1 [In millions of dollars. Source: EPA] 2012 2013 2014 2015 2016 139 167 1,885 3,237 4,544 Interest ......................................................................................................... 86 111 111 111 111 Recoveries ................................................................................................... 104 104 104 104 104 Fines and penalties ...................................................................................... 2 2 2 2 2 Taxes2 .......................................................................................................... - 1,643 2,349 2,304 2,230 Offsetting collections .................................................................................... - - - - - General revenues ........................................................................................ 1,075 1,059 - - - Total receipts ........................................................................................... 1,267 2,919 2,566 2,521 2,447 Appropriations .................................................................................................. 1,214 1,176 1,176 1,176 1,176 Other expenses................................................................................................ 25 25 38 38 38 Balance Sept. 30.............................................................................................. 167 1,885 3,237 4,544 5,777 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 2012 2 The Fiscal Year 2013 President’s Budget includes a proposal to reinstate the Superfund tax; therefore, taxes have been estimated. 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 2012 130 TRUST FUNDS TABLE TF-6.—Highway Trust Fund Results of Operations, Fiscal Year 2011 [Source: DOT] Description IRC section (26 United States Code) Balance Oct. 1, 2010 * ......................................................................................................................................................................................... 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 – Rescission Section 1007(b) of P.L. 111-18 .................................................................................................................... Total transfers .......................................................................................................................................................................................... Other income: Fines and penalties ...................................................................................................................................................................................... Interest ......................................................................................................................................................................................................... Transfer from TIFIA loan subsidy re-estimate ............................................................................................................................................. Total other income ................................................................................................................................................................................... Net receipts .......................................................................................................................................................................................... Expenses: Federal Highway Administration: Federal aid to highways ............................................................................................................................................................................... Right-of-way revolving fund ......................................................................................................................................................................... Appalachian Development Highway System ............................................................................................................................................... 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, 2010........................................................................................................................................................................................ * Due to rounding in the prior year table, the closing balance does not equal the actual balance shown here. March 2012 Amount 29,232,606,932 24,986,424,832 9,801,521,713 440,764,404 2,416,741,987 364,228,410 38,009,681,346 1,000,000 496,003,000 628,808,166 830,694 1,126,641,860 22,753,007 15,984,611 15,300,373 54,037,991 36,937,077,477 36,135,739,784 -15,233,586 851,610 24,685,234 36,146,043,042 494,834,816 7,207,212,533 103,733,780 576,063,029 2,982,900 682,779,709 1,000,599 44,531,870,699 21,637,813,710 TRUST FUNDS 131 Highway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 * [In billions of dollars. Source: DOT] Combined Statement Highway and Mass Transit Accounts 2012 2013 2014 2015 2016 22 11 12 45 104 Excise taxes, net of refunds....................................... 39 53 91 123 108 Interest, net ................................................................ - - - - - Balance Oct. 1 ............................................................... Receipts: Total receipts ......................................................... 39 53 91 123 108 Outlays ........................................................................... 49 52 58 64 71 Balance Sept. 30............................................................ 12 12 46 104 141 Mass Transit Account 2012 2013 2014 2015 2016 7 5 3 21 38 Excise taxes, net of refunds............................................ 5 7 28 28 30 Interest, net ..................................................................... - - - - - Total receipts .............................................................. 5 7 28 28 30 Flex fund transfers .......................................................... 1 1 - - - Outlays ................................................................................ 8 9 10 12 14 Balance Sept. 30................................................................. 5 3 21 38 54 Balance Oct. 1 .................................................................... Receipts: Highway Account 2012 2013 2014 2015 2016 14 7 9 23 52 Excise taxes, net of refunds................................................. 34 46 60 79 62 Interest, net .......................................................................... - - - - - Total receipts ................................................................... 34 46 60 79 62 Balance Oct. 1 ......................................................................... Receipts: Flex fund transfers ............................................................... -1 -1 - - - Outlays ..................................................................................... 40 43 47 50 53 Balance Sept. 30...................................................................... 7 9 23 52 61 Unfunded authorizations (EOY)............................................... 101 102 104 105 107 Forty-eight-month revenue estimate........................................ 142 146 149 152 155 * Numbers may not add due to rounding. March 2012 TRUST FUNDS 132 TABLE TF-6-Transportation Trust Fund Expected Condition and Results of Operations, Fiscal 2012-2016 cont. [In billions of dollars. Source: DOT] Multimodal Account 2012 2013 2014 2015 2016 - - - 1 15 Revenue ............................................................................... - - 3 16 16 Interest, net .......................................................................... - - - - - Total receipts ................................................................... - - 3 16 16 Flex Fund Transfers ............................................................. - - -1 - - Outlays ..................................................................................... - - 1 3 4 Balance Sept. 30...................................................................... - - 1 15 27 Balance Oct. 1 ......................................................................... Receipts: * Numbers may not add due to rounding. March 2012 TRUST FUNDS 133 TABLE TF-6A.—Highway Trust Fund * The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal year 2011. 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 2011. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 101 less: Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 7 Unfunded authorizations (fiscal year 2013) ........................................................................................................................................................................ 94 48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017) ............................................................................................................................ 142 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 20 less: Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 5 Unfunded authorizations (fiscal year 2013) ........................................................................................................................................................................ 15 48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017) ............................................................................................................................ 20 * Numbers may not add due to rounding. March 2012 134 TRUST FUNDS INTRODUCTION: Inland Waterways Trust Fund The Inland Waterways Trust Fund was established by the Treasury in fiscal year 1984, pursuant to section 203 of the Inland Waterways Revenue Act of 1978 (Public Law 95502) and continued pursuant to section 1405 of the Water Resources Development Act of 1986 (Public Law 99-662, codified at 26 United States Code 9506). Under 26 United States Code 9506(b), amounts from taxes on fuel used in commercial transportation on inland waterways, as determined by the Secretary of the Treasury, are appropriated to the trust fund. The Technical and Miscellaneous Revenue Act of 1988 (Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later transfers to the amounts of actual tax receipts. The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment, not required to meet current withdrawals. The interest on, and proceeds from, the sale or redemption of any obligation held in the trust fund is credited to the trust fund. The Inland Waterways Revenue Act of 1978 (Public Law 95-502) provides that amounts in the trust fund shall be available as provided, by appropriations acts, for construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United States described in 33 United States Code 1804. Expenditures must be otherwise authorized by law. Annual reports to Congress are required by 26 United States Code 9602(a) to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-7.—Inland Waterways Trust Fund Results of Operations, Fiscal Year 2011 [Source: Department of the Army Corps of Engineers] 58,513,731 Balance Oct. 1, 2010 *......................................................................................................................................................................................... Receipts: Fuel taxes/revenues......................................................................................................................................................................................... Interest on investments .................................................................................................................................................................................... Gain on sale of investments ............................................................................................................................................................................ Total receipts................................................................................................................................................................................................ Transfers: Corps of Engineers .......................................................................................................................................................................................... Balance Sept. 30, 2011........................................................................................................................................................................................ 83,950,643 51,931 84,002,574 97,194,908 45,321,397 * Balance brought forward amount adjusted to reconcile with Treasury Statement. Inland Waterways Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016* [In millions of dollars. Source: Department of the Army Corps of Engineers] Balance Oct. 1....................................................................................................... Receipts: Fuel taxes .......................................................................................................... Interest on investments ..................................................................................... Total receipts ................................................................................................. Transfers: Corps of Engineers ........................................................................................... Balance Sept. 30 ................................................................................................... * Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. March 2012 2012 2013 2014 2015 2016 45 41 33 20 20 86 86 88 88 89 89 90 90 91 91 90 41 96 33 102 20 90 20 91 20 TRUST FUNDS 135 INTRODUCTION: Leaking Underground Storage Tank Trust Fund The Leaking Underground Storage Tank (LUST) Trust Fund was established in fiscal year 1981 according to provisions of the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (Public Law 96-510, codified at 26 United States Code 9508), as amended by the Superfund Amendments and Re-authorization Act of 1986 (Public Law 99-499, dated October 17, 1986), sections 13163I 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 2011 1 [Source: EPA] 3,197,000,000 Balance Oct. 1, 2010 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 2 .................................................................................................................................................................................... Total expenses ....................................................................................................................................................................................... 152,000,000 88,000,000 240,000,000 113,000,000 -9,000,000 104,000,000 3,333,000,000 Balance Sept. 30, 2011 .................................................................................................................................................................................. 1 Reporting in this trust fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of this trust fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate trust fund reporting. 2 This represents the return of American Recovery and Reinvestment Act Trust Fund resources from the State of Florida. Leaking Underground Storage Tank Trust Fund Expected Condition and Results of Operations, Fiscal Years 2011-2016 1 [In millions of dollars. Source: EPA] Balance Oct. 1................................................................................................................. Receipts: Taxes 2 ........................................................................................................................ Interest ........................................................................................................................ Total receipts ........................................................................................................... Appropriations ................................................................................................................. Other Expenses .............................................................................................................. Balance Sept. 30 ............................................................................................................. 1 Reporting in this trust fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of 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. 2012 2013 2014 2015 2016 3,333 3,489 3,676 3,894 4,116 178 82 260 104 3,489 181 110 291 104 3,676 184 138 322 104 3,894 188 138 326 104 4,116 190 138 328 104 4,340 2 This represents the return of American Recovery and Reinvestment Act Trust Fund resources from the State of Florida. March 2012 TRUST FUNDS 136 INTRODUCTION: Nuclear Waste Fund The Nuclear Waste Fund was established on the books of the Treasury in fiscal year 1983, according to section 302 of the Nuclear Waste Policy Act of 1982 [Public Law 97-425, codified at 42 United States Code 10222I]. 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 2011 [Source: DOE] Balance Sept. 30, 2010........................................................................................................................................................................................ 4,832,513 Receipts: Fees collected .................................................................................................................................................................................................. 913,879,192 Penalties and interest on fee payments........................................................................................................................................................... - Interest on investments .................................................................................................................................................................................... 1,227,574,031 Total receipts ................................................................................................................................................................................................ 2,141,453,223 Nonexpenditure transfers: SF-1151 transfers in (+) ................................................................................................................................................................................... - SF-1151 transfers out (-).................................................................................................................................................................................. -13,863,219 Net nonexpenditure transfers....................................................................................................................................................................... -13,863,219 Outlays: DOE radioactive waste disposal activities ....................................................................................................................................................... 33,444,687 Cost investments.............................................................................................................................................................................................. 2,096,845,241 Total outlays ................................................................................................................................................................................................. 2,130,289,928 Balance Sept. 30, 2011........................................................................................................................................................................................ 2,132,589 March 2012 TRUST FUNDS 137 CHARTS TF-A and B.—Major Trust Funds [Data depicted in these charts are derived from the Trust Fund tables, which are provided by various Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.] March 2012 TRUST FUNDS 138 INTRODUCTION: Reforestation Trust Fund The Reforestation Trust Fund was established on the books of the Treasury in fiscal year 1981 to continue through September 30, 1985, according to provisions of Title III—Reforestation, of the Recreational Boating Safety and Facilities Improvement Act of 1980 [Public Law 96451, codified at 16 United States Code 1606a(a)]. The act provides that the Secretary of the Treasury shall transfer to the trust fund tariffs, limited to not more than $30 million for any fiscal year, received in the Treasury from October 1, 1979, through September 30, 1985, on (1) rough and primary wood products and wood waste; (2) lumber, flooring and moldings; and (3) wood veneers, plywood, other wood-veneer assemblies and building boards. Public Law 99-190, title II, 99 Statutes at Large 1245, extended the receipts for the trust fund. Amounts available in the reforestation trust fund exceeding current withdrawals are invested in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations are credited to the trust fund. The Secretary of the Department of Agriculture is authorized to obligate available sums in the trust fund (including any amounts not obligated in previous years) for (1) reforestation and timber stand improvement and (2) administrative costs of the Government for these activities. Annual reports are required by 16 United States Code 1606aI (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 2011 [Source: Department of Agriculture] Balance Oct. 1, 2010 ........................................................................................................................................................................................... $5,109,744 Receipts: Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 Redemption of investment ............................................................................................................................................................................... - Total receipts ................................................................................................................................................................................................ 30,000,000 Expenses: Expenditure ...................................................................................................................................................................................................... 31,366,773 Total expenses ............................................................................................................................................................................................. 31,366,773 Adjustment ........................................................................................................................................................................................................... $3,742,971 Balance Sept. 30, 2011........................................................................................................................................................................................ Reforestation Trust Fund Expected Condition and Results of Operations, Fiscal Year 2012 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1 ..................................................................................................................................................................................................... 3,743 Receipts: Excise taxes (tariffs) ........................................................................................................................................................................................ 30,000 Redemption of investment .............................................................................................................................................................................. - Total receipts ............................................................................................................................................................................................... 30,000 Outlays ................................................................................................................................................................................................................ 30,000 Balance Sept. 30 ................................................................................................................................................................................................. 3,743 March 2012 TRUST FUNDS 139 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]. P.L. 109-59 (The Transportation Equity Act) comprehensively amended and reauthorized the Sport Fish Restoration Program to (beginning in fiscal years 2006-2009) 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. 109-59 expired September 30, 2009. P.L. 112-30, Surface Transportation Extension Act of 2011, extends authority to operate through March 31, 2012. Reauthorization of the Sport Fish Restoration and Boating Trust Fund is currently pending before Congress. Effective October 1, 2005, motorboat fuel taxes (less $1 million transferred to the Land and Water Conservation Fund) and small engine gasoline taxes [pursuant to the Omnibus Budget Reconciliation Act of 1990, Public Law 101-508, title XI, section 11211(i)(2) and (3)] were transferred from the Highway Trust Fund to the Sport Fish Restoration and Boating Trust Fund. In addition, amounts equivalent to the excise taxes received on sport fishing equipment and import duties on fishing tackle, yachts, and pleasure craft are appropriated into the fund. Amounts in the trust fund are used, as provided by appropriation acts, for the purposes of carrying out the Dingell-Johnson Sport Fish Restoration Act, approved August 9, 1950, the purposes of section 13106 of title 46, United States Code, the purpose of section 7404)d) of the Transportation Equity Act for the 21st Century, and the Coastal Wetlands Planning, Protection and Restoration Act (as amended by SAFETEA-LU). When the provisions of 26 United States Code 9602(b) are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities with the interest credited to the fund. Annual reports to Congress required by 26 United States Code 9602(a), are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next 5 fiscal years. March 2012 TRUST FUNDS 140 TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund Sport Fish Restoration Results of Operations, Fiscal Year 2011 [Source: Bureau of the Public Debt] Balance Oct. 1, 2010.............................................................................................................................................................................................. 651,739,447 Revenue: Tax revenue: Gas, motorboat .............................................................................................................................................................................................. 393,996,000 Fish equipment............................................................................................................................................................................................... 93,973,764 Electronic outboard motors ............................................................................................................................................................................ 2,566,334 Customs/import duties ................................................................................................................................................................................... 38,275,616 Gas, motorboat small engines ....................................................................................................................................................................... 102,007,000 Total, tax revenue ...................................................................................................................................................................................... 630,818,714 Investment revenue: Interest on investments .................................................................................................................................................................................. 7,204,239 Loss on sale of securities ............................................................................................................................................................................... Total, investment revenue.......................................................................................................................................................................... 7,204,239 Total revenue ............................................................................................................................................................................................. 638,022,953 Nonexpenditure appropriations: Interior ............................................................................................................................................................................................................ -450,233,167 Interior (U.S. Coast Guard) ............................................................................................................................................................................ -117,699,204 Interior (Corps of Engineers).......................................................................................................................................................................... -82,389,442 Total appropriations ................................................................................................................................................................................... -650,321,813 Balance Sept. 30, 2011 .......................................................................................................................................................................................... 639,440,587 * Adjusted the October 1, 2008 beginning balance by $416,679 because of a correction to 2007 beginning balance and adjustments to amounts reported in 2008 for Fish Equipment and Electronic Outboard Motors. Sport Fish Restoration and Boating Trust Fund Sport Fish Expected Condition and Results of Operations, Fiscal Years 2012-2016 [In thousands of dollars. Source: Department of the Interior] Balance Oct. 1 ..................................................................................... 2012 2013 2014 2015 2016 639,441 656,172 691,590 726,318 770,626 Receipts/revenue: Taxes ............................................................................................ 614,000 649,000 683,000 723,000 760,000 Interest .......................................................................................... 29,114 29,532 30,260 34,568 35,967 Transfers ....................................................................................... - - - - - Total receipts ............................................................................ 643,114 678,532 713,260 757,568 795,967 Expenses/transfers ....................................................................... 626,383 643,114 678,532 713,260 757,568 Total expenses.......................................................................... 626,383 643,114 678,532 713,260 757,568 Balance Sept. 30............................................................................... 656,172 691,590 726,318 770,626 809,025 Expenses: March 2012 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 Improvement and Extension Act of 2008 (Public Law 110-343) increased the barrel tax on petroleum from five cents per barrel to eight cents from 2009 through 2016, and to nine cents in 2017. The act also repeals the requirement that the tax be suspended when the unobligated balance exceeds $2.7 billion. 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. 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 2012 TRUST FUNDS 142 TABLE TF-12.—Oil Spill Liability Trust Fund Results of Operations, Fiscal Year 2011 [Source: Bureau of the Public Debt] 1,693,879,276 Balance Oct. 1, 2010 1 ................................................................................................................................................................................................... Revenue: Tax on crude oil/petroleum products ......................................................................................................................................................................... 500,996,970 Other income .............................................................................................................................................................................................................. - Trans-Alaska Pipeline liability fund deposit ............................................................................................................................................................... - Cost recoveries .......................................................................................................................................................................................................... 220,673,068 Fines and penalties .................................................................................................................................................................................................... 27,534,665 Excise taxes ............................................................................................................................................................................................................... - Net revenue before interest ................................................................................................................................................................................... 749,204,703 Investment income: Interest on investments .............................................................................................................................................................................................. 19,252,738 Realized gain ............................................................................................................................................................................................................. - Total investment income ........................................................................................................................................................................................ 19,252,738 Total revenue ......................................................................................................................................................................................................... 768,457,441 Expenditures: Treasury administrative expense – BPD ................................................................................................................................................................... 110,000 Nonexpenditure transfers: Transfer to Denali commission .................................................................................................................................................................................. 7,029,941 Transfer to Interior...................................................................................................................................................................................................... 5,702,941 Transfer to EPA.......................................................................................................................................................................................................... 18,342,242 Transfer to DOT ......................................................................................................................................................................................................... 18,707,734 Transfer to U.S. Coast Guard-70x8312 (claims) ....................................................................................................................................................... 38,190,636 Transfer to U.S. Coast Guard-70x8349 (emergency fund) ....................................................................................................................................... 35,136,988 Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... 44,910,000 Transfer to North Pacific ............................................................................................................................................................................................ - Total nonexpenditure transfers .............................................................................................................................................................................. 168,019,526 Total expenditure/nonexpenditure transfers .......................................................................................................................................................... 168,129,526 Balance Sept. 30, 2011 2 ............................................................................................................................................................................................... 2,294,207,191 1 The September 30, 2010 balance sheet OSLTF asset value was $1,693,879,276.28. 2 The September 30, 2011 balance sheet OSLTF asset value was $2,294,207,191.17 Oil Spill Liability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 [In millions of dollars. Source: Department of Homeland Security] 2012 2013 2014 2015 2016 Balance Oct. 1 ............................................................................................... 2,294 2,583 2,996 3,479 3,974 Estimated receipts ......................................................................................... 584 647 677 689 703 Estimated expenses ...................................................................................... 295 234 194 194 195 Balance Sept. 30............................................................................................ 2,583 2,996 3,479 3,974 4,482 March 2012 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 2011 [Source: Bureau of the Public Debt] $3,241,043,091 Balance Oct. 1, 2010 ........................................................................................................................................................................................... Receipts: Excise tax receipts ........................................................................................................................................................................................... Interest on investments .................................................................................................................................................................................... Total receipts ................................................................................................................................................................................................ Expenditure appropriations: U.S. Court of Federal Claims expenses .......................................................................................................................................................... U.S. Department of Justice expenses ............................................................................................................................................................. GF transfer – program management ............................................................................................................................................................... Total outlays ................................................................................................................................................................................................. Nonexpenditure appropriations: Health resources .............................................................................................................................................................................................. Total outlays/transfers .................................................................................................................................................................................. 278,289,432 126,025,634 404,315,066 4,579,837 5,749,522 10,329,359 238,178,740 248,508,099 $3,396,850,058 Balance Sept. 30, 2011........................................................................................................................................................................................ Vaccine Injury Compensation Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 [In thousands of dollars. Source: Department of Health and Human Services ] Balance Oct. 1 ............................................................................................... Receipts (from tax) ........................................................................................ Interest on investments.............................................................................. Total receipts ......................................................................................... Outlays: U.S. Court of Federal Claims expenses .................................................... U.S. Department of Justice expenses ....................................................... Total outlays............................................................................................... Nonexpenditure transfers: Transfers to health resources .................................................................... Total outlays/transfers ........................................................................... Balance Sept. 30............................................................................................ 2012 2013 2014 2015 2016 3,396,850 286,638 87,285 373,923 3,522,267 295,237 89,904 385,141 3,651,757 304,094 92,601 396,695 3,785,441 313,217 95,379 408,596 3,923,445 322,613 98,240 420,853 4,579 5,749 10,328 4,579 5,749 10,328 4,579 5,749 10,328 4,579 5,749 10,328 4,579 5,749 10,328 238,178 248,506 3,522,267 245,323 255,651 3,651,757 252,683 263,011 3,785,441 260,264 270,592 3,923,445 268,071 278,399 4,065,899 March 2012 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 2011 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1, 2010 ................................................................................................................................................................................................ - Receipts: Harmonized tariff ................................................................................................................................................................................................... 2,250 Total receipts ..................................................................................................................................................................................................... 2,250 Expenses: Expenditure ........................................................................................................................................................................................................... 2,250 Total expenses .................................................................................................................................................................................................. 2,250 Balance Sept. 30, 2011 ............................................................................................................................................................................................ - Wool Research, Development, and Promotion Trust Fund Expected Condition and Results of Operations, Fiscal Year 2012 [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 2012 TRUST FUNDS 145 INTRODUCTION: Agriculture Disaster Relief Trust Fund The Food, Conservation, and Energy Act of 2008 (Public Law 110-246) created the “Agriculture Disaster Relief Trust Fund” (Disaster Trust Fund). The Disaster Trust Fund is described in Section 902 of the public law. The Disaster Trust Fund is appropriated an amount equivalent to 3.08 percent of the amounts received in the general fund of the Treasury of the United States during fiscal years 2008 through 2011 attributable to the duties collected on articles entered, or withdrawn from the warehouse, for consumption under the Harmonized Tariff Schedule of the United States. The collection activity is made by the U.S. Department of Homeland Security, U.S. Customs and Border Protection (CBP). The CBP transfers the funds monthly to the Disaster Trust Fund Receipt Account. The Disaster Trust Fund shall make amounts available for the purpose of expenditures to meet obligations of the United States incurred under Section 901 of the Trade Act of 1974 and Section 531 of the Federal Crop Insurance Act. The Disaster Trust Fund will be used to make payments to farmers and ranchers under five disaster programs. Supplemental Revenue Assistance Payments Program (SURE) Livestock Forage Disaster Program (LFP) Livestock Indemnity Program (LIP) Tree Assistance Program (TAP) Emergency Assistance for Livestock, Honey Bees, and Farm-Raised Fish Program (ELAP) The Farm Service Agency shall invest such portions of the Disaster Trust Fund that is not required to meet current payment amounts. Investments may only be made in interest bearing obligations of the United States. The American Recovery and Reinvestment Act (ARRA) of 2009 (Public Law 111-5) created the “Agriculture Disaster Relief Trust Fund, Recovery Act” (Disaster Trust Fund-Recovery Act). The Disaster Trust Fund-Recovery Act provided for additional payments to farmers and ranchers from the SURE and TAP programs. The additional payments are tracked separately to meet the ARRA reporting requirements. The Disaster Trust Fund has indefinite borrowing authority via repayable advances. 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-15.—Agriculture Disaster Relief Trust Fund Results of Operations, Fiscal Year 2011 [In thousands of dollars. Source: Department of Labor] Balance Oct. 1........................................................................................................................................................................................................... Receipts: Transferred from customers.................................................................................................................................................................................. Borrowing authority ............................................................................................................................................................................................... $669,286 904,708 400,000 Interest .................................................................................................................................................................................................................. - Total receipts ..................................................................................................................................................................................................... Outlays: Supplemental Revenue Assistance Payments Program ...................................................................................................................................... Livestock Forage Disaster Program ..................................................................................................................................................................... Livestock Indemnity Program................................................................................................................................................................................ Tree Assistance Program ..................................................................................................................................................................................... Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program .......................................................................................... Total benefit payments ...................................................................................................................................................................................... Supplemental Revenue Assistance Payments Program ...................................................................................................................................... 1,304,708 Tree Assistance Program ..................................................................................................................................................................................... 973,787 206,641 23,347 8,546 8,460 1,220,781 236,392 - Total benefit payments—Recovery Act ............................................................................................................................................................ 236,392 Interest .................................................................................................................................................................................................................. - Total outlays ...................................................................................................................................................................................................... 1,457,173 Balance Sept. 30 ...................................................................................................................................................................................................... 516,821 Cumulative debt, end of year ................................................................................................................................................................................... $696,041 * Adjusted the October 1, 2010, beginning balance by $420,000 because of a correction to the amount reported as borrowing authority use in fiscal year 2011. March 2012 TRUST FUNDS 146 Agriculture Disaster Relief Trust Fund Trust Fund Expected Condition and Results of Operations, Fiscal Years 2012-2016 * [In thousands of dollars. Source: Department of Health and Human Services ] Balance Oct. 1 .................................................................................................... 2012 2013 2014 2015 2016 516,821 24,821 1,821 1,821 1,821 Receipts: Transferred from customers ........................................................................... - - - - - Borrowing authority ......................................................................................... 779,000 1,372,000 - - - Interest ............................................................................................................ - - - - - Total receipts .............................................................................................. 779,000 1,372,000 - - - Supplemental Revenue Assistance Payments Program................................ 985,000 1,395,000 - - - Livestock Forage Disaster Program ............................................................... 198,000 - - - - Livestock Indemnity Program ......................................................................... 56,000 - - - - Tree Assistance Program ............................................................................... 5,000 - - - - Emergency Assistance of Livestock, Honey Bees, and FarmRaised Fish Program .................................................................................. 20,000 - - - - Outlays: Total benefit payments ............................................................................... 1,264,000 1,395,000 1,395,000 - - Supplemental Revenue Assistance Payments Program................................ 7,000 - - - - Tree assistance program ................................................................................ - - - - - Total benefit payments—Recovery Act ...................................................... 7,000 - - - - Interest ............................................................................................................ - - - - - Total outlays................................................................................................ 1,271,000 1,395,000 1,395,000 - Balance Sept. 30............................................................................................. 24,821 1,821 1,821 1,821 Note.—Detail may not add to totals due to rounding. March 2012 1,821 147 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 2012 148 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 2012 149 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 2011, the debt limit was $15,194,000 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 2012 150 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 2012 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 151 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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