Full text of Treasury Bulletin : September 2005
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations............................................................................................................................ 11 Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source...................... 12 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 15 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 20 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 23 FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 FD-2.—Debt Held by the Public ......................................................................................................................................... 25 FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 26 FD-3.—Government Account Series................................................................................................................................... 27 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 28 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 29 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 30 FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 30 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 31 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 33 TREASURY FINANCING ................................................................................................................................................. 33 PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding ............................................................................................................ 37 PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 43 U.S. SAVINGS BONDS AND NOTES Introduction.—Savings Bonds and Notes............................................................................................................................ 44 SBN-1.—Sales and Redemptions by Series, Cumulative .................................................................................................... 44 SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 45 SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 45 September 2005 IV Contents OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 47 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 48 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) .................................... 49 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 50 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 51 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 51 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 52 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 52 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 53 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 57 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 57 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 59 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 60 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 63 CM-I-2.—Total Liabilities by Country................................................................................................................................ 64 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 66 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 68 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 69 CM-II-2.—Total Claims by Country ................................................................................................................................... 70 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 74 SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately ......................................................................................................................................... 75 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 76 CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 77 CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 79 CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 81 September 2005 V Contents SECTION V. —U.S. International Transactions in Long-Term Securities CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 83 CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (second quarter) ............................................................................................................... 87 CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 89 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92 FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 93 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 94 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 95 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 95 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 96 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 97 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 98 FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 99 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 99 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ............................................................................................... 100 FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 101 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 101 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 102 FCP-V-2.—Monthly Report of Major Market Participants ............................................................................................... 103 FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 103 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ............................................................................................... 104 FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 105 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 105 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 ESF-1.—Balance Sheet ..................................................................................................................................................... 106 ESF-2.—Income and Expense ........................................................................................................................................... 107 September 2005 VI Contents SPECIAL REPORTS TRUST FUNDS Introduction.—Highway Trust Fund ................................................................................................................................. 111 TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account. ................................................................... 111 RESEARCH PAPER INDEX............................................................................................................................................ 112 GLOSSARY ...................................................................................................................................................................... 113 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. SPECIAL REPORTS Trust Funds 1-8, published in the December issue of the Treasury Bulletin, are scheduled to be discontinued starting with the December 2006 issue. Trust fund information can be found in the Monthly Treasury Statement, www.fms.treas.gov/mts, and the Budget of the United States Government, www.whitehouse.gov/omb/budget. Comments or concerns regarding the discontinuation of these tables can be forwarded to the Treasury Bulletin staff at treasury.bulletin@fms.treas.gov. September 2005 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................................................................................................ v FFO-6.—Customs Collections of Duties, Taxes and Fees by Districts and Ports................................ v Special Reports Financial Report of the United States Government excerpt ................................................................ v Trust Fund Reports: Airport and Airway Trust Fund................................................................................................ v Aquatic Resources Trust Fund................................................................................................ v Black Lung Disability Trust Fund................................................................................................ v Civil Service Retirement and Disability Fund................................................................ v Federal Disability Insurance Trust Fund ................................................................................................ v Federal Hospital Insurance Trust Fund................................................................................................ v Federal Old-Age and Survivors Insurance Trust Fund ................................................................ v Federal Supplementary Medical Insurance Trust Fund................................................................ v Harbor Maintenance Trust Fund................................................................................................ v Hazardous Substance Superfund................................................................................................ v Highway Trust Fund................................................................................................................................ v Inland Waterways Trust Fund................................................................................................ v Leaking Underground Storage Tank Trust Fund................................................................ v National Service Life Insurance Fund................................................................................................ v Nuclear Waste Fund................................................................................................................................ v Oil Spill Liability Trust Fund................................................................................................ v Railroad Retirement Account................................................................................................ Reforestation Trust Fund................................................................................................ v v Unemployment Trust Fund................................................................................................ v Uranium Enrichment Decontamination and Decommissioning Fund................................ v Vaccine Injury Compensation Trust Fund ................................................................ v Wool Research, Development, and Promotion Trust Fund................................................................ v September 2005 OPERATIONS ProfileoftheEconomy FederalFiscalOperations AccountoftheU.S.Treasury FederalDebt PublicDebtOperations U.S.SavingsBondsandNotes Ownership ofFederalSecurities MarketYields U.S.CurrencyandCoinOutstanding andinCirculation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] Real gross domestic product (GDP) The advance estimate of real gross domestic product (GDP) showed annualized growth of 3.4 percent in the second quarter of 2005, down slightly from the 3.8 percent annual pace set in the first quarter. Annual revisions to the GDP data lowered previous estimates of GDP growth measured fourth quarter to fourth quarter from 3.9 percent to 3.8 percent in 2004, from 4.4 percent to 4.0 percent in 2003, and from 2.3 percent to 1.9 percent in 2002. Personal consumption expenditures continued to expand at a moderate 3.3 percent annual rate in the second quarter following the 3.5 percent pace set in the first quarter. The slight deceleration occurred as real household spending on energy goods fell. The pace of business fixed investment picked up to a 9.0 percent annual rate in the second quarter after posting 5.7 percent growth in the prior quarter. Investment in equipment and software rose at an 11.0 percent clip in the second quarter, while investment in structures rebounded to post an annualized gain of 3.1 percent after slipping 2.0 percent in the first quarter. Residential investment maintained its recent strong growth in the second quarter, climbing 9.8 percent at an annual rate above the prior quarter. A sell-off in private inventories in the second quarter acted as a drag on the GDP growth rate, subtracting 2.3 percentage points. Exports posted a solid 12.6 percent annual growth rate in the second quarter after a 7.5 percent increase in the first quarter. Imports contracted at a 2.0 percent rate in the second quarter, the first quarterly decline since early 2003. The strong export growth and lower imports combined to contribute 1.6 percentage points to overall GDP growth and narrow the trade gap from a record $645.4 billion (constant 2000 dollars) in the first quarter to $601.3 billion. Growth of Government spending held steady at a 2.0 percent annualized rate after increasing 1.9 percent in the first quarter. Although Federal Government spending slowed from a 2.4 percent clip in the first quarter to 1.3 percent in the second, state and local Government spending growth picked up from an annualized rate of 1.6 percent in the first quarter to 2.4 percent in the second quarter. Growth of Real GDP (Percent change, fourth quarter to fourth quarter) 6 5 4.3 4.5 4.7 4.0 4 3.8 3.6 04 05* 3 2.2 1.9 2 1 0.2 0 97 98 99 0 01 02 03 *2005 based on second quarter September 2005 4 PROFILE OF THE ECONOMY Inflation Inflation has slowed a bit so far this year from last year’s pace. The consumer price index rose at a 3.1 percent annual rate during the first half of the year, off slightly from the 3.3 percent increase during all of 2004. This followed a 1.9 percent rise during 2003. Energy prices jumped at a 14.1 percent annual rate through June, while the cost of food has risen by a moderate 2.3 percent. Core consumer prices (excluding food and energy) have continued up at a 2.2 percent pace, the same as during 2004 but still above the exceptionally low 1.1 percent during 2003. Inflation at the producer level has also eased this year. Overall finished goods prices rose at a 2.4 percent annual rate over the first 6 months of the year, off from an increase of 4.2 percent during 2004. The rise in energy prices has slowed from 13.4 percent last year to an 8.5 percent annual rate this year. Core finished goods inflation was 2.2 percent through June, little changed from last year. Core inflation has been creeping up from a slight decline during 2002. Further back in the production chain, the cost of core intermediate materials has slowed from an 8.3 percent jump last year to a 2.5 percent increase during the first half of this year. Prices of core crude materials dropped at a 21.8 percent rate so far this year, offsetting a surge of 20.5 percent last year. Labor cost increases have slowed a little in 2005. Hourly compensation costs as calculated in the national income accounts for the private nonfarm business sector increased at a 5.3 percent annual rate during the first half of the year, off a little from the 5.8 percent gain registered across the four quarters of last year. The 2005 increase was faster than the 2.7 percent annual rate rise in productivity. As a result, unit labor costs have risen at a 2.3 percent rate so far this year. This represents a deceleration from the 3.2 percent increase during 2004 and is consistent with moderate inflation. The employment cost index for total compensation, a fixedweighted compensation measure, increased by 3.2 percent during the 12-month period ending in June 2005, off from the 3.9 percent increase during the 12 months ending in June 2004. Almost all of the deceleration resulted from a slowing in the rate of increase in benefit costs to 5.1 percent. Wage increases remained subdued at 2.4 percent over the past year. Consumer Prices Producer Prices - Finished Goods (Percent change from a year earlier) (Percent change from a year earlier) 7 8 6 6 Excluding food and energy 5 Excluding food and energy 4 4 2 3 0 2 Total 1 0 -2 Total -4 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 September 2005 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 PROFILE OF THE ECONOMY Employment and unemployment Labor markets appeared strong as of mid-2005. Nonfarm payroll employment increased by 207,000 in July. So far this year, payrolls have expanded by an average of 191,000 per month, up from last year’s 183,000 pace. Since payroll employment reached a low point in May 2003, the economy has created nearly 4.0 million jobs. Job gains were fairly widespread in July. Employment in retail trade rose a strong 50,000, and the professional and business and leisure and hospitality categories each posted gains of more than 30,000. Construction employment was up by 7,000 in July. This sector has added a solid 23,000 jobs per month over the past year. One of the few downsides in the latest report was a 4,000 decline in manufacturing jobs. Over the latest 12 months, factory payrolls have fallen by 65,000. The unemployment rate remained unchanged at 5.0 percent in July, the lowest level since September 2001. A breakdown of the data also shows that the unemployment 5 rate among blacks declined to 9.5 percent in July, the lowest level since October 2001. Among Hispanics, the unemployment rate eased to 5.5 percent, the lowest level since October 2000. The labor force participation rate edged up to 66.1 percent in July. That is up from a 17-year low of 65.8 percent earlier this year. In a further sign of a strengthening labor market, the employment-population ratio (the share of the working-age population that is employed) increased to 62.8 percent in July, the highest share since late 2002. The average workweek held steady at 33.7 hours for the third consecutive month in July. Aggregate production hours edged up 0.2 percent because of the employment increase. Average hourly earnings advanced by 0.4 percent in nominal terms in July, the largest monthly gain in a year, and are up 2.7 percent since July 2004. The year-over-year gain in real hourly earnings turned positive in June as nominal earnings outpaced inflation for the first time in more than a year. (Earnings in real terms are not yet available for July.) Unemployment Rate Payroll Employment (Percent) (Average monthly change in thousands) 7.0 400 6.5 300 231 200 6.0 101 100 5.5 190 182 195 177 134 33 9 0 5.0 July 2005 5.0% 4.5 -200 4.0 -300 3.5 -21 -100 -88 -42 -30 -18 -85 -161-160 -281 -400 96 97 98 99 00 01 02 03 04 05 I II III IV I II III IV I II III IV I II III IV I II 2001 2002 2003 2004 2005 September 2005 6 PROFILE OF THE ECONOMY Real disposable personal income and consumer spending Nominal personal income increased at a 5.8 percent annual rate in the second quarter of this year following a 12.7 percent surge in the fourth quarter of last year and an increase of 2.6 in the first quarter. The divergence in the growth during the previous two quarters largely reflected a one-time dividend payout by Microsoft in D ecember that sharply boosted dividend income in the fourth quarter. Wages and salaries, which account for more than half of personal income, rose at a 5.0 percent annual rate in the second quarter following an increase of 6.2 percent in the first quarter. Growth in personal interest income has continued to pick up, increasing at an 8.3 percent annual rate in the second quarter. Interest income has now risen for three consecutive quarters. Prior to these increases, interest income had been falling on average since 2000. Dividend income rose at a 9.5 percent annual rate in the second quarter and has now grown at a healthy pace for almost 4 years. Disposable (after-tax) income adjusted for inflation increased at a 1.4 percent annual rate in the second quarter. This was down from the 2.7 percent pace during 2004 and the first quarter of this year. Real consumer spending continued to rise moderately, increasing at a 3.5 percent annual rate in the first quarter and by 3.3 percent in the second quarter. These followed a gain of 3.8 percent during 2004. With spending increasing at a faster rate than income, the personal saving rate fell to a very low 0.2 percent in the second quarter. The saving rate has on average been falling since reaching a quarterly post-World War II high of 12.2 percent in 1981. Industrial production and capacity utilization Output from factories, mines, and utilities increased 2.1 percent at an annual rate in the second quarter of 2005, down from a 3.6 percent annual rate in the first quarter. Over the 12 months ending in June, output increased by a solid 3.9 percent. Manufacturing production, which accounts for about 82 percent of all industrial output, grew 1.5 percent at an annual rate in the second quarter after a 4.0 percent advance in the first quarter of 2005. Gains averaged about 5.0 percent in the previous four quarters. The deceleration in the second quarter was related to sharp declines in the production of motor vehicles and parts, as well as nonenergy industrial materials. Output of high-technology goods (computers, communications equipment, and semiconductors) rose at a 12.8 percent annual rate increase in the second quarter after a 29.4 percent surge in the first quarter. The deceleration in high-technology production reflected a wide swing in semiconductor and communication equipment. Output of computers and peripheral equipment maintained strong, steady growth during the first half of 2005. Production of motor vehicles and parts declined at a 4.3 percent annual rate September 2005 in the second quarter after rising 2.7 percent in the first quarter. Motor vehicle production surged by 16.3 percent at an annual rate in the fourth quarter of 2004. Apart from automobiles, manufacturing output rose at a 2.0 percent annual rate in the second quarter, slowing from the first quarter’s 4.1 percent annual rate. Production at utilities, which accounts for 10 percent of total industrial output, rose at a 6.0 percent annual rate in the second quarter after falling by 3.2 percent in the first quarter, a pattern related to unseasonable weather. Output at mines (the remaining 8 percent of industrial output) increased 4.3 percent in the second quarter, slowing from an 8.4 percent rise in the first quarter (which followed three straight quarterly declines). The capacity utilization rate for the industrial sector edged up to 79.5 percent in the second quarter of 2005, from 79.3 percent in the first quarter. Although capacity utilization has risen in each of the last eight quarters, it remains 1.5 percentage points below its long-term average of 81.0 percent. Capacity utilization in the manufacturing sector was 78.2 percent in the second quarter, in line with the 78.1 reading in the first quarter but still 1.6 percentage points below its long-term average of 79.8 percent. Utilization in the high-technology industries edged down to 71.7 percent in the second quarter, from 71.8 percent in the first quarter, and was still 6.6 percentage points below its long-term average of 78.3 percent. Nonfarm productivity and unit labor costs Productivity growth slowed somewhat in the middle of 2005, although the trend over a longer period of time still appears strong. Preliminary second quarter data showed that nonfarm business productivity (real output per hour worked) rose at a 2.2 percent annual rate, down from 3.2 percent in the first quarter. (The latest productivity numbers included data revisions back to 2002.) Over the most recent four quarters, labor productivity was up 2.3 percent, down from the rapid 4.2 percent rate registered in the comparable four-quarter period a year ago. That 2.3 percent pace is also slightly lower than the average rate of productivity growth in the latter half of the 1990s. However, over the past 4-1/2 years, productivity has risen at a 3.3 percent rate, still strong by historical standards. Hourly compensation costs in the nonfarm business sector rose at a 3.5 percent annual rate in the second quarter, down from 6.9 percent in the first quarter. These costs were up 6.7 percent over the most recent four quarters. Unit labor costs, hourly compensation divided by productivity, increased at a 1.3 percent annual rate in the second quarter, down from 3.6 percent in the first quarter. Unit labor costs were up 4.3 percent over the most recent four quarters, following a decline of 0.4 percent in the year-earlier fourquarter period. Productivity in the manufacturing sector rose at a 4.1 percent annual rate in the second quarter and was up a solid 4.7 percent over the most recent four quarters. That is a PROFILE OF THE ECONOMY slower pace, however, than the 5.8 percent rate of growth averaged over the past 4 years. Hourly compensation costs in manufacturing advanced at a 6.6 percent annual rate in the second quarter and were up 8.6 percent over the most recent four quarters. Factory unit labor costs rose at a 2.3 percent annual rate in the second quarter and were up 3.7 percent over the most recent four quarters. International transactions The current account measures trade in goods and services as well as the flow of investment income and unilateral transfers (including Government grants and pension payments as well as private transfers to and from foreigners). The current account has been in deficit almost continuously since the early 1980s but has fluctuated widely over time. In the first quarter of 2005, the current account deficit widened by $27 billion to a new high of $780 billion at an annual rate, equivalent to a record 6.4 percent of GDP. Net outflows for unilateral transfers surged to an all-time high, accounting for nearly three-quarters of the deterioration in the current account. The disbursement of U.S. Government grants to Israel and Egypt was largely responsible. The merchandise trade deficit also reached a record level in the first quarter. Those developments were partly offset by gains in the surpluses on trade in services and investment income. Data on trade in goods and services during the first 2 months of the second quarter suggest some improvement in the current account balance may be on tap for the second quarter. By definition, the current account is matched by offsetting transactions in the capital and financial accounts with any difference in the recorded flows listed as a statistical discrepancy. Capital account transactions, which consist mainly of debt forgiveness and wealth transfers associated with immigration, jumped to nearly $18 billion at an annual rate in the first quarter, up sharply from quarterly gains averaging less than $2 billion over the prior 4 years. The increase resulted from debt forgiveness for Iraq. The financial account measures transactions that alter the foreign financial assets and liabilities of the United States. Net financial inflows (the difference between net foreign purchases of U.S. assets and U.S. purchases of foreign assets) amounted to nearly $662 billion at an annual rate in the first quarter, about $14 billion less than in the fourth quarter. Financial inflows for foreign-owned assets in the United States slowed to $904 billion in the first quarter from 7 a record $1.8 trillion at the end of 2004. Three-quarters of the drop was due to a large swing in U.S. liabilities to foreigners reported by U.S. banks. Private foreign purchases of non-Treasury securities fell from an unprecedented level in the fourth quarter as acquisitions of U.S. equities, corporate bonds, and federally-sponsored agency bonds all slowed. Foreign official assets in the United States also grew at a slower pace in the first quarter, with official purchases of Treasury securities moderating to the smallest amount in 2-1/2 years. Foreign direct investment eased as well. Partly offsetting those developments was a pronounced pickup in foreign private purchases of U.S. Treasuries. On the other side of the financial balance sheet, net U.S. outflows for overseas assets totaled $243 billion in the first quarter, down from $1.2 trillion in the fourth quarter. Exchange rate of the dollar The dollar peaked in February 2002 and has since followed a generally depreciating trend with a few periods of temporary strengthening. In the 34-month period between the 2002 peak and December 2004, the nominal exchange value of the dollar relative to a broad index covering the currencies of 26 important U.S. trading partners depreciated by 16 percent. During the subsequent 7 months, through July 2005, the dollar has risen by 3.2 percent. The cumulative decline from the February 2002 peak to July 2005 was 13.4 percent. The aggregate decline mainly reflected dollar weakness against the seven currencies of the United States’ major trading partners, including the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland. Between February 2002 and July 2005, the exchange rate of the dollar compared to an index of these currencies fell by 23.4 percent. Dollar depreciation against the yen and the euro, whose combined weights account for roughly 55 percent of the major index, was largely responsible. Over the same period, the dollar/euro exchange rate fell by 28 percent and the dollar/yen exchange rate fell by 16 percent. With respect to the currencies of many other important trading partners, the dollar is roughly the same as it was in February 2002. It has had several fluctuating periods of appreciation and depreciation since February 2002, but by July 2005, the exchange value of the dollar compared to an index of currencies that includes Mexico, China, Brazil, and seven other Asian countries was virtually the same as in February 2002. September 2005 PROFILE OF THE ECONOMY 8 Interest rates At its most recent meeting in August 2005, the Federal Open Market Committee (FOMC)−the Federal Reserve’s policy-making arm−raised the Federal funds target rate by 25 basis points to 3.5 percent, the tenth hike in the current cycle of monetary tightening (begun in late June 2004). Previously, the FOMC had held the Federal funds target (the rate that banks and other financial institutions charge each other for overnight loans) constant at 1 percent for 1 year. Even so, at the relatively low level of 3.5 percent, the Federal Reserve’s monetary stance remains accommodative. In the Treasury market, the 3-month Treasury bill rate started rising in early May 2004 in anticipation of the latest monetary tightening cycle. Over the past 15 months, the rate has risen by about 240 basis points to 3.4 percent in early August. Although the 10-year Treasury yield initially rose to about 4.8 percent in May 2004 (also in anticipation of faster growth and monetary tightening), it has trended lower over much of the 15 months. After declining to as low as 3.95 percent in early June 2005, the rate has fluctuated in a somewhat higher range, but at 4.35 percent as of early Short-term Interest Rates August, is still about 50 basis points lower than in spring 2004. Mortgage interest rates generally follow movements of the 10-year Treasury rate and have fluctuated in a fairly narrow band around low level for about 2 years. The low rates have contributed to record home sales as well as mortgage refinancings, helping to free additional cash for consumption. This year the rate has ranged between about 5.5 percent and 6.0 percent, and in early August was near the middle of that range. Corporate bond yields reflect movements in long-term Treasury yields as well as numerous other factors. Moody’s seasoned Baa yield has traded near the 6.0 percent mark for the past 5 months, reaching a low of 5.85 in June before edging up to an average 5.95 percent in July. The spread between the Baa yield and the 10-year Treasury yield, a measure of investor risk appetite, has narrowed to an average of 1.8 percentage points as of July, down from nearly 4 percentage points in late 2002, suggesting investors have become much more optimistic about business prospects. Long-term Interest Rates (Percent) (Percent) 10.0 7.0 Federal funds rate target 6.0 Corporate Baa bond 9.0 5.0 8.0 4.0 7.0 ` 3.0 2.0 6.0 3-month Treasury bills 5.0 1.0 0.0 1999 4.0 2000 September 2005 2001 2002 2003 2004 2005 3.0 1999 Treasury 10-year note 2000 2001 2002 2003 2004 2005 PROFILE OF THE ECONOMY Housing The housing sector continued to perform remarkably well in the second quarter of 2005. Real residential investment accelerated slightly, and sales of single-family homes climbed to a new all-time high. The homeownership rate eased slightly but remained close to the record level recorded in the spring of 2004. Housing starts declined by 13 percent at an annual rate to a 2.012 million unit annual rate in the second quarter after surging to a 27-year high of 2.083 million in the first quarter. Even so, the pace of real residential investment picked up to a 9.8 percent annual rate from the 9.5 percent pace posted in the first quarter, due to a surge in brokers’ commissions stemming from the record pace of home sales. Sales of new single -family homes jumped by 27 percent at an annual rate in the second quarter to an annualized pace of 1.326 million, a new high for this series which dates back to 1963. Resales of existing single-family homes rose by 22 percent at an annual rate to a pace of 6.290 million- also a record. Despite the unprecedented strength of home sales, the homeownership rate slipped by 0.4 percentage point to 68.8 percent in the second quarter and is down 0.6 point from an all-time high of 69.4 percent a year earlier. The strong pace of home sales was due in part to falling interest rates. The average rate on a 30-year conventional mortgage declined by nearly 50 basis points over the course of the quarter from 6.04 percent in early April to 5.57 percent in the last week of June. Although mo rtgage rates rose in July, they still remain very favorable. Residential construction and home sales will likely remain strong in the near-term, although further large gains are not anticipated. The number of building permits issued in the second quarter rose to a 32-year high, and the backlog of unused permits reached their highest level since 1978. Both indicators bode well for home building. Citing the combination of low mortgage rates and strong job and 9 income growth, the housing industry is now expecting 2005 to be another record year for home sales. Federal budget The Federal budget deficit was $250 billion through 9 months of fiscal year 2005, $77 billion less than in the comparable months of the previous fiscal year. The deficit has been narrowing as receipts of withheld individual income and employment taxes were up 4.5 percent from the same period in fiscal year 2004. Nonwithheld individual income and employment taxes (which are estimated and paid quarterly) jumped 28.6 percent in the first 9 months of the fiscal year compared to last year. In addition, net corporate income tax receipts have soared 41.0 percent as profits strengthened. Total receipts through the fiscal year to June have risen 14.6 percent from the same months last year, or $204 billion. Outlays were up 7.3 percent so far this fiscal year from last year, or $127 billion. Mainly because of the boost to tax payments, the Administration cut its estimate of the fiscal year 2005 deficit to $333 billion in the Mid-Session Review (MSR) of the Fiscal Year 2006 Budget from the $412 billion recorded last fiscal year and down from the previous estimate for this fiscal year of $427 billion. The new $333 billion deficit figure is about 2.7 percent of GDP, much smaller than the 3.6 percent in 2004. Going forward, the MSR projects the deficit will fall further as a share of GDP in the next few fiscal years. The new estimates project the deficit to dip to 2.6 percent of GDP in fiscal year 2006, decline to 1.7 percent in 2007, and then drop to 1.1 percent of GDP from fiscal years 2008 to 2010. A deficit of 1.1 percent of GDP would be well below the 40-year average of 2.3 percent of GDP. That puts the deficit on track to shrink below the Administration’s initial target of cutting the deficit in half by fiscal year 2009. September 2005 10 PROFILE OF THE ECONOMY Net national saving and investment Net national saving, a source of funds for new investment, has fallen sharply since 1998 after a brief period of improvement in the mid 1990s. Declines continued in each year thereafter and in 2004 the annual level of net national saving hit 1.3 percent of net national product (NNP), the smallest share since the negative readings of the early 1930s. (Net national saving and NNP exclude depreciation to replace worn-out or obsolete equipment, software, and structures used in production.) Much of the recent decline in the net national saving rate reflected widening deficits in both state and local and Federal budgets. After 4 years of surplus, Federal finances turned negative from calendar years 2002 through 2004, due in part to the 2001 economic recession as well as increased spending on defense and homeland security. State and local balances also showed declines through those years, though the negative balances have diminished in the past 2 years. Taken together, the public sector deficit rose to a recent high of 4.2 percent of NNP in 2003, easing to 4.0 percent of NNP in 2004 as the economy and Government finances strengthened. Improvement in public finances continued into the first quarter of 2005 as state and local balances turned positive and the Federal deficit narrowed sharply. This led to a decline in the public sector deficit from the 4.0 percent reading in 2004 to 2.7 percent in the first quarter of 2005, contributing to an increase in the total net national saving rate to 1.9 percent of NNP in that quarter. Private saving dipped to 5.3 percent of NNP in 2004 from an average of 5.4 percent in the 2 prior years but still remains well above the more-than six-decade low of 3.7 percent recorded in 2001. The improvement in private saving over the past 3 years partly reflects strong growth of corporate profits, which helped boost retained earnings of corporations to almost 4 percent of NNP in the last 2 years. That was up from 3.2 percent in 2002 and 2.2 percent in 2001 following a 20-year low of 2.0 percent in 2000. Personal saving, which fell to 1.5 percent of NNP during September 2005 2001–the lowest in 50 years–bounced back in 2002 and 2003 before dropping again to the 1.5 percent level in 2004. Net domestic investment (by Government and private industry in structures, equipment, software, and inventory) increased to 8.4 percent of NNP in 2004, from 7.2 percent in 2003 and 6.9 percent in 2002. While still below the 9.6 percent average posted from 1997 through 2000, the current rate of net investment is considerably higher than readings of 5.8 percent on average in 1991 and 1992. A large portion of domestic investment continues to be financed from abroad, a trend that has persisted for more than two decades. This is reflected in the U.S. current account balance (equivalent to net foreign investment), which has shifted from a small surplus of 0.3 percent of NNP in 1991 to a deficit of 6.3 percent in 2004 and 7.1 percent in the first quarter. Net National Saving (Saving as a percent of NNP) 15 Total 10 5 0 -5 Public -10 60 65 70 75 80 85 90 95 00 05 11 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. September 2005 12 FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. • Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. • Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Third-Quarter Receipts The following capsule analysis of budget receipts, by source, for the third quarter of fiscal year 2005 supplements fiscal data reported in the June issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes—Individual income tax receipts, net of refunds, were $294.9 billion for the third quarter of fiscal year 2005. This is an increase of $66.1 billion over the comparable prior year quarter. Withheld receipts decreased by $1.2 billion and non-withheld receipts increased by $60.0 billion during this period. Refunds decreased by $7.3 billion over the comparable fiscal year 2004 quarter. There was a decrease of $11.3 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2004. Corporate income taxes—Net corporate income tax receipts were $98.0 billion for the third quarter of fiscal year 2005. This is an increase of $25.0 billion compared to the prior year third quarter. The $25.0 billion change is September 2005 comprised of an increase of $21.3 billion in estimated and final payments, and a decrease of $3.7 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2005 were $210.2 billion, an increase of $20.1 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $13.2 billion, $2.2 billion, and $4.8 billion respectively. There was a $6.5 billion accounting adjustment for prior years’ employment tax liabilities made in the third quarter of fiscal year 2005, while there was a -$4.8 billion adjustment in the third quarter of fiscal year 2004. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2005 were $22.3 billion, an increase of $1.8 billion over the comparable quarter of fiscal year 2004. Net State taxes deposited in the U.S. Treasury increased by $1.8 billion to $18.6 billion. Net Federal Unemployment Tax Act taxes did not change significantly from $3.8 billion. FEDERAL FISCAL OPERATIONS 13 Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source, con. Contributions for other insurance and retirement— Contributions for other retirement were $1.0 billion for the third quarter of fiscal year 2005. This was a decrease of $0.1 billion from the comparable quarter of fiscal year 2004. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2005 were $18.4 billion, an increase of $0.9 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.3 billion, a decrease of $0.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.6 billion for the third quarter of fiscal year 2005. These receipts represent an increase of $0.1 billion over the same quarter in fiscal year 2004. Customs duties—Customs duties net of refunds were $5.6 billion for the third quarter of fiscal year 2005. This is an increase of $0.6 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2005 were $8.1 billion, an increase of $0.7 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $0.2 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”] Third quarter April - June Total on- and off-budget results: Total receipts ................................................................ On-budget receipts ................................................... Off-budget receipts ................................................... Total outlays.................................................................. On-budget outlays..................................................... Off-budget outlays..................................................... Total surplus or deficit (-) .............................................. On-budget surplus or deficit (-)................................. Off-budget surplus or deficit (-)................................. Means of financing: Borrowing from the public ............................................. Reduction of operating cash......................................... Other means ................................................................. Total on- and off-budget financing............................ Actual fiscal year to date 665,152 501,123 164,029 620,305 538,835 81,470 44,847 -37,712 82,559 1,604,174 1,168,193 435,981 1,853,974 1,578,742 275,232 -249,800 -410,549 160,749 -42,800 -10,736 8,688 -44,847 223,933 3,165 22,702 249,800 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2005 [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 ..................................................... April May June 148.5 34.4 76.7 4.4 0.4 6.1 2.8 1.8 2.5 277.6 57.6 7.2 58.2 17.3 0.3 6.0 1.9 1.8 2.5 152.7 88.8 56.5 75.3 0.7 0.3 6.3 1.8 2.1 3.1 234.8 Note.—Detail may not add to totals due to independent rounding. September 2005 14 FEDERAL FISCAL OPERATIONS CHART FFO-A.— Monthly Receipts and Outlays, 2004-2005 (In billions of dollars) 250 On-budget receipts 200 150 Off-budget receipts 100 On-budget outlays 50 Off-budget outlays 0 -50 J J A S O N D J F M A M J CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2004-2005 (In billions of dollars) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2005 2004 * Individual income taxes Social insurance and retirement receipts * Prior-year data are for the comparable year. September 2005 Corporate Excise taxes income taxes M isc. receipts Estate/gift taxes Customs duties FEDERAL FISCAL OPERATIONS 15 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (9) (10) Total receipts (1) Onbudget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) 2,025,060 1,991,044 1,853,051 1,782,108 1,879,783 1,544,477 1,483,525 1,337,730 1,258,265 1,345,039 480,583 507,519 515,321 523,842 534,744 1,788,441 1,862,761 2,010,855 2,159,248 2,292,606 1,457,678 1,516,760 1,655,192 1,796,238 1,913,094 330,765 346,002 355,663 363,010 379,512 236,619 128,283 -157,804 -377,140 -412,823 86,801 -33,235 -317,462 -537,973 -568,055 149,818 161,518 159,658 160,833 155,233 23,761 141,902 428,391 561,811 595,064 2005 - Est.................... 2,139,656 2006 - Est.................... 2,272,715 1,563,962 1,651,028 575,694 621,687 2,472,310 2,613,334 2,072,190 2,186,233 400,120 427,101 -332,654 -340,619 -508,228 -535,205 175,574 194,586 587,925 644,887 214,382 134,415 137,729 207,351 136,896 134,547 215,749 202,217 100,871 148,741 277,613 152,731 234,808 166,393 93,572 95,899 160,732 97,734 92,178 172,486 147,773 57,519 99,379 218,208 107,184 175,731 47,989 40,843 41,830 46,619 39,162 42,369 43,263 54,444 43,352 49,363 59,405 45,547 59,077 195,258 203,575 178,861 182,719 194,198 192,448 218,603 193,639 214,814 219,969 219,906 188,022 212,377 195,275 166,630 137,461 141,745 159,519 152,310 221,581 155,666 172,445 178,385 181,384 145,707 211,743 -17 36,944 41,400 40,973 34,679 40,138 -2,978 37,973 42,368 41,583 38,521 42,315 634 19,124 -69,160 -41,132 24,633 -57,302 -57,901 -2,853 8,578 -113,942 -71,227 57,707 -35,291 22,431 -28,882 -73,058 -41,562 18,987 -61,785 -60,132 -49,095 -7,893 -114,926 -79,007 36,823 -38,523 -36,012 48,006 3,899 430 5,646 4,483 2,231 46,241 16,471 984 7,779 20,884 3,232 58,443 77,702 41,815 34,072 27,834 50,618 94,923 70,639 32,738 84,784 62,274 -11,666 13,356 60,638 Fiscal year 2005 to date ... 1,604,173 1,168,192 435,982 1,853,976 1,578,740 275,233 -249,800 -410,550 160,748 458,304 Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Fiscal year or month 2000 ............................ 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2004 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2005 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. Means of financing—net transactions, con. Fiscal year or month Borrowing from the publicFederal securities, con. Investments of Agency Government Total securities accounts 10+11-12 (11) (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. U.S. Treasury Special quota in the operating drawing IMF (deduct) cash rights Other (17) (14) (15) (16) Other (18) 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... -832 -661 -137 -922 -1,769 245,736 231,496 207,713 187,324 213,677 -222,809 -90,256 220,542 373,565 379,618 -3,799 -8,440 16,667 -25,926 1,390 4,033 1,603 790 353 720 3,185 8,543 15,724 -7,010 -23,529 -6,292 4,717 2,457 3,208 -4,630 -12,627 -21,554 -24,298 -26,352 6,494 -4,056 -10,050 -2,802 552 662 -236,619 -128,283 157,804 377,140 412,823 2005 - Est.............................. 2006 - Est.............................. -563 -163 263,634 293,984 323,728 350,740 -1,349 - * * * * * * 7,577 -10,121 * * 332,654 340,619 2004 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2005 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May............................ June........................... 282 -186 -240 388 -62 43 96 -129 -222 168 -188 84 -234 66,038 -6,155 3,681 22,852 37,351 5,787 71,053 12,437 5,094 -2,586 9,934 21,845 73,011 11,946 47,784 30,150 5,370 13,205 89,179 -318 20,172 79,467 65,028 -21,788 -8,405 -12,607 28,760 -9,997 -32,104 33,836 11,725 -30,042 6,657 36,643 -41,709 2,825 53,912 -59,808 16,633 -22 -73 124 72 259 436 150 -285 -1,616 -162 46 -226 -142 602 565 -305 -425 550 -253 -184 1,273 -410 -584 181 288 -256 -221 -683 416 -371 96 543 -602 -4,232 89 -60 148 -287 139 -2,241 11,188 -20,887 2,934 56,727 -60,594 9,162 4,649 -9,171 8,018 18,368 -16,337 6,280 290 175 30 200 270 -19,124 69,160 41,132 -24,633 57,302 57,901 2,853 -8,578 113,942 71,227 -57,707 35,291 -22,431 Fiscal year 2005 to date .......... -444 233,926 223,933 -3,164 -1,540 605 -4,166 17,102 500 249,800 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 7, 2005. Detail may not add to totals due to rounding. September 2005 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Corporation Individual Net income taxes (8) Gross (9) 28,367 35,657 63,396 62,745 41,250 207,288 151,075 148,044 131,778 189,370 1,211,750 1,145,414 1,006,389 925,477 998,328 618,076 660,276 665,381 672,727 686,313 1,965 3,106 1,011 1,699 980 616,111 657,170 664,370 671,028 685,333 265,761 242,743 - 265,761 242,743 1,194,891 1,248,902 741,573 802,486 - 741,573 802,486 Refunds (3) Net (4) 780,397 793,386 750,754 734,647 753,260 358,110 383,204 286,956 252,502 243,324 134,046 182,251 179,365 193,451 187,626 1,004,461 994,339 858,345 793,699 808,958 235,655 186,732 211,439 194,522 230,619 2005 - Est...................... 929,130 2006 - Est...................... 1,006,159 - - 929,130 1,006,159 2000 .............................. 2001 .............................. 2002 .............................. 2003 .............................. 2004 .............................. Withheld (1) Net (7) Other (2) Fiscal year or month Gross (5) Refunds (6) Refunds (10) Net (11) 2004 - June ................... July .................... Aug .................... Sept ................... Oct..................... Nov .................... Dec .................... 2005 - Jan ..................... Feb .................... Mar .................... Apr..................... May.................... June................... 65,944 60,494 60,711 57,311 58,025 60,003 85,390 72,156 71,841 76,403 63,761 58,496 53,002 31,290 4,063 4,952 35,761 9,101 4,221 7,573 41,316 3,270 6,692 133,117 20,543 38,762 2,793 3,991 2,810 3,949 2,592 6,289 1,559 2,645 44,961 39,107 48,385 21,431 3,007 94,440 60,566 62,853 89,123 64,534 57,935 91,405 110,827 30,150 43,988 148,493 57,608 88,758 46,392 6,557 3,658 45,569 13,917 4,560 56,065 8,223 4,325 30,812 36,681 8,667 57,731 2,086 1,616 1,852 3,286 6,222 1,775 2,206 1,524 2,605 3,766 2,297 1,497 1,251 44,307 4,941 1,806 42,283 7,694 2,785 53,859 6,699 1,719 27,046 34,384 7,170 56,480 138,747 65,507 64,659 131,406 72,228 60,720 145,264 117,526 31,869 71,034 182,877 64,778 145,238 60,930 52,225 53,553 61,002 51,419 55,779 57,954 69,679 54,828 62,426 76,371 57,741 75,394 980 415 - 60,930 52,225 53,553 60,022 51,419 55,779 57,539 69,679 54,828 62,426 76,371 57,741 75,394 Fiscal year 2005 to date... 599,077 264,595 169,976 693,698 220,981 23,143 197,836 891,534 561,591 415 561,176 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement and general employment Gross Refunds Gross Refunds Net retirement insurance (16) (17) (12) (13) (14) (15) (18) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 2000 ............................ 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 4,345 4,281 4,185 3,963 4,030 8 9 8 9 5 4,337 4,272 4,177 3,954 4,026 620,447 661,442 668,548 674,982 689,359 27,755 27,939 27,746 33,481 39,582 115 127 127 115 129 27,641 27,812 27,620 33,366 39,453 4,693 4,647 4,533 4,578 4,545 70 66 61 53 51 4,763 4,713 4,594 4,631 4,596 2005 - Est.................... 2006 - Est.................... 4,094 4,163 - 4,094 4,163 745,667 806,649 43,183 44,728 - 43,183 44,728 4,574 4,540 45 43 4,619 4,583 2004 - June ................. July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2005 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ 74 375 423 312 323 341 421 352 424 422 350 426 -76 * * -1 * * 14 -1 * 1 * 1 * * 74 375 424 312 323 327 421 352 423 422 349 426 -76 61,005 52,600 53,977 60,334 51,742 56,106 57,960 70,031 55,251 62,848 76,720 58,167 75,318 1,139 2,946 5,868 633 1,402 4,058 399 1,823 3,215 786 4,441 17,273 668 10 18 14 8 8 6 5 3 1 9 28 11 10 1,129 2,929 5,853 625 1,393 4,052 395 1,820 3,214 777 4,412 17,261 657 347 421 405 368 344 344 425 336 342 425 347 342 340 5 4 5 3 5 5 3 4 5 4 6 3 5 352 425 409 371 349 349 428 340 347 429 353 345 345 Fiscal year 2005 to date.... 2,983 15 2,967 564,143 34,065 81 33,981 3,245 40 3,285 See footnote at end of table. September 2005 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month 2000............................ 2001............................ 2002............................ 2003............................ 2004............................ Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous Gross (26) Refunds (27) Net (28) Gross (29) Refunds (30) Net (31) Gross (32) Refunds (33) Net (34) 652,851 693,967 700,761 712,979 733,408 9,784 9,244 9,090 8,729 9,230 46 53 60 44 56 9,739 9,191 9,030 8,684 9,174 518 522 567 506 566 - 518 522 567 506 566 35,987 32,465 33,682 34,756 35,725 1,014 996 1,079 1,032 1,014 34,973 31,469 32,603 33,724 34,711 24,357 26,009 25,833 25,499 26,260 721 960 1,044 891 856 23,636 25,049 24,789 24,608 25,404 2005 - Est ................... 793,469 2006 - Est ................... 855,960 10,436 11,195 - 10,436 11,195 595 608 - 595 608 37,437 39,406 - 37,437 39,406 23,280 22,502 - 23,280 22,502 62,486 55,953 60,239 61,330 53,484 60,507 58,783 72,191 58,812 64,054 81,486 75,773 76,320 706 802 805 1,489 147 841 1,053 777 769 871 843 878 854 7 7 * 18 * 65 * 706 802 799 1,482 147 841 1,053 777 751 872 843 813 854 50 49 49 96 9 51 51 47 46 48 51 53 54 - 50 49 49 96 9 51 51 47 46 48 51 53 54 2,056 3,113 3,083 6,132 553 3,418 3,124 3,154 3,045 3,327 3,332 3,464 2,702 267 163 2 318 -1 237 -1 2,056 3,113 2,815 5,969 551 3,418 3,124 3,154 2,728 3,329 3,332 3,227 2,703 3,487 2,173 2,326 295 3,602 2,155 1,854 1,755 767 2,634 1,967 1,730 2,760 106 60 73 71 43 78 59 53 -243 90 73 -188 96 3,381 2,113 2,253 225 3,559 2,077 1,795 1,703 1,010 2,545 1,894 1,917 2,664 Fiscal year 2005 to date.. 601,410 7,033 83 6,951 410 - 410 26,119 555 25,566 19,224 61 19,164 2004 - June................. July.................. Aug.................. Sept................. Oct .................. Nov.................. Dec.................. 2005 - Jan................... Feb.................. Mar.................. Apr .................. May ................. June ................ Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross (36) Customs duties Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Deposits of earnings by Federal Universal Reserve service fund banks and all other (43) (42) Total receipts Total (44) On-budget 1 Off-budget (45) (46) 2000 ............................ 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 68,866 66,232 66,989 67,522 69,855 29,722 29,248 27,242 22,827 25,579 711 848 734 868 749 29,010 28,400 26,507 21,959 24,831 21,139 20,295 19,829 21,032 21,806 1,226 927 1,227 1,170 723 19,913 19,368 18,602 19,862 21,083 32,293 26,124 23,683 21,878 19,652 10,375 11,541 10,120 12,430 12,627 42,669 37,664 33,803 34,309 32,279 1,544,477 1,483,525 1,337,730 1,258,265 1,345,039 480,583 507,519 515,321 523,842 534,744 2005 - Est.................... 2006 - Est.................... 71,748 73,711 23,842 26,023 - 23,842 26,023 25,130 28,823 - 25,130 28,823 18,641 26,486 11,935 12,810 30,576 39,296 1,563,962 1,651,028 575,694 621,687 2004 - June ................. July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2005 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ 6,192 6,078 5,916 7,772 4,265 6,386 6,022 5,681 4,535 6,793 6,119 6,010 6,276 1,943 2,257 2,372 2,335 2,048 2,137 1,756 2,251 1,925 2,095 2,898 1,979 1,912 81 52 78 58 81 69 68 49 71 76 53 72 67 1,862 2,205 2,295 2,278 1,968 2,069 1,688 2,201 1,854 2,018 2,845 1,907 1,846 1,848 2,153 2,098 1,954 2,186 1,931 1,848 1,868 1,829 2,042 1,829 1,841 2,133 73 48 80 43 65 106 40 61 49 88 56 85 75 1,775 2,105 2,018 1,911 2,121 1,825 1,808 1,806 1,780 1,954 1,773 1,756 2,058 2,089 1,518 1,564 1,582 1,916 1,992 1,181 1,688 1,162 1,648 1,450 1,205 1,755 1,231 1,050 1,038 1,072 913 1,047 1,002 1,124 860 1,240 1,064 1,301 1,316 3,320 2,567 2,602 2,654 2,830 3,039 2,183 2,812 2,022 2,888 2,514 2,506 3,071 166,393 93,572 95,899 160,732 97,734 92,178 172,486 147,773 57,519 99,379 218,208 107,184 175,731 47,989 40,843 41,830 46,619 39,162 42,369 43,263 54,444 43,352 49,363 59,405 45,547 59,077 Fiscal year 2005 to date.. 52,087 19,001 606 18,396 17,507 625 16,881 13,997 9,867 23,865 1,168,192 435,982 1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for adjustment for revenue uncertainty. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 7, 2005. * Less than $500,000. Detail may not add to totals due to rounding. September 2005 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Fiscal year or month Legislative branch (1) Judicial branch (2) Department of Agriculture (3) 2000 ..................... 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2,913 3,030 3,243 3,420 3,880 4,086 4,408 4,823 5,123 5,396 75,658 68,047 68,982 72,483 71,768 7,929 5,017 5,322 5,680 5,849 281,234 290,410 332,116 388,891 437,111 33,309 35,724 46,286 57,400 62,814 15,010 16,420 17,772 19,385 19,974 382,627 426,391 466,104 505,410 543,206 12,365 14,086 15,980 31,843 26,724 2005 - Est ............. 2006 - Est ............. 4,176 4,361 5,741 6,163 89,542 93,985 6,288 6,505 470,878 492,347 72,227 64,548 21,948 22,343 583,638 648,420 2004 - June .......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2005 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... 317 329 309 419 300 295 373 387 285 307 307 308 414 457 545 410 451 443 435 531 429 423 474 429 453 444 4,677 4,472 5,198 5,247 12,110 9,676 10,325 7,565 7,050 5,728 5,359 5,623 5,140 474 481 599 633 422 517 526 580 426 536 401 507 486 37,116 42,126 33,805 38,883 36,222 37,107 44,255 33,377 36,680 42,150 42,744 33,536 40,971 5,154 4,928 4,532 7,941 6,191 4,343 5,234 8,634 5,253 5,928 9,873 5,539 4,664 1,869 1,678 1,017 2,068 1,798 2,093 1,995 1,052 1,459 2,313 1,307 1,177 2,047 Fiscal year 2005 to date ......................... 2,976 4,061 68,576 4,401 347,042 55,659 Fiscal year or month Department of State (14) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 30,829 33,937 31,880 37,470 45,024 8,022 7,876 9,741 9,204 8,916 17,377 18,868 21,408 21,775 28,953 31,876 39,757 64,703 69,592 56,708 34,012 33,585 43,475 40,213 9,448 9,651 21,601 23,421 47,794 52,119 50,444 47,136 42,866 46,109 45,382 46,370 51,947 42,847 44,165 53,336 51,053 44,450 53,332 2,620 2,086 2,434 2,735 3,070 3,036 3,850 2,796 2,794 3,434 2,767 2,520 3,014 3,962 3,165 2,960 3,171 3,429 3,456 3,536 3,494 3,017 3,342 3,267 3,135 6,421 952 837 1,032 813 727 420 748 691 546 1,014 599 671 1,024 3,420 4,221 2,234 2,002 1,938 1,789 1,774 1,930 1,782 2,024 1,639 2,046 1,857 4,310 3,978 3,978 3,111 2,875 3,980 4,802 4,327 3,895 4,036 4,348 4,081 4,205 15,241 432,882 27,281 33,097 6,440 16,779 36,549 Corps of Engineers (19) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) DepartDepartment of Depart- Department of Defense, ment of ment of Commerce military Education Energy (6) (7) (4) (5) Department of the Treasury, interest on DepartDepartTreasury ment ment of debt of the Transpor- securities Treasury, tation (gross) other (15) (16) (17) Department of Veterans Affairs (18) General InterServices national Admin- Assistance istration Program (23) (24) 2000 ..................... 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 6,849 7,446 9,453 9,257 10,942 41,592 49,372 56,112 50,808 54,541 361,998 359,508 332,537 318,149 321,566 26,574 27,415 38,021 48,374 53,692 47,087 45,043 50,871 56,892 59,556 4,334 4,726 4,798 4,749 4,842 32,861 34,161 35,158 39,881 41,732 7,240 7,390 7,450 8,065 8,335 249 246 453 388 3,309 25 -2 -260 323 -404 12,084 11,771 13,309 13,466 13,738 2005 - Est............. 2006 - Est............. 13,142 15,127 58,216 60,586 349,916 384,241 58,581 51,005 68,882 68,790 4,891 4,643 44,090 45,471 7,862 8,202 5,765 7,192 459 54 14,439 16,406 2004 - June .......... July........... Aug........... Sept.......... Oct............ Nov........... Dec........... 2005 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... 889 753 826 1,189 1,241 836 1,401 842 686 998 1,051 838 990 4,663 5,872 5,276 6,278 4,335 4,403 4,523 3,846 3,603 4,859 4,237 4,805 5,283 84,469 15,098 18,989 12,532 13,735 19,601 86,912 15,215 15,889 15,520 17,874 23,648 91,135 712 1,399 1,705 -7,359 2,925 1,419 843 6,479 26,834 11,621 6,159 3,059 721 5,091 8,012 3,046 4,985 5,234 5,459 8,549 3,010 5,185 5,781 8,035 3,006 6,223 263 509 386 524 626 696 493 495 83 312 58 364 418 3,604 3,397 3,198 3,475 2,280 3,556 3,913 3,525 3,221 4,094 3,592 3,492 3,808 705 734 743 707 551 694 674 487 542 883 652 648 665 273 322 511 452 272 435 542 521 670 634 684 714 870 -42 -158 -185 61 -86 23 173 -205 1 421 -213 19 122 1,674 1,205 246 617 778 416 1,442 4,809 586 1,969 912 1,443 1,112 Fiscal year 2005 to date.......................... 8,883 39,894 299,529 60,060 50,482 3,545 31,481 5,796 5,342 255 13,467 See footnote at end of table. September 2005 FEDERAL FISCAL OPERATIONS 19 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and Space Administration (25) National Science Foundation (26) Office of Personnel Management (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (35) (36) 2000 .......................... 13,443 3,487 48,660 -422 441,289 10,879 -37,851 -129,088 -4,580 -1,502 1,457,678 330,765 2001 .......................... 14,094 3,691 50,916 -569 461,261 13,443 -38,792 -144,111 -7,194 -1,025 1,516,760 346,002 2002 .......................... 14,429 4,187 52,512 492 488,242 15,853 -42,782 -153,316 -5,024 -2 1,655,192 355,663 2003 .......................... 14,552 4,735 54,134 1,559 507,734 8,947 -49,351 -156,066 -5,029 * 1,796,238 363,010 2004 .......................... 15,186 5,118 56,533 4,077 530,206 5,833 -53,430 -153,986 -5,105 * 1,913,094 379,512 2005 - Est.................. 15,719 5,641 61,008 2,641 561,383 15,603 -59,022 -161,628 -5,946 -100 2,072,190 400,120 2006 - Est.................. 15,744 5,666 64,665 1,048 588,505 19,843 -62,543 -170,348 -8,145 -479 2,186,233 427,101 2004 - June ............... 1,284 492 5,258 -10 48,028 -1,109 -4,521 -71,298 -939 * 195,275 -17 July................ 1,117 468 4,775 64 46,884 1,803 -4,485 -64 -111 - 166,630 36,944 Aug................ 1,248 571 4,340 59 41,984 2,035 -4,538 -2,198 -755 - 137,461 41,400 Sept............... 1,938 493 4,749 61 44,331 -1,172 -4,257 4 -469 * 141,745 40,973 Oct................. 827 464 5,233 69 44,591 744 -4,433 15 -109 * 159,519 34,679 Nov................ 1,458 414 4,702 80 44,647 26 -4,433 -4,677 -824 * 152,310 40,138 Dec................ 1,308 422 4,535 71 48,397 1,890 -4,759 -72,314 -309 - 221,581 -2,978 2005 - Jan ................. 1,247 375 5,194 -475 42,946 2,631 -4,675 -164 -573 - 155,666 37,973 Feb ................ 1,172 397 4,559 2,337 46,549 2,019 -4,715 -2,002 -578 - 172,445 42,368 Mar ................ 1,291 417 4,933 67 46,382 658 -4,841 -336 -317 * 178,385 41,583 Apr................. 1,014 402 5,210 58 49,855 1,861 -4,735 -692 -201 * 181,385 38,521 May ............... 1,490 395 4,805 62 43,816 1,246 -4,700 -4,255 -920 * 145,707 42,315 June .............. 1,362 536 5,365 65 50,721 -1,681 -4,720 -73,997 -640 * 211,743 634 Fiscal year 2005 to date .......................... 11,169 3,822 44,536 2,334 417,904 9,394 -42,011 -158,422 -4,471 - 1,578,741 275,233 * Less than $500,000. Note.—These figures are based on the Fiscal Year 2006 Budget, released by the Office of Management and Budget on February 7, 2005. Detail may not add to totals due to rounding. September 2005 FEDERAL FISCAL OPERATIONS 20 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2005 and Other Periods [In millions of dollars. Source: Financial Management Service] Classification Budget receipts: Individual income taxes............................................... Corporation income taxes ........................................... Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ Estate and gift taxes ................................................... Customs duties ........................................................... Miscellaneous receipts................................................ Total receipts....................................................... (On-budget)..................................................... (Off-budget)..................................................... General funds (1) September 2005 Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 693,647 197,833 51 - 4 693,698 197,837 596,363 140,339 54 - * 596,416 140,340 18,060 18,396 11,023 15,237 954,196 954,196 - 538 5,037 7,621 13,247 13,247 - 435,981 128,162 33,982 3,284 33,489 822 1,007 636,731 200,749 435,981 435,981 128,162 33,982 3,284 52,087 18,396 16,882 23,865 1,604,174 1,168,193 435,981 19,811 18,053 9,873 16,486 800,925 800,925 - 448 4,550 7,420 12,472 12,472 - 405,452 116,997 30,045 3,391 29,830 625 549 586,890 181,438 405,452 405,452 116,997 30,045 3,391 50,090 18,053 15,048 24,455 1,400,287 994,835 405,452 20 93 18,864 -4 2,845 130 -2,465 -119 -129 -523 -838 975 233 -117 -7 17 -3 15 * 17 * * 119,217 133 -7 246 138 28,303 336 34,295 2,977 4,060 68,576 4,401 347,040 55,662 15,241 432,881 27,281 33,098 6,441 16,780 36,549 8,884 39,895 2,726 3,858 47,356 4,162 320,124 45,581 16,675 290,562 20,683 35,821 6,985 19,503 8,106 7,625 3,373 105 129 9,599 -27 2,122 -166 -1,464 -75 -1,378 -89 -1,015 818 403 185 57 -8 3 -105 * 52 * * 116,609 164 -4 264 176 37,133 364 33,685 2,823 3,990 56,850 4,136 322,298 45,416 15,211 407,096 19,469 35,727 6,234 20,497 45,642 8,174 37,114 -426 -1,023 81 -11,967 -108 * 124 -873 -4 25 -74 -30 * -1,397 43 733 517 6,299 -311 * 959 * 13 38,657 * 378,743 2,153 299,528 60,060 50,482 3,545 31,480 5,797 5,341 253 13,467 11,169 3,822 44,537 2,333 417,904 9,394 274,948 58,475 44,199 2,781 34,513 6,390 2,025 130 12,972 10,882 3,526 5,846 3,923 36,747 6,019 -598 -1,416 185 -12,366 -77 * -252 -807 24 26 -29 * -3,211 71 728 455 9,514 -163 -495 * 37 36,797 * 360,260 360 274,948 57,947 43,512 3,422 31,662 6,151 2,025 -122 11,670 10,883 3,587 42,669 3,894 397,007 3,167 -7,918 -4,631 -781 -3,850 17,878 14,029 3,850 -158,422 -34,091 418,002 138,920 279,082 218,729 61,829 156,900 -158,422 -46,483 1,853,974 1,578,742 275,232 -249,800 -410,549 160,749 -3,773 1,332,744 1,332,744 -531,819 -531,819 - -6,639 -15,954 -10,546 -5,408 28,426 23,018 5,408 -151,728 -33,509 410,661 145,059 265,602 176,229 36,379 139,850 -151,728 -43,921 1,727,451 1,467,257 260,194 -327,164 -472,422 145,258 Budget outlays: Legislative branch ....................................................... 2,941 Judicial branch ............................................................ 3,971 Department of Agriculture ........................................... 49,697 Department of Commerce........................................... 4,404 Department of Defense-military .................................. 344,178 Department of Education ............................................ 55,532 Department of Energy................................................. 17,706 Department of Health and Human Services ............... 313,783 Department of Homeland Security.............................. 27,277 Department of Housing and Urban Development....... 33,627 Department of the Interior ........................................... 7,033 Department of Justice ................................................. 15,666 Department of Labor ................................................... 8,013 Department of State.................................................... 8,665 Department of Transportation..................................... 5,607 Department of the Treasury: Interest on the public debt....................................... 299,528 Other ....................................................................... 60,444 Department of Veterans Affairs .................................. 50,772 Corps of Engineers ..................................................... 2,947 Other defense civil programs...................................... 37,148 Environmental Protection Agency............................... 6,215 Executive Office of the President................................ 5,342 General Services Administration ................................ 129 International Assistance Program............................... 13,381 National Aeronautics and Space Administration ........ 11,172 National Science Foundation...................................... 3,784 Office of Personnel Management ............................... 5,954 Small Business Administration ................................... 2,363 Social Security Administration .................................... 39,161 Other independent agencies....................................... 8,637 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -4,474 Total outlays........................................................ 1,440,603 (On-budget)..................................................... 1,440,603 (Off-budget)..................................................... Surplus or deficit (-)............................................. -486,407 (On-budget)..................................................... -486,407 (Off-budget)..................................................... - No transactions. * Less than $500,000. This fiscal year to date Management, consolidated, revolving and Trust special funds funds (2) (3) Note.—Detail may not add to totals due to rounding. 21 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 1 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) 2000 ................................................ 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 4,921,490 5,050,444 6,160,448 6,450,164 7,094,904 253,060 340,364 367,327 426,493 469,641 5,172,731 5,389,954 6,529,692 6,877,311 7,565,782 1,189,835 1,271,952 1,231,160 1,148,226 1,168,663 1,195,453 1,281,245 1,212,577 1,173,496 1,166,036 2004 - June ..................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... 659,073 579,783 583,266 687,583 508,948 637,909 653,542 535,535 646,100 727,877 693,921 659,298 687,435 43,553 31,854 35,694 48,402 38,035 34,300 49,944 36,048 31,410 39,548 40,604 34,493 46,329 701,230 612,753 621,421 732,453 547,855 673,566 701,333 572,524 677,808 766,879 736,160 691,838 734,929 123,501 86,898 81,990 109,780 84,853 86,010 149,391 108,352 97,231 126,367 121,586 96,714 134,064 96,136 95,778 111,633 79,476 72,257 114,695 144,888 70,768 138,642 124,087 66,041 158,475 116,266 See footnotes at end of table. September 2005 ACCOUNT OF THE U.S. TREASURY 22 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Federal Tax and loan Reserve note accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Federal Tax and loan Reserve note accounts (10) (11) Federal Reserve (12) Average Tax and loan note accounts (13) 2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2004 - June ........................... 6,032 38,582 7,323 46,696 1,592 19 5,741 20,897 July ............................ 4,917 29,701 6,714 29,701 2,915 149 4,963 10,053 Aug ............................ 2,456 58 5,995 29,701 2,456 27 4,801 3,063 Sept ........................... 5,987 30,362 7,626 44,493 3,701 121 5,608 16,669 Oct............................. 5,116 42,959 6,216 42,959 3,640 6,118 5,024 20,335 Nov ............................ 3,759 14,274 6,210 28,924 3,759 1,230 4,921 12,730 Dec ............................ 5,912 18,777 7,113 34,745 3,386 700 5,056 15,828 2005 - Jan ............................. 4,971 56,362 5,912 56,362 4,516 3,358 5,076 23,002 Feb ............................ 4,673 14,951 6,246 47,948 4,404 54 5,168 14,283 Mar ............................ 5,219 17,230 5,872 44,539 3,283 859 4,719 21,138 Apr............................. 3,585 72,775 6,356 78,251 3,585 66 5,212 26,520 May............................ 5,538 11,014 8,154 75,044 3,585 7,138 5,087 29,316 June........................... 4,373 28,812 9,849 59,051 3,904 30 4,951 24,598 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: withheld income taxes beginning March 1948; taxes on employers and employees 2 September 2005 under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 23 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” 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” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in these tables to agree with the Bureau of the Public Debt’s publication changes. • 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. • Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities— that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • 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. • In table FD-6 (Historical), the same debt information is compared as in table FD-6. Changes in the non-interest-bearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • 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. September 2005 FEDERAL DEBT 24 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Government accounts Public debt Agency securities securities Total (5) (6) (7) Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) 2000 ............................... 2001 ............................... 2002 ............................... 2003 ............................... 2004 ............................... 5,701,851 5,834,475 6,255,111 6,809,272 7,403,236 5,674,179 5,807,464 6,228,236 6,783,320 7,379,053 27,672 27,011 26,874 25,952 24,183 2,235,763 2,468,757 2,675,648 2,859,291 3,075,704 2,235,712 2,468,757 2,675,648 2,859,291 3,075,703 51 1 2004 - June .................... July..................... Aug..................... Sept.................... Oct...................... Nov..................... Dec..................... 2005 - Jan ...................... Feb ..................... Mar..................... Apr ..................... May .................... June ................... 7,298,556 7,340,603 7,374,745 7,403,236 7,453,800 7,549,374 7,620,403 7,651,874 7,737,047 7,801,016 7,788,426 7,801,852 7,860,234 7,274,335 7,316,568 7,350,950 7,379,053 7,429,678 7,525,210 7,596,143 7,627,743 7,713,138 7,776,939 7,764,537 7,777,880 7,836,496 24,221 24,035 23,795 24,183 24,122 24,164 24,261 24,131 23,909 24,077 23,888 23,972 23,738 3,055,601 3,049,267 3,053,081 3,075,704 3,112,950 3,118,944 3,189,791 3,201,711 3,206,773 3,204,543 3,213,845 3,235,855 3,308,866 3,055,601 3,049,266 3,053,080 3,075,703 3,112,949 3,118,943 3,189,791 3,201,711 3,206,773 3,204,542 3,213,845 3,235,854 3,308,858 1 1 1 1 1 1 1 1 1 1 1 8 End of fiscal year or month End of fiscal year or month Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized outstanding premium Accrual face value and discount amount (13) (14) (15) The public Public debt securities (8) Agency securities (9) 3,466,088 3,365,718 3,579,462 3,949,981 4,327,532 3,438,416 3,338,707 3,552,588 3,924,029 4,303,350 27,672 27,011 26,874 25,952 24,182 4,242,955 4,291,337 4,321,664 4,327,532 4,340,850 4,430,430 4,430,612 4,450,163 4,530,274 4,596,473 4,574,581 4,565,997 4,551,368 4,218,734 4,267,302 4,297,870 4,303,350 4,316,729 4,406,267 4,406,352 4,426,032 4,506,365 4,572,397 4,550,692 4,542,026 4,527,638 24,221 24,034 23,794 24,182 24,121 24,163 24,260 24,130 23,908 24,076 23,887 23,971 23,730 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 2000 ............................... 2001 ............................... 2002 ............................... 2003 ............................... 2004 ............................... 5,701,851 5,834,475 6,255,111 6,809,272 7,403,236 73,513 64,896 57,278 50,551 51,219 5,628,338 5,769,579 6,197,833 6,758,722 7,352,017 2,235,763 2,468,757 2,675,648 2,859,291 3,075,704 16,865 18,363 17,541 13,860 16,596 2,218,895 2,450,394 2,658,107 2,845,430 3,059,107 3,466,088 3,365,719 3,579,463 3,949,981 4,327,532 56,648 46,533 39,737 36,691 34,623 3,409,440 3,319,185 3,539,726 3,913,291 4,292,910 2004 - June .................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2005 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May..................... June.................... 7,298,556 7,340,603 7,374,745 7,403,236 7,453,799 7,549,374 7,620,403 7,651,874 7,737,047 7,801,016 7,788,426 7,801,852 7,860,234 50,221 50,639 50,950 51,219 51,226 51,835 52,130 50,991 51,603 53,130 52,394 52,381 50,358 7,248,335 7,289,964 7,323,795 7,352,017 7,402,573 7,497,539 7,568,274 7,600,883 7,685,444 7,747,886 7,736,032 7,749,472 7,809,875 3,055,601 3,049,266 3,053,080 3,075,703 3,112,949 3,118,943 3,189,791 3,201,711 3,206,773 3,204,543 3,213,845 3,235,855 3,308,866 16,872 16,692 16,825 16,596 16,490 16,697 16,493 15,976 15,944 16,299 15,668 15,833 15,833 3,038,729 3,032,574 3,036,255 3,059,107 3,096,459 3,102,245 3,173,298 3,185,735 3,190,829 3,188,243 3,198,177 3,220,022 3,293,033 4,242,955 4,291,337 4,321,665 4,327,533 4,340,850 4,430,431 4,430,612 4,450,163 4,530,274 4,596,473 4,574,581 4,565,997 4,551,368 33,349 33,947 34,125 34,623 34,736 35,138 35,637 35,015 35,659 36,831 36,726 36,548 34,525 4,209,606 4,257,390 4,287,540 4,292,910 4,306,114 4,395,293 4,394,975 4,415,148 4,494,615 4,559,643 4,537,855 4,529,450 4,516,843 September 2005 FEDERAL DEBT 25 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2001 .................................. 2002 .................................. 2003 .................................. 2004 .................................. 3,339,310 3,553,180 3,924,090 4,307,345 2,915,225 3,121,357 3,460,330 3,845,855 734,856 868,220 918,196 961,449 1,432,956 1,521,572 1,799,424 2,109,494 612,521 592,695 576,590 551,904 134,891 138,870 166,120 223,008 424,085 431,823 463,760 461,490 2004 - June ....................... July ........................ Aug ........................ Sept ....................... Oct......................... Nov ........................ Dec ........................ 2005 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May........................ June....................... 4,218,910 4,267,913 4,298,492 4,307,345 4,318,485 4,407,907 4,408,389 4,428,221 4,508,288 4,572,716 4,551,065 4,542,378 4,527,697 3,755,294 3,808,260 3,840,488 3,845,855 3,900,137 3,946,702 3,943,593 3,958,742 4,037,788 4,085,824 4,052,484 4,031,767 4,012,642 946,759 962,514 976,732 961,449 979,562 1,028,304 1,001,189 984,817 1,028,387 1,055,765 987,774 957,660 920,023 2,052,221 2,067,221 2,088,509 2,109,494 2,124,510 2,134,318 2,157,067 2,167,268 2,205,829 2,226,180 2,241,205 2,255,535 2,272,340 555,923 555,916 551,910 551,904 551,902 539,415 539,406 539,402 537,234 537,058 537,070 529,910 529,746 200,391 222,609 223,337 223,008 244,164 244,666 245,930 267,256 266,338 266,821 286,436 288,662 290,533 463,617 459,654 458,004 461,490 418,348 461,205 464,796 469,479 470,499 486,892 498,581 510,611 515,055 Nonmarketable, con. End of fiscal year or month 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) 2001 ....................................... 2002 ....................................... 2003 ....................................... 2004 ....................................... 186,464 193,312 201,561 204,201 14,991 - 18,269 12,519 11,007 5,881 39,488 47,605 53,463 58,528 146,364 144,286 148,366 158,214 29,995 29,995 29,995 29,995 3,505 4,107 4,377 4,669 2004 - June ............................ July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2005 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May............................. June............................ 204,631 204,559 204,232 204,201 204,299 204,425 204,454 204,446 204,471 204,248 204,206 204,307 204,217 - 6,431 6,431 5,881 5,881 5,881 5,881 5,881 6,181 6,181 6,081 5,981 5,881 2,986 56,514 57,294 58,387 58,528 12,968 58,468 58,986 60,320 61,061 62,683 64,349 65,050 65,999 161,474 156,803 154,923 158,214 160,523 157,754 160,682 163,754 164,008 179,005 189,033 200,362 206,744 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 4,571 4,570 4,584 4,669 4,680 4,680 4,796 4,781 4,781 4,879 5,015 5,015 5,113 September 2005 FEDERAL DEBT 26 TABLE FD-2.—Interest-Bearing Public Debt (Historical) [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month 2000................................... End of fiscal year or month 2000 ...................................... Total interestbearing public debt (1) 5,622,092 Treasury notes (4) 2,992,752 616,174 1,611,326 U.S. savings securities (9) Foreign series (10) 177,724 25,431 Note.—Detail may not add to totals due to rounding. September 2005 Total (2) Treasury bills (3) Treasury bonds (5) Treasury inflation-indexed notes and bonds (6) 635,263 Nonmarketable, con. Government State and local account series government series (11) (12) 2,242,900 153,288 Federal Financing Bank (7) Nonmarketable Total (8) 15,000 2,629,341 114,988 Domestic series (13) Other (14) 29,996 1 FEDERAL DEBT 27 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust tration Fund (9) (10) 2000 .............. 2001 .............. 2002 .............. 2003 .............. 2004 .............. 2,242,900 2,492,141 2,707,295 2,912,216 3,129,990 13,097 13,660 10,997 10,518 9,892 29,126 30,277 30,542 31,054 32,089 22,372 23,690 25,350 26,778 28,107 11,029 10,014 9,717 10,502 10,319 113,667 135,801 155,256 170,762 182,769 507,225 538,381 570,168 613,718 631,749 168,859 197,137 228,906 251,307 264,375 17,267 17,289 21,251 23,823 23,325 893,519 1,034,114 1,173,759 1,313,427 1,452,599 2004 - June ... July .... Aug .... Sept ... Oct..... Nov.... Dec .... 2005 - Jan ..... Feb .... Mar .... Apr..... May.... June... 3,111,724 3,105,732 3,110,630 3,129,990 3,121,569 3,158,863 3,230,551 3,243,619 3,249,385 3,248,893 3,259,619 3,282,156 3,356,344 11,132 11,155 11,242 9,892 10,681 11,521 12,139 10,823 12,383 12,919 12,292 12,327 12,465 31,856 31,962 32,335 32,089 32,073 32,511 32,198 32,077 32,126 31,870 31,858 32,317 32,229 27,766 27,806 28,090 28,107 28,123 28,465 28,512 28,537 28,807 28,817 28,830 29,149 29,125 10,355 10,366 10,305 10,319 10,333 10,268 10,285 10,305 12,060 12,086 12,113 12,074 12,104 183,508 183,348 182,635 182,769 182,212 181,692 186,191 187,472 186,787 186,645 188,414 188,092 193,669 626,116 623,579 608,277 631,749 641,678 624,923 627,770 638,075 635,265 632,790 629,793 626,894 642,298 267,270 263,282 263,003 264,375 263,733 263,539 270,383 273,910 272,022 268,665 273,207 272,750 282,089 22,336 22,337 22,666 23,325 23,324 23,543 23,870 23,869 24,130 22,998 24,505 24,627 23,111 1,441,031 1,445,359 1,447,104 1,452,599 1,457,186 1,459,068 1,500,764 1,515,893 1,517,560 1,524,082 1,543,270 1,546,637 1,598,784 End of fiscal year or month Federal Federal Savings Supplemenand Loan tary Medical Corporation, Insurance Resolution Fund Trust Fund (11) (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Treasury deposit funds (17) Unemployment Trust Fund (18) Other (19) 2000 ..................... 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2,508 2,650 2,800 2,963 3,013 45,075 41,978 38,804 24,849 17,439 31,023 24,115 18,840 13,578 10,212 11,804 11,639 11,465 11,246 10,949 1,086 1,430 2,651 1,283 22,628 24,983 23,383 503 627 62 - 86,399 88,638 68,265 48,188 45,239 266,154 297,775 316,362 356,349 406,004 2004 - June .......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2005 - Jan ............ Feb ........... Mar ........... Apr............ May........... June.......... 2,955 2,969 2,972 3,013 3,014 3,026 3,034 3,041 3,046 3,052 3,061 3,068 3,075 26,032 23,640 24,077 17,439 16,557 15,782 20,273 21,989 23,261 24,122 22,803 25,232 24,819 13,628 13,734 10,915 10,212 10,991 11,719 12,564 9,833 10,062 10,974 11,946 11,805 10,830 11,208 11,130 11,053 10,949 10,878 10,802 11,067 10,982 10,897 10,792 10,701 10,617 10,858 941 550 550 1,283 604 1,055 1,037 1,135 1,241 2,168 2,536 2,759 3,403 424 586 521 627 562 406 333 442 459 495 533 426 446 - 43,871 43,225 46,918 45,239 44,306 46,166 44,115 41,610 42,521 39,260 39,577 54,722 53,823 391,295 390,704 407,967 406,004 385,314 434,377 446,016 433,626 436,758 437,158 424,177 428,660 423,216 Note.—Detail may not add to totals due to rounding. September 2005 FEDERAL DEBT 28 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) Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation, Resolution Fund (2) Department of Housing and Urban Development Federal Housing Administration (3) Farm Credit System Financial Assistance Corporation (4) Other independent Tennessee Valley Authority (5) Postal Service (6) Other (7) 2000 ..................................... 27,672 63 227 775 25,987 51 569 2001 ..................................... 27,011 63 231 775 25,381 - 561 2002 ..................................... 26,874 - 298 775 25,261 - 541 2003 ..................................... 25,952 - 279 325 24,876 - 472 2004 ..................................... 24,183 - 200 325 23,253 - 406 2004 - June .......................... 24,221 - 163 325 23,313 - 421 July........................... 24,035 - 185 325 23,103 - 422 Aug........................... 23,795 - 196 325 22,864 - 410 Sept.......................... 24,183 - 200 325 23,253 - 406 Oct............................ 24,122 - 203 325 23,186 - 407 Nov........................... 24,164 - 207 325 23,224 - 408 Dec........................... 24,261 - 207 325 23,319 - 409 2005 - Jan ............................ 24,131 - 211 325 23,184 - 411 Feb ........................... 23,909 - 217 325 22,967 - 401 Mar ........................... 24,077 - 139 325 23,208 - 404 Apr............................ 23,888 - 140 325 23,018 - 405 May .......................... 23,972 - 143 325 23,101 - 402 June ......................... 23,738 - 143 - 23,191 - 404 End of fiscal year or month Note.—Detail may not add to totals due to rounding. September 2005 FEDERAL DEBT 29 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) 2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2004 - June .................... 3,067,768 1,136,300 1,082,581 408,129 243,436 197,323 4 yrs. 11 mos. July ..................... 3,088,164 1,147,439 1,070,294 418,436 243,436 208,560 4 yrs. 11 mos. Aug ..................... 3,145,333 1,148,585 1,137,991 406,590 243,436 208,731 4 yrs. 11 mos. Sept .................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. Oct...................... 3,166,311 1,143,145 1,137,251 434,604 242,636 208,675 4 yrs. 10 mos. Nov ..................... 3,233,704 1,177,963 1,159,725 444,697 250,625 200,694 4 yrs. 10 mos. Dec ..................... 3,225,653 1,149,591 1,170,576 453,993 250,625 200,868 4 yrs. 10 mos. 2005 - Jan ...................... 3,240,748 1,132,991 1,195,479 452,642 269,863 189,773 4 yrs. 10 mos. Feb ..................... 3,322,699 1,184,006 1,231,825 456,120 269,036 181,712 4 yrs. 9 mos. Mar ..................... 3,372,393 1,211,253 1,244,945 465,335 269,072 181,789 4 yrs. 8 mos. Apr...................... 3,310,933 1,143,168 1,253,939 462,850 268,951 182,025 4 yrs. 9 mos. May..................... 3,311,486 1,132,636 1,250,391 477,013 269,100 182,346 4 yrs. 10 mos. June.................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. End of fiscal year or month Average length (7) Note.—Detail may not add to totals due to rounding. September 2005 FEDERAL DEBT 30 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Statutory debt limit (1) Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 2004 - June ..................................... 7,384,000 7,229,320 7,229,174 147 7,274,335 147 45,161 July ...................................... 7,384,000 7,271,328 7,271,159 169 7,316,568 169 45,408 Aug ...................................... 7,384,000 7,305,531 7,305,351 180 7,350,950 180 45,599 Sept ..................................... 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 Oct....................................... 7,384,000 7,383,975 7,383,788 187 7,429,677 187 45,889 Nov ...................................... 8,184,000 7,464,740 7,464,549 191 7,525,210 191 60,660 Dec ...................................... 8,184,000 7,535,644 7,535,454 191 7,596,144 191 60,690 2005 - Jan ....................................... 8,184,000 7,567,702 7,567,634 68 7,627,743 68 60,109 Feb ...................................... 8,184,000 7,652,726 7,652,653 74 7,713,138 74 60,485 Mar ...................................... 8,184,000 7,715,503 7,715,380 123 7,776,939 123 61,559 Apr....................................... 8,184,000 7,704,041 7,703,917 124 7,764,537 124 60,621 May...................................... 8,184,000 7,717,574 7,717,447 127 7,777,880 127 60,433 June..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 End of fiscal year or month 1 Debt subject to limit Securities outstanding subject to limit Consists of guaranteed debt issued by the Federal Housing Administration. TABLE FD-6.—Debt Subject to Statutory Limitation (Historical) [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Statutory debt limit (1) Total (2) 2000 ................................................ 5,950,000 5,591,625 1 Consists of guaranteed debt issued by the Federal Housing Administration. September 2005 Debt outstanding subject to limitation Public debt (3) 5,591,407 Other debt 1 (4) 218 Interest-bearing debt subject to limitation Public debt Other debt (5) (6) 5,540,373 Note.—Detail may not add to totals due to rounding. 218 Non-interestbearing debt subject to limitation (7) 51,034 FEDERAL DEBT 31 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 2000 ................................................ 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 189,468 203,201 213,555 224,472 213,321 27,323 28,817 25,074 24,858 15,956 14,690 15,128 16,312 15,291 16,560 9,413 10,168 10,780 11,497 11,937 305 336 417 379 474 729 970 906 1,321 1,897 2004 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... 231,020 231,865 233,883 213,321 226,700 205,234 216,546 219,074 223,236 223,597 225,932 223,440 221,677 15,224 15,263 15,142 15,956 23,213 16,074 19,478 20,857 22,912 23,780 23,758 24,301 24,881 16,647 16,647 16,792 16,560 16,560 16,560 16,560 16,562 17,365 17,716 18,298 18,298 18,298 12,763 12,763 12,817 11,937 11,937 11,937 11,937 11,937 12,040 13,148 13,338 13,338 13,338 379 379 403 474 474 474 474 474 474 500 500 500 500 2,089 2,089 2,089 1,897 1,897 1,897 1,831 1,831 1,831 1,831 1,831 1,831 1,860 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) 2000 ................................................ 2001 ................................................ 2002 ................................................ 2003 ................................................ 2004 ................................................ 65,716 77,448 89,713 91,938 96,530 2,513 2,689 2,770 2,698 2,900 7,155 4,544 7,553 8,794 7,635 3,653 3,103 2,640 2,640 1,203 27,836 27,862 24,693 36,657 29,305 2004 - June ..................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2005 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... 107,991 107,991 109,164 96,530 100,473 100,473 107,811 107,811 107,811 113,130 114,084 110,215 111,467 2,770 2,820 2,820 2,900 2,900 2,955 2,955 2,917 2,917 2,777 2,817 2,737 2,707 11,794 11,794 11,794 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 7,635 2,056 2,056 2,056 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 1,203 28,692 28,877 29,195 29,305 27,803 13,157 13,555 13,522 13,599 13,065 12,927 13,035 12,535 End of fiscal year or month Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) September 2005 FEDERAL DEBT 32 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) 2000 ...................................... 6,683 2,746 10,012 10,694 2001 ...................................... 7,045 2,884 10,087 12,120 2002 ...................................... 6,657 2,870 11,036 12,133 2003 ...................................... 7,281 2,954 6,627 11,538 2004 ...................................... 7,237 2,962 8,546 10,179 2004 - June ........................... 6,985 2,137 8,546 12,947 July............................ 6,985 2,422 8,546 13,233 Aug............................ 6,985 2,678 8,546 13,402 Sept........................... 7,237 2,962 8,546 10,179 Oct............................. 7,237 3,240 12,189 9,939 Nov............................ 7,237 3,496 12,189 9,947 Dec............................ 7,237 3,781 12,189 9,899 2005 - Jan ............................. 7,237 4,067 12,773 10,248 Feb ............................ 7,237 4,311 12,744 11,157 Mar ............................ 5,688 4,587 7,692 10,845 Apr............................. 5,848 4,862 7,692 11,139 May ........................... 5,848 5,121 7,692 11,686 June .......................... 5,848 2,170 7,692 11,543 End of fiscal year or month Note.—Detail may not add to totals due to rounding. September 2005 33 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 provides a maturity schedule of interest-bearing marketable Treasury notes and bonds. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks (FRBs), so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. Issues of cash management bills also are presented. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Note: Additional information, including auction allotments by investor class for marketable Treasury coupon and bill securities, is posted on the 7th business day of each month at http://www.treas.gov/offices/domestic-finance/debtmanagement/investor_class_auction.shtml. TREASURY FINANCING: APRIL-JUNE [Source: Bureau of the Public Debt, Office of Financing] APRIL Cash Management Bills On March 28, 2005, Treasury announced it would auction $25,000 million of 14-day bills. They were issued April 1 and matured April 15. The issue was to raise new cash. Treasury auctioned the bills on March 30. Tenders totaled $58,567 million; Treasury accepted $25,000 million. The high bank discount rate was 2.720 percent. On April 4, Treasury announced it would auction $15,000 million of 8-day bills. They were issued April 7 and matured April 15. The issue was to raise new cash. Treasury auctioned the bills on April 6. Tenders totaled $43,337 million; Treasury accepted $15,001 million. The high bank discount rate was 2.660 percent. On April 11, Treasury announced it would auction $7,000 million of 4-day bills. They were issued April 14 and matured April 18. The issue was to raise new cash. Treasury auctioned the bills on April 13. Tenders totaled $23,130 million; Treasury accepted $7,000 million. The high bank discount rate was 2.640 percent. Auction of 5-Year Notes On April 11, 2005, Treasury announced it would auction $15,000 million of 5-year notes of Series H-2010. The issue was to raise new cash. The notes of Series H-2010 were dated and issued April 15. They are due April 15, 2010, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon eastern daylight saving time (e.d.s.t.) for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on April 13. Tenders totaled $27,853 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.046 percent with an equivalent price of $99.793649. Treasury accepted in full all competitive tenders at yields lower than 4.046 percent. Tenders at the high yield were allotted 4.94 percent. The median yield was 4.020 percent, and the low yield was 3.950 percent. Noncompetitive tenders totaled $110 million. Competitive tenders accepted from private investors totaled $14,890 million. The minimum par amount required for STRIPS of notes of Series H-2010 is $1,000. September 2005 PUBLIC DEBT OPERATIONS 34 TREASURY FINANCING: APRIL-JUNE, con. Auction of 9-Year 9-Month 1-5/8 Percent Treasury Inflation-Protected Security (TIPS) through April 29. The minimum par amount required for STRIPS of TIPS is $1,000. On April 11, 2005, Treasury announced it would auction $9,000 million of 9-year 9-month 1-5/8 percent TIPS to raise new cash. The 9-year 9-month TIPS of Series A-2015 were dated January 15 and issued April 15. They are due January 15, 2015, with interest payable on July 15 and January 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on April 14. Tenders totaled $17,699 million; Treasury accepted $9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.750 percent with an equivalent adjusted price of $99.020489. Treasury accepted in full all competitive tenders at yields lower than 1.750. Tenders at the high yield were allotted 9.01 percent. The median yield was 1.690 percent, and the low yield was 1.590 percent. Noncompetitive tenders totaled $48 million. Competitive tenders accepted from private investors totaled $8,902 million. Adjusted accrued interest of $4.04572 per $1,000 must be paid for the period from January 15 to April 15. Both the unadjusted price of $98.882054 and the unadjusted accrued interest of $4.04006 were adjusted by an index ratio of 1.00140, for the period from January 15 through April 15. The minimum par amount required for STRIPS of TIPS is $1,000. Auction of 2-Year Notes Auction of 5-Year 0-7/8 Percent TIPS On April 21, 2005, Treasury announced it would auction $9,000 million of 5-year 0-7/8 percent TIPS to raise new cash. The 5-year TIPS of Series D-2010 were dated October 15, 2004, and issued April 29. They are due April 15, 2010, with interest payable on October 15 and April 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on April 26. Tenders totaled $16,910 million; Treasury accepted $9,000 million at the high yield of 1.200 percent with an equivalent adjusted price of $99.624026. Tenders at the high yield were allotted 66.93 percent. The median yield was 1.149 percent, and the low yield was 1.100 percent. Noncompetitive tenders totaled $78 million. Competitive tenders accepted from private investors totaled $8,922 million. Adjusted accrued interest of $0.33873 per $1,000 must be paid for the period from April 15 to April 29. Both the unadjusted price of $98.438823 and the unadjusted accrued interest of $0.33470 were adjusted by an index ratio of 1.01204, for the period from October 15 September 2005 On April 25, 2005, Treasury announced it would auction $24,000 million of 2-year notes of Series Q-2007. The issue was to refund $26,301 million of securities maturing April 30 and to pay down approximately $2,301 million. The notes of Series Q-2007 were dated April 30 and issued on May 2. They are due April 30, 2007, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 3-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on April 27. Tenders totaled $42,387 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.650 percent with the equivalent price of $99.951975. Treasury accepted in full all competitive tenders at yields lower than 3.650 percent. Tenders at the high yield were allotted 12.22 percent. The median yield was 3.614 percent, and the low yield was 3.579 percent. Noncompetitive tenders totaled $839 million. Competitive tenders accepted from private investors totaled $23,162 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $7,994 million from FRBs for their own accounts. Accrued interest of $0.19701 per $1,000 must be paid for the period from April 30 to May 2. The minimum par amount required for STRIPS of notes of Series Q-2007 is $1,000. MAY May Quarterly Financing On May 4, 2005, Treasury announced it would auction $22,000 million of 3-year notes of Series N-2008, $15,000 million of 5-year notes of Series J-2010, and $14,000 million of 10-year notes of Series C-2015 to refund $39,625 million of Treasury securities maturing or called on May 15 and to raise new cash of approximately $11,375 million. The 3-year notes of Series N-2008 were dated May 15 and issued May 16. They are due May 15, 2008, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on May 10. Tenders totaled PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, con. $52,417 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.821 percent with an equivalent price of $99.800526. Treasury accepted in full all competitive tenders at yields lower than 3.821 percent. Tenders at the high yield were allotted 87.52 percent. The median yield was 3.810 percent, and the low yield was 3.650 percent. Noncompetitive tenders totaled $494 million. Competitive tenders accepted from private investors totaled $21,506 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $4,707 million from FRBs for their own accounts. Accrued interest of $0.10190 per $1,000 must be paid for the period from May 15 to May 16. The minimum par amount required for STRIPS of notes of Series N-2008 is $1,000. The 5-year notes of Series J-2010 were dated May 15 and issued May 16. They are due May 15, 2010, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on May 11. Tenders totaled $37,073 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.890 percent with an equivalent price of $99.932269. Treasury accepted in full all competitive tenders at yields lower than 3.890 percent. Tenders at the high yield were allotted 63.42 percent. The median yield was 3.869 percent, and the low yield was 3.800 percent. Noncompetitive tenders totaled $234 million. Competitive tenders accepted from private investors totaled $14,666 million. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $3,748 million from FRBs for their own accounts. Accrued interest of $0.10530 per $1,000 must be paid for the period from May 15 to May 16. The minimum par amount required for STRIPS of notes of Series J-2010 is $1,000. The 10-year notes of Series C-2015 were dated May 15 and issued May 16. They are due May 15, 2015, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 4-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on May 12. Tenders totaled $32,639 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.220 percent with an equivalent price of $99.231425. Treasury accepted in full all competitive tenders at yields lower than 4.220 percent. Tenders at the high yield were allotted 35.09 percent. The median yield was 4.188 percent, and the low yield was 4.100 percent. Noncompetitive tenders totaled $74 million. Competitive tenders accepted from private investors totaled $13,826 million. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $2,471 million from FRBs for their own accounts. Accrued interest of $0.11209 per $1,000 must be paid for the period from May 15 to May 16. The minimum par amount required for STRIPS of notes of Series C-2015 is $1,000. Auction of 2-Year Notes On May 23, 2005, Treasury announced it would auction $22,000 million of 2-year notes. The issue was to refund $23,905 million of securities maturing May 31 and to pay down approximately $1,905 million. The notes of Series R-2007 were dated and issued May 31. They are due May 31, 2007, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 3-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on May 25. Tenders totaled $51,831 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.615 percent with an equivalent price of $99.780029. Treasury accepted in full all competitive tenders at yields lower than 3.615 percent. Tenders at the high yield were allotted 12.57 percent. The median yield was 3.598 percent, and the low yield was 3.500 percent. Noncompetitive tenders totaled $973 million. Competitive tenders accepted from private investors totaled $21,027 million. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $7,116 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2007 is $1,000. JUNE Cash Management Bills On May 26, 2005, Treasury announced it would auction $10,000 million of 14-day bills. They were issued June 1 and matured June 15. The issue was to raise new cash. Treasury auctioned the bills on May 31. Tenders totaled September 2005 PUBLIC DEBT OPERATIONS 36 TREASURY FINANCING: APRIL-JUNE, con. $26,005 million; Treasury accepted $10,000 million. The high bank discount rate was 2.895 percent. On May 31, Treasury announced it would auction $16,000 million of 12-day bills. They were issued June 3 and matured June 15. The issue was to raise new cash. Treasury auctioned the bills on June 2. Tenders totaled $32,955 million; Treasury accepted $16,000 million. The high bank discount rate was 2.935 percent. On June 2, Treasury announced it would auction $12,000 million of 8-day bills. They were issued June 7 and matured June 15. The issue was to raise new cash. Treasury auctioned the bills on June 6. Tenders totaled $33,055 million; Treasury accepted $12,000 million. The high bank discount rate was 2.940 percent. Auction of 5-Year Notes On June 6, 2005, Treasury announced it would auction $14,000 million of 5-year notes of Series K-2010. The issue was to raise new cash. The notes of Series K-2010 were dated and issued June 15. They are due June 15, 2010, with interest payable on December 15 and June 15 until maturity. Treasury set an interest rate of 3-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on June 8. Tenders totaled $36,382 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.705 percent with an equivalent price of $99.637908. Treasury accepted in full all competitive tenders at yields lower than 3.705 percent. Tenders at the high yield were allotted 55.78 percent. The median yield was 3.679 percent, and the low yield was 3.600 percent. Noncompetitive tenders totaled $64 million. Competitive tenders accepted from private investors totaled $13,836 million. The minimum par amount required for STRIPS of notes of Series K-2010 is $1,000. Auction of 9-Year 11-Month 4-1/8 Percent Notes On June 6, 2005, Treasury announced it would auction $8,000 million of 9-year 11-month 4-1/8 percent notes of Series C-2015. The issue was to raise new cash. The notes of Series C-2015 were dated May 15 and issued June 15. They are due May 15, 2015, with interest payable on November 15 and May 15 until maturity. September 2005 Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on June 9. Tenders totaled $20,013 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.990 percent with an equivalent price of $101.091049. Treasury accepted in full all competitive tenders at yields lower than 3.990 percent. Tenders at the high yield were allotted 27.73 percent. The median yield was 3.969 percent, and the low yield was 3.900 percent. Noncompetitive tenders totaled $15 million. Competitive tenders accepted from private investors totaled $7,935 million. Accrued interest of $3.47486 per $1,000 must be paid for the period from May 15 to June 15. The minimum par amount required for STRIPS of notes of Series C-2015 is $1,000. Auction of 2-Year Notes On June 27, 2005, Treasury announced it would auction $20,000 million of 2-year notes of Series S-2007. The issue was to refund $23,730 million of securities maturing June 30 and to pay down approximately $3,730 million. The notes of Series S-2007 were dated and issued June 30. They are due June 30, 2007, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on June 29. Tenders totaled $44,584 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.650 percent with an equivalent price of $99.952201. Treasury accepted in full all competitive tenders at yields lower than 3.650 percent. Tenders at the high yield were allotted 41.16 percent. The median yield was 3.623 percent, and the low yield was 3.580 percent. Noncompetitive tenders totaled $950 million. Competitive tenders accepted from private investors totaled $19,050 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $6,667 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2007 is $1,000. PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity Issue date (2) Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 2005 July 31 ........................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 30 ......................................................... Oct. 31........................................................... Nov. 15, 05-10............................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 30 .......................................................... Dec. 31 .......................................................... 1-1/2%-N note 10-3/4% bond 1 6-1/2%-C note 1 2%-P note 1 1-5/8%-Q note 1 1-5/8%-R note 12-3/4% bond 1 5-7/8%-D note 1 5-3/4%-F note 1 1-7/8%-S note 1 1-7/8%-T note 07/31/03 07/02/85 08/15/95 09/02/03 09/30/03 10/31/03 11/17/80 11/24/95 11/15/00 12/01/03 12/31/03 Total ............................. 29,997 9,270 15,003 30,592 31,539 32,368 4,081 15,210 28,063 32,204 33,996 262,323 5,864 2,603 3,118 7,424 6,585 6,551 1,261 2,525 4,845 6,856 7,987 55,620 24,133 6,666 11,884 23,168 24,954 25,818 2,821 12,685 23,218 25,348 26,009 206,703 2006 Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 28 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15, 06-11 ............................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... July 15 ........................................................... July 31 ........................................................... Aug. 15 .......................................................... Aug. 31 .......................................................... Sept. 30 ......................................................... Oct. 15........................................................... Oct. 31........................................................... Nov. 15, 06-11............................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Nov. 30 .......................................................... Dec. 31 .......................................................... 1-7/8%-K note 1 9-3/8% bond 1 5-5/8%-A note 1 1-5/8%-L note 1 1-1/2%-M note 1 2-1/4%-N note 13-7/8% bond 1 6-7/8%-B note 1 4-5/8%-E note 1 2%-G note 1 2-1/2%-P note 1 2-3/4%-Q note 1 7%-C note 1 2-3/4%-R note 1 2-3/8%-H note 1 2-3/8%-S note 2-1/2%-T note 1 6-1/2%-D note 1 2-1/2%-U note 14% bond 1 3-1/2%-F note 1 2-5/8%-J note 1 2-7/8%-V note 1 3%-W note 02/02/04 01/15/86 02/15/96 03/01/04 03/31/04 04/30/04 05/15/81 05/15/96 05/15/01 05/15/03 06/01/04 06/30/04 07/15/96 08/02/04 08/15/03 08/31/04 09/30/04 10/15/96 11/01/04 11/16/81 11/15/01 11/17/03 11/30/04 12/31/04 Total ............................. 32,533 4,756 15,514 34,002 34,339 34,335 3,545 16,015 27,798 22,392 31,308 32,588 22,740 31,011 27,909 31,814 31,656 22,460 29,569 4,048 35,380 26,536 30,049 31,952 614,248 6,928 1,046 1,943 8,000 8,334 8,333 1,074 3,935 3,808 391 7,072 7,997 5,519 8,001 4,194 8,004 7,999 5,160 5,560 975 4,133 3,193 6,044 7,948 125,590 25,605 3,710 13,571 26,002 26,005 26,001 2,471 12,080 23,990 22,001 24,236 24,591 17,222 23,009 23,715 23,811 23,657 17,299 24,009 3,073 31,247 23,343 24,005 24,004 488,657 1 1 1 See footnote at end of table. September 2005 PUBLIC DEBT OPERATIONS 38 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) Description (1) Issue date (2) 3-3/8%-A note 3-1/8%-M note 1 6-1/4% B note 1 2-1/4% H note 1 3-3/8% N note 1 3-3/4%-P note 1 3-5/8%-Q note 1 6-5/8%-C note 1 4-3/8%-E note 1 3-1/8%-J note 1 3-1/2%-R note 1 3-5/8%-S note 1 6-1/8%-D note 1 3-1/4%-F note 1 2-3/4%-K note 1 3%-G note 10-3/8% bond 02/06/97 01/31/05 02/18/97 02/17/04 02/28/05 03/31/05 05/02/05 05/15/97 05/15/02 05/17/04 05/31/05 06/30/05 08/15/97 08/15/02 08/16/04 11/15/02 11/15/82 Total............................. 19,351 29,027 13,104 25,469 32,007 32,001 31,998 13,958 24,351 27,564 29,119 26,665 25,637 25,411 24,674 50,620 10,126 441,082 2,097 5,000 1,792 1,666 8,000 8,000 7,994 3,365 3,810 4,114 7,116 6,667 6,096 3,766 3,220 6,609 2,412 81,725 17,254 24,027 11,312 23,803 24,007 24,001 24,003 10,593 20,542 23,450 22,003 19,998 19,541 21,645 21,453 44,010 7,714 359,357 2008 Jan. 15........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... May 15........................................................... May 15........................................................... May 15........................................................... Aug. 15, 08-13............................................... Aug. 15 .......................................................... Sept. 15 ......................................................... Oct. 15........................................................... Nov. 15 .......................................................... Nov. 15 .......................................................... Dec. 15 .......................................................... 3-5/8%-A note 5-1/2%-B note 1 3%-E note 1 3-3/8%-M note 1 5-5/8%-C note 1 2-5/8%-F note 1 3-3/4%-N note 12% bond 1 3-1/4%-G note 1 3-1/8%-H note 1 3-1/8%-J note 1 4-3/4%-D note 1 3-3/8%-K note 1 3-3/8%-L note 01/15/98 02/17/98 02/18/03 02/15/05 05/15/98 05/15/03 05/16/05 08/15/83 08/15/03 09/15/03 10/15/03 11/16/98 11/17/03 12/15/03 Total............................. 20,246 13,583 27,489 23,885 27,191 33,338 26,708 11,917 21,357 16,002 15,996 25,083 18,181 16,000 296,977 2,240 2,491 3,512 1,883 6,318 583 4,707 3,041 4,097 1,011 180 3,548 2,402 1,272 37,285 18,005 11,092 23,977 22,003 20,873 32,756 22,001 8,876 17,260 14,991 15,816 21,535 15,779 14,728 259,692 2009 Jan. 15 ............................................................ Jan. 15 ............................................................ Feb. 15............................................................ Mar. 15............................................................ Apr. 15 ............................................................ May 15, 09-14................................................. May 15 ............................................................ May 15 ............................................................ June 15........................................................... July 15 ............................................................ Aug. 15, 09-14 ................................................ Aug. 15 ........................................................... Aug. 15 ........................................................... Sept. 15 .......................................................... Oct. 15 ............................................................ Nov. 15, 09-14 ................................................ Nov. 15 ........................................................... Dec. 15 ........................................................... 3-7/8%-A note 3-1/4%-D note 1 3%-E note 1 2-5/8%-F note 1 3-1/8%-G note 13-1/4% bond 1 5-1/2%-B note 1 3-7/8%-H note 1 4%-J note 1 3-5/8%-K note 12-1/2% bond 1 6%-C note 1 3-1/2%-L note 3-3/8%-M note 1 3-3/8%-N note 1 11-3/4% bond 1 3-1/2%-P note 1 3-1/2%-Q note 01/15/99 01/15/04 02/17/04 03/15/04 04/15/04 05/15/84 05/17/99 05/17/04 06/15/04 07/15/04 08/15/84 08/16/99 08/16/04 09/15/04 10/15/04 11/15/84 11/15/04 12/15/04 Total............................. 18,865 16,003 17,434 16,001 16,003 4,481 14,795 18,060 15,005 15,005 4,388 27,400 17,295 15,005 15,005 5,015 18,752 15,002 269,513 2,590 765 1,430 302 150 944 2,625 3,795 50 562 906 5,730 2,290 1,195 3,750 27,084 16,275 15,238 16,004 15,700 15,853 3,536 12,170 14,265 14,955 14,443 3,482 21,670 15,004 15,005 15,005 3,820 15,002 15,002 242,429 Date of final maturity 2007 Jan. 15........................................................... Jan. 31........................................................... Feb. 15 .......................................................... Feb. 15 .......................................................... Feb. 28 .......................................................... Mar. 31 .......................................................... Apr. 30........................................................... May 15........................................................... May 15........................................................... May 15........................................................... May 31........................................................... June 30.......................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Aug. 15 .......................................................... Nov. 15 .......................................................... Nov. 15, 07-12............................................... See footnote at end of table. September 2005 1 1 1 1 1 1 PUBLIC DEBT OPERATIONS 39 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2010 Jan. 15 .............................................................. Jan. 15 .............................................................. Feb. 15.............................................................. Feb. 15.............................................................. Mar. 15.............................................................. Apr. 15 .............................................................. Apr. 15 .............................................................. May 15 ............................................................. June 15............................................................. Aug. 15 ............................................................. 4-1/4%-A note 3-5/8%-E note 1 6-1/2%-B note 1 3-1/2%-F note 1 4%-G note 1 7/8%-D note 1 4%-H note 1 3-7/8%-J note 1 3-5/8%-K note 1 5-3/4%-C note 1 1 Issue date (2) 01/18/00 01/18/05 02/15/00 02/15/05 03/15/05 10/29/04 04/15/05 05/16/05 06/15/05 08/15/00 Total ............................. 2011 Jan. 15 ............................................................ Feb. 15............................................................ Aug. 15 ........................................................... 1 3-1/2%-A note 1 5%-B note 1 5%-C note 01/16/01 02/15/01 08/15/01 Total ............................. 2012 Jan. 15 .............................................................. Feb. 15.............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-3/8%-A note 4-7/8%-B note 1 3%-C note 1 4-3/8%-D note 1 4%-E note 1 1 01/15/02 02/15/02 07/15/02 08/15/02 11/15/02 Total ............................. 2013 Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-7/8%-A note 3-5/8%-B note 1 1-7/8%-C note 1 4-1/4%-D note 1 4-1/4%-E note 1 1 02/18/03 05/15/03 07/15/03 08/15/03 11/17/03 Total ............................. 2014 Jan. 15 .............................................................. Feb. 15.............................................................. May 15 .............................................................. July 15 .............................................................. Aug. 15 ............................................................. Nov. 15. ............................................................ 2%-A note 4%-B note 1 4-3/4%-C note 1 2%-D note 1 4-1/4%-E note 1 4-1/4%-F note 1 1 01/15/04 02/17/04 05/17/04 07/17/04 08/16/04 11/15/04 Total ............................. 2015 Jan. 15 ............................................................. Feb. 15.............................................................. Feb. 15.............................................................. May 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 1-5/8%-A note 11-1/4% bond 1 4%-B note 1 4-1/8%-C note 1 10-5/8% bond 1 9-7/8% bond 1 1 01/18/05 02/15/85 02/15/05 05/16/05 08/15/85 11/29/85 Total ............................. Total (3) Amount of maturities held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 13,091 15,005 23,356 16,617 15,005 21,568 15,001 18,749 14,001 22,438 174,831 1,439 4,679 1,616 421 3,748 3,595 15,497 11,653 15,005 18,677 15,001 15,005 21,146 15,001 15,001 14,001 18,842 159,333 12,298 23,436 26,635 62,369 432 3,583 3,206 7,220 11,866 19,853 23,430 55,149 6,579 24,780 24,907 19,648 18,113 94,026 88 3,200 2,475 2,867 236 8,864 6,491 21,580 22,432 16,781 17,877 85,162 19,498 18,254 21,195 33,521 30,637 123,105 1,587 252 310 4,359 2,036 8,544 17,912 18,002 20,884 29,162 28,601 114,561 22,113 28,081 27,303 19,613 24,722 25,473 147,305 569 1,192 2,643 1,718 2,471 8,593 21,545 26,889 24,660 19,613 23,004 23,002 138,712 19,361 10,520 24,215 24,472 4,024 5,585 88,176 1,846 1,212 2,471 1,167 1,007 7,702 19,361 8,675 23,003 22,001 2,857 4,578 80,474 See footnote at end of table. September 2005 PUBLIC DEBT OPERATIONS 40 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Date of final maturity 2016 Feb. 15............................................................ May 15 ............................................................ Nov. 15 ........................................................... 2017 May 15 ............................................................ Aug. 15 ........................................................... Issue date (2) Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 9-1/4% bond 7-1/4% bond 1 7-1/2% bond 02/18/86 05/15/86 11/17/86 Total .............................. 5,432 18,824 18,787 43,043 1,037 1,724 2,588 5,349 4,395 17,099 16,199 37,694 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total .............................. 15,559 10,968 26,528 2,755 2,058 4,813 12,804 8,910 21,715 1 1 1 1 2018 May 15 ............................................................ Nov. 15 ........................................................... 1 9-1/8% bond 1 9% bond 05/16/88 11/22/88 Total .............................. 6,717 7,174 13,892 1,240 1,053 2,293 5,478 6,121 11,599 2019 Feb. 15............................................................ Aug. 15 ........................................................... 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total .............................. 13,090 18,941 32,031 2,373 2,841 5,214 10,717 16,100 26,817 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 02/15/90 05/15/90 08/15/90 Total .............................. 9,476 7,582 17,059 34,118 1,486 1,502 2,629 5,617 7,990 6,081 14,430 28,501 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 02/15/91 05/15/91 08/15/91 11/15/91 Total .............................. 10,076 10,067 9,506 30,632 60,281 1,530 1,618 1,658 4,508 9,313 8,546 8,449 7,848 26,124 50,968 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total .............................. 10,128 7,424 17,551 1,509 1,601 3,110 8,619 5,823 14,442 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total............................... 15,782 22,659 38,441 2,636 1,945 4,580 13,147 20,715 33,861 7-1/2% bond 08/15/94 Total............................... 9,604 9,604 1,615 1,615 7,989 7,989 2-3/8% bond 7-5/8% bond 1 6-7/8% bond 07/30/04 02/15/95 08/15/95 22,708 9,509 11,187 43,404 3,200 1,594 1,800 6,593 19,507 7,916 9,388 36,811 2020 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... 2021 Feb. 15............................................................ May 15 ............................................................ Aug. 15 ........................................................... Nov. 15 ........................................................... 2022 Aug. 15 ........................................................... Nov. 15 ........................................................... 2023 Feb. 15............................................................ Aug. 15 ........................................................... 2024 Nov. 15 ........................................................... 2025 Jan. 15 ............................................................ Feb. 15............................................................ Aug. 15 ........................................................... 1 1 1 1 1 1 1 1 1 1 1 1 Total .............................. See footnote at end of table. September 2005 PUBLIC DEBT OPERATIONS 41 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2005, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] Description (1) Issue date (2) 1 6% bond 6-3/4% bond 1 6-1/2% bond 02/15/96 08/15/96 11/15/96 Date of final maturity 2026 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. Amount of maturities held by U.S. Government accounts and Federal Total Reserve banks (3) (4) All other investors (5) 12,838 8,810 10,860 32,509 1,164 1,614 1,724 4,502 11,674 7,196 9,136 28,007 9,522 9,197 22,021 40,740 1,485 1,640 3,349 6,473 8,037 7,557 18,673 34,267 20,189 11,776 10,947 42,912 3,052 1,772 1,611 6,435 17,136 10,004 9,336 36,477 Total .............................. 11,350 23,074 11,179 45,603 1,670 3,156 1,670 6,496 9,680 19,918 9,509 39,107 1 Total ............................ 2027 Feb. 15.............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 6-5/8% bond 6-3/8% bond 1 6-1/8% bond 02/18/97 08/15/97 11/17/97 1 1 Total .............................. 2028 Apr. 15 .............................................................. Aug. 15 ............................................................. Nov. 15 ............................................................. 3-5/8% bond 5-1/2% bond 1 5-1/4% bond 04/15/98 08/17/98 11/16/98 1 1 Total .............................. 2029 Feb. 15.............................................................. Apr. 15 .............................................................. Aug. 15 ............................................................. 2030 May 15 .............................................................. 2031 Feb. 15.............................................................. 2032 Apr. 15 .............................................................. 5-1/4% bond 3-7/8% bond 1 6-1/8% bond 02/16/99 04/15/99 08/16/99 1 1 1 6-1/4% bond 02/15/00 Total .............................. 17,043 17,043 1,894 1,894 15,149 15,149 1 5-3/8% bond 02/15/01 Total .............................. 16,428 16,428 1,423 1,423 15,005 15,005 1 3-3/8% bond 10/15/01 Total .............................. 5,494 5,494 264 264 5,230 5,230 1 This security is eligible for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” September 2005 PUBLIC DEBT OPERATIONS 42 TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (6) (4) (5) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) Regular weekly: (4 week, 13 week, and 26 week) 2005 - Apr. 07 .................. 2005 - May 05 28 48,115.0 18,296.7 14,903.3 97.1 99.798944 2.585 2.626 July 07 91 50,191.8 24,596.3 15,704.8 1,856.9 99.308653 2.735 2.792 3.125 Oct. 06 41,713.4 21,837.8 14,359.3 1,369.9 98.465639 3.035 28 33,905.3 13,460.4 9,895.8 104.3 99.801278 2.555 2.596 91 53,462.5 23,330.9 14,911.3 1,674.1 99.314972 2.710 2.767 Oct. 13 Apr. 21 ................. 182 May 12 July 14 Apr. 14 ................. 182 39,326.9 20,510.9 13,575.0 1,112.1 98.450472 3.065 3.156 May 19 28 25,914.1 12,284.7 7,906.1 94.0 99.790778 2.690 2.733 July 21 22,290.8 14,120.8 1,648.7 99.290958 2.805 2.864 36,913.5 19,404.5 12,399.3 1,305.2 98.463111 3.040 3.130 May 26 28 34,234.4 12,831.6 7,444.8 63.9 99.790778 2.690 2.733 91 49,497.9 22,443.1 13,307.7 1,706.8 99.272000 2.880 2.941 Oct. 27 182 40,023.2 19,350.8 11,872.0 1,142.3 98.437833 3.090 3.183 June 02 28 35,190.1 13,668.1 7,903.0 97.1 99.797389 2.605 2.647 Aug. 04 May 05................. 39,895.8 182 July 28 Apr. 28 ................. 91 Oct. 20 91 38,991.6 21,637.3 12,851.6 1,720.8 99.274528 2.870 2.931 3.177 Nov. 03 182 32,960.1 18,213.6 11,364.9 1,290.2 98.440361 3.085 June 09 28 31,963.1 13,595.2 7,915.7 84.5 99.799722 2.575 2.616 Aug. 11 May 12................. 91 39,407.6 21,772.9 12,898.4 1,723.3 99.279583 2.850 2.911 3.214 Nov. 10 35,417.4 18,274.8 11,633.1 1,141.0 98.422667 3.120 28 33,678.3 17,361.2 11,904.6 95.6 99.801667 2.550 2.591 91 38,096.3 22,866.7 14,002.9 1,758.6 99.292222 2.800 2.859 Nov. 17 May 26................. 182 June 16 Aug. 18 May 19................. 182 32,888.0 19,536.8 12,506.5 1,368.5 98.447944 3.070 3.162 June 23 28 39,484.3 22,881.4 17,912.8 82.4 99.784944 2.765 2.809 Aug. 25 June 02................ 91 41,032.7 24,295.7 14,480.5 1,752.8 99.268208 2.895 2.957 Nov. 25 183 36,434.3 20,791.9 12,878.0 1,271.9 98.419083 3.110 3.204 28 47,639.5 20,132.1 14,913.1 86.9 99.786889 2.740 2.784 91 42,888.4 24,732.4 15,035.7 1,541.4 99.258097 2.935 2.998 Dec. 01 June 09................ June 30 Sept. 01 182 38,942.7 20,988.1 13,537.2 1,188.0 98.442889 3.080 3.172 41,180.9 17,437.2 12,915.9 84.1 99.784167 2.775 2.820 91 43,114.3 25,058.7 15,000.9 1,542.7 99.250514 2.965 3.029 182 43,639.2 21,178.3 13,601.6 1,123.5 98.453000 3.060 3.151 July 14 28 34,631.1 12,138.9 7,931.6 68.5 99.787278 2.735 2.779 Sept. 15 91 44,608.9 24,946.2 14,968.3 1,664.2 99.247986 2.975 3.039 Dec. 15 June 23................ 28 Dec. 08 June 16................ July 07 Sept. 08 182 38,438.5 21,071.5 13,696.4 1,203.7 98.422667 3.120 3.214 28,444.7 11,968.7 7,920.7 79.3 99.783778 2.780 2.825 91 44,281.0 23,947.1 13,887.1 1,602.7 99.250514 2.965 3.029 182 35,282.0 19,850.9 12,719.5 1,055.6 98.394861 3.175 3.272 July 28 28 29,063.9 12,551.7 7,922.3 77.7 99.772500 2.925 2.972 Sept. 29 91 43,173.5 23,611.7 13,650.4 1,630.2 99.221444 3.080 3.147 Dec. 29 1 28 Dec. 22 June 30................ July 21 Sept. 22 182 37,618.1 19,778.0 11,924.9 1,187.3 98.372111 3.220 3.319 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. September 2005 3 Tenders for $1 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. However, as of September 21, 2004, the limit was raised to $5 million. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. PUBLIC DEBT OPERATIONS 43 TABLE PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) 07/01/04 07/06/04 07/07/04 07/08/04 07/27/04 07/28/04 08/09/04 08/11/04 08/12/04 08/25/04 08/31/04 09/02/04 09/07/04 09/08/04 09/09/04 09/29/04 09/29/04 10/06/04 10/07/04 10/12/04 10/26/04 10/27/04 11/08/04 11/09/04 11/10/04 11/17/04 11/23/04 11/30/04 12/01/04 12/03/04 12/08/04 12/09/04 12/29/04 01/11/05 01/12/05 01/13/05 01/25/05 01/26/05 02/09/05 02/08/05 02/09/05 02/10/05 02/24/05 03/02/05 03/07/05 03/09/05 03/10/05 03/30/05 03/30/05 04/06/05 04/13/05 04/13/05 04/14/05 04/26/05 04/27/05 05/10/05 05/11/05 05/12/05 05/25/05 05/31/05 06/02/05 06/06/05 06/08/05 06/09/05 06/29/05 07/02/04 07/08/04 07/15/04 07/15/04 07/30/04 08/02/04 08/16/04 08/16/04 08/16/04 08/31/04 09/01/04 09/03/04 09/08/04 09/15/04 09/15/04 09/30/04 10/01/04 10/15/04 10/15/04 10/13/04 10/29/04 11/01/04 11/15/04 11/15/04 11/15/04 11/18/04 11/30/04 12/01/04 12/03/04 12/07/04 12/15/04 12/15/04 12/31/04 01/13/05 01/18/05 01/18/05 01/31/05 01/31/05 02/11/05 02/15/05 02/15/05 02/15/05 02/28/05 03/03/05 03/08/05 03/15/05 03/15/05 03/31/05 04/01/05 04/07/05 04/14/05 04/15/05 04/15/05 04/29/05 05/02/05 05/16/05 05/16/05 05/16/05 05/31/05 06/01/05 06/03/05 06/07/05 06/15/05 06/15/05 06/30/05 1 Description of securities 1 (2) 1.150% bill—07/15/04 1.160% bill—07/15/04 3-5/8% note—07/15/09-K 2% TIPS—07/15/14-D 2-3/8% TIPS—01/15/25 2-3/4% note—07/31/06-R 2-3/4% note—08/15/07-K 3-1/2% note—08/15/09-L 4-1/4% note—08/15/14-E 2-3/8% note—08/31/06-S 1.480% bill—09/15/04 1.460% bill—09/15/04 1.480% bill—09/15/04 3-3/8% note—09/15/09-M 4-1/4% note—08/15/14-E 2-1/2% note—09/30/06-T 1.595% bill—10/15/04 3-3/8% note—10/15/09-N 2% TIPS—07/15/14-D 1.680% bill—10/15/04 7/8% TIPS—04/15/10-D 2-1/2% note—10/31/06-U 3% note—11/15/07-G 3-1/2% note—11/15/09-P 4-1/4% note—11/15/14-F 1.890% bill—11/23/04 2-7/8% note—11/30/06-V 1.950% bill—12/15/04 1.960% bill—12/15/04 1.980% bill—12/15/04 3-1/2% note—12/15/09-Q 4-1/4% note—11/15/14-F 3% note—12/31/06-W 2.040% bill—01/18/05 3-5/8% note—01/15/10-E 1-5/8% TIPS—01/15/15-A 2-3/8% TIPS—01/15/25 3-1/8% note—01/31/07-M 2.380% bill—02/14/05 3-3/8% note—01/15/08-M 3-1/2% note—02/15/10-F 4% note—02/15/15-B 3-3/8% note—02/28/07-N 2.440% bill—03/15/05 2.465% bill—03/15/05 4% note—03/15/10-G 4% note—02/15/15-F 3-3/4% note—03/31/07-P 2.720% bill—04/15/05 2.660% bill—04/15/05 2.640% bill—04/18/05 4% note—04/15/10-H 1-5/8% TIPS—-01/15/15-A 0-7/8% TIPS—04/15/10-D 3-5/8% note—04/30/07-Q 3-3/4% note—05/15/08-N 3-7/8% note—05/15/10-J 4-1/8% note—05/15/15-C 3-1/2% note—05/31/07-R 2.895% bill—06/15/05 2.935% bill—06/15/05 2.940% bill—06/15/05 3-5/8% note—06/15/10-K 4-1/8% note—05/15/15-C 3-5/8% note—06/30/07-S Period to final maturity (years, months, days) 2 (3) 5y 10y 20y 2y 3y 5y 10y 2y 5y 9y 2y 5y 9y 5y 2y 3y 5y 10y 13d 7d 6m 14d 12d 7d 11m 14d 9m 6m 5d 2y 5y 9y 2y 14d 12d 8d 11m 5d 5y 10y 20y 2y 3d 3y 5y 10y 2y 5y 9y 2y 5y 9y 5y 2y 3y 5y 10y 2y 5y 9y 2y Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. 2d 12d 7d 11m 14d 8d 4d 9m 14d 12d 8d 11m Amount tendered (4) Amount accepted 3, 4 (5) 43,825 21,241 34,879 18,864 16,440 63,678 47,145 41,940 42,312 60,382 38,794 37,380 29,455 40,806 19,059 60,355 30,830 34,811 21,970 27,855 21,653 51,950 54,473 47,223 31,232 28,215 68,629 17,377 56,045 32,240 39,029 24,159 55,921 22,127 35,559 18,848 15,041 53,236 22,655 46,180 39,513 29,949 54,425 33,622 35,760 38,767 21,172 56,769 58,567 43,337 23,130 27,853 17,699 16,910 50,381 57,124 40,821 35,109 58,948 26,005 32,955 33,055 36,382 20,013 51,251 21,001 6,000 15,000 10,000 11,000 31,006 24,668 17,290 15,718 31,807 16,000 16,000 9,000 15,000 9,000 31,652 14,000 15,000 9,000 8,001 12,000 29,560 27,301 18,750 16,471 7,000 30,044 4,000 24,001 14,000 15,000 9,000 31,948 4,000 15,000 10,000 11,000 29,000 5,000 23,883 16,616 15,212 32,000 11,000 13,000 15,000 9,000 32,000 25,000 15,001 7,000 15,000 9,000 9,000 31,995 26,707 18,748 16,471 29,116 10,000 16,000 12,000 14,000 8,000 26,667 Accepted yield and equivalent price for notes and bonds (6) 3.663 - 99.828 2.020 - 99.820 2.470 - 98.758 2.797 - 99.909 2.842 - 99.737 3.520 - 99.909 4.270 - 99.838 2.494 - 99.769 3.439 - 99.708 4.195 - 100.436 2.620 - 99.767659 3.490 - 99.476542 1.885 - 101.525704 0.950 - 99.625501 2.590 - 99.825825 3.090 - 99.744019 3.510 - 99.954506 4.280 - 99.758010 2.945 - 99.865006 3.550 - 99.772769 4.150 - 100.800290 3.120 - 99.769076 3.731 - 99.520732 1.725 - 99.090640 2.000 - 107.552000 3.245 - 99.769428 3.470 - 99.731536 3.618 - 99.464692 4.049 - 99.600335 3.498 - 99.764391 4.080 - 99.641447 4.504 - 95.996638 3.860 - 99.790219 4.046 - 99.793649 1.750 - 99.020489 1.200 - 99.624026 3.650 - 99.951975 3.821 - 99.800526 3.890 - 99.932269 4.220 - 99.231425 3.615 - 99.780029 3.705 - 99.637908 3.990 - 101.091049 3.650 - 99.952201 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. September 2005 44 INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since July 1, 1980, and series I bonds, on sale since September 1, 1998, are the savings bonds currently being sold. As of September 1, 2004, investors are no longer able to reinvest H and HH bonds or exchange E and EE bonds for HH bonds. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and in the Annual Report of the Secretary of the Treasury for fiscal year 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through June 30, 2005 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Sales 1 (1) Accrued discount (2) Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 Series E, EE, H, and HH................................. 403,377 248,023 651,400 475,661 162,537 13,202 Series I ............................................................ 27,867 3,196 31,063 2,729 28,331 - Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 Series J and K................................................. 3,556 198 3,754 3,753 - - Savings notes ................................................. 862 679 1,541 1,460 - 82 Total ............................................................ 468,007 254,275 722,282 518,122 190,869 13,289 Series Sales plus accrued discount (3) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) Redemptions 1 (4) Savings bonds: 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E and EE bonds for series H and HH bonds. September 2005 U.S. SAVINGS BONDS AND NOTES 45 TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Redemptions Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Period Fiscal years: 1935-01 .............................. 2002 ................................... 2003 ................................... 2004 2 ................................. Sales (1) Accrued discount (2) Sales plus accrued discount (3) 427,784 11,504 13,187 10,334 227,221 7,856 7,274 6,924 655,005 19,360 20,461 17,258 468,602 12,511 12,212 14,618 332,719 5,644 5,573 6,276 135,883 6,866 6,639 8,342 179,515 185,495 192,563 194,062 6,888 7,757 8,938 10,078 Calendar years: 1935-01 .............................. 2002 ................................... 2003 ................................... 2004 2 ................................. 432,573 9,408 13,924 8,711 229,199 7,735 7,169 6,806 661,772 17,142 21,092 15,517 471,443 12,599 12,164 14,922 334,010 5,736 5,456 6,520 137,433 6,862 6,708 8,402 181,416 184,698 192,160 191,674 8,913 10,174 11,641 12,721 2004 - June ........................ July ......................... Aug ......................... Sept ........................ Oct.......................... Nov ......................... Dec ......................... 2005 - Jan .......................... Feb ......................... Mar ......................... Apr.......................... May......................... June........................ 748 779 996 760 448 616 743 735 471 444 463 719 559 528 619 543 494 629 482 522 618 561 512 631 503 541 1,276 1,398 1,539 1,254 1,077 1,098 1,265 1,354 1,032 956 1,094 1,223 1,099 1,311 1,470 1,865 1,286 979 972 1,236 1,362 1,007 1,179 1,136 1,122 1,190 613 638 1,001 178 413 512 653 577 450 563 540 540 601 698 832 864 1,108 565 460 583 784 557 616 596 583 589 194,018 194,097 193,912 194,062 194,256 194,468 191,674 191,968 192,181 192,153 190,965 190,959 190,869 10,552 10,401 10,260 10,078 9,983 9,897 12,721 12,419 12,231 12,035 13,182 13,289 13,289 Total (4) 1 Sales price 1 (5) Accrued discount 1 (6) 2 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Entire fiscal year and calendar year totals are included in 2004 totals. TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Redemptions Exchange of E and EE bonds for H and HH bonds 1 (7) Interestbearing debt (8) Matured non-interestbearing debt (9) Amount outstanding Sales (1) Accrued discount (2) Sales plus accrued discount (3) Fiscal years: 1941-01 ............. 2002 .................. 2003 .................. 2004 2 ................ 376,757 3,696 3,740 3,037 223,919 7,366 6,683 5,890 600,676 11,062 10,422 8,927 408,375 9,720 9,415 12,888 292,872 4,354 4,152 4,614 140,050 6,835 6,600 8,274 24,547 1,470 1,336 2,485 161,044 160,038 158,536 153,433 6,710 7,588 8,761 9,903 Calendar years: 1941-01 ............. 2002 .................. 2003 .................. 2004 2 ................ 378,008 3,980 3,366 2,951 225,817 7,190 6,459 5,788 603,825 11,170 9,825 8,740 409,245 9,619 9,513 10,704 301,285 4,371 4,052 4,710 134,481 6,828 6,666 8,326 26,521 1,580 1,204 2,332 159,365 158,083 155,722 150,352 8,695 9,948 11,417 12,490 2004 - June ....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2005 - Jan ......... Feb ........ Mar ........ Apr......... May........ June....... 211 201 194 178 184 264 358 250 188 197 264 225 159 444 541 479 426 555 403 438 530 465 414 531 398 431 655 742 672 604 739 667 796 780 654 611 794 623 590 925 997 1,195 605 740 787 1,053 1,166 848 979 942 926 982 463 477 834 17 264 356 487 393 299 373 355 354 404 691 824 858 1,099 559 454 576 776 550 607 587 572 578 229 304 498 511 82 24 9 3 2 1 - 155,061 154,650 153,767 153,433 153,443 153,382 150,352 150,254 150,240 150,059 148,799 148,390 147,997 10,366 10,219 10,081 9,903 9,810 9,726 12,490 12,199 12,017 11,827 12,940 13,046 13,046 Period 1 Exchange of E and EE bonds for H and HH bonds are not included in sales and redemption figures. Total Sales price (4) (5) Series E and EE 2 Accrued discount (6) Entire fiscal year and calendar year totals are included in 2004 totals. September 2005 U.S. SAVINGS BONDS AND NOTES 46 TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Accrued discount (6) Exchange of E and EE bonds for H and HH bonds 1 (7) Interestbearing debt (8) Matured non-interestbearing debt (9) Redemptions Total Sales price (4) (5) Series H and HH Amount outstanding Fiscal years: 1952-01 ........... 2002 ................ 2003 ................ 2004 2 .............. 14,071 6 -9 -1 - 14,071 6 -9 -1 25,762 921 902 952 25,762 921 902 952 - 24,547 1,470 1,336 2,485 12,815 13,361 13,765 15,286 41 50 71 82 Calendar years: 1952-01 ........... 2002 ................ 2003 ................ 2004 2 .............. 13,807 8 -10 -16 - 13,807 8 -10 -16 27,383 928 890 980 27,383 928 890 980 - 26,521 1,580 1,204 2,332 12,860 13,496 13,789 15,107 85 110 121 140 2004 - June ..... July ...... Aug ...... Sept ..... Oct....... Nov ...... Dec ...... 2005 - Jan ....... Feb ...... Mar ...... Apr....... May...... June..... 9 23 70 -131 -7 - - 9 23 70 -131 -7 - 76 85 86 84 72 74 85 94 82 104 91 91 95 76 85 86 84 72 74 85 94 82 104 91 91 95 - 229 304 498 511 82 24 9 3 2 1 - 14,259 14,504 14,988 15,286 15,292 15,243 15,107 15,026 14,950 14,853 14,728 14,634 14,540 89 87 84 82 81 79 140 130 125 120 154 156 156 Series I Fiscal years: 1999-01 ........... 2002 ................ 2003 ................ 2004 2 .............. 5,605 6,332 8,120 4,813 245 490 591 1,034 5,850 6,822 8,711 5,847 194 382 545 766 187 366 517 708 7 16 28 58 - 5,656 12,096 20,262 25,343 - Calendar years: 1998-01 ........... 2002 ................ 2003 ................ 2004 2 .............. 9,118 3,839 9,363 3,444 325 544 710 1,017 9,443 4,384 10,073 4,462 251 455 544 896 242 435 513 829 9 20 31 66 - 9,192 13,120 22,649 26,215 - 2004 - June ..... July ...... Aug ...... Sept ..... Oct....... Nov ...... Dec ...... 2005 - Jan ....... Feb ...... Mar ...... Apr....... May...... June..... 299 251 235 202 189 329 376 482 281 246 199 494 400 84 78 65 68 73 80 84 89 96 98 100 105 110 383 329 299 270 262 408 460 571 377 344 300 600 509 80 83 86 84 84 87 87 97 74 94 102 104 112 74 77 80 77 78 82 81 90 68 87 93 94 102 6 6 6 7 6 6 7 8 6 8 9 9 10 - 24,698 24,943 25,157 25,343 25,521 25,842 26,215 26,688 26,991 27,241 27,438 27,934 28,331 - 1 Exchange of EE and E bonds are not included in sales and redemption figures. September 2005 2 Entire fiscal year and calendar year totals are included in 2004 totals. 47 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in this table to agree with the Bureau of the Public Debt’s publication changes. • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) September 2005 OWNERSHIP OF FEDERAL SECURITIES 48 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) 2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 2004 - June ..................................... 7,298,556 7,274,335 3,055,601 142 3,055,459 685,454 July ...................................... 7,340,603 7,316,568 3,049,266 142 3,049,124 691,656 692,734 Aug ...................................... 7,374,745 7,350,950 3,053,080 142 3,052,938 Sept ..................................... 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 Oct....................................... 7,453,800 7,429,678 3,112,949 142 3,112,807 710,668 710,668 Nov ...................................... 7,549,374 7,525,210 3,118,943 142 3,118,801 Dec ...................................... 7,620,404 7,596,143 3,189,090 142 3,188,948 715,507 2005 - Jan ....................................... 7,651,874 7,627,743 3,201,711 142 3,201,569 715,507 715,210 Feb ...................................... 7,737,047 7,713,138 3,206,773 1 3,206,772 Mar ...................................... 7,801,016 7,776,939 3,204,543 1 3,204,542 714,999 Apr....................................... 7,788,426 7,764,537 3,213,845 1 3,213,844 708,904 May...................................... 7,801,852 7,777,880 3,235,855 1 3,235,854 721,852 June..................................... 7,860,234 7,836,496 3,308,866 1 3,308,865 721,922 Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Held by private investors (11) Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) 2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 2004 - June ......................................................... 3,533,280 3,069,912 463,368 24,221 24,221 July .......................................................... 3,575,646 3,116,678 458,968 24,035 24,035 Aug .......................................................... 3,605,136 3,147,828 457,309 23,795 23,795 Sept ......................................................... 3,605,143 3,147,752 457,391 24,183 24,183 Oct........................................................... 3,606,060 3,191,919 414,142 24,122 24,122 Nov .......................................................... 3,695,599 3,252,800 442,798 24,164 24,164 Dec .......................................................... 3,691,547 3,244,132 447,414 24,261 24,261 2005 - Jan ........................................................... 3,710,525 3,259,316 451,210 24,131 24,131 Feb .......................................................... 3,791,155 3,339,104 452,051 23,909 23,909 Mar .......................................................... 3,857,397 3,388,837 468,560 24,077 24,077 Apr........................................................... 3,841,788 3,361,781 480,007 23,888 23,888 May.......................................................... 3,820,173 3,328,310 491,862 23,972 23,972 June......................................................... 3,805,708 3,309,173 496,535 23,738 23,738 September 2005 OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical) [In millions of dollars. Source: Financial Management Service] End of fiscal year or month Total Federal securities outstanding (1) Total outstanding (2) Total (3) 5,701,851 5,622,092 2,235,763 2000 ................................................ Interest-bearing public debt securities Held by U.S. Government accounts 2000 ...................................... Total (7) 2,874,969 Marketable (8) 2,480,878 461 Nonmarketable (5) 2,235,249 Nonmarketable (9) Matured public debt and debt bearing no interest (10) Total outstanding (11) 394,092 52,086 27,672 Interest-bearing public debt securities, con. Held by private investors End of fiscal year or month Marketable (4) Public issues held by Federal Reserve banks (6) 511,413 Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) 51 Held by private investors (13) 27,621 Note.—Detail may not add to totals due to rounding. September 2005 OWNERSHIP OF FEDERAL SECURITIES 50 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 1994 - Mar......... June ....... Sept........ Dec......... 1995 - Mar......... June ....... Sept........ Dec......... 1996 - Mar......... June ....... Sept........ Dec......... 1997 - Mar......... June ....... Sept........ Dec......... 1998 - Mar......... June ....... Sept........ Dec......... 1999 - Mar......... June ....... Sept........ Dec......... 2000 - Mar......... June ....... Sept........ Dec......... 2001 - Mar......... June ....... Sept........ Dec......... 2002 - Mar......... June ....... Sept........ Dec......... 2003 - Mar......... June ....... Sept........ Dec......... 2004 - Mar......... June ....... Sept........ Dec......... 2005 - Mar......... June ....... 4,575.9 4,645.8 4,692.8 4,800.2 4,864.1 4,951.4 4,974.0 4,988.7 5,117.8 5,161.1 5,224.8 5,323.2 5,380.9 5,376.2 5,413.1 5,502.4 5,542.4 5,547.9 5,526.2 5,614.2 5,651.6 5,638.8 5,656.3 5,776.1 5,773.4 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 1,476.0 1,547.5 1,562.8 1,622.6 1,619.3 1,690.1 1,688.0 1,681.0 1,731.1 1,806.7 1,831.6 1,892.0 1,928.7 1,998.9 2,011.5 2,087.8 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,929.0 3,921.6 4,033.5 1 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 3,099.9 3,098.3 3,130.0 3,177.6 3,244.8 3,261.3 3,286.0 3,307.7 3,386.7 3,354.4 3,393.2 3,431.2 3,452.2 3,377.3 3,401.6 3,414.6 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.9 3,164.7 3,268.0 3,377.9 3,502.8 3,531.5 3,607.0 3,667.1 3,855.4 3,803.0 397.4 383.8 364.0 339.6 353.0 340.0 330.8 315.4 322.1 318.7 310.9 296.6 317.3 300.1 292.8 300.3 308.3 290.9 244.4 237.4 247.4 240.6 241.2 248.6 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.6 210.4 222.8 153.1 145.4 146.9 154.0 165.0 161.6 141.0 128.1 142.7 n.a. 175.0 177.1 178.6 179.9 181.4 182.6 183.5 185.0 185.8 186.5 186.8 187.0 186.5 186.3 186.2 186.5 186.2 186.0 186.0 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.5 204.6 204.2 204.4 204.3 204.1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions, and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 2 September 2005 Private 6 (6) 119.9 129.2 136.2 139.9 141.6 142.5 141.9 142.6 144.2 144.5 141.1 139.9 141.4 141.9 142.9 144.1 136.5 129.6 121.1 113.2 110.4 113.7 116.8 118.5 114.3 114.9 114.7 113.2 115.2 115.9 119.3 120.7 123.3 125.2 130.9 134.7 138.7 137.9 139.6 140.8 142.9 146.0 150.4 151.0 153.3 n.a. 7 State and Insurance compalocal nies 3 governments (7) (8) 224.3 220.6 217.4 215.6 225.0 217.2 211.3 208.2 213.5 221.1 213.4 212.8 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.5 184.7 177.9 175.8 181.2 164.5 152.4 160.2 150.4 145.5 144.1 140.9 148.1 141.6 147.4 148.2 153.4 147.7 144.7 145.0 n.a. 233.4 238.0 243.7 240.1 244.2 245.0 245.2 241.5 239.4 229.5 226.8 214.1 181.8 183.1 186.8 176.6 169.4 160.6 151.3 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 140.7 143.6 146.6 149.2 151.5 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 212.8 204.6 201.6 209.4 210.6 202.5 211.6 225.1 240.9 230.6 226.8 227.4 221.9 216.8 221.6 232.4 234.7 230.7 231.8 253.5 254.0 227.9 224.4 228.7 222.0 204.8 207.4 220.7 220.7 217.5 231.2 257.5 264.3 251.7 254.6 278.8 295.1 301.2 286.4 279.6 281.3 258.8 254.5 253.1 261.9 n.a. 443.4 425.2 398.2 370.0 350.5 313.7 304.3 289.8 283.6 283.3 263.7 257.0 248.1 243.3 235.2 239.3 238.1 258.5 271.8 279.7 286.8 298.5 298.5 303.2 301.6 302.2 297.4 297.2 309.4 322.7 325.7 339.4 342.8 343.9 344.2 354.0 352.4 347.5 357.3 359.5 369.0 378.1 376.8 385.8 407.0 n.a. Foreign and international 8 (11) 661.1 659.9 682.0 667.3 707.0 762.5 820.4 835.2 908.1 929.7 993.4 1,102.1 1,157.6 1,182.7 1,230.5 1,241.6 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 1,051.2 1,067.1 1,135.4 1,200.8 1,246.8 1,285.9 1,382.8 1,458.5 1,537.6 1,677.1 1,777.5 1,836.6 1,890.7 1,982.2 2,030.0 est. Other investors 9 (12) 632.5 659.9 708.3 815.8 831.7 855.4 837.1 864.9 849.0 810.6 830.2 794.3 786.5 708.1 682.0 674.9 701.6 623.8 674.7 630.6 621.1 525.8 494.1 557.6 698.0 565.6 555.6 540.6 560.0 403.2 451.2 420.9 398.0 323.8 314.6 302.6 367.5 364.0 398.8 418.6 375.6 307.9 349.3 360.2 407.4 n.a. Includes money market mutual funds, mutual funds, and closed-end investment companies. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 benchmark to September 2001, the March 2000 benchmark to September 2002, the June 2002 benchmark to December 2003, the June 2003 benchmark to March 2004, and the June 2004 benchmark to March 2005. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 51 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 20 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These “constant maturity rates (CMTs)” are interpolated from the Treasury yield curve and published daily at Treasury's web site, www.ustreas.gov/offices/domestic-finance/debtmanagement/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields on the on-the-run securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant maturity yield, and Table MY-1 now includes a 1-month maturity beginning on that date. On February 18, 2002, Treasury discontinued the 30-year constant maturity yield. In lieu of the 30-year yield, Table MY-1 now includes a 20-year maturity. Historical data for the 20-year maturity is available from the Board of Governors’ Statistical Release H.15. Prior to January 2003, this section also included data on long-term Treasury, corporate and municipal yields (Table MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues long-term bonds and no longer calculates or estimates longterm corporate rates. Chart MY-A, which previously was published in this section, has been discontinued. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 1-mo. (1) 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) Monthly average: 2004 - July ...................................... Aug ..................................... Sept .................................... Oct ...................................... Nov ..................................... Dec ..................................... 2005 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... 1.19 1.37 1.55 1.63 1.92 1.96 2.05 2.36 2.65 2.64 2.65 2.83 1.36 1.50 1.68 1.79 2.11 2.22 2.37 2.58 2.80 2.84 2.90 3.04 1.70 1.76 1.91 2.05 2.32 2.50 2.68 2.85 3.09 3.14 3.17 3.22 2.10 2.02 2.12 2.23 2.50 2.67 2.86 3.03 3.30 3.32 3.33 3.36 2.64 2.51 2.53 2.58 2.85 3.01 3.22 3.38 3.73 3.65 3.64 3.64 3.05 2.88 2.83 2.85 3.09 3.21 3.39 3.54 3.91 3.79 3.72 3.69 3.69 3.47 3.36 3.35 3.53 3.60 3.71 3.77 4.17 4.00 3.85 3.77 4.11 3.90 3.75 3.75 3.88 3.93 3.97 3.97 4.33 4.16 3.94 3.86 4.50 4.28 4.13 4.10 4.19 4.23 4.22 4.17 4.50 4.34 4.14 4.00 5.24 5.07 4.89 4.85 4.89 4.88 4.77 4.61 4.89 4.75 4.56 4.35 End of month: 2004 - July ...................................... Aug ..................................... Sept .................................... Oct ...................................... Nov ..................................... Dec ..................................... 2005 - Jan....................................... Feb...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... 1.27 1.45 1.47 1.73 2.07 1.89 2.06 2.51 2.63 2.70 2.80 2.99 1.45 1.59 1.71 1.91 2.23 2.22 2.51 2.76 2.79 2.90 2.99 3.13 1.77 1.79 2.00 2.13 2.44 2.59 2.79 3.01 3.13 3.17 3.18 3.34 2.13 1.99 2.21 2.28 2.63 2.75 2.96 3.20 3.35 3.33 3.32 3.45 2.68 2.41 2.63 2.56 3.02 3.08 3.29 3.59 3.80 3.66 3.60 3.66 3.09 2.75 2.89 2.82 3.29 3.25 3.43 3.75 3.96 3.73 3.65 3.67 3.71 3.33 3.38 3.30 3.72 3.63 3.71 4.00 4.18 3.90 3.76 3.72 4.13 3.76 3.79 3.70 4.07 3.94 3.92 4.18 4.33 4.03 3.86 3.80 4.50 4.13 4.14 4.05 4.36 4.24 4.14 4.36 4.50 4.21 4.00 3.94 5.24 4.93 4.89 4.79 5.03 4.85 4.64 4.79 4.88 4.61 4.40 4.28 Period 20-yr. (10) * Rates are from the Treasury yields curve. September 2005 52 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, June 30, 2005 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) Currency no longer issued (5) U.S. notes (4) $904,155,948,126 $868,115,816,268 $867,611,541,861 $255,672,566 $248,601,841 The Treasury....................................... 246,956,268 24,949,724 24,758,860 7,505 183,359 FRBs ................................................... 139,280,783,663 138,650,421,779 138,650,416,148 - 5,631 Amounts in circulation............................. $764,628,208,195 $729,440,444,765 $728,936,366,853 $255,665,061 $248,412,851 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $36,040,131,858 $3,505,529,008 $32,534,602,850 The Treasury....................................... 222,006,544 186,132,544 35,874,000 FRBs ................................................... 630,361,884 94,252,595 536,109,289 Amounts in circulation............................. $35,187,763,430 $3,225,143,869 $31,962,619,561 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2005 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 53 TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2005 [Source: Financial Management Service] Currency in circulation by denomination Total (1) Federal Reserve notes 1 (2) U.S. notes (3) Currency no longer issued (4) $1 ...................................................................... $8,397,526,319 $8,252,965,986 $143,503 $144,416,830 $2 ...................................................................... 1,428,842,156 1,296,590,962 132,238,618 12,576 $5 ...................................................................... 9,715,702,340 9,578,010,665 109,266,110 28,425,565 $10 .................................................................... 14,810,410,070 14,788,984,360 6,300 21,419,410 $20 .................................................................... 110,116,823,780 110,096,716,880 3,840 20,103,060 $50 .................................................................... 60,189,902,300 60,178,405,000 500 11,496,800 $100 .................................................................. 524,467,735,200 524,431,753,000 13,995,600 21,986,600 $500 .................................................................. 142,500,000 142,306,000 5,500 188,500 $1,000 ............................................................... 165,777,000 165,564,000 5,000 208,000 $5,000 ............................................................... 1,765,000 1,710,000 - 55,000 $10,000 ............................................................. 3,460,000 3,360,000 - 100,000 Fractional notes 4 .............................................. 600 - 90 510 Total currency ............................................... $729,440,444,765 $728,936,366,853 $255,665,061 $248,412,851 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) June 30, 2005 ........................................................................................... 764,628 $2,579 May 31, 2005 ............................................................................................ 761,357 2,570 April 30, 2005 ............................................................................................ 752,772 2,543 Sept. 30, 2000........................................................................................... 568,614 2,061 Sept. 30, 1995........................................................................................... 409,272 1,553 Sept. 30, 1990........................................................................................... 278,903 1,105 Sept. 30, 1985........................................................................................... 187,337 782 Sept. 30, 1980........................................................................................... 129,916 581 June 30, 1975 ........................................................................................... 81,196 380 June 30, 1970 ........................................................................................... 54,351 265 June 30, 1965 ........................................................................................... 39,719 204 June 30, 1960 ........................................................................................... 32,064 177 June 30, 1955 ........................................................................................... 30,229 183 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Represents value of certain fractional denominations not presented for redemption. Based on Bureau of the Census estimates of population. September 2005 InternationalFinancialStatistics CapitalMovements ForeignCurrencyPositions ExchangeStabilizationFund 57 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 2004 - July.......................................................................... 81,375 11,044 12,586 38,352 19,393 Aug ......................................................................... 82,602 11,043 12,710 39,037 19,812 Sept ........................................................................ 82,578 11,043 12,782 39,310 19,443 Oct.......................................................................... 84,232 11,043 13,041 40,618 19,530 Nov......................................................................... 86,702 11,043 13,478 42,102 20,079 Dec ......................................................................... 86,824 11,045 13,582 42,718 19,479 2005 - Jan .......................................................................... 81,366 11,042 13,342 41,735 15,247 Feb ......................................................................... 80,168 11,042 11,727 42,063 15,336 Mar ......................................................................... 78,942 11,041 11,564 41,061 15,276 Apr.......................................................................... 79,525 11,041 11,610 41,452 15,422 May ........................................................................ 77,742 11,041 11,385 39,910 15,406 June ....................................................................... 76,594 11,041 11,243 39,036 15,274 July......................................................................... 74,620 11,041 11,206 38,935 13,438 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. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. Note.—Detail may not add to total due to rounding. September 2005 INTERNATIONAL FINANCIAL STATISTICS 58 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 End of calendar year or month Total (1) Total (2) Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Other Treasury readily bonds marketable and notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) 2000 - Mar. 8 ........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 2001 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 2002 - June 8 ......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 Series Break .......... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 2002 ....................... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 2003 - June 8 .......... 3,597,378 1,177,090 379,114 610,122 2,876 184,978 1,431,589 961,169 452,617 508,552 27,530 Series Break r ........ 3,604,050 1,233,387 379,114 650,336 2,876 201,061 1,431,589 911,397 452,617 458,780 27,677 2003 r ..................... 3,863,633 1,340,623 401,856 719,302 2,613 216,852 1,439,484 1,057,445 518,962 538,483 26,081 2004 - June 8 r........ 4,469,893 1,559,811 483,415 844,444 1,568 230,384 1,559,518 1,326,933 666,476 660,457 23,631 Series Break r ........ 4,443,613 1,648,168 483,415 910,456 1,569 252,728 1,559,518 1,205,604 666,476 539,128 30,323 2004 - July r ........... 4,522,299 1,668,321 494,293 916,391 1,579 256,058 1,615,006 1,210,634 664,420 546,214 28,338 Aug. r .......... 4,571,151 1,680,446 487,218 931,906 1,589 259,733 1,616,080 1,246,723 703,315 543,408 27,902 Sept. r ......... 4,567,520 1,706,807 499,015 942,780 1,599 263,413 1,563,568 1,269,850 719,513 550,337 27,295 Oct. r ........... 4,669,851 1,738,714 515,304 958,429 1,609 263,372 1,615,128 1,285,877 732,455 553,422 30,132 Nov. r .......... 4,747,549 1,752,704 502,857 979,478 1,619 268,750 1,627,543 1,338,893 773,122 565,771 28,409 Dec. r .......... 4,734,756 1,775,096 515,602 986,454 1,630 271,410 1,571,205 1,360,617 793,294 567,323 27,838 2005 - Jan. r........... 4,691,375 1,786,249 511,660 994,084 1,640 278,865 1,534,272 1,340,091 750,124 589,967 30,763 Feb. r .......... 4,785,312 1,776,695 483,494 1,005,357 1,650 286,194 1,561,819 1,414,276 792,761 621,515 32,522 Mar ............. 4,787,436 1,769,208 490,405 990,374 1,661 286,768 1,532,533 1,456,551 792,325 664,226 29,144 Apr .............. 4,886,471 1,807,439 516,458 1,004,281 1,671 285,029 1,576,282 1,474,718 800,466 674,252 28,032 May p.......... 4,962,526 1,813,798 509,553 1,011,086 1,682 291,477 1,607,978 1,510,556 815,486 695,070 30,194 June p......... 4,993,989 1,813,565 493,395 1,022,309 911 296,950 1,695,498 1,453,780 762,719 691,061 31,146 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 2 3 September 2005 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000, end-June 2002, end-June 2003, and end-June 2004, 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 59 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) Mexico 2 (4) Venezuela 3 (5) 2000 .............................................................................. 5,348 5,348 1,244 3,520 584 2001 .............................................................................. 3,411 3,411 977 1,801 633 2002 .............................................................................. 2,769 2,769 715 1,368 686 2003 .............................................................................. 2,613 2,613 768 1,102 743 2004 - June ................................................................... 1,569 1,569 796 - 773 July .................................................................... 1,579 1,579 801 - 778 Aug .................................................................... 1,589 1,589 806 - 783 Sept ................................................................... 1,599 1,599 810 - 789 Oct..................................................................... 1,609 1,609 815 - 794 Nov .................................................................... 1,619 1,619 820 - 799 Dec .................................................................... 1,630 1,630 825 - 805 2005 - Jan ..................................................................... 1,640 1,640 830 - 810 Feb .................................................................... 1,650 1,650 835 - 815 Mar .................................................................... 1,661 1,661 840 - 821 Apr..................................................................... 1,671 1,671 845 - 826 May.................................................................... 1,682 1,682 850 - 832 June................................................................... 911 911 74 - 837 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $264 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $3,821 million. Note: This issue was paid off in full and retired on January 29, 2004. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. September 2005 60 INTRODUCTION: Capital Movements Background 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, quarterly, and semiannual 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 and to some sensitive data aggregates 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. The most recent revisions to selected reporting forms and instructions were effective February 28, 2003. The major changes are outlined under “Description of statistics” below. Copies of the reporting forms and instructions may be obtained from the Office of Program Services, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district FRBs. Reporting forms and instructions also may be downloaded from the TIC website. Basic definitions The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United September 2005 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. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite “Other Europe.” For purposes of publication only, information on the European Central Bank also 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. 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. Notices of these changes and requests for public comments on them were published in the Federal Register last year and some modifications were made in response to the comments received. A detailed outline of the changes affecting each form may be accessed on the TIC website. 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. Twice a year, June 30 and December 31, they also report the same liabilities and claims items attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with foreigners. Except as noted below under “Description of statistics,” the reportable liabilities and claims positions are 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. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in five 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. 61 • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of 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 contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, and securities brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than September 2005 62 CAPITAL MOVEMENTS 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 information does not include any accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to Commerce on its direct investment forms. However, effective with reports filed as of March 31, 2003, a number of changes were introduced in the coverage and reporting formats of nonbanking forms. A major revision is the addition of Section B to Form CQ-1 to capture foreign affiliate positions (including those with affiliates of the respondent’s parent) of insurance underwriting subsidiaries and financial intermediaries. Insurance underwriting subsidiaries of BHCs/FHCs now include positions vis-à-vis all foreign-resident affiliates. From end-March 2003 forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. • 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. September 2005 However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. NOTE: Current and historical data on United States transactions with foreigners in long-term securities and on the gross foreign liabilities and claims reported by banks in the United States are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 63 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 Calendar Year 2003 2004 Dec. r 2005 Jan. r Feb. r Mar. Apr. May June p Total liabilities to all foreigners............................... 2,382,470 2,896,615 2,815,028 2,859,121 2,832,871 2,908,945 2,950,966 2,969,808 Payable in dollars............................................... 2,315,606 2,804,848 2,723,261 2,767,354 2,743,936 2,820,010 2,862,031 2,880,873 Foreign official institutions 1 ........................... 401,856 515,602 511,660 483,494 490,405 516,458 509,553 493,395 Deposits, excluding negotiable CDs .......... 24,208 26,633 30,776 28,859 32,310 33,272 36,636 39,132 U.S. Treasury bills and certificates ............ 212,032 245,197 242,553 235,530 235,843 230,105 228,961 205,170 Other liabilities............................................ 165,616 243,772 238,331 219,105 222,252 253,081 243,956 249,093 Foreign banks (including own foreign offices) and other foreigners ........................ 1,899,601 2,275,931 2,195,828 2,266,012 2,238,034 2,289,924 2,336,640 2,371,393 Deposits, excluding negotiable CDs .......... 822,461 901,173 891,846 899,541 846,845 890,937 907,213 948,621 U.S. Treasury bills and certificates ............ 46,655 71,667 67,500 69,678 73,308 77,334 77,460 65,100 Other liabilities............................................ 1,030,485 1,303,091 1,236,482 1,296,793 1,317,881 1,321,653 1,351,967 1,357,672 International and regional organizations 2 ..... 14,149 13,315 15,773 17,848 15,497 13,628 15,838 16,085 Deposits, excluding negotiable CDs .......... 6,134 6,098 5,124 5,593 5,343 4,910 4,608 5,359 U.S. Treasury bills and certificates ............ 110 1,339 1,107 1,116 586 843 924 2,204 Other liabilities............................................ 7,905 5,878 9,542 11,139 9,568 7,875 10,306 8,522 Payable in foreign currencies 3 .......................... 66,864 91,767 91,767 91,767 88,935 88,935 88,935 88,935 Banks and other foreigners........................ 58,845 88,568 88,568 88,568 86,824 86,824 86,824 86,824 International and regional organizations 2 ...... 8,019 3,199 3,199 3,199 2,111 2,111 2,111 2,111 Sector: Major currencies: Canadian dollars ........................................ 4,780 6,618 6,618 6,618 6,853 6,853 6,853 6,853 Euro............................................................ 33,477 37,364 37,364 37,364 39,548 39,548 39,548 39,548 United Kingdom pounds sterling................ 4,606 7,096 7,096 7,096 8,476 8,476 8,476 8,476 Japanese yen............................................. 16,191 23,571 23,571 23,571 17,435 17,435 17,435 17,435 Memoranda: Respondents’ own liabilities payable in dollars........................................................... 1,993,035 1,924,170 1,962,358 1,927,916 1,983,378 2,016,591 2,092,513 1,125,352 1,260,708 1,225,984 1,244,081 1,230,701 1,259,722 1,277,419 1,364,792 Liabilities collaterized by repurchase agreements ............................................. 460,191 647,140 575,183 598,852 605,436 608,558 610,057 625,328 Foreign official institutions 1 ................... 82,927 109,506 112,544 101,166 105,677 122,019 105,474 111,418 Foreign banks and other foreigners....... 372,524 536,097 459,894 493,348 497,310 484,474 500,600 511,498 International and regional organizations 2..... 4,740 1,537 2,745 4,338 2,449 2,065 3,983 2,412 Reported by IBFs ........................................... 367,196 369,576 369,724 402,270 336,030 348,927 371,134 408,982 Respondents’ own liabilities payable in foreign currencies 3 ...................................... 63,119 83,759 83,759 83,759 80,146 80,146 80,146 80,146 Reported by IBFs ........................................... 36,928 36,689 36,689 36,689 33,023 33,023 33,023 33,023 Liabilities held in custody for domestic customers..................................................... 642,158 819,821 807,099 813,004 824,809 845,421 854,229 797,149 Payable in dollars....................................... 638,413 811,813 799,091 804,996 816,020 836,632 845,440 788,360 Payable in foreign currencies 3 .................. 1 1,677,193 Liabilities to own foreign offices..................... 3,745 8,008 8,008 8,008 8,789 8,789 8,789 8,789 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. 3 Data may be as of preceding quarter-end for most recent month shown in table. September 2005 CAPITAL MOVEMENTS 64 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 1 ........................................... Bulgaria ............................................. Czech Republic ................................. Denmark............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary............................................. Ireland ............................................... Italy.................................................... Luxembourg 1 .................................... Netherlands....................................... Norway .............................................. Poland ............................................... Portugal............................................. Romania............................................ Russia 2 ............................................. Serbia and Montenegro (formerly Yugoslavia) 3 ................................. Spain ................................................. Sweden ............................................. Switzerland........................................ Turkey ............................................... United Kingdom................................. Channel Islands and Isle of Man 4 .... Other Europe..................................... Total Europe.................................. Canada.................................................. Latin America: Argentina........................................... Brazil ................................................. Chile .................................................. Colombia ........................................... Ecuador............................................. Guatemala......................................... Mexico ............................................... Panama............................................. Peru................................................... Uruguay............................................. Venezuela ......................................... Other Latin America 5 ........................ Total Latin America ....................... Caribbean: Bahamas ........................................... Bermuda............................................ Cayman Islands 6 .............................. Cuba.................................................. Jamaica............................................. Netherlands Antilles .......................... Trinidad and Tobago......................... Other Caribbean 5 ............................. Total Caribbean............................. See footnotes at end of table. September 2005 2002 Calendar year 2003 2004 r Feb. r Mar. 2005 Apr. May June p 2,862 9,641 219 531 5,115 1,711 44,098 42,235 2,996 439 33,146 6,098 32,943 11,419 18,907 4,205 3,676 1,919 23,158 4,841 9,642 224 2,359 3,744 1,821 41,727 53,617 1,266 345 30,888 6,643 37,005 17,150 22,471 3,724 1,011 575 41,694 4,261 13,649 221 1,661 3,151 1,084 59,147 58,263 1,179 770 63,585 7,683 52,255 19,693 32,888 5,680 1,676 1,636 70,203 4,103 13,586 113 1,480 3,588 2,970 66,627 59,674 1,541 963 68,247 8,412 56,320 24,857 23,340 6,561 1,778 1,072 76,457 5,273 15,690 120 1,576 3,129 1,175 57,555 69,994 1,418 592 68,569 8,442 54,365 26,587 26,103 7,387 2,665 1,305 75,832 5,489 14,049 107 1,216 2,772 2,744 59,672 69,691 2,342 700 69,244 8,428 57,928 28,354 34,845 7,742 2,809 870 73,998 4,194 14,080 156 1,278 3,949 2,827 60,853 62,053 2,256 449 71,669 8,954 58,559 25,812 18,698 6,273 2,236 1,728 82,068 4,169 15,938 143 1,343 1,899 1,911 49,500 61,677 1,794 269 65,656 8,332 52,524 19,834 20,761 6,496 2,412 1,420 85,040 301 14,499 4,697 133,546 12,132 203,237 47,820 25,108 686,658 32,221 162 10,329 7,377 111,678 13,749 345,235 20,814 17,478 807,569 37,780 110 9,076 6,143 100,637 5,189 448,112 20,790 26,341 1,015,083 35,184 100 10,779 5,209 120,896 3,706 467,895 20,923 27,054 1,078,251 36,693 187 7,593 5,681 84,277 4,899 476,748 21,988 27,302 1,056,452 35,397 90 9,594 6,000 91,992 3,688 504,731 20,653 25,164 1,104,912 36,516 106 9,107 2,034 102,178 4,578 492,246 23,157 24,267 1,085,765 40,335 103 10,175 4,038 107,190 6,813 508,140 25,657 21,287 1,084,521 33,968 10,938 11,332 6,194 4,174 2,307 1,396 37,374 3,903 1,366 2,822 22,540 6,415 110,761 9,880 17,839 4,504 4,277 2,611 1,557 36,952 4,125 1,406 3,688 21,546 6,014 114,399 10,927 16,911 7,368 6,330 2,696 1,540 51,924 4,634 1,972 4,189 24,861 6,422 139,774 9,441 22,590 7,147 6,247 2,607 1,480 39,378 4,795 1,560 3,936 25,808 6,769 131,758 9,536 26,167 6,690 6,361 2,492 1,319 42,020 5,026 1,887 3,981 25,272 7,075 137,826 9,336 22,251 8,397 6,116 2,676 1,372 40,196 4,433 2,575 4,109 25,042 7,312 133,815 9,928 21,602 8,473 6,025 2,771 1,414 39,700 4,899 3,371 4,466 25,284 7,372 135,305 9,741 20,336 7,003 5,632 2,521 2,055 42,937 4,662 3,047 4,957 25,674 7,759 136,324 164,133 25,281 639,443 91 840 5,011 1,420 11,757 847,976 157,689 39,229 745,754 96 720 8,739 1,259 27,662 981,148 187,759 92,973 878,097 110 922 5,867 1,630 39,981 1,207,339 187,851 68,932 850,121 111 869 4,519 1,791 34,732 1,148,926 181,761 56,766 865,563 113 937 5,885 1,960 35,904 1,148,889 187,075 56,792 859,048 114 908 5,565 2,059 31,953 1,143,514 203,383 62,581 879,316 113 911 5,398 2,004 33,052 1,186,758 222,278 60,751 914,430 113 909 4,755 2,024 31,274 1,236,534 CAPITAL MOVEMENTS 65 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 Asia: China: Mainland..................................... Taiwan........................................ Hong Kong ..................................... India................................................ Indonesia........................................ Israel............................................... Japan.............................................. Korea.............................................. Lebanon ......................................... Malaysia ......................................... Pakistan.......................................... Philippines...................................... Singapore....................................... Syria ............................................... Thailand.......................................... Oil-exporting countries 7 ................. Other Asia ...................................... Total Asia ................................... Africa: Congo (formerly Zaire)................... Egypt .............................................. Ghana............................................. Liberia............................................. Morocco.......................................... South Africa.................................... Oil-exporting countries 8 ................. Other Africa .................................... Total Africa ................................. Other countries: Australia ......................................... New Zealand 9 ................................ All other .......................................... Total other countries .................. Total foreign countries ........... International and regional organizations: International ................................... European regional.......................... Latin American regional ................. Caribbean regional 10 ..................... Asian regional ................................ African regional .............................. Middle Eastern regional ................. Total international and regional ............................ Grand total ............................. 1 2002 Calendar year 2003 2004 r Feb. r Mar. 2005 Apr. May June p 15,483 18,708 33,365 7,968 14,123 7,505 176,331 8,978 651 1,221 2,093 1,813 17,676 35 7,607 18,893 6,819 339,269 13,236 26,835 49,974 14,535 14,374 12,231 170,315 12,659 676 1,640 2,963 1,690 23,766 22 7,232 24,787 7,656 384,591 52,762 26,516 43,835 11,173 5,905 11,234 172,709 12,457 777 2,837 1,196 2,956 28,912 21 11,356 41,253 6,841 432,740 36,487 27,482 39,959 14,334 5,708 12,492 158,869 14,487 1,111 3,230 970 2,521 16,945 21 12,151 43,994 6,988 397,749 36,036 23,825 39,122 14,521 2,876 11,003 156,022 20,179 819 4,091 1,037 2,438 16,735 22 11,183 39,578 6,494 385,981 67,331 24,583 42,238 14,561 3,685 9,262 153,960 19,474 963 3,056 1,002 2,308 18,182 20 10,972 41,012 6,807 419,416 71,189 23,625 44,527 13,404 3,418 8,355 156,262 18,331 800 3,923 1,056 2,235 18,453 20 13,987 43,102 6,884 429,571 59,019 22,100 43,410 12,963 2,474 7,791 153,354 15,724 977 3,590 1,379 2,481 19,073 19 10,317 42,060 6,777 403,508 2 2,655 312 141 306 1,118 4,466 3,361 12,361 18 2,336 596 181 376 3,734 3,608 3,113 13,962 4 2,711 468 243 156 3,304 4,347 3,369 14,602 49 4,156 379 263 124 3,125 5,438 3,108 16,642 10 4,181 430 250 172 3,401 5,288 3,015 16,747 8 3,953 405 338 223 3,541 6,034 2,981 17,483 8 3,725 381 330 151 3,829 6,710 3,075 18,209 6 3,498 407 398 133 3,585 7,135 3,205 18,367 12,055 1,918 263 14,236 2,043,482 14,087 2,592 4,174 20,853 2,360,302 23,141 3,725 8,513 35,379 2,880,101 16,823 2,714 8,518 28,055 2,838,074 21,928 2,866 9,177 33,971 2,815,263 24,004 4,316 9,230 37,550 2,893,206 23,735 3,749 9,590 37,074 2,933,017 26,383 2,741 9,266 38,390 2,951,612 20,464 1,511 507 67 85 15 - 18,437 449 502 63 2,221 496 - 13,917 568 536 113 300 989 91 18,345 520 677 96 319 977 113 15,245 457 407 73 402 873 151 13,149 412 581 66 366 938 227 15,359 444 434 73 473 943 223 14,580 400 1,848 24 413 804 127 22,649 2,066,131 22,168 2,382,470 16,514 2,896,615 21,047 2,859,121 17,608 2,832,871 15,739 2,908,945 17,949 2,950,966 18,196 2,969,808 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other.” 10 Before January 2001, included in “Latin American regional.” September 2005 CAPITAL MOVEMENTS 66 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2005, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ..................................... Belgium 4 ................................. Bulgaria ................................... Czech Republic....................... Denmark.................................. Finland .................................... France ..................................... Germany ................................. Greece .................................... Hungary................................... Ireland ..................................... Italy.......................................... Luxembourg 4 .......................... Netherlands............................. Norway .................................... Poland ..................................... Portugal................................... Romania.................................. Russia 5 ................................... Serbia and Montenegro (formerly Yugoslavia) 6......... Spain ....................................... Sweden ................................... Switzerland.............................. Turkey ..................................... United Kingdom....................... Channel Islands and Isle of Man 7 ................................. 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 8 ...................... Cuba........................................... Jamaica...................................... Netherlands Antilles .................. Trinidad and Tobago................. Other Caribbean........................ Total Caribbean .................. See footnotes at end of table. September 2005 Liabilities payable in dollars To foreign official institutions Total liabilities and foreign banks NonShortPayable negotiable term in deposits U.S. Totals Payable foreign and Treasury curren- Own Custody brokerage obliga- Other in cies 1 liabilities liabilities balances 2 tions 3 liabilities Total dollars (3) (1) (2) (4) (5) (6) (7) (8) 4,169 15,938 143 1,343 1,899 1,911 49,500 61,677 1,794 269 65,656 8,332 52,524 19,834 20,761 6,496 2,412 1,420 85,040 4,104 15,875 143 1,328 1,877 1,766 49,074 52,123 1,424 253 65,505 7,900 51,423 17,462 20,734 6,428 2,093 1,412 85,022 103 103 10,175 9,359 4,038 3,948 107,190 105,915 6,813 6,787 508,140 477,591 25,657 25,587 21,287 21,228 1,084,521 1,036,464 33,968 31,357 9,741 9,626 20,336 17,811 7,003 6,924 5,632 5,575 2,521 2,499 2,055 2,044 42,937 41,611 4,662 4,611 3,047 2,956 4,957 4,927 25,674 25,386 7,684 7,759 136,324 131,654 222,278 219,716 60,751 60,317 914,430 905,869 113 113 909 790 4,755 4,745 2,024 2,017 31,274 31,038 1,236,534 1,224,605 65 63 15 22 145 426 9,554 370 16 151 432 1,101 2,372 27 68 319 8 18 1,458 10,780 143 317 1,383 1,416 40,248 45,015 1,305 204 11,673 5,121 24,792 9,801 18,816 1,029 1,386 292 21,908 3,186 6,828 21 129 1,209 396 15,074 28,849 50 90 2,106 2,814 5,856 1,068 20,023 2,436 117 1,215 81,345 222 366 13 34 191 41 1,208 2,183 571 43 3,115 688 361 1,044 121 64 189 39 393 23 1,829 2,844 2,327 226 7,498 88,490 5,239 819 15,633 111,850 56 369 4,687 315 2,036 2,857 7,083 5,172 635 470 180,175 70 24,034 1,553 21,094 59 12,356 8,872 6,427 48,057 804,654 231,810 278,606 2,611 22,578 8,779 3,288 91 286 7,416 6,071 37,510 373,841 3,500 12,758 103 816 7,530 90 1,621 1,275 98,417 26 1,548 30,549 461,958 115 8,782 2,525 16,520 79 5,321 57 3,191 22 2,409 11 1,373 1,326 26,303 51 3,811 91 2,904 30 3,980 288 23,650 75 6,398 4,670 104,642 2,646 5,095 1,011 494 350 8,826 7,108 119 49 53,832 2,779 26,631 7,661 1,918 5,399 707 1,120 63,114 844 1,291 1,603 2,384 90 671 15,308 800 52 947 1,736 1,286 27,012 410 3,522 109 254 130 1,129 9,364 15,412 690 71 2,126 2,246 4,707 1,958 154 135 1,079 58 3,279 302 8,182 1,820 277 375 191 6,904 1,258 1,327 679 10,516 2,449 34,280 2,562 216,504 3,212 162,302 434 40,552 19,765 1,169 8,561 688,631 217,238 293,674 113 13 119 753 37 328 10 3,313 1,432 1,358 7 1,823 194 1,236 236 19,316 11,722 4,003 11,929 971,005 253,600 464,083 115 2,082 910 327 87 4,686 2,072 48 284 2,008 2,820 936 200 3,775 370 100 - To all other foreigners Memoranda ShortNonNegotiable negotiable term CDs Liabilities deposits U.S. to own held for and Treasury all forbrokerage obliga- Other foreign eigners balances 2 tions 3 liabilities offices (9) (10) (11) (12) (13) 56 200 136 298 5,217 6 3 396 13 168 6,493 5 1,032 1 34 1,088 14,531 27,687 214 9 349 1,407 19,019 6,670 134 23 128 27 44 2,033 2,691 1 100 101 408 2,492 57 10,987 711 3,744 1,044 560 1 13 2 20 1,239 170 3,865 97 10,619 4 80 140 1,699 16 1,185 173 2,415 1,205 89,716 7 57 186 3,801 170,676 331,476 1,037 1,932 368 11 2,265 284 765 27,945 3,605 268 3,564 20,590 93 456 138 16,063 302,499 516,380 872 7,334 8,374 42 18 30,618 1,191 414 4,174 1,279 1,126 419 626 7,766 538 511 1,481 1,031 1,650 21,015 8,034 4,252 3,081 2,525 1,610 877 16,941 2,058 1,069 1,913 12,014 3,103 57,477 160 39,021 358 3,839 85 425,283 4 9 251 1,116 838 236 562 860 2,290 470,332 5,272 4,140 19,597 86 172 698 367 8,446 38,778 76 137 17 3 677 700 6 1 6,021 11 944 776 7 4 3 358 126 148 277 1 12 852 304 2 178 147 34 2,439 95 2,940 1 3 110 18,065 2,907 107 51,853 133 36,735 11,680 229 18 334 2 518 1,021 396 1,234 94 40 3,931 447 44 280 1,665 280 9,950 237 2,762 626 47 146 28 594 840 49 1,315 291 104 7,039 202 134 91 82 28 208 506 115 26 88 184 638 2,302 653 12,308 186,941 2,654 48,157 11,705 7,069 160,161 575,387 10 19 11 35 27 708 704 41 137 250 3,452 13,715 200 13,915 235,207 775,222 323 1,734 1,504 5 90 24 2,754 6,434 CAPITAL MOVEMENTS 67 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2005, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars To foreign official institutions and foreign banks NonShortnegotiable term deposits U.S. and Treasury brokerage obligaOther balances 2 tions 3 liabilities (8) (6) (7) Total liabilities Country Total (1) Payable in dollars (2) Asia: China: Mainland ...................... 59,019 59,019 Taiwan ......................... 22,100 22,071 42,078 Hong Kong....................... 43,410 12,963 India.................................. 12,963 2,462 Indonesia ......................... 2,474 7,779 Israel................................. 7,791 Japan ............................... 153,354 148,795 15,672 Korea................................ 15,724 977 970 Lebanon ........................... 3,589 Malaysia........................... 3,590 1,369 Pakistan ........................... 1,379 2,475 Philippines........................ 2,481 17,539 Singapore......................... 19,073 19 19 Syria ................................. 10,316 Thailand ........................... 10,317 46,154 Other Asia........................ 48,837 Total Asia..................... 403,508 393,270 Africa: 6 6 Congo (formerly Zaire).... 3,497 Egypt ................................ 3,498 407 407 Ghana .............................. 398 397 Liberia............................... 133 133 Morocco ........................... 3,483 South Africa ..................... 3,585 10,314 Other Africa...................... 10,340 18,237 Total Africa .................. 18,367 Other countries: 26,222 Australia ........................... 26,383 2,502 New Zealand ................... 2,741 477 All other............................ 9,266 29,201 Total other countries ... 38,390 Total foreign countries.............. 2,951,612 2,864,788 International and regional orgs.: 12,568 International ..................... 14,580 400 400 European regional........... 1,749 Latin American regional.... 1,848 24 24 Caribbean regional.......... Asian regional.................. 413 413 804 804 African regional................ Middle Eastern regional.... 127 127 Total international 16,085 and regional ............ 18,196 Grand total...............2,969,808 2,880,873 1 Payable in Totals foreign currenOwn Custody cies 1 liabilities liabilities (3) (4) (5) 32,815 902 11,718 4,025 10,586 3,046 3,362 753 277 524 1,793 1,602 27,345 4,254 8,192 485 444 108 1,776 130 729 78 377 527 4,924 782 18 5,897 367 14,285 1,312 124,520 18,913 Memoranda Other liabilities (11) Liabilities to own foreign offices (12) Negotiable CDs held for all foreigners (13) 36 2,340 179 601 309 3,466 4 472 19 5 452 929 1,403 4,795 42 251 2 3 6 215 1 46 53 268 794 2,799 60 66 241 2,913 3,601 19,169 1,903 1,484 3,937 478 314 753 30,313 1,619 5 203 265 158 8,359 86 5,124 55,001 876 333 539 8 8 110 299 449 3 6 4 30 212 5 2,842 5,724 29 1,332 12 12 4,559 52 7 1 10 6 1,534 1 2,683 10,238 14,942 19,622 15,531 2,229 1,352 4,017 44,745 4,399 964 2,433 1,170 1,729 13,079 19 6,445 18,172 150,848 44,077 2,449 26,547 10,734 1,110 3,762 104,050 11,273 6 1,156 199 746 4,460 3,871 27,982 242,422 2,099 3,978 7,642 755 642 714 16,808 1,779 413 581 467 881 7,219 1 230 7,128 51,337 20,827 1,570 17,029 7,617 995 2,289 94,190 4,923 881 48 369 1,021 3,696 20,275 175,730 1 1 102 26 130 6 1,827 208 183 88 3,065 5,120 10,497 1,670 199 214 45 418 5,194 7,740 4 782 33 2 40 375 2,426 3,662 1,597 199 327 4,466 6,589 723 142 22 25 1,998 2,478 5,388 2 330 32 159 25 230 683 1,461 55 1 1 119 176 65 1 159 42 552 142 961 2 140 1 1 2,030 297 2,471 40 40 39 331 450 161 239 8,789 9,189 16,226 1,451 381 18,058 9,996 1,051 96 11,143 3,234 198 71 3,503 152 371 8 531 21,259 1,424 130 22,813 480 128 207 815 391 118 52 561 706 263 9 978 254 23 28 305 73 13 1 87 86,824 2,082,282 782,506 838,759 232,643 1,030,667 148,994 37,627 576,098 1,364,792 46,806 2,012 99 - 9,407 374 254 24 96 76 - 3,161 26 1,495 317 728 127 - - - 4,742 364 173 4 12 64 - 1,904 7 189 49 55 5,922 29 1,387 20 401 691 72 - 747 634 1 56 2,111 10,231 5,854 - - - 5,359 2,204 8,522 - 1,438 88,935 2,092,513 788,360 838,759 These data as of March 31, 2005. Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4 Before January 2001, combined data reported for Belgium-Luxembourg. 5 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 2 To all other foreigners NonShortnegotiable term deposits U.S. and Treasury brokerage obligabalances 2 tions 3 (10) (9) 232,643 1,030,667 154,353 39,831 584,620 1,364,792 48,244 6 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 7 Before January 2001, data included in United Kingdom. 8 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. September 2005 CAPITAL MOVEMENTS 68 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 1300 U.S. banking liabilities to foreigners, excluding long-term securities, were recorded at just under $3.0 trillion in June 2005, a slight increase from the $2.9 trillion recorded for yearend 2004. U.S. banking liabilities increased about $514 billion in 2004 and about $316 billion in 2003. Much of the increase in liabilities to foreigners in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking liabilities increased about $136 billion. (In billions of dollars) 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2001 2002 2003 2004 June 2005 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Country United Kingdom............................. All other Europe ............................ Caribbean banking centers 1,2 ....... Japan............................................. All other Asia ................................. Subtotal ....................................... All other countries ......................... Grand total................................... 1 2 2001 2002 222,032 334,586 641,952 173,640 140,329 1,512,539 197,241 203,237 483,421 837,771 176,331 162,938 1,863,698 202,433 1,709,780 2,066,131 Calendar years 2003 2004 June 2005 345,235 462,334 955,536 170,315 214,276 2,147,696 234,774 448,112 566,971 1,169,330 172,709 260,031 2,617,153 279,462 508,140 576,381 1,206,876 153,354 250,154 2,694,905 274,903 2,382,470 2,896,615 2,969,808 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. September 2005 U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than half of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years. Foreigners domiciled in the rest of Europe and in Asia account for about one-third of U.S. banking liabilities. CAPITAL MOVEMENTS 69 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 2003 Mar. June r Sept. r Dec. 2005 Mar. p Total claims.............................................................. 1,706,438 1,936,539 1,975,396 2,014,319 2,135,494 2,082,772 Payable in dollars.................................................. 1,603,404 1,828,403 1,849,608 1,888,142 1,980,261 1,942,582 Own claims on foreigners................................... 1,322,363 1,514,991 1,528,842 1,590,795 1,668,476 1,609,821 Foreign official institutions ............................... 53,328 70,251 73,170 65,012 71,906 69,183 Type of Claim 2004 Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 979,597 1,125,072 1,128,212 1,172,258 1,192,150 1,144,220 All other foreigners .......................................... 289,438 319,668 327,460 353,525 404,420 396,418 Claims of domestic customers.............................. 281,041 313,412 320,766 297,347 311,785 332,761 Payable in foreign currencies .................................. 103,034 108,136 125,788 126,177 155,233 140,190 Own claims on foreigners ..................................... 81,669 87,264 104,278 100,247 123,528 108,160 Canadian dollars .............................................. 12,716 12,929 14,240 14,703 15,335 12,613 Euros................................................................ 39,661 41,372 43,587 46,507 56,232 57,834 United Kingdom pounds sterling...................... 6,882 8,580 10,947 7,804 10,769 11,666 Japanese yen................................................... 16,610 18,403 29,429 22,621 34,198 18,566 Claims of domestic customers.............................. 21,365 20,872 21,510 25,930 31,705 32,030 Canadian dollars .............................................. 3,360 4,227 1,646 1,662 2,879 3,383 Euros................................................................ 8,554 6,555 7,774 12,368 17,861 17,687 United Kingdom pounds sterling...................... 2,602 1,728 1,667 3,374 3,805 5,631 Japanese yen................................................... 3,909 6,236 7,289 4,956 3,716 2,398 Total own claims on foreigners ............................. 1,404,032 1,602,255 1,633,120 1,691,042 1,792,004 1,717,981 Non-negotiable deposits .................................... 538,187 614,371 640,852 638,168 675,344 665,020 Short-term negotiable instruments (payable in dollars)........................................... 5,704 6,711 7,995 8,149 8,728 10,153 Resale agreements ............................................ 344,753 381,551 378,174 438,527 473,671 469,947 Other................................................................... 515,388 599,622 606,099 606,198 634,261 572,861 Claims on own foreign offices............................... 934,166 1,047,383 1,024,154 1,056,210 1,116,919 1,081,276 Claims reported by IBFs ....................................... 321,674 370,312 373,623 412,723 411,031 367,792 Payable in dollars ............................................... 293,898 339,364 341,095 374,744 365,265 336,279 of which: of which: Memoranda: Payable in foreign currencies............................. 27,776 30,948 32,528 37,979 45,766 31,513 Total claims held for domestic customers ............ 302,406 334,284 342,276 323,277 343,490 364,791 Non-negotiable deposits .................................... 141,003 129,474 146,338 149,455 140,121 155,796 Short-term negotiable instruments (payable in dollars)........................................... 135,303 180,651 177,194 147,800 166,264 176,015 Other ..................................................................... 26,100 24,159 18,744 26,022 37,105 32,980 September 2005 CAPITAL MOVEMENTS 70 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 1 ................................................ Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Luxembourg 1 ......................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia 2 .................................................. Serbia and Montenegro (formerly Yugoslavia) 3........................................ Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands and Isle of Man 4 ......... Other Europe.......................................... Total Europe ........................................ Canada...................................................... Latin America: Argentina ................................................ Brazil....................................................... Chile ....................................................... Colombia ................................................ Ecuador .................................................. Guatemala.............................................. Mexico .................................................... Panama .................................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. Other Latin America 5 ............................. Total Latin America.............................. Caribbean: Bahamas ................................................ Bermuda................................................. Cayman Islands 6 ................................... Cuba ....................................................... Jamaica .................................................. Netherlands Antilles ............................... Trinidad and Tobago .............................. Other Caribbean 5 .................................. Total Caribbean ................................... See footnotes at end of table. September 2005 Calendar year 2002 Sept. Dec. 3,972 8,255 10 149 2,228 9,020 76,743 43,348 653 211 4,990 7,750 4,506 32,757 14,980 179 2,641 107 896 5,937 10,661 110 151 4,802 7,256 85,350 44,760 250 156 13,218 8,983 5,987 30,001 13,804 1,166 3,094 138 1,013 5,650 11,353 59 232 3,606 8,489 89,151 41,851 244 78 12,721 10,553 7,595 29,533 18,713 53 2,765 192 1,259 9 8,696 22,789 138,173 3,305 293,642 17,775 1,997 699,781 94,126 3 6,391 23,141 101,924 3,401 388,145 48,819 2,477 811,138 81,765 7,053 16,070 5,322 2,633 469 925 16,249 2,070 1,424 276 3,404 2,780 58,675 96,358 10,620 417,363 321 6,783 889 3,453 535,787 2003 June r 2004 Sept. r Dec. 2005 Mar. p 5,674 13,689 12 107 2,536 9,088 103,563 49,486 212 158 16,324 15,380 7,944 33,847 22,898 1,121 2,812 187 1,057 4,763 14,409 120 234 3,733 11,387 105,003 50,965 263 106 16,266 16,144 6,119 33,051 31,016 956 1,972 194 1,127 5,270 13,869 39 185 3,977 13,023 95,854 45,248 278 101 12,569 18,559 7,147 32,240 27,245 1,794 1,983 226 981 5,872 11,664 106 746 2,793 12,224 116,765 45,564 139 192 23,503 21,711 8,677 32,574 27,673 222 2,037 264 1,104 6,317 15,233 46 1,124 1,908 13,151 109,174 52,154 132 47 23,599 22,371 11,701 25,617 14,367 1,370 2,004 244 1,171 5,199 20,044 82,948 2,209 385,701 43,415 3,443 787,056 79,059 24 5,093 24,292 106,867 3,327 460,654 51,345 4,693 942,390 81,535 9,556 23,904 96,329 3,296 479,320 49,116 5,841 965,190 81,821 9,276 20,656 112,012 2,393 513,254 48,325 6,502 993,006 75,261 10,633 27,226 116,696 2,603 556,302 32,286 6,424 1,066,000 75,012 16,572 23,998 90,421 2,603 541,941 32,410 9,036 1,018,711 70,950 5,502 17,608 5,913 2,554 427 826 14,285 1,925 1,408 437 3,229 2,583 56,697 4,426 16,571 6,167 2,123 419 817 14,113 1,946 1,398 478 3,093 2,438 53,989 3,712 18,664 6,023 2,173 425 846 13,472 1,928 1,383 412 2,990 2,571 54,599 3,467 17,310 6,246 2,240 453 824 12,278 1,742 1,665 408 2,945 2,665 52,243 2,975 16,514 5,831 2,530 447 764 13,205 1,559 1,647 392 2,736 2,401 51,001 2,440 14,655 6,278 2,708 493 890 14,058 2,021 1,547 426 3,061 2,753 51,330 2,303 17,614 6,672 2,659 509 829 14,719 2,160 1,395 357 2,868 2,542 54,627 115,056 13,750 491,568 402 7,289 789 3,632 632,486 104,469 15,410 489,806 379 6,736 701 5,108 622,609 100,823 21,171 545,927 388 5,401 829 6,047 680,586 96,490 16,390 578,186 457 5,459 900 6,838 704,720 88,390 26,401 585,495 378 5,357 691 7,036 713,748 105,605 34,740 589,946 351 5,610 756 7,841 744,849 109,014 29,399 595,925 391 5,750 685 9,728 750,892 Mar. CAPITAL MOVEMENTS 71 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 Asia: China: Mainland .................................... Taiwan ....................................... Hong Kong ................................... India.............................................. Indonesia...................................... Israel............................................. Japan............................................ Korea ............................................ Lebanon........................................ Malaysia ....................................... Pakistan........................................ Philippines .................................... Singapore ..................................... Syria ............................................. Thailand........................................ Oil-exporting countries 7 ............... Other Asia .................................... Total Asia................................... Africa: Congo (formerly Zaire) ................. Egypt ............................................ Ghana........................................... Liberia........................................... Morocco........................................ South Africa.................................. Oil-exporting countries 8 ............... Other Africa .................................. Total Africa ................................ Other countries: Australia........................................ New Zealand ................................ All other ........................................ Total other countries.................. Total foreign countries ............ International and regional orgs: International.................................. European regional........................ Latin American regional ............... Caribbean regional....................... Asian regional............................... African regional ............................ Middle Eastern regional ............... Total international and regional............................ Grand total .............................. Calendar year 2002 2003 2004 Dec. 2005 Mar. p 12,026 10,140 4,456 2,402 638 5,885 91,534 14,117 56 1,131 64 937 6,618 5 964 10,213 243 161,429 9,402 10,916 6,315 2,286 616 3,258 102,722 16,196 49 1,530 37 1,002 6,594 6 1,448 10,747 231 173,355 13,327 12,577 3,866 2,516 553 5,983 88,670 16,125 44 1,603 57 853 7,401 2 1,658 8,557 111 163,903 212 11 201 71 434 162 279 1,370 201 19 265 88 348 208 213 1,342 245 22 273 95 456 244 188 1,523 345 16 251 90 409 321 205 1,637 13,417 2,590 61 16,068 1,929,450 11,367 1,768 39 13,174 1,972,103 10,644 1,491 79 12,214 2,008,001 13,376 2,161 82 15,619 2,127,688 10,637 1,920 221 12,778 2,073,498 3,971 127 265 898 - 5,260 834 283 712 - 2,092 661 232 273 35 - 4,480 191 143 1,463 35 6 6,798 525 334 149 - 6,110 2,207 331 626 - 5,261 1,706,438 7,089 1,936,539 3,293 1,975,396 6,318 2,014,319 7,806 2,135,494 9,274 2,082,772 Sept. Dec. Mar. June r Sept. r 1,110 3,939 7,777 1,314 1,795 6,979 59,792 11,209 48 921 77 2,180 4,425 2 1,443 10,487 246 113,744 8,551 7,601 7,779 1,786 1,460 5,389 72,744 7,286 78 1,254 1,006 1,337 6,822 2 2,110 7,864 131 133,200 4,320 9,952 7,927 1,781 877 7,186 74,174 12,416 72 1,028 74 1,751 8,291 2 1,303 8,748 194 140,096 9,836 9,401 9,505 2,141 958 7,444 69,503 20,890 72 1,170 52 1,580 9,075 2 1,198 6,466 122 149,415 9,067 11,312 6,402 2,481 937 5,257 81,777 15,320 60 1,351 88 1,316 8,975 21 809 8,239 173 153,585 500 12 308 71 653 238 295 2,077 362 16 366 52 3,588 223 292 4,899 251 17 317 66 3,672 158 278 4,759 228 11 257 66 3,876 218 201 4,857 7,793 881 69 8,743 1,512,933 10,522 1,263 82 11,867 1,732,052 10,599 2,964 46 13,609 1,701,177 3,291 8 179 331 - 5,446 4 247 861 - 3,809 1,516,742 6,558 1,738,610 1 4 2 5 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. Before January 2001, data included in United Kingdom Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. September 2005 CAPITAL MOVEMENTS 72 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2005 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 6,317 15,233 Belgium 1 ........................................... Bulgaria ............................................. 46 Czech Republic ................................. 1,124 Denmark............................................ 1,908 Finland............................................... 13,151 France ............................................... 109,174 Germany............................................ 52,154 Greece............................................... 132 Hungary............................................. 47 Ireland................................................ 23,599 Italy .................................................... 22,371 11,701 Luxembourg 1 .................................... Netherlands ....................................... 25,617 Norway .............................................. 14,367 Poland ............................................... 1,370 Portugal ............................................. 2,004 Romania ............................................ 244 1,171 Russia 2 ............................................. Serbia and Montenegro (formerly Yugoslavia) 3 ................................... Spain ................................................. 16,572 Sweden.............................................. 23,998 Switzerland........................................ 90,421 Turkey................................................ 2,603 United Kingdom................................. 541,941 32,410 Channel Islands and Isle of Man 4 ........ 9,036 Other Europe..................................... 1,018,711 Total Europe ................................... 70,950 Canada................................................. Latin America: Argentina ........................................... 2,303 Brazil.................................................. 17,614 Chile .................................................. 6,672 Colombia ........................................... 2,659 Ecuador ............................................. 509 Guatemala......................................... 829 Mexico ............................................... 14,719 Panama ............................................. 2,160 Peru ................................................... 1,395 Uruguay............................................. 357 Venezuela ......................................... 2,868 2,542 Other Latin America 5 ........................ 54,627 Total Latin America......................... Caribbean: Bahamas ........................................... 109,014 Bermuda............................................ 29,399 Cayman Islands 6 .............................. 595,925 Cuba .................................................. Jamaica ............................................. 391 Netherlands Antilles .......................... 5,750 Trinidad and Tobago ......................... 685 9,728 Other Caribbean 5 ............................. Total Caribbean .............................. 750,892 See footnotes at end of table. September 2005 Total (2) Claims on foreign official institutions and foreign banks (3) Memorandum Claims on Claims on all other own foreigners foreign offices (4) (5) Payable in foreign currencies (6) Claims of domestic customers Payable in Payable in foreign Total dollars currencies (7) (8) (9) 5,042 12,529 44 1,123 479 12,682 98,491 38,674 130 41 15,465 20,266 4,030 20,928 12,448 1,363 1,990 244 1,167 2,154 10,809 42 1,083 162 12,472 64,418 16,170 9 19 6,060 17,858 2,862 8,330 11,545 1,303 822 21 721 2,873 1,346 1 26 247 81 19,152 14,973 79 2 7,912 353 874 8,987 856 7 480 211 441 136 4,813 45 12,359 57,052 9,374 4,684 16,787 2,202 8,585 703 113 334 135 15 374 1 14 70 129 14,921 7,531 42 20 1,493 2,055 294 3,611 47 53 688 12 5 1,275 2,704 2 1 1,429 469 10,683 13,480 2 6 8,134 2,105 7,671 4,689 1,919 7 14 4 1,245 2,503 2 1,301 215 7,875 11,547 2 7,368 2,052 7,311 3,418 1,835 1 1 4 30 201 1 128 254 2,808 1,933 6 766 53 360 1,271 84 6 13 - 16,013 15,382 89,959 2,580 427,058 28,964 2,562 829,654 57,319 14,372 9,751 84,388 2,092 282,120 21,188 1,920 572,691 38,725 398 4,893 2,843 469 105,331 7,672 434 180,941 8,565 13,603 9,495 81,582 73 316,873 21,147 560,095 34,490 1,243 738 2,728 19 39,607 104 208 76,022 10,029 559 8,616 462 23 114,883 3,446 6,474 189,057 13,631 513 8,537 291 14 109,067 2,399 7 167,508 9,802 46 79 171 9 5,816 1,047 6,467 21,549 3,829 2,041 17,409 6,623 2,637 485 817 14,305 1,981 1,380 341 2,853 2,365 53,237 125 10,812 2,442 1,593 143 383 1,728 1,363 411 82 732 1,162 20,976 1,893 6,322 4,059 1,011 342 424 12,359 592 966 259 1,922 1,201 31,350 106 4,571 286 114 3 44 526 249 157 63 5 221 6,345 23 275 122 33 10 218 26 3 199 2 911 262 205 49 22 24 12 414 179 15 16 15 177 1,390 206 165 48 16 24 12 312 174 15 10 15 177 1,174 56 40 1 6 102 5 6 216 86,220 28,522 473,079 391 5,707 684 9,546 604,149 80,160 366 367,596 84 1,362 283 646 450,497 4,875 27,715 98,083 307 4,339 401 8,658 144,378 79,531 5,570 316,002 47 1,342 73 59 402,624 1,185 441 7,400 6 242 9,274 22,794 877 122,846 43 1 182 146,743 22,711 876 120,398 40 1 182 144,208 83 1 2,448 3 2,535 CAPITAL MOVEMENTS 73 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2005, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Asia: China: Mainland ......................................... Taiwan ............................................ Hong Kong ........................................ India................................................... Indonesia........................................... Israel.................................................. Japan................................................. Korea ................................................. Lebanon............................................. Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Syria .................................................. Thailand............................................. Other Asia ......................................... Total Asia........................................ Africa: Congo (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....................................... European regional............................. Latin American regional .................... Caribbean regional............................ Asian regional.................................... African regional ................................. Middle Eastern regional .................... Total international and regional...... Grand total ................................... 1 Total (2) Claims on foreign official institutions and foreign banks (3) 13,327 12,577 3,866 2,516 553 5,983 88,670 16,125 44 1,603 57 853 7,401 2 1,658 8,668 163,903 13,193 12,422 3,699 2,410 544 4,084 85,889 16,090 43 1,570 56 838 6,125 1,565 8,521 157,049 12,820 11,564 2,244 2,023 173 3,830 65,578 14,375 39 1,227 35 646 4,346 1,298 4,641 124,839 364 663 1,120 356 333 199 15,227 1,306 4 305 20 183 583 18 633 21,314 45 763 1,476 530 25 1,428 59,907 2,723 262 28 8 3,859 178 2,844 74,076 9 195 335 31 38 55 5,084 409 38 1 9 1,196 249 3,247 10,896 134 155 167 106 9 1,899 2,781 35 1 33 1 15 1,276 2 93 147 6,854 130 18 63 80 5 1,897 505 29 1 9 1 12 869 2 18 147 3,786 4 137 104 26 4 2 2,276 6 24 3 407 75 3,068 345 16 251 90 409 526 1,637 320 6 243 80 348 492 1,489 211 5 2 37 110 219 584 77 1 230 16 121 273 718 111 70 48 229 32 11 27 117 187 25 10 8 10 61 34 148 9 10 8 10 6 32 75 16 55 2 73 10,637 1,920 221 12,778 2,073,498 8,100 896 221 9,217 1,712,114 5,014 75 2 5,091 1,213,403 2,599 467 219 3,285 390,551 3,414 2 1 3,417 1,081,276 487 354 841 108,160 2,537 1,024 3,561 361,384 1,919 890 2,809 329,362 618 134 752 32,022 6,110 2,207 331 626 9,274 2,082,772 5,048 7 195 617 5,867 1,717,981 1,213,403 5,048 7 195 617 5,867 396,418 1,081,276 108,160 1,062 2,200 136 9 3,407 364,791 1,062 2,192 136 9 3,399 332,761 8 8 32,030 Total claims (1) Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2 Claims on all other foreigners (4) Memorandum Claims on own foreign offices (5) Payable in foreign currencies (6) Claims of domestic customers Payable in Payable in foreign Total dollars currencies (7) (8) (9) 4 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 5 September 2005 CAPITAL MOVEMENTS 74 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 800 In March 2005, U.S. banking claims, excluding long-term securities, amounted to about $2.1 trillion, a slight decrease from the level recorded at yearend 2004. U.S. banking claims increased $429 billion in 2004 and $190 billion in 2003. In large part, the increase in claims in 2003 reflects changes to the reporting scope of the TIC reporting system effective February 2003. Between March and December of 2003, when data were reported on a consistent basis, banking claims increased $18 billion. (In billions of dollars) 700 600 500 400 300 200 100 0 2001 2002 2003 2004 Mar. 2005 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom ...................... All other Europe ...................... Caribbean banking centers 1,2 Japan ...................................... All other Asia........................... Subtotal................................. All other countries ................... Grand total ............................ 1 2 2001 300,665 362,960 422,615 40,047 57,326 1,183,613 167,986 1,351,599 2002 293,642 406,139 533,194 59,792 53,952 1,346,719 170,023 1,516,742 2003 2004 Mar. 2005 385,701 401,355 618,367 74,174 65,922 1,545,519 160,919 1,706,438 556,302 509,698 737,922 102,722 70,633 1,977,277 158,217 2,135,494 541,941 476,770 742,248 88,670 75,233 1,924,862 157,910 2,082,772 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. September 2005 As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. About 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. The share of claims against foreigners domiciled in Asia has declined over the past several years from about 20 percent at the end of 1996 to less than 10 percent currently. CAPITAL MOVEMENTS 75 SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Total liabilities Country Other Europe: Cyprus .............................................................. Iceland.............................................................. Monaco............................................................. Other Latin America and Caribbean: Aruba................................................................ Barbados.......................................................... Belize................................................................ Bolivia............................................................... Costa Rica........................................................ Dominica .......................................................... Dominican Republic ......................................... El Salvador....................................................... French West Indies and French Guiana.......... Haiti .................................................................. Honduras.......................................................... Nicaragua......................................................... Paraguay.......................................................... Suriname.......................................................... Other Asia: Afghanistan ...................................................... Burma............................................................... Jordan .............................................................. Macau............................................................... Sri Lanka .......................................................... Yemen .............................................................. Other Africa: Angola .............................................................. Cameroon......................................................... Ethiopia ............................................................ Guinea.............................................................. Ivory Coast ....................................................... Kenya ............................................................... Mauritius........................................................... Mozambique..................................................... Rwanda ............................................................ Senegal ............................................................ Somalia ............................................................ Sudan ............................................................... Tanzania........................................................... Tunisia.............................................................. Uganda............................................................. Zambia ............................................................. Zimbabwe......................................................... All other: Papua New Guinea.......................................... 2004 Calendar year 2003 Total banks’ own claims Calendar year 2004 2003 June June Dec. Dec. 183 241 366 181 331 207 180 246 255 184 16 n.a. 193 69 n.a. 171 n.a. n.a. 425 11,114 167 1,045 964 69 1,744 1,321 40 350 1,284 135 726 158 323 10,633 207 948 920 45 2,208 1,228 38 326 1,591 185 713 142 437 10,438 204 1,128 969 n.a. 2,484 1,296 21 385 1,636 132 795 123 179 631 18 216 700 n.a. 551 806 43 245 60 62 n.a. 180 111 n.a. 133 682 455 936 n.a. 50 275 54 204 n.a. 149 164 21 194 698 n.a. 418 1,089 n.a. 54 265 65 49 n.a. 49 5 1,575 97 548 333 n.a. 7 1,294 91 492 263 102 7 1,016 n.a. n.a. 235 99 6 n.a. n.a. 44 5 14 n.a. 44 9 n.a. 13 139 18 349 16 77 124 113 202 64 n.a. n.a. 82 452 43 167 93 61 n.a. 15 304 14 143 146 110 111 41 25 n.a. n.a. 183 56 230 72 143 n.a. 16 n.a. 28 76 245 541 144 156 36 n.a. n.a. 172 n.a. 228 71 66 n.a. 20 12 n.a. n.a. 9 n.a. n.a. 9 67 n.a. - n.a. 16 n.a. n.a. n.a. n.a. n.a. n.a. 73 n.a. - 26 n.a. 2 6 n.a. n.a. 5 54 n.a. n.a. n.a. n.a. n.a. n.a. - Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates for the “Other” geographical categories in the regular monthly/quarterly series on U.S. banking liabilities and claims in Capital Movements sections I and II. September 2005 CAPITAL MOVEMENTS 76 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-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........ Memoranda: Financial liabilities and claims: Positions with unaffiliated entities: Financial liabilities .............................. Financial claims ................................. Selected positions with affiliated entities: 1 Financial liabilities .............................. Financial claims ................................. 2001 Calendar year 2002 2003 2004 June r Sept. r Dec. 2005 Mar. p 66,679 42,925 18,763 n.a. n.a. 24,162 10,893 13,269 23,754 67,664 45,087 18,844 n.a. n.a. 26,243 13,469 12,774 22,577 83,475 52,922 25,290 1,895 23,395 27,632 16,000 11,632 30,553 88,728 62,328 34,150 2,369 31,781 28,178 16,264 11,914 26,400 105,175 72,068 42,406 1,980 40,426 29,662 17,001 12,661 33,107 103,429 69,932 43,842 2,867 40,975 26,090 17,054 9,036 33,497 108,607 71,984 46,173 1,410 44,763 25,811 16,705 9,106 36,623 109,435 72,765 42,895 1,262 41,633 29,870 20,237 9,633 36,670 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,630 11,159 12,031 2,702 3,031 1,345 7,846 13,407 1,553 2,249 1,913 8,727 18,476 1,915 2,076 2,222 8,708 18,020 1,944 2,603 2,623 10,125 19,041 1,860 2,974 2,496 12,185 17,182 1,693 3,114 22,271 n.a. n.a. 1,483 888 595 113,082 103,864 74,471 n.a. 20,717 n.a. n.a. 1,860 1,230 630 102,566 91,551 65,070 n.a. 28,095 12,107 15,988 2,458 1,174 1,284 165,934 148,406 122,879 33,944 24,146 7,490 16,656 2,254 1,220 1,034 176,473 158,866 132,701 43,937 30,628 8,888 21,740 2,479 1,385 1,094 188,537 145,146 117,735 41,344 30,201 8,548 21,653 3,296 1,308 1,988 192,347 152,511 124,592 48,986 33,272 10,349 22,923 3,351 1,476 1,875 197,739 149,391 121,909 42,005 33,447 8,791 24,656 3,223 1,421 1,802 200,499 151,871 123,379 45,007 n.a. n.a. 29,393 25,828 3,565 9,218 n.a. n.a. 26,481 22,635 3,846 11,015 3,047 85,888 25,527 21,278 4,249 17,528 2,353 86,411 26,165 21,773 4,392 17,607 5,272 71,119 27,411 23,657 3,754 43,391 7,436 68,170 27,919 24,134 3,785 39,836 9,739 70,165 27,482 24,821 2,661 48,348 11,768 66,604 28,492 24,771 3,721 48,628 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2,469 4,318 4,429 1,420 4,892 2,772 3,680 5,021 1,370 4,764 2,049 9,730 15,196 8,550 7,866 1,724 14,155 10,787 8,020 5,150 1,841 22,212 10,805 7,583 5,907 7,715 19,170 8,798 6,350 6,595 6,816 n.a. n.a. n.a. 2,402 1,685 717 6,319 n.a. n.a. n.a. 4,696 3,750 946 9,453 1,976 164 7,313 8,075 7,373 702 9,931 1,478 149 8,304 7,676 6,850 826 36,361 1,630 196 34,535 7,030 6,258 772 35,960 1,328 159 34,473 3,876 3,223 653 43,072 5,878 153 37,041 5,276 4,451 825 43,824 7,309 144 36,371 4,804 3,979 825 41,034 81,287 39,561 71,389 43,845 67,347 45,349 80,256 58,319 92,499 57,367 101,867 63,115 110,517 53,112 113,672 n.a. n.a. n.a. n.a. 9,540 64,985 12,947 62,376 14,715 61,597 16,676 58,685 16,330 54,464 23,230 53,531 1 Beginning March 2003, reporters who are financial intermediaries or insurance underwriting subsidiaries of bank/financial holding companies report financial liabilities and claims positions with specified affiliated foreign residents. September 2005 Mar. CAPITAL MOVEMENTS 77 TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country Europe: Austria .................................. Belgium 1 .............................. Bulgaria ................................ Czech Republic.................... Denmark............................... Finland ................................. France .................................. Germany .............................. Greece ................................. Hungary................................ Ireland .................................. Italy....................................... Luxembourg 1 ....................... Netherlands.......................... Norway ................................. Poland .................................. Portugal................................ Romania............................... Russia 2 ................................ Serbia and Montenegro (formerly Yugoslavia) 3..... Spain .................................... Sweden ................................ Switzerland .......................... Turkey .................................. United Kingdom ................... Channel Islands and Isle of Man 4 ..................... Other Europe ....................... Total Europe .................... Canada..................................... Latin America: Argentina.............................. Brazil .................................... Chile ..................................... Colombia.............................. Ecuador................................ Guatemala ........................... Mexico.................................. Panama................................ Peru...................................... Uruguay................................ Venezuela ............................ Other Latin America 5 ........... Total Latin America ............. Caribbean: Bahamas.............................. Bermuda................................... British West Indies 6................. Cayman Islands 6 ................. Cuba..................................... Jamaica................................ Netherlands Antilles............. Trinidad and Tobago............ Other Caribbean 5 ................ Total Caribbean ............... 2004 2000 2001 2002 2003 111 440 2 7 149 91 2,459 3,215 400 8 1,216 1,773 n.a. 2,316 286 42 16 178 91 151 253 3 10 148 86 3,575 3,249 410 27 1,264 1,395 n.a. 3,117 320 43 16 17 48 64 285 4 13 522 56 6,008 3,704 403 32 785 1,271 n.a. 2,415 406 46 17 20 38 82 163 3 6 67 47 4,443 4,386 474 11 856 1,154 705 668 445 26 7 30 71 11 468 117 606 408 29,209 14 423 97 884 133 25,131 9 403 115 494 101 25,180 n.a. 182 43,801 2,344 n.a. 211 41,025 2,577 146 262 52 131 32 10 867 32 24 27 286 1,994 3,863 37 2,020 482 n.a. 20 16 32 36 n.a. 2,643 Mar. 2005 June r Sept. r Dec. Mar. p 80 107 2 6 76 53 3,150 4,033 542 12 848 1,011 566 587 357 28 10 31 44 95 82 2 29 118 34 3,184 4,974 535 20 891 1,063 592 609 7,655 156 22 31 93 83 98 2 26 72 39 3,340 4,356 284 10 1,635 892 712 655 4,664 154 23 43 61 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 147 68 4 37 75 400 2,840 6,231 232 10 1,228 947 622 733 873 179 29 16 47 1,068 656 1,884 302 26,911 24 937 760 1,067 332 25,025 1,021 762 936 302 32,024 1 1,292 746 1,047 123 31,292 2 591 800 1,078 180 32,630 3 347 221 1,022 103 29,600 n.a. 201 42,592 2,179 188 44,653 3,640 2 229 39,919 3,879 3 296 55,529 4,295 1 326 51,977 4,176 2 535 47,720 4,846 400 46,414 4,700 50 325 56 82 4 13 935 49 41 8 168 284 2,015 62 318 55 50 5 13 1,201 61 21 6 178 503 2,473 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 270 517 77 149 11 18 1,390 51 14 4 389 202 3,092 101 367 74 96 20 13 1,780 39 79 2 481 88 3,140 75 283 62 136 38 9 1,949 27 18 1 499 77 3,174 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 90 360 196 93 31 4 2,184 23 17 4 651 72 3,725 209 1,551 1,672 n.a. 42 12 46 38 n.a. 3,570 74 1,528 401 n.a. 29 28 11 33 n.a. 2,104 14 1,224 n.a. 3,154 2 17 3 16 564 4,994 16 4,251 n.a. 3,987 3 17 12 67 586 8,939 39 3,101 n.a. 3,515 2 21 14 19 630 7,341 35 3,017 n.a. 4,620 2 13 39 12 702 8,440 32 9,230 n.a. 7,279 24 14 15 729 17,323 66 1,312 n.a. 7,900 20 17 40 891 10,246 See footnotes at end of table. September 2005 CAPITAL MOVEMENTS 78 TABLE CM-IV-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............................. Taiwan................................ Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea...................................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Thailand.................................. Oil-exporting countries 7 ......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana..................................... Liberia..................................... Morocco.................................. South Africa............................ Oil-exporting countries 8 ......... Other Africa ............................ Total Africa ......................... Other countries: Australia ................................. New Zealand 9 ........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs: International ........................... European regional.................. Latin American regional ......... Caribbean regional 10 ............. Asian regional ........................ African regional ...................... Middle Eastern regional ......... Total international and regional ..................... Grand total ..................... 1 2000 Calendar year 2001 2002 September 2005 Mar. June r Sept. r Dec. 2005 Mar. p 497 970 640 309 81 468 8,973 941 53 162 96 114 2,280 27 203 2,844 290 18,948 735 819 560 179 44 195 5,850 897 57 393 94 1,100 1,793 6 105 2,649 83 15,559 1,252 659 495 160 100 350 6,124 548 53 140 158 108 1,796 13 118 3,993 247 16,314 1,129 441 583 86 60 519 6,196 1,331 13 188 233 139 1,436 2 34 3,184 284 15,858 3,081 513 494 202 57 886 6,404 1,445 44 170 77 110 1,699 22 37 2,582 236 18,059 3,496 572 714 222 43 481 6,367 1,597 40 256 101 60 1,348 2 54 2,335 283 17,971 3,439 539 736 139 43 377 5,952 692 37 311 109 120 1,165 38 24 3,342 233 17,296 3,983 491 668 103 74 302 5,869 723 35 256 171 117 822 21 79 2,946 303 16,963 3,592 618 644 80 71 365 6,685 688 34 282 142 107 1,246 3 86 3,933 226 18,802 166 6 18 11 135 483 181 1,000 1 117 3 30 34 111 441 152 889 1 128 2 1 42 130 496 158 958 86 28 4 41 52 464 230 905 136 5 4 36 46 641 267 1,135 2 126 5 37 44 660 326 1,200 131 3 42 41 581 277 1,075 132 2 14 44 36 518 332 1,078 137 5 5 39 51 542 288 1,067 344 n.a. 898 1,242 73,841 584 n.a. 430 1,014 66,649 732 n.a. 238 970 67,590 1,053 71 98 1,222 73,919 619 58 78 755 75,778 574 36 371 981 90,457 464 53 96 613 86,751 1,047 51 98 1,196 92,275 1,075 65 109 1,249 86,203 1 45 n.a. 9 8 - 30 n.a. - 22 3 46 n.a. 3 - 16 - 3 - 3 - 2 - 2 - 2 - 63 30 74 16 3 3 2 2 2 73,904 66,679 67,664 73,935 75,781 90,460 86,753 92,277 86,205 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 2004 2003 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” 6 CAPITAL MOVEMENTS 79 TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ....................................... Belgium 1 ................................... Bulgaria ..................................... Czech Republic......................... Denmark.................................... Finland ...................................... France ....................................... Germany ................................... Greece ...................................... Hungary..................................... Ireland ....................................... Italy............................................ Luxembourg 1 ............................ Netherlands............................... Norway ...................................... Poland ....................................... Portugal..................................... Romania.................................... Russia 2 ..................................... Serbia and Montenegro (formerly Yugoslavia) 3.......... Spain ......................................... Sweden ..................................... Switzerland ............................... Turkey ....................................... United Kingdom ........................ Channel Islands and Isle of Man 4 .......................... Other Europe ............................ Total Europe ......................... Canada.......................................... Latin America: Argentina................................... Brazil ......................................... Chile .......................................... Colombia................................... Ecuador..................................... Guatemala ................................ Mexico....................................... Panama..................................... Peru........................................... Uruguay..................................... Venezuela ................................. Other Latin America 5 ................ Total Latin America ................... Caribbean: Bahamas................................... Bermuda......................................... British West Indies 6....................... Cayman Islands 6 ...................... Cuba.......................................... Jamaica..................................... Netherlands Antilles.................. Trinidad and Tobago................. Other Caribbean 5 ..................... Total Caribbean .................... Calendar year 2001 2002 2003 Mar. June r Sept. Dec. 2005 Mar. p 498 748 6 67 229 224 4,301 2,830 332 47 616 1,114 n.a. 3,125 308 67 83 16 373 1,985 893 13 79 138 238 4,371 2,726 339 66 821 1,434 n.a. 2,667 257 77 71 34 137 1,770 991 9 62 112 624 6,411 5,447 409 51 516 2,963 n.a. 5,138 286 79 222 24 93 1,752 523 14 54 716 176 5,865 4,143 204 53 423 4,075 115 3,186 315 104 161 25 118 1,794 567 36 61 150 161 5,853 6,067 248 32 380 4,381 898 2,714 301 84 161 21 133 1,744 541 27 65 156 198 6,978 4,679 295 33 395 3,223 903 3,319 3,471 72 184 30 150 1,841 457 28 48 235 139 6,202 3,635 160 38 387 3,547 133 3,545 3,415 61 144 38 148 1,816 2,307 37 64 494 617 3,713 6,805 199 46 1,672 2,434 127 7,883 229 57 146 47 157 2,329 2,831 35 44 176 240 6,074 8,665 219 40 419 2,333 189 8,181 252 51 134 36 183 15 860 360 1,462 700 20,402 23 1,042 441 1,200 383 20,343 10 1,370 417 886 503 14,390 13 1,803 779 2,538 479 15,366 9 1,527 637 1,866 537 17,149 10 2,578 597 1,710 465 27,298 17 1,612 867 1,803 499 30,421 14 1,242 648 2,506 594 27,707 27 1,504 619 2,304 498 28,611 n.a. 291 39,074 8,078 n.a. 362 40,140 9,011 n.a. 422 43,205 7,803 546 43,546 8,381 8 888 46,663 8,550 184 595 59,900 6,826 39 591 60,050 8,086 25 611 62,197 8,430 10 1,011 67,015 13,516 1,109 2,784 302 351 66 106 3,955 244 171 35 415 842 10,380 810 3,081 242 240 62 90 4,466 105 79 20 371 919 10,485 602 3,036 217 240 112 79 4,180 79 69 30 392 1,102 10,138 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 550 2,969 302 247 109 96 2,872 145 100 53 402 550 8,395 355 2,774 326 272 74 85 2,950 131 76 17 387 526 7,973 420 2,738 286 288 85 92 3,294 180 87 15 402 519 8,406 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 430 2,891 320 318 95 121 3,589 220 113 68 526 574 9,265 1,390 395 12,733 n.a. 1 126 84 59 n.a. 14,788 1,018 1,287 33,060 n.a. 2 93 70 45 n.a. 35,575 1,069 1,011 21,547 n.a. 94 45 54 n.a. 23,820 1,075 1,024 n.a. 20,067 16 84 32 100 951 23,349 681 1,773 n.a. 28,644 2 87 16 126 1,076 32,405 826 2,100 n.a. 27,679 8 82 40 130 1,046 31,911 1,404 1,829 n.a. 35,312 2 80 36 117 1,046 39,826 1,631 5,358 n.a. 36,320 8 67 37 120 1,085 44,626 1,941 2,719 n.a. 31,237 2 66 13 162 1,009 37,149 2000 2004 See footnotes at end of table. September 2005 CAPITAL MOVEMENTS 80 TABLE CM-IV-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............................. Taiwan................................ Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea...................................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Thailand ................................. Oil-exporting countries 7......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana .................................... Liberia .................................... Morocco ................................. South Africa ........................... Oil-exporting countries 8......... Other Africa............................ Total Africa......................... Other countries: Australia ................................. New Zealand 9........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs : International ........................... European regional.................. Latin American regional ......... Caribbean regional 10 ............. Asian regional ........................ African regional ...................... Middle Eastern regional ......... Total international and regional ..................... Grand total ..................... 1 2000 Calendar year 2001 2002 September 2005 Mar. June r 2004 Sept. Dec. 2005 Mar. p 1,096 1,299 593 661 407 458 4,427 1,745 36 743 37 106 1,065 11 344 1,104 195 14,327 1,052 853 1,094 638 239 700 3,610 1,850 16 645 44 1,001 1,120 11 232 985 189 14,279 867 696 682 743 280 453 3,618 1,738 21 521 17 708 1,044 28 237 897 132 12,682 1,066 783 832 668 170 749 2,955 1,456 34 497 34 743 1,162 6 250 1,046 222 12,673 2,023 908 696 612 247 858 2,567 1,552 23 497 18 404 908 4 231 1,118 234 12,900 3,246 782 561 424 217 711 2,795 1,656 23 516 50 304 1,091 9 256 1,206 294 14,141 2,900 880 607 659 423 586 2,897 1,472 18 573 52 255 1,267 4 282 1,099 260 14,234 3,688 895 701 643 393 482 2,850 1,569 15 549 43 503 1,600 14 326 1,208 309 15,788 3,715 832 649 626 589 481 2,899 1,631 21 520 44 914 1,418 6 270 1,340 294 16,249 266 5 2 49 266 237 258 1,083 233 7 28 35 293 137 326 1,059 18 155 9 50 24 273 120 330 979 2 176 8 109 27 247 150 336 1,055 2 132 9 71 41 235 196 326 1,012 181 10 23 47 150 232 306 949 5 238 11 52 46 148 212 329 1,041 1 159 4 102 33 193 162 281 935 1 247 25 100 39 174 256 337 1,179 2,041 n.a. 359 2,400 90,130 2,150 n.a. 383 2,533 113,082 3,540 n.a. 393 3,933 102,560 3,624 208 83 3,915 100,938 3,794 255 112 4,161 114,086 3,820 367 1,043 5,230 126,930 1,458 403 146 2,007 133,650 1,599 441 245 2,285 143,261 1,857 544 178 2,579 146,952 2 4 n.a. 12 2 7 n.a. - 2 1 1 n.a. 1 1 1 2 6 2 - 2 3 5 1 - 2 1 5 2 - 2 5 5 - 3 1 6 1 3 - 4 1 5 5 1 - 27 - 6 11 11 10 12 14 16 90,157 113,082 102,566 100,949 114,097 126,940 133,662 143,275 146,968 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 4 Before January 2001, data included in United Kingdom. 2 2003 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Before January 2001, data included in “All other countries.” 10 Before January 2001, included in “Latin American regional.” CAPITAL MOVEMENTS 81 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2005, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium 1 ....................................... Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg 1 ................................ Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia 2 ......................................... Serbia and Montenegro (formerly Yugoslavia) 3 .............. Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man 4 .............................. Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America 5 .................... Total Latin America ....................... Caribbean: Bahamas ....................................... Bermuda............................................. Cayman Islands 6 ............................. Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean 5 ......................... Total Caribbean......................... Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 147 68 4 37 75 400 2,840 6,231 232 10 1,228 947 622 733 873 179 29 16 47 25 1 2 1 13 1,550 5,276 18 6 1,142 352 589 413 531 3 7 122 67 2 36 75 387 1,290 955 214 4 86 595 33 320 342 179 26 16 40 2,329 2,831 35 44 176 240 6,074 8,665 219 40 419 2,333 189 8,181 252 51 134 36 183 2,238 2,627 27 10 105 12 3,177 7,126 55 6 137 1,124 24 7,692 169 3 91 36 91 204 8 34 71 228 2,897 1,539 164 34 282 1,209 165 489 83 48 43 36 147 3 347 221 1,022 103 29,600 1 31 4 282 9 26,024 2 316 217 740 94 3,576 27 1,504 619 2,304 498 28,611 1 932 332 827 355 25,104 26 572 287 1,477 143 3,507 400 46,414 4,700 50 36,330 2,560 350 10,084 2,140 10 1,011 67,015 13,516 790 53,000 11,361 10 221 14,015 2,155 90 360 196 93 31 4 2,184 23 17 4 651 72 3,725 31 263 10 20 1 30 1 11 1 368 59 97 186 73 30 4 2,154 22 17 4 640 71 3,357 430 2,891 320 318 95 121 3,589 220 113 68 526 574 9,265 124 1,839 71 38 10 44 1,727 138 8 1 164 259 4,423 306 1,052 249 280 85 77 1,862 82 105 67 362 315 4,842 66 1,312 7,900 20 17 40 891 10,246 801 7,871 6 4 26 8,708 66 511 29 14 17 36 865 1,538 1,941 2,719 31,237 2 66 13 162 1,009 37,149 1,899 2,128 31,162 42 91 148 35,470 42 591 75 2 24 13 71 861 1,679 See footnotes at end of table. September 2005 CAPITAL MOVEMENTS 82 TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2005, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China: Mainland.................................... Taiwan....................................... Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea............................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand 7 ............................... All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International .................................. European regional......................... Latin American regional ................ Caribbean regional 8 ..................... Asian regional ............................... African regional ............................. Middle Eastern regional ................ Total international and regional ............................ Grand total ............................ 1 Total liabilities (1) Liabilities Financial (2) September 2005 Total claims (4) Claims Financial (5) Commercial (6) 3,592 618 644 80 71 365 6,685 688 34 282 142 107 1,246 3 86 4,159 18,802 2,369 15 134 13 16 111 1,365 58 3 1 1 9 167 29 56 4,347 1,223 603 510 67 55 254 5,320 630 31 281 141 98 1,079 3 57 4,103 14,455 3,715 832 649 626 589 481 2,899 1,631 21 520 44 914 1,418 6 270 1,634 16,249 2,672 89 267 222 387 151 981 1,007 311 18 845 346 143 241 7,680 1,043 743 382 404 202 330 1,918 624 21 209 26 69 1,072 6 127 1,393 8,569 137 5 5 39 51 830 1,067 1 2 18 111 132 137 4 5 37 33 719 935 1 247 25 100 39 174 593 1,179 6 93 14 45 132 290 1 241 25 7 25 129 461 889 1,075 65 109 1,249 86,203 649 17 1 667 53,112 426 48 108 582 33,091 1,857 544 178 2,579 146,952 1,301 98 49 1,448 113,672 556 446 129 1,131 33,280 2 - - 2 - 4 1 5 5 1 - - 4 1 5 5 1 - 2 - 2 16 - 16 86,205 53,112 33,093 146,968 113,672 33,296 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of Macedonia. 2 Commercial (3) 4 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 7 Before January 2001, data included in “All other countries.” 8 Before January 2001, included in “Latin American regional.” 5 CAPITAL MOVEMENTS 83 SECTION V.—U.S. International Transactions in Long-Term Securities TABLE CM-V-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 purchase Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (2) (3) (4) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) Calendar year or month Total (1) 2001 ......................................... 2002 ......................................... 2003 r ....................................... 2004 r ...................................... 2005 - Jan. - June p ................. 18,514 119,921 265,519 352,028 161,219 3,474 7,149 103,838 201,140 35,855 15,726 110,761 161,624 150,169 123,738 -686 2,011 57 719 1,626 5,267,730 7,264,450 8,009,631 8,935,569 5,280,010 5,249,216 7,144,529 7,744,112 8,583,541 5,118,791 163,990 195,145 155,830 226,397 97,881 1,201,649 1,727,972 1,441,694 1,209,381 522,313 1,037,659 1,532,827 1,285,864 982,984 424,432 2004 - June r ............................ July r............................. Aug. r............................ Sept. r........................... Oct. r............................. Nov. r............................ Dec. r............................ 2005 - Jan. r ............................. Feb ............................... Mar ............................... Apr................................ May p............................ June p........................... 45,347 12,637 13,395 17,039 19,203 33,685 8,354 30,741 42,505 27,789 24,690 27,575 7,919 16,335 5,935 15,515 10,874 15,649 21,049 6,976 7,630 11,273 -14,983 13,907 6,805 11,223 28,722 7,086 -2,806 6,929 3,085 12,349 1,552 22,644 31,548 42,711 10,026 20,818 -4,009 290 -384 686 -764 469 287 -174 467 -316 61 757 -48 705 713,758 647,974 769,582 788,602 698,172 844,093 763,555 788,643 838,622 929,238 832,254 955,503 935,750 668,411 635,337 756,187 771,563 678,969 810,408 755,201 757,902 796,117 901,449 807,564 927,928 927,831 13,825 19,268 17,491 8,426 21,938 27,798 26,607 26,019 16,149 7,491 6,674 22,686 18,862 110,425 122,036 87,388 79,263 82,829 94,787 74,481 87,322 86,158 89,839 85,712 82,935 90,347 96,600 102,768 69,897 70,837 60,891 66,989 47,874 61,303 70,009 82,348 79,038 60,249 71,485 Corporate and other securities Bonds 1 Calendar year or month Net foreign purchases (10) Gross foreign purchases (11) Stocks Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2001 .............................................................................. 2002 .............................................................................. 2003 r ............................................................................ 2004 r ............................................................................ 2005 - Jan. - June p ...................................................... 221,955 182,310 265,789 310,340 163,818 741,041 820,747 979,885 1,176,288 642,083 519,086 638,437 714,096 865,948 478,265 116,390 50,189 34,737 27,888 23,001 3,051,332 3,209,760 3,104,232 3,966,975 2,118,291 2,934,942 3,159,571 3,069,495 3,939,087 2,095,290 2004 - June r ................................................................ July r.................................................................. Aug. r................................................................. Sept. r................................................................ Oct. r.................................................................. Nov. r................................................................. Dec. r................................................................. 2005 - Jan. r .................................................................. Feb .................................................................... Mar .................................................................... Apr..................................................................... May p................................................................. June p................................................................ 27,409 28,683 24,697 45,045 19,673 26,264 41,123 18,596 31,972 22,429 18,196 20,388 52,237 95,051 97,692 87,732 110,055 90,511 110,368 117,942 90,676 110,308 114,539 93,895 97,353 135,312 67,642 69,009 63,035 65,010 70,838 84,104 76,819 72,080 78,336 92,110 75,699 76,965 83,075 3,851 7,350 -2,130 -3,280 2,931 13,856 7,858 13,291 2,909 1,673 4,908 113 107 322,920 345,384 271,563 280,432 332,180 367,094 363,267 327,975 331,122 376,568 384,212 352,208 346,206 319,069 338,034 273,693 283,712 329,249 353,238 355,409 314,684 328,213 374,895 379,304 352,095 346,099 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. September 2005 CAPITAL MOVEMENTS 84 TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) 2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 2003 r ................................................... -69,435 19,152 1,460,357 1,441,205 -88,587 1,304,564 1,393,151 2004 r ................................................... -112,592 -29,001 1,456,617 1,485,618 -83,591 1,663,966 1,747,557 2005 - Jan. - June p ............................. -60,602 -9,698 772,393 782,091 -50,904 970,495 1,021,399 2004 - June r ....................................... -7,351 907 109,716 108,809 -8,258 140,360 148,618 July r ........................................ -15,006 -5,890 105,341 111,231 -9,116 129,316 138,432 Aug. r........................................ -6,226 -6,574 109,220 115,794 348 124,465 124,117 Sept. r....................................... -26,627 -22,132 114,847 136,979 -4,495 113,329 117,824 Oct. r......................................... -12,232 -2,042 121,485 123,527 -10,190 131,703 141,893 Nov. r........................................ -5,208 2,579 122,019 119,440 -7,787 151,577 159,364 Dec. r........................................ -20,738 -6,650 118,719 125,369 -14,088 143,565 157,653 2005 - Jan. r ......................................... 519 5,551 116,885 111,334 -5,032 134,252 139,284 Feb ........................................... -13,907 1,436 129,170 127,734 -15,343 152,462 167,805 Mar ........................................... -18,114 -3,630 135,311 138,941 -14,484 193,370 207,854 Apr............................................ -6,293 -4,613 116,792 121,405 -1,680 169,942 171,622 May p........................................ -14,931 -10,202 128,622 138,824 -4,729 159,220 163,949 June p....................................... -7,876 1,760 145,613 143,853 -9,636 161,249 170,885 Calendar year or month September 2005 Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) CAPITAL MOVEMENTS 85 TABLE CM-V-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 1 ........................ Bulgaria .......................... Czech Republic............... Denmark ......................... Finland............................ France ............................ Germany......................... Greece............................ Hungary .......................... Ireland............................. Italy................................. Luxembourg 1 ................. Netherlands .................... Norway ........................... Poland ............................ Portugal .......................... Romania ......................... Russia 2 .......................... Serbia and Montenegro (formerly Yugoslavia) 3.... Spain .............................. Sweden........................... Switzerland ..................... Turkey............................. United Kingdom .............. Channel Islands and Isle of Man 4................ Other Europe .................. Total Europe ............... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia ........................ Ecuador .......................... Guatemala ...................... Mexico ............................ Panama .......................... Peru................................ Uruguay .......................... Venezuela....................... Other Latin America........ Total Latin America..... Caribbean: Bahamas ........................ Bermuda ......................... Cayman Islands .............. Cuba............................... Jamaica .......................... Netherlands Antilles........ Trinidad and Tobago....... Other Caribbean ............. Total Caribbean .......... Marketable Treasury bonds and notes 2005 Jan. Apr. Calendar year through through June June p 2004 r (2) (3) (1) U.S. Government corporations and Federal agency bonds 2005 Jan. Apr. Calendar year through through June June p 2004 r (5) (6) (4) Corporate bonds 2005 Apr. Jan. Calendar through year through June June p 2004 r (8) (9) (7) Corporate stocks 2005 Jan. Apr. Calendar year through through June June p 2004 r (11) (12) (10) 701 118 -213 1,189 -299 -68 -10,219 8,804 -1,350 230 933 -37 -575 -3,153 10,046 -254 1,962 172 -281 -361 -626 -111 1,182 315 -223 4,104 9,649 -76 15 -1,929 1,546 730 -3,766 13,706 -128 -66 -246 2,300 -34 263 -23 744 564 -138 2,113 4,305 -68 -4 -2,062 184 307 -2,718 27,399 -55 250 -130 728 -332 5,649 -6 10 70 255 -239 -123 62 -3 4,224 -278 799 -163 1,569 105 49 1,037 14,783 -47 -506 28 393 304 64 865 3,371 -12 27 3,382 250 430 467 372 -708 -8 -134 3,729 -136 39 3 31 56 85 1,138 3,866 27 2,122 114 292 272 16 -603 -14 -40 1,280 266 5,838 63 18 1,023 159 7,608 12,247 115 -7 10,222 703 5,787 2,092 3,510 -33 80 185 161 -34 2,712 -3 -54 37 2 5,384 6,540 42 -6 7,036 -40 3,624 1,327 1,738 -17 12 6 -14 243 -3 -54 -86 22 3,329 974 -23 45 4,382 352 1,570 786 987 -14 -3 2 -133 -337 -12 -12 308 -195 -874 -2,367 79 149 2,144 -1,698 4,534 2,231 1,587 2 24 -45 -148 638 -4 -26 110 153 2,259 -987 57 -12 1,671 -1,430 4,783 -319 610 -12 -83 -45 -82 51 -2 -23 -127 231 2,043 -1,295 66 -17 388 -700 2,041 -179 599 -39 -14 -21 135 -1,965 3,236 5,342 4,326 78,661 17 1,725 2,359 -1,301 555 42,440 40 3 2,256 -3,823 891 23,051 -374 148 3,008 30 53,183 1 192 129 -1,337 2 15,684 109 -4 -120 2 -132 2,047 1,057 3,964 31 107,060 1 2,580 -543 2,063 -9 65,530 1 2,094 -413 1,707 -7 37,260 -3 60 783 -1,179 -27 15,331 27 399 -1,400 -19 10,500 -75 97 -773 1 2,121 1,175 -10,222 88,394 16,098 -277 -2,835 68,698 11,794 -2,651 -471 50,921 5,588 575 192 84,230 5,980 -254 -582 26,102 6,188 -73 -357 7,973 3,506 5,902 1,930 172,028 6,115 7,386 549 105,863 598 5,614 436 59,187 16 -180 60 20,230 1,357 -80 166 16,808 493 -175 73 4,189 870 415 1,543 475 214 -32 35 8,352 -492 482 -29 -15 70 11,018 190 5,581 -1,152 1,489 1 314 6,112 -174 -6 -371 -17 4 11,971 42 8,118 -332 859 3 314 1,530 -59 -7 -455 -24 376 10,365 159 1,767 -616 139 142 49 3,849 882 569 332 351 968 8,591 23 255 260 196 60 -1 9,794 164 362 381 9 182 11,685 4 14 460 -13 -59 -1 1,168 70 204 295 11 102 2,255 391 747 269 390 42 3 15,084 733 483 349 910 457 19,858 534 215 142 231 153 5 1,146 551 147 262 397 269 4,052 285 148 68 54 73 693 328 56 108 99 121 2,033 -84 109 29 52 -11 -3 -195 7 -101 108 60 -69 -98 52 -194 12 26 1 -2 -117 111 24 -87 26 -148 29 9 7 11 -25 -2 -9 112 4 -23 -110 -10 -7 4,682 -20,155 18,943 -79 11,596 140 7,399 22,526 8,570 30,632 5,300 n.a. -10 33 -144 -665 43,716 1,982 -4,036 -17,577 n.a. 5 -1,279 -158 1,009 -20,054 2,529 1,663 21,610 52 162 259 3,318 29,593 -405 1,064 7,575 n.a. 106 -515 85 1,314 9,224 -340 922 5,489 n.a. 74 -446 11 907 6,617 -398 10,657 33,663 400 450 105 3,924 48,801 -44 2,179 16,459 n.a. 113 -166 27 -746 17,822 -7 1,066 10,312 n.a. 65 -191 10 424 11,679 2,386 1,088 -5,463 10 985 -26 431 -589 799 2,689 748 n.a. 3 799 1 -3,013 2,026 1,599 1,260 -4,391 n.a. 1 965 3 -1,843 -2,406 See footnotes at end of table. September 2005 CAPITAL MOVEMENTS 86 TABLE CM-V-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] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 2005 Country Asia: China: Mainland................................ Taiwan................................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea......................................... Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Thailand..................................... Oil-exporting countries 5 ............. Other Asia.................................. Total Asia .............................. Africa: Congo (formerly Zaire)............... Egypt ......................................... Ghana........................................ Liberia........................................ Morocco..................................... South Africa ............................... Oil-exporting countries 6 ............. Other Africa ............................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International............................... European regional ..................... Latin American regional ............. Caribbean regional .................... Asian regional............................ African regional.......................... Middle Eastern regional ............. Total international and regional.. Grand total......................... Calendar year 2004 r (1) Jan. through June (2) Corporate stocks 2005 Apr. through June p (3) Calendar year 2004 r (4) Jan. through June (5) Apr. through June p (6) Calendar year 2004 r (7) Jan. through June (8) 2005 Apr. through June p (9) Calendar year 2004 r (10) Jan. through June (11) Apr. through June p (12) 18,895 7,155 1,079 -127 1,166 2,237 166,377 5,856 -4 439 -297 140 3,469 -10 -443 9,041 -199 214,774 17,298 3,869 3,498 -17 411 -165 -6,475 1,297 3 -379 -111 362 2,632 n.a. 5,256 -2,107 13 25,385 9,481 830 2,928 -562 -234 -1,557 -1,444 4,769 -1 -325 -12 107 -1,914 n.a. 5,155 -2,508 -204 14,509 16,387 3,187 11,289 11 1,693 722 44,442 10,868 1 551 24 610 2,070 -3 254 4,353 -33 96,426 11,326 4,045 6,574 230 147 16,669 1,602 -2 567 15 262 783 n.a. 336 1,670 43 44,267 4,218 2,474 2,595 -53 94 14,850 149 423 1 101 1,218 n.a. 189 1,126 39 27,424 12,337 1,562 5,714 8 -74 422 33,463 1,646 10 124 1 186 4,244 -9 81 349 57 60,121 12,951 895 5,014 10 25 506 10,755 632 7 693 -9 89 -414 n.a. 1 347 -28 31,474 6,266 609 2,290 1 12 276 4,949 247 1 668 3 22 396 n.a. 7 153 -19 15,881 -307 -311 -782 -159 21 97 2,836 -46 -2 -106 -10 28 -1,725 3 17 6,481 123 6,158 -270 -271 598 -114 -2 157 225 -76 49 -89 1 121 2,673 n.a. 2 1,447 -15 4,436 72 -121 364 -27 -3 44 293 -100 35 -39 9 1,686 n.a. -15 670 -14 2,854 -1 -20 -34 248 31 249 204 677 n.a. 2 5 249 53 -296 35 48 n.a. 6 7 n.a. 18 -1,051 47 -973 13 -431 85 299 95 61 n.a. -149 -16 6 -11 -170 n.a. -59 n.a. -6 3 25 -37 23 261 2 -175 200 140 451 n.a. 11 1 41 64 5 96 218 n.a. 9 1 7 n.a. 69 1 1 88 18 -2 -151 7 21 -21 87 -41 n.a. 83 50 -2 -15 -1 -18 97 n.a. -44 7 n.a. 4 -5 -16 -54 -2,213 -326 361 -2,178 351,309 -1,712 -320 13 -2,019 159,593 -1,392 -206 12 -1,586 58,770 370 47 220 637 225,518 379 -6 4 377 97,673 411 27 4 442 48,180 1,416 69 -124 1,361 308,735 2,839 55 -6 2,888 162,915 1,323 52 1,375 90,259 347 793 -129 1,011 28,028 -647 106 -64 -605 23,107 -341 24 6 -311 5,135 2 62 11 -37 634 47 719 352,028 1,308 -29 3 -24 -32 400 1,626 161,219 1,058 -29 5 -4 -21 405 1,414 60,184 385 9 148 40 217 2 78 879 226,397 121 7 80 18 18 -62 26 208 97,881 8 7 14 5 -1 9 42 48,222 1,206 125 112 -3 46 104 15 1,605 310,340 542 -36 110 2 143 142 903 163,818 332 -31 78 1 120 62 562 90,821 -135 -2 1 -1 -3 -140 27,888 -109 2 -5 2 4 -106 23,001 2 -12 3 -7 5,128 1 4 2 5 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. September 2005 Corporate bonds 2005 Before January 2001, data included in United Kingdom. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 6 Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 87 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 2005, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Country Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities MarketBonds able Treasury of U.S. Gov’t and corps Federal and Financing Bank federallyCorporate and sponbonds other Foreign securities sored and notes agencies Bonds Stocks Bonds Stocks (3) (2) (4) (5) (6) (7) Europe: Austria ........................................ 4,701 1,973 Belgium 1 .................................... 19,197 3,926 Bulgaria ...................................... 51 25 Czech Republic........................... 10,100 9,577 Denmark ..................................... 3,850 1,355 Finland........................................ 3,318 1,799 France ........................................ 316,391 213,694 Germany..................................... 69,424 27,983 Greece........................................ 1,020 73 Hungary ...................................... 436 70 Ireland......................................... 169,771 112,911 Italy ............................................. 22,731 6,859 Luxembourg 1.............................. 30,021 10,119 Netherlands ................................ 32,528 12,898 Norway ....................................... 107,562 91,001 Poland ........................................ 2,393 1,784 Portugal ...................................... 4,311 3,283 Romania ..................................... 1,193 927 Russia 2 ...................................... 9,016 1,966 Serbia and Montenegro (formerly Yugoslavia) 3 .......................... 196 195 Spain .......................................... 29,910 6,105 Sweden....................................... 25,137 10,898 Switzerland ................................. 38,127 8,634 Turkey......................................... 4,907 4,059 United Kingdom .......................... 2,030,999 1,172,441 Channel Islands and Isle of Man 4..... 21,487 1,287 7,051 Other Europe .............................. 14,864 647 7,868 6 156 113 210 4,736 4,473 6 43 4,632 531 3,405 2,713 7,193 224 244 5,874 177 1,459 2 335 44 7,453 5,690 49 84 7,998 486 3,997 1,612 2,442 18 25 2 706 3,280 8 219 632 481 71,910 18,459 318 157 12,642 9,210 7,037 8,279 3,787 112 427 443 474 389 8 343 37 3,912 7,824 25 19 28,239 1,872 4,054 1,916 1,215 96 94 18 271 Gross sales by foreigners to U.S. residents Total sales (8) 724 4,889 2,275 18,578 2 74 148 9,358 1,072 3,235 747 3,511 14,686 309,805 4,995 64,297 549 1,049 63 456 3,349 163,158 3,773 23,695 1,409 24,198 5,110 33,720 1,924 78,208 159 3,124 238 4,115 248 1,113 460 7,481 Domestic securities MarketBonds able Treasury of U.S. Gov’t and corps Federal and Financing Bank federallyCorporate and sponbonds other sored and agencies Bonds Stocks notes (10) (9) (11) (12) 2,007 3,663 48 8,833 791 1,937 211,581 23,678 141 74 114,973 6,675 9,812 15,616 63,602 1,839 3,033 1,057 1,238 783 7,829 3 125 57 125 3,598 607 6 16 2,510 417 3,113 2,441 7,177 827 258 40 4,594 191 1,216 5 54 421 22 4,124 4,716 72 39 3,616 134 2,427 826 1,455 32 28 - Foreign securities Bonds (13) 788 3,229 10 242 759 250 69,867 19,754 252 174 12,254 9,910 4,996 8,458 3,188 151 441 464 Stocks (14) 398 722 282 2,359 5 3 21 83 167 1,040 8 1,169 5,364 15,271 9,838 5,704 23 555 44 109 26,401 3,404 1,661 4,898 2,291 1,559 1,311 5,068 1,112 1,674 106 169 33 322 7 9 634 551 1 155 155 1,840 16,348 1,294 1,722 2,601 27,676 6,102 1,731 14,254 1,369 1,549 2,671 1,646 300 5,245 250 6,798 24,214 8,642 1,650 713 5,148 378 7,683 1,639 3,669 15,697 1,876 6,612 42,737 12,457 1,759 1,962 16,470 2,141 7,948 3 48 34 251 512 5,031 3,168 1 55 33 1,426 348 42,860 149,162 296,088 174,239 196,209 1,988,276 1,149,390 42,992 111,902 293,967 192,791 197,234 433 10,609 4,132 4,110 916 19,092 3,938 506 4,995 4,307 4,476 870 435 845 1,573 1,637 3,323 15,731 7,522 792 409 1,500 1,792 3,716 Total Europe........................... 2,973,641 1,712,893 91,930 212,855 462,170 234,891 258,902 2,876,976 1,661,972 83,957 153,668 457,981 254,259 265,139 6,786 24,528 37,282 25,928 220,010 120,358 7,165 6,770 23,658 36,767 25,292 Canada............................................ 231,141 125,946 10,671 Latin America: Argentina .................................... Brazil........................................... Chile ........................................... Colombia..................................... Ecuador ...................................... Guatemala .................................. Mexico ........................................ Panama ...................................... Peru ............................................ Uruguay ...................................... Venezuela................................... Other Latin America 5 .................. 77 232 624 199 60 2,583 1,252 217 377 51 134 5,806 399 298 243 176 189 5 1,407 574 91 163 299 196 4,040 808 664 424 297 39 16 1,627 651 108 349 576 159 5,718 680 1,665 733 1,951 104 26 3,810 564 338 783 669 495 11,818 108,926 74,264 956 361,242 163,407 7,995 705,536 235,450 64,919 650 5 140 24,629 10,441 239 1,143 390 411 190,400 56,696 2,086 Total Caribbean...................... 1,392,526 540,653 76,746 1,690 8,350 54,670 93 233 21 7,396 72,453 24,150 153,786 261,960 17 10,601 20 100,794 551,328 4,048 4,893 47,367 394 946 292 3,346 61,286 Total Latin America................. Caribbean: Bahamas..................................... Bermuda ..................................... Cayman Islands 6 ........................ Cuba ........................................... Jamaica ...................................... Netherlands Antilles .................... Trinidad and Tobago................... Other Caribbean 5 ....................... 3,017 23,983 5,135 5,121 919 442 16,645 3,965 863 2,370 2,038 5,317 69,815 459 18,425 2,750 2,373 54 393 4,376 646 16 530 221 4,297 34,540 594 2,699 361 125 473 2 2,842 278 93 168 222 36 7,893 2,694 17,959 5,267 4,477 1,009 160 14,492 3,585 538 2,820 2,515 4,679 60,195 3,818 104,919 22,811 362,865 41,170 702,691 1 465 2,169 25,997 9 1,254 20,082 190,935 90,060 1,389,126 417 10,307 3,082 1,514 51 79 2,846 705 23 985 245 3,921 24,175 73 218 164 212 119 1 1,415 1,182 13 82 40 32 3,551 114 150 175 122 116 5 714 246 35 55 200 75 2,007 779 655 417 286 64 18 1,636 539 104 372 686 169 5,725 678 3,228 1,022 2,286 150 54 4,926 665 254 1,165 1,172 432 16,032 633 3,401 407 57 509 3 2,955 248 109 161 172 50 8,705 72,282 1,296 167,443 7,073 253,027 59,430 66 11,720 685 548 400 55,687 1,179 560,707 70,129 1,697 7,284 44,358 28 424 11 6,972 60,774 22,551 152,526 266,351 16 9,636 17 102,637 553,734 3,885 4,836 36,996 355 1,033 269 3,409 50,783 3,208 23,703 42,529 2,499 9 21,051 92,999 See footnotes at end of table. September 2005 CAPITAL MOVEMENTS 88 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 2005, 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 Domestic securities Country Total purchases (1) Marketable Treasury Bonds of U.S. and Gov’t Federal Financ- corps and ing Bank federallysponbonds sored and notes agencies (3) (2) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) Asia: China: 46,286 15,044 7,379 675 2,994 364 50,816 36,805 10,826 1,113 603 903 566 Mainland...................... 72,742 3,007 3,629 894 1,920 845 2,579 10,876 2,177 1,155 285 2,041 683 4,535 Taiwan......................... 12,874 25,208 7,784 3,937 2,733 3,302 20,013 55,862 22,280 5,189 1,647 2,369 3,369 21,008 Hong Kong ...................... 62,977 2,442 166 3 55 10 2,208 4,410 728 2 82 61 3,537 India ................................ 1,133 414 35 15 75 101 493 1,321 648 88 3 78 100 404 Indonesia......................... 5,410 1,628 238 801 1,742 157 844 6,912 3,185 144 525 1,698 61 1,299 Israel ............................... 9,230 12,925 26,048 52,277 276,501 163,289 21,113 4,281 12,632 22,308 52,878 Japan .............................. 298,288 161,845 35,963 16,070 2,772 937 75 1,845 4,274 19,848 11,301 2,623 690 175 744 4,315 Korea............................... 25,973 221 5 4 4 168 31 9 186 6 4 3 133 12 28 Lebanon .......................... 4,393 1,856 646 763 134 210 784 3,765 2,181 223 95 173 257 836 Malaysia .......................... 55 14 1 8 22 10 111 26 5 22 1 57 Pakistan........................... 3,346 1,595 841 81 119 511 199 3,822 1,488 740 59 110 1,193 232 Philippines ....................... 20,545 2,193 2,391 7,548 2,588 6,864 39,961 22,459 975 1,995 5,862 1,509 7,161 Singapore ........................ 42,129 Syria ................................ 7,697 6,695 200 11 105 26 660 2,651 1,540 11 4 120 304 672 Thailand........................... 5,245 2,484 675 5,398 1,366 679 16,183 7,957 1,319 541 4,742 1,001 623 Other Asia ....................... 15,847 276,070 44,410 11,248 30,840 32,506 98,151 Total Asia .................... 555,527 290,579 71,834 27,129 33,694 40,034 92,257 493,225 Africa: Congo (formerly Zaire)..... 516 20 10 199 16 271 569 14 1 243 25 286 Egypt ............................... 1 1 1 1 Ghana ............................. 1,090 9 60 59 807 15 140 1,126 2 119 52 800 12 141 Liberia ............................. 53 5 38 4 6 57 5 38 14 Morocco........................... 994 32 1 76 86 220 579 1,267 14 7 7 82 279 878 South Africa..................... 1,389 861 58 72 113 144 141 2,397 1,865 30 70 134 137 161 Other Africa ..................... 4,043 927 119 218 1,243 399 1,137 5,417 1,900 156 130 1,297 453 1,481 Total Africa .................. Other countries: 13,384 1,619 1,827 3,116 4,530 13,553 42,865 14,776 1,208 504 3,457 9,096 13,824 Australia .......................... 38,029 1,503 528 112 67 156 314 326 1,677 734 85 15 132 308 403 New Zealand ................... 619 91 31 8 174 214 101 469 79 27 8 168 73 114 All other countries............ 14,003 1,762 1,902 3,446 5,058 13,980 45,011 15,589 1,320 527 3,757 9,477 14,341 Total other countries.... 40,151 Total foreign countries.. 5,266,844 2,719,541 258,868 325,383 1,082,127 390,768 490,157 5,089,960 2,660,771 210,688 235,124 1,076,992 400,277 506,108 International and regional orgs: 4,617 3,377 58 708 389 67 18 3,346 2,319 50 376 389 143 69 International..................... 473 3 18 96 2 122 232 4,107 32 11 127 3,658 279 European regional ........... 261 5 29 85 90 52 125 15 7 102 1 Latin American regional ... 10 4 5 1 8 8 Caribbean regional .......... 180 30 129 5 15 1 69 51 1 9 5 3 Asian regional.................. 715 547 7 158 3 245 142 7 96 African regional................ 25 9 13 3 10 10 Middle Eastern regional ... Total international 6,281 3,966 126 1,177 499 259 254 7,910 2,552 84 615 506 3,805 348 and regional............. Grand total .............. 5,273,125 2,723,507 258,994 326,560 1,082,626 391,027 490,411 5,097,870 2,663,323 210,772 235,739 1,077,498 404,082 506,456 1 4 2 5 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. September 2005 Before January 2001, data included in United Kingdom. Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. CAPITAL MOVEMENTS 89 TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2004 [In millions of dollars. Source: Treasury International Capital Reporting System] Country Gross purchases by foreigners from U.S. residents Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal Financ- corps and ing Bank federallyCorporate and sponbonds other Foreign securities sored Total and agencies Bonds purchases notes Stocks Bonds Stocks (3) (1) (2) (4) (5) (6) (7) Europe: 9,738 Austria ................................ 18,075 Belgium 1 ............................ 100,701 27,250 Bulgaria .............................. 397 248 Czech Republic................... 30,064 28,024 Denmark ............................. 25,899 12,951 Finland................................ 9,422 4,472 France ................................ 1,055,338 573,751 Germany............................. 301,974 138,389 Greece................................ 6,232 3,263 Hungary .............................. 1,909 738 Ireland................................. 494,775 377,387 Italy..................................... 84,008 22,700 Luxembourg 1 ..................... 81,677 18,568 Netherlands ........................ 148,254 67,831 Norway ............................... 312,764 275,343 Poland ................................ 6,161 4,315 Portugal .............................. 22,582 18,785 Romania ............................. 7,087 5,051 Russia 2 .............................. 26,758 2,034 Serbia and Montenegro 986 935 (formerly Yugoslavia) 3 ... Spain .................................. 78,311 24,503 Sweden............................... 105,240 53,573 Switzerland ......................... 177,404 58,158 Turkey................................. 16,849 14,258 United Kingdom .................. 6,480,326 3,376,721 Channel Islands and Isle 9,865 of Man 4........................... 62,045 Other Europe ...................... 57,459 24,937 Total Europe................... 9,712,697 5,153,788 Canada ................................... 747,124 421,581 Latin America: Argentina ............................ 12,632 1,604 Brazil................................... 74,499 44,779 Chile ................................... 19,685 10,466 Colombia ............................ 10,044 3,441 Ecuador .............................. 2,763 225 Guatemala .......................... 940 41 Mexico ................................ 92,595 26,792 Panama .............................. 13,145 1,540 Peru.................................... 3,921 749 Uruguay .............................. 9,384 2,426 Venezuela........................... 11,160 1,065 7,076 Other Latin America 5.......... 12,597 Total Latin America ........ 263,365 100,204 Caribbean: Bahamas ............................ 349,031 185,877 Bermuda ............................. 1,246,012 566,404 Cayman Islands 6 ................ 2,648,938 840,675 Cuba................................... Jamaica .............................. 2,311 376 Netherlands Antilles............ 144,768 69,117 Trinidad and Tobago........... 3,477 1,477 Other Caribbean 5 ............... 907,850 288,422 Total Caribbean.............. 5,302,387 1,952,348 Gross sales by foreigners to U.S. residents Total sales (8) Domestic securities Marketable Treasury Bonds of U.S. and Federal Gov’t Financ- corps and ing Bank federallyCorporate and sponbonds other sored and Bonds Stocks notes agencies (10) (11) (12) (9) Foreign securities Bonds (13) Stocks (14) 1,453 2,936 7 41 1,610 153 20,252 42,595 530 61 9,650 7,147 4,008 5,862 6,240 620 430 218 1,207 1,412 9,005 182 2,815 1,798 50,998 21,217 1,573 312 14,337 11,675 6,842 17,687 4,386 362 886 1,565 2 49 843 800 5 31 2,832 27,558 8,123 7,324 7,971 81,077 26,468 3,206 25,511 8,063 7,862 14,956 1,597 22,466 1,266 11,382 107,739 50,337 14,808 540 21,683 1,791 8,730 12,447 63,201 9,643 25,225 163,647 52,816 5,722 8,483 64,380 7,705 53 89 141 1,170 1,138 13,631 9,932 23 58 168 2,086 188,611 475,127 1,003,360 768,506 668,001 6,330,837 3,298,060 135,428 368,067 988,029 837,941 7 9,967 18,580 24,541 1,364 703,312 1,660 23,972 14,236 8,828 3,484 55,592 8,690 1,085 18,070 14,416 9,795 5,687 2,875 4,762 6,398 12,800 65,565 35,159 5,495 945 4,702 5,674 358,624 655,608 1,759,060 915,218 870,399 9,462,052 5,065,394 274,394 483,580 1,738,830 977,905 16,815 24,444 92,707 113,225 78,352 718,895 405,483 10,835 18,329 91,350 113,788 3,536 13,590 921,949 79,110 1,538 40,194 20 700 2,787 571 4,956 5,589 134 41 20,815 3,554 14,919 6,601 10,075 458 803 1,260 21,080 617 2,921 1,514 1,140 454 92 14,121 3,161 853 588 1,230 1,344 28,035 768 3,195 7,832 12,631 77 31 53 719 2,566 3,713 390 1,900 21,913 388,821 24,191 71,753 160 1,039 111 392 26,497 41,365 1,591 38,182 11,655 23,137 8,525 41,751 4,950 11,836 10 261 163 1,307 269 21 222 715 1,076 1,747 884 891 607 26 17,362 1,736 722 747 1,794 888 28,480 4,185 2,624 1,692 1,104 758 95 6,040 2,460 380 1,752 3,144 892 25,126 1,762 3,896 15 305 1,191 240 18,626 43,261 414 160 12,379 8,239 6,463 5,585 6,613 810 642 486 947 3,170 14,641 3,739 3,240 215 658 17,277 2,620 899 3,096 3,058 2,220 54,833 1,074 17,602 8,898 88,580 6 551 263 28,514 2,691 25,340 1,849 9,133 47,271 1,064,415 18,791 285,173 1,222 7,793 467 1,286 16,332 472,528 9,742 86,159 6,935 68,584 17,961 147,250 3,947 296,118 307 6,206 882 20,259 5,425 1,760 12,205 1,980 7,787 1,390 228 504 28 11,003 1,628 318 775 869 177 26,687 10,615 70,887 18,591 9,650 2,617 718 62,797 12,151 2,464 8,242 10,328 10,733 219,793 9,037 27,132 461 26,835 13,250 4,540 583,970 129,585 4,613 508 376,454 22,737 19,143 70,984 265,297 4,569 16,823 4,879 2,315 1,189 43,236 9,991 3,227 257 6 18,440 2,032 267 2,455 1,080 7,006 89,186 1,870 34,545 26 690 2,717 316 5,195 5,712 72 44 16,591 3,832 14,120 6,764 8,506 353 754 223 6,297 458 1,154 2,130 1,001 312 43 10,272 2,279 284 256 879 376 19,444 502 3,328 1,994 12,968 14 43 35 731 1,543 3,405 231 2,095 14,305 389,695 11,944 74,120 45 960 118 243 16,275 39,221 888 39,880 5,868 18,603 6,433 39,520 1,440 10,249 43 259 83 1,283 84 21 61 760 685 1,000 615 501 565 23 2,278 1,003 239 398 884 431 8,622 4,269 2,515 1,663 1,052 769 98 6,235 2,453 481 1,644 3,084 961 25,224 2,251 14,129 3,001 3,620 163 515 16,598 3,437 856 2,851 3,563 1,813 52,797 1,763 8,853 1,191 249 551 33 8,974 947 337 638 838 146 24,520 11,585 18,961 86,132 26,419 20,057 339,896 181,195 9,056 19,359 83,746 25,357 99,588 51,369 445,951 26,161 56,539 1,251,688 586,559 97,925 40,712 444,863 25,893 404,861 253,851 857,426 131,876 160,249 2,573,011 821,732 383,251 220,188 862,889 130,264 634 500 51 727 23 1,792 455 582 100 41 591 1,001 2,483 57,601 4,234 10,332 131,514 57,521 839 2,033 56,616 3,810 986 168 145 674 27 2,882 1,337 727 63 171 567 9,254 33,893 495,777 10,292 70,212 891,058 281,023 5,936 29,969 495,346 10,724 527,909 361,225 1,943,083 200,383 317,439 5,191,841 1,929,822 498,316 312,424 1,943,672 197,206 21,183 55,736 154,687 23 10,695 17 68,060 310,401 See footnotes at end of table. September 2005 90 CAPITAL MOVEMENTS TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2004, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Marketable Treasury and Federal Financing Bank bonds and notes (2) Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Foreign securities Bonds (4) Bonds (6) Stocks (5) Stocks (7) Total sales (8) Domestic securities Marketable Treasury Bonds of U.S. and Gov’t Federal Financ- corps and ing Bank federallyCorporate and sponbonds other sored and agencies Bonds notes Stocks (10) (9) (11) (12) Foreign securities Bonds (13) Stocks (14) Asia: China: 61,282 13,942 2,148 5,548 1,131 224,100 171,246 44,895 1,605 2,455 2,158 1,741 Mainland................... 274,192 190,141 52,544 20,239 11,839 2,305 5,826 3,421 8,914 41,799 13,084 8,652 743 6,137 1,160 12,023 Taiwan...................... 26,625 9,713 12,706 16,977 74,915 221,339 101,517 15,336 3,999 13,488 14,045 72,954 Hong Kong ................... 243,532 102,596 15,070 8,572 21 67 223 530 5,657 15,640 8,699 10 59 382 15 6,475 India ............................. 10,973 5,812 3,381 16 331 474 959 8,201 4,646 1,688 90 310 361 1,106 Indonesia...................... 32,614 16,910 1,341 2,168 7,534 430 4,231 30,375 14,673 619 1,746 7,437 1,667 4,233 Israel ............................ 52,138 47,746 99,774 180,524 967,353 534,611 68,219 18,675 44,910 87,247 213,691 Japan ........................... 1,193,831 700,988 112,661 25,221 2,537 575 5,323 13,191 84,483 50,006 14,353 891 621 3,898 14,714 Korea............................ 102,709 55,862 626 9 7 17 478 56 59 652 13 6 7 480 94 52 Lebanon ....................... 13,220 7,949 1,098 179 390 1,253 2,351 12,492 7,510 547 55 496 426 3,458 Malaysia ....................... 446 158 69 56 82 20 61 716 455 45 55 92 12 57 Pakistan........................ 7,037 2,746 1,792 347 467 1,325 360 7,614 2,606 1,182 161 439 2,812 414 Philippines .................... 9,219 11,917 24,321 15,622 23,618 147,063 75,895 7,149 7,673 26,046 6,693 23,607 Singapore ..................... 164,061 79,364 19 4 1 13 1 39 14 4 9 10 1 1 Syria ............................. 6,256 3,014 693 105 384 181 1,879 6,451 3,457 439 24 367 167 1,997 Thailand........................ 73,907 28,215 10,565 2,809 24,757 3,628 3,933 52,833 19,373 6,245 2,403 18,153 3,286 3,373 Other Asia .................... 98,316 127,981 154,562 321,784 1,821,150 1,007,805 169,389 38,195 121,823 124,042 359,896 Total Asia ................. 2,191,037 1,222,579 265,815 Africa: 1 1 Congo (formerly Zaire).... 1,327 132 50 114 573 169 289 1,293 152 37 91 555 65 393 Egypt ............................ 29 29 26 2 24 Ghana .......................... 4,562 6 2,746 333 970 105 402 5,069 40 3,177 72 1,121 95 564 Liberia .......................... 404 248 2 69 56 29 128 62 32 34 Morocco........................ 4,967 1,418 120 352 484 622 1,971 5,299 1,387 35 527 463 745 2,142 South Africa.................. 6,213 1,596 611 478 679 1,844 1,005 2,947 1,143 217 138 613 231 605 Other Africa .................. 17,502 3,400 3,527 1,279 2,775 2,796 3,725 14,763 2,723 3,466 828 2,816 1,168 3,762 Total Africa ............... Other countries: 4,163 3,799 12,381 10,085 43,171 137,399 61,533 3,793 2,383 12,034 12,457 45,199 Australia ....................... 132,919 59,320 5,653 874 224 224 1,571 1,604 1,156 5,545 1,200 177 155 778 2,070 1,165 New Zealand ................ 5,347 2,078 578 495 847 966 383 4,740 1,717 358 619 976 589 481 All other countries......... 143,919 62,272 4,965 4,518 14,799 12,655 44,710 147,684 64,450 4,328 3,157 13,788 15,116 46,845 Total other countries. Total foreign countries........... 18,378,031 8,916,172 1,205,690 1,173,870 3,965,531 1,453,672 1,663,096 17,576,178 8,564,863 980,172 865,135 3,937,503 1,482,022 1,746,483 International and regional orgs.: 18,633 12,065 1,531 1,739 1,087 2,187 24 17,799 12,063 1,146 533 1,222 2,792 43 International ..................... 1,942 203 33 231 3 633 839 2,023 141 24 106 5 721 1,026 European regional ............ 1,026 48 297 282 314 85 725 37 149 170 313 56 Latin American regional ...... 62 60 2 60 37 20 3 Caribbean regional ........... 8,757 7,025 1,648 47 3 33 1 7,855 6,391 1,431 1 4 26 2 Asian regional................... 209 56 43 104 5 1 51 9 41 1 African regional................. 136 79 15 37 5 44 1 40 3 Middle Eastern regional .... Total international 30,765 19,397 3,691 2,418 1,444 2,945 870 28,557 18,678 2,812 813 1,584 3,596 1,074 and regional............ Grand total.............. 18,408,796 8,935,569 1,209,381 1,176,288 3,966,975 1,456,617 1,663,966 17,604,735 8,583,541 982,984 865,948 3,939,087 1,485,618 1,747,557 1 Before January 2001, combined data reported for Belgium-Luxembourg. Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 2 September 2005 4 Before January 2001, data included in United Kingdom. 5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. CAPITAL MOVEMENTS 91 CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 400 (In billions of dollars) 350 300 Note: To facilitate comparison of net purchases during 2005 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 250 200 150 100 50 0 -50 2002 2003 2004 2005 Jan.-June 2005 Apr.-June United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom............................... All other Europe .............................. Caribbean banking centers 1,2 ......... Japan............................................... All other Asia ................................... Subtotal ....................................... All other countries ........................... Grand total .................................. 1 2 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 to the TIC reporting system. Foreign investors also acquired U.S. equities through mergers and reincorporations that involve stock swaps. Net foreign acquisitions of U.S. equities through stock swaps have been modest, amounting to about $7 billion in both 2001 and 2002, $2 billion in 2003, $36 billion in 2004, and $4 billion in the first half of 2005. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps and certain other adjustments are not reported under the TIC reporting system, but are now available on the TIC web site. 2002 2003 2004 186,691 57,064 76,144 91,412 109,314 520,625 26,940 547,565 169,451 114,326 78,538 176,587 116,980 655,882 65,993 721,875 254,235 110,647 85,528 247,118 130,361 827,889 88,764 916,653 2005 Jan. - June 2005 Apr. - June 134,154 83,317 76,369 21,174 84,388 399,402 46,517 445,919 62,300 59,970 -4,221 18,648 42,020 178,717 25,638 204,355 Annual net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2004, net acquisitions (including stock swaps) of U.S. securities totaled a record $953 billion. At $450 billion, net acquisitions in the first half of 2005 have continued at about the same pace as in 2004. Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. September 2005 92 CAPITAL MOVEMENTS CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 200 (In billions of dollars) 150 Note: To facilitate comparison of net purchases during 2005 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 100 50 0 -50 2001 2002 Foreign bonds 2003 2004 Foreign stocks 2005 2005 Jan.-June Apr.-June Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ........ Foreign stocks........ Total ..................... 2001 2002 2003 2004 2005 Jan. - June 2005 Apr. - June -30,502 50,113 19,611 -28,492 1,493 -26,999 -19,152 88,587 69,435 29,001 83,591 112,592 9,698 50,904 60,602 13,055 16,045 29,100 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. September 2005 The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, and $2 billion in the first half of 2005. (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 now available on the TIC web site. Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. U.S. investors’ acquisitions of foreign securities (including stock swaps) then slowed over the 2001-2003 period before rebounding to $100 billion in 2004 and another $63 billion in the first half of 2005. 93 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly Treasury reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. September 2005 FOREIGN CURRENCY POSITIONS 94 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 01/05/05 .................................................................... 434,552 431,742 -3,168 1.2239 01/12/05 .................................................................... 449,632 446,750 -2,967 1.1987 01/19/05 .................................................................... 436,519 436,524 -2,551 1.2275 01/26/05 .................................................................... 435,397 432,112 -2,369 1.2312 02/02/05 .................................................................... 429,523 427,307 -2,933 1.2414 02/09/05 .................................................................... 430,756 426,908 -2,942 1.2513 02/16/05 .................................................................... 436,983 424,706 -3,471 1.2421 02/23/05 .................................................................... 449,741 434,432 -3,693 1.2404 03/02/05 .................................................................... 452,794 450,581 -2,837 1.2398 03/09/05 .................................................................... 488,389 485,075 -2,795 1.2065 03/16/05 .................................................................... 413,916 411,007 -3,870 1.2043 03/23/05 .................................................................... 427,967 423,957 -3,447 1.2135 03/30/05 .................................................................... 425,173 423,788 -3,479 1.2168 04/06/05 .................................................................... 418,688 417,338 -2,818 1.2217 04/13/05 .................................................................... 427,162 426,551 -2,497 1.2368 04/20/05 .................................................................... 438,366 436,132 -2,184 1.2394 04/27/05 .................................................................... 462,355 454,914 -2,521 1.2468 05/04/05 .................................................................... 454,085 451,534 -2,417 1.2505 05/11/05 .................................................................... 455,245 453,333 -2,234 1.2476 05/18/05 .................................................................... 455,848 454,443 -1,304 1.2620 05/25/05 .................................................................... 472,213 470,435 -980 1.2642 06/01/05 .................................................................... 489,257 488,259 -1,081 1.2473 06/08/05 .................................................................... 498,637 497,498 -177 1.2441 06/15/05 .................................................................... 445,705 444,399 731 1.2399 06/22/05 .................................................................... 423,425 424,043 554 1.2354 06/29/05 .................................................................... 433,955 436,170 379 1.2264 September 2005 FOREIGN CURRENCY POSITIONS 95 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Report date Non-capital items Assets Liabilities (3) (4) Spot, forward and future contracts Purchased Sold (1) (2) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 2004 - July................... 418,277 428,665 103,202 96,564 57,522 60,571 53,728 53,439 -841 1.3297 Aug .................. 443,468 450,360 101,805 94,516 56,456 62,812 57,576 54,226 -918 1.3131 Sept ................. 417,096 425,183 101,813 95,009 54,836 57,879 57,729 54,101 158 1.2619 Oct................... 467,038 478,024 105,864 96,364 61,269 69,845 63,039 55,069 -2,852 1.2212 Nov .................. 502,398 512,727 132,946 99,665 64,872 69,313 61,691 61,384 -918 1.1903 Dec .................. 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 2005 - Jan ................... 430,788 432,654 120,759 101,894 57,617 65,659 62,650 62,309 -2,397 1.2406 Feb .................. 463,409 464,011 117,701 107,786 55,301 63,886 59,477 56,845 -2,910 1.2298 Mar .................. 418,173 418,758 118,320 109,973 59,256 65,599 63,753 61,384 -3,111 1.2097 Apr................... 460,570 461,436 116,407 107,377 58,883 66,432 59,200 56,823 -1,922 1.2570 May.................. 484,466 485,145 120,346 113,012 58,962 72,958 85,041 78,961 -1,054 1.2512 June................. 421,895 425,778 120,893 114,235 59,535 70,588 84,405 82,327 16 1.2257 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 474 1,433 615 -253 1.5729 750 1,069 1,461 1,491 -2 1.4680 49,932 1,011 1,440 1,478 1,792 68 1.3478 59,073 43,044 n.a. 556 1,251 726 12 1.3499 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 2005 - Mar................... 26,156 32,898 101,524 n.a. 154 n.a. 2,534 1,093 -738 1.2097 Spot, forward and future contracts Non-capital items Purchased (1) Sold (2) Assets (3) Liabilities (4) 2002 - Dec................... 38,048 41,529 57,695 2003 - Mar................... 45,629 50,134 June................. 28,134 34,279 Sept ................. 27,882 36,685 Dec .................. 27,390 37,777 2004 - Mar................... 30,877 41,235 June................. 30,322 Sept. ................ Report date Options positions Puts Calls Bought (5) Written (6) 69,378 868 53,084 41,777 60,747 September 2005 FOREIGN CURRENCY POSITIONS 96 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 01/05/05 .................................................................. 192,209 195,218 678 103.96 01/12/05 .................................................................. 199,210 202,900 618 102.34 01/19/05 .................................................................. 203,713 206,345 223 102.55 01/26/05 .................................................................. 202,955 206,190 365 102.93 02/02/05 .................................................................. 200,086 202,124 324 104.07 02/09/05 .................................................................. 206,335 208,486 248 105.86 02/16/05 .................................................................. 212,614 214,914 346 105.62 02/23/05 .................................................................. 209,136 211,054 206 105.01 03/02/05 .................................................................. 208,156 210,324 201 104.73 03/09/05 .................................................................. 220,647 223,254 282 103.90 03/16/05 .................................................................. 193,639 196,103 130 104.11 03/23/05 .................................................................. 199,244 202,234 -22 105.77 03/30/05 .................................................................. 198,523 200,543 145 107.34 04/06/05 .................................................................. 193,761 196,152 344 108.69 04/13/05 .................................................................. 197,726 200,896 710 107.35 04/20/05 .................................................................. 199,645 202,724 880 106.84 04/27/05 .................................................................. 208,250 211,310 838 106.00 05/04/05 .................................................................. 221,393 224,499 1,018 104.78 05/11/05 .................................................................. 214,169 218,003 833 105.75 05/18/05 .................................................................. 214,773 218,854 579 107.07 05/25/05 .................................................................. 214,471 217,007 618 107.75 06/01/05 .................................................................. 227,460 230,217 508 108.42 06/08/05 .................................................................. 229,837 232,226 411 106.90 06/15/05 .................................................................. 212,462 215,218 656 109.35 06/22/05 .................................................................. 216,301 220,308 741 108.90 06/29/05 .................................................................. 216,883 220,618 779 110.28 September 2005 FOREIGN CURRENCY POSITIONS 97 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Spot, forward and future contracts Report date Purchased (1) Non-capital items Sold (2) Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 2003 - Dec................... 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 2004 - July................... 200,532 203,751 44,401 43,580 45,076 47,401 48,456 46,713 388 111.24 Aug .................. 207,152 210,302 41,789 40,213 44,656 46,638 48,856 48,024 451 109.26 Sept ................. 198,640 201,450 43,590 43,604 45,464 47,341 47,335 46,453 266 110.04 Oct................... 211,989 215,180 45,916 43,878 60,567 62,386 47,233 46,319 760 106.05 Nov .................. 212,017 214,288 40,997 40,153 64,432 64,842 49,123 49,570 1,469 103.05 Dec .................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 2005 - Jan ................... 218,329 221,044 45,228 42,013 63,038 64,705 53,867 52,278 140 103.57 Feb .................. 227,481 230,528 45,394 45,323 59,963 63,005 53,570 50,726 65 104.27 Mar .................. 214,412 217,078 43,661 45,062 59,379 61,810 53,329 50,800 7 107.25 Apr................... 234,852 238,074 43,931 44,599 50,692 53,153 53,617 52,489 816 104.65 May.................. 214,316 217,173 47,069 48,109 53,640 54,936 53,512 53,419 695 108.00 June................. 237,680 241,018 50,062 50,386 49,583 50,689 54,139 54,634 777 110.92 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2002 - Dec................... 10,390 11,039 4,406 4,550 n.a. n.a. n.a. n.a. -210 118.81 2003 - Mar................... 11,975 12,499 4,424 3,828 n.a. n.a. n.a. n.a. -462 118.01 June................. 11,580 13,067 4,934 3,557 n.a. n.a. n.a. n.a. -633 119.75 Sept ................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 Dec .................. 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 Sept ................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 2005 - Mar................... 6,673 7,384 5,620 3,017 307 297 544 264 n.a. 107.25 September 2005 FOREIGN CURRENCY POSITIONS 98 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 01/05/05 .................................................................. 532,382 542,966 1,367 1.1679 01/12/05 .................................................................. 549,055 556,906 682 1.1653 01/19/05 .................................................................. 577,264 583,835 2,083 1.1836 01/26/05 .................................................................. 586,005 591,389 1,544 1.1832 02/02/05 .................................................................. 574,502 583,692 1,339 1.1950 02/09/05 .................................................................. 593,095 599,516 642 1.2175 02/16/05 .................................................................. 608,087 614,742 682 1.1911 02/23/05 .................................................................. 637,976 646,898 1,763 1.1644 03/02/05 .................................................................. 627,213 638,234 2,375 1.1759 03/09/05 .................................................................. 657,253 665,053 2,365 1.1610 03/16/05 .................................................................. 474,333 482,928 2,275 1.1525 03/23/05 .................................................................. 476,703 486,088 1,915 1.1957 03/30/05 .................................................................. 468,539 478,932 2,232 1.1968 04/06/05 .................................................................. 454,734 463,488 2,022 1.2064 04/13/05 .................................................................. 464,852 474,388 2,831 1.2003 04/20/05 .................................................................. 520,195 530,735 3,238 1.1802 04/27/05 .................................................................. 526,231 533,418 3,124 1.1922 05/04/05 .................................................................. 495,677 503,095 3,480 1.1930 05/11/05 .................................................................. 505,008 512,187 3,781 1.2068 05/18/05 .................................................................. 519,642 527,553 4,190 1.2192 05/25/05 .................................................................. 550,419 557,371 n.a. 1.2267 06/01/05 .................................................................. 599,627 603,552 548 1.2531 06/08/05 .................................................................. 625,143 631,760 1,740 1.2460 06/15/05 .................................................................. 542,400 555,321 1,868 1.2713 06/22/05 .................................................................. 559,732 570,705 1,736 1.2713 06/29/05 .................................................................. 539,426 547,874 915 1.2788 September 2005 FOREIGN CURRENCY POSITIONS 99 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls 2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 2004 - July................... 503,351 523,722 47,837 51,212 64,688 63,316 64,142 Aug .................. 522,270 536,267 49,249 51,143 63,001 61,076 52,376 Sept ................. 500,703 513,149 51,310 54,390 63,427 58,436 Oct................... 540,171 554,896 54,019 56,627 61,589 Nov .................. 552,963 566,383 55,051 58,714 Dec .................. 513,527 535,713 52,492 57,292 2005 - Jan ................... 586,149 593,598 53,513 Feb .................. 643,727 652,833 Mar .................. 491,686 Apr................... May.................. June................. 44,198 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 1,190 1.3818 77,646 278 1.2407 59,691 3,166 1.2812 47,313 3,676 1.2670 66,872 59,700 3,656 1.2453 56,975 53,790 44,014 4,616 1.2010 63,773 58,992 58,300 54,907 6,175 1.1426 54,511 52,132 53,509 47,728 2,918 1.1417 57,250 61,591 62,391 56,706 50,204 2,962 1.1880 62,280 67,060 65,712 64,044 58,165 48,732 1,743 1.1589 501,555 56,418 59,111 63,362 59,179 57,278 47,309 3,110 1.1956 529,555 539,042 62,644 65,455 89,667 84,655 60,050 49,488 3,155 1.1904 502,899 508,015 54,748 57,156 104,110 103,349 86,152 71,474 1,359 1.2449 554,022 564,714 54,926 58,070 103,375 101,358 82,758 71,669 1,718 1.2829 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2002 - Dec................... 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 Sept ................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 Sept ................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 2005 - Mar................... 16,896 29,821 38,291 10,119 491 658 1,623 493 n.a. 1.1956 September 2005 FOREIGN CURRENCY POSITIONS 100 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 01/05/05 .................................................................. 650,071 636,132 1,335 1.8875 01/12/05 .................................................................. 654,286 639,491 1,455 1.8932 01/19/05 .................................................................. 663,681 650,324 1,559 1.8742 01/26/05 .................................................................. 666,819 653,758 1,103 1.8833 02/02/05 .................................................................. 645,675 636,249 1,300 1.8826 02/09/05 .................................................................. 659,308 647,000 1,233 1.8582 02/16/05 .................................................................. 686,370 670,037 1,623 1.8780 02/23/05 .................................................................. 685,686 669,755 1,720 1.9066 03/02/05 .................................................................. 706,354 692,968 1,698 1.9124 03/09/05 .................................................................. 738,362 725,165 1,524 1.9239 03/16/05 .................................................................. 660,297 647,466 1,280 1.9264 03/23/05 .................................................................. 652,424 637,698 1,220 1.8712 03/30/05 .................................................................. 652,536 638,361 1,134 1.8816 04/06/05 .................................................................. 641,000 630,356 1,137 1.8787 04/13/05 .................................................................. 660,028 656,491 1,407 1.8930 04/20/05 .................................................................. 674,573 667,830 1,987 1.9197 04/27/05 .................................................................. 694,457 691,347 2,074 1.9047 05/04/05 .................................................................. 684,336 678,696 1,672 1.9000 05/11/05 .................................................................. 683,701 678,566 617 1.8735 05/18/05 .................................................................. 694,327 690,820 22 1.8382 05/25/05 .................................................................. 704,072 696,719 176 1.8312 06/01/05 .................................................................. 727,672 721,959 825 1.8120 06/08/05 .................................................................. 761,413 756,855 2,351 1.8368 06/15/05 .................................................................. 701,994 700,348 2,400 1.8219 06/22/05 .................................................................. 694,405 691,319 2,175 1.8218 06/29/05 .................................................................. 690,255 686,477 1,173 1.8080 September 2005 FOREIGN CURRENCY POSITIONS 101 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 2004 - July................... 668,036 662,765 220,177 214,743 40,892 38,914 36,817 38,446 -227 1.8208 Aug .................. 671,112 663,402 199,890 193,803 42,794 42,899 37,278 37,193 -4,097 1.8021 Sept ................. 668,562 659,611 243,653 201,760 55,836 53,823 37,383 38,494 -4,835 1.8117 Oct................... 662,001 653,914 236,163 226,438 47,066 44,365 38,651 40,703 4,801 1.8345 Nov .................. 679,947 673,508 235,802 223,568 51,232 45,898 38,699 46,440 1,814 1.9073 Dec .................. 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 2005 - Jan ................... 679,431 668,728 233,635 221,171 41,784 39,146 34,094 36,884 1,372 1.8850 Feb .................. 710,790 700,896 247,649 234,939 37,725 35,175 32,941 36,574 1,852 1.9249 Mar .................. 651,827 643,792 231,793 219,823 37,851 36,279 36,356 39,891 1,391 1.8888 Apr................... 689,982 690,704 229,252 215,073 60,876 60,130 58,794 65,500 1,971 1.9122 May.................. 672,862 670,510 222,727 210,566 61,151 57,461 63,736 70,856 379 1.8231 June................. 709,800 711,569 227,427 216,639 58,788 55,392 63,288 68,753 1,830 1.7930 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2002 - Dec................... 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 Sept ................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 Sept ................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 2005 - Mar................... 31,551 42,100 47,135 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 September 2005 FOREIGN CURRENCY POSITIONS 102 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 01/05/05 ................................................................ 7,375,428 7,386,145 -3,392 n.a. 01/12/05 ................................................................ 7,535,268 7,549,813 -388 n.a. 01/19/05 ................................................................ 7,624,089 7,648,066 4,595 n.a. 01/26/05 ................................................................ 7,616,795 7,626,028 3,748 n.a. 02/02/05 ................................................................ 7,565,236 7,584,330 2,892 n.a. 02/09/05 ................................................................ 7,721,412 7,752,461 3,810 n.a. 02/16/05 ................................................................ 7,830,454 7,865,991 708 n.a. 02/23/05 ................................................................ 7,884,792 7,917,557 -178 n.a. 03/02/05 ................................................................ 7,956,568 7,988,990 2,864 n.a. 03/09/05 ................................................................ 8,372,944 8,426,371 58 n.a. 03/16/05 ................................................................ 7,460,328 7,492,177 632 n.a. 03/23/05 ................................................................ 7,580,397 7,613,383 5,145 n.a. 03/30/05 ................................................................ 7,477,582 7,512,766 2,124 n.a. 04/06/05 ................................................................ 7,301,387 7,339,891 636 n.a. 04/13/05 ................................................................ 7,407,469 7,411,461 -6,195 n.a. 04/20/05 ................................................................ 7,613,962 7,636,725 -9,558 n.a. 04/27/05 ................................................................ 7,856,604 7,888,975 -7,459 n.a. 05/04/05 ................................................................ 7,819,382 7,842,125 -9,754 n.a. 05/11/05 ................................................................ 7,769,476 7,800,631 -5,333 n.a. 05/18/05 ................................................................ 7,886,565 7,893,198 -7,377 n.a. 05/25/05 ................................................................ 7,926,349 7,935,689 -10,505 n.a. 06/01/05 ................................................................ 8,295,929 8,314,964 -9,690 n.a. 06/08/05 ................................................................ 8,471,013 8,484,118 -14,578 n.a. 06/15/05 ................................................................ 7,807,786 7,824,296 -19,854 n.a. 06/22/05 ................................................................ 7,950,424 7,948,079 -21,238 n.a. 06/29/05 ................................................................ 8,001,605 7,981,665 -16,470 n.a. September 2005 FOREIGN CURRENCY POSITIONS 103 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 2004 - July................... 6,957,445 6,974,373 - - 1,013,558 991,696 1,073,607 1,106,768 -1,504 n.a. Aug .................. 6,997,715 7,002,637 - - 983,906 961,122 1,083,807 1,122,249 120 n.a. Sept ................. 6,943,855 6,993,109 - - 1,008,080 980,918 1,085,726 1,089,817 -733 n.a. Oct................... 7,376,739 7,430,778 - - 1,020,753 1,035,333 1,238,798 1,276,135 -5,713 n.a. Nov .................. 7,722,251 7,842,997 - - 1,094,821 1,132,451 1,296,941 1,335,573 -13,694 n.a. Dec .................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 2005 - Jan ................... 7,969,071 7,973,126 - - 1,208,933 1,170,552 1,314,675 1,357,263 6,552 n.a. Feb .................. 8,355,432 8,386,945 - - 1,222,120 1,207,448 1,274,898 1,301,192 -1,020 n.a. Mar .................. 7,878,352 7,912,104 - - 1,262,340 1,220,219 1,236,568 1,263,695 1,522 n.a. Apr................... 8,293,742 8,356,941 - - 1,396,743 1,288,031 1,183,632 1,176,618 -8,357 n.a. May.................. 7,754,831 7,782,474 - - 1,344,379 1,294,560 1,209,690 1,233,083 -10,716 n.a. June................. 8,345,528 8,353,702 - - 1,347,555 1,312,386 1,170,162 1,176,726 -16,891 n.a. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] Report date 2002 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) 356,423 381,746 Non-capital items Assets Liabilities (3) (4) - - Calls Bought (5) Written (6) n.a. n.a. Options positions Puts Bought Written (7) (8) 71,715 n.a. Net delta equivalent (9) Exchange rate (10) 1,272 n.a. 2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. Sept ................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. Dec .................. 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. Sept ................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 2005 - Mar................... 447,805 454,607 - - 11,614 11,133 12,816 n.a. 15,946 n.a. September 2005 FOREIGN CURRENCY POSITIONS 104 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 01/05/05 .................................................................. 2,262,924 2,308,069 -665 0.7523 01/12/05 .................................................................. 2,311,800 2,347,910 -843 0.7530 01/19/05 .................................................................. 2,347,072 2,388,579 -2,329 0.7671 01/26/05 .................................................................. 2,309,577 2,351,040 -2,528 0.7645 02/02/05 .................................................................. 2,333,860 2,363,046 -3,139 0.7683 02/09/05 .................................................................. 2,407,291 2,437,200 -3,661 0.7814 02/16/05 .................................................................. 2,399,537 2,424,600 -3,079 0.7696 02/23/05 .................................................................. 2,399,031 2,425,187 -4,584 0.7571 03/02/05 .................................................................. 2,408,619 2,433,245 -4,290 0.7618 03/09/05 .................................................................. 2,523,136 2,548,470 -2,644 0.7472 03/16/05 .................................................................. 2,262,837 2,286,781 -1,934 0.7450 03/23/05 .................................................................. 2,318,703 2,335,538 -4,071 0.7689 03/30/05 .................................................................. 2,261,642 2,272,980 -4,045 0.7726 04/06/05 .................................................................. 2,209,762 2,215,509 -3,422 0.7771 04/13/05 .................................................................. 2,276,979 2,278,618 -4,061 0.7741 04/20/05 .................................................................. 2,327,296 2,321,630 -1,505 0.7645 04/27/05 .................................................................. 2,422,413 2,408,956 -3,122 0.7729 05/04/05 .................................................................. 2,410,087 2,406,580 -2,507 0.7730 05/11/05 .................................................................. 2,412,660 2,406,337 -3,809 0.7811 05/18/05 .................................................................. 2,380,530 2,385,091 -375 0.7899 05/25/05 .................................................................. 2,382,959 2,393,118 614 0.7935 06/01/05 .................................................................. 2,577,970 2,593,091 2,846 0.8175 06/08/05 .................................................................. 2,627,117 2,641,363 4,232 0.8117 06/15/05 .................................................................. 2,529,207 2,536,154 5,160 0.8260 06/22/05 .................................................................. 2,546,950 2,560,712 5,724 0.8244 06/29/05 .................................................................. 2,534,240 2,558,346 4,126 0.8264 September 2005 FOREIGN CURRENCY POSITIONS 105 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 2004 - July................... 2,053,912 2,096,653 1,005,155 941,758 310,121 284,439 295,097 319,409 -6,306 0.8319 Aug .................. 2,039,102 2,085,112 996,261 942,780 303,564 277,764 288,716 308,821 -5,970 0.8216 Sept ................. 2,088,842 2,113,588 1,054,841 999,611 316,930 294,062 294,362 309,120 -9,163 0.8042 Oct................... 2,193,509 2,224,042 1,074,967 1,014,200 328,338 302,371 287,636 302,683 -1,677 0.7846 Nov .................. 2,324,168 2,375,753 1,066,185 1,001,614 348,482 325,140 297,059 324,504 -2,778 0.7542 Dec .................. 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 2005 - Jan ................... 2,336,298 2,385,448 1,106,604 1,058,238 326,898 293,256 306,125 334,474 -965 0.7663 Feb .................. 2,442,907 2,477,006 1,123,307 1,085,590 291,464 285,805 313,536 339,762 -3,790 0.7534 Mar .................. 2,323,661 2,339,046 1,096,419 1,065,712 316,547 295,261 311,445 341,831 -5,566 0.7711 Apr................... 2,484,698 2,484,953 1,119,763 1,100,777 327,186 288,319 331,656 371,566 -3,307 0.7741 May.................. 2,289,976 2,308,066 1,158,512 1,133,710 353,316 304,575 353,750 410,408 1,564 0.8098 June................. 2,604,992 2,625,189 1,238,831 1,207,527 371,521 301,145 383,421 449,945 6,374 0.8266 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of Foreign Exchange Operations] Report date Spot, forward and future contracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 2002 - Dec................... 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 Sept ................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 Sept ................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 2005 - Mar................... 140,145 149,484 217,956 127,548 9,171 4,963 7,254 8,662 -37 0.7711 September 2005 106 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 Dec. 31, 2004, and Mar. 31, 2005 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Dec. 31, 2004 Jan. 1, 2005, through Mar. 31, 2005 Mar. 31, 2005 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 10,285,485 1,800,815 12,086,300 Special drawing rights 1 ........................................................... 13,677,289 -2,065,356 11,611,933 European euro ..................................................................... 12,028,219 -442,410 11,585,809 Japanese yen....................................................................... Accounts receivable................................................................. 9,199,069 123,170 -389,392 3,114 8,809,677 126,284 Total assets.......................................................................... 45,313,232 -1,093,229 44,220,003 Accounts payable................................................................. 27,942 836 28,778 Total current liabilities ...................................................... Other liabilities: SDR certificates ................................................................... 27,942 836 28,778 2,200,000 7,609,019 -206,662 2,200,000 7,402,357 9,809,019 -206,662 9,602,357 Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 35,276,271 -887,403 200,000 34,388,868 Total capital...................................................................... 35,476,271 -887,403 34,588,868 Total liabilities and capital............................................ 45,313,232 -1,093,229 44,220,003 Foreign exchange and securities: Liabilities and capital Current liabilities: SDR allocations ................................................................... Total other liabilities ......................................................... Capital: Capital account .................................................................... See footnote on the following page. September 2005 EXCHANGE STABILIZATION FUND 107 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Jan. 1, 2005, through Mar. 31, 2005 Fiscal year to date Oct. 1, 2004, through Mar. 31, 2005 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ 728,749 -900,913 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... 168,766 -155,423 SDRs............................................................................................ 61,443 30,130 U.S. Government securities......................................................... 115,612 66,577 Foreign exchange ........................................................................ 145,654 72,226 Commissions ............................................................................... - - Income from operations ............................................................... 1,220,224 -887,403 Net income (+) or loss (-)............................................................. 1,220,224 -887,403 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.” September 2005 TrustFunds TRUST FUNDS 111 TABLE TF-15A.—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 2006. The 24-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 2006. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 77 less: Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 11 Unfunded authorizations (fiscal year 2006) ........................................................................................................................................................................ 66 24-month revenue estimate (fiscal years 2007 and 2008) ................................................................................................................................................. 70.70 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2006) .............................................................................................................. 7 less: Cash balance (fiscal year 2006) ......................................................................................................................................................................................... 8 Unfunded authorizations (fiscal year 2006) ........................................................................................................................................................................ -1 24-month revenue estimate (fiscal years 2007 and 2008) ................................................................................................................................................. 11 Note: At press time, H.R. 3, the “Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legency for Users,” had just been passed, and analysis of the bill was being finalized. As a result, the numbers above still reflect the fiscal year 2006 President’s Budget, and do not reflect the recent changes to the Byrd Test. The next quarterly publication will be updated with these changes. September 2005 TECHNICAL PAPERS 112 Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham and John S. Greenlees. November 1995. 9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, Robert Gillingham and John S. Greenlees. January 1997. 9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. December 1997. 2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. Worth. May 2001. 2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and Christopher J. Soares. June 2001. 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1425 New York Ave., NW., Room 1000 Washington, DC 20220 Telephone (202) 622-1519, or fax (202) 622-1294 September 2005 113 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Accrued discount (SBN-1, -2, -3)—Interest that accumulates on savings bonds from the date of purchase until the date of redemption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, I, and J are discount or accrual type bonds—meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Coupon issue—The issue of bonds or notes (public debt). Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of June 2005, the debt limit was $8,184,000 million; the limit may change from year to year. Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (“U.S. Savings Bonds and Notes”)— Bonds paying semiannual interest to holders. Interest is not included in accrued discount. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series September 2005 114 GLOSSARY issues. The Federal Reserve note is the only class of currency currently issued. disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and September 2005 International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, I, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several GLOSSARY “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-3)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (FD-2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds 115 from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs 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 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.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). September 2005
@FedFRASER