Full text of Treasury Bulletin : September 2008
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BULLETIN SEPTEMBER 2008 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Additional Financial Management Service Releases on Federal Finances Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.† Combined Statement of Receipts, Outlays, and Balances of the United States Government. This statement presents budget results and the cash-related assets and liabilities of the Federal Government with supporting details. Single copy price: $55.00 (domestic), $77.00 (foreign). Financial Report of the United States Government. Annual report provides information about Government financial operations on the accrual basis. Single copy price: $26.00 (domestic), $36.40 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service. The Budget Reports Division, Governmentwide Accounting, compiles statistical data from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9938/9939 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fms.treas.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Financial Management Service’s home page. www.fms.treas.gov/ Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations.............................................................................................................................. 8 Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source........................ 9 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 11 FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 11 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 12 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 13 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 15 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 17 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 18 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 18 FEDERAL DEBT Introduction.—Federal Debt................................................................................................................................................ 20 FD-1.—Summary of Federal Debt ...................................................................................................................................... 21 FD-2.—Debt Held by the Public ......................................................................................................................................... 22 FD-3.—Government Account Series................................................................................................................................... 23 FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 24 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 25 FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 26 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 27 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 29 TREASURY FINANCING ................................................................................................................................................. 29 PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 34 PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 35 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 36 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 37 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 38 MARKET YIELDS Introduction.—Market Yields.............................................................................................................................................. 39 MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 39 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 40 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 40 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 41 September 2008 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 45 IFS-1.—U.S. Reserve Assets............................................................................................................................................... 45 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 46 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.............................................................................................................................. 47 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 48 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 51 CM-I-2.—Total Liabilities by Country................................................................................................................................ 52 CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 54 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 56 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 57 CM-II-2.—Total Claims by Country ................................................................................................................................... 58 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 60 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries...................................................................................................................... 62 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 63 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 64 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 66 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 68 SECTION IV.—U.S. International Transactions in Long-Term Securities CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 70 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 71 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 72 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (second quarter) ............................................................................................................... 74 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 76 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 78 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 79 SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by Businesses in the United States CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, by Type of Contract ................................. 80 CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 81 CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 82 CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 83 CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 84 September 2008 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions......................................................................................................................... 85 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 86 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 87 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 87 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 88 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 89 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 89 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 90 FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 91 FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 91 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 92 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 93 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 93 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 94 FCP-V-2.—Monthly Report of Major Market Participants ................................................................................................. 95 FCP-V-3.—Quarterly Report of Large Market Participants................................................................................................ 95 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ................................................................................................. 96 FCP-VI-2.—Monthly Report of Major Market Participants................................................................................................ 97 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................... 97 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund....................................................................................................................... 98 ESF-1.—Balance Sheet ....................................................................................................................................................... 98 ESF-2.—Income and Expense ............................................................................................................................................. 99 SPECIAL REPORTS TRUST FUNDS Introduction.—Highway Trust Fund ................................................................................................................................. 103 TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 103 RESEARCH PAPER SERIES........................................................................................................................................... 104 GLOSSARY ...................................................................................................................................................................... 106 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. September 2008 VI Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic Resources Trust Fund) ...................................................................................... √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ September 2008 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations U.S. Savings Bonds and Notes Ownership of Federal Securities Market Yields U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of August 7, 2008 Introduction The U.S. economy has remained on a path of slower growth since late 2007. The housing market has continued to decline, financial markets remain unsettled, and energy prices have risen to record highs. Labor markets have softened noticeably, and both consumer spending and business investment have moderated. Exports remain a bright spot, however, and the narrowing real trade deficit has been a key component of growth in recent quarters. Rising commodity prices and especially, continued food and energy price increases, have boosted input costs and headline inflation. However, core inflation (a measure excluding food and energy) has remained relatively contained. Private analysts have reduced their forecasts for growth in the second half of 2008. Although the economy will continue to be supported by a boost to consumer income and business investment from the Economic Stimulus Act of 2008, growth is expected to remain sluggish through the remainder of the year. Growth Growth in the U.S. economy stalled in the fourth quarter of 2007 and although the economy accelerated during the first half of 2008, growth remains sluggish. After averaging a rapid 4.8 percent annual rate during the middle quarters of 2007, real gross domestic product (GDP) declined 0.2 percent at an annual rate during the fourth quarter of 2007, then expanded by 0.9 percent during the first quarter of 2008, and grew by 1.9 percent in the second quarter. Growth in the second quarter was led primarily by a significant improvement in net exports as well as a strengthening of personal consumption expenditures. Business investment spending also edged higher. Residential investment, however, fell for the tenth straight quarter, and declining inventory investment was a significant drag on growth. Growth of consumer spending–which accounts for about 70 percent of GDP–began to slow in the spring of 2007. Spending growth in the final quarter of 2007 and in the first and fourth quarters of 2008 amounted to just 1 percent at an annual rate. Consumer spending accelerated to a 1.5 percent pace in the second quarter of 2008, boosted in part by the nearly $80 billion in stimulus payments that households received during the quarter. Residential investment–mostly residential homebuilding– accounts for only about 5 percent of GDP, but the ongoing decline in this sector has been a significant drag on real GDP growth since early 2006. In the second quarter of 2008, residential investment plunged by nearly 16 percent, subtracting 0.6 percent point from real GDP growth. Growth of Real GDP (Quarterly percent change at annual rate) 8 6 4.8 4 3.0 3.8 3.0 2.6 2.5 4.8 4.8 3.5 3.6 2 1.3 2.7 1.9 1.5 0.8 0.9 0.1 0 -0.2 -2 2004 2005 2006 2007 2008 The second-quarter decline and its negative impact on growth was much smaller than in recent quarters: the decline was less than the average drop of 24 percent in the three previous quarters and it subtracted only half as much from real growth. Nevertheless, housing is expected to weigh heavily on the economy for the remainder of 2008. Home sales remain sluggish, and inventories of unsold homes are at historically high levels. Homebuilder optimism is at a record low. Housing starts and building permits are sharply down. Single-family starts are about 65 percent below their peak in January 2006, and hit a 17-year low in June. The level of permits remains below starts, suggesting further declines in new residential construction are ahead. The elevated inventory of homes on the market continues to depress house prices. According to figures from the Office of Federal Housing Enterprise Oversight, prices for purchased homes fell 4.8 percent over the year ending in May. Other measures, such as the Case-Shiller indices, indicate that home prices are declining in most major U.S. cities. The Case-Shiller 10-city index showed an almost 17 percent decline through the 12 months ending in May, and a nearly 20 percent decline from the peak in June 2006. Mortgage delinquencies and foreclosures are sharply up. Subprime adjustable rate mortgages are largely responsible for this trend, but foreclosure starts on prime loans have also risen, suggesting that credit difficulties have spread. Business activity outside of homebuilding has also slowed. After growing by an average annual rate of 9.5 percent over the two middle quarters of 2007, business investment slowed to 3.4 percent in the final quarter of that year. Nonresidential fixed investment–about 10 percent of September 2008 PROFILE OF THE ECONOMY 4 GDP–decelerated further in the first half of 2008, growing by 2.4 percent. Business outlays for structures remained solid in the first two quarters of 2008, offsetting declining investment in equipment and software. Growth in exports–about 12 percent of GDP–has remained strong, reflecting robust growth in overseas markets. Export growth accelerated markedly in the second quarter, rising by 9.2 percent after gains of 5.1 percent and 4.4 percent in the first and fourth quarters, respectively. Over the past year, exports have risen 10.2 percent. Imports –about 17 percent of GDP–declined for the third straight quarter, and were 1.7 percent below their year-earlier level in the second quarter of 2008. As a result, the real trade deficit narrowed considerably, and real net exports contributed 2.4 percentage points to second quarter growth in real GDP–considerably more than the average contribution of 1.4 percentage points in each of the prior four quarters. Public sector purchases–which account for roughly 20 percent of GDP–grew 3.4 percent in the second quarter, Payroll Employment jumping up from the 1.9 percent pace in the first quarter and the 0.8 percent pace in the final quarter of last year. The most recent pace is still slower than the 4.0 percent average of the middle quarters of 2007. Federal spending grew 6.7 percent in the second quarter, while state and local spending increased 1.6 percent. Labor Markets Labor market conditions have deteriorated since late 2007. Payrolls fell by 51,000 in July, continuing a steady decline in payrolls–the first since August 2003–that began in January 2008. Payrolls have contracted by 463,000, with job losses in a variety of sectors, including significant declines in manufacturing, employment services, temporary help services, and construction. The unemployment rate has trended higher, with more noticeable increases in recent months: unemployment reached a 4-year high of 5.7 percent in July, and was 1.3 percentage points above the March 2007 low of 4.4 percent. Unemployment Rate (Average monthly change in thousands from end of quarter to end of quarter) (Percent) 350 7.0 257 250 230 255 6.5 206 206 150 109 105 88 July 2008 5.7% 6.0 151 151 5.5 71 80 5.0 50 4.5 -50 -82 -55 -150 4.0 3.5 2005 September 2008 2006 2007 2008 00 01 02 03 04 05 06 07 08 PROFILE OF THE ECONOMY Inflation Rising energy and food prices have boosted headline inflation, but core inflation remains relatively contained. Consumer prices were up 4.9 percent in the 12 months ending in June, a 17-year high and roughly double the yearearlier change of 2.6 percent. Core consumer prices (excluding food and energy) rose just 2.4 percent over the latest 12 months, up only slightly from a year earlier. In the year through June, the personal consumption expenditure deflator rose by 4.1 percent, up sharply from the 2.4 percent increase posted a year earlier. The core personal consumption expenditure price deflator was also relatively contained, rising 2.3 percent in the 12 months through June, a bit above its year-earlier increase of 2.0 percent. Energy prices reached record highs in mid-summer, but have since started to come down. The retail price of regular gasoline reached a record $4.11 a gallon in early July, but eased below $3.90 per gallon in mid-August. The frontmonth futures price for West Texas Intermediate (WTI) crude oil traded to a record $147 per barrel in mid-July, but has since dropped almost $30 to around $118 per barrel. Nonetheless, oil prices remain more than $40 per barrel higher than a year ago. Food price inflation began rising much more rapidly in early 2007, and has been above the overall inflation rate in Consumer Prices (Percent change from a year earlier) 7 Food 6 Total 5 4 3 2 1 5 the United States. Analysts have pointed to several factors behind the recent rise in food prices, including strong increases in demand for food worldwide, trade restrictions in some countries, rising input costs–especially for energy, fertilizer, and feeds–droughts in key producing countries, and rising demand for corn for use in the production of fuel. Consumer food prices rose by 5.3 percent in the 12 months through June, well above the 4.1 percent increase of a yearearlier, which itself was nearly double the 2.2 percent increase for the year ending June 2006. Federal Budget The federal budget deficit declined to $162 billion (1.2 percent of GDP) in fiscal year 2007. During the first 9 months of fiscal year 2008, the deficit rose to just under $270 billion, roughly $148 billion more than the same period in fiscal year 2007. Stimulus payments associated with the Economic Stimulus Act of 2008 (see below) and the slowing economy are partly responsible for the rising deficit, as stimulus payments lowered net receipts and the slowing economy raised outlays for programs like unemployment insurance. The Mid Session Review of the Federal Budget shows both outlays and receipts growing more slowly in fiscal year 2009 than in fiscal year 2008, the deficit is expected to rise to $482 billion (3.3 percent of GDP). During fiscal year 2008 through fiscal year 2013 spending growth is projected to average 2.5 percent annually while receipts grow by 6.1 percent. The budget is expected to return to a small surplus in fiscal year 2012. Under the Economic Stimulus Act of 2008–signed in mid-February–112.4 million stimulus payments, with a value totaling $92 billion, were sent to households over the late spring and early summer. Small batches of payments will be sent out in the remainder of the year. The total stimulus package features a boost of more than $150 billion to individuals and businesses. This expansionary fiscal policy, in combination with ongoing measures to support the housing market, will help support economic growth more broadly as adjustments continue in the housing sector and in credit markets. Excluding food and energy 0 98 99 00 01 02 03 04 05 06 07 08 September 2008 PROFILE OF THE ECONOMY 6 Interest Rates In August 2007, financial markets came under significant stress triggered in large measure by growing concerns about the quality of debt instruments backed by subprime mortgages. Concern quickly spread beyond the traditional home-mortgage lending sector, and especially affected banks, which had extended mortgage lenders credit directly as well as through financing conduits. Uncertainty about the scope of potential losses increased the perceived risks of lending and liquidity tailed off sharply, which led to pronounced swings in asset prices, yields, and interest and lending rates. Partly in response to rising financial market stress as well as signs of slowing in the broader economy, the Federal Reserve began easing monetary policy in August 2007, and has since cut the federal funds rate target by 325 basis points. At the latest Federal Open Market Committee meeting in early August, citing concerns about economic growth and potential inflationary pressures, the Federal Reserve kept the federal funds target unchanged at 2.0 percent for the second straight meeting, its lowest level since December 2004. The Federal Reserve is also using a variety of additional tools to increase liquidity in credit markets, including the Term Auction Facility, the Term Securities Lending Facility, and the Primary Dealer Credit Facility. Long- and short-term Treasury interest rates have trended lower since the summer of 2007, partly reflecting flight-to-quality flows in response to financial market pressures. The 10-year Treasury note yield was trading at about 5.1 percent in July 2007, then declined to 3.3 percent in mid-March before resuming a generally upward trend, to 4.0 percent as of the end of July 2008. Likewise, the 3month Treasury bill yield was fluctuating around 5 percent in late July 2007 then dropped to 1.1 percent in mid-April before rising to 2.1 percent in mid-June 2008. As of the end of July, the 3-month yield had fallen to about 1.7 percent. Key interest rates on private securities have risen relative to Treasury rates. The widening spreads reflect an increase in financial risk, anticipation of slower economic growth, and concerns by financial market participants about shortterm liquidity difficulties facing some institutions. The spread between the 3-month London Inter-bank Offered Rate and the 3-month Treasury bill rate (the TED spread–a measure of inter-bank liquidity and credit risk) widened from about 40 basis points in July 2007 to just under 200 basis points as of March 2008. Although the spread has narrowed since then, reflecting some improvement in perceptions of credit market risks, it remains at elevated levels, fluctuating in a range well above 100 basis points. As of early August, the TED spread had narrowed to about 115 basis points. The spread between the Baa corporate bond yield and the 10-year Treasury yield, another measure of investor risk appetite, was quite stable through most of 2007 at 70 basis points but has generally trended upward since last fall, and stood at 320 basis points as of early August. Rates for conforming mortgages as well as jumbo mortgages have generally trended higher in recent months, and the spread between jumbo and conforming mortgage rates has also fluctuated in an elevated range. The average interest rate for a 30-year conforming fixed-rate mortgage fell from a recent high of 6.7 percent in July 2007 to a low of 5.5 percent in late January 2008, but as of late July, was averaging around 6.4 percent. The jumbo-conforming spread had widened late last year to about 100 basis points, well above the more typical 20 to 25 basis point spread seen prior to the onset of the housing and credit market problems. Although the spread widened to as much as 150 basis points in May, it has since narrowed to about 115 basis points in early August. Short-term Interest Rates Long-term Interest Rates (Percent) (Percent) 8.0 7.0 Federal funds rate target 6.0 Corporate Baa bond 7.0 5.0 6.0 4.0 3.0 5.0 2.0 3-month Treasury bills 1.0 0.0 2003 2004 September 2008 2005 2006 2007 4.0 Treasury 10-year note 2008 3.0 2003 2004 2005 2006 2007 2008 PROFILE OF THE ECONOMY Foreign Trade and Exchange Rates Although the U.S. trade balance (which measures trade in goods and services) and current account (which measures trade in goods, services, and investment income flows as well as unilateral transfers) remain in deficit, both deficits have narrowed appreciably in recent years, largely due to an improvement in the trade balance. The merchandise trade deficit reached $838 billion in 2006, but declined to $819 billion in 2007. In the first half of 2008, the trade deficit narrowed noticeably, as export growth surged. The current account balance has been in deficit almost continuously since the early 1980s, and in 2006, reached a record $788 billion, equivalent to 6.0 percent of GDP. In 2007, the deficit narrowed to $731 billion or 5.3 percent of GDP. As of the first quarter of 2008 (latest data available) the current account deficit had narrowed further, to the equivalent of 5.0 percent of GDP. 7 The value of the U.S. dollar compared with the currencies of seven major trading partners (the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland) depreciated significantly from its peak in February 2002, but more recently has begun to stabilize. Between February 2002 and July 2008, the exchange value of the dollar compared to an index of these currencies fell by about 37 percent. Over this period, the dollar depreciated by 20 percent against the yen, and by 45 percent to an all-time low against the euro. The dollar has also depreciated, but by a far lesser amount, against an index of currencies of 19 other important trading partners (including China, India, and Mexico). Between February 2002 and July 2008, the dollar depreciated by about 12 percent against this basket of currencies. September 2008 8 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. September 2008 Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. 9 • Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. • Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. • Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and 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 2008 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 $374.2 billion for the third quarter of fiscal year 2008. This is a decrease of $31.7 billion over the comparable prior year quarter. Withheld receipts increased by $5.1 billion and non-withheld receipts increased by $13.7 billion during this period. Refunds increased by $50.5 billion over the comparable fiscal year 2007 quarter, primarily related to payments issued in accordance with provisions of the Economic Stimulus Act of 2008. There was a decrease of $0.6 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2007. Corporate income taxes—Net corporate income tax receipts were $107.0 billion for the third quarter of fiscal year 2008. This is a decrease of $18.5 billion compared to the prior year third quarter. The $18.5 billion change is comprised of a decrease of $10.5 billion in estimated and final payments, and an increase of $8.0 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2008 were $238.9 billion, an increase of $10.7 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 $6.8 billion, $1.2 billion, and $2.7 billion respectively. There was a -$3.0 billion accounting adjustment for prior years employment tax liabilities made in the third quarter of fiscal year 2008, while there was a -$3.6 billion adjustment in the third quarter of fiscal year 2007. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2008 were $21.1 billion, a decrease of $0.1 billion over the comparable quarter of fiscal year 2007. Net State taxes deposited in the U.S. Treasury decreased by $0.2 billion to $17.0 billion. Net Federal Unemployment Tax Act taxes increased by $0.1 billion to $4.1 billion. September 2008 FEDERAL FISCAL OPERATIONS 10 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 2008. This was a negligible change from the comparable quarter of fiscal year 2007. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2008 were $16.8 billion, an increase of $0.8 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.6 billion, a decrease of $1.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $8.9 billion for the third quarter of fiscal year 2008. These receipts represent an increase of $1.3 billion over the same quarter in fiscal year 2007. Customs duties—Customs duties net of refunds were $6.5 billion for the third quarter of fiscal year 2008. This is an increase of $0.3 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2008 were $13.3 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 $0.9 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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 2008 787,935 602,461 185,474 743,856 649,494 96,362 44,080 -47,033 91,112 1,933,904 1,430,953 502,951 2,202,577 1,881,098 321,479 -268,674 -450,145 181,472 -48,421 -7,178 11,519 -44,080 241,232 21,921 5,521 268,674 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2008 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... Note.—Detail may not add to totals due to independent rounding. September 2008 April May June 244.0 41.7 91.7 7.7 0.3 5.6 4.6 2.1 6.1 403.8 21.7 7.0 68.9 12.7 0.4 5.3 2.0 2.2 4.1 124.3 108.6 58.3 78.4 0.7 0.3 5.9 2.3 2.3 3.1 259.9 FEDERAL FISCAL OPERATIONS 11 CHART FFO-A.— Monthly Receipts and Outlays, 2007-2008 (In billions of dollars) 350 On-budget receipts 300 Off-budget receipts 250 200 On-budget outlays 150 Off-budget outlays 100 50 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, 2007-2008 (In billions of dollars) 1000 900 2008 800 2007 * 700 600 500 400 300 200 100 0 Individual income taxes Social insurance and retirement receipts Corporate income taxes Excise taxes Misc. receipts Customs duties Estate/gift taxes * Prior-year data are for the comparable year. September 2008 FEDERAL FISCAL OPERATIONS 12 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) 1,782,108 1,879,784 2,153,350 2,406,675 2,567,673 1,258,265 1,345,040 1,575,874 1,798,293 1,932,585 523,842 534,744 577,475 608,382 635,088 2,159,248 2,292,770 2,471,647 2,654,873 2,730,499 1,796,238 1,913,259 2,069,437 2,232,804 2,276,863 363,010 379,512 402,210 422,069 453,636 -377,140 -412,986 -318,298 -248,197 -162,826 -537,973 -568,219 -493,562 -434,510 -344,278 160,833 155,233 175,265 186,313 181,452 561,811 595,064 551,329 546,436 499,976 2008 - Est.................... 2,521,175 2009 - Est.................... 2,699,947 1,858,960 2,004,383 662,215 695,564 2,931,222 3,107,355 2,461,157 2,615,476 470,065 491,879 -410,047 -407,408 -602,197 -611,093 192,150 203,685 703,708 758,753 276,517 170,439 166,545 285,354 178,175 151,055 276,982 255,217 105,723 178,816 403,751 124,272 259,912 218,697 121,679 117,166 231,333 133,146 102,705 227,125 191,181 53,495 120,840 333,059 70,392 199,010 57,820 48,760 49,379 54,021 45,029 48,350 49,857 64,036 52,229 57,976 70,692 53,880 60,902 249,036 206,886 283,518 173,788 235,014 249,293 228,721 237,379 281,287 227,028 244,469 290,199 209,188 249,332 163,434 207,951 147,780 192,586 200,783 235,395 193,589 232,181 177,070 199,021 239,019 211,454 -296 43,452 75,567 26,008 42,428 48,510 -6,674 43,790 49,106 49,958 45,448 51,180 -2,266 27,481 -36,447 -116,973 111,567 -56,838 -98,238 48,261 17,839 -175,563 -48,212 159,282 -165,927 50,725 -30,635 -41,755 -90,785 83,554 -59,440 -98,078 -8,270 -2,408 -178,686 -56,230 134,038 -168,628 -12,443 58,116 5,308 -26,188 28,013 2,601 -160 56,531 20,246 3,123 8,018 25,244 2,700 63,168 37,943 65,919 72,779 3,160 73,429 71,631 79,026 11,103 119,605 82,503 -59,357 25,284 103,474 Fiscal year 2008 to date ... 1,933,903 1,430,953 502,951 2,202,578 1,881,098 321,480 -268,671 -450,145 181,471 506,698 Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Fiscal year or month 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 2007 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2008 - Jan ................... Feb .................. Mar .................. Apr................... May.................. June................. Means of financing—net transactions, con. Fiscal year or month Borrowing from the publicFederal securities, con. Investments of Total Government Agency 10+11-12 accounts securities (12) (11) (13) Cash and monetary assets (deduct) Reserve position on the U.S. U.S. Treasury Special drawing quota in the operating rights Other IMF (deduct) cash (15) (17) (14) (16) Other (18) 2003 ...................................... 2004 ...................................... 2005 ...................................... 2006 ...................................... 2007 ...................................... -922 -1,769 -547 -245 -433 187,324 213,677 254,096 309,215 293,218 373,565 379,618 296,687 236,975 206,325 -25,926 1,390 -669 16,447 23,110 353 720 -4,537 410 646 -7,010 -23,669 -182 196 1,314 3,208 -4,630 -6,195 -6,626 -2,157 -26,352 6,517 9,250 20,983 -21,368 552 662 778 666 782 377,140 412,986 318,298 248,197 162,826 2008 - Est.............................. 2009 - Est.............................. -16 226 310,202 331,444 393,490 427,534 -30,237 - - - - -13,680 -20,126 - 410,047 407,408 2007 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2008 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May............................ June........................... 162 125 -286 -42 51 87 47 -43 -124 486 -302 8 356 75,889 5,475 -19,119 49,682 54,604 -7,805 88,048 14,724 -8,106 6,685 28,843 -8,422 97,463 -37,784 60,569 91,612 -46,564 18,877 79,523 -8,975 -3,664 127,587 76,304 -88,501 33,713 6,367 -922 22,132 -37,895 65,792 -37,280 -29,414 48,431 13,296 -59,244 35,111 94,569 -126,805 39,414 16 93 46 144 91 144 -60 90 121 204 -125 4 78 615 -251 305 112 -405 213 -86 -219 31 730 90 240 305 89 -205 20 76 -67 19 -172 -7 43 21 -48 859 125 9,771 -2,353 -12,163 771 r 300 -10,323 8,727 -1,015 -11,073 r 7,749 23,705 6,512 -17,285 330 350 100 225 115 -27,481 36,447 116,973 -111,567 r 56,838 98,238 -48,261 -17,839 175,563 r 48,212 -159,282 165,927 -50,725 Fiscal year 2008 to date........... 566 266,034 241,231 -21,922 547 899 773 7,297 440 268,671 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. Government,” released by the Office of Management and Budget on February 4, 2008. September 2008 Detail may not add to totals due to rounding. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Individual Withheld (1) Corporation Net (7) Net income taxes (8) Gross (9) 62,745 41,250 28,814 27,010 25,292 131,778 189,370 278,281 353,915 370,243 925,477 998,328 1,205,503 1,397,823 1,533,715 672,727 686,313 746,129 788,024 822,216 1,699 980 2,585 2,213 2,220 671,028 685,333 743,544 785,810 819,996 345,336 339,224 - 345,336 339,224 1,564,997 1,598,265 857,668 895,280 - 857,668 895,280 Other (2) Refunds (3) Net (4) 734,647 753,260 786,559 848,954 928,582 252,502 243,324 320,942 387,307 437,666 193,451 187,626 180,279 192,354 202,779 793,699 808,958 927,222 1,043,908 1,163,472 194,522 230,619 307,095 380,925 395,534 2008 - Est...................... 1,219,661 2009 - Est...................... 1,259,041 - - 1,219,661 1,259,041 Fiscal year or month 2003 .............................. 2004 .............................. 2005 .............................. 2006 .............................. 2007 .............................. Gross (5) Refunds (6) Refunds (10) Net (11) June................... July .................... Aug .................... Sept ................... Oct..................... Nov .................... Dec .................... 2008 - Jan ..................... Feb .................... Mar .................... Apr..................... May.................... June................... 69,751 77,006 75,982 63,315 83,387 71,082 106,925 87,249 88,645 89,041 75,392 71,492 73,436 54,397 5,687 5,343 60,443 16,210 4,238 7,338 65,071 4,022 11,008 214,619 7,805 54,806 4,680 3,093 3,707 2,603 4,035 9,877 1,606 3,483 68,267 r 43,417 45,985 57,645 19,688 119,468 79,600 77,618 121,155 95,563 65,443 112,657 148,838 24,400 r 56,632 244,025 21,651 108,554 69,574 11,099 6,104 77,893 12,235 5,363 87,770 10,579 4,995 37,997 48,105 8,784 61,970 954 1,454 1,767 1,171 6,281 2,664 3,891 4,519 6,687 5,428 6,433 1,737 3,642 68,620 9,645 4,336 76,722 5,955 2,699 83,879 6,060 -1,692 32,569 41,672 7,046 58,328 188,088 89,245 81,954 197,877 101,518 68,142 196,536 154,898 22,708 r 89,201 285,697 28,697 166,882 74,217 62,669 63,500 72,624 59,539 64,142 66,595 82,287 67,066 73,443 91,281 68,472 78,458 2,220 - 74,217 62,669 63,500 70,404 59,539 64,142 66,595 82,287 67,066 73,443 91,281 68,472 78,458 Fiscal year 2008 to date... 746,649 385,117 254,003 877,763 277,798 41,282 236,516 1,114,279 651,283 - 651,283 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net unNet employment Railroad retirement employment and general Gross Refunds insurance retirement Gross Refunds Net (16) (17) (18) (15) (12) (13) (14) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 3,963 4,030 4,123 4,234 4,263 9 5 3 2 2 3,954 4,026 4,119 4,231 4,261 674,982 689,359 747,663 790,042 824,257 33,481 39,582 42,120 43,559 41,216 115 129 119 139 125 33,366 39,453 42,001 43,420 41,091 4,578 4,545 4,409 4,308 4,207 53 51 50 50 51 4,631 4,596 4,460 4,358 4,258 2008 - Est.................... 2009 - Est.................... 4,355 4,366 - 4,355 4,366 862,023 899,646 43,382 44,953 - 43,382 44,953 4,695 4,752 25 26 4,720 4,778 2007 - June ................. July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2008 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -92 446 410 332 421 326 394 394 454 439 383 418 -68 2 -1 9 * 1 * * * 2 - -92 446 408 333 413 326 393 394 454 439 380 418 -68 74,125 63,115 63,908 70,737 59,952 64,468 66,989 82,681 67,520 73,882 91,661 68,890 78,390 262 2,787 5,055 238 2,143 3,267 265 2,143 2,993 366 7,682 12,759 696 12 15 12 12 5 6 6 4 3 14 18 13 10 250 2,771 5,043 226 2,137 3,261 259 2,139 2,989 353 7,663 12,746 686 394 372 340 326 323 391 345 366 322 321 321 391 318 4 3 5 7 2 3 4 4 4 4 4 3 3 398 375 344 332 325 394 349 370 327 325 325 394 322 Fiscal year 2008 to date.... 3,161 12 3,149 654,433 32,314 79 32,233 3,098 31 3,131 See footnote at end of table. September 2008 FEDERAL FISCAL OPERATIONS 14 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month 2003............................ 2004............................ 2005............................ 2006............................ 2007............................ Social insurance and retirement receipts, con. Net social insurance and Airport and Airway Trust Fund retirement receipts Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Gross Refunds (26) (27) Highway Trust Fund Miscellaneous Net (28) Gross (29) Refunds (30) Net (31) Gross (32) Refunds (33) Net (34) 712,979 733,408 794,123 837,820 869,607 8,729 9,230 10,415 10,531 11,535 44 56 101 105 67 8,684 9,174 10,314 10,425 11,468 506 566 610 607 639 - 506 566 610 607 639 34,756 35,725 38,897 39,433 40,402 1,032 1,014 1,007 891 1,040 33,724 34,711 37,890 38,543 39,362 25,499 26,260 25,272 25,509 18,734 891 856 994 1,123 5,134 24,608 25,404 24,278 24,386 13,600 2008 - Est ................... 910,125 2009 - Est ................... 949,377 11,871 12,570 - 11,871 12,570 638 648 - 638 648 39,203 39,928 - 39,203 39,928 17,123 15,800 - 17,123 15,800 74,773 66,262 69,295 71,296 62,414 68,123 67,597 85,190 70,836 74,560 99,649 82,030 79,398 1,253 1,002 1,149 1,673 369 1,056 945 870 1,062 864 901 947 1,074 -8 10 13 30 9 - 1,261 1,002 1,139 1,660 369 1,056 945 870 1,062 834 901 938 1,074 55 54 66 84 10 60 54 49 78 58 60 45 54 - 55 54 66 84 10 60 54 49 78 58 60 45 54 3,149 3,249 3,002 6,196 592 3,813 3,407 3,134 3,162 3,170 3,298 2,160 3,251 8 296 179 335 294 - 3,141 3,249 2,706 6,016 592 3,813 3,407 3,134 3,162 2,835 3,298 1,865 3,251 1,732 1,928 2,074 -22 3,646 1,121 1,445 1,049 1,112 1,518 1,458 2,554 1,669 185 189 178 198 165 180 133 69 492 -256 82 140 107 1,547 1,739 1,896 -221 3,481 941 1,312 979 619 1,773 1,376 2,413 1,562 Fiscal year 2008 to date.. 689,797 8,088 39 8,049 468 - 468 25,987 629 25,357 15,572 1,112 14,456 2007 - June................. July.................. Aug.................. Sept................. Oct .................. Nov.................. Dec.................. 2008 - 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 (42) (43) Total receipts Total (44) On-budget Off-budget (45) (46) 2003 ............................ 2004 ............................ 2005 ............................ 2006 ............................ 2007 ............................ 67,522 69,855 73,093 73,962 65,069 22,827 25,579 25,606 28,688 26,978 868 749 841 811 934 21,959 24,831 24,764 27,877 26,044 21,032 21,806 24,198 25,701 27,548 1,170 723 820 891 1,538 19,862 21,083 23,378 24,810 26,010 21,878 19,652 19,297 29,945 32,043 12,431 12,628 13,190 14,439 15,186 34,309 32,280 32,487 44,384 47,228 1,258,265 1,345,040 1,575,874 1,798,293 1,932,585 523,842 534,744 577,475 608,382 635,088 2008 - Est.................... 2009 - Est.................... 68,835 68,946 26,757 26,313 - 26,757 26,313 29,208 29,122 - 29,208 29,122 31,358 31,652 -110,105 -3,728 -78,747 27,924 1,858,960 2,004,383 662,215 695,564 2007 - June ................. July.................. Aug.................. Sept................. Oct................... Nov.................. Dec.................. 2008 - Jan .................. Feb .................. Mar .................. Apr................... May ................. June ................ 6,004 6,043 5,807 7,539 4,452 5,871 5,718 5,032 4,921 5,500 5,636 5,262 5,942 1,858 1,924 2,379 2,218 2,487 2,144 2,527 2,395 1,890 2,510 4,735 2,089 2,371 80 78 68 57 74 87 66 60 69 105 105 95 73 1,778 1,847 2,311 2,161 2,413 2,057 2,460 2,336 1,820 2,405 4,630 1,994 2,298 2,245 2,444 2,668 2,399 2,615 2,543 2,211 2,295 2,280 2,172 2,177 2,223 2,397 73 72 62 76 106 65 84 61 57 102 101 65 91 2,172 2,372 2,606 2,323 2,509 2,478 2,127 2,234 2,223 2,070 2,075 2,158 2,306 2,637 3,363 3,206 2,735 3,215 3,018 1,486 4,125 2,063 3,801 4,802 2,990 1,952 1,064 1,307 1,366 1,423 1,655 1,367 1,058 1,403 1,151 1,278 1,261 1,140 1,134 3,702 4,670 4,572 4,158 4,870 4,385 2,545 5,529 3,214 5,079 6,063 4,130 3,086 218,697 121,679 117,166 231,333 133,146 102,705 227,125 191,181 53,495 120,840 333,059 70,392 199,010 57,820 48,760 49,379 54,021 45,029 48,350 49,857 64,036 52,229 57,976 70,692 53,880 60,902 Fiscal year 2008 to date.. 48,334 23,148 734 22,413 20,913 732 20,180 27,452 11,447 38,901 1,430,953 502,951 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. Government,” released by the Office of Management and Budget on February 4, 2008. * Less than $500,000. Detail may not add to totals due to rounding. September 2008 FEDERAL FISCAL OPERATIONS 15 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture (3) DepartDepartDepart- Department of ment of Defense, ment of ment of Commerce military Education Energy (5) (4) (6) (7) Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 37,406 44,989 42,448 42,434 45,559 9,204 8,615 9,288 9,063 10,488 21,029 29,576 22,366 23,320 23,351 69,562 56,679 46,943 43,139 47,543 42,340 44,297 52,269 45,630 11,081 10,239 25,026 26,520 49,652 54,192 66,663 44,582 67,116 44,705 58,494 64,392 44,631 56,579 68,807 46,289 62,436 73,706 45,114 3,951 2,957 3,371 3,284 3,728 3,204 2,949 3,202 3,196 3,427 3,173 3,126 3,918 4,178 4,218 4,015 3,878 4,150 4,064 4,206 3,890 3,545 3,755 3,687 7,316 3,873 1,066 1,215 1,053 957 914 819 1,001 912 827 825 575 711 869 1,971 2,440 2,070 1,237 2,684 2,079 2,296 2,412 1,919 2,140 2,187 2,006 2,255 3,882 3,466 4,042 3,500 3,374 2,919 4,995 5,302 4,695 3,854 5,895 6,870 3,801 520,448 29,923 38,486 7,453 19,978 41,705 Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) Legislative branch (1) Judicial branch (2) 3,404 3,900 3,995 4,129 4,306 5,128 5,393 5,543 5,820 6,008 72,860 71,572 85,333 93,533 84,437 5,670 5,829 6,147 6,374 6,479 388,741 437,043 474,374 499,350 529,871 57,144 62,779 72,857 93,427 66,372 19,380 19,894 21,274 19,653 20,117 505,024 542,812 581,463 614,313 672,036 32,133 26,802 38,717 69,100 39,172 2008 - Est ............... 4,586 2009 - Est ............... 4,962 6,161 6,981 94,764 94,753 8,151 9,246 583,057 651,162 68,046 63,500 23,209 23,325 709,381 738,633 384 372 346 320 367 331 323 406 342 353 512 351 352 579 494 532 481 480 626 487 502 511 469 509 602 560 3,909 5,267 5,460 6,034 12,544 8,189 9,931 9,269 7,269 7,345 5,276 5,972 6,085 550 705 574 555 599 603 691 608 599 525 511 643 888 48,322 40,288 48,136 44,010 57,005 50,217 49,174 44,309 48,199 44,512 48,986 51,253 45,880 5,531 3,024 7,773 5,737 5,037 4,971 4,501 7,581 7,055 4,907 4,572 8,758 4,542 2,116 850 1,292 2,212 1,409 881 2,209 1,243 1,859 1,059 2,384 2,390 1,073 Fiscal year 2008 to date ........................ 3,337 4,746 71,880 5,667 439,535 51,924 14,507 Fiscal year or month 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 2007 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2008 - Jan .............. Feb ............. Mar ............. Apr.............. May............. June............ Fiscal year or month 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... Department of State (14) Department of the Treasury, interest on Department Treasury Departof the debt ment of Transpor- securities Treasury, other (gross) tation (17) (16) (15) Department of Veterans Affairs (18) Corps of Engineers (19) General InterServices national Admin- Assistance istration Program (23) (24) 9,341 10,925 12,754 12,957 13,749 50,454 54,872 56,597 60,141 61,701 318,149 321,566 352,350 405,872 429,978 49,674 54,330 57,927 58,873 60,623 56,956 59,585 69,844 69,808 72,820 4,680 4,732 4,720 6,946 3,918 39,881 41,732 43,484 44,435 47,112 8,044 8,329 7,911 8,322 8,258 387 3,349 7,689 5,378 2,957 338 -452 17 22 32 13,461 13,660 15,034 13,945 12,764 2008 - Est............... 18,892 2009 - Est............... 22,103 68,662 71,104 459,186 487,300 60,977 60,501 86,643 91,815 7,211 8,772 49,067 51,220 7,541 7,999 2,079 528 357 722 15,224 16,451 568 1,237 1,360 1,483 1,427 1,813 1,806 1,295 1,154 1,357 667 2,244 1,220 5,432 5,646 7,156 6,459 6,099 5,091 5,282 4,076 4,091 4,935 4,406 5,428 5,965 104,755 25,659 25,688 19,187 22,310 25,345 106,138 24,687 20,037 23,024 22,362 22,388 110,973 2,332 1,923 1,101 -5,312 1,064 1,385 2,576 5,088 32,303 13,084 9,523 19,226 15,380 9,834 3,386 9,457 3,354 6,835 10,423 6,704 3,511 9,943 4,141 7,058 11,017 3,372 230 385 553 460 450 321 437 507 447 376 333 371 364 3,794 4,079 3,555 4,167 3,694 4,110 4,021 4,193 4,010 3,993 3,232 3,771 3,864 710 700 788 676 668 677 714 687 630 713 576 675 637 169 164 170 136 96 113 152 140 110 92 93 80 72 10 -9 -63 -128 33 24 38 29 17 189 -12 135 24 1,120 752 1,325 161 67 -633 800 3,647 644 341 1,784 -331 1,015 Fiscal year 2008 to date............................ 12,983 45,373 377,264 99,629 63,004 3,606 34,888 5,977 948 477 7,334 2007 - June ............ July............. Aug............. Sept............ Oct.............. Nov............. Dec............. 2008 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... See footnote at end of table. September 2008 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and Space Administration (25) National Office of Science Personnel ManageFounment dation (27) (26) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties on the Employer Outer Interest share, received Continenemployee tal Shelf by trust retirelands Other funds ment (33) (34) (32) (31) Total outlays OffOnbudget budget (35) (36) 2003 .................. 14,610 4,730 54,135 1,559 507,733 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 2004 .................. 15,150 5,116 56,545 4,077 530,209 5,686 -53,430 -153,986 -5,105 * 1,913,259 379,512 2005 .................. 15,600 5,432 59,500 2,503 561,333 14,419 -58,919 -160,992 -6,144 -160 2,069,437 402,210 2006 .................. 15,125 5,541 62,400 905 585,742 12,351 -60,856 -169,295 -7,282 -113 2,232,803 422,069 2007 .................. 15,860 5,529 58,450 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 2,276,863 453,636 2008 - Est.......... 17,318 6,256 64,173 530 656,563 18,401 -64,442 -197,838 -11,120 -12,181 2,461,157 470,065 2009 - Est.......... 18,137 6,414 67,213 825 692,783 19,393 -67,808 -208,929 -10,159 -2,469 2,615,476 491,879 2007 - June ....... 1,497 521 5,368 81 59,720 -1,714 -4,289 -83,534 -321 -350 249,332 -296 July........ 1,282 512 5,698 80 49,094 2,640 -4,230 -1,037 -952 * 163,434 43,452 Aug........ 1,479 618 5,848 91 84,385 802 -3,938 -2,019 -616 * 207,951 75,567 Sept....... 1,771 498 239 87 21,312 6,535 -4,005 -95 -110 * 147,780 26,008 Oct......... 1,104 445 6,326 71 52,559 1,519 -18,288 -1,489 -760 * 192,586 42,428 Nov........ 1,596 478 5,026 71 56,073 1,181 -4,397 -1,755 -942 * 200,783 48,510 Dec........ 1,548 451 5,352 73 53,638 2,341 -4,084 -85,937 -721 * 235,395 -6,674 2008 - Jan ......... 1,216 394 5,987 78 50,648 1,843 -4,472 -1,180 -1,208 -1 193,589 43,790 Feb ........ 1,264 429 5,843 -268 57,598 2,369 -4,316 -1,509 -2,328 -5 232,181 49,106 Mar ........ 1,486 463 6,061 66 51,620 1,841 -4,201 -720 -1,288 * 177,070 49,958 Apr......... 1,541 396 6,390 61 54,759 484 -4,094 -2,931 -2,863 -1 199,021 45,448 May ....... 1,593 440 5,331 69 59,244 2,226 -4,591 -1,543 -1,279 * 239,019 51,180 June ...... 1,618 513 5,432 79 55,573 -1,560 -4,285 -88,768 -2,555 -18,958 211,454 -2,266 Fiscal year 2008 to date ............... 12,966 4,009 51,748 300 491,712 12,244 -52,728 -185,832 -13,944 -18,965 1,881,098 321,480 Note.—These estimates are based on the Fiscal Year 2009 “Budget of the U.S. Government,” released by the Office of Management and Budget on February 4, 2008. * Less than $500,000. Detail may not add to totals due to rounding. September 2008 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2008 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 877,705 Corporation income taxes ........................................... 236,516 Social insurance and retirement receipts: Employment and general retirement (off-budget)... Employment and general retirement (on-budget)... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ 12,006 Estate and gift taxes ................................................... 22,413 Customs duties ........................................................... 13,086 Miscellaneous receipts................................................ 28,922 Total receipts....................................................... 1,190,648 (On-budget)..................................................... 1,190,648 (Off-budget)..................................................... Budget outlays: Legislative branch ....................................................... 3,168 Judicial branch ............................................................ 4,801 Department of Agriculture ........................................... 61,435 Department of Commerce........................................... 5,364 Department of Defense-military .................................. 435,709 Department of Education ............................................ 52,414 Department of Energy................................................. 16,950 Department of Health and Human Services ............... 378,950 Department of Homeland Security.............................. 32,115 Department of Housing and Urban Development....... 39,489 Department of the Interior ........................................... 7,137 Department of Justice ................................................. 18,664 Department of Labor ................................................... 8,019 Department of State.................................................... 12,287 Department of Transportation..................................... 5,679 Department of the Treasury: Interest on the public debt....................................... 377,265 Other ....................................................................... 100,070 Department of Veterans Affairs .................................. 64,033 Corps of Engineers ..................................................... 3,181 Other defense civil programs...................................... 59,193 Environmental Protection Agency............................... 6,201 Executive Office of the President................................ 948 General Services Administration ................................ 143 International Assistance Program............................... 13,122 National Aeronautics and Space Administration ........ 12,981 National Science Foundation...................................... 3,931 Office of Personnel Management ............................... 6,620 Small Business Administration ................................... 324 Social Security Administration .................................... 44,086 Other independent agencies....................................... 6,786 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -13,705 Total outlays........................................................ 1,767,360 (On-budget)..................................................... 1,767,360 (Off-budget)..................................................... Surplus or deficit (-)............................................. -576,712 (On-budget)..................................................... -576,712 (Off-budget)..................................................... - - No transactions. * Less than $500,000. This fiscal year to date Management, consolidated, Trust revolving and funds special funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 58 - - 877,763 236,516 885,041 279,537 57 - 3 885,098 279,539 600 5,974 9,118 15,750 15,750 - 502,951 151,482 32,233 3,131 35,727 1,122 860 727,506 224,555 502,951 502,951 151,482 32,233 3,131 48,333 22,413 20,181 38,900 1,933,904 1,430,953 502,951 7,810 19,725 11,950 24,305 1,228,369 1,228,369 - 596 5,767 9,077 15,497 15,497 - 482,928 143,569 33,051 3,206 37,273 992 447 701,469 218,541 482,928 482,928 143,569 33,051 3,206 45,680 19,725 18,710 33,828 1,945,335 1,462,407 482,928 152 -28 9,510 302 3,742 -506 -2,445 107 -2,386 -1,000 -59 1,318 1,629 102 -269 17 -28 936 * 83 16 * 141,392 194 -4 375 -5 32,057 594 39,964 3,337 4,746 71,881 5,666 439,534 51,924 14,506 520,449 29,923 38,485 7,454 19,977 41,705 12,983 45,374 3,039 4,308 55,061 4,574 395,236 50,448 16,748 371,164 30,787 34,575 6,973 16,330 8,015 8,962 9,093 227 217 11,866 71 2,149 -629 -987 -8 -1,422 -1,123 -12 1,271 1,038 385 -251 3 -24 749 * 53 19 * 144,477 196 -4 304 3 27,482 322 33,597 3,269 4,502 67,675 4,645 397,438 49,839 15,762 515,633 29,560 33,448 7,264 17,604 36,536 9,669 42,439 -566 -1,783 -99 -12,196 -59 * 333 -801 -16 54 -1,242 -24 -12 2,405 126 752 525 -12,110 -166 * * -4,986 * 25 46,370 * 447,635 3,051 377,265 99,630 63,002 3,607 34,887 5,977 948 477 7,335 12,966 4,009 51,748 300 491,710 12,243 359,444 63,415 57,467 1,919 41,741 6,384 2,429 35 12,592 11,344 3,861 6,510 931 43,735 5,751 -587 -1,576 -22 -12,831 -59 58 197 -817 -17 36 -20,095 -14 -11 4,024 83 732 622 6,401 -230 * -1,248 * 6 60,250 * 423,246 -1,480 359,444 62,911 56,622 2,519 35,312 6,095 2,487 232 10,526 11,328 3,902 46,664 917 466,971 8,295 -30,701 -34,536 -31,627 -2,909 50,286 47,377 2,909 -185,833 -41,231 469,753 145,365 324,388 257,753 79,190 178,563 -185,833 -85,637 2,202,577 1,881,098 321,479 -268,674 -450,145 181,472 -11,691 1,621,179 1,621,179 -392,810 -392,810 - -18,641 -37,564 -37,794 230 53,061 53,291 -230 -174,813 -38,055 482,692 174,313 308,379 218,777 44,228 174,549 -174,813 -68,387 2,066,307 1,757,698 308,609 -120,972 -295,291 174,319 Note.—Detail may not add to totals due to rounding. September 2008 18 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [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) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 6,450,164 7,094,904 7,485,532 7,839,784 8,455,356 426,493 469,641 468,563 501,945 528,724 6,877,311 7,565,782 7,955,702 8,340,659 8,983,992 1,148,226 1,168,663 1,339,363 1,478,945 1,571,322 1,173,496 1,166,036 1,338,425 1,463,568 1,548,300 2007 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... 654,470 569,224 850,144 642,108 657,908 752,037 680,387 746,426 863,418 770,080 940,794 898,793 822,259 50,732 39,238 39,031 49,361 40,429 36,806 59,953 44,251 37,176 45,335 53,189 37,593 49,684 705,893 607,985 889,722 690,510 699,569 788,481 728,889 801,024 901,942 814,287 994,580 936,721 871,584 155,675 110,456 103,928 157,567 113,367 102,472 199,675 128,702 120,623 152,098 154,020 108,037 156,942 155,907 88,800 141,276 92,735 149,415 132,248 162,694 105,059 178,518 118,114 58,854 234,507 117,886 See footnotes at end of table. September 2008 ACCOUNT OF THE U.S. TREASURY 19 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Tax and loan Federal note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and loan Federal note Reserve accounts (10) (11) Average Tax and loan note Federal accounts Reserve (13) (12) 2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 2005 ...................................... 4,381 31,300 9,849 78,251 3,159 30 5,025 19,819 2006 ...................................... 5,451 46,676 7,507 93,784 2,637 78 5,019 20,614 2007 ...................................... 5,539 69,698 29,504 98,264 3,239 75 5,216 23,961 2007 - June ........................... 4,649 20,560 6,022 59,059 4,039 3,175 5,024 25,854 July ............................ 5,126 42,215 5,690 42,215 3,821 834 4,727 13,373 Aug ............................ 4,579 4,866 5,508 44,900 4,366 4,866 4,909 20,184 Sept ........................... 5,539 69,698 7,550 89,158 3,239 1,534 4,956 39,707 Oct............................. 4,307 33,650 6,304 59,149 3,919 3,515 4,937 18,294 Nov ............................ 4,669 3,875 6,210 26,605 4,044 413 5,112 10,509 Dec ............................ 16,120 40,855 16,120 60,329 3,924 671 5,867 24,354 2008 - Jan ............................. 5,773 64,498 16,120 64,498 4,262 2,734 5,525 19,670 Feb ............................ 4,424 6,603 6,052 50,127 2,992 94 4,830 13,358 Mar ............................ 5,552 40,587 6,590 40,587 4,346 6,603 5,150 17,731 Apr............................. 4,955 135,752 7,417 135,752 3,437 - 5,328 26,304 May............................ 4,620 9,282 6,342 98,302 2,973 - 4,766 32,453 June........................... 4,978 48,338 7,413 48,338 4,167 124 5,020 16,190 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 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. September 2008 20 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing September 2008 has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. FEDERAL DEBT 21 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Securities held by Government accounts Public debt Agency Total securities securities (6) (7) (5) Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 6,809,272 7,403,236 7,956,346 8,530,366 9,030,612 6,783,320 7,379,053 7,932,710 8,506,974 9,007,653 25,952 24,183 23,637 23,392 22,959 2,859,275 3,075,687 3,331,333 3,663,773 3,958,417 2,859,275 3,075,687 3,331,332 3,663,766 3,958,411 1 1 7 6 2007 - June.................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2008 - Jan...................... Feb..................... Mar..................... Apr ..................... May .................... June ................... 8,890,838 8,955,724 9,028,649 9,030,612 9,102,096 9,172,438 9,252,317 9,261,110 9,381,029 9,461,058 9,400,719 9,411,969 9,515,532 8,867,677 8,932,438 9,005,648 9,007,653 9,079,086 9,149,341 9,229,172 9,238,008 9,358,051 9,437,594 9,377,557 9,388,798 9,492,006 23,162 23,287 23,001 22,959 23,011 23,097 23,145 23,102 22,978 23,464 23,163 23,170 23,527 3,924,650 3,928,865 3,908,720 3,958,417 4,012,039 4,002,846 4,092,890 4,105,795 4,098,349 4,103,552 4,133,040 4,110,207 4,206,987 3,924,644 3,928,859 3,908,714 3,958,411 4,012,033 4,002,840 4,092,884 4,105,789 4,098,344 4,103,546 4,133,034 4,110,201 4,206,981 6 6 6 6 6 6 6 6 6 6 6 6 6 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) The public Public debt securities (8) Agency securities (9) 3,949,997 4,327,549 4,625,013 4,866,593 5,072,195 3,924,045 4,303,366 4,601,378 4,843,208 5,049,242 25,952 24,182 23,636 23,385 22,953 4,966,188 5,026,859 5,119,929 5,072,195 5,090,057 5,169,592 5,159,427 5,155,315 5,282,680 5,357,506 5,267,679 5,301,762 5,308,545 4,943,033 5,003,579 5,096,934 5,049,242 5,067,053 5,146,501 5,136,288 5,132,219 5,259,707 5,334,048 5,244,523 5,278,597 5,285,025 23,156 23,281 22,995 22,953 23,005 23,091 23,139 23,096 22,972 23,458 23,157 23,164 23,521 Securities held by Government accounts Net Amount unamortized Accrual outstanding premium amount face value and discount (14) (15) (13) Securities held by the public Net Amount unamortized Accrual outstanding premium amount face value and discount (17) (18) (16) 2003 ............................... 2004 ............................... 2005 ............................... 2006 ............................... 2007 ............................... 6,809,272 7,403,236 7,956,346 8,530,366 9,030,612 50,551 51,219 53,546 81,375 82,078 6,758,722 7,352,017 7,902,800 8,448,991 8,948,534 2,859,275 3,075,687 3,331,333 3,663,773 3,958,417 13,860 16,596 18,145 41,370 42,796 2,845,414 3,059,091 3,313,188 3,622,403 3,915,621 3,949,997 4,327,550 4,625,013 4,866,593 5,072,195 36,691 34,623 35,401 40,005 39,282 3,913,307 4,292,926 4,589,612 4,826,588 5,032,913 2007 - June .................... July..................... Aug..................... Sept.................... Oct...................... Nov..................... Dec..................... 2008 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... 8,890,838 8,955,724 9,028,649 9,030,612 9,102,096 9,172,438 9,252,317 9,261,110 9,381,029 9,461,058 9,400,719 9,411,969 9,515,532 83,960 82,802 83,233 82,078 80,082 78,705 79,511 77,244 77,682 74,722 74,042 60,000 59,733 8,806,879 8,872,923 8,945,416 8,948,534 9,022,015 9,093,733 9,172,806 9,183,866 9,303,347 9,386,336 9,326,677 9,351,969 9,455,799 3,924,650 3,928,865 3,908,720 3,958,417 4,012,039 4,002,846 4,092,890 4,105,795 4,098,349 4,103,552 4,133,040 4,110,207 4,206,987 44,942 43,682 42,781 42,796 41,814 40,417 42,422 40,603 41,264 39,782 40,427 26,016 25,332 3,879,708 3,885,183 3,865,939 3,915,621 3,970,225 3,962,430 4,050,468 4,065,192 4,057,086 4,063,771 4,092,613 4,084,192 4,181,655 4,966,188 5,026,859 5,119,929 5,072,195 5,090,057 5,169,592 5,159,427 5,155,315 5,282,680 5,357,506 5,267,679 5,301,762 5,308,545 39,018 39,120 40,452 39,282 38,268 38,288 37,089 36,641 36,418 34,940 33,615 33,984 34,401 4,927,171 4,987,740 5,079,477 5,032,913 5,051,790 5,131,303 5,122,338 5,118,674 5,246,261 5,322,565 5,234,064 5,267,777 5,274,145 September 2008 FEDERAL DEBT 22 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2003 .................................. 2004 .................................. 2005 .................................. 2006 .................................. 2007 .................................. 3,924,090 4,307,345 4,601,239 4,843,121 5,049,306 3,460,330 3,845,855 4,066,053 4,283,804 4,428,405 918,196 961,449 910,323 908,474 954,607 1,799,424 2,109,494 2,328,213 2,445,307 2,456,100 576,590 551,904 520,507 534,473 560,922 166,120 223,008 307,011 395,550 456,776 463,760 461,490 535,186 559,317 620,900 2007 - June ....................... July........................ Aug........................ Sept....................... Oct......................... Nov........................ Dec........................ 2008 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May ....................... June ...................... 4,943,090 5,003,717 5,096,938 5,049,306 5,067,079 5,146,579 5,136,303 5,132,265 5,259,804 5,334,116 5,244,195 5,278,699 5,285,064 4,319,570 4,383,662 4,476,346 4,428,405 4,444,884 4,523,526 4,516,792 4,513,092 4,641,684 4,712,665 4,622,476 4,665,461 4,676,573 865,668 888,747 1,010,426 954,607 934,092 1,030,925 999,547 980,012 1,120,975 1,153,879 1,020,681 1,114,547 1,055,697 2,469,083 2,491,975 2,448,153 2,456,100 2,480,546 2,463,675 2,487,368 2,502,767 2,477,293 2,513,108 2,539,859 2,475,730 2,542,526 547,131 547,033 560,908 560,922 560,937 558,445 558,447 558,445 571,736 571,738 571,760 580,983 580,995 437,688 455,907 456,858 456,776 469,310 470,481 471,430 471,868 471,680 473,940 490,175 494,202 497,355 623,520 620,054 620,592 620,900 622,194 623,054 619,510 619,173 618,120 621,451 621,719 613,238 608,490 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) 2003 ....................................... 2004 ....................................... 2005 ....................................... 2006 ....................................... 2007 ....................................... 201,561 204,201 203,645 203,656 197,126 14,991 - 11,007 5,881 3,086 2,986 2,986 53,463 58,528 67,961 78,129 88,153 148,366 158,214 225,283 238,835 296,513 29,995 29,995 29,995 29,995 29,995 4,377 4,669 5,214 5,715 6,126 2007 - June ............................ July............................. Aug............................. Sept............................ Oct.............................. Nov............................. Dec............................. 2008 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May ............................ June ........................... 198,648 198,094 197,426 197,126 196,871 196,649 196,452 195,690 195,583 195,425 195,327 195,225 195,003 - 2,986 2,986 2,986 2,986 2,986 2,986 2,986 5,886 5,286 4,886 4,886 3,286 3,086 84,217 85,264 87,585 88,153 89,213 90,634 91,189 95,757 97,088 99,903 100,366 100,448 100,989 301,624 297,699 296,590 296,513 297,300 296,943 293,239 286,451 284,921 286,344 286,818 280,017 275,203 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 6,050 6,016 6,009 6,126 5,828 5,845 5,648 5,392 5,247 4,897 4,326 4,265 4,214 Nonmarketable, con. September 2008 FEDERAL DEBT 23 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Federal Old-Age and Housing Survivors Adminis- Insurance Trust Fund tration (10) (9) 2003 .............. 2004 .............. 2005 .............. 2006 .............. 2007 .............. 2,912,216 3,129,990 3,380,605 3,722,747 4,026,772 10,518 9,892 10,047 7,893 7,931 31,054 32,089 32,733 46,216 47,515 26,778 28,107 29,485 31,282 32,965 10,502 10,319 15,238 15,711 16,436 170,762 182,769 193,263 202,178 213,830 613,718 631,749 660,109 689,812 702,043 251,307 264,375 277,268 302,186 319,377 23,823 23,325 22,646 22,036 22,410 1,313,427 1,452,599 1,616,159 1,793,129 1,968,262 2007 - June ... July .... Aug .... Sept ... Oct...... Nov.... Dec.... 2008 - Jan ..... Feb .... Mar .... Apr..... May ... June .. 3,989,271 3,994,227 3,976,442 4,026,772 4,081,375 4,073,662 4,164,266 4,181,707 4,175,632 4,183,685 4,213,642 4,190,825 4,288,079 10,363 9,973 9,780 7,931 9,011 9,486 10,357 9,073 9,676 9,696 9,892 9,405 7,361 46,353 47,025 47,440 47,515 46,553 47,038 47,562 47,723 48,222 48,441 48,579 47,860 47,778 32,671 32,731 32,929 32,965 32,954 33,456 33,517 33,561 33,742 33,753 33,765 34,184 34,205 16,254 16,328 16,394 16,436 16,506 16,546 16,603 16,650 16,672 16,699 16,729 16,746 16,776 210,795 209,866 205,677 213,830 212,262 211,077 215,046 215,942 214,979 214,556 216,189 215,358 220,133 681,009 677,734 674,415 702,043 698,445 695,386 710,949 707,547 703,967 699,976 696,704 693,556 708,884 318,504 319,869 312,288 319,377 317,308 313,908 326,096 328,005 321,962 323,477 330,969 323,086 337,668 22,127 22,147 22,387 22,410 22,546 22,709 22,737 22,758 23,019 23,132 23,104 18,725 18,770 1,959,116 1,964,689 1,948,810 1,968,262 1,970,844 1,972,416 2,024,392 2,042,616 2,046,490 2,054,564 2,076,763 2,081,808 2,140,243 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) 2003 ..................... 2004 ..................... 2005 ..................... 2006 ..................... 2007 ..................... 2,963 3,013 3,123 3,029 3,182 24,849 17,439 17,204 33,061 39,248 13,578 10,212 8,271 10,998 12,205 11,246 10,949 10,597 10,189 9,752 2,651 1,283 1,218 4,233 979 503 627 570 477 596 - 48,188 45,239 54,806 66,213 74,923 356,349 406,004 427,868 484,104 555,118 2007 - June .......... July........... Aug........... Sept.......... Oct............. Nov........... Dec........... 2008 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... 3,140 3,153 3,166 3,182 3,184 3,212 3,257 3,266 3,273 3,278 3,303 3,298 3,304 34,802 39,308 46,780 39,248 39,160 36,613 42,716 43,358 40,010 46,939 47,217 42,827 50,137 15,002 14,412 13,020 12,205 10,413 11,306 11,247 11,606 12,319 11,578 13,055 10,659 9,979 10,018 9,936 9,845 9,752 9,674 9,603 9,810 9,722 9,626 9,530 9,437 9,355 9,535 1,937 1,913 3,389 979 600 600 1,200 1,000 1,000 1,000 1,000 1,200 1,200 432 578 603 596 515 547 356 487 636 489 522 463 451 - 75,135 73,723 77,160 74,923 73,501 74,839 73,563 70,471 70,538 66,964 66,208 79,931 79,108 551,613 550,842 552,359 555,118 617,899 614,921 614,858 617,922 619,501 619,613 620,206 602,364 602,547 Note.—Detail may not add to totals due to rounding. September 2008 FEDERAL DEBT 24 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Farm Credit System Financial Assistance Corporation (3) Other independent Tennessee Valley Authority (4) 2003 ............................ 25,952 279 325 24,876 251 221 2004 ............................ 24,183 200 325 23,253 243 163 2005 ............................ 23,637 146 - 23,097 235 159 2006 ............................ 23,392 112 - 22,899 225 156 2007 ............................ 22,959 85 - 22,506 215 153 2007 - June ................. 23,162 86 - 22,698 220 158 July.................. 23,287 84 - 22,823 220 159 Aug.................. 23,001 83 - 22,551 215 152 Sept................. 22,959 85 - 22,506 215 153 Oct................... 23,011 83 - 22,559 215 153 Nov.................. 23,097 84 - 22,644 215 154 Dec ................... 23,145 84 - 22,690 215 156 2008 - Jan ................... 23,102 68 - 22,662 215 157 Feb ................... 22,978 69 - 22,550 210 149 Mar ................... 23,464 69 - 23,035 210 150 Apr.................... 23,163 66 - 22,735 210 151 May................... 23,170 67 - 22,741 210 152 June.................. 23,527 65 - 23,101 210 151 End of fiscal year or month Note.—Detail may not add to totals due to rounding. September 2008 National Archives and Records Administration (5) Other (6) FEDERAL DEBT 25 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Maturity classes End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (7) 2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 2006 ............................... 3,496,359 1,140,553 1,295,589 589,748 290,733 179,736 4 yrs. 11 mos. 2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. 2007 - June .................... 3,514,691 1,075,672 1,296,936 679,143 286,376 176,564 4 yrs. 11 mos. July ..................... 3,598,529 1,102,053 1,349,349 677,402 292,887 176,838 4 yrs. 11 mos. Aug ..................... 3,702,458 1,215,692 1,333,432 682,935 291,975 178,425 4 yrs. 10 mos. Sept .................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 4 yrs. 10 mos. Oct...................... 3,671,046 1,171,587 1,332,632 696,633 291,857 178,337 4 yrs. 10 mos. Nov ..................... 3,749,458 1,272,770 1,309,028 692,196 310,684 164,780 4 yrs. 9 mos. Dec ..................... 3,781,877 1,295,981 1,309,642 700,562 310,814 164,878 4 yrs. 9 mos. 2008 - Jan ...................... 3,805,408 1,315,046 1,295,456 710,580 319,185 165,140 4 yrs. 9 mos. Feb ..................... 3,933,939 1,451,105 1,294,886 691,672 319,156 174,120 4 yrs. 8 mos. Mar ..................... 4,127,033 1,607,155 1,323,534 702,527 319,481 174,336 4 yrs. 5 mos. Apr...................... 4,079,776 1,509,658 1,366,837 709,124 338,330 155,827 4 yrs. 6 mos. May..................... 4,162,323 1,618,739 1,329,756 718,171 333,602 162,056 4 yrs. 6 mos. June.................... 4,203,532 1,580,568 1,396,177 730,327 334,145 162,224 4 yrs. 6 mos. Note.—Detail may not add to totals due to rounding. September 2008 FEDERAL DEBT 26 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 6,737,288 265 6,783,231 265 45,943 7,333,350 7,333,166 184 7,379,053 184 45,887 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 2006 ................................................ 8,965,000 8,420,278 8,420,183 96 8,506,974 96 86,792 2007 ................................................ 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 2007 - June ..................................... 8,965,000 8,779,168 8,779,098 70 8,867,675 70 88,577 July ...................................... 8,965,000 8,845,417 8,845,348 68 8,932,438 68 87,090 Aug ...................................... 8,965,000 8,918,493 8,918,425 67 9,005,649 67 87,224 Sept ..................................... 9,815,000 8,921,343 8,921,274 69 9,007,653 69 86,379 Oct....................................... 9,815,000 8,994,639 8,994,570 68 9,079,086 68 84,516 Nov ...................................... 9,815,000 9,065,827 9,065,758 69 9,149,341 69 83,583 Dec ...................................... 9,815,000 9,144,715 9,144,647 68 9,229,173 68 84,525 2008 - Jan ....................................... 9,815,000 9,155,842 9,155,791 52 9,238,008 52 82,218 Feb ...................................... 9,815,000 9,275,683 9,275,631 53 9,358,051 53 82,421 Mar ...................................... 9,815,000 9,358,135 9,358,082 53 9,437,594 53 79,512 Apr....................................... 9,815,000 9,298,567 9,298,517 50 9,377,557 50 79,041 May...................................... 9,815,000 9,324,137 9,324,086 51 9,388,799 51 64,714 June..................................... 9,815,000 9,427,901 9,427,850 51 9,492,006 51 64,156 Debt subject to limit Statutory debt limit (1) Total (2) 2003 ................................................ 7,384,000 6,737,553 2004 ................................................ 7,384,000 2005 ................................................ End of fiscal year or month 1 Consists of guaranteed debt issued by the Federal Housing Administration. September 2008 Public debt (3) Securities outstanding FEDERAL DEBT 27 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 224,472 213,321 211,763 228,065 219,079 24,858 15,956 26,851 22,578 10,662 15,291 16,560 18,489 20,432 22,803 11,498 11,937 12,608 12,911 13,803 379 474 461 485 420 1,321 1,897 1,979 1,358 1,448 2007 - June ..................................... July...................................... Aug...................................... Sept ..................................... Oct....................................... Nov...................................... Dec...................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... 234,174 234,676 232,552 219,079 228,388 232,107 224,572 229,879 231,100 230,254 229,880 233,312 229,296 14,291 13,645 12,796 10,662 17,653 20,533 10,918 12,614 12,808 12,820 12,287 11,960 11,555 22,217 22,251 22,695 22,803 22,803 23,247 23,084 23,331 23,538 23,447 23,613 23,878 23,959 14,026 14,031 14,307 13,803 13,803 14,053 14,198 14,321 14,475 14,354 14,478 14,621 14,624 507 507 518 420 420 428 431 435 439 440 442 444 447 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 1,448 End of fiscal year or month End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 91,938 96,530 104,471 105,522 103,973 2,698 2,900 2,777 2,482 2,241 8,794 7,635 7,548 6,258 4,573 2,640 1,203 239 - 36,657 29,305 12,413 16,618 17,609 2007 - June ..................................... July...................................... Aug...................................... Sept..................................... Oct....................................... Nov...................................... Dec...................................... 2008 - Jan ....................................... Feb ...................................... Mar...................................... Apr ...................................... May ..................................... June .................................... 116,974 118,159 114,432 103,973 107,801 107,801 109,587 113,250 113,250 115,120 115,120 115,894 116,026 2,462 2,412 2,301 2,241 2,241 2,221 2,221 2,201 2,201 2,201 2,100 2,200 2,200 6,258 6,258 6,258 4,573 4,573 4,573 4,573 4,573 4,573 4,573 4,573 4,573 4,573 - 15,273 14,696 15,757 17,609 15,836 16,194 16,284 15,418 15,090 14,430 13,746 14,913 15,156 September 2008 FEDERAL DEBT 28 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2003 ...................................... 7,281 2,954 6,627 11,538 2004 ...................................... 7,237 2,962 8,546 10,179 2005 ...................................... 5,848 2,973 7,695 7,411 2006 ...................................... 4,911 2,958 9,303 22,249 2007 ...................................... 4,364 2,945 11,366 22,872 2007 - June ........................... 4,364 2,120 10,863 23,371 July............................ 4,364 2,407 10,866 23,632 Aug............................ 4,364 2,660 11,366 23,652 Sept........................... 4,364 2,945 11,366 22,872 Oct............................. 4,364 3,229 11,366 22,851 Nov............................ 4,364 3,482 11,366 22,399 Dec............................ 4,364 3,768 11,366 22,331 2008 - Jan ............................. 4,364 4,064 11,366 22,495 Feb ............................ 4,364 4,312 11,901 22,701 Mar ............................ 4,364 4,597 9,133 23,327 Apr............................. 4,364 4,881 9,133 23,696 May ........................... 4,364 5,149 9,138 24,728 June .......................... 3,552 2,221 9,138 24,397 End of fiscal year or month Note.—Detail may not add to totals due to rounding. September 2008 29 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. • Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. • Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: Additional information, including maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding, can now be found on the Bureau of Public Debt’s website at http://www.treasurydirect.gov/govt/ reports/pd/pd_ pdotables_downloadable_files.htm. Note: On April 30, 2008, Treasury announced the reintroduction of the 52-week bill. The first auction of this security took place on June 3, 2008. TREASURY FINANCING: APRIL-JUNE [Source: Bureau of the Public Debt, Office of Financing] APRIL Auction of 9-Year 9-Month 1-5/8 Percent Treasury Inflation-Protected Security (TIPS) Cash Management Bills On March 26, 2008, Treasury announced it would auction $26,000 million of 15-day bills. They were issued April 1 and matured April 16. The issue was to raise new cash. Treasury auctioned the bills on March 27. Tenders totaled $75,095 million; Treasury accepted $26,001 million. The high bank discount rate was 1.800 percent. On April 7, Treasury announced it would auction $25,000 million of 5-day bills. They were issued April 10 and matured April 15. The issue was to raise new cash. Treasury auctioned the bills on April 8. Tenders totaled $69,631 million; Treasury accepted $25,000 million. The high bank discount rate was 2.290 percent. On April 14, Treasury announced it would auction $20,000 million of 6-day bills. They were issued April 16 and matured April 22. The issue was to raise new cash. Treasury auctioned the bills on April 15. Tenders totaled $51,929 million; Treasury accepted $20,000 million. The high bank discount rate was 2.000 percent. On April 7, 2008, Treasury announced it would auction $6,000 million of 9-year 9-month TIPS to raise new cash of approximately $6,000 million. The 9-year 9-month TIPS of Series A-2018 were dated January 15 and issued April 15. They are due January 15, 2018, with interest payable on July 15 and January 15 until maturity. Treasury received tenders for the TIPS 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 10. Tenders totaled $12,640 million; Treasury accepted $6,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.250 percent with an equivalent adjusted price of $104.353623. Treasury accepted in full all competitive tenders at yields lower than 1.250. Tenders at the high yield were allotted 71.42 percent. The median yield was 1.200 percent, and the low yield was 1.150 percent. Noncompetitive tenders totaled $57 million. Competitive tenders accepted from private investors totaled $5,843 million. Adjusted accrued interest of 4.09874 per $1,000 must be paid for the period from January 15 to April 15. Both the unadjusted price of $103.431018 and the unadjusted accrued interest of $4.06250 were adjusted by an index ratio of 1.00892, for the period September 2008 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. from January 15 to April 15. The minimum par amount required for STRIPS of TIPS of Series A-2018 is $100. Auction of 5-Year TIPS On April 17, 2008, Treasury announced it would auction $8,000 million of 5-year TIPS. The issue was to refund $21,609 million of securities maturing April 30 and to raise new cash of approximately $35,391 million. The 5-year TIPS of Series J-2013 were dated April 15 and issued April 30. They are due April 15, 2013, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accepted on a yield auction basis. 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 22. Tenders totaled $17,600 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.745 percent with an equivalent adjusted price of $99.560900. Treasury accepted in full all competitive tenders at yields lower than 0.745 percent. Tenders at the high yield were allotted 99.07 percent. The median yield was 0.710 percent, and the low yield was 0.500 percent. Noncompetitive tenders totaled $111 million. Competitive tenders accepted from private investors totaled $7,889 million. Adjusted accrued interest of $0.25652 per $1,000 must be paid for the period from April 15 to April 30. Both the unadjusted price of $99.416746 and the unadjusted accrued interest of $0.25615 were adjusted by an index ratio of 1.00145, for the period from April 15 to April 30. In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $734 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series J-2013 is $100. Auction of 2-Year Notes On April 21, 2008, Treasury announced it would auction $30,000 million of 2-year notes of Series X-2010. The issue was to refund $21,609 million of securities maturing April 30 and to raise new cash of approximately $35,391 million. The notes of Series X-2010 were dated and issued April 30. They are due April 30, 2010, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-1/8 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 April 23. Tenders totaled $66,232 million; Treasury accepted $30,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.225 percent with the September 2008 equivalent price of $99.805441. Treasury accepted in full all competitive tenders at yields lower than 2.225 percent. Tenders at the high yield were allotted 50.99 percent. The median yield was 2.190 percent, and the low yield was 2.147 percent. Noncompetitive tenders totaled $546 million. Competitive tenders accepted from private investors totaled $29,429 million. In addition to the $30,000 million of tenders accepted in the auction process, Treasury accepted $2,752 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series X-2010 is $100. Auction of 5-Year Notes On April 21, 2008, Treasury announced it would auction $19,000 million of 5-year notes of Series K-2013. The issue was to refund $21,609 million of securities maturing April 30 and to raise new cash of approximately $35,391 million. The notes of Series K-2013 were dated and issued April 30. They are due April 30, 2013, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 3-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the 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 24. Tenders totaled $31,381 million; Treasury accepted $19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.159 percent with an equivalent price of $99.843881. Treasury accepted in full all competitive tenders at yields lower than 3.159 percent. Tenders at the high yield were allotted 83.87 percent. The median yield was 3.090 percent, and the low yield was 3.020 percent. Noncompetitive tenders totaled $49 million. Competitive tenders accepted from private investors totaled $18,926 million. In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $1,743 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2013 is $100. MAY Cash Management Bills On May 12, 2008, Treasury announced it would auction $32,000 million of 126-day bills. They were issued May 15 and mature September 18. The issue was to raise new cash. Treasury auctioned the bills on May 14. Tenders totaled $104,422 million; Treasury accepted $32,000 million. The high bank discount rate was 1.865 percent. PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, con. On May 15, Treasury announced it would auction $18,000 million of 30-day bills. They were issued May 20 and matured June 19. The issue was to raise new cash. Treasury auctioned the bills on May 19. Tenders totaled $59,592 million; Treasury accepted $18,000 million. The high bank discount rate was 1.990 percent. On May 27, Treasury announced it would auction $19,000 million of 17-day bills. They were issued May 30 and matured June 16. The issue was to raise new cash. Treasury auctioned the bills on May 29. Tenders totaled $59,437 million; Treasury accepted $19,000 million. The high bank discount rate was 2.150 percent. May Quarterly Financing On April 30, 2008, Treasury announced it would auction $15,000 million of 10-year notes of Series C-2018 and $6,000 million of 29-year 9-month 4-3/8 percent Bonds of February 2038 to refund $74,004 million of Treasury securities maturing on May 15 and to pay down approximately $53,004 million. The 10-year notes of Series C-2018 were dated and issued May 15. They are due May 15, 2018, 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 7. Tenders totaled $33,084 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.937 percent with an equivalent price of $99.491561. Treasury accepted in full all competitive tenders at yields lower than 3.937 percent. Tenders at the high yield were allotted 39.63 percent. The median yield was 3.883 percent, and the low yield was 3.820 percent. Noncompetitive tenders totaled $149 million. Competitive tenders accepted from private investors totaled $14,726 million. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $8,077 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2018 is $100. The 29-year 9-month 4-3/8 percent Bonds of February 2038 were dated February 15 and issued May 15. They are due February 15, 2038, with interest payable on August 15 and February 15 until maturity. 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 8. Tenders totaled $16,167 million; Treasury accepted $6,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.599 percent with an equivalent price of $96.375954. Treasury accepted in full all competitive tenders at yields lower than 4.599 percent. Tenders at the high yield were allotted 21.13 percent. The median yield was 4.564 percent, and the low yield was 4.500 percent. Noncompetitive tenders totaled $27 million. Competitive tenders accepted from private investors totaled $5,973 million. Accrued interest of $10.81731 per $1,000 must be paid for the period from February 15 to May 15. In addition to the $6,000 million of tenders accepted in the auction process, Treasury accepted $3,231 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2038 is $100. JUNE Cash Management Bills On June 9, 2008, Treasury announced it would auction $22,000 million of 5-day bills. They were issued June 11 and matured June 16. The issue was to raise new cash. Treasury auctioned the bills on June 10. Tenders totaled $52,601 million; Treasury accepted $22,000 million. The high bank discount rate was 2.190 percent. Auction of 2-Year Notes On May 22, 2008, Treasury announced it would auction $30,000 million of 2-year notes of Series Y-2010. The issue was to refund $22,004 million of securities maturing May 31 and to raise new cash of approximately $26,996 million. The notes of Series Y-2010 were dated May 31 and issued June 2. They are due May 31, 2010, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 2-5/8 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 May 28. Tenders totaled $68,322 million; Treasury accepted $30,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.640 percent with an equivalent price of $99.970857. Treasury accepted in full all competitive tenders at yields lower than 2.640 percent. Tenders at the high yield were allotted 21.12 percent. The median yield was 2.590 percent, and the low yield was 2.550 percent. Noncompetitive tenders totaled $767 million. Competitive tenders accepted from private investors totaled $29,208 million. Accrued interest of $0.14344 per $1,000 must be paid for the period from May 31 to June 2. September 2008 32 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. In addition to the $30,000 million of tenders accepted in the auction process, Treasury accepted $2,405 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2010 is $100. Auction of 5-Year Notes On May 22, 2008, Treasury announced it would auction $19,000 million of 5-year notes of Series L-2013. The issue was to refund $22,004 million of securities maturing May 31 and to raise new cash of approximately $26,996 million. The notes of Series L-2013 were dated May 31 and issued June 2. They are due May 31, 2013, 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 29. Tenders totaled $34,915 million; Treasury accepted $19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.520 percent with an equivalent price of $99.908798. Treasury accepted in full all competitive tenders at yields lower than 3.520 percent. Tenders at the high yield were allotted 86.36 percent. The median yield was 3.465 percent, and the low yield was 3.390 percent. Noncompetitive tenders totaled $118 million. Competitive tenders accepted from private investors totaled $18,857 million. Accrued interest of $0.19126 per $1,000 must be paid for the period from May 31 to June 2. In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $1,523 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2013 is $100. 52-Week Bills On May 29, 2008, Treasury announced it would auction $16,000 million of 364-day Treasury bills. They were issued June 5, 2008, and will mature June 4, 2009. The issue was to refund $76,000 million of all maturing bills and raise new cash of approximately $11,000 million. Treasury auctioned the bills on June 3. Tenders totaled $52,804 million; Treasury accepted $16,000 million. That included $76 million of noncompetitive tenders from the public. The high bank discount rate was 2.105 percent. Auction of 9-Year 11-Month 3-7/8 Percent Notes On June 9, 2008, Treasury announced that it would auction $11,000 million of 9-year 11-month 3-7/8 percent notes of Series C-2018. The issue was to raise new cash of approximately $11,000 million. September 2008 The notes of Series C-2018 were dated May 15 and issued June 16. They are due May 15, 2018, with interest payable on November 15 and May 15 until maturity. 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 12. Tenders totaled $25,612 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.225 percent with an equivalent price of $97.183235. Treasury accepted in full all competitive tenders at yields lower than 4.225 percent. Tenders at the high yield were allotted 3.21 percent. The median yield was 4.179 percent, and the low yield was 4.149 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $10,970 million. Accrued interest of $3.36957 per $1,000 must be paid for the period from May 15 to June 16. The minimum par amount required for STRIPS of notes of Series C-2018 is $100. Auction of 2-Year Notes On June 19, 2008, Treasury announced it would auction $30,000 million of 2-year notes of Series Z-2010. The issue was to refund $21,138 million of securities maturing June 30 and to raise new cash of approximately $28,862 million. The notes of Series Z-2010 were dated and issued June 30. They are due June 30, 2010, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 2-7/8 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 June 24. Tenders totaled $79,287 million; Treasury accepted $30,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.922 percent with an equivalent price of $99.909336. Treasury accepted in full all competitive tenders at yields lower than 2.922 percent. Tenders at the high yield were allotted 4.05 percent. The median yield was 2.899 percent, and the low yield was 2.850 percent. Noncompetitive tenders totaled $696 million. Competitive tenders accepted from private investors totaled $29,277 million. In addition to the $30,000 million of tenders accepted in the auction process, Treasury accepted $3,216 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2010 is $100. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, con. Auction of 5-Year Notes On June 19, 2008, Treasury announced it would auction $20,000 million of 5-year notes of Series M-2013. The issue was to refund $21,138 million of securities maturing June 30 and to raise new cash of approximately $28,862 million. The notes of Series M-2013 were dated and issued June 30. They are due June 30, 2013, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. e.d.s.t. for competitive tenders on June 26. Tenders totaled $49,590 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.440 percent with an equivalent price of $99.703743. Treasury accepted in full all competitive tenders at yields lower than 3.440 percent. Tenders at the high yield were allotted 83.47 percent. The median yield was 3.409 percent, and the low yield was 3.350 percent. Noncompetitive tenders totaled $91 million. Competitive tenders accepted from private investors totaled $19,884 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $2,144 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2013 is $100. September 2008 PUBLIC DEBT OPERATIONS 34 TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Regular weekly: (4 week, 13 week, and 26 week) 2008 - Apr. 03 .................. 2008 - May 01 July 03 Oct. 02 Apr. 10 ................. May 08 July 10 Oct. 09 Apr. 17 ................. May 15 July 17 Oct. 16 Apr. 24 ................. May 22 July 24 Oct. 23 May 01................. May 29 July 31 Oct. 30 May 08................. June 05 Aug. 07 Nov. 06 May 15................. June 12 Aug. 14 Nov. 13 May 22................. June 19 Aug. 21 Nov. 20 May 29................. June 26 Aug. 28 Nov. 28 June 05................ July 03 Sept. 04 Dec. 04 June 12................ July 10 Sept. 11 Dec. 11 June 19................ July 17 Sept. 18 Dec. 18 June 26................ July 24 Sept. 25 Dec. 26 1 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 183 28 91 182 28 91 182 28 91 182 28 91 183 59,862.6 55,529.6 52,299.6 39,211.5 62,174.5 50,038.3 34,215.4 66,000.8 51,524.5 36,891.4 54,800.4 41,588.7 49,783.5 58,367.9 58,589.9 72,052.8 54,858.3 54,331.2 91,317.5 65,494.1 56,624.9 115,134.9 75,133.6 66,306.0 66,111.0 69,887.6 62,198.1 62,516.2 73,996.7 64,482.8 61,524.4 63,804.8 58,981.4 62,281.8 54,380.8 48,673.7 56,265.0 57,834.2 57,336.4 Amounts of bids accepted On On nonTotal competitive competitive basis basis 3 amount 2 (6) (4) (5) High price per hundred (7) 18,000.1 24,000.0 21,000.0 10,000.1 24,000.2 21,000.1 10,717.9 24,373.9 22,518.0 11,787.9 21,381.3 22,052.9 14,000.0 20,000.0 20,000.1 24,000.0 22,000.1 21,000.1 33,000.2 24,000.0 23,000.2 32,000.1 25,000.0 23,000.1 27,000.0 25,000.2 23,000.1 23,000.1 24,000.3 24,000.2 23,000.1 24,000.0 24,000.1 20,000.0 23,000.2 24,000.1 20,000.1 22,000.0 23,000.1 99.881778 99.636000 99.241667 99.902000 99.633472 99.191111 99.933889 99.732056 99.302333 99.945556 99.666333 99.150667 99.902778 99.641056 99.140556 99.879444 99.593028 99.120333 99.854556 99.545000 99.064722 99.846778 99.531097 99.047028 99.847167 99.527306 99.024000 99.853778 99.539944 99.014167 99.845222 99.532361 98.963611 99.856889 99.481806 98.811944 99.877111 99.531097 98.853708 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 2008 17,582.9 22,349.8 19,556.4 9,635.2 22,456.3 19,644.8 7,589.5 20,408.0 18,304.1 7,755.2 18,419.4 18,537.5 13,440.0 17,604.1 17,832.9 23,637.9 20,281.8 19,654.8 32,645.5 22,129.3 21,550.7 31,750.6 23,166.1 21,611.8 26,206.5 22,278.8 20,797.8 22,614.9 22,218.8 22,530.4 22,467.5 22,120.8 22,577.6 19,632.1 21,258.9 22,649.7 19,284.1 19,338.4 20,686.9 417.1 1,538.2 1,243.6 364.9 1,543.9 1,155.3 410.5 1,567.4 1,203.9 234.9 1,561.1 1,207.5 313.7 1,613.4 1,266.8 362.1 1,618.3 1,220.2 354.7 1,733.9 1,274.5 249.5 1,767.4 1,208.3 328.7 1,725.2 1,202.9 375.2 1,681.6 1,219.8 432.6 1,659.2 1,222.5 367.9 1,741.3 1,150.4 346.4 1,662.3 1,315.2 High discount rate (percent) (8) High investment rate (percent) 4 (9) 1.520 1.440 1.500 1.260 1.450 1.600 0.850 1.060 1.380 0.700 1.320 1.680 1.250 1.420 1.700 1.550 1.610 1.740 1.870 1.800 1.850 1.970 1.855 1.885 1.965 1.870 1.920 1.880 1.820 1.950 1.990 1.850 2.050 1.840 2.050 2.350 1.580 1.855 2.255 1.543 1.465 1.532 1.279 1.476 1.635 0.862 1.078 1.409 0.710 1.343 1.718 1.269 1.445 1.739 1.573 1.639 1.780 1.899 1.833 1.893 2.000 1.890 1.930 1.995 1.905 1.966 1.909 1.854 1.997 2.021 1.885 2.100 1.868 2.089 2.411 1.604 1.890 2.313 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 35 TABLE PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) Description of securities 1 (2) 07/12/07 07/24/07 07/25/07 07/26/07 08/08/07 08/09/07 08/14/07 08/15/07 08/29/07 08/29/07 08/30/07 09/12/07 09/13/07 09/26/07 09/27/08 10/11/07 10/23/07 10/24/07 10/25/07 11/07/07 11/08/07 11/14/07 11/28/07 11/29/07 11/29/07 12/11/07 12/13/07 12/26/07 12/27/07 01/10/08 01/24/08 01/28/08 01/29/08 02/13/08 02/06/08 02/07/08 02/14/08 02/26/08 02/27/08 02/28/08 02/28/08 03/13/08 03/25/08 03/26/08 03/27/08 03/27/08 04/08/08 04/10/08 04/15/08 04/22/08 04/23/08 04/24/08 05/14/08 05/07/08 05/08/08 05/19/08 05/29/08 05/28/08 05/29/08 06/03/08 06/10/08 06/12/08 06/24/08 06/26/08 07/16/07 07/31/07 07/31/07 07/31/07 08/15/07 08/15/07 08/15/07 08/15/07 08/31/07 08/31/07 08/31/07 09/13/07 09/17/07 10/01/07 10/01/07 10/15/07 10/31/07 10/31/07 10/31/07 11/15/07 11/15/07 11/15/07 11/30/07 11/30/07 12/03/07 12/12/07 12/17/07 12/31/07 12/31/07 01/15/08 01/31/08 01/31/08 01/31/08 02/14/08 02/15/08 02/15/08 02/15/08 02/27/08 02/29/08 02/29/08 03/03/08 03/17/08 03/27/08 03/31/08 03/31/08 04/01/08 04/10/08 04/15/08 04/16/08 04/30/08 04/30/08 04/30/08 05/15/08 05/15/08 05/15/08 05/20/08 05/30/08 06/02/08 06/02/08 06/05/08 06/11/08 06/16/08 06/30/08 06/30/08 2-5/8% TIPS—07/15/17-D 2-3/8% TIPS—01/15/27 4-5/8% note—07/31/09-AB 4-5/8% note—07/31/12-N 4-3/4% note—08/15/17-E 5% bond—05/15/37 5.030% bill—08/16/07 4.100% bill—08/23/07 4.500% bill—09/17/07 4% note—08/31/09-AC 4-1/8% note—08/31/12-P 4.620% bill—09/17/07 4-3/4% note—08/15/17-E 4% note—09/30/09-AD 4-1/4% note—09/30/12-Q 2-5/8% TIPS—07/15/17-D 2% TIPS—04/15/12-J 3-5/8% note—10/31/09-AE 3-7/8% note—10/31/12-R 4-1/4% note—11/15/17-F 5% bond—05/15/37 4.100% bill—11/23/07 3-1/8% note—11/30/09-AF 3-3/8% note—11/30/12-S 3.860% bill—12/17/07 4.000% bill—12/17/07 4-1/4% note—11/15/17-F 3-1/4% note—12/31/09-AG 3-5/8% note—12/31/12-T 1-5/8% TIPS—01/15/18-A 1-3/4% TIPS—01/15/28 2-1/8% note—01/31/10-U 2-7/8% note—01/31/13-F 2.440% bill—04/17/08 3-1/2% note—02/15/18-B 4-3/8% bond—02/15/38 2.510% bill—04/15/08 2.400% bill—03/17/08 2% note—02/28/10-V 2-3/4% note—02/28/13-G 2.550% bill—03/17/08 3-1/2% note—02/15/18-B 1.340% bill—04/21/08 1-3/4% note—03/31/10-W 2-1/2% note—03/31/13-H 1.800% bill—04/16/08 2.290% bill—04/15/08 1-5/8% TIPS—01/15/18-A 2.000% bill—04/22/08 0-5/8% TIPS—04/15/13-J 2-1/8% note—04/30/10-X 3-1/8% note—04/30/13-K 1.865% bill—09/18/08 3-7/8% note—05/15/18-C 4-3/8% bond—02/15/38 1.990% bill—06/19/08 2.150% bill—06/16/08 2-5/8% note—05/31/10-Y 3-1/2% note—05/31/13-L 2.105% bill—06/04/09 2.190% bill—06/16/08 3-7/8% note—05/15/18-C 2-7/8% note—06/30/10-Z 3-3/8% note—06/30/13-M 1 Period to final maturity (years, months, days) 2 (3) Amount tendered (4) 10y 19y 2y 5y 10y 29y 15,735 14,667 50,443 30,747 36,896 18,961 63,185 31,550 49,304 75,697 38,732 28,056 23,613 63,184 40,043 12,289 15,789 60,995 37,452 37,127 17,459 45,160 48,687 32,367 108,231 30,331 17,812 53,560 32,720 17,627 15,275 58,840 31,875 66,306 36,636 20,666 94,280 38,191 58,415 38,478 84,285 17,949 48,571 72,406 38,262 75,095 69,631 12,640 51,929 18,334 68,984 33,123 104,422 41,161 19,397 59,592 59,437 70,728 36,439 52,804 52,601 25,612 82,503 51,734 6m 9m 2y 5y 9y 2y 5y 9y 4y 2y 5y 10y 29y 11m 6m 11m 11m 2y 5y 9m 5y 2y 5y 10y 29y 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. 14d 25d 15d 5d 6d 126d 9m 2y 5y 9y 2y 5y 14d 5d 60d 19d 2y 5y 9y 8d 63d 10y 30y 9y 4d 9m 6m 2y 5y 9y 2y 5y 10y 20y 2y 5y 1d 8d 17d 11m 30d 17d 364d 5d Amount accepted 3, 4 (5) 8,000 7,294 21,882 15,804 20,000 13,846 26,000 10,000 20,000 22,280 16,091 7,000 8,000 21,984 15,877 6,000 7,158 23,860 15,509 19,674 7,567 15,000 24,543 15,953 30,000 8,000 8,000 26,497 15,657 10,412 8,974 26,923 15,705 19,000 19,204 13,295 30,000 10,000 28,900 17,785 30,000 10,000 20,000 31,992 20,566 26,001 25,000 6,000 20,000 8,734 32,752 20,743 32,000 23,077 9,231 18,000 19,000 32,406 20,524 16,000 22,000 11,000 33,217 22,144 Accepted yield and equivalent price for notes and bonds (6) 2.749 - 98.942199 2.600 - 99.570169 4.735 - 99.792429 4.640 - 99.933745 4.855 - 99.175936 5.059 - 99.081933 4.115 - 99.781361 4.248 - 99.451138 4.493 - 102.029801 4.000 - 99.999787 4.250 - 99.999760 2.360 - 102.721944 1.954 - 102.667445 3.723 - 99.812793 3.993 - 99.469930 4.353 - 99.172070 4.666 - 105.322155 3.159 - 99.934603 3.415 - 99.817568 4.164 - 100.686354 3.285 - 99.932783 3.651 - 99.882153 1.655 - 99.724557 1.807 - 99.351033 2.237 - 99.782126 2.909 - 99.842844 3.620 - 99.000685 4.449 - 98.780998 2.045 - 99.912254 2.755 - 99.976794 3.510 - 99.912591 1.761 - 99.978476 2.595 - 99.557209 1.250 - 104.353623 0.745 - 99.560900 2.225 - 99.805441 3.159 - 99.843881 3.937 - 99.491561 4.599 - 96.375954 2.640 - 99.970857 3.520 - 99.908798 4.225 - 97.183235 2.922 - 99.909336 3.440 - 99.703743 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 2008 36 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. September 2008 • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 37 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] Total Federal securities outstanding (1) Total outstanding (2) 2003 ................................................ 2004 ................................................ 2005 ................................................ 2006 ................................................ 2007 ................................................ 6,809,272 7,403,236 7,956,346 8,530,366 9,030,612 2007 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2008 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... 8,890,838 8,955,724 9,028,649 9,030,612 9,102,096 9,172,438 9,252,317 9,261,110 9,381,029 9,461,058 9,400,719 9,411,969 9,515,532 End of fiscal year or month Public debt securities Held by U.S. Government accounts Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 6,783,320 7,379,053 7,932,710 8,506,974 9,007,653 2,859,275 3,075,687 3,331,333 3,663,773 3,958,417 311 142 1 1 1 2,858,964 3,075,545 3,331,332 3,663,772 3,958,416 654,593 698,207 733,439 764,828 774,913 8,867,677 8,932,438 9,005,648 9,007,653 9,079,086 9,149,341 9,229,172 9,238,008 9,358,051 9,437,594 9,377,557 9,388,798 9,492,006 3,924,650 3,928,865 3,908,720 3,958,417 4,012,039 4,002,846 4,092,890 4,105,795 4,098,349 4,103,552 4,133,040 4,110,207 4,206,987 1 1 1 1 1 1 1 1 1 1 1 - 3,924,649 3,928,864 3,908,719 3,958,416 4,012,038 4,002,845 4,092,889 4,105,794 4,098,348 4,103,551 4,133,039 4,110,207 4,206,987 786,149 786,150 774,913 774,913 774,913 774,913 735,735 708,807 708,806 586,473 543,805 481,632 473,303 Public debt securities, con. Held by private investors End of fiscal year or month Agency securities Nonmarketable (9) Total outstanding (10) Held by private investors (11) Total (7) Marketable (8) 2003 .................................................................... 2004 .................................................................... 2005 .................................................................... 2006 .................................................................... 2007 .................................................................... 3,269,363 3,605,159 3,867,938 4,078,373 4,274,323 2,805,814 3,147,752 3,351,440 3,538,210 3,673,220 463,549 457,407 516,498 540,163 601,103 25,952 24,183 23,637 23,392 22,959 25,952 24,183 23,637 23,392 22,959 2007 - June ......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct........................................................... Nov .......................................................... Dec .......................................................... 2008 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr........................................................... May.......................................................... June......................................................... 4,156,876 4,217,423 4,322,016 4,274,323 4,292,134 4,371,582 4,400,548 4,423,406 4,550,896 4,747,569 4,700,712 4,796,960 4,811,716 3,552,951 3,617,270 3,721,285 3,673,220 3,689,816 3,768,346 3,800,849 3,824,078 3,952,580 4,145,887 4,098,756 4,203,552 4,223,123 603,925 600,153 600,730 601,103 602,318 603,237 599,698 599,328 598,316 601,682 601,956 593,408 588,594 23,162 23,287 23,001 22,959 23,011 23,097 23,145 23,102 22,978 23,464 23,163 23,170 23,527 23,162 23,287 23,001 22,959 23,011 23,097 23,145 23,102 22,978 23,464 23,163 23,170 23,527 September 2008 OWNERSHIP OF FEDERAL SECURITIES 38 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] End of month Total public debt 1 (1) Federal Reserve and Intragovernmental Holdings 2 (2) 1997 - Mar......... June ....... Sept........ Dec......... 1998 - Mar......... June ....... Sept........ Dec......... 1999 - Mar......... June ....... Sept........ Dec......... 2000 - Mar......... June ....... Sept........ Dec......... 2001 - Mar......... June ....... Sept........ Dec......... 2002 - Mar......... June ....... Sept........ Dec......... 2003 - Mar......... June ....... Sept........ Dec......... 2004 - Mar......... June ....... Sept........ Dec......... 2005 - Mar......... June ....... Sept........ Dec......... 2006 - Mar......... June ....... Sept........ Dec......... 2007 - Mar......... June ....... Sept........ Dec......... 2008 - Mar......... June ....... 5,380.9 5,376.2 5,413.1 5,502.4 5,542.4 5,547.9 5,526.2 5,614.2 5,651.6 5,638.8 5,656.3 5,776.1 5,773.4 5,685.9 5,674.2 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 7,932.7 8,170.4 8,371.2 8,420.0 8,507.0 8,680.2 8,849.7 8,867.7 9,007.7 9,229.2 9,437.6 9,492.0 1,928.7 1,998.9 2,011.5 2,087.8 2,104.9 2,198.6 2,213.0 2,280.2 2,324.1 2,439.6 2,480.9 2,542.2 2,590.6 2,698.6 2,737.9 2,781.8 2,880.9 3,004.2 3,027.8 3,123.9 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,905.6 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 4,389.2 4,432.8 4,558.1 4,576.6 4,715.1 4,738.0 4,833.5 4,694.7 4,685.8 1 Pension funds 3 U.S. Total privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 3,452.2 3,377.3 3,401.6 3,414.6 3,437.5 3,349.3 3,313.2 3,334.0 3,327.5 3,199.2 3,175.4 3,233.9 3,182.8 2,987.3 2,936.3 2,880.4 2,892.8 2,722.6 2,779.7 2,819.5 2,849.2 2,849.8 2,924.8 3,018.5 3,069.9 3,164.7 3,268.0 3,377.9 3,502.8 3,531.5 3,607.0 3,690.6 3,855.4 3,803.0 3,864.9 3,970.6 4,114.0 4,030.8 4,074.2 4,122.1 4,273.1 4,152.6 4,269.7 4,395.7 4,742.9 4,806.2 317.3 300.2 292.8 300.3 308.3 290.9 244.5 237.4 247.4 240.6 241.2 248.7 237.7 222.2 220.5 201.5 188.0 188.1 189.1 181.5 187.6 204.7 209.3 222.6 153.6 145.4 147.0 153.3 162.9 158.7 138.5 125.0 141.8 127.0 125.4 117.2 115.4 117.4 113.8 115.1 119.9 110.6 119.8 129.9 126.7 n.a. 186.5 186.3 186.2 186.5 186.2 186.0 185.9 186.6 186.5 186.5 186.2 186.4 185.3 184.6 184.3 184.8 184.8 185.5 186.4 190.3 191.9 192.7 193.3 194.9 196.9 199.1 201.5 203.8 204.4 204.6 204.1 204.4 204.2 204.2 203.6 205.1 206.0 205.2 203.7 202.4 200.3 198.6 197.1 196.5 195.4 195.0 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 2008 Private 6 (6) 141.7 142.1 143.0 144.1 141.3 139.0 135.5 133.2 135.5 142.9 150.9 153.0 150.2 149.0 147.9 145.0 153.4 148.5 149.9 144.6 150.6 149.0 151.4 150.8 162.9 167.3 164.6 169.2 167.0 170.2 170.6 170.5 174.3 177.5 180.9 181.2 183.0 188.4 191.2 193.2 198.5 202.2 205.9 209.3 223.7 n.a. 7 State and Insurance local compagovernments nies 3 (7) (8) 211.1 214.9 223.5 219.0 212.1 213.2 207.8 212.6 211.5 213.8 204.8 198.8 196.9 194.9 185.5 179.1 177.3 183.1 166.8 155.1 163.3 153.9 156.3 158.9 162.1 161.3 155.5 148.6 143.6 134.9 140.8 151.0 158.0 171.3 164.8 153.8 153.0 150.9 151.6 153.0 155.1 156.1 161.4 164.5 167.7 n.a. 181.8 183.1 186.8 176.6 169.5 160.6 151.4 141.7 137.5 133.6 128.0 123.4 120.0 116.5 113.7 110.2 109.1 108.1 106.8 105.7 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 141.0 144.1 147.4 149.7 152.4 155.0 159.0 160.4 161.3 161.2 160.6 159.0 153.7 147.9 142.2 135.3 135.8 n.a. Mutual funds 3, 7 (9) State and local governments 3 (10) 221.6 216.4 221.3 232.3 234.6 230.8 231.7 257.6 245.0 228.1 222.5 228.7 222.3 205.4 207.8 225.7 225.3 221.0 234.1 261.9 266.1 253.8 256.8 281.0 296.6 302.3 287.1 280.8 280.8 258.7 255.0 254.1 261.1 248.7 244.7 251.3 248.7 244.2 235.7 250.7 264.2 267.2 306.7 362.9 468.2 n.a. 248.1 243.3 235.2 239.3 238.1 258.5 271.8 280.8 288.4 298.6 299.2 304.5 306.3 309.3 307.9 310.0 316.9 324.8 321.2 328.4 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 381.7 389.1 412.0 437.3 455.2 463.2 465.7 476.7 478.2 497.7 524.6 549.2 535.8 524.9 520.2 n.a. Foreign Other and international 8 investors 9 (11) (12) 1,157.6 1,182.7 1,230.5 1,241.6 1,250.5 1,256.0 1,224.2 1,278.7 1,272.3 1,258.8 1,281.4 1,268.7 1,106.9 1,082.0 1,057.9 1,034.2 1,029.9 1,000.5 1,005.5 1,051.2 1,067.1 1,135.4 1,200.8 1,246.8 1,286.3 1,382.8 1,454.2 1,533.0 1,677.1 1,739.6 1,798.7 1,853.4 1,956.3 1,879.6 1,930.6 2,036.0 2,084.5 1,979.8 2,027.3 2,105.0 2,196.7 2,193.9 2,237.2 2,355.1 2,515.6 2,648.0 786.5 708.2 682.3 674.9 696.9 614.4 660.3 605.4 603.4 496.3 461.1 521.7 657.2 523.5 510.8 490.0 508.1 363.1 419.8 400.8 381.0 304.6 287.9 269.2 322.0 320.0 363.1 388.4 351.9 339.5 370.1 393.3 395.2 402.5 400.7 402.4 496.3 506.9 512.1 446.0 460.0 326.8 363.5 317.3 389.6 n.a. Includes money market mutual funds, mutual funds, and closed-end investment companies. Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 benchmark to September 2001, the March 2000 benchmark to September 2002, the June 2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 2004 benchmark to March 2005, the June 2005 benchmark to February 2006, and the June 2006 benchmark to February 2007. For additional information see: http://www.treas.gov/tic/ticsec2.shtml. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 39 INTRODUCTION: Market Yields The table in this section presents yields on Treasury marketable securities for maturities ranging from 1 month to 30 years. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. These Constant Maturity Treasury rates (CMTs) are interpolated from the Treasury yield curve and published daily at Treasury’s Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The yield curve is fitted daily using a hermite cubic spline. For inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in all maturity tranches that Treasury currently auctions) as quoted in the secondary bond market as of approximately 3:30 p.m. each trading day. CMT yields are based on semiannual interest payments and are read at constant maturity points to develop a consistent data series. The quotations used by Treasury to calculate the bid yields and fit the yield curve are obtained by the Federal Reserve Bank of New York. The Board of Governors of the Federal Reserve System also publishes the Treasury constant maturity data series in its weekly Statistical Release H.15. Treasury discontinued the 30-year constant maturity yield during the time period February 18, 2002, through February 8, 2006. Thus, 30-year yields for that time frame are not available. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 1-mo. (1) 3-mo. (2) 6-mo. (3) 1-yr. (4) 2-yr. (5) 3-yr. (6) 5-yr. (7) 7-yr. (8) 10-yr. (9) 20-yr. (10) 30-yr. (11) Monthly average: 2007 - July ..................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 2008 - Jan...................................... Feb..................................... Mar..................................... Apr ..................................... May .................................... June ................................... 4.82 4.20 3.78 3.81 3.68 2.86 2.74 2.27 1.35 1.07 1.76 1.72 4.96 4.32 3.99 4.00 3.35 3.07 2.82 2.17 1.28 1.31 1.76 1.89 5.04 4.55 4.20 4.16 3.58 3.34 2.84 2.10 1.51 1.58 1.86 2.19 4.96 4.47 4.14 4.10 3.50 3.26 2.71 2.05 1.54 1.74 2.06 2.42 4.82 4.31 4.01 3.97 3.34 3.12 2.48 1.97 1.62 2.05 2.45 2.77 4.82 4.34 4.06 4.01 3.35 3.13 2.51 2.19 1.80 2.23 2.69 3.08 4.88 4.43 4.20 4.20 3.67 3.49 2.98 2.78 2.48 2.84 3.15 3.49 4.93 4.53 4.33 4.33 3.87 3.74 3.31 3.21 2.93 3.19 3.46 3.73 5.00 4.67 4.52 4.53 4.15 4.10 3.74 3.74 3.51 3.68 3.88 4.10 5.19 5.00 4.84 4.83 4.56 4.57 4.35 4.49 4.36 4.44 4.60 4.74 5.11 4.93 4.79 4.77 4.52 4.53 4.33 4.52 4.39 4.44 4.60 4.69 End of month: 2007 - July ..................................... Aug .................................... Sept ................................... Oct ..................................... Nov .................................... Dec .................................... 2008 - Jan...................................... Feb..................................... Mar..................................... Apr ..................................... May .................................... June ................................... 5.13 4.02 3.43 4.01 3.63 2.76 1.64 2.07 1.22 1.17 1.98 1.60 4.96 4.01 3.82 3.94 3.15 3.36 1.96 1.85 1.38 1.43 1.89 1.90 4.99 4.21 4.09 4.09 3.37 3.49 2.07 1.83 1.51 1.64 2.01 2.17 4.85 4.19 4.05 4.04 3.26 3.34 2.11 1.77 1.55 1.85 2.22 2.36 4.56 4.15 3.97 3.94 3.04 3.05 2.17 1.65 1.62 2.29 2.66 2.63 4.55 4.16 4.03 3.94 3.09 3.07 2.27 1.87 1.79 2.49 2.93 2.91 4.60 4.25 4.23 4.16 3.41 3.45 2.82 2.50 2.46 3.03 3.41 3.34 4.67 4.36 4.38 4.29 3.64 3.70 3.19 2.96 2.88 3.34 3.68 3.61 4.78 4.54 4.59 4.48 3.97 4.04 3.67 3.53 3.45 3.77 4.06 3.99 5.00 4.87 4.89 4.79 4.44 4.50 4.35 4.37 4.30 4.49 4.74 4.59 4.92 4.83 4.83 4.74 4.40 4.45 4.35 4.41 4.30 4.49 4.72 4.53 Period * Rates are from the Treasury yields curve. September 2008 40 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, 2008 [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) $1,027,415,828,708 $989,229,100,805 $988,739,101,667 $244,535,766 $245,463,372 The Treasury....................................... 323,199,815 31,428,256 31,231,724 7,505 189,027 FRBs ................................................... 200,778,738,415 199,439,783,591 199,439,780,145 - 3,446 Amounts in circulation............................. $826,313,890,478 $789,757,888,958 $789,268,089,798 $244,528,261 $245,270,899 Less amounts held by: Total (1) Dollars 3 (2) Fractional coins (3) $38,186,727,903 $3,505,529,008 $ 34,681,198,895 The Treasury....................................... 291,771,559 225,249,559 66,522,000 FRBs ................................................... 1,338,954,824 474,728,371 864,226,453 Amounts in circulation............................. $36,556,001,520 $2,805,551,078 $33,750,450,442 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2008 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 41 TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2008 [Source: Financial Management Service] Currency in circulation by denomination $1 ................................................................................ U.S. notes (3) Currency no longer issued (4) $9,070,752,704 Total (1) $143,503 $142,960,262 Federal Reserve notes 1 (2) $9,213,856,469 $2 ................................................................................ 1,620,381,994 1,488,228,504 132,140,918 12,572 $5 ................................................................................ 10,498,071,645 10,362,105,030 108,855,310 27,111,305 $10 .............................................................................. 15,522,947,990 15,501,890,140 6,300 21,051,550 $20 .............................................................................. 118,197,920,060 118,177,812,920 3,840 20,103,300 $50 .............................................................................. 61,758,578,600 61,747,079,600 500 11,498,500 $100 ............................................................................ 572,632,951,100 572,607,594,900 3,367,300 21,988,900 $500 ............................................................................ 142,317,500 142,124,000 5,500 188,000 $1,000 ......................................................................... 165,638,000 165,432,000 5,000 201,000 $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 ......................................................... $789,757,888,958 $789,268,089,798 $244,528,261 $245,270,899 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 5 (2) June 30, 2008 ...................................................................................... 826,314 $2,712 May 31, 2008 ....................................................................................... 822,745 2,703 April 30, 2008 ....................................................................................... 814,027 2,676 Sept. 30, 2005...................................................................................... 766,487 2,578 Sept. 30, 2000...................................................................................... 568,614 2,061 Sept. 30, 1995...................................................................................... 409,272 1,553 Sept. 30, 1990...................................................................................... 278,903 1,105 Sept. 30, 1985...................................................................................... 187,337 782 Sept. 30, 1980...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30, 1970 ...................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 June 30, 1960 ...................................................................................... 32,064 177 June 30, 1955 ...................................................................................... 30,229 183 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Represents value of certain fractional denominations not presented for redemption. Based on Bureau of the Census estimates of population. September 2008 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 45 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 2007 - July.......................................................................... 67,029 11,041 9,111 42,508 4,369 Aug ......................................................................... 67,508 11,041 9,157 42,922 4,388 Sept ........................................................................ 69,070 11,041 9,301 44,266 4,463 End of calendar year or month Oct.......................................................................... 69,626 11,041 9,392 44,800 4,394 Nov ......................................................................... 70,966 11,041 9,536 45,973 4,416 Dec ......................................................................... 70,565 11,041 9,476 45,804 4,244 2008 - Jan .......................................................................... 72,017 11,041 9,566 47,173 4,237 Feb ......................................................................... 73,404 11,041 9,688 48,395 4,280 Mar ......................................................................... 75,764 11,041 9,892 50,529 4,302 Apr.......................................................................... 74,372 11,041 9,767 49,311 4,253 May......................................................................... 75,170 11,041 9,771 49,247 5,111 June........................................................................ 75,740 11,041 9,849 49,613 5,237 July ......................................................................... 74,832 11,041 9,772 49,089 4,930 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. Excludes outstanding reciprocal currency swaps with the European Central Bank and the Swiss National Bank. At end-December 2007 and end-January 2008 swaps outstanding were $20 billion and $4 billion respectively. At end-February there were no swaps outstanding. At end-March swaps outstanding were $15 billion and $6 billion respectively. At end-April swaps outstanding were $30 billion and $6 billion respectively. At end-May, end-June, and end-July swaps outstanding were $50 billion and $12 billion respectively. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. Note.—Detail may not add to totals due to rounding. September 2008 INTERNATIONAL FINANCIAL STATISTICS 46 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 End of calendar year or month Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Other Treasury bonds readily and marketable notes 3 liabilities 2, 4 (5) (6) Liabilities to banks 5 (7) Liabilities to other foreigners Liabilities Marketable U.S. reported Treasury by banks bonds in the and United Total notes 2, 6 States (10) (8) (9) Liabilities to nonmonetary international and regional organizations 7 (11) Total (1) Total (2) 2000 - Mar. 8 ........... Series Break........... 2000 ....................... 2001 ....................... 2002 - June 8 ......... Series Break........... 2002 ....................... 2003 - June 8 .......... Series Break........... 2003 ....................... 2004 - June 8 ......... Series Break .......... 2004 ....................... 2005 - June 8 ........ Series Break .......... 2005 ....................... 2006 - June 8 ......... Series Break .......... 2006 ....................... 2007 - June 8 .......... Series Break .......... 2,585,384 2,445,944 2,565,942 2,724,292 3,002,222 3,003,380 3,235,231 3,586,765 3,603,925 3,863,508 4,469,769 4,407,294 4,819,747 5,071,533 5,066,404 5,371,689 6,068,142 6,056,852 6,500,883 7,104,054 7,215,711 807,303 900,117 916,095 923,501 981,627 1,039,702 1,075,034 1,169,600 1,233,261 1,340,497 1,559,686 1,648,167 1,775,080 1,821,338 1,957,191 2,012,633 2,070,222 2,275,684 2,372,146 2,513,133 2,793,964 301,358 301,358 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 461,656 493,142 493,142 431,184 490,145 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 1,030,763 1,077,953 1,102,333 1,112,617 1,211,819 1,271,174 1,281,070 1,450,593 5,734 5,734 5,348 3,411 3,000 3,000 2,769 2,876 2,876 2,613 1,569 1,569 1,630 911 911 948 986 986 1,026 1,067 1,067 69,027 102,880 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 638,290 737,854 849,161 933,296 933,296 1,049,619 1,125,812 1,299,551 1,299,551 1,382,628 1,431,589 1,431,589 1,439,484 1,559,518 1,559,518 1,677,951 1,791,611 1,791,611 1,895,920 2,189,751 2,189,751 2,415,273 2,616,012 2,616,012 813,312 586,996 581,302 653,367 696,781 642,437 750,877 957,712 911,398 1,057,446 1,326,934 1,169,285 1,336,538 1,424,082 1,272,697 1,415,705 1,747,236 1,536,930 1,663,272 1,924,863 1,758,255 196,440 196,440 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 1,041,237 1,041,237 1,102,362 1,259,947 1,259,947 616,872 390,556 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 560,910 664,916 498,308 31,473 25,535 18,926 21,612 24,263 21,690 26,692 27,864 27,677 26,081 23,631 30,324 30,178 34,502 44,905 47,431 60,933 54,487 50,192 50,046 47,480 2007 - July r .......... Aug. r ......... Sept. r ........ Oct. r .......... Nov. r .......... Dec. r .......... 2008 - Jan. r........... Feb ............. Mar ............ Apr .............. May p.......... June p......... 7,379,871 7,321,462 7,320,036 7,530,265 7,609,629 7,694,551 7,835,002 7,923,689 7,925,547 7,961,332 7,943,807 7,861,534 2,831,209 2,813,498 2,828,547 2,871,123 2,917,394 2,958,324 3,024,452 3,013,214 3,027,141 3,060,255 3,078,103 3,094,946 528,807 533,725 520,572 541,676 576,657 594,302 621,005 607,791 573,674 565,958 567,398 569,885 1,443,668 1,413,983 1,428,353 1,432,333 1,432,711 1,443,691 1,479,792 1,476,198 1,504,209 1,526,507 1,522,783 1,523,888 1,075 1,082 1,089 1,096 1,103 1,111 1,118 1,125 1,133 1,140 1,148 1,155 857,659 864,707 878,532 896,017 906,922 919,220 922,536 928,099 948,124 966,649 986,773 1,000,017 2,638,178 2,658,186 2,646,396 2,715,236 2,697,065 2,796,981 2,781,255 2,797,078 2,785,462 2,743,380 2,654,307 2,636,827 1,863,044 1,801,472 1,799,507 1,896,786 1,948,590 1,895,546 1,982,346 2,067,611 2,067,727 2,116,062 2,166,667 2,088,459 1,367,247 1,280,332 1,268,580 1,315,269 1,345,005 1,302,250 1,386,187 1,452,224 1,428,740 1,422,429 1,463,584 1,358,489 495,797 521,140 530,927 581,517 603,585 593,296 596,159 615,387 638,987 693,633 703,083 729,970 47,440 48,307 45,586 47,120 46,580 43,700 46,949 45,786 45,217 41,635 44,731 41,303 1 Includes Bank for International Settlements for data before June 2006. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 2006, also includes Bank for International Settlements. 2 September 2008 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on benchmark surveys as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006 and end-June 2007 respectively, and are comparable to those shown for the following dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 47 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) 2003 .............................................................................. 2,613 2,613 2004 .............................................................................. 1,630 2005 .............................................................................. Mexico 2 (4) Venezuela 3 (5) 768 1,102 743 1,630 825 - 805 948 948 77 - 871 2006 .............................................................................. 1,026 1,026 82 - 944 2007 - June ................................................................... 1,067 1,067 85 - 982 July .................................................................... 1,075 1,075 86 - 989 Aug .................................................................... 1,082 1,082 86 - 996 Sept ................................................................... 1,089 1,089 87 - 1,002 Oct ..................................................................... 1,096 1,096 87 - 1,009 Nov .................................................................... 1,103 1,103 88 - 1,015 Dec .................................................................... 1,111 1,111 88 - 1,022 2008 - Jan ..................................................................... 1,118 1,118 89 - 1,029 Feb..................................................................... 1,125 1,125 89 - 1,036 Mar..................................................................... 1,133 1,133 90 - 1,043 Apr ..................................................................... 1,140 1,140 91 - 1,050 May .................................................................... 1,148 1,148 91 - 1,057 June ................................................................... 1,155 1,155 91 - 1,064 1 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $264 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to the government of Mexico. Remaining face value of issue is $3,821 million. Note: This issue was paid off in full and retired on January 29, 2004. Argentina 1 (3) 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. September 2008 48 INTRODUCTION: Capital Movements Background Basic definitions Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly and quarterly reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Requests for public comments on proposed changes are published in the Federal Register, and any further modifications are based on the comments received. The most recent revisions to selected reporting forms and instructions were effective June 30, 2006. The reporting forms and instructions may be downloaded from the TIC website. Copies of the reporting forms and instructions also may be obtained from the Global Economics Group, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district Federal Reserve banks. The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including: U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. Effective beginning with data for June 2006, information pertaining to the Bank for International Settlements is now included with data for international organizations, and information for the European Central Bank is distributed across the individual euro-area countries. For prior dates, information for these organizations is included in “Other Europe”. “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. September 2008 Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to and dollar claims on foreigners in a number of countries. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. TIC Form D is filed quarterly by all U.S. resident banks, securities dealers, and other firms with worldwide holding of derivatives in their own and in their customers’ accounts exceeding $100 billion in notional value. Data from this information collection was first released on May 15, 2007, with data on holdings beginning from end-December 2005, and data on net settlements beginning from the first quarter of 2006. Quarterly reports are also filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with unaffiliated foreigners. Separate reports are filed for financial balances and for commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. Effective with the reports filed for June 2006, the country coverage of the monthly TIC forms was expanded significantly and the semiannual reports, which covered the smaller market economies, were discontinued. Country coverage was also expanded for the quarterly banking forms, the Form S, the Form D, and the Forms CQ-1 and CQ-2, effective with reports filed for June 2006. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international 49 capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in four sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. The expansion of the country coverage on the standard report forms allows for publication of additional country detail for data beginning as of June 2006. As a result, the former Capital Movements Section III, which listed bank-reported claims and liabilities of selected countries from the semiannual reports, has been discontinued. • Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. • Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, September 2008 50 CAPITAL MOVEMENTS 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of issued by foreigners. Further, the foreigner category, negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. • Section III (formerly reported as Section IV) shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the TIC reports CQ-1 and CQ-2 exclude accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. Such accounts with foreign affiliates are reported by business enterprises to Commerce on its direct investment forms. There was an exception when reporting of foreign affiliate positions of insurance underwriting subsidiaries and financial intermediaries was included in Section B of Form CQ-1 for reports between end-March 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. • Section IV (formerly Section V) contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss September 2008 market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. • Section V presents quarterly data on holdings and net cash settlements of cross-border derivatives contracts reported by banks, securities brokers, dealers, and nonfinancial companies in the U.S. with sizable holdings of derivatives contracts. Total holdings are divided between those contracts with positive fair values and those contracts with negative fair values from the perspective of the reporter. The fair (market) value is generally defined as the amount for which a derivative contract could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The data on U.S. net settlements with foreign residents include all cash receipts and payments made during the quarter for the acquisition, sale, or final closeout of derivatives, including all settlement payments under the terms of derivatives contracts such as the periodic settlement under a swap agreement and the daily settlement of an exchange-traded contract. In calculating net settlements, U.S. receipts of cash from foreign persons are positive amounts (+), and U.S. payments of cash to foreign persons are negative amounts (-). Items excluded from net settlements are: (a) collateral including initial and maintenance margins, whether or not in the form of cash; and (b) purchases of underlying commodities, securities, or other noncash assets. (e.g., the purchase/sale by foreigners of a long-term security is reported on TIC Form S). The gross fair (market) values and net settlement payments on derivatives are reported by type of derivative and by country based on the residence of the direct foreign counterparty. Positions of foreign customers on U.S. exchanges are reported opposite the country in which the foreign counterparty resides. In the case of U.S. residents’ futures contracts on foreign exchanges, the country of the exchange is reported as the country of the foreign counterparty. NOTE: Current and historical data on United States transactions with foreigners in long-term securities on the gross foreign liabilities and claims reported by banks and nonbanks in the United States and on derivatives contracts with foreigners are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 51 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners ................................... Payable in dollars .................................................. Foreign official institutions ................................. Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... Foreign banks (including own foreign offices) and other foreigners ............................ Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... International and regional organizations 1 .......... Deposits, excluding negotiable CDs .............. U.S. Treasury bills and certificates ................ Other short-term negotiable securities, negotiable CDs, and other custody liabilities...................................................... Other liabilities............................................... Payable in foreign currencies 2 .............................. Sector: Banks and other foreigners............................ International and regional organizations 1 .......... Major currencies: Canadian dollars............................................ Euro............................................................... United Kingdom pounds sterling.................... Japanese yen ................................................ Memoranda: Respondents’ own liabilities payable in dollars.............................................................. Liabilities to own foreign offices ........................ Liabilities collaterized by repurchase agreements................................................. Foreign official institutions ........................ Foreign banks and other foreigners........... International and regional organizations 1 .......... Reported by IBFs........................................... Respondents’ own liabilities payable in foreign currencies 2 .......................................... Reported by IBFs........................................... Liabilities held in custody for domestic customers and selected other liabilities 3 ......... Payable in dollars .......................................... of which: other short-term negotiable securities and negotiable CDs................ of which: short-term U.S. Government agency securities................................ of which: negotiable CDs........................ Payable in foreign currencies 2 ...................... Calendar Year 2006 r 2007 2008 Dec. r Jan. r 4,010,359 3,851,558 461,656 51,380 176,829 4,721,791 4,442,608 594,302 49,204 196,344 4,820,001 4,540,818 621,005 47,376 207,123 105,873 127,574 182,012 166,742 3,360,477 1,244,889 73,257 Mar. Apr. May June p 4,887,375 4,608,192 607,791 47,535 204,319 4,817,430 4,539,582 573,674 48,024 201,281 4,757,725 4,479,877 565,958 47,003 215,088 4,714,396 4,436,548 567,398 46,554 218,769 4,590,546 4,312,698 569,885 44,296 225,760 188,916 177,590 183,325 172,612 176,056 148,313 163,087 140,780 150,759 151,316 152,761 147,068 3,821,142 1,474,235 103,092 3,889,353 1,446,301 103,212 3,971,213 1,455,091 120,473 3,937,536 1,499,042 150,692 3,889,143 1,445,053 141,668 3,841,225 1,386,353 147,394 3,718,650 1,405,835 148,749 567,506 1,474,825 29,425 19,021 800 639,070 1,604,745 27,164 17,784 250 689,342 1,650,498 30,460 18,663 951 682,082 1,713,567 29,188 16,918 1,124 669,645 1,618,157 28,372 16,386 1,796 665,616 1,636,806 24,776 14,624 416 675,792 1,631,686 27,925 13,872 2,447 664,908 1,499,158 24,163 13,408 1,040 2,855 6,749 158,801 3,985 5,145 279,183 4,728 6,118 279,183 6,009 5,137 279,183 5,632 4,558 277,848 5,255 4,481 277,848 5,312 6,294 277,848 5,104 4,611 277,848 157,090 1,711 278,089 1,094 278,089 1,094 278,089 1,094 276,666 1,182 276,666 1,182 276,666 1,182 276,666 1,182 11,725 80,083 17,597 19,409 18,851 153,320 18,002 49,015 18,851 153,320 18,002 49,015 18,851 153,320 18,002 49,015 15,252 151,325 19,910 53,122 15,252 151,325 19,910 53,122 15,252 151,325 19,910 53,122 15,252 151,325 19,910 53,122 2,924,438 1,938,224 3,317,855 2,115,373 3,346,546 2,118,912 3,410,860 2,185,775 3,334,480 2,177,773 3,288,747 2,149,525 3,236,075 2,070,590 3,114,376 1,991,268 1,028,974 114,524 911,155 3,295 377,931 1,099,640 154,342 941,153 4,145 481,998 1,168,935 164,639 1,000,257 4,039 466,816 1,217,478 159,428 1,053,707 4,343 468,347 1,092,118 136,371 951,908 3,839 496,427 1,079,970 132,886 943,765 3,319 480,499 1,087,096 143,938 938,326 4,832 476,819 968,239 140,684 824,090 3,465 468,814 140,873 56,505 260,790 69,985 260,790 69,985 260,790 69,985 257,001 69,532 257,001 69,532 257,001 69,532 257,001 69,532 945,048 927,120 1,143,146 1,124,753 1,212,665 1,194,272 1,215,725 1,197,332 1,225,949 1,205,102 1,211,977 1,191,130 1,221,320 1,200,473 1,219,169 1,198,322 371,732 504,389 552,266 545,123 524,752 517,824 513,050 506,627 113,865 66,155 17,928 200,152 97,746 18,393 211,055 114,076 18,393 202,438 119,006 18,393 186,202 124,953 20,847 180,566 126,418 20,847 165,199 133,182 20,847 168,075 129,460 20,847 1 Principally the International Bank for Reconstruction and Development (World Bank) and the Inter-American Development Bank. Feb. r 2 Data may be as of preceding quarter-end for most recent month shown in table. Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. 3 September 2008 CAPITAL MOVEMENTS 52 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ................................................. Belgium ............................................... Bulgaria ............................................... Cyprus 1 .............................................. Czech Republic.................................... Denmark .............................................. Finland................................................. France ................................................. Germany.............................................. Greece................................................. Hungary ............................................... Iceland 1 .............................................. Ireland.................................................. Italy...................................................... Kazakhstan 1 ....................................... Luxembourg ........................................ Monaco 1 ............................................ Netherlands ......................................... Norway ................................................ Poland ................................................. Portugal ............................................... Romania .............................................. Russia ................................................. Serbia and Montenegro 2 .................... Spain ................................................... Sweden................................................ Switzerland .......................................... Turkey.................................................. Ukraine 1 ............................................. United Kingdom ................................... Channel Islands .................................. All other Europe 1 ................................. Total Europe .................................... Memo: Euro Area 3 ............................................. Memo: European Union 4 ................... Canada .................................................... Latin America: Argentina ............................................. Belize 5 ................................................ Bolivia 5 ............................................... Brazil.................................................... Chile .................................................... Colombia ............................................. Costa Rica 5 ........................................ Ecuador ............................................... El Salvador 5 ....................................... Guatemala ........................................... Guyana 5 ............................................. Honduras 5 .......................................... Mexico ................................................. Nicaragua 5 ......................................... Panama ............................................... Paraguay 5 .......................................... Peru..................................................... Suriname 5 .......................................... Uruguay ............................................... Venezuela............................................ All other Latin America 5 ...................... Total Latin America.......................... Caribbean: Anguilla 6 ............................................ Antigua and Barbuda 6 ........................ Aruba 6 ................................................ Bahamas ............................................. Barbados 6 .......................................... Bermuda .............................................. British Virgin Islands 6 ......................... Cayman Islands .................................. Cuba.................................................... Dominican Republic 6 .......................... French West Indies 6 ........................... Haiti 6 .................................................. Jamaica ............................................... Netherlands Antilles............................. See footnotes at end of table. September 2008 2005 Calendar year 2006 r 2007 r Feb. r Mar. 2008 Apr. May June p 3,607 17,105 139 n.a. 1,446 1,544 3,767 76,016 70,867 1,212 527 n.a. 68,669 8,149 n.a. 62,804 n.a. 16,460 27,927 6,340 2,883 565 101,355 119 10,060 4,796 141,498 10,006 n.a. 590,505 29,737 23,540 1,281,643 341,599 n.a. 38,051 3,934 15,595 88 634 1,353 969 3,362 83,606 92,815 1,488 820 431 84,414 9,301 6,145 73,989 380 26,781 42,401 7,475 2,720 492 62,736 295 9,805 3,890 63,546 10,457 919 926,069 33,857 3,852 1,574,620 407,811 1,349,799 49,396 4,988 22,489 148 1,068 1,435 791 1,456 73,346 146,830 1,354 1,219 667 113,834 10,973 5,953 108,402 206 26,118 48,070 19,651 2,999 581 104,741 532 12,973 7,723 58,172 12,152 1,392 1,055,219 25,478 4,897 1,875,857 525,762 1,615,154 67,249 3,999 25,748 172 624 1,084 680 1,845 86,991 154,289 1,319 688 363 147,529 11,467 5,269 121,326 216 38,354 41,262 19,526 3,251 473 94,643 939 11,643 6,142 52,107 16,870 1,327 1,103,095 22,154 4,877 1,980,273 608,603 1,741,426 78,823 4,801 20,442 232 662 1,010 1,014 2,017 86,994 177,632 1,147 707 436 154,967 9,603 6,173 125,482 227 37,068 31,344 32,194 4,001 416 83,578 846 14,598 6,566 47,850 15,976 1,362 1,042,225 20,728 6,651 1,938,948 639,789 1,726,650 79,119 4,578 24,866 158 820 998 764 2,062 90,199 179,469 1,234 990 201 161,105 9,084 8,426 113,748 246 36,061 30,203 32,644 2,263 516 91,535 412 15,858 6,993 45,705 18,655 1,604 1,003,233 19,619 6,756 1,911,003 641,742 1,689,901 77,286 4,677 20,536 95 662 1,753 1,031 1,490 79,669 176,682 1,549 665 406 166,548 11,309 7,272 109,098 226 43,974 29,642 32,001 2,926 700 88,355 530 14,725 3,638 43,148 16,578 1,971 981,474 16,036 6,240 1,865,604 634,175 1,657,315 80,403 6,236 20,567 106 711 1,122 4,756 1,532 82,973 170,518 1,842 683 119 163,434 11,279 8,299 105,274 167 37,131 30,765 28,811 3,270 462 92,700 334 15,754 4,800 40,068 18,576 2,043 889,233 14,558 6,948 1,765,071 620,819 1,552,611 84,355 9,775 n.a. n.a. 12,898 9,045 6,521 n.a. 3,426 n.a. 1,660 n.a. n.a. 44,738 n.a. 5,334 n.a. 3,062 n.a. 4,976 27,535 8,595 137,565 10,628 484 2,123 16,271 16,926 11,702 2,967 3,431 1,964 1,444 98 2,594 45,846 238 7,183 672 4,281 128 6,139 22,883 8 158,010 12,085 303 2,558 24,899 15,758 11,029 2,501 3,294 2,362 1,847 141 2,160 53,005 214 7,010 693 5,281 128 6,497 23,559 15 175,339 11,413 275 2,339 27,837 14,987 11,150 2,930 3,562 2,463 1,932 121 1,881 52,971 243 6,780 665 5,834 134 6,146 25,094 27 178,784 12,513 314 2,537 17,883 14,854 9,908 3,206 3,698 2,442 1,885 143 1,888 52,095 312 7,720 827 5,868 144 6,765 24,649 24 169,675 12,809 290 2,930 15,754 16,714 10,531 3,682 3,731 2,613 1,923 118 1,877 52,842 284 7,689 768 7,062 141 6,293 24,284 22 172,357 12,344 299 2,649 28,616 13,936 11,060 3,645 3,826 2,516 1,949 147 1,835 52,457 278 7,627 683 6,397 174 6,466 26,595 21 183,520 11,894 328 2,718 24,556 14,555 11,069 3,506 3,460 2,654 2,056 126 1,994 50,021 389 7,145 652 6,701 136 5,841 26,532 45 176,378 n.a. n.a. n.a. 213,833 n.a. 52,361 n.a. 922,518 120 n.a. n.a. n.a. 970 6,398 3,149 186 408 257,200 18,680 55,502 22,082 1,316,517 82 3,895 19 495 1,056 8,503 13,065 217 265 286,620 21,627 49,731 34,858 1,509,570 80 3,826 35 552 1,357 10,127 10,151 216 407 275,918 21,216 48,548 35,036 1,557,853 87 3,954 39 580 1,245 7,987 10,642 259 531 290,331 21,377 48,663 39,201 1,525,604 87 3,678 35 559 1,094 9,523 8,381 237 607 289,866 17,024 46,109 42,015 1,517,802 92 3,703 48 606 1,147 9,285 9,745 238 576 285,898 17,055 47,737 40,116 1,500,784 94 3,629 37 618 1,139 8,286 8,608 229 436 292,993 16,387 50,675 39,711 1,489,068 93 3,507 38 659 1,505 7,287 CAPITAL MOVEMENTS 53 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. St. Kitts and Nevis 6 .......................... Trinidad and Tobago......................... Turks and Caicos Islands 6 ............... All other Caribbean 6 ........................ Total Caribbean ............................ Asia: Bangladesh 7 .................................... China, Mainland ............................... Hong Kong........................................ India.................................................. Indonesia .......................................... Israel................................................. Japan................................................ Jordan 7 ............................................ Korea, South..................................... Laos 7 .............................................. Lebanon............................................ Malaysia ........................................... Pakistan............................................ Philippines ........................................ Singapore ......................................... Syria ................................................. Taiwan.............................................. Thailand............................................ Yemen 7 ........................................... Oil exporting countries 8 .................... All other Asia 7 ................................. Total Asia ..................................... Africa: Botswana 9 ....................................... Egypt ................................................ Ghana............................................... Kenya 9 ............................................ Liberia............................................... Mauritius 9 ........................................ Morocco............................................ Mozambique 9 .................................. South Africa ...................................... Tanzania 9 ........................................ Uganda 9 .......................................... Zambia 9 .......................................... Zimbabwe 9 ...................................... Oil exporting countries 10 .................. All other Africa 9 ............................... Total Africa ................................... Other countries: Australia............................................ New Zealand .................................... French Polynesia 11 ......................... All other 11 ........................................ Total other ................................... All countries .......................................... International and regional orgs: International organizations............... Regional organizations 12 ................ Total international and regional organizations................ Grand total................................ 1 2005 Calendar year 2006 r 2008 2007 r Feb. r Mar. Apr. May June p n.a. 2,836 n.a. 32,620 1,231,656 90 3,354 165 157 1,691,540 121 3,388 208 189 1,935,836 126 2,519 248 204 1,966,334 107 3,211 263 206 1,955,371 110 2,888 303 225 1,940,448 108 2,902 239 231 1,919,432 111 4,056 210 209 1,915,782 n.a. 46,466 35,246 13,860 4,213 9,828 161,951 n.a. 27,200 n.a. 797 2,287 1,768 3,780 20,291 28 23,287 9,966 n.a. 50,659 7,258 418,885 824 44,474 44,639 18,813 4,386 7,327 141,655 2,146 28,099 120 1,168 3,847 1,282 3,857 30,831 25 22,952 8,319 179 70,314 5,893 441,150 889 94,365 47,124 18,256 5,220 7,792 190,097 1,179 35,243 380 1,032 2,851 1,463 4,926 38,704 24 26,058 14,151 202 80,593 5,052 575,601 1,286 95,938 47,553 17,593 3,832 9,289 176,879 1,028 32,763 263 852 3,458 1,645 3,658 35,387 22 29,628 13,619 214 89,235 6,953 571,095 987 86,938 46,022 15,468 3,818 8,873 183,485 1,349 32,022 266 790 3,344 1,644 3,834 36,260 22 28,482 11,796 169 92,393 6,951 564,913 954 84,261 44,533 12,253 3,774 9,769 179,869 1,038 21,829 256 943 3,159 1,484 3,419 37,645 25 24,293 15,150 363 93,559 6,447 545,023 731 68,399 48,594 12,957 3,119 11,889 178,944 1,363 22,261 240 1,028 2,865 1,740 3,039 34,088 55 24,029 19,828 218 105,189 5,456 546,032 1,456 58,346 43,067 14,531 4,739 13,029 180,086 1,254 21,968 243 1,210 2,607 1,971 3,822 34,383 26 22,357 17,977 152 105,456 5,402 534,082 n.a. 4,953 572 n.a. 217 n.a. 138 n.a. 3,054 n.a. n.a. n.a. n.a. 6,880 4,313 20,127 236 2,252 389 234 469 641 198 87 1,565 363 926 143 78 4,457 2,981 15,019 925 3,683 346 612 422 6,436 180 126 1,649 407 1,233 190 105 6,131 3,443 25,888 1,147 4,483 298 402 420 10,771 272 86 2,823 420 1,189 154 74 4,612 4,115 31,266 163 5,637 355 447 369 12,171 223 106 3,596 407 1,171 164 79 3,327 4,987 33,202 467 4,786 329 518 350 15,109 211 116 3,004 365 1,121 178 85 3,743 5,012 35,394 636 4,040 318 570 342 16,439 170 109 3,403 329 1,070 146 92 4,184 5,260 37,108 672 4,476 513 425 358 17,561 274 137 2,983 379 930 183 90 4,681 3,548 37,210 18,427 3,028 n.a. 14,612 36,067 3,163,994 26,178 4,543 63 18,704 49,488 3,979,223 15,035 3,190 83 19,455 37,763 4,693,533 27,125 3,854 91 19,448 50,518 4,857,093 21,122 3,473 98 21,955 46,648 4,787,876 25,161 3,096 98 21,901 50,256 4,731,767 28,131 3,225 86 21,748 53,190 4,685,289 27,448 3,263 78 21,534 52,323 4,565,201 17,598 5,153 26,862 4,274 24,201 4,057 25,786 4,496 25,107 4,447 21,513 4,445 24,721 4,386 20,634 4,711 22,751 3,186,745 31,136 4,010,359 28,258 4,721,791 30,282 4,887,375 29,554 4,817,430 25,958 4,757,725 29,107 4,714,396 25,345 4,590,546 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All other Caribbean.” 7 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 8 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 9 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, Zambia, and Zimbabwe are included in “All other Africa.” 10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2008 CAPITAL MOVEMENTS 54 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2008, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total liabilities Total payable in dollars and liabilities payable in foreign dollars currency (2) (1) Total own liabilities payable in dollars (3) Held by Total foreign custody official liabilities institutions Held by all payable in and foreign other dollars banks foreigners (4) (6) (5) Europe: Austria .............................. Belgium ............................ Cyprus 4............................ Czech Republic ................ Denmark........................... Finland.............................. France .............................. Germany........................... Greece.............................. Hungary............................ Ireland .............................. Italy................................... Kazakhstan 4 .................... Luxembourg ..................... Monaco 4 .......................... Netherlands ...................... Norway ............................. Poland .............................. Portugal............................ Romania ........................... Russia .............................. Spain ................................ Sweden............................. Switzerland ....................... Turkey............................... Ukraine 4 ........................... United Kingdom ................ Channel Islands................ All other Europe 4 ............... 6,236 5,968 4,572 1,396 20,567 20,383 7,128 13,255 711 711 695 16 1,122 1,101 300 801 4,756 4,753 4,205 548 1,532 1,326 398 928 82,973 73,698 51,704 21,994 170,518 87,160 73,165 13,995 1,842 1,823 1,775 48 683 457 343 114 163,434 163,191 22,498 140,693 11,279 8,495 5,399 3,096 8,299 8,112 2,022 6,090 105,274 103,951 37,099 66,851 167 166 157 9 37,131 35,776 26,934 8,842 30,765 30,516 29,337 1,179 28,811 28,731 17,834 10,897 3,270 3,260 2,967 293 462 462 462 92,700 92,667 8,177 84,490 15,754 13,583 10,396 3,187 4,800 4,768 1,169 3,599 40,068 37,467 16,655 20,812 18,576 18,508 2,134 16,374 2,043 2,043 2,028 15 889,233 839,474 808,711 30,763 14,558 14,382 11,477 2,905 7,507 5,989 4,859 1,129 1,765,071 1,608,921 1,154,601 454,320 Total Europe.................. 620,819 519,492 244,896 274,596 Memo: Euro Area 5 ........ 84,355 77,108 56,740 20,368 Canada................................... Latin America: Argentina............................ Belize 6 ............................... Bolivia 6 .............................. Brazil .................................. Chile ................................... Colombia............................ Costa Rica 6 ....................... Ecuador.............................. El Salvador 6 ...................... Guatemala ......................... Honduras 6 ......................... Mexico................................ Panama.............................. Paraguay 6 ......................... Peru.................................... Uruguay ............................. Venezuela .......................... All other Latin America 6 .... Total Latin America ....... Caribbean: Aruba 7 ............................... Bahamas............................ Barbados 7 ......................... Bermuda ............................ See footnotes at end of table. September 2008 Negotiable CDs and short-term negotiable securities Other Miscellaneous liabilities 2 Held by Of which: Of which: other shortforeign short-term official term U.S. negotiable Of which: institutions Held by all Treasury other securities negotiable and foreign obligations (excl. CDs) banks foreigners CDs (7) (8) (9) (10) (11) Total liabilities payable in foreign currency 3 (12) 2,670 4,213 446 114 537 85 11,673 35,638 591 225 8,063 2,472 908 8,711 45 5,500 418 646 2,650 58 7,113 5,302 660 9,452 1,203 1,750 111,123 8,212 809 231,287 88,050 6,164 243 400 247 58 75 222 2,637 2,230 912 66 2,282 872 6 1,047 112 3,361 328 83 245 35 197 1,330 233 1,998 141 23 20,512 1,849 395 42,139 16,141 10,411 256 1,511 12 800 91 269 3,605 4,661 12 100 8,082 591 3,898 44,095 2 1,018 426 190 200 18,563 656 113 10,963 16,283 7,452 625 1,045 125,520 64,969 6,340 414 2,459 1 1 341 1 11,743 4,400 15 84,786 1,534 2,192 17,139 7 5,812 602 10,705 78 65,515 361 1,351 7,557 32 9,551 1,071 7 227,674 128,742 7,965 588 9,272 3 54 626 5,994 2,456 11 1 42,082 634 4,166 1,020 151 2 6 4 2,057 1,911 2,191 56 15 7,250 1,011 21 81,582 68,916 4,954 1,793 2,031 2 128 3,655 123 17,177 35,398 282 65 4,950 2,349 1,108 2,295 8,669 28,586 17,105 80 369 1,243 3,714 491 5,179 790 255 305,170 209 3,709 446,925 78,880 36,809 3 497 20,870 2,378 1 12,947 43 26,497 10,395 5 1 32 162 9 127 3 378,416 1,405 3 453,794 73,794 4,465 268 184 21 3 206 9,275 83,358 19 226 243 2,784 187 1,323 1 1,355 249 80 10 33 2,171 32 2,601 68 49,759 176 1,518 156,150 101,327 7,247 11,894 328 2,718 24,556 14,555 11,069 3,506 3,460 2,654 2,056 1,994 50,021 7,145 652 6,701 5,841 26,532 696 176,378 11,725 328 2,684 24,016 13,993 11,010 3,496 3,431 2,652 2,026 1,973 49,350 7,093 649 6,539 5,736 25,855 696 173,252 10,225 1,500 282 46 1,142 1,542 22,385 1,631 9,062 4,931 5,487 5,523 1,986 1,510 3,240 191 1,337 1,315 1,806 220 1,925 48 31,887 17,463 5,221 1,872 621 28 6,121 418 4,505 1,231 23,264 2,591 677 19 131,173 42,079 433 60 186 3,643 4,510 1,257 1,017 904 657 216 1,165 11,268 2,344 102 4,185 791 7,100 322 40,160 9,155 158 916 4,286 3,216 3,916 592 2,114 477 1,139 669 19,019 2,566 501 1,147 1,943 15,280 306 67,400 838 2 812 956 1,155 4,138 35 81 243 38 1 11,863 737 4 1 611 229 2 21,746 256 22 395 563 2,364 915 47 42 335 124 2 4,672 922 6 174 182 1,521 2 12,544 385 22 335 69 1,377 470 1,428 63 702 54 45 886 210 18 240 408 789 15 7,516 451 59 36 13,860 1,265 297 368 143 230 429 74 1,189 213 784 1,472 457 44 21,371 207 5 4 639 106 17 9 84 8 26 17 453 101 18 8 329 479 5 2,515 169 34 540 562 59 10 29 2 30 21 671 52 3 162 105 677 3,126 436 292,993 16,387 50,675 436 291,771 16,089 49,436 354 82 289,769 2,002 2,244 13,845 28,850 20,586 151 196,268 1,814 3,247 166 5,793 297 18,656 41 1,437 1,287 9,012 12 260 6,390 10,455 29 176 6,134 952 20 83,656 130 271 17 4,181 37 6,843 1,222 298 1,239 CAPITAL MOVEMENTS 55 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2008, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total Caribbean.................. 1,915,782 Asia: China, Mainland....................... 58,346 Hong Kong............................... 43,067 India ......................................... 14,531 Indonesia ................................. 4,739 Israel ........................................ 13,029 Japan ....................................... 180,086 Jordan 8 .................................... 1,254 Korea, South............................ 21,968 Malaysia................................... 2,607 Pakistan ................................... 1,971 Philippines................................ 3,822 Singapore................................. 34,383 Taiwan...................................... 22,357 Thailand ................................... 17,977 All other Asia 8.......................... 113,945 Total Africa........................... Other countries: Australia ................................... New Zealand............................ All other .................................... 16,249 345,827 152 43 44 2,759 681 273 402,543 24 507,187 766 178 575 2,012 1,995 227 714,444 20,647 127,752 2,365 257 358 997 311 4,533 182,132 11,093 18,899 1 34 2,131 57 196 44,188 4,129 34,142 64 17 6 593 574 27 56,669 778 4,495 73 26 4 31 15 35 12,748 1 611,347 104 176 475 376 989 11 697,556 2,047 152,348 71 5 6 1,110 35 3,085 169,785 992 32,898 63 47 37 80 1,384 38,260 534,082 25,690 22,791 4,659 2,816 5,716 63,346 1,093 12,043 2,171 1,377 3,199 29,866 19,601 1,976 35,213 231,557 32,646 17,876 9,845 1,917 7,283 70,143 161 9,675 422 594 512 3,884 2,717 15,852 78,599 252,126 8,734 9,859 1,755 1,170 830 33,242 822 4,781 1,213 698 2,207 24,076 7,083 548 12,153 109,171 1,424 6,128 1,285 358 1,903 6,730 44 540 121 136 471 1,179 5,742 288 1,816 28,165 13,183 2,249 1,999 1,472 5,545 59,883 60 750 165 314 348 2,151 1,775 15,794 63,292 168,980 16,931 14,484 7,551 381 1,136 4,752 5,341 222 241 122 1,411 272 28 10,961 63,833 501 918 10 64 568 2,419 101 3,503 16 9 41 262 650 13 4,175 13,250 17,535 3,819 1,688 1,278 2,980 23,451 226 6,664 837 547 520 4,536 6,772 1,156 20,923 92,932 28 3,210 216 10 37 3,012 1 139 19 26 2 135 24 1 492 7,352 10 2,400 27 6 30 46,597 250 14 111 633 39 149 133 50,399 4,476 513 425 358 274 2,983 28,181 37,210 4,471 512 425 352 274 2,964 27,971 36,969 2,250 512 417 281 260 2,409 24,897 31,026 2,221 8 71 14 555 3,074 5,943 1,469 131 242 3 212 1,971 5,095 9,123 111 34 96 196 30 181 858 1,506 2,053 6 57 409 3,008 5,533 44 2 13 1 20 57 137 124 1 1 126 9 261 670 347 79 79 18 251 2,752 4,196 3 12 6 16,192 16,213 5 1 6 19 210 241 27,103 13,738 13,365 5,421 3,213 1,922 1,291 972 764 621 143 143 31,080 16,281 14,799 6,536 4,288,535 3,096,357 1,192,178 1,116,885 1,047 146 300 1,493 333,246 1,308 869 25 2,202 374,509 5,506 410 97 6,013 374,835 6,344 4,139 12 755 21 176 6,377 5,070 126,688 1,304,859 3,338 49 2 3,389 657,513 345 50 20,848 21,243 276,666 20,634 4,711 19,534 4,629 15,485 2,534 4,049 2,095 - 11,693 1,715 944 96 523 1,809 2,582 190 - 3,792 819 1,100 82 25,345 24,163 18,019 6,144 - 13,408 1,040 2,332 2,772 - 4,611 1,182 4,312,698 3,114,376 1,198,322 1,116,885 346,654 375,549 377,167 129,460 1,304,859 662,124 277,848 Grand total ...................... 4,590,546 1 38,719 22,470 1,456,170 1,110,343 3,444 3,292 659 616 1,458 1,414 7,250 4,491 3,976 3,295 8,114 7,841 1,877,522 1,474,979 58,336 40,667 14,504 4,733 12,999 133,489 1,254 21,718 2,593 1,971 3,711 33,750 22,318 17,828 113,812 483,683 27,448 3,263 21,612 52,323 Total other........................... All countries.................................. 4,565,201 International and regional orgs: International organizations....... Regional organizations10 ......... Total International and regional organizations ...... Excludes negotiable certificates of deposit. Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end. 4 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in "All other Europe." 5 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia . 2 Other Miscellaneous liabilities 2 Total Held by Held by Of which: Total foreign Of which: other shortTotal liabilities foreign Total Total own custody payable in official short-term official liabilities term liabilities liabilities institutions Held by all dollars and liabilities U.S. negotiable Of which: institutions Held by all payable in payable in payable in payable in and foreign Treasury securities negotiable and foreign foreign foreign other other dollars dollars dollars currency banks foreigners obligations (excl. CDs) banks foreigners currency 3 CDs (2) (3) (4) (5) (6) (7) (12) (9) (11) (1) (8) (10) Caribbean, con. British Virgin Islands 7 .............. 39,711 Cayman Islands ....................... 1,489,068 Dominican Republic 7 .............. 3,507 Haiti 7 ........................................ 659 Jamaica.................................... 1,505 Netherlands Antilles................. 7,287 Trinidad and Tobago................ 4,056 9,498 All other Caribbean 7 ................ Total Asia............................. Africa: Egypt ........................................ Ghana ...................................... Kenya 9..................................... Liberia ...................................... Morocco ................................... South Africa ............................. All other Africa 9 ....................... Negotiable CDs and short-term negotiable securities 6 Before June 2006, data for Belize, Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are included in "All other Latin America." 7 Before June 2006, data for Aruba, Barbados, British Virgin Islands, Dominican Republic, and Haiti are included in "All other Caribbean." 8 Before June 2006, data for Jordan are included in "All other Asia." 9 Before June 2006, data for Kenya are included in "All other Africa." 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2008 CAPITAL MOVEMENTS 56 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 2000 (In billions of dollars) 1800 1600 1400 1200 1000 800 600 400 200 0 2004 2005 2006 2007 June 2008 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.6 trillion in June 2008, a decrease of $131 billion from yearend 2007. U.S. banking liabilities include foreign holdings of U.S. shortterm securities but exclude foreign holdings of U.S. longterm securities. U.S. banking liabilities increased about $711 billion in 2007, about $824 billion in 2006, and about $169 billion in 2005. However, much of the increase in liabilities to foreigners in 2006 reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking liabilities increased about $250 billion. [In millions of dollars. Source: Treasury International Capital Reporting System] Country Calendar years 2006 2004 2005 United Kingdom............................ 501,721 590,505 926,069 1,055,219 All other Europe ........................... 611,774 691,138 648,551 820,638 875,838 Caribbean banking centers 1 ......... 1,186,221 1,200,444 1,666,987 1,897,916 1,886,879 Japan............................................ Subtotal ...................................... 173,872 260,142 2,733,730 161,951 256,934 2,900,972 141,655 299,495 3,682,757 190,097 385,504 4,349,374 180,086 353,996 4,186,032 All other countries ........................ 284,143 285,773 327,602 372,417 404,514 Grand total ................................. 3,017,873 3,186,745 4,010,359 4,721,791 4,590,546 All other Asia ................................ 2007 June 2008 889,233 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. September 2008 U.S. banking liabilities are concentrated in international financial centers. The data on this page show that more than 60 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers have recorded most of the growth in banking liabilities in recent years. Foreigners domiciled in the rest of Europe and in Asia account for about one-third of U.S. banking liabilities. CAPITAL MOVEMENTS 57 SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Claim Calendar Year 2006 r 2007 Mar. r June r Sept. r Dec. 2008 Mar. p Total claims.............................................................. 3,140,564 3,371,838 3,593,754 3,715,894 3,837,533 4,042,131 Payable in dollars.................................................. 2,944,476 3,164,208 3,368,944 3,487,160 3,594,268 3,775,248 Own claims on foreigners................................... 2,291,340 2,514,366 2,633,268 2,713,379 2,818,514 3,032,903 Foreign official institutions ............................... 98,010 92,666 96,012 86,503 108,136 101,405 Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. Foreign banks, including own foreign offices ........................................................... 1,662,805 1,846,668 1,904,381 1,963,989 2,060,830 2,237,857 All other foreigners .......................................... 530,525 575,032 632,875 662,887 649,548 693,641 Claims of domestic customers.............................. 653,136 649,842 735,676 773,781 775,754 742,345 Payable in foreign currencies .................................. 196,088 207,630 224,810 228,734 243,265 266,883 Own claims on foreigners ..................................... 131,530 130,372 143,525 148,539 168,572 182,798 Canadian dollars .............................................. 16,024 14,291 24,797 35,415 32,713 30,991 Euros................................................................ 65,947 71,791 67,638 56,479 75,051 81,156 United Kingdom pounds sterling...................... 18,871 15,218 15,088 13,837 14,432 16,593 Japanese yen................................................... 14,463 15,511 17,827 19,463 23,909 27,715 Claims of domestic customers.............................. 64,558 77,258 81,285 80,195 74,693 84,085 Canadian dollars .............................................. 4,814 4,797 4,261 4,873 3,008 2,703 of which: of which: Euros................................................................ 47,468 62,721 67,539 62,161 60,501 67,014 United Kingdom pounds sterling...................... 7,068 4,612 3,348 3,925 3,160 5,197 Japanese yen................................................... 1,676 1,345 381 2,739 2,817 3,109 Total own claims on foreigners ............................. 2,422,870 2,644,738 2,776,793 2,861,918 2,987,086 3,215,701 Non-negotiable deposits .................................... 983,110 1,051,952 1,065,498 990,963 1,045,027 1,193,009 Short-term negotiable instruments (payable in dollars)............................................. 15,508 18,053 18,834 39,876 48,082 44,867 Resale agreements ............................................ 664,373 739,410 794,401 843,785 800,427 851,626 Other................................................................... 759,879 835,323 898,060 987,294 1,093,550 1,126,199 Claims on own foreign offices............................... 1,639,474 1,842,273 1,854,092 1,896,032 2,032,682 2,203,520 Claims reported by IBFs ....................................... 562,430 659,669 648,582 615,052 686,623 646,189 Payable in dollars ............................................... 524,907 619,843 606,879 578,337 644,202 608,557 Memoranda: Payable in foreign currencies............................. 37,523 39,826 41,703 36,715 42,421 37,632 Total claims held for domestic customers ............ 717,694 727,100 816,961 853,976 850,447 826,430 Non-negotiable deposits .................................... 312,635 343,115 365,866 391,445 444,722 428,680 Short-term negotiable instruments (payable in dollars)............................................. 353,438 334,582 401,187 400,291 357,802 348,991 Other ..................................................................... 51,621 49,403 49,908 62,240 47,923 48,759 September 2008 CAPITAL MOVEMENTS 58 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .................................................... Belgium................................................... Bulgaria .................................................. Czech Republic ...................................... Denmark................................................. Finland.................................................... France .................................................... Germany................................................. Greece.................................................... Hungary.................................................. Ireland..................................................... Italy ......................................................... Kazakhstan 1 ........................................... Luxembourg ........................................... Netherlands ............................................ Norway ................................................... Poland .................................................... Portugal .................................................. Romania ................................................. Russia..................................................... Spain ...................................................... Sweden................................................... Switzerland............................................. Turkey..................................................... United Kingdom...................................... Channel Islands...................................... All other Europe 1 .................................... Total Europe ........................................ Memo: Euro Area 2 .................................... Memo: European Union 3 .......................... Canada...................................................... Latin America: Argentina ................................................ Bolivia 4 ................................................... Brazil....................................................... Chile ....................................................... Colombia ................................................ Costa Rica 4 ............................................ Ecuador .................................................. El Salvador 4 ........................................... Guatemala.............................................. Honduras 4 .............................................. Mexico .................................................... Nicaragua ............................................... Panama .................................................. Paraguay 4 .............................................. Peru ........................................................ Uruguay.................................................. Venezuela .............................................. All other Latin America 4 ......................... Total Latin America.............................. Caribbean: Anguilla 5 ................................................ Bahamas ................................................ Barbados 5 .............................................. See footnotes at end of table. September 2008 Calendar year 2005 2006 Sept. r 2007 Dec. r Mar. r June r Sept. r Dec. 2008 Mar. p 5,432 14,095 23 3,413 2,619 9,610 131,334 48,290 116 121 41,916 23,200 n.a. 14,772 30,557 19,083 1,840 1,138 288 1,320 10,809 27,865 151,785 3,459 627,105 42,827 18,996 1,232,013 331,269 n.a. 94,997 8,420 19,955 38 2,583 1,845 15,054 171,400 54,150 902 133 47,427 35,098 446 17,569 39,309 32,130 1,593 1,904 265 1,762 14,910 37,800 141,707 4,112 865,734 41,027 2,460 1,559,734 426,099 1,336,094 101,465 8,563 20,258 38 3,546 2,770 10,360 165,030 45,429 1,081 157 62,881 41,462 510 16,033 38,723 35,117 1,115 1,988 290 4,254 15,969 29,377 112,020 5,429 938,123 45,533 4,193 1,610,249 427,777 1,404,001 106,662 8,309 33,993 39 3,232 5,699 14,933 190,458 59,267 1,421 185 71,841 38,332 725 17,679 45,310 28,204 1,842 2,245 217 1,819 32,377 28,572 170,752 3,754 974,980 48,523 3,501 1,788,209 516,165 1,532,513 109,057 8,572 43,167 38 3,604 1,757 15,143 199,784 71,143 1,442 187 70,771 34,782 863 26,823 60,364 25,101 3,454 2,506 209 1,777 25,154 31,026 183,080 3,678 1,043,097 56,782 3,689 1,917,993 559,651 1,644,892 134,332 9,189 23,449 37 2,113 2,393 24,206 189,510 87,355 1,409 252 68,653 43,098 754 22,636 73,708 28,875 3,999 2,840 200 3,334 26,085 37,643 191,315 3,718 1,164,018 43,199 3,689 2,057,677 572,139 1,784,534 141,494 8,083 26,646 30 4,049 10,314 30,533 205,395 79,934 1,658 378 81,003 51,856 688 27,017 63,710 28,938 8,242 3,113 195 1,869 32,753 35,525 201,020 3,735 1,148,546 36,414 3,632 2,095,276 611,701 1,820,644 140,364 7,980 28,020 52 2,662 10,984 27,748 235,915 93,045 1,963 216 100,600 63,530 732 25,167 72,195 27,307 17,108 3,672 178 1,638 56,322 28,760 184,253 3,989 1,209,932 20,802 3,418 2,228,186 717,612 1,987,539 161,077 2,507 n.a. 15,621 6,990 2,506 n.a. 602 n.a. 903 n.a. 15,194 n.a. 2,359 n.a. 1,242 486 2,613 2,632 53,655 2,435 173 15,003 7,335 2,766 721 589 874 919 382 18,466 99 2,928 40 1,360 527 2,582 77 57,276 2,977 157 20,454 7,152 2,915 733 612 872 1,055 433 17,936 89 2,556 41 1,474 361 2,477 37 62,331 2,880 139 22,354 6,120 4,104 780 581 871 1,135 461 19,257 89 2,670 60 1,416 1,119 2,651 147 66,834 3,631 172 25,578 6,489 4,287 782 777 901 1,108 417 19,824 82 3,525 79 2,250 341 2,791 34 73,068 4,197 166 32,740 7,887 6,208 797 896 801 1,235 606 23,028 74 3,456 92 2,150 1,083 3,013 63 88,492 4,251 169 31,500 9,829 4,972 1,028 993 831 1,348 494 24,582 83 4,118 108 3,092 415 2,580 70 90,463 4,346 172 28,278 10,267 4,953 1,217 886 797 1,358 493 26,843 93 4,794 130 4,487 403 2,152 194 91,863 n.a. 167,880 n.a. 4,373 208,785 429 5,281 194,510 471 2,575 200,268 372 3,479 196,649 794 3,140 203,177 352 6,493 236,829 445 7,796 271,563 557 CAPITAL MOVEMENTS 59 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. Bermuda...................................... British Virgin Islands 5 .................. Cayman Islands........................... Dominican Republic 5 .................. Haiti 5............................................ Jamaica ....................................... Netherlands Antilles .................... Trinidad and Tobago ................... All other Caribbean 5 ................... Total Caribbean ........................ Asia: China, Mainland. ......................... Hong Kong .................................. India............................................. Indonesia..................................... Israel............................................ Japan........................................... Jordan 6 ........................................ Korea, South ............................... Lebanon....................................... Malaysia ...................................... Pakistan....................................... Philippines ................................... Singapore .................................... Taiwan ......................................... Thailand....................................... Asian oil exporters 7 .................... All other Asia 6 ............................. Total Asia.................................. Africa: Cameroon 8 .................................. Egypt ........................................... Ghana.......................................... Liberia.......................................... Morocco....................................... South Africa................................. African oil exporters 9 .................. All other Africa 8 ........................... Total Africa ............................... Other countries: Australia....................................... New Zealand ............................... All other ....................................... Total other countries................. Total foreign countries ........... International and regional orgs: International organizations .......... Regional organizations 10 ............ Total international and regional organizations............ Grand total ............................. 1 Calendar year 2005 2006 Sept. r Dec. r 2007 June r Sept. r 2008 Mar. p Dec. 20,875 n.a. 674,769 n.a. n.a. 448 4,558 957 8,687 878,174 22,964 4,828 769,663 488 34 721 3,962 792 362 1,017,401 21,721 4,270 835,646 650 50 695 2,686 1,055 383 1,067,418 29,321 5,934 884,896 615 56 768 2,897 1,034 563 1,129,299 18,845 7,420 948,695 571 67 592 2,634 680 627 1,181,053 20,379 5,190 941,913 630 56 666 4,877 524 584 1,181,488 12,330 4,857 964,334 686 46 687 4,624 673 770 1,232,774 19,430 6,012 968,107 720 52 751 5,085 724 786 1,281,583 14,957 9,042 2,669 523 5,827 114,713 n.a. 17,470 53 834 33 1,820 8,210 8,909 8,183 13,670 187 207,100 15,413 10,316 3,072 477 6,284 139,368 23 29,474 21 851 63 1,177 7,745 5,921 7,798 11,951 133 240,087 15,915 8,300 3,209 559 6,568 157,671 21 25,258 20 947 29 1,020 5,519 3,607 6,585 11,789 424 247,441 19,326 6,500 3,209 549 6,390 136,611 21 24,841 27 627 42 1,094 5,347 3,880 6,131 13,281 614 228,490 20,709 7,506 3,514 525 7,680 130,634 33 26,815 39 1,104 105 1,123 6,163 6,140 5,607 15,470 929 234,096 18,095 7,477 4,563 583 6,451 104,827 49 14,392 53 1,913 218 1,233 5,663 3,887 2,349 15,643 723 188,119 19,359 10,263 4,588 1,030 5,031 97,453 54 28,247 51 1,987 164 1,271 6,661 1,651 5,963 23,969 799 208,541 16,641 10,545 4,620 1,089 4,902 107,064 21 28,379 52 1,166 64 1,835 7,863 3,086 2,483 14,696 1,554 206,060 n.a. 661 19 267 94 414 339 252 2,046 22 1,181 8 316 71 473 335 447 2,853 20 1,833 13 296 84 640 414 251 3,551 16 1,692 19 266 77 416 326 269 3,081 16 1,331 8 322 85 438 295 388 2,883 12 1,713 31 371 47 431 321 424 3,350 11 1,488 30 331 50 730 453 6,570 9,663 9 1,773 42 338 45 617 1,301 13,594 17,719 18,569 3,601 178 22,348 2,490,333 29,344 3,276 219 32,839 3,011,655 26,600 4,147 242 30,989 3,128,641 32,769 2,929 364 36,062 3,361,032 36,902 2,838 335 40,075 3,583,500 42,716 2,170 357 45,243 3,705,863 43,463 4,541 316 48,320 3,825,401 36,546 6,124 486 43,156 4,029,644 8,086 1,980 10,270 832 11,279 644 10,236 570 9,779 475 9,371 660 10,930 1,202 11,333 1,154 10,066 2,500,399 11,102 3,022,757 11,923 3,140,564 10,806 3,371,838 10,254 3,593,754 10,031 3,715,894 12,132 3,837,533 12,487 4,042,131 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay are included in “All other Latin America.” 2 Mar. r 5 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican Republic, and Haiti are included in “All other Caribbean.” 6 Before June 2006, data for Jordan are included in “All other Asia.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Before June 2006, data for Cameroon are included in “All other Africa.” 9 Includes Algeria, Gabon, Libya, and Nigeria. 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East organizations. September 2008 CAPITAL MOVEMENTS 60 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2008 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 7,980 Belgium.............................................. 28,020 Czech Republic ................................. 2,662 Denmark............................................ 10,984 Finland............................................... 27,748 France ............................................... 235,915 Germany............................................ 93,045 Greece............................................... 1,963 Hungary............................................. 216 Ireland................................................ 100,600 Italy .................................................... 63,530 Kazakhstan1 ...................................... 732 Luxembourg ...................................... 25,167 Netherlands ....................................... 72,195 Norway .............................................. 27,307 Poland ............................................... 17,108 Portugal ............................................. 3,672 Romania ............................................ 178 Russia................................................ 1,638 Spain ................................................. 56,322 Sweden.............................................. 28,760 Switzerland........................................ 184,253 Turkey................................................ 3,989 United Kingdom................................. 1,209,932 Channel Islands .................................. 20,802 3,470 All other Europe 1 ............................... Total Europe ................................... 2,228,186 717,612 Memo: Euro Area 2 ............................... 161,077 Canada................................................. Latin America: Argentina ........................................... 4,346 Bolivia 3 .............................................. 172 Brazil.................................................. 28,278 Chile .................................................. 10,267 Colombia ........................................... 4,953 Costa Rica 3 ....................................... 1,217 Ecuador ............................................. 886 El Salvador 3 ...................................... 797 Guatemala......................................... 1,358 Honduras 3 ......................................... 493 Mexico ............................................... 26,843 Panama ............................................. 4,794 Peru ................................................... 4,487 Uruguay............................................. 403 Venezuela ......................................... 2,152 417 All other Latin America 3 .................... 91,863 Total Latin America......................... See footnotes at end of table. September 2008 Total own claims (2) Total own claims payable in dollars (3) 4,662 4,625 22,994 22,646 2,648 2,605 2,303 2,196 24,866 24,830 202,154 189,078 56,333 45,542 580 178 197 117 64,755 64,302 53,706 43,923 732 704 15,807 14,028 57,855 55,574 19,982 19,760 17,081 17,022 1,846 1,809 178 148 1,634 1,611 39,646 37,286 7,591 6,832 176,392 174,732 3,984 3,548 1,030,644 995,555 13,769 13,387 2,423 1,369 1,824,762 1,743,406 546,184 504,041 128,199 101,847 4,261 172 28,194 10,259 4,945 1,212 878 797 1,358 493 26,401 4,743 3,985 400 2,035 414 90,547 3,970 156 26,746 9,108 3,428 1,120 872 779 1,328 493 25,319 4,514 3,631 286 1,930 414 84,094 Claims of domestic customers Total custom Payable Payable in foreign er in currencies claims dollars (9) (7) (8) Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) 1,960 19,425 2,604 1,860 24,673 159,975 36,898 114 22 43,185 43,693 592 3,887 23,523 18,784 17,017 1,577 4 1,346 36,978 5,264 168,749 2,712 714,270 10,152 987 1,340,250 396,039 90,731 2,665 3,221 1 336 157 29,103 8,644 64 95 21,117 230 112 10,141 32,051 976 5 232 144 265 308 1,568 5,983 836 281,285 3,235 382 403,156 108,002 11,116 37 348 43 107 36 13,076 10,791 402 80 453 9,783 28 1,779 2,281 222 59 37 30 23 2,360 759 1,660 436 35,089 382 1,054 81,356 42,143 26,352 3,318 5,026 14 8,681 2,882 33,761 36,712 1,383 19 35,844 9,824 9,360 14,340 7,325 27 1,826 4 16,676 21,169 7,861 5 179,288 7,033 1,047 403,424 171,428 32,878 1,803 2,888 1 8,654 1,758 20,722 19,434 1 33,877 279 6,841 10,636 7,074 540 4 10,993 20,629 7,724 4 171,786 5,558 1,002 332,208 110,222 30,306 1,515 2,138 13 27 1,124 13,039 17,278 1,382 19 1,967 9,545 2,519 3,704 251 27 1,286 5,683 540 137 1 7,502 1,475 45 71,216 61,206 2,572 1,050 2 15,016 4,552 1,759 350 186 189 628 226 1,877 3,451 1,599 55 340 207 31,487 2,920 154 11,730 4,556 1,669 770 686 590 700 267 23,442 1,063 2,032 231 1,590 207 52,607 291 16 1,448 1,151 1,517 92 6 18 30 1,082 229 354 114 105 6,453 85 84 8 8 5 8 442 51 502 3 117 3 1,316 35 63 3 4 6 387 47 4 2 109 2 662 50 21 5 4 5 2 55 4 498 1 8 1 654 CAPITAL MOVEMENTS 61 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2008, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Caribbean: Bahamas ........................................... 271,563 Bermuda............................................ 19,430 British Virgin Islands 4 ........................ 6,012 Cayman Islands................................. 968,107 Dominican Republic 4 ........................ 720 Jamaica ............................................. 751 Netherlands Antilles .......................... 5,085 Trinidad and Tobago ......................... 724 9,191 All other Caribbean 4 ......................... Total Caribbean .............................. 1,281,583 Asia: China, Mainland ................................ 16,641 Hong Kong ........................................ 10,545 India................................................... 4,620 Indonesia........................................... 1,089 Israel.................................................. 4,902 Japan................................................. 107,064 Korea, South ..................................... 28,379 Malaysia ............................................ 1,166 Pakistan............................................. 64 Philippines ......................................... 1,835 Singapore .......................................... 7,863 Taiwan ............................................... 3,086 Thailand............................................. 2,483 16,323 All other Asia ..................................... 206,060 Total Asia........................................ Africa: Egypt ................................................. 1,773 Ghana................................................ 42 Liberia................................................ 338 Morocco............................................. 45 South Africa....................................... 617 All other Africa ................................... 14,904 Total Africa ..................................... 17,719 Other countries: Australia............................................. 36,546 New Zealand ..................................... 6,124 486 All other ............................................. 43,156 Total other countries....................... Total foreign countries ................. 4,029,644 International and regional orgs: International organizations ................ 11,333 1,154 Regional organizations 5 .................... Total international and regional 12,487 organizations .................................. Grand total ................................... 4,042,131 1 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) 196,491 19,430 5,853 683,325 680 751 5,018 724 9,190 921,462 195,177 17,358 3,246 642,592 671 722 4,586 723 7,768 872,843 187,403 36 29 514,577 168 171 223 213 203 703,023 7,774 17,322 3,217 128,015 503 551 4,363 510 7,565 169,820 1,314 2,072 2,607 40,733 9 29 432 1 1,422 48,619 75,072 159 284,782 40 67 1 360,121 74,709 131 281,441 33 66 1 356,381 363 28 3,341 7 1 3,740 16,425 9,573 4,512 1,055 3,635 102,195 27,433 368 63 1,750 7,799 2,763 2,477 15,909 195,957 14,991 8,892 4,380 1,007 3,591 90,736 27,288 277 47 1,689 6,368 2,522 2,455 14,821 179,064 14,214 7,082 3,549 722 3,403 74,735 26,520 225 33 1,107 4,547 2,118 2,439 12,806 153,500 777 1,810 831 285 188 16,001 768 52 14 582 1,821 404 16 2,015 25,564 1,434 681 132 48 44 11,459 145 91 16 61 1,431 241 22 1,088 16,893 216 972 108 34 1,267 4,869 946 798 1 85 64 323 6 414 10,103 168 68 69 5 1,255 4,308 464 26 1 7 12 4 398 6,785 48 904 39 29 12 561 482 772 1 84 57 311 2 16 3,318 370 37 338 35 516 14,802 16,098 370 11 279 15 395 14,618 15,688 193 10 7 14 349 1,181 1,754 177 1 272 1 46 13,437 13,934 26 59 20 121 184 410 1,403 5 10 101 102 1,621 11 5 10 94 42 162 1,392 7 60 1,459 24,106 3,280 486 27,872 3,204,897 22,835 1,836 486 25,157 3,022,099 17,007 1,508 2 18,517 2,339,262 5,828 328 484 6,640 682,837 1,271 1,444 2,715 182,798 12,440 2,844 15,284 824,747 11,752 2,826 14,578 741,082 688 18 706 83,665 10,365 439 10,365 439 - 10,365 439 - 968 715 767 496 201 219 10,804 3,215,701 10,804 3,032,903 2,339,262 10,804 693,641 182,798 1,683 826,430 1,263 742,345 420 84,085 Before June 2006, data for Kazakhstan are included in “All other Europe.” Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not avaliable. 3 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in “All other Latin America.” 2 Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in Payable in customer foreign dollars claims currencies (8) (7) (9) 4 Before June 2006, data for the British Virgin Islands and Dominican Republic are included in “All other Caribbean.” 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2008 CAPITAL MOVEMENTS 62 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries In March 2008, U.S. claims on foreigners reported by U.S. banks amounted to about $4.0 trillion, an increase of $205 billion from the level recorded at yearend 2007. U.S. banking claims include holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $697 billion in 2007 and $640 billion in 2006, but part of the latter increase reflects changes in coverage in the bank-reported data in the first and second quarters of 2006. Between June and December of 2006, when data were reported on a consistent basis, banking claims increased about $209 billion. Banking claims increased $312 billion in 2005. 1400 1300 (In billions of dollars) 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 2004 2005 2006 2007 Mar. 2008 United Kingdom All other Europe Caribbean banking centers Japan All other Asia All other countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom .............................. All other Europe .............................. Caribbean banking centers 1,2......... Japan .............................................. All other Asia................................... Subtotal......................................... All other countries ........................... Grand total .................................... 1 2 2004 567,001 527,615 755,954 102,859 70,601 2,024,030 164,411 2,188,441 2005 627,105 604,908 870,441 114,713 92,387 2,309,554 190,845 2,500,399 2006 2007 Mar. 2008 938,123 672,126 1,061,389 157,671 89,770 2,919,079 221,485 3,140,564 1,148,546 946,730 1,227,092 97,453 111,088 3,530,909 306,624 3,837,533 1,209,932 1,018,254 1,274,991 107,064 98,996 3,709,237 332,894 4,042,131 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. September 2008 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 around 5 percent currently. CAPITAL MOVEMENTS 63 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of liability or claim Total liabilities ................................................ Payable in dollars....................................... Financial................................................. Short-term negotiable securities........ Other .................................................. Commercial............................................ Trade payables .................................. Advance receipts and other............... Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of liability: Financial............................................. Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade payables .............................. Advance receipts and other........... Total claims.................................................... Payable in dollars....................................... Financial................................................. Non-negotiable deposits .................... Negotiable CDs and short-term negotiable instruments..................... Other .................................................. Commercial............................................ Trade receivables .............................. Advance payments and other............ Payable in foreign currencies .................... By major foreign currency: Canadian dollars ................................ Euros.................................................. United Kingdom pounds sterling........ Japanese yen..................................... Other .................................................. By type of claim: Financial............................................. Non-negotiable deposits ................ Short-term negotiable securities.... Other .............................................. Commercial........................................ Trade receivables .......................... Advance payments and other........ 2004 Calendar year 2005 2006 Mar. June 2007 Sept. Dec. 2008 Mar. p 92,009 55,386 29,575 1,410 28,165 25,811 16,705 9,106 36,623 76,710 58,728 24,003 3,248 20,755 34,725 21,751 12,974 17,982 89,217 72,331 35,033 8,266 26,767 37,298 24,415 13,903 16,886 89,729 66,250 27,136 3,093 24,043 39,114 25,801 14,493 23,479 106,508 82,029 31,589 2,220 29,369 50,440 26,985 24,628 24,479 112,853 84,072 29,103 3,016 26,087 54,969 28,257 27,743 28,781 103,833 79,159 26,474 1,983 24,491 52,685 26,564 27,111 24,674 111,383 85,213 23,995 2,391 21,604 61,218 30,370 31,860 26,170 2,623 10,125 19,041 1,860 2,974 2,525 5,041 3,640 2,326 4,450 3,536 5,239 4,494 1,770 1,847 1,860 11,315 5,862 1,775 2,667 2,035 12,031 4,585 2,778 3,050 1,500 13,488 4,307 3,673 5,813 2,162 9,075 4,267 3,908 5,262 2,655 10,496 4,261 4,249 4,509 33,272 10,349 22,923 3,351 1,476 1,875 143,232 94,884 67,445 42,005 15,246 5,802 9,444 2,736 1,299 1,437 144,950 105,700 75,802 42,140 13,679 3,351 10,328 3,207 1,258 929 126,032 100,031 66,871 28,380 19,953 4,599 15,354 3,526 1,364 982 131,225 98,336 64,047 25,922 21,060 4,563 16,497 3,419 1,252 994 137,231 106,269 66,625 23,844 25,948 1,647 24,301 2,833 1,065 737 144,477 105,282 65,146 25,583 21,445 2,940 18,505 3,229 1,302 937 136,044 109,698 66,726 28,393 22,180 5,360 16,820 3,990 2,033 945 138,720 114,900 72,086 32,219 9,739 16,314 27,439 24,778 2,661 48,348 12,888 20,774 29,898 26,080 3,818 39,250 2,624 35,867 33,160 30,225 4,371 26,001 498 37,627 34,289 30,757 4,472 32,889 2,141 40,640 39,644 33,616 6,966 30,962 1,235 38,328 40,136 34,096 6,888 39,195 1,168 37,165 42,972 37,672 6,369 26,346 1,504 38,363 42,814 36,513 7,253 23,820 1,841 22,212 10,805 7,583 5,907 9,829 10,643 8,341 3,724 6,713 9,194 6,951 4,675 1,027 4,154 4,944 17,640 5,670 998 3,637 4,387 16,572 4,557 1,125 4,321 5,024 16,622 4,274 9,398 3,877 5,371 10,833 4,210 1,378 4,554 5,751 8,962 3,612 1,139 4,356 43,072 5,878 153 37,041 5,276 4,451 825 35,592 8,009 292 27,291 3,658 3,151 507 21,775 3,529 120 18,126 4,226 2,577 213 29,026 2,415 81 26,530 3,863 2,503 420 27,169 3,384 82 23,703 3,793 2,385 470 35,638 11,237 109 24,292 3,557 2,424 285 21,305 1,498 77 19,730 5,041 3,748 224 19,754 1,613 72 18,069 4,066 2,932 182 September 2008 CAPITAL MOVEMENTS 64 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year Country Europe: Austria .................................. Belgium 1 .............................. Bulgaria ................................ Czech Republic.................... Denmark............................... Finland ................................. France .................................. Germany .............................. Greece ................................. Hungary................................ Ireland .................................. Italy....................................... Luxembourg 1 ....................... Netherlands.......................... Norway ................................. Poland .................................. Portugal................................ Romania............................... Russia 2 ................................ Serbia and Montenegro (formerly Yugoslavia) 3 .... Spain .................................... Sweden ................................ Switzerland .......................... Turkey .................................. United Kingdom ................... Channel Islands and Isle of Man 4 ..................... Other Europe ....................... Total Europe .................... Canada..................................... Latin America: Argentina.............................. Brazil .................................... Chile ..................................... Colombia.............................. Ecuador................................ Guatemala ........................... Mexico.................................. Panama................................ Peru...................................... Uruguay................................ Venezuela ............................ Other Latin America 5 ........... Total Latin America ............. Caribbean: Bahamas.............................. Bermuda................................... British West Indies 6................. Cayman Islands 6 ................. Cuba..................................... Jamaica................................ Netherlands Antilles............. Trinidad and Tobago............ Other Caribbean 5 ................ Total Caribbean ............... See footnotes at end of table. September 2008 2007 2008 2003 2004 2005 2006 Mar. June Sept. Dec. Mar. p 82 163 3 6 67 47 4,443 4,386 474 11 856 1,154 705 668 445 26 7 30 71 146 74 2 34 41 38 2,368 3,935 248 14 1,070 795 824 668 1,365 151 22 33 74 68 73 17 78 20 2,631 3,646 401 12 1,636 1,174 378 895 3,537 229 39 4 64 91 181 44 14 132 140 2,562 12,391 182 18 316 1,040 977 1,709 545 330 27 9 110 64 95 54 17 132 28 2,497 5,729 163 13 168 1,117 816 1,096 274 360 35 14 121 97 429 48 14 133 77 2,180 8,465 180 14 629 1,195 643 959 480 410 146 6 169 350 197 26 21 1,030 38 3,133 8,325 197 18 475 1,375 483 1,171 327 412 404 7 305 230 492 36 25 937 63 3,165 4,977 187 46 1,569 1,196 235 1,194 721 385 205 6 306 90 308 34 52 269 69 3,297 3,127 199 16 925 1,106 197 1,036 516 371 122 10 411 1,068 656 1,884 302 26,911 2 591 800 1,078 180 32,878 4 399 747 1,237 137 15,093 1 269 952 1,070 261 17,339 11 268 912 1,807 348 25,615 1 417 824 1,683 487 29,267 4 627 951 1,580 642 27,475 3 533 438 1,703 754 23,350 6 754 237 2,006 754 25,270 188 44,653 2 286 47,720 501 250 33,271 15 421 41,146 310 42,064 2 364 49,319 117 455 50,145 208 539 43,503 149 506 41,837 3,405 4,578 4,905 7,694 5,953 7,098 7,503 7,767 7,342 125 475 60 118 21 15 1,332 52 15 4 332 98 2,647 59 321 91 84 26 10 1,968 7 17 2 451 113 3,149 148 288 387 106 10 23 2,234 56 8 2 681 105 4,048 138 264 406 208 89 25 2,150 57 6 13 353 24 3,733 183 165 440 222 35 7 2,346 56 12 18 571 53 4,108 227 375 465 292 235 18 2,547 120 51 44 677 65 5,116 133 448 388 327 300 10 2,963 107 54 25 602 26 5,383 156 940 546 356 33 10 2,848 85 36 20 575 106 5,711 182 1,182 647 382 129 8 3,113 196 11 7 896 101 6,854 14 1,224 n.a. 3,154 2 17 3 16 564 4,994 32 9,230 n.a. 7,279 24 14 15 729 17,323 70 1,704 n.a. 6,522 14 13 44 936 9,303 70 777 n.a. 12,804 20 2 25 761 14,459 109 793 n.a. 12,663 22 5 16 1,145 14,753 163 1,008 n.a. 13,035 33 58 21 1,028 15,346 129 1,161 n.a. 14,722 21 4 108 1,214 17,359 89 707 n.a. 15,969 18 4 74 803 17,664 180 1,322 n.a. 15,830 21 5 100 514 17,972 CAPITAL MOVEMENTS 65 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. .................... Hong Kong ............................. India........................................ Indonesia................................ Israel....................................... Japan...................................... Korea, South .......................... Lebanon ................................. Malaysia ................................. Pakistan.................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... Thailand.................................. Oil-exporting countries 7 ......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana..................................... Liberia..................................... Morocco.................................. South Africa............................ Oil-exporting countries 8 ......... Other Africa ............................ Total Africa ......................... Other countries: Australia ................................. New Zealand 9 ........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs: International organizations..... Regional organizations 10 ....... Total international and regional organizations...... Grand total ..................... 1 2003 Calendar year 2004 2005 2006 Mar. Sept. Dec. 2008 Mar. p 1,129 583 86 60 519 6,196 1,331 13 188 233 139 1,436 2 441 34 3,184 284 15,858 3,983 668 103 74 302 5,869 723 35 256 171 117 822 21 491 79 2,946 303 16,963 3,825 746 158 89 613 7,354 1,743 42 335 230 109 1,823 4 1,010 212 4,159 298 22,750 1,297 564 418 57 385 7,210 1,350 11 471 171 95 2,839 8 1,093 599 3,955 156 20,679 780 576 401 48 355 7,271 1,337 8 419 180 108 2,797 8 1,161 629 4,715 185 20,978 3,207 698 1,106 133 295 7,080 1,609 6 324 324 53 3,790 7 1,005 376 6,891 251 27,155 3,653 1,068 1,255 141 291 7,152 1,516 7 399 282 47 4,007 8 1,166 561 7,380 344 29,277 857 981 1,447 172 293 6,888 1,213 9 562 172 89 4,255 8 1,019 380 7,158 377 25,880 4,043 844 1,352 250 264 8,030 1,348 5 570 53 89 4,447 8 975 397 10,077 426 33,178 86 28 4 41 52 464 230 905 132 2 14 44 36 518 332 1,078 119 1 1 42 950 590 210 1,913 132 6 3 42 35 283 379 880 159 2 3 43 35 599 141 982 209 2 1 90 40 637 315 1,294 1 247 6 1 103 33 763 325 1,479 280 12 6 190 52 655 294 1,489 259 1 63 210 83 1,086 544 2,246 1,053 71 98 1,222 73,684 1,047 51 98 1,196 92,007 397 38 83 518 76,708 560 36 15 611 89,202 843 17 12 872 89,710 1,082 70 5 1,157 106,485 1,581 77 16 1,674 112,820 1,658 91 25 1,774 103,788 1,824 80 32 1,936 111,365 16 2 2 15 2 17 23 3 30 2 43 1 17 16 2 2 15 19 23 33 45 18 73,700 92,009 76,710 89,217 89,729 106,508 112,853 103,833 111,383 Before March 2003, 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 March 2003, data included in United Kingdom. 2 2007 June 5 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” Beginning March 2003, 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 March 2003, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 6 September 2008 CAPITAL MOVEMENTS 66 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ....................................... Belgium 1 ................................... Bulgaria ..................................... Czech Republic......................... Denmark.................................... Finland ...................................... France ....................................... Germany ................................... Greece ...................................... Hungary..................................... Ireland ....................................... Italy............................................ Luxembourg 1 ............................ Netherlands............................... Norway ...................................... Poland ....................................... Portugal..................................... Romania.................................... Russia 2 ..................................... Serbia and Montenegro (formerly Yugoslavia) 3.......... Spain ......................................... Sweden ..................................... Switzerland ............................... Turkey ....................................... United Kingdom ........................ Channel Islands and Isle of Man 4 .......................... Other Europe ............................ Total Europe ......................... Canada.......................................... Latin America: Argentina................................... Brazil ......................................... Chile .......................................... Colombia................................... Ecuador..................................... Guatemala ................................ Mexico....................................... Panama..................................... Peru........................................... Uruguay..................................... Venezuela ................................. Other Latin America 5 ................ Total Latin America ................... Caribbean: Bahamas................................... Bermuda......................................... British West Indies 6 .................... Cayman Islands 6 ...................... Cuba.......................................... Jamaica..................................... Netherlands Antilles.................. Trinidad and Tobago................. Other Caribbean 5 ..................... Total Caribbean .................... See footnotes at end of table. September 2008 2003 Calendar year 2004 2005 2006 Mar. June 1,752 523 14 54 716 176 5,865 4,132 204 53 423 4,069 115 3,184 315 104 161 25 118 1,816 2,307 37 64 494 617 3,713 6,787 199 46 1,672 2,434 127 7,883 229 57 146 47 157 13 1,803 779 2,538 474 15,366 2007 Sept. Dec. 2008 Mar. p 2,159 1,822 29 49 341 336 5,063 4,238 380 57 795 3,702 391 3,387 402 58 60 22 359 2,031 419 3 50 149 591 3,420 10,148 163 45 858 2,337 352 3,570 366 99 64 36 774 2,013 447 44 181 599 4,233 10,212 170 49 749 2,467 479 5,015 316 101 94 47 892 2,035 1,853 1 52 240 515 5,513 10,838 205 104 1,367 2,542 1,620 5,803 935 113 91 40 918 2,014 1,071 4 127 208 528 4,822 9,256 142 174 1,007 2,442 1,567 4,435 289 160 82 37 1,029 2,039 801 6 134 184 805 6,066 4,919 243 153 968 2,507 919 3,984 326 153 89 60 1,327 1,990 3,325 9 128 193 627 5,552 5,825 218 163 781 3,019 777 2,771 356 146 75 51 1,327 14 1,242 648 2,506 594 27,699 17 2,032 503 1,876 638 24,772 10 1,425 652 1,424 420 17,483 4 1,469 722 1,552 454 26,081 6 1,729 687 1,893 555 23,439 18 1,634 632 1,768 540 26,085 15 1,633 690 2,151 721 23,652 23 2,072 1,156 2,028 543 21,784 546 43,522 8,381 25 607 62,171 8,429 16 1,315 54,820 16,122 19 1,267 48,175 17,520 26 1,036 59,452 13,027 56 1,241 64,391 15,421 116 965 61,152 14,803 109 1,465 56,119 16,419 115 1,156 56,210 15,359 398 2,735 382 234 117 76 2,968 232 73 16 361 427 8,019 406 2,758 346 295 86 90 3,756 177 95 13 474 504 9,000 350 2,972 303 299 95 100 4,108 198 117 5 539 485 9,571 470 2,927 299 349 119 116 3,242 266 164 12 481 376 8,821 919 2,569 374 508 136 144 3,078 188 169 17 542 362 9,006 435 2,502 316 467 108 141 3,118 198 148 45 609 359 8,446 495 2,409 411 431 96 173 3,413 273 228 17 624 413 8,983 463 2,681 403 454 160 199 3,499 307 198 34 693 417 9,508 563 2,674 803 551 166 204 3,534 294 239 30 691 541 10,290 1,075 1,024 n.a. 20,067 16 84 32 100 951 23,349 1,631 5,358 n.a. 36,320 8 67 37 120 1,085 44,626 1,631 2,238 n.a. 36,416 12 70 42 119 1,721 42,249 3,949 1,734 n.a. 26,051 2 60 30 125 1,264 33,215 5,791 1,958 n.a. 21,286 2 93 95 134 1,707 31,066 2,119 2,536 n.a. 21,332 2 67 8 112 1,503 27,679 2,493 2,925 n.a. 23,487 2 98 92 124 1,369 30,590 2,198 1,708 n.a. 16,987 10 106 118 173 1,491 22,791 1,909 1,780 n.a. 28,363 92 187 147 1,580 34,058 CAPITAL MOVEMENTS 67 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. .................... Hong Kong ............................. India ....................................... Indonesia................................ Israel ...................................... Japan ..................................... Korea, South .......................... Lebanon ................................. Malaysia................................. Pakistan ................................. Philippines.............................. Singapore............................... Syria ....................................... Taiwan.................................... Thailand ................................. Oil-exporting countries 7......... Other Asia .............................. Total Asia ........................... Africa: Congo (formerly Zaire)........... Egypt ...................................... Ghana .................................... Liberia .................................... Morocco ................................. South Africa ........................... Oil-exporting countries 8......... Other Africa............................ Total Africa......................... Other countries: Australia ................................. New Zealand 9........................ All other .................................. Total other countries .......... Total foreign countries ... International and regional orgs : International organizations..... Regional organizations 10 ....... Total international and regional organizations...... Grand total ..................... 1 2003 Calendar year 2004 2005 Mar. 2007 June Sept. Dec. 2008 Mar. p 1,066 832 668 170 749 2,951 1,456 34 497 34 743 1,162 6 783 250 1,046 222 12,669 3,688 701 643 393 482 2,848 1,569 15 549 43 503 1,600 14 892 326 1,208 309 15,783 4,958 941 413 445 403 2,696 1,244 22 536 57 275 1,944 6 853 295 1,800 408 17,296 1,772 1,009 654 231 360 3,349 1,143 19 270 86 109 1,811 10 972 312 1,814 328 14,249 1,713 1,125 626 160 486 4,067 1,191 15 303 89 106 1,525 904 323 1,682 375 14,690 2,127 998 596 136 539 4,621 1,285 13 356 59 110 1,642 7 1,298 300 2,797 368 17,252 1,866 9,224 781 167 563 4,343 1,235 18 344 54 128 1,938 10 1,098 346 2,225 425 24,765 1,908 8,781 812 207 587 5,517 1,248 19 362 115 109 2,602 11 1,241 414 2,460 512 26,905 1,880 1,307 707 260 629 5,244 1,211 22 304 83 105 2,025 12 1,398 492 1,950 445 18,074 2 176 8 109 27 247 150 336 1,055 1 159 4 102 33 193 162 281 935 1 194 16 98 23 1,075 295 419 2,121 11 165 3 73 21 221 332 411 1,237 8 209 10 72 26 260 299 443 1,327 6 224 2 58 31 241 354 432 1,348 6 335 7 62 34 307 293 331 1,375 6 306 8 54 21 255 351 391 1,392 6 326 4 54 30 267 352 713 1,752 3,619 208 83 3,910 100,905 1,588 441 245 2,274 143,218 2,144 420 207 2,771 144,950 2,365 351 76 2,792 126,009 2,374 181 71 2,626 131,194 2,430 166 23 2,619 137,156 2,584 148 49 2,781 144,449 2,467 145 37 2,649 135,783 2,566 154 30 2,750 138,493 1 10 3 11 - 4 19 9 22 26 49 17 11 150 111 209 18 11 14 - 23 31 75 28 261 227 100,916 143,232 144,950 126,032 131,225 137,231 144,477 136,044 138,720 Before March 2003, 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 March 2003, data included in United Kingdom. 2 2006 5 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning March 2003, 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 March 2003, data included in “All other countries.” 10 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2008 CAPITAL MOVEMENTS 68 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2008, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ........................................... Belgium 1 ....................................... Bulgaria ......................................... Czech Republic ............................. Denmark........................................ Finland........................................... France ........................................... Germany........................................ Greece........................................... Hungary......................................... Ireland ........................................... Italy................................................ Luxembourg 1 ................................ Netherlands................................... Norway .......................................... Poland ........................................... Portugal......................................... Romania........................................ Russia 2 ......................................... Serbia and Montenegro (formerly Yugoslavia) 3 .............. Spain ............................................. Sweden ......................................... Switzerland.................................... Turkey ........................................... United Kingdom............................. Channel Islands and Isle of Man 4 .............................. Other Europe................................. Total Europe.............................. Canada.............................................. Latin America: Argentina....................................... Brazil ............................................. Chile .............................................. Colombia ....................................... Ecuador......................................... Guatemala..................................... Mexico ........................................... Panama......................................... Peru............................................... Uruguay......................................... Venezuela ..................................... Other Latin America 5 .................... Total Latin America ....................... Caribbean: Bahamas ....................................... Bermuda............................................. Cayman Islands 6 ............................. Cuba.............................................. Jamaica......................................... Netherlands Antilles ...................... Trinidad and Tobago..................... Other Caribbean 5 ......................... Total Caribbean......................... See footnotes at end of table. September 2008 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 90 308 34 52 269 69 3,297 3,127 199 16 925 1,106 197 1,036 516 371 122 10 411 27 150 2 156 21 1,522 1,843 26 8 59 13 75 285 53 1 5 22 63 158 34 50 113 48 1,775 1,284 173 8 866 1,093 122 751 463 370 117 10 389 1,990 3,325 9 128 193 627 5,552 5,825 218 163 781 3,019 777 2,771 356 146 75 51 1,327 1,928 3,139 20 119 201 3,576 4,132 65 101 381 711 706 2,142 215 45 15 17 931 62 186 9 108 74 426 1,976 1,693 153 62 400 2,308 71 629 141 101 60 34 396 6 754 237 2,006 754 25,270 84 14 90 23 21,531 6 670 223 1,916 731 3,739 23 2,072 1,156 2,028 543 21,784 1,168 865 882 404 16,683 23 904 291 1,146 139 5,101 149 506 41,837 7,342 149 48 26,207 1,964 458 15,630 5,378 115 1,156 56,210 15,359 83 902 39,431 10,747 32 254 16,779 4,612 182 1,182 647 382 129 8 3,113 196 11 7 896 101 6,854 10 26 14 6 1 36 16 16 2 127 172 1,156 633 376 128 8 3,077 180 11 7 880 99 6,727 563 2,674 803 551 166 204 3,534 294 239 30 691 541 10,290 107 1,695 458 143 40 47 1,232 151 21 1 195 162 4,252 456 979 345 408 126 157 2,302 143 218 29 496 379 6,038 180 1,322 15,830 21 5 100 514 17,972 58 14,833 6 3 79 14,979 180 1,264 997 15 5 97 435 2,993 1,909 1,780 28,363 92 187 147 1,580 34,058 1,862 466 28,028 11 77 87 448 30,979 47 1,314 335 81 110 60 1,132 3,079 CAPITAL MOVEMENTS 69 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2008, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland ............................ Hong Kong .................................... India............................................... Indonesia....................................... Israel.............................................. Japan............................................. Korea, South ................................. Lebanon ........................................ Malaysia ........................................ Pakistan......................................... Philippines..................................... Singapore...................................... Syria .............................................. Taiwan........................................... Thailand......................................... Other Asia ..................................... Total Asia .................................... Africa: Congo (formerly Zaire).................. Egypt ............................................. Ghana............................................ Liberia............................................ Morocco......................................... South Africa................................... Other Africa ................................... Total Africa ................................ Other countries: Australia ........................................ New Zealand 7 ............................... All other ......................................... Total other countries ................. Total foreign countries .......... International and regional orgs: International organizations............ Regional organizations 8 ............... Total international and regional organizations............. Grand total ............................ 1 Total liabilities (1) Liabilities Financial (2) Total claims (4) Claims Financial (5) Commercial (6) 4,043 844 1,352 250 264 8,030 1,348 5 570 53 89 4,447 8 975 397 426 33,178 158 199 49 13 2 1,864 154 2 6 3 42 18 11 44 2,688 3,885 645 1,303 237 262 6,166 1,194 3 564 50 89 4,405 8 957 386 382 30,490 1,880 1,307 707 260 629 5,244 1,211 22 304 83 105 2,025 12 1,398 492 445 18,074 592 203 223 132 39 1,352 424 99 42 124 22 284 147 3,831 1,288 1,104 484 128 590 3,892 787 22 205 83 63 1,901 12 1,376 208 298 14,243 259 1 63 210 83 544 2,246 63 5 20 88 259 1 210 78 524 2,158 6 326 4 54 30 267 713 1,752 6 10 1 54 11 106 231 455 316 3 19 161 482 1,297 1,824 80 32 1,936 111,365 113 6 3 122 46,175 1,711 74 29 1,814 65,190 2,566 154 30 2,750 138,493 1,860 94 1,954 91,649 706 60 30 796 46,844 1 17 - 1 17 209 18 191 - 18 18 18 - 18 227 191 36 111,383 46,175 65,208 138,720 91,840 46,880 Before March 2003, 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 March 2003, data included in United Kingdom. Before March 2003, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin America and Caribbean.” 6 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 7 Before March 2003, data included in “All other countries.” 8 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 5 September 2008 CAPITAL MOVEMENTS 70 SECTION IV.—U.S. International Transactions in Long-Term Securities TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Marketable Treasury bonds and notes Net foreign purchases Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (4) (2) (3) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Gross foreign Net foreign Gross foreign purchases sales purchases (8) (9) (7) Calendar year or month Total (1) 2004 ......................................... 2005 ......................................... 2006 ......................................... 2007 r ....................................... 2008 - Jan. - June p ................. 352,079 338,112 195,536 200,940 217,387 201,140 68,689 69,639 2,994 80,197 150,220 266,471 125,075 198,994 136,674 719 2,952 822 -1,048 516 8,936,045 10,051,248 10,957,936 15,127,526 8,166,325 8,583,966 9,713,136 10,762,400 14,926,586 7,948,938 226,401 219,256 286,464 226,086 149,836 1,209,381 1,097,458 1,572,160 2,050,451 1,613,617 982,980 878,202 1,285,696 1,824,365 1,463,781 2007 - June .............................. July ............................... Aug. r............................ Sept. r........................... Oct. r............................. Nov. r............................ Dec. r............................ 2008 - Jan. r ............................. Feb ............................... Mar ............................... Apr................................ May p............................ June p........................... 24,303 -9,360 -4,517 24,300 54,924 22,255 966 38,917 15,743 51,770 76,958 5,673 28,326 6,433 -6,925 -29,685 14,370 3,980 378 10,980 36,101 -3,594 28,011 22,298 -3,724 1,105 19,731 -2,511 25,343 9,787 50,590 22,068 -10,289 2,863 19,228 23,600 54,646 9,450 26,887 -1,861 76 -175 143 354 -191 275 -47 109 159 14 -53 334 1,373,271 1,244,811 1,735,183 1,223,098 1,338,029 1,504,227 1,000,665 1,487,597 1,485,680 1,459,154 1,202,021 1,156,223 1,375,650 1,348,968 1,254,171 1,739,700 1,198,798 1,283,105 1,481,972 999,699 1,448,680 1,469,937 1,407,384 1,125,063 1,150,550 1,347,324 39,594 8,667 8,355 11,482 14,878 26,637 -3,316 19,317 36,896 18,733 15,271 28,155 31,464 171,020 164,857 166,107 182,090 179,040 174,264 227,714 258,302 279,924 332,852 259,359 255,882 227,298 131,426 156,190 157,752 170,608 164,162 147,627 231,030 238,985 243,028 314,119 244,088 227,727 195,834 Corporate and other securities Bonds 1 Calendar year or month Net foreign purchases (10) Stocks Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2004 .............................................................................. 2005 .............................................................................. 2006 .............................................................................. 2007 r ............................................................................ 2008 - Jan. - June p ...................................................... 309,500 372,222 510,806 393,355 107,480 1,171,415 1,277,006 1,678,464 1,913,307 882,978 861,915 904,784 1,167,658 1,519,952 775,498 28,476 81,950 150,415 195,522 32,262 3,862,043 4,731,749 6,868,571 10,639,316 6,440,700 3,833,567 4,649,799 6,718,156 10,443,794 6,408,438 2007 - June ................................................................... July .................................................................... Aug. ................................................................... Sept ................................................................... Oct. r.................................................................. Nov. r................................................................. Dec .................................................................... 2008 - Jan ..................................................................... Feb .................................................................... Mar .................................................................... Apr..................................................................... May p................................................................. June p................................................................ 29,980 4,724 -955 15,918 32,910 16,080 37,299 3,392 19,249 -4,691 25,003 59,842 4,685 184,509 137,269 155,190 134,280 166,764 121,884 140,595 125,095 138,083 140,391 164,754 189,665 124,990 154,529 132,545 156,145 118,362 133,854 105,804 103,296 121,703 118,834 145,082 139,751 129,823 120,305 29,873 21,192 -40,617 2,607 30,264 4,750 33,461 17,178 1,115 11,376 -11,569 15,980 -1,818 896,023 926,770 1,278,771 799,640 999,347 1,101,407 944,625 1,268,101 1,016,491 1,134,086 958,436 997,461 1,066,125 866,150 905,578 1,319,388 797,033 969,083 1,096,657 911,164 1,250,923 1,015,376 1,122,710 970,005 981,481 1,067,943 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. September 2008 CAPITAL MOVEMENTS 71 TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) 2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 2007 r ................................................... -224,313 -129,015 2,971,803 3,100,818 -95,298 5,215,765 5,311,063 2008 - Jan. - June p ............................. -54,442 -14,121 1,317,360 1,331,481 -40,321 2,954,037 2,994,358 2007 - June .......................................... -15,102 -6,659 278,799 285,458 -8,443 442,893 451,336 July ........................................... -14,059 830 289,744 288,914 -14,889 454,080 468,969 Aug. r........................................ -35,148 -22,359 282,141 304,500 -12,789 544,133 556,922 Sept. r....................................... -40,378 -19,080 200,822 219,902 -21,298 359,679 380,977 Oct. r......................................... -4,038 -9,063 264,633 273,696 5,025 546,421 541,396 Nov. r........................................ 20,564 10,947 209,698 198,751 9,617 521,977 512,360 Dec. r........................................ -13,461 -13,459 168,636 182,095 -2 430,971 430,973 2008 - Jan. r ......................................... -18,308 -15,971 247,486 263,457 -2,337 523,685 526,022 Feb. .......................................... -10,929 7,343 241,387 234,044 -18,272 442,624 460,896 Mar ........................................... -43 2,879 264,947 262,068 -2,922 487,580 490,502 Apr............................................ 10,483 10,728 193,225 182,497 -245 505,496 505,741 May p........................................ -26,409 -8,303 182,056 190,359 -18,106 494,660 512,766 June p....................................... -9,236 -10,797 188,259 199,056 1,561 499,992 498,431 Calendar year or month Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) September 2008 CAPITAL MOVEMENTS 72 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Europe: Austria............................. Belgium........................... Bulgaria........................... Cyprus 1 .......................... Czech Republic............... Denmark ......................... Finland............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland............................. Italy ................................. Kazakhstan 1 ................... Luxembourg.................... Monaco 1 ......................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia............................. Serbia and Montenegro 2... Spain............................... Sweden........................... Switzerland ..................... Turkey............................. Ukraine 1 ......................... United Kingdom .............. Channel Islands .............. All other Europe 1 ............ Total Europe ............... Memo: Euro Area 3 .............. Memo: European Union 4 .... Canada ............................... Latin America: Argentina ........................ Brazil............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica 5 .................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela....................... All other Latin America 5 ... Total Latin America ..... See footnotes at end of table. September 2008 Marketable Treasury bonds and notes 2008 Jan. Apr. Calendar year through through June June p 2007 r (2) (3) (1) U.S. Government corporations and Federal agency bonds 2008 Jan. Apr. Calendar year through through June June p 2007 (5) (6) (4) Corporate bonds 2008 Jan. Apr. Calendar through year through June June p 2007 r (8) (9) (7) Corporate stocks 2008 Jan. Apr. Calendar year through through June June p 2007 r (11) (12) (10) 97 -3,100 -28 -4 81 912 2 -7,827 -3,358 -566 -42 1,734 -1,406 857 -28 -302 1,471 -27,339 -111 1,293 -353 7,215 349 2,514 2,176 -2,560 -803 -138 208,792 -974 -69 178,485 -9,174 201,938 -1,936 -680 -1,073 7 62 -515 654 90 -17,325 808 60 -271 -9,578 -1,955 1,665 -297 -100 -347 18,695 6,266 1,027 346 14,081 84 -2,380 -1,281 218 -1,853 293 119,711 450 345 127,209 -31,535 93,683 9,094 -84 -465 3 57 -347 857 200 -8,096 270 127 68 -7,327 -833 655 70 39 481 -1,112 1,875 288 446 5,889 52 -2,095 -766 2,664 -1,069 637 80,477 -322 170 72,809 -17,406 65,364 6,670 -339 -1,808 -30 -9 -426 -268 69 4,293 290 -9 -438 1,115 -96 -594 -8,520 37 -585 8,221 -202 -477 466 18,303 4 37 -442 -1,906 132 187 60,306 4,823 -109 82,025 -6,030 52,995 3,232 -150 -1,223 -52 -175 -1,655 -56 8,809 -1,822 98 63 2,739 -873 -471 -13,608 -12 -1,337 -3,114 507 62 -478 7,852 259 2,309 -426 414 -244 95,445 -1,306 -51 91,504 -7,186 88,719 8,391 -21 -240 -5 -91 -1,171 -14 1,453 -635 67 38 -931 -903 183 -12,144 2 -167 -1,911 564 67 -363 1,848 -24 1,871 95 416 -173 39,305 -102 25 27,037 -13,495 26,596 4,003 -644 -7,413 12 167 89 1,496 56 4,261 5,419 7 -1,555 8,658 -121 -38 -14,650 18 -652 4,747 7 -261 32 378 -1,353 1,715 3,581 152 32 208,956 -6,717 1,104 207,482 -6,694 204,111 12,274 -57 -5,979 -13 46 44 -194 -48 -1,400 7,586 55 -50 -1,841 22 84 -1,674 48 -286 170 -1 -27 9 526 -1 -942 80 799 9 41 24,841 -10,438 -135 11,274 -4,589 20,089 4,518 32 -2,364 10 20 -279 -6 -165 7,084 54 -29 283 174 103 -1,849 38 634 -70 2 7 9 112 -329 -338 720 12 41 23,458 -7,239 41 20,166 3,583 26,420 3,221 -102 -1,168 1 175 41 1,378 251 19,521 600 88 113 28 -4,289 -32 -7,143 -1,440 6,887 6,120 -176 148 -15 104 -2 430 250 -2,977 36 2 69,473 877 82 89,259 15,249 86,576 8,086 210 77,066 4,202 833 206 -2 -75 1,735 -132 1,560 423 -196 330 86,160 147 20,926 3,033 -777 -105 47 -155 4,865 63 2,873 275 -178 -944 30,070 102 2,582 1,922 -173 -94 13 78 1,867 53 1,869 338 127 -1,037 7,647 -26 1,160 630 1,383 132 -21 -21 1,730 -275 1,100 55 151 378 6,376 -175 -1,862 -166 1,297 -36 -205 -5 6,016 194 745 -59 161 -27 5,878 2 -998 396 886 -38 -120 2 4,169 136 486 5 -25 -62 4,839 84 780 317 783 281 261 -20 1,860 154 633 230 -298 32 5,097 254 211 189 199 35 -170 31 305 345 115 272 -37 72 1,821 104 -20 -8 175 24 -47 14 -775 169 49 165 -80 48 -182 612 -1,768 1,147 320 -36 29 18 148 -279 189 337 56 7 780 449 71 -548 -39 -5 -3 37 12 149 44 1,053 863 10 -89 -1,151 -6,878 -17,773 -16,178 -25 -67 41 62 771 819 -1,007 54 19 11 -3,387 -365 -209 -199 3,842 2,646 5,279 3,208 -77 3 141 84 -1 1 56 -9 133 497 6,887 3,863 5,572 2,288 -14 -21 -35 -5 5,896 13,557 -87 235 -36 27 5,980 4,492 -18,446 -19,361 -4,489 -980 5,860 4,029 437 464 -528 195 20 35 13 1,032 563 -122 290 213 18 2,630 347 529 -628 169 15 26 8 -154 338 -7 152 122 19 936 CAPITAL MOVEMENTS 73 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Caribbean: Anguilla 6 ................................... Bahamas ................................... Barbados 6 ................................. Bermuda .................................... British Virgin Islands 6 ................ Cayman Islands ......................... Cuba.......................................... Jamaica ..................................... Netherlands Antilles................... Trinidad and Tobago.................. All other Caribbean 6 .................. Total Caribbean ..................... Asia: China, Mainland......................... Hong Kong................................. India........................................... Indonesia ................................... Israel.......................................... Japan......................................... Korea, South.............................. Lebanon..................................... Malaysia .................................... Pakistan..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand..................................... Oil exporting countries 7 ............. All other Asia.............................. Total Asia .............................. Africa: Egypt ......................................... Liberia........................................ Morocco..................................... South Africa ............................... Oil exporting countries 8 ............. All other Africa ........................... Total Africa ............................ Other countries: Australia..................................... New Zealand.............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International organizations......... Regional organizations 9 ............ Total international and regional organizations.............. Grand total......................... Marketable Treasury bonds and notes 2008 Jan. Apr. Calendar year through through June June p 2007 r (3) (1) (2) U.S. Government corporations and Federal agency bonds 2008 Jan. Apr. Calendar through year through June p June 2007 (4) (5) (6) Corporate bonds 2008 Jan. Apr. Calendar year through through June p June 2007 r (7) (8) (9) Corporate stocks 2008 Jan. Apr. Calendar year through through June June p 2007 r (10) (11) (12) 640 9,429 622 -4,246 2,652 -2,786 3 -3,738 -372 176 2,380 229 -11,761 -90 4,559 2,019 -5,517 -27 -351 40 157 -10,742 458 -112 -403 559 -39 3,103 3,290 -25,540 319 -202 7,703 13,129 -21 34 1,582 78 19 188 159 834 13,067 -7,929 552 1,029 413 -35,342 1,003 -15,955 -177 5 105 -130 -48,497 553 510 51 -20,429 604 978 10 34 70 -19 -17,638 -1,565 1,463 388 8,257 695 31,912 17 410 -84 201 41,694 -288 -682 59 1,834 -2,316 28,811 -9 162 25 146 27,742 -112 -115 34 2,018 176 25,421 -10 228 42 89 27,771 4,087 -136 73 5,450 1,570 40,174 45 -2,826 99 54 48,590 -463 -2,094 136 -5,925 -217 -17,994 18 -6,204 -44 44 -32,743 936 -2,422 56 -6,103 -937 -8,624 7 -4,762 -9 -21 -21,879 -7,968 2,056 1,076 4,513 -2,735 -47,384 -17,874 -1 382 -171 3,054 2,467 -8,284 842 1,805 372 -67,850 44,412 8,408 1,208 -1,042 -4,360 8,712 -1,961 -16 1,041 17 -974 -7,014 2,168 -2,952 4,749 1,526 53,922 24,239 73,733 1,698 30,722 1,577 184 -240 -658 -4,455 209 -12,703 14,061 -4,026 12,048 -14 -1 -896 3,068 36 -94 -1,504 186 -3,307 -561 665 -1,033 -1,324 544 3,982 8,353 1,088 178 4,816 140,939 46,020 22,393 25 -230 -123 25,630 -1,527 -3 4,844 -663 122 852 -1,093 158 -5,384 578 91,599 36,391 14,252 24 20 189 7,849 1,781 332 -514 -250 374 -759 213 -3,924 407 56,385 41,675 12,780 17 441 75 39,565 11,277 109 2,052 -14 176 6,868 1,176 48 3,803 -58 119,990 28,229 4,799 89 9 76 18,623 3,933 -2 371 -12 112 594 876 178 3,119 -93 60,901 20,002 3,029 4 3 -147 9,395 1,024 -8 82 -9 21 970 621 153 2,463 -59 37,544 3,993 35,434 -460 -68 -287 -4,973 112 76 342 -4 30 -2,539 -3 94 -39 12,240 26 43,974 -250 22,189 1,441 -5 990 6,919 2,460 42 -112 -3 41 9,534 5 308 12 7,571 41 51,183 -269 12,356 -115 5 429 1,915 104 11 -117 2 23 -1,445 5 126 6 544 -3 13,577 1,042 -59 -79 801 4,568 -146 6,127 1,044 -87 -109 -100 7,500 389 8,637 72 19 40 -40 -74 21 38 -855 11 -31 -28 390 -30 -543 -377 3 10 303 -15 -76 -3 -18 -50 -35 -63 -169 -2 -90 2 -35 3 88 -34 -4 -12 1 -5 1 22 3 -34 -44 -16 12 -302 84 -300 -1,686 1 191 -1,455 91 -2,858 -2 -514 2 167 89 -20 -278 -1,349 1 -30 -1,378 201,988 -1,033 -292 6 -1,319 216,871 -492 1,172 -96 -151 5 -588 1,026 110,662 225,707 1,544 275 33 1,852 150,184 416 -2 -18 396 74,946 5,030 1,267 695 -10 15 5,740 1,257 392,108 107,479 868 -5 3 866 89,389 4,826 300 47 5,173 195,562 2,062 100 26 2,188 32,240 1,588 96 25 1,709 2,586 -358 -690 313 203 83 296 -204 -144 35 -91 203 -202 266 -125 -3 -37 15 7 6 1 -1,048 200,940 516 217,387 295 379 110,957 226,086 -348 149,836 -56 74,890 1,247 1 393,355 107,480 141 89,530 -40 195,522 22 32,262 7 2,593 -160 -51 -2 -1,217 7,490 181 6,241 36 259 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” 2 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 1,637 -390 Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. 5 Before June 2006, data for Costa Rica are included in “All other Latin America.” 6 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other Caribbean.” 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 8 Includes Algeria, Gabon, Libya, and Nigeria. 9 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2008 CAPITAL MOVEMENTS 74 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 2008, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Europe: Austria..................................... Belgium................................... Bulgaria................................... Cyprus 1 .................................. Czech Republic....................... Denmark ................................. Finland .................................... France..................................... Germany ................................. Greece .................................... Hungary .................................. Ireland..................................... Italy ......................................... Kazakhstan 1 ........................... Luxembourg ............................ Monaco 1 ................................. Netherlands............................. Norway.................................... Poland..................................... Portugal .................................. Romania ................................. Russia..................................... Serbia and Montenegro 2 ........ Spain....................................... Sweden................................... Switzerland ............................. Turkey..................................... Ukraine 1 ................................. United Kingdom ...................... Channel Islands ...................... All other Europe 1 .................... Total Europe ....................... Memo: Euro Area 3 ...................... Canada ....................................... Latin America: Argentina ................................ Brazil....................................... Chile........................................ Colombia................................. Costa Rica 4 ............................ Ecuador .................................. Guatemala .............................. Mexico .................................... Panama .................................. Peru ........................................ Uruguay .................................. Venezuela............................... All other Latin America 4 .......... Total Latin America ............. Caribbean: Anguilla 5 ................................. Bahamas................................. Barbados 5 .............................. See footnotes at end of table. September 2008 Marketable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) 7,830 2,970 15,806 2,237 19 8 2,339 71 1,564 552 14,155 1,810 3,710 922 1,037,256 522,092 108,628 25,187 3,402 357 730 120 131,232 32,402 22,423 1,774 4,927 3,555 37,046 2,244 1,150 48 83,676 14,157 55,245 17,621 5,514 4,116 2,399 655 2,070 1,916 13,194 8,392 179 107 18,661 4,004 64,931 4,124 67,638 10,322 4,433 2,892 1,639 1,515 3,477,836 1,933,037 14,534 504 4,488 963 5,208,653 2,600,674 1,475,637 609,187 421,231 142,857 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) 357 279 1 97 2,150 515 14,633 7,039 79 54 14,038 267 200 9,261 2 5,075 16,812 604 85 2 2,211 67 9,610 1,797 418 126,768 158 320 212,899 51,700 21,991 Corporate and other Stocks Bonds (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Marketable Treasury and Federal Financing Total Bank bonds sales and notes (9) (8) 363 1,327 1,282 1,531 6,648 3,054 1,359 4,071 2,181 5,679 28,481 2,702 6 5 14 5 34 418 376 1,439 2,429 14 20 340 158 397 1,559 899 424 5,589 1,084 3,098 13,657 953 50 259 246 1,718 3,458 722 6,087 455,393 8,386 30,665 1,049,768 530,188 12,262 36,909 13,174 14,057 121,018 24,917 67 587 1,748 565 1,645 229 12 228 181 135 555 52 9,392 14,966 51,464 8,970 140,395 39,729 442 9,683 4,279 5,978 20,175 2,608 113 35 920 104 3,034 2,900 5,462 11,214 3,158 5,706 57,199 2,174 45 682 119 254 1,115 9 2,848 30,477 7,079 24,039 80,135 13,676 3,014 10,959 2,032 4,807 53,112 18,733 4 56 467 267 2,713 2,241 28 954 159 518 1,964 367 9 92 45 6 1,938 1,470 112 330 471 1,678 5,128 2,503 53 19 152 55 1,510 2,258 4,488 6,334 15,136 6,098 634 22,380 2,816 25,367 57,947 4,890 5,070 28,849 2,841 18,759 59,971 7,658 13 367 150 593 5,187 3,961 57 21 43 3 1,145 878 193,461 504,880 229,525 490,165 3,347,174 1,852,560 1,399 5,611 1,637 5,225 20,169 826 111 1,307 712 1,075 4,071 793 244,402 1,150,301 341,221 659,156 5,107,091 2,527,865 39,950 569,080 98,044 107,676 1,529,526 626,593 12,511 106,564 58,475 78,833 414,272 136,187 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 378 519 6 188 3,321 529 13,180 7,674 12 16 14,969 1,170 17 21,405 5,242 18,723 40 19 365 363 92 7,739 1,702 2 173 87,463 260 295 185,862 65,195 17,988 Corporate and other Bonds Stocks (11) (12) 331 1,256 3,723 4,110 9 24 406 296 703 4,726 56 348 6,252 462,271 5,178 53,087 13 654 41 166 9,109 14,147 268 9,629 10 24 7,311 11,579 7 881 2,214 27,831 3,084 7,751 2 53 21 870 91 339 53 1,839 1,761 972 18,517 4,350 26,561 1 388 16 26 170,003 491,323 8,638 5,376 70 1,280 224,236 1,145,809 36,367 588,441 9,290 102,535 Foreign securities Bonds Stocks (13) (14) 387 11,824 184 13 762 103 7,047 16,226 32 171 52,706 725 39 9,271 3 7,052 961 68 339 7 56 296 2,000 2,426 110 24 239,888 646 578 353,945 106,224 63,213 1,242 5,601 1,795 163 3,192 1,700 30,829 13,935 704 109 9,736 5,776 44 5,459 215 24,120 3,860 309 348 5 1,867 44 5,051 23,829 17,274 725 28 505,937 4,423 1,054 669,374 106,706 85,059 6,324 57,817 19,324 11,182 2,352 760 605 48,287 5,334 4,261 4,975 2,804 829 164,854 524 29,613 12,171 5,391 1,646 188 287 14,670 835 2,071 1,527 274 159 69,356 68 90 721 1,213 15 77 7 6,758 309 709 193 47 248 10,455 184 126 157 473 84 38 16 1,936 489 91 338 118 57 4,107 1,725 6,044 2,524 1,518 287 88 88 8,952 1,419 654 856 975 201 25,331 2,124 7,810 1,330 2,304 177 233 173 4,819 1,508 259 1,388 1,071 74 23,270 1,699 14,134 2,421 283 143 136 34 11,152 774 477 673 319 90 32,335 4,745 55,177 17,861 8,848 2,383 757 428 39,036 4,634 1,972 3,613 8,924 1,851 150,229 422 27,031 10,249 5,564 1,740 175 209 12,803 782 202 1,189 147 1,196 61,709 66 1,088 325 327 53 197 5 2,589 173 223 188 72 310 5,616 80 146 165 298 60 85 2 2,711 320 42 173 198 9 4,289 1,378 5,515 3,152 1,349 272 62 80 9,106 1,081 661 704 853 182 24,395 1,232 4,979 1,310 1,109 118 162 103 3,396 1,547 139 785 7,378 73 22,331 1,567 16,418 2,660 201 140 76 29 8,431 731 705 574 276 81 31,889 120,515 179,412 1,901 6,142 90,860 159 555 1,475 994 237 7,530 179 98,563 51,921 217 133 6,877 139 14,885 20,749 213 119,164 180,882 1,866 5,684 91,263 198 2 965 943 349 7,645 145 97,627 54,343 161 68 5,802 207 15,434 20,864 212 CAPITAL MOVEMENTS 75 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 2008, Preliminary, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Country Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean, con. 340,170 Bermuda ................................... 201,331 British Virgin Islands 5 ............... Cayman Islands ........................ 2,276,436 Cuba ......................................... 1,340 Jamaica .................................... 35,234 Netherlands Antilles .................. 1,026 Trinidad and Tobago................. 1,661 All other Caribbean 5 ................. Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (4) (5) (3) 44,585 12,957 386,921 958 12,431 153 405 555,571 18,064 1,314 289,050 186 2,521 239 226 314,624 81,184 Hong Kong............................ 174,821 15,690 India...................................... 10,090 3,485 Indonesia .............................. 3,653 1,716 Israel..................................... 97,663 87,499 Japan.................................... 323,576 97,296 Korea, South......................... 32,068 7,002 Lebanon................................ 347 47 Malaysia................................ 9,261 3,089 Pakistan................................ 518 51 Philippines ............................ 3,884 1,350 Singapore ............................. 64,522 10,159 Syria ..................................... 20 Taiwan .................................. 28,942 5,850 Thailand................................ 6,108 3,325 45,483 15,116 All other Asia......................... 332,859 981,747 Total Asia.......................... Africa: Egypt .................................... 3,777 2,595 Liberia................................... 749 2 Morocco................................ 135 52 South Africa .......................... 2,835 1,164 13,037 8,192 All other Africa ...................... 12,005 20,533 Total Africa ....................... Other countries: Australia................................ 74,484 18,612 New Zealand......................... 1,969 104 201 21 All other ................................ 76,654 18,737 Total other countries ......... Total foreign countries .. 10,032,698 3,732,059 International and regional orgs: International organizations .... 3,072 915 5,782 920 Regional organizations 6 ....... Total international and 1,835 8,854 regional organizations.... Grand total.................... 10,041,552 3,733,894 64,832 24,107 32 36 699 46,945 7,048 2,664 149 170 10,833 5,679 227 11,251 174,672 22,466 5,041 11 5 492 20,023 2,334 19 116 32 112 3,563 830 165 4,070 59,279 26 4 10 18 339 397 2 28 2 16 31 79 Total Caribbean.................... 3,159,026 Asia: 180,791 China, Mainland. ....................... 1 5,524 451 10 5,985 741,023 690 826 1,516 742,539 Foreign securities Bonds (6) 15,514 207,582 11,235 131,905 120,322 1,141,711 16 88 714 13,958 60 73 136 544 155,943 1,646,562 Total sales (8) Foreign securities Bonds (13) Stocks (14) 43,663 368,967 37,211 203,725 287,023 2,244,171 2 1,818 5,052 39,054 299 888 275 1,463 409,372 3,161,998 41,295 12,638 379,218 979 10,849 134 246 542,504 38,493 13,496 213,685 710 11,059 132,842 288,072 94,901 1,150,335 176 26 81 2,487 486 18,720 169 18 82 245 47 565 332,262 128,172 1,668,441 17,249 7,535 46,769 553 472 176 80 78,911 44,749 38,941 284,876 3 6,040 309 280 411,708 4,059 28,750 196 196 5,584 13,980 621 229 231 72 387 6,996 18 6,519 229 9,872 77,939 6,807 2,616 131 217 345 25,163 4,197 4 864 5 1,226 7,188 882 251 2,339 52,235 1,443 98,617 6,235 1,483 3,044 120,169 10,866 48 2,297 209 639 25,783 2 9,182 1,911 2,835 284,763 94,915 142,674 8,590 4,576 101,292 314,733 29,929 348 9,200 996 4,440 62,277 15 27,942 6,231 39,346 847,504 56,945 13,992 1,908 1,956 91,954 109,999 11,028 61 3,985 15 2,854 13,466 5,185 4,649 10,046 328,043 28,441 9,855 8 16 510 39,096 5,267 2,332 663 420 10,459 6,438 14 14,768 118,287 2,464 2,012 7 2 639 10,628 1,310 27 34 41 91 2,593 209 12 1,666 21,735 4,328 16,394 311 191 5,155 12,065 517 218 348 70 364 8,441 13 6,393 223 9,331 64,362 1,170 1,710 105 543 95 25,258 1,975 4 359 2 179 2,432 524 153 1,525 36,034 1,567 98,711 6,251 1,868 2,939 117,687 9,832 38 2,142 205 532 24,886 2 9,193 1,180 2,010 279,043 107 507 55 391 2,549 3,609 136 11 3 307 1,048 1,505 911 197 13 939 878 2,938 4,263 1,320 159 4,138 5,593 15,473 2,755 53 54 2,381 521 5,764 403 1 18 51 473 6 40 1 21 8 76 109 1,021 53 224 2,480 3,887 53 5 2 268 95 423 937 200 49 1,226 2,438 4,850 5,108 1,797 9,544 11,383 2,902 453 55 340 28 2 82 4 5,589 1,854 9,966 14,289 666,077 389,652 3,019,395 569,146 33,952 407 177 34,536 1,516,459 2,665 11,132 4,794 31,757 80,888 19,104 50 436 449 479 4,357 200 5 107 11 47 314 21 2,720 11,675 5,254 32,283 85,559 19,325 479,041 3,021,981 558,914 1,499,680 9,782,126 3,621,397 297 71 Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored Stocks Bonds agencies (11) (12) (10) 10,762 6,709 51,409 90 558 202 75 76,954 33 8 1,121 3,505 16 452 4,021 2,597 879 661 368 41 4,626 468 6,618 1,540 479,409 3,022,022 563,540 1,500,148 9,788,744 3,622,937 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. 2 Stocks (7) Marketable Treasury and Federal Financing Bank bonds and notes (9) 655 917 31 196 27 7 2,369 397 60 419 1,572 227 34 2,766 667,649 389,879 3,019,429 571,912 479 1,516,938 4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All other Caribbean.” 6 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2008 CAPITAL MOVEMENTS 76 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2007 [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 Europe: Austria............................... Belgium............................. Bulgaria............................. Cyprus 1 ........................... Czech Republic................. Denmark ........................... Finland .............................. France............................... Germany ........................... Greece .............................. Hungary ............................ Ireland............................... Italy ................................... Kazakhstan 1 .................... Luxembourg ...................... Monaco 1 ......................... Netherlands....................... Norway.............................. Poland............................... Portugal............................. Romania............................ Russia............................... Serbia and Montenegro 2 .. Spain................................. Sweden............................. Switzerland ....................... Turkey............................... Ukraine 1 .......................... United Kingdom................. Channel Islands ................ All other Europe 1 .............. Total Europe ................. Memo: Euro Area 3 ................ Canada ................................. Latin America: Argentina........................... Brazil................................. Chile.................................. Colombia........................... Costa Rica 4 ..................... Ecuador............................. Guatemala ........................ Mexico .............................. Panama............................. Peru .................................. Uruguay ............................ Venezuela ......................... All other Latin America 4 ... Total Latin America ....... See footnotes at end of table. September 2008 Markeable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) 21,977 86,240 171 8,430 5,810 39,662 11,024 2,840,463 497,118 8,422 3,065 2,025,155 86,525 10,419 306,501 5,459 325,553 326,379 15,696 9,541 4,607 66,363 2,430 94,063 171,405 229,147 24,266 3,083 13,530,367 74,217 14,912 20,848,472 6,312,582 1,420,653 4,996 32,640 62 55 3,336 9,255 1,925 1,352,783 107,428 1,564 121 766,743 9,664 7,469 15,313 989 84,559 170,808 12,610 3,050 3,922 31,520 2,254 30,671 18,996 27,341 20,108 1,733 7,908,840 3,505 3,300 10,637,560 2,411,336 654,499 19,399 199,443 50,729 28,877 4,156 3,225 1,455 140,767 15,362 11,468 24,766 8,691 5,012 513,350 1,422 122,993 26,848 12,340 1,501 103 954 54,337 1,387 2,610 12,790 1,312 2,208 240,805 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) Domestic securities Foreign securities Bonds Stocks (6) (7) Total sales (8) Bonds Marketable of U.S. Treasury Gov’t and corps and Federal Financing federallyBank bonds sponsored and notes agencies (9) (10) 1,096 1,336 5,635 4,577 4,336 21,971 4,899 1,435 1,272 4,236 16,077 7,731 24,284 128,791 35,741 3,080 307 90 30 26 15 68 6,750 8,356 59 26 17 199 893 516 478 155 976 227 638 5,838 3,255 904 5,514 37,364 8,343 2,800 2,532 3,750 13,874 4,737 856 414 1,736 2,494 3,599 8,609 1,923 787 17,464 28,522 1,294,501 32,176 115,017 2,831,479 1,360,611 13,171 12,422 20,625 260,264 53,692 42,688 488,193 110,786 12,132 45 51 1,940 2,435 2,387 7,471 2,130 54 64 138 560 1,751 431 5,346 163 502 40,963 39,418 46,921 1,092,199 38,911 2,016,623 765,008 39,849 2,327 1,304 40,406 10,023 22,801 87,539 11,070 2,423 2,076 80 80 594 120 10,766 6,612 2,670 173,088 31,927 49,127 13,427 23,619 364,961 15,341 181,609 689 6,872 1,291 53 90 126 3,272 293 17,526 8,074 116,613 17,742 81,038 311,524 83,087 18,112 78,698 13,773 29,149 21,852 12,099 330,486 198,147 70,477 1,124 60 191 775 936 15,806 12,721 1,326 32 68 3,639 905 1,846 13,062 1,757 508 582 32 42 22 7 4,496 4,275 116 27,724 416 707 822 5,174 39,305 24,305 9,421 4 145 27 2,052 1,905 651 18,898 7,360 11,778 24,704 101,551 28,157 614 2,283 3,614 49,890 9,401 87,221 164,312 16,820 2,725 11,486 23,485 99,796 9,614 57,425 237,638 29,901 13,392 132 204 816 801 2,205 27,620 20,911 378 36 56 869 11 2,765 1,871 191 419,740 878,803 1,854,952 774,900 1,693,132 13,137,746 7,700,048 359,434 6,716 25,008 17,778 8,061 13,149 75,158 4,479 1,893 1,157 1,744 4,312 2,701 1,700 15,896 3,369 1,265 823,024 1,106,522 3,921,723 2,087,211 2,272,432 20,509,904 10,459,075 740,999 267,743 154,873 1,844,219 1,249,180 385,231 6,381,775 2,420,510 273,774 33,256 49,309 209,598 253,234 220,757 1,409,932 656,435 30,024 292 6,387 2,250 3,562 254 247 54 12,668 1,065 1,524 1,071 388 727 30,489 526 1,455 1,017 1,477 527 697 10 6,320 1,801 1,259 741 485 149 16,464 5,416 10,963 6,956 2,881 790 270 180 18,163 4,142 1,856 3,941 1,976 957 58,491 6,077 18,516 6,499 6,643 781 207 161 15,541 3,560 2,182 3,486 3,488 587 67,728 5,666 39,129 7,159 1,974 303 1,701 96 33,738 3,407 2,037 2,737 1,042 384 99,373 20,302 133,351 41,003 27,651 3,094 2,750 1,543 132,145 14,849 7,128 24,464 10,458 4,147 422,885 1,212 45,927 22,646 11,507 1,295 105 1,029 52,602 1,519 1,050 12,367 1,508 1,878 154,645 318 5,227 1,620 2,179 122 268 75 10,938 1,340 424 1,016 237 349 24,113 Corporate and other Bonds Stocks (11) (12) 1,980 11,649 14 32 66 2,254 358 24,261 15,206 44 1,693 30,760 1,425 118 46,577 108 8,726 9,026 53 329 38 20,251 1,899 19,904 52 4 669,847 31,725 640 899,040 161,567 37,035 442 675 700 694 246 436 30 4,460 1,647 626 511 783 117 11,367 Foreign securities Bonds Stocks (13) (14) 5,738 2,629 5,289 17,245 38,877 22,200 14 4 155 718 427 7,094 935 43 635 12,496 5,289 6,182 1,485 380 3,676 1,274,980 37,263 121,194 259,664 38,884 51,520 1,852 353 3,038 447 1,733 808 46,892 1,098,095 36,019 44,695 5,809 22,117 112 1,100 154 56,270 41,665 23,500 4,712 121 587 109,727 17,109 74,764 23,029 16,819 12,988 367 343 996 3,491 5,542 1,434 57 18 30 603 382 4,556 147 6,930 21,450 24,149 49,640 9,918 83,310 102,773 12,993 58,675 780 2,721 3,156 54 490 155 1,785,479 863,008 1,759,930 16,901 8,222 11,938 4,230 4,189 2,203 3,832,464 2,235,875 2,342,451 1,828,970 1,308,055 388,899 201,512 258,609 226,317 4,804 12,731 5,809 2,561 826 241 162 18,015 4,421 1,667 3,604 1,920 950 57,711 7,624 16,433 3,901 8,183 395 122 161 13,752 2,846 913 4,368 5,146 485 64,329 5,902 52,358 6,327 2,527 210 1,578 86 32,378 3,076 2,448 2,598 864 368 110,720 CAPITAL MOVEMENTS 77 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2007, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Total purchases (1) Market able Treasury and Federal Financing Bank bonds and notes (2) Caribbean: 431,728 Anguilla 5............................... 615,401 Bahamas .............................. 10,081 Barbados 5 ............................ Bermuda ............................... 1,846,549 703,685 British Virgin Islands 5 ........... Cayman Islands .................... 8,193,284 Cuba..................................... 4,954 Jamaica ................................ 128,135 Netherlands Antilles.............. 5,769 Trinidad and Tobago............. 4,929 All other Caribbean ............... 11,292 253,179 1,348 484,834 125,983 1,776,820 1,808 30,613 774 671 11,944,515 2,687,322 Total Caribbean................ Asia: China, Mainland ............... Hong Kong ........................ India .................................. Indonesia........................... Israel ................................. Japan ................................ Korea, South ..................... Lebanon ............................ Malaysia............................ Pakistan ............................ Philippines......................... Singapore.......................... Syria.................................. Taiwan .............................. Thailand ............................ All other Asia ..................... Total Asia ...................... Africa: Egypt................................. Liberia ............................... Morocco ............................ South Africa....................... All other Africa................... Total Africa.................... Other countries: Australia ............................ New Zealand ..................... All other............................. Total other countries...... Total foreign countries ............... International and regional orgs: International organizations... Regional organizations 6 ..... Total international and regional organizations....... Grand total................... Domestic securities Marketable Treasury and Federal Financing Bank bonds and notes (9) Bonds of U.S. Gov’t corps and federallysponsored agencies (10) 4,222 374,820 15,005 180,949 1,499 1,057 60,131 938,826 30,651 403,883 419,020 4,200,821 326 118 3,188 58,170 231 357 556 1,146 534,829 6,160,147 2,491 38,844 429,021 10,652 90,949 68,918 603,730 243,750 450 676 6,768 726 36,218 250,227 1,873,094 489,080 26,662 112,716 698,964 123,331 207,214 1,035,110 8,116,011 1,779,606 843 68 5,149 1,805 3,937 27,544 134,716 34,351 608 1,492 6,715 1,146 329 674 4,054 495 369,701 1,536,269 11,878,222 2,684,942 171 5,842 1,948 101,853 3,992 541,170 1,757 4,605 2,119 719 664,176 115,927 70,082 4,388 8,148 14,391 498,832 49,025 108 8,787 215 7,264 46,881 20,059 16,485 22,926 883,518 86,049 35,181 2 658 3,512 102,564 41,765 1 7,214 107 527 16,820 11,661 1,153 19,473 326,687 8,625 6,014 124 8 5,537 28,695 2,248 8 353 41 220 10,648 1,888 102 4,989 69,500 6,697 41,458 961 614 12,789 54,222 1,509 736 611 432 1,149 32,934 8 13,584 551 35,571 203,826 4,660 8,443 3,173 2,112 1,165 71,218 6,508 27 1,302 19 2,361 9,189 1,605 750 6,661 119,193 5,593 324,213 20,758 3,492 9,863 456,049 31,499 502 12,729 1,128 2,926 66,191 23,993 5,281 7,479 971,696 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Corporate and other Bonds Stocks (4) (5) 58 6,401 5,051 76,313 3,790 554,299 1,791 4,683 2,307 1,554 656,247 Foreign securities Bonds Stocks (6) (7) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) 5,787 370,733 13,542 181,085 1,111 984 51,874 933,376 29,956 402,313 387,108 4,160,647 309 73 2,778 60,996 315 258 355 1,092 493,135 6,111,557 2,789 38,889 90,117 69,394 1,291 708 38,592 258,319 27,440 111,932 220,372 1,027,108 1,114 91 3,901 28,085 1,481 1,396 629 764 387,726 1,536,686 350,636 575,877 27,583 17,729 43,955 1,216,881 138,820 1,809 36,087 1,171 16,748 192,945 7 66,902 26,248 125,141 2,838,539 107,959 72,138 5,464 12,661 11,656 451,448 31,151 107 9,169 44 10,318 49,348 11,775 17,327 25,103 815,668 159,782 65,903 186 3,721 116,625 53,813 10,282 13 713 16,259 10,628 1,697 28,004 467,626 50,300 18,794 141 449 5,612 68,260 13,525 117 2,405 27 396 17,516 3,064 150 8,734 189,490 10,690 76,892 501 546 12,502 49,249 1,621 812 953 428 1,179 30,395 5 13,678 512 47,837 247,800 15,761 11,272 496 744 1,124 76,966 7,988 292 1,888 17 1,693 17,242 4,079 1,574 7,917 149,053 6,835 4,784 558 7,039 15,001 34,217 2,265 13 403 1,320 5,447 9,448 186 623 62 99 218 1,188 20 468 104 173 765 580 2,435 33 925 2,374 6,347 572 148 22 1,245 3,705 5,692 3,212 1,097 38 3,346 3,084 10,777 5,530 4,806 594 7,988 8,491 27,409 1,223 72 482 519 1,025 3,321 114 604 22 139 271 1,150 23 486 154 271 934 614 2,479 49 913 2,592 6,647 354 89 6 1,442 708 2,599 3,202 1,076 35 4,821 3,624 12,758 258,333 11,453 520 270,306 64,325 659 14 64,998 25,535 4,192 70 29,797 12,196 1,000 62 13,258 32,893 1,899 238 35,030 20,329 1,707 19 22,055 103,055 1,996 117 105,168 252,131 19,203 823 272,157 65,674 658 44 66,376 24,363 4,343 65 28,771 7,166 305 47 7,518 28,067 1,599 191 29,857 21,540 10,192 33 31,765 105,321 2,106 443 107,870 6,144 227,551 330,878 485,391 20,795 29,406 3,329 15,032 9,340 47,257 454,333 1,211,580 30,722 132,554 481 1,382 11,390 30,996 642 1,942 2,449 14,447 62,185 182,663 2 8 23,678 72,790 4,988 24,322 7,546 97,099 968,902 2,574,420 37,870,052 15,110,300 2,041,627 1,910,637 10,639,136 2,954,674 5,213,678 37,094,929 14,908,312 1,815,920 1,518,529 10,443,574 3,100,096 5,308,498 21,773 26,343 12,571 4,655 2,512 6,312 2,164 506 113 67 4,081 13,048 332 1,755 16,615 15,034 12,929 5,345 2,429 6,016 527 896 116 104 166 556 448 2,117 48,116 17,226 8,824 2,670 180 17,129 2,087 31,649 18,274 8,445 1,423 220 722 2,565 37,918,168 15,127,526 2,050,451 1,913,307 10,639,316 2,971,803 5,215,765 37,126,578 14,926,586 1,824,365 1,519,952 10,443,794 3,100,818 5,311,063 1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.” On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former Yugoslavia recognized as independent states by the United States are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 2 Total sales (8) 3 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other Caribbean.” 6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. September 2008 78 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 900 (In billions of dollars) 800 Note: To facilitate comparison of net purchases during 2008 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 700 600 500 400 300 200 100 0 -100 -200 -300 2005 2006 2007 2008 Jan.- June 2008 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 .............. Japan ............................................. All other Asia.................................. Subtotal...................................... All other countries .......................... Grand total ................................. 2005 2006 2007 2008 2007 Jan. - June Apr. - June 363,593 146,910 102,259 79,814 187,284 879,860 131,680 472,380 126,118 139,732 58,050 226,863 1,023,143 120,078 547,527 9,724 75,772 1,269 235,784 870,076 145,827 245,893 -9,926 -63,771 59,884 197,721 429,801 77,164 156,797 -32,293 -236 6,456 105,866 236,590 41,380 1,011,540 1,143,221 1,015,903 506,965 277,970 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. September 2008 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 $36 billion in 2004, $6 billion in 2005, $4 billion in 2006, $11 billion in 2007, and $9 billion in the first half of 2008. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Web site. The TIC Website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows on foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments, also not reported under the TIC system, are estimated to have reduced foreign net purchases of U.S. securities by $86 billion in 2004, $144 billion in 2005, $160 billion in 2006, $235 billion in 2007, and $116 billion in the first half of 2008. Net foreign purchases of U.S. securities first surpassed $100 billion in 1993. In 2004, net foreign acquisitions of U.S. securities (including stock swaps and accounting for ABS repayment flows) totaled $866 billion in 2004 and grew a bit further to $873 billion in 2005. Net purchases reached a new record of $987 billion in 2006, but then slowed to $792 billion in 2007. Net acquisitions were $400 billion in the first half of 2008, about the same pace as in 2007. CAPITAL MOVEMENTS 79 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* 350 (In billions of dollars) Note: To facilitate comparison of net purchases during 2008 w ith those in prior years, the chart depicts data for all periods at an annualized rate. 300 250 200 150 100 50 0 -50 2004 2005 Foreign bonds 2006 2007 Foreign stocks 2008 2008 Jan.-June April-June Total foreign securities [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ...... Foreign stocks...... Total ................... 2004 2005 67,872 84,970 152,842 45,095 127,296 172,391 2006 2007 2008 Jan. - June 144,452 106,455 250,907 129,015 95,298 224,313 14,121 40,321 54,442 2008 Apr. - June 8,372 16,790 25,162 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. The data on this page represent U.S. investors’ purchases and sales of longterm foreign securities as reported to the TIC reporting system. However, in the past several years, U.S. investors also have acquired a substantial amount of foreign stocks, mostly European, through mergers that involve stock swaps. In addition, when foreign firms reincorporate in the United States, the associated stock swap reduces U.S. holdings of foreign equity. Net acquisitions through stock swaps amounted to $80 billion in 2000, $47 billion in 2001, $3 billion in 2002, $17 billion in 2003, -$12 billion in 2004, $4 billion in 2005, $19 billion in 2006, $11 billion in 2007, and $1 billion in the first quarter of 2008. There were no estimated acquisitions through stock swaps in the second quarter of 2008. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Web site. Including the stock swaps, annual U.S. net purchases of long-term foreign securities averaged about $100 billion from the mid-1990s through 2000, without much variation from year to year. U.S. investors’ acquisitions of foreign securities (including stock swaps) then slowed over the 2001-2003 period before rebounding to $141 billion in 2004 and $176 billion in 2005. The pace of U.S. acquisitions picked up further in 2006, as U.S. investors acquired $270 billion in foreign securities, but eased a bit in 2007, as U.S. investors acquired $234 billion in foreign securities. The pace of acquisition has slowed further so far in 2008, with U.S. investors acquiring only $30 billion in foreign securities in the first quarter and $25 billion in the second quarter. September 2008 CAPITAL MOVEMENTS 80 SECTION V.—Holdings of, and Transactions in, Financial Derivatives Contracts with Foreigners Reported by Businesses in the United States TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, by Type of Contract [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2006 Dec. 2007 Mar. 2008 June Sept. Dec. Mar. p 4,047,695 Gross total of holdings with negative fair values ........................... 1,179,159 1,198,603 1,489,898 1,649,656 2,479,347 Total over-the-counter (OTC) contracts..................................... 1,156,241 1,176,646 1,462,713 1,621,385 2,447,580 4,007,266 Single-currency interest rate contracts .................................. 749,009 760,432 969,166 926,456 1,472,723 2,384,601 Forwards ............................................................................ 541 550 2,042 1,483 1,410 3,711 Swaps ................................................................................ 678,413 683,914 879,661 819,885 1,313,948 2,189,325 Options............................................................................... 70,055 75,968 87,463 105,088 157,365 191,565 Foreign exchange contracts .................................................. 151,046 140,273 166,586 242,717 240,138 367,553 Forwards ............................................................................ 47,068 41,760 51,084 85,173 72,450 120,033 Swaps ................................................................................ 78,390 71,766 84,892 115,327 115,889 172,489 Options............................................................................... 25,588 26,747 30,610 42,217 51,799 75,031 Other contracts ...................................................................... 256,186 275,941 326,961 452,212 734,719 1,255,112 Total exchange-traded contracts ............................................... 22,918 21,957 27,185 28,271 31,767 40,429 Own contracts on foreign exchanges .................................... 4,042 4,052 4,803 3,799 4,101 6,033 U.S. customers’ contracts on foreign exchanges.................. 2,738 2,845 2,729 3,337 3,658 4,019 Foreign counterparty contracts on U.S. exchanges .............. 16,138 15,060 19,653 21,135 24,008 30,377 Contracts with own foreign office........................................... 312,724 335,867 420,988 475,390 615,885 1,018,175 Contracts with foreign official institutions .............................. 9,586 8,879 10,572 13,916 14,495 15,166 Contracts of U.S. depository institutions with foreigners....... 391,948 395,519 485,572 511,518 790,580 1,409,893 Gross total of holdings with positive fair values............................. 1,238,995 1,255,575 1,546,712 1,720,605 2,559,237 4,193,242 Total over-the-counter (OTC) contracts..................................... 1,213,354 1,232,097 1,516,672 1,687,484 2,525,980 4,149,949 Single-currency interest rate contracts .................................. 793,057 798,480 1,004,345 960,242 1,500,517 2,426,392 Forwards ............................................................................ 1,027 1,003 2,312 1,646 1,234 3,497 Swaps ................................................................................ 702,386 703,564 902,124 839,023 1,326,116 2,210,119 Memorandum items: Options............................................................................... 89,644 93,913 99,909 119,573 173,167 212,776 Foreign exchange contracts .................................................. 176,267 169,301 196,449 279,826 290,942 437,135 Forwards ............................................................................ 44,941 38,584 47,015 79,290 73,894 123,941 Swaps ................................................................................ 102,795 101,064 114,228 153,116 160,128 231,011 Options............................................................................... 28,531 29,653 35,206 47,420 56,920 82,183 Other contracts ...................................................................... 244,030 264,316 315,878 447,416 734,521 1,286,422 Total exchange-traded contracts ............................................... 25,641 23,478 30,040 33,121 33,257 43,293 Own contracts on foreign exchanges .................................... 4,590 4,724 6,005 5,063 4,558 5,730 Customers’ contracts on foreign exchanges ......................... 2,882 2,709 2,192 3,109 3,422 4,869 Foreign counterparty contracts on U.S. exchanges .............. 18,169 16,045 21,843 24,949 25,277 32,694 318,870 337,374 427,383 479,632 623,349 1,044,166 Memorandum items: Contracts with own foreign office........................................... Contracts with foreign official institutions .............................. 10,385 9,846 10,821 11,017 13,040 17,015 Contracts of U.S. depository institutions with foreigners....... 407,594 408,855 501,678 526,490 811,889 1,435,113 September 2008 CAPITAL MOVEMENTS 81 TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2006 Country 2007 Dec. Mar. June 2008 Sept. Dec. Mar. p Europe: Belgium .......................................................................... 9,338 8,696 9,409 9,699 12,803 16,305 France ............................................................................ 67,056 67,904 77,359 87,513 129,800 213,472 Germany ........................................................................ 85,235 86,348 101,391 110,814 175,390 286,774 Ireland ............................................................................ 115,002 106,725 128,092 121,036 162,550 263,728 Italy................................................................................. 5,850 5,112 5,379 5,070 6,412 8,841 Netherlands.................................................................... 21,114 21,285 24,152 26,644 31,659 60,808 Switzerland .................................................................... 28,036 27,421 31,898 42,079 61,915 104,751 United Kingdom ............................................................. 632,362 663,276 863,035 963,006 1,528,445 2,580,247 All other Europe ............................................................. 30,383 31,124 37,320 41,971 56,910 59,745 Total Europe .............................................................. 994,376 1,017,891 1,278,035 1,407,832 2,165,884 3,594,671 Memo: Euro Area ........................................................ 323,436 317,096 371,630 387,989 547,748 886,366 1 Memo: European Union ............................................... 963,045 986,853 1,241,915 1,360,096 2,086,758 3,480,681 Canada............................................................................... 27,239 25,675 32,131 39,513 43,759 58,898 Total Latin America ............................................................ 13,299 11,914 14,668 13,908 13,764 18,826 2 Caribbean: Cayman Islands ............................................................. 57,234 57,369 69,515 82,005 110,074 144,646 All other Caribbean ........................................................ 15,655 14,361 16,607 18,331 22,706 30,542 Total Caribbean ......................................................... 72,889 71,730 86,122 100,336 132,780 175,188 Asia: Japan ............................................................................. 37,077 35,307 38,566 40,878 67,577 101,660 All other Asia.................................................................. 16,367 17,454 22,725 23,546 33,085 66,326 Total Asia ................................................................... 53,444 52,761 61,291 64,424 100,662 167,986 Total Africa......................................................................... 2,153 1,929 2,251 2,794 3,025 3,930 20,309 Other countries: Australia ......................................................................... 11,867 10,909 14,915 13,239 576 585 841 801 849 789 Total other countries .................................................. 11,143 12,452 11,750 15,716 14,088 21,098 Total foreign countries ........................................... 1,174,543 1,194,352 1,486,248 1,644,523 2,473,962 4,040,597 Total International and regional organizations .................. 4,616 4,250 3,650 5,135 5,389 7,097 Grand total ................................................................. 1 10,567 All other .......................................................................... 1,179,159 1,198,603 1,489,898 1,649,656 2,479,347 4,047,695 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. September 2008 CAPITAL MOVEMENTS 82 TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country 2006 2007 Dec. Mar. June 2008 Sept. Dec. Mar. p Europe: Belgium ..................................................................... 9,806 8,912 8,842 9,314 13,329 18,708 France ....................................................................... 73,478 73,207 83,389 93,953 139,382 226,062 Germany.................................................................... 97,012 98,356 117,155 121,413 185,036 302,500 Ireland ....................................................................... 120,433 112,496 133,020 126,251 163,883 275,417 Italy............................................................................ 12,119 11,957 12,016 12,539 15,668 20,850 Netherlands............................................................... 23,547 24,160 26,664 30,090 36,044 66,908 Switzerland................................................................ 29,175 29,596 34,479 47,315 69,586 111,750 United Kingdom......................................................... 658,948 686,388 886,400 997,074 1,558,401 2,634,335 All other Europe ........................................................ 23,466 23,938 29,745 31,943 47,949 51,901 Total Europe.......................................................... 1,047,984 1,069,011 1,331,710 1,469,891 2,229,278 3,708,431 Memo: Euro Area 1 .................................................... 349,741 342,463 396,621 409,853 572,162 937,957 Memo: European Union 2 .......................................... 1,015,511 1,036,441 1,293,805 1,418,452 2,143,934 3,588,062 Canada.......................................................................... 31,611 29,244 37,100 45,346 51,648 71,569 Total Latin America ....................................................... 14,278 13,204 16,905 16,055 16,037 21,763 Cayman Islands ........................................................ 49,702 51,721 58,765 76,659 112,007 154,176 All other Caribbean ................................................... 17,461 16,053 16,627 17,114 21,305 30,145 Total Caribbean..................................................... 67,163 67,774 75,392 93,773 133,312 184,321 Japan......................................................................... 38,327 35,427 40,831 41,031 66,643 98,841 All other Asia ............................................................. 19,560 19,752 22,538 26,414 36,647 73,158 Total Asia .............................................................. 57,887 55,179 63,369 67,445 103,290 171,999 Total Africa .................................................................... 3,088 3,127 3,075 3,579 4,260 4,987 Australia .................................................................... 13,509 14,605 15,424 20,397 17,356 25,327 All other ..................................................................... 762 766 968 865 954 1,042 Total other countries ............................................. 14,271 15,371 16,392 21,262 18,310 26,369 Caribbean: Asia: Other countries: Total foreign countries ...................................... 1,236,282 1,252,910 1,543,943 1,717,351 2,556,135 4,189,439 Total international and regional organizations.............. 2,713 2,665 2,770 3,253 3,104 3,802 Grand total ............................................................ 1,238,995 1,255,575 1,546,712 1,720,605 2,559,237 4,193,242 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, separate data for Slovenia are not available. September 2008 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. CAPITAL MOVEMENTS 83 TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract [In millions of dollars. Source: Treasury International Capital Reporting System] 2007 Type of Derivatives Contract Total 2007 Jan. - Mar. Apr. - June 2008 July - Sept. Oct. - Dec. Jan. - Mar. p Total over-the-counter (OTC) contracts................................................. 6,816 10,206 862 5,001 -9,253 -4,256 Single-currency interest rate contracts .............................................. 9,539 507 6,557 3,849 -1,374 -6,127 Foreign exchange contracts............................................................... -3,814 2,053 -2,814 -2,229 -824 -3,559 Other contracts................................................................................... 1,091 7,646 -2,881 3,381 -7,055 5,430 Total exchange-traded contracts ........................................................... -629 4,589 -1,869 941 -4,290 -3,745 Own contracts on foreign exchanges ................................................ 3,566 1,079 1,229 2,353 -1,095 1,709 U.S. customers’ contracts on foreign exchanges .............................. 2,634 1,418 1,300 -627 543 -648 Foreign counterparty contacts on U.S. exchanges ........................... -6,829 2,092 -4,398 -785 -3,738 -4,806 Total net cash settlements from foreigners ........................................... 6,187 14,795 -1,007 5,942 -13,543 -8,001 872 -443 1,315 -309 309 1,431 Memorandum items: Contracts with foreign official institutions....................................... Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. September 2008 CAPITAL MOVEMENTS 84 TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country [In millions of dollars. Source: Treasury International Capital Reporting System] Country 2007 Total Jan. - Mar. 2007 Apr. - June July - Sept. Oct. - Dec. 2008 Jan. - Mar. Europe: Belgium .............................................................................................. -2,380 -503 139 381 -2,396 23 France ................................................................................................ -3,685 -728 -1,679 -1,175 -103 -156 Germany ............................................................................................ 84 1,974 -424 -1,804 338 -564 Ireland ................................................................................................ -319 -3,114 1,103 605 1,087 -1,061 Italy..................................................................................................... 730 -269 55 641 303 -249 Netherlands........................................................................................ 516 -56 928 -444 89 -594 Switzerland ........................................................................................ 6,498 3,458 1,847 2,080 -887 -5,085 United Kingdom ................................................................................. 12,535 11,476 -1,185 8,408 -6,164 -1,900 All other Europe ................................................................................. 2,114 -507 3,057 1,432 -1,869 1,524 Total Europe .................................................................................. 16,093 11,731 3,841 10,123 -9,602 -8,062 Memo: Euro area ............................................................................. -2,962 -3,380 3,462 -1,018 -2,026 -2,368 Memo: European Union ................................................................... 9,715 7,958 2,187 8,190 -8,620 -2,941 Canada................................................................................................... -3,005 2,630 -3,865 -625 -1,145 3,139 Total Latin America ................................................................................ -1,329 -805 485 1,346 -2,355 -330 Cayman Islands ................................................................................. -1,159 1,073 -1,238 -3,732 2,738 3,149 All other Caribbean ............................................................................ -250 922 -33 -22 -1,117 -1,003 Total Caribbean ............................................................................. -1,409 1,995 -1,271 -3,754 1,621 2,146 Japan ................................................................................................. -2,703 -14 -936 511 -2,264 -4,730 All other Asia...................................................................................... -12 195 2,041 -1,885 -363 -1,647 Total Asia ....................................................................................... -2,715 181 1,105 -1,374 -2,627 -6,377 Total Africa............................................................................................. -264 -263 -212 329 -118 -146 Australia ............................................................................................. -1,602 -649 -2,012 -36 1,095 1,352 All other .............................................................................................. -230 -136 -38 -65 9 18 Total other countries ...................................................................... -1,832 -785 -2,050 -101 1,104 1,370 Total foreign countries ............................................................... 5,539 14,684 -1,967 5,944 -13,122 -8,260 Total international and regional organizations....................................... 651 112 959 -2 -418 255 Grand total ..................................................................................... 6,187 14,795 -1,007 5,942 -13,543 -8,001 1 2 Caribbean: Asia: Other countries: 1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Note.—Negative figures indicate net cash payments or a net outflow of capital from the United the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes States. Slovenia; however, separate data for Slovenia are not available. 2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, also includes Bulgaria and Romania. September 2008 85 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly 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 2008 FOREIGN CURRENCY POSITIONS 86 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 01/02/08 .................................................................... 700,869 722,677 371 0.9922 01/09/08 .................................................................... 701,156 724,611 61 1.0083 01/16/08 .................................................................... 732,776 754,205 -676 1.0238 01/23/08 .................................................................... 754,958 777,030 -506 1.0282 01/30/08 .................................................................... 744,407 763,892 149 0.9936 02/06/08 .................................................................... 755,483 773,545 382 1.0023 02/13/08 .................................................................... 758,778 779,530 462 0.9992 02/20/08 .................................................................... 772,108 792,160 152 1.0188 02/27/08 .................................................................... 784,073 800,639 276 0.9776 03/05/08 .................................................................... 800,588 818,259 346 0.9897 03/12/08 .................................................................... 837,104 854,673 -1,199 0.9895 03/19/08 .................................................................... 694,139 711,648 767 1.0027 03/26/08 .................................................................... 682,899 702,909 n.a. 1.0180 04/02/08 .................................................................... 727,491 747,411 1,314 1.0173 04/09/08 .................................................................... 714,167 733,362 1,390 1.0192 04/16/08 .................................................................... 727,982 746,823 1,525 1.0021 04/23/08 .................................................................... 731,564 753,101 1,273 1.0194 04/30/08 .................................................................... 786,625 806,551 1,267 1.0092 05/07/08 .................................................................... 759,913 777,744 1,846 1.0020 05/14/08 .................................................................... 733,995 756,722 1,596 1.0018 05/21/08 .................................................................... 739,128 758,182 1,502 0.9840 05/28/08 .................................................................... 752,027 769,697 1,300 0.9913 06/04/08 .................................................................... 798,089 815,805 920 1.0145 06/11/08 .................................................................... 870,491 891,674 1,253 1.0170 06/18/08 .................................................................... 693,450 718,247 1,338 1.0186 06/25/08 .................................................................... 695,358 716,469 1,363 1.0134 September 2008 FOREIGN CURRENCY POSITIONS 87 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2005 - Dec................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 2007 - July................... 811,751 820,117 204,717 194,650 69,720 69,176 75,050 76,816 248 1.0656 Aug .................. 913,249 916,582 189,997 189,500 76,818 76,789 87,481 89,594 667 1.0560 Sept ................. 782,885 797,555 207,260 189,165 77,656 73,218 78,891 86,866 346 0.9959 Oct................... 825,912 834,311 212,025 192,486 81,806 80,320 83,153 87,385 2,267 0.9496 Nov .................. 912,166 927,671 203,040 187,837 87,140 84,501 87,329 92,796 -590 1.0007 Dec .................. 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 2008 - Jan ................... 776,057 792,881 192,919 172,864 73,674 69,899 80,493 84,503 -359 1.0018 Feb .................. 813,057 828,410 203,219 186,880 70,622 67,515 78,337 82,716 34 0.9796 Mar .................. 704,900 725,870 197,173 181,297 68,766 64,611 79,214 84,604 636 1.0275 Apr................... 792,511 811,750 204,674 182,754 72,251 61,955 78,321 86,569 446 1.0092 May.................. 783,032 800,143 193,260 175,265 75,246 62,438 69,409 81,474 305 0.9938 June................. 708,422 723,727 195,618 177,698 73,064 62,946 66,938 77,223 550 1.0185 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) n.a. 2,157 660 n.a. 1.1656 662 824 2,870 905 -826 1.167 463 758 2,501 688 -700 1.115 460 2,269 882 -459 1.1151 456 1,536 844 n.a. 1.1652 n.a. n.a. n.a. n.a. 1.153 259 346 1,481 805 -174 1.0634 n.a. 256 1,450 n.a. -192 0.9959 74,923 n.a. 1,186 1,628 703 -300 0.9881 71,635 836 957 2,125 1,310 -470 1.0275 Foreign currency denominated Purchased (1) Sold (2) Assets (3) Liabilities (4) 2005 - Dec................... 25,109 32,454 96,654 2006 - Mar................... 21,479 27,460 June ................. 22,757 27,397 Sept.................. 22,644 29,191 87,920 n.a. 419 Dec................... 20,327 26,745 65,076 34,842 833 2007 - Mar................... 13,129 21,573 67,774 32,113 444 June ................. 10,551 16,894 94,501 65,451 Sept.................. 10,062 16,161 92,670 69,270 Dec................... 9,864 17,299 90,515 2008 - Mar................... 11,982 20,408 101,452 Report date Options positions Puts Calls Bought (5) Written (6) n.a. 451 n.a. n.a. n.a. n.a. September 2008 FOREIGN CURRENCY POSITIONS 88 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 01/02/08 .................................................................. 439,699 438,694 619 109.70 01/09/08 .................................................................. 438,746 436,553 674 109.40 01/16/08 .................................................................. 460,495 459,956 1,077 107.27 01/23/08 .................................................................. 456,312 455,798 1,562 105.42 01/30/08 .................................................................. 451,756 450,638 1,420 107.25 02/06/08 .................................................................. 458,249 457,181 1,440 106.75 02/13/08 .................................................................. 450,675 450,210 1,279 108.15 02/20/08 .................................................................. 445,508 446,074 1,188 107.97 02/27/08 .................................................................. 455,236 454,616 1,172 106.38 03/05/08 .................................................................. 466,842 466,920 1,480 103.99 03/12/08 .................................................................. 481,298 482,567 2,268 102.38 03/19/08 .................................................................. 438,080 440,701 1,929 99.34 03/26/08 .................................................................. 417,271 420,906 1,429 99.12 04/02/08 .................................................................. 428,101 431,277 1,701 102.77 04/09/08 .................................................................. 422,763 425,708 1,816 101.83 04/16/08 .................................................................. 424,130 427,777 2,023 101.40 04/23/08 .................................................................. 423,244 426,654 1,880 103.55 04/30/08 .................................................................. 436,662 440,487 1,893 104.53 05/07/08 .................................................................. 439,104 442,271 1,994 105.28 05/14/08 .................................................................. 425,139 429,348 1,961 105.20 05/21/08 .................................................................. 423,070 427,499 2,161 103.34 05/28/08 .................................................................. 432,260 438,033 1,973 104.69 06/04/08 .................................................................. 427,496 432,391 1,962 104.99 06/11/08 .................................................................. 447,107 451,614 1,767 106.77 06/18/08 .................................................................. 390,734 394,974 1,873 108.05 06/25/08 .................................................................. 399,781 404,530 2,047 108.29 Spot, forward and future contracts Report date September 2008 FOREIGN CURRENCY POSITIONS 89 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 2007 - July.................. 460,613 460,112 71,939 71,388 104,491 113,062 110,260 107,607 1,492 119.13 Aug ................. 434,288 427,589 66,653 67,865 120,413 127,160 118,776 116,538 998 115.83 Sept ................ 426,224 426,823 68,112 69,272 109,823 117,283 116,910 116,266 76 114.97 Oct.................. 451,506 448,407 72,174 72,115 113,350 119,390 120,779 120,995 1,004 115.27 Nov ................. 501,581 498,485 64,974 66,744 117,272 121,852 125,500 124,894 731 111.02 Dec ................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 2008 - Jan .................. 490,030 488,827 71,259 73,463 107,544 112,513 120,372 116,450 1,499 106.74 Feb ................. 495,368 494,130 69,639 71,944 101,084 108,656 122,855 117,542 1,301 104.19 Mar ................. 443,854 446,334 72,918 75,250 97,540 104,402 120,219 115,041 1,795 99.85 Apr.................. 466,324 469,942 65,225 64,829 99,022 105,469 126,044 116,971 1,886 104.53 May................. 461,438 466,315 63,410 62,519 95,209 99,745 122,994 116,228 1,860 105.46 June................ 439,162 443,086 61,139 61,095 96,713 97,406 121,907 120,939 2,325 106.17 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2005 - Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 2008 - Mar................... 5,274 5,745 5,269 2,693 376 340 1,097 866 58 99.85 September 2008 FOREIGN CURRENCY POSITIONS 90 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 01/02/08 .................................................................. 992,284 998,679 4,667 1.1174 01/09/08 .................................................................. 1,023,360 1,025,007 2,210 1.1151 01/16/08 .................................................................. 1,078,481 1,084,468 6,840 1.1008 01/23/08 .................................................................. 1,148,891 1,152,833 6,689 1.0898 01/30/08 .................................................................. 1,133,566 1,136,689 7,015 1.0927 02/06/08 .................................................................. 1,167,618 1,170,007 n.a. 1.0977 02/13/08 .................................................................. 1,185,082 1,184,780 6,365 1.1074 02/20/08 .................................................................. 1,153,062 1,151,235 6,377 1.1003 02/27/08 .................................................................. 1,186,220 1,183,420 4,365 1.0637 03/05/08 .................................................................. 1,216,713 1,213,464 6,497 1.0364 03/12/08 .................................................................. 1,291,061 1,285,147 5,916 1.0217 03/19/08 .................................................................. 1,036,831 1,037,911 6,212 1.0006 03/26/08 .................................................................. 992,124 990,606 4,894 0.9955 04/02/08 .................................................................. 1,027,414 1,028,072 n.a. 1.0148 04/09/08 .................................................................. 982,412 985,275 4,888 1.0019 04/16/08 .................................................................. 998,147 999,115 5,105 0.9979 04/23/08 .................................................................. 988,753 993,155 6,783 1.0146 04/30/08 .................................................................. 1,014,228 1,019,364 8,441 1.0422 05/07/08 .................................................................. 1,024,591 1,029,042 8,026 1.0583 05/14/08 .................................................................. 1,002,284 1,004,982 n.a. 1.0558 05/21/08 .................................................................. 1,017,888 1,025,352 7,667 1.0297 05/28/08 .................................................................. 1,088,952 1,096,887 7,950 1.0382 06/04/08 .................................................................. 1,073,794 1,080,299 7,622 1.0408 06/11/08 .................................................................. 1,104,272 1,110,498 7,007 1.0328 06/18/08 .................................................................. 873,140 879,905 4,961 1.0413 06/25/08 .................................................................. 875,865 882,816 4,991 1.0424 September 2008 FOREIGN CURRENCY POSITIONS 91 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date 2005 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) 599,163 Options positions Puts Written Bought Written (6) (7) (8) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) 609,505 58,736 60,650 109,698 99,568 78,533 Calls 64,881 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 3,016 1.3148 2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 2007 - July................... 1,133,989 1,144,688 n.a. n.a. 295,584 291,067 251,256 251,490 3,028 1.2021 Aug .................. 1,167,250 1,161,001 79,217 81,849 316,811 315,049 279,324 272,879 4,092 1.2071 Sept ................. 1,069,553 1,068,660 93,438 95,560 313,725 314,888 264,687 255,240 2,460 1.1672 Oct................... 1,177,725 1,184,422 97,481 98,900 308,071 311,637 271,207 262,912 7,223 1.1589 Nov .................. 1,309,051 1,311,137 93,579 95,429 315,267 312,092 268,136 253,543 4,224 1.1287 Dec .................. 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 2008 - Jan ................... 1,183,779 1,190,500 94,103 93,353 298,632 296,744 271,835 261,703 6,042 1.0845 Feb .................. 1,247,179 1,246,541 98,182 103,160 303,261 296,929 272,978 261,076 6,329 1.0435 Mar .................. 1,023,038 1,024,562 89,945 94,181 312,854 311,534 279,277 264,442 4,678 0.9921 Apr................... 1,066,288 1,070,771 90,352 95,096 321,797 313,672 288,797 276,183 9,454 1.0422 May.................. 1,077,285 1,083,612 81,621 87,293 237,148 240,622 292,500 270,968 7,882 1.0426 June................. 961,572 965,153 78,608 85,377 240,478 248,576 288,702 261,523 4,852 1.0202 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2005 - Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 2008 - Mar................... 17,853 25,257 46,525 10,646 1,166 679 1,589 696 -16 0.9921 September 2008 FOREIGN CURRENCY POSITIONS 92 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 01/02/08 .................................................................. 1,110,821 1,127,620 3,113 1.9824 01/09/08 .................................................................. 1,149,718 1,163,332 1,994 1.9564 01/16/08 .................................................................. 1,185,651 1,194,878 883 1.9638 01/23/08 .................................................................. 1,161,398 1,166,056 651 1.9515 01/30/08 .................................................................. 1,208,553 1,219,652 2,477 1.9880 02/06/08 .................................................................. 1,179,018 1,187,002 1,678 1.9604 02/13/08 .................................................................. 1,216,916 1,227,969 2,316 1.9618 02/20/08 .................................................................. 1,190,102 1,195,039 1,887 1.9405 02/27/08 .................................................................. 1,236,595 1,240,394 2,612 1.9923 03/05/08 .................................................................. 1,234,023 1,238,711 2,191 1.9939 03/12/08 .................................................................. 1,267,391 1,270,201 2,146 2.0211 03/19/08 .................................................................. 1,141,245 1,151,164 1,871 1.9858 03/26/08 .................................................................. 1,114,866 1,122,961 2,544 2.0019 04/02/08 .................................................................. 1,154,448 1,157,926 1,674 1.9827 04/09/08 .................................................................. 1,117,228 1,121,331 1,108 1.9726 04/16/08 .................................................................. 1,147,467 1,151,000 1,002 1.9756 04/23/08 .................................................................. 1,144,102 1,144,435 1,170 1.9786 04/30/08 .................................................................. 1,162,114 1,167,346 783 1.9847 05/07/08 .................................................................. 1,167,935 1,171,464 443 1.9522 05/14/08 .................................................................. 1,186,989 1,187,957 81 1.9451 05/21/08 .................................................................. 1,183,785 1,183,974 442 1.9669 05/28/08 .................................................................. 1,274,659 1,277,612 210 1.9806 06/04/08 .................................................................. 1,238,965 1,239,332 -366 1.9548 06/11/08 .................................................................. 1,306,128 1,308,547 -127 1.9646 06/18/08 .................................................................. 1,137,435 1,139,294 84 1.9570 06/25/08 .................................................................. 1,106,842 1,108,790 778 1.9672 September 2008 FOREIGN CURRENCY POSITIONS 93 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) 2005 - Dec................... 726,831 2006 - Dec................... 742,942 Foreign currency denominated Assets Liabilities (3) (4) 288,304 257,418 Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 79,921 73,874 Calls 85,985 89,663 Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 3,270 1.7188 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 2007 - July................... 1,182,008 1,214,237 457,250 387,327 92,156 90,678 96,477 107,658 2,887 2.0364 Aug .................. 1,111,865 1,136,913 401,821 357,969 98,705 93,872 104,946 117,804 2,650 2.0165 Sept ................. 1,137,887 1,150,885 443,238 363,358 86,357 80,897 96,692 109,324 3,593 2.0389 Oct................... 1,186,907 1,199,999 468,682 398,002 80,558 75,506 92,091 104,966 4,037 2.0777 Nov .................. 1,279,478 1,296,715 448,573 370,895 90,111 80,093 98,136 112,968 5,504 2.0567 Dec .................. 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 2008 - Jan ................... 1,220,025 1,231,394 463,681 374,928 76,989 66,042 110,200 119,264 1,464 1.9895 Feb .................. 1,245,182 1,249,918 471,218 368,666 78,323 67,643 114,945 125,253 1,878 1.9864 Mar .................. 1,173,412 1,179,272 474,291 375,421 80,102 69,629 124,441 139,517 1,339 1.9855 Apr................... 1,201,518 1,207,229 506,423 359,458 82,412 67,934 123,659 139,813 -310 1.9847 May.................. 1,246,155 1,248,506 479,557 332,747 84,379 68,920 111,410 126,483 -1,069 1.9793 June................. 1,172,121 1,168,789 470,463 331,253 72,241 58,749 91,843 104,769 -473 1.9906 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2005 - Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 2008 - Mar................... 11,811 23,323 63,715 28,257 n.a. 90 1,956 883 -1,168 1.9855 September 2008 FOREIGN CURRENCY POSITIONS 94 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 01/02/08 ................................................................ 16,040,207 15,979,334 3,177 n.a. 01/09/08 ................................................................ 16,236,861 16,215,529 4,412 n.a. 01/16/08 ................................................................ 16,989,103 16,954,762 -1,276 n.a. 01/23/08 ................................................................ 17,067,710 17,023,141 -2,993 n.a. 01/30/08 ................................................................ 17,462,134 17,448,171 267 n.a. 02/06/08 ................................................................ 17,372,816 17,342,620 15,400 n.a. 02/13/08 ................................................................ 17,546,686 17,527,650 -4,118 n.a. 02/20/08 ................................................................ 17,387,142 17,376,044 -2,643 n.a. 02/27/08 ................................................................ 18,122,904 18,141,286 3,152 n.a. 03/05/08 ................................................................ 18,305,726 18,343,875 -2,479 n.a. 03/12/08 ................................................................ 19,293,280 19,311,788 129 n.a. 03/19/08 ................................................................ 17,469,913 17,496,352 143 n.a. 03/26/08 ................................................................ 17,285,667 17,291,545 -3,186 n.a. 04/02/08 ................................................................ 17,367,606 17,380,562 7,122 n.a. 04/09/08 ................................................................ 17,141,332 17,151,010 3,171 n.a. 04/16/08 ................................................................ 17,523,992 17,578,434 132 n.a. 04/23/08 ................................................................ 17,676,652 17,716,111 3,696 n.a. 04/30/08 ................................................................ 17,596,187 17,613,127 549 n.a. 05/07/08 ................................................................ 17,353,682 17,381,837 45 n.a. 05/14/08 ................................................................ 17,375,351 17,402,807 5,246 n.a. 05/21/08 ................................................................ 17,630,914 17,657,671 1,552 n.a. 05/28/08 ................................................................ 18,621,035 18,732,894 724 n.a. 06/04/08 ................................................................ 18,193,607 18,233,625 -2,806 n.a. 06/11/08 ................................................................ 18,869,487 18,876,705 3,646 n.a. 06/18/08 ................................................................ 16,680,151 16,647,728 2,538 n.a. 06/25/08 ................................................................ 16,852,449 16,814,219 -2,940 n.a. September 2008 FOREIGN CURRENCY POSITIONS 95 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Spot, forward and future contracts Foreign currency denominated Options positions Puts Calls Exchange rate (10) Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 2006 - Dec.................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 2007 - July.................. 15,753,880 15,837,324 - - 3,753,809 2,581,925 4,075,030 4,066,175 5,014 n.a. Aug ................. 15,298,456 15,472,068 - - 2,506,587 2,424,323 2,452,767 2,504,774 20,960 n.a. Sept ................ 15,739,511 15,790,032 - - 2,678,649 2,727,181 3,285,582 n.a. 6,443 n.a. Oct.................. 17,003,995 17,019,367 - - 2,656,709 2,590,575 2,620,663 n.a. 878 n.a. Nov ................. 18,964,405 18,978,000 - - 2,786,076 2,714,895 2,783,284 n.a. 5,738 n.a. Dec ................. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a. 2008 - Jan .................. 18,485,177 18,506,856 - - 2,713,748 2,515,460 2,553,416 n.a. -3,773 n.a. Feb ................. 19,347,277 19,391,890 - - 3,566,916 2,868,568 2,622,890 n.a. 11,550 n.a. Mar ................. 18,225,601 18,226,937 - - 2,797,478 2,527,739 2,632,024 n.a. 5,332 n.a. Apr.................. 18,600,434 18,653,717 - - 2,736,978 2,700,906 2,651,712 n.a. n.a. n.a. May................. 18,987,815 19,043,557 - - 3,287,386 3,803,175 3,285,883 6,608,679 12,071 n.a. June................ 18,131,933 18,165,420 - - 3,200,841 3,290,251 3,322,983 6,668,912 8,027 n.a. Report date 2005 - Dec.................. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Exchange rate (10) 12,692 3,155 n.a. 419,932 398,823 - - 22,061 14,840 2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. Sept .................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 2008 - Mar................... 338,915 342,984 - - 29,794 27,278 15,610 15,318 3,114 n.a. 2005 - Dec................... 12,765 Net delta equivalent (9) September 2008 FOREIGN CURRENCY POSITIONS 96 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 01/02/08 ............................................................................. 4,059,114 4,030,739 5,884 0.6785 01/09/08 ............................................................................. 4,112,180 4,054,836 5,704 0.6820 01/16/08 ............................................................................. 4,358,126 4,294,288 7,801 0.6829 01/23/08 ............................................................................. 4,355,077 4,291,799 8,543 0.6862 01/30/08 ............................................................................. 4,333,278 4,271,059 5,886 0.6765 02/06/08 ............................................................................. 4,371,674 4,320,652 5,525 0.6827 02/13/08 ............................................................................. 4,421,171 4,377,777 3,156 0.6864 02/20/08 ............................................................................. 4,364,436 4,314,315 3,265 0.6820 02/27/08 ............................................................................. 4,524,229 4,468,861 5,516 0.6609 03/05/08 ............................................................................. 4,496,918 4,440,383 11,998 0.6544 03/12/08 ............................................................................. 4,771,845 4,719,201 13,151 0.6454 03/19/08 ............................................................................. 4,239,065 4,169,373 9,872 0.6393 03/26/08 ............................................................................. 4,208,221 4,147,608 8,701 0.6345 04/02/08 ............................................................................. 4,148,946 4,091,264 9,278 0.6403 04/09/08 ............................................................................. 4,108,079 4,048,716 9,005 0.6328 04/16/08 ............................................................................. 4,224,840 4,152,979 8,781 0.6259 04/23/08 ............................................................................. 4,277,764 4,196,449 7,023 0.6290 04/30/08 ............................................................................. 4,312,696 4,223,258 5,993 0.6423 05/07/08 ............................................................................. 4,276,181 4,188,983 4,834 0.6506 05/14/08 ............................................................................. 4,238,900 4,144,523 7,169 0.6465 05/21/08 ............................................................................. 4,360,232 4,255,735 7,307 0.6340 05/28/08 ............................................................................. 4,479,426 4,370,137 6,376 0.6399 06/04/08 ............................................................................. 4,495,000 4,389,059 6,524 0.6471 06/11/08 ............................................................................. 4,552,435 4,460,048 7,745 0.6426 06/18/08 ............................................................................. 4,080,087 3,993,133 7,053 0.6451 06/25/08 ............................................................................. 4,127,525 4,037,021 6,681 0.6423 September 2008 FOREIGN CURRENCY POSITIONS 97 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 2007 - July................... 4,007,241 3,987,654 2,008,584 1,970,638 653,507 680,183 576,605 612,605 -2,108 0.7293 Aug .................. 3,924,829 3,889,859 1,849,619 1,804,429 624,663 651,976 584,010 586,306 -2,883 0.7331 Sept ................. 3,955,184 3,917,424 1,984,769 1,953,872 645,472 654,971 559,351 577,244 -3,379 0.7033 Oct................... 4,211,730 4,156,064 2,031,255 1,991,848 648,218 658,900 578,780 594,839 1,934 0.6912 Nov .................. 4,695,167 4,651,424 1,976,694 1,952,169 667,478 669,233 589,421 591,722 1,923 0.6808 Dec .................. 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 2008 - Jan ................... 4,507,929 4,438,088 1,903,183 1,880,082 594,741 574,110 574,188 587,291 10,179 0.6738 Feb .................. 4,702,185 4,642,890 1,992,369 1,960,485 591,100 594,740 604,782 624,269 2,606 0.6585 Mar .................. 4,242,145 4,202,857 2,026,042 1,971,843 590,344 587,194 593,820 625,854 7,609 0.6327 Apr................... 4,480,698 4,386,596 1,805,029 1,783,161 610,838 603,295 593,853 645,204 4,393 0.6423 May.................. 4,578,782 4,466,296 1,721,464 1,714,719 568,784 565,827 590,647 639,306 4,569 0.6427 June................. 4,303,139 4,237,361 1,616,625 1,628,034 608,851 615,710 601,216 643,773 6,264 0.6350 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Office of International Monetary and Financial Policy] Report date 2005 - Dec................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls 117,211 137,716 198,507 129,312 11,011 2006 - Mar................... 131,132 149,125 223,971 135,999 June ................. 130,803 137,764 232,161 136,551 Sept.................. 141,600 146,199 220,610 Dec................... 126,039 132,907 2007 - Mar................... 74,638 June ................. Sept.................. Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 0.8445 7,622 7,232 6,209 -867 10,580 6,100 6,992 5,441 -1,532 0.8238 6,763 3,575 7,462 4,729 -934 0.7825 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 2008 - Mar................... 94,611 87,464 226,998 157,369 8,362 5,988 8,821 7,976 1,039 0.6327 September 2008 98 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 (codified at 31 United States Code 5302), which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.—Balances as of Dec. 31, 2007, and Mar. 31, 2008 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Dec. 31, 2007 Jan. 1, 2008, through Mar. 31, 2008 Mar. 31, 2008 Assets U.S. dollars: Held with Treasury: U.S. Government securities............................................. 16,602,805 95,737 16,698,542 Special drawing rights 1 ........................................................... 9,476,425 415,593 9,892,018 European euro ..................................................................... 14,212,928 1,331,907 15,544,835 Japanese yen....................................................................... Accounts receivable................................................................. 8,507,778 225,599 1,029,140 -9,345 9,536,918 216,254 Total assets.......................................................................... 49,025,535 2,863,032 51,888,567 Accounts payable................................................................. 46,182 -8,186 37,996 Total current liabilities ...................................................... 46,182 -8,186 37,996 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... 2,200,000 7,742,482 314,795 2,200,000 8,057,277 Foreign exchange and securities: Liabilities and capital Current liabilities: Total other liabilities ......................................................... 9,942,482 314,795 10,257,277 Capital: Capital account .................................................................... Net income (+) or loss (-) (see table ESF-2) ....................... 200,000 38,836,871 2,556,423 200,000 41,393,294 Total capital...................................................................... 39,036,871 2,556,423 41,593,294 Total liabilities and capital............................................ 49,025,535 2,863,032 51,888,567 See footnote on the following page. September 2008 EXCHANGE STABILIZATION FUND 99 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Jan. 1, 2008, through Mar. 31, 2008 Fiscal year to date Oct. 1, 2007, through Mar. 31, 2008 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ 2,200,354 2,816,035 Adjustment for change in valuation of SDR holdings and allocations 1 ........................................... 71,683 97,361 SDRs............................................................................................ 13,476 29,345 U.S. Government securities......................................................... 109,686 290,482 Foreign exchange ........................................................................ 161,224 314,128 Commissions ............................................................................... - - Income from operations ............................................................... 2,556,423 3,547,351 Net income (+) or loss (-)............................................................. 2,556,423 3,547,351 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 2008 Trust Funds TRUST FUNDS 103 TABLE TF-6A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT for fiscal year 2008. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal year 2008. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 79.1 less: Cash balance (fiscal year 2009) ......................................................................................................................................................................................... -3.1 Unfunded authorizations (fiscal year 2009) ........................................................................................................................................................................ 82.2 48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 137.8 Note.—Detail may not add to totals due to rounding. Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 15.1 less: Cash balance (fiscal year 2009) ......................................................................................................................................................................................... 4.2 Unfunded authorizations (fiscal year 2009) ........................................................................................................................................................................ 10.9 48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 19.6 September 2008 104 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. September 2008 RESEARCH PAPER SERIES 105 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 September 2008 106 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of June 2008, the debt limit was $9,815,000 million; the limit may change from year to year. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the September 2008 Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)— Locations other than those included under the definition of the United States. (See United States.) Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and GLOSSARY international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. 107 Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, September 2008 108 GLOSSARY they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress September 2008 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).
@FedFRASER