Full text of Treasury Bulletin : September 2012
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BULLETIN SEPTEMBER 2012 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Additional Financial Management Service Releases on Federal Finances Sold on a subscription basis only (exceptions noted) by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.† Combined Statement of Receipts, Outlays, and Balances of the United States Government. This statement presents budget results and the cash-related assets and liabilities of the Federal Government with supporting details. Single copy price: $70.00 (domestic), $98.00 (foreign). Financial Report of the United States Government. This annual report provides information about Government financial operations on the accrual basis. Single copy price: $37.00 (domestic), $51.80 (foreign). † Subscription order form on inside back cover. BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9939/9937 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fms.treas.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Financial Management Service’s home page. www.fms.treas.gov/ Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of Economic Indicators....................................................................................................................... 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal Fiscal Operations .............................................................................................................................. 9 Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ...................... 10 FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12 FFO-B.—Chart: Budget Receipts by Source ....................................................................................................................... 12 FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 13 FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14 FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16 FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 18 ACCOUNT OF THE U.S. TREASURY Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 19 UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 19 FEDERAL DEBT Introduction.—Federal Debt ................................................................................................................................................ 21 FD-1.—Summary of Federal Debt ...................................................................................................................................... 22 FD-2.—Debt Held by the Public ......................................................................................................................................... 23 FD-3.—Government Account Series ................................................................................................................................... 24 FD-4.—Interest-Bearing Securities Issued by Government Agencies ................................................................................. 25 FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 26 FD-6.—Debt Subject to Statutory Limit .............................................................................................................................. 27 FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies .................................. 28 PUBLIC DEBT OPERATIONS Introduction.—Public Debt Operations ............................................................................................................................... 30 TREASURY FINANCING ................................................................................................................................................. 30 PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 37 PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 38 OWNERSHIP OF FEDERAL SECURITIES Introduction.—Ownership of Federal Securities ................................................................................................................. 39 OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 40 OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 41 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 42 USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43 September 2012 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.—International Financial Statistics ................................................................................................................. 47 IFS-1.—U.S. Reserve Assets ............................................................................................................................................... 47 IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries .............................................................................................................................. 49 CAPITAL MOVEMENTS Introduction.—Capital Movements ..................................................................................................................................... 50 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States CM-I-1.—Total Liabilities by Type and Holder .................................................................................................................. 53 CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 CM-I-3.—Total Liabilities by Type and Country ................................................................................................................ 56 CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries ...................................................................................................................... 58 SECTION II.—Claims on Foreigners Reported by Banks in the United States CM-II-1.—Total Claims by Type ........................................................................................................................................ 59 CM-II-2.—Total Claims by Country ................................................................................................................................... 60 CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries ...................................................................................................................... 64 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States CM-III-1.—Total Liabilities and Claims by Type ............................................................................................................... 65 CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country ................................................................................... 66 CM-III-3.—Total Claims on Unaffiliated Foreigners by Country ....................................................................................... 68 CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country ........................................ 70 SECTION IV.—U.S. International Transactions in Long-Term Securities CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 72 CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ...................................... 74 CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (second quarter) ............................................................................................................... 76 CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, during (calendar year) ................................................................................................................. 78 CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 SECTION V.—Holdings of, and Transactions in, Derivatives Contracts with Foreigners Reported by Businesses in the United States CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82 CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 83 CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country ...................................................................... 84 CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 85 CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 86 September 2012 V Contents FOREIGN CURRENCY POSITIONS Introduction.—Foreign Currency Positions ......................................................................................................................... 87 SECTION I.—Canadian Dollar Positions FCP-I-1.—Weekly Report of Major Market Participants .................................................................................................... 88 FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 89 FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 89 SECTION II.—Japanese Yen Positions FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 90 FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 91 FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 91 SECTION III.—Swiss Franc Positions FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 92 FCP-III-2.—Monthly Report of Major Market Participants ................................................................................................ 93 FCP-III-3.—Quarterly Report of Large Market Participants ............................................................................................... 93 SECTION IV.—Sterling Positions FCP-IV-1.—Weekly Report of Major Market Participants ................................................................................................. 94 FCP-IV-2.—Monthly Report of Major Market Participants................................................................................................ 95 FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................... 95 SECTION V.—U.S. Dollar Positions FCP-V-1.—Weekly Report of Major Market Participants .................................................................................................. 96 FCP-V-2.—Monthly Report of Major Market Participants ................................................................................................. 97 FCP-V-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 SECTION VI.—Euro Positions FCP-VI-1.—Weekly Report of Major Market Participants ................................................................................................. 98 FCP-VI-2.—Monthly Report of Major Market Participants................................................................................................ 99 FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................... 99 EXCHANGE STABILIZATION FUND Introduction.—Exchange Stabilization Fund ..................................................................................................................... 100 ESF-1.—Balance Sheet ..................................................................................................................................................... 100 ESF-2.—Income and Expense ........................................................................................................................................... 101 SPECIAL REPORTS TRUST FUNDS Introduction.—Highway Trust Fund ................................................................................................................................. 105 TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 105 RESEARCH PAPER SERIES ........................................................................................................................................... 106 GLOSSARY ...................................................................................................................................................................... 108 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 2012 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: Agriculture Disaster Relief Trust Fund ............................................................. √ Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund ....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund ........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund .......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Trust Fund ................................................ √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ September 2012 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Public Debt Operations Ownership of Federal Securities U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of August 8, 2012 Introduction Economic activity moderated in the second quarter, with growth held back by a number of temporary factors, including higher energy prices early in the year, unusually warm winter weather, and concerns about the ongoing sovereign debt crisis in Europe. Labor market conditions continued to improve, though more slowly when compared to the first quarter. Since job growth resumed in early 2010, the economy has added 4.0 million payroll jobs, and the unemployment rate has declined 1.6 percentage points, but is still elevated at 8.3 percent. While activity in the housing sector remains weak, there have been some positive trends, including signs of a stabilization of home prices, continued declines in the inventory of existing homes for sale, and a modest pick-up in housing starts and home sales. Much higher energy and food prices last year impacted inflation as well as purchasing power and private consumption, but more recently, headline inflation has moderated as energy and food prices have eased. Core consumer inflation (which excludes food and energy) has moved higher since February 2011, but has stabilized in recent months and remains moderate by historical standards. In financial markets, equity indexes have rallied notably since early October 2011, and Treasury bond yields have fallen to, and remain near, record lows. Financial disbursements under the American Recovery and Reinvestment Act of 2009 (ARRA, or the “Recovery Act”) were increased from $787 billion originally to $840 billion, reflecting additional measures to restore financial stability, create jobs, and improve housing markets. Late last year, the Federal Housing Finance Agency (FHFA) announced changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their mortgage loans. At the very end of 2011, the 2 percentage point employee payroll tax cut and extended unemployment insurance benefits were each extended for 2 months and, in late February, an extension of both measures through the end of 2012 was signed into law. The Administration has also announced a proposal to help eligible homeowners with mortgage refinancing, and continues to support a number of initiatives designed to boost growth, retrain workers, and create jobs in the near term. Pursuing its statutory mandate to foster maximum employment and price stability, the Federal Reserve continues to bolster liquidity by maintaining holdings of securities at current levels and rolling over holdings of Treasury securities as they mature. At its meeting in late June, the Federal Open Market Committee (FOMC) Growth of Real GDP (Quarterly percent change at annual rate) 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 4.0 1.4 2.3 2.2 4.1 2.6 2.4 2.5 1.3 2.0 1.5 0.1 -0.3 -5.3 -8.0 -10.0 -12.0 2009 2010 2011 2012 extended and expanded its program to extend the average maturity of its holdings (the so-called “twist” operation announced in September 2011). At its August meeting, the FOMC re-affirmed the timeframe for maintaining the federal funds rate target in its current range of 0 to 0.25 percent to late 2014. Economic Growth Since the current expansion began in mid-2009, the economy has grown by nearly 7 percent and, as of the second quarter of 2012, real gross domestic product (GDP) was 1.7 percent above its level at the end of 2007, when the recession began. According to the advance estimate, GDP grew 1.5 percent at an annual rate in the second quarter of 2012—the 12th straight quarter of growth since the economy emerged from recession in mid-2009—after growing by 2.0 percent in the first quarter of this year. The moderation in growth since the first quarter reflected slower growth in consumption and fixed investment (both business spending on nonresidential structures and residential investment), but the decline in government spending posed less of a drag on growth, and there was also a buildup in inventories. Consensus forecasts currently put real GDP growth in the third quarter of 2012 at about a 1.7 percent annual rate. Private domestic final demand (consumption plus private fixed investment, considered a better measure of underlying demand because it subtracts out inventory movements) grew at a 2.2 percent annual rate in the second quarter, slowing from the 3.5 percent rate in the first quarter. Real personal consumption expenditures–which account for about 70 percent of GDP–advanced by 1.5 percent at an annual rate in September 2012 4 PROFILE OF THE ECONOMY the second quarter, slowing from the 2.4 percent rise in the first quarter. Consumption added 1.1 percentage points to real GDP growth in the latest quarter. Residential investment–mostly residential homebuilding–grew 9.7 percent in the second quarter, after surging by nearly 21 percent in the first quarter. Residential activity added 0.2 percentage point to real GDP growth in the second quarter. Although the housing sector remains weak, housing activity has shown signs of improvement, by and large, over the last several months. Single-family housing starts rose 4.7 percent in June to 539,000 units at an annual rate. The level of single-family starts has risen nearly 52 percent from a low of 353,000 in March 2009, but in June 2012, it was still 70 percent below the January 2006 peak, and well below the 1.1 million average observed from 1980 to 2004. New single-family home sales fell 8.4 percent in June to 350,000 (annualized) and were 75 percent below the July 2005 peak of 1.39 million. Existing single-family home sales fell 5.4 percent in June to 4.4 million units (annualized). Despite declines in sales in the latest month, total home sales have increased by almost 8.5 percent since mid-2011. As of June, the number of new single-family homes for sale was near its lowest level on record (in 1963). Relative to sales, there was a 4.9-month supply of new homes on the market, comparable to its long-run average. The inventory of existing single-family homes has fallen, but was still high relative to sales at a 6.6-month supply in June. Selected home price measures have shown signs of stabilization recently. The FHFA purchase-only house price index rose 0.8 percent in May and was up 3.7 percent in the year through May, accelerating from the 6.0 decline a year earlier. Other house price measures also rose in May: the Standard & Poor’s (S&P)/Case-Shiller composite 20-city home price index advanced 2.2 percent, although it fell 0.7 percent year-over-year, the decline was much smaller than the 4.5 percent drop over the year ended in May 2011. Despite the improvement in some home price measures, the large inventory of homes on the market and in the foreclosure pipeline augur for additional downward pressure on prices in the near-term. According to the June 2012 Pulsenomics/Zillow Survey, home prices are expected to decline 0.4 percent during 2012, and then rise by 1.3 percent during 2013. Nonresidential fixed investment–about 10 percent of GDP–advanced 5.3 percent (annual rate) in the second quarter of 2012, after rising at an annual rate of 7.5 percent in the first quarter. For the eight quarters of 2010 and 2011, nonresidential fixed investment grew at an average annual rate of 9.1 percent. Growth in business spending on equipment and software accelerated to 7.2 percent in the second quarter from a 5.4 percent pace in the first quarter. Equipment and software spending grew at an average annual rate of 11.7 percent over the eight quarters of 2010 and 2011. In contrast, outlays for structures slowed in the second quarter to a 0.9 percent annual rate from a 12.9 percent pace of growth in the first quarter. Altogether, nonresidential September 2012 fixed investment added 0.5 percentage point to real GDP growth in the second quarter. Inventory accumulation accelerated, adding 0.3 percentage point to growth in the latest quarter, after subtracting 0.4 percentage point in the first quarter. Exports account for about 12 percent of GDP, while imports (which are subtracted from total domestic spending to calculate GDP) account for about 17 percent. After contributing 1 percentage point, on average, to quarterly GDP growth in 2007 through 2009, net exports posed a drag on growth in 2010 of 0.5 percentage point and added just 0.1 percentage point to growth last year. The net export deficit widened in the second quarter of 2012, as exports grew 5.3 percent, but imports grew faster at 6.0 percent. After adding 0.1 percentage point to growth in this year’s first quarter, net exports posed a drag on growth of 0.3 percentage point in the second quarter of 2012. The current account balance (reflecting international trade in goods and services, investment income flows, and unilateral transfers) has been in deficit almost continuously since the early 1980s and, in 2006, reached a record $801 billion, equivalent to 6.0 percent of GDP. After narrowing to $382 billion (2.7 percent of GDP) in 2009, the current account deficit widened again to $442 billion (3.0 percent of GDP) in 2010, and to $466 billion (3.1 percent of GDP) last year. On a quarterly basis the gap fluctuated during 2011, reaching its widest in the fourth quarter ($474.6 billion, or 3.1 percent of GDP). In the first quarter of 2012, the gap widened further, to $549.3 billion (3.6 percent of GDP). Government purchases–which account for roughly 20 percent of GDP–fell for the eighth straight quarter in the second quarter of 2012. Specifically, government outlays for consumption and investment fell 1.4 percent after declining 3.0 percent in the first quarter. Federal spending edged down 0.4 percent in the second quarter and subtracted less than 0.1 percentage point from GDP growth. State and local government expenditures fell 2.1 percent, the 11th straight quarterly decline, and subtracted 0.3 percentage point from growth. Labor Markets During the recession (from December 2007 through June 2009), the economy lost 7.7 million private-sector jobs. Job losses continued even after the recovery began, but in February 2010, nonfarm payrolls began to rise again. Since then, through July 2012, total employment has grown by nearly 4.0 million. In the private sector, employment has increased by 4.5 million jobs during the same period. Job losses during the recession were spread broadly across most sectors, but with the resumption of job growth, many of these sectors have added jobs. Since the labor market recovery began in early 2010, payrolls in professional and business services have risen by more than 1.4 million, and leisure and hospitality industries’ employment has increased by almost 700,000. Manufacturing payrolls have grown by 528,000 since early PROFILE OF THE ECONOMY 2 Unemployment Rate Payroll Employment (Percent) (Average monthly change in thousands from end of quarter to end of quarter) 400 300 196 226 154 192 164 200 130 128 73 38 100 0 -100 -45 -200 -138 -300 -256 -400 -500 -600 -512 -700 -800 -900 -780 -1000 I II III IV I II III IV I II III IV I II 2009 5 2010 2011 11.0 10.5 10.0 9.5 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 Jul. 2012 8.3% 00 01 02 03 04 05 06 07 08 09 10 11 12 2012 2010. A few sectors continued to add jobs throughout the recession and continue to hire new workers: since early 2010, the health care and social assistance sector has added 712,000 jobs. The Government sector also added workers to payrolls during the recession, but has since cut employment considerably, particularly at the State and local levels. State and local government employment has declined in each of the past 15 quarters. From early 2010 through July 2012, State and local job losses numbered 485,000, including 392,000 local government jobs. The unemployment rate peaked at 10.0 percent in October 2009–a 26-year high and 5.6 percentage points above the May 2007 low of 4.4 percent. Over the next 2-1/2 years, the unemployment rate dropped to 8.1 percent in April 2012, but since then, has edged back up, reaching 8.3 percent in July 2012. Broader measures of unemployment have also declined. One such measure, that includes workers who are underemployed and those who are only marginally attached to the labor force (the U-6 unemployment rate), reached a record high of 17.2 percent in October 2009 (series dates from 1994)–nearly double its level of 8.8 percent in December 2007. This measure stood at 15.0 percent in July 2012. The percentage of the unemployed who have been out of work for 27 weeks or more peaked at an all-time high of 45.5 percent in March 2011. Most recently, this measure dropped to 40.7 percent in July 2012, its lowest level since December 2009. Inflation Headline inflation is stabilizing, and although core inflation (excluding food and energy) has moved higher, it is still moderate by historical standards. Headline consumer prices rose 1.7 percent over the 12 months ending in June, roughly half of the 3.6 percent increase during the 12 months through June 2011. Energy prices fell 3.9 percent in the year through June, a marked swing from the surge a year earlier of 20.1 percent. Food prices rose 2.7 percent over the year through June 2012, slower than the 3.7 percent advance of the previous year. On a 12-month basis, core consumer prices (excluding food and energy) rose 2.2 percent through June 2012, faster than the 1.6 percent advance a year earlier. Labor market slack and the continued low level of capacity utilization will likely remain a moderating influence on core inflation and wage growth in the foreseeable future. Early in 2012, energy prices rose sharply on concerns about the impact of U.S. and E.U. sanctions on Iran, as well as supply concerns in other countries. Prices subsequently eased in the spring on perceptions of slowing U.S. and global growth, but most recently have started trending higher again, partly in the wake of tougher sanctions on Iran since the beginning of July. From an average of $86 per barrel in October 2011, the front-month futures price of West Texas Intermediate (WTI) crude oil climbed to nearly $110 per barrel in February 2012, then declined to $78 per barrel in late June. As of early August, the price had risen to $94 per barrel. The retail price of regular gasoline was $3.51 per September 2012 6 PROFILE OF THE ECONOMY Consumer Prices (Percent change from a year earlier) 7 6 Food 5 4 3 2 1 0 -1 Excluding food and energy Total -2 -3 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 gallon in the week ended July 30, 2012, down 20 cents from a year ago. Prices for crude oil and gasoline remained below the all-time highs reached in July 2008, of $147 per barrel and $4.11 per gallon, respectively. Federal Budget and Debt The federal budget deficit was $1.3 trillion (8.7 percent of GDP) in fiscal year 2011, little changed from fiscal year 2010 in nominal terms, but down, as a percentage of GDP, from 9.0 percent. The Mid-Session Review of the Administration’s Fiscal Year 2013 Budget projects that the deficit will narrow to $1.2 trillion, or 7.8 percent of GDP, in fiscal year 2012, and to 6.1 percent in fiscal year 2013. During the first 9 months of fiscal year 2012 through June, the Federal budget deficit narrowed to $904 billion, $66 billion lower than the deficit recorded in the same period in fiscal year 2011. Compared with the first 9 months of fiscal year 2011, receipts were up 5.2 percent, while outlays were up 0.9 percent. The deficit is projected to narrow to 2.6 percent of GDP by fiscal year 2018, and the debt-to-GDP ratio is forecast to be on a declining path. The primary deficit–receipts less outlays, excluding net interest–is expected to fall from 7.6 percent of GDP in fiscal year 2010 to 4.7 percent of GDP in fiscal year 2013. The primary deficit is projected to narrow further in subsequent years until it reaches balance in fiscal year 2018, at which point spending will no longer add to the national debt. Economic Policy Key fiscal and monetary policy actions taken over the past few years have aided the recovery. On the fiscal policy side, the ARRA authorized the Federal Government to spend $787 billion to stimulate domestic demand, an amount that was increased to $840 billion, to be consistent with the President’s Fiscal Year 2012 Budget. This spending has September 2012 provided an important boost to economic activity, but the Administration also proposed and implemented a variety of additional programs to maintain the recovery’s momentum. These included an extension and expansion of the first-time home buyer tax credit, a new Small Business Jobs and Wages Tax Credit, and additional financial support for State and local Governments. In December 2010, the 2010 Tax Relief Act authorized a 2 percent payroll tax cut, extensions of unemployment benefits, extensions of refundable tax credits, and a 2-year extension of the 2001 tax cuts. In late December 2011, the 2 percentage point employee payroll tax cut and extended unemployment benefits included in the 2010 tax legislation were each extended for two additional months. In late February, the extension of the payroll tax cut and extended unemployment benefits for the remainder of 2012 were signed into law. In the fiscal year 2013 Budget, the Administration has also proposed more than $350 billion in short-term job creation and growthboosting initiatives, an extension of the 100 percent bonus depreciation provision through 2012, and a new tax credit for 2012, focused on small businesses, that gives a 10 percent tax credit equal to 10 percent of wages added up to $500,000. The Administration also recently announced a plan to help eligible homeowners refinance their mortgages in order to take advantage of historically low rates. Partly in response to rising financial market stress, as well as to signs of more slowing in the broader economy, the Federal Reserve began easing monetary policy in August 2007. By late 2008, the Federal Open Market Committee (FOMC) had lowered the federal funds target interest rate dramatically, reducing it to a historically low target range of 0 percent to 0.25 percent at the December 2008 FOMC meeting. That target range was maintained at the FOMC’s most recent meeting in late April 2012. At the same time, the Committee acknowledged moderate economic expansion as well as improving labor market conditions, but also an elevated unemployment rate and despite some positive signs, depressed housing market conditions. The latest accompanying statement affirmed the extended timeframe for the current monetary policy stance (first adopted at the January 2012 meeting), stating that, “economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.” In addition to lowering the federal funds rate target in late 2008, the Federal Reserve significantly expanded its tools to increase liquidity in credit markets, and eased lending terms to sectors in need of liquidity, including a variety of facilities and funds directed at specific financial markets. As of June 30, 2010, all of these special facilities had expired. At the August 2010 FOMC meeting, the Federal Reserve announced it would maintain its holdings of securities at current levels by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities, and continue rolling over the Federal Reserve’s holdings of Treasury securities as they mature. At the end of June 2011, the FOMC completed PROFILE OF THE ECONOMY purchases of $600 billion of longer-term Treasury securities. At the September 2011 meeting, the FOMC announced it would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of longer-term (6 to 30 years) Treasury securities and selling an equal amount of shorter-term (3 years or less) Treasury securities, all by the end of June 2012. The Committee also announced a reinvestment of principal payments from its holdings of agency debt and agency mortgage-backed securities into the latter securities. At the June 2012 meeting, the FOMC extended and expanded its program to extend the average maturity of its holdings (the so-called “twist” operation announced in September 2011). Financial Markets Financial markets have largely recovered from the unprecedented strains experienced in the fall of 2008, but came under renewed pressure last year as investors expressed concerns about slowing economic growth in the United States as well as globally, and about strains in debt markets in Europe. These concerns have persisted in 2012. Credit flows have improved substantially since early 2009, although credit conditions in some markets remain relatively tight. Bank lending conditions have eased in standards and terms, and demand for business, mortgage, and consumer loans has increased. Demand for residential loans has increased sharply in the last several months in connection with mortgage refinancing. After some deterioration in the summer of 2011, measures of risk tolerance and volatility have stabilized or improved. After plunging 38.5 percent in 2008, the sharpest loss since 1931 (when an earlier version of the index, containing 7 only 90 stocks, dropped 47 percent), the S&P 500 index rose 23.5 percent in 2009, 12.8 percent in 2010, but was flat in 2011. However, thus far in 2012, the S&P is up nearly 11 percent and has risen by almost 28 percent from a recent low in early October, 2011. The S&P Stock Market Volatility Index (VIX), often used as a measure of financial market uncertainty, surged to an all-time high of 80 in late October 2008, after hovering in a range of 20 to 30 for most of that year. The VIX retreated fairly steadily during 2009, ending that year at about 20. Since then, the VIX has fluctuated more widely, resurging to 46 in mid-May 2010 and to that level again in early October 2011. Since the most recent peak, this index has trended lower, and stood at about 16 as of early August. A variety of factors have buffeted long-term Treasury interest rates, including flight-to-quality flows in response to a variety of specific risk events, as well as supply concerns related to funding of the government’s debt, concern about the need for fiscal retrenchment, the downgrade of U.S. Treasury debt by rating agency S&P (Standard & Poor’s) in August 2011, and ongoing concerns about European debt markets and debt downgrades in some European countries. The yield on the 10-year note traded above the 3 percent level during the first half of 2011, but has since trended lower, reaching a record low of 1.43 percent in late July 2012. As of early August, the yield had edged back up to 1.6 percent. The 3-month Treasury bill yield fluctuated in a range from about 0.05 percent to 0.17 percent for much of 2011, but between August 2011 and January 2012, the yield fluctuated in a range of 0.0 percent to 0.02 percent. Since then, the yield has fluctuated around 0.1 percent as of early August 2012. The 2- to 10-year Treasury yield spread, one September 2012 8 PROFILE OF THE ECONOMY measure of the steepness of the yield curve, widened to 291 basis points in early February 2011 but, has since trended noticeably lower, and stood at about 136 basis points as of early August 2012. Key interest rates on private securities, which spiked in response to financial market turbulence in late 2008, have since retraced as conditions have stabilized. The spread between the 3-month London Inter-bank Offered Rate (LIBOR) and the 3-month Treasury bill rate (the TED spread, a measure of inter-bank liquidity and credit risk) rose to an all-time high of nearly 460 basis points in early October 2008. However, improvements in short-term credit availability have led to a narrowing of this spread. Through early August 2011, the TED spread fluctuated in a range from 14 to 25 basis points. Since then, this spread has widened, reaching almost 60 basis points earlier this year, before narrowing again to 35 basis points in early August. The spread between the Baa corporate bond yield and the 10-year Treasury yield peaked at nearly 620 basis points in December 2008. After narrowing on trend in the intervening years and trading below 300 basis points for much of 2011, it widened above that level again in early August 2011 and stood at 340 basis points, still very high by historical standards. September 2012 Rates for conforming mortgages have trended lower in recent years, as have rates for jumbo mortgages. The interest rate for a 30-year conforming fixed-rate mortgage fell to a record low of 3.68 percent as of late July 2012. Foreign Exchange Rates The value of the U.S. dollar compared with the currencies of seven major trading partners (the euro area countries, Japan, Canada, the United Kingdom, Australia, Sweden, and Switzerland) has depreciated significantly from its peak in February 2002. For example, between February 2002 and July 2009, the exchange value of the dollar compared to an index of these currencies fell by about 32 percent. Over the past 2 years (July 2010 to July 2012), the dollar has depreciated by 2.0 percent against this index. Over the longer timeframe, the dollar depreciated by nearly 30 percent against the yen and by 38 percent against the euro. Over the past 2 years, the dollar has depreciated by 9.8 percent against the yen and has appreciated by 4.3 percent against the euro. Against an index of currencies of 19 other important trading partners (including China, India, and Mexico), the dollar depreciated 2 percent over the longer timeframe, and has depreciated 1.2 percent against this basket over the past 2 years. 9 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays and deficit of the Government. September 2012 10 FEDERAL FISCAL OPERATIONS Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. Table FFO-3 details on- and off-budget outlays by agency. Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and 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 2012 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 adequately analyze collections for the quarter. Individual income taxes—Individual income tax receipts, net of refunds, were $356.3 billion for the third quarter of fiscal year 2012. This is an increase of $17.0 billion over the comparable prior year quarter. Withheld receipts increased by $2.9 billion and non-withheld receipts increased by $4.3 billion during this period. Refunds decreased by $9.8 billion over the comparable fiscal year 2011 quarter. There was a decrease of $1.9 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2011. Corporate income taxes—Net corporate income tax receipts were $91.4 billion for the third quarter of fiscal year 2012. This is an increase of $12.2 billion compared to the September 2012 prior year third quarter. The $12.2 billion change is comprised of an increase of $9.2 billion in estimated and final payments, and a decrease of $3.0 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2012 were $217.9 billion, an increase of $11.1 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $6.6 billion, $1.1 billion, and $3.4 billion respectively. There was a $0.8 billion accounting adjustment for prior years’ employment tax liabilities made in the third quarter of fiscal year 2012, while there was a -$1.1 billion adjustment in the third quarter of fiscal year 2011. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2012 were $30.5 billion, an increase of $1.9 billion over the comparable quarter of fiscal year 2011. Net State taxes deposited in the U.S. Treasury increased by $2.6 billion to $27.4 billion. Net Federal Unemployment Tax Act taxes decreased by $0.7 billion to $3.1 billion. FEDERAL FISCAL OPERATIONS 11 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 $0.9 billion for the third quarter of fiscal year 2012. This is a negligible change from the comparable quarter of fiscal year 2011. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2012 were $20.9 billion, an increase of $2.8 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.8 billion, a decrease of $0.3 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $4.4 billion for the third quarter of fiscal year 2012. These receipts represent a decrease of $2.3 billion over the same quarter in fiscal year 2011. Customs duties—Customs duties net of refunds were $7.3 billion for the third quarter of fiscal year 2012. This is an increase of $0.2 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2012 were $30.0 billion, an increase of $2.8 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $1.0 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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 ........................... Third quarter April - June Actual fiscal year to date 2012 759,697 597,759 161,939 884,957 784,678 100,279 -125,260 -186,919 61,660 1,824,081 1,389,918 434,163 2,728,318 2,380,804 347,512 -904,236 -990,885 86,652 198,200 -47,939 -25,001 125,260 922,476 -33,330 15,087 904,236 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2012 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes ..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... April May June 178.6 27.8 82.5 8.8 0.3 7.4 2.6 2.6 8.3 318.8 68.6 6.7 61.8 20.4 0.4 6.3 0.9 2.2 13.5 180.7 109.2 56.9 73.7 1.3 0.3 7.2 0.9 2.5 8.2 260.2 Note.—Detail may not add to totals due to independent rounding. September 2012 12 September 2012 FEDERAL FISCAL OPERATIONS FEDERAL FISCAL OPERATIONS 13 TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Total surplus or deficit (-) (7) Total receipts (1) Off-budget receipts (3) Total outlays (4) 2,567,447 2,523,324 2,104,365 2,161,728 2,302,495 1,932,359 1,865,279 1,450,355 1,530,040 1,736,709 635,088 658,045 654,010 631,688 565,787 2,728,970 2,978,123 3,520,088 3,455,931 3,598,086 2,275,334 2,503,371 3,003,070 2,901,248 3,099,477 453,636 474,751 517,018 554,683 498,609 -161,527 -454,798 -1,415,722 -1,294,204 -1,295,591 -342,978 -638,092 -1,552,714 -1,371,208 -1,362,769 181,452 183,294 136,992 77,004 67,179 499,976 1,035,015 1,889,727 1,652,342 1,234,576 2012 - Est. ................... 2,468,599 2013 - Est .................... 2,901,956 1,896,459 2,224,545 572,140 677,411 3,795,547 3,803,364 3,290,381 3,169,287 505,166 634,077 -1,326,948 -901,408 -1,393,922 -944,742 66,974 43,334 1,586,018 1,196,753 249,658 159,063 169,246 240,153 163,072 152,402 239,963 234,319 103,413 171,215 318,807 180,713 260,177 199,467 117,047 126,274 192,532 123,769 110,346 201,911 178,871 57,954 119,308 258,106 134,391 205,262 50,191 42,016 42,972 47,622 39,303 42,056 38,052 55,448 45,459 51,906 60,701 46,322 54,916 292,738 288,439 303,388 301,699 261,539 289,704 325,930 r 261,726 r 335,090 r 369,372 259,690 305,348 319,919 296,470 242,804 252,991 250,124 214,770 238,285 328,868 r 217,653 r 281,056 r 315,494 215,365 251,615 317,698 -3,732 45,635 50,398 51,575 46,768 51,419 -2,939 44,073 54,034 53,878 44,325 53,733 2,221 -43,080 -129,376 -134,143 -61,546 -98,466 -137,302 -85,967 r -27,407 r -231,677 r -198,157 59,117 -124,636 -59,741 -97,003 -125,757 -126,717 -57,593 -91,001 -127,939 -126,957 r -38,782 r -223,102 r -196,185 42,741 -117,224 -112,436 53,922 -3,619 -7,426 -3,953 -7,465 -9,363 40,991 11,375 -8,575 -1,971 16,376 -7,411 52,695 -221 485 342,447 108,016 206,986 117,297 113,814 133,900 132,323 92,883 110,685 78,247 86,220 Fiscal year 2012 to date ... 1,824,081 1,389,918 434,163 2,728,318 2,380,804 347,512 -904,236 -990,885 86,652 1,072,355 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2007 ............................ 2008 ............................ 2009 ............................ 2010 ............................ 2011 ............................ 2011 - June ................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2012 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. Off-budget outlays (6) On-budget surplus or deficit (-) (8) On-budget receipts (2) Fiscal year or month On-budget outlays (5) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (10) (9) Means of financing—net transactions, con. Borrowing from the publicFederal securities, con. Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the cash rights Other IMF (deduct) (14) (15) (16) (17) 2007 ...................................... 2008 ...................................... 2009 ...................................... 2010 ...................................... 2011 ...................................... -433 145 99 771 1,014 293,218 267,438 146,766 179,044 125,742 206,325 767,722 1,743,060 1,474,069 1,109,849 23,110 296,371 -96,343 34,567 -251,743 646 117 45,528 -535 -1,535 1,314 1,552 1,674 -538 6,011 -2,157 286 8,719 -531 9,719 -22,667 -15,356 -368,200 -147,277 -51,806 -375 - 160,745 454,040 1,415,282 1,293,454 1,295,591 2012 - Est .............................. 2013 - Est .............................. 645 310 136,786 138,445 1,449,877 1,058,618 1,910 - * * * * * * -121,018 -157,210 * * 1,326,948 901,408 2011 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2012 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... -125 1,015 -15 -517 -346 448 185 -670 22 -188 589 -529 -25 -20,294 -14,376 73,507 3,248 74,491 -17,013 54,941 8,507 -18,006 -30,542 41,096 -11,904 47,795 19,948 15,877 268,925 104,251 132,149 134,758 59,058 124,724 150,351 123,237 70,178 89,621 38,400 17,365 -69,808 -22,687 13,601 41,156 -11,641 -1,868 72,859 -96,053 -19,062 123,139 -54,251 -20,949 90 -52 401 -1,708 869 -1,206 -583 566 188 -248 51 -1,432 261 3,148 1,433 -416 2,088 630 29 1,227 -125 -179 1,121 1,939 -239 171 81 1,300 224 -594 427 -427 130 284 138 -16 125 -515 431 43,816 46,372 -157,260 -29,318 9,399 -10,701 25,815 r -23,733 r -14,580 r 56,715 -4,041 -21,422 1,254 - 43,080 129,376 134,143 61,546 98,466 137,302 85,967 r 27,407 r 231,677 r 198,157 -59,117 124,636 59,741 Fiscal year 2012 to date .......... -514 149,365 922,476 33,330 -1,534 4,574 577 18,706 - 904,236 Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released by the Office of Management and Budget on February 13, 2012. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. September 2012 FEDERAL FISCAL OPERATIONS 14 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Individual Fiscal year or month Withheld (1) Other (2) Corporation Refunds (3) Net (4) Gross (5) Refunds (6) Net (7) Net income taxes (8) Gross (9) Refunds (10) Net (11) 2007 .................. 2008 .................. 2009 .................. 2010 .................. 2011 .................. 928,583 970,195 861,774 880,361 990,952 437,668 455,399 312,474 278,223 338,348 202,779 279,845 258,940 260,035 237,827 1,163,472 1,145,748 915,307 898,549 1,091,473 395,534 354,293 225,891 279,880 243,492 25,292 49,947 87,662 88,443 62,407 370,243 304,346 138,229 191,437 181,085 1,533,715 1,450,094 1,053,536 1,089,986 1,272,559 822,216 854,485 847,184 813,505 756,371 2,220 2,461 2,511 1,749 2,094 819,996 852,024 844,673 811,756 754,276 2012 - Est .......... 2013 - Est .......... 1,164,650 1,359,260 - - 1,164,650 1,359,260 236,801 347,741 - 236,801 347,741 1,401,451 1,707,001 774,687 891,354 - 774,687 891,354 2011 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2012 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... 75,013 74,281 84,027 72,449 81,933 74,525 102,324 89,909 96,934 96,983 83,355 80,698 70,886 41,972 5,774 5,715 46,108 12,719 5,288 12,255 50,103 5,442 10,171 145,631 6,529 43,322 3,913 4,325 3,302 4,176 7,905 9,142 1,627 6,588 80,917 48,264 50,421 18,653 5,018 113,072 75,730 86,440 114,381 86,747 70,671 112,952 133,424 21,460 58,890 178,565 68,574 109,189 50,594 8,541 3,757 42,176 10,241 4,483 53,540 8,019 4,248 29,394 32,732 8,293 58,278 1,839 2,289 2,120 3,269 7,775 2,846 2,030 3,470 3,844 5,424 4,950 1,557 1,403 48,755 6,253 1,637 38,908 2,466 1,637 51,510 4,549 405 23,970 27,782 6,736 56,875 161,827 81,983 88,077 153,289 89,213 72,308 164,462 137,973 21,865 82,860 206,347 75,310 166,064 67,792 56,231 57,580 67,394 54,135 58,140 54,356 74,426 60,107 68,895 82,059 61,437 73,810 2,094 - 67,792 56,231 57,580 65,300 54,135 58,140 54,356 74,426 60,107 68,895 82,059 61,437 73,810 Fiscal year 2012 to date................ 777,547 291,460 228,535 840,472 209,228 33,299 175,930 1,016,402 587,365 - 587,365 Fiscal year or month Social insurance and retirement receipts, con. Employment and general retirement, con. Unemployment insurance Net employment Net unRailroad retirement employment and general insurance retirement Gross Refunds Gross Refunds Net (18) (15) (16) (17) (12) (13) (14) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2007 ............................ 2008 ............................ 2009 ............................ 2010 ............................ 2011 ............................ 4,263 4,445 4,214 4,141 4,240 2 12 1 1 2 4,261 4,433 4,213 4,140 4,238 824,257 856,457 848,886 815,896 758,515 41,216 39,642 37,996 44,922 56,335 125 115 107 99 95 41,091 39,527 37,889 44,823 56,241 4,207 4,125 4,104 4,042 4,021 51 44 38 35 30 4,258 4,169 4,142 4,076 4,051 2012 - Est .................... 2013 - Est .................... 4,487 4,815 - 4,487 4,815 779,174 896,169 57,138 57,861 - 57,138 57,861 4,315 5,007 23 20 4,338 5,027 2011 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2012 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -117 378 427 342 393 362 336 397 445 366 393 360 -121 1 * -1 * * 1 * * * * * 4 * -119 378 427 342 393 362 335 397 445 366 393 356 -121 67,673 56,609 58,007 65,642 54,528 58,501 54,692 74,823 60,552 69,262 82,451 61,792 73,689 697 2,642 8,173 745 2,745 4,880 3,717 4,168 3,926 645 8,822 20,404 1,356 15 18 8 6 -1 3 7 -1 2 9 21 10 15 682 2,624 8,165 739 2,745 4,878 3,711 4,169 3,924 636 8,801 20,393 1,341 359 300 303 367 292 344 316 288 287 343 286 349 287 2 3 3 3 2 3 3 2 3 3 2 3 2 361 303 305 370 293 347 318 290 290 346 288 351 289 Fiscal year 2012 to date.... 2,931 5 2,926 590,290 50,663 65 50,598 2,792 23 2,812 See footnotes at end of table. September 2012 FEDERAL FISCAL OPERATIONS 15 TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Fiscal year or month 2007 .............................. 2008 .............................. 2009 .............................. 2010 .............................. 2011 .............................. Excise taxes Airport and Airway Trust Fund Gross (23) Net (25) Refunds (24) Black Lung Disability Trust Fund Gross Refunds (26) (27) Highway Trust Fund Net (28) Gross (29) Refunds (30) Miscellaneous Net (31) Gross (32) Refunds (33) Net (34) 869,607 900,154 890,918 864,795 818,807 11,535 12,048 10,679 10,632 11,551 67 56 110 19 18 11,468 11,992 10,569 10,613 11,532 639 653 645 595 623 - 639 653 645 595 623 40,402 37,441 36,007 35,562 36,907 1,040 1,057 1,046 569 - 39,362 36,385 34,961 34,993 36,907 18,734 19,742 23,408 27,942 27,510 5,134 1,438 7,100 7,234 4,191 13,600 18,304 16,308 20,709 23,320 2012 - Est ..................... 840,650 2013 - Est ..................... 959,057 11,600 12,812 - 11,600 12,812 603 600 - 603 600 38,714 39,308 - 38,714 39,308 28,498 35,335 - 28,498 35,335 68,716 59,536 66,477 66,751 57,566 63,726 58,721 79,282 64,766 70,244 91,540 82,536 75,319 1,017 1,049 1,100 1,429 256 1,082 1,034 870 1,312 1,032 1,089 1,307 1,139 4 3 8 4 - 1,017 1,049 1,096 1,426 256 1,082 1,034 870 1,304 1,032 1,089 1,303 1,139 51 53 50 86 14 58 55 47 71 58 62 61 50 - 51 53 50 86 14 58 55 47 71 58 62 61 50 3,099 3,199 2,712 5,364 815 3,825 3,655 3,070 4,368 3,136 3,299 3,790 2,143 - 3,099 3,199 2,712 5,364 815 3,825 3,655 3,070 4,368 3,136 3,299 3,790 2,143 2,678 2,036 2,152 3,828 3,926 1,963 1,660 1,947 516 2,260 3,052 1,646 4,075 93 238 999 610 142 219 183 164 1,353 184 78 525 172 2,585 1,798 1,153 3,218 3,784 1,744 1,477 1,783 -837 2,076 2,974 1,121 3,904 Fiscal year 2012 to date .... 643,700 9,121 12 9,109 476 - 476 28,101 - 28,101 21,045 3,020 18,026 2011 - June ................... July.................... Aug.................... Sept................... Oct .................... Nov.................... Dec.................... 2012 - Jan ..................... Feb .................... Mar .................... Apr .................... May ................... June .................. Net miscellaneous receipts Fiscal year or month Excise taxes, con. Net excise taxes (35) Customs duties Estate and gift taxes Gross (36) Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Deposits of Universal earnings by service fund and all Federal Total Reserve banks other (42) (43) (44) Total receipts On-budget (45) Off-budget (46) 2007 ....................... 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 65,069 67,334 62,484 66,909 72,381 26,978 29,824 24,677 19,751 9,079 934 980 1,195 866 1,680 26,044 28,844 23,482 18,885 7,399 27,548 28,537 23,546 26,266 30,697 1,538 969 1,092 969 1,178 26,010 27,568 22,454 25,298 29,519 32,043 33,598 34,318 75,845 82,546 14,960 15,732 17,172 20,010 19,284 47,003 49,330 51,490 95,855 101,831 1,932,359 1,865,279 1,450,355 1,530,040 1,736,708 635,088 658,045 654,010 631,688 565,787 2012 - Est ............... 2013 - Est ............... 79,415 88,055 11,377 12,738 - 11,377 12,738 30,817 33,488 - 30,817 33,488 81,339 80,356 23,550 21,261 104,889 101,617 1,896,459 2,224,545 572,140 677,411 2011 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2012 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 6,752 6,099 5,011 10,095 4,870 6,708 6,220 5,771 4,907 6,303 7,424 6,275 7,235 208 197 202 271 1,056 1,028 1,023 961 1,299 979 2,581 999 912 18 18 45 26 35 61 20 14 21 37 23 66 52 190 179 157 245 1,021 967 1,003 947 1,278 941 2,558 932 860 2,599 2,891 2,762 2,972 2,964 2,746 2,543 2,638 2,435 2,379 2,719 2,327 2,589 88 92 114 101 120 120 326 370 97 109 103 129 92 2,511 2,799 2,648 2,871 2,844 2,626 2,217 2,268 2,339 2,270 2,616 2,199 2,497 8,298 7,071 5,392 5,188 5,963 4,615 5,277 6,504 6,715 7,106 6,272 10,700 6,857 1,364 1,396 1,485 1,715 1,595 1,452 2,064 1,575 1,544 1,491 2,051 2,760 1,346 9,662 8,467 6,877 6,903 7,558 6,067 7,341 8,079 8,259 8,597 8,322 13,459 8,202 199,467 117,047 126,274 192,532 123,769 110,346 201,911 178,871 57,954 119,308 258,106 134,391 205,262 50,191 42,016 42,972 47,622 39,303 42,056 38,052 55,448 45,459 51,906 60,701 46,322 54,916 Fiscal year 2012 to date ....................... 55,713 10,838 329 10,507 23,340 1,466 21,876 60,009 15,878 75,884 1,389,918 434,163 Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released by the Office of Management and Budget on February 13, 2012. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. September 2012 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Legislative branch (1) Judicial branch (2) Department of Agriculture (3) Department of Commerce (4) Department of Depart- DepartDefense, ment of ment of military Education Energy (6) (7) (5) Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 2007 ....................... 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 4,292 4,409 4,703 5,838 4,583 6,008 6,345 6,643 7,185 7,295 84,423 90,789 114,436 129,454 139,394 6,477 7,725 10,720 13,233 9,930 528,575 594,656 636,772 666,717 678,077 66,372 65,957 53,387 92,858 64,271 20,117 21,404 23,684 30,775 31,371 671,983 700,454 796,266 854,060 891,245 39,172 40,683 51,720 44,455 45,744 45,559 49,086 61,018 60,143 57,008 10,467 9,822 11,778 13,163 13,529 23,351 26,544 27,713 29,558 30,518 47,543 58,840 138,156 173,053 131,973 2012 - Est ............... 2013 - Est ............... 5,253 4,903 7,581 7,717 150,680 154,502 11,326 8,990 688,254 672,879 98,467 71,906 38,998 33,272 871,836 940,832 60,443 55,345 56,788 46,283 11,241 13,345 34,556 36,517 127,157 101,693 2011 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2012 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 370 350 363 356 413 394 384 366 368 378 390 345 375 584 557 617 807 580 556 567 572 561 743 537 590 588 10,888 9,813 10,800 11,091 18,001 11,097 13,979 13,496 10,684 10,551 11,198 10,319 10,678 775 700 955 671 899 931 940 811 989 938 909 817 759 56,729 52,368 56,404 63,208 58,055 53,132 61,084 47,420 52,093 63,656 43,892 54,675 56,341 -20,237 6,097 8,385 3,731 4,075 6,628 6,438 367 10,108 7,279 1,899 5,584 -3,130 77,921 70,059 75,802 85,476 53,149 71,949 70,259 63,424 70,599 89,610 55,399 78,117 93,722 4,174 3,510 3,833 4,886 5,002 4,578 4,754 3,397 3,236 4,244 3,942 3,325 3,744 13,095 3,725 3,852 3,281 3,921 4,089 4,180 3,626 3,867 3,698 3,480 2,559 3,771 1,410 1,235 1,196 1,235 1,019 1,213 1,013 939 995 1,017 861 1,018 1,337 2,477 2,477 2,548 2,409 3,049 2,562 2,587 2,463 2,379 2,267 3,115 3,183 2,473 9,395 9,746 10,711 9,359 7,089 10,150 9,942 10,321 9,527 9,152 8,695 8,978 8,032 Fiscal year 2012 to date ...................... 3,449 2,696 1,681 1,228 2,983 2,835 3,233 2,593 2,677 2,367 2,533 2,981 2,688 ` 3,413 5,294 110,003 7,993 490,348 39,248 24,890 646,228 36,222 33,191 9,412 24,078 81,886 Fiscal year or month Department of State (14) Department of the Treasury, interest on DepartTreasury Department of debt ment Transpor- securities of the tation (gross) Treasury, other (17) (15) (16) Department of Veterans Affairs (18) Corps of Engineers (19) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) InterGeneral national Services Admin- Assistance Program istration (23) (24) 2007 ....................... 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 13,739 17,493 21,430 23,804 24,334 61,701 64,945 73,006 77,751 77,302 429,978 451,154 383,073 413,955 454,015 60,619 97,658 318,701 30,385 82,720 72,792 84,746 95,454 108,275 126,917 3,918 5,077 6,840 9,875 10,138 47,111 45,783 57,276 54,031 54,775 8,258 7,938 8,070 11,007 10,770 2,957 1,172 742 583 484 29 342 320 861 1,889 12,750 11,362 14,801 20,040 20,601 2012 - Est ............... 2013 - Est ............... 29,937 31,888 84,135 98,523 450,335 472,040 129,283 71,282 129,186 139,742 9,184 8,137 51,991 57,224 9,352 8,935 414 408 1,083 736 25,554 27,496 2011 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2012 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 1,790 1,747 1,818 3,415 2,233 2,550 2,798 1,798 1,408 1,774 1,871 2,199 2,033 7,491 6,140 8,330 8,066 7,293 6,534 6,921 4,897 4,896 5,346 5,653 6,187 6,801 110,537 26,645 21,614 19,883 27,771 21,709 98,114 21,106 17,414 24,683 30,121 30,507 103,887 8,426 3,613 3,946 -19,986 5,188 3,155 13,434 4,163 51,600 32,860 10,744 3,513 -563 9,996 9,518 10,403 15,728 5,989 9,985 14,528 5,732 10,235 18,120 5,850 10,772 14,592 921 669 613 701 755 719 844 580 541 682 553 730 581 4,037 4,109 4,761 8,749 -696 4,829 9,356 1,049 5,265 8,706 -966 4,023 8,783 815 735 759 989 549 948 927 910 766 894 894 881 878 45 15 30 54 34 27 31 29 32 38 28 47 32 263 -82 259 202 112 66 277 -4 61 160 -63 356 64 3,085 564 2,013 2,143 1,221 2,501 2,380 3,086 1,286 1,002 2,575 2,109 2,219 Fiscal year 2012 to date ...................... 18,664 54,528 375,312 124,094 95,803 5,985 40,349 7,647 298 1,029 18,379 See footnotes at end of table. September 2012 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and National Office of Space Science Personnel AdminisFounManagetration dation ment (25) (26) (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (36) (35) 2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636 2008 .................. 17,834 5,786 64,393 528 657,799 45,192 -66,178 -191,537 -18,285 -1,790 2,503,371 474,751 2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018 2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684 2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609 2012 - Est .......... 17,637 8,281 87,462 3,157 827,061 48,079 -86,533 -180,392 -7,879 -4,360 3,290,381 505,166 2013 - Est .......... 17,806 7,528 92,426 1,382 880,822 6,834 -84,535 -173,309 -6,967 -3,218 3,169,287 634,077 2011 - June ....... 1,500 655 5,558 112 69,482 -1,742 -5,715 -84,994 -551 - 296,470 -3,732 July ........ 1,447 652 6,645 88 65,150 4,942 -4,900 -2,519 -74 - 242,804 45,635 Aug ........ 1,389 755 6,405 112 65,319 4,818 -5,079 -959 -1,064 - 252,991 50,398 Sept ....... 1,747 702 6,121 98 69,546 2,438 -5,427 -319 -568 -323 250,124 51,575 Oct......... 1,168 610 6,972 113 61,488 7,851 -21,363 -3,615 -370 - 214,770 46,768 Nov ........ 1,523 537 6,043 103 65,499 -473 -5,519 -511 -636 - 238,285 51,419 Dec ........ 1,735 569 5,964 95 70,359 5,097 -6,635 -80,226 3 - 328,868 -2,939 2012 - Jan ......... 974 564 6,946 101 64,416 r 3,239 -5,420 -1,058 -1,178 - r 217,653 44,073 Feb ........ 1,277 513 6,524 82 68,347 r 2,631 -5,398 157 -630 - r 281,056 54,034 Mar ........ 1,349 574 6,474 1,888 73,332 r 2,684 -5,703 -1,214 -176 - r 315,494 53,878 Apr......... 1,227 524 7,272 116 65,102 2,504 -5,646 -4,412 -1,109 - 215,365 44,325 May ....... 1,338 552 6,381 72 69,270 2,784 -5,754 -2,706 -401 - 251,615 53,733 June ...... 1,468 668 6,168 83 78,205 -409 -5,661 -81,137 -153 - 317,698 2,221 Fiscal year 2012 to date ................ 12,059 5,112 58,742 2,654 616,018 25,908 -67,099 -174,722 -4,650 - 2,380,804 347,512 Note.—These estimates are based on the President’s Budget for Fiscal Year 2013, released by the Office of Management and Budget on February 13, 2012. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. September 2012 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2012 and Other Periods [In millions of dollars. Source: Financial Management Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 840,435 Corporation income taxes ........................................... 175,929 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ 14,868 Estate and gift taxes ................................................... 10,508 Customs duties ........................................................... 13,944 Miscellaneous receipts ................................................ 62,160 Total receipts ....................................................... 1,117,844 (On-budget) ..................................................... 1,117,844 (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... Judicial branch ............................................................ Department of Agriculture ........................................... Department of Commerce........................................... Department of Defense-military .................................. Department of Education ............................................ Department of Energy ................................................. Department of Health and Human Services ............... Department of Homeland Security.............................. Department of Housing and Urban Development....... Department of the Interior ........................................... Department of Justice ................................................. Department of Labor ................................................... Department of State .................................................... Department of Transportation ..................................... Department of the Treasury: Interest on the public debt....................................... Other ....................................................................... Department of Veterans Affairs .................................. Corps of Engineers ..................................................... Other defense civil programs ...................................... Environmental Protection Agency............................... Executive Office of the President................................ General Services Administration ................................ International Assistance Program ............................... National Aeronautics and Space Administration ........ National Science Foundation ...................................... Office of Personnel Management ............................... Small Business Administration ................................... Social Security Administration .................................... Other independent agencies ....................................... Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... Total outlays ........................................................ (On-budget) ..................................................... (Off-budget) ..................................................... Surplus or deficit (-) ............................................. (On-budget) ..................................................... (Off-budget) ..................................................... - No transactions. * Less than $500,000. September 2012 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) 36 - - 840,471 175,929 814,884 134,288 38 - - 814,922 134,288 744 6,722 13,051 20,553 20,553 - 434,163 156,127 50,598 2,813 40,101 1,209 674 685,685 251,521 434,163 434,163 156,127 50,598 2,813 55,713 10,508 21,876 75,884 1,824,082 1,389,918 434,163 14,717 6,818 80,422 1,051,128 1,051,128 - 660 18,589 19,287 19,287 - 433,178 143,790 45,886 3,165 35,389 433 1,775 663,617 230,440 433,178 433,178 145,079 44,712 3,073 51,176 6,818 21,201 79,585 1,734,033 1,300,855 433,178 3,464 5,069 98,272 7,614 487,791 38,616 26,367 460,272 37,580 33,457 9,056 21,307 55,841 18,484 11,811 -47 283 11,037 383 2,430 632 -1,478 -363 -1,676 -267 7 2,784 65 -320 -269 -5 -58 697 -1 127 * * 186,320 318 1 352 -14 25,981 499 42,985 3,412 5,294 110,005 7,996 490,348 39,248 24,889 646,229 36,222 33,191 9,414 24,077 81,887 18,663 54,527 3,513 5,135 94,625 7,190 503,561 46,625 26,989 493,802 36,108 46,410 9,262 21,419 64,018 16,811 15,640 7 216 12,353 412 2,464 -568 -1,223 -218 -2,729 -254 236 1,697 -1,086 86 -217 -7 -37 715 1 72 1 * 166,323 136 -7 365 -32 39,225 468 39,343 3,513 5,315 107,692 7,604 506,097 46,058 25,766 659,906 33,515 46,149 9,862 23,084 102,157 17,365 54,766 375,312 123,493 97,016 5,056 71,580 7,644 297 -49 18,679 12,163 5,025 8,107 2,668 144,947 9,080 504 -1,950 190 -6,285 -59 * 1,078 -579 -105 90 -1,734 -15 -13 13,559 97 736 739 -24,948 64 280 1 -3 52,370 * 471,084 3,268 375,312 124,094 95,802 5,985 40,348 7,649 297 1,029 18,379 12,059 5,112 58,742 2,652 616,018 25,907 385,873 94,663 92,628 7,866 71,277 8,362 385 90 17,545 13,046 4,956 7,633 5,870 107,227 8,838 305 -2,112 192 -11,078 -29 * 1,421 -508 -14 92 -1,632 -6 * -5,215 179 752 97 -23,043 -46 * * -1,170 1 -11 48,919 * 476,954 -1,317 385,873 95,147 91,269 8,154 37,156 8,288 385 1,511 15,867 13,034 5,037 54,920 5,864 584,181 2,306 -4,649 2,191,368 2,191,112 256 -1,073,524 -1,073,268 -256 -11,145 6,736 6,754 -17 13,817 13,800 17 -174,722 -55,954 530,213 182,939 347,275 155,472 68,583 86,889 -174,722 -71,749 2,728,317 2,380,804 347,513 -904,236 -990,886 86,650 -4,680 2,212,686 2,212,428 259 -1,161,558 -1,161,299 -259 2 -11,423 -18,828 -19,555 727 38,115 38,842 -727 -184,211 -52,970 510,701 160,686 350,015 152,916 69,754 83,163 -184,221 -69,061 2,704,559 2,353,559 351,001 -970,526 -1,052,703 82,177 Note.—Detail may not add to totals due to rounding. 19 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Public Debt, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances 1 [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax and loan depositaries Received directly (2) (1) Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Reserve accounts) Taxes 4 (5) (4) 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 8,455,356 9,947,954 11,577,153 11,016,385 10,508,615 528,724 530,425 482,146 556,403 592,338 8,983,992 10,151,438 12,118,510 11,538,208 11,352,518 1,571,322 1,602,823 1,398,542 1,362,591 1,366,003 1,548,300 1,633,393 1,435,675 1,362,604 1,366,181 2011 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2012 - Jan....................................... Feb ...................................... Mar ...................................... Apr....................................... May...................................... June..................................... 907,430 610,948 912,117 953,587 767,502 781,926 815,735 915,161 848,042 912,466 918,386 814,030 591,720 58,898 44,530 45,996 55,536 46,541 45,274 66,472 52,248 47,199 55,392 204,018 147,807 197,986 948,843 725,437 980,804 995,320 773,042 838,879 882,076 894,550 991,294 986,921 999,265 1,016,087 810,655 127,622 93,363 97,073 123,221 98,338 89,746 145,854 117,741 111,126 137,882 - 127,742 93,212 97,069 123,423 98,183 89,708 147,853 117,741 111,126 137,882 - See footnotes at end of table. September 2012 ACCOUNT OF THE U.S. TREASURY 20 TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. 1 [In millions of dollars. Source: Financial Management Service] Balances High End of period Fiscal year or month Federal Reserve (6) SFP (7) Tax and loan note accounts (8) Federal Reserve (9) SFP (10) Tax and loan note accounts (11) Federal Reserve (12) During period Low Tax and loan note accounts SFP (14) (13) Average Federal Reserve (15) Tax and loan note accounts (17) SFP (16) 2007 ....................... 5,539 - 69,698 29,504 - 98,264 3,239 - 75 5,216 - 23,961 2008 ....................... 32,988 - 39,129 32,988 - 135,752 2,973 - - 5,181 - 17,751 2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 2011 - June ............ 130,130 5,000 1,853 134,570 5,000 3,067 20,027 5,000 1,853 79,240 5,000 2,051 2011 ....................... July ............. 65,172 - 2,004 107,369 5,000 2,038 35,827 - 1,879 70,304 4,355 1,987 Aug ............. 42,481 - 2,007 66,958 - 2,048 8,905 - 1,948 24,006 - 1,998 Sept ............ 56,284 - 1,805 79,414 - 2,437 10,572 - 1,805 39,351 - 2,007 Oct.............. 97,285 - 1,960 97,285 - 2,034 16,185 - 1,805 44,981 - 1,981 Nov ............. 85,605 - 1,999 85,605 - 2,088 20,307 - 1,953 40,315 - 2,005 Dec ............. 85,737 - 2,017 118,682 - 2,215 15,310 - - 67,361 - 1,891 2012 - Jan.............. 158,596 - - 158,596 - - 65,264 - - 94,262 - - Feb ............. 62,542 - - 129,076 - - 25,595 - - 62,402 - - Mar ............. 43,480 - - 107,604 - - 26,437 - - 64,779 - - Apr.............. 166,619 - - 166,619 - - 23,565 - - 68,344 - - May............. 112,369 - - 136,746 - - 66,205 - - 96,066 - - June............ - - 139,880 - - 36,248 - - 86,946 - - 1 91,419 This report does not include Supplementary Financing Program (SFP) balances. Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 2 September 2012 4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950 and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 21 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. September 2012 FEDERAL DEBT 22 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Agency Public debt securities securities Total (5) (6) (7) The public Public debt securities (8) Agency securities (9) 2007 ............................... 2008 ............................... 2009 ............................... 2010 ............................... 2011 ............................... 9,030,612 10,047,828 11,933,031 13,585,596 14,815,328 9,007,653 10,024,725 11,909,828 13,561,622 14,790,340 22,959 23,104 23,203 23,974 24,988 3,958,417 4,210,491 4,355,292 4,534,014 4,658,307 3,958,411 4,210,485 4,355,291 4,534,011 4,658,301 6 6 1 3 6 5,072,195 5,837,337 7,577,739 9,051,582 10,157,021 5,049,242 5,814,240 7,554,537 9,027,611 10,132,039 22,953 23,098 23,202 23,971 24,982 2011 - June.................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2012 - Jan...................... Feb..................... Mar..................... Apr ..................... May .................... June ................... 14,367,591 14,367,889 14,709,806 14,815,328 15,018,350 15,135,588 15,248,213 15,380,745 15,513,518 15,606,518 15,717,395 15,795,183 15,879,511 14,343,087 14,342,369 14,684,292 14,790,340 14,993,709 15,110,499 15,222,940 15,356,140 15,488,891 15,582,079 15,692,367 15,770,684 15,855,037 24,504 25,520 25,514 24,988 24,642 25,090 25,274 24,605 24,627 24,439 25,028 24,499 24,474 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 4,778,855 4,760,759 4,730,124 4,771,128 4,759,124 4,806,826 4,596,208 4,581,742 4,655,148 4,658,301 4,732,697 4,715,592 4,770,437 4,778,848 4,760,753 4,730,118 4,771,122 4,759,118 4,806,820 6 6 6 6 6 6 6 6 6 6 6 6 6 9,771,377 9,786,141 10,054,652 10,157,021 10,285,647 10,419,990 10,477,770 10,601,890 10,752,759 10,876,394 10,946,267 11,036,059 11,072,685 9,746,879 9,760,627 10,029,144 10,132,039 10,261,012 10,394,907 10,452,503 10,577,292 10,728,138 10,851,961 10,921,245 11,011,566 11,048,217 24,498 25,514 25,508 24,982 24,636 25,084 25,268 24,599 24,621 24,433 25,022 24,493 24,468 Federal debt securities Net unamortized Amount Accrual premium outstanding amount and discount face value (12) (11) (10) Securities held by Government accounts Net unamortized Amount premium outstanding Accrual and discount face value amount (13) (15) (14) Securities held by the public Net unamortized Amount premium outstanding Accrual and discount face value amount (16) (17) (18) 2007 ............................... 2008 ............................... 2009 ............................... 2010 ............................... 2011 ............................... 9,030,612 10,047,828 11,933,031 13,585,596 14,815,328 82,078 64,135 59,219 58,963 53,105 8,948,534 9,983,694 11,873,812 13,526,633 14,762,223 3,958,417 4,210,491 4,355,292 4,534,014 4,658,307 42,796 27,432 25,467 25,145 23,697 3,915,621 4,183,059 4,329,825 4,508,869 4,634,610 5,072,195 5,837,337 7,577,739 9,051,582 10,157,021 39,282 36,703 33,752 33,818 29,408 5,032,913 5,800,635 7,543,987 9,017,764 10,127,613 2011 - June .................... July..................... Aug..................... Sept.................... Oct...................... Nov..................... Dec..................... 2012 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... 14,367,591 14,367,889 14,709,806 14,815,328 15,018,350 15,135,588 15,248,213 15,380,745 15,513,518 15,606,518 15,717,395 15,795,183 15,879,511 56,800 55,596 55,072 53,105 49,488 48,980 47,608 46,908 47,335 47,640 47,244 47,315 45,447 14,310,792 14,312,292 14,654,733 14,762,223 14,968,863 15,086,608 15,200,606 15,333,837 15,466,182 15,558,877 15,670,151 15,747,868 15,834,064 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 4,778,855 4,760,759 4,730,124 4,771,128 4,759,124 4,806,826 23,983 23,894 23,792 23,697 23,602 23,510 23,413 23,318 23,228 23,128 23,036 22,936 22,843 4,572,231 4,557,855 4,631,362 4,634,610 4,709,101 4,692,088 4,747,030 4,755,537 4,737,531 4,706,996 4,748,092 4,736,188 4,783,983 9,771,377 9,786,141 10,054,652 10,157,021 10,285,647 10,419,990 10,477,770 10,601,890 10,752,759 10,876,394 10,946,267 11,036,059 11,072,685 32,817 31,702 31,280 29,408 25,886 25,470 24,195 23,590 24,107 24,512 24,208 24,379 22,604 9,738,561 9,754,437 10,023,371 10,127,613 10,259,761 10,394,520 10,453,576 10,578,300 10,728,652 10,851,881 10,922,059 11,011,680 11,050,081 End of fiscal year or month September 2012 FEDERAL DEBT 23 TABLE FD-2.—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) Treasury inflation-protected securities (6) Nonmarketable Total (7) 2007 .................................. 2008 .................................. 2009 .................................. 2010 .................................. 2011 .................................. 5,049,306 5,808,692 7,551,862 9,022,808 10,127,031 4,428,405 5,210,151 6,987,937 8,475,928 9,604,300 954,607 1,484,332 1,986,173 1,783,675 1,475,557 2,456,100 2,623,364 3,772,964 5,252,585 6,406,983 560,922 578,504 677,491 846,054 1,016,407 456,776 523,951 551,308 593,614 705,352 620,900 598,540 563,924 546,880 522,731 2011 - June ....................... July........................ Aug........................ Sept....................... Oct......................... Nov........................ Dec........................ 2012 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May ....................... June ...................... 9,742,223 9,755,796 10,024,253 10,127,031 10,256,015 10,389,958 10,447,663 10,572,374 10,722,996 10,846,825 10,916,071 11,006,251 11,044,185 9,314,861 9,357,568 9,501,649 9,604,300 9,726,339 9,858,380 9,916,999 10,048,852 10,201,737 10,317,628 10,379,016 10,464,912 10,502,007 1,529,417 1,490,449 1,491,239 1,475,557 1,480,662 1,511,028 1,519,462 1,524,149 1,608,738 1,672,607 1,611,353 1,603,257 1,594,427 6,145,991 6,199,125 6,313,529 6,406,983 6,501,319 6,573,057 6,598,894 6,705,364 6,748,203 6,770,349 6,877,080 6,935,159 6,957,009 974,150 986,819 1,003,417 1,016,407 1,029,426 1,046,715 1,060,111 1,073,883 1,091,968 1,105,890 1,121,252 1,138,297 1,152,800 665,303 681,176 693,464 705,352 714,932 727,579 738,532 745,457 752,828 768,782 769,330 788,199 797,772 427,363 398,227 522,604 522,731 529,676 531,578 530,664 523,522 521,259 529,197 537,055 541,340 542,177 U.S. savings securities (8) Depositary compensation securities (9) Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) Nonmarketable, con. End of fiscal year or month 2007 ....................................... 2008 ....................................... 2009 ....................................... 2010 ....................................... 2011 ....................................... 197,126 194,253 192,452 188,796 185,187 - 2,986 2,986 4,886 4,186 2,986 88,153 107,498 118,636 129,355 151,346 296,513 260,238 216,488 193,208 151,831 29,995 29,995 29,995 29,995 29,995 6,126 3,569 1,466 1,340 1,386 2011 - June ............................ July............................. Aug............................. Sept............................ Oct.............................. Nov............................. Dec............................. 2012 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May ............................ June ........................... 186,085 185,758 185,368 185,187 185,622 185,493 185,278 185,199 185,033 184,840 184,913 184,670 184,433 - 3,686 3,086 2,986 2,986 2,986 2,986 2,986 3,786 3,786 3,586 3,386 3,186 2,986 39,793 22,187 151,903 151,346 155,188 157,104 159,019 158,824 157,237 156,667 157,707 159,012 161,425 166,423 155,835 150,918 151,831 154,480 154,665 152,058 144,401 143,880 152,781 159,742 163,153 162,015 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 1,380 1,367 1,435 1,386 1,407 1,335 1,328 1,318 1,328 1,329 1,311 1,323 1,323 September 2012 FEDERAL DEBT 24 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) End of fiscal year or month Total (1) 2007 .................. 2008 .................. 2009 .................. 2010 .................. 2011 .................. 4,026,772 4,297,677 4,454,316 4,645,280 4,793,916 7,931 7,674 7,829 7,045 8,641 47,515 29,937 16,076 37,441 34,926 32,965 34,397 36,146 37,605 39,678 16,436 16,847 18,615 20,436 22,721 213,830 216,487 207,932 187,222 161,965 702,043 729,705 757,656 785,988 811,768 319,377 318,741 309,702 279,475 245,939 22,410 19,093 10,668 4,194 4,160 2011 - June ....... July........ Aug........ Sept....... Oct......... Nov........ Dec........ 2012 - Jan ......... Feb ........ Mar ........ Apr......... May ....... June ...... 4,620,377 4,588,205 4,791,292 4,793,916 4,872,195 4,857,215 4,913,919 4,922,040 4,902,079 4,870,770 4,912,450 4,901,692 4,953,138 7,604 8,224 8,801 8,641 9,450 9,544 9,823 9,074 9,434 9,259 9,380 9,533 9,598 37,161 36,177 36,101 34,926 34,043 35,151 32,324 32,977 32,006 30,578 34,342 33,617 33,130 39,077 39,126 39,584 39,678 39,741 40,138 40,163 40,227 40,533 40,583 40,609 40,965 41,003 22,750 22,750 22,725 22,721 22,721 22,699 22,699 22,699 22,690 22,691 22,692 22,684 22,685 171,004 168,149 164,436 161,965 158,013 154,618 153,996 152,610 148,965 146,673 145,412 141,950 142,587 696,628 696,584 784,010 811,768 807,560 804,043 819,581 815,428 811,419 807,837 803,751 800,306 815,036 267,165 259,358 250,349 245,939 245,501 242,409 244,310 246,459 240,155 229,627 245,447 237,301 235,085 2,245 2,884 3,530 4,160 4,735 5,067 5,393 5,752 6,210 6,558 7,080 7,652 9,253 End of fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund (10) Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplementary Medical Insurance Trust Fund (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Unemployment Trust Fund (17) Other (18) 2007 ..................... 2008 ..................... 2009 ..................... 2010 ..................... 2011 ..................... 1,968,262 2,150,651 2,296,316 2,399,111 2,492,531 3,182 3,320 3,313 3,388 3,374 39,248 59,090 61,764 70,982 70,446 12,205 12,811 11,484 24,455 16,302 9,752 9,272 8,735 8,161 7,541 979 1,605 4,239 1,142 1,207 596 624 405 506 696 74,923 72,432 19,628 18,703 16,030 555,118 614,991 683,808 759,426 855,991 2011 - June .......... July........... Aug........... Sept.......... Oct............ Nov........... Dec........... 2012 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... 2,498,211 2,498,080 2,492,618 2,492,531 2,489,493 2,482,482 2,524,898 2,536,952 2,531,745 2,533,599 2,551,077 2,546,280 2,598,606 3,374 3,374 3,374 3,374 3,378 3,377 3,377 3,377 3,422 3,422 3,422 3,422 3,422 80,356 79,248 77,638 70,446 78,529 78,013 80,268 81,459 81,498 73,928 78,901 75,717 68,407 22,050 21,436 19,541 16,302 15,616 14,782 13,856 14,385 15,915 15,700 15,820 16,259 13,256 7,803 7,724 7,644 7,541 7,473 7,398 7,503 7,415 7,327 7,237 7,152 7,066 7,164 592 392 392 1,207 392 392 592 1,057 1,057 1,057 1,057 1,057 1,057 484 518 457 696 554 398 392 456 484 484 441 447 468 21,126 16,686 17,858 16,030 12,658 14,226 15,634 11,999 13,708 11,155 11,275 20,813 18,199 742,747 727,495 862,234 855,991 942,338 942,478 939,110 939,714 935,511 930,382 934,592 936,623 934,182 Note.—Detail may not add to totals due to rounding. September 2012 FEDERAL DEBT 25 TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Architect of the Capitol (3) Other independent Tennessee Valley Authority (4) 2007 ............................ 22,959 85 152 22,506 215 -1 2008 ............................ 23,104 69 150 22,680 204 * 2009 ............................ 23,203 33 144 22,834 193 * 2010 ............................ 23,974 29 139 23,627 180 * 2011 ............................ 24,988 29 133 24,660 166 * 2011 - June ................. 24,504 31 139 24,161 173 * July.................. 25,520 29 140 25,178 173 * Aug.................. 25,514 29 141 25,178 166 * Sept................. 24,988 29 133 24,660 166 * Oct................... 24,642 29 134 24,313 166 * Nov.................. 25,090 29 135 24,760 166 * Dec.................. 25,274 29 136 24,943 166 * 2012 - Jan ................... 24,605 29 137 24,273 166 * Feb .................. 24,627 29 130 24,310 158 * Mar .................. 24,439 29 130 24,122 158 * Apr................... 25,028 29 131 24,710 158 * May ................. 24,498 29 132 24,179 158 * June ................ 24,474 29 133 24,154 158 * End of fiscal year or month Note.—Detail may not add to totals due to rounding. National Archives and Records Administration (5) Other/Federal Communications Commission (6) * Less than $500,000. September 2012 FEDERAL DEBT 26 TABLE FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 2007 ............................... 3,634,666 1,176,510 1,309,871 677,905 291,963 178,417 58 2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 49 2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49 2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57 2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60 2011 - June .................... 7,706,588 2,474,344 2,961,638 1,486,856 315,369 468,382 59 July ..................... 7,674,300 2,481,706 2,924,762 1,471,149 315,618 481,063 60 Aug ..................... 7,861,156 2,495,843 3,048,014 1,510,394 310,042 496,863 60 Sept .................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60 Oct...................... 8,074,439 2,546,549 3,164,655 1,539,649 307,001 516,584 60 Nov ..................... 8,196,987 2,615,920 3,234,816 1,535,457 292,136 518,658 59 Dec ..................... 8,205,749 2,641,533 3,251,453 1,505,074 289,711 517,978 59 2012 - Jan ...................... 8,399,585 2,652,591 3,412,176 1,527,281 287,847 519,690 58 Feb ..................... 8,551,311 2,743,327 3,479,479 1,513,140 285,554 529,809 58 Mar ..................... 8,608,508 2,820,573 3,477,460 1,498,189 283,948 528,338 57 Apr...................... 8,729,683 2,776,665 3,614,220 1,528,759 288,053 521,987 57 May..................... 8,815,377 2,795,764 3,682,506 1,524,989 287,006 525,113 57 June.................... 8,792,599 2,808,138 3,667,577 1,501,719 285,192 529,973 56 End of fiscal year or month Note.—Detail may not add to totals due to rounding. September 2012 FEDERAL DEBT 27 TABLE FD-6.—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Debt subject to limit Statutory debt limit (1) Total (2) 2007 ................................................ 9,815,000 8,921,343 2008 ................................................ 10,615,000 2009 ................................................ Securities not subject to limit (7) Other debt 1 (4) Public debt (5) Other debt (6) 8,921,274 69 9,007,653 69 86,379 9,959,850 9,959,799 51 10,024,725 51 64,926 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 2011 - June ............................ 14,294,000 14,293,975 14,293,962 13 14,343,088 13 49,124 July ............................. 14,294,000 14,293,975 14,293,965 10 14,342,369 10 48,404 Aug ............................. 14,694,000 14,638,920 14,638,910 10 14,684,293 10 45,382 Sept ............................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 Oct.............................. 15,194,000 14,948,905 14,948,895 10 14,993,709 10 44,814 Nov ............................. 15,194,000 15,067,516 15,067,506 10 15,110,499 10 42,993 Dec ............................. 15,194,000 15,180,337 15,180,327 10 15,222,940 10 42,613 2012 - Jan .............................. 16,394,000 15,313,699 15,313,689 10 15,356,140 10 42,452 Feb ............................. 16,394,000 15,446,261 15,446,251 10 15,488,891 10 42,640 Mar ............................. 16,394,000 15,538,685 15,538,675 10 15,582,079 10 43,404 Apr.............................. 16,394,000 15,649,863 15,649,853 10 15,692,368 10 42,515 May............................. 16,394,000 15,729,949 15,729,939 10 15,770,685 10 40,745 June............................ 16,394,000 15,815,885 15,815,875 10 15,855,037 10 39,162 End of fiscal year or month 1 Public debt (3) Securities outstanding Consists of guaranteed debt issued by the Federal Housing Administration. September 2012 FEDERAL DEBT 28 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of Agriculture End of fiscal year or month 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2011 - June ........................... July ............................ Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2012 - Jan ............................. Feb ............................ Mar ............................ Apr ............................. May............................ June........................... End of fiscal year or month Rural Business and Cooperative Development Service (5) Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Rural Housing and Community Development Service (4) 219,079 252,783 747,566 881,890 937,923 10,662 9,691 11,617 11,284 9,349 22,803 24,789 26,074 25,098 24,883 13,803 14,780 16,675 18,534 19,438 420 479 481 522 523 1,448 1,456 778 1,160 1,163 1,006,839 1,048,986 945,601 937,923 1,031,529 1,013,643 1,057,133 1,050,711 1,059,186 1,082,103 1,086,064 968,791 982,523 11,113 9,166 9,345 9,349 14,382 16,194 17,886 10,657 10,657 10,657 9,354 9,336 9,130 25,682 25,682 24,748 24,883 25,022 25,181 25,376 25,510 25,634 25,444 25,579 25,865 26,736 19,599 19,600 19,311 19,438 19,587 19,743 19,891 20,023 20,153 20,108 20,122 20,301 20,678 513 513 515 523 528 533 534 538 540 479 481 484 530 1,160 1,160 1,163 1,163 1,163 1,163 1,163 1,163 1,163 1,163 1,163 1,163 1,163 Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Other Housing Federal Housing programs Administration (10) (9) Department of the Treasury Federal Financing Bank (11) 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 103,973 128,331 234,918 373,717 546,321 2,241 2,186 2,130 2,513 2,943 4,573 4,832 4,420 4,749 6,032 5 21 58 17,609 21,957 47,107 46,809 45,257 2011 - June............................ July............................. Aug............................. Sept............................ Oct ............................. Nov............................. Dec............................. 2012 - Jan.............................. Feb............................. Mar............................. Apr ............................. May ............................ June ........................... 505,409 545,977 542,629 546,321 631,403 630,048 668,600 675,934 682,103 695,180 695,181 696,531 711,020 3,218 3,218 3,153 2,943 3,043 3,043 3,078 3,153 3,208 3,253 3,253 3,418 3,543 4,749 4,749 4,749 6,032 6,032 6,032 6,032 6,032 6,032 6,032 6,032 6,032 6,032 26 26 39 58 58 58 58 58 58 58 41 40 40 43,475 42,922 42,717 45,257 46,135 45,992 47,854 47,472 47,848 50,293 51,112 51,503 52,558 September 2012 FEDERAL DEBT 29 TABLE FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2007 ...................................... 4,364 2,945 11,366 22,872 2008 ...................................... 2,929 3,096 9,463 28,793 2009 ...................................... 3,805 3,359 10,873 385,323 2010 ...................................... 7,254 3,481 11,752 374,997 2011 ...................................... 8,279 3,484 11,190 259,006 2011 - June ........................... 8,241 2,523 11,037 370,094 July............................ 8,241 2,853 11,080 373,799 Aug............................ 7,652 3,149 11,080 275,351 Sept........................... 8,279 3,484 11,190 259,003 Oct............................. 8,773 3,816 11,189 260,398 Nov............................ 9,563 4,089 11,189 240,815 Dec............................ 10,100 4,426 11,189 240,946 2012 - Jan ............................. 10,581 4,765 11,190 233,635 Feb ............................ 11,373 5,003 11,546 233,868 Mar ............................ 11,807 5,312 11,189 241,128 Apr............................. 11,941 5,644 7,985 248,176 May ........................... 12,013 5,879 7,985 128,241 June .......................... 12,220 2,404 8,205 128,264 End of fiscal year or month Note.—For the Department of Housing and Urban Development, other HUD Housing Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 through the current fiscal year to date. Note.—Detail may not add to totals due to rounding. September 2012 30 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26week bills. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: Cash management bills identified below are issued as part of the Supplementary Financing Program (SFP). For more details about the SFP, visit www.treasury.gov/ press/releases/hp1144.htm or call 202-622-2960. Note: On February 4, 2009, Treasury announced the reintroduction of the 7-year note. The first auction of this security took place on February 26, 2009. TREASURY FINANCING: APRIL-JUNE [Source: Bureau of the Public Debt, Office of Financing] APRIL Auction of 2-Year Notes On March 22, 2012, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $59,492 million of securities maturing March 31 and to raise new cash of approximately $39,508 million. The 2-year notes of Series AK-2014 were dated March 31 and issued April 2. They are due March 31, 2014, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon eastern time (e.t.) for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 27. Tenders totaled $129,306 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.340 percent with an equivalent price of $99.821248. Treasury accepted in full all competitive tenders at yields lower than 0.340 percent. Tenders at the high yield were allotted 42.80 percent. The median yield was 0.324 percent, and the low yield was 0.279 percent. Noncompetitive tenders totaled $188 million. Competitive tenders accepted from private investors totaled $34,812 million. Accrued interest of $0.01366 per $1,000 must be paid for the period from March 31 to April 2. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $831 million from Federal Reserve banks (FRBs) for their own accounts. The September 2012 minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AK-2014 is $100. Auction of 5-Year Notes On March 22, 2012, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $59,492 million of securities maturing March 31 and to raise new cash of approximately $39,508 million. The 5-year notes of Series W-2017 were dated March 31 and issued April 2. They are due March 31, 2017, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 1 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 28. Tenders totaled $99,880 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.040 percent with an equivalent price of $99.805782. Treasury accepted in full all competitive tenders at yields lower than 1.040 percent. Tenders at the high yield were allotted 13.62 percent. The median yield was 0.990 percent, and the low yield was 0.930 percent. Noncompetitive tenders totaled $29 million. Competitive tenders accepted from private investors totaled $34,971 million. Accrued interest of $0.05464 per $1,000 must be paid for the period from March 31 to April 2. PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, con. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $831 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series W-2017 is $100. Auction of 7-Year Notes On March 22, 2012, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $59,492 million of securities maturing March 31 and to raise new cash of approximately $39,508 million. The 7-year notes of Series J-2019 were dated March 31 and issued April 2. They are due March 31, 2019, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on March 29. Tenders totaled $78,846 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.590 percent with an equivalent price of $99.406396. Treasury accepted in full all competitive tenders at yields lower than 1.590 percent. Tenders at the high yield were allotted 22.14 percent. The median yield was 1.529 percent, and the low yield was 1.467 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $28,987 million. Accrued interest of $0.08197 per $1,000 must be paid for the period from March 31 to April 2. In addition to the $29,000 million of tenders accepted in the auction process, Treasury accepted $688 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series J-2019 is $100. 52-Week Bills On March 29, 2012, Treasury announced it would auction $26,000 million of 364-day Treasury bills. They were issued April 5, and will mature April 4, 2013. The issue was to refund $120,002 million of all maturing bills and pay down approximately $4,002 million. Treasury auctioned the bills on April 3. Tenders totaled $112,089 million; Treasury accepted $26,000 million. That included $142 million of noncompetitive tenders from the public. The high bank discount rate was 0.185 percent. Auction of 3-Year Notes On April 5, 2012, Treasury announced it would auction $32,000 million of 3-year notes. The issue was to refund $42,891 million of securities maturing April 15 and to raise new cash of approximately $23,109 million. The 3-year notes of Series Y-2015 were dated April 15 and issued April 16. They are due April 15, 2015, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 10. Tenders totaled $107,481 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.427 percent with the equivalent price of $99.845296. Treasury accepted in full all competitive tenders at yields lower than 0.427 percent. Tenders at the high yield were allotted 66.02 percent. The median yield was 0.403 percent, and the low yield was 0.330 percent. Noncompetitive tenders totaled $40 million. Competitive tenders accepted from private investors totaled $31,960 million. Accrued interest of $0.01025 per $1,000 must be paid for the period from April 15 to April 16. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $5,823 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2015 is $100. Auction of 9-Year 10-Month 2 Percent Notes On April 5, 2012, Treasury announced it would auction $21,000 million of 9-year 10-month 2 percent notes. The issue was to refund $42,891 million of securities maturing April 15 and to raise new cash of approximately $23,109 million. The 9-year 10-month notes of Series B-2022 were dated February 15 and issued April 16. They are due February 15, 2022, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the notes before 12:00 a.m. e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 11. Tenders totaled $64,708 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.043 percent with an equivalent price of $99.616439. Treasury accepted in full all competitive tenders at yields lower than 2.043 percent. Tenders at the high yield were allotted 75.67 percent. The median yield was 1.979 percent, and the low yield was 1.800 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $20,991 million. Accrued interest of $3.35165 per $1,000 must be paid for the period from February 15 to April 16. In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $3,821 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2022 is $100. September 2012 32 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. Auction of 29-Year 10-Month 3-1/8 Percent Bond On April 5, 2012, Treasury announced it would auction $13,000 million of 29-year 10-month 3-1/8 percent bonds. The issue was to refund $42,891 million of securities maturing April 15 and to raise new cash of approximately $23,109 million. The 29-year 10-month bonds of February 2042 were dated February 15 and issued April 16. They are due February 15, 2042, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the bonds before 12:00 a.m. e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 12. Tenders totaled $35,885 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.230 percent with an equivalent price of $97.993453. Treasury accepted in full all competitive tenders at yields lower than 3.230 percent. Tenders at the high yield were allotted 23.17 percent. The median yield was 3.171 percent, and the low yield was 3.100 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled $12,995 million. Accrued interest of $5.23695 per $1,000 must be paid for the period from February 15 to April 16. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $2,365 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2042 is $100. Auction of 5-Year Treasury Inflation-Protected Securities (TIPS) On April 12, 2012, Treasury announced it would auction $16,000 million of 5-year TIPS. The issue was to refund $42,891 million of securities maturing April 15 and to raise new cash of approximately $23,109 million. The 5-year TIPS of Series X-2017 were dated April 15 and issued April 30. They are due April 15, 2017, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 19. Tenders totaled $41,270 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.080 percent with an equivalent adjusted price of $106.389051. Treasury accepted in full all competitive tenders at yields lower than -1.080 percent. Tenders at the high yield were allotted 41.56 percent. The median yield was -1.160 percent, and the low yield was -1.250 percent. Noncompetitive tenders totaled $116 million. Competitive tenders accepted from private investors totaled $15,884 million. Adjusted accrued interest of $0.05134 per September 2012 $1,000 must be paid for the period from April 15 to April 30. Both the unadjusted price of $106.155509 and the unadjusted accrued interest of $0.05123 were adjusted by an index ratio of 1.00220, for the period from April 15 to April 30. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $430 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2017 is $100. Auction of 2-Year Notes On April 19, 2012, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $58,298 million of securities maturing April 30 and to raise new cash of approximately $56,702 million. The 2-year notes of Series AL-2014 were dated and issued April 30. They are due April 30, 2014, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 24. Tenders totaled $131,588 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.270 percent with an equivalent price of $99.960135. Treasury accepted in full all competitive tenders at yields lower than 0.270 percent. Tenders at the high yield were allotted 99.89 percent. The median yield was 0.250 percent, and the low yield was 0.207 percent. Noncompetitive tenders totaled $163 million. Competitive tenders accepted from private investors totaled $34,837 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $940 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AL-2014 is $100. Auction of 5-Year Notes On April 19, 2012, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $58,298 million of securities maturing April 30 and to raise new cash of approximately $56,702 million. The 5-year notes of Series Y-2017 were dated and issued April 30. They are due April 30, 2017, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on April 25. Tenders totaled $108,192 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.887 percent with an PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, con. equivalent price of $99.941438. Treasury accepted in full all competitive tenders at yields lower than 0.887 percent. Tenders at the high yield were allotted 11.97 percent. The median yield was 0.845 percent, and the low yield was 0.792 percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled $34,978 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $940 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2017 is $100. Auction of 7-Year Notes On April 19, 2012, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $58,298 million of securities maturing April 30 and to raise new cash of approximately $56,702 million. The 7-year notes of Series K-2019 were dated and issued April 30. They are due April 30, 2019, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 1-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 26. Tenders totaled $82,145 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.347 percent with an equivalent price of $99.354100. Treasury accepted in full all competitive tenders at yields lower than 1.347 percent. Tenders at the high yield were allotted 64.06 percent. The median yield was 1.307 percent, and the low yield was 1.250 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $28,963 million. In addition to the $29,000 million of tenders accepted in the auction process, Treasury accepted $779 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2019 is $100. MAY 52-Week Bills On April 26, 2012, Treasury announced it would auction $26,000 million of 364-day Treasury bills. They were issued May 3, and will mature May 2, 2013. The issue was to refund $111,998 million of all maturing bills and raise new cash of approximately $2,002 million. Treasury auctioned the bills on May 1. Tenders totaled $118,645 million; Treasury accepted $26,000 million. That included $112 million of noncompetitive tenders from the public. The high bank discount rate was 0.185 percent. May Quarterly Financing On May 2, 2012, Treasury announced it would auction $32,000 million of 3-year notes, $24,000 million of 10-year notes and $16,000 million of 30-year bonds to refund $36,690 million of securities maturing on May 15 and to raise new cash of approximately $35,310 million. The 3-year notes of Series Z-2015 were dated and issued May 15. They are due May 15, 2015, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 8. Tenders totaled $116,862 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.362 percent with an equivalent price of $99.666118. Treasury accepted in full all competitive tenders at yields lower than 0.362 percent. Tenders at the high yield were allotted 66.17 percent. The median yield was 0.340 percent, and the low yield was 0.272 percent. Noncompetitive tenders totaled $36 million. Competitive tenders accepted from private investors totaled $31,965 million. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $2,002 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2015 is $100. The 10-year notes of Series C-2022 were dated and issued May 15. They are due May 15, 2022, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 9. Tenders totaled $69,515 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.855 percent with an equivalent price of $99.045657. Treasury accepted in full all competitive tenders at yields lower than 1.855 percent. Tenders at the high yield were allotted 20.18 percent. The median yield was 1.810 percent, and the low yield was 1.700 percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors totaled $23,977 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,501 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2022 is $100. September 2012 34 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. The 30-year bonds were dated and issued May 15. They are due May 15, 2042, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 10. Tenders totaled $43,653 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.090 percent with an equivalent price of $98.248216. Treasury accepted in full all competitive tenders at yields lower than 3.090 percent. Tenders at the high yield were allotted 63.81 percent. The median yield was 3.060 percent, and the low yield was 2.970 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $15,981 million. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,001 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2042 is $100. Auction of 9-Year 8-Month 0-1/8 Percent TIPS On May 10, 2012, Treasury announced it would auction $13,000 million of 9-year 8-month 0-1/8 percent TIPS. The issue was to refund $59,149 million of securities maturing May 31 and to raise new cash of approximately $52,851 million. The 9-year 8-month TIPS of Series A-2022 were dated January 15 and issued May 31. They are due January 15, 2022, with interest payable on July 15 and January 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 17. Tenders totaled $39,154 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.391 percent with an equivalent adjusted price of $106.458589. Treasury accepted in full all competitive tenders at yields lower than -0.391 percent. Tenders at the high yield were allotted 86.03 percent. The median yield was -0.420 percent, and the low yield was -0.455 percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors totaled $12,977 million. Adjusted accrued interest of $0.47671 per $1,000 must be paid for the period from January 15 to May 31. Both the unadjusted price of $105.065422 and the unadjusted accrued interest of $0.47047 were adjusted by an index ratio of 1.01326, for the period from January 15 to May 31. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $174 thousand from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2022 is $100. September 2012 Auction of 2-Year Notes On May 17, 2012, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $59,149 million of securities maturing May 31 and to raise new cash of approximately $52,851 million. The 2-year notes of Series AM-2014 were dated and issued May 31. They are due May 31, 2014, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 22. Tenders totaled $138,280 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.300 percent with an equivalent price of $99.900374. Treasury accepted in full all competitive tenders at yields lower than 0.300 percent. Tenders at the high yield were allotted 24.43 percent. The median yield was 0.286 percent, and the low yield was 0.227 percent. Noncompetitive tenders totaled $185 million. Competitive tenders accepted from private investors totaled $34,815 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $469 thousand from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AM-2014 is $100. Auction of 5-Year Notes On May 17, 2012, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $59,149 million of securities maturing May 31 and to raise new cash of approximately $52,851 million. The 5-year notes of Series Z-2017 were dated and issued May 31. They are due May 31, 2017, with interest payable on November 30 and May 31 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 notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 23. Tenders totaled $104,684 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.748 percent with an equivalent price of $99.397464. Treasury accepted in full all competitive tenders at yields lower than 0.748 percent. Tenders at the high yield were allotted 95.77 percent. The median yield was 0.700 percent, and the low yield was 0.650 percent. Noncompetitive tenders totaled $50 million. Competitive tenders accepted from private investors totaled $34,926 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $469 thousand from PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, con. FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2017 is $100. Auction of 7-Year Notes On May 17, 2012, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $59,149 million of securities maturing May 31 and to raise new cash of approximately $52,851 million. The 7-year notes of Series L-2019 were dated and issued May 31. They are due May 31, 2019, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 24. Tenders totaled $81,182 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.203 percent with an equivalent price of $99.477861. Treasury accepted in full all competitive tenders at yields lower than 1.203 percent. Tenders at the high yield were allotted 91.24 percent. The median yield was 1.159 percent, and the low yield was 1.000 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $28,966 million. In addition to the $29,000 million of tenders accepted in the auction process, Treasury accepted $389 thousand from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2019 is $100. 52-Week Bills On May 24, 2012, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued May 31, and will mature May 30, 2013. The issue was to refund $113,999 million of all maturing bills and to pay down approximately $1,999 million. Treasury auctioned the bills on May 30. Tenders totaled $126,740 million; Treasury accepted $25,001 million. That included $156 million of noncompetitive tenders from the public. The high bank discount rate was 0.185 percent. JUNE Auction of 3-Year Notes On June 7, 2012, Treasury announced it would auction $32,000 million of 3-year notes. The issue was to refund $30,710 million of securities maturing June 15 and to raise new cash of approximately $35,290 million. The 3-year notes of Series AA-2015 were dated and issued June 15. They are due June 15, 2015, with interest payable on December 15 and June 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 12. Tenders totaled $113,056 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.387 percent with the equivalent price of $99.964243. Treasury accepted in full all competitive tenders at yields lower than 0.387 percent. Tenders at the high yield were allotted 52.25 percent. The median yield was 0.374 percent, and the low yield was 0.295 percent. Noncompetitive tenders totaled $28 million. Competitive tenders accepted from private investors totaled $31,973 million. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $2,259 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2015 is $100. Auction of 9-Year 11-Month 1-3/4 Percent Notes On June 7, 2012, Treasury announced it would auction $21,000 million of 9-year 11-month 1-3/4 percent notes. The issue was to refund $30,710 million of securities maturing June 15 and to raise new cash of approximately $35,290 million. The 9-year 11-month notes of Series C-2022 were dated May 15 and issued June 15. They are due May 15, 2022, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 13. Tenders totaled $64,275 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.622 percent with an equivalent price of $101.167093. Treasury accepted in full all competitive tenders at yields lower than 1.622 percent. Tenders at the high yield were allotted 33.76 percent. The median yield was 1.598 percent, and the low yield was 1.530 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $20,989 million. Accrued interest of $1.47418 per $1,000 must be paid for the period from May 15 to June 15. In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $1,483 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2022 is $100. Auction of 29-Year 11-Month 3 Percent Bonds On June 7, 2012, Treasury announced that it would auction $13,000 million of 29-year 11-month 3 percent bonds. The issue was to refund $30,710 million of securities September 2012 36 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. maturing June 15 and to raise new cash of approximately $35,290 million. The 29-year 11-month bonds of May 2042 were dated May 15 and issued June 15. They are due May 15, 2042, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 14. Tenders totaled $31,164 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.720 percent with an equivalent price of $105.703794. Treasury accepted in full all competitive tenders at yields lower than 2.720 percent. Tenders at the high yield were allotted 32.38 percent. The median yield was 2.679 percent, and the low yield was 2.618 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $12,991 million. Accrued interest of $2.52717 per $1,000 must be paid for the period from May 15 to June 15. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $918 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2042 is $100. 52-Week Bills On June 21, 2012, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued June 28, and will mature June 27, 2013. The issue was to refund $112,002 million of all maturing bills and to pay down approximately $2 million. Treasury auctioned the bills on June 26. Tenders totaled $103,735 million; Treasury accepted September 2012 $25,000 million. That included $142 million of noncompetitive tenders from the public. The high bank discount rate was 0.205 percent. Auction of 29-Year 8-Month 0-3/4 Percent TIPS On June 14, 2012, Treasury announced it would auction $7,000 million of 29-year 8-month 0-3/4 percent TIPS. The issue was to raise new cash of approximately $7,000 million. The 29-year 8-month TIPS of February 2042 were dated February 15 and issued June 29. They are due February 15, 2042, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 21. Tenders totaled $18,510 million; Treasury accepted $7,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.520 percent with an equivalent adjusted price of $108. 226791. Treasury accepted in full all competitive tenders at yields lower than 0.520 percent. Tenders at the high yield were allotted 64.01 percent. The median yield was 0.443 percent, and the low yield was 0.390 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $6,990 million. Adjusted accrued interest of $2.83180 per $1,000 must be paid for the period from February 15 to June 29. Both the unadjusted price of $106.307933 and the unadjusted accrued interest of $2.78159 were adjusted by an index ratio of 1.01805, for the period from February 15 to June 29. The minimum par amount required for STRIPS of TIPS of February 2042 is $100. PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] On total competitive bids accepted Issue date Description of new issue Amount Number of bids of days to Maturity date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive basis amount 2 basis 3 (6) (4) (5) High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) Regular weekly: (4 week, 13 week, and 26 week) 2012 - Apr. 05 .................. Apr. 12 ................. Apr. 19 ................. Apr. 26 ................. May 03 ................. May 10 ................. May 17 ................. May 24 ................. May 31 ................. June 07 ................ June 14 ................ June 21 ................ June 28 ................ 1 2012 - May 03 July 05 Oct. 04 May 10 July 12 Oct. 11 May 17 July 19 Oct. 18 May 24 July 26 Oct. 25 May 31 Aug. 02 Nov. 01 June 07 Aug. 09 Nov. 08 June 14 Aug. 16 Nov. 15 June 21 Aug. 23 Nov. 23 June 28 Aug. 30 Nov. 29 July 05 Sept. 06 Dec. 06 July 12 Sept. 13 Dec. 13 July 19 Sept. 20 Dec. 20 July 26 Sept. 27 Dec. 27 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 91 182 28 91 182 148,505.0 141,564.2 132,786.9 145,103.3 130,061.6 126,648.4 152,779.2 135,077.9 124,421.4 135,703.4 141,747.3 125,410.6 152,256.6 137,867.6 133,037.3 155,169.7 136,729.5 129,555.2 145,281.1 139,781.8 139,538.9 151,011.3 138,347.2 134,265.3 148,951.0 135,543.4 123,620.4 147,627.6 135,837.1 127,827.7 142,208.2 143,829.9 139,945.5 138,715.9 132,948.3 121,429.1 138,935.5 134,935.3 128,264.9 35,938.4 31,000.4 29,000.6 33,782.2 31,000.1 29,000.6 36,286.2 30,001.0 28,000.1 32,418.5 30,000.3 28,000.9 35,938.3 30,000.1 28,000.3 33,782.1 30,000.6 28,000.7 36,285.5 30,000.3 27,000.2 32,418.8 30,000.2 27,000.2 35,938.8 30,000.5 27,000.1 33,781.7 30,000.4 27,000.8 36,285.8 30,000.2 27,000.8 32,418.9 30,000.8 27,000.7 35,938.8 30,000.2 27,000.0 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. 29,720.4 29,979.4 28,158.7 29,780.3 30,184.7 27,829.1 29,755.3 29,148.7 26,662.0 29,506.9 28,254.4 26,436.0 29,683.8 28,978.1 27,037.6 29,749.5 28,942.5 26,832.7 29,756.0 28,939.3 25,962.4 29,721.7 29,194.3 25,999.8 29,726.5 28,605.2 25,434.2 29,715.3 28,966.1 25,917.0 29,714.9 29,214.8 26,068.2 29,741.1 29,092.1 26,280.3 29,439.6 28,496.0 25,498.0 280.0 764.3 641.9 220.3 665.5 646.6 245.8 745.3 713.1 226.4 796.7 598.4 266.5 722.0 562.8 201.0 758.1 618.0 244.4 761.0 637.8 229.1 705.9 600.5 274.3 731.3 616.0 284.9 752.1 648.8 285.8 785.4 632.6 259.7 758.7 620.4 268.5 812.3 596.3 99.995722 99.981042 99.929222 99.993778 99.978514 99.924167 99.994944 99.979778 99.931750 99.994167 99.979778 99.934278 99.993778 99.975986 99.926694 99.994167 99.977250 99.926694 99.994167 99.975986 99.926694 99.994944 99.978514 99.928833 99.995333 99.978514 99.929222 99.996889 99.981042 99.934278 99.995722 99.978514 99.929222 99.996111 99.975986 99.924167 99.995333 99.975986 99.924167 0.055 0.075 0.140 0.080 0.085 0.150 0.065 0.080 0.135 0.075 0.080 0.130 0.080 0.095 0.145 0.075 0.090 0.145 0.075 0.095 0.145 0.065 0.085 0.140 0.060 0.085 0.140 0.040 0.075 0.130 0.055 0.085 0.140 0.050 0.095 0.150 0.060 0.095 0.150 0.056 0.076 0.142 0.081 0.086 0.152 0.066 0.081 0.137 0.076 0.081 0.132 0.081 0.096 0.147 0.076 0.091 0.147 0.076 0.096 0.147 0.066 0.086 0.142 0.061 0.086 0.142 0.041 0.076 0.132 0.056 0.086 0.142 0.051 0.096 0.152 0.061 0.096 0.152 3 Tenders for $5 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. All Treasury marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. September 2012 PUBLIC DEBT OPERATIONS 38 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) Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) Accepted yield and equivalent price for notes and bonds (6) 03/27/12 04/02/12 0.250% note─03/31/14-AK 2y 130,136 35,831 0.340 - 99.821248 03/28/12 04/02/12 1.000% note─03/31/17-W 5y 100,711 35,831 1.040 - 99.805782 03/29/12 04/02/12 1.500% note─03/31/19-J 7y 1.590 - 99.406396 04/03/12 04/05/12 0.185% bill─04/04/13 04/10/12 04/16/12 0.375% note─04/15/15-Y 3y 04/11/12 04/16/12 2.000% note─02/15/22-B 9y 10m 04/12/12 04/16/12 3.125% bond─02/15/42 29y 10m 04/19/12 04/30/12 0.125% TIPS─04/15/17-X 04/24/12 04/30/12 04/25/12 04/30/12 04/26/12 79,534 29,688 112,089 26,000 113,304 37,823 0.427 - 99.845296 68,529 24,821 2.043 - 99.616439 38,250 15,365 3.230 - 97.993453 5y 41,700 16,430 -1.080 - 106.389051 0.250% note─04/30/14-AL 2y 132,529 35,940 0.270 - 99.960135 0.875% note─04/30/17-Y 5y 109,132 35,940 0.887 - 99.941438 04/30/12 1.250% note─04/30/19-K 7y 82,925 29,779 1.347 - 99.354100 05/01/12 05/03/12 0.185% bill─05/02/13 118,645 26,000 05/08/12 05/15/12 0.250% note─05/15/15-Z 3y 118,864 34,002 0.362 - 99.666118 05/09/12 05/15/12 1.750% note─05/15/22-C 10y 71,017 25,502 1.855 - 99.045657 05/10/12 05/15/12 3.000% bond─05/15/42 30y 44,654 17,001 3.090 - 98.248216 05/17/12 05/31/12 0.125% TIPS─01/15/22-A 9y 39,154 13,000 -0.391 - 106.458589 05/22/12 05/31/12 0.250% note─05/31/14-AM 2y 138,281 35,001 0.300 - 99.900374 05/23/12 05/31/12 0.625% note─05/31/17-Z 5y 104,684 35,000 0.748 - 99.397464 05/24/12 05/31/12 1.125% note─05/31/19-L 7y 81,182 29,000 1.203 - 99.477861 05/30/12 05/31/12 0.185% bill─05/30/13 126,740 25,001 06/12/12 06/15/12 0.375% note─06/15/15-AA 3y 115,315 34,260 0.387 - 99.964243 06/13/12 06/15/12 1.750% note─05/15/22-C 9y 11m 65,757 22,483 1.622 - 101.167093 06/14/12 06/15/12 3.000% bond─05/15/42 29y 11m 32,082 13,918 2.720 - 105.703794 06/21/12 06/29/12 0.750% TIPS─02/15/42 29y 8m 18,510 7,000 0.520 - 108.226791 06/26/12 06/28/12 0.205% bill─06/27/13 103,735 25,000 1 364d 364d 364d Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. September 2012 8m 364d 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. 39 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Public Debt revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Financial Management Service (FMS) compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, FMS revised procedures and categories in this table to agree with the Bureau of the Public Debt’s publication changes. Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) September 2012 OWNERSHIP OF FEDERAL SECURITIES 40 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service] End of fiscal year or month Total Federal securities outstanding (1) Public debt securities Held by U.S. Government accounts Total outstanding (2) Total (3) Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 2007 ................................................ 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 9,030,612 10,047,828 11,933,031 13,585,596 14,815,328 9,007,653 10,024,725 11,909,828 13,561,622 14,790,340 3,958,417 4,210,491 4,355,292 4,534,014 4,658,307 1 - 3,958,416 4,210,491 4,355,292 4,534,014 4,658,307 774,913 484,486 827,126 909,910 1,689,186 2011 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2012 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 14,367,591 14,367,889 14,709,806 14,815,328 15,018,350 15,135,588 15,248,213 15,380,745 15,513,518 15,606,518 15,717,395 15,795,183 15,879,511 14,343,087 14,342,369 14,684,292 14,790,340 14,993,709 15,110,499 15,222,940 15,356,140 15,488,891 15,582,079 15,692,367 15,770,684 15,855,037 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 4,778,855 4,760,759 4,730,124 4,771,128 4,759,124 4,806,826 - 4,596,214 4,581,748 4,655,154 4,658,307 4,732,703 4,715,598 4,770,443 4,778,855 4,760,759 4,730,124 4,771,128 4,759,124 4,806,826 1,702,065 1,719,555 1,732,525 1,689,186 1,740,637 1,739,914 1,741,045 1,738,133 1,740,812 1,744,108 1,750,319 1,752,572 1,754,570 Public debt securities, con. Held by private investors Agency securities 1 Held by Government accounts (12) Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) Held by private investors (11) 2007 .................................................................... 2008 .................................................................... 2009 .................................................................... 2010 .................................................................... 2011 .................................................................... 4,274,323 5,329,748 6,727,410 8,117,698 8,442,847 3,673,220 4,751,490 6,182,607 7,588,415 7,935,360 601,103 578,258 544,804 529,284 507,488 22,959 23,104 23,203 23,974 24,988 22,953 23,098 23,202 23,971 24,982 6 6 1 3 6 2011 - June ......................................................... July .......................................................... Aug .......................................................... Sept ......................................................... Oct ........................................................... Nov .......................................................... Dec .......................................................... 2012 - Jan ........................................................... Feb .......................................................... Mar .......................................................... Apr ........................................................... May.......................................................... June......................................................... 8,044,808 8,041,066 8,296,613 8,442,847 8,520,369 8,654,987 8,711,452 8,839,152 8,987,320 9,107,847 9,170,921 9,258,989 9,293,641 7,632,583 7,658,075 7,789,280 7,935,360 8,005,895 8,138,402 8,195,837 8,330,777 8,481,485 8,594,178 8,649,758 8,733,600 8,766,085 412,225 382,991 507,334 507,488 514,474 516,584 515,615 508,376 505,835 513,669 521,163 525,389 527,557 24,504 25,520 25,514 24,988 24,642 25,090 25,274 24,605 24,627 24,439 25,028 24,499 24,474 24,498 25,514 25,508 24,982 24,636 25,084 25,268 24,599 24,621 24,433 25,022 24,493 24,468 6 6 6 6 6 6 6 6 6 6 6 6 6 End of fiscal year or month 1 Agency securities have been revised to show separate amounts for securities held by private investors and those held by government accounts. September 2012 Note. – Public issues held by the Federal Reserve banks have been revised to include Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank System. OWNERSHIP OF FEDERAL SECURITIES 41 TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] End of month 2002 - Mar ......... June ....... Sept ........ Dec ......... 2003 - Mar ......... June ....... Sept ........ Dec ......... 2004 - Mar ......... June ....... Sept ........ Dec ......... 2005 - Mar ......... June ....... Sept ........ Dec ......... 2006 - Mar ......... June ....... Sept ........ Dec ......... 2007 - Mar ......... June ....... Sept ........ Dec ......... 2008 - Mar ......... June ....... Sept ........ Dec ......... 2009 - Mar ......... June ....... Sept ........ Dec ......... 2010 - Mar ......... June ....... Sept ........ Dec ......... 2011 - Mar ......... June ....... Sept ........ Dec ......... 2012 - Mar ......... June ....... 1 Total public debt 1 (1) Federal Reserve and Intragovernmental Holdings 2 (2) 6,006.0 6,126.5 6,228.2 6,405.7 6,460.8 6,670.1 6,783.2 6,998.0 7,131.1 7,274.3 7,379.1 7,596.1 7,776.9 7,836.5 7,932.7 8,170.4 8,371.2 8,420.0 8,507.0 8,680.2 8,849.7 8,867.7 9,007.7 9,229.2 9,437.6 9,492.0 10,024.7 10,699.8 11,126.9 11,545.3 11,909.8 12,311.3 12,773.1 13,201.8 13,561.6 14,025.2 14,270.0 14,343.1 14,790.3 15,222.8 15,582.3 15,855.5 3,156.8 3,276.7 3,303.5 3,387.2 3,390.8 3,505.4 3,515.3 3,620.1 3,628.3 3,742.8 3,772.0 3,905.6 3,921.6 4,033.5 4,067.8 4,199.8 4,257.2 4,389.2 4,432.8 4,558.1 4,576.6 4,715.1 4,738.0 4,833.5 4,694.7 4,685.8 4,692.7 4,806.4 4,785.2 5,026.8 5,127.1 5,276.9 5,259.8 5,345.1 5,350.5 5,656.2 5,958.9 6,220.4 6,328.0 6,439.6 6,397.2 6,475.8 Pension funds 3 U.S. Total privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 2,849.2 2,849.8 2,924.8 3,018.5 3,070.0 3,164.7 3,267.9 3,377.9 3,502.8 3,531.5 3,607.1 3,690.5 3,855.3 3,803.0 3,864.9 3,970.6 4,114.0 4,030.8 4,074.2 4,122.1 4,273.1 4,152.6 4,269.7 4,395.7 4,742.9 4,806.2 5,332.0 5,893.4 6,341.7 6,518.5 6,782.7 7,034.4 7,513.3 7,856.7 8,211.1 8,368.9 8,311.1 8,122.7 8,462.4 8,783.3 9,185.1 9,379.7 187.6 204.7 209.3 222.6 153.6 145.4 146.8 153.1 162.8 158.6 138.5 125.0 141.8 126.9 125.3 117.1 113.0 119.5 113.6 114.8 119.8 110.4 119.7 129.8 125.0 112.7 130.0 105.0 125.6 140.8 198.1 202.4 269.4 266.1 322.9 319.1 321.2 279.3 293.7 279.7 307.2 n.a. Private 6 (6) 191.9 192.7 193.3 194.9 196.9 199.2 201.6 203.9 204.5 204.6 204.2 204.5 204.2 204.2 203.6 205.2 206.0 205.2 203.7 202.4 200.3 198.6 197.1 196.5 195.4 195.0 194.3 194.1 194.0 193.6 192.5 191.3 190.2 189.6 188.7 187.9 186.7 186.0 185.1 185.2 184.8 184.7 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes U.S. chartered depository institutions, foreign banking offices in the U.S., banks in U.S. affiliated areas, credit unions and bank holding companies. 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." State and Insurance local compagovernments nies 3 (7) (8) Mutual funds 3, 7 (9) State and local Foreign govern- and international 8 ments 3 (11) (10) Other investors 9 (12) 152.7 152.1 154.5 153.8 165.8 170.2 167.7 172.2 169.8 173.3 174.0 173.7 177.3 181.0 184.2 184.9 186.7 192.1 201.9 207.5 221.7 232.5 246.7 257.6 270.5 276.7 292.5 297.2 330.9 353.4 398.1 429.8 462.2 484.7 501.4 520.2 531.9 541.9 568.5 583.4 595.9 163.3 153.9 156.3 158.9 162.1 161.3 155.5 148.6 143.6 134.9 140.8 151.0 158.0 171.3 164.8 153.8 153.0 150.9 154.7 156.2 158.3 159.3 138.9 141.6 142.0 141.8 143.9 146.4 150.2 159.9 167.3 174.5 179.1 182.0 185.5 185.6 187.9 186.9 189.0 188.9 188.6 114.0 122.0 130.4 139.7 139.5 138.7 137.4 136.5 172.4 174.6 182.9 188.5 193.3 195.0 200.7 202.3 200.3 196.1 196.8 197.9 185.4 168.9 155.1 141.9 152.1 159.4 163.4 171.4 191.0 200.0 210.2 222.0 225.7 231.8 240.6 248.4 247.1 246.4 250.8 256.2 254.1 266.1 253.8 256.8 281.0 296.6 302.3 287.1 280.9 280.8 258.7 255.0 254.1 261.1 248.7 244.7 251.3 248.7 244.2 235.7 250.7 264.5 267.7 306.3 362.9 484.4 477.2 656.1 768.8 715.9 695.6 644.9 666.2 646.4 632.0 607.4 637.9 640.9 653.0 707.4 800.8 854.0 327.6 333.6 338.6 354.7 350.0 347.9 357.7 364.2 374.1 381.2 381.7 389.1 412.0 444.0 463.7 475.0 473.3 484.2 484.9 506.8 546.2 569.3 526.8 525.1 524.9 513.4 493.9 475.1 508.0 504.7 492.3 493.9 499.9 504.8 498.1 503.6 490.5 473.0 454.5 444.6 436.0 1,057.2 1,123.1 1,188.6 1,235.6 1,275.2 1,371.9 1,443.3 1,523.1 1,670.0 1,735.4 1,794.5 1,849.3 1,952.2 1,877.5 1,929.6 2,033.9 2,082.1 1,977.8 2,025.3 2,103.1 2,194.8 2,192.0 2,235.3 2,353.2 2,506.3 2,587.4 2,802.4 3,077.2 3,265.7 3,460.8 3,570.6 3,685.1 3,877.9 4,070.0 4,324.2 4,435.6 4,481.4 4,690.6 4,904.9 4,996.6 5,135.0 388.8 313.8 297.0 277.4 330.2 327.8 371.0 395.4 324.8 310.1 335.5 355.4 355.5 354.4 348.2 347.0 450.9 460.9 457.5 382.7 382.0 253.7 343.7 287.2 342.2 342.5 455.5 658.3 860.4 809.7 908.7 969.2 1,162.5 1,295.7 1,342.3 1,330.7 1,223.6 865.4 908.5 1,047.8 1,229.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7 Includes money market mutual funds, mutual funds, and closed-end investment companies. Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. For additional information, see: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec2.aspx#ussecs 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 8 September 2012 42 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2012 [Source: Financial Management Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $1,303,063,601,039 $1,259,029,083,096 $1,258,546,680,429 $240,447,466 $241,955,201 The Treasury ....................................... 135,425,497 36,965,760 36,760,123 7,505 198,132 FRBs ................................................... 191,027,554,329 188,894,809,284 188,894,807,133 - 2,151 Amounts in circulation ............................. $1,111,900,621,213 $1,070,097,308,052 $1,069,615,113,173 $240,439,961 $241,754,918 Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $44,034,517,943 $6,411,347,008 $37,623,170,935 The Treasury ....................................... 98,459,737 60,667,578 37,792,159 FRBs ................................................... 2,132,745,045 1,427,341,754 705,403,291 Amounts in circulation ............................. $41,803,313,161 $4,923,337,676 $36,879,975,485 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2012 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 43 TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2012 [Source: Financial Management Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $9,880,157,298 $143,503 $141,608,617 Federal Reserve notes 1 (2) $10,021,909,418 $2 ................................................................................ 1,916,156,274 1,784,204,480 131,939,218 12,576 $5 ................................................................................ 11,647,015,220 11,513,229,005 108,336,010 25,450,205 $10 .............................................................................. 16,742,814,360 16,722,252,430 6,300 20,555,630 $20 .............................................................................. 140,112,775,380 140,092,669,560 3,840 20,101,980 $50 .............................................................................. 69,188,001,000 69,176,506,100 500 11,494,400 $100 ............................................................................ 820,155,828,300 820,133,848,800 - 4 21,979,500 $500 ............................................................................ 142,118,500 141,923,500 5,500 189,500 $1,000 ......................................................................... 165,464,000 165,252,000 5,000 207,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,460,000 3,360,000 - 100,000 Fractional notes 5 ........................................................ 600 - 90 510 Total currency ......................................................... $1,070,097,308,052 $1,069,615,113,173 $240,439,961 $241,754,918 Amounts (in millions) (1) Per capita 6 (2) June 30, 2012 ...................................................................................... 1,111,901 3,540 May 31, 2012 ....................................................................................... 1,109,786 3,536 Apr. 30, 2012 ........................................................................................ 1,100,659 3,509 Sept. 30, 2005 ...................................................................................... 766,487 2,578 Sept. 30, 2000 ...................................................................................... 568,614 2,061 Sept. 30, 1995 ...................................................................................... 409,272 1,553 Sept. 30, 1990 ...................................................................................... 278,903 1,105 Sept. 30, 1985 ...................................................................................... 187,337 782 Sept. 30, 1980 ...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30,1970 ....................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 June 30, 1960 ...................................................................................... 32,064 177 June 30, 1955 ...................................................................................... 30,229 183 Comparative totals of currency and coins in circulation—selected dates 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. 6 Represents current FRB adjustment. Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census’ estimates of population. September 2012 International Financial Statistics Capital Movements Foreign Currency Positions Exchange Stabilization Fund 47 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on U.S. Government reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies and reserve position in the IMF. Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Treasury International Capital Reporting System] Total reserve assets 1 (1) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5, 6 (5) 2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 2009 ................................................................................... 130,760 11,041 57,814 50,520 11,385 2010 ................................................................................... 132,433 11,041 56,824 52,075 12,492 2011 - July .......................................................................... 149,704 11,041 57,182 54,635 26,845 Aug ......................................................................... 150,654 11,041 57,583 54,933 27,096 Sept ........................................................................ 148,487 11,041 55,875 52,766 28,804 Oct .......................................................................... 150,695 11,041 56,744 53,583 29,327 Nov ......................................................................... 148,028 11,041 55,538 52,684 28,765 Dec ......................................................................... 147,953 11,041 54,955 51,878 30,080 2012 - Jan .......................................................................... 149,280 11,041 55,521 52,279 30,438 Feb ......................................................................... 148,882 11,041 55,709 51,532 30,600 Mar ......................................................................... 149,078 11,041 55,460 51,141 31,436 Apr .......................................................................... 152,463 11,041 55,512 51,675 34,234 May......................................................................... 148,865 11,041 54,079 50,295 33,449 June........................................................................ 149,830 11,041 54,341 50,519 33,930 July ......................................................................... 149,384 11,041 54,011 50,293 34,039 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and September 2009—$4,529 million. 4 Includes holdings of Treasury and Federal Reserve System; consistent with the Quarterly Report on Treasury and Federal Reserve Foreign Exchange Operations, foreign currency dominated assets are shown not at market value but rather at amortized cost revalued at current foreign currency market exchange rates in order to report these assets in U.S. dollars. Excludes outstanding reciprocal currency swaps with foreign central banks. As of end-July 2012, swaps outstanding were $31.02 billion with the European Central Bank. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 6 IMF data include the reserve tranche position and, as of May 2011, New Arrangements to Borrow. Note.—Detail may not add to totals due to rounding. September 2012 INTERNATIONAL FINANCIAL STATISTICS 48 TABLE IFS-2.—Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Treasury International Capital Reporting System] Liabilities to foreign countries Official institutions 1 Total (2) 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 other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and Total States notes 2, 6 (8) (10) (9) Liabilities to nonmonetary international and regional organizations 7 (11) End of calendar year or month Total (1) 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 ................ 2007 ............................ 2008 - June 8 ............... Series Break ................ 2008 ............................ 2009 - June 8 ............... Series Break ................ 2009 ............................ 2010 - June 8 .............. Series Break ................ 2010 ............................ 2011 - June 8 ............... Series Break ................ 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 5,371,673 6,067,930 6,056,640 6,500,815 7,098,730 7,210,387 7,676,097 8,078,003 8,103,582 8,220,414 8,036,897 8,044,916 8,295,001 8,667,907 8,664,958 9,089,635 9,502,759 9,610,103 916,095 923,501 981,627 1,039,702 1,075,034 1,169,600 1,233,261 1,340,497 1,559,686 1,648,167 1,775,080 1,821,338 1,957,191 2,012,633 2,070,222 2,275,684 2,372,319 2,515,167 2,795,998 2,960,682 3,108,890 3,340,105 3,386,589 3,473,629 3,734,843 3,766,445 3,752,827 4,065,513 4,140,756 4,219,270 4,442,272 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 461,829 495,176 495,176 596,660 583,829 583,829 711,622 779,889 779,889 713,990 630,061 630,061 640,802 600,312 600,312 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 1,030,763 1,077,953 1,102,333 1,112,617 1,211,819 1,271,174 1,281,070 1,450,593 1,443,691 1,523,888 1,683,160 1,679,181 1,722,168 2,052,329 2,170,748 2,232,904 2,615,683 2,725,592 2,829,418 3,101,991 5,348 3,411 3,000 3,000 2,769 2,876 2,876 2,613 1,569 1,569 1,630 911 911 948 986 986 1,026 1,067 1,067 1,111 1,155 1,155 1,203 1,251 1,251 1,302 1,354 1,354 1,409 1,466 1,466 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 638,290 737,854 849,161 919,220 1,000,017 1,071,960 994,583 970,321 901,375 880,406 888,509 818,416 772,953 788,075 738,503 1,049,619 1,125,812 1,299,551 1,299,551 1,382,628 1,431,589 1,431,589 1,439,484 1,559,518 1,559,518 1,677,951 1,791,611 1,791,611 1,895,904 2,189,218 2,189,218 2,415,205 2,607,127 2,607,127 2,769,850 2,612,236 2,612,236 2,799,649 2,565,058 2,565,058 2,607,210 2,661,737 2,661,737 2,774,797 2,938,948 2,938,948 581,302 653,367 696,781 642,437 750,877 957,712 911,398 1,057,446 1,326,934 1,169,285 1,336,538 1,424,082 1,272,697 1,415,705 1,747,557 1,537,251 1,663,099 1,926,307 1,759,699 1,901,789 2,314,685 2,107,622 1,980,221 1,961,550 1,697,792 1,877,701 2,200,406 1,870,438 2,112,366 2,261,176 2,130,418 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 1,041,558 1,041,558 1,102,189 1,261,391 1,261,391 1,311,466 1,598,663 1,598,663 1,357,856 1,173,725 1,173,725 1,142,188 1,187,414 1,187,414 1,175,392 1,247,491 1,247,491 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 560,910 664,916 498,308 590,323 716,022 508,959 622,365 787,825 524,067 735,513 1,012,992 683,024 936,974 1,013,685 882,927 18,926 21,612 24,263 21,690 26,692 27,864 27,677 26,081 23,631 30,324 30,178 34,502 44,905 47,431 60,933 54,487 50,192 50,129 47,563 43,776 42,192 43,619 53,955 36,659 47,223 43,645 52,937 67,270 61,716 83,365 98,465 2011 - July r ................ Aug. r ............... Sept. r .............. Oct. r................ Nov .................. Dec .................. 2012 - Jan ................... Feb .................. Mar. ................. Apr ................... May p............... June p.............. 9,486,714 9,825,816 9,874,252 9,822,105 9,889,261 9,944,334 9,890,520 10,004,575 9,903,531 9,951,278 9,860,766 9,801,574 4,437,858 4,475,174 4,468,911 4,437,369 4,469,328 4,451,680 4,466,206 4,496,371 4,514,060 4,525,868 4,576,728 4,569,348 580,741 626,629 583,444 556,846 569,126 562,312 543,902 554,459 543,971 544,726 565,760 554,343 3,116,157 3,106,478 3,144,903 3,138,931 3,162,597 3,142,320 3,175,393 3,186,475 3,220,358 3,237,096 3,257,863 3,279,114 1,476 1,486 1,495 1,505 1,515 1,525 1,536 1,545 1,556 1,566 1,576 1,587 739,484 740,581 739,068 740,087 736,090 745,523 745,375 753,892 748,175 742,480 751,529 734,304 2,840,324 3,031,896 3,007,922 3,017,590 2,993,472 2,996,511 2,919,529 2,957,571 2,849,685 2,753,348 2,660,039 2,623,662 2,113,702 2,223,466 2,305,870 2,267,949 2,317,246 2,382,405 2,391,665 2,436,222 2,422,695 2,556,163 2,515,284 2,500,979 1,229,781 1,262,506 1,287,758 1,225,024 1,239,454 1,299,322 1,253,265 1,286,509 1,291,602 1,401,860 1,332,389 1,306,491 883,921 960,960 1,018,112 1,042,925 1,077,792 1,083,083 1,138,400 1,149,713 1,131,093 1,154,303 1,182,895 1,194,488 94,830 95,280 91,549 99,196 109,215 113,737 113,120 114,410 117,091 115,899 108,714 107,585 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid off in full in January 2004); Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Asian Development Bank. 2 September 2012 Liabilities to banks 5 (7) 8 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to the figures for earlier dates; figures on the second line (“Series Break”) are based in part on benchmark surveys as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, endJune 2006, end-June 2007, end-June 2008, end-June 2009, end-June 2010, end-June 2011, respectively, and are comparable to the figures shown for the subsequent dates. Note.—Table is based on Treasury data and on data reported to the Treasury by banks, other depository institutions, and brokers in the United States. Data generally correspond to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 49 TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Payable in dollars End of calendar year or month Grand total (1) Total (2) Argentina 1 (3) Venezuela 2 (4) 2007 .............................................................................. 1,111 1,111 88 1,022 2008 .............................................................................. 1,203 1,203 95 1,108 2009 .............................................................................. 1,302 1,302 102 1,200 2010 .............................................................................. 1,409 1,409 110 1,299 2011 - June ................................................................... 1,466 1,466 114 1,352 July .................................................................... 1,476 1,476 114 1,361 Aug .................................................................... 1,486 1,486 115 1,371 Sept ................................................................... 1,495 1,495 116 1,380 Oct ..................................................................... 1,505 1,505 116 1,389 Nov .................................................................... 1,515 1,515 117 1,398 Dec .................................................................... 1,525 1,525 118 1,407 2012 - Jan ..................................................................... 1,536 1,536 119 1,417 Feb..................................................................... 1,545 1,545 119 1,426 Mar..................................................................... 1,556 1,556 120 1,436 Apr ..................................................................... 1,566 1,566 121 1,445 May .................................................................... 1,576 1,576 121 1,455 June .................................................................. 1,587 1,587 122 1,464 1 Beginning April 1993, indicates current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $264 million. 2 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $2,721 million. September 2012 50 INTRODUCTION: Capital Movements Background Basic definitions Data relating to U.S. international transactions in financial instruments and to other portfolio capital movements between the United States and foreign countries have been collected in some form since 1935. This information is necessary for compiling the U.S. balance of payments accounts, for calculating the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. From the beginning, reporting under the Treasury data collection program has been mandatory. Under the current Treasury International Capital (TIC) reporting system, an assortment of monthly and quarterly reports are filed with district Federal Reserve banks by commercial banks, securities dealers, other financial institutions, and nonbanking enterprises in the United States. These data are centrally processed and maintained at the Federal Reserve Bank of New York, which, along with the district banks, acts as fiscal agent for Treasury. Beginning in late 1998, the Federal Reserve Board also undertakes services on behalf of Treasury in support of the TIC data collection system. The TIC reports of individual respondents are treated as confidential, and access to the respondent level data is strictly limited to specific staff of Treasury and the Federal Reserve System. Data derived from Treasury reports are published in the Capital Movements section of this quarterly Treasury Bulletin and are posted monthly on the TIC website, http://www.ustreas.gov/tic. (See NOTE at the end of the INTRODUCTION text for additional website information.) TIC data aggregates are also published in the Federal Reserve Bulletin and are used in the U.S. international transactions and investment position compilations published by the Department of Commerce in the Survey of Current Business. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Requests for public comments on proposed changes are published in the Federal Register, and any further modifications are based on the comments received. The most recent revisions to selected reporting forms and instructions were effective June 30, 2006. The reporting forms and instructions may be downloaded from the TIC website. Copies of the reporting forms and instructions also may be obtained from the Global Economics Group, Office of the Assistant Secretary for International Affairs, Treasury, Washington, D.C. 20220; the International Finance Division, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; or district Federal Reserve banks. The term “foreigner” as used in TIC reporting covers all institutions and individuals resident outside the United States, including: U.S. citizens domiciled abroad; the foreign branches, subsidiaries and offices of U.S. banks and business concerns; the central governments, central banks, and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term “foreigner” also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. This information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records and may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any single country, but are accounted for in regional groupings of such organizations. Effective beginning with data for June 2006, information pertaining to the Bank for International Settlements is now included with data for international organizations, and information for the European Central Bank is distributed across the individual euro-area countries. For prior dates, information for these organizations is included in “Other Europe.” “Short-term” refers to obligations payable on demand or having an original maturity of one year or less. “Long-term” refers to obligations having an original maturity of more than one year and includes securities having no maturity. September 2012 Reporting coverage TIC reports are required from banks and other depository institutions, bank/financial holding companies (BHCs/FHCs), securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Institutions with total reportable liabilities, claims, or securities transactions below specified reporting thresholds are exempt from reporting. Beginning in February 2003, substantial revisions to the coverage and formats of the TIC B-series and C-series forms were introduced. The reasons for the changes were to comply with new and expanded international standards for reporting data on portfolio investment; to reduce reporting burden; to clarify reporting concepts and instructions; and to improve the quality of the series by closing known gaps in the data. CAPITAL MOVEMENTS Banks, other depository institutions, and securities brokers and dealers file monthly B-series reports covering their dollar liabilities to and dollar claims on foreigners in a number of countries. Quarterly reports are filed for liabilities and claims denominated in foreign currencies and for claims on foreigners held for respondents’ domestic customers. All positions are exclusive of long-term securities. Beginning January 2001, the exemption level applicable to the banking reports was raised from $15 million to $50 million. This exemption level is also subject to the provision that reportable amounts for any one country do not exceed $25 million. Banks and other depository institutions, securities brokers and dealers, and other entities report their transactions with foreigners by country in long-term securities on monthly Form S. Respondents must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $50 million during the covered month. TIC Form D is filed quarterly by all U.S. resident banks, securities dealers, and other firms with worldwide holding of derivatives in their own and in their customers’ accounts exceeding $100 billion in notional value. Data from this information collection was first released on May 15, 2007, with data on holdings beginning from end-December 2005, and data on net settlements beginning from the first quarter of 2006. Quarterly reports are also filed by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities firms), and other nonbanking enterprises on their liabilities and claims positions with unaffiliated foreigners. Separate reports are filed for financial balances and for commercial balances. Effective for reports filed as of March 31, 2003, the threshold applicable to Form CQ-1 for reporting financial liabilities to, and claims on, foreigners is $50 million, up from $10 million. At the same time, the reporting threshold for Form CQ-2, which covers commercial liabilities and claims positions with foreigners, was raised from $10 million to $25 million. Effective with the reports filed for June 2006, the country coverage of the monthly TIC forms was expanded significantly and the semiannual reports, which covered the smaller market economies, were discontinued. Country coverage was also expanded for the quarterly banking forms, the Form S, the Form D, and the Forms CQ-1 and CQ-2, effective with reports filed for June 2006. The data in these tables do not cover all types of reported capital movements between the United States and other countries. Except as noted in Section IV in “Description of statistics” below, the principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices) and capital transactions of the U.S. Government. Consolidated data on all types of international 51 capital transactions are published by the Department of Commerce in its regular reports on the U.S. balance of payments. Effective with the December 2009 Treasury Bulletin, a number of data reporters were reclassified in the TIC system as bank holding companies, beginning with the reports as of the fourth quarter of 2008. These data reporters are now included in the monthly bank-reported statistics and are no longer reporting as nonbanks. Description of statistics Data collected on the TIC forms are published in the “Capital Movements” tables in four sections. Each section contains all the data relevant to the same statistical series, with tables showing time series by type and country, and detailed breakdowns of the latest available data. The expansion of the country coverage on the standard report forms allows for publication of additional country detail for data beginning as of June 2006. As a result, the former Capital Movements Section III, which listed bank-reported claims and liabilities of selected countries from the semiannual reports, has been discontinued. Section I covers liabilities to foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for all domestic nonbank, non-securities firm affiliates, other than their insurance affiliates, which report separately on the C-series forms. Dollar-denominated liabilities are reported monthly on Forms BL-1 and BL-2. Liabilities denominated in foreign currencies are reported quarterly on Form BQ-2. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. Effective with reports filed as of February 28, 2003, coverage was broadened to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository institutions and BHCs/FHCs already reported such positions.) The scope of the reports was also extended to include cross-border brokerage balances as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S. reporting institutions. Additionally, in a new Part 2, Form BQ-2 was expanded to include the foreign currency-denominated liabilities held by respondents for their domestic customers. Further, banks’ own positions have been defined to be consistent with regulatory reports such as the FR 2950/2951 to include all amounts in the respondent’s “due to/due from” accounts, unless in an instrument that is specifically excluded. Finally, the columns for demand deposits and non-transactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report September 2012 52 CAPITAL MOVEMENTS separately on the C-series forms. Data on respondents’ own dollar claims are collected monthly on Form BC. Information on claims held for domestic customers as well as on claims denominated in foreign currencies is collected on a quarterly basis only on Forms BQ-1 and BQ-2, respectively. Effective with reports filed as of February 28, 2003, reporting coverage was expanded as outlined in Section I. Additionally, columns were added for separate reporting of negotiable CDs and other short-term negotiable instruments issued by foreigners. Further, the foreigner category, “foreign official institutions,” replaced the former, broader category, “foreign public borrowers,” for consistency with the liabilities reporting on this sector. Section III (formerly reported as Section IV) shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and securities brokers and dealers), and other nonbanking enterprises in the United States. Data exclude claims on foreigners held by banks in the United States. Historically, the TIC reports CQ-1 and CQ-2 exclude accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. Such accounts with foreign affiliates are reported by business enterprises to Commerce on its direct investment forms. There was an exception when reporting of foreign affiliate positions of insurance underwriting subsidiaries and financial intermediaries was included in Section B of Form CQ-1 for reports between end-March 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. Section IV (formerly Section V) contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in Table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the September 2012 United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. Section V presents quarterly data on holdings and net cash settlements of cross-border derivatives contracts reported by banks, securities brokers, dealers, and nonfinancial companies in the U.S. with sizable holdings of derivatives contracts. Total holdings are divided between those contracts with positive fair values and those contracts with negative fair values from the perspective of the reporter. The fair (market) value is generally defined as the amount for which a derivative contract could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The data on U.S. net settlements with foreign residents include all cash receipts and payments made during the quarter for the acquisition, sale, or final closeout of derivatives, including all settlement payments under the terms of derivatives contracts such as the periodic settlement under a swap agreement and the daily settlement of an exchange-traded contract. In calculating net settlements, U.S. receipts of cash from foreign persons are positive amounts (+), and U.S. payments of cash to foreign persons are negative amounts (-). Items excluded from net settlements are: (a) collateral including initial and maintenance margins, whether or not in the form of cash; and (b) purchases of underlying commodities, securities, or other noncash assets. (e.g., the purchase/sale by foreigners of a long-term security is reported on TIC Form S). The gross fair (market) values and net settlement payments on derivatives are reported by type of derivative and by country based on the residence of the direct foreign counterparty. Positions of foreign customers on U.S. exchanges are reported opposite the country in which the foreign counterparty resides. In the case of U.S. residents’ futures contracts on foreign exchanges, the country of the exchange is reported as the country of the foreign counterparty. NOTE: Current and historical data on United States transactions with foreigners in long-term securities on the gross foreign liabilities and claims reported by banks and nonbanks in the United States and on derivatives contracts with foreigners are available on the TIC website: http://www.ustreas.gov/tic. These data may be downloaded as separate time series for each country or geographical area regularly shown in the capital movements tables. Also available on this website are other series, including a table on “Major Foreign Holders of Treasury Securities,” showing estimated total holdings of U.S. Treasury bills, bonds and notes for current and recent periods. All data series on the TIC website are updated monthly. CAPITAL MOVEMENTS 53 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners ............................... Payable in dollars ............................................... Foreign official institutions.............................. Deposits, excluding negotiable CDs ............. U.S. Treasury bills and certificates ............... Other short-term negotiable securities, negotiable CDs, and other custody liabilities ....................................................... Other liabilities............................................ Foreign banks (including own foreign offices) and other foreigners ....................... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities ................................................... Other liabilities............................................ International and regional organizations 1 ..... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities ................................................... Other liabilities............................................ Payable in foreign currencies2 ........................... Sector: Banks and other foreigners ........................ International and regional organizations 1 ...... Major currencies: Canadian dollars ........................................ Euro ............................................................ United Kingdom pounds sterling ................ Japanese yen ............................................. Memoranda: Respondents’ own liabilities payable in dollars........................................................ Liabilities to own foreign offices..................... Liabilities collaterized by repurchase agreements ............................................ Foreign official institutions...................... Foreign banks and other foreigners ....... International and regional organizations 1..... Reported by IBFs ................................... Respondents’ own liabilities payable in foreign currencies 2 ...................................... Reported by IBFs ................................... Liabilities held in custody for domestic customers and selected other liabilities 3 .... Payable in dollars ....................................... of which: other short-term negotiable securities and negotiable CDs ............ of which: short-term U.S. Government agency securities ................................ of which: negotiable CDs ...................... Payable in foreign currencies 2 .................. Calendar Year 2010 r Dec. r Jan. r Feb. r Mar. Apr. May June p 4,611,120 4,442,821 640,802 49,884 462,303 4,903,646 4,650,498 562,312 55,182 357,610 4,759,083 4,505,935 543,902 52,194 349,584 4,843,660 4,590,512 554,459 48,100 360,713 4,728,229 4,485,235 543,971 44,730 355,959 4,742,980 4,499,986 544,726 46,549 345,681 4,597,519 4,354,525 565,760 51,257 359,764 4,523,093 4,280,099 554,343 51,134 362,205 26,559 102,056 14,087 135,433 16,201 125,923 15,404 130,242 14,418 128,864 13,686 138,810 13,062 141,677 10,809 130,195 3,782,781 1,795,867 242,523 4,050,850 2,047,463 281,091 3,927,811 1,989,425 251,643 3,999,097 1,996,572 266,634 3,903,435 1,918,215 271,831 3,917,356 1,826,635 265,107 3,754,576 1,777,598 259,410 3,692,301 1,744,243 260,662 371,188 1,373,203 19,238 9,637 5,454 356,255 1,366,041 37,336 14,542 9,542 357,114 1,329,629 34,222 11,804 10,156 383,517 1,352,374 36,956 13,949 10,206 378,798 1,334,591 37,829 14,505 7,062 391,170 1,434,444 37,904 14,854 7,856 384,213 1,333,355 34,189 14,990 7,772 383,026 1,304,370 33,455 14,665 5,784 1,863 2,284 168,299 3,241 10,011 253,148 2,964 9,298 253,148 2,846 9,955 253,148 1,829 14,433 242,994 2,714 12,480 242,994 2,727 8,700 242,994 3,502 9,504 242,994 167,408 891 244,983 8,165 244,983 8,165 244,983 8,165 237,852 5,142 237,852 5,142 237,852 5,142 237,852 5,142 14,941 58,514 10,511 46,108 24,579 114,983 14,177 45,146 24,579 114,983 14,177 45,146 24,579 114,983 14,177 45,146 26,504 105,096 16,174 37,451 26,504 105,096 16,174 37,451 26,504 105,096 16,174 37,451 26,504 105,096 16,174 37,451 3,332,931 2,263,042 3,628,672 2,356,524 3,518,273 2,267,572 3,551,192 2,272,697 3,455,338 2,156,867 3,473,772 2,086,766 3,327,577 1,979,803 3,254,111 1,922,013 635,755 87,475 546,721 1,559 560,121 763,137 121,626 633,002 8,509 744,682 684,513 110,929 566,223 7,361 653,716 733,161 112,834 611,825 8,502 630,952 732,946 114,379 605,972 12,595 620,418 841,834 125,685 705,894 10,255 505,892 718,534 128,656 583,310 6,568 501,749 703,118 120,288 575,252 7,578 489,487 161,604 45,650 246,809 64,583 246,809 64,583 246,809 64,583 235,300 46,094 235,300 46,094 235,300 46,094 235,300 46,094 1,116,585 1,109,890 1,028,165 1,021,826 994,001 987,662 1,045,659 1,039,320 1,037,591 1,029,897 1,033,908 1,026,214 1,034,642 1,026,948 1,033,682 1,025,988 211,286 191,079 187,450 188,272 186,081 190,639 181,434 176,164 43,594 71,767 6,695 31,876 63,061 6,339 31,166 59,834 6,339 29,479 54,265 6,339 25,794 53,699 7,694 25,442 59,821 7,694 23,413 56,445 7,694 28,720 55,829 7,694 2012 2011 1 Principally the Bank for International Settlements, the International Bank for Reconstruction and Development (World Bank), and the Inter-American Development Bank. 2 Data may be as of preceding quarter-end for most recent month shown in table. Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. 3 September 2012 CAPITAL MOVEMENTS 54 TABLE CM-I-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ............................................... Belgium ............................................ Bulgaria ............................................. Cyprus ............................................... Czech Republic ................................. Denmark ............................................ Finland............................................... France ............................................... Germany............................................ Greece............................................... Hungary ............................................. Iceland .............................................. Ireland ............................................... Italy .................................................... Kazakhstan ....................................... Luxembourg ..................................... Monaco.............................................. Netherlands ....................................... Norway .............................................. Poland ............................................... Portugal ............................................. Romania ............................................ Russia .............................................. Serbia and Montenegro .................... Spain ................................................. Sweden ............................................. Switzerland ........................................ Turkey ............................................... Ukraine .............................................. United Kingdom................................. Channel Islands ................................ All other Europe ................................ Total Europe .................................. Memo: Euro Area 1 ........................ Memo: European Union 2 .............. Canada .................................................. Latin America: Argentina ........................................... Belize................................................. Bolivia ................................................ Brazil ................................................. Chile .................................................. Colombia ........................................... Costa Rica ......................................... Ecuador ............................................. El Salvador ........................................ Guatemala ......................................... Guyana .............................................. Honduras ........................................... Mexico ............................................... Nicaragua .......................................... Panama ............................................. Paraguay ........................................... Peru ................................................... Suriname ........................................... Uruguay ............................................. Venezuela ......................................... All other Latin America ...................... Total Latin America ....................... Caribbean: Anguilla.............................................. Antigua and Barbuda ........................ Aruba ................................................. Bahamas ........................................... Barbados ........................................... Bermuda ............................................ British Virgin Islands ......................... Cayman Islands ................................ Cuba .................................................. Dominican Republic .......................... French West Indies ........................... Haiti ................................................... Jamaica ............................................. Netherlands Antilles .......................... See footnotes at end of table. September 2012 2009 Calendar year 2010 r 2011 r Feb. r Mar. 2012 Apr. May June p 1,954 14,676 148 1,780 881 3,339 1,127 60,904 112,143 1,071 575 815 147,936 8,695 10,425 101,534 177 17,924 2,438 4,786 1,790 590 74,671 300 14,369 5,917 47,786 22,377 3,167 784,529 14,953 9,182 1,472,960 486,405 1,287,981 93,981 2,426 18,355 130 968 504 5,168 900 58,463 104,054 1,272 671 795 128,409 6,359 13,051 86,461 186 15,784 2,999 6,037 2,710 3,468 50,963 457 12,612 5,295 44,600 24,177 4,278 996,991 18,226 8,828 1,625,597 439,347 1,458,271 109,604 3,479 23,769 140 770 167 5,662 3,586 159,272 122,633 4,408 1,291 1,757 144,970 14,187 22,476 102,730 809 18,214 3,558 5,646 1,968 342 12,765 1,320 13,743 7,260 87,900 21,379 3,377 1,095,921 12,855 13,523 1,911,877 614,357 1,731,196 139,919 2,621 21,571 170 836 166 5,392 1,271 136,141 113,550 2,589 1,293 1,658 137,627 13,104 31,649 94,384 675 22,214 4,074 5,362 1,574 1,398 12,519 991 13,782 8,283 98,511 20,699 3,317 1,071,370 11,787 14,394 1,854,972 562,472 1,656,376 134,194 2,917 23,109 559 1,058 612 5,451 1,588 118,411 117,830 2,657 1,988 1,605 140,686 13,730 29,847 100,335 568 19,354 2,197 5,649 1,547 961 12,006 867 11,868 10,562 80,264 19,709 2,851 1,042,046 14,780 15,794 1,803,406 555,783 1,624,072 131,443 2,856 23,127 594 810 167 5,612 1,179 173,175 120,028 2,903 1,909 1,389 145,660 12,651 25,009 103,061 635 20,435 2,278 4,500 1,604 1,293 15,388 933 14,985 7,203 77,161 18,856 3,248 990,656 11,471 16,938 1,807,715 623,504 1,635,776 134,906 3,022 20,195 582 758 168 5,933 1,834 131,425 124,073 2,981 1,662 2,247 143,697 13,102 26,376 102,243 664 24,323 3,600 4,389 1,777 1,586 12,312 633 12,728 6,018 63,430 18,441 5,362 902,989 11,415 16,649 1,666,614 583,058 1,506,632 140,741 2,659 21,243 558 1,093 158 6,030 7,074 112,590 109,983 2,569 2,057 1,928 130,886 13,428 25,804 103,128 687 23,047 4,488 4,296 1,503 935 13,840 541 16,933 8,218 73,080 20,185 5,950 852,246 13,418 14,432 1,594,987 547,056 1,421,825 137,195 12,653 329 2,955 62,357 11,710 17,640 1,957 3,919 2,826 2,153 204 1,420 51,643 491 9,852 716 4,894 278 8,768 25,245 59 222,069 12,342 308 1,711 41,018 16,281 21,024 1,431 3,840 1,873 2,170 270 1,558 62,664 773 8,051 902 7,740 269 7,745 23,079 50 215,099 11,242 510 2,359 24,911 21,629 12,061 1,534 3,864 1,511 1,862 223 1,745 71,046 810 7,901 830 9,064 520 8,063 26,915 35 208,635 11,622 567 2,754 27,146 21,229 11,053 2,173 4,132 1,593 1,744 275 1,789 63,846 926 8,308 918 10,010 383 10,415 23,685 35 204,603 11,630 574 3,226 28,616 20,454 10,468 2,567 4,071 1,675 1,847 220 1,701 64,438 986 8,449 997 12,357 595 10,082 23,554 31 208,538 11,498 616 3,061 32,991 21,804 10,140 2,405 3,935 1,693 1,894 245 1,660 66,056 933 8,798 931 10,658 543 10,866 22,947 30 213,704 11,563 625 2,867 32,394 24,005 9,375 2,620 3,842 1,605 2,363 217 1,747 71,408 846 8,212 827 10,754 459 10,812 23,101 30 219,672 11,631 649 2,967 32,277 24,096 9,205 2,082 3,879 1,446 1,951 270 1,764 76,962 831 8,577 760 10,516 388 10,558 23,767 33 224,609 11,520 118 589 290,354 10,407 40,291 34,856 1,480,624 83 3,286 36 679 989 6,944 10,914 69 373 264,406 11,213 42,009 44,188 1,528,616 77 3,548 35 1,279 877 7,694 12,317 100 335 237,897 14,856 48,039 41,196 1,415,016 46 3,247 37 928 974 6,603 13,872 99 398 224,143 16,555 45,831 40,023 1,460,556 62 2,943 32 1,067 1,225 6,082 13,120 100 338 203,138 13,452 48,176 40,292 1,413,934 50 2,960 32 1,151 958 11,218 12,934 94 311 221,014 16,998 47,004 41,769 1,357,858 49 2,925 39 1,189 858 13,211 13,414 88 326 198,843 14,978 46,718 42,076 1,371,470 46 3,791 34 1,030 969 11,520 13,543 92 315 205,214 13,175 44,707 40,388 1,354,441 47 3,356 36 1,085 868 6,391 CAPITAL MOVEMENTS 55 TABLE CM-I-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. St. Kitts and Nevis ............................. Trinidad and Tobago ......................... Turks and Caicos Islands.................. All other Caribbean ........................... Total Caribbean............................. Asia: Bangladesh ....................................... China, Mainland ................................ Hong Kong ........................................ India................................................... Indonesia ........................................... Israel.................................................. Japan................................................. Jordan ............................................... Korea, South ..................................... Laos................................................... Lebanon ............................................ Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Syria .................................................. Taiwan ............................................... Thailand............................................. Yemen ............................................... Oil exporting countries 3 .................... All other Asia ..................................... Total Asia ...................................... Africa: Botswana........................................... Egypt ................................................. Ghana................................................ Kenya ................................................ Liberia................................................ Mauritius ............................................ Morocco............................................. Mozambique...................................... South Africa ....................................... Tanzania............................................ Uganda .............................................. Zambia .............................................. Zimbabwe .......................................... Oil exporting countries 4 .................... All other Africa ................................... Total Africa .................................... Other countries: Australia ............................................ New Zealand ..................................... French Polynesia .............................. All other ............................................. Total other .................................... All countries ........................................... International and regional orgs: International organizations ............... Regional organizations 5 .................. Total international and regional organizations ................ Grand total ................................ 2009 Calendar year 2010 r 2011 r Feb. r Mar. 2012 Apr. May June p 144 3,988 107 127 1,885,142 159 3,474 100 161 1,919,193 214 4,897 68 293 1,787,063 224 4,534 83 348 1,818,077 197 5,198 83 264 1,754,661 266 4,772 77 310 1,721,677 284 4,734 142 227 1,710,690 311 4,690 116 185 1,688,960 4,506 106,078 129,918 26,421 21,671 16,816 185,546 2,527 12,458 74 1,421 2,297 3,805 5,365 28,378 34 29,938 17,028 336 105,728 7,563 707,908 3,837 47,449 105,350 23,137 22,546 18,498 162,291 2,752 11,182 103 1,620 4,276 5,253 6,189 40,918 39 31,360 31,724 247 100,888 6,498 626,157 2,841 56,401 92,393 19,603 19,412 21,212 216,609 2,059 18,529 97 1,245 3,789 4,332 11,291 38,232 40 31,304 35,274 275 135,262 8,801 719,001 3,134 73,560 82,673 22,109 21,225 27,791 179,326 1,109 18,717 40 3,052 3,463 4,268 7,757 32,640 42 33,249 38,215 433 131,517 9,481 693,801 2,978 85,699 85,739 24,294 18,837 27,236 167,353 1,698 19,284 40 3,989 4,010 4,318 7,676 37,541 44 31,890 39,683 389 124,477 9,165 696,340 3,427 103,825 83,886 22,497 19,210 28,457 184,026 2,020 16,164 44 4,738 3,438 4,303 7,063 36,501 42 32,171 37,100 360 127,591 10,732 727,595 3,028 110,501 82,491 22,049 15,895 26,023 178,452 1,739 17,344 40 4,791 4,795 4,313 6,812 36,538 44 29,276 37,620 421 133,349 9,909 725,430 3,684 119,826 76,314 22,016 11,807 23,145 194,362 2,074 19,919 64 5,206 5,430 3,558 7,396 37,400 192 26,780 37,421 367 135,378 10,271 742,610 307 17,481 284 476 626 1,669 339 232 3,005 482 441 235 276 7,108 8,239 41,200 232 26,550 641 400 664 2,145 784 283 1,384 483 468 425 321 5,605 6,938 47,323 319 7,102 854 515 556 1,972 230 480 2,133 697 597 369 213 6,668 7,396 30,101 366 5,179 952 542 574 2,687 264 297 2,429 493 447 351 422 7,449 7,706 30,158 370 4,026 880 525 568 4,525 302 329 2,350 502 590 520 377 7,163 7,252 30,279 290 5,296 484 517 578 6,172 319 360 2,565 360 522 467 378 7,543 7,860 33,711 261 6,080 685 571 571 5,306 307 332 2,702 353 446 444 338 8,334 7,777 34,507 240 5,603 551 996 685 2,482 236 441 2,789 527 770 333 336 6,847 7,160 29,996 27,056 5,480 164 7,428 40,128 4,463,388 32,702 3,926 142 11,248 48,018 4,590,991 48,770 4,801 131 7,847 61,549 4,858,145 48,808 6,152 135 7,639 62,734 4,798,539 45,388 6,087 133 8,983 60,591 4,685,258 45,836 5,467 120 9,203 60,626 4,699,934 46,160 5,226 124 9,024 60,534 4,558,188 51,748 5,286 129 8,976 66,139 4,484,496 13,453 3,126 14,667 5,462 37,464 8,037 36,810 8,311 35,929 7,042 35,477 7,569 31,829 7,502 30,059 8,538 16,579 4,479,967 20,129 4,611,120 45,501 4,903,646 45,121 4,843,660 42,971 4,728,229 43,046 4,742,980 39,331 4,597,519 38,597 4,523,093 1 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of January 2009, also includes Slovakia. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 56 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2012, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Non-negotiable deposits and brokerage balances 1 Country Total liabilities Total payable in Total own dollars and liabilities liabilities payable in payable in foreign currency dollars dollars (1) (2) (3) Europe: Austria ............................ 2,659 1,849 1,195 21,243 20,119 8,891 Belgium .......................... 1,093 1,090 1,088 Cyprus ............................ Czech Republic .............. 158 144 144 6,030 6,022 1,820 Denmark ......................... 7,074 6,989 6,321 Finland............................ France ............................ 112,590 92,151 78,468 85,880 79,560 Germany......................... 109,983 2,569 2,565 962 Greece............................ 2,057 1,826 598 Hungary .......................... Ireland ............................ 130,886 130,034 36,662 13,428 12,363 11,699 Italy ................................. Kazakhstan .................... 25,804 25,169 3,724 28,735 Luxembourg ................... 103,128 101,899 687 686 543 Monaco........................... Netherlands .................... 23,047 22,258 17,720 4,488 4,453 4,259 Norway ........................... 4,296 4,243 1,204 Poland ............................ Portugal .......................... 1,503 1,499 1,472 935 935 930 Romania ......................... Russia ............................ 13,840 13,784 8,476 16,933 16,302 10,313 Spain .............................. 8,218 8,166 6,538 Sweden........................... 73,080 70,836 46,487 Switzerland ..................... Turkey............................. 20,185 20,137 2,723 5,950 5,901 5,891 Ukraine ........................... United Kingdom .............. 852,246 795,779 770,442 Channel Islands ............. 13,418 13,083 8,201 17,459 16,917 13,631 All other Europe ............... Total Europe ................ 1,594,987 1,483,079 1,158,696 Memo: Euro Area 4 ...... 547,056 495,915 283,903 Canada ................................. 137,195 130,391 109,591 Latin America: Argentina .......................... 11,631 11,509 10,912 Belize ................................ 649 646 609 2,967 2,154 1,658 Bolivia ............................... 32,277 31,547 22,113 Brazil................................. Chile ................................. 24,096 23,487 12,888 Colombia .......................... 9,205 9,116 8,055 2,082 2,057 1,943 Costa Rica........................ Ecuador ............................ 3,879 3,866 3,754 1,446 1,436 1,205 El Salvador ....................... Guatemala........................ 1,951 1,902 1,710 1,764 1,762 1,682 Honduras.......................... 76,962 58,526 46,635 Mexico .............................. 8,577 8,421 7,944 Panama ............................ Paraguay .......................... 760 758 727 10,516 10,023 8,851 Peru .................................. 10,558 10,479 9,979 Uruguay ............................ 23,767 23,539 22,960 Venezuela ........................ 1,522 1,521 1,363 All other Latin America .... Total Latin America ..... 224,609 202,749 164,988 See footnotes at end of table. September 2012 Held by Total foreign custody official liabilities institutions Held by all payable in and foreign other dollars banks foreigners (4) (5) (6) Negotiable CDs and short-term securities Other Miscellaneous liabilities 2 Held by Of which: Of which: other shortforeign short-term official term U.S. negotiable Of which: institutions Held by all Treasury other securities negotiable and foreign obligations (excl. CDs) banks foreigners CDs (8) (9) (7) (10) (11) Total liabilities payable in foreign currency 3 (12) 655 11,229 2 4,202 667 13,683 6,319 1,603 1,228 93,371 664 21,445 73,165 143 4,539 194 3,039 27 5 5,308 5,988 1,628 24,349 17,414 10 25,337 4,882 3,287 324,383 212,012 20,800 360 2,061 704 31 620 5,997 48,299 25,360 247 27 3,071 9,604 1,683 5,381 24 6,378 267 371 1,068 44 5,979 4,446 745 33,624 1,054 3,685 203,914 3,741 3,673 372,459 113,152 10,510 516 1,016 249 87 621 130 3,281 3,000 656 85 10,375 1,148 162 10,076 517 8,646 132 220 272 81 1,222 2,375 606 3,272 260 1,850 25,027 3,613 1,283 80,778 42,247 11,165 463 10,294 2 4,046 52 9,683 5,085 1,595 1,216 21,836 537 21,245 40,142 143 2,780 193 2,415 26 5 5,300 5,754 506 19,194 17,295 10 18,053 4,204 2,257 194,331 98,321 12,545 25 782 89 89 2,724 546 1 1 43,686 5 200 20,009 670 624 6 154 812 4,726 117 3,477 429 608 79,780 68,716 5,744 4 140 5 526 1,231 74 7 10 24,302 37 11,254 76 1 1 2 22 181 361 2 2,226 11 421 40,894 37,676 1,178 457 5,811 2 25 611 164 18,165 50,749 36 486 5,859 930 1,863 1,004 1 1,948 3,813 611 130 799 1,202 3,477 4,519 8,004 1,406 352 296,290 127 8,560 417,401 88,817 74,485 24 16 133 1 30 30 8,768 1,065 23 1 20,904 102 16 14,034 1 1,760 47 2 2 6 73 73 797 1,655 3 4 246,792 958 116 297,436 46,986 14,764 810 1,124 3 14 8 85 20,439 24,103 4 231 852 1,065 635 1,229 1 789 35 53 4 56 631 52 2,244 48 49 56,467 335 542 111,908 51,141 6,804 597 37 496 9,434 10,599 1,061 114 112 231 192 80 11,891 477 31 1,172 500 579 158 37,761 802 318 445 8,250 5,831 2,105 342 809 307 285 791 19,164 3,664 285 5,341 1,875 3,268 495 54,377 9,684 230 1,173 6,757 4,166 5,370 505 2,474 605 1,218 790 22,610 3,649 434 2,239 4,664 19,195 533 86,296 318 1 112 8,615 8,489 879 32 43 39 129 14 8,596 226 379 327 61 15 28,275 133 82 172 693 96 24 26 127 54 7 739 132 31 771 87 313 86 3,573 143 36 302 601 1,381 73 58 18 65 9 59 2,535 118 20 84 204 56 5,762 257 60 19 2,875 2,826 555 1,088 432 274 191 101 4,030 498 1 1,234 3,238 312 335 18,326 172 1 21 4,277 101 38 8 64 19 16 852 134 7 39 204 186 1 6,140 122 3 813 730 609 89 25 13 10 49 2 18,436 156 2 493 79 228 1 21,860 CAPITAL MOVEMENTS 57 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2012, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Liabilities payable in dollars Other Miscellaneous Negotiable CDs and short-term securities Liabilities 2 Total Of which: Held by Held by liabilities foreign Total foreign Of which: other shortTotal term Total payable in Total own official custody official short-term liabilities negotiable Of which: institutions Held by all payable in dollars and liabilities liabilities liabilities institutions Held by all U.S. other foreign payable in payable in payable in and foreign other Treasury securities negotiable and foreign foreign dollars dollars dollars banks foreigners obligations (excl. CDs) CDs banks foreigners currency 3 currency (8) (1) (2) (3) (4) (5) (6) (7) (9) (10) (11) (12) Non-negotiable deposits and brokerage balances 1 Country Caribbean: Aruba........................................ Bahamas .................................. Barbados.................................. Bermuda .................................. British Virgin Islands ................ Cayman Islands ....................... Dominican Republic ................. Haiti .......................................... Jamaica .................................... Netherlands Antilles ................. Trinidad and Tobago................ All other Caribbean .................. Total Caribbean .................. Asia: China, Mainland ....................... Hong Kong ............................... India ......................................... Indonesia ................................. Israel ........................................ Japan ....................................... Jordan ...................................... Korea, South ............................ Malaysia ................................... Pakistan ................................... Philippines ................................ Singapore................................. Taiwan...................................... Thailand ................................... All other Asia ............................ Total Asia ............................. Africa: Egypt ........................................ Ghana ...................................... Kenya ....................................... Liberia ...................................... Morocco ................................... South Africa ............................. All other Africa .......................... Total Africa........................... Other countries: Australia ................................... New Zealand ............................ All other .................................... Total other........................... All countries .................................. International and regional orgs: International organizations....... Regional organizations 5 .......... Total International and regional organizations ........ Grand total ...................... 1 315 315 295 205,214 204,796 202,573 13,175 13,165 10,051 44,707 42,308 18,944 40,388 38,587 26,923 1,354,441 1,313,574 1,023,724 3,356 3,328 3,295 1,085 1,085 1,056 868 855 840 6,391 6,230 4,992 4,690 4,441 2,658 14,330 12,610 11,844 1,688,960 1,641,294 1,307,195 20 2,223 3,114 23,364 11,664 289,850 33 29 15 1,238 1,783 766 334,099 88 146,751 1,705 747 70 493,307 849 443 285 2,514 1,423 179 648,361 181 6 6,488 1,448 642 1,760 12,637 18,522 25,070 10,457 221,308 70,117 2,200 15 356 1 358 9 1,870 460 448 1,721 11,228 739 282,786 105,255 653 1,117 3,790 630 11,641 5 7 2 747 4 7 18,603 14 87 228 519 237 1,817 13 21 4 31 6 20 2,997 12 46,940 5,472 59 383,683 235 257 192 458 783 2 438,093 14 2,429 2,241 6,034 2,123 131,701 11 5 150 56 435 145,199 418 10 2,399 1,801 40,867 28 13 161 249 1,720 47,666 5,329 8,312 4,558 39,167 2,716 12,144 563 4,303 2,041 9,671 8,707 60,744 77 1,137 4,323 603 173 300 575 670 607 2,352 6,543 6,400 2,349 446 33,650 4,129 88,977 40,028 271,538 292 418 668 142 95 825 1,135 4 16 1,931 18 26 3,810 9,380 40 83 55 82 58 83 110 388 2 2 32 319 207 117 1,065 2,643 51,449 11,220 3,930 2,169 10,476 61,394 303 5,562 833 2,249 1,158 3,865 8,187 1,512 38,185 202,492 977 1,704 601 43 20 3,044 4 112 20 28 253 2,131 344 13 314 9,608 227 1,659 53 10 152 30,492 365 29 35 780 285 43 169 34,299 1,439 1 138 300 1,415 3,293 1 13 60 74 42 2 1 1 46 2,461 121 458 165 11 148 2,961 6,325 2 1 1 72 686 762 1 4 9 1 73 730 818 2,152 5,698 341 1,839 678 93 3,171 7,630 507,781 622,867 738 69 21 828 117,982 1,144 16,295 7 2,764 9 375 1,160 19,434 54,680 1,176,556 5,230 37 6 5,273 479,182 6,732 48 7,717 14,497 237,852 119,826 76,314 22,016 11,807 23,145 194,362 2,074 19,919 5,430 3,558 7,396 37,400 26,780 37,421 155,162 742,610 119,599 74,655 21,963 11,797 22,993 163,870 2,074 19,554 5,401 3,558 7,361 36,620 26,495 37,378 154,993 708,311 110,784 34,868 8,904 7,269 13,168 100,958 1,964 13,220 5,221 2,957 6,705 27,792 23,910 3,582 61,104 422,406 8,815 39,787 13,059 4,528 9,825 62,912 110 6,334 180 601 656 8,828 2,585 33,796 93,889 285,905 53,200 17,505 1,849 4,495 632 29,073 1,580 6,897 3,766 404 4,625 19,479 8,990 1,614 18,513 172,622 5,603 551 996 685 236 2,789 19,136 29,996 5,602 551 992 676 235 2,716 18,406 29,178 4,121 548 991 525 235 2,415 16,930 25,765 1,481 3 1 151 301 1,476 3,413 1,359 281 439 9 171 1,786 11,076 15,121 51,748 45,016 36,713 8,303 13,759 5,286 5,238 3,323 1,915 181 9,105 1,388 1,265 123 206 66,139 51,642 41,301 10,341 14,146 4,484,496 4,246,644 3,229,942 1,016,702 1,287,596 30,059 8,538 24,983 8,472 19,050 5,119 5,933 3,353 - 11,259 3,406 5,598 186 103 2,250 232 917 - 7,791 1,713 5,076 66 38,597 33,455 24,169 9,286 - 14,665 5,784 2,353 1,149 - 9,504 5,142 522,446 628,651 120,335 55,829 1,176,556 488,686 242,994 4,523,093 4,280,099 3,254,111 1,025,988 1,287,596 Excludes negotiable certificates of deposit. Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 3 Foreign currency data are as of the previous quarter-end. 2 299 145 93 351 53 409 2,207 3,557 4 As of January 2011, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 58 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom ..................... 2008 2009 2010 2011 June 2012 784,793 784,529 996,991 1,095,921 852,246 All other Europe ..................... 845,375 688,431 628,606 815,956 742,741 Caribbean banking centers 1 .... 1,998,786 1,862,921 1,894,964 1,756,652 1,659,718 Japan ..................................... 251,993 185,546 162,291 216,609 194,362 All other Asia ......................... 603,611 522,362 463,866 502,392 548,248 Subtotal ............................... 4,484,558 4,043,789 4,146,718 4,387,530 3,997,315 All other countries.................. 422,098 436,178 464,402 516,116 525,778 Grand total ........................... 4,906,656 4,479,967 4,611,120 4,903,646 4,523,093 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.5 trillion in June 2012, a decrease of $381 billion from yearend 2011. U.S. banking liabilities include foreign holdings of U.S. short-term securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities decreased about $427 billion in 2009 but increased about $131 billion in 2010 and $293 billion in 2011. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that about 55 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. These financial centers, particularly the United Kingdom, recorded much of the rebound in banking liabilities in 2010. In 2011, liabilities to all of Europe grew rapidly as European banks provided funds to their U.S. branches. However, liabilities to Europe, particularly to the United Kingdom, declined in the second half of 2012, as did liabilities to all regions except “All other Asia”. September 2012 CAPITAL MOVEMENTS 59 SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Claim Calendar Year 2010 r 2011 Mar. r June r Sept. r Dec. 2012 Mar. p Total claims .............................................................. 4,531,017 4,606,710 4,400,774 4,346,130 4,243,716 3,999,806 Payable in dollars .................................................. 4,107,155 4,212,037 4,018,752 3,971,860 3,822,689 3,635,019 Own claims on foreigners................................... 3,251,999 3,339,966 3,193,432 3,249,896 3,177,086 3,064,890 Foreign official institutions ............................... 49,431 55,078 40,356 39,599 29,662 34,956 Foreign banks, including own foreign offices ........................................................... 2,473,969 2,522,672 2,331,268 2,370,692 2,323,791 2,197,934 All other foreigners .......................................... 724,705 762,216 821,808 839,605 823,633 832,000 Claims of domestic customers .............................. 855,156 872,071 825,320 721,964 645,603 570,129 Payable in foreign currencies .................................. 423,862 394,673 382,022 374,270 421,027 364,787 Own claims on foreigners ..................................... 341,739 350,384 307,260 301,101 349,714 319,401 Canadian dollars .............................................. 41,582 47,126 49,247 38,805 41,393 45,010 Euros ................................................................ 169,895 170,313 133,338 131,581 146,926 128,144 United Kingdom pounds sterling...................... 30,007 35,099 36,222 36,625 39,886 45,783 Japanese yen................................................... 50,926 39,913 34,080 35,758 60,923 37,064 Claims of domestic customers .............................. 82,123 44,289 74,762 73,169 71,313 45,386 of which: of which: Canadian dollars .............................................. 15,436 4,129 5,677 7,765 12,705 11,698 Euros ................................................................ 32,940 12,772 13,964 10,718 6,777 6,713 United Kingdom pounds sterling...................... 2,822 4,817 3,528 2,317 2,178 2,502 Japanese yen................................................... 18,149 10,121 35,881 36,407 36,070 8,759 Total own claims on foreigners ............................. 3,593,738 3,690,350 3,500,692 3,550,997 3,526,800 3,384,291 Non-negotiable deposits .................................... 1,669,557 1,731,628 1,501,532 1,543,276 1,476,054 1,335,549 Short-term negotiable instruments (payable in dollars) ........................................... 16,633 13,351 16,079 12,317 12,377 10,395 Resale agreements ............................................ 731,849 734,412 791,467 791,934 808,014 816,147 Other................................................................... 1,175,699 1,210,959 1,191,614 1,203,470 1,230,355 1,222,200 Claims on own foreign offices ............................... 2,298,505 2,339,919 2,281,850 2,270,221 2,270,247 2,106,921 Claims reported by IBFs ....................................... 669,315 716,753 670,271 648,123 656,935 577,213 Payable in dollars ............................................... 615,435 664,970 623,224 609,022 592,270 541,863 Payable in foreign currencies ............................. 53,880 51,783 47,047 39,101 64,665 35,350 Total claims held for domestic customers ............ 937,279 916,360 900,082 795,133 716,916 615,515 Non-negotiable deposits .................................... 429,393 370,158 375,342 379,530 355,618 270,042 Short-term negotiable instruments (payable in dollars) ........................................... 424,957 466,149 427,705 333,551 286,985 292,432 Other................................................................... 82,929 80,053 97,035 82,052 74,313 53,041 Memoranda: September 2012 CAPITAL MOVEMENTS 60 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ................................................... Belgium.................................................. Bulgaria ................................................. Czech Republic ..................................... Denmark ................................................ Finland ................................................... France ................................................... Germany ................................................ Greece ................................................... Hungary ................................................. Ireland.................................................... Italy ........................................................ Kazakhstan ........................................... Luxembourg .......................................... Netherlands ........................................... Norway .................................................. Poland ................................................... Portugal ................................................. Romania ................................................ Russia.................................................... Spain ..................................................... Sweden.................................................. Switzerland ............................................ Turkey.................................................... United Kingdom ..................................... Channel Islands..................................... All other Europe .................................... Total Europe ....................................... Memo: Euro Area 1 ............................. Memo: European Union 2 ................... Canada ..................................................... Latin America: Argentina ............................................... Bolivia ................................................... Brazil...................................................... Chile ...................................................... Colombia ............................................... Costa Rica ............................................ Ecuador ................................................. El Salvador ........................................... Guatemala ............................................. Honduras .............................................. Mexico ................................................... Nicaragua .............................................. Panama ................................................. Paraguay .............................................. Peru ....................................................... Uruguay ................................................. Venezuela ............................................. All other Latin America ......................... Total Latin America............................. Caribbean: Anguilla ................................................. Bahamas ............................................... Barbados .............................................. See footnotes at end of table. September 2012 Calendar year 2009 r Sept. r 3,299 14,056 23 514 6,054 43,722 195,456 86,934 970 1,395 76,082 51,033 377 31,406 66,921 21,433 495 2,357 183 1,822 46,988 15,715 79,447 4,170 1,155,891 19,616 5,227 1,931,585 623,092 1,803,374 170,119 2,786 19,546 15 50 4,278 36,662 201,835 92,311 655 602 43,406 45,189 357 25,063 52,522 22,695 2,192 1,269 116 1,453 28,321 32,255 67,536 5,373 1,306,637 15,736 5,444 2,014,304 551,886 1,898,041 184,736 3,585 516 32,953 14,461 3,553 1,017 503 558 1,103 391 24,658 73 3,229 137 3,118 715 1,742 35 92,347 10,715 268,057 489 Mar. r June r 2011 Sept. r Dec. 2012 Mar. p 3,470 20,991 19 51 4,004 45,772 206,754 87,489 700 556 29,276 32,855 270 23,688 48,277 17,456 391 1,415 112 1,353 15,506 41,082 57,846 5,519 1,325,525 15,538 4,901 1,990,817 518,230 1,889,977 221,144 2,866 18,795 10 27 3,231 41,267 240,032 78,474 207 180 32,193 25,855 277 30,364 57,101 21,865 917 845 178 1,105 10,683 54,830 70,001 4,937 1,340,186 16,275 5,556 2,058,259 540,448 1,940,013 214,191 2,383 15,304 9 26 2,784 40,039 254,490 72,370 219 179 30,656 23,969 358 34,852 66,954 18,234 197 901 226 1,104 13,412 43,493 69,706 5,040 1,255,488 14,645 5,693 1,972,731 557,385 1,859,802 222,259 3,081 10,020 10 24 2,837 38,849 158,215 68,469 184 338 33,109 7,704 106 25,549 58,618 17,570 442 798 502 1,786 8,315 39,725 98,596 5,710 1,236,017 12,873 4,863 1,834,310 413,778 1,693,789 209,967 3,105 9,912 11 81 3,574 37,664 104,759 56,754 147 353 26,612 6,160 141 22,186 55,437 15,953 621 796 406 1,427 5,861 38,081 75,182 5,231 1,269,437 9,975 4,075 1,753,941 330,339 1,642,919 222,291 3,329 7,816 6 20 3,505 29,555 96,670 66,414 140 390 24,069 6,072 169 23,128 51,867 14,329 680 905 315 1,166 7,697 39,642 60,254 5,900 1,204,144 8,493 3,617 1,660,292 318,861 1,567,574 218,468 4,216 409 53,607 15,041 4,610 997 508 261 1,055 336 28,737 79 3,767 180 4,376 395 1,536 29 120,139 4,444 154 56,667 14,986 7,442 1,226 491 386 1,249 372 31,826 97 3,768 488 4,434 2,446 1,573 72 132,121 4,483 137 62,969 16,074 8,552 1,199 452 395 1,298 398 36,478 89 3,867 289 5,183 504 1,697 42 144,106 4,888 158 69,800 16,713 7,986 1,599 433 551 1,983 435 35,052 105 4,413 349 6,001 550 2,025 71 153,112 7,220 163 76,569 15,502 8,493 1,941 439 496 2,219 394 34,778 104 4,796 346 5,651 897 1,770 197 161,975 5,403 140 82,896 17,142 8,446 1,974 475 560 2,345 477 33,179 85 4,668 447 5,085 675 1,683 195 165,875 5,709 145 82,028 17,024 7,802 1,981 537 554 2,327 536 32,972 98 4,544 417 6,620 1,872 1,885 184 167,235 10,693 370,710 523 10,826 380,494 504 13,233 404,566 547 13,120 374,185 627 13,285 480,615 633 13,968 470,556 493 14,718 358,909 859 2010 Dec. r CAPITAL MOVEMENTS 61 TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Caribbean, con. Bermuda ..................................... British Virgin Islands ................... Cayman Islands.......................... Dominican Republic ................... Haiti ............................................ Jamaica ...................................... Netherlands Antilles ................... Trinidad and Tobago .................. All other Caribbean..................... Total Caribbean ....................... Asia: China, Mainland. ........................ Hong Kong ................................. India ............................................ Indonesia .................................... Israel ........................................... Japan .......................................... Jordan ........................................ Korea, South .............................. Lebanon...................................... Malaysia ..................................... Pakistan ...................................... Philippines .................................. Singapore ................................... Taiwan ........................................ Thailand ...................................... Asian oil exporters 3 ................... All other Asia .............................. Total Asia ................................. Africa: Cameroon ................................... Egypt .......................................... Ghana ......................................... Liberia ......................................... Morocco ...................................... South Africa ................................ African oil exporters 4 ................. All other Africa ............................ Total Africa .............................. Other countries: Australia...................................... New Zealand .............................. All other ...................................... Total other countries ................ Total foreign countries .......... International and regional orgs: International organizations ......... Regional organizations 5 ............ Total international and regional organizations ........ Grand total ........................... 1 Calendar year 2009 r 2010 2011 2012 Sept. r Dec. r Mar. r June r Sept. r Dec. Mar. p 11,202 7,007 1,073,339 780 48 452 7,210 540 796 1,380,635 10,524 10,651 1,142,204 845 43 341 6,906 526 564 1,554,530 12,256 12,552 1,176,720 891 38 379 6,080 546 645 1,601,931 12,744 13,466 1,150,780 897 40 355 6,987 636 473 1,604,724 14,355 13,931 996,760 1,101 33 466 6,533 726 488 1,422,325 16,490 13,457 957,030 1,094 30 585 2,563 530 538 1,486,850 14,250 13,760 901,163 1,270 40 631 2,826 689 481 1,420,127 17,166 15,036 893,411 1,137 31 668 2,125 728 667 1,305,455 4,252 21,504 7,624 813 3,382 185,928 17 15,658 67 354 22 905 16,281 3,019 236 22,712 602 283,376 15,181 41,826 12,359 682 5,680 269,554 46 24,133 77 1,987 21 1,839 21,668 5,385 385 14,165 904 415,892 18,003 39,832 13,760 1,018 5,828 289,439 77 19,623 56 2,391 11 1,739 19,915 5,451 842 16,066 1,289 435,340 23,929 49,196 15,164 1,242 5,607 279,613 72 18,271 111 3,424 71 1,956 21,295 5,836 1,386 19,110 1,738 448,021 24,719 61,336 16,588 1,668 6,160 300,980 80 19,394 105 5,351 47 1,909 18,411 5,269 874 16,178 3,092 482,161 21,481 65,103 19,071 2,118 5,670 312,026 73 23,852 96 6,108 58 2,662 24,470 6,837 441 16,723 3,369 510,158 19,903 56,146 19,867 2,620 5,411 359,898 71 22,604 62 4,884 181 1,545 26,227 6,260 339 15,593 2,959 544,570 22,089 42,468 19,245 2,290 4,982 335,425 82 22,889 75 5,952 44 1,508 33,201 3,681 463 19,601 3,430 517,425 8 646 186 449 12 1,508 291 5,691 8,791 6 4,308 198 723 112 1,187 269 6,116 12,919 5 7,772 104 951 232 1,193 308 6,147 16,712 7 2,524 153 1,005 175 1,425 277 5,894 11,460 5 4,222 204 986 311 936 342 5,724 12,730 3 1,675 116 1,061 139 678 336 5,062 9,070 3 1,064 117 1,095 361 631 339 5,419 9,029 5 786 249 1,221 339 1,281 763 5,322 9,966 84,446 10,658 573 95,677 3,962,530 87,108 9,211 4,221 100,540 4,403,060 97,247 10,437 4,683 112,367 4,510,432 104,397 8,745 1,064 114,206 4,594,967 112,975 7,698 1,171 121,844 4,387,162 112,937 7,524 1,715 122,176 4,334,506 107,620 6,758 1,850 116,228 4,232,061 101,899 6,169 2,026 110,094 3,988,935 12,704 1,451 10,324 1,685 10,901 9,684 7,499 4,244 9,145 4,467 7,457 4,167 8,544 3,111 7,297 3,574 14,155 3,976,685 12,009 4,415,069 20,585 4,531,017 11,743 4,606,710 13,612 4,400,774 11,624 4,346,130 11,655 4,243,716 10,871 3,999,806 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 62 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2012 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 3,329 Belgium.............................................. 7,816 Czech Republic ................................. 20 Denmark ............................................ 3,505 Finland ............................................... 29,555 France ............................................... 96,670 Germany ............................................ 66,414 Greece ............................................... 140 Hungary ............................................. 390 Ireland................................................ 24,069 Italy .................................................... 6,072 Kazakhstan ........................................ 169 Luxembourg ...................................... 23,128 Netherlands ....................................... 51,867 Norway .............................................. 14,329 Poland ............................................... 680 Portugal ............................................. 905 Romania ............................................ 315 Russia................................................ 1,166 Spain ................................................. 7,697 Sweden.............................................. 39,642 Switzerland ........................................ 60,254 Turkey................................................ 5,900 United Kingdom ................................. 1,204,144 Channel Islands .................................. 8,493 3,623 All other Europe ................................ Total Europe ................................... 1,660,292 318,861 Memo: Euro Area 1 ......................... 218,468 Canada ................................................. Latin America: Argentina ........................................... 5,709 Bolivia ................................................ 145 Brazil.................................................. 82,028 Chile .................................................. 17,024 Colombia ........................................... 7,802 Costa Rica ........................................ 1,981 Ecuador ............................................. 537 El Salvador ....................................... 554 Guatemala ......................................... 2,327 Honduras .......................................... 536 Mexico ............................................... 32,972 Panama ............................................. 4,544 Peru ................................................... 6,620 Uruguay ............................................. 1,872 Venezuela ......................................... 1,885 699 All other Latin America ..................... 167,235 Total Latin America......................... See footnotes at end of table. September 2012 Total own claims (2) Total own claims payable in dollars (3) 3,211 3,194 6,985 5,226 17 9 665 478 28,324 28,229 87,212 76,233 51,523 38,321 125 35 251 216 23,801 19,889 5,009 3,598 169 164 21,645 18,536 36,343 31,888 2,735 2,626 679 606 892 831 116 101 1,160 1,125 7,563 4,289 15,025 9,372 53,131 48,271 5,863 4,957 1,116,177 981,792 6,659 6,204 2,639 2,123 1,477,920 1,288,313 273,229 230,532 166,997 136,353 5,692 145 81,368 16,814 7,793 1,981 534 554 2,327 534 31,942 4,467 6,605 1,789 1,881 696 165,122 5,525 136 79,369 16,749 6,344 1,668 526 553 2,077 533 28,731 4,277 6,585 1,747 1,791 686 157,297 Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) 130 4,322 3 253 28,194 45,810 34,475 2 100 8,084 3,054 45 2,236 7,692 2,113 598 289 30 873 3,299 8,452 43,546 4,087 698,710 1,617 383 898,397 137,721 108,773 3,064 904 6 225 35 30,423 3,846 33 116 11,805 544 119 16,300 24,196 513 8 542 71 252 990 920 4,725 870 283,082 4,587 1,740 389,916 92,811 27,580 17 1,759 8 187 95 10,979 13,202 90 35 3,912 1,411 5 3,109 4,455 109 73 61 15 35 3,274 5,653 4,860 906 134,385 455 516 189,607 42,697 30,644 118 831 3 2,840 1,232 9,458 14,892 15 139 267 1,063 1,482 15,524 11,594 1 13 199 6 133 24,617 7,123 37 87,967 1,834 984 182,372 45,632 51,471 101 461 2,811 1,219 8,318 14,361 227 145 1,408 15,193 11,022 67 24,511 7,049 22 82,307 1,816 478 171,516 41,861 40,634 17 370 3 29 13 1,140 531 15 139 40 918 74 331 572 1 13 199 6 66 106 74 15 5,660 18 506 10,856 3,771 10,837 1,194 3 47,619 10,137 3,814 725 36 353 1,222 311 8,321 2,293 2,733 54 339 254 79,408 4,331 133 31,750 6,612 2,530 943 490 200 855 222 20,410 1,984 3,852 1,693 1,452 432 77,889 167 9 1,999 65 1,449 313 8 1 250 1 3,211 190 20 42 90 10 7,825 17 660 210 9 3 2 1,030 77 15 83 4 3 2,113 15 586 208 3 2 25 77 15 2 4 3 940 2 74 2 9 1,005 81 1,173 Claims of domestic customers Total Payable in Payable in foreign customer currencies dollars claims (9) (8) (7) CAPITAL MOVEMENTS 63 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2012, 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 ........................................... 358,909 Bermuda ............................................ 17,166 British Virgin Islands .......................... 15,036 Cayman Islands................................. 893,411 Dominican Republic .......................... 1,137 Jamaica ............................................. 668 Netherlands Antilles .......................... 2,125 Trinidad and Tobago ......................... 728 16,275 All other Caribbean ........................... Total Caribbean .............................. 1,305,455 Asia: China, Mainland ................................ 22,089 Hong Kong ........................................ 42,468 India ................................................... 19,245 Indonesia ........................................... 2,290 Israel .................................................. 4,982 Japan ................................................. 335,425 Korea, South ..................................... 22,889 Malaysia ............................................ 5,952 Pakistan ............................................. 44 Philippines ......................................... 1,508 Singapore .......................................... 33,201 Taiwan ............................................... 3,681 Thailand ............................................. 463 23,188 All other Asia ..................................... 517,425 Total Asia ........................................ Africa: Egypt ................................................. 786 Ghana ................................................ 249 Liberia ................................................ 1,221 Morocco ............................................. 339 South Africa ....................................... 1,281 6,090 All other Africa ................................... 9,966 Total Africa ..................................... Other countries: Australia............................................. 101,899 New Zealand ..................................... 6,169 2,026 All other ............................................. 110,094 Total other countries ....................... 3,988,935 Total foreign countries ................. International and regional orgs: International organizations ................ 7,297 3,574 Regional organizations 2 .................... Total international and regional 10,871 organizations ................................ Grand total .................................. 3,999,806 1 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) 311,778 15,473 14,991 674,416 1,137 668 2,120 728 16,273 1,037,584 310,870 13,892 11,835 627,389 1,109 584 2,025 728 13,570 982,002 307,528 108 43 456,085 337 226 624 42 351 765,344 3,342 13,784 11,792 171,304 772 358 1,401 686 13,219 216,658 908 1,581 3,156 47,027 28 84 95 2,703 55,582 47,131 1,693 45 218,995 5 2 267,871 47,095 1,693 45 216,369 2 265,204 36 2,626 3 2 2,667 19,565 41,405 18,163 2,200 2,852 309,320 21,604 545 42 1,124 28,617 3,570 383 22,466 471,856 17,713 37,183 17,114 2,123 2,712 292,833 18,873 351 41 1,046 27,734 3,250 186 21,914 443,073 12,470 31,909 12,847 1,868 1,941 221,574 16,160 193 38 967 23,269 2,858 122 17,697 343,913 5,243 5,274 4,267 255 771 71,259 2,713 158 3 79 4,465 392 64 4,217 99,160 1,852 4,222 1,049 77 140 16,487 2,731 194 1 78 883 320 197 552 28,783 2,524 1,063 1,082 90 2,130 26,105 1,285 5,407 2 384 4,584 111 80 722 45,569 2,477 254 1,027 28 218 18,250 303 2 2 3 3,558 5 8 509 26,644 47 809 55 62 1,912 7,855 982 5,405 381 1,026 106 72 213 18,925 731 241 1,221 339 1,115 5,628 9,275 714 241 1,134 322 1,033 5,225 8,669 577 230 2 293 779 495 2,376 137 11 1,132 29 254 4,730 6,293 17 87 17 82 403 606 55 8 166 462 691 36 8 5 87 136 19 161 375 555 43,690 3,198 2,026 48,914 39,310 1,298 1,998 42,606 33,835 841 3 34,679 5,475 457 1,995 7,927 4,380 1,900 28 6,308 58,209 2,971 61,180 57,880 2,957 60,837 329 14 343 3,377,668 3,058,313 2,232,890 825,423 319,355 611,267 565,911 45,356 4,042 2,581 4,037 2,540 - 4,037 2,540 5 41 3,255 993 3,245 973 10 20 6,623 3,384,291 6,577 3,064,890 2,232,890 6,577 832,000 46 319,401 4,248 615,515 4,218 570,129 30 45,386 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Claims on all other foreigners (5) Payable in foreign currencies (6) Claims of domestic customers Total Payable in Payable in foreign customer dollars currencies claims (8) (9) (7) 2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 64 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country 2008 2009 2010 2011 Mar. 2012 United Kingdom ........................... All other Europe ........................... Caribbean banking centers 1 ....... Japan ........................................... All other Asia ................................ Subtotal ...................................... All other countries ........................ Grand total ................................. 1,016,448 816,342 1,390,009 101,218 66,572 3,390,589 328,604 1,155,891 775,694 1,370,044 185,928 97,448 3,585,005 391,680 1,325,525 665,292 1,591,870 289,439 145,901 4,018,027 512,990 1,269,437 484,504 1,407,223 359,898 184,672 3,705,734 537,982 1,204,144 456,148 1,291,191 335,425 182,000 3,468,908 530,898 3,719,193 3,976,685 4,531,017 4,243,716 3,999,806 1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also includes the British Virgin Islands. In March 2012, U.S. claims on foreigners reported by U.S. banks amounted to about $4.0 trillion, a decrease of $244 billion from that recorded at yearend 2011. U.S. banking claims include holdings of foreign short-term securities but exclude holdings of foreign long-term securities. U.S. banking claims increased $257 billion in 2009 and $555 billion in 2010. However, they decreased $287 billion in 2011. As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. Over 60 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. Although U.S. banking claims on most regions rose in 2009 and 2010, they fell during 2011 and early 2012. The recent decline in claims against Europe reflects stress on European banks, while the decline in claims against the Caribbean may be partially attributable to regulatory changes affecting the incentives for offshore positions. Although U.S. claims accounted for by “All other countries” steadily increased through 2011, they fell in the first quarter of 2012. September 2012 CAPITAL MOVEMENTS 65 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Calendar year 2009 2010 Mar. June Sept. r Dec. 2012 Mar. p 79,272 58,595 12,986 1,300 11,686 45,609 21,000 24,609 20,677 78,876 63,764 12,225 902 11,323 51,539 27,087 24,452 15,112 77,919 64,144 13,864 933 12,931 50,280 26,318 23,962 13,775 79,149 64,886 14,323 1,715 12,608 50,563 26,213 24,350 14,263 88,412 76,443 15,156 831 14,325 61,287 32,684 28,603 11,969 83,638 71,909 12,279 936 11,343 59,630 30,452 29,178 11,729 84,393 71,675 11,712 1,430 10,282 59,963 28,735 31,228 12,718 2,235 6,487 1,361 962 7,461 3,709 5,276 1,431 926 9,335 3,456 4,742 1,241 1,645 4,028 3,509 4,337 1,379 1,326 3,224 4,318 4,485 1,387 1,307 2,766 2,980 4,263 1,177 1,242 2,307 2,705 3,754 1,133 1,124 3,013 2,826 4,182 1,105 1,127 3,478 15,632 2,108 13,524 2,874 1,334 1,540 107,476 83,810 43,223 12,539 16,914 1,264 15,650 3,763 1,318 2,445 102,138 77,184 35,654 9,042 9,966 633 9,333 5,146 1,889 3,257 104,801 79,433 31,947 10,684 8,598 501 8,097 5,177 2,185 2,992 90,924 74,319 32,311 9,225 9,016 318 8,698 5,247 1,998 3,249 92,637 71,715 29,678 8,109 7,028 335 6,693 4,941 2,178 2,763 94,112 77,890 27,607 8,780 6,757 453 6,304 4,972 1,817 3,155 96,387 79,306 28,828 8,521 7,321 504 6,817 5,397 2,292 3,105 88,050 70,496 24,722 6,648 1,133 29,551 40,587 31,161 9,426 23,666 7,082 19,530 41,530 29,196 12,334 24,954 6,525 14,738 47,486 35,109 12,377 25,368 5,763 17,323 42,008 32,075 9,933 16,605 3,098 18,471 42,037 31,943 10,094 20,922 1,149 17,678 50,283 39,214 11,069 16,222 2,165 18,142 50,478 40,064 10,414 17,081 1,432 16,642 45,774 34,795 10,979 17,554 2,409 5,140 1,922 451 13,744 2,519 8,838 1,738 1,795 10,064 3,661 8,825 3,088 3,279 6,515 3,731 3,952 2,533 1,256 5,133 3,683 4,303 2,518 4,684 5,734 3,179 4,050 2,338 1,094 5,561 2,981 3,308 2,488 2,101 6,203 3,058 4,048 3,194 1,532 5,722 19,851 1,968 86 17,797 3,815 3,595 220 21,405 2,139 7,462 11,804 3,549 3,334 215 21,776 1,377 10,475 9,924 3,592 3,268 324 12,361 1,418 1,087 9,856 4,244 3,705 539 16,961 1,891 4,939 10,131 3,961 3,310 651 12,178 1,655 1,045 9,478 4,044 3,515 529 12,703 1,580 1,489 9,634 4,378 3,959 419 13,084 1,691 872 10,521 4,470 3,900 570 Type of liability or claim 2008 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 ........... 87,630 69,124 18,650 2,740 15,910 50,474 18,811 31,663 18,506 2011 September 2012 CAPITAL MOVEMENTS 66 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ................................ Belgium .............................. Bulgaria .............................. Czech Republic .................. Denmark............................. Finland ............................... France ................................ Germany ............................ Greece ............................... Hungary.............................. Ireland ................................ Italy ..................................... Luxembourg ....................... Netherlands ........................ Norway ............................... Poland ................................ Portugal .............................. Romania ............................. Russia ................................ Serbia and Montenegro (formerly Yugoslavia) ..... Spain .................................. Sweden .............................. Switzerland ........................ Turkey ................................ United Kingdom ................. Channel Islands and Isle of Man ..................... Other Europe ..................... Total Europe .................. Canada................................... Latin America: Argentina ............................ Brazil .................................. Chile ................................... Colombia ............................ Ecuador .............................. Guatemala ......................... Mexico ................................ Panama .............................. Peru.................................... Uruguay.............................. Venezuela .......................... Other Latin America ........... Total Latin America ........... Caribbean: Bahamas ............................ Bermuda................................. Cayman Islands ................. Cuba................................... Jamaica .............................. Netherlands Antilles ........... Trinidad and Tobago .......... Other Caribbean ................ Total Caribbean ............. See footnotes at end of table. September 2012 2010 Mar. June Sept. r Dec. 2012 Mar. p 78 201 44 140 521 3,004 5,428 232 16 2,725 509 503 882 472 201 25 11 297 113 258 32 177 105 2,968 4,563 273 58 1,532 463 373 731 870 151 26 15 714 166 210 32 196 70 2,548 3,823 245 60 1,333 473 397 637 890 133 19 14 428 114 240 33 105 111 2,523 3,881 267 66 1,505 440 336 882 659 125 26 8 565 77 262 1 31 165 104 2,894 4,727 248 82 1,364 573 303 1,346 906 128 19 16 932 76 309 32 204 122 2,903 4,566 229 86 1,714 796 402 1,765 1,015 123 16 11 847 72 314 3 59 90 101 2,725 4,615 246 51 1,313 490 278 1,097 1,167 144 36 19 1,125 6 816 274 2,333 502 446 2,444 2 363 1,345 2,357 3 457 1,371 2,254 5 483 1,369 2,017 3 389 1,344 1,888 4 364 1,237 2,378 754 23,350 709 14,916 1,619 10,428 1,358 10,150 886 9,437 773 10,949 789 14,971 748 11,125 4 455 1,210 2,347 795 10,660 208 539 43,505 95 435 35,635 84 524 31,336 70 484 29,551 60 660 26,802 60 573 28,115 126 788 34,476 124 638 31,834 122 813 30,351 7,767 5,960 6,199 8,800 11,323 10,313 11,914 9,750 10,313 156 940 546 356 33 10 2,848 85 36 20 575 106 5,711 89 626 353 332 30 8 1,579 166 34 12 413 50 3,692 68 587 318 385 13 6 2,088 330 32 13 190 74 4,104 110 734 553 550 28 5 3,121 221 99 55 726 34 6,236 178 791 573 393 70 9 3,095 188 94 5 869 71 6,336 75 987 690 393 28 9 3,452 239 114 59 660 64 6,770 94 1,111 604 518 119 10 3,176 267 33 19 930 98 6,979 76 1,072 548 452 23 12 2,926 332 63 12 450 113 6,079 59 1,077 639 471 60 16 2,831 305 57 6 640 91 6,252 89 707 15,969 18 4 74 803 17,664 52 723 10,354 37 6 60 444 11,676 85 1,706 8,348 8 15 3 45 362 10,572 103 1,069 2,175 1 13 8 19 1,057 4,445 13 829 1,908 1 12 3 24 1,561 4,351 15 847 1,750 14 6 70 730 3,432 100 700 864 21 92 72 1,788 3,637 50 764 668 10 2 57 1,717 3,268 90 539 772 11 2 60 1,021 2,495 2007 Calendar year 2008 2009 230 492 36 25 937 63 3,165 4,977 187 46 1,569 1,196 235 1,194 721 385 205 6 306 95 427 1 45 161 79 4,801 3,746 241 30 2,067 509 837 1,728 385 269 35 71 524 3 533 438 1,705 2011 CAPITAL MOVEMENTS 67 TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. ...................... Hong Kong ............................... India.......................................... Indonesia .................................. Israel......................................... Japan........................................ Korea, South ............................ Lebanon ................................... Malaysia ................................... Pakistan.................................... Philippines ................................ Singapore ................................. Syria ......................................... Taiwan ...................................... Thailand.................................... Oil-exporting countries 1 ........... Other Asia ................................ Total Asia ............................. Africa: Congo (formerly Zaire) ............. Egypt ........................................ Ghana....................................... Liberia....................................... Morocco.................................... South Africa .............................. Oil-exporting countries 2 ........... Other Africa .............................. Total Africa ........................... Other countries: Australia ................................... New Zealand ............................ All other .................................... Total other countries ............ Total foreign countries ..... International and regional orgs: International organizations ....... Regional organizations 3 .......... Total international and regional organizations ...... Grand total ....................... 1 2007 2011 Calendar year 2008 2009 2010 Mar. June Sept. r Dec. 2012 Mar. p 857 981 1,447 172 293 6,888 1,213 9 562 172 89 4,255 8 1,019 380 7,158 377 25,880 4,769 593 1,082 366 292 6,190 1,314 15 363 28 107 3,767 3 722 295 6,378 460 26,744 3,956 689 761 381 336 6,072 919 8 311 25 86 1,872 1 483 432 6,700 305 23,337 4,346 1,147 818 424 205 6,544 1,169 7 347 67 100 1,447 360 403 8,567 423 26,374 4,754 1,326 870 455 130 6,397 1,112 7 384 64 124 1,311 394 336 7,788 407 25,859 4,577 1,225 829 544 147 6,046 1,303 7 451 47 162 1,356 6 435 394 8,889 538 26,956 6,028 1,380 805 554 151 6,562 1,276 10 468 25 188 1,270 1 491 363 8,254 580 28,406 5,834 806 682 521 96 6,526 1,379 5 469 50 210 1,476 1 367 278 10,688 612 30,000 6,769 1,366 701 468 149 6,921 1,346 7 695 37 267 2,247 1 408 502 9,220 696 31,800 280 12 6 190 52 655 294 1,489 293 5 64 112 256 764 341 1,835 8 192 3 61 118 283 984 541 2,190 111 2 52 89 67 799 693 1,813 119 4 53 121 107 741 653 1,798 71 6 52 89 145 780 894 2,037 115 6 46 117 78 647 609 1,618 106 3 57 161 134 430 591 1,482 128 5 48 153 241 769 572 1,916 1,658 91 25 1,774 1,925 92 30 2,047 1,228 179 25 1,432 1,241 279 23 1,543 1,069 198 6 1,273 1,165 201 15 1,381 1,027 186 24 1,237 961 114 9 1,084 1,014 72 30 1,116 103,790 87,589 79,170 78,762 77,742 79,004 88,267 83,497 84,243 2 43 7 34 71 31 109 5 107 70 130 15 141 4 137 4 141 9 45 103,835 41 87,630 102 79,272 114 78,876 177 77,919 145 79,149 145 88,412 141 83,638 150 84,393 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 68 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria .......................................... Belgium ........................................ Bulgaria ........................................ Czech Republic ............................ Denmark....................................... Finland ......................................... France .......................................... Germany ...................................... Greece ......................................... Hungary........................................ Ireland .......................................... Italy ............................................... Luxembourg ................................. Netherlands .................................. Norway ......................................... Poland .......................................... Portugal ........................................ Romania ....................................... Russia .......................................... Serbia and Montenegro (formerly Yugoslavia) ............... Spain ............................................ Sweden ........................................ Switzerland .................................. Turkey .......................................... United Kingdom ........................... Channel Islands and Isle of Man ............................... Other Europe ............................... Total Europe ............................ Canada............................................. Latin America: Argentina ...................................... Brazil ............................................ Chile ............................................. Colombia ...................................... Ecuador ........................................ Guatemala ................................... Mexico .......................................... Panama ........................................ Peru.............................................. Uruguay........................................ Venezuela .................................... Other Latin America ..................... Total Latin America ...................... Caribbean: Bahamas ...................................... Bermuda............................................ Cayman Islands ........................... Cuba............................................. Jamaica ........................................ Netherlands Antilles ..................... Trinidad and Tobago .................... Other Caribbean .......................... Total Caribbean ....................... See footnotes at end of table. September 2012 2007 Calendar year 2008 2009 2010 Mar. June 2011 Sept. r Dec. 2012 Mar. p 2,039 807 6 134 184 805 6,061 4,926 250 153 968 2,515 919 3,989 325 153 89 60 1,326 1,951 393 6 85 74 541 2,736 8,621 192 95 1,814 1,195 183 2,092 271 132 76 54 694 1,832 365 7 107 272 1,801 3,184 4,151 193 197 1,252 1,981 188 2,783 257 239 67 96 547 1,789 503 16 131 210 1,469 2,496 5,073 223 83 791 1,778 177 2,304 185 277 53 132 506 1,775 410 9 111 114 39 2,753 5,226 154 81 910 1,577 221 2,346 209 341 39 129 511 1,616 449 12 123 129 41 2,989 4,719 164 150 817 1,404 201 2,436 274 284 49 117 559 1,632 386 21 90 128 41 3,182 5,750 202 264 801 1,459 201 2,621 247 237 37 118 534 1,602 402 16 63 190 61 3,085 5,289 182 380 910 1,279 178 2,495 250 255 35 113 1,483 1,568 400 18 129 133 72 3,251 4,085 176 335 583 1,530 182 2,300 182 286 67 103 438 15 1,625 689 2,143 732 23,662 14 1,072 450 1,788 593 17,983 17 967 311 1,723 667 25,389 13 712 516 1,726 677 20,162 8 1,197 575 1,728 456 15,446 10 1,174 476 1,400 599 20,498 11 1,288 492 1,147 530 18,573 7 1,298 523 1,366 815 17,007 7 852 538 1,589 530 14,844 109 1,465 56,149 16,418 419 1,107 44,631 10,551 541 433 49,567 10,474 100 422 42,524 14,233 116 481 36,963 11,179 147 480 41,318 10,389 438 1,107 41,538 11,534 424 1,108 40,817 12,378 319 1,213 35,731 12,256 463 2,682 404 449 160 200 3,505 323 196 33 669 431 9,515 473 2,365 540 429 173 180 3,089 408 270 106 657 435 9,125 513 2,003 362 411 146 134 3,082 340 194 68 479 336 8,068 581 2,424 454 455 173 115 4,830 330 319 148 412 319 10,560 449 2,133 508 487 170 107 4,779 359 209 129 407 284 10,021 485 2,236 584 542 165 115 4,801 388 264 176 411 339 10,506 438 2,154 570 477 143 84 4,714 357 327 120 517 359 10,260 449 2,251 495 324 129 98 4,475 344 230 72 461 394 9,722 378 2,211 564 443 80 69 4,717 419 312 164 486 321 10,164 2,200 1,704 16,987 10 106 118 172 1,518 22,815 353 1,722 19,513 79 112 111 1,013 22,903 302 3,567 6,908 64 52 83 1,188 12,164 164 1,449 8,416 2 58 178 42 1,061 11,370 229 1,285 6,383 1 53 75 32 1,015 9,073 139 1,433 5,226 30 30 67 715 7,640 357 1,359 4,253 39 72 99 1,713 7,892 545 1,287 5,319 48 66 46 1,504 8,815 304 1,063 2,898 24 82 57 1,039 5,467 CAPITAL MOVEMENTS 69 TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland. ....................... Hong Kong ................................ India .......................................... Indonesia................................... Israel ......................................... Japan ........................................ Korea, South ............................. Lebanon .................................... Malaysia .................................... Pakistan .................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan....................................... Thailand .................................... Oil-exporting countries 1............ Other Asia ................................. Total Asia .............................. Africa: Congo (formerly Zaire) .............. Egypt ......................................... Ghana ....................................... Liberia ....................................... Morocco .................................... South Africa .............................. Oil-exporting countries 2............ Other Africa ............................... Total Africa ............................ Other countries: Australia .................................... New Zealand ............................. All other ..................................... Total other countries ............. Total foreign countries ...... International and regional orgs: International organizations........ Regional organizations 3 ........... Total international and regional organizations........... Grand total .................... 1 2007 Calendar year 2008 2009 2010 Mar. June 2011 Sept. r Dec. 2012 Mar. p 1,913 8,762 812 206 601 5,518 1,272 19 362 115 109 2,809 1 1,240 416 2,552 513 27,220 1,455 809 695 273 635 4,578 980 44 275 33 63 1,448 12 976 330 3,392 179 16,177 1,737 943 779 354 456 2,513 2,312 19 215 38 81 2,991 11 966 336 2,601 230 16,582 2,278 1,491 997 362 284 4,372 1,986 29 245 33 126 3,532 15 1,025 250 4,035 307 21,367 2,081 1,280 949 449 277 2,442 2,258 10 154 39 122 5,239 13 914 198 3,096 273 19,794 2,463 1,152 1,396 414 296 2,940 2,189 13 190 33 117 2,909 50 1,067 258 3,102 321 18,910 2,225 1,213 1,785 414 315 2,531 2,316 11 179 106 115 2,955 18 1,126 204 3,000 298 18,811 2,468 1,090 1,703 323 229 4,920 1,850 13 188 75 120 3,097 34 1,021 179 2,844 289 20,443 2,537 1,523 1,672 283 298 3,440 1,507 13 294 35 125 3,367 34 1,549 213 3,326 284 20,500 6 296 8 54 21 254 350 400 1,389 5 362 7 54 24 356 300 495 1,603 15 228 6 55 10 374 260 498 1,446 2 219 14 37 15 403 270 383 1,343 1 133 18 36 28 352 212 328 1,108 174 13 3 28 356 342 331 1,247 1 169 9 3 24 331 195 342 1,074 238 12 2 31 373 305 541 1,502 144 7 18 377 280 278 1,104 2,467 145 37 2,649 136,155 2,194 72 13 2,279 107,269 3,655 100 7 3,762 102,063 3,246 90 24 3,360 104,757 2,624 75 20 2,719 90,857 2,471 91 14 2,576 92,586 2,712 102 20 2,834 93,943 2,482 60 31 2,573 96,250 2,499 63 22 2,584 87,806 150 111 21 186 49 26 37 7 56 11 39 12 39 130 35 102 62 182 261 136,416 207 107,476 75 102,138 44 104,801 67 90,924 51 92,637 169 94,112 137 96,387 244 88,050 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 2 Includes Algeria, Gabon, Libya, and Nigeria. 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 70 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2012, Preliminary [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Europe: Austria ............................................... Belgium ............................................ Bulgaria ............................................ Czech Republic ................................ Denmark ........................................... Finland.............................................. France .............................................. Germany........................................... Greece.............................................. Hungary ............................................ Ireland .............................................. Italy ................................................... Luxembourg ..................................... Netherlands ...................................... Norway ............................................. Poland .............................................. Portugal ............................................ Romania ........................................... Russia .............................................. Serbia and Montenegro (formerly Yugoslavia) ................... Spain ................................................ Sweden ............................................ Switzerland ....................................... Turkey .............................................. United Kingdom................................ Channel Islands and Isle of Man .................................... Other Europe.................................... Total Europe................................. Canada ................................................. Latin America: Argentina .......................................... Brazil ................................................ Chile ................................................. Colombia .......................................... Ecuador ............................................ Guatemala ........................................ Mexico .............................................. Panama ............................................ Peru .................................................. Uruguay ............................................ Venezuela ........................................ Other Latin America ......................... Total Latin America .......................... Caribbean: Bahamas .......................................... Bermuda................................................ Cayman Islands .................................. Cuba ................................................. Jamaica ............................................ Netherlands Antilles ......................... Trinidad and Tobago ........................ Other Caribbean............................... Total Caribbean............................ See footnote at end of table. September 2012 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 72 314 3 59 90 101 2,725 4,615 246 51 1,313 490 278 1,097 1,167 144 36 19 1,125 41 59 1 14 1,446 2,712 5 1 364 89 65 163 3 5 1 19 31 255 3 59 89 87 1,279 1,903 241 50 949 490 189 1,032 1,004 141 31 18 1,106 1,568 400 18 129 133 72 3,251 4,085 176 335 583 1,530 182 2,300 182 286 67 103 438 1,504 177 5 63 41 1,890 2,480 82 1 338 319 111 1,308 38 53 23 193 64 223 18 124 70 31 1,361 1,605 94 334 245 1,211 71 992 144 233 67 80 245 4 455 1,210 2,347 795 10,660 98 847 101 35 6,339 4 357 363 2,246 760 4,321 7 852 538 1,589 530 14,844 298 289 494 332 10,036 7 554 249 1,095 198 4,808 122 813 30,351 10,313 107 105 12,620 3,363 15 708 17,731 6,950 319 1,213 35,731 12,256 297 970 21,343 6,578 22 243 14,388 5,678 59 1,077 639 471 60 16 2,831 305 57 6 640 91 6,252 6 29 21 1 4 33 15 31 12 152 53 1,048 618 470 56 16 2,798 290 57 6 609 79 6,100 378 2,211 564 443 80 69 4,717 419 312 164 486 321 10,164 48 901 114 12 21 25 1,582 190 9 2 56 64 3,024 330 1,310 450 431 59 44 3,135 229 303 162 430 257 7,140 90 539 772 11 2 60 1,021 2,495 15 459 8 24 506 75 539 313 11 2 52 997 1,989 304 1,063 2,898 24 82 57 1,039 5,467 295 165 2,444 1 25 99 3,029 9 898 454 23 57 57 940 2,438 CAPITAL MOVEMENTS 71 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2012, Preliminary, con. [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Country Asia: China, Mainland ................................ Hong Kong ........................................ India................................................... Indonesia ........................................... Israel.................................................. Japan................................................. Korea, South ..................................... Lebanon ............................................ Malaysia ............................................ Pakistan............................................. Philippines ......................................... Singapore .......................................... Syria .................................................. Taiwan ............................................... Thailand............................................. Other Asia ......................................... Total Asia ........................................ Africa: Congo (formerly Zaire) ...................... Egypt ................................................. Ghana................................................ Liberia................................................ Morocco............................................. South Africa ....................................... Other Africa ....................................... Total Africa .................................... Other countries: Australia ............................................ New Zealand ..................................... All other ............................................. Total other countries ..................... Total foreign countries .............. International and regional orgs: International organizations ................ Regional organizations 1 .................. Total international and regional organizations ............... Grand total ................................ Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 6,769 1,366 701 468 149 6,921 1,346 7 695 37 267 2,247 1 408 502 696 31,800 132 51 96 14 3 1,562 4 10 3 1 74 3 48 44 2,140 6,637 1,315 605 454 146 5,359 1,342 7 685 34 266 2,173 1 405 454 652 29,660 2,537 1,523 1,672 283 298 3,440 1,507 13 294 35 125 3,367 34 1,549 213 284 20,500 165 108 177 113 17 358 122 2 11 2 48 103 10 7 37 1,472 2,372 1,415 1,495 170 281 3,082 1,385 11 283 33 77 3,264 34 1,539 206 247 19,028 128 5 48 153 241 572 1,916 2 2 42 1 5 30 100 126 3 6 152 236 542 1,816 144 7 18 377 278 1,104 5 6 1 218 123 386 139 1 17 159 155 718 1,014 72 30 1,116 84,243 141 9 2 152 19,033 873 63 28 964 65,210 2,499 63 22 2,584 87,806 1,902 3 1,905 37,737 597 60 22 679 50,069 141 9 - 141 9 62 182 69 62 113 150 84,393 19,033 150 65,360 244 88,050 69 37,806 175 50,244 1 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 72 SECTION IV.—U.S. International Transactions in Long-Term Securities TABLE CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Marketable Treasury bonds and notes Net foreign purchases Foreign countries Gross Official Other International foreign institutions foreigners and regional purchases (4) (2) (3) (5) Gross foreign sales (6) U.S. Government corporations and federally-sponsored agencies Net foreign Gross foreign Gross foreign purchases purchases sales (7) (8) (9) Calendar year or month Total (1) 2008 ......................................... 2009 ......................................... 2010 ......................................... 2011 r ....................................... 2012 - Jan. - June p ................. 314,880 538,388 703,682 432,571 248,951 76,218 161,406 172,065 144,155 136,794 239,105 376,906 531,429 276,867 111,405 -443 76 188 11,549 752 14,629,213 11,593,203 16,189,912 17,969,880 8,188,665 14,314,333 11,054,815 15,486,230 17,537,309 7,939,714 -38,664 -11,491 108,019 80,904 11,564 2,590,262 1,043,178 1,108,653 1,132,565 708,354 2,628,926 1,054,669 1,000,634 1,051,661 696,790 2011 - June r ............................ July r ............................. Aug. r ............................ Sept. r ........................... Oct. r............................. Nov. r ............................ Dec. r ............................ 2012 - Jan. r ............................. Feb ............................... Mar ............................... Apr ................................ May p............................ June p........................... 1,891 15,317 67,033 94,369 21,531 60,789 -13,113 90,887 20,951 20,094 38,681 45,889 32,449 11,283 14,166 -9,679 38,425 -5,972 23,666 -20,277 33,073 11,082 33,883 16,738 20,767 21,251 -10,033 994 77,039 57,152 24,813 34,867 5,291 55,317 11,313 -18,620 23,210 28,592 11,593 641 157 -327 -1,208 2,690 2,256 1,873 2,497 -1,444 4,831 -1,267 -3,470 -395 1,712,467 1,323,450 2,117,210 1,523,075 1,375,852 1,364,802 961,287 1,387,356 1,456,264 1,386,005 1,390,098 1,370,776 1,198,166 1,710,576 1,308,133 2,050,177 1,428,706 1,354,321 1,304,013 974,400 1,296,469 1,435,313 1,365,911 1,351,417 1,324,887 1,165,717 -235 7,781 7,693 6,439 4,710 6,168 27,215 9,603 10,119 -6,693 -13,270 12,409 -604 82,590 92,031 98,874 121,204 101,249 108,975 104,558 104,113 97,590 104,328 115,396 141,707 145,220 82,825 84,250 91,181 114,765 96,539 102,807 77,343 94,510 87,471 111,021 128,666 129,298 145,824 Corporate and other securities Bonds * Calendar year or month Net foreign purchases (10) Stocks Gross foreign purchases (11) Gross foreign sales (12) Net foreign purchases (13) Gross foreign purchases (14) Gross foreign sales (15) 2008 .............................................................................. 2009 .............................................................................. 2010 .............................................................................. 2011 .............................................................................. 2012 - Jan. - June p ...................................................... 93,877 -40,774 -13,154 -45,175 -37,460 1,467,469 1,189,391 971,246 996,101 483,630 1,373,592 1,230,165 984,400 1,041,276 521,090 44,796 152,734 109,741 25,075 16,604 12,037,928 6,653,957 6,747,218 7,720,283 3,543,238 11,993,132 6,501,223 6,637,477 7,695,208 3,526,634 2011 - June ................................................................... July. ................................................................... Aug .................................................................... Sept ................................................................... Oct ..................................................................... Nov .................................................................... Dec .................................................................... 2012 - Jan ..................................................................... Feb .................................................................... Mar .................................................................... Apr ..................................................................... May p….. ........................................................... June p................................................................ -12,478 1,878 801 -4,936 -10,577 4,835 -20,714 -1,317 -8,035 1,549 668 -8,243 -22,082 113,603 77,458 84,324 63,763 60,752 72,086 54,533 79,539 91,935 98,486 69,573 80,452 63,645 126,081 75,580 83,523 68,699 71,329 67,251 75,247 80,856 99,970 96,937 68,905 88,695 85,727 3,793 -1,078 -6,520 -19,398 2,752 -7,144 -10,968 3,470 7,769 6,950 1,827 891 -4,303 665,514 606,495 901,462 635,626 634,396 575,840 531,589 542,304 584,452 631,852 563,228 651,668 569,734 661,721 607,573 907,982 655,024 631,644 582,984 542,557 538,834 576,683 624,902 561,401 650,777 574,037 * Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. September 2012 CAPITAL MOVEMENTS 73 TABLE CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Calendar year or month 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) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) 2008 ...................................................... 74,188 53,942 2,271,636 2,217,694 20,246 5,443,267 5,423,021 2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 -59,360 3,169,501 3,228,861 2010 ...................................................... -115,259 -54,644 3,650,150 3,704,794 -60,615 3,673,648 3,734,263 2011 ...................................................... -124,327 -52,625 3,530,814 3,583,439 -71,702 3,968,484 4,040,186 2012 - Jan. - June p .............................. 14,267 46,838 1,921,602 1,874,764 -32,571 1,790,623 1,823,194 2011 - June ........................................... 9,289 7,648 355,659 348,011 1,641 342,525 340,884 July ............................................ -21,913 -5,974 283,980 289,954 -15,939 306,699 322,638 Aug ............................................ -11,081 -7,923 250,806 258,729 -3,158 380,262 383,420 Sept ........................................... -36 -2,028 260,216 262,244 1,992 315,014 313,022 Oct............................................. -4,108 -1,918 264,710 266,628 -2,190 309,463 311,653 Nov ............................................ 3,321 1,969 299,820 297,851 1,352 288,295 286,943 Dec ............................................ 38,488 28,168 256,131 227,963 10,320 287,238 276,918 2012 - Jan ............................................. 6,696 11,129 296,888 285,759 -4,433 276,396 280,829 Feb. ........................................... -14,620 -8,700 310,597 319,297 -5,920 317,962 323,882 Mar ............................................ 14,094 16,953 363,287 346,334 -2,859 336,341 339,200 Apr............................................. -716 2,470 300,119 297,649 -3,186 296,637 299,823 May p ........................................ 4,945 14,412 329,756 315,344 -9,467 297,895 307,362 June p....................................... 3,868 10,574 320,955 310,381 -6,706 265,392 272,098 September 2012 CAPITAL MOVEMENTS 74 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Europe: Austria............................. Belgium ........................... Bulgaria........................... Cyprus ............................ Czech Republic ............... Denmark ......................... Finland ............................ France............................. Germany ......................... Greece ............................ Hungary .......................... Ireland ............................. Italy ................................. Kazakhstan ..................... Luxembourg .................... Monaco ........................... Netherlands .................... Norway............................ Poland............................. Portugal .......................... Romania ......................... Russia ............................. Serbia and Montenegro ..... Spain............................... Sweden ........................... Switzerland ..................... Turkey ............................. Ukraine ........................... United Kingdom .............. Channel Islands .............. All other Europe .............. Total Europe ............... Memo: Euro Area 1 ..... Memo: European Union 2 ..................... Canada ............................... Latin America: Argentina ........................ Brazil ............................... Chile ............................... Colombia......................... Ecuador .......................... Costa Rica ...................... Guatemala ...................... Mexico ............................ Panama .......................... Peru ................................ Uruguay .......................... Venezuela ....................... All other Latin America ..... Total Latin America ..... See footnotes at end of table. September 2012 Marketable Treasury U.S. Government corporations bonds and notes and Federal agency bonds 2012 2012 Calendar Jan. Apr. Calendar Jan. Apr. year through through year through through 2011 June June p 2011 r June June p (4) (5) (1) (2) (3) (6) Corporate bonds 2012 Calendar Jan. Apr. year through through 2011 June June p (7) (8) (9) Corporate stocks 2012 Calendar Jan. Apr. through through year June June p 2011 (11) (10) (12) 71 -533 209 -153 48 587 25 84,481 4,304 -108 43 -11,611 881 1,874 -10,313 135 174 5,190 1,847 -2 332 -26,321 -173 5,596 3,750 6,224 4,874 -652 156,940 1,648 196 229,563 72,702 211 -2,178 56 11 190 -1,674 324 40,581 8,044 47 274 -11,243 1,009 429 -29,152 -125 -553 3,452 -610 348 -2,026 -12,930 -126 677 -3,216 19,050 -2,767 276 75,984 -1,188 -312 82,864 8,041 256 -1,657 93 16 42 -1,549 203 29,637 4,786 38 155 -3,044 793 744 -15,925 75 -471 -376 1,283 267 -1,644 -5,162 -86 1,277 -2,269 11,648 -1,461 244 58,318 313 -325 76,219 16,033 130 -329 -25 6 87 8,284 205 -65 -77 -4,656 -334 -44 -15,723 -11 460 -1,868 735 -5 78 -10 -19 -556 292 -55 -3,012 190 695 -15,628 -12,002 24 -26 5 31 -66 781 -635 -7 20 -6,159 -9 566 -69 -239 -712 942 -14 112 -146 -199 293 -1 1 -5,419 -438 -141 -11,504 -5,922 2 -39 19 -69 -273 -516 -1 10 -2,760 -32 4,779 -73 -121 -131 -2 72 -47 -28 204 -1 -5,179 -4 18 -4,174 922 1 -17,867 -4 -23 26 -433 -135 -9,133 -3,833 33 62 -1,612 -169 -55 -1,388 -116 -2,828 -4,562 338 -18 129 -597 -3,037 325 70 -86 -23,670 -2,737 222 -71,096 -37,638 102 -11,438 -14 -20 167 -333 -3,832 -3,197 -4 -43 -1,585 -96 15 8,622 27 -505 -477 324 -27 40 -123 -2,014 311 -9 -12 -29,826 -567 -48 -44,562 -12,452 10 -6,479 -11 -10 198 -294 -1,464 -2,147 -10 -25 -796 -166 13 3,312 47 -311 -176 224 -9 45 -115 -212 -589 -9 -8 -20,942 -240 -49 -30,213 -8,498 -8 -3,973 -31 20 -391 736 658 -26,557 2,118 -122 -97 79 1,718 2 -1,570 -269 -2,155 3,247 -117 -854 -9 18 -1 -828 -3,640 -4,271 -42 -8 3,037 863 47 -32,400 -31,506 -167 -222 1 988 -148 161 -44 3,676 -3,996 -102 -109 5,791 -1,710 -59 -762 256 -2,228 729 -63 -81 -7 -61 -770 -56 2,436 -16 112 15,087 -386 209 18,459 646 -198 -462 -2 956 -37 -250 -298 -2,653 -2,031 -5 -101 5,790 -786 -62 -134 -9 -2,265 208 -54 -27 -1 -4 -279 -242 3,015 11 -4 5,059 -579 134 4,690 -2,279 236,453 17,668 77,041 25,189 70,447 7,150 -14,911 3,543 -10,564 -1,791 -4,255 46 -64,420 -1,427 -43,922 -2,185 -29,311 3,616 -32,055 14,065 15,523 5,365 2,108 2,387 -74 47,408 12,823 8,837 -59 968 221 -4,524 -188 -33 1,688 -56 -133 66,878 -13 4,251 -1,250 3,839 -31 700 157 15,146 -50 2,640 1,763 -460 112 26,804 -21 -375 497 428 -24 378 148 9,146 -55 1,558 590 -500 -116 11,654 15 1,289 256 176 124 116 -17 10,418 486 650 -366 63 732 13,942 8 2,474 46 30 -82 191 -1 -182 172 508 276 40 365 3,845 5 1,560 -28 -394 18 -53 -1 -1,577 77 499 72 15 169 362 -40 345 579 -325 -2 -20 -11 530 -57 216 123 531 417 2,286 201 -203 141 -211 21 10 16 -1,114 -160 -249 127 468 102 -851 153 37 -16 -146 11 -5 5 -1,335 -52 -141 55 118 60 -1,256 -100 -88 -981 -45 -3 42 -4 1,554 361 349 61 325 1 1,472 -82 498 -483 -213 -57 -15 -13 1,305 -167 106 -69 63 -31 842 111 -75 -132 28 -4 1 6 750 49 40 -122 117 -4 765 CAPITAL MOVEMENTS 75 TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Treasury International Capital Reporting System] Country Caribbean: Anguilla ...................................... Bahamas.................................... Barbados ................................... Bermuda .................................... British Virgin Islands................... Cayman Islands ......................... Cuba .......................................... Jamaica ..................................... Netherlands Antilles ................... Trinidad and Tobago .................. All other Caribbean .................... Total Caribbean ..................... Asia: China, Mainland. ........................ Hong Kong ................................. India ........................................... Indonesia ................................... Israel .......................................... Japan ......................................... Korea, South .............................. Lebanon ..................................... Malaysia..................................... Pakistan ..................................... Philippines ................................. Singapore .................................. Syria .......................................... Taiwan ....................................... Thailand ..................................... Oil exporting countries 3 ............. All other Asia .............................. Total Asia ............................... Africa: Egypt.......................................... Liberia ........................................ Morocco ..................................... South Africa ............................... Oil exporting countries 4 ............. All other Africa............................ Total Africa............................. Other countries: Australia ..................................... New Zealand .............................. All other countries ...................... Total other countries .............. Total foreign countries ....... International and regional orgs: International organizations ......... Regional organizations 5 ............ Total international and regional organizations .............. Grand total ......................... 1 U.S. Government corporations Marketable Treasury bonds and notes and Federal agency bonds 2012 2012 Jan. Calendar Jan. Apr. Calendar Apr. through year through through year through June p 2011 June June p 2011 r June (6) (3) (4) (5) (1) (2) Corporate bonds Corporate stocks 2012 2012 Jan. Calendar Apr. Calendar Jan. Apr. through through through through year year June June June p 2011 June p 2011 (12) (8) (11) (7) (9) (10) 478 11,778 139 5,107 5,135 -19,515 -1 -6,786 -809 -57 -4,531 -557 -1,210 3,000 2,410 4,241 -5,974 -2 -456 23 3 1,478 225 29 -262 406 -111 165 3,071 1,970 2,418 -153 -1,729 10,444 -10 -36 731 284 -154 -100 -14 317 4,165 13,326 -75 1,016 346 2,167 171 -5,530 -124 272 -93 97 -1,753 -25 73 195 1,046 107 -1,484 -79 40 -111 20 -218 -126 -382 971 1,869 1,581 9,543 -1 22 2,749 30 411 16,667 -760 392 1,036 823 462 1,640 27 1,330 -18 183 5,115 -787 369 463 -320 384 -1,653 19 43 57 -1,425 -1,795 -421 -109 1,482 3,144 28,863 -79 11 690 68 -65 31,789 -509 -834 155 1,334 -3,043 -4,302 -43 4 206 9 -141 -7,164 -621 -1,672 60 416 -1,158 -9,083 1 -243 6 -34 -12,328 -46,952 9,669 -1,840 3,071 -3,009 148,498 -4,646 53 4,059 5,563 2,428 -5,750 -651 -3,133 785 108,145 36,570 5,131 4,690 1,057 514 62,817 656 194 479 1,787 -3,103 1,404 753 -4,246 -530 108,173 2,587 17,790 -3,051 1,008 7,605 2,468 501 1,406 -439 14,894 36,463 1,512 8,539 26 1 -158 -1,372 -2 -1,243 -2,775 -3,820 -918 399 5,891 198 197 -1,975 1,699 -459 -60 20,389 66,523 -4,453 -904 108 1,454 66 12,971 8,725 1 1,171 197 431 1,189 409 918 -43 22,240 -8,508 -750 -1 743 -40 3,338 3,518 659 198 344 960 36 1,566 2,063 3,065 -822 -39 132 81 9,505 -3,195 -97 -12 -1 409 3,244 -3 2,875 136 -737 -105 14,436 1,632 -998 -10 73 70 2,928 -498 48 212 72 1,801 1,903 14 673 -41 7,879 882 -1,758 -2 21 -59 -1,467 568 26 236 44 768 1,530 14 -186 -72 545 360 6,460 -568 126 -409 3,400 -140 66 252 -21 -57 -6,720 -2 -485 -66 6,286 49 8,531 1,605 372 -420 -20 -241 -7,239 -43 18 1,501 -16 -7 -758 258 29 3,699 4 -1,258 -645 493 -106 -3 -126 -1,762 -14 70 317 -9 -5 2,078 534 41 2,823 -146 3,540 123 7 183 -851 2,048 486 1,996 -17 -7 16 151 1,317 52 1,512 -3 6 7 -10 -3 165 162 -3 -1 11 27 -27 7 -1 5 3 -2 -19 -14 -6 83 -8 -71 147 24 169 -3 15 -2 -74 681 41 658 2 2 2 -4 -18 -8 -24 -27 -85 -6 -42 1 1,021 862 -15 -4 -4 103 -1 172 251 -6 4 -1 -34 7 209 179 1,517 -199 -15 1,303 421,022 1,945 227 7 2,179 248,199 1,903 -21 200 -5 34 28 2,137 2 122,151 81,870 246 -27 -37 182 11,226 251 -18 -35 198 -1,737 -3,511 -40 -98 -3,649 -42,614 -2,401 -82 -140 -2,623 -36,569 -635 14 25 -596 -29,353 314 99 -7 406 24,725 -348 -143 23 -468 16,027 -902 -309 16 -1,195 -1,962 11,259 290 224 528 -401 -565 176 162 114 158 -1,862 -699 -780 -111 -207 -97 344 6 578 -1 374 3 11,549 432,571 752 248,951 -5,132 -966 117,019 80,904 338 11,564 272 -1,465 -2,561 -45,175 -891 -37,460 -304 -29,657 350 25,075 577 16,604 377 -1,585 -61 -13 9 -33 532 3 437 -5,197 65 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 2 As of January 2007, the European Union (E.U.) , includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 76 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 2012, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Europe: Austria .................................... 2,580 701 Belgium................................... 6,242 859 Bulgaria .................................. 162 132 Cyprus .................................... 71,090 47 Czech Republic ...................... 1,124 249 Denmark ................................. 16,655 2,796 Finland .................................... 2,765 892 France .................................... 945,921 732,760 Germany ................................. 98,323 30,135 Greece .................................... 566 142 Hungary .................................. 723 155 Ireland..................................... 113,452 43,888 Italy ......................................... 17,297 3,846 Kazakhstan ............................. 1,440 1,112 Luxembourg ........................... 80,450 12,862 Monaco ................................... 1,692 94 Netherlands ............................ 39,107 4,185 Norway ................................... 37,343 19,947 Poland .................................... 11,109 8,403 Portugal .................................. 2,789 561 Romania ................................. 431 368 Russia..................................... 16,648 15,238 Serbia and Montenegro.......... 68 Spain ...................................... 16,272 5,865 Sweden................................... 22,328 8,896 Switzerland ............................. 69,433 22,643 Turkey..................................... 2,636 1,455 Ukraine ................................... 606 507 United Kingdom ...................... 2,742,589 1,755,859 Channel Islands...................... 23,499 2,374 777 3,355 All other Europe...................... Total Europe ....................... 4,348,696 2,677,747 Memo: Euro Area 1 ............. 1,398,462 837,182 Canada ....................................... 528,260 204,867 Latin America: Argentina ................................ 3,882 82 Brazil....................................... 66,096 39,620 Chile ....................................... 19,982 8,215 Colombia ................................ 11,159 6,979 Costa Rica .............................. 1,449 1,044 Ecuador .................................. 1,021 409 Guatemala .............................. 784 510 Mexico .................................... 39,940 10,853 Panama .................................. 5,437 325 Peru ........................................ 8,162 3,184 Uruguay .................................. 6,372 2,678 Venezuela .............................. 3,682 364 297 1,181 All other Latin America ........... 74,560 Total Latin America ............ 169,147 Caribbean: Anguilla ................................... 149,764 1,807 Bahamas ................................ 64,099 22,048 Barbados ................................ 6,322 3,999 See footnotes at end of table. September 2012 Bonds of U.S. Gov’t corps and Corporate and other federallysponsored agencies Bonds Stocks (3) (4) (5) Gross sales by foreigners to U.S. residents Domestic securities Foreign securities Bonds (6) Stocks (7) Total sales (8) 294 271 221 608 12,127 1,192 1 10 28,734 126 23,743 25 544 114 50 72 34 1,070 66,913 877 277 137,303 67,691 14,037 173 377 77 913 144 3,528 1,618 20 4,501 308 13 12,522 54 2,151 1,433 225 13 45 285 81 5,143 1 2 69,950 569 82 104,228 25,757 13,201 17 2,185 188 479 19 45 7,054 304 1,122 148 49 266 11,876 291 242 283 160 24 46 7 1,331 755 241 246 328 116 4,070 1,464 2,948 4,337 965 242 113 161 6,608 1,350 1,076 1,202 1,218 179 21,863 1,038 6,689 4,382 1,443 61 191 81 6,075 1,377 1,850 1,573 1,392 235 26,387 990 14,412 2,577 1,133 59 217 25 8,019 1,326 689 525 331 88 30,391 3,061 65,362 18,910 11,771 1,662 721 1,507 34,508 5,840 5,759 5,322 3,140 1,038 158,601 835 263 37 3,082 602 125,587 24,987 784 24 5,222 186 22,309 7,925 488 151,801 65,823 5,897 Marketable Treasury and Federal Financing Bank bonds and notes (9) 580 605 227 2,300 446 2,109 1,735 891 36,911 2,516 28 2 71 39 63,369 335 7,262 69,848 31 308 401 166 2,077 207 6,312 5,539 874 15,639 4,345 269 547 305 3,525 689 158,369 22,573 16,565 908,621 703,123 26,114 32,284 6,981 75,980 25,349 279 21 104 548 104 205 339 14 504 12,347 6,411 17,570 121,112 46,932 7,372 4,223 1,422 15,312 3,053 6 309 528 368 9,562 5,495 16,266 110,926 28,787 1,332 66 121 1,619 19 11,391 10,962 9,875 35,321 4,655 4,482 8,627 2,740 37,323 20,323 76 2,299 56 8,560 7,120 1,126 976 113 1,857 294 22 26 15 2,053 2,012 299 511 483 22,152 20,400 7 61 93 86 3,295 4,961 1,832 14,275 4,588 4,009 6,353 2,989 23,491 11,165 25,003 5,775 9,799 53,689 10,995 287 440 453 4,695 2,916 4 82 11 301 263 301,442 260,983 287,442 2,727,046 1,697,541 13,474 845 5,360 23,692 2,061 1,466 510 244 3,770 1,102 654,944 384,294 390,180 4,323,839 2,601,528 297,077 91,223 79,532 1,398,295 821,149 138,581 101,227 56,347 521,688 197,717 Bonds of U.S. Gov’t corps and federallysponsored agencies (10) Corporate and other Bonds (11) Stocks (12) Foreign securities Bonds (13) Stocks (14) 292 310 202 677 12,400 1,708 2 31,494 158 18,964 98 665 245 50 2 81 28 866 1 72,092 881 259 141,477 66,769 13,991 163 6,856 88 10 715 438 4,992 3,765 30 25 5,297 474 9,210 7 2,462 1,609 1 22 400 293 5,732 10 10 90,892 809 131 134,441 34,255 9,585 778 2,571 30 62,413 345 6,562 567 161,022 28,145 284 306 6,557 8,158 68 9,696 1,341 13,656 4,274 130 1,153 23 303 7 3,574 4,251 21,988 276 8 296,383 14,053 1,332 650,254 299,356 136,194 420 201 23,614 1,044 2 163 7,153 1,411 104 2,952 863 928 226 10,048 17,036 10,120 6,893 62 66 148 25 15,873 14,959 1,516 1,952 91 1 26,112 18,157 18 136 4,706 9,177 8,986 1,886 1,166 93 196 190 6 12 1,143 306 2,971 2,661 3,340 4,414 5,721 8,387 1,040 452 12 8 267,712 302,426 1,059 4,829 722 224 392,258 403,881 96,964 79,802 106,327 57,874 103 39,995 7,718 6,551 1,068 31 362 1,707 380 1,626 2,088 864 413 62,906 12 625 216 873 1 98 1 8,631 227 623 76 34 97 11,514 138 205 299 306 13 51 2 2,666 807 382 191 210 56 5,326 1,353 3,023 4,469 937 246 112 155 5,858 1,301 1,036 1,324 1,101 183 21,098 743 7,620 2,983 1,798 282 40 972 7,287 1,746 1,272 1,270 680 194 26,887 712 13,894 3,225 1,306 52 389 15 8,359 1,379 820 373 251 95 30,870 1,582 22,310 4,110 25 762 68 824 2,713 139 126,208 26,659 724 1 5,004 313 23,161 8,375 543 CAPITAL MOVEMENTS 77 TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 2012, 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 Caribbean, con. Bermuda ................................ British Virgin Islands .............. Cayman Islands ..................... Cuba...................................... Jamaica ................................. Netherlands Antilles............... Trinidad and Tobago ............. All other Caribbean ................ Total Caribbean ................. Asia: China, Mainland. ................... Hong Kong ............................ India ...................................... Indonesia ............................... Israel ..................................... Japan .................................... Korea, South ......................... Lebanon ................................ Malaysia ................................ Pakistan ................................ Philippines ............................. Singapore .............................. Syria ...................................... Taiwan................................... Thailand ................................ All other Asia ......................... Total Asia .......................... Africa: Egypt ..................................... Liberia ................................... Morocco ................................ South Africa ........................... All other Africa ....................... Total Africa ........................ Other countries: Australia ................................ New Zealand ......................... All other ................................. Total other countries.......... Total foreign countries ... International and regional orgs: International organizations..... Regional organizations 2 ........ Total international and regional organizations .... Grand total .................... Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Corporate and Financing federallyother Total Bank bonds sponsored purchases and notes agencies Bonds Stocks (1) (2) (3) (4) (5) Foreign securities Bonds (6) 181,273 127,459 1,526,924 187 11,008 1,466 3,175 2,071,677 18,100 15,122 422,556 2 4,548 460 117 488,759 7,664 362 54,881 59 116 619 109 64,908 7,619 4,064 46,531 58 583 108 135 62,819 80,128 72,372 575,037 25 3,209 122 1,996 884,247 45,081 15,231 284,453 29 1,418 80 312 352,036 109,354 123,512 21,263 11,087 68,204 405,338 53,966 1,085 13,143 74 9,363 73,869 27,425 3,709 40,823 962,215 50,234 29,847 17,355 5,924 58,219 251,592 11,005 86 599 7,747 34,021 6,391 1,139 14,470 488,629 48,219 4,862 2,787 981 75,321 19,996 2,116 218 1,514 3,567 64 7,524 167,169 2,222 2,219 2 27 521 9,849 2,671 174 523 1 74 3,175 3,265 20 1,456 26,199 5,082 11,041 248 143 5,120 18,687 1,378 740 940 48 371 12,820 6,707 470 12,122 75,917 466 518 55 7,685 4,845 13,569 99 29 40 4,362 1,264 5,794 3 5 256 11 275 9 54 2 20 26 111 50,510 7,445 4,369 765 467 82 55,346 8,292 8,148,910 3,948,648 4,473 473 7 4,953 400,521 18,126 3,381 10,155 237 1,610 192 21,507 10,392 8,170,417 3,959,040 1,802 402,323 Stocks (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (10) (11) (12) Foreign securities Bonds (13) Stocks (14) 22,681 175,585 20,308 123,670 143,466 1,541,115 14 256 1,134 9,984 77 1,704 506 2,938 218,908 2,078,773 15,029 12,704 424,285 12 3,817 614 131 484,594 6,618 255 56,365 138 76 730 89 65,126 7,939 3,680 48,184 39 540 108 78 64,244 79,712 73,530 584,120 24 3,452 116 2,030 896,575 46,013 13,509 280,857 35 652 83 219 346,686 20,274 19,992 147,304 8 1,447 53 391 221,548 1,512 8,814 204 666 866 12,631 11,176 25 7,128 2 637 7,134 1,911 248 2,895 55,849 2,085 66,729 3,454 1,540 2,497 37,258 7,740 60 1,837 23 316 15,205 5,584 1,768 2,356 148,452 113,799 125,000 14,260 7,843 66,093 390,950 43,618 930 6,873 84 10,509 66,959 24,407 4,076 39,714 915,115 47,647 32,898 9,750 3,456 56,813 236,698 9,493 60 757 8,990 37,841 5,992 941 16,904 468,240 56,727 5,612 1 2,044 1,021 71,983 16,478 1,457 20 1,170 2,607 28 5,958 165,106 1,340 3,977 4 6 580 11,316 2,103 148 287 1 30 2,407 1,735 6 1,714 25,654 5,727 10,548 354 146 5,246 20,449 1,392 670 623 57 376 10,742 6,173 429 9,445 72,377 798 5,121 449 561 633 11,880 6,406 16 1,631 733 2,547 952 403 3,284 35,414 1,560 66,844 3,702 1,630 1,800 38,624 7,746 36 2,118 26 360 12,252 6,948 2,269 2,409 148,324 147 75 2 460 661 1,345 70 324 1,835 1,339 3,568 138 36 6 752 1,544 2,476 471 198 50 7,916 3,591 12,226 160 42 31 4,395 729 5,357 4 253 32 289 7 52 24 52 135 153 71 3 494 445 1,166 22 5 1,824 606 2,457 125 28 16 926 1,727 2,822 2,108 6,480 362 401 32 289 2,502 7,170 213,130 1,784,067 17,120 2,188 16 19,324 942,685 12,884 42,185 5,542 180 2,756 565 41 499 48 13,105 45,440 6,155 859,859 8,055,682 3,826,497 4,222 491 42 4,755 402,258 2,743 7,382 348 710 7 273 3,098 8,365 242,483 1,786,029 8,859 296 17 9,172 919,201 13,437 346 112 13,895 879,214 181 5 4,089 84 69 - 844 186 243,327 1,786,215 4,173 923,374 69 879,283 504 36 555 8 5,237 2,908 540 563 213,670 1,784,630 8,145 950,830 1 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 2 65 - 21,898 428 15,352 172 1,496 34 65 22,326 15,524 859,924 8,078,008 3,842,021 1,530 403,788 711 133 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2012 CAPITAL MOVEMENTS 78 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2011 [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyTotal Bank bonds sponsored purchases and notes agencies (1) (2) (3) Europe: Austria ................................ 18,177 Belgium .............................. 29,825 Bulgaria .............................. 1,703 Cyprus ................................ 140,162 Czech Republic .................. 4,670 Denmark ............................. 47,507 Finland ............................... 12,375 France ................................ 4,785,896 Germany ............................ 355,465 Greece ............................... 3,751 Hungary .............................. 3,773 Ireland ................................ 340,759 Italy..................................... 105,406 Kazakhstan......................... 9,446 Luxembourg ....................... 208,628 Monaco .............................. 3,368 Netherlands ........................ 174,355 Norway ............................... 181,896 Poland ................................ 36,999 Portugal .............................. 9,854 Romania ............................. 4,502 Russia ................................ 34,602 Serbia and Montenegro ...... 458 Spain .................................. 60,836 Sweden .............................. 84,290 Switzerland ......................... 262,263 Turkey ................................ 15,737 Ukraine ............................... 3,638 United Kingdom .................. 11,606,782 Channel Islands.................. 143,318 14,985 All other Europe.................. 18,705,427 Total Europe................... Memo: Euro Area 1 ......... 6,250,411 Canada ................................... 2,126,252 Latin America: Argentina ............................ 18,112 Brazil .................................. 334,933 Chile ................................... 65,044 Colombia ............................ 45,332 Costa Rica .......................... 6,652 Ecuador .............................. 5,637 Guatemala .......................... 3,162 Mexico ................................ 167,756 Panama .............................. 26,406 Peru.................................... 25,555 Uruguay .............................. 22,919 Venezuela .......................... 14,264 6,026 All other Latin America ....... Total Latin America ........ 741,798 See footnotes at end of table. September 2012 2,462 1,252 2,934 657 858 602 42 1,190 10,891 304 1,556 1,472 3,794,846 43,273 113,068 4,905 813 6 986 121 157,236 52,551 14,253 542 6,927 167 37,378 30,170 202 43 43,262 3,339 87,886 16,849 33,237 835 1,372 3 4,297 29,435 153 439 15 17,608 552 22,543 473 66,995 3,801 9,858 3,180 7,462,227 238,700 13,160 3,042 2,400 1,834 11,944,101 405,103 4,187,815 138,768 Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Marketable Treasury and Federal Financing Total Bank bonds sales and notes (8) (9) Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (10) (11) (12) 657 2,442 9,507 1,857 9,805 2,392 1,123 1,554 13,223 6,921 4,536 117,122 3,466 986 3 665 177 1,561 649 30 124,249 834 14,404 140,516 756 68 26 1,338 925 1,191 3,906 1,142 2,242 16,642 11,999 5,429 43,975 10,304 298 515 4,207 1,870 2,755 14,270 1,531 1,386 16,366 772,345 65,302 93,764 4,724,366 3,710,365 34,989 7,730 95,271 94,888 39,603 307,149 108,764 4,700 80 1,713 513 626 3,675 922 72 255 1,195 646 570 9,664 943 198 17,232 36,617 21,513 55,610 387,294 168,847 57,207 1,279 53,276 20,799 15,256 87,255 13,372 876 114 91 2,055 92 7,267 5,053 211 24,242 49,074 23,307 44,456 285,458 47,691 45,894 200 2,280 156 487 3,796 67 54 8,095 47,146 37,424 35,089 168,691 43,087 2,879 15,856 23,014 24,565 13,726 172,513 82,696 18,717 360 639 1,219 709 40,586 31,390 100 64 6,127 833 1,455 10,511 1,374 8 131 57 17 4,301 3,965 647 1,205 1,298 1,864 61,624 55,756 75 4 645 612 25 1,547 9,979 15,590 15,560 48,106 12,012 571 2,827 17,719 17,647 23,081 80,642 18,793 1,029 18,941 102,124 17,035 53,367 255,775 60,771 3,509 75 657 3,347 1,800 9,224 4,984 3 50 336 69 4,324 3,832 55 367,139 1,297,997 966,210 1,274,509 11,524,339 7,305,287 241,712 3,675 93,935 11,062 18,444 143,316 11,512 2,852 872 6,495 1,984 1,401 16,353 2,204 1,139 492,626 2,781,850 1,359,843 1,721,904 18,688,029 11,714,538 420,731 4,115,113 150,770 Foreign securities Bonds Stocks (13) (14) 656 2,450 1,597 1,589 19,421 17,196 70,805 5,247 7 696 39 170 54 124,229 748 14,662 1,729 330 705 2,675 15,906 8,485 6,307 650 3,549 4,293 2,862 25,499 798,902 56,598 98,014 11,563 93,153 49,785 39,185 47 1,835 175 625 193 1,292 6,598 440 18,843 36,538 47,702 58,157 1,448 51,558 4,091 15,910 169 89 1,638 107 25,630 50,644 69,300 46,299 316 2,549 317 493 10,923 49,301 24,762 37,738 20,418 19,767 18,889 12,026 22 756 7,176 1,142 82 6,981 673 1,393 140 52 144 518 1,187 2,575 1,513 5 3 2,145 10,807 7,332 15,239 5,864 21,359 11,199 22,398 18,616 106,395 16,725 49,759 5 699 1,549 1,987 89 58 171 119 390,809 1,294,960 1,014,090 1,277,481 6,412 93,072 10,819 18,649 650 6,448 3,883 2,029 563,722 2,814,250 1,442,399 1,732,389 79,471 1,219,174 299,652 325,531 6,310,112 338,910 337,530 838,255 30,746 51,820 494,252 421,227 289,952 2,127,312 820,587 27,203 117,109 1,250,680 53,247 480,187 454,700 291,388 654 218,301 29,494 20,481 4,419 1,156 2,015 47,325 1,919 8,158 5,483 424 1,556 341,385 122 5,698 748 1,548 126 2,761 3 19,271 1,311 2,328 238 183 1,063 35,400 861 3,970 1,300 703 96 207 61 8,229 2,907 839 1,052 1,380 626 22,231 8,028 16,303 14,320 12,488 1,338 471 605 36,808 8,016 5,088 5,834 4,658 929 114,886 5,012 42,610 10,205 6,198 491 570 409 20,996 9,333 3,999 8,180 6,288 1,487 115,778 3,435 48,051 8,977 3,914 182 472 69 35,127 2,920 5,143 2,132 1,331 365 112,118 21,513 288,799 54,496 38,280 6,668 4,158 3,353 174,330 24,332 23,520 21,455 14,125 5,242 680,271 728 170,893 16,671 11,644 4,478 188 1,794 51,849 2,107 8,191 3,795 480 1,689 274,507 107 4,409 492 1,372 2 2,645 20 8,853 825 1,678 604 120 331 21,458 901 3,625 721 1,028 98 227 72 7,699 2,964 623 929 849 209 19,945 8,128 16,391 15,301 12,533 1,341 429 609 35,254 7,655 4,739 5,773 4,333 928 113,414 6,082 37,083 11,918 8,122 577 162 792 38,823 7,892 3,923 8,370 7,322 1,790 132,856 5,567 56,398 9,393 3,581 172 507 66 31,852 2,889 4,366 1,984 1,021 295 118,091 CAPITAL MOVEMENTS 79 TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 2011, con. [In millions of dollars. Source: Treasury International Capital Reporting System] Gross sales by foreigners to U.S. residents Gross purchases by foreigners from U.S. residents Domestic securities Country Marketable Treasury and Federal Financing Total Bank bonds purchases and notes (1) (2) Caribbean: Anguilla ................................. 696,295 Bahamas ............................... 391,176 Barbados ............................... 10,458 Bermuda................................ 977,005 British Virgin Islands .............. 583,435 Cayman Islands..................... 6,980,584 Cuba ..................................... 165 Jamaica ................................. 1,712 Netherlands Antilles .............. 95,440 Trinidad and Tobago ............. 8,554 8,767 All other Caribbean ................ Corporate and other Bonds Stocks (4) (5) Foreign securities Bonds Stocks (6) (7) Total sales (8) Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Financing federallyBank bonds sponsored and notes agencies (9) (10) Corporate and other Bonds Stocks (11) (12) Foreign securities Bonds Stocks (13) (14) Total Caribbean ................ 9,753,592 19,117 166,631 3,393 106,452 144,906 2,267,100 293 35,141 4,805 842 2,748,680 127 3,628 654 34,087 1,910 234,507 498 3,529 2,145 837 281,922 424 28,230 1,440 31,083 16,876 217,916 124 3,612 349 775 300,829 562,275 131,421 1,089 445,716 274,516 2,553,425 138 147 31,838 647 4,101 4,005,313 853 22,011 1,753 257,862 46,150 1,020,489 6 636 6,275 441 1,495 1,357,971 113,499 39,255 2,129 101,805 99,077 687,147 21 14 15,045 167 718 1,058,877 699,113 381,183 8,777 964,750 570,625 6,966,026 241 2,018 101,103 9,254 8,880 9,711,970 18,639 154,853 3,254 101,345 139,771 2,286,615 294 41,927 5,614 899 2,753,211 98 3,222 489 32,117 2,063 224,063 534 3,245 2,245 520 268,596 550 28,612 469 29,214 15,295 208,373 1 102 863 319 364 284,162 564,070 131,842 1,198 444,234 271,372 2,524,562 217 136 31,148 579 4,166 3,973,524 990 22,410 1,578 256,066 42,248 1,006,219 4 938 5,925 345 1,990 1,338,713 114,766 40,244 1,789 101,774 99,876 716,194 19 14 17,995 152 941 1,093,764 378,589 531,734 30,864 39,058 393,578 1,359,346 174,758 4,695 39,328 261 34,061 354,168 70 100,582 24,897 162,025 3,628,014 287,040 97,155 10,486 27,240 360,435 786,419 56,971 282 10,009 26,323 216,258 18,272 12,109 85,214 1,994,213 45,496 21,996 2,036 2,325 183,347 51,200 1 8,497 5 89 11,433 16,018 482 15,552 358,477 11,184 11,027 20 673 2,045 51,251 6,032 599 1,702 23 833 13,578 8,361 411 3,630 111,369 17,191 47,975 1,241 661 15,316 84,738 4,130 2,733 1,902 61 1,467 42,525 34 22,682 1,185 36,951 280,792 7,824 34,587 713 2,294 4,187 56,193 19,557 689 11,311 50 4,055 19,207 6,889 2,743 11,011 181,310 9,854 318,994 18,404 6,154 9,270 197,398 36,868 391 5,907 122 1,294 51,167 36 28,360 7,967 9,667 701,853 405,118 507,204 36,719 36,279 396,447 1,158,793 176,525 3,999 35,716 238 31,539 352,867 89 95,411 24,729 156,854 3,418,527 333,992 87,486 12,326 24,169 363,444 637,921 61,617 229 5,950 20,760 213,830 24,022 12,760 87,562 1,886,068 27,706 20,988 1,535 2,764 146,884 42,661 9,869 7 2,864 12,351 10,127 285 13,913 291,954 8,119 11,849 59 541 1,964 41,746 9,227 696 1,714 24 424 10,334 3 5,486 275 4,472 96,933 16,831 41,515 1,809 535 15,725 81,338 4,270 2,667 1,650 82 1,524 49,245 36 23,167 1,251 30,616 272,261 3,194 26,174 1,403 2,327 4,732 57,636 13,121 31 9,366 43 4,425 13,697 3,822 2,091 11,802 153,864 15,276 319,192 21,122 7,172 7,818 193,268 45,629 376 7,167 82 1,542 53,410 50 28,787 8,067 8,489 717,447 3,548 1,916 470 19,845 21,800 47,579 1,058 96 358 11,998 9,714 23,224 49 7 10 738 445 1,249 20 308 3 256 328 915 1,153 934 6 1,262 3,823 7,178 527 334 35 1,509 1,232 3,637 741 237 58 4,082 6,258 11,376 3,431 1,606 248 21,866 20,558 47,709 935 89 175 12,849 7,180 21,228 52 1 3 748 283 1,087 26 225 11 327 157 746 1,180 1,019 12 1,304 2,801 6,316 738 35 15 2,579 2,277 5,644 500 237 32 4,059 7,860 12,688 206,134 7,349 961 214,444 39,419 889 135 40,443 10,993 577 57 11,627 14,730 222 94 15,046 32,404 2,112 264 34,780 40,857 2,199 214 43,270 67,731 1,350 197 69,278 208,970 6,316 1,567 216,853 37,902 1,088 150 39,140 11,014 582 29 11,625 18,241 262 192 18,695 32,090 2,013 271 34,374 42,242 1,250 167 43,659 67,481 1,121 758 69,360 35,217,106 17,930,301 1,124,524 994,836 7,719,051 3,483,036 3,965,358 34,890,671 17,509,279 1,042,654 1,037,450 7,694,326 3,571,835 4,035,127 38,342 1,237 6,406 1,635 995 270 1,191 41 10,733 37,045 27,083 947 6,807 2,200 2,857 969 847 35 9,649 1,955 789 4,270 101,021 39,579 35,318,127 17,969,880 8,041 1,132,565 1,265 996,101 1,232 7,720,283 47,778 3,530,814 3,126 58,408 28,030 3,968,484 34,949,079 17,537,309 9,007 1,051,661 3,826 1,041,276 882 7,695,208 11,604 3,583,439 5,059 4,040,186 Asia: China, Mainland................ Hong Kong ........................ India................................... Indonesia ........................... Israel.................................. Japan................................. Korea, South...................... Lebanon ............................ Malaysia ............................ Pakistan............................. Philippines ......................... Singapore .......................... Syria .................................. Taiwan ............................... Thailand............................. All other Asia ..................... Total Asia ...................... Africa: Egypt ................................. Liberia................................ Morocco ............................. South Africa ....................... All other Africa ................... Total Africa .................... Other countries: Australia ............................ New Zealand ..................... All other ............................. Total other countries ...... Total foreign countries................ International and regional orgs: International organizations ... Regional organizations 2 ..... Total international and regional organizations ....... Grand total..................... 1 Bonds of U.S. Gov’t corps and federallysponsored agencies (3) Domestic securities 58,188 42,833 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. 2 521 2,605 48,032 10,376 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. September 2012 80 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Country United Kingdom .......................... All other Europe .......................... Caribbean banking centers 1 ...... Japan .......................................... All other Asia ............................... Subtotal ................................... All other countries ....................... Grand total .............................. 1 2009 2010 2011 2012 Jan.- June 2012 Apr.-June 212,743 33,534 23,959 128,219 187,661 586,116 52,741 638,857 376,505 744 69,439 200,839 130,519 778,046 130,242 908,288 133,295 -22,856 58,390 197,866 -231 366,464 126,911 493,375 55,826 -10,569 -5,090 71,477 65,557 177,201 62,458 239,659 37,256 9,266 -8,887 15,003 11,534 64,172 20,140 84,312 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. The data on this page represent foreign investors’ purchases and sales of long-term U.S. securities (that is, U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) as reported in the TIC reporting system. Foreign investors have also acquired U.S. equities through mergers and reincorporations that involve stock swaps, but these acquisitions have been relatively small in recent years. Stock swap acquisitions were less than $1 billion in 2009, picked up to over $8 billion in 2010, but again slowed during 2011 to $1.3 billion. Stock swaps rose in the first half of 2012 to $3.2 billion. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. The TIC Website also provides estimates from the Federal Reserve Bank of New York on principal repayment flows of foreign holdings of U.S. government agency and corporate asset-backed securities (ABS). These repayments are estimated to have reduced foreign net purchases of U.S. securities by $204 billion in 2009, $231 billion in 2010, $164 billion in 2011, and $95 billion in the first half of 2012. After including stock swaps and accounting for ABS repayment flows, net foreign purchases totaled $436 billion in 2009. The pace of acquisitions picked up in 2010, when foreign net purchases were recorded at $685 billion. The pace of acquisitions slowed considerably in both 2011 and again in 2012, with net foreign purchases recorded at $331 billion in 2011, and only $147 billion in the first half of 2012. September 2012 CAPITAL MOVEMENTS 81 CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors* [In millions of dollars. Source: Treasury International Capital Reporting System] Calendar years Type Foreign bonds ................................. Foreign stocks ................................. Total............................................... 2008 2009 2010 2011 2012 Jan. - June 2012 Apr. - June -53,942 -20,246 -74,188 127,474 59,360 186,834 54,644 60,615 115,259 52,625 71,702 124,327 -46,838 32,571 -14,267 -27,456 19,359 -8,097 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. The data on this page represent U.S. investors’ purchases and sales of long-term foreign securities as reported to the TIC reporting system. U.S. investors also have acquired foreign stocks through mergers that involve stock swaps. Net acquisitions through stock swaps amounted to $7 billion in 2008, $2 billion in 2009, $12 billion in 2010, and $10 billion in 2011. As of the first half of 2012, there are no reported stock swaps. (Stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC Website. Including acquisitions through stock swaps, U.S. net sales of long-term foreign securities amounted to $67 billion in 2008, but U.S. investors switched to net purchases of foreign securities in 2009 with acquisitions of $189 billion. Net purchases slowed in 2010 to $127 billion but picked up slightly in 2011 to $135 billion. As of the first half of 2012, U.S. investors again reverted to net sales of $14 billion in foreign securities. September 2012 CAPITAL MOVEMENTS 82 SECTION V.—Holdings of, and Transactions in, Financial Derivatives Contracts with Foreigners Reported by Businesses in the United States TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, by Type of Contract [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2010 Gross total of holdings with negative fair values ........................... Total over-the-counter (OTC) contracts..................................... Single-currency interest rate contracts .................................. Forwards ............................................................................ Swaps ................................................................................ Options ............................................................................... Foreign exchange contracts .................................................. Forwards ............................................................................ Swaps ................................................................................ Options ............................................................................... Other contracts ...................................................................... Equity ................................................................................. Credit .................................................................................. All other .............................................................................. Total exchange-traded contracts ............................................... Own contracts on foreign exchanges .................................... U.S. customers’ contracts on foreign exchanges .................. Foreign counterparty contracts on U.S. exchanges .............. Memorandum items: Contracts with own foreign office ........................................... Contracts with foreign official institutions .............................. Contracts of U.S. depository institutions with foreigners ....... Gross total of holdings with positive fair values............................. Total over-the-counter (OTC) contracts..................................... Single-currency interest rate contracts .................................. Forwards ............................................................................ Swaps ................................................................................ Options ............................................................................... Foreign exchange contracts .................................................. Forwards ............................................................................ Swaps ................................................................................ Options ............................................................................... Other contracts ...................................................................... Equity ................................................................................. Credit .................................................................................. All other .............................................................................. Total exchange-traded contracts ............................................... Own contracts on foreign exchanges .................................... Customers’ contracts on foreign exchanges ......................... Foreign counterparty contracts on U.S. exchanges .............. Memorandum items: Contracts with own foreign office ........................................... Contracts with foreign official institutions .............................. Contracts of U.S. depository institutions with foreigners ....... September 2012 2011 2012 Dec. Mar. r June r Sept. r Dec. Mar. p 3,541,931 3,512,342 2,787,529 6,684 2,557,293 223,552 304,088 110,520 153,063 40,505 420,725 40,073 290,208 90,444 29,589 674 3,847 25,068 3,076,148 3,044,818 2,348,351 6,373 2,133,045 208,933 291,084 112,508 139,117 39,459 405,383 40,864 264,474 100,045 31,330 649 4,288 26,393 3,336,982 3,307,858 2,633,109 5,354 2,412,515 215,240 280,953 104,155 136,126 40,672 393,796 40,667 274,530 78,599 29,124 663 4,724 23,737 5,062,951 5,002,505 4,088,082 6,476 3,768,078 313,528 390,547 165,228 180,159 45,160 523,876 50,940 398,081 74,855 60,446 1,456 5,110 53,880 4,578,414 4,529,130 3,793,205 5,232 3,481,040 306,933 288,414 103,632 150,736 34,046 447,511 43,381 336,785 67,345 49,284 3,395 6,974 38,915 3,778,639 3,715,990 3,105,082 5,186 2,827,243 272,653 250,711 83,380 138,401 28,930 360,197 47,204 249,038 63,955 62,649 4,295 8,830 49,524 853,851 15,975 n.a. 3,652,313 3,621,801 2,844,526 6,541 2,596,870 241,115 330,298 113,369 170,886 46,043 446,977 44,936 318,710 83,331 30,512 878 3,226 26,408 749,188 13,937 n.a. 3,186,201 3,152,662 2,407,758 5,375 2,178,712 223,671 317,735 113,784 160,244 43,707 427,169 47,278 287,896 91,995 33,539 1,067 3,720 28,752 791,220 14,363 n.a. 3,457,517 3,426,670 2,693,081 4,662 2,453,233 235,186 313,425 108,899 160,824 43,702 420,164 48,589 296,700 74,875 30,847 787 3,920 26,140 1,172,584 17,455 n.a. 5,193,947 5,131,227 4,144,759 6,057 3,796,273 342,429 419,577 174,754 192,737 52,086 566,891 61,956 427,768 77,167 62,720 1,052 4,701 56,967 1,101,918 19,036 n.a. 4,704,666 4,656,615 3,853,966 5,094 3,514,464 334,408 314,930 110,057 164,905 39,968 487,719 62,626 360,480 64,613 48,051 3,284 4,908 39,859 985,812 18,122 n.a. 3,890,439 3,830,036 3,168,565 5,015 2,869,739 293,811 263,770 78,747 152,386 32,637 397,701 68,848 269,053 59,800 60,403 3,696 6,494 50,213 874,301 13,451 n.a. 764,163 12,382 n.a. 822,422 13,202 n.a. 1,201,103 15,637 n.a. 1,133,997 14,696 n.a. 1,012,041 14,398 n.a. CAPITAL MOVEMENTS 83 TABLE CM-V-2.—Gross Totals of Holdings with Negative Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2010 Country 2011 2012 Dec. Mar. r June r Sept. r Dec. Mar. p Belgium ...................................................................................... 10,244 8,934 9,267 13,566 12,544 11,062 France ........................................................................................ 156,930 139,414 145,428 225,168 212,362 188,161 Germany .................................................................................... 209,014 183,026 193,261 297,657 274,134 241,864 Ireland ........................................................................................ 251,881 212,960 248,282 357,092 322,165 276,259 Italy ............................................................................................. 6,893 5,386 5,254 8,000 7,904 7,389 Netherlands ................................................................................ 12,907 11,349 11,772 17,317 16,843 15,489 Europe: Switzerland ................................................................................ 81,315 72,255 80,099 106,733 80,410 68,696 United Kingdom ......................................................................... 2,468,669 2,137,143 2,323,967 3,594,311 3,268,981 2,622,110 All other Europe ......................................................................... 42,746 38,612 38,793 60,563 56,034 55,366 Total Europe .......................................................................... 3,240,599 2,809,079 3,056,123 4,680,407 4,251,377 3,486,396 Memo: Euro Area 1 .................................................................... 676,357 585,782 638,602 957,120 881,817 776,112 Memo: European Union ........................................................... 3,154,262 2,732,358 2,971,764 4,568,916 4,166,936 3,414,147 Canada........................................................................................... 45,276 43,353 45,044 66,684 62,260 56,288 Total Latin America ........................................................................ 9,327 10,494 7,690 11,207 8,214 7,538 2 Caribbean: Cayman Islands ......................................................................... 48,930 36,264 36,579 53,066 37,004 34,398 All other Caribbean .................................................................... 14,925 12,177 12,849 23,445 14,513 13,806 Total Caribbean ..................................................................... 63,855 48,441 49,428 76,511 51,517 48,204 Asia: Japan ......................................................................................... 106,590 96,724 108,352 128,906 120,877 98,081 All other Asia .............................................................................. 31,901 26,398 26,012 36,298 29,229 32,799 Total Asia ............................................................................... 138,491 123,122 134,364 165,204 150,106 130,880 Total Africa ..................................................................................... 20,527 19,382 20,256 28,740 28,034 25,470 Australia ..................................................................................... 14,480 13,558 14,782 23,522 18,175 16,087 All other ...................................................................................... 995 920 1,107 1,295 1,076 1,069 Total other countries .............................................................. 15,475 14,478 15,889 24,817 19,251 17,156 Total foreign countries ....................................................... 3,533,550 3,068,349 3,328,794 5,053,570 4,570,759 3,771,932 Total international and regional organizations............................... 8,379 7,798 8,186 9,381 7,655 6,704 Grand total ............................................................................. 3,541,931 3,076,148 3,336,982 5,062,951 4,578,414 3,778,639 Other countries: 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. September 2012 CAPITAL MOVEMENTS 84 TABLE CM-V-3.—Gross Totals of Holdings with Positive Fair Values, by Country [Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 2010 Country 2011 Dec. Mar. r June r 13,449 11,508 12,271 2012 Sept. r Dec. Mar. p 17,361 16,260 14,333 Europe: Belgium .................................................................... France ...................................................................... 180,511 161,349 169,253 256,905 242,907 215,291 Germany................................................................... 220,547 193,489 206,070 314,849 291,465 256,421 Ireland ...................................................................... 268,319 226,655 264,454 376,667 338,016 288,924 Italy ........................................................................... 8,392 7,492 7,353 10,233 9,617 9,124 Netherlands .............................................................. 15,457 13,840 14,348 19,158 18,055 17,871 Switzerland ............................................................... 87,746 79,166 88,198 116,851 95,000 79,756 United Kingdom........................................................ 2,503,208 2,169,149 2,367,762 3,645,739 3,300,365 2,653,327 All other Europe ....................................................... 37,176 34,001 35,583 55,685 52,322 48,828 Total Europe......................................................... 3,334,805 2,896,649 3,165,292 4,813,448 4,364,007 3,583,875 Memo: Euro Area ................................................... 731,174 635,565 696,740 1,033,385 952,689 836,285 1 Memo: European Union ......................................... 3,242,593 2,814,057 3,073,661 4,692,523 4,265,722 3,501,669 Canada ......................................................................... 46,349 47,533 46,459 67,638 63,814 56,133 Total Latin America ...................................................... 11,961 10,693 10,302 13,859 10,515 10,169 Cayman Islands ....................................................... 60,329 48,187 45,184 63,397 47,616 42,241 All other Caribbean .................................................. 14,472 14,550 12,917 16,548 14,512 13,456 Total Caribbean.................................................... 74,801 62,737 58,101 79,945 62,128 55,697 2 Caribbean: Asia: Japan........................................................................ 104,198 96,511 104,190 125,742 118,726 98,122 All other Asia ............................................................ 35,925 30,988 29,527 38,754 31,888 35,329 Total Asia ............................................................. 140,123 127,499 133,717 164,496 150,614 133,451 Total Africa ................................................................... 20,988 19,513 20,490 28,528 31,384 30,700 Other countries: Australia ................................................................... 18,704 17,318 18,683 21,070 17,914 17,122 All other .................................................................... 1,049 1,023 1,125 1,400 1,225 1,143 Total other countries ............................................ 19,753 18,341 19,808 22,470 19,139 18,265 Total foreign countries ..................................... 3,648,780 3,182,965 3,454,169 5,190,384 4,701,601 3,888,290 Total international and regional organizations ............. 3,532 3,235 3,348 3,563 3,065 2,149 Grand total ........................................................... 3,652,313 3,186,201 3,457,517 5,193,947 4,704,666 3,890,439 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. September 2012 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. CAPITAL MOVEMENTS 85 TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract [In millions of dollars. Source: Treasury International Capital Reporting System] 2010 2011 Total Total Jan.-Mar. Apr.-June July-Sept. Oct.-Dec. Jan.-Mar. p Total over-the-counter (OTC) contracts .......................................... 14,531 28,758 943 6,409 -1,155 22,561 3,644 Single-currency interest rate contracts ....................................... 9,423 -2,341 -191 -1,478 -6,250 5,578 1,059 Foreign exchange contracts........................................................ -12,798 22,637 -895 4,591 412 18,529 7,046 Other contracts............................................................................ 17,906 8,462 2,029 3,296 4,683 -1,546 -4,461 Total exchange-traded contracts .................................................... -455 6,270 1,984 1,010 -2,794 6,070 -47 Own contracts on foreign exchanges ......................................... 6,225 13,007 2,891 2,526 1,964 5,626 266 U.S. customers’ contracts on foreign exchanges ....................... 5,637 -1,948 1,133 -584 -2,669 172 2,013 Foreign counterparty contacts on U.S. exchanges .................... -12,317 -4,789 -2,040 -932 -2,089 272 -2,326 Total net cash settlements from foreigners .................................... 14,076 35,028 2,927 7,419 -3,949 28,631 3,597 -1,816 -550 2,181 -215 -1,676 -840 -242 Type of Derivatives Contract 2011 2012 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 2012 CAPITAL MOVEMENTS 86 TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country [In millions of dollars. Source: Treasury International Capital Reporting System] 2010 2011 Total Total Jan.-Mar. Apr.-June July-Sept. Oct.-Dec. Jan.-Mar. p Belgium ..................................................................... 3,046 -81 147 -128 108 -208 -61 France....................................................................... 887 -11,890 -3,723 703 -3,168 -5,702 2,030 Country 2011 2012 Europe: Germany ................................................................... 6,911 2,764 -223 203 -1,896 4,680 1,753 Ireland ....................................................................... -2,314 5,663 -133 -505 2,398 3,903 -8,410 Italy ........................................................................... -802 -1,988 -603 -476 -743 -166 300 Netherlands .............................................................. 1,436 1,824 -78 567 443 892 -182 Switzerland ............................................................... 4,863 -2,788 272 -59 -1,163 -1,838 2,750 United Kingdom ........................................................ 6,047 25,517 7,015 1,684 -3,823 20,641 -3,718 All other Europe ........................................................ 1,742 -769 -988 -1,412 1,286 345 1,040 Total Europe ......................................................... 21,816 18,252 1,686 577 -6,558 22,547 -4,498 Memo: Euro area ................................................... 9,825 -4,656 -5,537 -867 -2,486 4,234 -3,846 1 Memo: European Union ......................................... 14,819 19,918 1,139 589 -5,868 24,058 -8,228 Canada ......................................................................... -5,060 2,706 -1,267 1,275 -259 2,957 1,875 Total Latin America....................................................... -1,957 4,779 -321 1,076 2,407 1,617 247 5,801 818 344 2,775 -2,529 228 3,855 All other Caribbean ................................................... 40 5,657 2,819 1,792 158 888 2,474 Total Caribbean .................................................... 5,841 6,475 3,163 4,567 -2,371 1,116 6,329 Japan ........................................................................ -7,829 -7,822 -1,064 -1,810 372 -5,320 -933 All other Asia ............................................................ 3,748 9,343 658 182 2,010 6,493 1,109 Total Asia .............................................................. -4,081 1,521 -406 -1,628 2,382 1,173 176 Total Africa ................................................................... 119 2,603 210 666 586 1,141 335 Australia .................................................................... -2,117 -180 135 936 265 -1,516 -1,013 All other..................................................................... 255 -154 -59 121 -86 -130 426 2 Caribbean: Cayman Islands ........................................................ Asia: Other countries: Total other countries ............................................. -1,862 -334 76 1,057 179 -1,646 -587 Total foreign countries ...................................... 14,816 36,002 3,141 7,590 -3,634 28,905 3,877 Total international and regional organizations ............. -739 -976 -214 -172 -315 -275 -280 Grand total ............................................................ 14,076 35,028 2,927 7,419 -3,949 28,631 3,597 1 As of January 2009, includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For data as of January 2011, also includes Estonia. 2 As of January 2007, the European Union (E.U.) includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. September 2012 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 87 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. The information in the tables referenced above is based on the reports referenced in this Introduction: Foreign Currency Positions and is not audited by the Federal Reserve banks or the Treasury Department. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. September 2012 FOREIGN CURRENCY POSITIONS 88 SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 1/04/2012 ............................................................... 825,259 830,835 12 1.0134 1/11/2012 ............................................................... 798,591 804,274 n.a. 1.0192 1/18/2012 ............................................................... 806,961 800,115 173 1.0138 1/25/2012 ............................................................... 805,780 808,061 60 1.0119 02/01/2012 ............................................................. 836,055 839,108 29 0.9972 02/08/2012 ............................................................. 845,487 847,091 n.a. 0.9969 02/15/2012 ............................................................. 839,395 840,114 n.a. 0.9965 02/22/2012 ............................................................. 865,987 863,827 n.a. 0.9999 02/29/2012 ............................................................. 890,768 889,048 -323 0.9866 03/07/2012 ............................................................. 843,611 842,676 n.a. 0.9994 03/14/2012 ............................................................. 891,704 887,006 -30 0.9914 03/21/2012 ............................................................. 834,997 831,231 -300 0.9928 03/28/2012 ............................................................. 813,566 811,101 228 0.9983 04/04/2012 ............................................................. 805,849 803,743 505 0.9961 04/11/2012 ............................................................. 803,698 800,759 493 1.0040 04/18/2012 ............................................................. 808,289 802,314 298 0.9902 04/25/2012 ............................................................. 852,575 850,832 334 0.9848 05/02/2012 ............................................................. 838,327 837,520 1,765 0.9890 05/09/2012 ............................................................. 844,370 845,183 2,004 1.0014 05/16/2012 ............................................................. 832,084 830,134 1,361 1.0099 05/23/2012 ............................................................. 847,826 851,298 2,151 1.0274 05/30/2012 ............................................................. 847,006 847,671 1,322 1.0289 06/06/2012 ............................................................. 872,336 869,552 3,053 1.0298 06/13/2012 ............................................................. 885,502 880,964 2,310 1.0270 06/20/2012 ............................................................. 810,081 805,103 2,995 1.0193 06/27/2012 ............................................................. 798,197 791,575 3,046 1.0258 September 2012 FOREIGN CURRENCY POSITIONS 89 SECTION I.—Canadian Dollar Positions, con. TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Options positions Puts Calls Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2009 - Dec ................... 648,180 654,762 137,411 123,434 34,825 35,049 39,374 39,028 80 1.0461 2010 - Dec ................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948 2011 - July ................... 867,361 879,472 164,407 140,453 43,344 46,569 46,783 39,517 -34 0.9539 Aug .................. 916,430 930,639 169,515 145,433 54,065 54,858 50,763 45,102 212 0.9783 Sept ................. 881,629 889,061 174,232 156,830 42,957 45,972 51,010 47,312 547 1.0389 Oct ................... 884,168 892,879 174,311 160,432 45,215 47,048 52,693 46,377 405 0.9932 Nov .................. 887,296 889,589 169,972 157,015 41,042 46,747 50,719 42,976 n.a. 1.0199 Dec .................. 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168 2012 - Jan ................... 835,030 838,682 161,462 152,696 39,001 41,591 50,688 42,562 -125 1.0050 Feb .................. 887,533 890,880 156,810 149,308 42,474 46,747 53,257 44,834 n.a. 0.9866 Mar .................. 809,506 811,139 158,058 149,893 41,204 55,762 50,811 67,427 n.a. 0.9990 Apr ................... 836,347 833,841 159,929 150,769 48,126 49,179 54,830 43,584 n.a. 0.9886 May.................. 870,865 874,853 157,688 149,512 49,554 57,037 71,900 53,319 2,432 1.0349 June................. 826,083 825,877 150,454 149,400 42,260 54,531 69,852 58,016 3,006 1.0190 TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Net delta equivalent (9) n.a. 384 n.a. 1.0461 n.a. n.a. n.a. 322 1.0156 n.a. n.a. 789 n.a. 59 1.0606 Options positions Puts Calls Bought (5) Written (6) 37,845 n.a. 191 80,369 44,359 2,063 79,466 45,200 Purchased (1) Sold (2) Assets (3) Liabilities (4) 2009 - Dec ................... 18,006 20,677 68,743 2010 - Mar ................... 23,334 23,789 June ................. 15,386 23,016 Report date Written (8) Exchange rate (Canadian dollars per U.S. dollar) (10) Foreign currency denominated Bought (7) Sept .................. 15,842 26,139 82,418 46,599 378 163 941 n.a. 2 1.0293 Dec ................... 13,412 26,103 92,168 50,946 n.a. n.a. n.a. n.a. n.a. 0.9948 2011 - Mar ................... 26,910 38,843 100,865 57,266 n.a. 112 n.a. n.a. n.a. 0.9717 June ................. 20,248 34,127 81,226 45,781 1,222 1,129 1,194 869 137 0.9642 Sept .................. 16,785 31,287 87,268 41,908 375 404 n.a. 471 118 1.0389 Dec ................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168 2012 - Mar ................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990 September 2012 FOREIGN CURRENCY POSITIONS 90 SECTION II.—Japanese Yen Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 01/04/2012 .............................................................. 350,466 354,889 n.a. 76.68 01/11/2012 .............................................................. 342,280 346,928 n.a. 76.90 01/18/2012 .............................................................. 337,407 341,340 n.a. 76.81 01/25/2012 .............................................................. 344,762 349,153 442 78.13 02/01/2012 .............................................................. 347,761 352,287 472 76.14 02/08/2012 .............................................................. 347,493 351,902 382 76.90 02/15/2012 .............................................................. 344,724 349,501 349 78.22 02/22/2012 .............................................................. 348,429 355,697 353 80.30 02/29/2012 .............................................................. 358,532 366,690 395 81.10 03/07/2012 .............................................................. 357,269 365,119 289 81.06 03/14/2012 .............................................................. 368,700 376,409 169 83.78 03/21/2012 .............................................................. 359,708 367,233 147 83.62 03/28/2012 .............................................................. 348,544 356,367 54 82.74 04/04/2012 .............................................................. 342,077 349,195 6 82.62 04/11/2012 .............................................................. 348,569 361,804 50 80.88 04/18/2012 .............................................................. 341,544 354,193 132 81.29 04/25/2012 .............................................................. 350,481 363,462 100 81.33 05/02/2012 .............................................................. 340,475 353,413 90 80.19 05/09/2012 .............................................................. 339,766 352,289 73 79.64 05/16/2012 .............................................................. 343,854 358,134 87 80.32 05/23/2012 .............................................................. 352,994 368,332 75 79.33 05/30/2012 .............................................................. 348,539 364,105 -24 78.93 06/06/2012 .............................................................. 353,756 369,068 126 79.11 06/13/2012 .............................................................. 359,355 374,959 75 79.35 06/20/2012 .............................................................. 349,931 365,989 n.a. 79.54 06/27/2012 .............................................................. 350,705 367,723 236 79.83 Spot, forward and future contracts Report date September 2012 FOREIGN CURRENCY POSITIONS 91 SECTION II.—Japanese Yen Positions, con. TABLE FCP-II-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2009 - Dec .................. 317,699 320,782 47,339 46,598 43,504 41,972 69,372 70,737 166 93.08 2010 - Dec .................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11 2011 - July .................. 368,456 371,468 51,957 47,569 40,436 38,621 62,548 66,829 n.a. 77.18 Aug ................. 392,835 396,342 63,857 57,141 38,830 37,028 61,617 65,739 n.a. 76.50 Sept ................ 382,995 385,210 58,889 52,365 37,059 37,116 58,490 61,129 n.a. 77.04 Oct .................. 403,827 407,957 56,816 50,698 38,206 38,088 59,995 61,063 n.a. 77.97 Nov ................. 390,303 394,615 58,880 51,370 37,379 37,404 58,236 60,183 n.a. 77.58 Dec ................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98 2012 - Jan .................. 369,138 372,431 63,576 58,939 36,578 37,099 59,608 61,538 481 76.34 Feb ................. 370,106 377,757 59,620 54,591 37,994 38,538 63,148 64,932 394 81.10 Mar ................. 352,791 359,750 57,170 51,876 38,446 39,894 64,568 66,508 3 82.41 Apr .................. 353,048 365,165 61,273 56,858 37,431 38,832 64,216 66,046 293 79.81 May................. 359,662 374,705 63,412 60,023 36,972 37,502 60,894 63,219 80 78.29 June................ 355,791 372,188 58,142 56,488 35,668 35,681 59,634 61,561 287 79.81 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2009 - Dec ................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08 2010 - Mar ................... 3,023 5,651 6,454 2,294 142 285 961 417 -66 93.40 June ................. 3,442 4,142 5,657 2,687 135 292 919 594 50 88.49 Sept .................. 2,937 3,644 5,897 2,804 54 253 558 274 n.a. 83.53 Dec ................... 2,732 3,685 5,483 2,843 n.a. 206 329 n.a. -8 81.11 2011 - Mar ................... 2,855 3,816 6,500 3,476 77 238 820 276 -28 82.76 June ................. 2,767 3,392 5,139 2,569 233 327 837 422 -28 80.64 Sept .................. 2,899 3,480 4,698 2,446 n.a. 299 538 334 n.a. 77.04 Dec ................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98 2012 - Mar ................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41 September 2012 FOREIGN CURRENCY POSITIONS 92 SECTION III.—Swiss Franc Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 01/04/2012 .............................................................. 898,562 927,608 n.a. 0.9417 01/11/2012 .............................................................. 940,917 953,754 308 0.9554 01/18/2012 .............................................................. 963,073 976,107 281 0.9427 01/25/2012 .............................................................. 969,122 980,158 483 0.9310 02/01/2012 .............................................................. 979,368 989,016 n.a. 0.9124 02/08/2012 .............................................................. 1,002,805 1,016,624 429 0.9126 02/15/2012 .............................................................. 974,762 986,284 325 0.9223 02/22/2012 .............................................................. 981,805 995,846 234 0.9107 02/29/2012 .............................................................. 880,589 900,344 175 0.9023 03/07/2012 .............................................................. 875,348 894,550 187 0.9169 03/14/2012 .............................................................. 879,432 896,458 704 0.9313 03/21/2012 .............................................................. 784,262 814,678 350 0.9143 03/28/2012 .............................................................. 815,212 846,009 318 0.9064 04/04/2012 .............................................................. 811,969 838,643 580 0.9168 04/11/2012 .............................................................. 826,726 848,657 n.a. 0.9165 04/18/2012 .............................................................. 784,904 810,780 610 0.9162 04/25/2012 .............................................................. 785,214 807,079 -93 0.9097 05/02/2012 .............................................................. 783,957 805,112 -900 0.9135 05/09/2012 .............................................................. 799,480 822,059 -618 0.9272 05/16/2012 .............................................................. 776,691 798,878 -389 0.9435 05/23/2012 .............................................................. 783,345 808,004 471 0.9555 05/30/2012 .............................................................. 840,491 864,827 590 0.9682 06/06/2012 .............................................................. 820,664 843,420 -337 0.9579 06/13/2012 .............................................................. 862,221 888,569 -1,049 0.9533 06/20/2012 .............................................................. 779,320 804,871 -631 0.9453 06/27/2012 .............................................................. 810,051 837,904 -791 0.9642 September 2012 FOREIGN CURRENCY POSITIONS 93 SECTION III.—Swiss Franc Positions, con. TABLE FCP-III-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date 2009 - Dec ................... Foreign currency denominated Assets Liabilities (4) (3) Spot, forward and future contracts Purchased Sold (1) (2) 740,722 741,622 Options positions Puts Written Bought Written (6) (7) (8) Calls Bought (5) 65,758 62,901 91,492 93,507 108,091 102,644 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 1,914 1.0358 2010 - Dec ................... 942,502 936,617 74,952 67,265 140,789 129,566 137,755 152,444 721 0.9341 2011 - July ................... 1,019,760 1,012,367 72,751 68,813 148,585 152,688 175,603 168,928 1,899 0.7881 Aug .................. 1,088,167 1,121,207 153,557 124,479 161,421 164,507 191,397 183,354 1,494 0.8038 Sept ................. 1,013,152 1,042,198 150,042 109,280 159,294 168,840 196,205 183,503 n.a. 0.9048 Oct ................... 958,579 981,344 148,792 110,490 153,945 158,690 185,198 172,528 -1,192 0.8706 Nov .................. 966,583 995,690 155,758 112,695 145,216 163,435 183,431 169,889 -284 0.9106 Dec .................. 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374 2012 - Jan ................... 1,004,744 1,014,643 100,869 82,748 147,752 135,291 167,645 159,847 -1,480 0.9220 Feb .................. 887,385 906,717 124,124 101,349 145,613 143,943 167,771 165,616 -645 0.9023 Mar .................. 799,865 827,940 142,614 105,387 128,901 137,999 162,642 166,947 -303 0.9026 Apr ................... 764,285 782,742 126,087 97,055 117,417 127,181 158,478 162,232 -912 0.9081 May.................. 831,848 853,214 126,177 99,449 121,297 126,936 154,386 157,725 -140 0.9713 June................. 802,605 828,440 121,586 103,367 113,445 120,594 145,530 146,025 -528 0.9485 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2009 - Dec ................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358 2010 - Mar ................... 8,065 15,848 44,441 8,074 n.a. n.a. 539 n.a. n.a. 1.0528 June ................. 8,291 14,611 50,611 6,919 n.a. n.a. 545 n.a. -56 1.0774 Sept .................. 9,471 14,753 51,571 7,029 428 280 241 n.a. -24 0.9808 Dec ................... 9,513 14,149 52,189 10,966 233 n.a. 256 n.a. -27 0.9341 2011 - Mar ................... 10,382 15,792 49,574 8,475 47 n.a. 1,796 n.a. n.a. 0.9157 June ................. 9,726 15,257 50,996 7,859 n.a. n.a. n.a. n.a. n.a. 0.8413 Sept .................. 11,861 15,339 51,004 7,441 n.a. n.a. n.a. n.a. n.a. 0.9048 Dec ................... 12,282 19,706 48,877 8,420 n.a. n.a. n.a. n.a. n.a. 0.9374 2012 - Mar ................... 11,411 18,791 58,909 9,829 n.a. 1,872 4,637 4,153 n.a. 0.9026 September 2012 FOREIGN CURRENCY POSITIONS 94 SECTION IV.—Sterling Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 01/04/2012 .............................................................. 1,364,536 1,417,069 n.a. 1.5638 01/11/2012 .............................................................. 1,355,510 1,403,911 n.a. 1.5325 01/18/2012 .............................................................. 1,420,788 1,458,579 n.a. 1.5410 01/25/2012 .............................................................. 1,440,798 1,480,200 316 1.5570 02/01/2012 .............................................................. 1,468,607 1,507,065 64 1.5853 02/08/2012 .............................................................. 1,418,935 1,456,759 -28 1.5820 02/15/2012 .............................................................. 1,446,776 1,484,904 n.a. 1.5710 02/22/2012 .............................................................. 1,510,964 1,552,003 116 1.5677 02/29/2012 .............................................................. 1,515,976 1,556,584 n.a. 1.5951 03/07/2012 .............................................................. 1,512,960 1,551,733 304 1.5746 03/14/2012 .............................................................. 1,535,158 1,575,810 n.a. 1.5686 03/21/2012 .............................................................. 1,417,489 1,460,147 n.a. 1.5848 03/28/2012 .............................................................. 1,480,557 1,526,813 n.a. 1.5855 04/04/2012 .............................................................. 1,464,461 1,507,777 266 1.5879 04/11/2012 .............................................................. 1,458,682 1,501,852 502 1.5892 04/18/2012 .............................................................. 1,442,430 1,481,702 439 1.6020 04/25/2012 .............................................................. 1,477,557 1,518,991 406 1.6146 05/02/2012 .............................................................. 1,440,990 1,486,272 n.a. 1.6193 05/09/2012 .............................................................. 1,454,779 1,496,412 n.a. 1.6130 05/16/2012 .............................................................. 1,495,166 1,537,320 n.a. 1.5933 05/23/2012 .............................................................. 1,505,409 1,544,093 -2,115 1.5691 05/30/2012 .............................................................. 1,583,307 1,617,432 n.a. 1.5532 06/06/2012 .............................................................. 1,615,366 1,647,162 n.a. 1.5475 06/13/2012 .............................................................. 1,557,919 1,585,664 n.a. 1.5557 06/20/2012 .............................................................. 1,471,667 1,497,441 n.a. 1.5750 06/27/2012 .............................................................. 1,526,496 1,552,634 n.a. 1.5549 September 2012 FOREIGN CURRENCY POSITIONS 95 SECTION IV.—Sterling Positions, con. TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date 2009 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 986,296 1,001,159 387,924 314,233 46,626 40,857 45,641 50,928 1,394 1.6167 2010 - Dec ................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 n.a. 1.5598 2011 - July ................... 1,402,739 1,443,910 523,799 409,012 57,902 57,365 65,546 64,816 n.a. 1.6455 Aug .................. 1,472,736 1,522,454 576,228 450,627 57,793 59,820 65,855 67,778 n.a. 1.6269 Sept ................. 1,518,676 1,557,354 652,916 502,697 60,079 72,488 76,099 74,247 -251 1.5624 Oct ................... 1,478,071 1,512,561 620,870 495,874 59,919 66,053 72,563 71,785 -468 1.6141 Nov .................. 1,515,496 1,549,427 612,191 501,632 60,932 64,001 74,484 70,960 n.a. 1.5705 Dec .................. 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537 2012 - Jan ................... 1,471,391 1,513,922 616,382 507,870 55,307 54,193 65,409 64,069 n.a. 1.5754 Feb .................. 1,522,947 1,565,025 608,944 513,820 57,089 57,222 69,596 65,179 n.a. 1.5951 Mar .................. 1,468,131 1,518,830 621,761 516,453 54,228 52,681 56,915 54,857 n.a. 1.5985 Apr ................... 1,451,058 1,495,353 613,437 506,365 57,195 56,438 58,548 58,141 n.a. 1.6225 May.................. 1,571,938 1,613,166 637,972 538,262 60,802 59,940 68,968 65,141 n.a. 1.5405 June................. 1,516,846 1,545,680 598,613 509,695 59,610 56,369 62,085 65,259 n.a. 1.5686 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2009 - Dec ................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167 2010 - Mar ................... 7,995 11,820 92,208 39,848 418 570 1,202 427 n.a. 1.5186 June ................. 9,265 12,251 90,043 41,445 1,277 n.a. 1,391 388 70 1.4947 Sept .................. 12,267 17,703 75,127 36,290 695 n.a. 2,659 n.a. n.a. 1.5731 Dec ................... 8,984 13,361 113,538 43,007 n.a. n.a. n.a. n.a. n.a. 1.5598 2011 - Mar ................... 14,298 16,138 118,729 43,723 n.a. n.a. n.a. n.a. -106 1.6048 June ................. 10,468 12,578 115,514 38,337 n.a. n.a. n.a. 371 n.a. 1.6067 Sept .................. 15,005 14,989 131,501 44,370 n.a. n.a. 2,711 715 -178 1.5624 Dec ................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537 2012 - Mar ................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985 September 2012 FOREIGN CURRENCY POSITIONS 96 SECTION V.—U.S. Dollar Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Sold Purchased (1) (2) Net options positions (3) Exchange rate (4) 01/04/2012 ............................................................ 19,493,955 19,346,523 -5,745 n.a. 01/11/2012 ............................................................ 19,800,975 19,655,914 -3,876 n.a. 01/18/2012 ............................................................ 20,310,689 20,200,106 -5,229 n.a. 01/25/2012 ............................................................ 20,499,613 20,390,841 -7,266 n.a. 02/01/2012 ............................................................ 20,914,153 20,823,578 -8,339 n.a. 02/08/2012 ............................................................ 20,607,346 20,528,817 -9,088 n.a. 02/15/2012 ............................................................ 20,680,267 20,598,645 -3,447 n.a. 02/22/2012 ............................................................ 20,902,917 20,785,578 -5,930 n.a. 02/29/2012 ............................................................ 21,054,106 20,912,937 -4,032 n.a. 03/07/2012 ............................................................ 20,856,054 20,604,577 -4,060 n.a. 03/14/2012 ............................................................ 21,343,373 21,047,609 -6,360 n.a. 03/21/2012 ............................................................ 20,103,701 19,962,459 -5,168 n.a. 03/28/2012 ............................................................ 20,364,359 20,188,168 -4,487 n.a. 04/04/2012 ............................................................ 19,985,510 19,845,601 -3,639 n.a. 04/11/2012 ............................................................ 21,597,859 21,355,022 14,541 n.a. 04/18/2012 ............................................................ 20,135,400 19,888,991 -3,380 n.a. 04/25/2012 ............................................................ 20,494,655 20,258,116 -1,886 n.a. 05/02/2012 ............................................................ 20,552,580 20,310,736 -4,365 n.a. 05/09/2012 ............................................................ 20,612,294 20,353,245 -2,884 n.a. 05/16/2012 ............................................................ 20,872,503 20,594,422 -2,479 n.a. 05/23/2012 ............................................................ 20,986,734 20,705,420 -11,693 n.a. 05/30/2012 ............................................................ 21,253,291 20,977,396 -12,576 n.a. 06/06/2012 ............................................................ 20,982,874 20,734,662 -9,430 n.a. 06/13/2012 ............................................................ 21,364,517 21,119,274 -10,409 n.a. 06/20/2012 ............................................................ 20,258,365 20,017,514 -12,756 n.a. 06/27/2012 ............................................................ 20,438,101 20,175,221 -12,693 n.a. September 2012 FOREIGN CURRENCY POSITIONS 97 SECTION V.—U.S. Dollar Positions, con. TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2009 - Dec .............. 14,948,153 15,027,056 - - 2,051,936 2,045,710 2,082,460 2,176,010 -8,965 n.a. 2010 - Dec .............. 18,086,298 18,224,239 - - 1,852,707 1,883,560 1,950,486 1,985,879 33,277 n.a. 2011 - July .............. 21,276,711 21,278,776 - - 2,054,101 2,079,211 2,194,316 2,143,085 12,052 n.a. Aug ............. 22,504,064 22,412,968 - - 2,127,846 2,172,416 2,304,090 2,250,918 17,098 n.a. Sept ............ 21,970,665 21,835,877 - - 2,304,325 2,244,332 2,294,158 2,349,665 13,820 n.a. Oct .............. 21,948,236 21,540,550 - - 2,226,019 2,190,085 2,337,588 2,275,752 3,992 n.a. Nov ............. 22,359,300 22,092,405 - - 2,222,985 2,071,598 2,287,710 2,244,419 3,031 n.a. Dec ............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a. 2012 - Jan .............. 21,412,690 21,336,519 - - 2,049,544 1,985,627 2,136,958 2,194,632 -8,573 n.a. Feb ............. 21,293,525 21,261,597 - - 2,111,434 2,062,123 2,201,174 2,205,667 3,852 n.a. Mar ............. 20,446,342 20,283,770 - - 2,066,418 2,552,542 2,116,790 2,711,494 -3,517 n.a. Apr .............. 20,505,352 20,264,420 - - 2,032,034 2,529,401 2,082,550 2,644,955 -14,221 n.a. May............. 21,620,761 21,317,824 - - 2,156,015 2,530,502 2,157,140 2,694,630 -10,598 n.a. June............ 20,626,969 20,389,009 - - 2,101,434 2,539,459 2,146,503 2,610,665 -13,205 n.a. TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Calls Bought (5) Written (6) Options positions Puts Written Bought (7) (8) Net delta equivalent (9) Exchange rate (10) 2009 - Dec ................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a. 2010 - Mar ................... 266,851 214,778 - - 26,305 15,869 12,439 11,812 1,690 n.a. June ................. 288,216 218,072 - - 23,353 20,732 11,872 12,702 -361 n.a. Sept .................. 262,899 236,595 - - 20,297 17,238 17,441 15,217 -1,748 n.a. Dec ................... 270,278 247,274 - - 14,838 14,605 11,007 9,394 -901 n.a. 2011 - Mar ................... 308,306 268,728 - - 23,859 13,314 19,004 14,882 -1,380 n.a. June ................. 303,785 266,617 - - 28,158 15,066 30,490 26,443 -2,250 n.a. Sept .................. 307,505 258,447 - - 25,246 16,710 41,329 26,316 -598 n.a. Dec ................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a. 2012 - Mar ................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a. September 2012 FOREIGN CURRENCY POSITIONS 98 SECTION VI.—Euro Positions TABLE FCP-VI-1.—Weekly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 01/04/2012 ......................................................................... 5,616,949 5,636,443 n.a. 0.7734 01/11/2012 ......................................................................... 5,849,411 5,882,750 -3,751 0.7883 01/18/2012 ......................................................................... 6,031,815 6,047,704 -2,796 0.7797 01/25/2012 ......................................................................... 6,014,926 6,035,487 -1,968 0.7705 02/01/2012 ......................................................................... 6,052,384 6,075,476 -2,242 0.7574 02/08/2012 ......................................................................... 5,929,253 5,946,234 -2,510 0.7546 02/15/2012 ......................................................................... 5,989,466 6,016,580 n.a. 0.7641 02/22/2012 ......................................................................... 5,996,893 6,028,211 -2,487 0.7547 02/29/2012 ......................................................................... 6,065,230 6,096,869 -1,719 0.7486 03/07/2012 ......................................................................... 6,026,774 6,063,920 -2,148 0.7605 03/14/2012 ......................................................................... 6,126,077 6,179,584 -2,255 0.7678 03/21/2012 ......................................................................... 5,838,998 5,874,916 -1,733 0.7582 03/28/2012 ......................................................................... 5,981,855 6,028,973 -166 0.7519 04/04/2012 ......................................................................... 5,902,762 5,939,048 -1,377 0.7619 04/11/2012 ......................................................................... 6,036,209 6,092,667 -1,495 0.7631 04/18/2012 ......................................................................... 5,958,687 6,010,478 -1,715 0.7621 04/25/2012 ......................................................................... 6,010,209 6,055,899 -849 0.7570 05/02/2012 ......................................................................... 6,079,728 6,127,758 n.a. 0.7602 05/09/2012 ......................................................................... 6,168,816 6,229,257 -6,641 0.7720 05/16/2012 ......................................................................... 6,347,767 6,407,493 -10,145 0.7856 05/23/2012 ......................................................................... 6,320,633 6,371,867 -7,195 0.7956 05/30/2012 ......................................................................... 6,448,491 6,496,428 -6,332 0.8061 06/06/2012 ......................................................................... 6,308,902 6,343,978 -6,906 0.7978 06/13/2012 ......................................................................... 6,498,628 6,532,724 -4,883 0.7939 06/20/2012 ......................................................................... 6,129,672 6,153,579 -3,597 0.7872 06/27/2012 ......................................................................... 6,163,144 6,185,990 -5,208 0.8028 September 2012 FOREIGN CURRENCY POSITIONS 99 SECTION VI.—Euro Positions, con. TABLE FCP-VI-2.—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2009 - Dec ................... 3,927,051 3,825,779 1,553,009 1,537,447 303,073 343,638 362,861 362,206 3,486 0.6977 2010 - Dec ................... 4,973,621 4,907,778 1,803,684 1,735,403 355,926 407,702 497,762 454,056 n.a. 0.7467 2011 - July ................... 5,776,402 5,798,951 1,844,572 1,730,812 399,693 467,598 518,002 496,400 -1,040 0.6950 Aug .................. 5,794,129 5,821,358 2,206,418 2,066,827 415,628 490,596 554,298 543,078 -5,297 0.6942 Sept ................. 5,872,810 5,931,490 2,273,978 2,131,458 426,021 620,189 687,023 622,557 n.a. 0.7436 Oct ................... 5,937,294 5,961,858 2,262,983 2,126,490 424,122 525,463 616,830 574,892 -4,437 0.7170 Nov .................. 6,214,820 6,237,226 2,242,748 2,102,286 427,269 510,874 678,262 602,623 n.a. 0.7433 Dec .................. 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708 2012 - Jan ................... 6,071,286 6,098,534 2,210,794 2,140,863 403,165 454,457 582,827 532,596 -4,264 0.7661 Feb .................. 6,105,412 6,147,511 2,279,471 2,208,515 426,902 489,119 598,348 530,879 n.a. 0.7486 Mar .................. 5,896,239 5,939,319 2,278,375 2,212,581 388,481 436,030 531,743 464,718 n.a. 0.7500 Apr ................... 5,888,370 5,943,412 2,363,193 2,290,845 391,091 428,612 511,057 464,321 n.a. 0.7559 May.................. 6,461,032 6,520,396 2,484,618 2,435,543 414,032 506,459 636,889 550,769 -4,828 0.8088 June................. 6,241,346 6,251,218 2,291,989 2,262,631 411,928 450,260 612,413 568,849 -6,106 0.7894 TABLE FCP-VI-3.—Quarterly Report of Large Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 2009 - Dec ................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977 2010 - Mar ................... 51,802 76,415 234,770 120,877 5,079 3,219 11,669 6,053 -2,245 0.7393 June ................. 62,540 98,644 250,029 129,267 6,650 2,309 11,961 10,324 -875 0.8136 Sept. ................. 65,135 69,731 235,094 123,160 11,214 4,215 5,996 7,070 931 0.7352 Dec ................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,871 -115 0.7467 2011 - Mar ................... 68,004 77,932 261,631 131,370 10,426 3,469 6,505 6,628 534 0.7051 June ................. 64,976 75,325 277,916 140,625 11,741 6,946 13,773 8,825 -624 0.6886 Sept .................. 67,032 80,620 273,218 122,781 11,708 7,866 13,578 10,704 -1,065 0.7436 Dec ................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708 2012 - Mar ................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500 September 2012 100 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 (codified at 31 United States Code 5302), which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.—Balances as of December 31, 2011, and March 31, 2012 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance ................................................................... U.S. Government securities ............................................. Government Sponsored Enterprises (GSE) Securities ... Special drawing rights 1 ........................................................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable ................................................................. Dec. 31, 2011 Jan. 1, 2012, through Mar. 31, 2012 Mar. 31, 2012 22,699,281 -8,084 22,691,197 54,954,930 505,533 55,460,463 13,754,985 12,057,080 132,386 588,258 -771,246 -18,762 14,343,243 11,285,834 113,624 Total assets.......................................................................... 103,598,662 295,699 103,894,361 Liabilities and capital Current liabilities: Accounts payable................................................................. 16,846 -3,365 13,481 Total current liabilities ...................................................... 16,846 -3,365 13,481 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 54,219,105 - 488,063 - 5,200,000 54,707,168 - Total other liabilities ......................................................... 59,419,105 488,063 59,907,168 Capital: Capital account .................................................................... Net income (+) or loss (-) (see Table ESF-2) ...................... 200,000 -455,705 -361,111 200,000 -816,816 Total capital...................................................................... 44,162,711 -188,999 43,973,712 Total liabilities and capital ............................................ 103,598,662 295,699 103,894,361 See footnote on the following page. September 2012 EXCHANGE STABILIZATION FUND 101 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Jan. 1, 2012, through Mar. 31, 2012 Fiscal year to date Oct. 1, 2011, through Mar. 31, 2012 Foreign exchange ........................................................................ -410,726 -910,159 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. 6,612 -6,367 SDRs ............................................................................................ 249 665 U.S. Government securities ......................................................... 2,495 3,094 GSE Securities............................................................................. - - Foreign exchange ........................................................................ 40,259 95,951 Insurance premiums .................................................................... - - Commissions ............................................................................... - - Income from operations ............................................................... -361,111 -816,816 Net income (+) or loss (-) ............................................................. -361,111 -816,816 Income and expense Profit (+) or loss (-) on: Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note. — Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” September 2012 Trust Funds TRUST FUNDS 105 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 2013. 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 2013. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 101 less: Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 9 Unfunded authorizations (fiscal year 2013) ........................................................................................................................................................................ 92 48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017) ........................................................................................................................... 146 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2013) .............................................................................................................. 21 less: Cash balance (fiscal year 2013) ......................................................................................................................................................................................... 3 Unfunded authorizations (fiscal year 2013) ........................................................................................................................................................................ 18 48-month revenue estimate (fiscal years 2014, 2015, 2016, and 2017) ........................................................................................................................... 21 Note.—Detail may not add due to rounding. September 2012 106 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 2012 RESEARCH PAPER SERIES 107 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. 2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security Trust Fund?” Randall P. Mariger. December 2008. 2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. December 2008. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 September 2012 108 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 2012, the debt limit was $16,394,000 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 2012 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. 109 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 2012 110 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 2012 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). PUBLICATION AND SUBSCRIPTION ORDER FORM Order Processing Code: 3509 Easy Secure Internet: bookstore.gpo.gov Publications Qty Stock Number 048-000-00565-9 Toll Free: 866 512–1800 DC Area: 202 512–1800 Fax: 202 512–2104 Mail: U.S. Government Printing Office PO Box 979050 St. Louis, MO 63197–9000 Publication Title Price Combined Statement of Receipts, Outlays and Balances $70.00 Total Price of the United States Government 048-000-00567-5 Total for Publications Subscription Qty $37.00 Financial Report of the United States Government List ID TRBU Title Price Total Price $51.00 Treasury Bulletin Total for Publications Prices include regular domestic postage and handling and are subject to change. International customers please add 40% Total Cost of Order Please return order form with payment Personal name (Please type or print) Check Method of Payment: Company name Street address ❑ Check payable to Superintendent of Documents ❑ SOD Deposit Account City, State, Zip code ❑ Daytime phone including area code Fax or e-mail Visa ❑ MasterCard ❑ Discover/NOVUS ❑ American Express (expiration date) AUTHORIZING SIGNATURE Thank you for your interest in U.S. Government Information. ALL SALES ARE FINAL. Thank you for your order! 10/07
@FedFRASER