Full text of Treasury Bulletin : September 2013
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BULLETIN SEPTEMBER 2013 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Department of the Treasury Bureau of the Fiscal Service 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 Bureau of the Fiscal Service, Governmentwide Accounting, Budget Results 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) 874-9939/9942 or (304) 480-5162 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 Bureau of Fiscal 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 2013 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 2013 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 TF-10.—Reforestation Trust Fund .................................................................................................................................... 106 RESEARCH PAPER SERIES ........................................................................................................................................... 107 GLOSSARY ...................................................................................................................................................................... 109 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 2013 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 2013 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, 2013 Introduction The pace of real gross domestic product (GDP) growth accelerated in the second quarter, after having picked up in the first quarter of 2013. Stronger growth in fixed investment, a smaller fiscal drag from government spending, and slightly faster growth of residential investment all contributed to the acceleration, which occurred as financial stresses from the sovereign debt crisis in Europe began to ease. These factors were partially offset by a wider trade deficit and slower growth in consumer spending and private inventories. Job creation continued at a moderate pace during the first quarter of 2013. The economy has added 7.3 million private sector jobs since job growth resumed in early 2010, and the unemployment rate has declined 2.6 percentage points from its peak level of 10 percent in October 2009, but remained elevated at 7.4 percent as of July 2013. Conditions in the housing sector continued to improve, with house prices in particular showing solid and steady gains, supported in part by tighter supply. Although the Administration has taken a number of steps in recent years to promote stronger economic growth in the near-term, it has also pursued deficit reduction measures in the interests of the nation’s longer-term growth. More than $2.5 trillion in deficit reduction measures have been enacted over the past 2 years, including the January 2013 signing of the American Taxpayer Relief Act (ATRA), which will reduce the deficit by an estimated $737 billion over the next 10 years. An additional $1.2 trillion in sequester-related spending cuts took effect in March 2013. Since fiscal year 2009, the federal budget deficit has fallen from a peak of 10.1 percent of GDP to 7.0 percent in fiscal year 2012. At its most recent meeting in July 2013, the Federal Reserve’s Federal Open Market Committee (FOMC) announced it would maintain its monetary stance, including existing programs of asset purchase, reinvestment of principal payments, and roll-overs of maturing Treasuries at auction. Economic Growth Since the current expansion began in mid-2009, the economy has grown by about 9.0 percent and, as of the second quarter of 2013, real GDP was 4.4 percent above its level at the end of 2007, when the recession began. According to the advance estimate, real GDP rose 1.7 percent at an annual rate during the second quarter of 2013, after increasing by 1.1 percent in the first quarter of last year. The acceleration in growth in the latest quarter reflected a rebound in business fixed investment spending, a smaller drag from government spending cuts, and slightly faster growth in residential investment. These factors were partly offset by slower growth of personal consumption expenditures, a slower pace of business inventory accumulation, and a much larger drag from net exports compared to the prior quarter. Consensus forecasts currently put real GDP growth in the third quarter of 2013 at a 2.3 percent annual rate. Private domestic final demand (consumption plus private fixed investment, considered a better measure of underlying private demand because it subtracts out government spending, inventory movements, and net exports) grew at a 2.6 percent annual rate in the second quarter, accelerating from the first quarter’s 1.5 percent pace. Real personal consumption expenditures—which account for about 70 percent of GDP—rose at a 1.8 percent annual rate in the second quarter, slowing from the 2.3 percent rise in the first quarter. Consumption added 1.2 percentage points to real GDP growth in the latest quarter. Residential investment—mostly residential homebuilding—grew 13.4 percent in the second quarter, accelerating from a 12.5 percent pace in the first quarter. Residential activity added 0.4 percentage point to secondquarter real GDP growth. For the past eleven consecutive quarters, the first such string of advances in this sector since 2005, growth in residential investment has averaged nearly 11 percent per quarter. Significantly, residential investment grew by nearly 13 percent in 2012, the strongest yearly increase since 1992. Noteworthy progress has been made in the housing market over the past year, as captured by several measures. Although single-family housing starts fell 0.8 percent in June 2013 to 591,000 units at an annual rate, this was still 11.5 percent above the level in June 2012. The level of single-family starts has risen by more than 75 percent from a September 2013 4 PROFILE OF THE ECONOMY low of 353,000 in March 2009, but in June 2013, it was still about 68 percent below the January 2006 peak, and well below the 1.1 million unit average observed from 1980 to 2004. Sales of new single-family homes have risen by 38 percent over the past year, reaching 497,000 at an annual rate in June 2013. Sales of existing single-family homes (94 percent of all home sales) increased more than 15 percent over the past year to 5.08 million at an annual rate in June 2013. The inventory of homes available for sale has trended lower. As of June, the number of new single-family homes for sale was near a record low (dating back to 1963). Relative to sales, there was a 3.9-month supply of new homes on the market, below its long-run average. The inventory of existing single-family homes has also fallen noticeably, relative to sales. In June, it stood at a 5.2-month supply, down considerably from a peak of 12.1 months in June 2010. House price measures continue to rise, reflecting a pick-up in demand and tight inventories in some markets. The FHFA purchase-only house price index rose 0.7 percent in May, and was up 7.3 percent in the year through May, the second-strongest 12-month gain since mid-2006, and the 16th straight month of year-over-year increases in this index. In May 2013, the Standard & Poor’s (S&P)/Case-Shiller composite 20-city home price index increased 1.0 percent to its highest level since October 2008, and rose 12.2 percent year-over-year, the largest year-over-year gain since March 2006. Reflecting growing optimism in the housing market, the May 2013 Zillow Home Price Expectations Survey predicted that home prices will rise by 5.4 percent in 2013, and by 4.4 percent in 2014. Nonresidential fixed investment—about 12 percent of GDP—grew 4.6 percent (annual rate) in the second quarter of 2013, reversing an identical decline in the first quarter. The rebound in business fixed investment partly reflected a large swing in investment in structures. Outlays for structures rose 6.8 percent in the second quarter of this year, after plunging by almost 26 percent in the first quarter. Growth in business spending on equipment accelerated to 4.1 percent in the second quarter, after rising by 1.6 percent in the first quarter. Investment in intellectual property products—a new category that includes outlays for software, research and development, and entertainment, literary and artistic originals—grew 3.8 percent in the second quarter, little changed from the pace recorded in the first quarter. Altogether, nonresidential fixed investment added 0.6 percentage point to real GDP growth in the second quarter of 2013. Inventory accumulation made a smaller but positive contribution to growth in the first quarter, adding 0.4 percentage point to GDP growth, after making a 0.9 percentage point contribution in the first quarter. Exports account for about 13 percent of GDP, while imports (which are subtracted from total domestic spending to calculate GDP) account for about 17 percent. After contributing nearly 1 percentage point, on average, to quarterly GDP growth in 2007 through 2009, net exports subtracted 0.5 percentage point in 2010, and then added 0.1 September 2013 percentage point in 2011 and 2012. In the second quarter of 2013, the net export deficit widened as exports rose 5.4 percent, but imports increased 9.5 percent. Net exports subtracted 0.8 percentage point from GDP growth in the second quarter, after reducing growth by 0.3 percentage point in the first quarter. 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 $798 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 $449 billion (3.1 percent of GDP) in 2010 and to $458 billion (3.0 percent of GDP) in 2011. It narrowed in 2012, to $440 billion, or 2.8 percent of GDP. As of the first quarter of 2013, the current account deficit had narrowed further, to $427 billion, or 2.7 percent of GDP. Government purchases—which account for close to 20 percent of GDP—fell 0.4 percent in the second quarter of 2013, far less than the 4.2 percent drop in the first quarter of 2013. Government outlays for consumption and investment have fallen in 12 of the past 15 quarters and, in the second quarter of this year, subtracted 0.1 percentage point from real GDP growth. Federal spending fell 1.5 percent in the second quarter after declining 8.4 percent in the first quarter. After 10 straight quarterly declines in State and local government spending—the longest period of falling expenditures at this level of government in postwar history—State and local spending grew 0.6 percent in the second quarter of 2012, but fell again in the subsequent three quarters. In the second quarter of 2013, however, State and local spending rose 0.3 percent, and made a slightly positive contribution to real GDP 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 2013, total nonfarm payroll employment has grown by nearly 6.7 million. In the private sector, employment has increased by 7.3 million during the same period. Job losses during the recession were spread broadly across most sectors but, with the resumption of job growth, all 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 2 million, and the leisure and hospitality industries’ employment has increased by 1.3 million through July 2013. Growth in manufacturing payrolls has slowed in recent months, but payrolls have grown by 515,000 since early 2010. A few sectors continued to add jobs throughout the recession and still continue to hire new workers: since early 2010, the health care and social assistance sector has added an additional 1 million jobs. The PROFILE OF THE ECONOMY government sector also added workers to payrolls during the recession, but the State and local sectors have since cut employment considerably, although at a slower pace in more recent months. From February 2010 through July 2013, government sector job losses totaled 618,000. Over that same period, State and local job losses numbered 494,000, including 369,000 local government jobs (of which 269,000 were in local education). 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 3 years, the unemployment rate trended lower, reaching 7.4 percent in July 2013. 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 14.0 percent in July 2013. 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. This measure dropped to 36.7 percent in June, an almost four-year low, but rose to 37.0 percent in July. 5 percent increase in the year through June 2012. On a 12month basis, core consumer prices (excluding food and energy) rose 1.6 percent through June 2013, less than the 2.2 percent advance in the year through June 2012, and the smallest increase in 2 years. Energy prices have increased in recent months. The front-month futures price of West Texas Intermediate (WTI) crude oil averaged $104.55 per barrel in July 2013, up nearly $17 from the July 2012 average. The retail price of regular gasoline averaged $3.59 per gallon in July 2013, up 15 cents from a year earlier. 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. Inflation Headline inflation has generally leveled off over the past year, while core inflation (excluding food and energy) has moderated. Headline consumer prices rose 1.8 percent over the 12 months ending in June 2013, just above the 1.7 percent rise over the year through June 2012. Energy prices advanced 3.2 percent in the year through June, after falling by 3.9 percent in the previous year. Food prices rose 1.4 percent over the year through June 2013, about half the 2.7 September 2013 6 PROFILE OF THE ECONOMY Federal Budget and Debt The federal budget deficit narrowed to $1.1 trillion in fiscal year 2012, dropping sharply as a percentage of GDP to 7.0 percent from 8.7 percent in fiscal year 2011. The deficit has declined by roughly 3 percentage points as a share of the economy from a peak of 10.1 percent in fiscal year 2009, making the past three years the most rapid period of fiscal consolidation that the U.S. has experienced since the year following the end of World War II. On March 1, 2013, $1.2 trillion in mandated public spending cuts, collectively known as the sequester, took effect. In April 2013, the Administration released its Fiscal Year 2014 budget proposal, which would replace the sequester with a deficit reduction package worth $1.8 trillion over the next 10 years. Together with the $2.5 trillion in deficit reduction measures enacted in the previous 2 years, these measures would bring the total amount of deficit reduction over 10 years to $4.3 trillion. The Administration’s Mid-Session Review of the Fiscal Year 2014 Budget, released in early July, shows a smaller deficit in Fiscal Year 2013 than previously forecast, reflecting stronger-than-expected revenue growth, lower outlays for discretionary and mandatory programs, the implementation of spending cuts under the Budget Control Act, and increased dividend payments to the Treasury from Fannie Mae and Freddie Mac. The budget deficit is projected to decline to 6.0 percent of GDP in fiscal year 2013, to 4.5 percent of GDP in fiscal year 2014, and to dip below 3 percent of GDP by fiscal year 2017. The primary deficit— receipts less outlays, excluding net interest—would reach balance in fiscal year 2019, at which point spending would no longer add to the national debt. The national debt-to-GDP ratio is projected to peak at 78.2 percent in fiscal years 2014 and 2015, and then begin to decline, falling to 73 percent of GDP in fiscal year 2023. Economic Policy Key fiscal and monetary policy actions taken over the past few years have aided the recovery. On the fiscal policy side, the American Recovery and Reinvestment Act (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 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 percentage point payroll tax cut, extensions of unemployment benefits and refundable tax credits, and a 2year extension of the 2001 tax cuts. In late December 2011, the 2 percentage point payroll tax cut and extended September 2013 unemployment benefits included in the 2010 tax legislation, were each extended for 2 additional months. In late February 2012, the extension of the payroll tax cut and extended unemployment benefits for the remainder of 2012 were signed into law. In January 2013, the ATRA was signed into law. The ATRA permanently extended tax cuts for the vast majority of Americans and small businesses, extended Emergency Unemployment benefits for an additional year, extended a variety of other tax cuts and credits, postponed the sequester, originally scheduled to take effect on January 1, until March 1, 2013, and raised tax rates for high-income earners. Altogether, the ATRA is projected to reduce the deficit by $737 billion over the next decade. 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 September 2007. By late 2008, the FOMC had lowered the federal funds target interest rate dramatically, reducing it to a historically low target range of 0 percent to 0.25 percent at the December 2008 FOMC meeting. Beginning with the August 2011 meeting, the FOMC also began identifying an expected timeframe for maintaining the Federal funds rate target at “exceptionally low levels.” Initially put at mid2013, the timeframe was extended to “at least late 2014” at the January 2012 FOMC meeting, and then to “at least mid2015” at the September 2012 meeting, a timeframe for the target range which was maintained at the October 2012 meeting. At the December 2012 meeting, however, the FOMC implemented numerical targets for its policy rate guidance. Specifically, the FOMC indicated that it would maintain the target range as long as the unemployment rate remained above 6.5 percent, inflation between 1 and 2 years ahead is projected to be no more than 0.5 percentage point above the FOMC’s 2 percent longer-run goal, and long-term inflation expectations remain well anchored. These numerical targets were maintained at the FOMC’s most recent meeting in July 2013. 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 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 PROFILE OF THE ECONOMY securities, all by the end of June 2012. The Committee also announced the 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). At the September 2012 meeting, the FOMC announced it would increase monetary accommodation through $40 billion per month in additional purchases of mortgage-backed securities through the end of the year. The FOMC announced additional monetary accommodation at the December 2012 meeting, including the completion of short-term securities sales (which drain liquidity) and the continuation of purchases of long-term Treasury securities at a rate of $45 billion per month beyond the end of 2012. The FOMC also indicated that monthly purchases of mortgage-backed securities at a pace of $40 billion per month would continue, and affirmed its existing policy of reinvesting principal payments. At the July 2013 meeting, the FOMC re-affirmed these arrangements, which means it will be growing its balance sheet at a rate of $85 billion per month on an open-ended basis. Financial Markets Financial markets have largely recovered from the unprecedented strains experienced in the fall of 2008, but came under renewed pressure in 2011, as investors expressed concerns about slowing economic growth in the United States as well as globally, and about strains in debt 7 markets in Europe. These concerns persisted in 2012 and in early 2013, and expanded to include uncertainty about the U.S. fiscal situation. Although concerns about U.S. fiscal drag persist, concerns have eased about the sovereign debt crisis in Europe. Overall, financial conditions in general continue to improve. Credit flows have increased substantially since early 2009, with banks continuing to ease standards and terms across several lending categories, though to a lesser extent in the second quarter of 2013. However, demand has risen more strongly in the second quarter for a variety of loan types. Small firms in particular increased their demand for commercial and industrial loans, and there was also stronger demand for commercial real estate loans as well as mortgages. After some deterioration in the summer of 2011, measures of risk tolerance and volatility have all improved. After plunging 38.5 percent in 2008, the sharpest loss since 1931 (when an earlier version of the index, containing only 90 stocks, dropped 47 percent), the S&P 500 index rose 23.5 percent in 2009 and 12.8 percent in 2010. Although the index was flat in 2011, it advanced 13.4 percent last year. Thus far in 2013, the index has reached successive record highs, and is up nearly 19 percent. 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 13 as of early August 2013. September 2013 8 PROFILE OF THE ECONOMY A variety of factors have buffeted long-term Treasury interest rates, including flight-to-quality flows in response to a variety of specific risk events, as well as supply concerns related to funding of the government’s debt, concern about the need for fiscal retrenchment, the downgrade of U.S. Treasury debt by rating agency S&P in August 2011, ongoing concerns about European debt markets and debt downgrades in some European countries and, most recently, concerns about forthcoming fiscal drag in the United States. The yield on the 10-year note traded above the 3 percent level during the first half of 2011, but thereafter trended lower, reaching a record low of 1.43 percent in late July 2012. The yield subsequently rose and fluctuated around the 2 percent mark in early 2013, then fell to about 1.7 percent in early May. Thereafter, the yield trended much higher, reaching about 2.6 percent as of early August. 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 2013. The 2- to 10-year Treasury yield spread, one measure of the steepness of the yield curve, widened to 291 basis points in early February 2011, then trended noticeably lower, reaching 132 basis points in mid-November 2012. Since then, the spread has widened again, reaching 235 basis points as of early August 2013. 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 23 basis points in early August September 2013 2013. 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, the spread widened above that level again in early August 2011 to about 340 basis points. The spread remained above 300 basis points for much of 2012, but dropped below that level late in the year, where it has remained since. This spread stood at 270 basis points as of early August 2013, still very high by historical standards. Rates for conforming mortgages have trended lower in recent years, as have rates for jumbo mortgages. The interest rate for a 30-year conforming fixed-rate mortgage fell to a record low of 3.31 percent in November 2012; starting in May 2013, however, it started moving sharply higher. As of early August 2013, the rate had risen to 4.5 percent. 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) appreciated to a peak level in February 2002, and then depreciated significantly over the next several years. From its peak in February 2002, to the recent low reached in August 2011, the exchange value of the dollar compared to an index of these currencies fell by about 38.5 percent. Although the dollar’s exchange value against this index remains well below the February 2002 peak, it has appreciated between August 2011 and July 2013 by nearly 12 percent. Over the longer timeframe, the dollar depreciated by about 42 percent against the yen and by 39 percent against the euro. In the period since August 2011 through July 2013, the dollar has appreciated by almost 30 percent against the yen, but has depreciated by about 10 percent against the euro. Against an index of currencies of 19 other important trading partners (including China, India, and Mexico), the dollar depreciated 10.2 percent over the longer timeframe, and has appreciated by 4.1 percent against this basket between August 2011 and July 2013. 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 2013 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 2013 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 $437.0 billion for the third quarter of fiscal year 2013. This is an increase of $80.6 billion over the comparable prior year quarter. Withheld receipts increased by $12.0 billion and non-withheld receipts increased by $70.5 billion during this period. Refunds increased by $1.8 billion over the comparable fiscal year 2012 quarter. There was an increase of $3.3 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2012. Corporate income taxes—Net corporate income tax receipts were $105.3 billion for the third quarter of fiscal year 2013. This is an increase of $13.9 billion compared to the prior year third quarter. The $13.9 billion change is September 2013 comprised of an increase of $15.1 billion in estimated and final payments, and an increase of $1.2 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2013 were $256.2 billion, an increase of $38.2 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 $30.7 billion, $5.2 billion, and $2.2 billion respectively. There was a -$2.5 billion accounting adjustment for prior years employment tax liabilities made in the third quarter of fiscal year 2013, while there was a $0.8 billion adjustment in the third quarter of fiscal year 2012. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2013 were $28.6 billion, a decrease of $1.9 billion over the comparable quarter of fiscal year 2012. Net State taxes deposited in the U.S. Treasury decreased by $1.9 billion to $25.5 billion. Net Federal Unemployment Tax Act taxes increased by $0.1 billion to $3.2 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 2013. This was a negligible change from the comparable quarter of fiscal year 2012. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2013 were $20.5 billion, a decrease of $0.4 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.0 billion, an increase of $0.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $8.5 billion for the third quarter of fiscal year 2013. These receipts represent an increase of $4.1 billion over the same quarter in fiscal year 2012. Customs duties—Customs duties net of refunds were $7.5 billion for the third quarter of fiscal year 2013. This is an increase of $0.1 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2013 were $26.2 billion, a decrease of $3.8 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $3.7 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 2013 890,532 692,707 197,825 799,874 656,804 143,070 90,658 35,903 54,756 2,087,144 1,581,669 505,474 2,596,969 2,158,399 438,570 -509,826 -576,730 66,905 -17,257 -55,706 -17,695 -90,658 633,003 -49,412 -73,766 509,826 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2013 [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 240.2 36.1 97.2 9.8 0.3 6.9 5.9 2.5 7.8 406.7 78.4 6.3 73.8 18.2 0.3 6.9 1.3 2.4 9.5 197.2 118.3 63.0 85.2 0.5 0.3 6.7 1.2 2.6 8.9 286.6 Note.—Detail may not add to totals due to independent rounding. September 2013 12 September 2013 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) 2,523,324 2,104,365 2,161,728 2,302,495 2,449,092 1,865,279 1,450,355 1,530,040 1,736,709 1,879,592 658,045 654,010 631,688 565,787 569,500 2,978,123 3,520,088 3,455,931 3,598,086 3,538,447 2,503,371 3,003,070 2,901,248 3,099,477 3,030,856 474,751 517,018 554,683 498,609 507,589 -454,798 -1,415,722 -1,294,204 -1,295,591 -1,089,353 -638,092 -1,552,714 -1,371,208 -1,362,769 -1,151,263 183,294 136,992 77,004 67,179 61,913 1,035,015 1,889,727 1,652,342 1,234,576 1,286,476 2013 - Est. ................... 2,776,563 2014 - Est .................... 3,023,004 2,102,420 2,283,787 674,143 739,217 3,535,881 3,773,373 2,899,631 3,068,252 636,250 705,121 -759,318 -750,369 -797,211 -784,465 37,893 34,096 1,026,015 1,004,520 260,177 184,585 178,860 261,566 184,316 161,730 269,508 272,225 122,815 186,018 406,723 197,182 286,627 205,262 141,402 134,871 213,401 144,166 118,560 230,049 207,810 67,807 120,570 332,553 139,762 220,392 54,916 43,183 43,989 48,165 40,150 43,169 39,459 64,415 55,008 65,448 74,170 57,420 66,235 319,919 254,190 369,393 186,546 304,311 333,841 270,699 269,342 326,354 292,548 293,833 335,914 170,126 317,698 205,566 286,947 157,539 255,939 278,997 267,740 212,018 260,700 226,200 236,743 269,499 150,562 2,221 48,624 82,446 29,007 48,372 54,844 2,959 57,324 65,653 66,348 57,091 66,415 19,564 -59,741 -69,604 -190,533 75,020 -119,995 -172,112 -1,191 2,883 -203,539 -106,530 112,889 -138,732 116,501 -112,436 -64,163 -152,076 55,861 -111,774 -160,437 -37,691 -4,208 -192,894 -105,630 95,810 -129,737 69,830 52,695 -5,441 -38,457 19,159 -8,222 -11,675 36,500 7,091 -10,645 -900 17,079 -8,995 46,672 86,220 79,736 83,090 51,297 195,246 109,271 63,743 1,215 253,395 85,043 59,272 -90,096 -3,629 Fiscal year 2013 to date ... 2,087,144 1,581,669 505,474 2,596,968 2,158,398 438,570 -509,826 -576,731 66,905 673,460 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2008 ............................ 2009 ............................ 2010 ............................ 2011 ............................ 2012 ............................ 2012 - June ................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2013 - 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) 2008 ...................................... 2009 ...................................... 2010 ...................................... 2011 ...................................... 2012 ...................................... 145 99 771 1,014 -589 267,438 146,766 179,044 125,742 133,641 767,722 1,743,060 1,474,069 1,109,849 1,152,249 296,371 -96,343 34,567 -251,743 27,356 117 45,528 -535 -1,535 -643 1,552 1,674 -538 6,011 5,955 286 8,719 -531 9,719 819 -15,356 -368,200 -147,277 -51,806 -29,408 -375 - 454,040 1,415,282 1,293,454 1,295,591 1,089,353 2013 - Est. ............................. 2014 - Est .............................. 536 962 94,832 131,799 931,719 873,683 24,554 -20,000 * * * * * * -147,847 -143,314 * * 759,318 750,369 2012 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2013 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... -25 -27 -346 298 394 -309 399 98 -219 -133 46 97 193 47,795 -1,193 -68,003 53,472 53,304 -33,255 34,804 22,252 -8,776 -10,445 31,419 -43,736 -4,543 38,400 80,903 150,747 -1,878 142,335 142,218 29,338 -20,938 261,952 95,355 27,899 -46,263 1,107 -20,949 -935 -60,364 55,325 14,520 -51,019 43,774 27,527 -38,497 -2,599 134,711 -179,182 100,176 261 -330 499 723 -58 -200 76 158 -945 -560 351 -360 186 171 -24 952 442 -53 391 39 -151 -304 -334 -133 -128 248 431 173 126 -57 -413 -6 -527 111 -573 -825 57 -1,346 618 1,254 -12,415 -19,001 -16,709 -8,344 -20,940 15,215 45,700 -98,732 6,857 -5,802 3,979 -16,615 235 59,741 69,604 190,533 -75,020 119,995 172,112 1,191 -2,883 203,539 106,530 -112,889 138,732 -116,501 Fiscal year 2013 to date ............. 566 41,024 633,003 49,411 -1,352 -425 -2,904 -78,682 235 509,826 Note.—These estimates are based on the mid-session review of the President’s Budget for Fiscal Year 2014, released by the Office of Management and Budget on July 8, 2013. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. September 2013 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 Corporation Net income taxes (8) Net (4) Gross (5) Refunds (6) Net (7) 279,845 258,940 260,035 237,827 238,251 1,145,748 915,307 898,549 1,091,473 1,132,207 354,293 225,891 279,880 243,492 281,841 49,947 87,662 88,443 62,407 39,552 304,346 138,229 191,437 181,085 242,290 1,450,094 1,053,536 1,089,986 1,272,559 1,374,497 854,485 847,184 813,505 756,371 772,948 2,461 2,511 1,749 2,094 2,305 852,024 844,673 811,756 754,276 770,643 - - 1,309,683 1,395,844 278,684 333,444 - 278,684 333,444 1,588,367 1,729,288 883,936 963,310 - 883,936 963,310 70,886 85,277 85,269 70,012 95,293 78,982 128,078 93,832 92,779 103,809 85,958 88,094 72,874 43,322 5,639 5,590 49,664 15,155 4,534 9,657 62,262 5,757 9,181 209,034 6,436 50,482 5,018 3,215 3,612 2,889 8,409 8,489 2,404 127 66,309 58,363 54,788 16,090 5,050 109,189 87,701 87,247 116,787 102,039 75,027 135,331 155,967 32,227 54,627 240,204 78,439 118,306 58,278 8,789 5,469 58,355 9,014 4,688 60,877 10,206 5,382 33,842 41,035 8,586 64,768 1,403 2,278 1,637 2,338 7,395 1,469 3,207 2,454 4,209 4,988 4,951 2,324 1,809 56,875 6,511 3,832 56,017 1,619 3,219 57,670 7,752 1,173 28,854 36,083 6,262 62,959 166,064 94,212 91,079 172,804 103,658 78,246 193,001 163,719 33,400 83,481 276,287 84,701 181,265 73,810 57,857 59,010 68,716 55,475 59,835 55,597 83,981 70,117 83,033 96,756 73,300 85,293 2,305 - 73,810 57,857 59,010 66,411 55,475 59,835 55,597 83,981 70,117 83,033 96,756 73,300 85,293 839,699 372,498 220,029 992,167 238,398 32,806 205,591 1,197,758 663,387 - 663,387 Withheld (1) Other (2) 2008 .................. 2009 .................. 2010 .................. 2011 .................. 2012 .................. 970,195 861,774 880,361 990,952 1,018,104 455,399 312,474 278,223 338,348 352,355 2013 - Est. ......... 2014 - Est .......... 1,309,683 1,395,844 2012 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2013 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... Fiscal year 2013 to date ................ Fiscal year or month Refunds (3) 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) Gross (9) Refunds (10) Net (11) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2008 ............................ 2009 ............................ 2010 ............................ 2011 ............................ 2012 ............................ 4,445 4,214 4,141 4,240 4,289 12 1 1 2 6 4,433 4,213 4,140 4,238 4,283 856,457 848,886 815,896 758,515 774,926 39,642 37,996 44,922 56,335 66,747 115 107 99 95 99 39,527 37,889 44,823 56,241 66,647 4,125 4,104 4,042 4,021 3,712 44 38 35 30 30 4,169 4,142 4,076 4,051 3,739 2013 - Est. ................... 2014 - Est .................... 5,024 5,172 - 5,024 5,172 888,960 968,482 58,593 57,191 - 58,593 57,191 3,727 4,516 19 17 3,746 4,533 2012 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2013 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -121 422 578 358 570 339 387 463 569 498 455 484 -131 * 1 * * * * 58 * 4 * * 1 * -121 421 578 358 570 339 329 463 565 498 455 483 -131 73,689 58,278 59,588 66,770 56,045 60,174 55,925 84,444 70,683 83,530 97,211 73,783 85,163 1,356 9,112 6,459 513 2,771 4,818 649 5,050 3,598 698 9,863 18,255 542 15 13 11 10 4 5 4 2 1 18 47 16 10 1,341 9,099 6,448 502 2,767 4,813 645 5,048 3,596 680 9,817 18,240 532 287 282 350 288 294 328 289 277 271 330 279 312 275 2 2 3 2 2 2 3 2 2 2 2 2 2 289 284 353 290 296 330 292 279 273 332 281 314 277 Fiscal year 2013 to date ... 3,634 63 3,571 666,958 46,244 107 46,138 2,655 19 2,674 See footnotes at end of table. September 2013 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 2008 .............................. 2009 .............................. 2010 .............................. 2011 .............................. 2012 .............................. 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) 900,154 890,918 864,795 818,807 845,312 12,048 10,679 10,632 11,551 12,184 56 110 19 18 23 11,992 10,569 10,613 11,532 12,161 653 645 595 623 664 - 653 645 595 623 664 37,441 36,007 35,562 36,907 41,159 1,057 1,046 569 - 36,385 34,961 34,993 36,907 41,159 19,742 23,408 27,942 27,510 29,551 1,438 7,100 7,234 4,191 4,476 18,304 16,308 20,709 23,320 25,076 2013 - Est. .................... 951,299 2014 - Est ..................... 1,030,206 12,670 14,020 - 12,670 14,020 587 587 - 587 587 37,596 37,637 - 37,596 37,637 34,481 52,925 - 34,481 52,925 2012 - June ................... 75,319 July.................... 67,661 Aug.................... 66,389 Sept................... 67,562 Oct .................... 59,108 Nov.................... 65,317 Dec.................... 56,862 2013 - Jan ..................... 89,771 Feb .................... 74,552 Mar .................... 84,542 Apr .................... 107,309 May ................... 92,337 June .................. 85,972 1,139 1,147 912 1,004 116 1,298 1,129 1,049 1,084 1,345 1,089 1,105 664 8 3 7 3 1,139 1,147 904 1,001 116 1,298 1,129 1,049 1,084 1,338 1,089 1,105 661 50 53 31 104 7 68 59 55 53 24 53 45 3 - 50 53 31 104 7 68 59 55 53 24 53 45 3 2,143 3,321 3,188 6,549 438 4,096 3,560 3,305 3,156 2,306 3,161 3,190 1,531 - 2,143 3,321 3,188 6,549 438 4,096 3,560 3,305 3,156 2,306 3,161 3,190 1,531 4,075 2,687 3,357 2,462 6,357 1,481 1,845 1,998 875 4,221 2,780 2,732 5,169 172 146 835 475 257 96 34 55 117 527 161 179 645 3,904 2,541 2,522 1,987 6,100 1,385 1,811 1,943 758 3,694 2,619 2,553 4,525 Fiscal year 2013 to date ..... 715,770 8,879 10 8,869 367 - 367 24,743 - 24,743 27,458 2,071 25,388 Net miscellaneous receipts Fiscal year or month 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 2012 ....................... 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) 67,334 62,484 66,909 72,381 79,062 29,824 24,677 19,751 9,079 14,451 980 1,195 866 1,680 477 28,844 23,482 18,885 7,399 13,971 28,537 23,546 26,266 30,697 32,079 969 1,092 969 1,178 1,774 27,568 22,454 25,298 29,519 30,306 33,598 34,318 75,845 82,546 81,955 15,732 17,172 20,010 19,284 23,991 49,330 51,490 95,855 101,831 105,943 1,865,279 1,450,355 1,530,040 1,736,708 1,879,592 658,045 654,010 631,688 565,787 569,500 2013 - Est. .............. 85,334 2014 - Est ............... 105,169 17,690 15,243 - 17,690 15,243 32,154 36,481 - 32,154 36,481 78,000 83,000 23,719 23,617 101,719 106,617 2,102,420 2,283,787 674,143 739,217 2012 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2013 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 7,235 7,063 6,645 9,641 6,662 6,848 6,559 6,352 5,051 7,362 6,922 6,893 6,719 912 1,071 1,545 997 1,186 991 1,215 1,162 1,107 1,194 6,206 1,385 1,271 52 60 38 50 43 98 37 32 80 67 317 53 38 860 1,011 1,506 947 1,143 893 1,178 1,130 1,027 1,126 5,888 1,333 1,233 2,589 3,041 2,884 2,814 3,059 2,774 2,576 2,873 2,408 2,608 2,643 2,493 2,667 92 127 104 77 120 110 116 74 124 82 148 93 104 2,497 2,913 2,780 2,737 2,940 2,664 2,460 2,799 2,284 2,526 2,495 2,400 2,563 6,857 6,386 8,863 6,697 8,229 6,460 7,119 5,650 3,845 5,080 5,815 7,211 7,080 1,346 5,339 1,596 1,178 2,576 1,304 2,328 2,802 2,656 1,899 2,007 2,308 1,795 8,202 11,725 10,460 7,874 10,804 7,762 9,447 8,453 6,501 6,980 7,822 9,518 8,875 205,262 141,402 134,871 213,401 144,166 118,561 230,049 207,810 67,807 120,570 332,553 139,762 220,392 54,916 43,183 43,989 48,165 40,150 43,169 39,459 64,415 55,008 65,448 74,170 57,420 66,235 Fiscal year 2013 to date ......................... 59,368 15,717 765 14,951 24,101 971 23,131 56,489 19,675 76,162 1,581,670 505,474 Note.—These estimates are based on the mid-session review of the President’s Budget for Fiscal Year 2014, released by the Office of Management and Budget on July 8, 2013. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. September 2013 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) 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 2012 ....................... 4,409 4,703 5,838 4,583 4,438 6,345 6,643 7,185 7,295 7,228 90,789 114,436 129,454 139,394 139,712 7,725 10,720 13,233 9,930 10,267 594,656 636,772 666,717 678,077 650,869 65,957 53,387 92,858 64,271 57,248 21,404 23,684 30,775 31,371 32,485 700,454 796,266 854,060 891,245 848,055 40,683 51,720 44,455 45,744 47,423 49,086 61,018 60,143 57,008 49,591 9,822 11,778 13,163 13,529 12,886 26,544 27,713 29,558 30,518 31,161 58,840 138,156 173,053 131,973 104,742 2013 - Est. .............. 2014 - Est ............... 4,792 4,894 7,283 7,621 159,620 149,080 9,391 9,327 610,266 585,950 44,431 74,352 25,977 29,426 903,970 962,354 58,377 53,666 56,518 40,283 9,964 13,065 29,897 35,515 86,163 81,066 2012 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2013 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 375 348 337 340 442 371 354 380 328 338 399 363 310 588 595 761 578 573 623 563 563 545 738 542 616 501 10,678 10,077 9,728 9,904 21,437 14,685 16,363 15,537 11,811 11,049 11,756 11,747 10,443 759 792 724 758 961 786 811 736 688 545 927 705 802 56,341 49,282 61,545 49,694 62,549 53,784 50,140 50,885 43,625 53,615 46,514 54,277 42,282 -3,130 6,354 7,574 4,072 3,853 5,722 6,054 -1,032 7,971 7,180 81 6,465 -9,296 93,722 54,413 92,829 54,585 76,312 90,318 55,528 72,350 70,377 72,497 75,319 93,732 53,035 3,744 3,576 4,134 3,491 4,858 5,352 5,613 5,866 5,146 5,532 4,519 4,321 3,812 3,771 791 12,825 2,784 2,756 2,763 3,006 2,530 2,749 2,761 2,412 2,363 1,828 1,337 1,016 963 1,495 910 -892 913 851 789 879 940 726 1,552 2,473 1,628 2,521 2,934 3,569 2,485 1,431 2,615 2,450 2,492 2,486 2,899 1,700 8,032 8,292 8,136 6,428 5,493 7,651 7,647 8,936 6,516 7,287 7,703 6,020 5,955 Fiscal year 2013 to date ......................... 2,688 2,467 2,279 2,849 2,506 2,240 2,451 1,964 2,055 967 1,949 2,319 2,577 ` 3,285 5,264 124,828 6,961 457,671 26,998 19,028 659,468 45,019 23,168 6,668 22,127 63,208 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) 2008 ....................... 2009 ....................... 2010 ....................... 2011 ....................... 2012 ....................... 17,493 21,430 23,804 24,334 26,948 64,945 73,006 77,751 77,302 75,148 451,154 383,073 413,955 454,015 359,240 97,658 318,701 30,385 82,720 105,456 84,746 95,454 108,275 126,917 124,127 5,077 6,840 9,875 10,138 7,777 45,783 57,276 54,031 54,775 77,316 7,938 8,070 11,007 10,770 12,794 1,172 742 583 484 405 342 320 861 1,889 1,754 11,362 14,801 20,040 20,601 20,060 2013 - Est. .............. 2014 - Est ............... 29,536 30,412 78,505 86,422 414,655 419,797 -10,700 93,387 138,901 149,501 7,180 7,059 56,453 57,722 9,158 8,403 384 408 -124 -508 21,630 26,375 2012 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2013 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 2,032 2,934 1,628 3,724 1,893 2,996 2,186 1,723 1,757 1,824 1,836 1,874 1,615 6,801 6,636 5,782 8,203 7,489 5,793 6,708 5,091 4,787 5,089 5,574 5,998 6,460 103,887 -52,817 20,045 16,700 12,923 25,069 95,737 17,817 16,882 23,472 35,952 24,378 93,032 -563 3,945 3,550 -30,129 4,787 6,800 -2,065 3,101 52,350 -742 10,836 6,774 -63,386 14,592 5,646 16,750 5,928 11,396 15,812 10,628 6,344 10,719 12,332 11,335 16,631 7,150 581 631 607 554 645 777 672 537 422 424 471 499 437 8,783 26,798 8,967 1,202 5,329 8,546 5,254 1,523 5,208 4,759 2,338 8,833 1,153 878 874 3,318 955 900 781 835 891 951 817 748 685 604 32 30 45 32 26 30 31 29 32 37 34 34 28 64 148 457 120 -25 -146 63 -60 -119 142 -191 219 -103 2,220 1,372 306 1 1,207 2,082 1,624 -12 2,081 2,313 845 2,473 3,150 Fiscal year 2013 to date ......................... 17,704 52,989 345,262 18,455 102,347 4,884 42,943 7,212 281 -220 15,763 See footnotes at end of table. September 2013 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) 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 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589 2013 - Est. ......... 16,802 7,293 89,465 893 868,958 37,506 -85,631 -155,978 -7,350 11,696 2,899,631 636,250 2014 - Est .......... 17,992 7,798 95,862 1,134 912,719 18,237 -84,706 -150,649 -7,516 36,925 3,068,252 705,121 2012 - June ....... 1,468 668 6,168 83 78,205 -409 -5,661 -81,137 -153 - 317,698 2,221 July ........ 1,995 698 7,078 89 65,384 1,704 -5,439 47,928 -1,076 - 205,566 48,624 Aug ........ 1,477 815 6,326 107 100,439 3,189 -5,650 -770 -396 -1,956 286,947 82,446 Sept ....... 1,659 631 7,310 87 39,304 3,206 -5,750 422 -484 -7,040 157,539 29,007 Oct......... 1,334 650 7,520 95 69,659 3,430 -20,646 11,141 -1,661 - 255,939 48,372 Nov ........ 1,397 594 6,837 93 73,919 4,210 -5,620 -1,422 -592 - 278,998 54,844 Dec ........ 1,846 669 6,390 101 71,118 2,039 -5,178 -75,680 -567 -2,588 267,740 2,959 2013 - Jan ......... 980 370 7,416 123 67,180 1,941 -5,336 -1,930 -567 - 212,018 57,324 Feb ........ 1,281 607 6,886 98 71,911 1,528 -5,290 -166 -621 - 260,700 65,653 Mar ........ 1,455 593 6,537 117 72,501 2,006 -5,765 -1,138 -104 - 226,200 66,348 Apr......... 1,172 402 7,535 -687 71,743 1,090 -5,440 -6,231 -1,075 - 236,743 57,091 May ....... 1,580 598 6,799 115 77,140 2,653 -5,781 -1,537 -604 - 269,499 66,415 June ...... 1,278 674 6,377 106 72,962 3,386 -5,402 -74,458 -437 - 150,562 19,564 Fiscal year 2013 to date ................ 12,323 5,157 62,297 161 648,133 22,283 -64,458 -151,421 -6,228 -2,588 2,158,399 438,570 Note.—These estimates are based on the mid-session review of the President’s Budget for Fiscal Year 2014, released by the Office of Management and Budget on July 8, 2013. * Less than $500,000. - No transactions. Detail may not add to totals due to rounding. September 2013 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2013 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] Classification Budget receipts: Individual income taxes............................................... Corporation income taxes ........................................... Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... Unemployment insurance ....................................... Other retirement ...................................................... Excise taxes ................................................................ Estate and gift taxes ................................................... Customs duties ........................................................... Miscellaneous receipts ................................................ Total receipts ....................................................... (On-budget) ..................................................... (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... Judicial branch ............................................................ Department of Agriculture ........................................... Department of Commerce........................................... Department of Defense-military .................................. Department of Education ............................................ Department of Energy ................................................. Department of Health and Human Services ............... Department of Homeland Security.............................. Department of Housing and Urban Development....... Department of the Interior ........................................... Department of Justice ................................................. Department of Labor ................................................... Department of State .................................................... Department of Transportation ..................................... Department of the Treasury: Interest on the public debt....................................... Other ....................................................................... Department of Veterans Affairs .................................. Corps of Engineers ..................................................... Other defense civil programs ...................................... Environmental Protection Agency............................... Executive Office of the President................................ General Services Administration ................................ International Assistance Program ............................... National Aeronautics and Space Administration ........ National Science Foundation ...................................... Office of Personnel Management ............................... Small Business Administration ................................... Social Security Administration .................................... Other independent agencies ....................................... Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... Total outlays ........................................................ (On-budget) ..................................................... (Off-budget) ..................................................... Surplus or deficit (-) ............................................. (On-budget) ..................................................... (Off-budget) ..................................................... * Less than $500,000. - No transactions. September 2013 General funds (1) This fiscal year to date Management, consolidated, Trust revolving and funds special funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 992,134 205,591 34 - - 992,168 205,591 840,435 175,929 36 - - 840,471 175,929 22,267 14,953 15,009 60,756 1,310,710 1,310,710 - 883 6,927 13,087 20,931 20,931 - 505,474 161,483 46,137 2,674 36,219 1,195 2,319 755,502 250,028 505,474 505,474 161,483 46,137 2,674 59,369 14,953 23,131 76,162 2,087,143 1,581,669 505,474 14,868 10,508 13,944 62,160 1,117,844 1,117,844 - 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 3,245 5,029 99,602 6,699 455,203 26,842 20,554 470,775 39,942 23,420 8,107 20,688 38,827 17,160 16,511 24 296 24,692 258 2,276 156 -1,528 -322 4,909 -255 -1,819 1,473 -434 21 -138 17 -63 532 4 192 * * 189,015 167 2 381 -32 24,816 522 36,619 3,286 5,262 124,826 6,961 457,671 26,998 19,026 659,468 45,018 23,167 6,669 22,129 63,208 17,703 52,992 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 18,482 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 18,661 54,527 345,261 18,319 103,759 4,743 73,988 7,301 281 22 16,868 12,360 5,077 8,242 180 89,712 8,213 -. -166 -2,126 119 -4,246 -44 * -242 -428 -40 71 -1,387 -16 * 13,109 302 716 20 -26,798 -45 -681 1 9 55,442 * 558,419 964 345,261 18,455 102,348 4,882 42,945 7,212 281 -221 15,759 12,321 5,157 62,297 164 648,131 22,286 375,312 127,490 97,016 5,056 71,580 7,644 297 -49 18,680 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 3,268 375,312 128,091 95,802 5,985 40,348 7,649 297 1,029 18,381 12,059 5,112 58,742 2,652 616,018 25,907 -8,816 1,938,114 1,937,859 255 -627,405 -627,149 -255 -8,529 25,684 28,363 -2,679 -4,754 -7,432 2,679 -151,421 -55,930 633,170 192,727 440,442 122,333 57,301 65,032 -151,421 -73,275 2,596,968 2,158,399 438,569 -509,826 -576,730 66,905 -8,646 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 -55,954 530,213 182,938 347,275 155,472 68,583 86,889 -174,722 -75,745 2,728,317 2,380,804 347,513 -904,236 -990,886 86,650 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, the Bureau of the Fiscal Service, 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: Bureau of the Fiscal Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 4 Reserve accounts) (4) (5) 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2012 ................................................ 9,947,954 11,577,153 11,016,385 10,508,615 9,656,367 530,425 482,146 556,403 592,338 1,357,452 10,151,438 12,118,510 11,538,208 11,352,518 10,984,657 1,602,823 1,398,542 1,362,591 1,366,003 700,687 1,633,393 1,435,675 1,362,604 1,366,181 702,492 2012 - June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2013 - Jan....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 591,720 737,555 871,456 682,488 787,462 842,137 746,167 811,055 787,139 667,629 1,018,049 767,537 653,891 197,986 151,800 148,361 194,354 160,834 142,178 245,049 185,580 166,969 218,342 238,276 167,350 217,151 810,655 890,289 1,080,181 821,517 933,776 1,035,334 947,442 969,109 992,604 888,570 1,121,614 1,114,069 770,866 - - See footnotes at end of table. September 2013 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: Bureau of the Fiscal Service] Balances End of period Fiscal year or month 2008 ....................... Federal Reserve (6) SFP (7) High Tax and loan note accounts (8) Federal Reserve (9) SFP (10) Tax and loan note accounts (11) Federal Reserve (12) During period Low Tax and loan note SFP accounts (13) (14) Average Federal Reserve (15) Tax and loan note accounts (17) SFP (16) 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 2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 2012 ....................... 85,446 - - 166,619 - - 13,680 - - 64,904 - - 2012 - June............ 91,419 - - 139,880 - - 36,248 - - 86,946 - - July ............. 90,485 - - 124,415 - - 29,308 - - 65,083 - - Aug ............. 30,121 - - 58,993 - - 13,680 - - 29,339 - - Sept ............ 85,446 - - 85,446 - - 26,561 - - 58,635 - - Oct .............. 99,966 - - 99,966 - - 43,543 - - 62,963 - - Nov ............. 48,947 - - 48,947 - - 15,639 - - 30,286 - - Dec ............. 92,720 - - 92,720 - - 19,121 - - 49,448 - - 2013 - Jan.............. 120,247 - - 120,247 - - 42,637 - - 67,626 - - Feb ............. 81,750 - - 81,750 - - 14,411 - - 40,394 - - Mar ............. 79,152 - - 90,815 - - 22,220 - - 56,669 - - Apr .............. 213,863 - - 213,863 - - 52,487 - - 101,126 - - May............. 34,681 - - 184,624 - - 11,950 - - 71,117 - - June............ 134,858 - - 134,858 - - 11,476 - - 72,062 - - 1 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 2013 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 Bureau of the Fiscal Service 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 nonmarketabletes 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 2013 FEDERAL DEBT 22 TABLE FD-1.—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Public debt Agency Total securities securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2008 ............................... 2009 ............................... 2010 ............................... 2011 ............................... 2012 ............................... 10,047,828 11,933,031 13,585,596 14,815,328 16,090,640 10,024,725 11,909,828 13,561,622 14,790,340 16,066,241 23,104 23,203 23,974 24,988 24,399 4,210,491 4,355,292 4,534,014 4,658,307 4,791,850 4,210,485 4,355,291 4,534,011 4,658,301 4,791,845 6 1 3 6 5 5,837,337 7,577,739 9,051,582 10,157,021 11,298,790 5,814,240 7,554,537 9,027,611 10,132,039 11,274,396 23,098 23,202 23,971 24,982 24,394 2012 - June .................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2013 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... 15,879,511 15,957,681 16,039,870 16,090,640 16,286,263 16,394,033 16,457,613 16,458,774 16,712,052 16,796,009 16,853,522 16,763,595 16,763,286 15,855,037 15,933,234 16,015,769 16,066,241 16,261,470 16,369,548 16,432,729 16,433,792 16,687,289 16,771,378 16,828,845 16,738,821 16,738,319 24,474 24,447 24,101 24,399 24,793 24,485 24,884 24,982 24,763 24,631 24,677 24,774 24,967 4,806,826 4,806,602 4,738,468 4,791,850 4,845,056 4,811,469 4,846,174 4,868,335 4,859,474 4,848,930 4,880,244 4,836,371 4,831,752 4,806,820 4,806,596 4,738,462 4,791,845 4,845,052 4,811,464 4,846,169 4,868,329 4,859,468 4,848,924 4,880,239 4,836,365 4,831,746 6 6 6 5 5 5 5 5 5 5 5 5 5 11,072,685 11,151,079 11,301,402 11,298,790 11,441,207 11,582,564 11,611,439 11,590,439 11,852,578 11,947,079 11,973,278 11,927,224 11,931,534 11,048,217 11,126,638 11,277,307 11,274,396 11,416,418 11,558,084 11,586,560 11,565,463 11,827,821 11,922,454 11,948,606 11,902,456 11,906,573 24,468 24,441 24,095 24,394 24,788 24,480 24,879 24,977 24,758 24,626 24,672 24,769 24,962 Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized Accrual outstanding premium amount face value and discount (14) (15) (13) Securities held by the public Net Amount unamortized Accrual outstanding premium amount face value and discount (17) (18) (16) 2008 ............................... 2009 ............................... 2010 ............................... 2011 ............................... 2012 ............................... 10,047,828 11,933,031 13,585,596 14,815,328 16,090,640 64,135 59,219 58,963 53,105 42,529 9,983,694 11,873,812 13,526,633 14,762,223 16,048,111 4,210,491 4,355,292 4,534,014 4,658,307 4,791,850 27,432 25,467 25,145 23,697 23,592 4,183,059 4,329,825 4,508,869 4,634,610 4,768,258 5,837,337 7,577,739 9,051,582 10,157,021 11,298,790 36,703 33,752 33,818 29,408 18,937 5,800,635 7,543,987 9,017,764 10,127,613 11,279,854 2012 - June .................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2013 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... 15,879,511 15,957,680 16,039,870 16,090,640 16,286,263 16,394,033 16,457,613 16,458,774 16,712,052 16,796,009 16,853,522 16,763,595 16,763,286 45,447 43,908 43,354 42,529 42,512 41,319 40,757 40,603 40,705 39,752 37,947 38,019 41,147 15,834,064 15,913,773 15,996,517 16,048,111 16,243,751 16,352,714 16,416,857 16,418,170 16,671,347 16,756,257 16,815,575 16,725,576 16,722,139 4,806,826 4,806,602 4,738,468 4,791,850 4,845,056 4,811,469 4,846,174 4,868,335 4,859,474 4,848,930 4,880,244 4,836,371 4,831,752 22,843 23,813 23,681 23,592 23,494 23,162 23,062 22,971 22,886 22,787 22,682 22,544 22,469 4,783,983 4,782,789 4,714,787 4,768,258 4,821,563 4,788,307 4,823,112 4,845,364 4,836,588 4,826,143 4,857,562 4,813,826 4,809,283 11,072,685 11,151,078 11,301,402 11,298,790 11,441,207 11,582,564 11,611,439 11,590,439 11,852,578 11,947,079 11,973,278 11,927,224 11,931,534 22,604 20,095 19,673 18,937 19,018 18,157 17,695 17,632 17,819 16,965 15,265 15,475 18,678 11,050,081 11,130,983 11,281,730 11,279,854 11,422,189 11,564,407 11,593,745 11,572,806 11,834,759 11,930,114 11,958,013 11,911,750 11,912,856 End of fiscal year or month September 2013 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) 2008 .................................. 2009 .................................. 2010 .................................. 2011 .................................. 2012 .................................. 5,808,692 7,551,862 9,022,808 10,127,031 11,269,586 5,210,151 6,987,937 8,475,928 9,604,300 10,730,170 1,484,332 1,986,173 1,783,675 1,475,557 1,613,026 2,623,364 3,772,964 5,252,585 6,406,983 7,114,960 2012 - June ....................... July ........................ Aug ........................ Sept ....................... Oct......................... Nov ........................ Dec ........................ 2013 - Jan ......................... Feb ........................ Mar ........................ Apr......................... May ....................... June ...................... 11,044,185 11,122,282 11,272,626 11,269,586 11,411,598 11,553,201 11,581,518 11,560,176 11,822,436 11,916,888 11,943,148 11,897,151 11,901,292 10,502,007 10,588,362 10,737,701 10,730,170 10,867,875 11,013,208 11,033,484 11,095,232 11,288,004 11,377,417 11,396,138 11,376,764 11,375,869 1,594,427 1,578,693 1,659,984 1,613,026 1,619,648 1,692,740 1,626,480 1,604,981 1,738,404 1,788,158 1,692,540 1,605,043 1,568,076 6,957,009 7,061,335 7,100,325 7,114,960 7,221,718 7,261,197 7,320,862 7,380,028 7,416,574 7,428,092 7,520,728 7,557,102 7,574,018 U.S. savings securities (8) Depositary compensation securities (9) Treasury inflation-protected securities (6) Nonmarketable Total (7) 578,504 677,491 846,054 1,016,407 1,194,715 523,951 551,308 593,614 705,352 807,469 598,540 563,924 546,880 522,731 539,415 1,152,800 1,165,650 1,181,748 1,194,715 1,207,849 1,223,858 1,236,669 1,249,625 1,265,673 1,278,670 1,291,619 1,307,774 1,320,622 797,772 782,684 795,645 807,469 818,660 835,413 849,473 860,597 867,353 882,497 891,251 906,846 913,153 542,177 533,919 534,924 539,415 543,723 539,992 548,034 464,944 534,432 539,471 547,011 520,387 525,424 Bonds (5) Nonmarketable, con. End of fiscal year or month Foreign series (10) Government account series (11) State and local government series (12) Domestic series (13) Other (14) 2008 .................................... 2009 .................................... 2010 .................................... 2011 .................................... 2012 .................................... 194,253 192,452 188,796 185,187 183,661 - 2,986 4,886 4,186 2,986 2,986 107,498 118,636 129,355 151,346 162,880 260,238 216,488 193,208 151,831 158,514 29,995 29,995 29,995 29,995 29,995 3,569 1,466 1,340 1,386 1,380 2012 - June ......................... July .......................... Aug .......................... Sept ......................... Oct........................... Nov .......................... Dec .......................... 2013 - Jan ........................... Feb .......................... Mar .......................... Apr........................... May ......................... June ........................ 184,433 184,212 183,850 183,661 183,489 183,187 182,513 182,245 182,054 181,783 181,559 181,233 180,958 - 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 2,986 161,425 161,378 162,144 162,880 162,355 163,626 168,647 90,661 164,095 165,586 167,609 138,165 155,293 162,015 154,019 154,589 158,514 163,558 158,866 162,587 157,729 153,957 157,814 163,574 166,692 154,875 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 1,323 1,330 1,361 1,380 1,340 1,333 1,306 1,328 1,346 1,307 1,288 1,315 1,317 September 2013 FEDERAL DEBT 24 TABLE FD-3.—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 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) End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) 2008 .................. 2009 .................. 2010 .................. 2011 .................. 2012 .................. 4,297,677 4,454,316 4,645,280 4,793,916 4,939,455 7,674 7,829 7,045 8,641 10,245 29,937 16,076 37,441 34,926 35,248 34,397 36,146 37,605 39,678 41,250 16,847 18,615 20,436 22,721 22,680 216,487 207,932 187,222 161,965 132,345 729,705 757,656 785,988 811,768 836,336 318,741 309,702 279,475 245,939 228,292 19,093 10,668 4,194 4,160 2,777 2012 - June ....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2013 - Jan ......... Feb ........ Mar ........ Apr......... May ....... June ...... 4,953,138 4,952,852 4,885,472 4,939,455 4,992,141 4,959,905 4,999,647 4,943,694 5,008,104 4,998,995 5,032,189 4,958,796 4,972,693 9,598 9,907 10,138 10,245 10,455 10,452 10,329 10,570 10,912 11,525 12,247 12,112 11,699 33,130 37,083 36,940 35,248 36,165 36,094 37,086 36,883 36,805 35,554 38,374 37,639 31,972 41,003 41,041 41,230 41,250 41,268 41,125 41,160 41,176 41,460 41,500 41,507 41,739 41,781 22,685 22,686 22,679 22,680 22,682 22,678 22,679 22,680 22,677 22,678 22,679 22,673 22,673 142,587 139,145 130,236 132,345 128,039 124,808 122,802 120,655 117,261 114,965 114,848 111,509 111,225 815,036 810,761 807,144 836,336 832,175 828,546 815,965 828,595 832,316 828,544 824,127 800,609 744,014 235,085 234,250 220,638 228,292 224,268 213,859 219,979 219,545 213,006 208,549 217,368 204,701 216,653 9,253 10,930 2,153 2,777 3,315 4,684 5,949 7,148 8,572 9,776 10,988 12,409 13,843 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) 2008 ..................... 2009 ..................... 2010 ..................... 2011 ..................... 2012 ..................... 2,150,651 2,296,316 2,399,111 2,492,531 2,586,697 3,320 3,313 3,388 3,374 3,424 59,090 61,764 70,982 70,446 69,324 12,811 11,484 24,455 16,302 9,970 9,272 8,735 8,161 7,541 6,912 1,605 4,239 1,142 1,207 1,533 624 405 506 696 704 72,432 19,628 18,703 16,030 20,673 614,991 683,808 759,426 855,991 931,045 2012 - June .......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2013 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... 2,598,606 2,596,371 2,589,714 2,586,697 2,580,771 2,572,536 2,610,272 2,618,654 2,611,958 2,613,914 2,630,299 2,625,157 2,672,229 3,422 3,424 3,424 3,424 3,425 3,425 3,425 3,425 3,425 3,425 3,425 3,425 3,425 68,407 74,461 71,208 69,324 68,472 60,423 67,220 66,158 67,523 68,363 67,800 60,464 69,175 13,256 12,099 11,929 9,970 8,047 13,598 13,448 13,917 13,890 12,681 13,221 12,317 9,332 7,164 7,083 6,999 6,912 6,847 6,771 6,858 6,772 6,690 6,605 6,506 6,426 6,500 1,057 1,533 1,884 2,592 3,215 3,976 3,979 3,032 3,203 3,353 3,415 468 475 663 704 616 697 432 557 597 592 630 701 515 18,199 18,811 21,564 20,673 18,972 19,610 20,169 19,097 21,516 19,390 20,521 33,264 28,951 934,182 934,325 908,813 931,045 1,004,740 998,007 998,659 923,886 995,517 997,902 1,004,446 970,298 985,291 Note.—Detail may not add to totals due to rounding. September 2013 Deposit Insurance Fund (3) Federal Housing Administration (9) Other (18) 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) National Archives and Records Administration (5) Other/Federal Communications Commission (6) 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 * 2012 ............................ 24,399 19 128 24,103 151 * 2012 - June ................. 24,474 29 133 24,154 158 * July .................. 24,447 29 134 24,126 158 * Aug .................. 24,101 19 127 23,806 151 * Sept ................. 24,399 19 128 24,103 151 * Oct................... 24,793 19 128 24,496 151 * Nov .................. 24,485 19 129 24,186 151 * Dec .................. 24,884 19 130 24,585 151 * 2013 - Jan ................... 24,982 19 131 24,682 151 * Feb .................. 24,763 19 124 24,471 151 * Mar .................. 24,631 19 124 24,345 142 * Apr................... 24,677 19 125 24,391 142 * May ................. 24,774 19 126 24,487 142 * June ................ 24,967 19 127 24,678 142 * End of fiscal year or month Note.—Detail may not add to totals due to rounding. * Less than $500,000. September 2013 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) 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 2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55 2012 - June .................... 8,792,599 2,808,138 3,667,577 1,501,719 285,192 529,973 56 July ..................... 8,950,594 2,818,970 3,790,401 1,528,840 282,782 529,601 56 Aug ..................... 9,102,348 2,934,717 3,855,400 1,507,576 273,162 531,493 55 Sept .................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55 Oct ...................... 9,228,648 2,906,732 3,997,210 1,516,348 269,465 538,893 55 Nov ..................... 9,361,561 2,992,450 4,051,300 1,513,173 263,682 540,956 54 Dec ..................... 9,373,556 2,932,843 4,124,101 1,516,995 261,723 537,895 54 2013 - Jan ...................... 9,391,764 2,944,052 4,125,151 1,523,751 259,977 538,834 54 Feb ..................... 9,540,293 3,088,899 4,128,157 1,520,833 251,891 550,513 54 Mar ..................... 9,531,585 3,140,173 4,072,625 1,518,590 250,760 549,433 53 Apr ...................... 9,566,751 3,054,099 4,146,448 1,566,604 249,491 550,108 54 May..................... 9,501,911 2,978,685 4,137,715 1,583,519 247,762 554,229 54 June.................... 9,394,294 2,952,585 4,066,202 1,566,245 246,724 562,539 55 End of fiscal year or month Note.—Detail may not add to totals due to rounding. September 2013 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”] End of fiscal year or month Statutory debt limit (1) Securities outstanding Debt subject to limit Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 2009 ................................................ 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 2012 ................................................ 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221 2012 - June ..................................... 16,394,000 15,815,885 15,815,875 10 15,855,037 10 39,162 July ...................................... 16,394,000 15,894,576 15,894,576 - 15,933,235 - 38,658 Aug ...................................... 16,394,000 15,976,711 15,976,711 - 16,015,770 - 39,059 Sept ..................................... 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221 Oct ....................................... 16,394,000 16,222,235 16,222,235 - 16,261,471 - 39,236 Nov ...................................... 16,394,000 16,330,896 16,330,896 - 16,369,549 - 38,654 Dec ...................................... 16,394,000 16,393,975 16,393,975 - 16,432,730 - 38,756 2013 - Jan ....................................... 16,394,000 16,393,975 16,393,975 - 16,433,792 - 39,818 Feb ...................................... - 16,647,907 16,647,907 - 16,687,289 - 39,383 Mar ...................................... - 16,732,270 16,732,270 - 16,771,379 - 39,110 Apr ....................................... - 16,790,780 16,790,780 - 16,828,845 - 38,067 May...................................... 25 16,699,396 16,699,396 - 16,738,822 - 39,427 June..................................... 25 16,699,396 16,699,396 - 16,738,320 - 38,925 1 Consists of guaranteed debt issued by the Federal Housing Administration. September 2013 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”] Foreign Agricultural Service (6) Total (1) Farm-Service Agency (2) 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2012 ................................................ 252,783 747,566 881,890 937,923 979,021 9,691 11,617 11,284 9,349 9,009 24,789 26,074 25,098 24,883 24,759 14,780 16,675 18,534 19,438 20,523 479 481 522 523 495 1,456 778 1,160 1,163 1,001 2012 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2013 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... 982,523 988,389 971,499 979,021 1,076,815 1,068,378 1,070,328 1,071,958 1,081,368 1,085,168 1,079,533 1,086,192 1,138,206 9,130 9,153 8,855 9,009 15,791 17,748 19,641 12,150 12,040 11,961 11,584 11,079 11,080 26,736 26,736 24,686 24,759 24,935 25,058 25,228 25,360 25,707 25,985 25,048 25,162 25,336 20,678 20,678 20,486 20,523 20,669 20,795 20,970 21,107 21,373 21,590 21,462 21,318 21,430 530 531 493 495 501 506 509 515 519 523 506 508 510 1,163 1,163 1,011 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 End of fiscal year or month End of fiscal year or month Department of Education (7) Rural Utilities Service (3) Department of Agriculture Rural Business Rural Housing and Community and Cooperative Development Development Service Service (4) (5) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2012 ................................................ 128,331 234,918 373,717 546,321 714,368 2,186 2,130 2,513 2,943 3,421 4,832 4,420 4,749 6,032 11,527 5 21 58 40 21,957 47,107 46,809 45,257 57,134 2012 - June ..................................... July...................................... Aug...................................... Sept..................................... Oct ...................................... Nov...................................... Dec...................................... 2013 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ...................................... May ..................................... June .................................... 711,020 715,687 710,868 714,368 801,112 801,112 799,329 803,837 808,681 808,681 820,528 826,789 880,835 3,543 3,478 3,485 3,421 3,386 3,506 3,506 3,615 3,648 3,701 3,769 3,817 3,890 6,032 6,032 6,032 11,527 11,527 11,527 11,527 11,527 11,527 11,527 11,527 11,527 11,527 40 40 40 40 40 40 40 70 70 68 68 68 68 52,558 53,240 55,039 57,134 57,588 58,291 58,790 59,102 59,779 60,442 60,787 61,214 61,647 September 2013 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) 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 2012 ...................................... 11,301 3,402 7,920 114,117 2012 - June ........................... 12,220 2,404 8,205 128,264 July ............................ 12,312 2,755 8,205 128,379 Aug ............................ 12,476 3,053 7,920 117,052 Sept ........................... 11,301 3,402 7,920 114,117 Oct............................. 11,955 3,753 7,920 116,632 Nov ............................ 12,872 4,051 8,073 103,796 Dec ............................ 13,495 4,400 8,073 103,816 2013 - Jan ............................. 13,818 4,742 9,081 106,032 Feb ............................ 13,953 5,010 9,081 108,978 Mar ............................ 14,964 5,354 9,081 110,288 Apr............................. 15,788 5,699 8,522 93,243 May ........................... 16,194 6,005 8,522 92,988 June .......................... 16,381 2,606 8,541 93,354 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 2013 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 26-week bills. High yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive bases. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million for bills and $5 million for notes and bonds in each auction of securities. Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: 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 Fiscal Service, Office of Financing] APRIL Auction of 2-Year Notes On March 21, 2013, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $57,140 million of securities maturing March 31 and to raise new cash of approximately $41,860 million. The 2-year notes of Series AK-2015 were dated March 31 and issued April 1. They are due March 31, 2015, 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 26. Tenders totaled $114,434 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.255 percent with an equivalent price of $99.990045. Treasury accepted in full all competitive tenders at yields lower than 0.255 percent. Tenders at the high yield were allotted 90.28 percent. The median yield was 0.244 percent, and the low yield was 0.199 percent. Noncompetitive tenders totaled $166 million. Competitive tenders accepted from private investors totaled $34,704 million. Accrued interest of $0.00683 per $1,000 must be paid for the period from March 31 to April 1. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AK-2015 is $100. September 2013 Auction of 5-Year Notes On March 21, 2013, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $57,140 million of securities maturing March 31 and to raise new cash of approximately $41,860 million. The 5-year notes of Series W-2018 were dated March 31 and issued April 1. They are due March 31, 2018, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 0-3/4 percent after determining which tenders were accept4ed 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 27. Tenders totaled $95,441 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.760 percent with an equivalent price of $99.951048. Treasury accepted in full all competitive tenders at yields lower than 0.760 percent. Tenders at the high yield were allotted 52.11 percent. The median yield was 0.725 percent, and the low yield was 0.684 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled $34,975 million. Accrued interest of $0.02049 per $1,000 must be paid for the period from March 31 to April 1. The minimum par amount required for STRIPS of notes of Series W-2018 is $100. PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, con. Auction of 7-Year Notes On March 2, 2013, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $57,140 million of securities maturing March 31 and to raise new cash of approximately $41,860 million. The 7-year notes of Series J-2020 were dated March 31 and issued April 1. They are due March 21, 2020, with interest payable on September 30 and March 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 bonds before 11:00 noon e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on March 28. Tenders totaled $74,237 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.248 percent with an equivalent price of $99.178276. Treasury accepted in full all competitive tenders at yields lower than 1.248 percent. Tenders at the high yield were allotted 51.82 percent. The median yield was 1.204 percent, and the low yield was 1.145 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $28,989 million. Accrued interest of $0.03074 per $1,000 must be paid for the period from March 31 to April 1. The minimum par amount required for STRIPS of notes of Series J-2020 is $100. 52-Week Bills On March 28, 2013, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued April 4, and will mature April 3, 2014. The issue was to refund $130,997 million of all maturing bills and to raise new cash of approximately $4,003 million. Treasury auctioned the bills on April 2. Tenders totaled $122,183 million; Treasury accepted $25,000 million. That included $163 million of noncompetitive tenders from the public. The high bank discount rate was 0.140 percent. Auction of 3-Year Notes On April 4, 2013, Treasury announced it would auction $32,000 million of 3-year notes. The issue was to refund $59,325 million of securities maturing April 15 and to raise new cash of approximately $6,675 million. The 3-year notes of Series AK-2016 were dated and issued April 15. They are due April 15, 2016, with interest payable on October 15 and April 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 April 9. Tenders totaled $103,604 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.342 percent with an equivalent price of $99.725644. Treasury accepted in full all competitive tenders at yields lower than 0.342 percent. Tenders at the high yield were allotted 8.62 percent. The median yield was 0.324 percent, and the low yield was 0.257 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled $31,876 million. The minimum par amount required for STRIPS of notes of Series AK-2016 is $100. Auction of 9-Year 10-Month 2 Percent Notes On April 4, 2013, Treasury announced it would auction $21,000 million of 9-year 10-month 2 percent notes. The issue was to refund $59,325 million of securities maturing April 15 and to raise new cash of approximately $6,675 million. The 9-year 10 month notes of Series B-2023 were dated February 15 and issued April 15. They are due February 15, 2023, with interest payable on August 15 and February 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 April 10. Tenders totaled $58,619 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.795 percent with an equivalent price of $101.839163. Treasury accepted in full all competitive tenders at yields lower than 1.795 percent. Tenders at the high yield were allotted 54.31 percent. The median yield was 1.759 percent, and the low yield was 1.720 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $20,991 million. Accrued interest of $3.25967 per $1,000 must be paid for the period from February 15 to April 15. The minimum par amount required for STRIPS of notes of Series B-2023 is $100. Auction of 29-Year 10-Month 3-1/8 Percent Bonds On April 4, 2013, Treasury announced it would auction $13,000 million of 29-year 10-month 3-1/8 percent bonds. The issue was to refund $59,325 million of securities maturing April 15 and to raise new cash of approximately $6,675 million. The 29-year 10-month notes of February 2043 were dated February 15 and issued April 15. They are due February 15, 2043. They are due February 15, 2043, with interest payable on August 15 and February 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 April 11. Tenders totaled $32,401 million; Treasury accepted $13,000 million. All September 2013 PUBLIC DEBT OPERATIONS 32 TREASURY FINANCING: APRIL-JUNE, con. noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.998 percent with an equivalent price of $102.487803. Treasury accepted in full all competitive tenders at yields lower than 2.998 percent. Tenders at the high yield were allotted 33.48 percent. The median yield was 2.950 percent, and the low yield was 2.900 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $12,994 million. Accrued interest of $5.09323 per $1,000 must be paid for the period from February 15 to April 15. The minimum par amount required for STRIPS of bonds of February 2043 is $100. Auction of 5-Year Treasury Inflation-Protected Security (TIPS) On April 11, 2013, Treasury announced it would auction $18,000 million of 5-year TIPS. The issue was to refund $57,950 million of securities maturing April 30 and to raise new cash of approximately $59,050 million. The 5-year TIPS of Series X-2018 were dated April 15 and issued April 30. They are due April 15, 2018, 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 notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 18. Tenders totaled $39,296 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.311 percent with an equivalent adjusted price of $107.820710. Treasury accepted in full all competitive tenders at yields lower than -1.311 percent. Tenders at the high yield were allotted 19.61 percent. The median yield was -1.406 percent, and the low yield was -1.486 percent. Noncompetitive tenders totaled $68 million. Competitive tenders accepted from private investors totaled $17,932 million. Adjusted accrued interest of $0.05144 per $1,000 must be paid for the period from April 15 to April 30.Both the unadjusted price of $107.382589 and the unadjusted accrued interest of $0.05123 were adjusted by an index ratio of 1.00408, for the period from April 15 to April 30.The minimum par amount required for STRIPS of TIPS of Series -2018 is $100 Auction of 2-Year Notes On April 18, 2013, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $57,950 million of securities maturing April 30 and to raise new cash of approximately $59,050 million. The 2-year notes of Series AL-2015 were dated and issued April 30. They are due April 30, 2015, with interest payable on October 31 and April 30 until maturity. Treasury set an September 2013 interest rate of 0-1/8 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 April 23. Tenders totaled $126,989 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.233 percent with an equivalent price of $99.784628. Treasury accepted in full all competitive tenders at yields lower than 0.233 percent. Tenders at the high yield were allotted 3.83 percent. The median yield was 0.220 percent, and the low yield was 0.164 percent. Noncompetitive tenders totaled $142 million. Competitive tenders accepted from private investors totaled $34,758 million. The minimum par amount required for STRIPS of notes of Series AL-2015 is $100. Auction of 5-Year Notes On April 28, 2013, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $57,950 million of securities maturing April 30 and to raise new cash of approximately $59,050 million. The 5-year notes of Series Y-2018 were dated and issue April 30. They are due April 30, 2018, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accept4ed 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 $99,987 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.710 percent with an equivalent price of $99.583182. Treasury accepted in full all competitive tenders at yields lower than 0.710 percent. Tenders at the high yield were allotted 23.49 percent. The median yield was 0.678 percent, and the low yield was 0.628 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $34,981 million. The minimum par amount required for STRIPS of notes of Series Y-2018 is $100. Auction of 7-Year Notes On April 18, 2013, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $57,950 million of securities maturing April 30 and to raise new cash of approximately $59,050 million. The 7-year notes of Series K-2020 were dated and issued April 30. They are due April 30, 2020, with interest payable on October 30 and April 30 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accept4ed on a yield auction basis. PUBLIC DEBT OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, con. 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 April 25. Tenders totaled $78,614 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.155 percent with an equivalent price of $99.798822. Treasury accepted in full all competitive tenders at yields lower than 1.155 percent. Tenders at the high yield were allotted 97.57 percent. The median yield was 1.120 percent, and the low yield was 1.069 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $28,988 million. The minimum par amount required for STRIPS of notes of Series K-2020 is $100. MAY 52-Week Bills On April 25, 2013, Treasury announced it would auction $23,000 million of 364-day Treasury bills. They were issued May 2, and will mature May 1, 2014. The issue was to refund $131,000 million of all maturing bills and to pay down approximately $25,000 million. Treasury auctioned the bills on April 30. Tenders totaled $112,893 million; Treasury accepted $23,001 million. That included $128 million of noncompetitive tenders from the public. The high bank discount rate was 0.105 percent. May Quarterly Financing On May 1, 2013, 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 $59,568 million of securities maturing May 15 and to raise new cash of approximately $12,432 million. The 3-year notes of Series AL-2016 were dated and issued May 15. They are due May 15, 2016, 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 7. Tenders totaled $108,122 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.354 percent with an equivalent price of $99.689924. Treasury accepted in full all competitive tenders at yields lower than 0.354 percent. Tenders at the high yield were allotted 16.75 percent. The median yield was 0.340 percent, and the low yield was 0.266 percent. Noncompetitive tenders totaled $41 million. Competitive tenders accepted from private investors totaled $31,859 million. The minimum par amount required for STRIPS of notes of Series AL-2016 is $100. The 10-year notes of Series C-2023 were dated and issued May 15. They are due May 15, 2023, 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 8. Tenders totaled $64,762 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.810 percent with an equivalent price of $99.453420. Treasury accepted in full all competitive tenders at yields lower than 1.810 percent. Tenders at the high yield were allotted 94.12 percent. The median yield was 1.774 percent, and the low yield was 1.699 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $23,982 million. The minimum par amount required for STRIPS of notes of Series C-2023 is $100. The 30-year bonds of May 2043 were dated and issued May 15. They are due May 15, 2043, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds 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 $40,482 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.980 percent with an equivalent price of $97.927211. Treasury accepted in full all competitive tenders at yields lower than 2.980 percent. Tenders at the high yield were allotted 62.31 percent. The median yield was 2.944 percent, and the low yield was 2.899 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $15,988 million. The minimum par amount required for STRIPS of bonds of May 2043 is $100. 52-Week Bills On May 23, 2013, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued May 30 and will mature May 29, 2014. The issue was to refund $118,000 million of all maturing bills and to raise new cash of approximately $7,000 million. Treasury auctioned the bills on May 29. Tenders totaled $104,683 million; Treasury accepted $25,000 million. That included $148 million of noncompetitive tenders from the public. The high bank discount rate was 0.135 percent. September 2013 PUBLIC DEBT OPERATIONS 34 TREASURY FINANCING: APRIL-JUNE, con. Auction of 9-Year 8-Month 0-1/8 Percent TIPS On May 16, 2013, Treasury announced it would auction $13,000 million of 9-year 8-month 0-1/8 percent TIPS. The issue was to refund $58,463 million of securities maturing May 31 and to raise new cash of approximately $53,537 million. The 9-year 8 month TIPS of Series A-2023 were dated January 15 and issued May 31. They are due January 15, 2023, with interest payable on July 15 and January 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 May 23. Tenders totaled $32,732 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.225 percent with an equivalent adjusted price of $104.272695. Treasury accepted in full all competitive tenders at yields lower than -0.225 percent. Tenders at the high yield were allotted 27.28 percent. The median yield was -0.301 percent, and the low yield was -0.400 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $12,970 million. Adjusted accrued interest of $0.47354 per $1,000 must be paid for the period from January 15 to May 31. Both the adjusted price of $103.407177 and the unadjusted accrued interest of $0.46961 were adjusted by an index ratio of 1.00837, for the period from January 15 to May 31.The minimum par amount required for STRIPS of TIPS of Series A-2023 is $100. Auction of 2-Year Notes On May 23, 2013, Treasury announced it would auction $35,000 million of 2-year notes. The issue was to refund $58,463 million of securities maturing May 31 and to raise new cash of approximately $53,537 million. The 2-year notes of Series AM-2015 were dated and issued May 31. They are due May 31, 2015, 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 28. Tenders totaled $106,420 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.283 percent with an equivalent price of $99.934233. Treasury accepted in full all competitive tenders at yields lower than 0.283 percent. Tenders at the high yield were allotted 80.95 percent. The median yield was 0.271 percent, and the low yield was 0.205 percent. Noncompetitive tenders totaled $159 million. Competitive tenders accepted from private investors totaled September 2013 $34,741 million. The minimum par amount required for STRIPS of notes of Series AM-2015 is $100. Auction of 5-Year Notes On May 23, 2013, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $58,463 million of securities maturing May 3l and to raise new cash of approximately $53,537 million. The 5-year notes of Series Z-2018 were dated and issue May 31. They are due May 31, 2018, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1 percent after determining which tenders were accept4ed 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 29. Tenders totaled $97,749 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.045 percent with an equivalent price of $99.781333. Treasury accepted in full all competitive tenders at yields lower than 1.045 percent. Tenders at the high yield were allotted 33.13 percent. The median yield was 1.010 percent, and the low yield was 0.951 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled $34,965 million. The minimum par amount required for STRIPS of notes of Series Z-2018 is $100. Auction of 7-Year Notes On May 23, 2013, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $58,463 million of securities maturing May 31 and to raise new cash of approximately $53,537 million. The 7-year notes of Series L-2020 were dated and issued May 31. They are due May 31, 2020, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 30. Tenders totaled $78,369 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.496 percent with an equivalent price of $99.198680. Treasury accepted in full all competitive tenders at yields lower than 1.496 percent. Tenders at the high yield were allotted 73.98 percent. The median yield was 1.470 percent, and the low yield was 1.422 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled $28,975 million. The minimum par amount required for STRIPS of notes of Series L-2020 is $100. PUBLIC DEBT OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, con. JUNE Cash Management Bills On May 30, 2013, Treasury announced it would auction $30,000 million of 13-day bills. They were issued June 4 and matured June17. The issue was to raise new cash. Treasury auctioned the bills on June 3. Tenders totaled $128,490 million; Treasury accepted $30,001 million. The high bank discount rate was 0.050 percent. Auction of 3-Year Notes On June 6, 2013, Treasury announced it would auction $32,000 million of 3-year notes. The issue was to refund $36,207 million of securities maturing June 15 and to raise new cash of approximately $29,793 million. The 3-year notes of Series AM-2016 were dated and issued June 17. They are due June 15, 2016, with interest payable on December 15 and June 15 until maturity. Treasury set an interest rate of 0-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 11. Tenders totaled $94,261 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.581 percent with an equivalent price of $99.759878. Treasury accepted in full all competitive tenders at yields lower than 0.581 percent. Tenders at the high yield were allotted 58.56 percent. The median yield was 0.560 percent, and the low yield was 0.486 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $31,870 million. Accrued interest of $0.02732 per $1,000 must be paid for the period from June 15 to June 17. The minimum par amount required for STRIPS of notes of Series AM-2016 is $100. Auction of 9-Year 11-Month 1-3/4 Percent Notes On June 6, 2013, Treasury announced it would auction $21,000 million of 9-year 11-month 1-3/4 percent notes. The issue was to refund $36,207 million of securities maturing June 15 and to raise new cash of approximately $29,793 million. The 9-year 11-month notes of Series C-2023 were dated May 15 and issued June 17. They are due May 15, 2023, 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 12. Tenders totaled $53,105 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.209 percent with an equivalent price of $99.933134. Treasury accepted in full all competitive tenders at yields lower than 2.209 percent. Tenders at the high yield were allotted 33.20 percent. The median yield was 2.168 percent, and the low yield was 2.080 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $20,983 million. Accrued interest of $1.56929 per $1,000 must be paid for the period from May 15 to June 17. The minimum par amount required for STRIPS of notes of Series C-2023 is $100. Auction of 29-Year 11-Month 2-7/8 Percent Bonds On June 6, 2013, Treasury announced it would auction $13,000 million of 29-year 11-month 2-7/8 percent bonds. The issue was to refund $36,207 million of securities maturing June 15 and to raise new cash of approximately $29,793 million. The 29-year 11-month bonds of May 2043 were dated May 15 and issued June 17. They are due May 15, 2043, 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 13. Tenders totaled $32,091 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.355 percent with an equivalent price of $90.978135. Treasury accepted in full all competitive tenders at yields lower than 3.355 percent. Tenders at the high yield were allotted 47.11 percent. The median yield was 3.285 percent, and the low yield was 3.245 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $12,997 million. Accrued interest of $2.57813 per $1,000 must be paid for the period from May 15 to June 17. The minimum par amount required for STRIPS of bonds of May 2043 is $100. 52-Week Bills On June 20, 2013, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued June 27 and will mature June 26, 2014. The issue was to refund $132,991 million of all maturing bills and to pay down approximately $22,991 million. Treasury auctioned the bills on June 25. Tenders totaled $102,410 million; Treasury accepted $25,000 million. That included $130 million of noncompetitive tenders from the public. The high bank discount rate was 0.160 percent. Auction of 29-Year 8 Month 0-5/8 Percent TIPS On June 13, 2013, Treasury announced it would auction $7,000 million of 29-year 8-month 0-5/8 percent TIPS. The issue was to raise new cash of approximately $7,000 million. September 2013 PUBLIC DEBT OPERATIONS 36 TREASURY FINANCING: APRIL-JUNE, con. The 29-year 8-month TIPS of February2043 were dated February 15 and issued June 28. They are due February 15, 2043, with interest payable on August 15 and February15 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 20. Tenders totaled $17,367 million; Treasury accepted $7,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.420 percent with an equivalent price of $81.754227. Treasury accepted in full all competitive tenders at yields lower than 1.420 percent. September 2013 Tenders at the high yield were allotted 4.07 percent. The median yield was 1.300 percent, and the low yield was 1.230 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $6,982 million. Adjusted accrued interest of $2.32268 per $1,000 must be paid for the period from February 15 to June 28. Both the adjusted price of $80.824742 and the adjusted accrued interest of $2.29627 were adjusted by an index ratio of 1.01150, for the period from February 15 to June 28. The minimum par amount required for STRIPS of TIPS of February 2043 is $100. PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, 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) 0.070 0.075 0.105 0.060 0.065 0.095 0.050 0.055 0.090 0.045 0.050 0.085 0.025 0.050 0.080 0.000 0.040 0.075 0.010 0.045 0.080 0.035 0.045 0.085 0.030 0.045 0.080 0.040 0.045 0.080 0.040 0.045 0.080 0.045 0.045 0.075 0.030 0.060 0.105 0.071 0.076 0.107 0.061 0.066 0.096 0.051 0.056 0.091 0.046 0.051 0.086 0.025 0.051 0.081 0.000 0.041 0.076 0.010 0.046 0.081 0.035 0.046 0.086 0.030 0.046 0.081 0.041 0.046 0.081 0.041 0.046 0.081 0.046 0.046 0.076 0.030 0.061 0.107 Regular weekly: (4 week, 13 week, and 26 week) 2013 – Apr. 04................. Apr. 11 ................. Apr. 18 ................. Apr. 25 ................. May 02 ................. May 09 ................. May 16 ................. May 23 ................. May 30 ................. June 06 ................ June 13 ................ June 20 ................ June 27 ................ 1 2013 - May 02 July 05 Oct. 03 May 09 July 11 Oct. 10 May 16 July 18 Oct. 17 May 23 July 25 Oct. 24 May 30 Aug. 01 Oct. 31 June 06 Aug. 08 Nov. 07 June 13 Aug. 15 Nov. 14 June 20 Aug. 22 Nov. 21 June 27 Aug. 29 Nov. 29 July 05 Sept. 05 Dec. 05 July 11 Sept. 12 Dec. 12 July 18 Sept. 19 Dec. 19 July 25 Sept. 26 Dec. 26 28 92 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 183 29 91 182 28 91 182 28 91 182 28 91 182 191,502.4 161,477.0 145,382.0 205,953.9 170,449.1 148,426.2 199,448.3 154,168.4 145,547.4 178,086.1 152,056.5 143,894.1 147,841.5 141,037.9 130,241.0 108,387.4 143,898.8 128,852.4 101,624.0 140,991.3 126,115.9 198,603.4 136,217.1 116,681.8 185,202.4 136,599.7 128,257.1 153,245.2 149,012.7 128,827.4 138,849.1 143,573.3 124,640.4 138,225.2 130,492.9 119,490.6 136,375.1 128,965.0 113,264.6 45,001.3 35,001.4 30,000.2 45,000.4 35,000.4 30,000.8 45,000.1 35,000.7 30,000.8 40,001.2 32,000.9 28,000.7 30,000.9 29,000.5 24,000.8 20,000.6 29,000.7 24,000.0 20,000.4 29,001.1 24,001.5 45,000.7 30,000.0 25,001.2 45,000.1 30,001.4 25,001.0 35,001.4 30,000.7 25,001.6 30,000.2 30,000.9 25,001.0 30,001.8 30,000.3 25,000.0 30,001.1 30,000.4 25,000.7 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. 44,742.7 33,869.5 29,096.4 44,698.3 34,360.5 29,125.8 44,688.5 34,351.9 28,969.4 39,747.3 31,534.6 27,053.8 29,176.9 27,856.8 22,867.1 19,761.8 28,390.4 23,113.4 19,729.1 28,356.9 23,102.0 44,766.1 29,413.0 24,209.1 44,193.1 28,822.1 23,865.7 34,749.3 29,359.2 23,914.7 29,730.3 29,484.2 24,153.0 29,722.9 29,408.5 24,294.8 29,061.3 28,478.2 23,600.9 258.6 481.9 403.8 302.1 489.9 475.0 261.5 541.8 431.4 253.9 466.3 400.4 261.0 417.1 330.7 238.8 510.3 396.2 271.3 494.2 423.5 234.6 487.0 416.1 226.3 479.4 384.3 252.1 441.5 410.9 269.9 516.6 372.0 278.9 491.7 429.3 253.3 543.1 423.8 99.994556 99.980833 99.946917 99.995333 99.983569 99.951972 99.996111 99.986097 99.954500 99.996500 99.987361 99.957028 99.998056 99.987361 99.959556 100.000000 99.989889 99.962083 99.999222 99.988625 99.959556 99.997278 99.988625 99.957028 99.997667 99.988625 99.959333 99.996778 99.988625 99.959556 99.996889 99.988625 99.959556 99.996500 99.988625 99.962083 99.997667 99.984833 99.946917 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 2013 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 Fiscal Service, 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) 03/26/13 04/01/13 0.250% note—03/31/15-AK 2y 114,434 35,000 0.255 - 99.990045 03/27/13 04/01/13 0.750% note—03/31/18-W 5y 95,441 35,000 0.760 - 99.951048 03/28/13 04/01/13 1.125% note—03/31/20-J 7y 1.248 - 99.178276 04/02/13 04/04/13 0.140% bill—04/03/14 04/09/13 04/15/13 0.250% note—04/15/16-AK 3y 04/10/13 04/15/13 2.000% note—02/15/23-B 9y 10m 04/11/13 04/15/13 3.125% bond—02/15/43 29y 10m 04/18/13 04/30/13 0.125% TIPS—04/15/18-X 5y 04/23/13 04/30/13 0.125% note—04/30/15-AL 04/24/13 04/30/13 0.625% note—04/30/18-Y 04/25/13 04/30/13 1.125% note—04/30/20-K 04/30/13 05/02/13 0.105% bill—05/01/14 05/07/13 05/15/13 0.250% note—05/15/16-AL 05/08/13 05/15/13 1.750% note—05/15/23-C 05/09/13 05/15/13 2.875% bond—05/15/43 05/23/13 05/31/13 0.125% TIPS—01/15/23-A 9y 05/28/13 05/31/13 0.250% note—05/31/15-AM 2y 05/29/13 05/30/13 0.135% bill—05/29/14 05/29/13 05/31/13 1.000% note—05/31/18-Z 05/30/13 05/31/13 1.375% note—05/31/20-L 06/03/13 06/04/13 0.050% bill—06/17/13 06/11/13 06/17/13 0.500% note—06/15/16-AM 3y 06/12/13 06/17/13 1.750% note—05/15/23-C 9y 11m 06/13/13 06/17/13 2.875% bond—05/15/43 29y 06/20/13 09/28/13 0.625% TIPS—02/5/43 29y 06/25/13 06/27/13 0.160% bill—06/26/14 1 74,237 29,000 122,183 25,000 103,604 32,000 0.342 - 99.725644 58,619 21,000 1.795 - 101.839163 32,401 13,000 2.998 - 102.487803 39,296 18,000 -1.311 - 107.820710 2y 126,989 35,000 0.233 - 99.784628 5y 99,987 35,000 0.710 - 99.583182 7y 78,614 29,000 1.155 - 99.798822 112,893 23,001 3y 108,122 32,000 0.354 - 99.689924 10y 64,762 24,000 1.810 - 99.453420 30y 40,482 16,000 2.980 - 97.927211 32,732 13,000 -0.225 - 104.272695 106,420 35,000 0.283 - 99.934233 104,683 25,000 5y 97,749 35,000 1.045 - 99.781333 7y 78,369 29,000 1.496 - 99.198680 128,400 30,001 94,261 32,000 0.581 - 99.759878 53,105 21,000 2.209 - 95.933134 11m 32,091 13,000 3.355 - 90.978135 8m 17,367 7,000 1.420 – 81.754227 102,410 25,000 364d 364d 364d 13d 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 2013 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 Fiscal Service 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 Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, Bureau of the Fiscal Service revised procedures and categories in this table to agree with the Bureau of the Fiscal Service’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 2013 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: Bureau of the Fiscal Service] Total Federal securities outstanding (1) Total outstanding (2) 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2012 ................................................ 10,047,828 11,933,031 13,585,596 14,815,328 16,090,640 10,024,725 11,909,828 13,561,622 14,790,340 16,066,241 2012 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2013 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 15,879,511 15,957,681 16,039,870 16,090,640 16,286,263 16,394,033 16,457,613 16,458,774 16,712,052 16,796,009 16,853,522 16,763,595 16,763,286 15,855,037 15,933,235 16,015,770 16,066,241 16,261,470 16,369,549 16,432,730 16,433,792 16,687,289 16,771,378 16,828,845 16,738,822 16,738,320 End of fiscal year or month Public debt securities Held by U.S. Government accounts Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 4,210,491 4,355,292 4,534,014 4,658,307 4,791,850 - 4,210,491 4,355,292 4,534,014 4,658,307 4,791,850 484,486 827,126 909,910 1,689,186 1,744,275 4,806,826 4,806,602 4,738,468 4,791,850 4,845,056 4,811,469 4,846,173 4,868,335 4,859,474 4,848,930 4,880,244 4,836,371 4,831,752 - 4,806,826 4,806,602 4,738,468 4,791,850 4,845,056 4,811,469 4,846,173 4,868,335 4,859,474 4,848,930 4,880,244 4,836,371 4,831,752 1,754,570 1,741,735 1,740,753 1,744,275 1,747,981 1,769,685 1,786,023 1,848,206 1,911,125 1,971,959 2,025,817 2,084,249 2,159,508 Total (3) Public debt securities, con. Agency securities 1 Held by private investors End of fiscal year or month Total (7) Marketable (8) Nonmarketable (9) Total outstanding (10) Held by private investors (11) Held by Government accounts (12) 2008 ................................................ 2009 ................................................ 2010 ................................................ 2011 ................................................ 2012 ................................................ 5,329,748 6,727,410 8,117,698 8,442,847 9,530,116 4,751,490 6,182,607 7,588,415 7,935,360 9,005,483 578,258 544,804 529,284 507,488 524,634 23,104 23,203 23,974 24,988 24,399 23,098 23,202 23,971 24,982 24,394 6 1 3 5 5 2012 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2013 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 9,293,641 9,384,898 9,536,549 9,530,116 9,668,434 9,788,395 9,800,534 9,717,251 9,916,690 9,950,490 9,922,784 9,818,202 9,747,060 8,766,085 8,865,612 9,016,272 9,005,483 9,139,487 9,263,099 9,267,179 9,247,115 9,397,228 9,426,046 9,390,944 9,313,062 9,235,495 527,557 519,285 520,277 524,634 528,946 525,296 533,355 450,136 519,462 524,444 531,841 505,040 511,565 24,474 24,447 24,101 24,399 24,793 24,485 24,884 24,982 24,763 24,631 24,677 24,774 24,967 24,468 24,441 24,095 24,394 24,788 24,480 24,879 24,977 24,758 24,626 24,672 24,769 24,962 6 6 6 5 5 5 5 5 5 5 5 5 5 1 Table has been revised to show separate amounts for Agency Securities to include Held by Private Investors and Held by Government Accounts. September 2013 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] Pension funds 3 End of month 2013 - June ....... Mar ........ 2012 - Dec ......... Sept ........ June ....... Mar ......... 2011 - Dec ......... Sept ........ June ....... Mar ......... 2010 - Dec ......... Sept ........ June ....... Mar ......... 2009 - Dec ......... Sept ........ June ....... Mar ......... 2008 - Dec ......... Sept ........ June ....... Mar ......... 2007 - Dec ......... Sept ........ June ....... Mar ......... 2006 - Dec ......... Sept ........ June ....... Mar ......... 2005 - Dec ......... Sept ........ June ....... Mar ......... 2004 - Dec ......... Sept ........ June ....... Mar ......... 2003 - Dec ......... Sept ........ June ....... Mar ......... 1 Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 16,738.3 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 14,025.2 13,561.6 13,201.8 12,773.1 12,311.3 11,909.8 11,545.3 11,126.9 10,699.8 10,024.7 9,492.0 9,437.6 9,229.2 9,007.7 8,867.7 8,849.7 8,680.2 8,507.0 8,420.0 8,371.2 8,170.4 7,932.7 7,836.5 7,776.9 7,596.1 7,379.1 7,274.3 7,131.1 6,998.0 6,783.2 6,670.1 6,460.8 6,773.4 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 5,656.2 5,350.5 5,345.1 5,259.8 5,276.9 5,127.1 5,026.8 4,785.2 4,806.4 4,692.7 4,685.8 4,694.7 4,833.5 4,738.0 4,715.1 4,576.6 4,558.1 4,432.8 4,389.2 4,257.2 4,199.8 4,067.8 4,033.5 3,921.6 3,905.6 3,772.0 3,742.8 3,628.3 3,620.1 3,515.3 3,505.4 3,390.8 U.S. Total privately Depository savings held institutions 3, 4 bonds 5 (4) (5) (3) 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 8,368.9 8,211.1 7,856.7 7,513.3 7,034.4 6,782.7 6,518.5 6,341.7 5,893.4 5,332.0 4,806.2 4,742.9 4,395.7 4,269.7 4,152.6 4,273.1 4,122.1 4,074.2 4,030.8 4,114.0 3,970.6 3,864.9 3,803.0 3,855.3 3,690.5 3,607.1 3,531.5 3,502.8 3,377.9 3,267.9 3,164.7 3,070.0 n.a. 341.4 348.5 339.3 304.2 320.2 279.7 293.8 279.4 321.0 319.3 322.8 266.1 269.3 202.5 198.2 140.8 125.7 105.0 130.0 112.7 125.0 129.8 119.7 110.4 119.8 114.8 113.6 119.5 113.0 117.1 125.3 126.9 141.8 125.0 138.5 158.6 162.8 153.1 146.8 145.4 153.6 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 187.9 188.7 189.6 190.2 191.3 192.5 193.6 194.0 194.1 194.3 195.0 195.4 196.5 197.1 198.6 200.3 202.4 203.7 205.2 206.0 205.2 203.6 204.2 204.2 204.5 204.2 204.6 204.5 203.9 201.6 199.2 196.9 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U. S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes commercial banks, savings institutions, and credit unions. 5 Source: “Monthly Statement of the Public Debt of the United States.” Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." Private 6 (6) n.a. 457.7 454.1 440.4 425.9 411.9 397.3 387.3 366.6 354.6 345.4 334.4 323.1 311.0 302.1 291.1 281.6 272.4 259.7 264.0 266.5 270.3 257.2 246.1 232.0 221.3 207.2 201.7 191.6 186.7 184.9 184.2 181.0 177.3 173.7 174.0 173.3 169.8 172.2 167.7 170.2 165.8 State and Insurance local compagovernments nies 3 (7) (8) n.a. 229.0 217.9 206.5 197.8 191.0 174.4 165.9 166.5 165.3 160.0 150.2 149.0 153.3 151.9 146.8 146.6 137.0 129.9 136.7 135.5 135.4 144.2 153.2 162.3 156.3 153.4 154.7 150.9 153.0 153.8 164.8 171.3 158.0 151.0 140.8 134.9 143.6 148.6 155.5 161.3 162.1 n.a. 263.3 265.6 262.7 257.2 259.9 260.7 253.4 250.6 251.4 248.4 240.6 231.8 225.7 222.0 210.2 200.0 191.0 171.4 163.4 159.4 152.1 141.9 155.1 168.9 185.4 197.9 196.8 196.1 200.3 202.3 200.7 195.0 193.3 188.5 182.9 174.6 172.4 136.5 137.4 138.7 139.5 Mutual funds 3, 7 (9) n.a. 946.4 908.2 888.1 859.1 863.4 809.6 711.6 648.0 633.9 631.2 600.3 624.5 638.3 658.2 637.2 687.1 707.4 758.3 645.7 466.9 483.7 362.4 306.0 267.8 264.4 250.6 235.7 244.2 248.7 251.3 244.7 248.7 261.1 254.1 255.0 258.7 280.8 280.9 287.1 302.3 296.6 State and local Foreign govern- and international 8 ments 3 (11) (10) n.a. 474.5 478.4 483.1 490.7 484.4 486.3 489.0 508.7 527.0 539.8 532.2 537.9 546.2 547.7 544.3 554.3 556.0 526.7 544.8 574.3 582.4 588.1 586.0 608.9 582.0 551.7 526.2 524.9 473.3 475.0 463.7 444.0 412.0 389.1 381.7 381.2 374.1 364.2 357.7 347.9 350.0 n.a. 5,724.2 5,573.8 5,475.4 5,313.5 5,147.6 5,006.9 4,912.1 4,690.6 4,481.4 4,435.6 4,324.2 4,070.0 3,877.9 3,685.1 3,570.6 3,460.8 3,265.7 3,077.2 2,802.4 2,587.4 2,506.3 2,353.2 2,235.3 2,192.0 2,194.8 2,103.1 2,025.3 1,977.8 2,082.1 2,033.9 1,929.6 1,877.5 1,952.2 1,849.3 1,794.5 1,735.4 1,670.0 1,523.1 1,443.3 1,371.9 1,275.2 Other investors 9 (12) n.a. 1,496.5 1,480.2 1,340.1 1,346.6 1,321.8 1,183.1 1,064.0 1,026.2 1,389.7 1,501.5 1,517.7 1,464.5 1,301.4 1,073.6 991.9 853.6 892.7 671.2 450.7 308.5 292.4 222.5 271.2 211.7 348.8 341.0 416.5 420.5 450.9 347.0 348.2 354.4 355.5 355.4 335.5 310.1 324.8 395.4 371.0 327.8 330.2 7 Includes money market mutual funds, mutual funds, and closed-end investment companies. 8 Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. For additional information, see: http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. September 2013 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, 2013 [Source: Bureau of the Fiscal 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) $1,503,395,335,213 $1,458,729,723,248 $1,458,248,131,090 $240,298,366 $241,293,792 The Treasury ....................................... 141,328,207 41,084,311 40,882,275 7,505 194,531 FRBs ................................................... 309,482,543,988 307,497,573,120 307,497,571,413 - 1,707 Amounts in circulation ............................. $1,193,771,463,018 $1,151,191,065,817 $1,150,709,677,402 $240,290,861 $241,097,554 Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $44,665,611,965 $6,445,553,010 $38,220,058,955 The Treasury ....................................... 100,243,896 59,934,804 40,309,092 FRBs ................................................... 1,984,970,868 1,409,815,301 575,155,567 Amounts in circulation ............................. $42,580,397,201 $4,975,802,905 $37,604,594,296 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2013 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 43 TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2013 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $10,192,315,690 $143,503 $141,356,343 Federal Reserve notes 1 (2) $10,333,815,536 $2 ................................................................................ 2,009,167,876 1,877,270,882 131,884,418 12,576 $5 ................................................................................ 12,025,125,255 11,891,735,940 108,241,710 25,147,605 $10 .............................................................................. 17,332,381,750 17,311,925,930 6,300 20,449,520 $20 .............................................................................. 148,219,077,500 148,198,970,460 3,840 20,103,200 $50 .............................................................................. 71,751,413,500 71,739,916,900 500 11,496,100 $100 ............................................................................ 889,207,358,300 889,185,375,600 - 4 21,982,700 $500 ............................................................................ 142,084,500 141,891,000 5,500 188,000 $1,000 ......................................................................... 165,416,000 165,205,000 5,000 206,000 $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 ......................................................... $1,151,191,065,817 $1,150,709,677,402 $240,290,861 $241,097,554 Amounts (in millions) (1) Per capita 6 (2) June 30, 2013 ...................................................................................... 1,193,771 3,774 May 30, 2013 ....................................................................................... 1,190,450 3,766 Apr. 30, 2013 ........................................................................................ 1,181,803 3,741 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 2013 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. Note: After the December 2013 issue of the Treasury Bulletin, the "International Financial Statistics" tables will be discontinued. The same data will continue to be available monthly on the Treasury website at: http://www.treasury.gov/ resource-center/data-chart-center/tic/Pages/index.aspx, except that U.S. Reserve data in Table IFS-1 will be available weekly at: http://www.treasury.gov/resource-center/data-chartcenter/IR-Position/Pages/default.aspx. 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) 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 ................................................................................... 147,953 11,041 54,955 51,878 30,080 2012 - July .......................................................................... 149,384 11,041 54,011 50,293 34,039 Aug ......................................................................... 151,501 11,041 54,510 50,819 35,131 Sept ........................................................................ 153,075 11,041 55,232 51,554 35,248 Oct .......................................................................... 152,228 11,041 55,175 51,192 34,821 Nov ......................................................................... 151,276 11,041 54,975 50,590 34,670 Dec ......................................................................... 150,175 11,041 55,050 49,922 34,161 2013 - Jan .......................................................................... 151,895 11,041 55,209 49,708 35,937 Feb ......................................................................... 148,837 11,041 54,264 48,396 35,136 Mar ......................................................................... 146,329 11,041 53,704 47,544 34,039 Apr .......................................................................... 146,795 11,041 54,055 47,556 34,143 May......................................................................... 144,042 11,041 53,695 46,556 32,750 June........................................................................ 145,703 11,041 53,881 46,920 33,860 July ......................................................................... 147,427 11,041 54,214 47,688 34,483 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. Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5, 6 (5) 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 2013, swaps outstanding were $1.48 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 2013 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 Liabilities reported by banks in United States (3) Marketable U.S. Treasury bonds and notes 2 (4) Nonmarketable U.S. Treasury Other readily bonds marketable and notes 3 liabilities 2, 4 (5) (6) Liabilities to other foreigners Liabilities Marketable reported U.S. by banks Treasury in the bonds United and States notes 2, 6 Total (8) (9) (10) 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 ................. Series Break ................ 2011 ............................ 2012 - June ................. 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 9,517,644 9,624,988 9,955,621 9,809,593 9,848,450 916,095 923,501 981,627 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 4,220,155 4,443,157 4,452,563 4,572,459 4,698,413 297,603 282,290 328,090 328,090 335,090 379,114 379,114 401,856 483,415 483,415 515,586 493,704 493,704 498,510 493,689 493,689 461,829 495,176 495,176 596,660 583,829 583,829 711,622 779,889 779,889 713,990 630,061 630,061 640,802 601,197 601,197 563,195 556,388 556,388 475,866 479,340 476,197 556,603 566,895 601,767 650,336 719,302 844,444 910,456 986,454 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 3,142,320 3,279,449 3,487,449 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 1,525 1,587 1,587 137,278 158,460 174,340 152,009 170,280 185,843 200,935 216,726 230,258 252,727 271,409 295,960 384,623 410,842 462,930 569,190 638,290 737,854 849,161 919,220 1,000,017 1,071,960 994,583 970,321 901,375 880,406 888,509 818,416 772,953 788,075 738,503 745,523 735,035 652,989 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 2,942,320 2,942,320 3,000,736 2,632,616 2,632,616 581,302 653,367 696,781 642,437 750,877 957,712 911,398 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 2,275,266 2,144,508 2,394,134 2,499,616 2,407,533 228,332 284,671 296,705 296,705 325,764 452,617 452,617 518,962 666,476 666,476 805,483 776,836 776,836 769,564 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 1,261,581 1,261,581 1,311,051 1,297,332 1,297,332 352,970 368,696 400,076 345,732 425,113 505,095 458,781 538,484 660,458 502,809 531,055 647,246 495,861 646,141 705,999 495,693 560,910 664,916 498,308 590,323 716,022 508,959 622,365 787,825 524,067 735,513 1,012,992 683,024 936,974 1,013,685 882,927 1,083,083 1,202,284 1,110,201 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 79,903 95,003 108,187 104,902 109,888 2012 - July r ................ Aug. r ............... Sept. r .............. Oct. r ............... Nov .................. Dec.................. 2013 - Jan ................... Feb .................. Mar .................. Apr .................. May p .............. June p ............. 9,939,444 10,028,449 10,024,259 9,963,464 9,949,821 10,014,464 10,126,122 10,192,938 10,233,741 10,275,764 10,297,838 10,268,837 4,719,625 4,768,097 4,791,425 4,798,910 4,794,408 4,801,999 4,856,817 4,873,949 4,914,286 4,891,784 4,908,364 4,903,106 555,034 573,263 582,744 584,564 578,100 577,121 570,474 589,630 628,509 613,932 588,282 577,879 3,517,603 3,536,754 3,537,673 3,545,514 3,543,817 3,552,183 3,605,233 3,598,450 3,581,353 3,557,572 3,597,870 3,597,189 1,597 1,608 1,619 1,630 1,640 1,651 1,663 1,673 1,684 1,695 1,706 1,717 645,390 656,471 669,389 667,202 670,850 671,043 679,447 684,196 702,739 718,584 720,505 726,320 2,688,127 2,692,023 2,653,519 2,564,857 2,515,148 2,526,293 2,600,795 2,643,197 2,585,339 2,669,789 2,699,324 2,716,317 2,426,479 2,462,874 2,467,291 2,483,112 2,527,561 2,564,786 2,547,967 2,555,892 2,619,200 2,601,107 2,580,915 2,542,703 1,289,902 1,301,881 1,328,425 1,340,412 1,354,460 1,371,711 1,378,285 1,377,999 1,431,736 1,424,773 1,436,901 1,437,888 1,136,577 1,160,993 1,138,866 1,142,700 1,173,101 1,193,075 1,169,682 1,177,893 1,187,464 1,176,334 1,144,014 1,104,815 105,213 105,455 112,024 116,585 112,704 121,386 120,543 119,900 114,916 113,084 109,235 106,711 1 Total (2) 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 2013 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, end-June 2006, end-June 2007, end-June 2008, end-June 2009, end-June 2010, end-June 2011, and end-June 2012, 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) 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 .............................................................................. 1,525 1,525 118 1,407 2012 - June ................................................................... 1,587 1,587 122 1,464 July .................................................................... 1,597 1,597 123 1,474 Aug .................................................................... 1,608 1,608 124 1,485 Sept ................................................................... 1,619 1,619 124 1,494 Oct ..................................................................... 1,630 1,630 125 1,505 Nov .................................................................... 1,640 1,640 126 1,514 Dec .................................................................... 1,651 1,651 127 1,525 2013 - Jan ..................................................................... 1,663 1,663 127 1,535 Feb .................................................................... 1,673 1,673 128 1,545 Mar .................................................................... 1,684 1,684 129 1,555 Apr ..................................................................... 1,695 1,695 130 1,565 May.................................................................... 1,706 1,706 130 1,576 June................................................................... 1,717 1,717 131 1,586 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 2013 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 2013 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 capital transactions are published by the Department of 51 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 Cseries 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 BQ2 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 nontransactions accounts are now combined, as are short-term U.S. agency securities and other negotiable and readily transferable instruments. Section II presents claims on foreigners reported by banks, other depository institutions, and securities brokers and dealers in the United States. BHCs/FHCs also report for their domestic nonbank and non-securities firm affiliates, other than their insurance affiliates, which report separately on the Cseries forms. Data on respondents’ own dollar claims are September 2013 52 CAPITAL MOVEMENTS 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 endMarch 2003 and end-March 2006. That reporting requirement was discontinued with the reports beginning as of June 2006. Section IV (formerly Section V) contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, securities brokers and dealers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly-issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in Table IFS-3. The geographical allocation of the transactions data indicates the country of location of the foreign buyers and sellers who deal directly with reporting institutions in the United States. The data do not necessarily indicate the country of beneficial owner or issuer, or the currency of denomination of securities. For instance, a U.S. purchaser’s order for Japanese securities may be placed directly with an intermediary in London. In this instance, the transaction for Form S reporting purposes would be recorded opposite the United Kingdom and not opposite Japan. Similarly, purchases and sales of U.S. securities for the account of an Italian resident may be placed, for example, in the Swiss market. In that case, the trades would be reported opposite Switzerland and not opposite Italy. September 2013 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 exchangetraded 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. NOTE: After the December 2013 issue of the Treasury Bulletin, the “Capital Movements” tables will be discontinued. The same data will continue to be available monthly on the Treasury website: http://www.treasury.gov/ resource-center/data-chart-center/tic/Pages/index.aspx. CAPITAL MOVEMENTS 53 SECTION I.—Liabilities to Foreigners Reported by Banks in the United States Table CM-I-1.—Total Liabilities by Type and Holder [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of Liability Total liabilities to all foreigners ............................... Payable in dollars ............................................... Foreign official institutions.............................. Deposits, excluding negotiable CDs ............. U.S. Treasury bills and certificates ............... Other short-term negotiable securities, negotiable CDs, and other custody liabilities ....................................................... Other liabilities............................................ Foreign banks (including own foreign offices) and other foreigners ....................... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities ................................................... Other liabilities............................................ International and regional organizations 1 ..... Deposits, excluding negotiable CDs .......... U.S. Treasury bills and certificates ............ Other short-term negotiable securities, negotiable CDs, and other custody liabilities ................................................... Other liabilities............................................ Payable in foreign currencies 2 .......................... Sector: Banks and other foreigners ........................ International and regional organizations 1 ...... Major currencies: Canadian dollars ........................................ Euro ............................................................ United Kingdom pounds sterling ................ Japanese yen ............................................. Memoranda: Respondents’ own liabilities payable in dollars........................................................ Liabilities to own foreign offices..................... Liabilities collaterized by repurchase agreements ............................................ Foreign official institutions...................... Foreign banks and other foreigners ....... International and regional organizations 1..... Reported by IBFs ................................... Respondents’ own liabilities payable in foreign currencies 2 ...................................... Reported by IBFs ................................... Liabilities held in custody for domestic customers and selected other liabilities 3 .... Payable in dollars ....................................... of which: other short-term negotiable securities and negotiable CDs ............ of which: short-term U.S. Government agency securities ................................ of which: negotiable CDs ...................... Payable in foreign currencies 2 .................. Calendar Year 2011 Dec. r Jan. r Feb. r Mar. r Apr. May June p 4,914,933 4,657,259 563,195 56,962 357,222 4,521,289 4,296,281 577,121 50,246 372,720 4,592,556 4,367,548 570,474 57,696 377,078 4,652,189 4,427,181 589,630 55,097 385,573 4,685,608 4,466,850 628,509 66,318 404,047 4,750,089 4,531,331 613,932 61532 399,222 4,758,916 4,540,158 588,282 59,697 379,830 4,764,858 4,546,100 577,879 67,389 362,718 13,578 135,433 12,731 141,424 14,274 121,426 13,692 135,268 15,012 143,132 14,691 138,487 16,878 131,877 15,418 132,354 4,056,739 2,105,417 280,909 3,674,334 1,798,868 279,706 3,755,410 1,837,019 286,891 3,797,526 1,817,702 291,609 3,798,966 1,789,986 307,572 3,876,453 1,869,679 297,532 3,918,116 1,874,298 279,936 3,936,096 1,882,648 306,209 345,822 1,324,591 37,325 14,553 9,542 395,207 1,200,553 44,826 16,035 9,228 394,642 1,236,858 41,664 18,764 8,062 393,158 1,295,057 40,025 17,946 8,813 391,809 1,309,599 39,375 19,360 8,616 378,837 1,330,405 40,946 20,357 8,369 379,973 1,383,909 33,760 20,462 6,136 368,635 1,378,604 32,125 20,795 5,783 3,219 10,011 257,674 3,631 15,932 225,008 4,054 10,784 225,008 3,987 9,279 225,008 3,561 7,838 218,758 3,616 8,604 218,758 3,702 3,460 218,758 3,306 2,241 218,758 255,048 2,626 223,670 1,338 223,670 1,338 223,670 1,338 218,109 649 218,109 649 218,109 649 218,109 649 24,579 118,784 24,241 49,131 24,637 88,977 27,138 34,360 24,637 88,977 27,138 34,360 24,637 88,977 27,138 34,360 24,320 83,144 27,285 34,599 24,320 83,144 27,285 34,599 24,320 83,144 27,285 34,599 24,320 83,144 27,285 34,599 3,646,967 2,356,269 3,223,058 1,833,583 3,282,547 1,945,031 3,330,349 1,977,654 3,336,233 1,900,354 3,429,064 2,018,995 3,473,703 2,042,972 3,484,031 2,050,725 763,137 121,626 633,002 8,509 744,682 762,973 128,851 618,926 15,196 488,006 738,881 112,241 619,186 7,454 511,405 795,512 125,506 664,134 5,872 502,185 818,736 132,982 680,446 5,308 492,450 813,547 124,936 682,836 5,775 476,237 812,480 121,433 688,566 2,481 505,976 788,643 121,769 665,474 1,400 538,781 251,335 64,583 217,694 47,190 217,694 47,190 217,694 47,190 211,272 38,936 211,272 38,936 211,272 38,936 211,272 38,936 1,016,631 1,010,292 1,080,537 1,073,223 1,092,315 1,085,001 1,104,146 1,096,832 1,138,103 1,130,617 1,109,753 1,102,267 1,073,941 1,066,455 1,069,555 1,062,069 185,467 186,814 200,338 199,272 198,807 203,556 214,011 199,138 31,876 56,372 6,339 21,841 67,147 7,314 24,692 71,608 7,314 24,719 70,726 7,314 21,710 72,244 7,486 18,488 77,512 7,486 21,906 77,305 7,486 23,787 74,482 7,486 2013 2012 1 Principally the Bank for International Settlements, the International Bank for Reconstruction and Development (World Bank), and the Inter-American Development Bank. 2 Data may be as of preceding quarter-end for most recent month shown in table. 3 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. managed foreign offices and other foreign institutions. September 2013 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 2013 2010 Calendar year 2011 2012 r Feb. r Mar. r 2013 Apr. May June p 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 3,493 19,438 140 770 171 6,011 3,586 159,334 122,547 4,409 1,292 1,757 146,285 14,191 22,537 113,573 809 18,827 3,521 5,647 1,968 343 12,823 1,320 13,879 7,264 87,919 21,379 3,380 1,085,392 25,274 13,533 1,922,812 622,933 1,729,604 139,938 2,060 33,905 671 1,763 568 6,798 6,450 94,177 90,499 3,126 1,488 608 158,742 12,958 23,566 128,369 720 21,339 2,915 2,523 2,170 798 20,814 1,568 16,656 6,335 61,567 50,759 6,026 880,355 26,182 13,296 1,679,770 572,924 1,472,870 161,264 2,424 36,296 633 1,512 516 6,169 13,041 110,972 94,204 2,518 1,233 991 153,951 13,118 23,371 116,106 694 25,939 2,491 1,277 2,305 1,114 16,174 2,499 14,553 9,225 70,323 44,303 5,282 957,419 26,139 12,914 1,769,706 587,493 1,565,292 158,165 2,720 37,065 791 3,030 222 6,433 9,479 76,032 85,297 2,663 1,092 954 154,190 14,139 18,600 122,198 754 33,352 2,867 1,542 2,277 455 24,930 2,351 15,783 13,858 74,347 44,742 4,944 933,874 28,498 13,409 1,732,889 558,957 1,517,684 162,059 2,773 37,359 747 1,692 171 6,903 13,963 107,460 89,690 2,530 1,119 855 161,284 13,509 19,372 113,392 749 30,535 2,227 1,187 1,987 915 13,017 1,782 15,197 12,994 76,280 47,669 4,733 986,687 24,524 15,566 1,808,868 592,107 1,603,076 154,706 3,367 24,843 702 1,287 171 6,090 14,259 106,998 88,386 2,793 1,076 867 162,537 12,377 22,534 116,079 715 35,662 1,979 1,881 1,793 1,229 16,364 1,654 15,253 14,217 66,114 46,004 4,152 1,006,094 24,264 15,380 1,817,120 586,293 1,618,014 156,274 2,337 26,491 735 957 248 6,575 12,504 110,603 86,196 2,545 1,087 829 161,951 15,136 22,603 119,511 664 25,255 2,840 1,878 1,367 1,103 21,221 1,381 16,295 13,792 59,724 44,374 4,286 966,504 25,317 14,966 1,771,275 582,228 1,574,673 160,476 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 24,965 21,639 12,060 1,536 3,864 1,515 1,862 223 1,745 71,052 810 7,902 830 9,077 520 8,082 26,922 35 208,750 12,883 714 2,557 34,408 27,391 8,303 3,892 3,817 1,728 1,715 272 1,491 67,180 667 8,673 868 9,130 593 9,271 20,828 34 216,415 12,645 737 2,775 37,286 27,759 10,233 2,834 3,859 1,240 2,224 112 1,454 60,830 642 9,117 940 10,061 505 10,441 20,574 14 216,282 12,831 705 2,532 36,591 26,546 9,552 2,529 3,726 1,158 1,623 113 1,482 68,059 707 9,054 875 11,235 458 9,622 21,025 15 220,438 12,500 718 2,710 36,187 29,733 10,234 3,518 3,438 1,467 1,611 120 1,494 69,902 733 9,650 821 9,993 479 10,032 20,807 18 226,165 12,778 677 3,197 40,892 25,990 10,215 4,113 3,399 1,382 1,753 120 1,519 67,707 756 10,177 843 8,667 549 9,786 20,514 6 225,040 12,933 670 3,099 43,677 23,736 10,527 2,809 3,482 1,114 1,634 123 1,753 70,765 724 9,925 895 9,019 591 10,549 21,234 8 229,267 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 14,857 48,188 41,281 1,415,473 46 3,247 37 928 974 6,603 13,955 139 345 208,887 14,165 45,482 41,389 1,306,893 54 3,094 25 703 906 8,237 15,462 134 484 215,414 14,741 45,497 40,198 1,332,095 44 2,874 26 620 753 14,113 16,424 138 400 223,579 15,050 44,235 42,159 1,343,783 50 2,994 23 613 980 16,974 15,228 151 377 207,994 13,147 44,921 41,729 1,358,541 43 3,934 23 582 838 15,989 16,153 144 423 189,382 13,038 44,228 43,014 1,412,479 45 2,990 25 538 1,051 15,401 15,604 153 327 174,587 14,310 49,999 42,614 1,480,383 44 3,273 23 555 817 5,785 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 ................................ 2010 Calendar year 2011 2012 r Feb. r Mar. r 2013 Apr. May June p 159 3,474 100 161 1,919,193 214 4,897 68 293 1,787,755 482 4,311 171 240 1,649,478 498 4,253 180 275 1,687,661 487 4,132 94 380 1,712,495 502 4,180 96 381 1,708,655 536 4,280 88 402 1,744,216 448 4,426 130 386 1,793,863 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 56,691 93,556 19,603 19,485 21,219 217,606 2,059 19,041 97 1,245 4,146 4,332 11,292 38,013 40 31,249 35,310 275 136,179 9,393 723,672 5,209 70,760 86,062 15,099 11,656 21,710 178,715 2,080 14,168 67 3,882 3,955 4,304 13,522 40,351 47 30,872 37,166 834 131,458 11,762 683,679 5,522 62,236 87,720 14,717 12,123 20,034 194,304 1,623 18,076 58 4,601 4,647 3,129 6,235 36,728 16 29,569 50,680 354 131,391 8,929 692,692 5,117 75,701 91,489 17,190 13,113 23,579 186,189 1,750 20,232 47 4,822 5,461 2,114 6,723 36,240 16 26,007 60,077 446 144,583 9,231 730,127 5,653 75,853 87,092 12,789 12,625 23,144 193,205 1,563 20,124 46 4,063 4,584 2,401 5,756 31,223 14 28,512 50,530 493 146,101 10,650 716,421 5,343 71,624 83,342 11,146 15,258 23,307 183,267 1,768 21,284 47 3,246 5,468 1,849 5,180 30,109 13 25,294 45,290 451 137,338 9,847 680,471 5,714 60,824 71,798 11,023 14,350 22,343 208,131 1,998 23,801 32 3,241 4,971 2,153 5,194 33,636 14 26,790 41,952 487 132,014 9,387 679,853 232 26,550 641 400 664 2,145 784 283 1,384 483 468 425 321 5,605 6,938 47,323 319 7,101 858 515 556 1,972 230 555 2,455 697 597 369 213 6,668 7,418 30,523 321 4,432 1,342 768 480 2,054 243 333 2,443 534 705 316 270 7,575 7,320 29,136 445 3,534 1,401 1,143 435 1,716 299 392 2,230 382 724 271 115 6,824 5,968 25,879 376 4,562 1,097 995 426 2,440 275 338 2,073 809 680 196 176 6,486 5,135 26,064 284 5,081 1,072 1,234 416 1,844 185 437 2,242 742 511 222 272 7,066 4,809 26,417 368 6,935 765 1,272 414 2,356 228 535 2,363 661 711 268 349 8,476 4,508 30,209 368 5,609 743 935 381 2,272 214 562 2,841 832 813 218 307 6,368 6,825 29,288 32,702 142 3,926 11,248 48,018 4,590,991 48,754 131 4,800 7,847 61,532 4,874,982 41,734 137 4,865 8,647 55,383 4,475,125 46,200 160 5,534 8,547 60,441 4,610,826 46,637 166 5,969 8,740 61,512 4,645,584 52,260 161 5,924 8,917 67,262 4,708,494 57,578 138 4,751 8,710 71,177 4,724,507 53,925 158 4,973 9,006 68,062 4,732,084 14,667 5,462 31,917 8,034 37,171 8,993 32,198 9,165 31,629 8,395 32,234 9,361 24,864 9,545 24,278 8,496 20,129 4,611,120 39,951 4,914,933 46,164 4,521,289 41,363 4,652,189 40,024 4,685,608 41,595 4,750,089 34,409 4,758,916 32,774 4,764,858 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 2013 CAPITAL MOVEMENTS 56 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2013, 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 ............................ 2,337 1,475 1,186 26,491 24,547 10,836 Belgium .......................... Cyprus ............................ 957 918 903 Czech Republic .............. 248 236 230 6,575 6,542 1,839 Denmark ......................... 12,504 12,411 11,656 Finland............................ France ............................ 110,603 103,536 93,397 86,196 72,876 67,241 Germany......................... 2,545 2,533 978 Greece............................ Hungary .......................... 1,087 922 295 Ireland ............................ 161,951 160,884 45,994 15,136 14,596 12,253 Italy ................................. Kazakhstan .................... 22,603 22,597 6,912 27,611 Luxembourg ................... 119,511 106,990 664 652 543 Monaco........................... Netherlands .................... 25,255 24,721 17,809 2,840 2,827 1,283 Norway ........................... 1,878 1,808 1,193 Poland ............................ Portugal .......................... 1,367 1,359 1,248 1,103 1,103 1,103 Romania ......................... Russia ............................ 21,221 20,227 20,224 16,295 15,766 12,740 Spain .............................. 13,792 13,702 5,538 Sweden........................... 59,724 57,171 25,955 Switzerland ..................... Turkey............................. 44,374 44,244 3,265 4,286 3,882 3,882 Ukraine ........................... United Kingdom .............. 966,504 903,376 869,382 Channel Islands ............. 25,317 24,389 21,173 17,911 16,984 13,764 All other Europe ............... Total Europe ................ 1,771,275 1,663,274 1,280,433 Memo: Euro Area 4 ...... 582,228 543,677 304,750 Canada ................................. 160,476 153,520 125,094 Latin America: Argentina .......................... 12,933 12,789 12,406 Belize ................................ 670 662 606 3,099 3,041 1,919 Bolivia ............................... 43,677 42,803 22,911 Brazil................................. Chile ................................. 23,736 23,424 11,992 10,527 10,445 9,085 Colombia .......................... 2,809 2,802 2,246 Costa Rica........................ Ecuador ............................ 3,482 3,473 3,021 1,114 1,109 1,048 El Salvador ....................... Guatemala........................ 1,634 1,584 1,570 1,753 1,753 1,708 Honduras.......................... 70,765 53,734 42,287 Mexico .............................. 9,925 9,825 9,318 Panama ............................ Paraguay .......................... 895 893 873 9,019 7,590 7,499 Peru .................................. 10,549 10,528 9,978 Uruguay ............................ Venezuela ........................ 21,234 20,972 20,570 1,446 1,444 1,318 All other Latin America .... Total Latin America ..... 229,267 208,871 160,355 See footnotes at end of table. September 2013 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) 290 13,710 15 6 4,703 756 10,139 5,636 1,555 627 114,890 2,343 15,685 79,378 109 6,912 1,544 615 110 3 3,026 8,164 31,216 40,979 33,994 3,216 3,220 382,841 238,927 28,426 719 3,631 514 79 698 11,385 63,309 21,378 313 103 4,093 9,844 2,402 7,134 41 6,247 600 106 960 110 17,605 4,129 77 11,201 1,440 3,229 239,476 2,448 3,075 416,347 134,195 53,944 293 845 273 80 854 143 2,686 3,187 625 76 12,399 1,475 179 10,612 386 6,188 148 103 258 30 1,206 3,563 512 5,572 201 148 28,484 3,997 770 85,293 42,800 13,060 207 12,649 15 6 4,533 36 7,887 4,761 1,539 602 29,943 264 15,685 41,884 108 4,026 1,504 610 106 2,673 6,180 23,085 40,976 23,754 2,633 2,373 228,039 106,114 18,667 1 995 98 35 1,101 263 14 47,973 2,003 19,034 1,964 1 4 99 965 7,282 4,179 178 309 86,498 73,510 6,257 2 53 9 685 709 295 16 11 33,456 7 15,939 1 40 2 1 1 3 167 897 746 1 3,752 96 501 57,390 51,371 1,735 232 6,361 3 70 324 122 19,381 41,183 34 115 3,478 937 4,327 723 116 2,301 502 984 28 962 1,370 5,076 3,585 6,568 1,624 502 322,500 13,421 9,884 446,713 79,938 42,032 22 12 113 1 26 6 8,463 1,810 6 1 29,542 66 4 11,663 3,955 70 5 1 43 58 1,486 2,717 2 3 281,231 1,616 72 342,994 55,749 17,825 862 1,944 39 12 33 93 7,067 13,320 12 165 1,067 540 6 12,521 12 534 13 70 8 994 529 90 2,553 130 404 63,128 928 927 108,001 38,551 6,956 383 56 1,122 19,892 11,432 1,360 556 452 61 14 45 11,447 507 20 91 550 402 126 48,516 1,044 293 679 7,960 5,142 3,174 789 485 355 215 853 18,077 4,082 354 5,754 2,536 3,024 390 55,206 10,931 262 1,239 6,511 4,547 4,776 580 2,261 451 1,229 617 19,230 4,585 511 1,632 4,085 17,288 373 81,108 157 35 103 19,514 10,015 1,001 506 206 34 2 1 8,995 275 12 283 26 13 41,178 125 163 95 232 231 35 180 1 3 1 675 80 15 61 178 137 80 2,292 99 21 856 274 1,184 113 14 19 26 8 35 1,755 145 5 14 88 235 33 4,924 282 50 3,814 2,250 1,124 867 256 240 117 238 4,353 593 101 3,217 203 554 18,259 151 1 1 4,635 54 26 11 66 2 10 8 649 65 8 16 141 59 1 5,904 144 8 58 874 312 82 7 9 5 50 17,031 100 2 1,429 21 262 2 20,396 CAPITAL MOVEMENTS 57 TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2013, 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 ...................... 1 327 327 312 174,587 173,946 172,157 14,310 14,286 11,119 49,999 47,611 22,828 42,614 40,217 29,858 1,480,383 1,444,156 1,175,694 3,273 3,248 3,239 555 555 543 817 777 772 5,785 5,718 5,542 4,426 4,395 2,845 16,787 14,598 13,827 1,793,863 1,749,834 1,438,736 15 1,789 3,167 24,783 10,359 268,462 9 12 5 176 1,550 771 311,098 80 128,066 796 2,343 20 561,592 941 154 228 2,865 1,767 332 699,184 206 7,330 1,181 1,194 1,194 16,786 21,259 29,023 7,278 248,121 86,180 1,822 4 255 3 420 3 2,365 97 379 1,514 12,499 581 320,400 119,294 6 518 1,745 2,125 1,988 9,524 1 75 16 97 16,095 9 81 228 680 800 1,252 5 6 2 4 4 21 3,092 6 35,024 6,916 184 398,938 420 136 119 169 666 21 442,599 20 1,746 2,213 4,234 1,108 138,549 56 5 143 49 1,047 149,170 641 24 2,388 2,397 36,227 25 40 67 31 2,189 44,029 4,553 4,572 4,144 35,499 774 4,601 371 3,181 2,253 8,711 9,454 59,463 40 643 9,319 674 194 155 642 429 689 3,243 2,681 6,068 3,183 330 38,849 2,229 72,440 35,360 244,024 191 286 454 133 2,228 408 10 1 16 1,178 31 6,001 10,937 41 83 55 202 61 193 1,519 2 2 14 1,104 179 4 2,031 5,490 16,201 9,807 3,075 5,293 9,777 83,879 17 5,189 1,023 995 483 1,860 7,936 1,204 44,959 191,698 558 1,339 528 99 24 2,840 263 37 25 119 515 349 6 896 7,598 845 1,182 61 7 134 20,083 670 17 29 648 303 44 98 24,121 427 18 3 89 1,204 1,741 2 6 9 70 87 3 2 108 33 146 3,165 451 401 113 11 333 3,301 7,775 3 1 1 63 396 464 1 1 32 1 38 84 157 2,617 14,732 360 1,165 875 87 3,852 15,984 541,496 668,927 409 59 3 471 122,637 385 15,544 3 2,039 30 349 418 17,932 73,195 1,167,008 8,136 75 5 8,216 532,171 6,800 126 7,523 14,449 218,109 60,824 71,798 11,023 14,350 22,343 208,131 1,998 23,801 4,971 2,153 5,194 33,636 26,790 41,952 150,889 679,853 59,979 70,616 10,962 14,343 22,209 188,048 1,998 23,131 4,954 2,153 5,165 32,988 26,487 41,908 150,791 655,732 55,018 34,711 6,159 10,505 13,300 125,100 1,998 11,484 4,748 1,487 4,442 27,941 23,072 3,053 70,300 393,318 4,961 35,905 4,803 3,838 8,909 62,948 11,647 206 666 723 5,047 3,415 38,855 80,491 262,414 33,863 19,458 1,929 4,743 1,250 29,991 1,941 5,790 3,014 333 3,415 22,407 8,741 1,515 22,235 160,625 5,609 743 935 381 214 2,841 18,565 29,288 5,608 743 934 349 213 2,803 18,481 29,131 5,175 725 934 338 213 2,597 17,174 27,156 433 18 11 206 1,307 1,975 1,795 175 425 17 159 1,925 11,999 16,495 53,925 47,125 30,762 16,363 5,302 4,973 4,847 3,620 1,227 1,146 9,164 1,641 1,521 120 292 68,062 53,613 35,903 17,710 6,740 4,732,084 4,513,975 3,460,995 1,052,980 1,408,541 24,278 8,496 23,677 8,448 17,961 5,075 5,716 3,373 - 16,422 4,373 5,484 299 125 1,894 107 1,180 - 1,539 702 601 48 32,774 32,125 23,036 9,089 - 20,795 5,783 2,019 1,287 - 2,241 649 562,291 674,710 124,656 74,482 1,167,008 534,412 218,758 4,764,858 4,546,100 3,484,031 1,062,069 1,408,541 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. 2 213 98 107 208 43 276 1,478 2,423 4 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, 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 2013 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 2009 2010 United Kingdom ..................... 784,529 996,991 1,085,392 880,355 966,504 All other Europe ..................... 688,431 628,606 837,420 799,415 804,771 Caribbean banking centers .... 1,862,921 1,894,964 1,757,344 1,619,561 1,763,293 Japan ..................................... All other Asia ......................... 185,546 522,362 162,291 463,866 217,606 506,066 178,715 504,964 208,131 471,722 Subtotal ............................... 4,043,789 4,146,718 4,403,828 3,983,010 4,214,421 All other countries.................. 436,178 464,402 511,105 538,279 550,437 Grand total ........................... 4,479,967 4,611,120 4,914,933 4,521,289 4,764,858 1 1 2011 2012 June 2013 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. U.S. liabilities to foreigners reported by U.S. banks were recorded at $4.8 trillion in June 2013, an increase of $240 billion from year-end 2012. U.S. banking liabilities include foreign holdings of U.S. short-term securities but exclude foreign holdings of U.S. long-term securities. U.S. banking liabilities increased about $131 billion in 2010 and $304 billion in 2011 but decreased $394 billion in 2012. U.S. banking liabilities are concentrated in international financial centers. The data on this page show that about 57 percent of U.S. banking liabilities is currently recorded against the United Kingdom and banking centers in the Caribbean. Overall, banking liabilities rebounded in 2010 and 2011 from earlier declines, with the exception of Caribbean banking centers. In 2012, liabilities to Caribbean banking centers continued to fall and liabilities to other international financial centers and Japan turned down. However, liabilities to “all other countries” have continued to grow at a steady pace in the post crisis years. In the first two quarters of 2013, liabilities to most regions increased, especially those to the Caribbean banking centers and the United Kingdom. The only region to which there was a decline in liabilities was “all other Asia”. September 2013 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 2011 2012 Mar. r June r Sept. r Dec. 2013 Mar. p Total claims .............................................................. 4,263,195 3,997,704 3,714,648 3,861,769 3,824,298 3,793,888 Payable in dollars .................................................. 3,825,465 3,616,984 3,289,377 3,407,475 3,405,497 3,402,990 Own claims on foreigners................................... 3,181,274 3,065,286 2,752,960 2,809,943 2,817,628 2,790,830 Foreign official institutions ............................... 29,856 35,707 36,436 39,486 34,809 33,885 Foreign banks, including own foreign offices ........................................................... 2,323,791 2,198,019 1,889,525 1,933,595 1,903,247 1,865,281 All other foreigners .......................................... 827,627 831,560 826,999 836,862 879,572 891,664 Claims of domestic customers .............................. 644,191 551,698 536,417 597,532 587,869 612,160 Payable in foreign currencies .................................. 437,730 380,720 425,271 454,294 418,801 390,898 Own claims on foreigners ..................................... 366,417 335,334 368,321 381,103 363,949 344,361 Canadian dollars .............................................. 41,458 45,070 45,142 52,849 58,078 56,217 Euros ................................................................ 152,483 133,953 137,328 130,226 122,892 122,943 United Kingdom pounds sterling...................... 45,150 51,253 53,636 60,489 50,269 49,118 Japanese yen................................................... 63,437 38,132 59,202 73,395 64,832 47,449 Claims of domestic customers .............................. 71,313 45,386 56,950 73,191 54,852 46,537 Canadian dollars .............................................. 12,705 11,698 11,352 13,076 13,532 11,118 Euros ................................................................ 6,777 6,713 4,927 12,232 6,351 5,968 United Kingdom pounds sterling...................... 2,178 2,502 1,751 2,373 2,444 3,391 Japanese yen................................................... 36,070 8,759 22,270 25,099 12,015 4,071 Total own claims on foreigners ............................. 3,547,691 3,400,620 3,121,281 3,191,046 3,181,577 3,135,191 Non-negotiable deposits .................................... 1,481,677 1,339,160 1,046,317 1,092,405 1,063,066 1,013,458 Short-term negotiable instruments (payable in dollars) ........................................... 12,377 10,395 9,828 11,374 9,432 10,365 Resale agreements ............................................ 808,014 811,734 818,631 818,036 847,723 830,087 Other................................................................... 1,245,623 1,239,331 1,246,505 1,269,231 1,261,356 1,281,281 Claims on own foreign offices ............................... 2,274,435 2,109,768 1,827,656 1,875,730 1,820,366 1,791,796 Claims reported by IBFs ....................................... 656,935 577,213 432,673 421,476 452,210 431,704 Payable in dollars ............................................... 592,270 541,863 371,523 382,939 410,012 393,105 Payable in foreign currencies ............................. 64,665 35,350 61,150 38,537 42,198 38,599 Total claims held for domestic customers ............ 715,504 597,084 593,367 670,723 642,721 658,697 Non-negotiable deposits .................................... 360,308 270,713 254,671 297,266 282,324 281,800 Short-term negotiable instruments (payable in dollars) ........................................... 286,985 277,304 278,354 296,938 301,713 325,335 Other................................................................... 68,211 49,067 60,342 76,519 58,684 51,562 of which: of which: Memoranda: September 2013 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 2013 Calendar year 2010 2012 2011 Sept. Dec. Mar. r June r Sept. r. Dec. 2013 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 3,081 10,020 10 24 2,551 38,849 157,471 68,387 184 338 33,099 7,704 87 30,305 56,734 17,525 442 798 502 1,750 8,315 37,428 98,523 5,710 1,229,804 14,195 4,758 1,828,594 415,814 1,687,029 207,441 3,105 9,912 11 81 3,574 37,664 104,759 56,754 147 353 26,612 6,160 141 26,992 55,440 15,953 621 796 406 1,427 5,861 38,081 75,182 5,231 1,270,212 10,365 4,075 1,759,915 335,148 1,648,503 222,300 3,329 7,660 6 20 3,505 29,555 96,514 66,441 140 390 26,026 6,072 169 28,909 51,867 14,329 680 905 315 1,166 7,697 37,255 59,264 5,900 1,202,312 8,627 3,605 1,662,658 326,302 1,570,796 213,803 3,957 9,095 10 108 797 27,805 101,279 65,109 137 323 24,786 4,850 82 29,090 51,141 15,130 1,614 632 108 1,152 7,002 28,767 47,469 6,210 1,139,930 8,330 3,417 1,578,332 325,910 1,497,594 218,461 3,284 8,587 19 25 956 15,516 71,164 82,380 147 353 19,703 11,108 85 32,087 58,928 13,590 568 789 69 1,268 8,068 36,345 48,265 6,340 1,236,751 6,900 3,109 1,666,403 312,493 1,587,602 243,437 . 3,348 11,928 6 62 912 26,567 82,440 65,232 185 568 15,095 2,346 198 34,556 51,319 18,564 475 670 90 1,911 9,849 34,745 45,568 7,247 1,191,078 7,352 3,179 1,615,490 305,072 1,533,026 269,080 3,232 9,328 8 15 1,151 25,008 92,143 74,835 89 448 14,517 3,788 74 35,562 54,715 16,067 1,036 703 152 2,030 9,735 38,986 53,252 8,288 1,147,040 8,572 3,142 1,603,917 325,238 1,514,091 256,607 4,444 154 56,667 14,986 7,442 1,226 491 386 1,249 372 31,826 97 3,766 488 4,434 2,446 1,573 72 132,119 7,220 163 76,500 15,540 8,493 1,941 439 496 2,219 394 40,450 104 4,794 346 5,651 897 1,770 197 167,614 5,403 140 83,083 17,142 8,520 1,974 475 560 2,345 477 38,671 85 4,666 447 5,085 675 1,683 195 171,626 5,709 145 82,202 16,882 8,109 1,981 537 554 2,327 536 38,958 98 4,542 417 6,620 1,872 1,885 184 173,558 5,804 150 81,948 19,736 7,429 2,048 549 573 2,461 623 40,763 111 5,051 416 7,268 3,092 1,918 189 180,129 5,847 155 79,744 19,906 7,606 2,327 540 668 2,442 569 39,817 143 5,161 548 6,991 1,455 2,176 192 176,287 4,656 201 81,391 22,115 8,717 2,378 597 800 2,315 787 42,207 110 5,962 356 7,137 1,652 2,094 190 183,665 4,352 149 86,401 20,409 8,528 2,364 651 771 2,324 714 42,283 121 6,959 524 7,839 1,991 2,082 201 188,663 10,826 380,494 504 13,285 480,613 633 13,968 470,556 493 14,718 358,915 859 13,615 184,686 816 15,389 192,240 972 15,016 185,753 636 17,551 199,946 593 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 2010 Sept. 12,256 12,552 1,176,720 891 38 379 6,080 546 645 1,601,931 16,490 13,457 956,743 1,094 30 585 2,563 530 538 1,486,561 14,250 13,760 901,163 1,270 40 631 2,826 689 481 1,420,127 17,239 15,037 887,010 1,137 31 668 2,125 728 667 1,299,134 17,232 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 1,289 434,569 20,185 65,048 19,068 2,118 5,670 314,753 73 23,825 96 6,108 58 2,662 24,420 6,837 442 16,704 3,369 511,436 18,637 56,091 19,867 2,620 5,411 362,403 71 22,604 62 4,884 181 1,545 26,176 6,260 339 15,593 2,959 545,703 5 7,772 104 951 232 1,193 308 6,147 16,712 3 1,675 116 1,061 139 678 336 6,167 10,175 97,247 10,437 4,683 112,367 4,509,659 2011 2012 Dec. June r 2013 Sept. r Dec. Mar. p 17,094 12,644 796,855 1,038 39 413 1,686 565 699 1,030,150 16,830 13,516 783,527 1,192 51 410 1,365 846 1,060 1,027,398 17,834 14,412 772,054 1,390 71 384 1,179 460 1,133 1,010,322 18,560 14,419 725,892 1,270 120 449 1,393 511 807 981,511 20,524 42,272 19,245 2,290 4,982 334,094 82 22,889 75 5,952 44 1,508 33,142 3,681 463 19,601 3,345 514,189 22,556 60,038 21,051 2,618 3,558 383,919 82 24,495 79 5,649 28 1,458 35,458 2,714 420 15,121 3,107 582,351 19,619 67,552 21,478 2,236 3,306 413,218 43 24,815 82 5,527 62 1,755 30,472 3,899 545 16,577 2,520 613,706 18,151 70,541 22,990 2,999 3,076 393,809 92 22,672 74 5,492 121 2,083 29,848 3,115 591 19,040 2,395 597,089 26,172 60,260 22,913 2,788 3,055 371,775 90 24,520 140 5,937 131 3,752 52,734 8,828 1,012 18,918 2,654 605,679 3 1,064 117 1,095 361 631 339 6,492 10,102 5 786 249 1,221 339 1,280 763 6,402 11,045 11 750 239 1,117 456 1,343 1,041 5,175 10,132 9 1,134 244 1,178 218 1,103 1,174 7,211 12,271 7 741 272 1,103 300 779 1,746 7,168 12,116 7 700 349 1,045 214 876 2,007 6,800 11,998 107,303 7,524 1,715 116,542 4,328,363 107,620 6,758 1,850 116,228 4,246,001 100,769 6,046 2,026 108,841 3,983,228 94,455 6,497 2,239 103,191 3,702,746 103,199 6,100 2,070 111,369 3,850,871 114,050 5,311 2,012 121,373 3,809,135 122,476 4,723 2,128 129,327 3,777,702 10,901 9,684 10,651 4,167 14,083 3,111 10,502 3,974 8,446 3,456 7,741 3,157 11,252 3,911 11,891 4,295 20,585 4,530,244 14,818 4,343,181 17,194 4,263,195 14,476 3,997,704 11,902 3,714,648 10,898 3,861,769 15,163 3,824,298 16,186 3,793,888 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. Mar. r 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 2013 CAPITAL MOVEMENTS 62 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2013 [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Respondents’ own claims Country Total claims (1) Europe: Austria ............................................... 3,232 Belgium.............................................. 9,328 Czech Republic ................................. 15 Denmark ............................................ 1,151 Finland ............................................... 25,008 France ............................................... 92,143 Germany ............................................ 74,835 Greece ............................................... 89 Hungary ............................................. 448 Ireland................................................ 14,517 Italy .................................................... 3,788 Kazakhstan ........................................ 74 Luxembourg ...................................... 35,562 Netherlands ....................................... 54,715 Norway .............................................. 16,067 Poland ............................................... 1,036 Portugal ............................................. 703 Romania ............................................ 152 Russia................................................ 2,030 Spain ................................................. 9,735 Sweden.............................................. 38,986 Switzerland ........................................ 53,252 Turkey................................................ 8,288 United Kingdom ................................. 1,147,040 Channel Islands .................................. 8,572 3,150 All other Europe ................................ Total Europe ................................... 1,603,917 325,238 Memo: Euro Area 1 ......................... 256,607 Canada ................................................. Latin America: Argentina ........................................... 4,352 Bolivia ................................................ 149 Brazil.................................................. 86,401 Chile .................................................. 20,409 Colombia ........................................... 8,528 Costa Rica ........................................ 2,364 Ecuador ............................................. 651 El Salvador ....................................... 771 Guatemala ......................................... 2,324 Honduras .......................................... 714 Mexico ............................................... 42,283 Panama ............................................. 6,959 Peru ................................................... 7,839 Uruguay ............................................. 1,991 Venezuela ......................................... 2,082 846 All other Latin America ..................... 188,663 Total Latin America......................... See footnotes at end of table. September 2013 Total own claims (2) Total own claims payable in dollars (3) 3,232 3,211 9,117 7,575 15 6 694 417 22,378 22,221 66,156 58,045 45,153 32,683 89 74 187 149 14,116 12,589 3,590 2,154 74 72 32,464 22,063 42,430 35,537 2,721 2,573 1,034 964 678 658 73 63 2,029 1,890 7,168 3,762 10,547 5,218 50,831 46,483 8,269 6,511 1,060,512 929,090 8,292 7,758 3,056 2,417 1,394,904 1,204,183 248,149 201,744 209,688 162,534 4,328 149 85,983 19,626 8,528 2,364 647 771 2,324 714 39,091 6,857 7,823 1,965 2,074 845 184,089 4,185 142 83,275 19,620 7,247 2,086 647 767 2,164 713 32,377 6,696 7,778 1,964 1,965 830 172,456 Foreign official institutions and foreign banks (4) Claims on all other foreigners (5) Payable in foreign currencies (6) 303 7,118 2 166 22,167 33,797 29,072 2 42 3,012 1,799 45 4,646 3,618 2,097 951 172 46 1,494 2,304 3,289 39,096 4,930 643,526 1,805 354 805,853 108,132 130,404 2,908 457 4 251 54 24,248 3,611 72 107 9,577 355 27 17,417 31,919 476 13 486 17 396 1,458 1,929 7,387 1,581 285,564 5,953 2,063 398,330 93,612 32,130 21 1,542 9 277 157 8,111 12,470 15 38 1,527 1,436 2 10,401 6,893 148 70 20 10 139 3,406 5,329 4,348 1,758 131,422 534 639 190,721 46,405 47,154 1 211 457 2,630 25,987 29,681 1 261 401 198 3,098 12,286 13,346 2 25 79 1 2,567 28,439 2,421 19 86,528 280 94 209,013 77,089 46,919 116 454 2,625 24,973 28,722 381 21 3,065 11,835 12,428 1 24 1 2,513 27,656 2,409 2 80,178 171 38 197,613 74,277 36,682 1 95 3 5 1,014 959 1 261 20 177 33 451 918 1 1 79 54 783 12 17 6,350 109 56 11,400 2,812 10,237 305 5 47,112 10,986 4,025 1,115 44 518 1,330 551 11,099 4,432 3,556 216 165 343 85,802 3,880 137 36,163 8,634 3,222 971 603 249 834 162 21,278 2,264 4,222 1,748 1,800 487 86,654 143 7 2,708 6 1,281 278 4 160 1 6,714 161 45 1 109 15 11,633 24 418 783 4 3,192 102 16 26 8 1 4,574 24 407 783 4 6 102 16 8 1 1,351 11 3,186 26 3,223 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, 2013, 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 ........................................... 199,946 Bermuda ............................................ 18,560 British Virgin Islands .......................... 14,419 Cayman Islands................................. 725,892 Dominican Republic .......................... 1,270 Jamaica ............................................. 449 Netherlands Antilles .......................... 1,393 Trinidad and Tobago ......................... 511 19,071 All other Caribbean ........................... 981,511 Total Caribbean .............................. Asia: China, Mainland ................................ 26,172 Hong Kong ........................................ 60,260 India ................................................... 22,913 Indonesia ........................................... 2,788 Israel .................................................. 3,055 Japan ................................................. 371,775 Korea, South ..................................... 24,520 Malaysia ............................................ 5,937 Pakistan ............................................. 131 Philippines ......................................... 3,752 Singapore .......................................... 52,734 Taiwan ............................................... 8,828 Thailand ............................................. 1,012 21,802 All other Asia ..................................... 605,679 Total Asia ........................................ Africa: Egypt ................................................. 700 Ghana ................................................ 349 Liberia ................................................ 1,045 Morocco ............................................. 214 South Africa ....................................... 876 8,814 All other Africa ................................... 11,998 Total Africa ..................................... Other countries: Australia............................................. 122,476 New Zealand ..................................... 4,723 2,128 All other ............................................. 129,327 Total other countries ....................... Total foreign countries ................. 3,777,702 International and regional orgs: International organizations ................ 11,891 4,295 Regional organizations 2 .................... Total international and regional 16,186 organizations ................................ Grand total .................................. 3,793,888 1 Total own claims (2) Total own claims payable in dollars (3) Foreign official institutions and foreign banks (4) 158,309 18,330 14,090 489,141 1,270 446 1,390 511 19,071 702,558 157,611 16,525 10,140 455,686 1,243 446 1,044 509 16,558 659,762 152,336 137 340 252,579 362 192 388 49 43 406,426 5,275 16,388 9,800 203,107 881 254 656 460 16,515 253,336 698 1,805 3,950 33,455 27 346 2 2,513 42,796 41,637 230 329 236,751 3 3 278,953 41,637 230 329 233,621 3 275,820 3,130 3 3,133 25,405 56,893 21,334 2,741 2,383 349,210 23,055 367 129 2,968 43,903 8,821 815 20,770 558,794 22,597 52,968 20,196 2,704 2,293 320,565 20,265 215 128 2,912 43,181 8,413 584 20,426 517,447 16,907 47,202 13,330 2,349 1,940 248,447 17,714 173 118 2,843 40,430 8,081 534 17,396 417,464 5,690 5,766 6,866 355 353 72,118 2,551 42 10 69 2,751 332 50 3,030 99,983 2,808 3,925 1,138 37 90 28,645 2,790 152 1 56 722 408 231 344 41,347 767 3,367 1,579 47 672 22,565 1,465 5,570 2 784 8,831 7 197 1,032 46,885 755 2,690 1,558 23 224 19,167 215 4 2 7 6,698 5 9 694 32,051 12 677 21 24 448 3,398 1,250 5,566 777 2,133 2 188 338 14,834 678 349 1,045 214 875 7,162 10,323 663 349 957 208 728 6,820 9,725 572 304 201 604 930 2,611 91 45 957 7 124 5,890 7,114 15 88 6 147 342 598 22 1 1,652 1,675 9 111 120 13 1 1,541 1,555 61,661 1,869 2,118 65,648 3,126,004 54,711 1,493 2,105 58,309 2,784,416 49,655 950 1 50,606 1,899,166 5,056 543 2,104 7,703 885,250 6,950 376 13 7,339 341,588 60,815 2,854 10 63,679 651,698 60,755 2,853 63,608 607,245 60 1 10 71 44,453 6,687 2,500 3,949 2,465 - 3,949 2,465 2,738 35 5,204 1,795 4,179 736 1,025 1,059 9,187 3,135,191 6,414 2,790,830 1,899,166 6,414 891,664 2,773 344,361 6,999 658,697 4,915 612,160 2,084 46,537 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 2013 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 2009 2010 2011 2012 Mar. 2013 United Kingdom ........................... All other Europe ........................... Caribbean banking centers 1 ....... Japan ........................................... All other Asia ................................ Subtotal ...................................... All other countries ........................ Grand total ................................. 1,155,891 775,694 1,370,044 185,928 97,448 3,585,005 391,680 1,325,525 665,292 1,591,868 289,439 145,130 4,017,254 512,990 1,270,212 489,703 1,407,221 362,403 183,300 3,712,839 550,356 1,191,078 424,412 997,194 393,809 203,280 3,209,773 614,525 1,147,040 456,877 967,169 371,775 233,904 3,176,765 617,123 3,976,685 4,530,244 4,263,195 3,824,298 3,793,888 1 Includes Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama. In March 2013, U.S. claims on foreigners reported by U.S. banks amounted to $3.8 trillion, a similar level to that of December 2012 and a decrease of $469 billion from year-end 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 $554 billion in 2010. However, they decreased $267 billion in 2011. As with U.S. banking liabilities, U.S. banking claims on foreigners are concentrated in international financial centers. Nearly 56 percent of these claims are reported opposite the United Kingdom and banking centers in the Caribbean. In the post crisis years, there has been a steady fall in claims on Caribbean banking centers, the United Kingdom, and all other Europe. In contrast, claims on Asia have consistently risen since 2008. Although the lion’s share of banking claims against the United States is held by the international financial centers, this share has fallen while Asia’s share has grown from under 5 percent in 2008 to over 15 percent in 2012. September 2013 CAPITAL MOVEMENTS 65 SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-III-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] Type of liability or claim Total liabilities ................................................... Payable in dollars.......................................... Financial .................................................... Short-term negotiable securities ........... Other ..................................................... Commercial ............................................... Trade payables ..................................... Advance receipts and other .................. Payable in foreign currencies ....................... By major foreign currency: Canadian dollars ................................... Euros ..................................................... United Kingdom pounds sterling........... Japanese yen........................................ Other ..................................................... By type of liability: Financial ................................................ Short-term negotiable securities ....... Other ................................................. Commercial ........................................... Trade payables ................................. Advance receipts and other .............. Total claims ....................................................... Payable in dollars.......................................... Financial .................................................... Non-negotiable deposits ....................... Negotiable CDs and short-term negotiable instruments.......................... Other ..................................................... Commercial ............................................... Trade receivables ................................. Advance payments and other ............... Payable in foreign currencies ....................... By major foreign currency: Canadian dollars ................................... Euros ..................................................... United Kingdom pounds sterling........... Japanese yen........................................ Other ..................................................... By type of claim: Financial ................................................ Non-negotiable deposits ................... Short-term negotiable securities ....... Other ................................................. Commercial ........................................... Trade receivables ............................. Advance payments and other ........... 2009 Calendar year 2010 2012 2011 Mar. r June r Sept. r Dec. 2013 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 84,236 72,381 12,651 936 11,715 59,730 30,552 29,178 11,855 84,875 72,026 11,692 1,430 10,262 60,334 29,045 31,289 12,849 84,819 72,800 11,689 870 10,819 61,111 28,310 32,801 12,019 91,748 78,798 12,985 545 12,440 65,813 31,420 34,393 12,950 87,326 76,421 12,687 573 12,114 63,734 28,899 34,835 10,905 91,509 77,378 12,473 113 12,360 64,905 27,368 37,537 14,131 3,709 5,276 1,431 926 9,335 3,456 4,742 1,241 1,645 4,028 2,831 3,754 1,133 1,124 3,013 2,957 4,182 1,105 1,127 3,478 2,431 4,019 1,087 1,312 3,170 4,805 4,236 1,092 1,310 1,507 2,664 4,386 816 1,433 1,606 2,741 4,742 752 4,304 1,592 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 6,757 453 6,304 5,098 1,943 3,155 96,668 79,582 28,867 8,521 7,321 504 6,817 5,528 2,423 3,105 92,926 70,076 22,136 6,704 7,984 538 7,446 4,035 2,250 1,785 108,321 76,319 26,825 8,952 8,732 573 8,159 4,218 2,589 1,629 112,103 76,280 26,547 7,253 6,584 561 6,023 4,321 2,487 1,834 105,130 79,530 29,346 8,721 10,071 ,539 9,532 4,060 2,060 2,000 106,986 81,130 33,191 8,508 7,082 19,530 41,530 29,196 12,334 24,954 6,525 14,738 47,486 35,109 12,377 25,368 2,095 18,251 50,715 40,299 10,416 17,086 1,357 14,075 47,940 36,941 10,999 22,850 1,206 16,667 49,494 37,557 11,937 32,002 1,337 17,957 49,733 35,826 13,907 35,823 2,456 18,169 50,184 36,527 13,657 25,600 4,466 20,217 47,939 30,248 17,691 25,856 2,519 8,838 1,738 1,795 10,064 3,661 8,825 3,088 3,279 6,515 2,981 3,313 2,488 2,101 6,203 3,058 7,375 3,194 1,617 7,606 2,785 7,426 3,087 11,528 7,176 4,056 15,857 4,059 7,165 4,686 2,785 8,045 4,283 5,279 5,208 2,792 8,881 4,207 4,951 5,025 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 12,703 1,580 1,489 9,634 4,383 3,964 419 18,380 1,691 872 15,817 4,470 3,900 570 27,579 2,242 10,686 14,651 4,423 4,109 314 31,732 2,890 11,947 16,895 4,091 3,712 379 20,060 1,565 4,146 14,349 5,540 4,981 559 20,555 1,451 1,408 17,696 5,301 4,639 662 September 2013 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 2013 2008 Calendar year 2009 2010 2012 2011 Mar. r June r Sept. r Dec. 2013 Mar. p 95 427 1 45 161 79 4,801 3,746 241 30 2,067 509 837 1,728 385 269 35 71 524 78 201 44 140 521 3,004 5,428 232 16 2,725 509 503 882 472 201 25 11 297 113 258 32 177 105 2,968 4,563 273 58 1,532 463 373 731 870 151 26 15 714 76 309 32 204 122 3,133 4,594 229 86 1,718 799 402 1,765 1,015 123 16 11 847 72 326 3 59 90 101 2,712 4,659 246 51 1,345 491 278 1,097 1,167 144 35 19 1,125 82 336 1 59 180 138 2,570 5,048 216 41 1,200 562 229 829 1,541 163 17 12 1,181 80 351 2 62 253 102 2,758 4,770 242 39 1,204 641 258 1,377 839 174 16 17 1,255 121 216 3 64 277 102 2,794 5,426 212 43 1,412 1,002 203 962 801 136 14 21 1,118 66 229 3 106 270 109 3,933 5,540 205 44 1,101 909 248 914 1,334 119 15 16 1,014 6 816 274 2,333 709 14,916 502 446 2,444 1,619 10,428 2 363 1,345 2,357 1,358 10,150 4 364 1,237 2,378 748 11,267 4 456 1,210 2,349 795 10,721 3 333 1,068 2,007 668 9,707 4 340 1,031 2,150 685 9,631 2 449 1,163 1,883 1,011 10,385 2 425 1,173 1,423 1,064 12,025 95 435 35,635 5,960 84 524 31,336 6,199 70 484 29,551 8,800 124 638 32,241 9,899 122 813 30,488 10,504 146 784 29,121 10,589 137 911 29,329 13,105 114 903 30,837 9,563 110 1,035 33,432 8,964 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 76 1,077 548 453 23 12 2,928 332 63 12 450 113 6,087 61 1,088 639 472 60 16 2,836 305 57 6 640 91 6,271 69 1,393 638 439 153 13 2,997 199 63 30 680 63 6,737 74 1,326 516 418 34 21 3,541 188 87 19 958 80 7,262 89 1,167 368 384 39 20 2,953 294 88 22 885 153 6,462 231 1,585 384 612 31 16 3,165 328 75 14 908 114 7,463 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 50 764 668 10 2 57 1,717 3,268 90 539 778 11 2 60 1,063 2,543 77 718 853 22 3 17 981 2,671 197 666 603 19 1 18 1,100 2,604 91 558 582 19 2 18 1,273 2,543 189 844 720 22 1 21 542 2,339 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 2011 Mar. r June r Sept. r Dec. 2013 Mar. p 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 5,853 806 682 521 96 6,526 1,391 5 469 50 210 1,476 1 370 278 10,688 612 30,034 6,793 1,371 731 468 149 6,924 1,360 7 695 37 267 2,250 1 414 515 9,221 696 31,899 7,085 1,467 681 453 195 6,673 1,315 8 681 39 215 1,993 1 577 411 10,189 522 32,505 7,487 1,796 805 344 230 7,004 2,029 6 699 64 263 2,301 2 662 472 10,756 849 35,769 7,679 1,220 649 482 321 8,012 2,081 4 652 71 197 2,349 4 422 490 9,271 607 34,511 7,901 939 679 533 295 8,073 1,744 1 495 64 164 2,296 4 611 377 10,657 666 35,499 293 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 1,813 106 3 57 161 134 430 591 1,482 128 5 48 153 241 769 572 1,916 96 10 53 125 237 699 635 1,855 165 15 49 124 197 684 1,063 2,297 163 12 48 160 143 690 587 1,803 172 14 6 152 94 695 609 1,742 1,925 92 30 2,047 87,589 1,228 179 25 1,432 79,170 1,241 279 23 1,543 78,762 961 114 9 1,084 84,095 1,007 72 30 1,109 84,730 1,095 73 12 1,180 84,658 1,127 92 9 1,230 91,596 1,340 101 12 1,453 87,172 1,776 117 17 1,910 91,349 7 34 71 31 109 5 137 4 141 4 143 18 147 5 142 12 145 15 41 87,630 102 79,272 114 78,876 141 84,236 145 84,875 161 84,819 152 91,748 154 87,326 160 91,509 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 2 2012 Calendar year 2009 2010 2008 3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2013 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 2013 2012 Calendar year 2009 2010 2011 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 1,602 402 16 63 190 62 3,086 5,298 182 380 910 1,279 178 2,495 250 255 35 113 1,483 14 1,072 450 1,788 593 17,983 17 967 311 1,723 667 25,389 13 712 516 1,726 677 20,162 419 1,107 44,631 10,551 541 433 49,567 10,474 473 2,365 540 429 173 180 3,089 408 270 106 657 435 9,125 353 1,722 19,513 79 112 111 1,013 22,903 2008 Mar. r Dec. 2013 Mar. p June r Sept. r. 1,568 413 18 130 146 96 3,833 4,530 176 335 589 1,644 193 2,314 185 286 67 103 440 1,591 352 13 118 155 77 4,365 5,308 194 244 569 1,875 168 2,549 204 292 50 94 1,158 1,599 325 17 107 146 76 5,840 7,973 128 283 661 2,346 230 1,735 337 278 35 95 1,169 1,382 288 19 107 218 83 4,086 5,601 166 212 357 2,425 203 1,766 291 277 28 90 1,675 1,388 290 19 95 136 96 5,502 6,656 86 309 331 2,494 242 1,544 260 178 29 97 1,262 7 1,298 523 1,370 815 17,046 8 1,237 526 1,586 530 16,004 8 1,478 535 1,427 809 20,181 10 1,709 539 1,572 658 23,824 11 1,867 619 1,546 872 22,677 12 1,776 587 1,192 850 20,736 100 422 42,524 14,233 424 1,115 40,878 12,378 319 1,226 38,503 12,732 377 1,181 45,373 12,747 407 1,091 53,191 13,048 414 1,108 48,389 11,476 362 1,300 47,831 12,881 513 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 10,560 452 2,251 523 343 129 99 4,475 344 236 72 461 397 9,782 383 2,256 601 658 86 78 5,015 424 352 165 723 334 11,075 381 2,341 610 619 98 106 4,747 468 416 44 642 294 10,766 331 2,273 525 602 102 78 4,740 635 423 55 764 372 10,900 369 2,191 611 477 89 95 4,489 620 397 72 687 405 10,502 375 2,112 569 433 85 89 4,320 485 399 45 663 408 9,983 302 3,567 6,908 64 52 83 1,188 12,164 164 1,449 8,416 2 58 178 42 1,061 11,370 545 1,287 5,319 48 66 46 1,508 8,819 305 1,069 2,954 25 82 63 1,107 5,605 257 1,375 3,141 48 69 287 1,132 6,309 205 1,158 3,887 24 69 78 1,271 6,692 379 1,503 5,822 74 42 93 1,292 9,205 597 2,172 8,446 40 73 65 844 12,237 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 2012 Calendar year 2009 2010 2008 2011 Mar. r June r Sept. r Dec. 2013 Mar. p 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 2,468 1,090 1,703 332 232 4,920 1,850 14 188 75 121 3,100 34 1,021 179 2,969 292 20,588 2,570 1,523 1,674 292 304 3,611 1,513 14 295 35 129 3,391 34 1,552 215 3,487 353 20,992 2,429 2,873 1,732 284 320 11,220 1,245 9 208 52 172 2,285 31 1,638 212 3,643 281 28,634 2,176 2,323 1,476 232 417 6,681 810 8 206 30 513 2,516 267 1,377 204 3,372 708 23,316 2,192 1,579 2,364 272 398 3,587 1,006 20 353 27 177 3,283 23 1,334 158 4,063 246 21,082 1,889 1,428 2,533 267 391 3,882 804 11 189 41 200 2,388 22 1,249 226 3,866 228 19,614 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 1,343 242 12 2 31 373 305 541 1,506 146 7 20 380 281 280 1,114 1 185 41 24 216 290 489 1,246 313 13 6 22 363 308 525 1,550 243 12 2 35 412 326 441 1,471 2 279 9 5 21 176 253 391 1,136 2,194 72 13 2,279 107,269 3,655 100 7 3,762 102,063 3,246 90 24 3,360 104,757 2,482 65 33 2,580 96,531 2,677 65 51 2,793 92,814 2,902 82 99 3,083 108,158 3,056 232 52 3,340 112,037 2,633 230 87 2,950 105,075 2,964 251 40 3,255 106,937 21 186 49 26 37 7 35 102 37 75 32 131 39 27 42 13 43 6 207 107,476 75 102,138 44 104,801 137 96,668 112 92,926 163 108,321 66 112,103 55 105,130 49 106,986 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 2013 CAPITAL MOVEMENTS 70 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, March 31, 2013, 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 2013 Total liabilities (1) Liabilities Financial (2) Commercial (3) Total claims (4) Claims Financial (5) Commercial (6) 66 229 3 106 270 109 3,933 5,540 205 44 1,101 909 248 914 1,334 119 15 16 1,014 29 46 1 8 2,811 3,565 5 1 129 1 452 165 3 6 1 43 37 183 3 106 269 101 1,122 1,975 200 43 972 909 247 462 1,169 116 9 15 971 1,388 290 19 95 136 96 5,502 6,656 86 309 331 2,494 242 1,544 260 178 29 97 1,262 1,326 96 5 60 54 3,945 2,499 33 84 505 174 532 164 21 1 20 544 62 194 19 90 76 42 1,557 4,157 53 309 247 1,989 68 1,012 96 157 28 77 718 2 425 1,173 1,423 1,064 12,025 1 53 775 21 23 7,334 1 372 398 1,402 1,041 4,691 12 1,776 587 1,192 850 20,736 1,179 324 464 689 15,266 12 597 263 728 161 5,470 110 1,035 33,432 8,964 90 64 15,627 3,624 20 971 17,805 5,340 362 1,300 47,831 12,881 326 884 29,197 8,233 36 416 18,634 4,648 231 1,585 384 612 31 16 3,165 328 75 14 908 114 7,463 9 91 21 1 6 58 16 14 11 227 222 1,494 363 611 25 16 3,107 312 75 14 894 103 7,236 375 2,112 569 433 85 89 4,320 485 399 45 663 408 9,983 57 1,006 117 12 8 30 1,548 173 94 2 119 46 3,212 318 1,106 452 421 77 59 2,772 312 305 43 544 362 6,771 189 844 720 22 1 21 542 2,339 15 292 9 2 318 174 844 428 22 1 12 540 2,021 597 2,172 8,446 40 73 65 844 12,237 424 396 6,396 6 15 98 7,335 173 1,776 2,050 34 58 65 746 4,902 CAPITAL MOVEMENTS 71 TABLE CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country, march 31, 2013, 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) 7,901 939 679 533 295 8,073 1,744 1 495 64 164 2,296 4 611 377 666 35,499 104 50 48 23 3 1,594 9 4 7 1 87 13 54 44 2,138 7,797 889 631 510 292 6,479 1,735 1 491 57 163 2,209 4 598 323 622 33,361 1,889 1,428 2,533 267 391 3,882 804 11 189 41 200 2,388 22 1,249 226 228 19,614 149 240 317 113 32 988 184 2 32 2 134 271 7 126 87 2,973 1,740 1,188 2,216 154 359 2,894 620 9 157 39 66 2,117 22 1,242 100 141 16,641 172 14 6 152 94 609 1,742 2 1 2 49 57 170 14 6 151 92 560 1,685 2 279 9 5 21 176 391 1,136 2 7 85 258 368 2 277 2 5 21 91 133 768 1,776 117 17 1,910 91,349 542 9 2 553 22,544 1,234 108 15 1,357 68,805 2,964 251 40 3,255 106,937 2,212 177 38 2,427 53,745 752 74 2 828 53,192 145 15 - 145 15 43 6 1 43 5 160 91,509 22,544 160 68,965 49 106,986 1 53,746 48 53,240 1 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2013 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) 2009 ......................................... 2010 ......................................... 2011 ......................................... 2012 ......................................... 2013 - Jan. - June p ................. 538,388 703,682 432,571 405,938 -44,539 161,406 172,065 144,155 201,863 45,006 376,906 531,429 276,867 202,075 -88,260 76 188 11,549 2,000 -1,285 11,593,203 16,189,912 17,969,880 14,734,136 9,281,475 11,054,815 15,486,230 17,537,309 14,328,198 9,326,014 -11,491 108,019 80,904 141,186 21,814 1,043,178 1,108,653 1,132,565 1,581,112 706,541 1,054,669 1,000,634 1,051,661 1,439,926 684,727 2012 - June .............................. July. .............................. Aug ............................... Sept .............................. Oct ................................ Nov ............................... Dec ............................... 2013 – Jan. r. ........................... Feb. r ............................ Mar. r ............................ Apr ................................ May p............................ June p........................... 31,280 53,424 42,903 -17,492 12,043 28,085 29,893 31,976 2,424 -11,171 -38,314 11,315 -40,769 21,267 30,154 19,151 919 7,841 -1,697 8,366 53,050 -6,783 -17,097 -23,781 40,298 -681 10,408 26,376 24,416 -22,127 3,834 30,401 19,974 -23,393 8,211 9,571 -11,130 -32,320 -39,199 -395 -3,106 -664 3,716 368 -619 1,553 2,319 996 -3,645 -3,403 3,337 -889 1,192,552 1,139,669 1,184,755 1,119,439 1,135,339 1,015,991 975,473 1,192,747 1,502,437 1,439,802 1,499,691 1,857,242 1,789,556 1,161,272 1,086,245 1,141,852 1,136,931 1,123,296 987,906 945,580 1,160,771 1,500,013 1,450,973 1,538,005 1,845,927 1,830,325 3,557 9,426 25,769 23,489 14,994 9,020 18,117 4,454 1,576 8,511 22,822 -10,307 -5,242 145,220 132,638 157,385 158,342 159,196 129,528 126,468 114,002 110,052 112,376 121,322 112,458 136,331 141,663 123,212 131,616 134,853 144,202 120,508 108,351 109,548 108,476 103,865 98,500 122,765 141,573 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) 2009 .............................................................................. 2010 .............................................................................. 2011 .............................................................................. 2012 .............................................................................. 2013 - Jan. - June p ...................................................... -40,774 -13,154 -45,175 -25,069 6,582 1,189,391 971,246 996,101 952,601 484,493 1,230,165 984,400 1,041,276 977,670 477,911 152,734 109,741 25,075 102,064 -14,449 6,653,957 6,747,218 7,720,283 7,094,570 3,895,311 6,501,223 6,637,477 7,695,208 6,992,506 3,909,760 2012 - June ................................................................... July. ................................................................... Aug .................................................................... Sept ................................................................... Oct ..................................................................... Nov .................................................................... Dec .................................................................... 2013 – Jan. r. ................................................................ Feb. r ................................................................. Mar. r ................................................................. Apr ..................................................................... May p................................................................. June p................................................................ -22,077 -57 10,754 -4,741 3,871 11,180 2,580 5,612 9,535 -6,501 -4,681 7,606 -4,989 63,644 63,160 86,988 81,162 96,273 79,128 69,547 77,504 77,826 76,820 73,354 106,715 72,274 85,721 63,217 76,234 85,903 92,402 67,948 66,967 71,892 68,291 83,321 78,035 99,109 77,263 -4,261 6,649 6,278 23,763 1,271 21,474 25,887 6,113 -3,043 6,755 11,187 -8,620 -26,841 569,935 562,146 583,119 598,716 665,481 560,949 584,838 669,537 621,058 610,795 679,194 688,160 626,567 574,196 555,497 576,841 574,953 664,210 539,475 558,951 663,424 624,101 604,040 668,007 696,780 653,408 * Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. September 2013 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] Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) -59,360 3,169,501 3,228,861 3,704,794 -60,615 3,673,648 3,734,263 3,530,814 3,583,439 -71,702 3,968,484 4,040,186 4,632 3,855,482 3,850,850 -40,025 3,357,666 3,397,691 -106,332 -6,269 2,189,142 2,195,411 -100,063 1,928,317 2,028,380 2012 - June ........................................... 3,310 9,998 320,364 310,366 -6,688 265,430 272,118 July. ........................................... 7,135 7,971 282,284 274,313 -836 262,559 263,395 Aug ............................................ 10,385 12,755 266,271 253,516 -2,370 243,263 245,633 Sept ........................................... -15,271 -22,242 341,811 364,053 6,971 266,651 259,680 Oct............................................. -27,064 -26,943 378,996 405,939 -121 273,701 273,822 Nov ............................................ -12,752 -6,491 371,726 378,217 -6,261 239,781 246,042 Dec ............................................ -12,288 -7,478 296,023 303,501 -4,810 281,194 286,004 2013 – Jan. r. ........................................ -22,858 -3,104 373,235 376,339 -19,754 315,941 335,695 Feb. r ......................................... -25,505 -6,808 327,724 334,532 -18,697 295,294 313,991 Mar. r ......................................... -29,096 -2,284 365,067 367,351 -26,812 316,254 343,066 Apr............................................. -12,834 3,996 388,572 384,576 -16,830 331,958 348,788 May p........................................ -27,010 -11,396 380,994 392,390 -15,614 351,817 367,431 June p....................................... 10,971 13,327 353,550 340,223 -2,356 317,053 319,409 Foreign bonds Gross foreign purchases from U.S. (3) Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) 2009 ...................................................... -186,834 -127,474 1,951,939 2,079,413 2010 ...................................................... -115,259 -54,644 3,650,150 2011 ...................................................... -124,327 -52,625 2012 ...................................................... -35,393 2013 - Jan. - June p .............................. Calendar year or month Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) September 2013 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 2013 Marketable Treasury U.S. Government corporations bonds and notes and Federal agency bonds 2013 2013 Calendar Jan. Apr. Calendar Jan. Apr. year through through year through through 2012 June June p 2012 June June p (4) (5) (1) (2) (3) (6) Corporate bonds 2013 Calendar Jan. Apr. year through through 2012 June June p (7) (8) (9) Corporate stocks 2013 Calendar Jan. Apr. through through year June June p 2012 (11) (10) (12) 101 -6,891 39 50 265 -4,548 488 83,956 6,663 285 250 -15,027 577 1,589 -32,266 223 -1,168 9,778 736 624 -5,542 -36,118 -330 1,336 -4,403 53,276 -5,407 348 98,678 -2,027 -791 144,743 38,477 -231 -9,118 5 86 -2,727 -717 166 42,667 -1,640 -106 142 11,543 -666 -611 -23,213 -84 719 -2,043 4,176 48 -151 -2,679 5 -3,475 -950 -9,084 6,995 -49 -20,791 -862 -2,120 -14,763 16,378 -239 -5,093 -3 20 -2,763 -496 97 23,376 -2,294 -65 -31 7,579 -127 -491 -8,679 14 173 -2,286 1,106 83 -135 -3,130 -40 -1,148 -330 1,416 2,393 37 -25,560 -409 -1,477 -18,502 13,515 57 -173 6 103 -93 -870 519 -13 65 -3,357 -25 24,958 -69 -190 -860 1,042 -18 11 194 -183 -231 116 -1 -59 11,428 -423 -104 31,831 20,629 -15 151 1 105 29 -1,906 1,113 2 13 -984 -166 12,278 -5 -462 -28 50 -14 -6 -15 -6 -1,132 13,708 324 575 23,609 9,991 1 112 49 36 -864 514 4 -7 758 -55 1,507 2 -430 -14 -50 -6 -8 -759 7,806 177 34 8,806 1,560 147 -21,483 -19 -20 70 -221 -5,461 -3,075 30 57 -4,131 -567 19 -1,151 163 294 2,429 250 -13 89 -274 -2,264 1,793 -8 -11 -13,677 -769 -26 -47,829 -35,932 -27 -13,331 -64 50 265 -216 -2,788 448 -16 29 -3,856 -808 9 -1,998 139 -831 3,664 -66 -42 1 -87 -190 -2,239 2 -6 3,811 -569 206 -18,510 -23,661 12 -10,070 -21 284 -6 -4,095 41 1 22 -3,272 -263 10 -1,202 72 -137 2,556 -51 -22 -1 -62 24 -3,449 -1 -5 2,309 -497 -8 -17,831 -19,110 -257 -445 -25 1,014 -62 1,301 -64 15,868 3,154 58 -125 7,141 -2,221 -60 -1,361 227 -2,607 3,102 -27 -128 -18 -82 -2 -770 2,525 10,269 5 113 33,155 -173 518 70,023 19,887 114 -928 74 14 75 344 608 -4,692 5,443 -24 -85 3,348 -571 2 1,044 105 -1,648 2,124 24 19 -13 -40 3 -79 3,067 -503 73 1 3,289 -765 189 10,612 2,578 32 -1,204 -6 -8 -8 -147 109 -9,948 1,342 13 -74 1,224 -324 -2 393 -212 -1,749 1,682 99 -156 -9 -27 1 -117 1,136 -2,460 85 -5,294 -328 204 -15,753 -10,452 123,986 56,278 -4,629 -7,398 -14,694 -8,682 33,031 5,117 23,881 -7,320 9,358 -6,175 -51,549 1,674 -19,742 6,170 -16,511 2,121 56,613 11,180 9,359 -2,937 -14,780 -2,724 -8 2,738 -1,398 7,334 -166 1,970 -94 26,226 -2 5,309 978 -253 102 42,736 42 -2,356 744 1,634 390 387 267 1,231 5,354 1,203 -706 51 154 8,395 47 -6,171 -72 2,242 300 286 15 780 2,446 -51 -449 -6 123 -510 15 5,222 55 176 -29 59 -2 -4,145 381 1,451 725 219 353 4,480 2 417 -353 -713 2 327 1 -3,772 15 1,649 -179 -9 109 -2,504 -2 456 -107 -434 2 32 -1,976 -108 792 -203 3 167 -1,378 282 -491 -120 -250 2 171 26 -2,454 -154 189 243 635 281 -1,640 131 -133 -324 -1,551 -8 162 10 203 419 -41 116 222 167 -627 64 -134 -305 -523 -1 95 6 -33 227 -28 55 69 125 -383 1 532 1,703 13 -52 58 -10 2,890 -83 456 -25 53 -19 5,517 127 40 -1,103 651 65 -170 8 83 -114 501 -108 160 -18 122 180 26 -1,546 -145 78 -3 1 -426 -124 752 -43 64 1 -1,185 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 2013 2013 Calendar Jan. Apr. Calendar Jan. Apr. through year through through year through June p 2012 June June p 2012 June (3) (6) (4) (5) (1) (2) -151 -1,432 1,997 4,598 6,248 -23,056 -2 -75 130 5 -11,738 -3,539 -4,738 -436 -189 -4,176 -56,779 5 -5,278 177 8 -74,945 -1,845 -2,917 -419 1,952 -2,449 -47,160 5 -2,225 131 -35 -54,962 -17 10,152 554 4,104 70 20,804 -270 127 79 658 36,261 -86 -51 106 -387 -63 -3,206 27 97 -88 55 -3,596 -121 -61 8 -553 -35 -1,960 15 13 -79 38 -2,735 -738 896 994 4 1,163 4,330 27 1,156 -7 415 8,240 -58 321 832 621 -519 7,066 12 -213 7 41 8,110 -40 220 681 1,184 -496 5,598 10 -132 33 29 7,087 -1,268 -572 -40 -73 5,748 12,884 -46 6 241 -10 -559 16,311 -778 -646 -95 -1,660 -5,372 1,888 8 -797 73 -245 -7,624 -512 -685 -88 -1,162 2,809 3,673 2 -179 47 -171 3,734 73,310 23 4,375 461 2,653 87,280 363 200 -522 3,054 -1,265 1 1,313 -5,130 34 166,150 83,427 -3,635 -1,035 -3,533 -79 -14,768 -3,154 34 -1,564 -40 225 -12,861 -2,948 -4,113 6,776 362 43,094 29,750 -1,250 2,038 -2,529 1,549 -11,940 -1,659 -7 -1,080 -38 -2,028 -6,056 1,555 -325 4,803 -162 12,621 7,177 -2,413 106 2,831 285 24,745 12,903 2,192 537 1,013 8,564 512 2,863 -267 61,048 27,946 -1,378 -44 -711 242 -29,789 2,317 -2 1,131 -1 54 -27 11,000 -183 551 605 11,711 20,089 -731 -3 -170 195 -13,155 361 -2 475 -1 59 -144 2,548 -1 -765 93 8,848 5,681 259 118 -90 162 838 62 348 -10 158 4,927 4,964 -39 995 244 18,617 5,951 1,681 -13 44 154 -2,654 566 184 3 -172 4,100 2,251 -9 -1,527 6 10,565 2,704 813 -23 10 87 -337 437 -1 140 1 -155 2,968 540 1 -1,354 -57 5,774 -1,496 -103 -517 -56 247 -8,011 497 2 1,938 -20 7 -1,209 -1 983 -60 4,772 -68 -3,095 2,279 -150 -299 213 206 -20,942 941 -37 148 -19 -66 1,361 -924 -96 3,978 200 -13,207 763 -2,812 -78 138 -177 -5,458 417 -14 423 -7 -16 -1,095 -325 1,464 337 -6,440 -461 10 -100 -2,198 1,662 -5 -1,092 14 10 -109 -710 1,861 635 1,701 17 22 -22 -626 1,578 616 1,585 -7 -2 41 84 501 -11 606 -7 45 75 -2 18 129 -1 29 66 -3 34 125 -2 6 3 -107 675 56 631 1 -11 5 -82 -57 93 -51 -3 2 -28 -41 122 52 -23 -12 -5 365 16 56 397 -11 -14 -4 262 -23 257 467 -5 7 -2 130 -26 264 368 6,593 257 11 6,861 403,938 963 -272 -29 662 -43,254 1,792 -142 -13 1,637 -66,813 1,510 69 -9 1,570 140,913 76 60 12 148 22,177 163 52 3 218 7,709 -2,518 -214 -170 -2,902 -23,209 482 -116 -5 361 6,018 883 795 -109 -55 -12 46 762 786 -2,418 101,119 -1,656 -109 13 -1,752 -14,319 -2,021 -209 -1 -2,231 -24,231 1,553 447 -940 -345 -655 -300 744 -471 -270 -93 -255 -181 -1,592 -268 526 38 968 -23 -121 -9 -35 -8 2,000 405,938 -1,285 -44,539 -955 -67,768 273 141,186 -363 21,814 -436 7,273 -1,860 -25,069 564 6,582 354 945 -2,064 102,064 -130 -14,449 -43 -24,274 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. 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. 2 Corporate bonds Corporate stocks 2013 2013 Calendar Jan. Apr. Calendar Jan. Apr. through through through through year year June June June p 2012 June p 2012 (8) (12) (11) (7) (9) (10) 341 13 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 2013 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 2013, Preliminary [In millions of dollars. Source: Treasury International Capital Reporting System] Gross purchases by foreigners from U.S. residents Domestic securities 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 ............. Canada ....................................... Latin America: Argentina ................................ Brazil....................................... Chile ....................................... Colombia ................................ Costa Rica .............................. Ecuador .................................. Guatemala .............................. Mexico .................................... Panama .................................. Peru ........................................ Uruguay .................................. Venezuela .............................. All other Latin America ........... Total Latin America ............ Caribbean: Anguilla ................................... Bahamas ................................ Barbados ................................ See footnotes at end of table. September 2013 Marketable Treasury and Federal Financing Bank bonds Total purchases and notes (2) (1) Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (3) (4) (5) Gross sales by foreigners to U.S. residents Foreign securities Bonds Stocks (6) (7) Domestic securities Marketable Bonds Treasury of U.S. and Gov’t Federal corps and Corporate and Financing federallyother Total Bank bonds sponsored sales and notes agencies Bonds Stocks (8) (9) (10) (11) (12) 3,626 7,328 9 1,268 78,433 21,769 3,263 1,444,140 103,326 566 735 115,047 24,473 428 83,472 2,353 38,567 24,026 12,931 2,363 573 14,830 160 30,037 26,820 68,766 6,302 650 2,809,442 20,413 8,192 4,954,308 1,859,102 520,081 232 1,207 7 25 77,764 3,531 1,282 1,210,010 25,305 109 26,807 3,212 316 10,489 136 4,313 4,963 8,929 485 440 13,808 5,704 7,122 11,840 4,807 172 1,649,081 1,971 724 3,074,790 1,289,564 202,394 195 378 98 276 5,328 1,309 8 3 31,270 56 13,707 2 964 37 5 13 175 1,196 70,516 757 500 126,794 53,525 12,281 145 504 17 822 124 8,439 2,520 3 22 6,731 300 15 9,681 85 2,363 3,252 7 12 2 199 91 5,442 79,092 584 142 120,594 31,070 18,334 729 2,600 2 214 238 5,989 568 179,096 28,497 323 135 18,251 5,536 12 16,204 1,743 12,443 4,861 235 936 6 111 3 3,151 10,286 33,220 213 4 382,787 11,392 2,457 722,242 269,557 96,106 1,967 357 2,087 471 1,604 1,035 46,699 6,300 62 10 878 133 918 6 357 74 80,961 80,527 9,354 1,975 16,971 4,027 792 221 3,944 1,186 27,257 14,010 1,433,909 1,186,634 35,670 10,026 80,385 27,598 63 60 844 174 493 82 589 31 13,114 18,874 112,805 19,228 13,432 1,937 24,788 3,339 83 2 969 807 17,573 15,818 105,169 19,168 180 207 2,334 122 9,710 8,774 40,519 4,139 6,641 4,272 22,928 7,249 3,530 230 10,729 7,823 434 491 2,504 402 114 13 630 575 700 209 18,843 16,938 157 103 40 18,863 2,107 23,527 6,853 5,826 3,320 29,874 7,452 7,800 9,268 71,967 10,424 841 441 3,750 2,414 391 83 403 135 320,229 307,737 2,866,671 1,674,641 1,738 3,971 21,179 2,380 638 3,731 9,659 2,200 500,430 409,458 5,036,721 3,093,292 141,440 73,946 1,880,104 1,276,049 124,899 66,067 542,533 211,076 4,543 71,120 20,259 14,627 2,017 1,481 746 46,596 10,241 9,603 11,645 3,590 5,777 202,245 171 37,858 6,648 8,523 1,020 296 378 5,774 2,778 2,045 6,764 131 4,077 76,463 5 780 133 346 3 767 4,183 197 1,550 233 32 520 8,749 265 495 249 229 45 138 13 660 1,317 86 332 297 271 4,397 1,970 2,345 5,234 1,956 798 167 173 9,424 2,047 3,200 839 1,212 204 29,569 1,167 16,554 5,335 2,528 100 73 158 14,250 2,530 2,233 2,876 1,484 592 49,880 965 13,088 2,660 1,045 51 40 24 12,305 1,372 489 601 434 113 33,187 3,793 78,441 22,858 13,787 3,078 1,021 763 51,829 7,456 9,441 12,315 2,539 4,928 212,249 226,475 87,512 4,331 4,748 31,894 697 177 1,675 98 99 2,582 1,112 183,960 30,635 207 254 13,429 838 37,236 7,297 1,379 229,220 91,254 4,075 Foreign securities Bonds Stocks (13) (14) 194 267 49 240 6,192 795 4 10 30,512 111 12,200 1,395 51 50 11 22 175 1,955 62,710 580 467 117,988 51,965 18,456 133 10,574 38 538 130 12,534 2,479 2 10,003 563 5 10,883 13 2,500 696 58 34 3 261 67 8,891 1 5 76,783 1,081 150 138,425 50,180 16,213 697 3,804 8 222 246 6,136 459 189,044 27,155 310 209 17,027 5,860 14 15,811 1,955 14,192 3,179 136 1,092 15 138 2 3,268 9,150 35,680 128 4 388,081 11,720 2,253 737,995 280,009 98,830 290 24,423 44 497 85 4,385 1,593 19,038 13,925 234 277 17,010 12,228 143 29,414 81 11,128 9,019 2,356 261 28 1,394 61 11,006 9,231 5,670 319 96 337,318 1,627 734 513,916 141,264 131,119 301 1,331 155 103 1,836 337 20,468 8,433 120 62 19,025 2,687 17,693 163 7,165 2,734 306 704 12 370 2,118 3,799 9,347 888 163 327,138 3,791 3,856 435,105 80,637 66,839 124 44,029 6,720 6,281 720 10 363 4,994 332 2,096 7,213 137 3,954 76,973 7 324 240 780 1 735 6,159 305 758 436 29 353 10,127 201 629 554 752 46 43 7 693 1,090 114 277 228 146 4,780 1,790 2,319 6,780 2,101 720 170 172 9,850 2,171 2,448 882 1,148 203 30,754 1,019 16,911 5,532 2,666 1,532 41 208 18,372 2,388 3,223 3,021 740 230 55,883 652 14,229 3,032 1,207 59 22 13 11,761 1,170 802 486 257 42 33,732 6,593 34,811 1,116 298 1,736 90 139 2,362 431 184,472 31,320 295 185 13,894 689 37,533 7,131 1,454 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 2013, 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) 198,068 17,884 155,149 24,117 2,413,863 1,211,540 355 234 14,499 8,035 2,114 958 3,408 124 3,105,774 1,300,231 5,238 1,231 54,374 51 44 572 63 63,523 9,750 119,556 4,273 82,309 64,396 624,882 14 22 120 2,925 95 203 210 2,375 82,651 1,047,074 Foreign securities Bonds (6) 20,063 19,970 283,434 33 1,168 223 463 339,875 Stocks (7) Total sales (8) Marketable Treasury and Federal Financing Bank bonds and notes (9) 25,577 194,742 15,932 23,249 156,480 26,566 175,237 2,447,244 1,258,700 1 517 229 2,207 16,709 10,260 63 1,895 827 174 4,400 159 272,420 3,146,536 1,355,193 Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (10) (11) (12) 5,791 1,266 56,334 36 31 651 25 66,258 8,566 120,718 4,769 79,500 58,798 621,209 4 20 252 3,104 62 156 181 2,546 75,564 1,043,340 Foreign securities Bonds (13) Stocks (14) 18,910 21,264 279,170 227 868 140 1,314 336,661 24,825 23,115 173,033 1 2,194 59 175 269,520 176,598 150,789 11,516 13,874 141,792 267,613 48,246 700 9,787 92 9,771 76,486 15 27,601 4,721 54,960 994,561 73,847 26,102 6,134 6,634 132,800 136,496 7,854 23 538 7 8,128 30,469 5,881 764 21,626 457,303 77,013 4,964 1 3,748 687 24,207 15,275 1,845 66 3,487 4,632 27 15,789 151,741 4,225 1,965 9 53 342 6,385 1,986 25 221 1 46 4,585 1,462 10 934 22,249 5,339 16,745 696 288 3,968 20,256 2,731 463 1,380 32 424 16,446 1 7,524 273 10,169 86,735 12,323 9,770 446 1,052 1,612 18,285 10,645 98 3,306 2 668 6,936 2,689 1,088 4,064 72,984 3,851 91,243 4,230 2,099 2,383 61,984 9,755 91 2,497 50 439 14,563 14 5,413 2,559 2,378 203,549 116,324 153,665 10,293 16,402 138,779 312,473 43,529 608 9,782 107 12,216 76,145 42 23,185 5,285 50,455 969,290 44,097 27,352 4,096 9,163 131,251 148,436 9,513 30 1,618 45 10,156 36,525 4,326 1,089 16,985 444,682 56,924 5,695 4 3,918 492 37,362 14,914 2 1,370 1 7 3,631 2,084 28 16,461 142,893 1,521 1,152 32 43 255 6,722 1,549 26 81 201 1,617 922 9 2,345 16,475 4,576 19,557 774 150 4,145 25,714 2,314 477 957 39 440 17,541 1 7,849 273 8,368 93,175 6,493 5,658 197 1,086 677 23,354 6,252 8 3,210 5 676 3,895 1,729 842 4,227 58,309 2,713 94,251 5,190 2,042 1,959 70,885 8,987 65 2,546 17 736 12,936 41 6,275 3,044 2,069 213,756 336 449 188 3,529 6,541 11,043 83 57 99 1,037 3,510 4,786 25 30 124 78 257 2 87 3 5 180 277 131 78 4 582 924 1,719 23 206 50 1,144 1,366 2,789 72 21 2 637 483 1,215 511 238 131 4,287 3,687 8,854 66 35 121 1,663 1,316 3,201 26 1 58 47 132 2 90 1 33 99 225 136 71 6 452 686 1,351 200 16 1,172 733 2,121 81 26 2 909 806 1,824 64,103 14,284 3,811 834 238 23 68,152 15,141 9,856,164 5,131,108 4,604 434 3 5,041 368,386 3,275 9,528 18,212 14,200 56,697 12,492 51 751 1,280 461 3,712 976 11 112 50 39 470 36 3,337 10,391 19,542 14,700 60,879 13,504 251,839 1,993,836 1,110,399 1,000,596 9,977,062 5,197,921 4,441 382 4,823 360,677 20,410 10,234 15,129 252 1,670 55 30,644 15,381 9,886,808 5,146,489 1,725 370,111 420 84 74 11 15,784 552 1,925 236 504 85 12,717 232 25,452 16,336 252,343 1,993,921 1,123,116 1,000,82810,002,514 5,214,257 2,161 362,838 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. 2,886 9,831 231 1 24,371 1,081 2,392 11,549 11,946 13,877 160 960 676 558 23 113 76 222 2,575 12,622 12,698 14,657 254,257 2,018,067 1,110,707 1,035,433 79 71 109 19 6,366 116 108 87 150 128 6,482 195 254,407 2,018,195 1,117,189 1,035,628 2 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. September 2013 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 2012 [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 ................................ 14,225 Belgium .............................. 29,045 Bulgaria .............................. 623 Cyprus ................................ 217,080 Czech Republic .................. 4,451 Denmark ............................. 61,051 Finland ............................... 12,172 France ................................ 3,624,221 Germany ............................ 357,350 Greece ............................... 3,756 Hungary .............................. 2,857 Ireland ................................ 453,563 Italy..................................... 79,823 Kazakhstan......................... 6,045 Luxembourg ....................... 309,295 Monaco .............................. 6,340 Netherlands ........................ 153,014 Norway ............................... 151,965 Poland ................................ 48,843 Portugal .............................. 10,363 Romania ............................. 2,601 Russia ................................ 44,505 Serbia and Montenegro ...... 700 Spain .................................. 65,166 Sweden .............................. 100,801 Switzerland ......................... 284,098 Turkey ................................ 9,917 Ukraine ............................... 4,747 United Kingdom .................. 10,096,909 Channel Islands.................. 79,018 20,860 All other Europe.................. Total Europe................... 16,255,405 Memo: Euro Area 1 ......... 5,334,754 Canada ................................... 2,029,435 Latin America: Argentina ............................ Brazil .................................. Chile ................................... Colombia ............................ Costa Rica .......................... Ecuador .............................. Guatemala .......................... Mexico ................................ Panama .............................. Peru.................................... Uruguay .............................. Venezuela .......................... All other Latin America ....... Total Latin America ........ See footnotes at end of table. September 2013 21,771 258,275 76,706 57,413 4,930 5,183 2,848 167,054 25,711 30,723 26,734 13,843 5,083 696,274 2,337 3,071 371 130 1,279 12,115 3,753 2,713,754 106,307 1,292 723 199,283 15,052 5,065 53,950 869 18,209 86,245 34,113 2,989 2,352 39,892 167 19,864 36,886 97,656 3,491 3,945 6,221,909 11,166 3,920 9,702,154 3,141,574 725,364 1,160 1,114 6 691 1,969 33,391 5,557 4 90 103,940 386 99,653 29 3,889 545 1,292 2 16 246 62 95 3,799 6 251,235 3,240 1,391 513,807 251,194 42,915 500 152,118 31,984 34,814 3,391 2,144 1,570 43,944 1,431 11,532 9,128 1,128 1,513 295,197 63 9,196 1,758 2,410 72 444 3 23,789 1,507 3,512 1,026 343 846 44,969 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) 861 2,555 6,381 931 9,359 1,672 9,256 9,273 4,658 129,933 234 9 9 600 109 193,012 1,204 22,618 216,025 1,175 1,483 514 4,667 3,809 24,342 14,637 5,457 59,648 659 1,843 2,884 1,064 13,107 14,650 710,911 75,028 76,487 3,504,736 8,425 102,718 104,932 29,411 297,068 309 1,368 437 346 3,153 126 754 1,052 112 2,659 20,784 33,482 29,981 66,093 489,283 1,031 28,320 27,408 7,627 73,092 19 42 827 92 4,004 33,911 39,096 27,287 55,397 382,986 360 4,176 383 523 5,941 8,230 41,809 51,315 29,563 151,227 8,194 17,758 26,592 12,631 137,945 328 451 12,315 344 43,165 100 4,330 1,568 1,375 9,111 58 114 61 8,087 101 805 2,092 1,369 81,134 12 521 575 1,343 9,989 25,338 8,571 60,525 788 18,708 30,330 13,994 99,099 25,313 98,654 22,195 36,481 218,407 4 939 3,862 1,621 13,335 46 204 409 137 4,097 347,161 1,175,359 1,021,620 1,079,625 10,015,991 2,518 42,462 3,560 16,072 81,340 447 5,421 6,727 2,953 22,233 481,298 2,570,243 1,511,765 1,476,138 16,142,532 92,159 1,181,802 363,529 304,496 5,345,382 64,923 582,538 373,981 239,714 1,964,805 1,115 1,625 1,472 893 83 352 44 3,650 3,491 1,196 1,276 1,586 587 17,370 6,002 10,087 17,699 5,350 899 901 819 28,335 5,833 4,742 4,649 5,190 636 91,142 10,559 32,312 15,637 9,415 287 737 346 29,644 7,538 7,000 8,636 4,332 1,137 127,580 3,532 52,937 8,156 4,531 198 605 66 37,692 5,911 2,741 2,019 1,264 364 120,016 14,767 260,980 79,480 49,517 6,435 2,431 4,240 159,808 26,218 25,001 24,218 12,233 5,357 670,685 Domestic securities Bonds of U.S. Gov’t corps and Corporate and federallyother sponsored agencies Bonds Stocks (10) (11) (12) 2,236 9,962 332 81 1,014 16,663 3,265 2,629,799 99,644 1,007 473 214,310 14,475 3,476 86,216 646 19,377 76,467 33,377 2,364 7,894 76,010 497 18,528 41,289 44,380 8,898 3,597 6,123,231 13,193 4,711 9,557,411 3,103,097 669,086 1,102 1,287 1 588 2,062 34,260 5,037 16 25 107,297 411 74,695 98 4,078 1,405 250 20 5 52 246 326 3,683 1 65 239,807 3,663 1,495 481,976 230,565 37,798 508 149,380 33,382 27,480 3,557 174 1,664 17,718 1,433 6,223 8,150 1,381 1,411 252,461 48 3,974 1,703 2,234 101 385 5 27,934 1,126 2,061 301 124 493 40,489 Foreign securities Bonds Stocks (13) (14) 714 2,812 1,393 1,102 23,155 9,701 82,141 3,686 259 4 5 128 191,998 1,214 22,603 20 1,237 2,077 319 3,739 23,041 10,720 4,897 880 1,907 4,065 928 20,111 695,043 48,741 76,782 11,500 99,564 53,530 27,793 279 1,310 270 271 69 879 1,112 101 24,915 26,341 52,736 63,685 1,598 30,541 17,390 8,677 102 356 70 35,062 40,457 89,552 57,004 197 3,949 157 894 7,936 44,416 43,585 31,835 5,765 14,656 28,652 11,000 78 478 8,458 524 113 4,458 887 1,268 76 68 44 12 887 3,263 910 14 64 1,617 10,759 19,187 10,189 3,052 16,183 23,032 15,217 23,520 88,385 22,892 35,547 12 934 1,704 1,786 57 91 195 92 360,838 1,142,204 1,057,694 1,092,217 3,287 42,635 2,948 15,614 473 4,903 8,098 2,552 529,127 2,500,220 1,586,184 1,487,614 128,091 1,161,915 415,522 306,192 63,249 571,358 382,703 240,611 833 2,116 1,592 1,143 81 181 18 6,104 3,645 1,007 1,033 951 306 19,010 6,001 9,555 15,996 5,337 951 843 829 25,445 5,916 4,286 4,674 5,137 655 85,625 4,704 42,508 17,823 8,617 1,569 264 1,667 44,303 8,358 7,511 8,611 3,651 2,148 151,734 2,673 53,447 8,984 4,706 176 584 57 38,304 5,740 3,913 1,449 989 344 121,366 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 2012, 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: 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) Anguilla ................................. 680,392 Bahamas ............................... 246,179 Barbados ............................... 20,381 Bermuda................................ 768,756 British Virgin Islands .............. 542,655 Cayman Islands..................... 6,289,949 Cuba ..................................... 578 Jamaica ................................. 999 Netherlands Antilles .............. 47,785 Trinidad and Tobago ............. 8,256 12,189 All other Caribbean ................ Total Caribbean ................ 8,618,119 9,974 85,089 8,898 78,821 71,038 1,829,518 160 20,847 2,803 800 2,107,948 133 13,529 906 31,294 1,311 258,285 386 762 3,817 953 311,376 302 11,099 2,009 29,127 18,158 203,098 1 183 2,444 435 787 267,643 572,241 88,150 2,293 346,983 295,528 2,212,439 491 109 12,438 574 6,983 3,538,229 180 17,597 3,133 198,892 76,231 1,215,341 15 125 4,557 484 1,644 1,518,199 97,562 30,715 3,142 83,639 80,389 571,268 71 36 6,737 143 1,022 874,724 682,851 233,475 16,466 758,136 529,240 6,260,700 639 1,243 44,977 8,003 11,719 8,547,449 10,125 86,521 6,901 74,223 64,790 1,852,574 162 20,922 2,673 795 2,119,686 150 3,377 352 27,190 1,241 237,481 656 635 3,738 295 275,115 1,040 10,203 1,015 29,123 16,995 198,768 1 156 1,288 442 372 259,403 573,509 88,722 2,333 347,056 289,780 2,199,555 537 103 12,197 584 7,542 3,521,918 165 15,042 2,596 198,412 74,407 1,206,777 11 136 3,336 437 1,882 1,503,201 97,862 29,610 3,269 82,132 82,027 565,545 90 30 6,599 129 833 868,126 441,073 485,921 69,998 46,374 354,949 1,345,134 199,098 3,920 38,192 132 35,283 275,004 85 106,714 19,908 181,641 3,603,426 203,630 118,384 50,919 21,176 316,260 765,376 43,965 849 3,164 28,566 137,783 26,646 7,408 74,959 1,799,085 185,744 20,897 174 16,445 3,990 261,561 73,530 1 8,699 641 7,306 18,376 627 39,588 637,579 12,408 8,723 23 149 2,058 40,532 8,361 818 1,159 5 329 13,485 10,423 178 6,223 104,874 21,232 42,652 1,189 549 18,639 66,916 6,876 1,914 4,304 63 1,885 45,697 8 21,823 1,376 36,794 271,917 8,903 30,576 3,600 3,005 3,858 63,663 32,713 122 13,982 16 2,502 18,882 33 8,277 2,928 14,143 207,203 9,156 264,689 14,093 5,050 10,144 147,086 33,653 216 6,884 48 1,360 51,851 44 21,169 7,391 9,934 582,768 349,697 493,674 66,648 44,704 348,669 1,240,394 176,708 3,580 28,168 178 32,290 259,673 38 92,107 20,804 178,166 3,335,498 130,320 118,361 46,544 20,715 313,607 678,096 43,602 649 3,686 25,512 139,048 26,645 6,095 80,055 1,632,935 178,567 23,310 68 13,614 3,705 236,816 60,627 1 6,507 104 6,293 9,812 115 36,992 576,531 6,727 8,464 23 31 2,148 40,370 7,523 756 811 15 171 8,558 5,459 217 4,984 86,257 22,728 42,755 1,706 605 18,392 74,927 6,379 1,912 2,366 83 1,878 46,906 9 20,840 1,436 32,090 275,012 3,398 20,400 1,645 2,849 2,445 53,945 21,926 38 6,986 15 3,222 11,467 22 4,665 2,955 14,310 150,288 7,957 280,384 16,662 6,890 8,372 156,240 36,651 224 7,812 65 1,403 47,401 7 24,686 9,986 9,735 614,475 2,296 1,266 417 21,938 18,080 43,997 293 94 264 11,937 5,774 18,362 36 44 1,059 658 1,797 22 304 8 200 1,086 1,620 609 312 12 1,930 2,355 5,218 909 448 72 3,973 3,395 8,797 427 108 17 2,839 4,812 8,203 2,060 1,520 425 25,765 15,130 44,900 754 84 364 14,135 4,117 19,454 43 2 3 975 168 1,191 24 298 5 307 355 989 632 324 17 1,565 2,283 4,821 204 687 4 5,476 2,146 8,517 403 125 32 3,307 6,061 9,928 217,570 10,185 1,238 228,993 34,826 1,331 136 36,293 19,010 1,669 80 20,759 12,881 501 93 13,475 31,126 2,022 543 33,691 66,071 3,526 111 69,708 53,656 1,136 275 55,067 193,161 7,917 3,065 204,143 28,233 1,074 125 29,432 17,500 1,600 89 19,189 15,399 715 263 16,377 30,331 2,077 497 32,905 49,338 1,187 935 51,460 52,360 1,264 1,156 54,780 31,475,649 14,684,403 1,573,202 951,203 7,092,978 3,817,233 3,356,630 30,910,012 14,280,465 1,432,289 974,412 6,991,859 3,834,087 3,396,900 48,510 1,223 7,292 618 1,266 132 1,561 31 9,383 28,866 46,957 776 6,548 1,089 2,858 400 593 54 15,268 1,495 430 361 99,918 49,733 31,575,567 14,734,136 7,910 1,581,112 1,398 952,601 1,592 7,094,570 38,249 3,855,482 1,036 76,829 47,733 3,357,666 30,986,841 14,328,198 7,637 1,439,926 3,258 977,670 647 6,992,506 16,763 3,850,850 791 3,397,691 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 68,431 31,487 As of January 2011, includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. 2 419 617 72,654 4,175 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations. September 2013 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 2010 2011 2012 2013 Jan. June 2013 Apr. - June 376,505 744 69,439 200,839 130,519 778,046 130,242 133,295 -22,856 58,390 197,866 -231 366,464 126,911 129,584 69,184 47,459 104,176 138,544 488,947 135,172 17 931 -68,407 -68,153 120,316 -15,296 -15,296 -20,739 -22,541 -42,124 -30,890 51,693 -64,601 -22,232 908,288 493,375 624,119 -30,592 -86,833 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 $8.3 billion in 2010, but again slowed during 2011 to $1.3 billion. Stock swaps rose in 2012 to $2.8 billion. For the first half of 2013, stock swap acquisitions were $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, $226 billion in 2012, and $117 billion in the first half of 2013. After including stock swaps and accounting for ABS repayment flows, net foreign purchases totaled $685 billion in 2010. The pace of acquisitions slowed considerably in both 2011 and again in 2012, with net foreign purchases recorded at $331 billion in 2011 and $401 billion in 2012. Foreign net purchases were negative at -$145 billion in the first half of 2013. September 2013 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 .............................................. 2009 2010 2011 2012 127,474 59,360 186,834 54,644 60,615 115,259 52,625 71,702 124,327 -4,632 40,025 35,393 2013 Jan. - June 6,269 100,063 106,332 2013 Apr. - June -5,927 34,800 28,873 * 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 $2 billion in 2009, $12 billion in 2010, $10 billion in 2011, $15 billion in 2012, and $2.3 billion in the first half of 2013 (stock swaps data for the most recent quarter are Federal Reserve Board/Treasury estimates and are subject to substantial revisions.) These stock swaps are not reported under the TIC reporting system, but are available on the TIC website. Including acquisitions through stock swaps, U.S. net purchases of long-term foreign securities amounted to $189 billion in 2009. They slowed in 2010 to $127 billion and picked up slightly in 2011 to $134 billion. In 2012, U.S. investors’ net purchases slowed again to $50 billion in foreign securities. Net purchases of foreign securities picked up notably to $109 billion in the first half of 2013. September 2013 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] 2011 Dec. 2012 Mar. r June r 2013 Sept. r Dec. Mar. p Gross total of holdings with negative fair values ........................... 4,630,539 3,873,953 4,088,231 3,873,113 3,561,985 3,206,880 Total over-the-counter (OTC) contracts..................................... 4,581,255 3,825,528 4,040,450 3,831,621 3,527,668 3,174,582 Single-currency interest rate contracts .................................. 3,799,720 3,140,763 3,360,305 3,191,914 2,912,113 2,564,910 Forwards ............................................................................ 5,232 5,216 4,806 8,031 4,502 3,352 Swaps ................................................................................ 3,486,749 2,854,324 3,054,469 2,910,341 2,662,024 2,339,398 Options ............................................................................... 307,739 281,223 301,030 273,542 245,587 222,160 Foreign exchange contracts .................................................. 330,141 298,390 289,351 294,301 295,181 300,166 Forwards ............................................................................ 135,840 116,994 141,253 138,970 150,827 163,143 Swaps ................................................................................ 159,805 150,245 118,478 129,668 116,132 102,030 Options ............................................................................... 34,496 31,151 29,620 25,663 28,222 34,993 Other contracts ...................................................................... 451,394 386,375 390,794 345,406 320,374 309,506 Equity ................................................................................. 48,201 54,620 55,119 55,833 57,482 59,442 Credit .................................................................................. 336,158 268,100 280,084 234,824 224,399 211,695 All other .............................................................................. 67,035 63,655 55,591 54,749 38,493 38,369 Total exchange-traded contracts ............................................... 49,284 48,425 47,781 41,492 34,317 32,298 Own contracts on foreign exchanges .................................... 3,395 5,989 8,664 7,002 5,965 5,416 U.S. customers’ contracts on foreign exchanges .................. 6,974 8,209 9,908 4,992 4,471 3,326 Foreign counterparty contracts on U.S. exchanges .............. 38,915 34,227 29,209 29,498 23,881 23,556 Memorandum items: Contracts with own foreign office ........................................... 1,100,643 1,028,021 1,079,730 1,078,393 971,414 916,780 Contracts with foreign official institutions .............................. 18,881 23,745 20,230 20,409 15,950 15,365 Contracts of U.S. depository institutions with foreigners ....... n.a. n.a. n.a. n.a. n.a. n.a. Gross total of holdings with positive fair values............................. 4,716,578 3,950,239 4,155,820 3,925,606 3,619,761 3,245,866 Total over-the-counter (OTC) contracts..................................... 4,668,527 3,903,938 4,108,439 3,883,568 3,585,781 3,213,153 Single-currency interest rate contracts .................................. 3,861,581 3,207,155 3,420,939 3,252,272 2,973,245 2,616,889 Forwards ............................................................................ 5,095 5,083 4,600 7,523 4,670 3,545 Swaps ................................................................................ 3,520,846 2,900,217 3,093,254 2,957,150 2,708,998 2,382,668 Options ............................................................................... 335,640 301,855 323,085 287,599 259,577 230,676 Foreign exchange contracts .................................................. 323,413 281,791 270,609 264,810 280,217 276,423 Forwards ............................................................................ 116,356 90,377 122,079 109,291 125,011 134,760 Swaps ................................................................................ 166,785 156,879 115,112 126,914 125,429 105,391 Options ............................................................................... 40,272 34,535 33,418 28,605 29,777 36,272 Other contracts ...................................................................... 483,533 414,992 416,891 366,486 332,319 319,841 Equity ................................................................................. 59,317 67,380 67,406 68,658 63,367 65,885 Credit .................................................................................. 359,920 288,205 295,009 246,868 233,266 217,635 All other .............................................................................. 64,296 59,407 54,476 50,960 35,686 36,321 Total exchange-traded contracts ............................................... 48,051 46,301 47,381 42,038 33,980 32,713 Own contracts on foreign exchanges .................................... 3,284 5,396 6,927 5,929 5,350 5,051 Customers’ contracts on foreign exchanges ......................... 4,908 6,829 9,396 6,050 4,635 3,518 Foreign counterparty contracts on U.S. exchanges .............. 39,859 34,076 31,058 30,059 23,995 24,144 Memorandum items: Contracts with own foreign office ........................................... 1,119,567 1,039,948 1,093,984 1,091,196 996,239 935,574 Contracts with foreign official institutions .............................. 14,669 19,434 14,936 13,959 11,895 10,456 Contracts of U.S. depository institutions with foreigners ....... n.a. n.a. n.a. n.a. n.a. n.a. September 2013 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] 2011 Country Dec. 2012 Mar. r June r 2013 Sept. r Dec. Mar. p Europe: Belgium .......................................................................... 12,544 11,172 11,212 11,243 7,786 6,988 France ............................................................................ 213,092 191,999 208,748 214,504 204,131 193,826 Germany ........................................................................ 274,134 245,732 267,536 267,115 237,720 210,706 Ireland ............................................................................ 322,165 280,618 249,490 234,147 226,004 205,311 Italy ................................................................................. 7,904 7,531 8,024 7,979 7,613 6,357 Netherlands .................................................................... 16,843 16,116 17,187 16,765 15,592 14,873 Switzerland .................................................................... 65,690 55,739 54,406 41,626 39,328 34,510 United Kingdom ............................................................. 3,322,861 2,704,832 2,893,375 2,702,397 2,469,756 2,212,218 All other Europe ............................................................. 56,031 55,581 53,863 51,848 43,622 35,484 Total Europe .............................................................. 4,291,264 3,569,320 3,763,841 3,547,624 3,251,552 2,920,273 Memo: Euro Area 1 ........................................................ 882,547 789,166 795,286 782,806 728,268 661,176 Memo: European Union ............................................... 4,221,543 3,510,022 3,705,526 3,501,256 3,209,177 2,882,851 Canada............................................................................... 66,134 58,731 64,960 58,009 53,408 53,008 Total Latin America ............................................................ 8,214 8,789 8,909 9,301 7,717 8,628 2 Caribbean: Cayman Islands ............................................................. 37,016 35,026 37,947 35,237 32,672 30,661 All other Caribbean ........................................................ 14,245 13,610 14,826 14,640 12,869 13,469 Total Caribbean ......................................................... 51,261 48,636 52,773 49,877 45,541 44,130 Japan ............................................................................. 129,083 110,537 115,657 115,681 95,956 83,845 All other Asia .................................................................. 29,304 27,921 27,568 29,895 51,441 47,647 Total Asia ................................................................... 158,387 138,458 143,225 145,576 147,397 131,492 Total Africa ......................................................................... 28,158 25,538 27,495 34,928 32,083 27,469 Australia ......................................................................... 18,390 16,659 19,214 18,543 16,610 15,166 All other .......................................................................... 1,076 1,096 1,037 999 918 770 Total other countries .................................................. 19,466 17,755 20,251 19,542 17,528 15,936 Total foreign countries ........................................... 4,622,884 3,867,227 4,081,454 3,864,857 3,555,226 3,200,936 Total international and regional organizations................... 7,655 6,720 6,773 8,257 6,757 5,941 Grand total ................................................................. 4,630,539 3,873,953 4,088,231 3,873,113 3,561,985 3,206,880 Asia: Other countries: 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 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 2013 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] 2011 Country Dec. 2012 Mar. r June r 2013 Sept. r Dec. Mar. p Europe: Belgium .................................................................... 16,260 14,502 14,900 14,977 10,499 9,317 France ...................................................................... 243,291 218,778 236,076 233,091 220,286 210,981 Germany................................................................... 291,465 259,709 281,363 279,388 250,683 222,814 Ireland ...................................................................... 338,016 293,587 263,093 248,528 238,591 214,346 Italy ........................................................................... 9,617 9,309 9,734 9,812 10,039 8,406 Netherlands .............................................................. 18,055 18,394 18,447 18,736 17,389 15,784 Switzerland ............................................................... 72,400 58,273 58,314 42,522 39,986 37,006 United Kingdom........................................................ 3,326,796 2,711,935 2,902,490 2,701,460 2,477,642 2,209,214 All other Europe ....................................................... 52,322 50,201 47,534 46,489 40,860 33,965 Total Europe......................................................... 4,368,222 3,634,688 3,831,951 3,595,003 3,305,975 2,961,833 Memo: Euro Area ................................................... 953,073 849,559 856,222 835,928 776,305 704,707 1 Memo: European Union ......................................... 4,292,537 3,573,961 3,771,188 3,549,214 3,263,580 2,922,551 Canada ......................................................................... 63,950 59,054 60,867 59,704 53,483 51,327 Total Latin America ...................................................... 10,515 11,209 11,059 10,695 9,060 9,931 Cayman Islands ....................................................... 47,638 40,441 38,613 34,549 31,160 28,455 All other Caribbean .................................................. 14,510 13,569 14,745 15,033 13,016 13,888 Total Caribbean.................................................... 62,148 54,010 53,358 49,582 44,176 42,343 Japan........................................................................ 125,913 110,501 113,039 114,120 99,470 85,309 All other Asia ............................................................ 32,072 29,375 29,216 32,210 50,045 44,560 Total Asia ............................................................. 157,985 139,876 142,255 146,330 149,515 129,869 Total Africa ................................................................... 31,482 30,718 32,181 38,911 34,723 29,699 Australia ................................................................... 17,986 17,385 20,544 21,162 19,205 17,538 All other .................................................................... 1,225 1,146 1,233 1,321 1,136 991 Total other countries ............................................ 19,211 18,531 21,777 22,483 20,341 18,529 2 Caribbean: Asia: Other countries: Total foreign countries ..................................... 4,713,513 3,948,086 4,153,448 3,922,708 3,617,273 3,243,531 Total international and regional organizations ............. 3,065 2,151 2,370 2,897 2,488 2,331 Grand total ........................................................... 4,716,578 3,950,239 4,155,820 3,925,606 3,619,761 3,245,866 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. September 2013 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] 2011 2012 Total 2012 Jan.-Mar. r Apr.-June r 2013 Type of Derivatives Contract Total July-Sept. r Oct.-Dec. Jan.-Mar. p Total over-the-counter (OTC) contracts ....................... 28,803 -12,128 -8,096 2,730 -4,282 -2,480 -288 Single-currency interest rate contracts .................... 2,310 -4,885 -714 -3,109 -1,384 322 -4,204 Foreign exchange contracts..................................... 20,890 11,187 1,411 7,423 1,913 440 5,027 Other contracts......................................................... 5,603 -18,430 -8,793 -1,584 -4,811 -3,242 -1,111 Total exchange-traded contracts ................................. 6,203 5,064 757 -311 -847 5,465 4,176 Own contracts on foreign exchanges ...................... 13,100 404 391 -468 296 185 -429 U.S. customers’ contracts on foreign exchanges .... -2,108 5,790 2,521 -2,724 3,740 2,253 3,685 Foreign counterparty contacts on U.S. exchanges . -4,789 -1,130 -2,155 2,881 -4,883 3,027 920 Total net cash settlements from foreigners ................. 35,006 -7,064 -7,339 2,419 -5,129 2,985 3,888 518 -710 -226 -420 -204 140 -662 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 2013 CAPITAL MOVEMENTS 86 TABLE CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country [In millions of dollars. Source: Treasury International Capital Reporting System] Country 2011 2012 Total Total 2012 Jan.-Mar. r Apr.-June r 2013 July-Sept. r Oct.-Dec. Jan.-Mar. p Europe: Belgium ................................................. -83 -17 -47 74 18 -62 -90 France................................................... -9,071 6,984 2,005 310 3,668 1,001 -918 Germany ............................................... 3,063 4,543 1,597 693 3,322 -1,069 2,046 Ireland ................................................... 5,690 -6,721 -8,706 536 1,892 -443 -414 Italy ....................................................... -1,988 494 301 -102 276 19 60 Netherlands .......................................... 1,317 -389 -225 -304 44 96 -208 Switzerland ........................................... -1,452 262 1,159 -358 -787 248 955 United Kingdom .................................... 24,389 -25,766 -10,262 -1,614 -14,111 221 -6,288 All other Europe .................................... -137 -1,583 843 -10 -1,167 -1,249 -404 Total Europe ..................................... 21,728 -22,193 -13,335 -775 -6,845 -1,238 -5,261 Memo: Euro area ............................... -1,384 5,422 -4,470 2,024 8,704 -836 1,418 1 Memo: European Union ..................... 22,059 -21,205 -15,515 220 -5,630 -280 -5,260 Canada ..................................................... -455 1,454 -1,659 3,561 -251 -197 190 Total Latin America................................... 4,244 2,353 553 597 1,004 199 3,478 Cayman Islands .................................... 3,199 7,052 4,205 -1,708 1,868 2,687 -564 All other Caribbean ............................... 5,775 5,864 2,643 1,433 1,564 224 820 Total Caribbean ................................ 8,974 12,916 6,848 -275 3,432 2,911 256 Japan .................................................... -10,309 1,459 486 -92 -1,872 2,937 4,293 All other Asia ........................................ 9,506 913 246 2,324 -985 -672 2,082 Total Asia .......................................... -803 2,372 732 2,232 -2,857 2,265 6,375 Total Africa ............................................... 2,595 116 252 -85 188 -239 -525 Australia ................................................ -149 -4,078 -875 -2,477 137 -863 -211 All other................................................. -154 405 425 -24 -22 26 -182 Total other countries ......................... -303 -3,673 -450 -2,501 115 -837 -393 Total foreign countries .................. 35,980 -6,655 -7,059 2,754 -5,214 2,864 4,120 Total international and regional organizations ............................................ -976 -409 -282 -333 85 121 -237 Grand total ........................................ 35,006 -7,064 -7,339 2,419 -5,129 2,985 3,888 2 Caribbean: Asia: Other countries: 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 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 2013 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, September, 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, September, 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 2013 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) 01/02/2013 ............................................................. 749,019 752,666 n.a. 0.9859 01/09/2013 ............................................................. 766,305 770,147 n.a. 0.9867 01/16/2013 ............................................................. 761,750 762,107 -713 0.9850 01/23/2013 ............................................................. 779,628 781,213 -641 0.9986 01/30/2013 ............................................................. 803,724 800,993 -949 1.0033 02/06/2013 ............................................................. 802,265 811,094 n.a. 0.9959 02/13/2013 ............................................................. 797,195 797,557 n.a. 1.0020 02/20/2013 ............................................................. 817,452 822,283 n.a. 1.0162 02/27/2013 ............................................................. 857,039 855,874 -566 1.0249 03/06/2013 ............................................................. 856,832 864,449 102 1.0314 03/13/2013 ............................................................. 911,769 921,118 58 1.0272 03/20/2013 ............................................................. 795,006 803,831 n.a. 1.0268 03/27/2013 ............................................................. 783,561 791,203 -18 1.0169 04/03/2013 ............................................................. 779,219 783,734 n.a. 1.0134 04/10/2013 ............................................................. 787,685 794,576 n.a. 1.0148 04/17/2013 ............................................................. 815,990 825,176 n.a. 1.0263 04/24/2013 ............................................................. 786,043 795,177 477 1.0270 05/01/2013 ............................................................. 817,073 824,478 n.a. 1.0083 05/08/2013 ............................................................. 800,156 805,797 - 1.0023 05/15/2013 ............................................................. 834,507 841,549 n.a. 1.0173 05/22/2013 ............................................................. 879,529 883,922 2,048 1.0331 05/29/2013 ............................................................. 878,648 883,568 n.a. 1.0369 06/05/2013 ............................................................. 875,512 880,810 n.a. 1.0346 06/12/2013 ............................................................. 936,455 941,742 n.a. 1.0202 06/19/2013 ............................................................. 772,451 775,375 n.a. 1.0187 06/26/2013 ............................................................. 786,840 790,015 n.a. 1.0468 September 2013 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) 2010 - Dec ................... 767,345 772,953 166,550 143,383 39,280 39,410 42,383 35,399 n.a. 0.9948 2011 - Dec ................... 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168 2012 - July ................... 724,562 730,268 172,544 160,887 43,930 50,256 63,420 53,613 546 1.0014 Aug .................. 778,341 778,444 171,910 168,387 40,987 51,712 59,663 54,307 962 0.9862 Sept ................. 778,819 788,864 180,278 171,476 42,142 51,870 59,025 55,088 n.a. 0.9837 Oct ................... 821,858 826,879 175,756 167,321 40,836 52,702 68,950 62,516 n.a. 0.9994 Nov .................. 782,901 786,394 197,717 180,850 41,625 52,669 58,025 52,032 -312 0.9931 Dec .................. 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958 2013 - Jan ................... 807,851 810,025 203,824 187,597 49,512 53,871 67,890 55,325 -888 0.9992 Feb .................. 850,569 857,930 179,323 169,797 55,486 60,750 86,588 70,292 n.a. 1.0286 Mar .................. 781,456 789,411 185,180 178,005 52,293 68,172 91,568 66,872 n.a. 1.0174 Apr ................... 819,558 825,912 187,197 180,781 48,889 n.a. 116,119 68,094 109 1.0072 May.................. 886,145 890,580 187,915 187,302 59,586 87,716 122,555 81,022 n.a. 1.0337 June................. 780,031 783,200 186,980 189,185 58,923 83,676 111,640 76,776 n.a. 1.0513 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. n.a. n.a. 0.9948 112 n.a. n.a. n.a. 0.9717 1,222 1,129 1,194 869 137 0.9642 Options positions Puts Calls Bought (5) Written (6) 50,946 n.a. n.a. 100,865 57,266 n.a. 81,226 45,781 Purchased (1) Sold (2) Assets (3) Liabilities (4) 2010 - Dec ................... 13,412 26,103 92,168 2011 - Mar ................... 26,910 38,843 June ................. 20,248 34,127 Report date Written (8) Exchange rate (Canadian dollars per U.S. dollar) (10) Foreign currency denominated Bought (7) 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 June.................. 22,308 34,176 85,428 45,946 n.a. 474 1,753 1,833 n.a. 1.0190 Sept .................. 21,078 33,681 90,487 47,000 n.a. n.a. 1,400 1,157 n.a. 0.9837 Dec ................... 19,395 30,069 73,597 45,414 n.a. n.a. 869 662 n.a. 0.9958 2013 - Mar ................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174 September 2013 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] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 01/02/2013 .............................................................. 395,462 430,738 -145 87.10 01/09/2013 .............................................................. 406,046 443,564 -80 87.90 01/16/2013 .............................................................. 442,668 478,194 -215 88.64 01/23/2013 .............................................................. 431,110 470,077 -318 88.44 01/30/2013 .............................................................. 340,178 349,864 -420 91.05 02/06/2013 .............................................................. 374,749 380,763 -435 93.56 02/13/2013 .............................................................. 385,985 394,305 -869 93.39 02/20/2013 .............................................................. 364,303 372,972 -556 93.53 02/27/2013 .............................................................. 390,338 395,788 -243 91.88 03/06/2013 .............................................................. 354,889 359,952 -622 93.64 03/13/2013 .............................................................. 372,410 383,474 -473 96.00 03/20/2013 .............................................................. 398,819 408,576 -385 95.51 03/27/2013 .............................................................. 351,170 363,869 -451 94.38 04/03/2013 .............................................................. 344,773 358,628 -279 92.96 04/10/2013 .............................................................. 372,287 379,467 -346 99.61 04/17/2013 .............................................................. 376,645 380,788 -546 97.74 04/24/2013 .............................................................. 375,614 380,645 -344 99.39 05/01/2013 .............................................................. 375,001 379,916 -197 97.28 05/08/2013 .............................................................. 358,379 363,831 -322 98.90 05/15/2013 .............................................................. 378,051 383,840 -404 102.44 05/22/2013 .............................................................. 380,852 387,142 -390 103.52 05/29/2013 .............................................................. 390,339 396,048 -23 100.91 06/05/2013 .............................................................. 391,804 397,529 -218 99.16 06/12/2013 .............................................................. 411,021 416,473 -131 95.36 06/19/2013 .............................................................. 362,559 367,833 1 95.22 06/26/2013 .............................................................. 372,207 377,588 190 97.43 September 2013 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) 2010 - Dec .................. 339,781 344,997 56,007 49,309 38,873 37,582 62,471 64,126 n.a. 81.11 2011 - Dec .................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98 2012 - July .................. 306,841 325,903 78,171 76,638 32,176 31,112 53,714 56,546 320 78.10 Aug ................. 335,846 353,415 73,639 69,688 45,334 36,091 60,494 81,650 354 78.30 Sept ................ 349,383 378,568 76,621 72,346 31,248 29,946 52,979 54,758 288 77.92 Oct .................. 353,356 388,907 78,127 73,039 32,693 31,814 55,584 56,628 455 79.94 Nov ................. 361,467 398,187 82,406 77,091 35,583 37,008 66,171 64,775 189 82.54 Dec ................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64 2013 - Jan .................. 364,151 373,200 86,198 80,798 42,662 49,481 86,117 78,014 -424 91.28 Feb ................. 383,414 389,451 87,831 83,490 44,236 51,935 105,089 89,866 -272 92.36 Mar ................. 340,014 345,523 89,082 83,565 46,073 54,631 95,979 86,419 -565 94.16 Apr .................. 386,710 391,542 91,025 86,090 53,366 65,040 110,554 96,806 -296 97.52 May................. 401,225 407,023 93,618 89,673 51,099 59,563 102,481 93,425 -168 100.83 June................ 369,638 373,671 93,234 88,991 50,153 61,085 104,812 93,171 128 99.21 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date 2010 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) 2,732 3,685 5,483 2,843 2011 - Mar ................... 2,855 3,816 6,500 June ................. 2,767 3,392 5,139 Sept .................. 2,899 3,480 Dec ................... 2,937 2012 - Mar ................... June ................. Sept .................. 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) n.a. 206 329 n.a. -8 81.11 3,476 77 238 820 276 -28 82.76 2,569 233 327 837 422 -28 80.64 4,698 2,446 n.a. 299 538 334 n.a. 77.04 4,203 5,090 2,553 n.a. 314 447 129 12 76.98 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41 4,081 5,603 6,045 2,285 47 276 749 499 17 79.81 3,610 4,018 5,481 2,227 N/A 279 689 336 -4 77.92 Dec ................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64 2013 - Mar ................... 3,089 5,704 9,256 4,631 N/A 825 2,923 1,779 24 94.16 September 2013 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) 01/02/2013 .............................................................. 696,427 726,562 1 0.9166 01/09/2013 .............................................................. 707,258 732,853 280 0.9244 01/16/2013 .............................................................. 794,462 815,702 1,363 0.9313 01/23/2013 .............................................................. 747,810 775,314 1,549 0.9295 01/30/2013 .............................................................. 766,248 795,620 1,810 0.9124 02/06/2013 .............................................................. 748,109 789,473 1,271 0.9100 02/13/2013 .............................................................. 727,686 757,707 1,226 0.9182 02/20/2013 .............................................................. 694,462 724,846 2,018 0.9241 02/27/2013 .............................................................. 749,013 778,349 1,947 0.9310 03/06/2013 .............................................................. 651,012 687,210 1,992 0.9470 03/13/2013 .............................................................. 701,362 735,267 753 0.9518 03/20/2013 .............................................................. 671,645 702,564 -489 0.9439 03/27/2013 .............................................................. 679,349 709,492 469 0.9534 04/03/2013 .............................................................. 648,695 676,853 927 0.9451 04/10/2013 .............................................................. 634,447 670,278 874 0.9333 04/17/2013 .............................................................. 642,900 676,774 687 0.9306 04/24/2013 .............................................................. 670,741 705,011 1,309 0.9484 05/01/2013 .............................................................. 678,307 712,064 728 0.9268 05/08/2013 .............................................................. 627,270 655,145 1,169 0.9349 05/15/2013 .............................................................. 718,589 744,499 n.a. 0.9680 05/22/2013 .............................................................. 741,937 764,842 n.a. 0.9814 05/29/2013 .............................................................. 774,280 791,333 1,557 0.9613 06/05/2013 .............................................................. 752,441 767,180 2,815 0.9422 06/12/2013 .............................................................. 772,425 790,873 3,957 0.9181 06/19/2013 .............................................................. 650,837 662,087 3,453 0.9192 06/26/2013 .............................................................. 663,784 674,599 3,318 0.9432 September 2013 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 Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 67,265 140,789 129,566 137,755 152,444 Foreign currency denominated Assets Liabilities (4) (3) Spot, forward and future contracts Purchased Sold (1) (2) Calls 2010 - Dec ................... 942,502 936,617 74,952 2011 - Dec ................... 884,081 913,811 127,681 93,533 135,380 133,882 160,846 2012 - July ................... 633,421 669,577 130,265 103,317 102,651 98,737 122,549 Aug .................. 650,468 689,491 129,992 85,903 91,734 86,275 Sept ................. 632,657 660,810 155,535 90,310 94,830 Oct ................... 639,354 673,107 165,995 86,136 Nov .................. 659,865 692,228 174,905 Dec .................. 654,579 683,540 158,819 2013 - Jan ................... 768,684 797,434 Feb .................. 717,889 Mar .................. 659,148 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 721 0.9341 153,679 -41 0.9374 125,011 -997 0.9753 109,249 112,374 398 0.9546 94,772 117,990 116,423 423 0.9400 95,917 97,283 115,942 113,396 -754 0.9311 96,630 90,673 88,542 107,736 107,764 -234 0.9264 85,852 86,352 88,023 102,871 101,876 -670 0.9155 124,516 89,768 110,972 113,235 139,566 132,025 1,475 0.9093 751,859 135,623 96,484 116,436 120,170 166,334 164,089 2,503 0.9336 684,373 123,049 90,712 110,372 117,126 142,769 131,424 375 0.9490 Apr ................... 638,933 673,464 103,172 67,744 112,355 129,916 155,499 136,638 171 0.9298 May.................. 768,751 788,807 97,148 68,760 127,287 171,998 212,608 162,632 1,289 0.9583 June................. 660,601 673,216 80,775 58,463 122,106 152,009 185,295 152,196 3,247 0.9450 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) 2010 - 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 June ................. 13,949 14,899 48,392 9,618 1,289 1,531 n.a. n.a. 4 0.9485 Sept .................. 13,646 14,961 n.a. 8,085 n.a. n.a. 944 1,286 8 0.9400 Dec ................... 14,365 16,096 n.a. 8,884 n.a. n.a. n.a. n.a. n.a. 0.9155 2013 - Mar ................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490 September 2013 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) 01/02/2013 .............................................................. 1,534,243 1,520,828 461 1.6255 01/09/2013 .............................................................. 1,623,067 1,606,361 15 1.6024 01/16/2013 .............................................................. 1,648,975 1,624,611 -489 1.6009 01/23/2013 .............................................................. 1,651,571 1,628,688 -593 1.5848 01/30/2013 .............................................................. 1,670,226 1,646,212 -586 1.5793 02/06/2013 .............................................................. 1,669,118 1,653,433 -965 1.5655 02/13/2013 .............................................................. 1,738,951 1,719,682 -648 1.5544 02/20/2013 .............................................................. 1,735,197 1,713,667 193 1.5301 02/27/2013 .............................................................. 1,798,028 1,778,082 n.a. 1.5134 03/06/2013 .............................................................. 1,709,722 1,681,251 -612 1.5036 03/13/2013 .............................................................. 1,767,559 1,752,179 n.a. 1.4925 03/20/2013 .............................................................. 1,723,180 1,701,417 n.a. 1.5133 03/27/2013 .............................................................. 1,641,405 1,624,382 -634 1.5112 04/03/2013 .............................................................. 1,614,017 1,596,993 -47 1.5140 04/10/2013 .............................................................. 1,599,910 1,578,138 718 1.5315 04/17/2013 .............................................................. 1,640,552 1,618,582 n.a. 1.5255 04/24/2013 .............................................................. 1,627,688 1,598,563 n.a. 1.5258 05/01/2013 .............................................................. 1,698,134 1,671,614 1,656 1.5578 05/08/2013 .............................................................. 1,616,688 1,588,332 n.a. 1.5563 05/15/2013 .............................................................. 1,680,615 1,649,844 1,219 1.5198 05/22/2013 .............................................................. 1,698,208 1,669,445 1,144 1.5038 05/29/2013 .............................................................. 1,716,033 1,685,408 n.a. 1.5121 06/05/2013 .............................................................. 1,728,383 1,701,841 n.a. 1.5392 06/12/2013 .............................................................. 1,797,175 1,766,736 140 1.5697 06/19/2013 .............................................................. 1,679,477 1,661,494 234 1.5657 06/26/2013 .............................................................. 1,712,932 1,684,336 n.a. 1.5332 September 2013 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 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 2010 - Dec ................... 1,209,032 1,241,403 480,853 366,026 61,324 61,186 68,692 69,611 2011 - Dec ................... 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 2012 - July ................... 1,349,366 1,388,702 702,547 598,948 55,263 57,621 62,255 Aug .................. 1,476,102 1,465,862 635,908 532,109 49,849 52,382 Sept ................. 1,511,135 1,494,943 668,175 564,637 57,459 Oct ................... 1,479,915 1,463,284 656,191 550,689 Nov .................. 1,538,841 1,512,113 649,187 Dec .................. 1,457,283 1,438,257 658,674 2013 - Jan ................... 1,677,493 1,651,760 Feb .................. 1,742,402 Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) n.a. 1.5598 60,664 n.a. 1.5537 60,663 -601 1.5686 51,206 50,795 -293 1.5864 58,292 62,383 65,015 n.a. 1.6132 51,463 56,044 63,344 62,521 -1,344 1.6111 553,730 51,826 50,947 59,404 60,142 -1,677 1.6027 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262 638,253 551,188 53,592 86,346 99,707 70,387 -490 1.5856 1,723,009 635,481 537,504 66,473 n.a. 221,642 120,562 52 1.5192 Mar .................. 1,637,994 1,622,393 637,349 542,434 73,239 98,708 129,208 102,655 -664 1.5193 Apr ................... 1,684,697 1,659,558 613,972 539,805 75,451 103,072 134,577 104,822 n.a. 1.5539 May.................. 1,730,801 1,697,334 599,499 520,823 72,955 96,068 135,434 110,790 n.a. 1.5185 June................. 1,645,811 1,619,769 581,864 506,029 73,518 95,886 128,913 102,991 n.a. 1.5210 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date 2010 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) 8,984 13,361 Foreign currency denominated Assets Liabilities (4) (3) 113,538 Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 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. n.a. 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 June ................. 11,790 11,560 165,914 47,081 668 429 2,271 570 16 1.5686 Sept .................. 16,441 15,379 147,991 33,874 n.a. n.a. 2,046 409 -18 1.6132 Dec ................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262 2013- Mar .................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193 September 2013 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) 01/02/2013 ............................................................ 18,463,917 17,770,316 9,704 n.a. 01/09/2013 ............................................................ 19,006,076 18,296,892 12,857 n.a. 01/16/2013 ............................................................ 19,553,305 18,862,460 10,681 n.a. 01/23/2013 ............................................................ 19,797,848 19,076,003 9,427 n.a. 01/30/2013 ............................................................ 18,962,393 18,601,493 8,941 n.a. 02/06/2013 ............................................................ 19,126,109 18,951,524 9,521 n.a. 02/13/2013 ............................................................ 19,245,060 18,938,159 8,954 n.a. 02/20/2013 ............................................................ 19,028,065 18,498,190 9,018 n.a. 02/27/2013 ............................................................ 20,086,048 19,701,581 11,012 n.a. 03/06/2013 ............................................................ 18,426,883 18,078,517 16,633 n.a. 03/13/2013 ............................................................ 19,240,787 18,791,657 14,753 n.a. 03/20/2013 ............................................................ 18,689,179 18,266,236 10,041 n.a. 03/27/2013 ............................................................ 18,395,825 17,945,425 12,052 n.a. 04/03/2013 ............................................................ 17,847,989 17,451,866 13,903 n.a. 04/10/2013 ............................................................ 18,047,830 17,659,929 7,301 n.a. 04/17/2013 ............................................................ 18,443,412 18,071,164 10,454 n.a. 04/24/2013 ............................................................ 18,311,449 17,932,705 3,868 n.a. 05/01/2013 ............................................................ 19,012,919 18,568,823 5,467 n.a. 05/08/2013 ............................................................ 18,232,112 17,789,393 5,300 n.a. 05/15/2013 ............................................................ 18,883,917 18,435,747 425 n.a. 05/22/2013 ............................................................ 19,186,248 18,746,944 -176 n.a. 05/29/2013 ............................................................ 19,580,970 19,145,684 -1,541 n.a. 06/05/2013 ............................................................ 19,268,646 18,835,354 1,099 n.a. 06/12/2013 ............................................................ 20,478,965 20,039,387 3,221 n.a. 06/19/2013 ............................................................ 18,434,762 18,017,034 -2,457 n.a. 06/26/2013 ............................................................ 19,052,716 18,640,647 -2,153 n.a. September 2013 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) 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 - Dec .............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a. 2012 - July .............. 17,432,619 17,091,738 - - 1,613,672 2,160,044 1,297,002 1,841,217 -2,538 n.a. Aug ............. 18,158,161 17,700,757 - - 1,670,357 2,255,458 1,548,982 1,770,428 613 n.a. Sept ............ 18,490,841 18,012,274 - - 1,471,719 1,882,751 1,274,797 1,588,368 1,344 n.a. Oct .............. 18,510,917 17,956,102 - - 1,536,458 1,980,505 1,277,893 1,651,346 -1,174 n.a. Nov ............. 18,701,892 18,107,530 - - 1,595,945 2,044,060 1,306,601 1,761,886 1,276 n.a. Dec ............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a. 2013 - Jan .............. 19,567,518 19,147,340 - - 1,596,533 1,513,685 1,178,289 1,215,025 9,221 n.a. Feb ............. 19,885,930 19,517,370 - - 1,767,592 1,864,088 1,278,583 1,548,621 11,170 n.a. Mar ............. 18,185,851 17,729,905 - - 1,825,082 1,723,900 1,232,546 1,312,701 9,466 n.a. Apr .............. 18,849,906 18,425,422 - - 1,951,646 1,811,444 1,368,366 1,456,066 5,958 n.a. May............. 19,847,383 19,415,262 - - 1,941,273 1,858,474 1,401,262 1,440,136 -1,730 n.a. June............ 18,665,861 18,230,134 - - 1,995,665 1,873,388 1,416,498 1,479,492 -681 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) 2010 - 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. June ................. 302,534 263,951 - - 36,184 22,751 13,751 15,998 n.a. n.a. Sept .................. 271,014 297,070 - - 25,109 13,575 20,027 16,847 n.a. n.a. Dec ................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a. 2013 - Mar ................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a. September 2013 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) 01/02/2013 ......................................................................... 4,963,885 4,841,512 523 0.7579 01/09/2013 ......................................................................... 5,194,469 5,070,355 -265 0.7646 01/16/2013 ......................................................................... 5,402,615 5,287,010 710 0.7516 01/23/2013 ......................................................................... 5,301,621 5,174,952 1,493 0.7514 01/30/2013 ......................................................................... 5,459,608 5,345,648 2,990 0.7373 02/06/2013 ......................................................................... 5,457,394 5,354,529 2,766 0.7392 02/13/2013 ......................................................................... 5,419,304 5,307,598 2,293 0.7436 02/20/2013 ......................................................................... 5,346,144 5,137,131 1,356 0.7491 02/27/2013 ......................................................................... 5,826,196 5,687,483 -572 0.7631 03/06/2013 ......................................................................... 5,345,805 5,062,014 291 0.7698 03/13/2013 ......................................................................... 5,413,223 5,279,695 922 0.7723 03/20/2013 ......................................................................... 5,334,117 5,203,815 2,741 0.7722 03/27/2013 ......................................................................... 5,406,478 5,284,107 583 0.7824 04/03/2013 ......................................................................... 5,168,295 5,024,337 -68 0.7784 04/10/2013 ......................................................................... 5,115,435 5,020,190 -1,199 0.7657 04/17/2013 ......................................................................... 5,250,092 5,162,525 -1,217 0.7663 04/24/2013 ......................................................................... 5,203,638 5,118,094 35 0.7694 05/01/2013 ......................................................................... 5,462,829 5,381,892 2,216 0.7580 05/08/2013 ......................................................................... 5,137,554 5,070,368 2,649 0.7589 05/15/2013 ......................................................................... 5,293,313 5,226,897 3,352 0.7778 05/22/2013 ......................................................................... 5,396,515 5,325,541 2,985 0.7774 05/29/2013 ......................................................................... 5,390,800 5,330,088 3,549 0.7726 06/05/2013 ......................................................................... 5,302,412 5,241,627 2,289 0.7641 06/12/2013 ......................................................................... 5,630,347 5,570,278 2,261 0.7488 06/19/2013 ......................................................................... 5,182,379 5,124,767 3,216 0.7461 06/26/2013 ......................................................................... 5,417,733 5,361,701 3,608 0.7689 September 2013 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) 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 - 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 - July ................... 5,073,550 5,112,569 2,438,554 2,398,542 393,805 439,585 565,123 525,559 -3,619 0.8120 Aug .................. 5,197,149 5,098,025 2,135,559 2,107,273 380,839 429,932 512,148 463,360 -1,653 0.7950 Sept ................. 5,278,338 5,161,298 2,118,152 2,096,423 408,161 432,908 491,607 465,553 -2,202 0.7778 Oct ................... 5,126,210 5,003,037 2,105,744 2,076,500 375,512 389,803 460,273 444,128 -2,087 0.7717 Nov .................. 5,087,889 4,974,182 2,177,846 2,096,677 356,646 386,750 436,744 406,547 -4,137 0.7686 Dec .................. 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584 2013 - Jan ................... 5,533,187 5,411,447 2,070,571 1,932,021 419,502 406,678 421,143 424,355 2,590 0.7362 Feb .................. 5,711,400 5,616,840 2,095,782 1,980,412 377,951 450,952 485,330 442,258 -317 0.7646 Mar .................. 5,275,002 5,183,932 2,098,352 1,986,269 376,009 399,661 460,995 419,430 1,007 0.7803 Apr ................... 5,256,805 5,176,470 2,091,683 1,989,291 376,907 395,581 454,047 423,584 1,318 0.7594 May.................. 5,476,174 5,412,009 2,040,447 1,959,135 390,222 395,208 446,123 429,359 3,674 0.7699 June................. 5,287,699 5,223,223 1,971,010 1,890,657 381,746 392,708 442,864 410,420 3,428 0.7686 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) 2010 - Dec ................... 59,618 69,885 239,412 119,562 9,683 2,980 7,674 7,781 -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 June ................. 73,202 69,492 494,312 209,043 15,867 7,315 13,923 12,535 n.a. 0.7894 Sept .................. 88,373 76,674 274,639 123,965 9,525 4,526 6,688 6,407 28 0.7778 Dec ................... 69,920 61,111 202,499 120,619 8,126 2,152 3,662 n.a. 8 0.7584 2013 - Mar ................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803 September 2013 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, 2012, and March 31, 2013 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Dec. 31, 2012 Jan. 1, 2013, through Mar. 31, 2013 22,679,209 55,050,355 -1,206 -1,346,167 22,678,003 53,704,188 14,269,679 10,749,162 105,602 -389,950 -853,489 -11,339 13,879,729 9,895,673 94,263 Total assets.......................................................................... 102,854,007 -2,602,151 100,251,856 Liabilities and capital Current liabilities: Accounts payable................................................................. 6,450 1,576 8,026 Total current liabilities ...................................................... 6,450 1,576 8,026 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 54,277,376 - -1,332,107 - 5,200,000 52,945,269 - Total other liabilities ......................................................... 59,477,376 -1,332,107 58,145,269 Capital: Capital account .................................................................... Net income (+) or loss (-) (see Table ESF-2) ...................... 200,000 -813,121 -1,245,987 200,000 -2,059,108 Total capital...................................................................... 43,370,181 -1,271,620 42,098,561 Total liabilities and capital ............................................ 102,854,007 -2,602,151 100,251,856 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 ................................................................. See footnote on the following page. September 2013 Mar. 31, 2013 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, 2013, through Mar. 31, 2013 Fiscal year to date Oct. 1, 2012, through Mar. 31, 2013 Income and expense Profit (+) or loss (-) on: Foreign exchange ........................................................................ -1,257,129 -2,103,458 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. -19,110 -21,754 SDRs ............................................................................................ 154 295 U.S. Government securities ......................................................... 3,763 9,231 GSE Securities............................................................................. - - Foreign exchange ........................................................................ 26,335 56,578 Insurance premiums .................................................................... - - Commissions ............................................................................... - - Income from operations ............................................................... -1,245,987 -2,059,108 Net income (+) or loss (-) ............................................................. -1,245,987 -2,059,108 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 2013 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 2014) .............................................................................................................. 101 less: Cash balance (fiscal year 2014) ......................................................................................................................................................................................... 9 Unfunded authorizations (fiscal year 2014) ........................................................................................................................................................................ 93 48-month revenue estimate (fiscal years 2015, 2016, 2017, and 2018) ............................................................................................................................ 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 2013 TRUST FUNDS 106 INTRODUCTION: Reforestation Trust Fund The Reforestation Trust Fund was established on the books of the Treasury in fiscal year 1981 to continue through September 30, 1985, according to provisions of Title III—Reforestation, of the Recreational Boating Safety and Facilities Improvement Act of 1980 [Public Law 96451, codified at 16 United States Code 1606a(a)]. The act provides that the Secretary of the Treasury shall transfer to the trust fund tariffs, limited to not more than $30 million for any fiscal year, received in the Treasury from October 1, 1979, through September 30, 1985, on (1) rough and primary wood products and wood waste; (2) lumber, flooring and moldings; and (3) wood veneers, plywood, other wood-veneer assemblies and building boards. Public Law 99-190, title II, 99 Statutes at Large 1245, extended the receipts for the trust fund. Amounts available in the reforestation trust fund exceeding current withdrawals are invested in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations are credited to the trust fund. The Secretary of the Department of Agriculture is authorized to obligate available sums in the trust fund (including any amounts not obligated in previous years) for (1) reforestation and timber stand improvement and (2) administrative costs of the Government for these activities. Annual reports are required by 16 United States Code 1606aI (1) to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust fund during the past fiscal year and on its expected condition and operations during the next fiscal year. Note: This page is included in the September issue due to an incorrect fiscal year on the Expected Conditions and Result of Operations table in the June issue. TABLE TF-10.—Reforestation Trust Fund Results of Operations, Fiscal Year 2012 [Source: Department of Agriculture] Balance Oct. 1, 20111 .......................................................................................................................................................................................... $4,853,947 Receipts: Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 Redemption of investment ............................................................................................................................................................................... - Total receipts ................................................................................................................................................................................................ 30,000,000 Expenses: Expenditure ...................................................................................................................................................................................................... 28,688,953 Total expenses ............................................................................................................................................................................................. 28,688,953 Adjustment ........................................................................................................................................................................................................... $6,164,994 Balance Sept. 30, 2012........................................................................................................................................................................................ 1 The beginning balance for fiscal year 2011 was adjusted. Reforestation Trust Fund Expected Condition and Results of Operations, Fiscal Year 2013 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1 ..................................................................................................................................................................................................... 6,165 Receipts: Excise taxes (tariffs) ........................................................................................................................................................................................ 30,000 Redemption of investment .............................................................................................................................................................................. - Total receipts ............................................................................................................................................................................................... 30,000 Outlays ................................................................................................................................................................................................................ 30,000 Balance Sept. 30 ................................................................................................................................................................................................. 6,165 Correction page included due to an error in the Fiscal Year as previously reported in the June 2013 issue. September 2013 107 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 2013 108 RESEARCH PAPER SERIES 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. 2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security Trust Fund?” Randall P. Mariger. December 2008. 2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. December 2008. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 September 2013 109 Glossary With References to Applicable Sections and Tables Source: Bureau of the Fiscal 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. 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. 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 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 2013, the debt limit was 25 million; the limit may change from year to year. Total Public Debt Subject to Limit - The Total Public Debt Subject to Limit is the Total Public Debt Outstanding adjusted for Unamortized Discount on Treasury Bills and Zero Coupon Treasury Bonds, Other Debt (old debt issued before 1917 and old currency called United States Notes), Debt held by the Federal Financing Bank, Hope Bonds and Guaranteed Debt of Government Agencies. For a breakout of the debt subject to limit, see the Monthly Statement of the Public Debt at http://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm. 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 September 2013 110 GLOSSARY other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States; and international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)— Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-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, September 2013 the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. 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.) GLOSSARY SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (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, 111 Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-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. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). September 2013
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