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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

September 2011 (900 KB PDF)


Recent Developments

The Overview section of this report highlights developments in the operations of the Federal Reserve's credit and liquidity programs and facilities since last month's report, and presents data describing changes in the assets, liabilities, and total capital of the Federal Reserve System as of August 31, 2011.

FRBNY Announces Future Plans for Small-Scale Reverse Repo Exercises

  • On August 12, 2011, the Federal Reserve Bank of New York (FRBNY) announced that it plans to conduct a series of small-scale reverse repurchase transactions (reverse repos) about every two months, which will bring the frequency of these operational exercises in line with that of similar exercises of the Term Deposit Facility (TDF). As with earlier operational readiness exercises, this work is a matter of prudent advance planning by the Federal Reserve. The operations have been designed to have no material impact on the availability of reserves or on market rates, and do not represent a change in the stance of monetary policy.

Federal Reserve System Selected Assets, Liabilities, and Total Capital

Table 1 reports selected assets and liabilities and total capital of the Federal Reserve System and presents the change in these components over the past month and since this time last year.

Table 1. Assets, liabilities, and capital of the Federal Reserve System
Billions of dollars

Item Current
August 31, 2011
Change from
July 27, 2011
Change from
September 1, 2010
Total assets 2,858 -10 +553
Selected assets
   Securities held outright 2,647 -1 +601
       U.S. Treasury securities1 1,652 +14 +866
       Federal agency debt securities1 110 -2 -47
       Mortgage-backed securities2 885 -12 -218
       Memo: Overnight securities lending3 13 -7 +5
       Memo: Net commitments to purchase mortgage-backed securities4 0 0 0
   Lending to depository institutions5 * +* +*
   Central bank liquidity swaps6 0 0 -*
   Lending through the Term Asset-Backed Securities Loan Facility7 12 -* -22
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 50 -2 -18
       Net portfolio holdings of Maiden Lane LLC9 18 -3 -11
       Net portfolio holdings of Maiden Lane II LLC9 10 -* -6
       Net portfolio holdings of Maiden Lane III LLC9 21 -* -2
Total liabilities 2,806 -10 +557
Selected liabilities
   Federal Reserve notes in circulation 996 +7 +86
   Term deposits of depository institutions 0 0 -2
   Other deposits of depository institutions 1,592 -66 +579
   U.S. Treasury, general account 42 -25 -4
   U.S. Treasury, supplementary financing account 0 -5 -200
   Other deposits 48 +37 +48
Total capital 52 +* -5
Note: Unaudited. Components may not sum to totals because of rounding.
* Less than $500 million. Return to table
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value, which is the remaining principal balance of the underlying mortgages. Does not include unsettled transactions. Return to table
3. Securities loans under the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table
4. Current face value. Includes commitments associated with outright purchases, dollar rolls, and coupon swaps. Return to table
5. Total of primary, seasonal, and secondary credit. Return to table
6. Dollar value of the foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. Return to table
7. Book value. Return to table
8. As of August 31, 2011, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of June 30, 2011. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Fair values are updated quarterly. Return to table

Figure 1 displays the levels of selected Federal Reserve assets and liabilities, securities holdings, and credit extended through liquidity facilities since 2007.

Figure 1. Credit and liquidity programs and the Federal Reserves balance sheet

Figure data is available at the link below the image. 

Accessible version

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Last update: August 2, 2013