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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

October 2011 (1.4 MB 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 September 28, 2011.

FOMC Announces Maturity Extension Program and Agency Security Reinvestments

  • On September 21, 2011, the Federal Open Market Committee (FOMC) announced its decision to extend the average maturity of its holdings of securities. The FOMC announced that it intends to purchase, by the end of June 2012, $400 billion par of Treasury securities with remaining maturities of 6 years to 30 years and to sell an equal par amount of Treasury securities with remaining maturities of 3 years or less. The FOMC also announced that it will reinvest principal payments from its holdings of agency debt and agency mortgage-backed securities (MBS) in agency MBS. In addition, the FOMC will maintain its existing policy of rolling over maturing Treasury securities at auction. On the same day, the Federal Reserve Bank of New York (FRBNY) released a statement regarding the operational practices for the maturity extension program and agency security reinvestments. Frequently Asked Questions (FAQs) associated with these programs were released on September 26.

FRBNY Begins Conducting Operations under the Maturity Extension Program and Agency Security Reinvestments

  • As directed by the FOMC, the Open Market Trading Desk at the FRBNY (the Trading Desk) began the purchases and sales of Treasury securities under the maturity extension program as of October 3, 2011. On the same day, the Trading Desk also began to reinvest principal payments from holdings of agency debt and agency MBS in agency MBS through purchases in the secondary market; the practice of reinvesting principal payments from holdings of agency debt and agency MBS in Treasury securities was halted at that time.

Federal Reserve Conducts Another Small-Value TDF Auction

  • On September 29, 2011, the Federal Reserve conducted an auction of $5 billion of 28-day term deposits through the Term Deposit Facility (TDF). The ongoing small-value TDF offerings are a matter of prudent planning and have no implications for the near-term conduct of monetary policy. Additional information about term deposits, auction results, and future small-value offerings is available through the TDF Resource Center at

FRBNY Adds Two New Primary Dealers

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
September 28, 2011
Change from
August 31, 2011
Change from
September 29, 2010
Total assets 2,854 -4 +552
Selected assets
   Securities held outright 2,644 -3 +600
       U.S. Treasury securities1 1,665 +13 +853
       Federal agency debt securities1 108 -2 -46
       Mortgage-backed securities2 871 -14 -208
       Memo: Overnight securities lending3 14 +1 +6
       Memo: Net commitments to purchase mortgage-backed securities4 0 0 0
   Lending to depository institutions5 * +* -*
   Central bank liquidity swaps6 * +* +*
   Lending through the Term Asset-Backed Securities Loan Facility7 11 -1 -20
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 47 -3 -20
       Net portfolio holdings of Maiden Lane LLC9 16 -2 -12
       Net portfolio holdings of Maiden Lane II LLC9 10 -* -6
       Net portfolio holdings of Maiden Lane III LLC9 21 -* -2
Total liabilities 2,802 -4 +557
Selected liabilities
   Federal Reserve notes in circulation 996 +* +82
   Term deposits of depository institutions 5 +5 +3
   Other deposits of depository institutions 1,609 +17 +625
   U.S. Treasury, general account 45 +3 -13
   U.S. Treasury, supplementary financing account 0 0 -200
   Other deposits 44 -4 +44
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 September 28, 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

Accessible Version

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Last update: August 2, 2013