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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

January 2012 (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 December 28, 2011.

Federal Reserve Announces Preliminary 2011 Income and Expense Data and Transfers to the Treasury

  • On January 10, 2012, the Federal Reserve announced preliminary unaudited results indicating that the Reserve Banks provided for payments of approximately $76.9 billion of their estimated 2011 net income of $78.9 billion to the U.S. Treasury. These payments represent a slight decline from the payments made in 2010. Under Federal Reserve policy, the residual earnings of each Federal Reserve Bank, after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in, are distributed to the U.S. Treasury. Additional information about the preliminary 2011 income and expense data is available at

Foreign Central Banks Continue to Draw on U.S. Dollar Liquidity Swap Lines

  • In the first operation following the decline in the U.S. dollar liquidity swap rate announced on November 30, 2011, the Bank of Japan, the European Central Bank, and the Swiss National Bank drew on their swap lines for $25 million, $52.3 billion, and $75 million, respectively. Subsequent swap operations, which extended through the year-end, resulted in additional increases to the total amount outstanding under the swap arrangements. As of December 28, 2011, there was a total of $99.8 billion outstanding under the central bank liquidity swap arrangements. Additional information about swap operations is available at Leaving the Board

Federal Reserve Conducts Another Small-Value TDF Auction

  • On January 9, 2012, the Federal Reserve conducted an auction of $3 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 Leaving the Board

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.

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

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

Item Current
December 28, 2011
Change from
November 30, 2011
Change from
December 29, 2010
Total assets 2,929 +112 +505
Selected assets
   Securities held outright 2,613 +8 +457
       U.S. Treasury securities1 1,672 +* +656
       Federal agency debt securities1 104 -2 -43
       Mortgage-backed securities2 837 +10 -155
       Memo: Overnight securities lending3 14 +* -1
       Memo: Net commitments to purchase mortgage-backed securities4 36 -9 +36
   Lending to depository institutions5 +*


   Central bank liquidity swaps6 100 +98 +100
   Lending through the Term Asset-Backed Securities Loan Facility7 9 -1 -16
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 34 -4 -32
       Net portfolio holdings of Maiden Lane LLC9 7 -4 -20
       Net portfolio holdings of Maiden Lane II LLC9 9 -* -7
       Net portfolio holdings of Maiden Lane III LLC9 18 -* -5
Total liabilities 2,875 +112 +508
Selected liabilities
   Federal Reserve notes in circulation 1035 +15 +91
   Term deposits of depository institutions 0 -5 -5
   Other deposits of depository institutions 1,569 +82 +548
   U.S. Treasury, general account 91 +5 +2
   U.S. Treasury, supplementary financing account 0 0 -200
   Other deposits 71 +18 +71
Total capital 54 -* -3
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 December 28, 2011, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of September 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. Credit and liquidity programs and the Federal Reserves balance sheet.

Accessible Version

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Last update: August 2, 2013