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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

February 2012 (1.36 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 January 25, 2012.

FRBNY Sells $13.2 Billion in Face Value of Maiden Lane II LLC Assets

  • On January 19, 2012, the Federal Reserve Bank of New York (FRBNY) announced that it had sold $7.014 billion in face value of assets from its Maiden Lane II LLC portfolio through a competitive process to Credit Suisse Securities (USA) LLC. On February 8, 2012, the FRBNY announced that it had sold an additional $6.2 billion in face value of Maiden Lane II LLC portfolio assets through a competitive process to Goldman Sachs & Co. Proceeds from these two transactions will enable the repayment of the entire remaining outstanding balance of the senior loan from the FRBNY to Maiden Lane II LLC. Additional information about these transactions is available at Leaving the Board and Leaving the Board.

Federal Reserve Releases Quarterly Accounting Updates

  • Quarterly updates to the fair value of the three Maiden Lane LLCs’ net portfolio holdings and the fair value adjustment of the Term Asset-Backed Securities Loan Facility (TALF), as of January 25, 2012, were reported on the January 26, 2012, H.4.1 statistical release based on updated valuations as of December 31, 2011. Figures for the full year of 2011 will be published in this report following the release of the audited financial statements of the Federal Reserve System.

Maturity Extension Program Progresses

  • As of February 10, 2012, the FRBNY had completed approximately half of the $400 billion maturity extension program announced by the Federal Open Market Committee (FOMC) on September 21, 2011. Additional information about cumulative purchases and sales under the matur- ity extension program is available at Leaving the Board.

FRBNY Releases Select, Unaudited Financial Information

  • On February 15, 2012, the FRBNY published on its website select, unaudited financial information, as of December 31, 2011, for Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC. This information is available 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
January 25, 2012
Change from
December 28, 2011
Change from
January 26, 2011
Total assets 2,922 -7 +475
Selected assets
   Securities held outright 2,599 -14 +375
       U.S. Treasury securities1 1,662 -10 +548
       Federal agency debt securities1 101 -3 -44
       Mortgage-backed securities2 836 -1 -129
       Memo: Overnight securities lending3 14 +* -4
       Memo: Net commitments to purchase mortgage-backed securities4 37 +1 +37
   Lending to depository institutions5 *


   Central bank liquidity swaps6 103 +3 +103
   Lending through the Term Asset-Backed Securities Loan Facility7 8 -1 -15
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 34 -* -31
       Net portfolio holdings of Maiden Lane LLC9 7 -* -19
       Net portfolio holdings of Maiden Lane II LLC9 10 +1 -6
       Net portfolio holdings of Maiden Lane III LLC9 18 -* -4
Total liabilities 2,858 -7 +474
Selected liabilities
   Federal Reserve notes in circulation 1,025 -10 +90
   Term deposits of depository institutions 3 +3 +3
   Other deposits of depository institutions 1,579 +10 +493
   U.S. Treasury, general account 112 +21 +18
   U.S. Treasury, supplementary financing account 0 0 -200
   Other deposits 42 -29 +41
Total capital 54 +* +1
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 January 25, 2012, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of December 31, 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