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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

April 2012 (1.36MB 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 March 28, 2012.

Maiden Lane III LLC Investment Objective Revised

  • On April 3, 2012, Maiden Lane III LLC’s investment objective was revised to allow for asset sales. The change in the investment objective reflects a strategic decision by the Federal Reserve to explore possible sales of some of the assets in the portfolio in light of improving market conditions and the success of the previously conducted sales of securities from the Maiden Lane II LLC portfolio.

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
March 28, 2012
Change from
February 29, 2012
Change from
March 30, 2011
Total assets 2,881 -47 +254
Selected assets
   Securities held outright 2,598 -5 +195
       U.S. Treasury securities1 1,665 +3 +332
       Federal agency debt securities1 96 -5 -36
       Mortgage-backed securities2 837 -4 -100
       Memo: Overnight securities lending3 21 +2 -4
       Memo: Net commitments to purchase mortgage-backed securities4 44 +5 +44
   Lending to depository institutions5 *


   Central bank liquidity swaps6 65 -43 +65
   Lending through the Term Asset-Backed Securities Loan Facility7 7 -1 -12
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 23 -8 -41
       Net portfolio holdings of Maiden Lane LLC9 5 -1 -21
       Net portfolio holdings of Maiden Lane II LLC9 * -7 -16
       Net portfolio holdings of Maiden Lane III LLC9 17 -1 -6
Total liabilities 2,826 -48 +252
Selected liabilities
   Federal Reserve notes in circulation 1056 +6 +92
   Term deposits of depository institutions 3 +3 +3
   Other deposits of depository institutions 1,565 -42 +107
   U.S. Treasury, general account 63 +5 +9
   U.S. Treasury, supplementary financing account 0 0 -5
   Other deposits 30 -15 +29
Total capital 54 -1 +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 March 28, 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