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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

June 2011 (1.39 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 May 25, 2011.

FOMC to Complete Expansion of SOMA Portfolio

  • The $600 billion expansion of holdings of Treasury securities in the System Open Market Account (SOMA) portfolio announced on November 3, 2010, will be completed as scheduled by the end of June 2011. The Federal Reserve will continue to reinvest principal payments from agency debt and agency mortgage-backed securities (MBS) in longer-term Treasury securities in order to maintain the level of domestic securities holdings in the SOMA portfolio.

FRBNY Announces Criteria for GSE Participation in Reverse Repo Transactions

  • On May 24, 2011, the Federal Reserve Bank of New York (FRBNY) announced the criteria for acceptance of government-sponsored enterprises (GSEs) as counterparties eligible to participate in reverse repurchase transactions (reverse repos). To prepare for the potential need to conduct large-scale reverse repos, the FRBNY is developing arrangements with an expanded set of counterparties with whom it can conduct these transactions. Further information on reverse repo counterparties is available online at Leaving the Board

FRBNY Continues Small-Scale, Real-Value Reverse Repo Transactions

  • On June 8, 2011, the FRBNY commenced another series of small-scale, real-value reverse repos using all eligible collateral types. The first set of these operations was open only to the expanded set of reverse repo counterparties announced on May 23, 2011. A second set of operations was open to all eligible reverse repo counterparties. The FRBNY periodically conducts reverse repos to ensure operational readiness at the Federal Reserve, the major clearing banks, and the primary dealers; the transactions have no material impact on the availability of reserves or on market rates, and represent no change in the stance of monetary policy. The results of these operations are available on the FRBNY’s website at Leaving the Board

Federal Reserve Conducts Another Small-Value TDF Auction

  • On May 31, 2011, the Federal Reserve conducted an auction of $5 billion of 28-day term deposits through the Term Deposit Facility (TDF). The awarded deposits settled on June 2, 2011, and will mature on June 30, 2011. Additional information about term deposits, auction results, and future small-value offerings is available through the TDF Resource Center at Leaving the Board The ongoing small-value TDF offerings are a matter of prudent planning and have no implications for the near-term conduct 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.

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
May 25, 2011
Change from
April 27, 2011
Change from
May 26, 2010
Total assets 2,779 +84 +441
Selected assets
   Securities held outright 2,556 +89 +499
       U.S. Treasury securities1 1,519 +106 +742
       Federal agency debt securities1 119 -7 -48
       Mortgage-backed securities2 918 -9 -195
       Memo: Overnight securities lending3 20 +5 +17
       Memo: Net commitments to purchase mortgage-backed securities4 0 0 -36
   Lending to depository institutions5 *



   Central bank liquidity swaps6 0 0 -1
   Lending through other credit facilities 14 -3 -30
       Net portfolio holdings of Commercial Paper Funding Facility LLC 0 0 0
       Term Asset-Backed Securities Loan Facility7 14 -3 -30
   Net portfolio holdings of TALF LLC8 1 +* +1
   Support for specific institutions 64 -2 -4
       Net portfolio holdings of Maiden Lane LLC9 24 -1 -4
       Net portfolio holdings of Maiden Lane II LLC9 15 -2 -1
       Net portfolio holdings of Maiden Lane III LLC9 24 -1 +1
Total liabilities 2,727 +84 +445
Selected liabilities
   Federal Reserve notes in circulation 979 +7 +79
   Term deposits of depository institutions 0 -5 0
   Other deposits of depository institutions 1,592 +140 +504
   U.S. Treasury, general account 74 -52 +57
   U.S. Treasury, supplementary financing account 5 +* -195
   Other deposits * -* +*
Total capital 53 +* -2
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, secondary, and seasonal 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 May 25, 2011, TALF LLC had purchased no assets from the FRBNY. Return to table
9.Fair value, reflecting values as of March 31, 2010. 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 Reserve's balance sheet

Figure 1. Credit and liquidity programs and the Federal Reserve’s balance sheet

 Accessible version

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Last update: August 2, 2013