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Press Release

Federal Reserve Press Release

Release Date: March 20, 2015

For release at 12:00 p.m. ET

The Federal Reserve System on Friday released the 2014 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC, and the Board of Governors. These financial statements are audited annually by an independent auditing firm and, consistent with prior years, received unmodified audit opinions for 2014.

The audited financial statements provide a significant amount of information about the assets, liabilities, and earnings of the Reserve Banks, Maiden Lane LLC, and the Board as of December 31, 2014, including information about the composition, fair value, and earnings related to the $4.4 trillion of U.S. Treasury securities, government-sponsored enterprise (GSE) debt securities, and federal agency and GSE mortgage-backed securities (MBS) acquired through open market operations. The Federal Reserve Bank of New York provides additional detailed information about open market operations and securities holdings on an ongoing basis on its website at

The Federal Reserve Banks' 2014 earnings, inclusive of other comprehensive income, were $99.7 billion. The Reserve Banks provided for remittances to the U.S. Treasury of $96.9 billion. Interest income on securities acquired through open market operations totaled $115.9 billion, an increase of $25.5 billion from the previous year. Interest expense on depository institutions' reserve balances during the year was $6.9 billion. Losses from the daily revaluation of foreign currency denominated asset holdings were $2.9 billion. Reserve Bank operating expenses were $6.1 billion, including assessments of $1.9 billion for Board expenses, currency costs, and the operations of the Bureau of Consumer Financial Protection.

Total Reserve Bank assets as of December 31, 2014, were $4.5 trillion, which is an increase of $500 billion over the balance on December 31, 2013. Holdings of U.S. Treasury securities increased by $237 billion, and federal agency and GSE MBS holdings increased by $255 billion. GSE debt securities holdings decreased by $19.1 billion. Asset holdings of Maiden Lane LLC totaled $1.8 billion on December 31, 2014. Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC, which were created to respond to strains in financial markets, were dissolved in 2014 and all the residual assets were distributed to the Federal Reserve Bank of New York and to the respective entity's other beneficial interest holders.

The Federal Reserve System financial statements are available on the Federal Reserve Board's website at

For media inquiries, call 202-452-2955.

Last update: March 20, 2015