Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:   April 1, 2010
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For Release at
4:30 P.M. Eastern time
April 1, 2010

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect a revision to the loan restructuring adjustment associated with the revolving credit extended to American International Group, Inc. (AIG). In addition, the release has been modified to incorporate fair value adjustments associated with the Term Asset-Backed Securities Loan Facility (TALF).

Consistent with generally accepted accounting principles (GAAP), the AIG revolving credit extension has been reduced by a revision of $1,255 million to the loan restructuring adjustment. The restructuring adjustment is related to the loan modification that eliminated the floor on the Libor rate, announced on March 2, 2009, and that was first incorporated in reported figures beginning with the July 30, 2009, H.4.1 release. The restructuring adjustment recognizes the economic effect of the reduced interest rate on the revolving credit facility and will be amortized over the remaining term of the credit extension. The revised restructuring adjustment incorporates quarterly updates as of December 31, 2009, of estimates of factors such as interest rates and future cash flow streams that are used to value the original loan restructuring adjustment. The Federal Reserve expects that the credit extension, including interest and commitment fees under the modified terms, will be fully repaid.

The weekly average balance of the credit extended to AIG shown in table 1 reflects holdings from March 25, 2010, through Wednesday, March 31, 2010.* The balance for the first six days of this reporting week reflects the loan restructuring adjustment prior to its revision. The balance for the final day of the reporting week reflects the revised loan restructuring adjustment.

Several items on the release have been modified to include fair value adjustments associated with the TALF. A fair value adjustment to the TALF loans extended by FRBNY is recorded in "Other Federal Reserve assets" in table 1 and "Other assets" in table 10 and in table 11. This fair value adjustment of $557 million reflects the value of the future interest received by FRBNY that is paid to the TALF LLC to provide credit protection. The adjustment is substantially offset by a corresponding increase in the fair value of the liability to the U.S. Treasury related to its beneficial interest in the TALF LLC recorded in "Other liabilities and capital" in table 1 and "Other liabilities" in table 10 and in table 11. The fair value adjustments associated with the TALF will be updated quarterly.


* This cover note was revised to reflect the correct dates of the reporting week. The original cover note listed the dates for the previous reporting week.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks

April 1, 2010
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Mar 31, 2010
Week ended
Mar 31, 2010
Change from week ended
Mar 24, 2010 Apr 1, 2009
Reserve Bank credit 2,290,403 - 7,424 + 244,230 2,289,758
    Securities held outright 1 2,014,288 - 3,372 +1,240,791 2,014,390
        U.S. Treasury securities 776,691 + 38 + 290,472 776,705
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 708,872 0 + 284,513 708,872
            Notes and bonds, inflation-indexed 2 43,777 0 + 4,399 43,777
            Inflation compensation 3 5,619 + 38 + 1,559 5,633
        Federal agency debt securities 2 168,988 + 1,500 + 118,135 168,988
        Mortgage-backed securities 4 1,068,609 - 4,910 + 832,185 1,068,697
    Repurchase agreements 5 0 0 0 0
    Term auction credit 3,410 0 - 463,868 3,410
    Other loans 81,814 - 2,697 - 53,478 80,711
        Primary credit 7,664 - 3,086 - 52,071 7,508
        Secondary credit 600 0 + 600 600
        Seasonal credit 4 - 2 + 1 5
        Primary dealer and other broker-dealer credit 6 0 0 - 19,488 0
        Asset-Backed Commercial Paper Money Market
            Mutual Fund Liquidity Facility
0 0 - 6,650 0
        Credit extended to American International
            Group, Inc., net 7
26,222 + 1,039 - 18,490 25,377
        Term Asset-Backed Securities Loan Facility 8 47,324 - 648 + 42,621 47,221
        Other credit extensions 0 0 0 0
    Net portfolio holdings of Commercial Paper
        Funding Facility LLC 9
7,779 + 12 - 236,518 7,786
    Net portfolio holdings of Maiden Lane LLC 10 27,323 + 32 + 1,028 27,364
    Net portfolio holdings of Maiden Lane II LLC 11 15,352 + 13 - 3,106 15,405
    Net portfolio holdings of Maiden Lane III LLC 12 22,143 + 7 - 5,504 22,150
    Net portfolio holdings of TALF LLC 13 404 + 4 + 404 404
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 14
25,150 + 44 + 25,150 25,416
    Float -1,700 - 80 + 587 -1,625
    Central bank liquidity swaps 15 0 0 - 309,828 0
    Other Federal Reserve assets 16 94,440 - 1,389 + 48,573 94,346
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 + 3,000 5,200
Treasury currency outstanding 17 42,839 + 14 + 578 42,839
 
Total factors supplying reserve funds 2,349,483 - 7,410 + 247,808 2,348,838
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.


1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Mar 31, 2010
Week ended
Mar 31, 2010
Change from week ended
Mar 24, 2010 Apr 1, 2009
Currency in circulation 17 932,786 + 92 + 30,182 934,684
Reverse repurchase agreements 18 56,599 + 187 - 12,887 57,766
    Foreign official and international accounts 56,599 + 187 - 12,887 57,766
    Dealers 0 0 0 0
Treasury cash holdings 224 + 6 - 87 223
Deposits with F.R. Banks, other than reserve balances 168,898 - 4,187 - 100,937 240,316
    U.S. Treasury, general account 35,896 - 31,707 - 11,233 91,519
    U.S. Treasury, supplementary financing account 124,979 + 24,996 - 74,955 124,979
    Foreign official 2,256 - 161 + 1,146 1,668
    Service-related 2,687 - 6 - 1,741 2,687
        Required clearing balances 2,687 - 6 - 1,741 2,687
        Adjustments to compensate for float 0 0 0 0
    Other 3,080 + 2,692 - 14,155 19,463
Other liabilities and capital 19 65,948 - 1,120 + 10,474 64,994
 
Total factors, other than reserve balances,
    absorbing reserve funds
1,224,455 - 5,022 - 73,255 1,297,983
 
Reserve balances with Federal Reserve Banks 1,125,028 - 2,388 + 321,063 1,050,855
Note: Components may not sum to totals because of rounding.


1. 
Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. 
Face value of the securities.
3. 
Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. 
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. 
Cash value of agreements.
6. 
Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain other broker-dealers.
7. 
Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and allowance for loan restructuring. Excludes credit extended to consolidated LLCs.
8. 
Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
9. 
Refer to table 7 and the note on consolidation accompanying table 11.
10. 
Refer to table 4 and the note on consolidation accompanying table 11.
11. 
Refer to table 5 and the note on consolidation accompanying table 11.
12. 
Refer to table 6 and the note on consolidation accompanying table 11.
13. 
Refer to table 8 and the note on consolidation accompanying table 11.
14. 
Refer to table 9.
15. 
Dollar value of 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. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
16. 
Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
17. 
Estimated.
18. 
Cash value of agreements, which are collateralized by U.S. Treasury securities and federal agency debt securities.
19. 
Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 8 and the note on consolidation accompanying table 11.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Mar 31, 2010
Week ended
Mar 31, 2010
Change from week ended
Mar 24, 2010 Apr 1, 2009
Marketable securities held in custody for foreign
    official and international accounts 1
3,019,750 + 7,238 + 410,421 3,025,268
    U.S. Treasury securities 2,240,566 + 695 + 440,939 2,244,417
    Federal agency securities 2 779,185 + 6,544 - 30,518 780,850
Securities lent to dealers 7,124 + 2,925 - 83,612 13,504
    Overnight facility 3 7,124 + 2,925 + 2,038 13,504
        U.S. Treasury securities 5,769 + 2,555 + 683 12,216
        Federal agency debt securities 1,355 + 370 + 1,355 1,288
    Term facility 4 0 0 - 85,650 0
Note: Components may not sum to totals because of rounding.


1. 
Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed securities at face value.
2. 
Includes debt and mortgage-backed securities.
3. 
Fully collateralized by U.S. Treasury securities.
4. 
U.S. Treasury securities only. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities.

2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, March 31, 2010
Millions of dollars
Remaining maturity Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 years
to 10 years
Over 10
years
All
Term auction credit 3,410 0 ... ... ... ... 3,410
Other loans 1 8,110 4 0 72,598 0 ... 80,711
U.S. Treasury securities 2  
    Holdings 18,140 18,694 48,552 331,962 215,414 143,942 776,705
    Weekly changes - 493 - 3,496 + 4,934 - 2,015 + 1,091 + 16 + 38
Federal agency debt securities 3  
    Holdings 85 4,141 32,267 95,618 34,530 2,347 168,988
    Weekly changes + 85 + 767 - 852 + 1,500 0 0 + 1,500
Mortgage-backed securities 4  
    Holdings 0 0 0 33 21 1,068,643 1,068,697
    Weekly changes 0 0 0 - 1 0 - 5,103 - 5,103
Commercial paper held by
    Commercial Paper Funding
    Facility LLC 5
0 2,966 0 ... ... ... 2,966
Asset-backed securities held by
    TALF LLC 6
0 0 0 0 0 0 0
Repurchase agreements 7 0 0 ... ... ... ... 0
   
Reverse repurchase agreements 7 57,766 0 ... ... ... ... 57,766
Note: Components may not sum to totals because of rounding.

. . . Not applicable.


1. 
Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles.
2. 
Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
3. 
Face value.
4. 
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. 
Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. 
Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
7. 
Cash value of agreements.

3. Supplemental Information on Mortgage-Backed Securities Purchase Program
Millions of dollars
Account name Wednesday
Mar 31, 2010
Mortgage-backed securities held outright 1 1,068,697
 
Commitments to buy mortgage-backed securities 2 103,740
Commitments to sell mortgage-backed securities 2 0
 
Cash and cash equivalents 3 70
1. 
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
2. 
Current face value. Generally settle within 180 days and include commitments associated with outright transactions as well as dollar rolls.
3. 
This amount is included in other Federal Reserve assets in table 1 and in other assets in table 10 and table 11.

4. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Mar 31, 2010
Net portfolio holdings of Maiden Lane LLC 1 27,364
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 28,820
Accrued interest payable to the Federal Reserve Bank of New York 2 457
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,264
1. 
Fair value. 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. Revalued quarterly. This table reflects valuations as of December 31, 2009. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. 
Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 11.
3. 
Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 10 and table 11.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.


5. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
Account name Wednesday
Mar 31, 2010
Net portfolio holdings of Maiden Lane II LLC 1 15,405
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 14,970
Accrued interest payable to the Federal Reserve Bank of New York 2 313
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,045
1. 
Fair value. 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. Revalued quarterly. This table reflects valuations as of December 31, 2009. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. 
Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 11.
3. 
Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 10 and table 11.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.


6. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
Account name Wednesday
Mar 31, 2010
Net portfolio holdings of Maiden Lane III LLC 1 22,150
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 16,929
Accrued interest payable to the Federal Reserve Bank of New York 2 394
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,235
1. 
Fair value. 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. Revalued quarterly. This table reflects valuations as of December 31, 2009. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. 
Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 11.
3. 
Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 10 and table 11.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.


7. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Account name Wednesday
Mar 31, 2010
Commercial paper holdings, net 1 2,916
Other investments, net 4,870
Net portfolio holdings of Commercial Paper Funding Facility LLC 7,786
 
Memorandum: Commercial paper holdings, face value 2,966
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 2,942
Accrued interest payable to the Federal Reserve Bank of New York 2 1
1. 
Book value, which includes amortized cost and related fees.
2. 
Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 11.

Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households.


8. Information on Principal Accounts of TALF LLC
Millions of dollars
Account name Wednesday
Mar 31, 2010
Asset-backed securities holdings 1 0
Other investments, net 404
Net portfolio holdings of TALF LLC 404
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 0
Accrued interest payable to the Federal Reserve Bank of New York 2 0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable 3 103
1. 
Fair value. 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.
2. 
Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 11.
3. 
Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 10 and table 11.

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under the authority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extends loans with a term of up to five years to holders of eligible asset-backed securities. The TALF is intended to assist financial markets in accommodating the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities collateralized by a variety of consumer and business loans. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The loans are extended for the market value of the security less an amount known as a haircut. As a result, the borrower bears the initial risk of a decline in the value of the security.


TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Losses on asset-backed securities held by TALF LLC will be offset in the following order: by the commitment fees collected by TALF LLC, by the interest received on investments of TALF LLC, by up to $20 billion in subordinated debt funding provided by the U.S. Treasury, and finally, by senior debt funding provided by the FRBNY. Payments by TALF LLC from the proceeds of its net portfolio holdings will be made in the following order: operating expenses of TALF LLC, principal due to the FRBNY, principal due to the U.S. Treasury, interest due to the FRBNY, and interest due to the U.S. Treasury. Any remaining funds will be shared by the FRBNY and the U.S. Treasury.


9. Supplemental Information on the Federal Reserve Bank of New York's Preferred Interests in
AIA Aurora LLC and ALICO Holdings LLC
Millions of dollars
Account name Wednesday
Mar 31, 2010
Preferred interests in AIA Aurora LLC and ALICO Holdings LLC 1 25,416
Accrued dividends on preferred interests in AIA Aurora LLC and ALICO Holdings LLC 2 0
 
Preferred interests in AIA Aurora LLC 1 16,266
Accrued dividends on preferred interests in AIA Aurora LLC 2 0
 
Preferred interests in ALICO Holdings LLC 1 9,150
Accrued dividends on preferred interests in ALICO Holdings LLC 2 0
Note: Components may not sum to totals because of rounding.


1. 
Book value.
2. 
This amount is included in other Federal Reserve assets in table 1 and in other assets in table 10 and table 11.

Note on preferred interests:


In conjunction with the restructuring of the government's assistance to American International Group, Inc. (AIG) announced March 2, 2009, the outstanding balance and amount available of revolving credit provided to AIG by the FRBNY has been reduced in exchange for preferred interests in two special purpose vehicles, AIA Aurora LLC and ALICO Holdings LLC. These two limited liability companies were created to directly or indirectly hold all of the outstanding common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. AIG will retain control of AIA Aurora LLC and ALICO Holdings LLC, and the FRBNY will have certain consent, disposition, and conversion rights with respect to its preferred interests.


Dividends accrue as a percentage of the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC. On a quarterly basis, the accrued dividends are capitalized and added to the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC.


10. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations from
consolidation
Wednesday
Mar 31, 2010
Change since
Wednesday
Mar 24, 2010
Wednesday
Apr 1, 2009
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 + 3,000
    Coin   2,083 - 15 + 246
    Securities, repurchase agreements, term auction
        credit, and other loans
  2,098,511 - 5,103 + 715,566
        Securities held outright 1   2,014,390 - 3,565 +1,231,807
            U.S. Treasury securities   776,705 + 38 + 284,375
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   708,872 0 + 278,418
                Notes and bonds, inflation-indexed 2   43,777 0 + 4,399
                Inflation compensation 3   5,633 + 38 + 1,557
            Federal agency debt securities 2   168,988 + 1,500 + 115,372
            Mortgage-backed securities 4   1,068,697 - 5,103 + 832,060
        Repurchase agreements 5   0 0 0
        Term auction credit   3,410 0 - 463,868
        Other loans   80,711 - 1,538 - 52,373
    Net portfolio holdings of Commercial Paper
        Funding Facility LLC 6
  7,786 + 10 - 241,945
    Net portfolio holdings of Maiden Lane LLC 7   27,364 + 47 + 1,028
    Net portfolio holdings of Maiden Lane II LLC 8   15,405 + 62 - 3,111
    Net portfolio holdings of Maiden Lane III LLC 9   22,150 + 8 - 5,511
    Net portfolio holdings of TALF LLC 10   404 0 + 404
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 11
  25,416 + 310 + 25,416
    Items in process of collection (51) 496 + 311 + 11
    Bank premises   2,241 + 2 + 58
    Central bank liquidity swaps 12   0 0 - 308,792
    Other assets 13   92,439 - 1,625 + 43,747
 
Total assets (51) 2,310,533 - 5,992 + 230,118
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.


10. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations from
consolidation
Wednesday
Mar 31, 2010
Change since
Wednesday
Mar 24, 2010
Wednesday
Apr 1, 2009
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   894,146 + 1,111 + 29,629
    Reverse repurchase agreements 14   57,766 + 3,047 - 10,140
    Deposits (0) 1,291,505 - 9,379 + 201,589
        Depository institutions   1,053,876 - 93,871 + 216,413
        U.S. Treasury, general account   91,519 + 41,415 + 53,765
        U.S. Treasury, supplementary financing account   124,979 + 24,996 - 74,955
        Foreign official   1,668 - 752 + 822
        Other (0) 19,463 + 18,834 + 5,544
    Deferred availability cash items (51) 2,122 - 23 - 1,146
    Other liabilities and accrued dividends 15   12,755 + 51 + 3,487
 
Total liabilities (51) 2,258,294 - 5,193 + 223,420
 
Capital accounts  
    Capital paid in   26,255 + 8 + 3,695
    Surplus   24,845 - 476 + 3,689
    Other capital accounts   1,138 - 331 - 686
 
Total capital   52,239 - 798 + 6,699
Note: Components may not sum to totals because of rounding.


1. 
Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. 
Face value of the securities.
3. 
Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. 
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. 
Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. 
Refer to table 7 and the note on consolidation accompanying table 11.
7. 
Refer to table 4 and the note on consolidation accompanying table 11.
8. 
Refer to table 5 and the note on consolidation accompanying table 11.
9. 
Refer to table 6 and the note on consolidation accompanying table 11.
10. 
Refer to table 8 and the note on consolidation accompanying table 11.
11. 
Refer to table 9.
12. 
Dollar value of 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. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
13. 
Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
14. 
Cash value of agreements, which are collateralized by U.S. Treasury securities and federal agency debt securities.
15. 
Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 8 and the note on consolidation accompanying table 11.


11. Statement of Condition of Each Federal Reserve Bank, March 31, 2010
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Assets  
    Gold certificate account 11,037 412 3,895 450 467 882 1,356 911 329 197 335 621 1,182
    Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
    Coin 2,083 75 79 168 152 312 191 326 24 66 143 205 342
    Securities, repurchase agreements,
        term auction credit, and other
        loans
2,098,511 38,656 869,637 31,340 79,658 72,777 242,869 218,346 78,965 33,371 90,933 97,403 244,556
        Securities held outright 1 2,014,390 38,642 787,376 31,251 79,585 72,593 242,706 217,979 78,916 33,349 90,928 97,399 243,667
            U.S. Treasury securities 776,705 14,900 303,595 12,050 30,686 27,990 93,582 84,048 30,428 12,859 35,060 37,555 93,953
                Bills 2 18,423 353 7,201 286 728 664 2,220 1,994 722 305 832 891 2,228
                Notes and bonds 3 758,282 14,546 296,394 11,764 29,958 27,326 91,363 82,054 29,707 12,554 34,228 36,664 91,724
            Federal agency debt securities 2 168,988 3,242 66,053 2,622 6,676 6,090 20,361 18,286 6,620 2,798 7,628 8,171 20,441
            Mortgage-backed securities 4 1,068,697 20,501 417,727 16,580 42,222 38,513 128,763 115,645 41,867 17,693 48,240 51,673 129,273
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Term auction credit 3,410 0 1,845 20 74 160 125 294 28 5 5 0 854
        Other loans 80,711 14 80,417 68 0 25 38 73 21 17 0 4 35
    Net portfolio holdings of Commercial
        Paper Funding Facility LLC 6
7,786 0 7,786 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane LLC 7
27,364 0 27,364 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 8
15,405 0 15,405 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 9
22,150 0 22,150 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of TALF LLC 10 404 0 404 0 0 0 0 0 0 0 0 0 0
    Preferred interests in AIA Aurora LLC
        and ALICO Holdings LLC 11
25,416 0 25,416 0 0 0 0 0 0 0 0 0 0
    Items in process of collection 547 107 0 21 62 5 13 16 4 56 11 24 229
    Bank premises 2,241 122 262 70 143 239 220 210 136 109 266 251 213
    Central bank liquidity swaps 12 0 0 0 0 0 0 0 0 0 0 0 0 0
    Other assets 13 92,439 2,228 33,823 3,783 4,487 9,383 9,611 7,826 2,880 1,818 3,240 3,608 9,753
    Interdistrict settlement account 0 + 21,414 + 148,176 + 40,767 - 23,030 + 145,997 - 99,320 - 93,067 - 41,414 - 852 - 39,356 - 23,932 - 35,383
 
Total assets 2,310,584 63,209 1,156,216 76,808 62,176 230,008 155,593 134,993 41,073 34,856 55,725 78,461 221,466
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.


11. Statement of Condition of Each Federal Reserve Bank, March 31, 2010 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities  
    Federal Reserve notes outstanding 1,077,578 35,013 391,043 38,382 44,420 83,588 137,326 86,329 32,401 20,129 28,388 65,501 115,056
        Less: Notes held by F.R. Banks 183,432 4,351 62,127 5,669 8,474 10,355 32,939 11,477 4,245 2,897 3,321 12,809 24,769
            Federal Reserve notes, net 894,146 30,662 328,916 32,714 35,945 73,233 104,387 74,853 28,157 17,233 25,068 52,692 90,287
    Reverse repurchase agreements 14 57,766 1,108 22,579 896 2,282 2,082 6,960 6,251 2,263 956 2,608 2,793 6,988
    Deposits 1,291,505 29,327 781,290 37,245 19,216 141,800 40,132 51,774 9,841 14,719 27,264 21,725 117,170
        Depository institutions 1,053,876 29,291 543,777 37,241 19,213 141,747 40,130 51,767 9,838 14,718 27,263 21,724 117,167
        U.S. Treasury, general account 91,519 0 91,519 0 0 0 0 0 0 0 0 0 0
        U.S. Treasury, supplementary
            financing account
124,979 0 124,979 0 0 0 0 0 0 0 0 0 0
        Foreign official 1,668 1 1,639 4 3 11 2 1 0 1 0 1 3
        Other 19,463 35 19,375 0 0 42 0 6 2 0 1 0 0
    Deferred availability cash items 2,172 53 0 179 596 74 138 135 50 358 82 88 420
    Other liabilities and accrued
        dividends 15
12,755 181 8,858 211 287 508 629 553 239 146 231 292 621
 
Total liabilities 2,258,345 61,332 1,141,644 71,245 58,327 217,698 152,246 133,566 40,549 33,412 55,252 77,589 215,486
 
Capital  
    Capital paid in 26,255 914 7,563 2,951 1,898 5,344 1,596 645 234 713 209 408 3,781
    Surplus 24,845 945 7,009 2,612 1,910 6,967 1,581 620 240 712 210 353 1,687
    Other capital 1,138 18 0 0 41 0 170 162 49 19 54 112 511
 
Total liabilities and capital 2,310,584 63,209 1,156,216 76,808 62,176 230,008 155,593 134,993 41,073 34,856 55,725 78,461 221,466
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.


11. Statement of Condition of Each Federal Reserve Bank, March 31, 2010 (continued)

1. 
Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. 
Face value of the securities.
3. 
Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. 
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. 
Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. 
Refer to table 7 and the note on consolidation below.
7. 
Refer to table 4 and the note on consolidation below.
8. 
Refer to table 5 and the note on consolidation below.
9. 
Refer to table 6 and the note on consolidation below.
10. 
Refer to table 8 and the note on consolidation below.
11. 
Refer to table 9.
12. 
Dollar value of 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. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
13. 
Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
14. 
Cash value of agreements, which are collateralized by U.S. Treasury securities and federal agency debt securities.
15. 
Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 8 and the note on consolidation below.


Note on consolidation:


The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility.


The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC. The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 10), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 10).


12. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Mar 31, 2010
Federal Reserve notes outstanding 1,077,578
    Less: Notes held by F.R. Banks not subject to collateralization 183,432
        Federal Reserve notes to be collateralized 894,146
Collateral held against Federal Reserve notes 894,146
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 877,909
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,014,390
    Less: Face value of securities under reverse repurchase agreements 57,337
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 1,957,053
Note: Components may not sum to totals because of rounding.


1. 
Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2. 
Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.

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