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Release Date: March 14, 2024

 

 

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

 

 

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 13, 2024

Week ended
Mar 13, 2024

Change from week ended

Mar 6, 2024

Mar 15, 2023

Reserve Bank credit

 7,505,810

+    4,513

-  941,182

 7,505,438

Securities held outright1

 7,034,909

-    2,910

-  912,149

 7,034,433

U.S. Treasury securities

 4,629,327

-    2,910

-  705,530

 4,628,851

Bills2

   206,552

-    3,504

-   76,787

   205,827

Notes and bonds, nominal2

 3,950,517

+       14

-  622,209

 3,950,553

Notes and bonds, inflation-indexed2

   360,612

         0

-   16,412

   360,612

Inflation compensation3

   111,647

+      580

+    9,880

   111,860

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,403,235

         0

-  206,619

 2,403,235

Unamortized premiums on securities held outright5

   272,825

-      447

-   33,852

   272,651

Unamortized discounts on securities held outright5

   -25,544

+      230

+    2,263

   -25,458

Repurchase agreements6

        16

+       14

-       16

         4

Foreign official

         0

         0

         0

         0

Others

        16

+       14

-       16

         4

Loans

   173,224

+    4,706

+   17,589

   172,541

Primary credit

     2,344

+      366

-   82,613

     1,825

Secondary credit

       143

+       93

+      143

       147

Seasonal credit

         1

         0

-        2

         1

Paycheck Protection Program Liquidity Facility

     3,116

-       41

-    7,472

     3,104

Bank Term Funding Program

   167,619

+    4,287

+  165,176

   167,463

Other credit extensions7

         0

         0

-   57,643

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    14,845

+       14

-    7,562

    14,855

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,595

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,941

         0

Float

      -269

+      101

+      144

      -406

Central bank liquidity swaps9

       179

-        4

-      293

       179

Other Federal Reserve assets10

    35,624

+    2,808

+      228

    36,641

Foreign currency denominated assets11

    18,306

+      194

-      144

    18,302

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,756

+       14

+      639

    52,756

 

 

 

 

 

Total factors supplying reserve funds

 7,593,112

+    4,721

-  940,688

 7,592,737

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

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 13, 2024

Week ended
Mar 13, 2024

Change from week ended

Mar 6, 2024

Mar 15, 2023

Currency in circulation12

 2,339,270

+    3,795

+   30,952

 2,341,493

Reverse repurchase agreements13

   790,245

+    5,124

-1,713,513

   854,678

Foreign official and international accounts

   326,175

-    6,520

-   31,894

   332,940

Others

   464,070

+   11,644

-1,681,620

   521,738

Treasury cash holdings

       478

         0

+      347

       476

Deposits with F.R. Banks, other than reserve balances

   936,888

+    2,254

+  489,960

   920,405

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   768,369

+      636

+  535,503

   748,388

Foreign official

    11,133

+      590

+    1,384

    11,552

Other14

   157,386

+    1,028

-   46,926

   160,465

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

  -105,840

-    4,910

-  113,675

  -104,907

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 3,968,479

+    6,263

-1,313,839

 4,019,585

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,624,633

-    1,543

+  373,151

 3,573,153

Note: Components may not sum to totals because of rounding.
 

1.

Includes securities lent to dealers under the overnight securities lending facility; 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. The current face value shown is the remaining principal balance of

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

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.

10.

Includes bank premises, accrued interest, and other accounts receivable.

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

14.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

15.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

 

 

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


 

 


 

H.4.1

 

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday
Mar 13, 2024

Week ended
Mar 13, 2024

Change from week ended

Mar 6, 2024

Mar 15, 2023

Securities held in custody for foreign official and international accounts

 3,347,729

+    3,830

-   14,446

 3,343,757

Marketable U.S. Treasury securities1

 2,934,243

+    4,134

-   15,656

 2,931,118

Federal agency debt and mortgage-backed securities2

   331,127

-      333

+      876

   330,334

Other securities3

    82,359

+       29

+      334

    82,305

Securities lent to dealers

    34,177

-    2,022

-   14,374

    36,896

Overnight facility4

    34,177

-    2,022

-   14,374

    36,896

U.S. Treasury securities

    34,177

-    2,022

-   14,374

    36,896

Federal agency debt securities

         0

         0

         0

         0

Note: Components may not sum to totals because of rounding.
 

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.


 

 

 


 

H.4.1

 

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 13, 2024

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 year
to 10 years

Over 10
years

All

Loans1

    31,724

    22,382

   115,334

     3,101

         0

...

   172,541

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    18,538

   305,941

   542,493

 1,544,134

   709,700

 1,508,045

 4,628,851

Weekly changes

+    2,088

-    4,353

-    1,144

+      256

+      137

+      162

-    2,855

Federal agency debt securities3

 

 

 

 

 

 

 

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

 

 

 

 

 

 

 

Holdings

         0

         1

        35

     5,633

    30,797

 2,366,769

 2,403,235

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     7,224

...

...

     7,224

Repurchase agreements6

         4

         0

...

...

...

...

         4

Central bank liquidity swaps7

       179

         0

         0

         0

         0

         0

       179

Reverse repurchase agreements6

   854,678

         0

...

...

...

...

   854,678

Term deposits

         0

         0

         0

...

...

...

         0

Note: Components may not sum to totals because of rounding.
...Not applicable.

 

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB'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. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities LLC.

6.

Cash value of agreements.

7.

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.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Mar 13, 2024

Mortgage-backed securities held outright1

 2,403,235

Residential mortgage-backed securities

 2,395,024

Commercial mortgage-backed securities

     8,211

 

 

Commitments to buy mortgage-backed securities2

       108

Commitments to sell mortgage-backed securities2

        30

 

 

Cash and cash equivalents3

         0

 

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.


 

 


 

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Mar 13, 2024

 

Net portfolio holdings of

Credit Facilities LLC

Outstanding

 

 

 

principal

Outstanding

 

 

amount

amount of

Treasury

 

of loan

facility

contributions

 

extended to

asset

and

 

the LLC1

purchases2

other assets3

Total

MS Facilities LLC (Main Street Lending Program)

     6,283

     6,398

     8,457

    14,855

Note: Components may not sum to totals because of rounding.
 

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for loan losses updated as of December 31, 2023.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Mar 13, 2024

Change since

Wednesday

Wednesday

Mar 6, 2024

Mar 15, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,536

+       12

+      231

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 

 7,454,170

+      285

-1,082,720

Securities held outright1

 

 7,034,433

-    2,855

-  905,581

U.S. Treasury securities

 

 4,628,851

-    2,855

-  700,076

Bills2

 

   205,827

-    3,485

-   77,360

Notes and bonds, nominal2

 

 3,950,553

+       50

-  616,079

Notes and bonds, inflation-indexed2

 

   360,612

         0

-   16,412

Inflation compensation3

 

   111,860

+      580

+    9,777

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,403,235

         0

-  205,506

Unamortized premiums on securities held outright5

 

   272,651

-      445

-   33,797

Unamortized discounts on securities held outright5

 

   -25,458

+      227

+    2,262

Repurchase agreements6

 

         4

-        1

+        4

Loans7

 

   172,541

+    3,360

-  145,607

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

 

    14,855

+       12

-    7,406

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-    5,597

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,942

Items in process of collection

(0)

        50

-        7

-        7

Bank premises

 

       461

+        4

-        9

Central bank liquidity swaps9

 

       179

-        4

-      293

Foreign currency denominated assets10

 

    18,302

+      100

-      116

Other assets11

 

    36,180

+    2,712

+      529

 

 

 

 

 

Total assets

(0)

 7,541,969

+    3,112

-1,097,331

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Mar 13, 2024

Change since

Wednesday

Wednesday

Mar 6, 2024

Mar 15, 2023

Liabilities

 

 

 

 

Federal Reserve notes, net of F.R. Bank holdings

 

 2,290,745

+    2,462

+   30,378

Reverse repurchase agreements12

 

   854,678

+   61,284

-1,568,448

Deposits

(0)

 4,493,557

-   55,317

+  561,427

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,573,153

-   47,536

+  128,943

U.S. Treasury, General Account

 

   748,388

-   12,162

+  470,745

Foreign official

 

    11,552

+      797

-       83

Other13

(0)

   160,465

+    3,585

-   38,177

Deferred availability cash items

(0)

       456

-      358

+      215

Treasury contributions to credit facilities14

 

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

 

  -148,049

-    4,961

-  113,637

 

 

 

 

 

Total liabilities

(0)

 7,498,827

+    3,112

-1,097,972

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,357

         0

+      641

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,142

         0

+      641

Note: Components may not sum to totals because of rounding.
 

1.

Includes securities lent to dealers under the overnight securities lending facility; 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. The current face value shown is the remaining principal balance of the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

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.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 13, 2024

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold certificates and special drawing rights certificates

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,536

        53

        44

       150

        53

       192

       112

       273

        37

        56

       105

       189

       271

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 7,454,170

   154,889

 4,078,584

   123,574

   227,902

   518,901

   505,650

   465,682

   116,279

    59,627

   106,885

   371,739

   724,460

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    14,855

    14,855

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       179

         8

        64

         6

        17

        36

         5

         6

         4

         1

         2

         4

        26

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,302

       788

     6,513

       658

     1,726

     3,706

       549

       637

       412

       116

       194

       386

     2,619

Other assets5

    36,690

       876

    16,794

       700

     1,136

     2,898

     3,432

     2,213

       691

       664

       939

     1,966

     4,380

Interdistrict settlement account

         0

+    1,614

-   91,300

-    7,808

+   74,929

+  130,664

-   31,449

-   75,717

-    8,031

-    6,067

-   19,161

-   51,692

+   84,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,541,969

   173,639

 4,015,873

   117,806

   306,514

   657,584

   480,586

   394,199

   109,871

    54,660

    89,415

   323,882

   817,941

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 13, 2024 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Reserve notes, net

 2,290,745

    80,840

   743,656

    50,105

   110,857

   162,689

   355,548

   122,137

    72,168

    31,513

    43,618

   191,401

   326,213

Reverse repurchase agreements6

   854,678

    16,512

   477,295

    14,086

    26,265

    59,477

    57,899

    53,278

    12,785

     5,795

    11,050

    41,672

    78,564

Deposits

 4,493,557

    68,787

 2,875,565

    53,429

   170,787

   450,475

    64,820

   227,274

    23,840

    17,185

    34,660

    91,163

   415,573

Depository institutions

 3,573,153

    68,734

 2,063,036

    53,427

   170,754

   450,091

    64,792

   120,173

    23,806

    17,128

    34,630

    91,071

   415,510

U.S. Treasury, General Account

   748,388

         0

   748,388

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    11,552

         2

    11,526

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   160,465

        51

    52,615

         0

        29

       376

        27

   107,100

        32

        57

        29

        91

        57

Earnings remittances due to the U.S. Treasury8

  -156,243

    -3,045

   -98,609

    -1,505

    -6,293

   -24,608

        48

   -11,067

       -41

      -224

      -567

    -1,724

    -8,608

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,651

     1,298

     3,114

       181

       321

     1,096

       793

       452

       148

       118

       181

       251

       696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,498,827

   171,830

 4,001,021

   116,296

   301,937

   649,128

   479,109

   392,073

   108,900

    54,388

    88,941

   322,763

   812,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,357

     1,525

    12,506

     1,271

     3,856

     7,116

     1,255

     1,792

       818

       229

       400

       956

     4,633

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and capital

 7,541,969

   173,639

 4,015,873

   117,806

   306,514

   657,584

   480,586

   394,199

   109,871

    54,660

    89,415

   323,882

   817,941

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 13, 2024 (continued)

 

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

 

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

 

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

 

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

 

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

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.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

 

  

 

 

 

Note on consolidation:

 

 

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

 

 

The FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

 

 

 


 

H.4.1

 

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Mar 13, 2024

Federal Reserve notes outstanding

 2,721,886

Less: Notes held by F.R. Banks not subject to collateralization

   431,141

Federal Reserve notes to be collateralized

 2,290,745

Collateral held against Federal Reserve notes

 2,290,745

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

 2,274,508

Other assets pledged

         0

Memo:

 

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

 7,034,437

Less: Face value of securities under reverse repurchase agreements

   940,475

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

 6,093,963

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 securities lending facility; refer to table 1A.

 

 

 

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Last Update: March 14, 2024