Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 6,615,146

-   13,265

-  574,622

 6,611,008

Securities held outright1

 6,351,674

-   14,050

-  433,601

 6,349,167

U.S. Treasury securities

 4,210,832

-    1,629

-  236,100

 4,208,325

Bills2

   195,418

         0

+      125

   195,418

Notes and bonds, nominal2

 3,589,161

-    2,889

-  192,709

 3,585,251

Notes and bonds, inflation-indexed2

   314,727

+      960

-   36,363

   316,031

Inflation compensation3

   111,526

+      300

-    7,154

   111,624

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,138,496

-   12,420

-  197,501

 2,138,496

Unamortized premiums on securities held outright5

   236,827

-      652

-   27,071

   236,679

Unamortized discounts on securities held outright5

   -23,719

+       78

+      884

   -23,654

Repurchase agreements6

     1,583

+    1,581

+    1,578

         0

Foreign official

         0

         0

-        3

         0

Others

     1,583

+    1,581

+    1,581

         0

Loans

     7,997

+      739

-  108,343

     7,836

Primary credit

     6,394

+      875

-      731

     6,354

Secondary credit

         3

+        3

+        3

         0

Seasonal credit

        29

-        5

-       29

        33

Paycheck Protection Program Liquidity Facility

     1,570

-      134

-    1,255

     1,449

Bank Term Funding Program

         0

         0

-  106,332

         0

Other credit extensions7

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     5,180

+        5

-    5,998

     5,184

Float

      -709

-      348

-      123

      -930

Central bank liquidity swaps9

        37

+       18

-      174

        37

Other Federal Reserve assets10

    36,277

-      635

-    1,773

    36,689

Foreign currency denominated assets11

    19,738

+      308

+    2,069

    19,926

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    53,189

+       14

+      728

    53,189

Total factors supplying reserve funds

 6,714,314

-   12,943

-  566,824

 6,710,364

Currency in circulation12

 2,396,706

+    2,173

+   42,821

 2,401,421

Reverse repurchase agreements13

   679,088

+  141,696

-  259,610

   631,138

Foreign official and international accounts

   385,770

+   17,445

-    3,435

   393,831

Others

   293,318

+  124,252

-  256,175

   237,307

Treasury cash holdings

       438

-       29

+       30

       437

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

   591,937

-    9,306

-  336,696

   600,416

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   359,516

-    4,859

-  401,857

   372,232

Foreign official

     9,437

-        1

-      248

     9,432

Other14

   222,985

-    4,445

+   65,410

   218,753

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -181,865

-    4,130

-   52,241

  -181,579

Total factors, other than reserve balances,
absorbing reserve funds

 3,488,334

+  130,405

-  608,625

 3,453,862

Reserve balances with Federal Reserve Banks

 3,225,980

-  143,348

+   41,800

 3,256,502

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 2020 LLC.

16.

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

Securities held in custody for foreign official and international accounts

 3,232,158

+   13,028

-   86,484

 3,243,036

Marketable U.S. Treasury securities1

 2,888,926

+   15,503

-   43,100

 2,899,846

Federal agency debt and mortgage-backed securities2

   259,487

-    2,113

-   46,894

   259,443

Other securities3

    83,745

-      362

+    3,510

    83,746

Securities lent to dealers

    33,006

+    7,363

-    8,521

    38,025

Overnight facility4

    33,006

+    7,363

-    8,521

    38,025

U.S. Treasury securities

    33,006

+    7,363

-    8,521

    38,025

Federal agency debt securities

         0

         0

         0

         0

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.

Loans1

     3,047

     3,366

     1,412

        11

         0

...

     7,836

U.S. Treasury securities2

Holdings

    55,110

   192,079

   438,945

 1,434,865

   515,988

 1,571,338

 4,208,325

Weekly changes

-    9,285

-    2,318

+   16,286

-   14,735

+    4,411

+    1,350

-    4,292

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        96

     4,733

    33,051

 2,100,614

 2,138,496

Weekly changes

         0

         0

         0

+      545

-      546

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         1

       331

     2,475

        15

...

...

     2,822

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        37

         0

         0

         0

         0

         0

        37

Reverse repurchase agreements6

   631,138

         0

...

...

...

...

   631,138

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); 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 2020 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 2020 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.

Mortgage-backed securities held outright1

 2,138,496

Residential mortgage-backed securities

 2,130,563

Commercial mortgage-backed securities

     7,933

Commitments to buy mortgage-backed securities2

        78

Commitments to sell mortgage-backed securities2

         0

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.

MS Facilities 2020 LLC (Main Street Lending Program)

     2,266

     2,275

     2,909

     5,184

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 credit losses, updated as of March 31, 2025.

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+    5,000

Coin

     1,438

-       17

+       14

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

 6,570,028

-    4,805

-  560,937

Securities held outright1

 6,349,167

-    4,293

-  427,071

U.S. Treasury securities

 4,208,325

-    4,292

-  229,569

Bills2

   195,418

         0

+      125

Notes and bonds, nominal2

 3,585,251

-    6,842

-  187,484

Notes and bonds, inflation-indexed2

   316,031

+    2,264

-   35,055

Inflation compensation3

   111,624

+      285

-    7,156

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,138,496

         0

-  197,501

Unamortized premiums on securities held outright5

   236,679

-      403

-   26,990

Unamortized discounts on securities held outright5

   -23,654

+       80

+      847

Repurchase agreements6

         0

-       16

-        4

Loans7

     7,836

-      173

-  107,719

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     5,184

+        5

-    6,002

Items in process of collection

(0)

        59

-        1

+        3

Bank premises

       558

-       27

+      136

Central bank liquidity swaps9

        37

+       18

-      174

Foreign currency denominated assets10

    19,926

+      413

+    2,213

Other assets11

    36,132

+    1,811

-    2,174

Total assets

(0)

 6,659,598

-    2,602

-  561,922

Liabilities

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

 2,350,103

+    6,194

+   42,966

Reverse repurchase agreements12

   631,138

+   47,087

-  180,170

Deposits

(0)

 3,856,918

-   51,894

-  369,127

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,256,502

-   90,772

-   65,663

U.S. Treasury, General Account

   372,232

+   37,653

-  373,376

Foreign official

     9,432

-        7

-      252

Other13

(0)

   218,753

+    1,232

+   70,164

Deferred availability cash items

(0)

       989

+      523

+      161

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -227,131

-    4,525

-   55,077

Total liabilities

(0)

 6,614,045

-    2,616

-  564,177

Capital accounts

Capital paid in

    38,768

+       13

+    2,256

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,553

+       13

+    2,256

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 2020 LLC.

15.

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

Assets

Gold certificates and special drawing rights certificates

    26,237

       898

     8,066

       815

     1,238

     1,891

     3,695

     1,720

       794

       446

       740

     2,294

     3,640

Coin

     1,438

        51

        50

       174

        41

       199

       100

       239

        32

        57

        97

       159

       239

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

 6,570,028

   151,145

 3,483,100

   129,511

   268,187

   590,585

   434,118

   333,230

    99,192

    44,533

    63,040

   295,084

   678,302

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,184

     5,184

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        37

         2

        13

         1

         4

         7

         1

         2

         1

         0

         0

         1

         5

Foreign currency denominated

assets4

    19,926

       836

     6,811

       685

     2,053

     3,855

       670

     1,105

       501

       127

       219

       578

     2,486

Other assets5

    36,749

       896

    17,111

       780

     1,492

     3,569

     3,714

     1,834

       703

       477

       688

     1,711

     3,774

Interdistrict settlement account

         0

+   11,546

-  224,224

+    7,714

-    5,280

-   13,338

+   44,518

+   74,346

+    9,631

+    8,918

+   13,484

+   22,543

+   50,142

Total assets

 6,659,598

   170,558

 3,290,925

   139,679

   267,736

   586,768

   486,817

   412,477

   110,854

    54,559

    78,267

   322,370

   738,587

Liabilities

Federal Reserve notes, net

 2,350,103

    80,019

   740,355

    62,274

   119,063

   172,268

   373,114

   105,818

    77,768

    31,570

    38,147

   206,165

   343,541

Reverse repurchase agreements6

   631,138

    14,532

   334,948

    12,451

    25,721

    56,800

    41,741

    32,018

     9,522

     4,215

     6,057

    28,309

    64,823

Deposits

 3,856,918

    75,988

 2,339,449

    67,205

   128,097

   384,646

    68,948

   289,983

    22,221

    18,752

    34,404

    87,095

   340,131

Depository institutions

 3,256,502

    75,971

 1,899,641

    67,203

   128,078

   384,195

    68,920

   130,154

    22,218

    18,648

    34,376

    87,021

   340,075

U.S. Treasury, General Account

   372,232

         0

   372,232

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,432

         2

     9,405

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   218,753

        16

    58,171

         0

        15

       443

        26

   159,826

         2

       103

        27

        73

        50

Earnings remittances due to the U.S. Treasury8

  -233,959

    -5,002

  -141,073

    -3,962

   -10,037

   -37,453

       130

   -18,317

        25

      -391

    -1,110

      -763

   -16,006

Treasury contributions to credit facilities9

     2,029

     2,029

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,817

     1,121

     2,390

       189

       250

       743

     1,335

       482

       180

       140

       188

       239

       561

Total liabilities

 6,614,045

   168,687

 3,276,068

   138,157

   263,094

   577,005

   485,268

   409,984

   109,718

    54,286

    77,685

   321,044

   733,049

Capital

Capital paid in

    38,768

     1,585

    12,568

     1,287

     3,938

     8,442

     1,319

     2,115

       965

       229

       507

     1,128

     4,685

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,659,598

   170,558

 3,290,925

   139,679

   267,736

   586,768

   486,817

   412,477

   110,854

    54,559

    78,267

   322,370

   738,587

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; the Paycheck Protection Program Liquidity Facility; 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 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is 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 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 FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the 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). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,806,331

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

   456,229

Federal Reserve notes to be collateralized

 2,350,103

Collateral held against Federal Reserve notes

 2,350,103

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,323,866

Other assets pledged

         0

Memo:

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

 6,349,167

Less: Face value of securities under reverse repurchase agreements

   757,417

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

 5,591,751

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.