Data Dictionary
Item Number J777
LOANS AND SECURITIES: FEDERAL AGENCY OBLIGATIONS HELD UNDER REPURCHASE AGREEMENTSCall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| FRBSJ777 | 1989-12-31 | 9999-12-31 | Yes | FR 34 |
Data Description:
The New York Reserve Bank is authorized by the FOMC to purchase Federal Agency obligations for the System Open Market Account (SOMA) and to acquire such securities under repurchase agreements for its own account. This account includes Federal agency and government-sponsored enterprise (GSE) securities. By law, the securities must be either direct obligations of an agency of the United States, or fully guaranteed as to principal and interest by such agency.
When these securities are purchased or sold, the net amount of the transaction is paid to or collected by the New York Reserve Bank from the dealer and only the par value is entered to this account. Other accounts that may be affected are interest accrued, premium on securities, discount on securities and, in the case of sales, profit and loss. For all domestic securities transactions, premiums and discounts are recorded separately and amortized (accreted) on a straight-line basis. The securities are accounted for at amortized cost rather than fair value; therefore, no unrealized gains or losses are recognized. Federal agency obligations held under repurchase agreements are, however, accounted for consistent with the treatment of U.S. government securities held under repurchase agreements.
On the day of settlement the New York Reserve Bank allocates a share of the transaction to each Reserve Bank, including the portion of interest accrued and the premium or discount. Profits and losses are allocated to each Bank according to holdings at the opening of business.