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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

August 2011 (1.4 MB PDF)


Recent Developments

The Overview section of this report highlights developments in the operations of the Federal Reserve's credit and liquidity programs and facilities since last month’s report, and presents data describing changes in the assets, liabilities, and total capital of the Federal Reserve System as of July 27, 2011.

Federal Reserve Conducts Another Small-Value TDF Auction

  • On July 25, 2011, the Federal Reserve conducted an auction of $5 billion of 28-day term deposits through the Term Deposit Facility (TDF). The awarded deposits settled on July 28, 2011, and will mature on August 25, 2011. Additional information about term deposits, auction results, and future small-value offerings is available through the TDF Resource Center at The ongoing small-value TDF offerings are a matter of prudent planning and have no implications for the near-term conduct of monetary policy.

FRBNY Continues to Expand List of Counterparties for Reverse Repo Transactions

  • On July 27, 2011, the Federal Reserve Bank of New York (FRBNY) announced that it had accepted two government-sponsored enterprises (GSEs)--the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae)--as reverse repurchase transaction (reverse repo) counterparties, and on July 28, announced the criteria for acceptance of banks and savings associations as counterparties eligible to participate in reverse repos. Further information on reverse repo counterparties is available online at Leaving the Board

Federal Reserve System Selected Assets, Liabilities, and Total Capital

Table 1 reports selected assets and liabilities and total capital of the Federal Reserve System and presents the change in these components over the past month and since this time last year.

Table 1. Assets, liabilities, and capital of the Federal Reserve System
Billions of dollars

Item Current
July 27, 2011
Change from
June 29, 2011
Change from
July 28, 2010
Total assets 2,868 -1 +539
Selected assets
   Securities held outright 2,648 +5 +594
       U.S. Treasury securities1 1,638 +21 +861
       Federal agency debt securities1 112 -5 -47
       Mortgage-backed securities2 897 -12 -220
       Memo: Overnight securities lending3 20 -17 +14
       Memo: Net commitments to purchase mortgage-backed securities4 0 0 -3
   Lending to depository institutions5 * +* -*
   Central bank liquidity swaps6 0 0 -1
   Lending through other credit facilities 12 -1 -29
       Net portfolio holdings of Commercial Paper Funding Facility LLC 0 0 0
       Term Asset-Backed Securities Loan Facility7 12 -1 -29
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 52 -9 -17
       Net portfolio holdings of Maiden Lane LLC9 21 -3 -8
       Net portfolio holdings of Maiden Lane II LLC9 10 -3 -6
       Net portfolio holdings of Maiden Lane III LLC9 21 -3 -3
Total liabilities 2,816 -* +545
Selected liabilities
   Federal Reserve notes in circulation 989 +3 +86
   Term deposits of depository institutions 0 -5 -4
   Other deposits of depository institutions 1,658 +36 +607
   U.S. Treasury, general account 67 -39 +37
   U.S. Treasury, supplementary financing account 5 0 -195
   Other deposits 11 +7 +11
Total capital 52 -1 -6
Note: Unaudited. Components may not sum to totals because of rounding.
* Less than $500 million. Return to table
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value, which is the remaining principal balance of the underlying mortgages. Does not include unsettled transactions. Return to table
3. Securities loans under the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table
4. Current face value. Includes commitments associated with outright purchases, dollar rolls, and coupon swaps. Return to table
5. Total of primary, seasonal, and secondary credit. Return to table
6. Dollar value of the 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. Return to table
7. Book value. Return to table
8. As of July 27, 2011, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of June 30, 2011. 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. Fair values are updated quarterly. Return to table

Figure 1 displays the levels of selected Federal Reserve assets and liabilities, securities holdings, and credit extended through liquidity facilities since 2007.

Figure 1. Credit and liquidity programs and the Federal Reserve's balance sheet

Figure 1. Credit and liquidity programs and the Federal Reserve's balance sheet. Figure data is available below.

Accessible version

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Last update: August 2, 2013