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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

July 2012 (1.26 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 June 27, 2012.

Federal Reserve, Treasury Announce Reduction in Credit Protection Required for the TALF

  • On June 28, 2012, the Federal Reserve Board and the U.S. Treasury Department announced a reduction in the amount of credit protection provided to the Term Asset-Backed Securities Loan Facility (TALF) under the Troubled Asset Relief Program (TARP) from $4.3 billion to $1.4 billion. The previous commitment was based on the $43 billion in TALF loans outstanding when the TALF program was closed to new lending on June 30, 2010. Since then, borrowers have repaid TALF loans at a rapid pace, and the reduction in TARP funds committed for credit protection is appropriate for the amount of TALF loans that remain outstanding as the program winds down. To date, the TALF program has experienced no losses, and the Board continues to see it as highly unlikely that recourse to TARP funds will be necessary. Additional information is available at

Federal Reserve Conducts Small-Value TDF Auction

  • On July 16, 2012, the Federal Reserve conducted an auction of $3 billion of 28-day term deposits through the Term Deposit Facility (TDF). The ongoing small-value TDF offerings are a matter of prudent planning and have no implications for the near-term conduct of monetary policy. Additional information about term deposits, auction results, and future small-value offerings is available through the TDF Resource Center 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.

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

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

Item Current
June 27, 2012
Change from
May 30, 2012
Change from
June 29, 2011
Total assets 2,866 +21 -3
Selected assets
   Securities held outright 2,613 +11 -30
       U.S. Treasury securities1 1,667 +10 +50
       Federal agency debt securities1 91 -2 -26
       Mortgage-backed securities2 855 +3 -54
       Memo: Overnight securities lending3 12 -4 -25
       Memo: Net commitments to purchase mortgage-backed securities4 31 -3 +31
   Lending to depository institutions5 *


   Central bank liquidity swaps6 27 +5 +27
   Lending through the Term Asset-Backed Securities Loan Facility7 5 -* -8
   Net portfolio holdings of TALF LLC8 1 +* +*
   Support for specific institutions 15 -4 -46
       Net portfolio holdings of Maiden Lane LLC9 2 -2 -22
       Net portfolio holdings of Maiden Lane II LLC9 * -* -13
       Net portfolio holdings of Maiden Lane III LLC9 13 -2 -11
Total liabilities 2,811 +21 -5
Selected liabilities
   Federal Reserve notes in circulation 1068 -* +82
   Term deposits of depository institutions * -3 -5
   Other deposits of depository institutions 1,492 -34 -130
   U.S. Treasury, general account 118 +50 +12
   U.S. Treasury, supplementary financing account * +* -5
   Other deposits 28 +18 +24
Total capital 55 +* +2
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 June 27, 2012, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of March 31, 2012. 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. Credit and liquidity programs and the Federal Reserves balance sheet.

Accessible Version

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Last update: August 2, 2013