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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

May 2011 (1.37 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 April 27, 2011.

Federal Reserve Chairman to Conduct Press Briefings

  • On March 24, 2011, the Federal Reserve announced that Chairman Ben S. Bernanke would hold press briefings four times per year to present the Federal Open Market Committee's (FOMC's) current economic projections and to provide additional context for the FOMC's policy decisions. The briefings will be broadcast live on the Federal Reserve's website. The first such briefing was conducted on April 27, 2011.

FOMC to Complete Expansion of SOMA Portfolio

  • On April 27, 2011, the FOMC announced that it will complete the expansion of its holdings of Treasury securities in the SOMA portfolio by $600 billion by the end of the second quarter of this year.

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
April 27, 2011
Change from
March 30, 2011
Change from
April 28, 2010
Total assets 2,695 +68 +361
Selected assets
   Securities held outright 2,467 +64 +425
       U.S. Treasury securities1 1,413 +80 +636
       Federal agency debt securities1 126 -6 -43
       Mortgage-backed securities2 927 -10 -169
       Memo: Overnight securities lending3 15 -10 +10
       Memo: Net commitments to purchase mortgage-backed securities4 0 0 -65
   Lending to depository institutions5 *


   Central bank liquidity swaps6 0 0 0
   Lending through other credit facilities 17 -2 -33
       Net portfolio holdings of Commercial Paper Funding Facility LLC 0 0 -5
       Term Asset-Backed Securities Loan Facility7 17 -2 -28
   Net portfolio holdings of TALF LLC8 1 +* +1
   Support for specific institutions 66 +2 -2
       Net portfolio holdings of Maiden Lane LLC9 25 -1 -3
       Net portfolio holdings of Maiden Lane II LLC9 17 +1 +1
       Net portfolio holdings of Maiden Lane III LLC9 25 +2 +1
Total liabilities 2,643 +69 +365
Selected liabilities
   Federal Reserve notes in circulation 972 +8 +77
   Term deposits of depository institutions 5 +5 +5
   Other deposits of depository institutions 1,452 -6 +403
   U.S. Treasury, general account 126 +67 +69
   U.S. Treasury, supplementary financing account 5 0 -195
   Other deposits * -1 +*
Total capital 53 -* -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 April 27, 2011, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of March 31, 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. Credit and liquidity programs and the Federal Reserve's balance sheet

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

 Accessible version

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Last update: August 2, 2013