Board of Governors of the Federal Reserve System

For Release at

4:30 P.M. Eastern Time

May 1, 2025

In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2025.

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

Reserve Bank credit

 6,666,661

-   13,315

-  676,720

 6,661,145

Securities held outright1

 6,394,710

-   12,559

-  513,496

 6,391,105

U.S. Treasury securities

 4,217,638

+      104

-  316,172

 4,215,813

Bills2

   195,343

         0

+      200

   195,343

Notes and bonds, nominal2

 3,600,871

-      576

-  274,043

 3,597,415

Notes and bonds, inflation-indexed2

   312,300

+      245

-   37,758

   313,767

Inflation compensation3

   109,125

+      436

-    4,571

   109,288

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,174,725

-   12,663

-  197,324

 2,172,945

Unamortized premiums on securities held outright5

   241,237

-      671

-   27,587

   241,054

Unamortized discounts on securities held outright5

   -23,641

+       86

+    1,208

   -23,625

Repurchase agreements6

       873

+      729

+      871

       111

Foreign official

       857

+      714

+      856

         1

Others

        16

+       15

+       15

       110

Loans

     5,149

+      390

-  129,593

     5,303

Primary credit

     3,329

+      396

-    3,684

     3,485

Secondary credit

         2

+        2

-       85

         0

Seasonal credit

        11

-        1

+        1

        12

Paycheck Protection Program Liquidity Facility

     1,806

-        8

-    1,159

     1,806

Bank Term Funding Program

         0

         0

-  124,667

         0

Other credit extensions7

         0

         0

         0

         0

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

     6,844

-      220

-    7,280

     6,812

Float

      -461

-      194

-        7

      -907

Central bank liquidity swaps9

        62

-       11

-       62

        62

Other Federal Reserve assets10

    41,888

-      865

-      775

    41,230

Foreign currency denominated assets11

    19,320

-       68

+    1,624

    19,402

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,063

+       14

+      728

    53,063

Total factors supplying reserve funds

 6,765,284

-   13,370

-  664,368

 6,759,850

Currency in circulation12

 2,380,259

+    2,165

+   35,741

 2,381,886

Reverse repurchase agreements13

   497,274

+   29,782

-  343,298

   632,122

Foreign official and international accounts

   358,866

-   14,591

-    7,909

   381,521

Others

   138,408

+   44,373

-  335,389

   250,601

Treasury cash holdings

       485

+        9

+       35

       498

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

   838,478

-    9,767

-  258,569

   914,826

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   595,741

-   10,891

-  321,436

   677,657

Foreign official

     9,437

+        3

-   14,328

     9,439

Other14

   233,300

+    1,121

+   77,195

   227,730

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -173,886

+    1,962

-   60,780

  -173,220

Total factors, other than reserve balances,
absorbing reserve funds

 3,546,071

+   24,151

-  630,848

 3,759,573

Reserve balances with Federal Reserve Banks

 3,219,214

-   37,520

-   33,519

 3,000,277

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

 3,278,565

-   16,372

-   76,196

 3,271,528

Marketable U.S. Treasury securities1

 2,922,904

-   12,310

-   35,584

 2,916,875

Federal agency debt and mortgage-backed securities2

   270,997

-    1,954

-   44,412

   270,936

Other securities3

    84,664

-    2,109

+    3,799

    83,717

Securities lent to dealers

    26,206

-    2,981

-    6,202

    30,170

Overnight facility4

    26,206

-    2,981

-    6,202

    30,170

U.S. Treasury securities

    26,206

-    2,981

-    6,202

    30,170

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

     1,516

     2,275

       460

     1,052

         0

...

     5,303

U.S. Treasury securities2

Holdings

   100,454

   149,087

   451,428

 1,420,087

   536,897

 1,557,859

 4,215,813

Weekly changes

+   41,364

-   59,891

+   30,801

-   14,837

-      352

+    1,032

-    1,881

Federal agency debt securities3

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,047

    34,898

 2,133,929

 2,172,945

Weekly changes

         0

         0

         0

-       21

-      937

-   11,503

-   12,461

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

        53

     3,561

        12

...

...

     3,672

Repurchase agreements6

       111

         0

...

...

...

...

       111

Central bank liquidity swaps7

        62

         0

         0

         0

         0

         0

        62

Reverse repurchase agreements6

   632,122

         0

...

...

...

...

   632,122

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

 2,172,945

Residential mortgage-backed securities

 2,164,964

Commercial mortgage-backed securities

     7,981

Commitments to buy mortgage-backed securities2

         0

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)

     2,556

     2,705

     4,106

     6,812

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

+   10,000

Coin

     1,511

-       14

-        4

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

 6,613,947

-   15,475

-  656,123

Securities held outright1

 6,391,105

-   14,342

-  501,197

U.S. Treasury securities

 4,215,813

-    1,881

-  302,093

Bills2

   195,343

         0

+      200

Notes and bonds, nominal2

 3,597,415

-    4,032

-  261,270

Notes and bonds, inflation-indexed2

   313,767

+    1,712

-   36,369

Inflation compensation3

   109,288

+      439

-    4,654

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,172,945

-   12,461

-  199,104

Unamortized premiums on securities held outright5

   241,054

-      645

-   27,602

Unamortized discounts on securities held outright5

   -23,625

+       31

+    1,146

Repurchase agreements6

       111

-      889

+      111

Loans7

     5,303

+      372

-  128,580

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

     6,812

-      260

-    7,302

Items in process of collection

(0)

        76

+       17

+       13

Bank premises

       578

+        4

+      140

Central bank liquidity swaps9

        62

-       11

-       62

Foreign currency denominated assets10

    19,402

+      112

+    1,728

Other assets11

    40,652

-    2,026

-    1,588

Total assets

(0)

 6,709,277

-   17,653

-  653,197

Liabilities

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

 2,330,829

+    2,065

+   34,912

Reverse repurchase agreements12

   632,122

+   87,132

-  165,943

Deposits

(0)

 3,915,103

-  109,400

-  457,676

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,000,277

-  208,638

-  316,758

U.S. Treasury, General Account

   677,657

+  101,498

-  212,785

Foreign official

     9,439

+        5

-      255

Other13

(0)

   227,730

-    2,265

+   72,121

Deferred availability cash items

(0)

       982

+      553

+      304

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -217,447

+    1,997

-   61,903

Total liabilities

(0)

 6,665,050

-   17,653

-  654,284

Capital accounts

Capital paid in

    37,442

         0

+    1,087

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,227

         0

+    1,087

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

     1,511

        61

        56

       179

        45

       193

       115

       252

        35

        61

       102

       164

       248

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

 6,613,947

   152,348

 3,507,948

   130,472

   270,140

   595,006

   437,187

   335,612

    99,818

    44,826

    63,448

   296,669

   680,473

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     6,812

     6,812

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        62

         3

        21

         2

         6

        12

         2

         3

         2

         0

         1

         2

         8

Foreign currency denominated

assets4

    19,402

       815

     6,616

       668

     2,001

     3,758

       654

     1,077

       489

       124

       214

       563

     2,423

Other assets5

    41,306

     1,002

    19,474

       869

     1,679

     3,980

     4,061

     2,059

       790

       509

       750

     1,911

     4,222

Interdistrict settlement account

         0

+   46,540

-  135,699

+   10,942

-   16,367

-   19,823

+   29,636

+   72,958

+    7,682

+    5,095

+   11,968

+   12,006

-   24,939

Total assets

 6,709,277

   208,479

 3,406,482

   143,948

   258,742

   585,016

   475,350

   413,682

   109,609

    51,062

    77,223

   313,609

   666,076

Liabilities

Federal Reserve notes, net

 2,330,829

    81,921

   749,419

    58,425

   118,503

   167,751

   362,019

   105,265

    77,599

    30,418

    35,824

   203,859

   339,825

Reverse repurchase agreements6

   632,122

    14,554

   335,470

    12,471

    25,761

    56,889

    41,806

    32,068

     9,537

     4,222

     6,066

    28,353

    64,924

Deposits

 3,915,103

   110,395

 2,439,844

    75,048

   119,448

   387,010

    68,469

   290,260

    21,136

    16,364

    35,577

    80,794

   270,758

Depository institutions

 3,000,277

   110,376

 1,696,155

    75,047

   119,428

   386,283

    68,442

   120,335

    21,134

    16,172

    35,537

    80,653

   270,715

U.S. Treasury, General Account

   677,657

         0

   677,657

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   227,730

        17

    56,620

         0

        15

       719

        25

   169,922

         1

       192

        39

       140

        39

Earnings remittances due to the U.S. Treasury8

  -227,679

    -4,847

  -137,403

    -3,799

   -10,001

   -36,392

       108

   -17,136

        15

      -383

    -1,005

    -1,057

   -15,777

Treasury contributions to credit facilities9

     3,461

     3,461

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    11,213

     1,132

     4,297

       281

       396

     1,179

     1,409

       783

       208

       156

       222

       340

       811

Total liabilities

 6,665,050

   206,616

 3,391,628

   142,426

   254,106

   576,437

   473,812

   411,239

   108,495

    50,778

    76,684

   312,288

   660,541

Capital

Capital paid in

    37,442

     1,577

    12,566

     1,287

     3,933

     7,257

     1,308

     2,063

       942

       241

       463

     1,122

     4,683

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

 6,709,277

   208,479

 3,406,482

   143,948

   258,742

   585,016

   475,350

   413,682

   109,609

    51,062

    77,223

   313,609

   666,076

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

 2,802,715

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

   471,886

Federal Reserve notes to be collateralized

 2,330,829

Collateral held against Federal Reserve notes

 2,330,829

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,304,592

Other assets pledged

         0

Memo:

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

 6,391,216

Less: Face value of securities under reverse repurchase agreements

   704,132

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

 5,687,084

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.