Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 6,665,165

+    2,551

-  645,087

 6,666,114

Securities held outright1

 6,391,552

+      301

-  497,486

 6,391,684

U.S. Treasury securities

 4,216,260

+      300

-  298,392

 4,216,393

Bills2

   195,418

+       64

+      200

   195,418

Notes and bonds, nominal2

 3,597,436

+       21

-  256,781

 3,597,490

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

   313,767

Inflation compensation3

   109,638

+      215

-    5,418

   109,717

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,172,945

         0

-  199,094

 2,172,945

Unamortized premiums on securities held outright5

   240,405

-      390

-   27,542

   240,254

Unamortized discounts on securities held outright5

   -23,652

+       37

+    1,303

   -23,582

Repurchase agreements6

         1

-       14

-       14

         1

Foreign official

         0

         0

-        1

         0

Others

         1

-       14

-       13

         1

Loans

     4,146

-      405

-  115,533

     3,999

Primary credit

     2,342

-      397

-    4,055

     2,194

Secondary credit

         0

-        1

         0

         0

Seasonal credit

        15

         0

-       10

        19

Paycheck Protection Program Liquidity Facility

     1,788

-        8

-    1,154

     1,786

Bank Term Funding Program

         0

         0

-  110,315

         0

Other credit extensions7

         0

         0

         0

         0

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

     6,823

+       10

-    7,256

     6,829

Float

      -311

-        5

-       76

      -422

Central bank liquidity swaps9

        30

-       30

-       99

        30

Other Federal Reserve assets10

    46,170

+    3,047

+    1,616

    47,321

Foreign currency denominated assets11

    19,002

-      221

+    1,135

    18,971

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,091

+       14

+      728

    53,091

Total factors supplying reserve funds

 6,763,498

+    2,343

-  633,224

 6,764,417

Currency in circulation12

 2,383,761

+      851

+   36,500

 2,383,870

Reverse repurchase agreements13

   508,086

-    8,307

-  331,916

   519,213

Foreign official and international accounts

   361,896

-   10,153

-    3,528

   354,189

Others

   146,190

+    1,846

-  328,388

   165,024

Treasury cash holdings

       506

+        7

+       62

       506

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

   807,261

-    9,580

-  139,593

   796,174

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   575,846

-    7,881

-  211,287

   562,433

Foreign official

     9,441

         0

-      238

     9,441

Other14

   221,975

-    1,698

+   71,933

   224,299

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -175,299

+    2,286

-   60,276

  -174,521

Total factors, other than reserve balances,
absorbing reserve funds

 3,527,776

-   14,743

-  499,199

 3,528,702

Reserve balances with Federal Reserve Banks

 3,235,723

+   17,087

-  134,024

 3,235,715

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

 3,265,818

-    1,744

-   71,359

 3,263,679

Marketable U.S. Treasury securities1

 2,910,616

-    2,170

-   30,626

 2,909,440

Federal agency debt and mortgage-backed securities2

   270,600

-      340

-   44,404

   269,559

Other securities3

    84,602

+      766

+    3,671

    84,680

Securities lent to dealers

    31,587

+    1,206

-    2,207

    37,759

Overnight facility4

    31,587

+    1,206

-    2,207

    37,759

U.S. Treasury securities

    31,587

+    1,206

-    2,207

    37,759

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

       724

     1,804

       600

       871

         0

...

     3,999

U.S. Treasury securities2

Holdings

    97,073

   179,232

   424,807

 1,460,872

   496,410

 1,557,999

 4,216,393

Weekly changes

-      923

+    6,041

-    5,085

+   40,699

-   40,512

+       70

+      290

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

+      285

-      285

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,193

    34,886

 2,133,794

 2,172,945

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

       160

     3,403

        12

...

...

     3,620

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        30

         0

         0

         0

         0

         0

        30

Reverse repurchase agreements6

   519,213

         0

...

...

...

...

   519,213

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

     2,651

     4,177

     6,829

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

     1,474

-       16

-       21

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

 6,612,356

-      360

-  611,828

Securities held outright1

 6,391,684

+      289

-  470,736

U.S. Treasury securities

 4,216,393

+      290

-  271,697

Bills2

   195,418

         0

+      200

Notes and bonds, nominal2

 3,597,490

+       75

-  229,916

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

Inflation compensation3

   109,717

+      215

-    5,587

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,172,945

         0

-  199,038

Unamortized premiums on securities held outright5

   240,254

-      412

-   27,524

Unamortized discounts on securities held outright5

   -23,582

+       39

+    1,354

Repurchase agreements6

         1

-        6

+        1

Loans7

     3,999

-      270

-  114,923

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

     6,829

+        7

-    6,944

Items in process of collection

(0)

        52

-       25

-        1

Bank premises

       575

+        9

+      128

Central bank liquidity swaps9

        30

-       30

-      100

Foreign currency denominated assets10

    18,971

-      290

+      999

Other assets11

    46,747

+    3,088

+   16,765

Total assets

(0)

 6,713,270

+    2,381

-  591,002

Liabilities

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

 2,332,755

-      971

+   35,320

Reverse repurchase agreements12

   519,213

-    5,341

-  307,997

Deposits

(0)

 4,031,889

+    6,430

-  254,106

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,235,715

+   35,096

-  180,671

U.S. Treasury, General Account

   562,433

-   33,427

-  143,675

Foreign official

     9,441

         0

-      239

Other13

(0)

   224,299

+    4,760

+   70,478

Deferred availability cash items

(0)

       474

+       67

+       82

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -218,864

+    2,197

-   61,475

Total liabilities

(0)

 6,668,927

+    2,382

-  592,155

Capital accounts

Capital paid in

    37,558

         0

+    1,153

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,343

         0

+    1,153

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

     1,474

        58

        54

       175

        44

       192

       102

       247

        32

        59

       101

       165

       245

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

 6,612,356

   152,168

 3,507,795

   130,438

   270,075

   594,809

   437,121

   335,486

    99,806

    44,825

    63,451

   296,536

   679,846

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     6,829

     6,829

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        30

         1

        10

         1

         3

         6

         1

         2

         1

         0

         0

         1

         4

Foreign currency denominated

assets4

    18,971

       801

     6,400

       656

     1,968

     3,695

       643

     1,059

       481

       122

       210

       554

     2,383

Other assets5

    47,373

     1,141

    22,646

       989

     1,907

     4,524

     4,401

     2,364

     1,057

       548

       775

     2,176

     4,845

Interdistrict settlement account

         0

-   11,166

-   59,512

+    9,349

-   19,884

-   24,727

+   18,541

+   71,989

+    6,798

+    5,128

+    8,169

+    6,705

-   11,389

Total assets

 6,713,270

   150,730

 3,485,459

   142,423

   255,349

   580,388

   464,504

   412,868

   108,969

    51,129

    73,447

   308,430

   679,573

Liabilities

Federal Reserve notes, net

 2,332,755

    80,474

   750,005

    59,269

   118,519

   167,993

   363,764

   104,427

    77,648

    30,568

    35,787

   204,394

   339,906

Reverse repurchase agreements6

   519,213

    11,955

   275,549

    10,243

    21,159

    46,728

    34,339

    26,340

     7,834

     3,468

     4,983

    23,288

    53,327

Deposits

 4,031,889

    56,740

 2,578,975

    74,962

   120,666

   392,397

    63,892

   296,294

    22,132

    17,049

    32,903

    80,089

   295,790

Depository institutions

 3,235,715

    56,723

 1,950,824

    74,961

   120,647

   391,772

    63,865

   129,309

    22,130

    16,941

    32,873

    79,928

   295,742

U.S. Treasury, General Account

   562,433

         0

   562,433

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,441

         2

     9,414

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   224,299

        16

    56,303

         0

        14

       617

        25

   166,983

         0

       108

        30

       160

        43

Earnings remittances due to the U.S. Treasury8

  -229,176

    -4,901

  -138,189

    -3,859

   -10,051

   -36,591

        92

   -17,424

         8

      -389

    -1,033

    -1,008

   -15,832

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

    10,785

     1,130

     4,261

       285

       414

     1,274

       868

       767

       217

       160

       225

       339

       845

Total liabilities

 6,668,927

   148,858

 3,470,602

   140,901

   250,708

   571,800

   462,955

   410,404

   107,838

    50,856

    72,865

   307,102

   674,036

Capital

Capital paid in

    37,558

     1,586

    12,570

     1,287

     3,938

     7,267

     1,319

     2,085

       958

       229

       507

     1,130

     4,684

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

 6,713,270

   150,730

 3,485,459

   142,423

   255,349

   580,388

   464,504

   412,868

   108,969

    51,129

    73,447

   308,430

   679,573

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

 2,803,622

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

   470,867

Federal Reserve notes to be collateralized

 2,332,755

Collateral held against Federal Reserve notes

 2,332,755

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,306,518

Other assets pledged

         0

Memo:

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

 6,391,685

Less: Face value of securities under reverse repurchase agreements

   592,285

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

 5,799,401

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.