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

 6,643,674

-   21,491

-  621,850

 6,641,404

Securities held outright1

 6,387,639

-    3,913

-  473,604

 6,385,159

U.S. Treasury securities

 4,213,437

-    2,823

-  275,081

 4,213,515

Bills2

   195,418

         0

+      200

   195,418

Notes and bonds, nominal2

 3,594,399

-    3,037

-  233,007

 3,594,399

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

   313,767

Inflation compensation3

   109,853

+      215

-    5,880

   109,931

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,171,855

-    1,090

-  198,523

 2,169,296

Unamortized premiums on securities held outright5

   239,958

-      447

-   27,478

   239,726

Unamortized discounts on securities held outright5

   -24,102

-      450

+    1,188

   -24,032

Repurchase agreements6

         1

         0

-       15

         1

Foreign official

         0

         0

         0

         0

Others

         1

         0

-       14

         1

Loans

     3,693

-      453

-  114,956

     3,653

Primary credit

     1,892

-      450

-    4,679

     1,853

Secondary credit

         0

         0

         0

         0

Seasonal credit

        20

+        5

-        5

        22

Paycheck Protection Program Liquidity Facility

     1,781

-        7

-    1,148

     1,778

Bank Term Funding Program

         0

         0

-  109,123

         0

Other credit extensions7

         0

         0

         0

         0

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

     6,712

-      111

-    4,937

     6,715

Float

      -281

+       30

-       35

      -290

Central bank liquidity swaps9

        15

-       15

-      108

        15

Other Federal Reserve assets10

    30,039

-   16,131

-    1,905

    30,457

Foreign currency denominated assets11

    19,030

+       28

+    1,081

    19,258

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,105

+       14

+      728

    53,105

Total factors supplying reserve funds

 6,742,050

-   21,448

-  610,041

 6,740,008

Currency in circulation12

 2,384,181

+      420

+   36,985

 2,386,494

Reverse repurchase agreements13

   504,475

-    3,611

-  330,649

   534,143

Foreign official and international accounts

   361,749

-      147

-   11,079

   371,341

Others

   142,726

-    3,464

-  319,570

   162,802

Treasury cash holdings

       513

+        7

+       63

       555

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

   738,262

-   68,999

-  154,781

   708,273

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   503,055

-   72,791

-  222,321

   475,886

Foreign official

     9,440

-        1

-      321

     9,437

Other14

   225,767

+    3,792

+   67,860

   222,950

Treasury contributions to credit facilities15

     3,461

         0

-    1,852

     3,461

Other liabilities and capital16

  -178,311

-    3,012

-   58,483

  -176,683

Total factors, other than reserve balances,
absorbing reserve funds

 3,452,581

-   75,195

-  508,716

 3,456,243

Reserve balances with Federal Reserve Banks

 3,289,469

+   53,746

-  101,325

 3,283,765

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

 3,252,645

-   13,173

-   71,144

 3,254,181

Marketable U.S. Treasury securities1

 2,900,079

-   10,537

-   29,419

 2,905,298

Federal agency debt and mortgage-backed securities2

   268,110

-    2,490

-   45,182

   264,474

Other securities3

    84,456

-      146

+    3,457

    84,409

Securities lent to dealers

    31,977

+      390

-      118

    36,089

Overnight facility4

    31,977

+      390

-      118

    36,089

U.S. Treasury securities

    31,977

+      390

-      118

    36,089

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

       875

     1,323

       750

       705

         0

...

     3,653

U.S. Treasury securities2

Holdings

    60,460

   210,420

   412,731

 1,451,750

   511,261

 1,566,894

 4,213,515

Weekly changes

-   36,613

+   31,188

-   12,076

-    9,122

+   14,851

+    8,895

-    2,878

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,193

    34,886

 2,130,145

 2,169,296

Weekly changes

         0

         0

         0

         0

         0

-    3,649

-    3,649

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

       168

     3,387

        12

...

...

     3,613

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        15

         0

         0

         0

         0

         0

        15

Reverse repurchase agreements6

   534,143

         0

...

...

...

...

   534,143

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

 2,169,296

Residential mortgage-backed securities

 2,161,320

Commercial mortgage-backed securities

     7,976

Commitments to buy mortgage-backed securities2

        71

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)

     2,439

     2,644

     4,071

     6,715

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

     1,462

-       12

-       22

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

 6,604,507

-    7,849

-  615,458

Securities held outright1

 6,385,159

-    6,525

-  474,195

U.S. Treasury securities

 4,213,515

-    2,878

-  275,252

Bills2

   195,418

         0

+      200

Notes and bonds, nominal2

 3,594,399

-    3,091

-  233,007

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

Inflation compensation3

   109,931

+      214

-    6,051

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,169,296

-    3,649

-  198,944

Unamortized premiums on securities held outright5

   239,726

-      528

-   27,472

Unamortized discounts on securities held outright5

   -24,032

-      450

+    1,176

Repurchase agreements6

         1

         0

         0

Loans7

     3,653

-      346

-  114,966

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

     6,715

-      114

-    4,589

Items in process of collection

(0)

        75

+       23

+       29

Bank premises

       576

+        1

+      127

Central bank liquidity swaps9

        15

-       15

-      108

Foreign currency denominated assets10

    19,258

+      287

+    1,363

Other assets11

    29,882

-   16,865

-    2,180

Total assets

(0)

 6,688,726

-   24,544

-  610,840

Liabilities

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

 2,335,402

+    2,647

+   36,611

Reverse repurchase agreements12

   534,143

+   14,930

-  330,767

Deposits

(0)

 3,992,038

-   39,851

-  257,665

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,283,765

+   48,050

-   91,249

U.S. Treasury, General Account

   475,886

-   86,547

-  234,996

Foreign official

     9,437

-        4

-      240

Other13

(0)

   222,950

-    1,349

+   68,821

Deferred availability cash items

(0)

       365

-      109

-        5

Treasury contributions to credit facilities14

     3,461

         0

-    1,497

Other liabilities and accrued dividends15

  -222,200

-    3,336

-   59,844

Total liabilities

(0)

 6,643,208

-   25,719

-  613,168

Capital accounts

Capital paid in

    38,733

+    1,175

+    2,328

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,518

+    1,175

+    2,328

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

     1,462

        57

        55

       174

        43

       192

       101

       244

        32

        59

       100

       161

       244

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

 6,604,507

   152,001

 3,503,817

   130,306

   269,765

   594,112

   436,644

   335,119

    99,699

    44,791

    63,380

   296,130

   678,744

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     6,715

     6,715

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        15

         1

         5

         1

         2

         3

         1

         1

         0

         0

         0

         0

         2

Foreign currency denominated

assets4

    19,258

       813

     6,497

       666

     1,997

     3,751

       652

     1,075

       488

       124

       213

       562

     2,419

Other assets5

    30,532

       753

    13,724

       657

     1,222

     3,013

     3,304

     1,511

       802

       395

       613

     1,424

     3,117

Interdistrict settlement account

         0

+    1,990

-   77,766

+    5,001

-   26,608

-    9,192

+   22,015

+   64,533

+    7,602

+    4,408

+    8,507

+    9,540

-   10,031

Total assets

 6,688,726

   163,229

 3,454,397

   137,620

   247,657

   593,770

   466,412

   404,203

   109,418

    50,222

    73,554

   310,111

   678,133

Liabilities

Federal Reserve notes, net

 2,335,402

    80,101

   750,547

    59,628

   118,608

   167,541

   365,562

   104,127

    77,618

    30,652

    35,887

   204,552

   340,579

Reverse repurchase agreements6

   534,143

    12,298

   283,472

    10,538

    21,768

    48,071

    35,326

    27,098

     8,059

     3,568

     5,126

    23,958

    54,861

Deposits

 3,992,038

    69,336

 2,541,405

    69,586

   112,355

   404,174

    63,126

   287,540

    22,393

    15,973

    32,808

    80,975

   292,367

Depository institutions

 3,283,765

    69,319

 1,999,069

    69,585

   112,336

   403,551

    63,098

   122,555

    22,391

    15,862

    32,779

    80,901

   292,319

U.S. Treasury, General Account

   475,886

         0

   475,886

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,437

         2

     9,411

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   222,950

        15

    57,040

         0

        15

       615

        26

   164,983

         1

       111

        29

        73

        43

Earnings remittances due to the U.S. Treasury8

  -229,646

    -4,906

  -138,560

    -3,870

   -10,024

   -36,672

       104

   -17,537

        19

      -388

    -1,038

      -965

   -15,810

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

     7,810

     1,065

     2,675

       216

       308

       894

       745

       512

       198

       145

       190

       263

       600

Total liabilities

 6,643,208

   161,356

 3,439,539

   136,098

   243,015

   584,007

   464,863

   401,740

   108,287

    49,949

    72,973

   308,784

   672,597

Capital

Capital paid in

    38,733

     1,586

    12,570

     1,287

     3,938

     8,441

     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

 6,688,726

   163,229

 3,454,397

   137,620

   247,657

   593,770

   466,412

   404,203

   109,418

    50,222

    73,554

   310,111

   678,133

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

 2,804,321

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

   468,919

Federal Reserve notes to be collateralized

 2,335,402

Collateral held against Federal Reserve notes

 2,335,402

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,309,165

Other assets pledged

         0

Memo:

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

 6,385,160

Less: Face value of securities under reverse repurchase agreements

   607,915

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

 5,777,245

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.