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

 6,611,560

-    3,020

-  554,534

 6,609,887

Securities held outright1

 6,345,874

-    3,027

-  414,487

 6,343,851

U.S. Treasury securities

 4,206,648

-    1,430

-  217,013

 4,206,720

Bills2

   195,493

         0

+      200

   195,493

Notes and bonds, nominal2

 3,593,851

+    6,143

-  174,908

 3,593,851

Notes and bonds, inflation-indexed2

   307,997

-    5,739

-   34,999

   307,997

Inflation compensation3

   109,306

-    1,835

-    7,307

   109,379

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,136,879

-    1,597

-  197,474

 2,134,784

Unamortized premiums on securities held outright5

   235,600

-      452

-   26,983

   235,387

Unamortized discounts on securities held outright5

   -23,805

+        8

+      702

   -23,735

Repurchase agreements6

         1

-        2

         0

         3

Foreign official

         0

         0

         0

         0

Others

         1

-        2

         0

         3

Loans

     6,640

-      807

-  105,332

     6,694

Primary credit

     5,176

-      793

-    1,514

     5,242

Secondary credit

         0

         0

         0

         0

Seasonal credit

        35

-        5

-       35

        35

Paycheck Protection Program Liquidity Facility

     1,429

-        9

-    1,290

     1,417

Bank Term Funding Program

         0

         0

-  102,494

         0

Other credit extensions7

         0

         0

         0

         0

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

     4,548

-      458

-    6,322

     4,553

Float

      -301

+       63

-       78

      -444

Central bank liquidity swaps9

        84

+       21

-       75

        84

Other Federal Reserve assets10

    42,920

+    1,635

-    1,957

    43,495

Foreign currency denominated assets11

    19,502

+        3

+    1,501

    19,637

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    53,173

+       14

+      728

    53,173

Total factors supplying reserve funds

 6,710,477

-    3,003

-  547,304

 6,708,939

Currency in circulation12

 2,398,713

-    2,100

+   51,359

 2,399,077

Reverse repurchase agreements13

   571,867

+    4,984

-  216,803

   567,006

Foreign official and international accounts

   373,120

-    2,127

-   27,562

   377,374

Others

   198,747

+    7,111

-  189,241

   189,632

Treasury cash holdings

       426

-        9

+       24

       426

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

   556,789

+   28,366

-  381,503

   562,805

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   323,176

+   26,929

-  451,139

   333,538

Foreign official

     9,435

-        1

-      306

     9,434

Other14

   224,178

+    1,439

+   69,941

   219,832

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -181,623

+    2,303

-   51,147

  -180,784

Total factors, other than reserve balances,
absorbing reserve funds

 3,348,200

+   33,542

-  601,000

 3,350,557

Reserve balances with Federal Reserve Banks

 3,362,277

-   36,545

+   53,697

 3,358,382

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

 3,218,324

-   12,370

-   92,372

 3,216,136

Marketable U.S. Treasury securities1

 2,876,297

-   10,862

-   50,461

 2,875,668

Federal agency debt and mortgage-backed securities2

   258,503

-    1,154

-   45,253

   256,929

Other securities3

    83,524

-      354

+    3,342

    83,539

Securities lent to dealers

    34,384

-    4,130

-    5,396

    31,911

Overnight facility4

    34,384

-    4,130

-    5,396

    31,911

U.S. Treasury securities

    34,384

-    4,130

-    5,396

    31,911

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

     3,316

     1,984

     1,393

         1

         0

...

     6,694

U.S. Treasury securities2

Holdings

    60,158

   173,195

   448,489

 1,440,465

   510,275

 1,574,137

 4,206,720

Weekly changes

+    6,954

-    3,708

-    3,215

+       81

+       19

+       66

+      197

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

        96

     4,733

    39,344

 2,090,610

 2,134,784

Weekly changes

         0

         0

         0

         0

         0

-    3,643

-    3,642

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        67

       388

     2,213

        15

...

...

     2,682

Repurchase agreements6

         3

         0

...

...

...

...

         3

Central bank liquidity swaps7

        84

         0

         0

         0

         0

         0

        84

Reverse repurchase agreements6

   567,006

         0

...

...

...

...

   567,006

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

 2,134,784

Residential mortgage-backed securities

 2,126,856

Commercial mortgage-backed securities

     7,928

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        67

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)

     1,626

     2,134

     2,419

     4,553

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

+    5,000

Coin

     1,446

         0

+       18

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

 6,562,199

-    3,889

-  545,948

Securities held outright1

 6,343,851

-    3,445

-  414,436

U.S. Treasury securities

 4,206,720

+      197

-  217,005

Bills2

   195,493

         0

+      200

Notes and bonds, nominal2

 3,593,851

         0

-  174,908

Notes and bonds, inflation-indexed2

   307,997

         0

-   34,999

Inflation compensation3

   109,379

+      197

-    7,298

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,134,784

-    3,642

-  197,432

Unamortized premiums on securities held outright5

   235,387

-      516

-   26,953

Unamortized discounts on securities held outright5

   -23,735

+       82

+      689

Repurchase agreements6

         3

+        3

+        3

Loans7

     6,694

-       11

-  105,250

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

     4,553

+        5

-    6,327

Items in process of collection

(0)

        63

-        6

+        3

Bank premises

       572

+        8

+      140

Central bank liquidity swaps9

        84

+       21

-       75

Foreign currency denominated assets10

    19,637

+      206

+    1,544

Other assets11

    42,924

+    2,096

-    2,095

Total assets

(0)

 6,657,715

-    1,558

-  547,740

Liabilities

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

 2,347,770

-      739

+   51,289

Reverse repurchase agreements12

   567,006

-    7,679

-  238,961

Deposits

(0)

 3,921,187

+    4,231

-  306,354

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,358,383

-   16,653

+   82,498

U.S. Treasury, General Account

   333,538

+   21,453

-  433,881

Foreign official

     9,434

-        1

-      250

Other13

(0)

   219,832

-      568

+   45,280

Deferred availability cash items

(0)

       507

+      127

+      177

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -226,342

+    2,500

-   53,222

Total liabilities

(0)

 6,612,157

-    1,559

-  550,001

Capital accounts

Capital paid in

    38,773

+        1

+    2,261

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,558

+        1

+    2,261

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

     1,446

        51

        47

       175

        45

       199

       104

       240

        33

        58

        95

       160

       240

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

 6,562,199

   150,975

 3,479,451

   129,376

   267,896

   590,020

   433,743

   332,851

    99,034

    44,466

    62,962

   294,220

   677,207

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     4,553

     4,553

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        84

         4

        28

         3

         9

        16

         3

         5

         2

         1

         1

         2

        11

Foreign currency denominated

assets4

    19,637

       829

     6,624

       679

     2,037

     3,825

       665

     1,096

       497

       126

       218

       573

     2,466

Other assets5

    43,559

     1,054

    20,691

       913

     1,779

     4,209

     4,144

     2,178

       827

       505

       769

     2,019

     4,469

Interdistrict settlement account

         0

+    8,368

-  151,936

-    5,618

-   20,789

-   16,595

+   37,670

+   72,638

+    7,642

+    5,169

+   13,232

+   16,490

+   33,730

Total assets

 6,657,715

   166,731

 3,362,971

   126,343

   252,214

   583,564

   480,025

   410,729

   108,829

    50,771

    78,016

   315,758

   721,762

Liabilities

Federal Reserve notes, net

 2,347,770

    79,665

   740,954

    62,581

   117,994

   171,372

   375,039

   106,663

    77,110

    31,361

    38,219

   205,568

   341,245

Reverse repurchase agreements6

   567,006

    13,055

   300,913

    11,186

    23,107

    51,029

    37,500

    28,765

     8,555

     3,787

     5,441

    25,432

    58,236

Deposits

 3,921,187

    73,985

 2,444,458

    54,814

   116,201

   388,088

    64,897

   290,799

    21,803

    15,588

    34,702

    83,794

   332,058

Depository institutions

 3,358,383

    73,978

 2,045,843

    54,813

   116,181

   387,638

    64,870

   127,379

    21,796

    15,488

    34,672

    83,714

   332,011

U.S. Treasury, General Account

   333,538

         0

   333,538

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,408

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   219,832

         5

    55,670

         0

        16

       442

        26

   163,419

         6

       100

        30

        78

        42

Earnings remittances due to the U.S. Treasury8

  -236,579

    -5,068

  -142,551

    -3,997

   -10,112

   -37,840

       102

   -18,725

        18

      -396

    -1,146

      -687

   -16,177

Treasury contributions to credit facilities9

     2,029

     2,029

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,744

     1,194

     4,340

       236

       382

     1,153

       937

       730

       207

       158

       218

       325

       863

Total liabilities

 6,612,157

   164,860

 3,348,115

   124,821

   247,572

   573,801

   478,474

   408,233

   107,693

    50,498

    77,434

   314,432

   716,225

Capital

Capital paid in

    38,773

     1,585

    12,568

     1,287

     3,938

     8,442

     1,321

     2,117

       965

       229

       508

     1,128

     4,685

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

 6,657,715

   166,731

 3,362,971

   126,343

   252,214

   583,564

   480,025

   410,729

   108,829

    50,771

    78,016

   315,758

   721,762

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

 2,807,253

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

   459,483

Federal Reserve notes to be collateralized

 2,347,770

Collateral held against Federal Reserve notes

 2,347,770

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,321,533

Other assets pledged

         0

Memo:

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

 6,343,854

Less: Face value of securities under reverse repurchase agreements

   650,288

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

 5,693,566

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.