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

 7,318,178

-   25,203

-1,142,436

 7,317,533

Securities held outright1

 6,892,769

-   15,437

-  908,306

 6,893,087

U.S. Treasury securities

 4,518,374

-   15,436

-  704,574

 4,518,691

Bills2

   195,154

+       11

-   85,823

   195,218

Notes and bonds, nominal2

 3,858,685

-   16,229

-  613,185

 3,858,685

Notes and bonds, inflation-indexed2

   350,158

+      100

-   15,275

   350,161

Inflation compensation3

   114,377

+      681

+    9,709

   114,627

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,372,049

         0

-  203,731

 2,372,049

Unamortized premiums on securities held outright5

   268,377

-      447

-   32,985

   268,235

Unamortized discounts on securities held outright5

   -24,933

-       84

+    2,508

   -24,855

Repurchase agreements6

         1

-        1

-        8

         1

Foreign official

         0

-        1

         0

         1

Others

         0

-        1

-        9

         0

Loans

   123,878

-   10,864

-  185,157

   121,830

Primary credit

     6,200

-      813

+    1,579

     6,198

Secondary credit

         0

-       87

         0

         0

Seasonal credit

        19

+        9

+       14

        20

Paycheck Protection Program Liquidity Facility

     2,954

-       11

-    5,496

     2,949

Bank Term Funding Program

   114,705

-    9,962

+   33,185

   112,663

Other credit extensions7

         0

         0

-  214,439

         0

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

    14,116

-        8

-    8,124

    14,130

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,616

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,899

         0

Float

      -294

+      160

-      133

      -237

Central bank liquidity swaps9

       125

+        1

-      297

       125

Other Federal Reserve assets10

    44,139

+    1,476

-    2,420

    45,216

Foreign currency denominated assets11

    17,921

+      225

-      937

    17,835

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,868

+       14

+      683

    52,868

Total factors supplying reserve funds

 7,405,208

-   24,964

-1,142,690

 7,404,477

Currency in circulation12

 2,347,987

+    2,950

+   17,325

 2,348,973

Reverse repurchase agreements13

   818,976

-   21,596

-1,781,790

   854,964

Foreign official and international accounts

   359,419

-    7,356

-   21,596

   361,537

Others

   459,557

-   14,240

-1,760,194

   493,427

Treasury cash holdings

       443

-        7

+      239

       442

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

 1,016,790

-   80,257

+  605,145

   978,824

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   851,591

-   65,586

+  653,925

   816,809

Foreign official

    10,245

-   13,520

+      567

     9,696

Other14

   154,954

-    1,151

-   49,346

   152,319

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

  -117,581

-    4,475

-  110,425

  -116,852

Total factors, other than reserve balances,
absorbing reserve funds

 4,074,052

-  103,387

-1,277,416

 4,073,790

Reserve balances with Federal Reserve Banks

 3,331,156

+   78,423

+  134,727

 3,330,687

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 LLC of $7.4 billion.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,355,967

+    1,206

-   25,580

 3,346,360

Marketable U.S. Treasury securities1

 2,959,877

+    1,389

-      752

 2,950,539

Federal agency debt and mortgage-backed securities2

   315,194

-      215

-   24,045

   314,896

Other securities3

    80,896

+       31

-      783

    80,925

Securities lent to dealers

    32,133

-      275

-    9,282

    34,106

Overnight facility4

    32,133

-      275

-    9,282

    34,106

U.S. Treasury securities

    32,133

-      275

-    9,266

    34,106

Federal agency debt securities

         0

         0

-       16

         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

     4,773

     7,369

   106,765

     2,924

         0

...

   121,830

U.S. Treasury securities2

Holdings

    89,940

   212,031

   522,131

 1,506,100

   678,562

 1,509,928

 4,518,691

Weekly changes

-    4,389

+   27,673

-   23,121

+      325

+      103

+      195

+      785

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        38

     5,699

    28,158

 2,338,153

 2,372,049

Weekly changes

         0

         0

         0

+      209

+       46

-      256

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     6,656

...

...

     6,656

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       125

         0

         0

         0

         0

         0

       125

Reverse repurchase agreements6

   854,964

         0

...

...

...

...

   854,964

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, 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 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 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

 2,372,049

Residential mortgage-backed securities

 2,363,883

Commercial mortgage-backed securities

     8,166

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 LLC (Main Street Lending Program)

     5,857

     5,570

     8,561

    14,130

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, 2024.

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

     5,200

         0

         0

Coin

     1,508

-        7

+      213

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

 7,258,298

-   11,772

-1,130,163

Securities held outright1

 6,893,087

+      785

-  908,186

U.S. Treasury securities

 4,518,691

+      785

-  704,455

Bills2

   195,218

+       75

-   85,823

Notes and bonds, nominal2

 3,858,685

         0

-  613,185

Notes and bonds, inflation-indexed2

   350,161

+       25

-   15,275

Inflation compensation3

   114,627

+      685

+    9,828

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,372,049

         0

-  203,731

Unamortized premiums on securities held outright5

   268,235

-      421

-   32,923

Unamortized discounts on securities held outright5

   -24,855

-       84

+    2,500

Repurchase agreements6

         1

+        1

-       24

Loans7

   121,830

-   12,053

-  191,530

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

    14,130

+       16

-    8,130

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,618

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,900

Items in process of collection

(0)

        58

-        5

-       30

Bank premises

       439

+        1

-        8

Central bank liquidity swaps9

       125

+        1

-      297

Foreign currency denominated assets10

    17,835

+      161

-      991

Other assets11

    44,778

+    2,538

-    2,685

Total assets

(0)

 7,353,408

-    9,066

-1,149,609

Liabilities

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

 2,298,052

+    2,135

+   15,366

Reverse repurchase agreements12

   854,964

+   56,899

-1,763,214

Deposits

(0)

 4,309,512

-   63,267

+  716,043

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,330,687

+   13,652

+  105,376

U.S. Treasury, General Account

   816,809

-   73,633

+  662,001

Foreign official

     9,696

+        2

+       12

Other13

(0)

   152,319

-    3,290

-   51,347

Deferred availability cash items

(0)

       295

-      383

+       48

Treasury contributions to credit facilities14

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

  -160,042

-    4,498

-  110,729

Total liabilities

(0)

 7,310,218

-    9,116

-1,150,396

Capital accounts

Capital paid in

    36,405

+       50

+      787

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,190

+       50

+      787

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 LLC of $7.4 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    16,237

       563

     5,129

       517

       761

     1,203

     2,268

     1,108

       484

       272

       460

     1,311

     2,161

Coin

     1,508

        44

        51

       164

        52

       190

       105

       268

        30

        54

       107

       175

       269

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

 7,258,298

   161,505

 3,853,339

   108,763

   281,789

   721,801

   487,780

   403,260

   106,018

    50,748

    87,501

   322,206

   673,587

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    14,130

    14,130

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       125

         5

        43

         4

        13

        25

         4

         6

         3

         1

         1

         3

        16

Foreign currency denominated

assets4

    17,835

       744

     6,168

       628

     1,897

     3,518

       584

       875

       402

       112

       194

       429

     2,283

Other assets5

    45,275

     1,177

    21,365

       780

     1,735

     4,708

     4,024

     2,520

       998

       572

       902

     2,133

     4,361

Interdistrict settlement account

         0

-    2,036

+   26,386

+    9,324

-    2,180

-   13,983

-   19,996

-   35,107

-    1,787

-    3,155

-   11,534

-   10,381

+   64,449

Total assets

 7,353,408

   176,132

 3,912,481

   120,180

   284,068

   717,462

   474,769

   372,931

   106,148

    48,604

    77,631

   315,876

   747,127

Liabilities

Federal Reserve notes, net

 2,298,052

    86,555

   741,838

    52,885

   110,794

   162,046

   356,366

   119,611

    72,017

    30,248

    38,402

   197,885

   329,404

Reverse repurchase agreements6

   854,964

    17,783

   460,091

    12,738

    33,339

    85,222

    57,201

    47,184

    11,964

     5,341

     9,401

    37,336

    77,367

Deposits

 4,309,512

    64,838

 2,797,466

    54,546

   142,133

   487,612

    59,048

   215,327

    21,016

    12,828

    29,760

    80,790

   344,146

Depository institutions

 3,330,687

    64,785

 1,921,667

    54,545

   142,099

   487,066

    59,020

   113,366

    21,011

    12,768

    29,728

    80,530

   344,102

U.S. Treasury, General Account

   816,809

         0

   816,809

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,696

         2

     9,670

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   152,319

        52

    49,320

         0

        29

       539

        27

   101,959

         4

        60

        31

       259

        39

Earnings remittances due to the U.S. Treasury8

  -167,840

    -3,352

  -104,854

    -1,697

    -7,093

   -26,831

        84

   -11,798

         7

      -209

      -579

    -1,544

    -9,973

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,093

     1,052

     3,070

       198

       324

       958

       612

       472

       163

       123

       187

       250

       684

Total liabilities

 7,310,218

   174,314

 3,897,612

   118,671

   279,496

   709,007

   473,311

   370,796

   105,166

    48,331

    77,170

   314,716

   741,628

Capital

Capital paid in

    36,405

     1,535

    12,523

     1,271

     3,849

     7,117

     1,236

     1,802

       829

       230

       387

       996

     4,630

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 7,353,408

   176,132

 3,912,481

   120,180

   284,068

   717,462

   474,769

   372,931

   106,148

    48,604

    77,631

   315,876

   747,127

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 and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, 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 LLC of $7.4 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), 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 MS Facilities 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 FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or 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). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,742,724

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

   444,673

Federal Reserve notes to be collateralized

 2,298,052

Collateral held against Federal Reserve notes

 2,298,052

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,281,815

Other assets pledged

         0

Memo:

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

 6,893,088

Less: Face value of securities under reverse repurchase agreements

   985,282

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

 5,907,806

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.