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

 6,613,605

-    1,541

-  568,523

 6,614,212

Securities held outright1

 6,349,307

-    2,367

-  427,024

 6,349,369

U.S. Treasury securities

 4,208,465

-    2,367

-  229,522

 4,208,526

Bills2

   195,418

         0

+      125

   195,418

Notes and bonds, nominal2

 3,585,251

-    3,910

-  187,492

 3,585,251

Notes and bonds, inflation-indexed2

   316,031

+    1,304

-   35,055

   316,031

Inflation compensation3

   111,764

+      238

-    7,102

   111,826

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,138,496

         0

-  197,501

 2,138,496

Unamortized premiums on securities held outright5

   236,408

-      419

-   27,041

   236,307

Unamortized discounts on securities held outright5

   -23,694

+       25

+      841

   -23,638

Repurchase agreements6

        15

-    1,568

         0

         0

Foreign official

         0

         0

-        1

         0

Others

        15

-    1,568

+        1

         0

Loans

     7,901

-       96

-  107,764

     7,604

Primary credit

     6,423

+       29

-      180

     6,131

Secondary credit

         0

-        3

         0

         0

Seasonal credit

        34

+        5

-       33

        31

Paycheck Protection Program Liquidity Facility

     1,444

-      126

-    1,353

     1,442

Bank Term Funding Program

         0

         0

-  106,199

         0

Other credit extensions7

         0

         0

         0

         0

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

     5,185

+        5

-    6,003

     5,189

Float

      -353

+      356

+       27

      -386

Central bank liquidity swaps9

        55

+       18

-       79

        55

Other Federal Reserve assets10

    38,782

+    2,505

-    1,479

    39,712

Foreign currency denominated assets11

    19,658

-       80

+    1,903

    19,581

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+    5,000

    15,200

Treasury currency outstanding12

    53,203

+       14

+      728

    53,203

Total factors supplying reserve funds

 6,712,707

-    1,607

-  560,892

 6,713,236

Currency in circulation12

 2,403,121

+    6,415

+   45,899

 2,403,329

Reverse repurchase agreements13

   607,772

-   71,316

-  195,571

   609,773

Foreign official and international accounts

   390,147

+    4,377

-    4,860

   382,500

Others

   217,625

-   75,693

-  190,711

   227,273

Treasury cash holdings

       437

-        1

+       32

       437

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

   549,001

-   42,936

-  344,413

   535,176

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   319,889

-   39,627

-  416,513

   311,048

Foreign official

     9,437

         0

-      248

     9,437

Other14

   219,675

-    3,310

+   72,349

   214,691

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -179,901

+    1,964

-   52,181

  -179,507

Total factors, other than reserve balances,
absorbing reserve funds

 3,382,458

-  105,876

-  549,164

 3,371,237

Reserve balances with Federal Reserve Banks

 3,330,249

+  104,269

-   11,728

 3,341,999

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

 3,238,405

+    6,247

-   73,792

 3,235,440

Marketable U.S. Treasury securities1

 2,895,219

+    6,293

-   30,592

 2,891,998

Federal agency debt and mortgage-backed securities2

   259,449

-       38

-   46,717

   259,452

Other securities3

    83,737

-        8

+    3,517

    83,990

Securities lent to dealers

    32,451

-      555

-    3,432

    37,881

Overnight facility4

    32,451

-      555

-    3,432

    37,881

U.S. Treasury securities

    32,451

-      555

-    3,432

    37,881

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

     2,273

     3,915

     1,410

         6

         0

...

     7,604

U.S. Treasury securities2

Holdings

    50,659

   199,034

   436,472

 1,434,947

   516,011

 1,571,403

 4,208,526

Weekly changes

-    4,451

+    6,955

-    2,473

+       82

+       23

+       65

+      201

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

 2,094,322

 2,138,496

Weekly changes

         0

         0

         0

         0

+    6,293

-    6,292

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         5

       406

     2,385

        15

...

...

     2,811

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        55

         0

         0

         0

         0

         0

        55

Reverse repurchase agreements6

   609,773

         0

...

...

...

...

   609,773

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

 2,138,496

Residential mortgage-backed securities

 2,130,563

Commercial mortgage-backed securities

     7,933

Commitments to buy mortgage-backed securities2

        78

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)

     2,266

     2,263

     2,926

     5,189

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

     1,437

-        1

+       18

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

 6,569,641

-      387

-  561,259

Securities held outright1

 6,349,369

+      202

-  427,069

U.S. Treasury securities

 4,208,526

+      201

-  229,569

Bills2

   195,418

         0

+      125

Notes and bonds, nominal2

 3,585,251

         0

-  187,534

Notes and bonds, inflation-indexed2

   316,031

         0

-   35,055

Inflation compensation3

   111,826

+      202

-    7,105

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,138,496

         0

-  197,501

Unamortized premiums on securities held outright5

   236,307

-      372

-   26,980

Unamortized discounts on securities held outright5

   -23,638

+       16

+      846

Repurchase agreements6

         0

         0

-        1

Loans7

     7,604

-      232

-  108,053

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

     5,189

+        5

-    6,010

Items in process of collection

(0)

        60

+        1

+        7

Bank premises

       560

+        2

+      136

Central bank liquidity swaps9

        55

+       18

-       67

Foreign currency denominated assets10

    19,581

-      345

+    1,846

Other assets11

    39,152

+    3,020

-    1,839

Total assets

(0)

 6,661,912

+    2,314

-  562,167

Liabilities

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

 2,351,996

+    1,893

+   47,113

Reverse repurchase agreements12

   609,773

-   21,365

-  211,470

Deposits

(0)

 3,877,175

+   20,257

-  342,624

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,341,999

+   85,497

+      952

U.S. Treasury, General Account

   311,048

-   61,184

-  411,280

Foreign official

     9,437

+        5

-      248

Other13

(0)

   214,691

-    4,062

+   67,953

Deferred availability cash items

(0)

       446

-      543

+      104

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -225,062

+    2,069

-   54,619

Total liabilities

(0)

 6,616,357

+    2,312

-  564,425

Capital accounts

Capital paid in

    38,770

+        2

+    2,258

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,555

+        2

+    2,258

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

     1,437

        50

        48

       172

        44

       197

        99

       241

        33

        58

        96

       160

       239

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

 6,569,641

   151,087

 3,482,867

   129,518

   268,225

   590,568

   434,087

   333,211

    99,177

    44,499

    63,025

   295,274

   678,102

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,189

     5,189

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        55

         2

        19

         2

         6

        11

         2

         3

         1

         0

         1

         2

         7

Foreign currency denominated

assets4

    19,581

       827

     6,606

       678

     2,031

     3,814

       663

     1,093

       496

       126

       217

       571

     2,459

Other assets5

    39,772

       966

    18,705

       839

     1,615

     3,853

     3,911

     1,989

       749

       496

       717

     1,847

     4,084

Interdistrict settlement account

         0

+    5,931

-  229,876

+    2,148

-    2,003

+    7,472

+   41,570

+   75,013

+   10,693

+    7,356

+   13,185

+   19,182

+   49,329

Total assets

 6,661,912

   164,951

 3,286,434

   134,172

   271,156

   607,805

   484,026

   413,271

   111,944

    52,981

    77,981

   319,330

   737,860

Liabilities

Federal Reserve notes, net

 2,351,996

    80,307

   741,365

    62,943

   119,043

   172,291

   372,590

   105,861

    77,735

    31,606

    38,252

   206,047

   343,955

Reverse repurchase agreements6

   609,773

    14,040

   323,610

    12,030

    24,850

    54,878

    40,328

    30,935

     9,200

     4,073

     5,852

    27,350

    62,629

Deposits

 3,877,175

    70,539

 2,344,065

    61,415

   132,340

   407,297

    68,645

   291,711

    23,677

    17,273

    34,208

    85,036

   340,970

Depository institutions

 3,341,999

    70,522

 1,969,946

    61,413

   132,323

   406,781

    68,618

   131,500

    23,669

    17,174

    34,179

    84,959

   340,915

U.S. Treasury, General Account

   311,048

         0

   311,048

         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

   214,691

        16

    53,660

         0

        13

       509

        26

   160,209

         6

        98

        28

        76

        49

Earnings remittances due to the U.S. Treasury8

  -235,077

    -5,043

  -141,590

    -3,989

   -10,088

   -37,556

        61

   -18,475

        -9

      -400

    -1,135

      -753

   -16,099

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

    10,461

     1,207

     4,128

       251

       369

     1,133

       853

       743

       205

       157

       222

       324

       868

Total liabilities

 6,616,357

   163,079

 3,271,578

   132,650

   266,514

   598,042

   482,478

   410,775

   110,808

    52,708

    77,398

   318,004

   732,323

Capital

Capital paid in

    38,770

     1,585

    12,568

     1,287

     3,938

     8,442

     1,319

     2,117

       965

       229

       507

     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

 6,661,912

   164,951

 3,286,434

   134,172

   271,156

   607,805

   484,026

   413,271

   111,944

    52,981

    77,981

   319,330

   737,860

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

 2,805,640

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

   453,645

Federal Reserve notes to be collateralized

 2,351,996

Collateral held against Federal Reserve notes

 2,351,996

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,325,759

Other assets pledged

         0

Memo:

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

 6,349,369

Less: Face value of securities under reverse repurchase agreements

   725,763

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

 5,623,606

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.