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Release Date: February 13, 2025

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

 

 

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Feb 12, 2025

Week ended
Feb 12, 2025

Change from week ended

Feb 5, 2025

Feb 14, 2024

Reserve Bank credit

 6,766,771

+    1,566

-  830,203

 6,767,671

Securities held outright1

 6,485,874

-    1,185

-  626,186

 6,485,888

U.S. Treasury securities

 4,265,968

-    1,185

-  426,568

 4,265,982

Bills2

   195,343

         0

-   15,010

   195,343

Notes and bonds, nominal2

 3,643,946

-    1,384

-  366,948

 3,643,946

Notes and bonds, inflation-indexed2

   320,005

+      159

-   40,217

   320,005

Inflation compensation3

   106,675

+       41

-    4,392

   106,689

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,217,559

         0

-  199,618

 2,217,559

Unamortized premiums on securities held outright5

   246,587

-      482

-   28,632

   246,426

Unamortized discounts on securities held outright5

   -24,129

+       30

+    1,464

   -24,057

Repurchase agreements6

        29

+       29

+       28

       100

Foreign official

         0

         0

         0

         0

Others

        29

+       29

+       28

       100

Loans

     5,313

-      275

-  165,365

     5,142

Primary credit

     3,199

-      267

+      601

     3,033

Secondary credit

         0

         0

         0

         0

Seasonal credit

         3

+        3

+        3

         4

Paycheck Protection Program Liquidity Facility

     1,914

-        7

-    1,358

     1,910

Bank Term Funding Program

       196

-        4

-  164,612

       195

Other credit extensions7

         0

         0

         0

         0

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

     7,395

+        9

-    7,712

     7,402

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-        1

         0

Net portfolio holdings of TALF II LLC8

         0

         0

         0

         0

Float

      -284

+      185

-       61

      -326

Central bank liquidity swaps9

        73

-        3

-      154

        73

Other Federal Reserve assets10

    45,913

+    3,257

-    3,584

    47,023

Foreign currency denominated assets11

    17,698

-        6

-      297

    17,655

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,187

+       14

+      728

    53,187

 

 

 

 

 

Total factors supplying reserve funds

 6,863,897

+    1,575

-  819,772

 6,864,754

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Feb 12, 2025

Week ended
Feb 12, 2025

Change from week ended

Feb 5, 2025

Feb 14, 2024

Currency in circulation12

 2,349,865

+      739

+   23,327

 2,350,536

Reverse repurchase agreements13

   466,823

-   51,875

-  432,187

   452,467

Foreign official and international accounts

   379,752

-    2,957

+   45,573

   384,797

Others

    87,071

-   48,919

-  477,760

    67,670

Treasury cash holdings

       351

+       10

-       73

       362

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

   994,899

+   13,179

-   13,437

   973,864

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   828,102

+   22,509

-    9,903

   809,154

Foreign official

     9,684

+        2

-        5

     9,684

Other14

   157,113

-    9,332

-    3,529

   155,026

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -171,528

-    3,439

-   72,506

  -171,344

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 3,643,870

-   41,388

-  498,854

 3,609,347

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,220,027

+   42,962

-  320,918

 3,255,407

Note: Components may not sum to totals because of rounding.
 

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.

 

 

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


 

 


 

H.4.1

 

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday
Feb 12, 2025

Week ended
Feb 12, 2025

Change from week ended

Feb 5, 2025

Feb 14, 2024

Securities held in custody for foreign official and international accounts

 3,301,230

+   21,891

-   65,551

 3,302,755

Marketable U.S. Treasury securities1

 2,926,809

+   21,667

-   20,116

 2,928,345

Federal agency debt and mortgage-backed securities2

   288,228

-       75

-   49,365

   288,196

Other securities3

    86,193

+      299

+    3,931

    86,214

Securities lent to dealers

    26,011

+      329

-    4,017

    26,411

Overnight facility4

    26,011

+      329

-    4,017

    26,411

U.S. Treasury securities

    26,011

+      329

-    4,017

    26,411

Federal agency debt securities

         0

         0

         0

         0

Note: Components may not sum to totals because of rounding.
 

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.


 

 

 


 

H.4.1

 

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, February 12, 2025

Millions of dollars

Remaining Maturity

Within 15
days

16 days to
90 days

91 days to
1 year

Over 1 year
to 5 years

Over 5 year
to 10 years

Over 10
years

All

Loans1

     1,219

     2,025

       372

     1,525

         0

...

     5,142

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    89,286

   187,267

   448,369

 1,450,277

   549,210

 1,541,573

 4,265,982

Weekly changes

-    1,573

+    1,714

-      136

+       16

+        4

+       12

+       38

Federal agency debt securities3

 

 

 

 

 

 

 

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

 

 

 

 

 

 

 

Holdings

         0

         0

        71

     3,970

    35,464

 2,178,054

 2,217,559

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

Lending Program)5

        45

         0

     4,008

        12

...

...

     4,066

Repurchase agreements6

       100

         0

...

...

...

...

       100

Central bank liquidity swaps7

        73

         0

         0

         0

         0

         0

        73

Reverse repurchase agreements6

   452,467

         0

...

...

...

...

   452,467

Term deposits

         0

         0

         0

...

...

...

         0

Note: Components may not sum to totals because of rounding.
...Not applicable.

 

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 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.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Feb 12, 2025

Mortgage-backed securities held outright1

 2,217,559

Residential mortgage-backed securities

 2,209,533

Commercial mortgage-backed securities

     8,026

 

 

Commitments to buy mortgage-backed securities2

       149

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.


 

 


 

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Feb 12, 2025

 

Net portfolio holdings of

Credit Facilities LLC

Outstanding

 

 

 

principal

Outstanding

 

 

amount

amount of

Treasury

 

of loan

facility

contributions

 

extended to

asset

and

 

the LLC1

purchases2

other assets3

Total

MS Facilities 2020 LLC (Main Street Lending Program)

     2,953

     3,333

     4,069

     7,402

Note: Components may not sum to totals because of rounding.
 

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 December 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.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Feb 12, 2025

Change since

Wednesday

Wednesday

Feb 5, 2025

Feb 14, 2024

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

    15,200

         0

+   10,000

Coin

 

     1,577

+       12

+       50

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

 

 6,713,499

-      342

-  818,535

Securities held outright1

 

 6,485,888

+       38

-  626,181

U.S. Treasury securities

 

 4,265,982

+       38

-  426,513

Bills2

 

   195,343

         0

-   15,010

Notes and bonds, nominal2

 

 3,643,946

         0

-  366,948

Notes and bonds, inflation-indexed2

 

   320,005

         0

-   40,217

Inflation compensation3

 

   106,689

+       39

-    4,336

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,217,559

         0

-  199,668

Unamortized premiums on securities held outright5

 

   246,426

-      424

-   28,597

Unamortized discounts on securities held outright5

 

   -24,057

+       14

+    1,450

Repurchase agreements6

 

       100

+      100

+      100

Loans7

 

     5,142

-       70

-  165,306

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

 

     7,402

+        8

-    7,730

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-        1

Net portfolio holdings of TALF II LLC8

 

         0

         0

         0

Items in process of collection

(0)

        47

-        5

-       17

Bank premises

 

       594

+        5

+      147

Central bank liquidity swaps9

 

        73

-        3

-      154

Foreign currency denominated assets10

 

    17,655

-      114

-      277

Other assets11

 

    46,430

+    3,018

-    3,842

 

 

 

 

 

Total assets

(0)

 6,813,513

+    2,578

-  820,361

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Feb 12, 2025

Change since

Wednesday

Wednesday

Feb 5, 2025

Feb 14, 2024

Liabilities

 

 

 

 

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

 

 2,299,284

+      589

+   21,867

Reverse repurchase agreements12

 

   452,467

-    2,946

-  453,105

Deposits

(0)

 4,229,271

+    9,542

-  312,296

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,255,407

+   22,079

-  282,062

U.S. Treasury, General Account

 

   809,154

-    8,799

-   22,726

Foreign official

 

     9,684

+        1

-        3

Other13

(0)

   155,026

-    3,739

-    7,505

Deferred availability cash items

(0)

       373

-       15

-        3

Treasury contributions to credit facilities14

 

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

 

  -215,543

-    4,593

-   73,909

 

 

 

 

 

Total liabilities

(0)

 6,769,314

+    2,578

-  821,421

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    37,415

         0

+    1,061

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    44,200

         0

+    1,061

Note: Components may not sum to totals because of rounding.
 

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.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, February 12, 2025

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold certificates and special drawing rights certificates

    26,237

       895

     8,109

       797

     1,233

     1,911

     3,730

     1,726

       786

       438

       738

     2,261

     3,613

Coin

     1,577

        60

        56

       171

        50

       208

       127

       255

        38

        60

       103

       198

       251

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

 6,713,499

   139,603

 3,610,731

   100,027

   262,457

   668,771

   448,957

   370,426

    94,003

    42,610

    73,817

   293,639

   608,458

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

 

 

 

 

 

 

Lending Program)2

     7,402

     7,402

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        73

         3

        25

         3

         8

        14

         2

         4

         2

         0

         1

         2

         9

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    17,655

       737

     6,106

       622

     1,878

     3,483

       578

       867

       398

       111

       192

       425

     2,260

Other assets5

    47,070

     1,051

    22,823

       784

     1,812

     4,908

     4,426

     2,530

     1,012

       513

       811

     2,110

     4,291

Interdistrict settlement account

         0

+    6,726

+   80,508

+   45,505

-   17,590

-  115,919

-    4,283

-   36,584

+    8,564

+    7,095

-    4,534

+    1,628

+   28,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 6,813,513

   156,477

 3,728,358

   147,908

   249,849

   563,377

   453,538

   339,222

   104,802

    50,827

    71,127

   300,262

   647,766

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, February 12, 2025 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Reserve notes, net

 2,299,284

    83,479

   748,644

    56,170

   113,670

   165,295

   355,145

   107,569

    76,863

    29,468

    33,675

   198,797

   330,508

Reverse repurchase agreements6

   452,467

     9,411

   243,491

     6,741

    17,644

    45,101

    30,272

    24,971

     6,331

     2,827

     4,975

    19,759

    40,944

Deposits

 4,229,271

    61,641

 2,853,298

    86,773

   123,616

   379,176

    65,820

   219,976

    20,348

    18,475

    32,688

    81,584

   285,877

Depository institutions

 3,255,407

    61,082

 1,979,830

    86,771

   123,580

   378,599

    65,693

   121,141

    20,334

    18,386

    32,660

    81,505

   285,826

U.S. Treasury, General Account

   809,154

         0

   809,154

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,684

         2

     9,658

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   155,026

       558

    54,656

         0

        32

       569

       126

    98,833

        13

        89

        28

        77

        46

Earnings remittances due to the U.S. Treasury8

  -222,569

    -4,567

  -134,424

    -3,487

    -9,978

   -35,684

        58

   -16,160

       -22

      -359

      -926

    -1,400

   -15,622

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

     7,399

     1,189

     2,501

       190

       260

       918

       677

       428

       167

       132

       177

       239

       519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 6,769,314

   154,614

 3,713,511

   146,387

   245,213

   554,806

   451,972

   336,784

   103,688

    50,543

    70,589

   298,980

   642,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    37,415

     1,576

    12,559

     1,287

     3,933

     7,249

     1,336

     2,060

       942

       240

       463

     1,084

     4,686

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

 6,813,513

   156,477

 3,728,358

   147,908

   249,849

   563,377

   453,538

   339,222

   104,802

    50,827

    71,127

   300,262

   647,766

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, February 12, 2025 (continued)

 

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 2020 LLC.

 

  

 

 

 

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 2020 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 2020 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 2020 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).

 

 

 


 

H.4.1

 

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Feb 12, 2025

Federal Reserve notes outstanding

 2,790,918

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

   491,634

Federal Reserve notes to be collateralized

 2,299,284

Collateral held against Federal Reserve notes

 2,299,284

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,273,047

Other assets pledged

         0

Memo:

 

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

 6,485,988

Less: Face value of securities under reverse repurchase agreements

   537,238

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

 5,948,750

Note: Components may not sum to totals because of rounding.
 

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.

 

 

 

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Last Update: February 13, 2025
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