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Release Date: May 25, 2023

 

 

For Release at

4:30 P.M. Eastern time

May 25, 2023

 

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on May 19, 2023. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

 


 

 

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
May 24, 2023

Week ended
May 24, 2023

Change from week ended

May 17, 2023

May 25, 2022

Reserve Bank credit

 8,405,852

-   42,335

-  494,927

 8,400,116

Securities held outright1

 7,769,922

-   18,609

-  728,889

 7,767,733

U.S. Treasury securities

 5,194,832

-   16,156

-  574,072

 5,194,961

Bills2

   281,041

         0

-   45,003

   281,041

Notes and bonds, nominal2

 4,442,983

-   16,507

-  532,480

 4,442,983

Notes and bonds, inflation-indexed2

   365,436

         0

-   15,426

   365,436

Inflation compensation3

   105,372

+      351

+   18,837

   105,501

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,572,743

-    2,453

-  154,817

 2,570,425

Unamortized premiums on securities held outright5

   300,001

-      768

-   38,541

   299,701

Unamortized discounts on securities held outright5

   -27,816

-      333

-    3,335

   -27,725

Repurchase agreements6

        15

+       13

+       15

        30

Foreign official

         1

+        1

+        1

         2

Others

        15

+       13

+       15

        28

Loans

   300,586

-   13,439

+  279,282

   296,860

Primary credit

     7,076

-    2,125

+    6,105

     4,211

Secondary credit

         0

         0

         0

         0

Seasonal credit

         8

+        1

+        4

         7

Paycheck Protection Program Liquidity Facility

     8,226

-      115

-   12,103

     8,116

Bank Term Funding Program

    88,683

+    2,783

+   88,683

    91,907

Other credit extensions7

   196,593

-   13,983

+  196,593

   192,620

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

    20,489

-    1,654

-    6,422

    20,257

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,577

-       41

+       43

     5,579

Net portfolio holdings of TALF II LLC8

     1,750

-      150

-      537

     1,752

Float

      -168

-       25

+       34

      -201

Central bank liquidity swaps9

       394

-       16

+      185

       391

Other Federal Reserve assets10

    35,101

-    7,313

+    3,236

    35,739

Foreign currency denominated assets11

    18,459

-      189

-      295

    18,378

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,751

+       14

+      728

    51,751

 

 

 

 

 

Total factors supplying reserve funds

 8,492,303

-   42,510

-  494,495

 8,486,486

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
May 24, 2023

Week ended
May 24, 2023

Change from week ended

May 17, 2023

May 25, 2022

Currency in circulation12

 2,334,374

+    1,770

+   61,508

 2,337,470

Reverse repurchase agreements13

 2,633,419

+   26,538

+  373,585

 2,611,006

Foreign official and international accounts

   368,971

-   13,959

+  105,314

   360,297

Others

 2,264,448

+   40,497

+  268,271

 2,250,709

Treasury cash holdings

       219

+        8

+      127

       229

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

   282,770

-   54,321

-  795,845

   285,965

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

    61,952

-   54,268

-  759,583

    49,473

Foreign official

     9,685

         0

+    2,228

     9,686

Other14

   211,133

-       53

-   38,491

   226,807

Treasury contributions to credit facilities15

    13,642

-    1,705

-    4,772

    13,358

Other liabilities and capital16

   -12,293

-    6,094

-   63,091

   -12,314

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 5,252,131

-   33,804

-  428,487

 5,235,715

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,240,172

-    8,706

-   66,008

 3,250,771

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 loans that were extended 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

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
May 24, 2023

Week ended
May 24, 2023

Change from week ended

May 17, 2023

May 25, 2022

Securities held in custody for foreign official and international accounts

 3,397,518

+    7,928

-   27,265

 3,398,762

Marketable U.S. Treasury securities1

 2,973,029

+    7,076

-   34,165

 2,975,104

Federal agency debt and mortgage-backed securities2

   342,855

+      943

+    8,293

   342,348

Other securities3

    81,634

-       91

-    1,393

    81,310

Securities lent to dealers

    41,383

-      552

+      210

    44,463

Overnight facility4

    41,383

-      552

+      210

    44,463

U.S. Treasury securities

    41,374

-      552

+      201

    44,454

Federal agency debt securities

         9

         0

+        9

         9

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, May 24, 2023

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

   196,080

     2,061

    90,608

     8,111

         0

...

   296,860

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    95,887

   318,272

   625,588

 1,797,112

   870,181

 1,487,921

 5,194,961

Weekly changes

-   10,972

+    5,494

+    5,496

+      151

+    9,622

-    9,440

+      351

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

         3

        19

     8,570

    44,799

 2,517,033

 2,570,425

Weekly changes

         0

         0

         0

         0

         0

-    4,004

-    4,003

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

    10,725

...

...

    10,725

Municipal notes held by Municipal

 

 

 

 

 

 

 

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

       173

       706

         0

...

...

       879

Repurchase agreements8

        30

         0

...

...

...

...

        30

Central bank liquidity swaps9

       391

         0

         0

         0

         0

         0

       391

Reverse repurchase agreements8

 2,611,006

         0

...

...

...

...

 2,611,006

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. Additionally, the Within 15 days category includes loans to depository institutions (including FDIC-established depository institutions) that were subsequently placed in receivership.  These loans are recognized as performing based upon payment due from the receiverships, pledged collateral securing the loans, and the FDIC repayment guarantees. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, 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.

Book value of the municipal notes held by the Municipal Liquidity Facility LLC.

7.

Book value of the loans held by the TALF II LLC.

8.

Cash value of agreements.

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.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

May 24, 2023

Mortgage-backed securities held outright1

 2,570,425

Residential mortgage-backed securities

 2,562,018

Commercial mortgage-backed securities

     8,406

 

 

Commitments to buy mortgage-backed securities2

         5

Commitments to sell mortgage-backed securities2

        69

 

 

Cash and cash equivalents3

         1

 

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 LLCs

Millions of dollars

Credit Facilities LLCs:

Wednesday May 24, 2023

 

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

 

 

 

principal

Outstanding

 

 

amount

amount of

Treasury

 

of loan

facility

contributions

 

extended to

asset

and

 

the LLC1

purchases2

other assets3

Total

MS Facilities LLC (Main Street Lending Program)

    10,016

     9,714

    10,542

    20,257

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,672

     5,579

TALF II LLC

       927

       879

       873

     1,752

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:

 

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 

    updated as of March 31, 2023.

 

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 

    a one-day lag after the transaction date.

 

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

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. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. 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
May 24, 2023

Change since

Wednesday

Wednesday

May 17, 2023

May 25, 2022

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,290

-       13

+       22

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

 

 8,336,599

-   20,604

-  477,031

Securities held outright1

 

 7,767,733

-    3,652

-  711,477

U.S. Treasury securities

 

 5,194,961

+      351

-  574,456

Bills2

 

   281,041

         0

-   45,003

Notes and bonds, nominal2

 

 4,442,983

         0

-  532,480

Notes and bonds, inflation-indexed2

 

   365,436

         0

-   15,426

Inflation compensation3

 

   105,501

+      351

+   18,453

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,570,425

-    4,003

-  137,021

Unamortized premiums on securities held outright5

 

   299,701

-      782

-   38,045

Unamortized discounts on securities held outright5

 

   -27,725

-      215

-    3,281

Repurchase agreements6

 

        30

+       24

+       30

Loans7

 

   296,860

-   15,980

+  275,741

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

 

    20,257

-    1,745

-    6,408

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

     5,579

-       42

+       44

Net portfolio holdings of TALF II LLC8

 

     1,752

-      150

-      536

Items in process of collection

(0)

        34

-       14

-       14

Bank premises

 

       456

+        6

-      166

Central bank liquidity swaps9

 

       391

-       19

+      182

Foreign currency denominated assets10

 

    18,378

-      154

-      431

Other assets11

 

    35,283

+    2,229

+    6,312

 

 

 

 

 

Total assets

(0)

 8,436,255

-   20,505

-  478,026

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
May 24, 2023

Change since

Wednesday

Wednesday

May 17, 2023

May 25, 2022

Liabilities

 

 

 

 

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

 

 2,287,233

+    3,905

+   61,059

Reverse repurchase agreements12

 

 2,611,006

+   12,379

+  352,785

Deposits

(0)

 3,536,736

-   28,647

-  825,863

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,250,771

-   29,216

-   64,247

U.S. Treasury, General Account

 

    49,473

-   18,859

-  752,241

Foreign official

 

     9,686

+        1

+    2,251

Other13

(0)

   226,807

+   19,428

-   11,626

Deferred availability cash items

(0)

       235

-       53

-       66

Treasury contributions to credit facilities14

 

    13,358

-    1,989

-    4,582

Other liabilities and accrued dividends15

 

   -54,715

-    6,100

-   62,148

 

 

 

 

 

Total liabilities

(0)

 8,393,854

-   20,504

-  478,814

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    35,617

         0

+      788

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,402

         0

+      788

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 LLC of $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

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, May 24, 2023

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

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,290

        22

        41

       117

        41

       177

        89

       248

        27

        38

        87

       154

       249

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

 8,336,599

   158,747

 4,538,562

   134,126

   250,681

   564,594

   549,815

   505,937

   123,307

    62,848

   112,304

   402,412

   933,266

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    20,257

    20,257

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,579

         0

     5,579

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,752

         0

     1,752

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       391

        17

       139

        14

        37

        79

        12

        14

         9

         2

         4

         8

        56

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,378

       791

     6,539

       660

     1,733

     3,721

       551

       640

       414

       116

       195

       387

     2,630

Other assets5

    35,773

       774

    18,143

       655

     1,090

     2,663

     2,232

     2,036

       761

       441

       742

     1,713

     4,523

Interdistrict settlement account

         0

+   13,791

-  322,402

-    2,839

+   56,493

+  272,493

+   38,393

+   25,780

+    2,439

-    2,334

-    6,062

+    1,394

-   77,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 8,436,255

   194,955

 4,253,528

   133,259

   310,825

   844,915

   593,379

   535,759

   127,436

    61,375

   107,723

   407,358

   865,744

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, May 24, 2023 (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

 2,287,233

    79,953

   732,718

    52,288

   111,555

   173,342

   354,787

   123,978

    71,318

    32,999

    49,276

   189,386

   315,634

Reverse repurchase agreements6

 2,611,006

    50,444

 1,458,117

    43,033

    80,237

   181,698

   176,880

   162,761

    39,059

    17,704

    33,758

   127,305

   240,011

Deposits

 3,536,736

    53,512

 2,083,604

    36,710

   116,342

   488,022

    59,901

   251,408

    16,050

    10,425

    24,280

    90,572

   305,911

Depository institutions

 3,250,771

    53,502

 1,949,462

    36,709

   116,309

   487,573

    59,872

   100,390

    16,040

    10,363

    24,249

    90,418

   305,884

U.S. Treasury, General Account

    49,473

         0

    49,473

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,686

         2

     9,660

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   226,807

         9

    75,009

         0

        29

       441

        27

   151,017

         9

        62

        30

       153

        21

Earnings remittances due to the U.S. Treasury8

   -62,429

    -1,190

   -42,874

      -457

    -1,575

    -7,611

       -42

    -4,921

       -87

      -129

      -217

    -1,027

    -2,298

Treasury contributions to credit facilities9

    13,358

     9,684

     3,674

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,949

       747

     3,420

       179

       289

       986

       528

       513

       136

       108

       167

       252

       624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 8,393,854

   193,151

 4,238,660

   131,752

   306,847

   836,438

   592,053

   533,738

   126,475

    61,107

   107,263

   406,488

   859,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    35,617

     1,513

    12,454

     1,262

     3,339

     7,102

     1,122

     1,784

       808

       226

       388

       727

     4,891

Surplus

     6,785

       292

     2,414

       244

       640

     1,374

       203

       236

       153

        43

        72

       143

       971

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and capital

 8,436,255

   194,955

 4,253,528

   133,259

   310,825

   844,915

   593,379

   535,759

   127,436

    61,375

   107,723

   407,358

   865,744

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, May 24, 2023 (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 LLC of $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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).

 

 

 


 

H.4.1

 

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

Millions of dollars

Federal Reserve notes and collateral

Wednesday

May 24, 2023

Federal Reserve notes outstanding

 2,654,282

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

   367,049

Federal Reserve notes to be collateralized

 2,287,233

Collateral held against Federal Reserve notes

 2,287,233

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,270,996

Other assets pledged

         0

Memo:

 

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

 7,767,763

Less: Face value of securities under reverse repurchase agreements

 2,806,779

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

 4,960,984

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: May 25, 2023