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Release Date: June 22, 2023

 

 

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
Jun 21, 2023

Week ended
Jun 21, 2023

Change from week ended

Jun 14, 2023

Jun 22, 2022

Reserve Bank credit

 8,334,835

-   17,922

-  565,989

 8,325,756

Securities held outright1

 7,705,009

-   15,985

-  791,141

 7,701,409

U.S. Treasury securities

 5,145,920

-   14,509

-  617,236

 5,145,712

Bills2

   273,354

-    2,966

-   52,690

   272,967

Notes and bonds, nominal2

 4,396,916

-   12,137

-  567,166

 4,396,923

Notes and bonds, inflation-indexed2

   368,253

         0

-   14,713

   368,253

Inflation compensation3

   107,397

+      594

+   17,333

   107,568

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,556,741

-    1,477

-  173,906

 2,553,350

Unamortized premiums on securities held outright5

   297,332

-      638

-   37,989

   297,048

Unamortized discounts on securities held outright5

   -27,669

+       31

-    2,541

   -27,593

Repurchase agreements6

         0

-        1

         0

         2

Foreign official

         0

         0

         0

         0

Others

         0

-        1

         0

         2

Loans

   291,466

-    3,932

+  269,163

   285,934

Primary credit

     3,248

-       69

-      316

     3,208

Secondary credit

         0

-        1

         0

         0

Seasonal credit

        25

+        4

+       17

        27

Paycheck Protection Program Liquidity Facility

     7,635

-      171

-   11,096

     7,622

Bank Term Funding Program

   102,488

+      933

+  102,488

   102,735

Other credit extensions7

   178,069

-    4,630

+  178,069

   172,342

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

    19,912

-      393

-    6,453

    19,928

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,588

+        3

+       49

     5,590

Net portfolio holdings of TALF II LLC8

     1,712

+        2

-      485

     1,713

Float

      -171

-        6

-       21

      -196

Central bank liquidity swaps9

       289

-       48

+       92

       289

Other Federal Reserve assets10

    41,370

+    3,047

+    3,338

    41,632

Foreign currency denominated assets11

    18,462

+       65

+      231

    18,467

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,807

+       14

+      728

    51,807

 

 

 

 

 

Total factors supplying reserve funds

 8,421,346

-   17,843

-  565,030

 8,412,271

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
Jun 21, 2023

Week ended
Jun 21, 2023

Change from week ended

Jun 14, 2023

Jun 22, 2022

Currency in circulation12

 2,343,012

+    1,379

+   65,440

 2,342,710

Reverse repurchase agreements13

 2,343,673

-  115,725

-  129,665

 2,370,269

Foreign official and international accounts

   334,394

-    5,682

+   81,568

   333,167

Others

 2,009,279

-  110,042

-  211,233

 2,037,102

Treasury cash holdings

       225

-        9

+      132

       214

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

   490,960

+  175,543

-  530,032

   503,339

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   276,850

+  174,732

-  481,433

   292,106

Foreign official

     9,687

+        1

+    2,252

     9,687

Other14

   204,423

+      810

-   50,852

   201,546

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -21,441

-    5,327

-   70,326

   -21,571

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 5,169,788

+   55,861

-  669,032

 5,208,320

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,251,558

-   73,703

+  104,002

 3,203,951

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
Jun 21, 2023

Week ended
Jun 21, 2023

Change from week ended

Jun 14, 2023

Jun 22, 2022

Securities held in custody for foreign official and international accounts

 3,425,424

+   16,346

+   22,146

 3,432,535

Marketable U.S. Treasury securities1

 2,994,011

+   11,135

-    2,972

 2,998,709

Federal agency debt and mortgage-backed securities2

   349,360

+    4,829

+   26,089

   351,900

Other securities3

    82,053

+      382

-      971

    81,926

Securities lent to dealers

    40,699

-    5,864

-    7,731

    42,935

Overnight facility4

    40,699

-    5,864

-    7,731

    42,935

U.S. Treasury securities

    40,691

-    5,863

-    7,739

    42,927

Federal agency debt securities

         8

-        1

+        8

         8

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, June 21, 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

   174,942

     2,423

   100,951

     7,617

         0

...

   285,934

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    68,889

   317,251

   630,191

 1,769,959

   868,084

 1,491,338

 5,145,712

Weekly changes

+   24,016

-   24,052

-    2,219

-   12,625

+      141

+      201

-   14,539

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

         2

        16

     8,800

    46,257

 2,498,274

 2,553,350

Weekly changes

         0

-        1

         0

         0

         0

-    4,823

-    4,822

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

    10,515

...

...

    10,515

Municipal notes held by Municipal

 

 

 

 

 

 

 

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

       287

       518

         0

...

...

       804

Repurchase agreements8

         2

         0

...

...

...

...

         2

Central bank liquidity swaps9

       289

         0

         0

         0

         0

         0

       289

Reverse repurchase agreements8

 2,370,269

         0

...

...

...

...

 2,370,269

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

Jun 21, 2023

Mortgage-backed securities held outright1

 2,553,350

Residential mortgage-backed securities

 2,544,961

Commercial mortgage-backed securities

     8,389

 

 

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        69

 

 

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 LLCs

Millions of dollars

Credit Facilities LLCs:

Wednesday Jun 21, 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)

     9,600

     9,515

    10,413

    19,928

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,683

     5,590

TALF II LLC

       884

       804

       909

     1,713

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
Jun 21, 2023

Change since

Wednesday

Wednesday

Jun 14, 2023

Jun 22, 2022

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,330

+       13

+       76

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

 

 8,256,800

-   27,944

-  569,236

Securities held outright1

 

 7,701,409

-   19,361

-  793,097

U.S. Treasury securities

 

 5,145,712

-   14,539

-  617,632

Bills2

 

   272,967

-    2,969

-   53,077

Notes and bonds, nominal2

 

 4,396,923

-   12,130

-  567,159

Notes and bonds, inflation-indexed2

 

   368,253

         0

-   14,713

Inflation compensation3

 

   107,568

+      559

+   17,317

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,553,350

-    4,822

-  175,465

Unamortized premiums on securities held outright5

 

   297,048

-      719

-   37,856

Unamortized discounts on securities held outright5

 

   -27,593

+       12

-    2,441

Repurchase agreements6

 

         2

+        2

+        2

Loans7

 

   285,934

-    7,878

+  264,156

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

 

    19,928

-      396

-    6,446

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

     5,590

+        3

+       50

Net portfolio holdings of TALF II LLC8

 

     1,713

+        1

-      484

Items in process of collection

(0)

        62

+        6

-       25

Bank premises

 

       461

+        5

-      157

Central bank liquidity swaps9

 

       289

-       48

+       92

Foreign currency denominated assets10

 

    18,467

-       27

+      213

Other assets11

 

    41,183

+    2,124

+    3,630

 

 

 

 

 

Total assets

(0)

 8,362,060

-   26,263

-  572,286

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
Jun 21, 2023

Change since

Wednesday

Wednesday

Jun 14, 2023

Jun 22, 2022

Liabilities

 

 

 

 

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

 

 2,292,443

+      208

+   63,631

Reverse repurchase agreements12

 

 2,370,269

-   66,802

-  145,877

Deposits

(0)

 3,707,302

+   46,270

-  415,851

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,203,963

-  102,348

+   88,369

U.S. Treasury, General Account

 

   292,106

+  157,249

-  452,946

Foreign official

 

     9,687

+        2

+    2,253

Other13

(0)

   201,546

-    8,633

-   53,527

Deferred availability cash items

(0)

       258

-      125

-       11

Treasury contributions to credit facilities14

 

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

 

   -63,986

-    5,818

-   70,339

 

 

 

 

 

Total liabilities

(0)

 8,319,645

-   26,265

-  573,028

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    35,630

+        2

+      742

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,415

+        2

+      742

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, June 21, 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

     1,330

        24

        41

       121

        46

       187

        98

       248

        28

        39

        88

       162

       246

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

 8,256,800

   157,764

 4,497,821

   133,120

   248,635

   559,822

   546,220

   502,034

   126,329

    62,391

   111,651

   400,990

   910,021

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    19,928

    19,928

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,590

         0

     5,590

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,713

         0

     1,713

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       289

        12

       103

        10

        27

        58

         9

        10

         6

         2

         3

         6

        41

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,467

       795

     6,571

       663

     1,741

     3,739

       554

       643

       416

       117

       196

       389

     2,643

Other assets5

    41,707

       885

    21,156

       744

     1,260

     3,015

     2,635

     2,369

       706

       496

       859

     1,999

     5,583

Interdistrict settlement account

         0

+   13,820

-  210,584

-   10,334

+   40,128

+  242,308

+   19,793

+   15,374

-    1,402

-    2,854

-    7,198

-   11,636

-   87,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 8,362,060

   193,786

 4,327,587

   124,850

   292,589

   810,317

   571,596

   521,783

   126,563

    60,454

   106,052

   393,200

   833,284

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, June 21, 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

 2,292,443

    81,286

   728,387

    53,266

   111,816

   171,437

   355,262

   126,086

    72,823

    34,454

    50,924

   190,261

   316,442

Reverse repurchase agreements6

 2,370,269

    45,793

 1,323,677

    39,065

    72,839

   164,946

   160,572

   147,754

    35,457

    16,071

    30,645

   115,567

   217,882

Deposits

 3,707,302

    55,747

 2,302,217

    31,397

   105,164

   473,813

    53,918

   251,135

    17,281

     9,689

    24,119

    87,470

   295,352

Depository institutions

 3,203,963

    55,737

 1,942,835

    31,395

   105,129

   473,350

    53,889

   108,164

    17,271

     9,594

    24,087

    87,186

   295,326

U.S. Treasury, General Account

   292,106

         0

   292,106

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,687

         2

     9,661

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   201,546

         9

    57,615

         0

        31

       455

        27

   142,969

        10

        95

        31

       284

        21

Earnings remittances due to the U.S. Treasury8

   -71,875

    -1,356

   -48,708

      -563

    -1,980

    -9,375

       -27

    -5,724

      -116

      -140

      -265

    -1,216

    -2,405

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

     8,147

       827

     3,471

       177

       301

     1,015

       546

       512

       156

       111

       169

       248

       615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 8,319,645

   191,981

 4,312,719

   123,342

   288,140

   801,836

   570,270

   519,762

   125,602

    60,186

   105,592

   392,330

   827,885

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    35,630

     1,513

    12,454

     1,264

     3,809

     7,107

     1,122

     1,784

       808

       226

       388

       727

     4,428

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

 8,362,060

   193,786

 4,327,587

   124,850

   292,589

   810,317

   571,596

   521,783

   126,563

    60,454

   106,052

   393,200

   833,284

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, June 21, 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

Jun 21, 2023

Federal Reserve notes outstanding

 2,670,018

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

   377,575

Federal Reserve notes to be collateralized

 2,292,443

Collateral held against Federal Reserve notes

 2,292,443

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,276,206

Other assets pledged

         0

Memo:

 

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

 7,701,411

Less: Face value of securities under reverse repurchase agreements

 2,527,660

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

 5,173,751

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: June 22, 2023