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Release Date: August 24, 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
Aug 23, 2023

Week ended
Aug 23, 2023

Change from week ended

Aug 16, 2023

Aug 24, 2022

Reserve Bank credit

 8,107,290

-   46,423

-  711,267

 8,102,816

Securities held outright1

 7,524,272

-   32,018

-  907,653

 7,521,981

U.S. Treasury securities

 5,006,304

-   30,101

-  693,790

 5,006,494

Bills2

   259,422

         0

-   66,622

   259,422

Notes and bonds, nominal2

 4,272,970

-   30,446

-  628,297

 4,273,034

Notes and bonds, inflation-indexed2

   364,549

         0

-   10,170

   364,549

Inflation compensation3

   109,363

+      345

+   11,299

   109,489

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,515,622

-    1,916

-  213,862

 2,513,140

Unamortized premiums on securities held outright5

   291,365

-      611

-   37,228

   291,081

Unamortized discounts on securities held outright5

   -27,591

-      171

-    1,034

   -27,498

Repurchase agreements6

         4

-      142

+        4

         0

Foreign official

         4

-      140

+        4

         0

Others

         0

-        2

         0

         0

Loans

   255,182

-    2,835

+  236,734

   252,629

Primary credit

     1,937

+      106

-    1,175

     2,190

Secondary credit

         0

         0

         0

         0

Seasonal credit

        61

+        3

+       14

        65

Paycheck Protection Program Liquidity Facility

     6,000

-       79

-    9,289

     5,817

Bank Term Funding Program

   107,268

+      375

+  107,268

   107,386

Other credit extensions7

   139,916

-    3,240

+  139,916

   137,171

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

    19,499

-      191

-    6,405

    19,512

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,613

+        3

+       60

     5,615

Net portfolio holdings of TALF II LLC8

     1,580

+        1

-      579

     1,581

Float

      -168

+        2

-       40

      -224

Central bank liquidity swaps9

       230

+        1

+       64

       230

Other Federal Reserve assets10

    37,304

-   10,463

+    4,810

    37,910

Foreign currency denominated assets11

    18,270

-       97

+      665

    18,301

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,419

+       14

+    1,466

    52,419

 

 

 

 

 

Total factors supplying reserve funds

 8,194,220

-   46,506

-  709,135

 8,189,777

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
Aug 23, 2023

Week ended
Aug 23, 2023

Change from week ended

Aug 16, 2023

Aug 24, 2022

Currency in circulation12

 2,328,554

-    2,520

+   53,406

 2,328,199

Reverse repurchase agreements13

 2,112,385

+   43,083

-  380,974

 2,112,514

Foreign official and international accounts

   297,336

+    2,237

+   33,499

   295,981

Others

 1,815,048

+   40,844

-  414,474

 1,816,533

Treasury cash holdings

       310

+       11

+      206

       315

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

   591,588

-   29,071

-  168,033

   596,533

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   413,787

-   22,008

-  121,480

   416,031

Foreign official

     9,686

         0

+    2,252

     9,686

Other14

   168,116

-    7,062

-   48,803

   170,816

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -38,764

+    1,172

-   88,583

   -38,522

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 5,007,431

+   12,676

-  588,559

 5,012,398

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,186,789

-   59,182

-  120,576

 3,177,380

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 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
Aug 23, 2023

Week ended
Aug 23, 2023

Change from week ended

Aug 16, 2023

Aug 24, 2022

Securities held in custody for foreign official and international accounts

 3,440,337

-    9,146

+   53,932

 3,434,557

Marketable U.S. Treasury securities1

 3,005,691

-    8,898

+   19,642

 3,000,551

Federal agency debt and mortgage-backed securities2

   352,553

-      322

+   35,926

   351,850

Other securities3

    82,093

+       74

-    1,636

    82,156

Securities lent to dealers

    37,980

-    3,641

-    4,969

    38,877

Overnight facility4

    37,980

-    3,641

-    4,969

    38,877

U.S. Treasury securities

    37,980

-    3,641

-    4,969

    38,877

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, August 23, 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

   138,803

     3,060

   104,953

     5,813

         0

...

   252,629

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    68,144

   251,632

   634,931

 1,719,070

   831,951

 1,500,768

 5,006,494

Weekly changes

-    3,846

+   36,695

-   32,826

+      225

+   14,295

-   14,122

+      419

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

         1

        13

     9,262

    43,694

 2,460,170

 2,513,140

Weekly changes

         0

         0

         0

-      311

+      313

-    4,344

-    4,343

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     9,999

...

...

     9,999

Municipal notes held by Municipal

 

 

 

 

 

 

 

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

       193

       201

         0

...

...

       394

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       230

         0

         0

         0

         0

         0

       230

Reverse repurchase agreements8

 2,112,514

         0

...

...

...

...

 2,112,514

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 outstanding 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

Aug 23, 2023

Mortgage-backed securities held outright1

 2,513,140

Residential mortgage-backed securities

 2,504,771

Commercial mortgage-backed securities

     8,369

 

 

Commitments to buy mortgage-backed securities2

       150

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 LLCs

Millions of dollars

Credit Facilities LLCs:

Wednesday Aug 23, 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)

     9,011

     9,018

    10,494

    19,512

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,708

     5,615

TALF II LLC

       744

       394

     1,187

     1,581

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 June 30, 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
Aug 23, 2023

Change since

Wednesday

Wednesday

Aug 16, 2023

Aug 24, 2022

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,430

+        4

+      133

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

 

 8,038,193

-    8,946

-  711,230

Securities held outright1

 

 7,521,981

-    3,924

-  906,900

U.S. Treasury securities

 

 5,006,494

+      419

-  694,134

Bills2

 

   259,422

         0

-   66,622

Notes and bonds, nominal2

 

 4,273,034

+       75

-  628,233

Notes and bonds, inflation-indexed2

 

   364,549

         0

-   10,170

Inflation compensation3

 

   109,489

+      344

+   10,891

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,513,140

-    4,343

-  212,766

Unamortized premiums on securities held outright5

 

   291,081

-      691

-   37,172

Unamortized discounts on securities held outright5

 

   -27,498

+        7

-      984

Repurchase agreements6

 

         0

-        6

         0

Loans7

 

   252,629

-    4,332

+  233,826

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

 

    19,512

+       15

-    6,405

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

     5,615

+        3

+       61

Net portfolio holdings of TALF II LLC8

 

     1,581

+        1

-      579

Items in process of collection

(0)

        56

-        2

+       10

Bank premises

 

       453

+        7

-      157

Central bank liquidity swaps9

 

       230

+        1

+       64

Foreign currency denominated assets10

 

    18,301

+       12

+      758

Other assets11

 

    37,457

+    2,242

+    4,973

 

 

 

 

 

Total assets

(0)

 8,139,066

-    6,661

-  712,370

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
Aug 23, 2023

Change since

Wednesday

Wednesday

Aug 16, 2023

Aug 24, 2022

Liabilities

 

 

 

 

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

 

 2,277,521

-    2,246

+   51,201

Reverse repurchase agreements12

 

 2,112,514

+   15,848

-  381,846

Deposits

(0)

 3,773,913

-   21,600

-  289,138

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,177,380

-   51,573

-   93,533

U.S. Treasury, General Account

 

   416,031

+   31,217

-  114,165

Foreign official

 

     9,686

+        2

+    2,251

Other13

(0)

   170,816

-    1,246

-   83,691

Deferred availability cash items

(0)

       281

+       62

+       77

Treasury contributions to credit facilities14

 

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

 

   -81,241

+    1,273

-   89,004

 

 

 

 

 

Total liabilities

(0)

 8,096,347

-    6,661

-  713,292

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    35,934

         0

+      923

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,719

         0

+      923

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, August 23, 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

     1,430

        39

        45

       128

        58

       185

       116

       260

        34

        45

        91

       177

       254

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

 8,038,193

   154,731

 4,380,150

   130,686

   242,921

   548,555

   533,932

   490,908

   123,841

    60,398

   109,461

   392,235

   870,375

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    19,512

    19,512

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,615

         0

     5,615

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,581

         0

     1,581

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       230

        10

        82

         8

        22

        47

         7

         8

         5

         1

         2

         5

        33

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,301

       788

     6,513

       657

     1,726

     3,705

       549

       637

       412

       116

       194

       386

     2,619

Other assets5

    37,966

       806

    16,771

       659

     1,089

     2,744

     3,590

     2,057

       846

       493

       827

     1,814

     6,270

Interdistrict settlement account

         0

+    3,470

-  202,450

-    3,100

+   53,150

+  230,542

+   13,885

-   35,321

-    4,166

-    1,370

-    9,472

-   23,256

-   21,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 8,139,066

   179,912

 4,213,481

   129,563

   299,717

   786,964

   554,366

   459,652

   121,450

    59,947

   101,556

   372,651

   859,806

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, August 23, 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

 2,277,521

    81,016

   720,440

    54,906

   111,924

   168,151

   352,441

   124,793

    72,691

    34,197

    50,236

   190,660

   316,065

Reverse repurchase agreements6

 2,112,514

    40,813

 1,179,734

    34,817

    64,918

   147,009

   143,110

   131,687

    31,602

    14,324

    27,313

   103,000

   194,188

Deposits

 3,773,913

    47,325

 2,350,862

    38,936

   120,995

   474,857

    56,747

   207,764

    16,160

    11,202

    23,704

    79,184

   346,176

Depository institutions

 3,177,380

    47,269

 1,869,748

    38,935

   120,960

   474,411

    56,718

    93,128

    16,150

    11,149

    23,672

    79,095

   346,147

U.S. Treasury, General Account

   416,031

         0

   416,031

         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

   170,816

        53

    55,423

         0

        31

       438

        28

   114,635

         9

        53

        32

        88

        23

Earnings remittances due to the U.S. Treasury8

   -92,624

    -1,756

   -61,524

      -821

    -3,027

   -12,972

        -1

    -7,314

      -113

      -169

      -356

    -1,519

    -3,051

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

    11,664

     1,022

     5,427

       211

       433

     1,437

       653

       692

       146

       124

       194

       325

     1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 8,096,347

   178,104

 4,198,612

   128,050

   295,243

   778,481

   552,951

   457,622

   120,486

    59,678

   101,091

   371,650

   854,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    35,934

     1,516

    12,455

     1,269

     3,834

     7,109

     1,212

     1,794

       812

       226

       393

       858

     4,456

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

 8,139,066

   179,912

 4,213,481

   129,563

   299,717

   786,964

   554,366

   459,652

   121,450

    59,947

   101,556

   372,651

   859,806

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, August 23, 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

Aug 23, 2023

Federal Reserve notes outstanding

 2,688,481

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

   410,960

Federal Reserve notes to be collateralized

 2,277,521

Collateral held against Federal Reserve notes

 2,277,521

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,261,285

Other assets pledged

         0

Memo:

 

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

 7,521,981

Less: Face value of securities under reverse repurchase agreements

 2,346,318

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

 5,175,663

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: August 24, 2023