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Release Date: November 24, 2023

 

 

For Release at

4:30 P.M. Eastern time

November 24, 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 November 17, 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
Nov 22, 2023

Week ended
Nov 22, 2023

Change from week ended

Nov 15, 2023

Nov 23, 2022

Reserve Bank credit

 7,775,692

-   43,753

-  812,119

 7,774,682

Securities held outright1

 7,306,647

-   27,300

-  905,731

 7,304,878

U.S. Treasury securities

 4,842,800

-   25,869

-  692,406

 4,842,936

Bills2

   231,266

         0

-   64,793

   231,266

Notes and bonds, nominal2

 4,132,451

-   26,152

-  630,313

 4,132,451

Notes and bonds, inflation-indexed2

   365,405

         0

-   10,381

   365,405

Inflation compensation3

   113,678

+      283

+   13,080

   113,814

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,461,499

-    1,433

-  213,326

 2,459,595

Unamortized premiums on securities held outright5

   282,824

-      592

-   35,546

   282,499

Unamortized discounts on securities held outright5

   -26,622

-       10

+      713

   -26,497

Repurchase agreements6

         0

-       14

         0

         0

Foreign official

         0

         0

         0

         0

Others

         0

-       14

         0

         0

Loans

   154,039

-      209

+  132,682

   154,467

Primary credit

     2,190

-       51

-    6,555

     2,442

Secondary credit

         0

         0

         0

         0

Seasonal credit

        21

-        6

+        1

        22

Paycheck Protection Program Liquidity Facility

     4,082

-       80

-    8,511

     4,029

Bank Term Funding Program

   113,602

+    1,012

+  113,602

   114,099

Other credit extensions7

    34,144

-    1,085

+   34,144

    33,875

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

    16,885

-    2,230

-    6,219

    16,577

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,598

-       49

+       43

     5,601

Net portfolio holdings of TALF II LLC8

       381

-      640

-    1,613

       382

Float

      -207

-       41

-       12

      -353

Central bank liquidity swaps9

       237

-       50

+       35

       237

Other Federal Reserve assets10

    35,910

-   12,617

+    3,529

    36,890

Foreign currency denominated assets11

    18,067

+      252

+      305

    18,039

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,532

+       14

+      520

    52,532

 

 

 

 

 

Total factors supplying reserve funds

 7,862,532

-   43,486

-  811,294

 7,861,494

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
Nov 22, 2023

Week ended
Nov 22, 2023

Change from week ended

Nov 15, 2023

Nov 23, 2022

Currency in circulation12

 2,328,293

+    2,363

+   34,107

 2,331,388

Reverse repurchase agreements13

 1,262,351

-   68,332

-1,218,646

 1,271,679

Foreign official and international accounts

   328,742

+    4,385

-   44,653

   340,075

Others

   933,609

-   72,717

-1,173,992

   931,604

Treasury cash holdings

       391

+        4

+      294

       390

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

   876,362

-   31,782

+  191,738

   861,283

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   706,017

-   32,545

+  226,543

   693,007

Foreign official

     9,687

-        2

+    2,251

     9,685

Other14

   160,658

+      766

-   37,056

   158,591

Treasury contributions to credit facilities15

    10,747

-    2,611

-    4,970

    10,311

Other liabilities and capital16

   -69,464

-    5,267

-  106,938

   -68,620

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 4,408,680

-  105,625

-1,104,416

 4,406,431

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,453,853

+   62,140

+  293,123

 3,455,063

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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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
Nov 22, 2023

Week ended
Nov 22, 2023

Change from week ended

Nov 15, 2023

Nov 23, 2022

Securities held in custody for foreign official and international accounts

 3,407,664

-   22,911

+   97,316

 3,396,509

Marketable U.S. Treasury securities1

 2,972,993

-   21,721

+   76,729

 2,966,240

Federal agency debt and mortgage-backed securities2

   350,997

-    2,330

+   19,756

   346,350

Other securities3

    83,674

+    1,141

+      831

    83,920

Securities lent to dealers

    35,241

-    1,381

-    5,947

    33,467

Overnight facility4

    35,241

-    1,381

-    5,947

    33,467

U.S. Treasury securities

    35,241

-    1,381

-    5,937

    33,467

Federal agency debt securities

         0

         0

-       10

         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, November 22, 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

    36,997

     2,688

   110,758

     4,025

         0

...

   154,467

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    65,379

   250,158

   588,522

 1,649,063

   784,862

 1,504,952

 4,842,936

Weekly changes

-    8,715

+   48,463

+    7,948

-   47,538

+      834

-      674

+      317

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

        19

     4,513

    38,255

 2,416,807

 2,459,595

Weekly changes

         0

         0

         0

-    1,865

+    1,850

-    3,321

-    3,336

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     8,885

...

...

     8,885

Municipal notes held by Municipal

 

 

 

 

 

 

 

Liquidity Facility LLC6

         0

     2,907

         0

         0

...

...

     2,907

Loans held by TALF II LLC7

       113

        32

         0

         0

...

...

       145

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       237

         0

         0

         0

         0

         0

       237

Reverse repurchase agreements8

 1,271,679

         0

...

...

...

...

 1,271,679

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

Nov 22, 2023

Mortgage-backed securities held outright1

 2,459,595

Residential mortgage-backed securities

 2,451,309

Commercial mortgage-backed securities

     8,286

 

 

Commitments to buy mortgage-backed securities2

        14

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 Nov 22, 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)

     7,948

     8,130

     8,447

    16,577

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,693

     5,601

TALF II LLC

       200

       145

       237

       382

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 September 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
Nov 22, 2023

Change since

Wednesday

Wednesday

Nov 15, 2023

Nov 23, 2022

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,406

-       35

+      231

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

 

 7,715,348

-    3,903

-  806,816

Securities held outright1

 

 7,304,878

-    3,019

-  904,875

U.S. Treasury securities

 

 4,842,936

+      317

-  692,387

Bills2

 

   231,266

         0

-   64,793

Notes and bonds, nominal2

 

 4,132,451

         0

-  630,313

Notes and bonds, inflation-indexed2

 

   365,405

         0

-   10,381

Inflation compensation3

 

   113,814

+      317

+   13,099

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,459,595

-    3,336

-  212,488

Unamortized premiums on securities held outright5

 

   282,499

-      721

-   35,453

Unamortized discounts on securities held outright5

 

   -26,497

+       29

+      741

Repurchase agreements6

 

         0

-       76

         0

Loans7

 

   154,467

-      117

+  132,770

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

 

    16,577

-    2,230

-    6,198

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

     5,601

-       48

+       44

Net portfolio holdings of TALF II LLC8

 

       382

-      639

-    1,613

Items in process of collection

(0)

        98

+       37

-       10

Bank premises

 

       438

+        5

-      168

Central bank liquidity swaps9

 

       237

-       50

+       35

Foreign currency denominated assets10

 

    18,039

+       84

+      198

Other assets11

 

    36,452

+    2,604

+    3,721

 

 

 

 

 

Total assets

(0)

 7,810,814

-    4,177

-  810,576

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
Nov 22, 2023

Change since

Wednesday

Wednesday

Nov 15, 2023

Nov 23, 2022

Liabilities

 

 

 

 

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

 

 2,280,648

+    4,238

+   34,229

Reverse repurchase agreements12

 

 1,271,679

+    3,706

-1,158,525

Deposits

(0)

 4,316,346

-    4,283

+  425,399

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,455,063

-   28,262

+  286,214

U.S. Treasury, General Account

 

   693,007

+   23,031

+  200,253

Foreign official

 

     9,685

-        4

+    2,250

Other13

(0)

   158,591

+      953

-   63,319

Deferred availability cash items

(0)

       451

+      193

+        3

Treasury contributions to credit facilities14

 

    10,311

-    3,047

-    5,036

Other liabilities and accrued dividends15

 

  -111,396

-    4,982

-  107,835

 

 

 

 

 

Total liabilities

(0)

 7,768,039

-    4,176

-  811,766

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    35,991

         0

+    1,190

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,776

         0

+    1,190

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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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, November 22, 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

     1,406

        53

        39

       129

        49

       175

       104

       254

        26

        49

        96

       173

       258

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

 7,715,348

   150,477

 4,229,773

   127,162

   235,271

   533,624

   519,794

   477,226

   120,423

    58,714

   106,214

   382,130

   774,539

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    16,577

    16,577

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,601

         0

     5,601

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

       382

         0

       382

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       237

        10

        84

         9

        22

        48

         7

         8

         5

         1

         3

         5

        34

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,039

       776

     6,419

       648

     1,701

     3,652

       541

       628

       406

       114

       191

       380

     2,581

Other assets5

    36,987

       841

    16,116

       678

     1,091

     2,728

     3,692

     2,084

       932

       554

       910

     1,936

     5,427

Interdistrict settlement account

         0

+      612

-   80,556

-   14,917

+   51,299

+  200,174

-   25,818

-   80,344

-    9,945

-    2,632

-   15,569

-   55,678

+   33,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,810,814

   169,904

 4,183,034

   114,234

   290,185

   741,589

   500,606

   400,961

   112,326

    57,065

    92,297

   330,237

   818,377

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, November 22, 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

 2,280,648

    78,607

   733,799

    50,638

   110,679

   162,059

   354,669

   124,160

    72,501

    33,179

    48,257

   189,849

   322,251

Reverse repurchase agreements6

 1,271,679

    24,569

   710,169

    20,959

    39,079

    88,495

    86,149

    79,272

    19,023

     8,623

    16,441

    62,003

   116,896

Deposits

 4,316,346

    58,390

 2,795,528

    42,054

   140,010

   499,852

    57,554

   204,000

    19,753

    15,068

    27,391

    78,738

   378,007

Depository institutions

 3,455,063

    58,334

 2,038,441

    42,053

   139,967

   499,375

    57,525

   100,747

    19,732

    14,998

    27,360

    78,559

   377,972

U.S. Treasury, General Account

   693,007

         0

   693,007

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,685

         2

     9,660

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   158,591

        54

    54,421

         0

        40

       469

        27

   103,252

        20

        69

        30

       179

        30

Earnings remittances due to the U.S. Treasury8

  -120,406

    -2,258

   -78,031

    -1,122

    -4,394

   -18,377

        75

    -8,959

       -61

      -195

      -447

    -1,614

    -5,023

Treasury contributions to credit facilities9

    10,311

     7,438

     2,873

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,460

     1,362

     3,812

       191

       333

     1,067

       775

       483

       144

       122

       190

       251

       731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,768,039

   168,107

 4,168,151

   112,720

   285,708

   733,096

   499,221

   398,957

   111,361

    56,797

    91,832

   329,227

   812,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    35,991

     1,505

    12,469

     1,270

     3,837

     7,118

     1,182

     1,768

       812

       226

       393

       867

     4,543

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

 7,810,814

   169,904

 4,183,034

   114,234

   290,185

   741,589

   500,606

   400,961

   112,326

    57,065

    92,297

   330,237

   818,377

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, November 22, 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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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

Nov 22, 2023

Federal Reserve notes outstanding

 2,704,102

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

   423,454

Federal Reserve notes to be collateralized

 2,280,648

Collateral held against Federal Reserve notes

 2,280,648

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,264,411

Other assets pledged

         0

Memo:

 

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

 7,304,878

Less: Face value of securities under reverse repurchase agreements

 1,400,479

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

 5,904,400

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: November 24, 2023