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Release Date: January 25, 2024

 

 

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
Jan 24, 2024

Week ended
Jan 24, 2024

Change from week ended

Jan 17, 2024

Jan 25, 2023

Reserve Bank credit

 7,639,251

-   10,420

-  807,425

 7,640,881

Securities held outright1

 7,155,261

-   21,563

-  917,919

 7,153,293

U.S. Treasury securities

 4,722,519

-   20,203

-  713,241

 4,722,302

Bills2

   212,379

-    1,497

-   73,958

   212,242

Notes and bonds, nominal2

 4,038,372

-   13,465

-  634,235

 4,038,372

Notes and bonds, inflation-indexed2

   360,222

-    3,826

-   14,757

   360,222

Inflation compensation3

   111,545

-    1,416

+    9,708

   111,466

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,430,396

-    1,359

-  204,677

 2,428,644

Unamortized premiums on securities held outright5

   277,123

-      612

-   34,566

   276,850

Unamortized discounts on securities held outright5

   -25,556

+      134

+    1,881

   -25,452

Repurchase agreements6

         1

         0

-        1

         0

Foreign official

         0

         0

         0

         0

Others

         1

         0

-        1

         0

Loans

   170,604

+   10,873

+  154,748

   173,891

Primary credit

     2,527

+      357

-    2,096

     2,785

Secondary credit

         0

-       29

         0

         0

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

     3,342

-       28

-    7,891

     3,338

Bank Term Funding Program

   164,735

+   10,574

+  164,735

   167,768

Other credit extensions7

         0

         0

         0

         0

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

    15,377

-      582

-    6,896

    15,394

Net portfolio holdings of Municipal Liquidity Facility LLC8

        31

-      183

-    5,546

         1

Net portfolio holdings of TALF II LLC8

         7

-       39

-    1,953

         0

Float

      -245

-        7

-       79

      -349

Central bank liquidity swaps9

       224

+        8

-      163

       224

Other Federal Reserve assets10

    46,423

+    1,549

+    3,068

    47,029

Foreign currency denominated assets11

    18,167

-      151

-      728

    18,227

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,658

+       14

+      592

    52,658

 

 

 

 

 

Total factors supplying reserve funds

 7,726,317

-   10,557

-  807,561

 7,728,007

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
Jan 24, 2024

Week ended
Jan 24, 2024

Change from week ended

Jan 17, 2024

Jan 25, 2023

Currency in circulation12

 2,332,056

-    5,910

+   39,790

 2,329,477

Reverse repurchase agreements13

   974,453

+   24,748

-1,492,696

   980,069

Foreign official and international accounts

   345,648

-    2,325

-   36,193

   340,509

Others

   628,805

+   27,072

-1,456,504

   639,560

Treasury cash holdings

       407

+       10

+      301

       407

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

   972,631

+   54,510

+  270,119

 1,007,778

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   799,358

+   50,475

+  307,510

   815,159

Foreign official

     9,690

-        2

+      756

     9,689

Other14

   163,583

+    4,036

-   38,147

   182,930

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

   -87,352

+    1,121

-  111,961

   -86,871

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 4,199,634

+   74,479

-1,302,355

 4,238,298

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,526,683

-   85,036

+  494,794

 3,489,709

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.

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
Jan 24, 2024

Week ended
Jan 24, 2024

Change from week ended

Jan 17, 2024

Jan 25, 2023

Securities held in custody for foreign official and international accounts

 3,357,040

-   22,049

+   36,326

 3,348,706

Marketable U.S. Treasury securities1

 2,932,080

-   19,924

+   18,574

 2,926,746

Federal agency debt and mortgage-backed securities2

   341,994

-    1,602

+   15,490

   338,990

Other securities3

    82,966

-      522

+    2,262

    82,970

Securities lent to dealers

    32,174

+    3,093

-    5,712

    35,026

Overnight facility4

    32,174

+    3,093

-    5,712

    35,026

U.S. Treasury securities

    32,174

+    3,093

-    5,691

    35,026

Federal agency debt securities

         0

         0

-       21

         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, January 24, 2024

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

     3,923

    49,323

   117,311

     3,334

         0

...

   173,891

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    69,991

   250,636

   552,163

 1,594,803

   749,752

 1,504,956

 4,722,302

Weekly changes

+    2,301

+      573

-    4,409

-       87

-       40

-       60

-    1,723

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

        23

     5,334

    32,055

 2,391,231

 2,428,644

Weekly changes

         0

         0

         0

-        5

+        6

-    3,066

-    3,066

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     7,566

...

...

     7,566

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

       224

         0

         0

         0

         0

         0

       224

Reverse repurchase agreements6

   980,069

         0

...

...

...

...

   980,069

Term deposits

         0

         0

         0

...

...

...

         0

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

 

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities LLC.

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Jan 24, 2024

Mortgage-backed securities held outright1

 2,428,644

Residential mortgage-backed securities

 2,420,419

Commercial mortgage-backed securities

     8,225

 

 

Commitments to buy mortgage-backed securities2

        71

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 Jan 24, 2024

 

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)

     6,620

     7,062

     8,331

    15,394

Municipal Liquidity Facility LLC

         0

         0

         1

         1

TALF II LLC

         0

         0

         0

         0

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.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Jan 24, 2024

Change since

Wednesday

Wednesday

Jan 17, 2024

Jan 25, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,486

+       24

+      234

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

 

 7,578,582

+    1,391

-  784,219

Securities held outright1

 

 7,153,293

-    4,788

-  909,372

U.S. Treasury securities

 

 4,722,302

-    1,723

-  713,280

Bills2

 

   212,242

-    1,507

-   73,958

Notes and bonds, nominal2

 

 4,038,372

         0

-  634,235

Notes and bonds, inflation-indexed2

 

   360,222

         0

-   14,757

Inflation compensation3

 

   111,466

-      215

+    9,669

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,428,644

-    3,066

-  196,091

Unamortized premiums on securities held outright5

 

   276,850

-      717

-   34,339

Unamortized discounts on securities held outright5

 

   -25,452

+      166

+    1,890

Repurchase agreements6

 

         0

         0

         0

Loans7

 

   173,891

+    6,730

+  157,602

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

 

    15,394

+       19

-    6,897

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         1

-      213

-    5,578

Net portfolio holdings of TALF II LLC8

 

         0

-       46

-    1,961

Items in process of collection

(0)

        48

+        1

-        4

Bank premises

 

       439

+        5

-       48

Central bank liquidity swaps9

 

       224

+        8

-      163

Foreign currency denominated assets10

 

    18,227

+       98

-      734

Other assets11

 

    46,593

+    2,202

+    6,045

 

 

 

 

 

Total assets

(0)

 7,677,230

+    3,489

-  793,327

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
Jan 24, 2024

Change since

Wednesday

Wednesday

Jan 17, 2024

Jan 25, 2023

Liabilities

 

 

 

 

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

 

 2,278,707

-    6,484

+   37,633

Reverse repurchase agreements12

 

   980,069

+   43,746

-1,435,135

Deposits

(0)

 4,497,489

-   35,359

+  723,265

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,489,711

-  102,616

+  489,169

U.S. Treasury, General Account

 

   815,159

+   41,615

+  242,537

Foreign official

 

     9,689

-        1

+      756

Other13

(0)

   182,930

+   25,642

-    9,197

Deferred availability cash items

(0)

       397

+       77

+      148

Treasury contributions to credit facilities14

 

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

 

  -129,722

+    1,508

-  112,353

 

 

 

 

 

Total liabilities

(0)

 7,634,379

+    3,489

-  794,352

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,066

         0

+    1,025

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,851

         0

+    1,025

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.

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, January 24, 2024

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

     1,486

        52

        37

       136

        53

       185

       112

       263

        35

        55

        98

       191

       270

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

 7,578,582

   153,452

 4,147,340

   125,498

   232,203

   527,945

   515,479

   473,815

   119,782

    60,429

   108,609

   377,897

   736,132

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    15,394

    15,394

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

         1

         0

         1

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       224

        10

        80

         8

        21

        45

         7

         8

         5

         1

         2

         5

        32

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,227

       784

     6,485

       655

     1,719

     3,691

       546

       635

       410

       115

       193

       384

     2,608

Other assets5

    47,080

     1,054

    22,531

       851

     1,455

     3,570

     4,524

     2,809

       886

       675

     1,057

     2,437

     5,231

Interdistrict settlement account

         0

+    4,516

+   13,512

-   17,241

+   38,786

+  144,239

-   44,364

-   81,502

-   11,752

-    8,978

-   20,864

-   67,256

+   50,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,677,230

   175,819

 4,195,161

   110,432

   274,989

   680,862

   478,590

   397,131

   109,845

    52,562

    89,549

   314,948

   797,342

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, January 24, 2024 (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

 2,278,707

    79,697

   744,076

    49,757

   108,814

   159,449

   353,154

   121,935

    72,395

    32,496

    47,285

   188,049

   321,601

Reverse repurchase agreements6

   980,069

    18,935

   547,320

    16,153

    30,118

    68,202

    66,394

    61,094

    14,661

     6,645

    12,671

    47,785

    90,091

Deposits

 4,497,489

    69,127

 2,973,818

    44,132

   136,610

   465,205

    56,858

   221,580

    21,731

    13,247

    29,457

    79,516

   386,209

Depository institutions

 3,489,711

    69,075

 2,069,725

    44,130

   136,578

   464,973

    56,830

   118,451

    21,723

    13,190

    29,428

    79,432

   386,176

U.S. Treasury, General Account

   815,159

         0

   815,159

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,689

         2

     9,663

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   182,930

        51

    79,270

         0

        29

       224

        27

   103,127

         7

        57

        28

        83

        27

Earnings remittances due to the U.S. Treasury8

  -141,640

    -2,704

   -90,223

    -1,330

    -5,547

   -21,905

        24

   -10,259

       -68

      -222

      -528

    -1,762

    -7,116

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    12,315

     1,538

     5,355

       212

       435

     1,456

       756

       677

       161

       127

       197

       330

     1,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,634,379

   174,031

 4,180,346

   108,923

   270,429

   672,408

   477,186

   395,028

   108,880

    52,293

    89,082

   313,918

   791,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,066

     1,505

    12,469

     1,270

     3,837

     7,116

     1,182

     1,770

       812

       226

       393

       867

     4,617

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and capital

 7,677,230

   175,819

 4,195,161

   110,432

   274,989

   680,862

   478,590

   397,131

   109,845

    52,562

    89,549

   314,948

   797,342

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, January 24, 2024 (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.

 

  

 

 

 

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

Jan 24, 2024

Federal Reserve notes outstanding

 2,707,673

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

   428,965

Federal Reserve notes to be collateralized

 2,278,707

Collateral held against Federal Reserve notes

 2,278,707

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,262,471

Other assets pledged

         0

Memo:

 

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

 7,153,293

Less: Face value of securities under reverse repurchase agreements

 1,131,677

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

 6,021,616

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: January 25, 2024