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Release Date: February 15, 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
Feb 14, 2024

Week ended
Feb 14, 2024

Change from week ended

Feb 7, 2024

Feb 15, 2023

Reserve Bank credit

 7,596,974

+    2,871

-  796,102

 7,597,802

Securities held outright1

 7,112,060

-       93

-  907,081

 7,112,069

U.S. Treasury securities

 4,692,536

-      113

-  699,676

 4,692,495

Bills2

   210,353

         0

-   74,668

   210,353

Notes and bonds, nominal2

 4,010,894

         0

-  620,264

 4,010,894

Notes and bonds, inflation-indexed2

   360,222

         0

-   14,757

   360,222

Inflation compensation3

   111,067

-      113

+   10,013

   111,025

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,417,177

+       21

-  207,405

 2,417,227

Unamortized premiums on securities held outright5

   275,219

-      503

-   34,272

   275,023

Unamortized discounts on securities held outright5

   -25,593

+       15

+    1,940

   -25,507

Repurchase agreements6

         1

+        1

+        1

         0

Foreign official

         0

         0

         0

         0

Others

         1

+        1

+        1

         0

Loans

   170,678

+      127

+  154,890

   170,448

Primary credit

     2,598

+      201

-    2,242

     2,419

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

     3,272

-       31

-    7,676

     3,258

Bank Term Funding Program

   164,808

-       43

+  164,808

   164,772

Other credit extensions7

         0

         0

         0

         0

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

    15,107

+       21

-    7,481

    15,132

Net portfolio holdings of Municipal Liquidity Facility LLC8

         1

         0

-    5,583

         1

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,950

         0

Float

      -223

+       43

-       61

      -311

Central bank liquidity swaps9

       227

-        3

-      164

       227

Other Federal Reserve assets10

    49,497

+    3,263

+    3,659

    50,719

Foreign currency denominated assets11

    17,995

-       99

-      618

    17,932

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,700

+       14

+      612

    52,700

 

 

 

 

 

Total factors supplying reserve funds

 7,683,910

+    2,786

-  796,109

 7,684,675

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
Feb 14, 2024

Week ended
Feb 14, 2024

Change from week ended

Feb 7, 2024

Feb 15, 2023

Currency in circulation12

 2,326,779

+       97

+   28,286

 2,328,158

Reverse repurchase agreements13

   899,010

+   33,731

-1,518,058

   905,572

Foreign official and international accounts

   334,179

-    5,158

-   28,041

   330,240

Others

   564,831

+   38,889

-1,490,018

   575,332

Treasury cash holdings

       424

+       10

+      325

       436

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

 1,008,336

+   33,141

+  316,399

 1,004,097

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   838,005

+   35,870

+  347,626

   831,880

Foreign official

     9,689

         0

+      251

     9,687

Other14

   160,642

-    2,728

-   31,479

   162,531

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

   -99,022

-    5,815

-  115,058

   -98,495

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 4,142,965

+   61,164

-1,296,015

 4,147,206

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,540,945

-   58,378

+  499,907

 3,537,469

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
Feb 14, 2024

Week ended
Feb 14, 2024

Change from week ended

Feb 7, 2024

Feb 15, 2023

Securities held in custody for foreign official and international accounts

 3,366,781

+    6,960

+   20,719

 3,367,084

Marketable U.S. Treasury securities1

 2,946,925

+    7,275

+    8,786

 2,948,081

Federal agency debt and mortgage-backed securities2

   337,593

-      296

+   10,911

   336,854

Other securities3

    82,262

-       20

+    1,020

    82,149

Securities lent to dealers

    30,028

-    2,887

-    5,805

    31,545

Overnight facility4

    30,028

-    2,887

-    5,805

    31,545

U.S. Treasury securities

    30,028

-    2,887

-    5,790

    31,545

Federal agency debt securities

         0

         0

-       15

         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, February 14, 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

     1,836

    65,392

    99,966

     3,254

         0

...

   170,448

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

   118,167

   194,735

   552,704

 1,580,306

   741,748

 1,504,834

 4,692,495

Weekly changes

+   35,900

-   35,866

-       49

-       46

-       21

-       31

-      113

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

        32

     5,571

    31,570

 2,380,054

 2,417,227

Weekly changes

         0

         0

         0

         0

         0

+       71

+       71

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     7,374

...

...

     7,374

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

       227

         0

         0

         0

         0

         0

       227

Reverse repurchase agreements6

   905,572

         0

...

...

...

...

   905,572

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

Feb 14, 2024

Mortgage-backed securities held outright1

 2,417,227

Residential mortgage-backed securities

 2,409,007

Commercial mortgage-backed securities

     8,221

 

 

Commitments to buy mortgage-backed securities2

        78

Commitments to sell mortgage-backed securities2

         0

 

 

Cash and cash equivalents3

         1

 

1.

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

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.


 

 


 

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:

Wednesday Feb 14, 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

     6,539

     8,594

    15,132

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 December 31, 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
Feb 14, 2024

Change since

Wednesday

Wednesday

Feb 7, 2024

Feb 15, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,527

+       10

+      234

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

 

 7,532,034

-      611

-  755,668

Securities held outright1

 

 7,112,069

-       43

-  878,398

U.S. Treasury securities

 

 4,692,495

-      113

-  672,112

Bills2

 

   210,353

         0

-   74,668

Notes and bonds, nominal2

 

 4,010,894

         0

-  592,793

Notes and bonds, inflation-indexed2

 

   360,222

         0

-   14,757

Inflation compensation3

 

   111,025

-      113

+   10,105

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,417,227

+       71

-  206,285

Unamortized premiums on securities held outright5

 

   275,023

-      532

-   34,199

Unamortized discounts on securities held outright5

 

   -25,507

+       16

+    2,152

Repurchase agreements6

 

         0

         0

         0

Loans7

 

   170,448

-       53

+  154,775

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

 

    15,132

+       29

-    7,251

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         1

         0

-    5,585

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,951

Items in process of collection

(0)

        64

+        8

+       13

Bank premises

 

       447

+        1

-       38

Central bank liquidity swaps9

 

       227

-        3

-      164

Foreign currency denominated assets10

 

    17,932

-      135

-      557

Other assets11

 

    50,272

+    3,274

+   20,074

 

 

 

 

 

Total assets

(0)

 7,633,874

+    2,574

-  750,893

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
Feb 14, 2024

Change since

Wednesday

Wednesday

Feb 7, 2024

Feb 15, 2023

Liabilities

 

 

 

 

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

 

 2,277,417

+      789

+   28,690

Reverse repurchase agreements12

 

   905,572

+   15,393

-1,456,932

Deposits

(0)

 4,541,567

-    7,570

+  799,271

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,537,469

-   18,269

+  430,050

U.S. Treasury, General Account

 

   831,880

+   10,305

+  392,177

Foreign official

 

     9,687

-        4

+      253

Other13

(0)

   162,531

+      397

-   23,209

Deferred availability cash items

(0)

       376

-        1

+      178

Treasury contributions to credit facilities14

 

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

 

  -141,634

-    6,035

-  114,792

 

 

 

 

 

Total liabilities

(0)

 7,590,735

+    2,574

-  751,496

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,354

         0

+      603

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,139

         0

+      603

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, February 14, 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

     1,527

        50

        39

       141

        55

       187

       115

       271

        41

        57

       102

       194

       275

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

 7,532,034

   152,506

 4,123,347

   124,766

   230,434

   524,752

   511,970

   470,942

   119,164

    60,090

   108,000

   374,560

   731,504

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    15,132

    15,132

         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

       227

        10

        81

         8

        21

        46

         7

         8

         5

         1

         2

         5

        32

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    17,932

       772

     6,382

       644

     1,691

     3,631

       538

       624

       404

       113

       190

       378

     2,566

Other assets5

    50,783

     1,144

    24,539

       920

     1,552

     3,864

     4,393

     3,061

     1,141

       739

     1,095

     2,646

     5,690

Interdistrict settlement account

         0

-    5,005

-   12,012

-   13,241

+   50,211

+  151,651

-   41,396

-   87,610

-   12,037

-    6,583

-   20,639

-   68,106

+   64,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,633,874

   165,166

 4,147,552

   113,763

   284,716

   685,318

   477,913

   388,400

   109,197

    54,681

    89,202

   310,967

   807,000

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, February 14, 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

 2,277,417

    79,951

   741,054

    49,389

   109,494

   159,975

   354,069

   121,574

    71,517

    32,361

    45,194

   189,010

   323,828

Reverse repurchase agreements6

   905,572

    17,495

   505,717

    14,925

    27,829

    63,018

    61,347

    56,450

    13,547

     6,140

    11,708

    44,153

    83,243

Deposits

 4,541,567

    60,160

 2,977,392

    49,193

   148,460

   475,992

    60,641

   218,495

    23,099

    16,020

    32,205

    78,237

   401,672

Depository institutions

 3,537,469

    60,089

 2,080,344

    49,192

   148,428

   475,611

    60,578

   112,249

    23,094

    15,963

    32,175

    78,108

   401,638

U.S. Treasury, General Account

   831,880

         0

   831,880

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,687

         2

     9,661

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   162,531

        69

    55,507

         0

        28

       373

        62

   106,244

         5

        57

        29

       128

        29

Earnings remittances due to the U.S. Treasury8

  -149,508

    -2,919

   -94,538

    -1,426

    -5,924

   -23,174

      -271

   -10,703

       -79

      -225

      -553

    -1,787

    -7,910

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

     8,249

     1,232

     3,076

       172

       280

     1,051

       648

       458

       142

       113

       174

       236

       666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,590,735

   163,357

 4,132,701

   112,253

   280,139

   676,863

   476,435

   386,274

   108,226

    54,410

    88,728

   309,848

   801,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,354

     1,525

    12,504

     1,271

     3,855

     7,116

     1,255

     1,792

       818

       229

       400

       956

     4,632

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

 7,633,874

   165,166

 4,147,552

   113,763

   284,716

   685,318

   477,913

   388,400

   109,197

    54,681

    89,202

   310,967

   807,000

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, February 14, 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

Feb 14, 2024

Federal Reserve notes outstanding

 2,716,705

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

   439,289

Federal Reserve notes to be collateralized

 2,277,417

Collateral held against Federal Reserve notes

 2,277,417

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,261,180

Other assets pledged

         0

Memo:

 

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

 7,112,069

Less: Face value of securities under reverse repurchase agreements

 1,051,220

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

 6,060,849

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: February 15, 2024