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Release Date: February 22, 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 21, 2024

Week ended
Feb 21, 2024

Change from week ended

Feb 14, 2024

Feb 22, 2023

Reserve Bank credit

 7,547,527

-   49,447

-  801,219

 7,545,469

Securities held outright1

 7,080,125

-   31,935

-  909,196

 7,077,988

U.S. Treasury securities

 4,661,455

-   31,081

-  702,941

 4,661,421

Bills2

   210,353

         0

-   74,668

   210,353

Notes and bonds, nominal2

 3,979,933

-   30,961

-  623,797

 3,979,933

Notes and bonds, inflation-indexed2

   360,222

         0

-   14,757

   360,222

Inflation compensation3

   110,947

-      120

+   10,281

   110,912

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,416,323

-      854

-  206,255

 2,414,220

Unamortized premiums on securities held outright5

   274,616

-      603

-   34,115

   274,368

Unamortized discounts on securities held outright5

   -25,653

-       60

+    2,063

   -25,568

Repurchase agreements6

         0

-        1

         0

         1

Foreign official

         0

         0

         0

         0

Others

         0

-        1

         0

         1

Loans

   169,822

-      856

+  154,227

   169,867

Primary credit

     2,379

-      219

-    2,360

     2,405

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

     3,238

-       34

-    7,618

     3,230

Bank Term Funding Program

   164,205

-      603

+  164,205

   164,231

Other credit extensions7

         0

         0

         0

         0

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

    14,798

-      309

-    7,585

    14,809

Net portfolio holdings of Municipal Liquidity Facility LLC8

         1

         0

-    5,586

         1

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,951

         0

Float

      -253

-       30

-       99

      -337

Central bank liquidity swaps9

       215

-       12

-      178

       215

Other Federal Reserve assets10

    33,856

-   15,641

+    1,201

    34,125

Foreign currency denominated assets11

    17,998

+        3

-      471

    18,041

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,714

+       14

+      619

    52,714

 

 

 

 

 

Total factors supplying reserve funds

 7,634,480

-   49,430

-  801,071

 7,632,466

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 21, 2024

Week ended
Feb 21, 2024

Change from week ended

Feb 14, 2024

Feb 22, 2023

Currency in circulation12

 2,329,633

+    2,854

+   28,475

 2,330,768

Reverse repurchase agreements13

   875,108

-   23,902

-1,538,537

   914,625

Foreign official and international accounts

   342,633

+    8,454

-    9,438

   339,743

Others

   532,475

-   32,356

-1,529,099

   574,882

Treasury cash holdings

       440

+       16

+      338

       466

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

   952,911

-   55,425

+  280,594

   952,730

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   785,465

-   52,540

+  308,132

   788,759

Foreign official

     9,689

         0

+      253

     9,687

Other14

   157,757

-    2,885

-   27,791

   154,283

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

   -97,049

+    1,973

-  113,454

   -96,658

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 4,068,481

-   74,484

-1,350,493

 4,109,371

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,565,999

+   25,054

+  549,422

 3,523,095

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 21, 2024

Week ended
Feb 21, 2024

Change from week ended

Feb 14, 2024

Feb 22, 2023

Securities held in custody for foreign official and international accounts

 3,368,248

+    1,467

+   15,569

 3,363,763

Marketable U.S. Treasury securities1

 2,949,633

+    2,708

+    5,389

 2,946,162

Federal agency debt and mortgage-backed securities2

   336,454

-    1,139

+    9,974

   335,589

Other securities3

    82,161

-      101

+      206

    82,011

Securities lent to dealers

    27,645

-    2,383

-    9,023

    33,527

Overnight facility4

    27,645

-    2,383

-    9,023

    33,527

U.S. Treasury securities

    27,645

-    2,383

-    9,009

    33,527

Federal agency debt securities

         0

         0

-       14

         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 21, 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

     2,517

    65,061

    99,063

     3,227

         0

...

   169,867

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    67,773

   257,083

   549,934

 1,563,703

   716,276

 1,506,651

 4,661,421

Weekly changes

-   50,394

+   62,348

-    2,770

-   16,603

-   25,472

+    1,817

-   31,074

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

     5,570

    31,567

 2,377,051

 2,414,220

Weekly changes

         0

         0

         0

-        1

-        3

-    3,003

-    3,007

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     7,346

...

...

     7,346

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       215

         0

         0

         0

         0

         0

       215

Reverse repurchase agreements6

   914,625

         0

...

...

...

...

   914,625

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 21, 2024

Mortgage-backed securities held outright1

 2,414,220

Residential mortgage-backed securities

 2,406,005

Commercial mortgage-backed securities

     8,215

 

 

Commitments to buy mortgage-backed securities2

        78

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 Feb 21, 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)

     6,283

     6,511

     8,298

    14,809

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 21, 2024

Change since

Wednesday

Wednesday

Feb 14, 2024

Feb 22, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,537

+       10

+      235

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

 

 7,496,656

-   35,378

-  786,393

Securities held outright1

 

 7,077,988

-   34,081

-  908,899

U.S. Treasury securities

 

 4,661,421

-   31,074

-  702,870

Bills2

 

   210,353

         0

-   74,668

Notes and bonds, nominal2

 

 3,979,933

-   30,961

-  623,804

Notes and bonds, inflation-indexed2

 

   360,222

         0

-   14,757

Inflation compensation3

 

   110,912

-      113

+   10,358

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,414,220

-    3,007

-  206,028

Unamortized premiums on securities held outright5

 

   274,368

-      655

-   34,081

Unamortized discounts on securities held outright5

 

   -25,568

-       61

+    2,081

Repurchase agreements6

 

         1

+        1

+        1

Loans7

 

   169,867

-      581

+  154,504

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

 

    14,809

-      323

-    7,577

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         1

         0

-    5,588

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,953

Items in process of collection

(0)

        61

-        3

+        6

Bank premises

 

       471

+       24

-       16

Central bank liquidity swaps9

 

       215

-       12

-      178

Foreign currency denominated assets10

 

    18,041

+      109

-      358

Other assets11

 

    33,653

-   16,619

+    1,313

 

 

 

 

 

Total assets

(0)

 7,581,683

-   52,191

-  800,507

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 21, 2024

Change since

Wednesday

Wednesday

Feb 14, 2024

Feb 22, 2023

Liabilities

 

 

 

 

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

 

 2,280,054

+    2,637

+   28,157

Reverse repurchase agreements12

 

   914,625

+    9,053

-1,556,732

Deposits

(0)

 4,475,825

-   65,742

+  848,439

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,523,095

-   14,374

+  539,537

U.S. Treasury, General Account

 

   788,759

-   43,121

+  337,452

Foreign official

 

     9,687

         0

+      252

Other13

(0)

   154,283

-    8,248

-   28,803

Deferred availability cash items

(0)

       398

+       22

+       46

Treasury contributions to credit facilities14

 

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

 

  -139,798

+    1,836

-  113,112

 

 

 

 

 

Total liabilities

(0)

 7,538,542

-   52,193

-  801,111

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,355

+        1

+      604

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,140

+        1

+      604

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 21, 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

     1,537

        51

        39

       142

        57

       189

       118

       271

        40

        58

       102

       194

       277

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

 7,496,656

   151,779

 4,103,908

   124,170

   229,367

   522,338

   509,610

   468,725

   118,182

    59,921

   107,506

   372,826

   728,324

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    14,809

    14,809

         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

       215

         9

        76

         8

        20

        44

         6

         7

         5

         1

         2

         5

        31

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,041

       776

     6,420

       648

     1,701

     3,653

       541

       628

       406

       114

       192

       380

     2,582

Other assets5

    34,186

       830

    15,237

       648

     1,043

     2,718

     3,266

     2,031

       881

       593

       889

     1,847

     4,203

Interdistrict settlement account

         0

+    4,144

-   26,957

-   11,862

+   41,296

+  176,704

-   39,026

-   86,986

-   10,797

-    7,200

-   20,071

-   56,914

+   37,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,581,683

   172,955

 4,103,899

   114,279

   274,237

   706,832

   476,801

   385,782

   109,196

    53,751

    89,071

   319,627

   775,253

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 21, 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

 2,280,054

    79,967

   740,668

    49,451

   110,094

   160,626

   355,259

   121,442

    71,190

    32,390

    44,638

   189,467

   324,862

Reverse repurchase agreements6

   914,625

    17,670

   510,773

    15,074

    28,107

    63,648

    61,961

    57,014

    13,682

     6,202

    11,825

    44,594

    84,075

Deposits

 4,475,825

    67,701

 2,928,069

    49,466

   137,039

   496,209

    57,539

   215,331

    23,258

    14,982

    32,485

    85,902

   367,845

Depository institutions

 3,523,095

    67,631

 2,077,726

    49,464

   137,006

   495,783

    57,510

   113,812

    23,252

    14,920

    32,450

    85,730

   367,811

U.S. Treasury, General Account

   788,759

         0

   788,759

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,687

         2

     9,662

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   154,283

        69

    51,922

         0

        30

       417

        27

   101,517

         5

        62

        34

       171

        29

Earnings remittances due to the U.S. Treasury8

  -151,571

    -2,950

   -95,833

    -1,450

    -6,009

   -23,544

      -216

   -10,813

       -72

      -224

      -557

    -1,788

    -8,114

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

    12,171

     1,320

     5,372

       229

       428

     1,438

       782

       682

       167

       129

       206

       333

     1,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,538,542

   171,147

 4,089,049

   112,769

   269,659

   698,377

   475,324

   383,656

   108,225

    53,479

    88,597

   318,508

   769,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,355

     1,525

    12,504

     1,271

     3,856

     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

 7,581,683

   172,955

 4,103,899

   114,279

   274,237

   706,832

   476,801

   385,782

   109,196

    53,751

    89,071

   319,627

   775,253

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 21, 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 21, 2024

Federal Reserve notes outstanding

 2,718,435

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

   438,382

Federal Reserve notes to be collateralized

 2,280,054

Collateral held against Federal Reserve notes

 2,280,054

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,263,817

Other assets pledged

         0

Memo:

 

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

 7,077,989

Less: Face value of securities under reverse repurchase agreements

 1,067,549

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

 6,010,440

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 22, 2024