Board of Governors of the Federal Reserve System

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 7,222,647

-   37,693

-1,130,636

 7,219,257

Securities held outright1

 6,822,113

-   33,826

-  900,488

 6,818,225

U.S. Treasury securities

 4,465,123

-   24,114

-  696,895

 4,461,236

Bills2

   195,218

         0

-   83,250

   195,218

Notes and bonds, nominal2

 3,801,974

-   25,432

-  607,079

 3,797,735

Notes and bonds, inflation-indexed2

   350,975

+      814

-   17,278

   351,111

Inflation compensation3

   116,956

+      504

+   10,712

   117,172

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,354,642

-    9,713

-  203,594

 2,354,642

Unamortized premiums on securities held outright5

   266,222

-      578

-   32,262

   265,994

Unamortized discounts on securities held outright5

   -25,332

-       66

+    2,520

   -25,233

Repurchase agreements6

        16

+       15

+       16

       106

Foreign official

         0

-        1

         0

         0

Others

        16

+       15

+       16

       106

Loans

   117,399

-      849

-  180,151

   116,968

Primary credit

     6,499

-      170

+    3,443

     6,188

Secondary credit

         0

         0

         0

         0

Seasonal credit

        31

-        4

+       17

        33

Paycheck Protection Program Liquidity Facility

     2,915

-        6

-    4,982

     2,913

Bank Term Funding Program

   107,954

-      668

+    8,419

   107,834

Other credit extensions7

         0

         0

-  187,048

         0

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

    11,364

+       52

-    8,918

    11,373

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,582

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,709

         0

Float

      -474

-      105

-      248

      -717

Central bank liquidity swaps9

       129

+       17

-      214

       129

Other Federal Reserve assets10

    31,211

-    2,351

-    3,600

    32,412

Foreign currency denominated assets11

    17,988

+       95

-      352

    17,953

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,924

+       14

+      701

    52,924

Total factors supplying reserve funds

 7,309,800

-   37,583

-1,130,287

 7,306,375

Currency in circulation12

 2,353,070

+      605

+    9,243

 2,353,159

Reverse repurchase agreements13

   792,037

-   20,226

-1,698,409

   745,845

Foreign official and international accounts

   376,581

+    2,819

+   30,988

   374,004

Others

   415,455

-   23,046

-1,729,398

   371,841

Treasury cash holdings

       419

-       20

+      174

       405

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

   874,076

-   11,017

+  614,011

   866,128

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   710,309

+    5,974

+  665,553

   703,314

Foreign official

     9,745

+       61

-      149

     9,677

Other14

   154,022

-   17,052

-   51,392

   153,138

Treasury contributions to credit facilities15

     4,958

         0

-    8,400

     4,958

Other liabilities and capital16

  -123,071

-    5,894

-  105,467

  -121,859

Total factors, other than reserve balances,
absorbing reserve funds

 3,901,489

-   36,552

-1,188,847

 3,848,637

Reserve balances with Federal Reserve Banks

 3,408,310

-    1,032

+   58,559

 3,457,738

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 $5.0 billion.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,323,848

+    2,031

-   83,353

 3,327,543

Marketable U.S. Treasury securities1

 2,932,179

+    2,249

-   51,131

 2,936,038

Federal agency debt and mortgage-backed securities2

   310,714

-      151

-   31,816

   310,574

Other securities3

    80,956

-       66

-      404

    80,930

Securities lent to dealers

    31,887

-      415

-   17,118

    32,426

Overnight facility4

    31,887

-      415

-   17,118

    32,426

U.S. Treasury securities

    31,887

-      415

-   17,109

    32,426

Federal agency debt securities

         0

         0

-        9

         0

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.

Loans1

     1,140

     7,369

   105,594

     2,866

         0

...

   116,968

U.S. Treasury securities2

Holdings

    20,735

   253,236

   536,685

 1,489,600

   646,234

 1,514,746

 4,461,236

Weekly changes

-   40,185

+   22,376

+    3,877

-   12,708

-    2,661

+    1,093

-   28,208

Federal agency debt securities3

Holdings

         0

         0

         0

       486

     1,861

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         1

        31

     5,762

    27,527

 2,321,321

 2,354,642

Weekly changes

         0

+        1

         0

+      176

+       21

-      199

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     6,453

...

...

     6,453

Repurchase agreements6

       106

         0

...

...

...

...

       106

Central bank liquidity swaps7

       129

         0

         0

         0

         0

         0

       129

Reverse repurchase agreements6

   745,845

         0

...

...

...

...

   745,845

Term deposits

         0

         0

         0

...

...

...

         0

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.

Mortgage-backed securities held outright1

 2,354,642

Residential mortgage-backed securities

 2,346,483

Commercial mortgage-backed securities

     8,159

Commitments to buy mortgage-backed securities2

        92

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.

MS Facilities LLC (Main Street Lending Program)

     5,486

     5,454

     5,918

    11,373

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 includes loan participations at face value, net of an allowance for credit losses updated as of March 31, 2024.

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,476

-        2

+      171

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

 7,176,061

-   29,419

-1,113,300

Securities held outright1

 6,818,225

-   28,209

-  904,180

U.S. Treasury securities

 4,461,236

-   28,208

-  700,586

Bills2

   195,218

         0

-   82,848

Notes and bonds, nominal2

 3,797,735

-   29,671

-  611,318

Notes and bonds, inflation-indexed2

   351,111

+      950

-   17,142

Inflation compensation3

   117,172

+      513

+   10,723

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,354,642

         0

-  203,594

Unamortized premiums on securities held outright5

   265,994

-      462

-   32,326

Unamortized discounts on securities held outright5

   -25,233

-       42

+    2,527

Repurchase agreements6

       106

+      101

+      106

Loans7

   116,968

-      807

-  179,428

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

    11,373

+       13

-    8,928

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,584

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,710

Items in process of collection

(0)

        47

-        6

-       18

Bank premises

       432

-       13

-       15

Central bank liquidity swaps9

       129

+       17

-      214

Foreign currency denominated assets10

    17,953

+      120

-      334

Other assets11

    31,980

+      657

-    3,704

Total assets

(0)

 7,255,687

-   28,632

-1,133,638

Liabilities

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

 2,302,112

-      878

+    8,644

Reverse repurchase agreements12

   745,845

-   78,757

-1,762,231

Deposits

(0)

 4,323,867

+   55,852

+  732,582

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,457,738

+   66,661

+  151,584

U.S. Treasury, General Account

   703,314

-   12,706

+  625,814

Foreign official

     9,677

-        7

-        8

Other13

(0)

   153,138

+    1,905

-   44,808

Deferred availability cash items

(0)

       764

+      166

+      221

Treasury contributions to credit facilities14

     4,958

         0

-    8,400

Other liabilities and accrued dividends15

  -165,146

-    5,112

-  105,328

Total liabilities

(0)

 7,212,400

-   28,729

-1,134,512

Capital accounts

Capital paid in

    36,502

+       97

+      874

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,287

+       97

+      874

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 $5.0 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    16,237

       563

     5,129

       517

       761

     1,203

     2,268

     1,108

       484

       272

       460

     1,311

     2,161

Coin

     1,476

        44

        44

       166

        44

       196

       115

       255

        29

        51

       102

       168

       263

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

 7,176,061

   159,438

 3,811,624

   107,629

   278,706

   713,807

   482,135

   398,402

   104,812

    50,001

    86,299

   318,533

   664,675

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    11,373

    11,373

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       129

         5

        44

         5

        14

        25

         4

         6

         3

         1

         1

         3

        16

Foreign currency denominated

assets4

    17,953

       749

     6,209

       632

     1,910

     3,542

       588

       881

       404

       112

       195

       432

     2,298

Other assets5

    32,459

       938

    14,363

       591

     1,240

     3,436

     3,147

     1,810

       848

       496

       789

     1,590

     3,212

Interdistrict settlement account

         0

-    4,937

+    2,143

+   12,138

+    8,079

-   25,283

-   18,479

-   30,424

-      344

-    4,347

-   12,071

-    3,504

+   77,027

Total assets

 7,255,687

   168,173

 3,839,556

   121,679

   290,754

   696,926

   469,779

   372,038

   106,237

    46,587

    75,776

   318,532

   749,652

Liabilities

Federal Reserve notes, net

 2,302,112

    87,191

   740,498

    54,159

   113,927

   162,705

   356,693

   115,657

    72,607

    28,880

    36,822

   201,053

   331,920

Reverse repurchase agreements6

   745,845

    15,513

   401,369

    11,112

    29,084

    74,345

    49,900

    41,162

    10,437

     4,659

     8,201

    32,570

    67,492

Deposits

 4,323,867

    60,932

 2,787,773

    56,486

   150,119

   478,249

    60,539

   224,765

    22,020

    12,842

    30,677

    84,937

   354,527

Depository institutions

 3,457,738

    60,879

 2,026,012

    56,484

   150,085

   477,792

    60,514

   121,190

    22,015

    12,773

    30,648

    84,863

   354,483

U.S. Treasury, General Account

   703,314

         0

   703,314

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,677

         2

     9,651

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   153,138

        52

    48,797

         0

        29

       450

        23

   103,573

         4

        69

        29

        73

        39

Earnings remittances due to the U.S. Treasury8

  -173,273

    -3,404

  -108,090

    -1,792

    -7,310

   -27,916

        96

   -12,169

        24

      -186

      -589

    -1,445

   -10,492

Treasury contributions to credit facilities9

     4,958

     4,958

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,891

     1,154

     3,137

       205

       362

     1,000

     1,092

       489

       167

       118

       204

       258

       705

Total liabilities

 7,212,400

   166,346

 3,824,688

   120,169

   286,183

   688,383

   468,320

   369,904

   105,254

    46,314

    75,315

   317,373

   744,152

Capital

Capital paid in

    36,502

     1,544

    12,522

     1,271

     3,849

     7,205

     1,236

     1,801

       830

       230

       387

       996

     4,631

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

 7,255,687

   168,173

 3,839,556

   121,679

   290,754

   696,926

   469,779

   372,038

   106,237

    46,587

    75,776

   318,532

   749,652

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 $5.0 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).

Federal Reserve notes outstanding

 2,753,133

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

   451,020

Federal Reserve notes to be collateralized

 2,302,112

Collateral held against Federal Reserve notes

 2,302,112

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,285,875

Other assets pledged

         0

Memo:

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

 6,818,331

Less: Face value of securities under reverse repurchase agreements

   868,087

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

 5,950,244

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.