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

 6,679,976

-    1,995

-  687,822

 6,679,449

Securities held outright1

 6,407,269

-    3,042

-  521,364

 6,405,447

U.S. Treasury securities

 4,217,534

-    1,478

-  322,020

 4,217,694

Bills2

   195,343

         0

+      200

   195,343

Notes and bonds, nominal2

 3,601,447

+    6,350

-  279,908

 3,601,447

Notes and bonds, inflation-indexed2

   312,055

-    6,706

-   37,972

   312,055

Inflation compensation3

   108,689

-    1,122

-    4,341

   108,849

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,187,388

-    1,564

-  199,344

 2,185,406

Unamortized premiums on securities held outright5

   241,908

-      386

-   27,715

   241,699

Unamortized discounts on securities held outright5

   -23,727

-      106

+    1,193

   -23,656

Repurchase agreements6

       144

-      528

+      126

     1,000

Foreign official

       143

-      528

+      142

     1,000

Others

         1

         0

-       16

         0

Loans

     4,759

+      145

-  130,761

     4,931

Primary credit

     2,933

+      152

-    3,911

     3,112

Secondary credit

         0

         0

-       77

         0

Seasonal credit

        12

+        2

+        1

        12

Paycheck Protection Program Liquidity Facility

     1,814

-       10

-    1,182

     1,807

Bank Term Funding Program

         0

         0

-  125,592

         0

Other credit extensions7

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     7,064

-      169

-    7,443

     7,072

Float

      -267

+       83

-       24

      -371

Central bank liquidity swaps9

        73

-       30

-       64

        73

Other Federal Reserve assets10

    42,753

+    2,038

-    1,770

    43,252

Foreign currency denominated assets11

    19,388

+      180

+    1,639

    19,290

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,049

+       14

+      728

    53,049

Total factors supplying reserve funds

 6,778,654

-    1,800

-  675,455

 6,778,029

Currency in circulation12

 2,378,094

+      650

+   33,715

 2,379,809

Reverse repurchase agreements13

   467,492

+   16,530

-  312,656

   544,990

Foreign official and international accounts

   373,457

+   18,499

+    9,254

   373,210

Others

    94,035

-    1,969

-  321,911

   171,780

Treasury cash holdings

       476

+       55

+       29

       482

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

   848,245

+  179,700

-  264,048

   815,588

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   606,632

+  183,649

-  334,798

   576,159

Foreign official

     9,434

         0

-    6,396

     9,434

Other14

   232,179

-    3,949

+   77,147

   229,995

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -175,848

-    3,439

-   60,888

  -175,217

Total factors, other than reserve balances,
absorbing reserve funds

 3,521,920

+  193,496

-  607,826

 3,569,114

Reserve balances with Federal Reserve Banks

 3,256,734

-  195,296

-   67,629

 3,208,915

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 2020 LLC.

16.

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

Securities held in custody for foreign official and international accounts

 3,294,937

+    2,225

-   60,014

 3,299,861

Marketable U.S. Treasury securities1

 2,935,214

+    5,324

-   21,283

 2,943,493

Federal agency debt and mortgage-backed securities2

   272,951

-    2,116

-   44,342

   271,367

Other securities3

    86,773

-      982

+    5,612

    85,001

Securities lent to dealers

    29,187

-    6,811

-    1,230

    31,591

Overnight facility4

    29,187

-    6,811

-    1,230

    31,591

U.S. Treasury securities

    29,187

-    6,811

-    1,230

    31,591

Federal agency debt securities

         0

         0

         0

         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

     1,233

     2,180

       266

     1,253

         0

...

     4,931

U.S. Treasury securities2

Holdings

    59,090

   208,978

   420,627

 1,434,924

   537,249

 1,556,827

 4,217,694

Weekly changes

+      174

-    1,680

+    1,574

+      173

+       51

+      143

+      435

Federal agency debt securities3

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,068

    35,835

 2,145,432

 2,185,406

Weekly changes

         0

         0

         0

         0

         0

-    3,466

-    3,467

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

         3

     3,631

        12

...

...

     3,691

Repurchase agreements6

     1,000

         0

...

...

...

...

     1,000

Central bank liquidity swaps7

        73

         0

         0

         0

         0

         0

        73

Reverse repurchase agreements6

   544,990

         0

...

...

...

...

   544,990

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); 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 2020 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 2020 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

 2,185,406

Residential mortgage-backed securities

 2,177,406

Commercial mortgage-backed securities

     8,001

Commitments to buy mortgage-backed securities2

         0

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.

MS Facilities 2020 LLC (Main Street Lending Program)

     2,556

     2,974

     4,097

     7,072

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 December 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

    15,200

         0

+   10,000

Coin

     1,525

-       19

+        8

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

 6,629,422

-    2,180

-  677,692

Securities held outright1

 6,405,447

-    3,032

-  521,419

U.S. Treasury securities

 4,217,694

+      435

-  322,105

Bills2

   195,343

         0

+      200

Notes and bonds, nominal2

 3,601,447

         0

-  279,908

Notes and bonds, inflation-indexed2

   312,055

         0

-   37,972

Inflation compensation3

   108,849

+      435

-    4,425

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,185,406

-    3,467

-  199,314

Unamortized premiums on securities held outright5

   241,699

-      513

-   27,685

Unamortized discounts on securities held outright5

   -23,656

-       20

+    1,177

Repurchase agreements6

     1,000

+      997

+      995

Loans7

     4,931

+      387

-  130,762

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     7,072

+        9

-    7,446

Items in process of collection

(0)

        59

+        2

+        7

Bank premises

       574

+        1

+      118

Central bank liquidity swaps9

        73

-       30

-       64

Foreign currency denominated assets10

    19,290

-       34

+    1,532

Other assets11

    42,678

+    2,067

-    1,968

Total assets

(0)

 6,726,930

-      183

-  675,504

Liabilities

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

 2,328,764

+    1,822

+   34,856

Reverse repurchase agreements12

   544,990

+  132,562

-  264,269

Deposits

(0)

 4,024,503

-  130,761

-  381,160

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,208,915

-   71,930

-   62,791

U.S. Treasury, General Account

   576,159

-   62,624

-  353,220

Foreign official

     9,434

+        1

-   18,070

Other13

(0)

   229,995

+    3,792

+   52,921

Deferred availability cash items

(0)

       429

-       40

+       99

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -219,444

-    3,768

-   62,140

Total liabilities

(0)

 6,682,703

-      184

-  676,591

Capital accounts

Capital paid in

    37,442

+        1

+    1,086

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,227

+        1

+    1,086

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 2020 LLC.

15.

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

Assets

Gold certificates and special drawing rights certificates

    26,237

       898

     8,066

       815

     1,238

     1,891

     3,695

     1,720

       794

       446

       740

     2,294

     3,640

Coin

     1,525

        61

        57

       181

        46

       196

       112

       253

        34

        61

       102

       173

       249

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

 6,629,422

   152,661

 3,516,426

   130,745

   270,771

   596,232

   438,217

   336,469

   100,095

    44,927

    63,596

   297,247

   682,037

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     7,072

     7,072

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        73

         3

        25

         3

         8

        14

         2

         4

         2

         0

         1

         2

         9

Foreign currency denominated

assets4

    19,290

       815

     6,508

       667

     2,001

     3,757

       653

     1,077

       489

       124

       214

       563

     2,423

Other assets5

    43,311

     1,052

    20,543

       910

     1,762

     4,202

     4,157

     2,162

       818

       507

       768

     2,000

     4,429

Interdistrict settlement account

         0

+   18,651

-   49,631

+   10,732

-   26,492

-   55,039

+   17,694

+   83,065

+    5,743

+    4,520

+    8,960

+   10,942

-   29,144

Total assets

 6,726,930

   181,211

 3,501,992

   144,053

   249,334

   551,253

   464,530

   424,751

   107,975

    50,585

    74,381

   313,221

   663,643

Liabilities

Federal Reserve notes, net

 2,328,764

    82,724

   750,332

    58,077

   118,468

   167,046

   361,509

   104,895

    77,544

    30,373

    35,769

   202,969

   339,057

Reverse repurchase agreements6

   544,990

    12,548

   289,229

    10,752

    22,210

    49,047

    36,044

    27,648

     8,223

     3,640

     5,230

    24,445

    55,975

Deposits

 4,024,503

    84,112

 2,582,043

    77,265

   113,725

   361,925

    64,521

   306,244

    20,887

    16,526

    33,646

    85,313

   278,296

Depository institutions

 3,208,915

    84,095

 1,938,996

    77,263

   113,706

   361,189

    64,484

   134,818

    20,885

    16,389

    33,618

    85,222

   278,248

U.S. Treasury, General Account

   576,159

         0

   576,159

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,407

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   229,995

        16

    57,481

         0

        14

       728

        36

   171,424

         1

       136

        27

        90

        43

Earnings remittances due to the U.S. Treasury8

  -226,978

    -4,787

  -137,072

    -3,778

   -10,004

   -36,208

       110

   -16,997

        16

      -383

      -991

    -1,095

   -15,790

Treasury contributions to credit facilities9

     3,461

     3,461

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,964

     1,289

     2,606

       216

       299

       865

       808

       519

       191

       145

       189

       268

       570

Total liabilities

 6,682,703

   179,348

 3,487,138

   142,531

   244,697

   542,675

   462,992

   422,309

   106,861

    50,301

    73,843

   311,900

   658,108

Capital

Capital paid in

    37,442

     1,577

    12,566

     1,287

     3,933

     7,257

     1,308

     2,063

       942

       241

       463

     1,122

     4,683

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,726,930

   181,211

 3,501,992

   144,053

   249,334

   551,253

   464,530

   424,751

   107,975

    50,585

    74,381

   313,221

   663,643

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; the Paycheck Protection Program Liquidity Facility; 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 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is 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 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 FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the 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). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,801,855

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

   473,092

Federal Reserve notes to be collateralized

 2,328,764

Collateral held against Federal Reserve notes

 2,328,764

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,302,527

Other assets pledged

         0

Memo:

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

 6,406,447

Less: Face value of securities under reverse repurchase agreements

   615,006

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

 5,791,441

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.