Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:  November 19, 2009
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For release at
4:30 p.m. EDT
November 19, 2009

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to TALF LLC, a limited liability company formed to purchase and manage any asset-backed securities that might be received by the Federal Reserve Bank of New York (FRBNY) in connection with the Term Asset-Backed Securities Loan Facility (TALF). This information will be presented in a new table 8, "Information on Principal Accounts of TALF LLC." The release has also been modified to include information related to the net portfolio holdings of TALF LLC. This information is presented in table 1, in table 8, in table 9, and in table 10.

On November 25, 2008, the Federal Reserve announced the creation of the TALF under the authority of section 13(3) of the Federal Reserve Act. Under the TALF, the FRBNY extends loans to eligible borrowers to finance the purchase of eligible asset-backed securities (ABS) that serve as the collateral for the loans. The loans provided through the TALF are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The loans are extended for the market value of the security less an amount known as a haircut. As a result, the borrower bears the initial risk of a decline in the value of the security. TALF LLC has committed, for a fee, to purchase all ABS received by FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Purchases of these securities are funded first through the fees received by the LLC and any interest the LLC has earned on its investments. In the event that such funding proves insufficient, the U.S. Treasury's Troubled Asset Relief Program (TARP) will provide additional subordinated debt funding to the TALF LLC to finance up to $20 billion of asset purchases. Subsequently, the FRBNY will finance any additional purchases of securities by providing senior debt funding to TALF LLC. Thus, the TARP funds provide credit protection to FRBNY.

The Federal Reserve has completed its evaluation and consistent with generally accepted accounting principles, the assets and liabilities of TALF LLC will be consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release. Although the U.S. Treasury provides credit protection to the FRBNY, the FRBNY is the more closely associated beneficiary of the LLC because it directs the significant financial activities of the TALF LLC.

The consequences of this consolidation appear on the release in the following ways. Any extensions of credit from the FRBNY to TALF LLC are eliminated, as is the accrued interest on such loans. The net portfolio holdings of TALF LLC are included in "total factors supplying reserve funds" in table 1 and in "assets" in table 9 and in table 10. The liabilities of TALF LLC to entities other than the FRBNY are included in "other liabilities and capital" in table 1 and in "other liabilities and accrued dividends" in table 9 and in table 10.

Information on the principal accounts of TALF LLC is presented separately in a new table 8. This table presents the net portfolio holdings of TALF LLC, which comprise the fair value of the ABS holdings of TALF LLC and other investments that result from the initial funding provided by the U.S. Treasury, fees paid by the FRBNY, and interest received on investments. In addition, the table presents the book value of the outstanding principal of the loan extended by the FRBNY, the book value of the accrued interest payable to the FRBNY, and the book value of the funding provided by the U.S. Treasury to TALF LLC, which includes the accrued interest payable to the U.S. Treasury.



FEDERAL RESERVE statistical release
 

H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
November 19, 2009
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
Nov 18, 2009
Week ended
Nov 18, 2009
Change from week ended
Nov 11, 2009 Nov 19, 2008
                                                              
Reserve Bank credit                                       2,191,383    +   75,680    +   12,509     2,191,564 
  Securities held outright (1)                            1,773,953    +   74,487    +1,284,869     1,776,618 
    U.S. Treasury securities                                776,524    +        7    +  300,093       776,527 
      Bills (2)                                              18,423             0             0        18,423 
      Notes and bonds, nominal (2)                          707,649             0    +  297,158       707,649 
      Notes and bonds, inflation-indexed (2)                 44,643             0    +    3,572        44,643 
      Inflation compensation (3)                              5,810    +        7    -      635         5,813 
    Federal agency debt securities (2)                      151,737    +    3,615    +  139,083       153,049 
    Mortgage-backed securities (4)                          845,692    +   70,865    +  845,692       847,042 
  Repurchase agreements (5)                                       0             0    -   80,000             0 
  Term auction credit                                       109,456             0    -  305,846       109,456 
  Other loans                                               108,246    +       25    -  188,572       108,532 
    Primary credit                                           19,793    -    1,006    -   71,759        19,935 
    Secondary credit                                              0             0    -      112             0 
    Seasonal credit                                             82   +       15   +       73           78 
    Primary dealer and other broker-dealer credit (6)             0             0    -   50,170             0 
    Asset-Backed Commercial Paper Money Market                
      Mutual Fund Liquidity Facility                              0             0    -   69,798             0 
    Credit extended to American International                 
      Group, Inc., net (7)                                   44,761    +      496    -   40,416        44,918 
    Term Asset-Backed Securities Loan Facility, net (8)      43,611      +      520    +   43,611        43,602 
    Other credit extensions                                       0             0             0             0 
  Net portfolio holdings of Commercial Paper                  
    Funding Facility LLC (9)                                 15,114    +      712    -  250,577        15,043 
  Net portfolio holdings of Maiden Lane LLC (10)             26,340    +       14    -      605        26,349 
  Net portfolio holdings of Maiden Lane II LLC (11)          15,738    +        6    +   15,738        15,766 
  Net portfolio holdings of Maiden Lane III LLC (12)         22,934    +       88    +   22,934        22,951 
  Net portfolio holdings of TALF LLC (13)                       231    +      231    +      231           231 
  Float                                                      -1,969    -      420    -      595        -1,895 
  Central bank liquidity swaps (14)                          28,278    -      810    -  535,748        28,278 
  Other Federal Reserve assets (15)                          93,061    +    1,346    +   50,679        90,235 
Gold stock                                                   11,041             0             0        11,041 
Special drawing rights certificate account                    5,200             0    +    3,000         5,200 
Treasury currency outstanding (16)                           42,605    +       14    +    3,931        42,600 
                                                              
Total factors supplying reserve funds                     2,250,229    +   75,693    +   19,440     2,250,405 
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

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
Nov 18, 2009
Week ended
Nov 18, 2009
Change from week ended
Nov 11, 2009 Nov 19, 2008
                                                              
Currency in circulation (16)                                919,289    +      666    +   54,706       919,692 
Reverse repurchase agreements (17)                           60,171    -       91    -   40,252        59,906 
  Foreign official and international accounts                60,171    -       91    -   15,966        59,906 
  Dealers                                                         0             0    -   24,286             0 
Treasury cash holdings                                          235    -        9    -       15           232 
Deposits with F.R. Banks, other than reserve balances       102,023    +    5,780    -  483,616        99,688 
  U.S. Treasury, general account                             61,634    -   13,003    +    1,169        62,309 
  U.S. Treasury, supplementary financing account             14,999             0    -  493,957        14,999 
  Foreign official                                            2,695    +    1,098    +    2,301         2,957 
  Service-related                                             3,138             0    -    3,185         3,138 
    Required clearing balances                                3,138             0    -    3,167         3,138 
    Adjustments to compensate for float                           0             0    -       18             0 
  Other                                                      19,556    +   17,684    +   10,055        16,285 
Other liabilities and capital (18)                           66,676    +    2,213    +   20,633        64,512 
                                                              
Total factors, other than reserve balances,                                                       
   absorbing reserve funds                                1,148,395    +    8,560    -  448,543     1,144,031 
                                                              
Reserve balances with Federal Reserve Banks               1,101,834    +   67,133    +  467,983     1,106,374 
                                                                
Note: Components may not sum to totals because of rounding.
 

1. Includes securities lent to dealers under the overnight and term securities lending facilities; 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. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
7. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and
allowance for loan restructuring. Excludes credit extended to consolidated LLCs.
8. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term
Asset-Backed Securities Loan Facility, net of unamortized deferred administrative fees.
9. Refer to table 7 and the note on consolidation accompanying table 10.
10. Refer to table 4 and the note on consolidation accompanying table 10.
11. Refer to table 5 and the note on consolidation accompanying table 10.
12. Refer to table 6 and the note on consolidation accompanying table 10.
13. Refer to table 8 and the note on consolidation accompanying table 10.
14. 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.
15. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
16. Estimated.
17. Cash value of agreements, which are collateralized by U.S. Treasury securities.
18. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC,
Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including
liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through
table 8 and the note on consolidation accompanying table 10.
 

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
 

 

1A. Memorandum Items
Millions of dollars

Memorandum item
Averages of daily figures Wednesday
Nov 18, 2009
Week ended
Nov 18, 2009
Change from week ended
Nov 11, 2009 Nov 19, 2008
                                                              
Marketable securities held in custody for foreign             
      official and international accounts (1)             2,927,973    +   11,269    +  426,845     2,932,778 
  U.S. Treasury securities                                2,161,729    +    5,448    +  551,820     2,166,384 
  Federal agency securities (2)                             766,244    +    5,821    -  124,974       766,394 
Securities lent to dealers                                    7,473    +    1,175    -  198,023         6,933 
  Overnight facility (3)                                      7,473    +    1,175    -    6,767         6,933 
    U.S. Treasury securities                                  6,204    +    1,131    -    8,036         6,078 
    Federal agency debt securities                            1,269    +       44    +    1,269           855 
  Term facility (4)                                               0             0    -  191,256             0 
 

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

1. Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed
securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. U.S. Treasury securities only. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities.
 

 

 

 

 

 

2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, November 18, 2009
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 years
to 10 years
Over 10
years
All
 
Term auction credit                    71,474       37,982         ---            ---          ---         ---       109,456
Other loans (1)                        15,598        4,415            0        88,520            0         ---       108,532
U.S. Treasury securities (2)                    
  Holdings                             19,548       20,591       48,711       331,334      211,684     144,658       776,527
  Weekly changes                   +    1,121   -    2,096   -    6,897    +    5,289   +      597  +    1,992    +        7
Federal agency debt securities (3)                        
  Holdings                                  0        1,621       21,517        93,546       34,318       2,047       153,049
  Weekly changes                            0   +    1,523   -      836    +    1,158   +    1,520  +       11    +    3,376
Mortgage-backed securities (4)                            
  Holdings                                  0            0            0             0            0     847,042       847,042
  Weekly changes                            0            0            0             0            0  +   71,469    +   71,469
Commercial paper held by                        
  Commercial Paper Funding                      
  Facility LLC (5)                         44       10,469            0           ---          ---         ---        10,513
Asset-backed securities held by                 
  TALF LLC (6)                              0            0            0             0            0           0             0
Repurchase agreements (7)                   0            0          ---           ---          ---         ---             0
Central bank liquidity swaps (8)       23,466        4,812            0             0            0           0        28,278
                                                
Reverse repurchase agreements (7)      59,906            0          ---           ---          ---         ---        59,906
  
Note: Components may not sum to totals because of rounding.
--- Not applicable.
 

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, Maiden
Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY'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. Current face value of the securities, which is the remaining
principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
7. Cash value of agreements.
8. 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.
 

 

3. Supplemental Information on Mortgage-Backed Securities Purchase Program
Millions of dollars
Account name Wednesday
Nov 18, 2009
                                                                                                
Mortgage-backed securities held outright (1)                                                       847,042    
                                                                                                
Commitments to buy mortgage-backed securities (2)                                                  139,605    
Commitments to sell mortgage-backed securities (2)                                                     425    
                                                                                                
Cash and cash equivalents (3)                                                                          289    
 

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the
remaining principal balance of the underlying mortgages.
2. Current face value. Generally settle within 180 days and include commitments associated with outright
transactions as well as dollar rolls.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 9 and table 10.
 

 

4. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Nov 18, 2009
                                                                                                
Net portfolio holdings of Maiden Lane LLC (1)                                                       26,349    
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)           28,820    
Accrued interest payable to the Federal Reserve Bank of New York (2)                                   396    
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3)        1,241    
 
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of September 30, 2009. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the note on consolidation accompanying table 10.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 9 and table 10.
 

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
 

 

 

5. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
Account name Wednesday
Nov 18, 2009
                                                                                                
Net portfolio holdings of Maiden Lane II LLC (1)                                                     15,766   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            16,018   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    242   
Deferred payment and accrued interest payable to subsidiaries of American International         
  Group, Inc. (3)                                                                                     1,033   
 

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of September 30, 2009. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 10.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due
to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement.
The fair value of this payment and accrued interest payable are included in other liabilities and capital
in table 1 and in other liabilities and accrued dividends in table 9 and table 10.
 

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment
and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.
 

 

6. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
Account name Wednesday
Nov 18, 2009
                                                                                                
Net portfolio holdings of Maiden Lane III LLC (1)                                                    22,951   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            18,615   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                    313   
Outstanding principal amount and accrued interest on loan payable to American International     
  Group, Inc. (3)                                                                                     5,173   
 

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly.
This table reflects valuations as of September 30, 2009. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 10.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 9 and table 10.
 

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane
III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY,
principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.
 

 

7. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Account name Wednesday
Nov 18, 2009
                                                                                                
Commercial paper holdings, net (1)                                                                   10,229   
Other investments, net                                                                                4,813   
Net portfolio holdings of Commercial Paper Funding Facility LLC                                      15,043   
                                                                                                
Memorandum: Commercial paper holdings, face value                                                    10,513   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)            10,439   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      2   
 

1. Book value, which includes amortized cost and related fees.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 10.
 

Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of
section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited
liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers
and thereby foster liquidity in short-term funding markets and increase the availability of credit for
businesses and households.
 

 

8. Information on Principal Accounts of TALF LLC
Millions of dollars
Account name Wednesday
Nov 18, 2009
                                                                                                
Asset-backed securities holdings (1)                                                                      0   
Other investments, net                                                                                  231   
Net portfolio holdings of TALF LLC                                                                      231   
                                                                                                
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2)                 0   
Accrued interest payable to the Federal Reserve Bank of New York (2)                                      0   
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable (3)                   102   
 

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if
the transaction were to be conducted in an orderly market on the measurement date.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the note
on consolidation accompanying table 10.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 9 and table 10.
 

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan
Facility (TALF) under the authority of section 13(3) of the Federal Reserve Act. The TALF is a facility under
which the Federal Reserve Bank of New York (FRBNY) extends loans with a term of up to five years to holders of
eligible asset-backed securities. The TALF is intended to assist financial markets in accommodating the credit
needs of consumers and businesses by facilitating the issuance of asset-backed securities collateralized by a
variety of consumer and business loans. The loans provided through the TALF to eligible borrowers are non-recourse,
meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The
loans are extended for the market value of the security less an amount known as a haircut. As a result, the
borrower bears the initial risk of a decline in the value of the security.
 

TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by
the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a
fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price
equal to the TALF loan plus accrued but unpaid interest. Losses on asset-backed securities held by TALF LLC
will be offset in the following order: by the commitment fees collected by TALF LLC, by the interest received on
investments of TALF LLC, by up to $20 billion in subordinated debt funding provided by the U.S. Treasury, and
finally, by senior debt funding provided by the FRBNY. Payments by TALF LLC from the proceeds of its net portfolio
holdings will be made in the following order: operating expenses of TALF LLC, principal due to the FRBNY, principal
due to the U.S. Treasury, interest due to the FRBNY, and interest due to the U.S. Treasury. Any remaining funds
will be shared by the FRBNY and the U.S. Treasury.
 

 

9. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Nov 18, 2009
Wednesday
Nov 11, 2009
Wednesday
Nov 19, 2008
Assets                                                   
Gold certificate account                                           11,037                0                   0
Special drawing rights certificate account                          5,200                0          +    3,000
Coin                                                                2,037       -       23          +      389
Securities, repurchase agreements, term auction          
      credit, and other loans                                   1,994,607       +   75,616          +  721,678
  Securities held outright (1)                                  1,776,618       +   74,852          +1,287,692
    U.S. Treasury securities                                      776,527       +        7          +  300,102
      Bills (2)                                                    18,423                0                   0
      Notes and bonds, nominal (2)                                707,649                0          +  297,158
      Notes and bonds, inflation-indexed (2)                       44,643                0          +    3,572
      Inflation compensation (3)                                    5,813       +        7          -      627
    Federal agency debt securities (2)                            153,049       +    3,376          +  140,548
    Mortgage-backed securities (4)                                847,042       +   71,469          +  847,042
  Repurchase agreements (5)                                             0                0          -   80,000
  Term auction credit                                             109,456                0          -  305,846
  Other loans                                                     108,532       +      763          -  180,170
Net portfolio holdings of Commercial Paper               
  Funding Facility LLC (6)                                         15,043       +      744          -  255,836
Net portfolio holdings of Maiden Lane LLC (7)                      26,349       +       10          -      570
Net portfolio holdings of Maiden Lane II LLC (8)                   15,766       +       33          +   15,766
Net portfolio holdings of                                
  Maiden Lane III LLC (9)                                          22,951       +       19          +   22,951
Net portfolio holdings of TALF LLC (10)                               231       +      231          +      231
Items in process of collection                         (279)          450       +       39          -      665
Bank premises                                                       2,228       +        2          +       50
Central bank liquidity swaps (11)                                  28,278       -      810          -  533,812
Other assets (12)                                                  87,764       -    2,093          +   50,074
                                                         
      Total assets                                     (279)    2,211,939       +   73,766          +   23,253
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

9. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations
from
consolidation
  Change since
Wednesday
Nov 18, 2009
Wednesday
Nov 11, 2009
Wednesday
Nov 19, 2008
Liabilities                                              
Federal Reserve notes, net of F.R. Bank holdings                  879,357       -    1,523          +   50,740
Reverse repurchase agreements (13)                                 59,906       -      497          -   43,003
Deposits                                                 (0)    1,205,820       +   77,897          -    3,411
  Depository institutions                                       1,109,269       +   65,034          +  478,777
  U.S. Treasury, general account                                   62,309       -      621          -    6,148
  U.S. Treasury, supplementary financing account                   14,999                0          -  493,957
  Foreign official                                                  2,957       +    1,261          +    2,774
  Other                                                  (0)       16,285       +   12,222          +   15,142
Deferred availability cash items                       (279)        2,344       -      816          -      398
Other liabilities and accrued dividends (14)                       12,684       -      141          +    8,490
                                                         
      Total liabilities                                (279)    2,160,111       +   74,921          +   12,417
                                                         
Capital accounts                                         
Capital paid in                                                    25,362       +      189          +    4,989
Surplus                                                            21,431       +        8          +    4,265
Other capital accounts                                              5,034       -    1,353          +    1,581
                                                         
      Total capital                                                51,828       -    1,155          +   10,836
 

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

1. Includes securities lent to dealers under the overnight and term securities lending facilities; 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. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 7 and the note on consolidation accompanying table 10.
7. Refer to table 4 and the note on consolidation accompanying table 10.
8. Refer to table 5 and the note on consolidation accompanying table 10.
9. Refer to table 6 and the note on consolidation accompanying table 10.
10. Refer to table 8 and the note on consolidation accompanying table 10.
11. 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.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC,
Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including
liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through
table 8 and the note on consolidation accompanying table 10.
 

 

10. Statement of Condition of Each Federal Reserve Bank, November 18, 2009
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Assets                                                             
Gold certificate account                      11,037         412       3,895         450         467         882       1,356         911         329         197         335         621       1,182 
Special drawing rights certificate acct.       5,200         196       1,818         210         237         412         654         424         150          90         153         282         574 
Coin                                           2,037          67          79         164         151         285         241         271          33          62         139         217         327 
Securities, repurchase agreements, term                            
      auction credit, and other loans      1,994,607      42,569     883,285      33,346      71,437      65,513     214,631     195,016      71,024      29,767      81,175      86,368     220,475 
  Securities held outright (1)             1,776,618      34,081     694,436      27,563      70,191      64,024     214,058     192,249      69,601      29,413      80,195      85,902     214,906 
    U.S. Treasury securities                 776,527      14,896     303,525      12,047      30,679      27,984      93,561      84,029      30,421      12,856      35,052      37,546      93,931 
      Bills (2)                               18,423         353       7,201         286         728         664       2,220       1,994         722         305         832         891       2,228 
      Notes and bonds (3)                    758,104      14,543     296,324      11,761      29,951      27,320      91,341      82,035      29,700      12,551      34,220      36,655      91,703 
    Federal agency debt securities (2)       153,049       2,936      59,823       2,374       6,047       5,515      18,440      16,562       5,996       2,534       6,908       7,400      18,513 
    Mortgage-backed securities (4)           847,042      16,249     331,088      13,141      33,465      30,525     102,057      91,659      33,184      14,023      38,235      40,956     102,461 
  Repurchase agreements (5)                        0           0           0           0           0           0           0           0           0           0           0           0           0 
  Term auction credit                        109,456       8,342      82,085       5,528       1,243       1,168         231       2,406       1,382         289         965         450       5,368 
  Other loans                                108,532         146     106,764         255           4         321         342         361          41          65          15          16         202 
Net portfolio holdings of Commercial                               
  Paper Funding Facility LLC (6)              15,043           0      15,043           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden Lane                              
  LLC (7)                                     26,349           0      26,349           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane II LLC (8)                             15,766           0      15,766           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of Maiden                                   
  Lane III LLC (9)                            22,951           0      22,951           0           0           0           0           0           0           0           0           0           0 
Net portfolio holdings of TALF LLC (10)          231           0         231           0           0           0           0           0           0           0           0           0           0 
Items in process of collection                   729          18           0         106         120          38         218          39          30          33          29          37          61 
Bank premises                                  2,228         121         249          70         145         238         222         206         134         111         269         252         212 
Central bank liquidity swaps (11)             28,278       1,140       7,391       3,126       2,096       8,075       2,176         950         283         438         281         366       1,956 
Other assets (12)                             87,764       2,269      31,046       3,884       4,364       9,827       9,333       7,424       2,675       1,442       3,014       3,303       9,181 
Interdistrict settlement account                   0   +  14,896   +  64,450   +  22,573   -  22,637   + 224,332   -  76,575   -  89,434   -  36,613   -   8,696   -  31,953   -  19,804   -  40,540 
                                                                   
      Total assets                         2,212,219      61,687   1,072,553      63,929      56,379     309,604     152,256     115,808      38,045      23,444      53,442      71,642     193,430 
 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

10. Statement of Condition of Each Federal Reserve Bank, November 18, 2009 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City
Dallas San
Francisco
Liabilities                                                         
Federal Reserve notes outstanding           1,076,925      35,756     395,933      38,876      45,226      82,405     134,097      85,583      30,671      19,381      28,805      63,443     116,750 
  Less: Notes held by F.R. Banks              197,567       4,530      69,965       6,583       9,320      11,560      29,254      13,682       4,500       3,009       3,384      14,333      27,449 
    Federal Reserve notes, net                879,357      31,226     325,968      32,292      35,906      70,845     104,843      71,902      26,171      16,373      25,421      49,110      89,300 
Reverse repurchase agreements (13)             59,906       1,149      23,416         929       2,367       2,159       7,218       6,483       2,347         992       2,704       2,897       7,246 
Deposits                                    1,205,820      27,164     699,245      24,752      13,673     221,575      35,926      35,270       8,716       4,204      24,494      18,451      92,349 
  Depository institutions                   1,109,269      27,142     602,928      24,748      13,669     221,451      35,923      35,223       8,712       4,203      24,493      18,451      92,327 
  U.S. Treasury, general account               62,309           0      62,309           0           0           0           0           0           0           0           0           0           0 
  U.S. Treasury, supplementary                                      
    financing account                          14,999           0      14,999           0           0           0           0           0           0           0           0           0           0 
  Foreign official                              2,957           2       2,928           4           3          11           3           1           0           1           0           1           3 
  Other                                        16,285          21      16,080           0           1         112           0          46           4           0           1           0          19 
Deferred availability cash items                2,624          59           0         455         381         105         321         183          51         284         134         155         495 
Other liabilities and accrued                                                 
  dividends (14)                               12,684         175       8,825         213         281         588         618         520         238         148         223         278         577 
                                                                    
      Total liabilities                     2,160,391      59,773   1,057,454      58,642      52,609     295,271     148,925     114,357      37,523      22,000      52,977      70,891     189,968 
                                                                    
Capital                                                             
Capital paid in                                25,362         945       7,427       2,626       1,855       7,133       1,578         622         240         712         209         350       1,665 
Surplus                                        21,431         844       5,959       2,316       1,551       5,983       1,612         704         209         324         207         271       1,450 
Other capital                                   5,034         125       1,713         344         364       1,217         141         125          73         408          49         130         346 
                                                                    
      Total liabilities and capital         2,212,219      61,687   1,072,553      63,929      56,379     309,604     152,256     115,808      38,045      23,444      53,442      71,642     193,430 
                              
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
 

 

10. Statement of Condition of Each Federal Reserve Bank, November 18, 2009 (continued)
 

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 7 and the note on consolidation below.
7. Refer to table 4 and the note on consolidation below.
8. Refer to table 5 and the note on consolidation below.
9. Refer to table 6 and the note on consolidation below.
10. Refer to table 8 and the note on consolidation below.
11. 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.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve
Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 8 and the note on consolidation below.
 

Note on consolidation:
 

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008,
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC,
which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap
contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending
reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was
formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed
Securities Loan Facility.
 

The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC. The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the
U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive
a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of
these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation,
the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 9), and the liabilities of the
LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 9).
 

 

11. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Nov 18, 2009
                                                                                            
Federal Reserve notes outstanding                                                              1,076,925 
  Less: Notes held by F.R. Banks not subject to collateralization                                197,567 
    Federal Reserve notes to be collateralized                                                   879,357 
Collateral held against Federal Reserve notes                                                    879,357 
  Gold certificate account                                                                        11,037 
  Special drawing rights certificate account                                                       5,200 
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                       863,120 
  Other assets pledged                                                                                 0 
                                                                                            
Memo:                                                                                       
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                         1,776,618 
  Less: Face value of securities under reverse repurchase agreements                              59,122 
    U.S. Treasury, agency debt, and mortgage-backed securities                              
    eligible to be pledged                                                                     1,717,496 
   
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 and term securities lending facilities; refer
to table 1A.

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