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Release Date: March 28, 2024

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

 

 

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Mar 27, 2024

Week ended
Mar 27, 2024

Change from week ended

Mar 20, 2024

Mar 29, 2023

Reserve Bank credit

 7,462,673

-   30,754

-1,233,353

 7,448,490

Securities held outright1

 7,016,041

-   10,770

-  916,075

 7,008,864

U.S. Treasury securities

 4,618,654

-    3,080

-  710,489

 4,618,082

Bills2

   200,000

-    2,900

-   81,997

   199,215

Notes and bonds, nominal2

 3,945,236

-      760

-  621,396

 3,945,236

Notes and bonds, inflation-indexed2

   360,612

         0

-   16,412

   360,612

Inflation compensation3

   112,806

+      580

+    9,316

   113,019

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,395,039

-    7,691

-  205,587

 2,388,435

Unamortized premiums on securities held outright5

   271,654

-      676

-   33,657

   271,336

Unamortized discounts on securities held outright5

   -25,084

+      233

+    2,432

   -24,991

Repurchase agreements6

         0

-        2

-   59,287

         0

Foreign official

         0

         0

-   59,286

         0

Others

         0

-        2

-        2

         0

Loans

   147,595

-   19,202

-  210,319

   142,136

Primary credit

     6,086

+    3,914

-   98,813

     6,270

Secondary credit

        31

-       15

+       31

         0

Seasonal credit

         1

         0

-        3

         1

Paycheck Protection Program Liquidity Facility

     3,064

-       19

-    7,203

     3,059

Bank Term Funding Program

   138,413

-   23,082

+   75,768

   132,806

Other credit extensions7

         0

         0

-  180,100

         0

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

    14,657

-       17

-    7,628

    14,671

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,600

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,944

         0

Float

      -279

+        8

-       49

      -368

Central bank liquidity swaps9

       179

+        6

-      411

       179

Other Federal Reserve assets10

    37,911

-      333

-      814

    36,663

Foreign currency denominated assets11

    18,032

-      125

-      772

    18,030

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,784

+       14

+      652

    52,784

 

 

 

 

 

Total factors supplying reserve funds

 7,549,730

-   30,866

-1,233,474

 7,535,545

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

 

 


 

H.4.1

 

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Mar 27, 2024

Week ended
Mar 27, 2024

Change from week ended

Mar 20, 2024

Mar 29, 2023

Currency in circulation12

 2,342,259

+    1,481

+   20,484

 2,344,024

Reverse repurchase agreements13

   832,204

+   41,970

-1,764,535

   872,746

Foreign official and international accounts

   348,714

+    2,626

-   18,586

   354,389

Others

   483,490

+   39,344

-1,745,949

   518,357

Treasury cash holdings

       449

-       24

+      297

       444

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

   980,079

-   11,488

+  573,785

   946,645

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   802,233

-    7,065

+  618,656

   772,260

Foreign official

    13,625

+    2,359

+    4,186

    14,547

Other14

   164,221

-    6,783

-   49,057

   159,839

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

  -108,821

-    5,502

-  114,126

  -108,156

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 4,053,609

+   26,437

-1,292,003

 4,063,142

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,496,121

-   57,303

+   58,529

 3,472,403

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

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

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

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

10.

Includes bank premises, accrued interest, and other accounts receivable.

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

14.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

15.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

16.

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

 

 

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


 

 


 

H.4.1

 

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday
Mar 27, 2024

Week ended
Mar 27, 2024

Change from week ended

Mar 20, 2024

Mar 29, 2023

Securities held in custody for foreign official and international accounts

 3,340,755

-    8,645

+   46,847

 3,337,764

Marketable U.S. Treasury securities1

 2,936,743

-    1,520

+   64,036

 2,933,972

Federal agency debt and mortgage-backed securities2

   323,044

-    6,246

-   16,810

   322,679

Other securities3

    80,968

-      879

-      379

    81,112

Securities lent to dealers

    36,276

+    2,940

-   13,768

    35,882

Overnight facility4

    36,276

+    2,940

-   13,768

    35,882

U.S. Treasury securities

    36,276

+    2,940

-   13,768

    35,882

Federal agency debt securities

         0

         0

         0

         0

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

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.


 

 

 


 

H.4.1

 

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 27, 2024

Millions of dollars

Remaining Maturity

Within 15
days

16 days to
90 days

91 days to
1 year

Over 1 year
to 5 years

Over 5 year
to 10 years

Over 10
years

All

Loans1

     5,649

    21,862

   111,570

     3,055

         0

...

   142,136

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    63,612

   265,894

   533,751

 1,536,540

   709,916

 1,508,369

 4,618,082

Weekly changes

+    5,345

-    7,792

-      413

+      236

+      108

+      162

-    2,353

Federal agency debt securities3

 

 

 

 

 

 

 

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

 

 

 

 

 

 

 

Holdings

         0

         0

        28

     5,522

    30,156

 2,352,729

 2,388,435

Weekly changes

         0

-        1

-        7

-      112

-      641

-   10,796

-   11,557

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     7,133

...

...

     7,133

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

       179

         0

         0

         0

         0

         0

       179

Reverse repurchase agreements6

   872,746

         0

...

...

...

...

   872,746

Term deposits

         0

         0

         0

...

...

...

         0

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

 

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

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

5.

Book value of the loan participations held by the MS Facilities LLC.

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Mar 27, 2024

Mortgage-backed securities held outright1

 2,388,435

Residential mortgage-backed securities

 2,380,240

Commercial mortgage-backed securities

     8,195

 

 

Commitments to buy mortgage-backed securities2

        20

Commitments to sell mortgage-backed securities2

        67

 

 

Cash and cash equivalents3

         0

 

1.

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

2.

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

3.

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


 

 


 

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Mar 27, 2024

 

Net portfolio holdings of

Credit Facilities LLC

Outstanding

 

 

 

principal

Outstanding

 

 

amount

amount of

Treasury

 

of loan

facility

contributions

 

extended to

asset

and

 

the LLC1

purchases2

other assets3

Total

MS Facilities LLC (Main Street Lending Program)

     6,070

     6,379

     8,292

    14,671

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

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for loan losses updated as of December 31, 2023.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Mar 27, 2024

Change since

Wednesday

Wednesday

Mar 20, 2024

Mar 29, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,552

+        3

+      263

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

 

 7,397,345

-   28,236

-1,203,990

Securities held outright1

 

 7,008,864

-   13,910

-  917,267

U.S. Treasury securities

 

 4,618,082

-    2,353

-  711,221

Bills2

 

   199,215

-    2,933

-   82,625

Notes and bonds, nominal2

 

 3,945,236

         0

-  621,396

Notes and bonds, inflation-indexed2

 

   360,612

         0

-   16,412

Inflation compensation3

 

   113,019

+      580

+    9,213

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,388,435

-   11,557

-  206,045

Unamortized premiums on securities held outright5

 

   271,336

-      729

-   33,622

Unamortized discounts on securities held outright5

 

   -24,991

+      237

+    2,430

Repurchase agreements6

 

         0

-        3

-   55,000

Loans7

 

   142,136

-   13,831

-  200,531

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

 

    14,671

+       16

-    7,633

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-    5,602

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,946

Items in process of collection

(0)

        63

+        5

+       13

Bank premises

 

       461

-        6

-       13

Central bank liquidity swaps9

 

       179

+        6

-      406

Foreign currency denominated assets10

 

    18,030

-       20

-      715

Other assets11

 

    36,201

-    1,378

-    1,175

 

 

 

 

 

Total assets

(0)

 7,484,739

-   29,609

-1,221,203

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

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Mar 27, 2024

Change since

Wednesday

Wednesday

Mar 20, 2024

Mar 29, 2023

Liabilities

 

 

 

 

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

 

 2,293,232

+    1,708

+   19,840

Reverse repurchase agreements12

 

   872,746

+   27,280

-1,759,796

Deposits

(0)

 4,419,048

-   53,084

+  640,284

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,472,403

-   17,174

+   70,603

U.S. Treasury, General Account

 

   772,260

-   40,345

+  609,502

Foreign official

 

    14,547

+    2,154

+    5,111

Other13

(0)

   159,839

+    2,282

-   44,931

Deferred availability cash items

(0)

       430

+       19

-       94

Treasury contributions to credit facilities14

 

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

 

  -151,298

-    5,532

-  114,470

 

 

 

 

 

Total liabilities

(0)

 7,441,596

-   29,610

-1,222,144

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,357

         0

+      940

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,142

         0

+      940

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

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

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

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

15.

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

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 27, 2024

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold certificates and special drawing rights certificates

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,552

        51

        52

       158

        51

       196

       110

       275

        36

        55

       109

       186

       271

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

 7,397,345

   153,996

 4,062,037

   122,762

   226,747

   515,982

   502,704

   462,921

   115,497

    56,107

   103,966

   365,550

   709,076

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    14,671

    14,671

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       179

         8

        64

         6

        17

        36

         5

         6

         4

         1

         2

         4

        26

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,030

       776

     6,417

       648

     1,700

     3,650

       540

       628

       406

       114

       191

       380

     2,580

Other assets5

    36,725

       914

    17,341

       714

     1,170

     2,937

     3,477

     2,254

       726

       527

       891

     1,898

     3,876

Interdistrict settlement account

         0

+   12,996

-  110,000

-    6,772

+   78,194

+  102,669

-   25,104

-   66,092

-    5,507

-    4,256

-   16,650

-   45,945

+   86,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,484,739

   183,968

 3,981,085

   118,041

   308,630

   626,657

   484,021

   401,096

   111,642

    52,812

    88,961

   323,363

   804,462

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

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 27, 2024 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Reserve notes, net

 2,293,232

    81,276

   747,214

    50,357

   110,725

   163,143

   354,813

   121,321

    72,607

    31,228

    41,013

   191,802

   327,731

Reverse repurchase agreements6

   872,746

    16,861

   487,385

    14,384

    26,820

    60,734

    59,123

    54,404

    13,056

     5,918

    11,284

    42,552

    80,225

Deposits

 4,419,048

    78,369

 2,828,975

    53,157

   172,696

   418,527

    67,781

   234,022

    24,864

    15,490

    36,558

    89,312

   399,297

Depository institutions

 3,472,403

    78,316

 1,991,378

    53,156

   172,664

   418,245

    67,718

   125,734

    24,831

    15,374

    36,528

    89,193

   399,266

U.S. Treasury, General Account

   772,260

         0

   772,260

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    14,547

         2

    14,521

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   159,839

        51

    50,815

         0

        28

       274

        61

   108,287

        32

       116

        30

       118

        26

Earnings remittances due to the U.S. Treasury8

  -159,473

    -3,123

  -100,475

    -1,550

    -6,515

   -25,225

        77

   -11,235

        -4

      -215

      -554

    -1,675

    -8,978

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,605

     1,337

     3,134

       184

       327

     1,022

       749

       459

       149

       120

       184

       253

       685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,441,596

   182,159

 3,966,234

   116,532

   304,053

   618,202

   482,543

   398,971

   110,671

    52,540

    88,486

   322,244

   798,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,357

     1,525

    12,506

     1,271

     3,856

     7,116

     1,255

     1,792

       818

       229

       401

       956

     4,633

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

 7,484,739

   183,968

 3,981,085

   118,041

   308,630

   626,657

   484,021

   401,096

   111,642

    52,812

    88,961

   323,363

   804,462

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

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 27, 2024 (continued)

 

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

 

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

 

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

 

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

 

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

 

  

 

 

 

Note on consolidation:

 

 

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

 

 

The FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

 

 

 


 

H.4.1

 

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Mar 27, 2024

Federal Reserve notes outstanding

 2,728,149

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

   434,917

Federal Reserve notes to be collateralized

 2,293,232

Collateral held against Federal Reserve notes

 2,293,232

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,276,995

Other assets pledged

         0

Memo:

 

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

 7,008,864

Less: Face value of securities under reverse repurchase agreements

   956,582

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

 6,052,282

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

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

 

 

 

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Last Update: March 28, 2024