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Release Date: May 26, 2011
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
May 26, 2011
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended May 25, 2011
Federal Reserve Banks May 25, 2011 May 18, 2011 May 26, 2010
Reserve Bank credit 2,750,674 + 11,189 + 427,408 2,759,361
Securities held outright (1) 2,546,417 + 14,026 + 484,246 2,556,276
U.S. Treasury securities 1,504,588 + 20,993 + 727,726 1,519,327
Bills (2) 18,423 0 0 18,423
Notes and bonds, nominal (2) 1,417,325 + 19,663 + 705,302 1,432,009
Notes and bonds, inflation-indexed (2) 61,004 + 1,029 + 19,879 61,004
Inflation compensation (3) 7,837 + 302 + 2,547 7,892
Federal agency debt securities (2) 119,205 - 4,044 - 48,172 119,093
Mortgage-backed securities (4) 922,625 - 2,921 - 195,307 917,856
Repurchase agreements (5) 0 0 0 0
Loans 14,651 - 367 - 60,568 14,270
Primary credit 11 + 8 - 4,304 7
Secondary credit 0 0 - 400 0
Seasonal credit 22 + 4 - 26 26
Credit extended to American International
Group, Inc., net (6) 0 0 - 26,133 0
Term Asset-Backed Securities Loan Facility (7) 14,617 - 381 - 29,705 14,237
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (8) 0 0 - 2 0
Net portfolio holdings of Maiden Lane LLC (9) 24,427 - 36 - 3,884 24,475
Net portfolio holdings of Maiden Lane II LLC (10) 14,987 + 3 - 869 15,009
Net portfolio holdings of Maiden Lane III LLC (11) 24,375 - 36 + 1,002 24,379
Net portfolio holdings of TALF LLC (12) 744 + 11 + 272 746
Preferred interests in AIA Aurora LLC and ALICO
Holdings LLC (6) 0 0 - 25,416 0
Float -835 + 162 + 877 -1,107
Central bank liquidity swaps (13) 0 0 - 1,242 0
Other Federal Reserve assets (14) 125,907 - 2,575 + 32,990 125,313
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (15) 43,888 + 14 + 799 43,888
Total factors supplying reserve funds 2,810,802 + 11,202 + 428,206 2,819,490
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 Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended May 25, 2011
Federal Reserve Banks May 25, 2011 May 18, 2011 May 26, 2010
Currency in circulation (15) 1,017,766 + 484 + 79,846 1,020,778
Reverse repurchase agreements (16) 55,282 - 348 - 2,798 54,181
Foreign official and international accounts 55,282 - 348 - 2,798 54,181
Others 0 0 0 0
Treasury cash holdings 141 - 7 - 55 144
Deposits with F.R. Banks, other than reserve balances 92,321 - 13,442 - 138,159 81,743
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, general account 84,259 - 7,189 + 58,182 73,694
U.S. Treasury, supplementary financing account 5,000 0 - 194,957 5,000
Foreign official 127 - 21 - 1,315 126
Service-related 2,543 - 3 - 100 2,543
Required clearing balances 2,543 - 3 - 100 2,543
Adjustments to compensate for float 0 0 0 0
Other 391 - 6,231 + 30 380
Funds from American International Group, Inc. asset
dispositions, held as agent (6) 0 0 0 0
Other liabilities and capital (17) 73,788 + 270 + 2,087 73,093
Total factors, other than reserve balances,
absorbing reserve funds 1,239,297 - 13,045 - 59,080 1,229,939
Reserve balances with Federal Reserve Banks 1,571,505 + 24,248 + 487,286 1,589,551
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. Current face value of the securities, which is the
remaining principal balance of the underlying mortgages.
5. Cash value of agreements.
6. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on
January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend
any further funds was terminated. In addition, the Federal Reserve Bank of New York (FRBNY) has been paid
in full for its preferred interests in AIA Aurora LLC and ALICO Holdings LLC. The funds from AIG asset
dispositions that FRBNY held as agent were the source of repayment of the credit extended to AIG, as well
as a portion of the FRBNY's preferred interests in ALICO Holdings LLC. The remaining FRBNY preferred
interests in ALICO Holdings LLC and AIA Aurora LLC, valued at approximately $20 billion, were purchased by
AIG through a draw on the Treasury's Series F preferred stock commitment and then transferred by AIG to
the Treasury as consideration for the draw on the available Series F funds.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term
Asset-Backed Securities Loan Facility.
8. Includes the book value of the commercial paper, net of amortized costs and related fees, and other
investments held by the Commercial Paper Funding Facility LLC.
9. Refer to table 4 and the note on consolidation accompanying table 9.
10. Refer to table 5 and the note on consolidation accompanying table 9.
11. Refer to table 6 and the note on consolidation accompanying table 9.
12. Refer to table 7 and the note on consolidation accompanying table 9.
13. 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.
14. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange
rates, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the
Term Asset-Backed Securities Loan Facility. Before the closing of the AIG recapitalization plan on
January 14, 2011, included accrued dividends on the FRBNY's preferred interests in AIA Aurora LLC and
ALICO Holdings LLC.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
17. Includes the liabilities of 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 7 and the note on consolidation
accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S.
Treasury. Refer to table 8 and table 9.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Averages of daily figures Wednesday
Week ended Change from week ended May 25, 2011
Memorandum item May 25, 2011 May 18, 2011 May 26, 2010
Marketable securities held in custody for foreign
official and international accounts (1) 3,442,183 - 428 + 375,915 3,428,775
U.S. Treasury securities 2,698,837 - 1,515 + 434,323 2,685,357
Federal agency securities (2) 743,346 + 1,087 - 58,408 743,419
Securities lent to dealers 17,242 - 4,392 + 13,827 19,938
Overnight facility (3) 17,242 - 4,392 + 13,827 19,938
U.S. Treasury securities 16,224 - 4,599 + 14,118 18,890
Federal agency debt securities 1,018 + 207 - 292 1,048
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value and
mortgage-backed securities at original face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 25, 2011
Millions of dollars
Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All
Remaining maturity days 90 days 1 year to 5 years to 10 years years
Loans (1) 26 7 560 13,677 0 ... 14,270
U.S. Treasury securities (2)
Holdings 21,396 14,850 89,587 655,085 546,030 192,379 1,519,327
Weekly changes - 2,504 + 2,503 + 8 + 6,424 + 13,928 + 3,802 + 24,161
Federal agency debt securities (3)
Holdings 0 9,317 16,524 68,156 22,749 2,347 119,093
Weekly changes - 1,665 + 884 + 30 - 914 0 0 - 1,665
Mortgage-backed securities (4)
Holdings 0 0 0 18 22 917,815 917,856
Weekly changes 0 0 0 0 - 1 - 5,723 - 5,723
Asset-backed securities held by
TALF LLC (5) 0 0 0 0 0 0 0
Repurchase agreements (6) 0 0 ... ... ... ... 0
Central bank liquidity swaps (7) 0 0 0 0 0 0 0
Reverse repurchase agreements (6) 54,181 0 ... ... ... ... 54,181
Term deposits 0 0 0 ... ... ... 0
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 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 asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
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.
3. Supplemental Information on Mortgage-Backed Securities Purchase Program
Millions of dollars
Wednesday
Account name May 25, 2011
Mortgage-backed securities held outright (1) 917,856
Commitments to buy mortgage-backed securities (2) 0
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 0
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, dollar rolls,
and coupon swaps.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 8 and table 9.
4. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name May 25, 2011
Net portfolio holdings of Maiden Lane LLC (1) 24,475
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 21,719
Accrued interest payable to the Federal Reserve Bank of New York (2) 690
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,342
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
March 31, 2011. 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 9.
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 8 and table 9.
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
Wednesday
Account name May 25, 2011
Net portfolio holdings of Maiden Lane II LLC (1) 15,009
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 10,542
Accrued interest payable to the Federal Reserve Bank of New York (2) 514
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. (3) 1,085
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
March 31, 2011. 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 9.
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
8 and table 9.
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
Wednesday
Account name May 25, 2011
Net portfolio holdings of Maiden Lane III LLC (1) 24,379
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 11,985
Accrued interest payable to the Federal Reserve Bank of New York (2) 610
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. (3) 5,435
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
March 31, 2011. 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 9.
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 8 and table 9.
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 TALF LLC
Millions of dollars
Wednesday
Account name May 25, 2011
Asset-backed securities holdings (1) 0
Other investments, net 746
Net portfolio holdings of TALF LLC 746
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) 107
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 9.
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 8 and table 9.
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 $4.3 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.
8. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations from Wednesday Change since
consolidation May 25, 2011 Wednesday Wednesday
Assets, liabilities, and capital May 18, 2011 May 26, 2010
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 2,130 - 19 + 116
Securities, repurchase agreements, and loans 2,570,545 + 16,062 + 438,444
Securities held outright (1) 2,556,276 + 16,773 + 499,112
U.S. Treasury securities 1,519,327 + 24,161 + 742,450
Bills (2) 18,423 0 0
Notes and bonds, nominal (2) 1,432,009 + 24,011 + 719,986
Notes and bonds, inflation-indexed (2) 61,004 0 + 19,879
Inflation compensation (3) 7,892 + 150 + 2,586
Federal agency debt securities (2) 119,093 - 1,665 - 48,284
Mortgage-backed securities (4) 917,856 - 5,723 - 195,054
Repurchase agreements (5) 0 0 0
Loans 14,270 - 710 - 60,667
Net portfolio holdings of Commercial Paper
Funding Facility LLC (6) 0 0 - 2
Net portfolio holdings of Maiden Lane LLC (7) 24,475 + 56 - 3,854
Net portfolio holdings of Maiden Lane II LLC (8) 15,009 + 25 - 901
Net portfolio holdings of Maiden Lane III LLC (9) 24,379 + 5 + 999
Net portfolio holdings of TALF LLC (10) 746 + 13 + 268
Preferred interests in AIA Aurora LLC and ALICO
Holdings LLC (11) 0 0 - 25,416
Items in process of collection (141) 272 - 82 - 2
Bank premises 2,213 + 3 - 23
Central bank liquidity swaps (12) 0 0 - 1,242
Other assets (13) 123,096 + 858 + 33,207
Total assets (141) 2,779,103 + 16,921 + 441,596
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Eliminations from Wednesday Change since
consolidation May 25, 2011 Wednesday Wednesday
Assets, liabilities, and capital May 18, 2011 May 26, 2010
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 979,160 + 2,826 + 79,378
Reverse repurchase agreements (14) 54,181 - 3,245 - 3,977
Deposits (0) 1,671,290 + 17,449 + 364,490
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 1,592,091 + 53,392 + 503,688
U.S. Treasury, general account 73,694 - 35,926 + 56,966
U.S. Treasury, supplementary financing account 5,000 0 - 194,957
Foreign official 126 + 1 - 1,223
Other (0) 380 - 16 + 18
Deferred availability cash items (141) 1,379 + 6 - 713
Other liabilities and accrued dividends (15) 20,435 - 175 + 4,808
Total liabilities (141) 2,726,445 + 16,861 + 443,986
Capital accounts
Capital paid in 26,329 + 30 - 87
Surplus 26,329 + 30 + 661
Other capital accounts 0 0 - 2,963
Total capital 52,658 + 61 - 2,390
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. 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. Includes the book value of the commercial paper, net of amortized costs and related fees, and other
investments held by the Commercial Paper Funding Facility LLC.
7. Refer to table 4 and the note on consolidation accompanying table 9.
8. Refer to table 5 and the note on consolidation accompanying table 9.
9. Refer to table 6 and the note on consolidation accompanying table 9.
10. Refer to table 7 and the note on consolidation accompanying table 9.
11. As a result of the closing of the AIG recapitalization plan on January 14, 2011, the Federal Reserve Bank
of New York has been paid in full for its preferred interests in AIA Aurora LLC and ALICO Holdings LLC. A
portion of the preferred interests was redeemed by AIG with the funds from AIG asset dispositions that were
held as agent by the Federal Reserve.
12. 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.
13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates
and the fair value adjustment to credit extended by the Federal Reserve Bank of New York (FRBNY) to
eligible borrowers through the Term Asset-Backed Securities Loan Facility. Before the closing of the AIG
recapitalization plan on January 14, 2011, included accrued dividends on the FRBNY's preferred interests in
AIA Aurora LLC and ALICO Holdings LLC.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
15. Includes the liabilities of 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 7 and the note on consolidation
accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S.
Treasury. Before the closing of the AIG recapitalization plan on January 14, 2011, included funds from
American International Group, Inc. asset dispositions, held as agent.
9. Statement of Condition of Each Federal Reserve Bank, May 25, 2011
Millions of dollars
Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
Assets, liabilities, and capital City Francisco
Assets
Gold certificate account 11,037 390 3,866 432 450 872 1,394 854 319 197 318 728 1,217
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 2,130 52 78 159 155 356 176 331 32 61 160 215 354
Securities, repurchase agreements,
and loans 2,570,545 62,850 1,203,015 87,568 69,050 295,224 190,050 151,817 48,387 39,292 67,998 101,101 254,192
Securities held outright (1) 2,556,276 62,850 1,188,778 87,568 69,050 295,224 190,040 151,806 48,383 39,286 67,998 101,101 254,192
U.S. Treasury securities 1,519,327 37,355 706,552 52,046 41,040 175,467 112,951 90,226 28,756 23,350 40,415 60,090 151,080
Bills (2) 18,423 453 8,567 631 498 2,128 1,370 1,094 349 283 490 729 1,832
Notes and bonds (3) 1,500,904 36,902 697,985 51,415 40,543 173,339 111,581 89,132 28,408 23,067 39,925 59,361 149,248
Federal agency debt securities (2) 119,093 2,928 55,383 4,080 3,217 13,754 8,854 7,072 2,254 1,830 3,168 4,710 11,842
Mortgage-backed securities (4) 917,856 22,567 426,842 31,442 24,793 106,003 68,236 54,507 17,372 14,106 24,415 36,301 91,270
Repurchase agreements (5) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 14,270 0 14,237 0 0 0 10 12 5 6 0 0 0
Net portfolio holdings of Commercial
Paper Funding Facility LLC (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 24,475 0 24,475 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 15,009 0 15,009 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (9) 24,379 0 24,379 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF LLC (10) 746 0 746 0 0 0 0 0 0 0 0 0 0
Preferred interests in AIA Aurora LLC
and ALICO Holdings LLC (11) 0 0 0 0 0 0 0 0 0 0 0 0 0
Items in process of collection 413 21 0 77 85 7 4 41 8 25 18 21 105
Bank premises 2,213 124 255 68 138 237 217 209 136 107 263 247 212
Central bank liquidity swaps (12) 0 0 0 0 0 0 0 0 0 0 0 0 0
Other assets (13) 123,096 3,315 52,422 5,915 4,578 16,635 8,721 6,401 2,059 2,331 2,820 4,245 13,655
Interdistrict settlement account 0 - 12,872 + 264,079 + 11,570 - 10,449 - 107,100 - 35,381 - 3,986 - 11,304 - 18,135 - 17,427 - 8,151 - 50,844
Total assets 2,779,243 54,075 1,590,142 105,999 64,245 206,643 165,836 156,092 39,788 23,967 54,303 98,688 219,465
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
9. Statement of Condition of Each Federal Reserve Bank, May 25, 2011 (continued)
Millions of dollars
Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
Assets, liabilities, and capital City Francisco
Liabilities
Federal Reserve notes outstanding 1,135,618 43,330 387,556 47,379 52,786 90,477 140,220 89,085 32,370 19,490 32,075 75,091 125,760
Less: Notes held by F.R. Banks 156,459 4,769 42,047 5,638 8,001 12,378 22,482 12,775 4,193 5,486 3,436 11,187 24,067
Federal Reserve notes, net 979,160 38,561 345,509 41,741 44,785 78,099 117,738 76,310 28,177 14,004 28,640 63,904 101,693
Reverse repurchase agreements (14) 54,181 1,332 25,196 1,856 1,464 6,257 4,028 3,218 1,025 833 1,441 2,143 5,388
Deposits 1,671,290 12,023 1,188,403 57,166 13,513 110,358 40,340 74,604 9,886 6,960 23,398 31,425 103,213
Term deposits held by depository
institutions 0 0 0 0 0 0 0 0 0 0 0 0 0
Other deposits held by depository
institutions 1,592,091 12,021 1,109,354 57,162 13,509 110,243 40,338 74,602 9,885 6,959 23,397 31,424 103,197
U.S. Treasury, general account 73,694 0 73,694 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 5,000 0 5,000 0 0 0 0 0 0 0 0 0 0
Foreign official 126 1 97 4 3 8 2 1 0 1 0 1 6
Other 380 1 258 0 1 107 0 1 0 0 1 0 10
Deferred availability cash items 1,520 73 0 250 201 52 86 104 47 348 72 77 210
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,378 29 759 9 23 122 90 86 27 15 40 58 120
Other liabilities and accrued
dividends (16) 19,057 221 14,843 314 311 889 533 440 181 167 192 302 663
Total liabilities 2,726,585 52,240 1,574,711 101,337 60,295 195,777 162,815 154,762 39,343 22,327 53,784 97,909 211,286
Capital
Capital paid in 26,329 918 7,716 2,331 1,975 5,433 1,510 665 222 820 260 390 4,089
Surplus 26,329 918 7,716 2,331 1,975 5,433 1,510 665 222 820 260 390 4,089
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 2,779,243 54,075 1,590,142 105,999 64,245 206,643 165,836 156,092 39,788 23,967 54,303 98,688 219,465
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
9. Statement of Condition of Each Federal Reserve Bank, May 25, 2011 (continued)
1. Includes securities lent to dealers under the overnight securities lending facility; 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. Includes the book value of the commercial paper, net of amortized costs and related fees, and other investments held by the Commercial Paper Funding Facility LLC.
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 7 and the note on consolidation below.
11. As a result of the closing of the AIG recapitalization plan on January 14, 2011, the Federal Reserve Bank of New York has been paid in full for its preferred interests in AIA Aurora LLC and ALICO
Holdings LLC. A portion of the preferred interests was redeemed by AIG with the funds from AIG asset dispositions that were held as agent by the Federal Reserve.
12. 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.
13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates and the fair value adjustment to credit extended by the Federal Reserve Bank of New York
(FRBNY) to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Before the closing of the AIG recapitalization plan on January 14, 2011, included accrued dividends on the
FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Represents the estimated weekly remittances to U.S Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank's net earnings are not sufficient to equate surplus to
capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the
Federal Reserve Bank's earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which
requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the
amount necessary to equate surplus with capital paid-in.
16. Includes the liabilities of 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 7 and the note on consolidation below. Before the closing of the AIG recapitalization plan on January 14,
2011, included funds from American International Group, Inc. asset dispositions, held as agent.
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 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 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 8), 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 8).
10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Wednesday
Federal Reserve notes and collateral May 25, 2011
Federal Reserve notes outstanding 1,135,618
Less: Notes held by F.R. Banks not subject to collateralization 156,459
Federal Reserve notes to be collateralized 979,160
Collateral held against Federal Reserve notes 979,160
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 962,923
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 2,556,276
Less: Face value of securities under reverse repurchase agreements 50,257
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,506,019
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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