Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 6,687,317

-   16,283

-  739,268

 6,676,534

Securities held outright1

 6,421,032

-   15,555

-  567,223

 6,410,395

U.S. Treasury securities

 4,229,687

-    7,499

-  367,786

 4,219,049

Bills2

   195,343

         0

+      200

   195,343

Notes and bonds, nominal2

 3,603,691

-    8,350

-  324,628

 3,592,557

Notes and bonds, inflation-indexed2

   321,140

+      228

-   39,472

   321,443

Inflation compensation3

   109,513

+      622

-    3,886

   109,706

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,188,999

-    8,054

-  199,436

 2,188,999

Unamortized premiums on securities held outright5

   243,054

-      555

-   27,980

   242,906

Unamortized discounts on securities held outright5

   -23,666

+      169

+    1,198

   -23,601

Repurchase agreements6

       373

+      369

+      371

         0

Foreign official

       371

+      371

+      371

         0

Others

         2

-        2

         0

         0

Loans

     4,104

-      290

-  135,983

     4,001

Primary credit

     2,259

-      274

-    3,846

     2,154

Secondary credit

         0

         0

-       45

         0

Seasonal credit

         1

-        5

         0

         5

Paycheck Protection Program Liquidity Facility

     1,843

-       13

-    1,205

     1,843

Bank Term Funding Program

         0

         0

-  130,888

         0

Other credit extensions7

         0

         0

         0

         0

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

     7,287

+       10

-    7,391

     7,294

Float

      -616

-      307

-       42

      -533

Central bank liquidity swaps9

        95

+        9

-       92

        95

Other Federal Reserve assets10

    35,654

-      131

-    2,126

    35,977

Foreign currency denominated assets11

    18,370

+       18

+      348

    18,543

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,007

+       14

+      728

    53,007

Total factors supplying reserve funds

 6,784,935

-   16,251

-  728,191

 6,774,325

Currency in circulation12

 2,374,557

+    4,385

+   30,235

 2,376,726

Reverse repurchase agreements13

   679,823

+   92,981

-  224,577

   622,253

Foreign official and international accounts

   392,076

+   12,079

+   16,915

   388,765

Others

   287,747

+   80,902

-  241,492

   233,488

Treasury cash holdings

       431

+       12

-       13

       399

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

   519,232

-   44,356

-  429,817

   515,901

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   313,326

-   46,851

-  455,325

   301,624

Foreign official

     9,437

         0

-    3,483

     9,439

Other14

   196,468

+    2,493

+   28,990

   204,838

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -171,907

+    2,321

-   65,092

  -171,464

Total factors, other than reserve balances,
absorbing reserve funds

 3,405,596

+   55,343

-  693,242

 3,347,276

Reserve balances with Federal Reserve Banks

 3,379,339

-   71,594

-   34,949

 3,427,049

1.

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

2.

Face value of the securities.

3.

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

4.

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

the securities.

5.

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

6.

Cash value of agreements.

7.

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

8.

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

9.

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

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

foreign central bank.

10.

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

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

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

14.

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

15.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

16.

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

Securities held in custody for foreign official and international accounts

 3,293,311

-    3,929

-   52,102

 3,292,870

Marketable U.S. Treasury securities1

 2,929,934

-    2,632

-   11,764

 2,929,255

Federal agency debt and mortgage-backed securities2

   275,524

-    1,616

-   47,075

   275,629

Other securities3

    87,852

+      317

+    6,736

    87,986

Securities lent to dealers

    30,311

+    5,047

-   14,301

    28,560

Overnight facility4

    30,311

+    5,047

-   14,301

    28,560

U.S. Treasury securities

    30,311

+    5,047

-   14,301

    28,560

Federal agency debt securities

         0

         0

         0

         0

1.

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

2.

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

3.

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

4.

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

Loans1

       729

     1,641

       251

     1,381

         0

...

     4,001

U.S. Treasury securities2

Holdings

    62,513

   210,743

   417,119

 1,445,359

   530,587

 1,552,728

 4,219,049

Weekly changes

+    7,598

-    5,898

-    4,678

-   17,861

+    1,901

+      569

-   18,370

Federal agency debt securities3

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,068

    33,766

 2,151,093

 2,188,999

Weekly changes

         0

         0

         0

+       99

-      100

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

         4

     3,704

        12

...

...

     3,766

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        95

         0

         0

         0

         0

         0

        95

Reverse repurchase agreements6

   622,253

         0

...

...

...

...

   622,253

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

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

3.

Face value.

4.

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

5.

Book value of the loan participations held by the MS Facilities 2020 LLC.

6.

Cash value of agreements.

7.

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

Mortgage-backed securities held outright1

 2,188,999

Residential mortgage-backed securities

 2,180,991

Commercial mortgage-backed securities

     8,007

Commitments to buy mortgage-backed securities2

        15

Commitments to sell mortgage-backed securities2

       146

Cash and cash equivalents3

         0

1.

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

2.

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

3.

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

MS Facilities 2020 LLC (Main Street Lending Program)

     2,795

     3,052

     4,242

     7,294

1.

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

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of December 31, 2024.

3.

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

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+   10,000

Coin

     1,552

-       17

+        1

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

 6,633,702

-   18,701

-  717,284

Securities held outright1

 6,410,395

-   18,370

-  555,549

U.S. Treasury securities

 4,219,049

-   18,370

-  356,113

Bills2

   195,343

         0

+      200

Notes and bonds, nominal2

 3,592,557

-   19,484

-  313,206

Notes and bonds, inflation-indexed2

   321,443

+      531

-   39,169

Inflation compensation3

   109,706

+      583

-    3,938

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,188,999

         0

-  199,436

Unamortized premiums on securities held outright5

   242,906

-      401

-   27,959

Unamortized discounts on securities held outright5

   -23,601

+      156

+    1,183

Repurchase agreements6

         0

         0

-        2

Loans7

     4,001

-       88

-  134,959

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

     7,294

+        9

-    7,394

Items in process of collection

(0)

        53

-       19

+        5

Bank premises

       583

-       13

+      138

Central bank liquidity swaps9

        95

+        9

-       92

Foreign currency denominated assets10

    18,543

+      264

+      512

Other assets11

    35,393

+    1,666

-    1,992

Total assets

(0)

 6,723,452

-   16,801

-  716,106

Liabilities

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

 2,325,666

+    3,584

+   29,332

Reverse repurchase agreements12

   622,253

-    6,358

-  179,383

Deposits

(0)

 3,942,950

-   16,255

-  496,765

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,427,049

-   23,501

-  114,118

U.S. Treasury, General Account

   301,624

-   14,346

-  431,204

Foreign official

     9,439

+        3

-    1,260

Other13

(0)

   204,838

+   21,589

+   49,817

Deferred availability cash items

(0)

       586

+      144

-      239

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -215,651

+    2,118

-   66,121

Total liabilities

(0)

 6,679,264

-   16,768

-  717,154

Capital accounts

Capital paid in

    37,402

-       34

+    1,046

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,187

-       34

+    1,046

1.

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

2.

Face value of the securities.

3.

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

4.

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

5.

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

6.

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

7.

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

8.

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

9.

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

10.

Revalued daily at current foreign currency exchange rates.

11.

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

12.

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

13.

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

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

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

Assets

Gold certificates and special drawing rights certificates

    26,237

       895

     8,109

       797

     1,233

     1,911

     3,730

     1,726

       786

       438

       738

     2,261

     3,613

Coin

     1,552

        60

        60

       181

        45

       201

       112

       255

        35

        61

       104

       184

       253

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

 6,633,702

   138,003

 3,568,426

    98,854

   259,329

   660,845

   443,619

   366,089

    92,875

    42,120

    72,917

   289,751

   600,874

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     7,294

     7,294

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        95

         4

        32

         3

        10

        18

         3

         5

         2

         1

         1

         3

        12

Foreign currency denominated

assets4

    18,543

       778

     6,343

       637

     1,909

     3,586

       624

     1,028

       466

       118

       204

       537

     2,312

Other assets5

    36,030

       818

    16,956

       623

     1,407

     3,796

     3,704

     1,932

       657

       460

       725

     1,640

     3,313

Interdistrict settlement account

         0

+   50,726

-  312,438

+   47,863

+   13,510

-   77,199

+   32,970

+   49,011

+   20,014

+   11,482

+   10,241

+   43,460

+  110,358

Total assets

 6,723,452

   198,578

 3,287,488

   148,959

   277,444

   593,158

   484,762

   420,047

   114,836

    54,679

    84,930

   337,836

   720,735

Liabilities

Federal Reserve notes, net

 2,325,666

    83,567

   748,396

    57,929

   117,989

   166,016

   360,593

   105,999

    77,547

    30,140

    36,716

   202,143

   338,630

Reverse repurchase agreements6

   622,253

    12,943

   334,859

     9,271

    24,265

    62,025

    41,631

    34,341

     8,707

     3,887

     6,842

    27,173

    56,308

Deposits

 3,942,950

   100,137

 2,321,502

    83,682

   140,197

   391,572

    79,873

   293,203

    27,250

    20,589

    41,579

   108,083

   335,284

Depository institutions

 3,427,049

   100,119

 1,955,395

    83,680

   140,165

   390,725

    79,846

   144,639

    27,248

    20,466

    41,549

   107,989

   335,229

U.S. Treasury, General Account

   301,624

         0

   301,624

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,439

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   204,838

        16

    55,070

         0

        28

       839

        25

   148,562

         1

       123

        30

        93

        50

Earnings remittances due to the U.S. Treasury8

  -226,137

    -4,740

  -136,478

    -3,724

   -10,055

   -36,177

       118

   -16,654

        10

      -377

      -976

    -1,196

   -15,889

Treasury contributions to credit facilities9

     3,461

     3,461

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    11,072

     1,347

     4,354

       279

       410

     1,144

     1,008

       717

       208

       155

       231

       351

       866

Total liabilities

 6,679,264

   196,714

 3,272,634

   147,437

   272,807

   584,580

   483,223

   417,606

   113,722

    54,395

    84,392

   336,555

   715,199

Capital

Capital paid in

    37,402

     1,577

    12,566

     1,287

     3,933

     7,257

     1,308

     2,062

       942

       241

       463

     1,084

     4,683

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,723,452

   198,578

 3,287,488

   148,959

   277,444

   593,158

   484,762

   420,047

   114,836

    54,679

    84,930

   337,836

   720,735

1.

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

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

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

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

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

2.

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

3.

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

4.

Revalued daily at current foreign currency exchange rates.

5.

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

6.

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

7.

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

8.

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

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

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

Federal Reserve notes outstanding

 2,799,915

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

   474,249

Federal Reserve notes to be collateralized

 2,325,666

Collateral held against Federal Reserve notes

 2,325,666

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,299,430

Other assets pledged

         0

Memo:

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

 6,410,395

Less: Face value of securities under reverse repurchase agreements

   688,843

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

 5,721,552

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.