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Release Date: September 12, 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
Sep 11, 2024

Week ended
Sep 11, 2024

Change from week ended

Sep 4, 2024

Sep 13, 2023

Reserve Bank credit

 7,072,128

-    6,579

-  990,076

 7,073,099

Securities held outright1

 6,691,062

-    6,981

-  793,524

 6,691,162

U.S. Treasury securities

 4,388,918

-    6,980

-  594,451

 4,389,017

Bills2

   195,293

         0

-   57,671

   195,293

Notes and bonds, nominal2

 3,732,425

-    7,115

-  522,379

 3,732,478

Notes and bonds, inflation-indexed2

   344,044

         0

-   21,336

   344,044

Inflation compensation3

   117,156

+      134

+    6,935

   117,202

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,299,798

         0

-  199,072

 2,299,798

Unamortized premiums on securities held outright5

   258,525

-      505

-   30,818

   258,370

Unamortized discounts on securities held outright5

   -24,570

+      171

+    2,861

   -24,491

Repurchase agreements6

        17

+       17

+       11

         9

Foreign official

         1

+        1

-        3

         5

Others

        15

+       15

+       13

         4

Loans

   101,975

-    1,212

-  147,344

   101,798

Primary credit

     1,518

-      477

-      661

     1,568

Secondary credit

         0

         0

         0

         0

Seasonal credit

        97

+        3

+       20

       104

Paycheck Protection Program Liquidity Facility

     2,462

-       37

-    3,029

     2,459

Bank Term Funding Program

    97,898

-      701

-    9,968

    97,667

Other credit extensions7

         0

         0

-  133,706

         0

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

    10,664

+       12

-    8,896

    10,674

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,621

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,217

         0

Float

      -274

+      333

-      100

      -299

Central bank liquidity swaps9

       137

         0

-       93

       137

Other Federal Reserve assets10

    34,592

+    1,586

-    5,335

    35,739

Foreign currency denominated assets11

    18,841

+       74

+      800

    18,818

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    10,200

         0

+    5,000

    10,200

Treasury currency outstanding12

    53,045

+       14

+      728

    53,045

 

 

 

 

 

Total factors supplying reserve funds

 7,165,254

-    6,492

-  983,549

 7,166,203

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
Sep 11, 2024

Week ended
Sep 11, 2024

Change from week ended

Sep 4, 2024

Sep 13, 2023

Currency in circulation12

 2,354,364

+      132

+   22,542

 2,353,156

Reverse repurchase agreements13

   709,306

-  102,530

-1,115,856

   699,224

Foreign official and international accounts

   417,639

+    6,242

+  121,136

   420,009

Others

   291,667

-  108,772

-1,236,992

   279,215

Treasury cash holdings

       342

-       14

-        1

       340

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

   921,383

+   22,844

+  229,130

   894,077

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   755,958

+   21,999

+  234,451

   725,577

Foreign official

     9,735

-       32

-       89

     9,679

Other14

   155,691

+      877

-    5,230

   158,820

Treasury contributions to credit facilities15

     4,958

         0

-    8,400

     4,958

Other liabilities and capital16

  -145,917

-    4,738

-   96,323

  -145,292

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 3,844,437

-   84,307

-  968,907

 3,806,461

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,320,818

+   77,816

-   14,641

 3,359,741

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 2020 LLC of $5.0 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
Sep 11, 2024

Week ended
Sep 11, 2024

Change from week ended

Sep 4, 2024

Sep 13, 2023

Securities held in custody for foreign official and international accounts

 3,314,472

+    6,161

-  120,307

 3,314,947

Marketable U.S. Treasury securities1

 2,936,608

+    6,002

-   64,267

 2,937,107

Federal agency debt and mortgage-backed securities2

   298,198

-        8

-   52,908

   298,345

Other securities3

    79,666

+      168

-    3,133

    79,495

Securities lent to dealers

    35,482

+    2,650

-    6,168

    35,511

Overnight facility4

    35,482

+    2,650

-    6,168

    35,511

U.S. Treasury securities

    35,482

+    2,650

-    6,168

    35,511

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, September 11, 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

     1,059

       909

    97,799

     2,030

         0

...

   101,798

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    11,920

   240,015

   537,050

 1,482,818

   590,261

 1,526,953

 4,389,017

Weekly changes

-      243

-      301

+      561

+      131

+       16

+       36

+      200

Federal agency debt securities3

 

 

 

 

 

 

 

Holdings

         0

         0

         0

       486

     1,861

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

 

 

 

 

 

 

 

Holdings

         0

         1

        21

     6,219

    24,819

 2,268,739

 2,299,798

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

Lending Program)5

         0

         0

         0

     5,513

...

...

     5,513

Repurchase agreements6

         9

         0

...

...

...

...

         9

Central bank liquidity swaps7

       137

         0

         0

         0

         0

         0

       137

Reverse repurchase agreements6

   699,224

         0

...

...

...

...

   699,224

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 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.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Sep 11, 2024

Mortgage-backed securities held outright1

 2,299,798

Residential mortgage-backed securities

 2,291,676

Commercial mortgage-backed securities

     8,121

 

 

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

         0

 

 

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 Sep 11, 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 2020 LLC (Main Street Lending Program)

     4,625

     4,719

     5,956

    10,674

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 credit losses updated as of June 30, 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.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Sep 11, 2024

Change since

Wednesday

Wednesday

Sep 4, 2024

Sep 13, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

    10,200

         0

+    5,000

Coin

 

     1,504

+        8

+       72

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

 

 7,026,847

-      710

-  968,285

Securities held outright1

 

 6,691,162

+      200

-  792,534

U.S. Treasury securities

 

 4,389,017

+      200

-  593,462

Bills2

 

   195,293

         0

-   56,689

Notes and bonds, nominal2

 

 3,732,478

+       75

-  522,340

Notes and bonds, inflation-indexed2

 

   344,044

         0

-   21,336

Inflation compensation3

 

   117,202

+      125

+    6,903

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,299,798

         0

-  199,072

Unamortized premiums on securities held outright5

 

   258,370

-      438

-   30,784

Unamortized discounts on securities held outright5

 

   -24,491

+      169

+    2,842

Repurchase agreements6

 

         9

+        9

+        9

Loans7

 

   101,798

-      649

-  147,817

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

 

    10,674

+       11

-    8,905

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-    5,623

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,218

Items in process of collection

(0)

        44

-       14

-       13

Bank premises

 

       422

         0

-       17

Central bank liquidity swaps9

 

       137

         0

-       93

Foreign currency denominated assets10

 

    18,818

+       47

+      763

Other assets11

 

    35,317

+    3,091

-    5,460

 

 

 

 

 

Total assets

(0)

 7,115,001

+    2,434

-  983,778

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
Sep 11, 2024

Change since

Wednesday

Wednesday

Sep 4, 2024

Sep 13, 2023

Liabilities

 

 

 

 

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

 

 2,301,951

-    2,936

+   22,749

Reverse repurchase agreements12

 

   699,224

-   45,028

-1,136,410

Deposits

(0)

 4,253,818

+   56,000

+  234,251

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,359,741

+   95,136

+   49,210

U.S. Treasury, General Account

 

   725,577

-   45,470

+  188,213

Foreign official

 

     9,679

-      147

-       10

Other13

(0)

   158,820

+    6,481

-    3,163

Deferred availability cash items

(0)

       343

-      555

+       64

Treasury contributions to credit facilities14

 

     4,958

         0

-    8,400

Other liabilities and accrued dividends15

 

  -188,710

-    5,046

-   96,729

 

 

 

 

 

Total liabilities

(0)

 7,071,583

+    2,433

-  984,476

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,633

         0

+      698

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,418

         0

+      698

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 2020 LLC of $5.0 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, September 11, 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

    21,237

       729

     6,619

       657

       997

     1,557

     2,999

     1,417

       635

       355

       599

     1,786

     2,887

Coin

     1,504

        53

        49

       168

        43

       200

       106

       254

        35

        54

       102

       187

       254

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

 7,026,847

   155,715

 3,734,652

   105,416

   273,292

   699,456

   471,745

   389,581

   102,843

    48,434

    84,478

   311,705

   649,528

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

 

 

 

 

 

 

Lending Program)2

    10,674

    10,674

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       137

         6

        47

         5

        15

        27

         4

         7

         3

         1

         1

         3

        18

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,818

       785

     6,508

       663

     2,002

     3,712

       617

       924

       424

       118

       205

       452

     2,409

Other assets5

    35,783

     1,122

    15,660

       646

     1,359

     3,763

     3,318

     1,997

       958

       563

       919

     1,797

     3,682

Interdistrict settlement account

         0

-    2,709

-   50,157

+   47,939

+   39,053

-   83,622

-    7,061

-   36,205

+    8,758

+    2,243

-   13,827

+    9,129

+   86,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,115,001

   166,375

 3,713,379

   155,494

   316,759

   625,094

   471,728

   357,975

   113,655

    51,768

    72,478

   325,061

   745,236

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, September 11, 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

 2,301,951

    85,936

   745,114

    55,607

   115,589

   163,759

   357,657

   108,307

    77,559

    30,286

    30,333

   202,136

   329,666

Reverse repurchase agreements6

   699,224

    14,544

   376,281

    10,418

    27,266

    69,698

    46,781

    38,589

     9,784

     4,368

     7,688

    30,535

    63,273

Deposits

 4,253,818

    61,559

 2,695,697

    90,084

   177,492

   413,569

    65,114

   222,304

    25,171

    16,926

    34,494

    92,355

   359,054

Depository institutions

 3,359,741

    61,498

 1,906,463

    90,083

   177,446

   412,662

    65,086

   118,744

    25,163

    16,861

    34,465

    92,262

   359,007

U.S. Treasury, General Account

   725,577

         0

   725,577

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,679

         2

     9,653

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   158,820

        59

    54,003

         0

        42

       899

        26

   103,558

         7

        65

        28

        92

        42

Earnings remittances due to the U.S. Treasury8

  -196,665

    -3,739

  -121,496

    -2,363

    -8,498

   -31,554

        55

   -13,819

         0

      -213

      -697

    -1,413

   -12,928

Treasury contributions to credit facilities9

     4,958

     4,958

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,298

     1,276

     2,907

       222

       336

     1,063

       654

       451

       151

       124

       194

       261

       659

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,071,583

   164,533

 3,698,502

   153,969

   312,185

   616,534

   470,261

   355,831

   112,666

    51,492

    72,012

   323,873

   739,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,633

     1,559

    12,531

     1,286

     3,852

     7,221

     1,244

     1,810

       837

       233

       392

     1,025

     4,642

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

 7,115,001

   166,375

 3,713,379

   155,494

   316,759

   625,094

   471,728

   357,975

   113,655

    51,768

    72,478

   325,061

   745,236

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, September 11, 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 2020 LLC of $5.0 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 2020 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 2020 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 2020 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

Sep 11, 2024

Federal Reserve notes outstanding

 2,774,982

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

   473,032

Federal Reserve notes to be collateralized

 2,301,951

Collateral held against Federal Reserve notes

 2,301,951

Gold certificate account

    11,037

Special drawing rights certificate account

    10,200

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

 2,280,714

Other assets pledged

         0

Memo:

 

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

 6,691,171

Less: Face value of securities under reverse repurchase agreements

   775,276

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

 5,915,894

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: September 12, 2024
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