Board of Governors of the Federal Reserve System

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks", has been modified to reflect the Federal Reserve's semi - annual return on November 22, 2024, of a portion of Treasury equity investment in the MS Facilities 2020 LLC (Main Street Lending Program). The remaining Treasury equity investment is reported on Factors Affecting Reserve Balances of Depository Institutions (table 1), Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and Statement of Condition of Each Federal Reserve Bank (table 6), and all remaining Treasury equity investment belongs to MS Facilities 2020 LLC. Consequently, the amount was removed from footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6).

In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of September 30, 2024.

In table 4, the outstanding amount of facility asset purchases for MS Facilities 2020 LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2024.

"Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program) which occurred on May 17, 2024. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for credit losses. The allowance for credit losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2024.

The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of St. Louis's Federal Reserve Economic Data (FRED) program are working together to expand options for finding, accessing, and visualizing data from the Board's Data Download Program (DDP) in FRED. Learn more about the DDP and FRED partnership.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," was modified to reflect closing the Municipal Liquidity Facility LLC (MLF) and TALF II LLC (TALF II). MLF and TALF II related lines were removed from table 4 and table 6. Information on Principal Amounts of Credit Facilities LLC (table 4) footnote 2 was revised accordingly.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2023.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect returning the remainder of the Treasury's equity investment in the Municipal Liquidity Facility LLC (MLF) and in the TALF II LLC (TALF II), which occurred on December 22, 2023. Footnotes in Factors Affecting Reserve Balances of Depository Institutions (table 1), Maturity Distribution of Securities, Loans and Selected Other Assets and Liabilities (table 2), Information on Principal Accounts of Credit Facilities LLCs (table 4), Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 17, 2023. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of September 30, 2023.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2023.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on May 19, 2023. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2023.

On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. For purposes of the H.4.1, the Federal Reserve's outstanding lending to First Republic Bank at the Discount Window and through the Bank Term Funding Program are now reflected in table 1 as "Other credit extensions". The outstanding loans are being repaid from assets left behind in the receivership, proceeds of the purchase and assumption agreement between the FDIC and JPMorgan Chase Bank, National Association, and pursuant to an FDIC guarantee.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Bank Term Funding Program (BTFP). The Federal Reserve announced the BTFP on March 12, 2023, to facilitate lending to eligible U.S. depository institutions.

The BTFP began operations on March 13, 2023 and provides additional funding to eligible U.S. depository institutions by extending loans with a term of up to one year limited to the par value of eligible pledged collateral. Information for the facility is presented in tables 1, 2, 5, and 6.

Depository institutions are able to obtain liquidity against a wide range of collateral through the discount window. Factors affecting reserve balances of depository institutions (table 1) "other credit extensions" reports loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral, and the FDIC provides repayment guarantees.

On March 26, 2023, the Federal Reserve will make minor changes to the format of all XML files released through the Data Download Program (DDP). The changes include

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2022.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 18, 2022. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

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In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2022.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on May 20, 2022. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

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In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2021.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect closing the Corporate Credit Facilities LLC (CCF LLC). CCF LLC related lines were removed from table 4 and table 6. Footnote 2 in Information on Principal Amounts of Credit Facilities LLCs (table 4) was revised accordingly.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 19, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of September 30, 2021.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the return of the Treasury's equity investment in the Corporate Credit Facilities LLC (CCF LLC), which occurred on September 24, 2021. Footnotes in Factors Affecting Reserve Balances of Depository Institutions (table 1), Maturity Distribution of Securities, Loans and Selected Other Assets and Liabilities (table 2), Information on Principal Accounts of Credit Facilities LLCs (table 4), Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of June 30, 2021.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect closing the Commercial Paper Funding Facility II LLC (CPFF II LLC). CPFF II LLC related lines were removed from table 2, table 4, and table 6. Footnote 1 in Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2) and Footnotes 2 and 3 in Information on Principal Amounts of Credit Facilities LLCs (table 4) were revised accordingly.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's full return of the Treasury's equity investment in the Commercial Paper Funding Facility II LLC (CPFF II LLC), which occurred on June 29, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

Additionally, the outstanding amount of facility asset purchases reported in Information on Principal Accounts of Credit Facilities LLCs (table 4) has been modified to reflect corporate bonds at fair value instead of book value following the June 2, 2021 announcement to begin winding down the Corporate Credit Facilities LLC portfolio. (https://www.federalreserve.gov/newsevents/pressreleases/monetary20210602a.htm)

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2021 and does not indicate actual losses experienced by the program.

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of December 31, 2020 and does not indicate actual losses experienced by the program.

As of March 4, 2021 the ASCII format data tables for the H.4.1 Factors Affecting Reserve Balances will no longer be available on this webpage. Historical data tables will continue to be available and current data will continue to be available through the Data Download Program and HTML.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), which occurred on January 8, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return of a portion of Treasury's equity investment in the Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on January 5, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly.

In table 4, the footnote for the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) has been revised to reflect the inclusion of an allowance for loan losses in alignment with generally accepted accounting principles. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings updated as of September 30, 2020, and does not indicate actual losses experienced by the program. The estimated allowance for loan losses for the Main Street Lending program will be updated on a quarterly basis going forward.

The data for Wednesday, July 29, 2020, from the Board's H.4.1 statistical release are now available in the Data Download Program (DDP). https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41

The DDP data for the H.4.1 release for Thursday, July 30 is delayed and will be updated as soon as possible.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to MS Facilities LLC (Main Street Lending Program). The program was introduced on the H.4.1 cover note on June 4, 2020 https://www.federalreserve.gov/releases/h41/20200604/. On July 6, 2020, the Main Street Lending Program announced it was operationally ready to purchase participations in loans originated by eligible lenders to facilitate lending support to small and medium-sized businesses, and on July 15, 2020, the Main Street Lending Program began purchasing participations in loans in accordance with the program. The Federal Reserve Bank of Boston extended credit to the MS Facilities LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Board and Treasury Secretary.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to TALF II LLC. The TALF II LLC was introduced on the H.4.1 cover note on June 18, 2020 https://www.federalreserve.gov/releases/h41/current/. On June 25, 2020, the TALF II LLC began extending eligible loans under the Term Asset-Backed Securities Loan Facility to facilitate the issuance of asset-based securities. The Federal Reserve Bank of New York extended credit to the TALF II LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information on the Term Asset-Backed Securities Loan Facility (TALF) and a new table 4 that provides supplemental information on all credit facilities.

Table 4, "Information on Principal Accounts of Credit Facilities LLCs," was added to provide information about outstanding principal amount of loans extended to LLCs by Reserve Banks. The table also provides information on the net portfolio holdings of credit facilities LLCs including outstanding amounts of facility asset purchases, Treasury contributions, and other assets.

The TALF operates through the Term Asset-Backed Securities Loan Facility II LLC (TALF II LLC), a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. On March 23, 2020, the Federal Reserve announced the TALF. On June 16, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the TALF program.

Consistent with generally accepted accounting principles, the assets and liabilities of TALF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of TALF II LLC. The net portfolio holdings of TALF II LLC appear as an asset on the statement of condition of the FRBNY (now table 6), the consolidated statement of condition of all Federal Reserve Banks (now table 5), factors affecting reserve balances of depository institutions (table 1), and information on principal accounts of credit facilities LLC (table 4). The amount provided by the U.S. Treasury as credit protection for the TALF II LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, 5, and 6.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Municipal Liquidity Facility LLC (MLF). The MLF LLC was introduced on the H.4.1 cover note on May 28, 2020 https://www.federalreserve.gov/releases/h41/20200528/. On June 2, 2020, the MLF LLC began purchasing eligible municipal notes and on June 5, 2020 settlement of the first purchase transactions occurred. The Federal Reserve Bank of New York extended credit to the MLF LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary, at settlement of the investment activity. Information on the lending was added to the note on consolidation. Municipal notes held by MLF LLC were added in the Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2).

Additionally, the asset basis in table 2 for the "Commercial paper held by Commercial Paper Funding Facility II LLC" and "Loan participations held by MS Facilities LLC (Main Street Lending Programs)" was updated to reflect "Book value" for consistency with the presentation in tables 1, 4, and 5.

Pursuant to the MS Facilities LLC (Main Street Lending Program) agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)" in tables 1, 4, and 5.

Two heading labels were revised in the Data Download Program (DDP). The data for the Board's H.4.1 statistical release published in the DDP on June 4, 2020 remains unchanged.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Main Street Lending Program (MSLP). Under the MSLP, the Federal Reserve Bank of Boston (FRBB) is operating three facilities: Main Street New Loan Facility, Main Street Priority Loan Facility, and Main Street Expanded Loan Facility. These facilities operate through the MS Facilities LLC (MSF LLC), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses.

On April 30, 2020, the Federal Reserve announced the MSLP. On June 1, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the MSLP program on behalf of the FRBB.

Consistent with generally accepted accounting principles, the assets and liabilities of MSF LLC have been consolidated with the assets and liabilities of the FRBB in the preparation of the statements of condition shown on the release because the FRBB is the managing member of MSF LLC. The net portfolio holdings of MSF LLC appear as an asset in the statement of condition of the FRBB (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The amount provided by the U.S. Treasury as credit protection for the MSF LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, and 5.

On May 29, 2020, pursuant to the Municipal Liquidity Facility LLC (MLF LLC) agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of Municipal Liquidity Facility LLC" in tables 1, 4, and 5. As of June 3, 2020, the MLF LLC executed its first transaction. Upon settlement, FRBNY will extend a loan.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Municipal Liquidity Facility (MLF). This facility operates through the Municipal Liquidity Facility LLC (MLF LLC), a special purpose vehicle that was formed to help support state and local governments better manage cash flow pressures in order to continue to serve households and business in their communities.

On April 9, 2020, the Federal Reserve announced the MLF. On May 26, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the MLF program.

Consistent with generally accepted accounting principles, the assets and liabilities of MLF LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of MLF LLC. MLF asset balances from trading activity will be reported in this release on a one-day lag after the transaction date. The net portfolio holdings of MLF LLC appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The amount provided by the U.S. Treasury as credit protection for the MLF LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, and 5.

On May 22, 2020 and pursuant to the facility agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of Commercial Paper Funding Facility II LLC" and "Net portfolio holdings of Corporate Credit Facilities LLC" in tables 1, 4, and 5. Note 7 in table 1, note 8 in table 4, and note 2 in table 5, each regarding the net portfolio holdings of the LLCs, were modified to indicate inclusion of those assets. Additionally, the note on consolidation in table 5 was modified to include information related to this activity.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to indicate additional information related to the Money Market Mutual Fund Liquidity Facility (MMLF). The amount provided by the U.S. Treasury on May 20, 2020, as credit protection for the MMLF is included in the line "Treasury contributions to credit facilities" in tables 1, 4, and 5. The MMLF was announced on the H.4.1 cover note on March 26, 2020 https://www.federalreserve.gov/releases/h41/20200326/.

Note: The H.4.1 cover note was revised on May 15, 2020, to provide clarification about the reporting lags for CCF LLC. See release.

The data for Wednesday, May 13, 2020, from the Board's H.4.1 statistical release are now available in the Data Download Program (DDP). http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Primary Market Corporate Credit Facility (PMCCF) and Secondary Market Corporate Credit Facility (SMCCF). These facilities operate through the Corporate Credit Facility LLC (CCF LLC), a special purpose vehicle that was formed to support credit to employers through bond and loan issuances and to provide liquidity to the market for outstanding corporate bonds.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Paycheck Protection Program Liquidity Facility (PPPLF). The Federal Reserve established the PPPLF to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP). Information for the facility is presented in tables 1, 2, 4, and 5.

The PPPLF program was announced by the Federal Reserve on April 9, 2020, and began operations on April 16, 2020. The PPPLF program will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value.

The data for Wednesday, April 15, 2020, from the Board's H.4.1 statistical release are now available in the Data Download Program (DDP). http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41.

The data for Wednesday, April 15, 2020, from the Board's H.4.1 statistical release are currently not available in the Data Download Program (DDP). Publication of these data is expected tomorrow. Tables of Historical Data can be found accompanying the H.4.1 release at http://www.federalreserve.gov/releases/h41/hist .

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Commercial Paper Funding Facility (CPFF). This facility operates through the Commercial Paper Funding Facility II LLC (CPFF II LLC), a special purpose vehicle that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households.

Due to technical issues, the H.4.1 release for Thursday, April 16, is delayed and will be updated as soon as possible.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) and the purchases of agency commercial mortgage-backed securities.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Primary Dealer Credit Facility (PDCF) and Money Market Mutual Fund Liquidity Facility (MMLF). Information for both facilities is presented in tables 1, 2, 4, and 5.

The PDCF was approved by the Board of Governors on March 17, 2020, and began operations on March 20, 2020. The PDCF will offer primary dealers overnight and term funding with maturities of up to 90 days. The MMLF was approved by the Board of Governors on March 18, 2020, and began operations on March 23, 2020. The MMLF will offer eligible financial institutions loans secured by high-quality assets purchased by the financial institution from money market mutual funds.

The data for Wednesday, March 18, 2020, from the Board's H.4.1 statistical release are now available in the Data Download Program (DDP). http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to consolidate certain lines on table 5. Modifications include the consolidation of amounts previously reported as "Loans," which includes discount window borrowing, into the line "Securities, unamortized premiums and discounts, repurchase agreements, and loans." This modification supports the Federal Reserve's goal, expressed in its statement on March 15, 2020, of encouraging depository institutions to use the discount window to help meet demands for credit from households and businesses, including needs related to the spread of the coronavirus. More detailed information about specific components is available on tables 1 and 4. (See: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm for the Board's March 15 statement.)

The data for Wednesday, March 18, 2020, from the Board's H.4.1 statistical release are currently not available in the Data Download Program (DDP). Publication of these data is expected tomorrow. Tables of Historical Data can be found accompanying the H.4.1 release at http://www.federalreserve.gov/releases/h41/hist .

For Release at
4:30 P.M. EST
December 27, 2018


Publication Note


The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the removal of table 4 "Information on Principal Accounts of Maiden Lane LLC." The table has been removed because the remaining assets in the portfolio holdings of Maiden Lane LLC have been reduced to a de minimis balance.

Amounts for "Net portfolio holdings of Maiden Lane LLC," continue to be shown on table 1 "Factors Affecting Reserve Balances of Depository Institutions," on the renumbered table 4 "Consolidated Statement of Condition of All Federal Reserve Banks" in order to provide information on figures from the previous year, and on the renumbered table 5 "Statement of Condition of Each Federal Reserve Bank."

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the policies under which Federal Reserve Banks make payments of their residual net earnings to the U.S. Treasury. The "Bipartisan Budget Act of 2018" ("Budget Act"), which was enacted on February 9, 2018, requires that aggregate Federal Reserve Bank capital surplus not exceed $7.5 billion. Therefore, any amount of aggregate Federal Reserve Bank capital surplus that exceeds this limit will be remitted to the U.S. Treasury.

The amounts of the line items "Other liabilities and capital" on table 1, and "Surplus" on tables 5 and 6 reflect the lump-sum payment of approximately $2.5 billion to the Treasury on February 22, 2018, which was necessary to reduce aggregate Reserve Bank capital surplus to the $7.5 billion limitation in the Budget Act.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the policies under which Federal Reserve Banks make payments of their residual net earnings to the U.S. Treasury. The Fixing America's Surface Transportation Act (FAST), which was enacted on December 4, 2015, requires that aggregate Federal Reserve Bank surplus not exceed $10 billion. Therefore, any amount of aggregate Reserve Bank surplus that exceeds this limit will be remitted to the U.S. Treasury. The line "Interest on Federal Reserve Notes due to U.S. Treasury" on table 6 has been replaced with "Earnings remittances due to the U.S. Treasury" and footnotes to tables 1, 5, and 6 have been similarly modified.

The amounts of the line items "Other liabilities and capital" on table 1, and "Surplus" on tables 5 and 6 reflect the payment of approximately $19.3 billion to Treasury on December 28, 2015, which was necessary to reduce aggregate Reserve Bank surplus to the $10 billion limitation in the FAST Act.

Effective January 1, 2016, the Federal Reserve Board's Statistical Release "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks" (the H.4.1) will be removed from the Office of Management and Budget's list of Principal Federal Economic Indicators. The release will not change in any other way; the removal of the Principal Federal Economic Indicator designation will not affect the contents of the release, or the manner of its publication. The H.4.1 will still be released every Thursday, unless that Thursday is a federal holiday, in which case the release will be issued the next business day.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the removal of table 5 "Information on Principal Accounts of TALF LLC" and the line "Asset-backed securities held by TALF LLC" from table 2 "Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities." Both have been removed because the final Term Asset-Backed Securities Loan Facility loan was repaid on October 29, 2014, and the net portfolio holdings of TALF LLC were reduced to zero on November 6, 2014.

In order to provide information on amounts from the previous year, amounts for the "Term Asset-Backed Securities Loan Facility" and the "Net portfolio holdings of TALF LLC" continue to be shown on table 1 "Factors Affecting Reserve Balances of Depository Institutions," and amounts for the net portfolio holdings of TALF LLC also continue to be shown on the renumbered table 5 "Consolidated Statement of Condition of All Federal Reserve Banks."

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the removal of table 5 "Information on Principal Accounts of Maiden Lane II LLC" and table 6 "Information on Principal Accounts of Maiden Lane III LLC." The tables have been removed because the portfolio holdings have been reduced to de minimis balances.

Amounts for "Net portfolio holdings of Maiden Lane II LLC," and "Net portfolio holdings of Maiden Lane III LLC" continue to be shown on table 1 "Factors Affecting Reserve Balances of Depository Institutions," and on the renumbered table 6 "Consolidated Statement of Condition of All Federal Reserve Banks" in order to provide information on figures from the previous year.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been corrected to include securities pledged as collateral for tri-party reverse repurchase agreements shown in table 10 as "Less: Face value of securities under reverse repurchase agreements."

Historical data incorporating this correction can be accessed through the Data Download Program (DDP) at http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41. Historical releases incorporating this correction can be accessed at http://www.federalreserve.gov/releases/h41.

The revised data are reported at the following link:
http://www.federalreserve.gov/releases/h41/2014update.htm.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect a change to tables 1, 8, and 9. Effective February 18, 2014, deposits held at the Reserve Banks by financial market utilities that were designated as systemically important by the Financial Stability Oversight Council under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be included in "Deposits with F.R. Banks, other than reserve balances, Other" on table 1 and in "Deposits, Other" on tables 8 and 9.

Historical data through April 17, 2013, for the H.4.1 posted to the Data Download Program (DDP) are now available for download.

Due to technical difficulties, incorrect historical data was posted to the Data Download Program (DDP) for the H.4.1. As a result, data for the H.4.1 in the DDP are temporarily only available through April 10, 2013. Data through April 17, 2013, are available at http://www.federalreserve.gov/releases/h41/. Corrected data will be published in the DDP as soon as possible.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to separately present the amounts of unamortized premiums and unamortized discounts on securities held outright, as well as the amount of foreign currency denominated asset holdings.

The amounts shown in table 1 of this release as "Unamortized premiums on securities held outright" and "Foreign currency denominated assets" were previously included as components of "Other Federal Reserve assets." The footnote accompanying "Other Federal Reserve assets" in table 1 has been updated to identify the remaining major components, which include accrued interest, other accounts receivable, and bank premises. The amount shown in table 1 of this release as "Unamortized discounts on securities held outright" was previously included as a component of "Other liabilities and capital." The release also reflects this additional detail on tables 8 and 9.

Historical data incorporating these new and revised line items can be accessed through the Data
Download Program (DDP) at http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41.

Beginning today, the historical packages will no longer be available through the "Preformatted Packages" in the Data Download Program (DDP). As before, all data items on the H.4.1 release will be available through the "Build a Package" option in the DDP

The data for Wednesday, March 7, 2012, from the Board's H.4.1 statistical release are now available in the Data Download Program (DDP). http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41

The data for Wednesday, March 7, 2012, from the Board's H.4.1 statistical release are currently not available in the Data Download Program (DDP). Publication of these data are forthcoming. Tables of Historical Data can be found accompanying the H.4.1 release at http://www.federalreserve.gov/releases/h41/hist.

The weekly average values, shown in table 1, reflect the December 31, 2011, quarterly updates to the fair values of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC, and the fair value adjustment of the Term Asset-Backed Securities Loan Facility, or TALF, which is included in "Other Federal Reserve assets." The amounts for the first six days of this reporting week are based on the values as of September 30, 2011, and the amounts for the last day of the reporting week are based on the values as of December 31, 2011.

Users can now view plotted data as column charts, and add U.S. recession shading, while using the "View chart" function of the Data Download Program (DDP).

For release at
4:30 P.M. EDT
October 27, 2011

The weekly average values, shown in table 1, reflect the September 30, 2011,
quarterly updates to the fair values of the net portfolio holdings of Maiden Lane
LLC, Maiden Lane II LLC, and Maiden Lane III LLC, and the fair value adjustment of
the Term Asset-Backed Securities Loan Facility, or TALF, which is included in "Other
Federal Reserve assets." The amounts for the first six days of this reporting week
are based on the values as of June 30, 2011, and the amounts for the last day of the
reporting week are based on the values as of September 30, 2011.

For release on
August 26, 2011

The data for the Board's H.4.1 statistical release published in the Data Download Program (DDP) on August 25 included incorrect data observations. These data were originally published in the afternoon on August 25, and then removed once the error was identified. We recommend that all DDP users replace the data downloaded yesterday with the corrected data published today, August 26. NOTE: This correction notice pertains only to the H.4.1 data provided by the DDP; there were no errors in the data published on the official H.4.1 statistical release and accompanying historical tables published on August 25.

For release on
August 18, 2011


The Board's H.4.1 statistical release ("Factors Affecting Reserve Balances of
Depository Institutions and Condition Statement of Federal Reserve Banks") for
August 17, 2011, released today, understated the average amount of marketable
securities held in custody for foreign official and international accounts.
As a result, corrections to table 1A have been made. In table 1A, the weekly
average value of the "Marketable securities held in custody for foreign
official and international accounts" for the week ended Wednesday, August 17,
2011, was corrected from $2,981,694 million to $3,478,623 million. The weekly
average value of "U.S. Treasury securities" held in custody for the week ended
Wednesday, August 17, 2011, was corrected from $2,352,395 million to
$2,744,281 million, and the weekly average value of "Federal agency
securities" held in custody for the week ended Wednesday, August 17, 2011, was
corrected from $629,299 million to $734,343 million.

For release at
4:30 P.M. EDT
July 28, 2011


The weekly average values, shown in table 1, reflect the June 30, 2011, quarterly updates to the fair values of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC, and the fair value adjustment of the Term Asset-Backed Securities Loan Facility, or TALF, which is included in "Other Federal Reserve assets." The amounts for the first six days of this reporting week are based on the values as of March 31, 2011, and the amounts for the last day of the reporting week are based on the values as of June 30, 2011.

For release on
June 30, 2011

The Board's H.4.1 statistical release ("Factors Affecting Reserve Balances of
Depository Institutions and Condition Statement of Federal Reserve Banks") for
September 25, 2008, overstated the average amount outstanding of securities
lent under the Term Securities Lending Facility (TSLF). On September 18,
2008, a set of securities lent under the TSLF was returned to the Federal
Reserve, but the return of these securities was not reflected in the reported
value for the TSLF until September 24, 2008. As a result, corrections to
table 1A, Memorandum Items, have been made to reflect the earlier return of
these securities on September 18, 2008. Under the TSLF, the Federal Reserve
maintained ownership of securities lent, and the lending of securities did not
directly affect the Federal Reserve's assets and liabilities.

In table 1A, the weekly average value of the "Term facility" for the week
ended Wednesday, September 24, 2008, was corrected from $185,636 million to
$174,045 million. Also in table 1A, the weekly average value of "Securities
lent to dealers" for the week ended Wednesday, September 24, 2008, was
corrected from $204,948 million to $193,357 million.

For release on
May 26, 2011

The Board's H.4.1 statistical release ("Factors Affecting Reserve Balances of Depository
Institutions and Condition Statement of Federal Reserve Banks") for May 12, 2011, understated the amount of loans outstanding under the Term Asset-Backed Securities Loan Facility and other liabilities by $22.5 million due to the recording of a loan payment one day early. As a result, corrections to tables 1, 2, 8, and 9 have been made.

In table 1, the amount of loans outstanding under the "Term Asset-Backed Securities Loan Facility" on Wednesday, May 11, 2011, was corrected from $15,308 million to $15,330 million, and the related weekly average value was corrected from $15,703 million to $15,706 million. Also in table 1, the amount of "Other liabilities and capital" on Wednesday, May 11, 2011, was corrected from $72,735 million to $72,758 million, and the related weekly average value was corrected from $73,931 million to $73,934 million.

In table 2, the amount of "Loans" with remaining maturities of "Over 1 year to 5 years" was corrected from $15,293 million to $15,316 million and the amount of "Loans" in the "All" maturity category was corrected from $15,330 million to $15,353 million.

In tables 8 and 9, the total amount of "Loans" was corrected from $15,330 million to $15,353 million. In table 8, the amount of "Other liabilities and accrued dividends" was corrected from $20,171 million to $20,194 million. In table 9, the total amount of "Other liabilities and accrued dividends" was corrected from $19,007 million to $19,029 million. In table 9, the corrections also affected the "New York" amounts for "Loans," which revised from $15,308 million to $15,330 million, and "Other liabilities and accrued dividends," which revised from $14,825 million to $14,847 million.

For release at
4:30 P.M. EDT
April 28, 2011

The weekly average values, shown in table 1, reflect the March 31, 2011, quarterly updates to the fair values of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC, and the fair value adjustment of the Term Asset-Backed Securities Loan Facility, or TALF, which is included in "Other Federal Reserve assets." The amounts for the first six days of this reporting week are based on the values as of December 31, 2010, and the amounts for the last day of the reporting week are based on the values as of March 31, 2011.

For release on
April 14, 2011

The Board's H.4.1 statistical release ("Factors Affecting Reserve Balances of Depository
Institutions and Condition Statement of Federal Reserve Banks") for March 31, 2011
contained a misclassification in table 2, which has been corrected. The amount of other
loans with remaining maturities of 91 days to 1 year was corrected from $0 million to $5
million, and the amount of other loans with remaining maturities over 1 year to 5 years
was corrected from $19,221 million to $19,216 million.

For release at
4:30 P.M. EST
February 3, 2011


The weekly average values, shown in table 1, reflect the December 31, 2010, quarterly updates to the fair values of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC, and the fair value adjustment of the Term Asset-Backed Securities Loan Facility, or TALF, which is included in "Other Federal Reserve assets." The amounts for the first six days of this reporting week are based on the values as of September 30, 2010, and the amounts for the last day of the reporting week are based on the values as of December 31, 2010.

For release at
4:30 P.M. Eastern Time
January 20, 2011

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," reflects the closing of the American International Group, Inc. (AIG) recapitalization plan, which occurred on January 14, 2011. The recapitalization plan was designed to restructure and facilitate repayment of the financial support provided to AIG by the U.S. Department of the Treasury (Treasury) and the Federal Reserve. Upon closing of the recapitalization plan, the cash proceeds from certain asset dispositions, specifically the initial public offering of AIA Group Limited (AIA) and the sale of American Life Insurance Company (ALICO), were used first to repay in full the credit extended to AIG by the FRBNY under the revolving credit facility (AIG loan), including accrued interest and fees, and then to redeem a portion of the FRBNY's preferred interests in ALICO Holdings LLC taken earlier by the FRBNY in satisfaction of a portion of the AIG loan. 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.

The weekly average values shown in table 1 reflect, as of January 14, 2011, the repayment by AIG of the "Credit extended to American International Group, Inc., net" and the "Preferred interests in AIA Aurora LLC and ALICO Holdings LLC," and the distribution of the "Funds from American International Group, Inc. asset dispositions, held as agent."

The H.4.1 statistical release continues to show average amounts for "Credit extended to American International Group, Inc., net," "Preferred interests in AIA Aurora LLC and ALICO Holdings LLC," and "Funds from American International Group, Inc. asset dispositions, held as agent," even though all funding commitments to AIG have been terminated, to provide a complete disaggregation of changes in assets and liabilities from the corresponding week one year ago.

For release at
4:30 P.M. Eastern time
January 6, 2011

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect an accounting policy change that will result in a more transparent presentation of each Federal Reserve Bank's capital accounts and distribution of residual earnings to the U.S. Treasury. Although the accounting policy change does not affect the amount of residual earnings that the Federal Reserve Banks distribute to the U.S. Treasury, it may affect the timing of the distributions. Consistent with long-standing policy of the Board of Governors, the residual earnings of each Federal Reserve Bank, after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in, are distributed weekly to the U.S. Treasury. The distribution of residual earnings to the U.S. Treasury is made in accordance with the Board of Governor's authority to levy an interest charge on the Federal Reserve Banks based on the amount of each Federal Reserve Bank's outstanding Federal Reserve notes.

Effective January 1, 2011, as a result of the accounting policy change, on a daily basis each Federal Reserve Bank will adjust the balance in its surplus account to equate surplus with capital paid-in and, in addition, will adjust its liability for the distribution of residual earnings to the U.S. Treasury. Previously these adjustments were made only at year-end. Adjusting the surplus account balance and the liability for the distribution of residual earnings to the U.S. Treasury is consistent with the existing requirement for daily accrual of many other items that appear in the Board's H.4.1 statistical release. The liability for the distribution of residual earnings to the U.S. Treasury will be reported as "Interest on Federal Reserve notes due to U.S. Treasury" on table 10. Previously, the amount necessary to equate surplus with capital paid-in and the amount of the liability for the distribution of residual earnings to the U.S. Treasury were included in "Other capital accounts" in table 9 and in "Other capital" in table 10.

For release at
4:30 p.m. EST
December 2, 2010

The weekly average values, shown in table 1, reflect the September 30, 2010, quarterly update to the fair value adjustment for the Term Asset-Backed Securities Loan Facility, or TALF, which is included in "Other Federal Reserve assets." The amounts for the first six days of this reporting week are based on values as of June 30, 2010, and the amount for the last day of the reporting week is based on values as of September 30, 2010.

Users will now be able to create and view interactive graphics of data packages from the program before downloading the underlying data and charts. The charting feature allows users to view multiple data series on a single chart as well as to display individual data points. The charts can be saved as PDFs or in a standard image file format (PNG) for publication and redistribution.

"Graphics play an important role in identifying data trends and relationships," said Federal Reserve Vice Chair Janet L. Yellen. "With the help of this intuitive new user interface, it's now possible to create customized charts directly from Federal Reserve statistical data."

For release at
4:30 p.m. EDT
November 18, 2010

The weekly average values, shown in table 1, reflect the September 30, 2010 quarterly update to the loan restructuring adjustment for the credit extended to American International Group, Inc., which is included in "Credit extended to American International Group, Inc., net." The amounts for the first six days of this reporting week are based on values as of June 30, 2010, and the amounts for the last day of the reporting week are based on values as of September 30, 2010.

For release at
4:30 P.M. EDT
November 4, 2010

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to report the funds held as agent by the Federal Reserve Bank of New York (FRBNY) related to the recapitalization plan announced by American International Group, Inc. (AIG) on September 30, 2010. The recapitalization plan, which is expected to close by the end of the first quarter of 2011, is designed to restructure and facilitate repayment of the financial support provided to AIG by the U.S. Department of the Treasury and the FRBNY. Pending the closing of the recapitalization plan, the cash proceeds from certain AIG asset dispositions will be held by the FRBNY as agent.

At the closing of the recapitalization plan, the cash proceeds from certain asset dispositions, most notably the initial public offering of AIA Group Limited (AIA) and the sale of American Life Insurance Company (ALICO), will be used first to repay in full the credit extended to AIG by the FRBNY under the revolving credit facility (AIG loan) and then to retire a portion of the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC (preferred interests) taken earlier by the FRBNY in satisfaction of a portion of the AIG loan. Alternatively, if the recapitalization plan is terminated under the terms of the plan, then the proceeds from the initial public offering of AIA and the sale of ALICO will be used to redeem the preferred interests in accordance with the AIA Aurora LLC and ALICO Holdings LLC limited liability company agreements, and any excess proceeds from these transactions, as well as proceeds from the disposition of other assets, will be used to repay the AIG loan.

The FRBNY began to hold as agent funds from the cash proceeds from the initial public offering of AIA on October 29, 2010, and from the cash proceeds from the sale of ALICO on November 1, 2010.

The funds held by the FRBNY as agent from the disposition of the AIG assets are reported in table 1 and are included in "Other liabilities and accrued dividends" in table 9 and in table 10.

For release at
4:30 P.M. EDT
October 28, 2010

The weekly average values, shown in table 1, reflect the September 30, 2010, quarterly updates to the fair value of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC. The amounts for the first six days of this reporting week are based on the values as of June 30, 2010, and the amounts for the last day of the reporting week are based on the values as of September 30, 2010.

For Release at
4:30 P.M. Eastern time
October 21, 2010

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the recent expansion of the set of counterparties with whom the Federal Reserve might conduct reverse repurchase agreements for the purposes of open market operations. (See http://www.ny.frb.org/markets/rrp_counterparties.html). As a result of this expansion, the line "Dealers" under the heading "Reverse repurchase agreements" will be replaced with "Others" in table 1. Currently, the set of counterparties in the "Others" category is primary dealers and an eligible set of money market funds.

This week, the item set available in the preformatted packages has changed.

For release at
4:30 p.m. EDT
August 5, 2010

The weekly average values, shown in table 1, reflect the June 30, 2010, quarterly update to the fair value adjustments for the Term Asset-Backed Securities Loan Facility (TALF). The TALF fair value adjustments are included in the item "other Federal Reserve assets." The first six days of this reporting week for this item include the TALF fair value adjustments as of March 31, 2010, and the last day of the reporting week includes the TALF fair value adjustments as of June 30, 2010.

For Release at
4:30 P.M. EDT
July 29, 2010

The weekly average values, shown in table 1, reflect the June 30, 2010, quarterly updates to the fair value of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC and the loan restructuring adjustment, which is included in the reported value of the credit extended to American International Group, Inc. The amounts for the first six days of this reporting week are based on the values as of March 31, 2010, and the amounts for the last day of the reporting week are based on the values as of June 30, 2010.

For Release at
4:30 P.M. EDT
July 22, 2010

Consistent with the terms of the Maiden Lane LLC (LLC) transaction, on July 15, 2010, the LLC began making distributions to repay its loan extended by the Federal Reserve Bank of New York (FRBNY). These distributions will occur on a monthly basis unless otherwise directed by the Federal Reserve and will follow the order of payments explained in the note to Table 4. These distributions will also result in a corresponding reduction of the net portfolio holdings of the LLC.

For Release at
4:30 P.M. Eastern time
June 24, 2010

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information on term deposits held by depository institutions. Term deposits are a new tool that the Federal Reserve could use to manage the aggregate quantity of reserve balances held by depository institutions.

On May 28, 2010, the Federal Reserve announced a schedule for three small-value auctions of term deposits to be offered through its Term Deposit Facility (TDF). These auctions are intended to ensure the effective operation of the TDF and to help eligible institutions become familiar with the term deposit program. The first auction was conducted on June 14, 2010, and settlement occurred on June 17, 2010. The small-value TDF auctions are a matter of prudent planning and have no implications for the near-term conduct of monetary policy.

Information on the amount of term deposits outstanding is presented on table 1, table 10, and table 11. The maturity distribution of term deposits is presented in table 2.

For Release on
June 15, 2010

The Board's H.4.1 statistical release ("Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks") for June 10, 2010 contained an error in table 3, which has been corrected. The amount of commitments to buy mortgage-backed securities was corrected from $49,554 million to $46,924 million, and the amount of commitments to sell mortgage-backed securities was corrected from $13,980 million to $11,350 million.

For Release at
4:30 P.M. Eastern time
May 13, 2010

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to report the maturity distribution of temporary U.S. dollar liquidity swap facilities (central bank liquidity swaps). These facilities were re-established in response to the re-emergence of strains in U.S. dollar short-term funding markets in Europe and are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and financial centers.

The maturity distribution of these swaps is reported again in table 2. The release continues to show the outstanding dollar value of central bank liquidity swaps in tables 1, 10, and 11.

Detailed information about draws on the swap lines by the participating central banks is presented on the Federal Reserve Bank of New York's website: http://www.newyorkfed.org/markets/liquidity_swap.html.

For release at
4:30 p.m. EDT
April 29, 2010

The weekly average values, shown in table 1, reflect the March 31, 2010, quarterly updates to the fair value of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC; the fair value adjustment of the Term Asset-Backed Securities Loan Facility, which is included in other Federal Reserve assets; and the loan restructuring adjustment, which is included in the reported value of the credit extended to American International Group, Inc. The amounts for the first six days of this reporting week are based on the values as of December 31, 2009, and the amounts for the last day of the reporting week are based on the values as of March 31, 2010.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect a revision to the loan restructuring adjustment associated with the revolving credit extended to American International Group, Inc. (AIG). In addition, the release has been modified to incorporate fair value adjustments associated with the Term Asset-Backed Securities Loan Facility (TALF).

Consistent with generally accepted accounting principles (GAAP), the AIG revolving credit extension has been reduced by a revision of $1,255 million to the loan restructuring adjustment. The restructuring adjustment is related to the loan modification that eliminated the floor on the Libor rate, announced on March 2, 2009, and that was first incorporated in reported figures beginning with the July 30, 2009, H.4.1 release. The restructuring adjustment recognizes the economic effect of the reduced interest rate on the revolving credit facility and will be amortized over the remaining term of the credit extension. The revised restructuring adjustment incorporates quarterly updates as of December 31, 2009, of estimates of factors such as interest rates and future cash flow streams that are used to value the original loan restructuring adjustment. The Federal Reserve expects that the credit extension, including interest and commitment fees under the modified terms, will be fully repaid.

The weekly average balance of the credit extended to AIG shown in table 1 reflects holdings from March 25, 2010, through Wednesday, March 31, 2010.* The balance for the first six days of this reporting week reflects the loan restructuring adjustment prior to its revision. The balance for the final day of the reporting week reflects the revised loan restructuring adjustment.

Several items on the release have been modified to include fair value adjustments associated with the TALF. A fair value adjustment to the TALF loans extended by FRBNY is recorded in "Other Federal Reserve assets" in table 1 and "Other assets" in table 10 and in table 11. This fair value adjustment of $557 million reflects the value of the future interest received by FRBNY that is paid to the TALF LLC to provide credit protection. The adjustment is substantially offset by a corresponding increase in the fair value of the liability to the U.S. Treasury related to its beneficial interest in the TALF LLC recorded in "Other liabilities and capital" in table 1 and "Other liabilities" in table 10 and in table 11. The fair value adjustments associated with the TALF will be updated quarterly.

* This cover note was revised to reflect the correct dates of the reporting week. The original cover note listed the dates for the previous reporting week.

This week, the item set available in the preformatted packages has changed.

The weekly average value of the net portfolio holdings of Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC, shown in table 1, reflect holdings from Thursday, February 4, 2010, through Wednesday, February 10, 2010. The holdings for the first six days of this reporting week are based on the values as of September 30, 2009. The holdings for the final day of the reporting week are based on the values as of December 31, 2009, the quarterly revaluation date. The fair value of the net portfolio holdings is updated quarterly.

For release at
4:30 p.m. EDT
December 3, 2009


The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to the Federal Reserve Bank of New York's (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC. This information is presented in table 1, in a new table 9, "Supplemental Information on the Federal Reserve Bank of New York"s Preferred Interests in AIA Aurora LLC and ALICO Holdings LLC," in table 10, and in table 11.

In conjunction with the restructuring of the government's assistance to American International Group (AIG) announced March 2, 2009, the outstanding balance and amount available of revolving credit provided to AIG by the FRBNY has been reduced in exchange for preferred interests in two special purpose vehicles, AIA Aurora LLC and ALICO Holdings LLC. These two limited liability companies were created to directly or indirectly hold all of the outstanding common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. AIG will retain control of AIA Aurora LLC and ALICO Holdings LLC, and the FRBNY will have certain consent, disposition, and conversion rights with respect to its preferred interests.

The FRBNY's combined preferred interests in AIA Aurora LLC and ALICO Holdings LLC are presented in table 1, in table 10, and in table 11. Supplemental information on the FRBNY's preferred interests in the two LLCs is presented in table 9. This table presents the FRBNY's preferred interests in the two LLCs and the accrued dividends on those preferred interests.

For release at
4:30 p.m. EDT
November 19, 2009

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

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

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

The consequences of this consolidation appear on the release in the following ways. Any extensions of credit from the FRBNY to TALF LLC are eliminated, as is the accrued interest on such loans. The net portfolio holdings of TALF LLC are included in "total factors supplying reserve funds" in table 1 and in "assets" in table 9 and in table 10. The liabilities of TALF LLC to entities other than the FRBNY are included in "other liabilities and capital" in table 1 and in "other liabilities and accrued dividends" in table 9 and in table 10.
Information on the principal accounts of TALF LLC is presented separately in a new table 8. This table presents the net portfolio holdings of TALF LLC, which comprise the fair value of the ABS holdings of TALF LLC and other investments that result from the initial funding provided by the U.S. Treasury, fees paid by the FRBNY, and interest received on investments. In addition, the table presents the book value of the outstanding principal of the loan extended by the FRBNY, the book value of the accrued interest payable to the FRBNY, and the book value of the funding provided by the U.S. Treasury to TALF LLC, which includes the accrued interest payable to the U.S. Treasury.

The Federal Reserve Board on Wednesday announced that data from its H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," which includes the weekly publication of the Federal Reserve's balance sheet, is now available through the Data Download Program. The program provides interactive access to Federal Reserve statistical data in a variety of formats and is available at http://www.federalreserve.gov/datadownload/.

The Data Download Program allows users to create customized data sets or download pre-formatted packages in multiple formats, including XML. More information about how to use the program is available at http://www.federalreserve.gov/datadownload/help/default.htm.

The H.4.1 release is typically published on Thursday, generally at 4:30 p.m. ET. Data from the release will be available for download in the Data Download Program at the same time.