Quarterly Report on Federal Reserve
Balance Sheet Developments

Federal Reserve Banks’ Quarterly Financial Information

The Federal Reserve publishes annual audited financial statements and quarterly unaudited financial reports presenting summary information on the combined financial position and results of operations of the Reserve Banks. The combined information includes the accounts and results of operations of the 12 Reserve Banks and several consolidated VIEs. Annual audited financial statements are available on the Federal Reserve Board's website at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm, and quarterly unaudited financial reports are available at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm#quarterly.

Quarterly Developments

• On March 15, 2013, the Federal Reserve System released the 2012 annual audited financial statements for the combined Federal Reserve Banks, the 12 individual Reserve Banks, the consolidated VIEs that were created by the Federal Reserve to respond to strains in financial markets, and the Board of Governors. The Federal Reserve System financial statements are available on the Federal Reserve Board's website at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm.
• The average daily balance of the Federal Reserve SOMA holdings was approximately $2.7 trillion during 2012. Net earnings from the portfolio were approximately $93.1 billion, including net gains of $13.5 billion; most of the earnings were attributable to interest income on Treasury securities and federal agency and GSE MBS.
• Interest earned from Federal Reserve lending programs was approximately $80 million during 2012; interest earned on loans made by the TALF accounted for most of the total.
• Net income for Maiden Lane, Maiden Lane II, and Maiden Lane III was approximately $0.5 billion, $1.2 billion, and $4.3 billion, respectively, during 2012.
• After providing for the payment of dividends and reserving an amount necessary to equate surplus with capital paid in, distributions to the Treasury as interest on Federal Reserve notes totaled $88.4 billion during 2012.

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