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 August 23, 2013, the Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" for the second quarter of 2013, which includes summary information on the combined financial position and results of operations of the 12 Reserve Banks and several consolidated VIEs. All financial information included in the report is unaudited. The report is available on the Federal Reserve Board's website at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm#quarterly.
• The average daily balance of the Federal Reserve SOMA holdings was approximately $3.1 trillion during the first half of 2013. Net earnings from the portfolio were approximately $40.0 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 $4 million during the first half of 2013; interest earned on loans made by the TALF accounted for most of the total.
• Total net income for the consolidated VIEs was $84 million during the first half of 2013; net income for Maiden Lane LLC accounted for most of the total.
• 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 $34.6 billion during the first half of 2013.

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