Quarterly Report on Federal Reserve
Balance Sheet Developments

Overview

Recent Developments

The Overview section of this report highlights recent developments in the operations of the Federal Reserve's monetary policy tools and presents data describing changes in the assets, liabilities, and total capital of the Federal Reserve System as of October 28, 2015.

Federal Reserve Board Publishes Quarterly Financial Statement

• On November 20, 2015, the Federal Reserve Board published the "Federal Reserve Banks Combined Quarterly Financial Report" for the third quarter of 2015, which includes summary information on the combined financial position and results of operations of the 12 Reserve Banks and Maiden Lane LLC. 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.

Federal Reserve System Selected Assets, Liabilities, and Total Capital

Table 1 reports selected assets and liabilities and total capital of the Federal Reserve System and presents the change in these components over selected intervals. The Federal Reserve publishes its complete balance sheet each week in the H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," available at www.federalreserve.gov/releases/h41/.

Figure 1 displays the levels of selected Federal Reserve assets and liabilities, securities holdings, and credit extended through liquidity facilities since April 2010.

Table 1. Assets, liabilities, and capital of the Federal Reserve System
Billions of dollars

Item	Current October 28, 2015	Change from July 29, 2015	Change from October 29, 2014
Total assets	4,489	+4	+3
Selected assets
Securities held outright	4,240	+9	+21
U.S. Treasury securities1	2,462	+*	+*
Federal agency debt securities1	34	-1	-6
Mortgage-backed securities 2	1,744	+9	+26
Memo: Overnight securities lending 3	14	+4	+4
Memo: Net commitments to purchase mortgage-backed securities 4	23	-6	-24
Unamortized premiums on securities held outright 5	192	-4	-17
Unamortized discounts on securities held outright5	-17	+1	+2
Lending to depository institutions 6	*	-*	-*
Central bank liquidity swaps 7	*	-*	+*
Net portfolio holdings of Maiden Lane LLC 8	2	+*	+*
Foreign currency denominated assets 9	20	+*	-3
Total liabilities	4,431	+4	+*
Selected liabilities
Federal Reserve notes in circulation	1,350	+22	+95
Reverse repurchase agreements 10	345	+102	+108
Foreign official and international accounts10	189	+33	+87
Others10	155	+69	+21
Term deposits held by depository institutions	0	0	-172
Other deposits held by depository institutions	2,668	+35	+41
U.S. Treasury, general account	36	-168	-83
Other deposits 11	20	+12	+12
Total capital	59	+*	+2

Note: Unaudited. Components may not sum to totals because of rounding.

* Less than $500 million.

1. Face value. Return to table

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

3. Securities loans under the overnight facility are off-balance-sheet transactions. These loans are shown here as a memo item to indicate the portion of securities held outright that have been lent through this program. Return to table

4. Current face value. Includes commitments associated with outright purchases, dollar rolls, and coupon swaps. Return to table

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 and federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis. Return to table

6. Total of primary, secondary, and seasonal credit. Return to table

7. Dollar value of the 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. Return to table

8. Fair value, reflecting values as of September 30, 2015. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Fair values are updated quarterly. Return to table

9. Revalued daily at current foreign currency exchange rates. Return to table

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

11. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Return to table

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