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> CLBS Report, Contents, April 2012
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Monthly Report on Credit and Liquidity Programs
and the Balance Sheet
April 2012 (1.36MB PDF)
| Abbreviations | Overview | System Open Market Account |
Overview
Recent Developments
The Overview section of this report highlights developments in the operations of the Federal Reserve’s credit and liquidity programs and facilities since last month’s report, and presents data describing changes in the assets, liabilities, and total capital of the Federal Reserve System as of March 28, 2012.
Maiden Lane III LLC Investment Objective Revised
- On April 3, 2012, Maiden Lane III LLC’s investment objective was revised to allow for asset sales. The change in the investment objective reflects a strategic decision by the Federal Reserve to explore possible sales of some of the assets in the portfolio in light of improving market conditions and the success of the previously conducted sales of securities from the Maiden Lane II LLC portfolio.
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 the past month and since this time last year.
Figure 1 displays the levels of selected Federal Reserve assets and liabilities, securities holdings, and credit extended through liquidity facilities since 2007.
Table 1. Assets, liabilities, and capital of the Federal Reserve System
Billions of dollars
| Item |
Current March 28, 2012 |
Change from February 29, 2012 |
Change from March 30, 2011 |
|---|---|---|---|
| Total assets | 2,881 | -47 | +254 |
| Selected assets | |||
| Securities held outright | 2,598 | -5 | +195 |
| U.S. Treasury securities1 | 1,665 | +3 | +332 |
| Federal agency debt securities1 | 96 | -5 | -36 |
| Mortgage-backed securities2 | 837 | -4 | -100 |
| Memo: Overnight securities lending3 | 21 | +2 | -4 |
| Memo: Net commitments to purchase mortgage-backed securities4 | 44 | +5 | +44 |
| Lending to depository institutions5 | * |
-* |
-* |
| Central bank liquidity swaps6 | 65 | -43 | +65 |
| Lending through the Term Asset-Backed Securities Loan Facility7 | 7 | -1 | -12 |
| Net portfolio holdings of TALF LLC8 | 1 | +* | +* |
| Support for specific institutions | 23 | -8 | -41 |
| Net portfolio holdings of Maiden Lane LLC9 | 5 | -1 | -21 |
| Net portfolio holdings of Maiden Lane II LLC9 | * | -7 | -16 |
| Net portfolio holdings of Maiden Lane III LLC9 | 17 | -1 | -6 |
| Total liabilities | 2,826 | -48 | +252 |
| Selected liabilities | |||
| Federal Reserve notes in circulation | 1056 | +6 | +92 |
| Term deposits of depository institutions | 3 | +3 | +3 |
| Other deposits of depository institutions | 1,565 | -42 | +107 |
| U.S. Treasury, general account | 63 | +5 | +9 |
| U.S. Treasury, supplementary financing account | 0 | 0 | -5 |
| Other deposits | 30 | -15 | +29 |
| Total capital | 54 | -1 | +1 |
Note: Unaudited. Components may not sum to totals because of rounding.
* Less than $500 million. Return to table
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value, which is the remaining principal balance of the underlying mortgages. Does not include unsettled transactions. 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. Total of primary, seasonal, and secondary credit. Return to table
6. 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. Return to table
7. Book value. Return to table
8. As of March 28, 2012, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of December 31, 2011. 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
* Less than $500 million. Return to table
1. Face value. Return to table
2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value, which is the remaining principal balance of the underlying mortgages. Does not include unsettled transactions. 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. Total of primary, seasonal, and secondary credit. Return to table
6. 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. Return to table
7. Book value. Return to table
8. As of March 28, 2012, TALF LLC had purchased no assets from the FRBNY. Return to table
9. Fair value, reflecting values as of December 31, 2011. 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
Figure 1. Credit and liquidity programs and the Federal Reserves balance sheet.
Last update:
August 2, 2013
