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Board of Governors of the Federal Reserve System
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Board of Governors of the Federal Reserve System

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

April 2010 (1.46 MB PDF)

Overview

Recent Developments

  • On April 21, 2010, the Federal Reserve System released the 2009 audited annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created by the Federal Reserve to respond to strains in financial markets, and the Board of Governors. Total Reserve Bank assets as of December 31, 2009, were $2.2 trillion, which represents a decrease of $11 billion from the previous year. The Reserve Banks reported comprehensive income of $53.4 billion in the year ended December 31, 2009, up $17.9 billion from the year prior. Total comprehensive income included interest earnings of $20.4 billion on the federal agency and government-sponsored enterprise (GSE) mortgage-backed securities (MBS) holdings, $22.9 billion on holdings of U.S. Treasury securities, and $5.5 billion in interest income on loans to depository institutions and others. The consolidated LLCs contributed to the Reserve Banks’ comprehensive income, with net earnings of $5.6 billion for the year ended December 31, 2009. The Federal Reserve System financial statements are available on the Federal Reserve Board's website at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm.
  • To provide support to the economy and credit markets, the Federal Reserve has been purchasing $1.25 trillion of agency MBS and about $175 billion of agency debt; these purchases were completed at the end of March 2010.
  • As previously announced, as of March 31, 2010, the Federal Reserve ceased extending loans against newly issued asset-backed securities (ABS) and legacy commercial mortgage-backed securities (CMBS) through the Term Asset-Backed Securities Loan Facility (TALF). Newly issued CMBS may be financed through June 30, 2010. The Federal Reserve Bank of New York (FRBNY) requested that issuers, originators, or sponsors intending to request TALF eligibility for a newly issued CMBS prior to the program's expiration submit preliminary deal term sheets for the FRBNY's review by April 19, 2010. No preliminary deal term sheets were received.
  • On March 31, 2010, the FRBNY released additional information on the holdings of the Maiden Lane portfolios on its public website at www.newyorkfed.org/markets/maidenlane.html. The additional information includes the CUSIP number, descriptor, and the current principal balance or notional amount outstanding for all of the positions in each of the three Maiden Lane portfolios as of January 29, 2010.

Table 1. Assets, Liabilities, and Capital of the Federal Reserve System
Billions of dollars

Item Current
March 31, 2010 		Change from
February 24, 2010 		Change from
April 1, 2009
Total assets 2,311 +21 +230
Selected assets
   Securities held outright 2,014 +38 +1,231
       U.S. Treasury securities1 777 +* +285
       Federal agency debt securities1 169 +2 +115
       Mortgage-backed securities2 1,069 +36 +832
       Memo: Overnight securities lending3 14 +9 +7
       Memo: Net commitments to purchase mortgage-backed securities4 104 -8 +40
   Lending to depository institutions 12 -18 -513
       Primary, secondary, and seasonal credit 8 -7 -50
       Term auction credit 3 -12 -464
   Lending through other credit facilities 55 +1 -199
       Net portfolio holdings of Commercial Paper Funding Facility LLC5 8 +* -242
       Term Asset-Backed Securities Loan Facility6 47 +1 +42
   Net portfolio holdings of TALF LLC7 * +* +*
   Support for specific institutions 116 +1 -2
       Credit extended to American International Group, Inc., net8 25 +* -21
       Net portfolio holdings of Maiden Lane LLC9 27 +* +1
       Net portfolio holdings of Maiden Lane II LLC9 15 -* -4
       Net portfolio holdings of Maiden Lane III LLC9 22 -* -6
       Preferred interests in AIA Aurora LLC and ALICO Holdings LLC6 25 +* +25
Total liabilities 2,258 +22 +223
Selected liabilities
   Federal Reserve notes in circulation 894 +2 +29
   Deposits of depository institutions 1,054 -195 +217
   U.S. Treasury, general account 92 +79 -54
   U.S. Treasury, supplementary financing account 125 +120 -75
   Other deposits 19 +18 +5
Total capital 52 -1 +6
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. These generally settle within 180 days and include commitments associated with outright transactions as well as dollar rolls. Return to table
5. Includes commercial paper holdings, net, and about $5 billion in other investments. Return to table
6. Book value. Return to table
7. As of March 31, 2010, TALF LLC had purchased no assets from the FRBNY. Return to table
8. Excludes credit extended to Maiden Lane II and III LLCs. Return to table
9. Fair value, reflecting values as of December 31, 2009. 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 Reserve's Balance Sheet

Figure 1. Credit and Liquidity Programs and the Federal Reserve's Balance Sheet
Accessible version

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Last update: August 2, 2013