Board of Governors of the Federal Reserve System

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 6,678,863

-    8,454

-  722,708

 6,680,364

Securities held outright1

 6,410,678

-   10,354

-  555,699

 6,410,842

U.S. Treasury securities

 4,219,332

-   10,355

-  356,263

 4,219,496

Bills2

   195,343

         0

+      200

   195,343

Notes and bonds, nominal2

 3,592,557

-   11,134

-  313,206

 3,592,557

Notes and bonds, inflation-indexed2

   321,443

+      303

-   39,169

   321,443

Inflation compensation3

   109,989

+      476

-    4,088

   110,153

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,188,999

         0

-  199,436

 2,188,999

Unamortized premiums on securities held outright5

   242,659

-      395

-   27,941

   242,525

Unamortized discounts on securities held outright5

   -23,639

+       27

+    1,184

   -23,571

Repurchase agreements6

        14

-      359

+       14

         0

Foreign official

         0

-      371

         0

         0

Others

        14

+       12

+       14

         0

Loans

     4,195

+       91

-  130,939

     4,566

Primary credit

     2,351

+       92

-    2,574

     2,726

Secondary credit

         0

         0

-       19

         0

Seasonal credit

         9

+        8

+        6

         9

Paycheck Protection Program Liquidity Facility

     1,835

-        8

-    1,201

     1,831

Bank Term Funding Program

         0

         0

-  127,151

         0

Other credit extensions7

         0

         0

         0

         0

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     7,295

+        8

-    7,396

     7,301

Float

      -316

+      300

-       66

      -389

Central bank liquidity swaps9

        94

-        1

-       56

        94

Other Federal Reserve assets10

    37,883

+    2,229

-    1,809

    38,996

Foreign currency denominated assets11

    18,715

+      345

+      680

    18,820

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,021

+       14

+      728

    53,021

Total factors supplying reserve funds

 6,776,840

-    8,095

-  711,300

 6,778,446

Currency in circulation12

 2,377,717

+    3,160

+   30,942

 2,378,330

Reverse repurchase agreements13

   555,248

-  124,575

-  236,805

   534,253

Foreign official and international accounts

   380,543

-   11,533

+   29,908

   366,138

Others

   174,705

-  113,042

-  266,713

   168,115

Treasury cash holdings

       401

-       30

-       40

       412

Deposits with F.R. Banks, other than reserve balances

   540,908

+   21,676

-  325,802

   552,298

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   306,049

-    7,277

-  398,922

   315,189

Foreign official

     9,435

-        2

-      258

     9,434

Other14

   225,424

+   28,956

+   73,378

   227,675

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -175,577

-    3,670

-   63,455

  -174,651

Total factors, other than reserve balances,
absorbing reserve funds

 3,302,158

-  103,438

-  599,137

 3,294,102

Reserve balances with Federal Reserve Banks

 3,474,682

+   95,343

-  112,163

 3,484,345

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

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

the securities.

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 securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of 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.

10.

Includes bank premises, accrued interest, and other accounts receivable.

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

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

14.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

15.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,294,310

+      999

-   64,938

 3,296,459

Marketable U.S. Treasury securities1

 2,930,869

+      935

-   25,057

 2,932,857

Federal agency debt and mortgage-backed securities2

   275,653

+      129

-   46,577

   275,658

Other securities3

    87,788

-       64

+    6,696

    87,944

Securities lent to dealers

    30,347

+       36

-    5,629

    40,631

Overnight facility4

    30,347

+       36

-    5,629

    40,631

U.S. Treasury securities

    30,347

+       36

-    5,629

    40,631

Federal agency debt securities

         0

         0

         0

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

       871

     2,144

       202

     1,349

         0

...

     4,566

U.S. Treasury securities2

Holdings

    58,181

   215,022

   417,235

 1,445,551

   530,638

 1,552,870

 4,219,496

Weekly changes

-    4,332

+    4,279

+      116

+      192

+       51

+      142

+      447

Federal agency debt securities3

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,068

    35,835

 2,149,024

 2,188,999

Weekly changes

         0

         0

         0

         0

+    2,069

-    2,069

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

         4

     3,663

        12

...

...

     3,725

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        94

         0

         0

         0

         0

         0

        94

Reverse repurchase agreements6

   534,253

         0

...

...

...

...

   534,253

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility (PPPLF); and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

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

5.

Book value of the loan participations held by the MS Facilities 2020 LLC.

6.

Cash value of agreements.

7.

Dollar value of 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.

Mortgage-backed securities held outright1

 2,188,999

Residential mortgage-backed securities

 2,180,991

Commercial mortgage-backed securities

     8,007

Commitments to buy mortgage-backed securities2

        15

Commitments to sell mortgage-backed securities2

       146

Cash and cash equivalents3

         0

1.

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

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

     2,795

     3,010

     4,290

     7,301

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of December 31, 2024.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+   10,000

Coin

     1,552

         0

+        7

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 6,634,362

+      660

-  712,388

Securities held outright1

 6,410,842

+      447

-  555,787

U.S. Treasury securities

 4,219,496

+      447

-  356,350

Bills2

   195,343

         0

+      200

Notes and bonds, nominal2

 3,592,557

         0

-  313,206

Notes and bonds, inflation-indexed2

   321,443

         0

-   39,169

Inflation compensation3

   110,153

+      447

-    4,175

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,188,999

         0

-  199,436

Unamortized premiums on securities held outright5

   242,525

-      381

-   27,911

Unamortized discounts on securities held outright5

   -23,571

+       30

+    1,171

Repurchase agreements6

         0

         0

-        1

Loans7

     4,566

+      565

-  129,861

Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8

     7,301

+        7

-    7,404

Items in process of collection

(0)

        54

+        1

-        4

Bank premises

       586

+        3

+      138

Central bank liquidity swaps9

        94

-        1

-       56

Foreign currency denominated assets10

    18,820

+      277

+      932

Other assets11

    38,411

+    3,018

-    1,985

Total assets

(0)

 6,727,416

+    3,964

-  710,760

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,327,269

+    1,603

+   30,374

Reverse repurchase agreements12

   534,253

-   88,000

-  264,944

Deposits

(0)

 4,036,642

+   93,692

-  409,141

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,484,345

+   57,296

-  131,346

U.S. Treasury, General Account

   315,189

+   13,565

-  357,348

Foreign official

     9,434

-        5

-      259

Other13

(0)

   227,675

+   22,837

+   79,813

Deferred availability cash items

(0)

       443

-      143

+      117

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -218,839

-    3,188

-   64,236

Total liabilities

(0)

 6,683,229

+    3,965

-  711,807

Capital accounts

Capital paid in

    37,402

         0

+    1,047

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,187

         0

+    1,047

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

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

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 securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of 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.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

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

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    26,237

       895

     8,109

       797

     1,233

     1,911

     3,730

     1,726

       786

       438

       738

     2,261

     3,613

Coin

     1,552

        61

        59

       181

        47

       201

       113

       255

        35

        61

       103

       183

       251

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 6,634,362

   137,990

 3,568,590

    98,861

   259,330

   660,870

   443,629

   366,170

    92,883

    42,101

    72,920

   289,732

   601,286

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     7,301

     7,301

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        94

         4

        32

         3

        10

        18

         3

         5

         2

         1

         1

         3

        12

Foreign currency denominated

assets4

    18,820

       795

     6,349

       651

     1,952

     3,666

       638

     1,051

       477

       121

       209

       549

     2,364

Other assets5

    39,051

       882

    18,574

       668

     1,525

     4,106

     3,902

     2,098

       699

       480

       758

     1,771

     3,587

Interdistrict settlement account

         0

+   48,885

-  274,109

+   51,002

+   20,100

-   93,798

+   23,835

+   56,090

+   18,433

+   11,756

+    8,130

+   42,296

+   87,380

Total assets

 6,727,416

   196,813

 3,327,603

   152,164

   284,196

   576,973

   475,851

   427,396

   113,315

    54,958

    82,859

   336,796

   698,493

Liabilities

Federal Reserve notes, net

 2,327,269

    83,730

   749,978

    57,948

   118,624

   166,049

   360,581

   105,662

    77,602

    30,187

    36,239

   202,224

   338,443

Reverse repurchase agreements6

   534,253

    11,112

   287,503

     7,960

    20,833

    53,254

    35,744

    29,484

     7,476

     3,338

     5,874

    23,330

    48,345

Deposits

 4,036,642

   100,128

 2,409,287

    88,267

   149,838

   384,351

    77,090

   306,049

    26,925

    21,392

    40,999

   110,855

   321,461

Depository institutions

 3,484,345

   100,110

 2,020,785

    88,266

   149,802

   383,548

    77,068

   143,612

    26,923

    21,091

    40,968

   110,766

   321,406

U.S. Treasury, General Account

   315,189

         0

   315,189

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,408

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   227,675

        16

    63,905

         0

        32

       795

        21

   162,435

         1

       301

        30

        88

        50

Earnings remittances due to the U.S. Treasury8

  -226,320

    -4,756

  -136,642

    -3,751

   -10,040

   -36,072

       104

   -16,750

        18

      -384

      -983

    -1,170

   -15,895

Treasury contributions to credit facilities9

     3,461

     3,461

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,925

     1,275

     2,622

       218

       305

       813

       794

       509

       180

       140

       192

       274

       602

Total liabilities

 6,683,229

   194,949

 3,312,749

   150,642

   279,559

   568,395

   474,312

   424,955

   112,201

    54,673

    82,321

   335,514

   692,958

Capital

Capital paid in

    37,402

     1,577

    12,566

     1,287

     3,933

     7,257

     1,308

     2,062

       942

       241

       463

     1,084

     4,683

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,727,416

   196,813

 3,327,603

   152,164

   284,196

   576,973

   475,851

   427,396

   113,315

    54,958

    82,859

   336,796

   698,493

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans; the Paycheck Protection Program Liquidity Facility; and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

Dollar value of 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.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

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

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,800,137

Less: Notes held by F.R. Banks not subject to collateralization

   472,868

Federal Reserve notes to be collateralized

 2,327,269

Collateral held against Federal Reserve notes

 2,327,269

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

 2,301,032

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

 6,410,842

Less: Face value of securities under reverse repurchase agreements

   607,856

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

 5,802,986

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.