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

 6,855,782

-    4,330

-  846,022

 6,856,532

Securities held outright1

 6,566,949

-    4,275

-  692,770

 6,566,993

U.S. Treasury securities

 4,315,621

-    4,274

-  494,735

 4,315,665

Bills2

   195,293

         0

-   32,677

   195,293

Notes and bonds, nominal2

 3,660,946

-    4,403

-  441,830

 3,660,946

Notes and bonds, inflation-indexed2

   341,360

         0

-   24,218

   341,360

Inflation compensation3

   118,021

+      129

+    3,989

   118,065

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,248,982

         0

-  198,034

 2,248,982

Unamortized premiums on securities held outright5

   251,362

-      462

-   29,547

   251,198

Unamortized discounts on securities held outright5

   -24,087

+      123

+    2,407

   -24,014

Repurchase agreements6

        20

+       18

+       15

         7

Foreign official

         0

         0

         0

         1

Others

        20

+       18

+       15

         6

Loans

    20,677

-    1,989

-  107,670

    20,247

Primary credit

     2,297

-      348

+      239

     2,607

Secondary credit

         0

         0

-        1

         0

Seasonal credit

        36

-        2

+       11

        48

Paycheck Protection Program Liquidity Facility

     1,990

-       14

-    1,691

     1,988

Bank Term Funding Program

    16,354

-    1,625

-  106,227

    15,603

Other credit extensions7

         0

         0

         0

         0

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

     8,469

+        8

-    8,152

     8,479

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,607

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-      323

         0

Float

      -281

+      315

-       72

      -357

Central bank liquidity swaps9

        97

-        8

-      243

        97

Other Federal Reserve assets10

    32,574

+    1,937

-    4,062

    33,882

Foreign currency denominated assets11

    17,937

-       79

-      200

    17,827

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    10,200

         0

+    5,000

    10,200

Treasury currency outstanding12

    53,061

+       14

+      692

    53,061

Total factors supplying reserve funds

 6,948,021

-    4,395

-  840,530

 6,948,661

Currency in circulation12

 2,361,419

-    2,285

+   30,715

 2,359,411

Reverse repurchase agreements13

   541,455

-   29,667

-  611,838

   596,284

Foreign official and international accounts

   394,312

-    2,097

+   68,105

   416,164

Others

   147,142

-   27,571

-  679,943

   180,120

Treasury cash holdings

       340

-       11

-       63

       334

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

   935,708

-   14,260

+  110,505

   873,417

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   775,067

-   14,449

+  116,627

   711,354

Foreign official

     9,683

-      221

-        8

     9,707

Other14

   150,958

+      410

-    6,115

   152,356

Treasury contributions to credit facilities15

     3,461

         0

-    6,850

     3,461

Other liabilities and capital16

  -158,919

+    2,347

-   86,937

  -158,051

Total factors, other than reserve balances,
absorbing reserve funds

 3,683,462

-   43,878

-  564,470

 3,674,856

Reserve balances with Federal Reserve Banks

 3,264,559

+   39,484

-  276,060

 3,273,805

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

 3,296,429

-   20,759

-   92,151

 3,288,158

Marketable U.S. Treasury securities1

 2,912,103

-   20,929

-   47,464

 2,903,649

Federal agency debt and mortgage-backed securities2

   297,707

+       14

-   47,852

   297,707

Other securities3

    86,618

+      154

+    3,164

    86,802

Securities lent to dealers

    30,009

+       27

-      830

    35,109

Overnight facility4

    30,009

+       27

-      830

    35,109

U.S. Treasury securities

    30,009

+       27

-      830

    35,109

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

     2,026

    16,232

       369

     1,619

         0

...

    20,247

U.S. Treasury securities2

Holdings

    16,383

   277,832

   450,379

 1,487,151

   548,237

 1,535,683

 4,315,665

Weekly changes

+    2,230

-    2,221

+        7

+       53

+       16

+       35

+      120

Federal agency debt securities3

Holdings

         0

         0

         0

       486

     1,861

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         1

        40

     5,587

    23,904

 2,219,449

 2,248,982

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        46

         0

     3,450

     1,188

...

...

     4,684

Repurchase agreements6

         7

         0

...

...

...

...

         7

Central bank liquidity swaps7

        97

         0

         0

         0

         0

         0

        97

Reverse repurchase agreements6

   596,284

         0

...

...

...

...

   596,284

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, 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

 2,248,982

Residential mortgage-backed securities

 2,240,923

Commercial mortgage-backed securities

     8,058

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)

     3,821

     4,133

     4,345

     8,479

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 September 30, 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

    10,200

         0

+    5,000

Coin

     1,468

+       15

+       29

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

 6,814,432

-    1,489

-  828,437

Securities held outright1

 6,566,993

+      119

-  691,989

U.S. Treasury securities

 4,315,665

+      120

-  494,069

Bills2

   195,293

         0

-   32,070

Notes and bonds, nominal2

 3,660,946

         0

-  441,830

Notes and bonds, inflation-indexed2

   341,360

         0

-   24,218

Inflation compensation3

   118,065

+      120

+    4,048

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,248,982

         0

-  197,919

Unamortized premiums on securities held outright5

   251,198

-      430

-   29,509

Unamortized discounts on securities held outright5

   -24,014

+      176

+    2,388

Repurchase agreements6

         7

         0

         0

Loans7

    20,247

-    1,355

-  109,327

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

     8,479

+       11

-    8,159

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,609

Net portfolio holdings of TALF II LLC8

         0

         0

-      324

Items in process of collection

(0)

        64

-        5

-       10

Bank premises

       521

+       28

+       90

Central bank liquidity swaps9

        97

-        4

-      243

Foreign currency denominated assets10

    17,827

-      104

-      338

Other assets11

    33,361

+    3,207

-    4,079

Total assets

(0)

 6,897,485

+    1,658

-  842,081

Liabilities

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

 2,308,148

-    4,167

+   27,460

Reverse repurchase agreements12

   596,284

+   48,721

-  555,948

Deposits

(0)

 4,147,223

-   44,816

-  220,293

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,273,806

+   57,657

-  293,966

U.S. Treasury, General Account

   711,354

-  103,657

+   80,736

Foreign official

     9,707

-      176

+       14

Other13

(0)

   152,356

+    1,360

-    7,078

Deferred availability cash items

(0)

       421

-      467

+       90

Treasury contributions to credit facilities14

     3,461

         0

-    6,850

Other liabilities and accrued dividends15

  -202,001

+    2,388

-   87,638

Total liabilities

(0)

 6,853,535

+    1,658

-  843,181

Capital accounts

Capital paid in

    37,165

         0

+    1,100

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,950

         0

+    1,100

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

    21,237

       729

     6,619

       657

       997

     1,557

     2,999

     1,417

       635

       355

       599

     1,786

     2,887

Coin

     1,468

        52

        45

       167

        44

       201

       111

       247

        34

        57

        97

       182

       232

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

 6,814,432

   142,295

 3,658,224

   101,532

   266,089

   678,776

   455,638

   376,186

    95,675

    44,495

    75,729

   301,396

   618,397

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     8,479

     8,479

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        97

         4

        34

         3

        10

        19

         3

         5

         2

         1

         1

         2

        12

Foreign currency denominated

assets4

    17,827

       744

     6,166

       628

     1,896

     3,517

       584

       875

       401

       112

       194

       429

     2,282

Other assets5

    33,946

       811

    15,850

       590

     1,309

     3,545

     3,082

     1,834

       820

       489

       712

     1,722

     3,182

Interdistrict settlement account

         0

+   25,901

-  141,647

+   34,902

+   23,352

-   52,335

+   10,295

-   24,207

+   13,028

+    8,753

-    6,481

+   14,696

+   93,743

Total assets

 6,897,485

   179,015

 3,545,291

   138,479

   293,698

   635,280

   472,712

   356,357

   110,594

    54,261

    70,851

   320,213

   720,735

Liabilities

Federal Reserve notes, net

 2,308,148

    85,004

   751,129

    55,295

   114,736

   165,868

   359,572

   106,350

    77,806

    30,268

    31,457

   200,482

   330,180

Reverse repurchase agreements6

   596,284

    12,402

   320,885

     8,884

    23,252

    59,437

    39,894

    32,908

     8,344

     3,725

     6,556

    26,039

    53,958

Deposits

 4,147,223

    79,017

 2,583,428

    75,661

   160,192

   434,136

    70,913

   229,224

    23,181

    20,135

    32,961

    93,505

   344,871

Depository institutions

 3,273,806

    79,012

 1,810,282

    75,660

   160,163

   433,648

    70,885

   129,764

    23,173

    20,038

    32,931

    93,433

   344,817

U.S. Treasury, General Account

   711,354

         0

   711,354

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,707

         2

     9,681

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   152,356

         3

    52,111

         0

        25

       480

        26

    99,458

         7

        97

        29

        71

        48

Earnings remittances due to the U.S. Treasury8

  -213,419

    -4,199

  -129,607

    -3,163

    -9,542

   -34,442

        73

   -15,201

       -15

      -299

      -841

    -1,407

   -14,776

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

    11,839

     1,476

     4,571

       275

       480

     1,714

       778

       667

       185

       151

       232

       345

       963

Total liabilities

 6,853,535

   177,161

 3,530,405

   136,953

   289,119

   626,713

   471,230

   353,948

   109,501

    53,980

    70,365

   318,964

   715,196

Capital

Capital paid in

    37,165

     1,571

    12,540

     1,287

     3,857

     7,228

     1,260

     2,076

       941

       238

       412

     1,085

     4,670

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,897,485

   179,015

 3,545,291

   138,479

   293,698

   635,280

   472,712

   356,357

   110,594

    54,261

    70,851

   320,213

   720,735

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 and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, 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:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities 2020 LLC (Main Street Lending Program), 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 MS Facilities 2020 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 FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities 2020 LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or 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). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,786,914

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

   478,766

Federal Reserve notes to be collateralized

 2,308,148

Collateral held against Federal Reserve notes

 2,308,148

Gold certificate account

    11,037

Special drawing rights certificate account

    10,200

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

 2,286,912

Other assets pledged

         0

Memo:

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

 6,567,000

Less: Face value of securities under reverse repurchase agreements

   682,716

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

 5,884,285

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.