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Release Date: November 19, 2009
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For release at
4:30 p.m. EDT
November 19, 2009
The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of
Depository Institutions and Condition Statement of Federal Reserve Banks," has
been modified to include information related to TALF LLC, a limited liability
company formed to purchase and manage any asset-backed securities that might be
received by the Federal Reserve Bank of New York (FRBNY) in connection with the
Term Asset-Backed Securities Loan Facility (TALF). This information will be
presented in a new table 8, "Information on Principal Accounts of TALF LLC."
The release has also been modified to include information related to the net
portfolio holdings of TALF LLC. This information is presented in table 1, in
table 8, in table 9, and in table 10.
On November 25, 2008, the Federal Reserve announced the creation of the TALF
under the authority of section 13(3) of the Federal Reserve Act. Under the
TALF, the FRBNY extends loans to eligible borrowers to finance the purchase of
eligible asset-backed securities (ABS) that serve as the collateral for the
loans. The loans provided through the TALF are non-recourse, meaning that the
obligation of the borrower can be discharged by surrendering the collateral to
the FRBNY. The loans are extended for the market value of the security less an
amount known as a haircut. As a result, the borrower bears the initial risk of
a decline in the value of the security. TALF LLC has committed, for a fee, to
purchase all ABS received by FRBNY in conjunction with a TALF loan at a price
equal to the TALF loan plus accrued but unpaid interest. Purchases of these
securities are funded first through the fees received by the LLC and any
interest the LLC has earned on its investments. In the event that such funding
proves insufficient, the U.S. Treasury's Troubled Asset Relief Program (TARP)
will provide additional subordinated debt funding to the TALF LLC to finance up
to $20 billion of asset purchases. Subsequently, the FRBNY will finance any
additional purchases of securities by providing senior debt funding to TALF LLC.
Thus, the TARP funds provide credit protection to FRBNY.
The Federal Reserve has completed its evaluation and consistent with generally
accepted accounting principles, the assets and liabilities of TALF LLC will be
consolidated with the assets and liabilities of the FRBNY in the preparation of
the statements of condition shown on the release. Although the U.S. Treasury
provides credit protection to the FRBNY, the FRBNY is the more closely
associated beneficiary of the LLC because it directs the significant financial
activities of the TALF LLC.
The consequences of this consolidation appear on the release in the following
ways. Any extensions of credit from the FRBNY to TALF LLC are eliminated, as is
the accrued interest on such loans. The net portfolio holdings of TALF LLC are
included in "total factors supplying reserve funds" in table 1 and in "assets"
in table 9 and in table 10. The liabilities of TALF LLC to entities other than
the FRBNY are included in "other liabilities and capital" in table 1 and in
"other liabilities and accrued dividends" in table 9 and in table 10.
Information on the principal accounts of TALF LLC is presented separately in a
new table 8. This table presents the net portfolio holdings of TALF LLC, which
comprise the fair value of the ABS holdings of TALF LLC and other investments
that result from the initial funding provided by the U.S. Treasury, fees paid by
the FRBNY, and interest received on investments. In addition, the table
presents the book value of the outstanding principal of the loan extended by the
FRBNY, the book value of the accrued interest payable to the FRBNY, and the book
value of the funding provided by the U.S. Treasury to TALF LLC, which includes
the accrued interest payable to the U.S. Treasury.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
November 19, 2009
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Nov 18, 2009 Nov 11, 2009 Nov 19, 2008 Nov 18, 2009
Reserve Bank credit 2,191,383 + 75,680 + 12,509 2,191,564
Securities held outright (1) 1,773,953 + 74,487 +1,284,869 1,776,618
U.S. Treasury securities 776,524 + 7 + 300,093 776,527
Bills (2) 18,423 0 0 18,423
Notes and bonds, nominal (2) 707,649 0 + 297,158 707,649
Notes and bonds, inflation-indexed (2) 44,643 0 + 3,572 44,643
Inflation compensation (3) 5,810 + 7 - 635 5,813
Federal agency debt securities (2) 151,737 + 3,615 + 139,083 153,049
Mortgage-backed securities (4) 845,692 + 70,865 + 845,692 847,042
Repurchase agreements (5) 0 0 - 80,000 0
Term auction credit 109,456 0 - 305,846 109,456
Other loans 108,246 + 25 - 188,572 108,532
Primary credit 19,793 - 1,006 - 71,759 19,935
Secondary credit 0 0 - 112 0
Seasonal credit 82 + 15 + 73 78
Primary dealer and other broker-dealer credit (6) 0 0 - 50,170 0
Asset-Backed Commercial Paper Money Market
Mutual Fund Liquidity Facility 0 0 - 69,798 0
Credit extended to American International
Group, Inc., net (7) 44,761 + 496 - 40,416 44,918
Term Asset-Backed Securities Loan Facility, net (8) 43,611 + 520 + 43,611 43,602
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (9) 15,114 + 712 - 250,577 15,043
Net portfolio holdings of Maiden Lane LLC (10) 26,340 + 14 - 605 26,349
Net portfolio holdings of Maiden Lane II LLC (11) 15,738 + 6 + 15,738 15,766
Net portfolio holdings of Maiden Lane III LLC (12) 22,934 + 88 + 22,934 22,951
Net portfolio holdings of TALF LLC (13) 231 + 231 + 231 231
Float -1,969 - 420 - 595 -1,895
Central bank liquidity swaps (14) 28,278 - 810 - 535,748 28,278
Other Federal Reserve assets (15) 93,061 + 1,346 + 50,679 90,235
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 + 3,000 5,200
Treasury currency outstanding (16) 42,605 + 14 + 3,931 42,600
Total factors supplying reserve funds 2,250,229 + 75,693 + 19,440 2,250,405
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Nov 18, 2009 Nov 11, 2009 Nov 19, 2008 Nov 18, 2009
Currency in circulation (16) 919,289 + 666 + 54,706 919,692
Reverse repurchase agreements (17) 60,171 - 91 - 40,252 59,906
Foreign official and international accounts 60,171 - 91 - 15,966 59,906
Dealers 0 0 - 24,286 0
Treasury cash holdings 235 - 9 - 15 232
Deposits with F.R. Banks, other than reserve balances 102,023 + 5,780 - 483,616 99,688
U.S. Treasury, general account 61,634 - 13,003 + 1,169 62,309
U.S. Treasury, supplementary financing account 14,999 0 - 493,957 14,999
Foreign official 2,695 + 1,098 + 2,301 2,957
Service-related 3,138 0 - 3,185 3,138
Required clearing balances 3,138 0 - 3,167 3,138
Adjustments to compensate for float 0 0 - 18 0
Other 19,556 + 17,684 + 10,055 16,285
Other liabilities and capital (18) 66,676 + 2,213 + 20,633 64,512
Total factors, other than reserve balances,
absorbing reserve funds 1,148,395 + 8,560 - 448,543 1,144,031
Reserve balances with Federal Reserve Banks 1,101,834 + 67,133 + 467,983 1,106,374
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; 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. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements.
6. Includes credit extended through the Primary Dealer Credit Facility and credit extended to certain
other broker-dealers.
7. Includes outstanding principal and capitalized interest net of unamortized deferred commitment fees and
allowance for loan restructuring. Excludes credit extended to consolidated LLCs.
8. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term
Asset-Backed Securities Loan Facility, net of unamortized deferred administrative fees.
9. Refer to table 7 and the note on consolidation accompanying table 10.
10. Refer to table 4 and the note on consolidation accompanying table 10.
11. Refer to table 5 and the note on consolidation accompanying table 10.
12. Refer to table 6 and the note on consolidation accompanying table 10.
13. Refer to table 8 and the note on consolidation accompanying table 10.
14. 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.
15. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
16. Estimated.
17. Cash value of agreements, which are collateralized by U.S. Treasury securities.
18. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC,
Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including
liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through
table 8 and the note on consolidation accompanying table 10.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Averages of daily figures
Memorandum item Week ended Change from week ended Wednesday
Nov 18, 2009 Nov 11, 2009 Nov 19, 2008 Nov 18, 2009
Marketable securities held in custody for foreign
official and international accounts (1) 2,927,973 + 11,269 + 426,845 2,932,778
U.S. Treasury securities 2,161,729 + 5,448 + 551,820 2,166,384
Federal agency securities (2) 766,244 + 5,821 - 124,974 766,394
Securities lent to dealers 7,473 + 1,175 - 198,023 6,933
Overnight facility (3) 7,473 + 1,175 - 6,767 6,933
U.S. Treasury securities 6,204 + 1,131 - 8,036 6,078
Federal agency debt securities 1,269 + 44 + 1,269 855
Term facility (4) 0 0 - 191,256 0
Note: Components may not sum to totals because of rounding.
1. Face value of the securities. Includes U.S. Treasury STRIPS, other zero-coupon bonds, and mortgage-backed
securities at face value.
2. Includes debt and mortgage-backed securities.
3. Fully collateralized by U.S. Treasury securities.
4. U.S. Treasury securities only. Fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities.
2. Maturity Distribution of Term Auction Credit, Other Loans, and Securities, November 18, 2009
Millions of dollars
Remaining maturity Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All
days 90 days 1 year to 5 years to 10 years years
Term auction credit 71,474 37,982 --- --- --- --- 109,456
Other loans (1) 15,598 4,415 0 88,520 0 --- 108,532
U.S. Treasury securities (2)
Holdings 19,548 20,591 48,711 331,334 211,684 144,658 776,527
Weekly changes + 1,121 - 2,096 - 6,897 + 5,289 + 597 + 1,992 + 7
Federal agency debt securities (3)
Holdings 0 1,621 21,517 93,546 34,318 2,047 153,049
Weekly changes 0 + 1,523 - 836 + 1,158 + 1,520 + 11 + 3,376
Mortgage-backed securities (4)
Holdings 0 0 0 0 0 847,042 847,042
Weekly changes 0 0 0 0 0 + 71,469 + 71,469
Commercial paper held by
Commercial Paper Funding
Facility LLC (5) 44 10,469 0 --- --- --- 10,513
Asset-backed securities held by
TALF LLC (6) 0 0 0 0 0 0 0
Repurchase agreements (7) 0 0 --- --- --- --- 0
Central bank liquidity swaps (8) 23,466 4,812 0 0 0 0 28,278
Reverse repurchase agreements (7) 59,906 0 --- --- --- --- 59,906
Note: Components may not sum to totals because of rounding.
--- Not applicable.
1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility LLC, Maiden
Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY'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. Current face value of the securities, which is the remaining
principal balance of the underlying mortgages.
5. Face value of commercial paper held by Commercial Paper Funding Facility LLC.
6. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
7. Cash value of agreements.
8. 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.
3. Supplemental Information on Mortgage-Backed Securities Purchase Program
Millions of dollars
Wednesday
Account name Nov 18, 2009
Mortgage-backed securities held outright (1) 847,042
Commitments to buy mortgage-backed securities (2) 139,605
Commitments to sell mortgage-backed securities (2) 425
Cash and cash equivalents (3) 289
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the
remaining principal balance of the underlying mortgages.
2. Current face value. Generally settle within 180 days and include commitments associated with outright
transactions as well as dollar rolls.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 9 and table 10.
4. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Wednesday
Account name Nov 18, 2009
Net portfolio holdings of Maiden Lane LLC (1) 26,349
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 28,820
Accrued interest payable to the Federal Reserve Bank of New York (2) 396
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,241
1. Fair value. 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. Revalued quarterly.
This table reflects valuations as of September 30, 2009. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to
the note on consolidation accompanying table 10.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 9 and table 10.
Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed
to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of
the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the
proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC,
principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest
due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.
5. Information on Principal Accounts of Maiden Lane II LLC
Millions of dollars
Wednesday
Account name Nov 18, 2009
Net portfolio holdings of Maiden Lane II LLC (1) 15,766
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 16,018
Accrued interest payable to the Federal Reserve Bank of New York (2) 242
Deferred payment and accrued interest payable to subsidiaries of American International
Group, Inc. (3) 1,033
1. Fair value. 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. Revalued quarterly.
This table reflects valuations as of September 30, 2009. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 10.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due
to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement.
The fair value of this payment and accrued interest payable are included in other liabilities and capital
in table 1 and in other liabilities and accrued dividends in table 9 and table 10.
Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden
Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company
was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment
portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden
Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating
expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment
and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.
6. Information on Principal Accounts of Maiden Lane III LLC
Millions of dollars
Wednesday
Account name Nov 18, 2009
Net portfolio holdings of Maiden Lane III LLC (1) 22,951
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 18,615
Accrued interest payable to the Federal Reserve Bank of New York (2) 313
Outstanding principal amount and accrued interest on loan payable to American International
Group, Inc. (3) 5,173
1. Fair value. 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. Revalued quarterly.
This table reflects valuations as of September 30, 2009. Any assets purchased after this valuation date
are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement
of condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 10.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 9 and table 10.
Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane
III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was
formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group
of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection
with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions.
Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following
order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY,
principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.
7. Information on Principal Accounts of Commercial Paper Funding Facility LLC
Millions of dollars
Wednesday
Account name Nov 18, 2009
Commercial paper holdings, net (1) 10,229
Other investments, net 4,813
Net portfolio holdings of Commercial Paper Funding Facility LLC 15,043
Memorandum: Commercial paper holdings, face value 10,513
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 10,439
Accrued interest payable to the Federal Reserve Bank of New York (2) 2
1. Book value, which includes amortized cost and related fees.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the
note on consolidation accompanying table 10.
Note: On October 27, 2008, the Federal Reserve Bank of New York began extending loans under the authority of
section 13(3) of the Federal Reserve Act to Commercial Paper Funding Facility LLC. This LLC is a limited
liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers
and thereby foster liquidity in short-term funding markets and increase the availability of credit for
businesses and households.
8. Information on Principal Accounts of TALF LLC
Millions of dollars
Wednesday
Account name Nov 18, 2009
Asset-backed securities holdings (1) 0
Other investments, net 231
Net portfolio holdings of TALF LLC 231
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0
Accrued interest payable to the Federal Reserve Bank of New York (2) 0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable (3) 102
1. Fair value. 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.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the note
on consolidation accompanying table 10.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1
and in other liabilities and accrued dividends in table 9 and table 10.
Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan
Facility (TALF) under the authority of section 13(3) of the Federal Reserve Act. The TALF is a facility under
which the Federal Reserve Bank of New York (FRBNY) extends loans with a term of up to five years to holders of
eligible asset-backed securities. The TALF is intended to assist financial markets in accommodating the credit
needs of consumers and businesses by facilitating the issuance of asset-backed securities collateralized by a
variety of consumer and business loans. The loans provided through the TALF to eligible borrowers are non-recourse,
meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The
loans are extended for the market value of the security less an amount known as a haircut. As a result, the
borrower bears the initial risk of a decline in the value of the security.
TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by
the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a
fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price
equal to the TALF loan plus accrued but unpaid interest. Losses on asset-backed securities held by TALF LLC
will be offset in the following order: by the commitment fees collected by TALF LLC, by the interest received on
investments of TALF LLC, by up to $20 billion in subordinated debt funding provided by the U.S. Treasury, and
finally, by senior debt funding provided by the FRBNY. Payments by TALF LLC from the proceeds of its net portfolio
holdings will be made in the following order: operating expenses of TALF LLC, principal due to the FRBNY, principal
due to the U.S. Treasury, interest due to the FRBNY, and interest due to the U.S. Treasury. Any remaining funds
will be shared by the FRBNY and the U.S. Treasury.
9. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Nov 18, 2009 Nov 11, 2009 Nov 19, 2008
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 + 3,000
Coin 2,037 - 23 + 389
Securities, repurchase agreements, term auction
credit, and other loans 1,994,607 + 75,616 + 721,678
Securities held outright (1) 1,776,618 + 74,852 +1,287,692
U.S. Treasury securities 776,527 + 7 + 300,102
Bills (2) 18,423 0 0
Notes and bonds, nominal (2) 707,649 0 + 297,158
Notes and bonds, inflation-indexed (2) 44,643 0 + 3,572
Inflation compensation (3) 5,813 + 7 - 627
Federal agency debt securities (2) 153,049 + 3,376 + 140,548
Mortgage-backed securities (4) 847,042 + 71,469 + 847,042
Repurchase agreements (5) 0 0 - 80,000
Term auction credit 109,456 0 - 305,846
Other loans 108,532 + 763 - 180,170
Net portfolio holdings of Commercial Paper
Funding Facility LLC (6) 15,043 + 744 - 255,836
Net portfolio holdings of Maiden Lane LLC (7) 26,349 + 10 - 570
Net portfolio holdings of Maiden Lane II LLC (8) 15,766 + 33 + 15,766
Net portfolio holdings of
Maiden Lane III LLC (9) 22,951 + 19 + 22,951
Net portfolio holdings of TALF LLC (10) 231 + 231 + 231
Items in process of collection (279) 450 + 39 - 665
Bank premises 2,228 + 2 + 50
Central bank liquidity swaps (11) 28,278 - 810 - 533,812
Other assets (12) 87,764 - 2,093 + 50,074
Total assets (279) 2,211,939 + 73,766 + 23,253
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
9. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Eliminations Change since
from Wednesday Wednesday Wednesday
Assets, liabilities, and capital consolidation Nov 18, 2009 Nov 11, 2009 Nov 19, 2008
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 879,357 - 1,523 + 50,740
Reverse repurchase agreements (13) 59,906 - 497 - 43,003
Deposits (0) 1,205,820 + 77,897 - 3,411
Depository institutions 1,109,269 + 65,034 + 478,777
U.S. Treasury, general account 62,309 - 621 - 6,148
U.S. Treasury, supplementary financing account 14,999 0 - 493,957
Foreign official 2,957 + 1,261 + 2,774
Other (0) 16,285 + 12,222 + 15,142
Deferred availability cash items (279) 2,344 - 816 - 398
Other liabilities and accrued dividends (14) 12,684 - 141 + 8,490
Total liabilities (279) 2,160,111 + 74,921 + 12,417
Capital accounts
Capital paid in 25,362 + 189 + 4,989
Surplus 21,431 + 8 + 4,265
Other capital accounts 5,034 - 1,353 + 1,581
Total capital 51,828 - 1,155 + 10,836
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; 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. Current face value of the securities, which is
the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 7 and the note on consolidation accompanying table 10.
7. Refer to table 4 and the note on consolidation accompanying table 10.
8. Refer to table 5 and the note on consolidation accompanying table 10.
9. Refer to table 6 and the note on consolidation accompanying table 10.
10. Refer to table 8 and the note on consolidation accompanying table 10.
11. 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.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC,
Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including
liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through
table 8 and the note on consolidation accompanying table 10.
10. Statement of Condition of Each Federal Reserve Bank, November 18, 2009
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Assets
Gold certificate account 11,037 412 3,895 450 467 882 1,356 911 329 197 335 621 1,182
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 2,037 67 79 164 151 285 241 271 33 62 139 217 327
Securities, repurchase agreements, term
auction credit, and other loans 1,994,607 42,569 883,285 33,346 71,437 65,513 214,631 195,016 71,024 29,767 81,175 86,368 220,475
Securities held outright (1) 1,776,618 34,081 694,436 27,563 70,191 64,024 214,058 192,249 69,601 29,413 80,195 85,902 214,906
U.S. Treasury securities 776,527 14,896 303,525 12,047 30,679 27,984 93,561 84,029 30,421 12,856 35,052 37,546 93,931
Bills (2) 18,423 353 7,201 286 728 664 2,220 1,994 722 305 832 891 2,228
Notes and bonds (3) 758,104 14,543 296,324 11,761 29,951 27,320 91,341 82,035 29,700 12,551 34,220 36,655 91,703
Federal agency debt securities (2) 153,049 2,936 59,823 2,374 6,047 5,515 18,440 16,562 5,996 2,534 6,908 7,400 18,513
Mortgage-backed securities (4) 847,042 16,249 331,088 13,141 33,465 30,525 102,057 91,659 33,184 14,023 38,235 40,956 102,461
Repurchase agreements (5) 0 0 0 0 0 0 0 0 0 0 0 0 0
Term auction credit 109,456 8,342 82,085 5,528 1,243 1,168 231 2,406 1,382 289 965 450 5,368
Other loans 108,532 146 106,764 255 4 321 342 361 41 65 15 16 202
Net portfolio holdings of Commercial
Paper Funding Facility LLC (6) 15,043 0 15,043 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden Lane
LLC (7) 26,349 0 26,349 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 15,766 0 15,766 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (9) 22,951 0 22,951 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF LLC (10) 231 0 231 0 0 0 0 0 0 0 0 0 0
Items in process of collection 729 18 0 106 120 38 218 39 30 33 29 37 61
Bank premises 2,228 121 249 70 145 238 222 206 134 111 269 252 212
Central bank liquidity swaps (11) 28,278 1,140 7,391 3,126 2,096 8,075 2,176 950 283 438 281 366 1,956
Other assets (12) 87,764 2,269 31,046 3,884 4,364 9,827 9,333 7,424 2,675 1,442 3,014 3,303 9,181
Interdistrict settlement account 0 + 14,896 + 64,450 + 22,573 - 22,637 + 224,332 - 76,575 - 89,434 - 36,613 - 8,696 - 31,953 - 19,804 - 40,540
Total assets 2,212,219 61,687 1,072,553 63,929 56,379 309,604 152,256 115,808 38,045 23,444 53,442 71,642 193,430
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
10. Statement of Condition of Each Federal Reserve Bank, November 18, 2009 (continued)
Millions of dollars
Kansas San
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco
Liabilities
Federal Reserve notes outstanding 1,076,925 35,756 395,933 38,876 45,226 82,405 134,097 85,583 30,671 19,381 28,805 63,443 116,750
Less: Notes held by F.R. Banks 197,567 4,530 69,965 6,583 9,320 11,560 29,254 13,682 4,500 3,009 3,384 14,333 27,449
Federal Reserve notes, net 879,357 31,226 325,968 32,292 35,906 70,845 104,843 71,902 26,171 16,373 25,421 49,110 89,300
Reverse repurchase agreements (13) 59,906 1,149 23,416 929 2,367 2,159 7,218 6,483 2,347 992 2,704 2,897 7,246
Deposits 1,205,820 27,164 699,245 24,752 13,673 221,575 35,926 35,270 8,716 4,204 24,494 18,451 92,349
Depository institutions 1,109,269 27,142 602,928 24,748 13,669 221,451 35,923 35,223 8,712 4,203 24,493 18,451 92,327
U.S. Treasury, general account 62,309 0 62,309 0 0 0 0 0 0 0 0 0 0
U.S. Treasury, supplementary
financing account 14,999 0 14,999 0 0 0 0 0 0 0 0 0 0
Foreign official 2,957 2 2,928 4 3 11 3 1 0 1 0 1 3
Other 16,285 21 16,080 0 1 112 0 46 4 0 1 0 19
Deferred availability cash items 2,624 59 0 455 381 105 321 183 51 284 134 155 495
Other liabilities and accrued
dividends (14) 12,684 175 8,825 213 281 588 618 520 238 148 223 278 577
Total liabilities 2,160,391 59,773 1,057,454 58,642 52,609 295,271 148,925 114,357 37,523 22,000 52,977 70,891 189,968
Capital
Capital paid in 25,362 945 7,427 2,626 1,855 7,133 1,578 622 240 712 209 350 1,665
Surplus 21,431 844 5,959 2,316 1,551 5,983 1,612 704 209 324 207 271 1,450
Other capital 5,034 125 1,713 344 364 1,217 141 125 73 408 49 130 346
Total liabilities and capital 2,212,219 61,687 1,072,553 63,929 56,379 309,604 152,256 115,808 38,045 23,444 53,442 71,642 193,430
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
10. Statement of Condition of Each Federal Reserve Bank, November 18, 2009 (continued)
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.
5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
6. Refer to table 7 and the note on consolidation below.
7. Refer to table 4 and the note on consolidation below.
8. Refer to table 5 and the note on consolidation below.
9. Refer to table 6 and the note on consolidation below.
10. Refer to table 8 and the note on consolidation below.
11. 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.
12. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities.
14. Includes the liabilities of Commercial Paper Funding Facility LLC, Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve
Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 8 and the note on consolidation below.
Note on consolidation:
The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008,
a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On October 27, 2008, the FRBNY began extending loans to Commercial Paper Funding
Facility LLC, which was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers. On November 25, 2008, a loan was extended to Maiden Lane III LLC,
which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap
contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending
reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was
formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed
Securities Loan Facility.
The FRBNY is the sole beneficiary of Commercial Paper Funding Facility LLC. The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the
U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive
a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of
these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation,
the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 9), and the liabilities of the
LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 9).
11. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Nov 18, 2009
Federal Reserve notes outstanding 1,076,925
Less: Notes held by F.R. Banks not subject to collateralization 197,567
Federal Reserve notes to be collateralized 879,357
Collateral held against Federal Reserve notes 879,357
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 863,120
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 1,776,618
Less: Face value of securities under reverse repurchase agreements 59,122
U.S. Treasury, agency debt, and mortgage-backed securities
eligible to be pledged 1,717,496
Note: Components may not sum to totals because of rounding.
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 and term securities lending facilities; refer
to table 1A.
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