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 reserve balances of depository institutions at Federal Reserve Banks |
Averages of daily figures | Wednesday Nov 18, 2009 |
||
---|---|---|---|---|
Week ended Nov 18, 2009 |
Change from week ended | |||
Nov 11, 2009 | Nov 19, 2008 | |||
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 reserve balances of depository institutions at Federal Reserve Banks |
Averages of daily figures | Wednesday Nov 18, 2009 |
||
---|---|---|---|---|
Week ended Nov 18, 2009 |
Change from week ended | |||
Nov 11, 2009 | Nov 19, 2008 | |||
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
Memorandum item |
Averages of daily figures | Wednesday Nov 18, 2009 |
||
---|---|---|---|---|
Week ended Nov 18, 2009 |
Change from week ended | |||
Nov 11, 2009 | Nov 19, 2008 | |||
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 days |
16 days to 90 days |
91 days to 1 year |
Over 1 year to 5 years |
Over 5 years to 10 years |
Over 10 years |
All |
---|---|---|---|---|---|---|---|
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
Account name | Wednesday 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
Account name | Wednesday 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
Account name | Wednesday 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
Account name | Wednesday 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
Account name | Wednesday 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
Account name | Wednesday 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
Assets, liabilities, and capital | Eliminations from consolidation |
Change since | ||
---|---|---|---|---|
Wednesday Nov 18, 2009 |
Wednesday Nov 11, 2009 |
Wednesday 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
Assets, liabilities, and capital | Eliminations from consolidation |
Change since | ||
---|---|---|---|---|
Wednesday Nov 18, 2009 |
Wednesday Nov 11, 2009 |
Wednesday 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
Assets, liabilities, and capital | Total | Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City |
Dallas | San 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
Assets, liabilities, and capital | Total | Boston | New York | Philadelphia | Cleveland | Richmond | Atlanta | Chicago | St. Louis | Minneapolis | Kansas City |
Dallas | San 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.