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

 7,260,340

-    5,184

-1,119,595

 7,248,171

Securities held outright1

 6,855,939

-    5,304

-  895,410

 6,846,434

U.S. Treasury securities

 4,489,237

+      719

-  701,529

 4,489,444

Bills2

   195,218

         0

-   85,823

   195,218

Notes and bonds, nominal2

 3,827,406

         0

-  610,730

 3,827,406

Notes and bonds, inflation-indexed2

   350,161

         0

-   15,678

   350,161

Inflation compensation3

   116,452

+      719

+   10,702

   116,659

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,364,355

-    6,023

-  193,881

 2,354,642

Unamortized premiums on securities held outright5

   266,800

-      636

-   32,205

   266,456

Unamortized discounts on securities held outright5

   -25,266

+       24

+    2,494

   -25,191

Repurchase agreements6

         1

-       15

         0

         5

Foreign official

         1

+        1

         0

         0

Others

         1

-       14

+        1

         5

Loans

   118,248

-      401

-  177,561

   117,775

Primary credit

     6,669

+       98

+    2,971

     6,574

Secondary credit

         0

         0

         0

         0

Seasonal credit

        35

+       10

+       29

        33

Paycheck Protection Program Liquidity Facility

     2,921

-        8

-    5,133

     2,920

Bank Term Funding Program

   108,622

-      501

+   15,280

   108,249

Other credit extensions7

         0

         0

-  190,708

         0

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

    11,312

-      337

-    8,948

    11,360

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,579

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,745

         0

Float

      -369

-      123

-        6

      -545

Central bank liquidity swaps9

       112

-       11

-      280

       112

Other Federal Reserve assets10

    33,562

+    1,618

-      356

    31,765

Foreign currency denominated assets11

    17,893

-       56

-      387

    17,833

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,910

+       14

+      694

    52,910

Total factors supplying reserve funds

 7,347,383

-    5,227

-1,119,288

 7,335,155

Currency in circulation12

 2,352,465

+    4,750

+   10,595

 2,354,005

Reverse repurchase agreements13

   812,263

-   22,861

-1,733,102

   824,602

Foreign official and international accounts

   373,762

+      934

+   30,068

   365,288

Others

   438,501

-   23,795

-1,763,170

   459,314

Treasury cash holdings

       439

-       11

+      208

       421

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

   885,093

-    7,950

+  617,296

   876,937

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   704,335

-   21,041

+  655,381

   716,020

Foreign official

     9,684

-       77

-       12

     9,684

Other14

   171,074

+   13,167

-   38,073

   151,233

Treasury contributions to credit facilities15

     4,958

-      355

-    8,400

     4,958

Other liabilities and capital16

  -117,177

+    2,651

-  105,780

  -116,844

Total factors, other than reserve balances,
absorbing reserve funds

 3,938,041

-   23,775

-1,219,184

 3,944,080

Reserve balances with Federal Reserve Banks

 3,409,342

+   18,548

+   99,895

 3,391,075

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 LLC of $5.0 billion.

16.

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

Securities held in custody for foreign official and international accounts

 3,321,817

-    1,972

-   87,873

 3,322,404

Marketable U.S. Treasury securities1

 2,929,930

+      432

-   56,283

 2,930,784

Federal agency debt and mortgage-backed securities2

   310,865

-    2,427

-   31,295

   310,630

Other securities3

    81,022

+       23

-      295

    80,991

Securities lent to dealers

    32,302

+      207

-   20,435

    32,568

Overnight facility4

    32,302

+      207

-   20,435

    32,568

U.S. Treasury securities

    32,302

+      207

-   20,426

    32,568

Federal agency debt securities

         0

         0

-        9

         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

     1,644

     7,408

   105,849

     2,875

         0

...

   117,775

U.S. Treasury securities2

Holdings

    60,920

   230,860

   532,808

 1,502,308

   648,895

 1,513,653

 4,489,444

Weekly changes

-    7,175

+    6,761

+      502

+      292

+      103

+      194

+      677

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

         0

        31

     5,586

    27,506

 2,321,520

 2,354,642

Weekly changes

         0

         0

-        7

-      113

-      606

-   12,870

-   13,598

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     6,494

...

...

     6,494

Repurchase agreements6

         5

         0

...

...

...

...

         5

Central bank liquidity swaps7

       112

         0

         0

         0

         0

         0

       112

Reverse repurchase agreements6

   824,602

         0

...

...

...

...

   824,602

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 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 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

 2,354,642

Residential mortgage-backed securities

 2,346,483

Commercial mortgage-backed securities

     8,159

Commitments to buy mortgage-backed securities2

        68

Commitments to sell mortgage-backed securities2

         0

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 LLC (Main Street Lending Program)

     5,486

     5,495

     5,864

    11,360

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 March 31, 2024.

3.

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

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,478

-        6

+      197

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

 7,205,480

-   14,485

-1,083,968

Securities held outright1

 6,846,434

-   12,920

-  878,386

U.S. Treasury securities

 4,489,444

+      677

-  674,793

Bills2

   195,218

         0

-   85,823

Notes and bonds, nominal2

 3,827,406

         0

-  581,647

Notes and bonds, inflation-indexed2

   350,161

         0

-   18,092

Inflation compensation3

   116,659

+      677

+   10,770

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,354,642

-   13,598

-  203,594

Unamortized premiums on securities held outright5

   266,456

-      742

-   32,373

Unamortized discounts on securities held outright5

   -25,191

+       17

+    2,655

Repurchase agreements6

         5

+        4

+        5

Loans7

   117,775

-      844

-  175,869

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

    11,360

+       56

-    8,919

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,582

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,708

Items in process of collection

(0)

        53

+        7

-        5

Bank premises

       445

-        4

-       23

Central bank liquidity swaps9

       112

-       11

-      280

Foreign currency denominated assets10

    17,833

-       62

-      425

Other assets11

    31,323

-      739

-      820

Total assets

(0)

 7,284,319

-   15,247

-1,101,535

Liabilities

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

 2,302,990

+    4,199

+    9,056

Reverse repurchase agreements12

   824,602

-   40,308

-1,791,075

Deposits

(0)

 4,268,015

+   18,312

+  794,014

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,391,077

+   16,063

+  185,551

U.S. Treasury, General Account

   716,020

+    5,138

+  667,508

Foreign official

     9,684

+        7

-       71

Other13

(0)

   151,233

-    2,896

-   58,976

Deferred availability cash items

(0)

       598

+      228

-      135

Treasury contributions to credit facilities14

     4,958

         0

-    8,400

Other liabilities and accrued dividends15

  -160,034

+    2,322

-  105,777

Total liabilities

(0)

 7,241,129

-   15,247

-1,102,317

Capital accounts

Capital paid in

    36,405

         0

+      782

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,190

         0

+      782

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 LLC of $5.0 billion.

15.

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

Assets

Gold certificates and special drawing rights certificates

    16,237

       563

     5,129

       517

       761

     1,203

     2,268

     1,108

       484

       272

       460

     1,311

     2,161

Coin

     1,478

        43

        46

       165

        47

       198

       109

       257

        28

        51

       103

       166

       263

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

 7,205,480

   160,074

 3,827,028

   108,096

   279,835

   716,787

   484,078

   400,005

   105,335

    50,170

    86,637

   319,817

   667,619

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    11,360

    11,360

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       112

         5

        39

         4

        12

        22

         4

         5

         3

         1

         1

         3

        14

Foreign currency denominated

assets4

    17,833

       744

     6,167

       628

     1,897

     3,518

       584

       875

       402

       112

       194

       429

     2,283

Other assets5

    31,820

       924

    14,078

       582

     1,212

     3,374

     3,114

     1,776

       815

       470

       764

     1,559

     3,152

Interdistrict settlement account

         0

+    3,201

+   27,000

+   12,204

-    9,656

-   19,590

-   18,626

-   30,400

-    1,686

-    3,889

-   11,625

-   10,999

+   64,065

Total assets

 7,284,319

   176,913

 3,879,486

   122,197

   274,109

   705,512

   471,531

   373,627

   105,381

    47,186

    76,534

   312,286

   739,557

Liabilities

Federal Reserve notes, net

 2,302,990

    86,819

   740,952

    54,070

   113,608

   162,708

   356,639

   116,658

    72,261

    29,081

    37,104

   200,181

   332,908

Reverse repurchase agreements6

   824,602

    17,151

   443,752

    12,286

    32,155

    82,195

    55,169

    45,508

    11,539

     5,151

     9,067

    36,010

    74,619

Deposits

 4,268,015

    68,352

 2,781,849

    55,841

   130,555

   478,206

    57,182

   220,683

    20,421

    12,751

    30,271

    76,064

   335,841

Depository institutions

 3,391,077

    68,292

 2,006,589

    55,839

   130,522

   477,838

    57,154

   119,754

    20,416

    12,630

    30,242

    75,997

   335,805

U.S. Treasury, General Account

   716,020

         0

   716,020

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,684

         2

     9,658

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   151,233

        58

    49,582

         0

        29

       360

        26

   100,928

         4

       120

        29

        66

        31

Earnings remittances due to the U.S. Treasury8

  -171,929

    -3,379

  -107,304

    -1,769

    -7,243

   -27,669

        94

   -12,062

         3

      -200

      -582

    -1,466

   -10,351

Treasury contributions to credit facilities9

     4,958

     4,958

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    12,493

     1,194

     5,368

       260

       463

     1,616

       989

       705

       175

       130

       214

       338

     1,041

Total liabilities

 7,241,129

   175,095

 3,864,617

   120,688

   269,538

   697,057

   470,073

   371,492

   104,399

    46,913

    76,073

   311,126

   734,058

Capital

Capital paid in

    36,405

     1,535

    12,523

     1,271

     3,849

     7,117

     1,236

     1,802

       829

       230

       387

       996

     4,630

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

 7,284,319

   176,913

 3,879,486

   122,197

   274,109

   705,512

   471,531

   373,627

   105,381

    47,186

    76,534

   312,286

   739,557

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 LLC of $5.0 billion.

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 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 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 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

 2,750,723

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

   447,733

Federal Reserve notes to be collateralized

 2,302,990

Collateral held against Federal Reserve notes

 2,302,990

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,286,753

Other assets pledged

         0

Memo:

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

 6,846,439

Less: Face value of securities under reverse repurchase agreements

   974,050

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

 5,872,389

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.