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Release Date: July 11, 2024

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

 

 

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
Jul 10, 2024

Week ended
Jul 10, 2024

Change from week ended

Jul 3, 2024

Jul 12, 2023

Reserve Bank credit

 7,182,128

-    7,640

-1,078,298

 7,183,345

Securities held outright1

 6,776,331

-    8,944

-  868,633

 6,776,438

U.S. Treasury securities

 4,437,987

-    8,945

-  666,491

 4,438,095

Bills2

   195,293

         0

-   71,481

   195,293

Notes and bonds, nominal2

 3,772,743

-    9,127

-  588,082

 3,772,785

Notes and bonds, inflation-indexed2

   351,086

-        4

-   17,142

   351,086

Inflation compensation3

   118,866

+      186

+   10,215

   118,931

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,335,997

         0

-  202,141

 2,335,997

Unamortized premiums on securities held outright5

   263,449

-      449

-   31,781

   263,287

Unamortized discounts on securities held outright5

   -24,535

+       68

+    2,746

   -24,484

Repurchase agreements6

        15

+       10

+       13

         1

Foreign official

         1

-        2

+        1

         1

Others

        14

+       12

+       12

         0

Loans

   115,665

-      675

-  159,982

   115,657

Primary credit

     6,603

-      522

+    3,772

     6,803

Secondary credit

         0

         0

         0

         0

Seasonal credit

        67

+        9

+       41

        69

Paycheck Protection Program Liquidity Facility

     2,797

-       28

-    4,197

     2,788

Bank Term Funding Program

   106,199

-      133

+    4,193

   105,998

Other credit extensions7

         0

         0

-  163,790

         0

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

    11,188

+       10

-    8,784

    11,199

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,596

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,639

         0

Float

      -380

+      206

-      218

      -289

Central bank liquidity swaps9

       134

-       77

-      109

       122

Other Federal Reserve assets10

    40,261

+    2,211

-    4,313

    41,414

Foreign currency denominated assets11

    17,755

+       86

-      785

    17,735

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    10,200

         0

+    5,000

    10,200

Treasury currency outstanding12

    52,994

+       14

+      728

    52,994

 

 

 

 

 

Total factors supplying reserve funds

 7,274,118

-    7,540

-1,073,355

 7,275,315

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

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
Jul 10, 2024

Week ended
Jul 10, 2024

Change from week ended

Jul 3, 2024

Jul 12, 2023

Currency in circulation12

 2,357,741

+    3,337

+   13,086

 2,356,054

Reverse repurchase agreements13

   803,343

-  135,355

-1,338,652

   821,243

Foreign official and international accounts

   395,007

+    5,802

+   71,454

   399,096

Others

   408,336

-  141,157

-1,410,105

   422,147

Treasury cash holdings

       405

-        3

+      158

       408

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

   893,414

-   35,219

+  187,454

   878,751

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   736,402

-   24,971

+  222,065

   722,328

Foreign official

     9,685

         0

-       22

     9,685

Other14

   147,326

-   10,249

-   34,591

   146,738

Treasury contributions to credit facilities15

     4,958

         0

-    8,400

     4,958

Other liabilities and capital16

  -127,720

+    1,904

-  102,371

  -127,146

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 3,932,141

-  165,337

-1,248,725

 3,934,269

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,341,977

+  157,797

+  175,370

 3,341,046

Note: Components may not sum to totals because of rounding.
 

1.

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

2.

Face value of the securities.

3.

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

4.

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

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

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

8.

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

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

10.

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

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

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

14.

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

15.

Book value. Amount of equity investments in MS Facilities 2020 LLC of $5.0 billion.

16.

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

 

 

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.


 

 


 

H.4.1

 

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday
Jul 10, 2024

Week ended
Jul 10, 2024

Change from week ended

Jul 3, 2024

Jul 12, 2023

Securities held in custody for foreign official and international accounts

 3,312,197

-    6,445

-  124,801

 3,309,649

Marketable U.S. Treasury securities1

 2,925,811

-    6,215

-   76,721

 2,923,464

Federal agency debt and mortgage-backed securities2

   306,166

-      215

-   46,183

   305,949

Other securities3

    80,220

-       15

-    1,897

    80,235

Securities lent to dealers

    35,883

-    5,644

-    6,504

    39,754

Overnight facility4

    35,883

-    5,644

-    6,504

    39,754

U.S. Treasury securities

    35,883

-    5,644

-    6,504

    39,754

Federal agency debt securities

         0

         0

         0

         0

Note: Components may not sum to totals because of rounding.
 

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.


 

 

 


 

H.4.1

 

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 10, 2024

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 year
to 10 years

Over 10
years

All

Loans1

     3,511

     5,373

   104,359

     2,414

         0

...

   115,657

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    62,997

   206,784

   534,437

 1,471,206

   646,240

 1,516,431

 4,438,095

Weekly changes

-      472

+    4,153

-    3,662

+       65

+       23

+       93

+      201

Federal agency debt securities3

 

 

 

 

 

 

 

Holdings

         0

         0

         0

       486

     1,861

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

 

 

 

 

 

 

 

Holdings

         0

         1

        31

     6,295

    26,736

 2,302,933

 2,335,997

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Loan participations held by MS

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

Lending Program)5

         0

         0

         0

     6,087

...

...

     6,087

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       122

         0

         0

         0

         0

         0

       122

Reverse repurchase agreements6

   821,243

         0

...

...

...

...

   821,243

Term deposits

         0

         0

         0

...

...

...

         0

Note: Components may not sum to totals because of rounding.
...Not applicable.

 

1.

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

2.

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

3.

Face value.

4.

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

5.

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

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Jul 10, 2024

Mortgage-backed securities held outright1

 2,335,997

Residential mortgage-backed securities

 2,327,852

Commercial mortgage-backed securities

     8,144

 

 

Commitments to buy mortgage-backed securities2

        81

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.


 

 


 

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:

Wednesday Jul 10, 2024

 

Net portfolio holdings of

Credit Facilities LLC

Outstanding

 

 

 

principal

Outstanding

 

 

amount

amount of

Treasury

 

of loan

facility

contributions

 

extended to

asset

and

 

the LLC1

purchases2

other assets3

Total

MS Facilities 2020 LLC (Main Street Lending Program)

     5,250

     5,178

     6,021

    11,199

Note: Components may not sum to totals because of rounding.
 

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.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Jul 10, 2024

Change since

Wednesday

Wednesday

Jul 3, 2024

Jul 12, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

    10,200

         0

+    5,000

Coin

 

     1,419

-        5

+       72

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

 

 7,130,900

-       65

-1,056,165

Securities held outright1

 

 6,776,438

+      200

-  868,395

U.S. Treasury securities

 

 4,438,095

+      201

-  666,253

Bills2

 

   195,293

         0

-   71,251

Notes and bonds, nominal2

 

 3,772,785

+       50

-  588,040

Notes and bonds, inflation-indexed2

 

   351,086

         0

-   17,142

Inflation compensation3

 

   118,931

+      151

+   10,181

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,335,997

         0

-  202,141

Unamortized premiums on securities held outright5

 

   263,287

-      382

-   31,766

Unamortized discounts on securities held outright5

 

   -24,484

+       17

+    2,704

Repurchase agreements6

 

         1

-        3

-        2

Loans7

 

   115,657

+      102

-  158,707

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

 

    11,199

+       13

-    8,793

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-    5,598

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,641

Items in process of collection

(0)

        53

-        3

-       12

Bank premises

 

       424

+        2

-       26

Central bank liquidity swaps9

 

       122

-       89

-      121

Foreign currency denominated assets10

 

    17,735

+       22

-    1,120

Other assets11

 

    40,991

+    2,685

-    4,440

 

 

 

 

 

Total assets

(0)

 7,224,079

+    2,559

-1,072,844

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Jul 10, 2024

Change since

Wednesday

Wednesday

Jul 3, 2024

Jul 12, 2023

Liabilities

 

 

 

 

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

 

 2,304,883

-    2,254

+   13,228

Reverse repurchase agreements12

 

   821,243

+    9,935

-1,326,600

Deposits

(0)

 4,219,799

-    6,246

+  351,335

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,341,047

+   18,882

+  178,921

U.S. Treasury, General Account

 

   722,328

-   23,280

+  204,910

Foreign official

 

     9,685

+        1

-        1

Other13

(0)

   146,738

-    1,851

-   32,495

Deferred availability cash items

(0)

       342

-      486

+       37

Treasury contributions to credit facilities14

 

     4,958

         0

-    8,400

Other liabilities and accrued dividends15

 

  -170,443

+    1,611

-  103,325

 

 

 

 

 

Total liabilities

(0)

 7,180,782

+    2,560

-1,073,725

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,512

         0

+      881

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,297

         0

+      881

Note: Components may not sum to totals because of rounding.
 

1.

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

2.

Face value of the securities.

3.

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

4.

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

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

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

7.

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

8.

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

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

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

12.

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

13.

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

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC of $5.0 billion.

15.

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

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, July 10, 2024

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Gold certificates and special drawing rights certificates

    21,237

       729

     6,619

       657

       997

     1,557

     2,999

     1,417

       635

       355

       599

     1,786

     2,887

Coin

     1,419

        39

        38

       165

        46

       184

       102

       248

        29

        50

        99

       170

       249

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

 7,130,900

   158,347

 3,787,794

   107,043

   276,934

   709,508

   479,181

   395,812

   104,269

    49,651

    85,749

   316,615

   659,997

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

 

 

 

 

 

 

Lending Program)2

    11,199

    11,199

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       122

         5

        42

         4

        13

        24

         4

         6

         3

         1

         1

         3

        16

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    17,735

       740

     6,134

       624

     1,887

     3,498

       581

       870

       399

       111

       193

       426

     2,270

Other assets5

    41,468

     1,172

    19,063

       730

     1,597

     4,363

     3,758

     2,322

       821

       588

       936

     2,014

     4,104

Interdistrict settlement account

         0

-    1,506

-   24,764

+   17,055

+   32,195

-   39,955

-   13,873

-   36,643

+      694

-    3,987

-   16,304

-    5,980

+   93,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,224,079

   170,725

 3,794,926

   126,280

   313,669

   679,180

   472,753

   364,033

   106,849

    46,769

    71,273

   315,034

   762,590

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, July 10, 2024 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Reserve notes, net

 2,304,883

    87,795

   740,753

    56,677

   116,544

   162,923

   356,506

   112,102

    74,478

    27,939

    34,459

   202,619

   332,087

Reverse repurchase agreements6

   821,243

    17,082

   441,944

    12,236

    32,024

    81,860

    54,944

    45,323

    11,492

     5,130

     9,030

    35,863

    74,315

Deposits

 4,219,799

    61,338

 2,705,260

    57,565

   167,809

   453,696

    59,106

   216,536

    19,728

    13,487

    27,726

    76,473

   361,075

Depository institutions

 3,341,047

    61,284

 1,924,543

    57,564

   167,776

   453,306

    59,078

   119,220

    19,723

    13,428

    27,697

    76,397

   361,030

U.S. Treasury, General Account

   722,328

         0

   722,328

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,685

         2

     9,659

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   146,738

        52

    48,730

         0

        28

       383

        27

    97,314

         4

        58

        29

        75

        40

Earnings remittances due to the U.S. Treasury8

  -181,595

    -3,542

  -112,756

    -1,963

    -7,745

   -29,284

        24

   -12,741

         0

      -195

      -615

    -1,396

   -11,382

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

    11,494

     1,261

     4,857

       248

       466

     1,441

       711

       679

       168

       135

       212

       315

     1,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,180,782

   168,892

 3,780,058

   124,762

   309,098

   670,637

   471,292

   361,898

   105,866

    46,496

    70,812

   313,874

   757,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,512

     1,550

    12,522

     1,279

     3,849

     7,205

     1,238

     1,801

       830

       230

       387

       996

     4,625

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

 7,224,079

   170,725

 3,794,926

   126,280

   313,669

   679,180

   472,753

   364,033

   106,849

    46,769

    71,273

   315,034

   762,590

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, July 10, 2024 (continued)

 

1.

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

 

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

 

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

 

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

 

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

2.

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

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

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

6.

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

7.

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

8.

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

9.

Book value. Amount of equity investments in MS Facilities 2020 LLC 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 2020 LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities 2020 LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

 

 

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

 

 

 


 

H.4.1

 

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Jul 10, 2024

Federal Reserve notes outstanding

 2,761,837

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

   456,954

Federal Reserve notes to be collateralized

 2,304,883

Collateral held against Federal Reserve notes

 2,304,883

Gold certificate account

    11,037

Special drawing rights certificate account

    10,200

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

 2,283,646

Other assets pledged

         0

Memo:

 

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

 6,776,439

Less: Face value of securities under reverse repurchase agreements

   956,961

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

 5,819,479

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 securities lending facility; refer to table 1A.

 

 

 

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Last Update: July 11, 2024