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Release Date: January 10, 2025

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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
Jan 8, 2025

Week ended
Jan 8, 2025

Change from week ended

Jan 1, 2025

Jan 10, 2024

Reserve Bank credit

 6,807,328

-   12,243

-  839,801

 6,807,894

Securities held outright1

 6,526,679

-   12,785

-  659,166

 6,526,676

U.S. Treasury securities

 4,291,070

-   12,785

-  460,655

 4,291,067

Bills2

   195,343

         0

-   19,979

   195,343

Notes and bonds, nominal2

 3,635,787

-   12,926

-  421,360

 3,635,805

Notes and bonds, inflation-indexed2

   341,577

+      155

-   24,001

   341,577

Inflation compensation3

   118,363

-       14

+    4,685

   118,342

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,233,262

         0

-  198,511

 2,233,262

Unamortized premiums on securities held outright5

   249,165

-      468

-   29,130

   249,012

Unamortized discounts on securities held outright5

   -23,529

+       58

+    2,276

   -23,456

Repurchase agreements6

         1

         0

+        1

         0

Foreign official

         0

         0

         0

         0

Others

         1

         0

+        1

         0

Loans

     8,192

-    1,222

-  142,170

     7,713

Primary credit

     2,329

-      307

+      257

     2,405

Secondary credit

         0

-        1

-       33

         0

Seasonal credit

         2

-       34

+        2

         2

Paycheck Protection Program Liquidity Facility

     1,957

-        8

-    1,460

     1,955

Bank Term Funding Program

     3,905

-      870

-  140,936

     3,351

Other credit extensions7

         0

         0

         0

         0

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

     8,262

+        7

-    7,914

     8,270

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-      214

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-       46

         0

Float

      -377

+      217

-      141

      -471

Central bank liquidity swaps9

     1,120

         0

+      897

     1,120

Other Federal Reserve assets10

    37,815

+    1,950

-    4,195

    39,031

Foreign currency denominated assets11

    17,446

-       71

-      948

    17,398

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,117

+       14

+      728

    53,117

 

 

 

 

 

Total factors supplying reserve funds

 6,904,132

-   12,300

-  830,021

 6,904,650

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
Jan 8, 2025

Week ended
Jan 8, 2025

Change from week ended

Jan 1, 2025

Jan 10, 2024

Currency in circulation12

 2,370,886

-      932

+   27,204

 2,366,173

Reverse repurchase agreements13

   612,058

-   97,042

-  438,548

   571,520

Foreign official and international accounts

   386,722

-    6,564

+   21,235

   386,376

Others

   225,336

-   90,478

-  459,782

   185,144

Treasury cash holdings

       314

-        2

-       76

       316

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

   827,259

-   74,030

-   88,780

   794,486

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   652,636

-   67,237

-   94,929

   620,531

Foreign official

     9,688

         0

-      552

     9,687

Other14

   164,935

-    6,793

+    6,700

   164,267

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -164,589

+      960

-   81,838

  -163,742

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 3,649,389

-  171,046

-  586,016

 3,572,214

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,254,743

+  158,746

-  244,005

 3,332,435

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.

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
Jan 8, 2025

Week ended
Jan 8, 2025

Change from week ended

Jan 1, 2025

Jan 10, 2024

Securities held in custody for foreign official and international accounts

 3,247,952

-   27,134

-  135,732

 3,230,268

Marketable U.S. Treasury securities1

 2,867,084

-   27,076

-   89,461

 2,849,534

Federal agency debt and mortgage-backed securities2

   294,060

+        5

-   49,580

   294,071

Other securities3

    86,808

-       63

+    3,308

    86,663

Securities lent to dealers

    34,396

-    6,481

+    2,062

    36,073

Overnight facility4

    34,396

-    6,481

+    2,062

    36,073

U.S. Treasury securities

    34,396

-    6,481

+    2,062

    36,073

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, January 8, 2025

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

     3,711

     2,047

       363

     1,592

         0

...

     7,713

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    72,540

   225,590

   442,049

 1,465,828

   549,009

 1,536,050

 4,291,067

Weekly changes

+   10,878

-   10,465

-      422

-       29

+       16

-       19

-       39

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

        46

     3,945

    31,420

 2,197,852

 2,233,262

Weekly changes

         0

         0

+       13

+      135

+    6,418

-    6,565

         0

Loan participations held by MS

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

Lending Program)5

        45

         0

     4,090

        12

...

...

     4,148

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

     1,120

         0

         0

         0

         0

         0

     1,120

Reverse repurchase agreements6

   571,520

         0

...

...

...

...

   571,520

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

Jan 8, 2025

Mortgage-backed securities held outright1

 2,233,262

Residential mortgage-backed securities

 2,225,216

Commercial mortgage-backed securities

     8,047

 

 

Commitments to buy mortgage-backed securities2

         0

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 Jan 8, 2025

 

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)

     3,583

     3,685

     4,585

     8,270

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 September 30, 2024.

3.

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

 

 


 

H.4.1

 

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Jan 8, 2025

Change since

Wednesday

Wednesday

Jan 1, 2025

Jan 10, 2024

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

    15,200

         0

+   10,000

Coin

 

     1,492

+       14

+       44

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

 

 6,759,945

-    2,374

-  830,783

Securities held outright1

 

 6,526,676

-       40

-  658,959

U.S. Treasury securities

 

 4,291,067

-       39

-  460,448

Bills2

 

   195,343

         0

-   19,849

Notes and bonds, nominal2

 

 3,635,805

+       25

-  421,342

Notes and bonds, inflation-indexed2

 

   341,577

         0

-   24,001

Inflation compensation3

 

   118,342

-       65

+    4,744

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,233,262

         0

-  198,511

Unamortized premiums on securities held outright5

 

   249,012

-      510

-   29,103

Unamortized discounts on securities held outright5

 

   -23,456

+       91

+    2,261

Repurchase agreements6

 

         0

         0

         0

Loans7

 

     7,713

-    1,916

-  144,981

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

 

     8,270

+       10

-    7,922

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-      214

Net portfolio holdings of TALF II LLC8

 

         0

         0

-       46

Items in process of collection

(0)

        62

-       26

+        2

Bank premises

 

       580

-        7

+      148

Central bank liquidity swaps9

 

     1,120

         0

+      897

Foreign currency denominated assets10

 

    17,398

-       83

-      952

Other assets11

 

    38,451

+    3,530

-    4,331

 

 

 

 

 

Total assets

(0)

 6,853,554

+    1,063

-  833,156

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
Jan 8, 2025

Change since

Wednesday

Wednesday

Jan 1, 2025

Jan 10, 2024

Liabilities

 

 

 

 

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

 

 2,314,861

-    7,671

+   25,151

Reverse repurchase agreements12

 

   571,520

-  316,875

-  469,624

Deposits

(0)

 4,126,922

+  324,067

-  303,398

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,332,436

+  440,073

-  204,947

U.S. Treasury, General Account

 

   620,531

-  101,361

-  107,325

Foreign official

 

     9,687

         0

-        5

Other13

(0)

   164,267

-   14,645

+    8,878

Deferred availability cash items

(0)

       533

-      645

+      153

Treasury contributions to credit facilities14

 

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

 

  -207,794

+    2,102

-   82,661

 

 

 

 

 

Total liabilities

(0)

 6,809,502

+      978

-  834,358

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    37,267

+       85

+    1,202

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    44,052

+       85

+    1,202

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.

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, January 8, 2025

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

    26,237

       895

     8,109

       797

     1,233

     1,911

     3,730

     1,726

       786

       438

       738

     2,261

     3,613

Coin

     1,492

        53

        48

       165

        48

       201

       115

       246

        35

        57

        97

       194

       231

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

 6,759,945

   140,766

 3,634,303

   100,740

   264,207

   673,485

   452,367

   373,128

    94,883

    43,003

    74,547

   295,313

   613,203

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities 2020 LLC (Main Street

 

 

 

 

 

 

 

 

 

 

 

 

 

Lending Program)2

     8,270

     8,270

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

     1,120

        47

       387

        39

       119

       221

        37

        55

        25

         7

        12

        27

       143

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    17,398

       726

     6,017

       613

     1,851

     3,432

       570

       854

       392

       109

       189

       418

     2,227

Other assets5

    39,093

       905

    18,793

       671

     1,544

     4,171

     3,456

     2,128

       720

       484

       781

     1,802

     3,637

Interdistrict settlement account

         0

+    7,264

-   62,597

+   29,183

+   16,060

-  100,324

+   10,492

-   12,069

+   13,103

+    9,298

-    3,509

+   17,175

+   75,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 6,853,554

   158,925

 3,605,060

   132,209

   285,062

   583,097

   470,767

   366,068

   109,944

    53,396

    72,856

   317,190

   698,979

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, January 8, 2025 (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

 2,314,861

    84,816

   750,666

    56,172

   115,502

   166,904

   360,300

   107,347

    78,046

    30,377

    32,670

   200,760

   331,300

Reverse repurchase agreements6

   571,520

    11,887

   307,558

     8,515

    22,286

    56,968

    38,237

    31,541

     7,997

     3,570

     6,284

    24,958

    51,717

Deposits

 4,126,922

    59,814

 2,659,598

    69,074

   152,103

   384,703

    69,696

   239,752

    22,631

    19,339

    34,064

    91,311

   324,836

Depository institutions

 3,332,436

    59,805

 1,970,440

    69,072

   152,071

   384,362

    69,634

   135,138

    22,614

    19,248

    34,033

    91,234

   324,785

U.S. Treasury, General Account

   620,531

         0

   620,531

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,687

         2

     9,661

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   164,267

         7

    58,965

         0

        28

       334

        61

   104,612

        16

        91

        31

        76

        46

Earnings remittances due to the U.S. Treasury8

  -217,460

    -4,378

  -131,615

    -3,315

    -9,780

   -35,068

        96

   -15,623

         2

      -312

      -852

    -1,414

   -15,201

Treasury contributions to credit facilities9

     3,461

     3,461

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,199

     1,469

     3,967

       237

       372

     1,007

       874

       642

       173

       140

       204

       328

       787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 6,809,502

   157,068

 3,590,175

   130,683

   280,484

   574,515

   469,203

   363,659

   108,849

    53,115

    72,370

   315,942

   693,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    37,267

     1,574

    12,540

     1,287

     3,857

     7,243

     1,342

     2,076

       942

       239

       412

     1,085

     4,670

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and capital

 6,853,554

   158,925

 3,605,060

   132,209

   285,062

   583,097

   470,767

   366,068

   109,944

    53,396

    72,856

   317,190

   698,979

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, January 8, 2025 (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.

 

  

 

 

 

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

Jan 8, 2025

Federal Reserve notes outstanding

 2,784,582

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

   469,722

Federal Reserve notes to be collateralized

 2,314,861

Collateral held against Federal Reserve notes

 2,314,861

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,288,624

Other assets pledged

         0

Memo:

 

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

 6,526,676

Less: Face value of securities under reverse repurchase agreements

   670,149

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

 5,856,527

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.

 

 

 

Last Update: January 10, 2025
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