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Release Date: March 21, 2024

 

 

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
Mar 20, 2024

Week ended
Mar 20, 2024

Change from week ended

Mar 13, 2024

Mar 22, 2023

Reserve Bank credit

 7,493,427

-   12,383

-1,164,541

 7,478,100

Securities held outright1

 7,026,811

-    8,098

-  911,599

 7,022,774

U.S. Treasury securities

 4,621,734

-    7,593

-  707,095

 4,620,435

Bills2

   202,900

-    3,652

-   79,645

   202,148

Notes and bonds, nominal2

 3,945,996

-    4,521

-  620,636

 3,945,236

Notes and bonds, inflation-indexed2

   360,612

         0

-   16,412

   360,612

Inflation compensation3

   112,226

+      579

+    9,598

   112,439

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,402,730

-      505

-  204,504

 2,399,992

Unamortized premiums on securities held outright5

   272,330

-      495

-   33,715

   272,065

Unamortized discounts on securities held outright5

   -25,317

+      227

+    2,364

   -25,228

Repurchase agreements6

         2

-       14

-   32,855

         3

Foreign official

         0

         0

-   32,857

         0

Others

         2

-       14

+        2

         3

Loans

   166,797

-    6,427

-  173,902

   155,967

Primary credit

     2,172

-      172

-  114,815

     2,672

Secondary credit

        46

-       97

+       46

        40

Seasonal credit

         1

         0

-        3

         1

Paycheck Protection Program Liquidity Facility

     3,083

-       33

-    7,431

     3,072

Bank Term Funding Program

   161,495

-    6,124

+  126,886

   150,183

Other credit extensions7

         0

         0

-  178,586

         0

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

    14,674

-      171

-    7,590

    14,655

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,597

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,943

         0

Float

      -287

-       18

-      111

      -353

Central bank liquidity swaps9

       173

-        6

-      329

       173

Other Federal Reserve assets10

    38,244

+    2,620

+      736

    38,045

Foreign currency denominated assets11

    18,157

-      149

-      464

    18,050

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,770

+       14

+      646

    52,770

 

 

 

 

 

Total factors supplying reserve funds

 7,580,596

-   12,516

-1,164,359

 7,565,161

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
Mar 20, 2024

Week ended
Mar 20, 2024

Change from week ended

Mar 13, 2024

Mar 22, 2023

Currency in circulation12

 2,340,778

+    1,508

+   25,787

 2,342,299

Reverse repurchase agreements13

   790,234

-       11

-1,713,450

   845,466

Foreign official and international accounts

   346,088

+   19,913

-   20,817

   349,221

Others

   444,146

-   19,924

-1,692,632

   496,245

Treasury cash holdings

       473

-        5

+      338

       450

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

   991,567

+   54,679

+  515,607

   982,555

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   809,298

+   40,929

+  549,711

   812,605

Foreign official

    11,266

+      133

+    1,664

    12,393

Other14

   171,004

+   13,618

-   35,767

   157,557

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

  -103,319

+    2,521

-  113,083

  -102,624

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 4,027,172

+   58,693

-1,292,708

 4,075,584

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,553,424

-   71,209

+  128,349

 3,489,577

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 LLC of $7.4 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
Mar 20, 2024

Week ended
Mar 20, 2024

Change from week ended

Mar 13, 2024

Mar 22, 2023

Securities held in custody for foreign official and international accounts

 3,349,400

+    1,671

+   39,947

 3,344,236

Marketable U.S. Treasury securities1

 2,938,263

+    4,020

+   43,812

 2,939,668

Federal agency debt and mortgage-backed securities2

   329,290

-    1,837

-    4,364

   323,661

Other securities3

    81,847

-      512

+      499

    80,907

Securities lent to dealers

    33,336

-      841

-   13,162

    38,008

Overnight facility4

    33,336

-      841

-   13,162

    38,008

U.S. Treasury securities

    33,336

-      841

-   13,162

    38,008

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, March 20, 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

    17,238

    22,189

   113,472

     3,068

         0

...

   155,967

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    58,267

   273,686

   534,164

 1,536,304

   709,808

 1,508,207

 4,620,435

Weekly changes

+   39,729

-   32,255

-    8,329

-    7,830

+      108

+      162

-    8,416

Federal agency debt securities3

 

 

 

 

 

 

 

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

 

 

 

 

 

 

 

Holdings

         0

         1

        35

     5,634

    30,797

 2,363,525

 2,399,992

Weekly changes

         0

         0

         0

+        1

         0

-    3,244

-    3,243

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

     7,217

...

...

     7,217

Repurchase agreements6

         3

         0

...

...

...

...

         3

Central bank liquidity swaps7

       173

         0

         0

         0

         0

         0

       173

Reverse repurchase agreements6

   845,466

         0

...

...

...

...

   845,466

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 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.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Mar 20, 2024

Mortgage-backed securities held outright1

 2,399,992

Residential mortgage-backed securities

 2,391,784

Commercial mortgage-backed securities

     8,208

 

 

Commitments to buy mortgage-backed securities2

        20

Commitments to sell mortgage-backed securities2

        67

 

 

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 Mar 20, 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 LLC (Main Street Lending Program)

     6,070

     6,390

     8,264

    14,655

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 loan losses updated as of December 31, 2023.

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
Mar 20, 2024

Change since

Wednesday

Wednesday

Mar 13, 2024

Mar 22, 2023

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,549

+       13

+      264

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

 

 7,425,581

-   28,589

-1,203,346

Securities held outright1

 

 7,022,774

-   11,659

-  913,784

U.S. Treasury securities

 

 4,620,435

-    8,416

-  708,541

Bills2

 

   202,148

-    3,679

-   80,226

Notes and bonds, nominal2

 

 3,945,236

-    5,317

-  621,396

Notes and bonds, inflation-indexed2

 

   360,612

         0

-   16,412

Inflation compensation3

 

   112,439

+      579

+    9,494

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,399,992

-    3,243

-  205,243

Unamortized premiums on securities held outright5

 

   272,065

-      586

-   33,708

Unamortized discounts on securities held outright5

 

   -25,228

+      230

+    2,366

Repurchase agreements6

 

         3

-        1

-   59,997

Loans7

 

   155,967

-   16,574

-  198,224

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

 

    14,655

-      200

-    7,627

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

         0

         0

-    5,599

Net portfolio holdings of TALF II LLC8

 

         0

         0

-    1,944

Items in process of collection

(0)

        58

+        8

+        6

Bank premises

 

       467

+        6

-        8

Central bank liquidity swaps9

 

       173

-        6

-      414

Foreign currency denominated assets10

 

    18,050

-      252

-      656

Other assets11

 

    37,579

+    1,399

-      113

 

 

 

 

 

Total assets

(0)

 7,514,348

-   27,621

-1,219,439

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
Mar 20, 2024

Change since

Wednesday

Wednesday

Mar 13, 2024

Mar 22, 2023

Liabilities

 

 

 

 

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

 

 2,291,524

+      779

+   22,803

Reverse repurchase agreements12

 

   845,466

-    9,212

-1,804,518

Deposits

(0)

 4,472,132

-   21,425

+  683,063

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,489,577

-   83,576

+  119,591

U.S. Treasury, General Account

 

   812,605

+   64,217

+  612,749

Foreign official

 

    12,393

+      841

+    2,956

Other13

(0)

   157,557

-    2,908

-   52,234

Deferred availability cash items

(0)

       411

-       45

+       86

Treasury contributions to credit facilities14

 

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

 

  -145,766

+    2,283

-  113,606

 

 

 

 

 

Total liabilities

(0)

 7,471,206

-   27,621

-1,220,080

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    36,357

         0

+      641

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    43,142

         0

+      641

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 LLC of $7.4 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, March 20, 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

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,549

        53

        48

       155

        53

       193

       115

       276

        37

        56

       107

       188

       269

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

 7,425,581

   154,614

 4,071,544

   123,178

   227,413

   517,209

   504,117

   464,163

   115,833

    58,632

   105,287

   369,206

   714,385

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    14,655

    14,655

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       173

         7

        62

         6

        16

        35

         5

         6

         4

         1

         2

         4

        25

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,050

       777

     6,423

       648

     1,702

     3,654

       541

       628

       406

       114

       192

       381

     2,583

Other assets5

    38,103

       926

    17,858

       730

     1,201

     3,007

     3,552

     2,312

       735

       620

       928

     2,054

     4,179

Interdistrict settlement account

         0

+    4,661

-   19,514

-    6,721

+   60,725

+   82,572

-   32,589

-   81,076

-    6,978

-    5,874

-   19,456

-   46,236

+   70,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 7,514,348

   176,249

 4,081,596

   118,522

   291,862

   607,858

   478,028

   387,413

   110,516

    53,813

    87,511

   326,886

   794,093

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, March 20, 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

 2,291,524

    81,079

   745,307

    50,157

   111,044

   162,903

   354,485

   121,490

    72,531

    30,968

    42,444

   191,609

   327,507

Reverse repurchase agreements6

   845,466

    16,334

   472,150

    13,934

    25,981

    58,835

    57,275

    52,703

    12,648

     5,733

    10,931

    41,222

    77,718

Deposits

 4,472,132

    71,269

 2,943,450

    54,210

   156,167

   401,185

    63,873

   221,551

    24,203

    16,915

    33,993

    94,276

   391,039

Depository institutions

 3,489,577

    71,215

 2,063,834

    54,209

   156,133

   400,808

    63,845

   119,364

    24,170

    16,856

    33,960

    94,174

   391,009

U.S. Treasury, General Account

   812,605

         0

   812,605

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    12,393

         2

    12,367

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   157,557

        52

    54,644

         0

        30

       368

        27

   102,186

        32

        59

        33

       101

        25

Earnings remittances due to the U.S. Treasury8

  -157,831

    -3,086

   -99,536

    -1,531

    -6,410

   -24,934

       102

   -11,146

       -21

      -217

      -552

    -1,697

    -8,804

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    12,476

     1,405

     5,374

       241

       502

     1,414

       814

       690

       184

       143

       221

       356

     1,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 7,471,206

   174,441

 4,066,745

   117,013

   287,284

   599,403

   476,551

   385,288

   109,546

    53,541

    87,037

   325,767

   788,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    36,357

     1,525

    12,506

     1,271

     3,856

     7,116

     1,255

     1,792

       818

       229

       400

       956

     4,633

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

 7,514,348

   176,249

 4,081,596

   118,522

   291,862

   607,858

   478,028

   387,413

   110,516

    53,813

    87,511

   326,886

   794,093

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, March 20, 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 LLC of $7.4 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).

 

 

 


 

H.4.1

 

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

Millions of dollars

Federal Reserve notes and collateral

Wednesday

Mar 20, 2024

Federal Reserve notes outstanding

 2,725,131

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

   433,607

Federal Reserve notes to be collateralized

 2,291,524

Collateral held against Federal Reserve notes

 2,291,524

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,275,287

Other assets pledged

         0

Memo:

 

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

 7,022,777

Less: Face value of securities under reverse repurchase agreements

   937,954

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

 6,084,823

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: March 21, 2024