Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 6,712,338

+      387

-  781,089

 6,709,415

Securities held outright1

 6,445,643

-    1,983

-  581,168

 6,442,391

U.S. Treasury securities

 4,240,010

-    1,960

-  381,724

 4,236,787

Bills2

   195,343

         0

-    7,557

   195,343

Notes and bonds, nominal2

 3,615,497

-    2,592

-  330,499

 3,612,041

Notes and bonds, inflation-indexed2

   320,912

         0

-   39,700

   320,912

Inflation compensation3

   108,259

+      632

-    3,967

   108,491

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,203,285

-       24

-  199,445

 2,203,257

Unamortized premiums on securities held outright5

   244,162

-      393

-   28,168

   244,020

Unamortized discounts on securities held outright5

   -24,023

+      168

+    1,294

   -23,951

Repurchase agreements6

         0

-       15

-        2

         1

Foreign official

         0

         0

         0

         0

Others

         0

-       15

-        2

         1

Loans

     4,386

-      266

-  162,411

     3,998

Primary credit

     2,517

-      243

+      345

     2,136

Secondary credit

         0

         0

-       46

         0

Seasonal credit

         6

-        3

+        5

         4

Paycheck Protection Program Liquidity Facility

     1,863

-        9

-    1,220

     1,858

Bank Term Funding Program

         0

-       10

-  161,495

         0

Other credit extensions7

         0

         0

         0

         0

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

     7,315

-       25

-    7,359

     7,276

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC8

         0

         0

         0

         0

Float

      -309

-       16

-       22

      -302

Central bank liquidity swaps9

       113

-       29

-       60

       113

Other Federal Reserve assets10

    35,050

+    2,944

-    3,194

    35,869

Foreign currency denominated assets11

    18,469

-       47

+      312

    18,409

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    52,979

+       14

+      728

    52,979

Total factors supplying reserve funds

 6,810,027

+      354

-  770,049

 6,807,044

Currency in circulation12

 2,367,268

+    2,633

+   27,009

 2,368,395

Reverse repurchase agreements13

   516,952

-    5,648

-  273,282

   571,477

Foreign official and international accounts

   384,878

-    4,064

+   38,790

   378,099

Others

   132,073

-    1,585

-  312,073

   193,378

Treasury cash holdings

       409

+       13

-       64

       416

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

   624,777

-   66,869

-  366,790

   607,357

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   435,936

-   76,645

-  373,362

   415,799

Foreign official

     9,434

-      272

-    1,832

     9,437

Other14

   179,407

+   10,048

+    8,403

   182,121

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -170,628

+    2,672

-   67,309

  -169,775

Total factors, other than reserve balances,
absorbing reserve funds

 3,342,238

-   67,200

-  684,415

 3,381,331

Reserve balances with Federal Reserve Banks

 3,467,789

+   67,554

-   85,635

 3,425,713

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.

Securities held in custody for foreign official and international accounts

 3,304,312

+    1,828

-   45,088

 3,313,852

Marketable U.S. Treasury securities1

 2,936,424

+    1,837

-    1,839

 2,945,911

Federal agency debt and mortgage-backed securities2

   280,863

-      100

-   48,427

   280,824

Other securities3

    87,025

+       90

+    5,178

    87,118

Securities lent to dealers

    28,553

-    2,253

-    4,783

    26,921

Overnight facility4

    28,553

-    2,253

-    4,783

    26,921

U.S. Treasury securities

    28,553

-    2,253

-    4,783

    26,921

Federal agency debt securities

         0

         0

         0

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

       945

     1,230

       396

     1,428

         0

...

     3,998

U.S. Treasury securities2

Holdings

    43,578

   228,023

   421,666

 1,462,947

   528,615

 1,551,958

 4,236,787

Weekly changes

+   28,706

-   32,734

-    3,920

+    1,226

+      732

+      575

-    5,415

Federal agency debt securities3

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,004

    34,725

 2,164,457

 2,203,257

Weekly changes

         0

         0

         0

         0

         0

-       51

-       52

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

         0

     3,905

        12

...

...

     3,963

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

       113

         0

         0

         0

         0

         0

       113

Reverse repurchase agreements6

   571,477

         0

...

...

...

...

   571,477

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF) 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.

Mortgage-backed securities held outright1

 2,203,257

Residential mortgage-backed securities

 2,195,243

Commercial mortgage-backed securities

     8,014

Commitments to buy mortgage-backed securities2

        69

Commitments to sell mortgage-backed securities2

        70

Cash and cash equivalents3

         0

1.

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

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities 2020 LLC (Main Street Lending Program)

     2,795

     3,230

     4,046

     7,276

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 December 31, 2024.

3.

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

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

    15,200

         0

+   10,000

Coin

     1,574

-       16

+       25

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

 6,666,459

-    5,987

-  759,122

Securities held outright1

 6,442,391

-    5,467

-  580,383

U.S. Treasury securities

 4,236,787

-    5,415

-  383,648

Bills2

   195,343

         0

-    6,805

Notes and bonds, nominal2

 3,612,041

-    6,048

-  333,195

Notes and bonds, inflation-indexed2

   320,912

         0

-   39,700

Inflation compensation3

   108,491

+      632

-    3,948

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,203,257

-       52

-  196,735

Unamortized premiums on securities held outright5

   244,020

-      392

-   28,045

Unamortized discounts on securities held outright5

   -23,951

+      172

+    1,277

Repurchase agreements6

         1

         0

-        2

Loans7

     3,998

-      300

-  151,969

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

     7,276

-       70

-    7,379

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

         0

Net portfolio holdings of TALF II LLC8

         0

         0

         0

Items in process of collection

(0)

        44

-        5

-       14

Bank premises

       595

+        9

+      128

Central bank liquidity swaps9

       113

-       29

-       60

Foreign currency denominated assets10

    18,409

-      120

+      359

Other assets11

    35,274

+    2,629

-    2,305

Total assets

(0)

 6,755,982

-    3,589

-  758,366

Liabilities

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

 2,317,402

+    2,226

+   25,878

Reverse repurchase agreements12

   571,477

+   49,326

-  273,989

Deposits

(0)

 4,033,070

-   57,630

-  439,062

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,425,713

-   33,974

-   63,864

U.S. Treasury, General Account

   415,799

-   34,914

-  396,806

Foreign official

     9,437

+        7

-    2,956

Other13

(0)

   182,121

+   11,251

+   24,564

Deferred availability cash items

(0)

       347

-       99

-       64

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -213,997

+    2,579

-   68,231

Total liabilities

(0)

 6,711,760

-    3,596

-  759,446

Capital accounts

Capital paid in

    37,437

+        7

+    1,080

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,222

+        7

+    1,080

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.

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

     1,574

        60

        61

       179

        49

       205

       116

       255

        37

        61

       104

       191

       257

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

 6,666,459

   138,650

 3,585,941

    99,338

   260,634

   664,107

   445,820

   367,943

    93,360

    42,273

    73,277

   291,173

   603,945

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     7,276

     7,276

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       113

         5

        39

         4

        12

        22

         4

         6

         3

         1

         1

         3

        14

Foreign currency denominated

assets4

    18,409

       768

     6,367

       648

     1,958

     3,631

       603

       904

       415

       115

       200

       443

     2,357

Other assets5

    35,914

       818

    16,912

       624

     1,405

     3,789

     3,693

     1,929

       655

       425

       724

     1,638

     3,303

Interdistrict settlement account

         0

+   29,713

-  167,056

+   40,864

-    1,455

-   80,952

+   19,341

+   11,337

+   16,589

+   10,931

+    5,863

+   27,885

+   86,940

Total assets

 6,755,982

   178,185

 3,450,371

   142,454

   263,835

   592,713

   473,306

   384,099

   111,844

    54,243

    80,908

   323,594

   700,428

Liabilities

Federal Reserve notes, net

 2,317,402

    83,675

   748,940

    57,699

   114,679

   165,540

   358,836

   106,644

    77,523

    30,000

    36,448

   199,925

   337,494

Reverse repurchase agreements6

   571,477

    11,887

   307,535

     8,514

    22,285

    56,964

    38,234

    31,539

     7,997

     3,570

     6,284

    24,956

    51,714

Deposits

 4,033,070

    80,641

 2,510,333

    78,083

   131,791

   396,396

    73,762

   259,239

    25,002

    20,599

    38,361

    98,312

   320,547

Depository institutions

 3,425,713

    80,635

 2,022,908

    78,082

   131,757

   396,014

    73,735

   140,073

    25,000

    20,506

    38,332

    98,166

   320,506

U.S. Treasury, General Account

   415,799

         0

   415,799

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,437

         2

     9,411

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   182,121

         5

    62,216

         0

        30

       375

        26

   119,165

         1

        93

        29

       146

        36

Earnings remittances due to the U.S. Treasury8

  -224,406

    -4,652

  -135,651

    -3,640

    -9,974

   -35,886

       122

   -16,441

         0

      -371

      -944

    -1,231

   -15,738

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

    10,756

     1,309

     4,361

       276

       417

     1,121

       785

       672

       208

       161

       221

       350

       872

Total liabilities

 6,711,760

   176,321

 3,435,518

   140,932

   259,199

   584,135

   471,739

   381,654

   110,730

    53,960

    80,370

   322,312

   694,889

Capital

Capital paid in

    37,437

     1,577

    12,564

     1,287

     3,933

     7,257

     1,337

     2,067

       942

       240

       463

     1,084

     4,687

Surplus

     6,785

       287

     2,288

       235

       704

     1,322

       230

       379

       172

        44

        75

       198

       852

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 6,755,982

   178,185

 3,450,371

   142,454

   263,835

   592,713

   473,306

   384,099

   111,844

    54,243

    80,908

   323,594

   700,428

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 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).

Federal Reserve notes outstanding

 2,796,868

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

   479,466

Federal Reserve notes to be collateralized

 2,317,402

Collateral held against Federal Reserve notes

 2,317,402

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,291,166

Other assets pledged

         0

Memo:

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

 6,442,392

Less: Face value of securities under reverse repurchase agreements

   651,144

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

 5,791,248

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.