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

 6,703,600

-    8,738

-  759,073

 6,693,726

Securities held outright1

 6,436,587

-    9,056

-  579,454

 6,428,765

U.S. Treasury securities

 4,237,186

-    2,824

-  381,468

 4,237,419

Bills2

   195,343

         0

-    4,657

   195,343

Notes and bonds, nominal2

 3,612,041

-    3,456

-  333,195

 3,612,041

Notes and bonds, inflation-indexed2

   320,912

         0

-   39,700

   320,912

Inflation compensation3

   108,891

+      632

-    3,915

   109,123

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,197,053

-    6,232

-  197,986

 2,188,999

Unamortized premiums on securities held outright5

   243,609

-      553

-   28,045

   243,307

Unamortized discounts on securities held outright5

   -23,835

+      188

+    1,249

   -23,757

Repurchase agreements6

         4

+        4

+        4

         0

Foreign official

         0

         0

         0

         0

Others

         4

+        4

+        4

         0

Loans

     4,394

+        8

-  143,201

     4,089

Primary credit

     2,533

+       16

-    3,553

     2,234

Secondary credit

         0

         0

-       31

         0

Seasonal credit

         6

         0

+        5

         2

Paycheck Protection Program Liquidity Facility

     1,856

-        7

-    1,208

     1,853

Bank Term Funding Program

         0

         0

-  138,413

         0

Other credit extensions7

         0

         0

         0

         0

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

     7,277

-       38

-    7,380

     7,285

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

         0

-       30

      -370

Central bank liquidity swaps9

        86

-       27

-       93

        86

Other Federal Reserve assets10

    35,785

+      735

-    2,126

    34,323

Foreign currency denominated assets11

    18,352

-      117

+      320

    18,279

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    52,993

+       14

+      728

    52,993

Total factors supplying reserve funds

 6,801,186

-    8,841

-  748,025

 6,791,239

Currency in circulation12

 2,370,172

+    2,904

+   28,432

 2,373,074

Reverse repurchase agreements13

   586,842

+   69,890

-  245,362

   628,611

Foreign official and international accounts

   379,997

-    4,881

+   31,283

   387,240

Others

   206,845

+   74,772

-  276,645

   241,371

Treasury cash holdings

       419

+       10

-       30

       436

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

   563,588

-   61,189

-  416,491

   508,655

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   360,177

-   75,759

-  442,056

   315,970

Foreign official

     9,437

+        3

-    4,188

     9,436

Other14

   193,975

+   14,568

+   29,754

   183,249

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -174,228

-    3,600

-   65,407

  -173,547

Total factors, other than reserve balances,
absorbing reserve funds

 3,350,253

+    8,015

-  702,837

 3,340,689

Reserve balances with Federal Reserve Banks

 3,450,933

-   16,856

-   45,188

 3,450,550

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

 3,297,240

-    7,072

-   43,515

 3,294,111

Marketable U.S. Treasury securities1

 2,932,566

-    3,858

-    4,177

 2,931,015

Federal agency debt and mortgage-backed securities2

   277,140

-    3,723

-   45,904

   275,449

Other securities3

    87,535

+      510

+    6,567

    87,647

Securities lent to dealers

    25,264

-    3,289

-   11,012

    31,023

Overnight facility4

    25,264

-    3,289

-   11,012

    31,023

U.S. Treasury securities

    25,264

-    3,289

-   11,012

    31,023

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

     1,100

     1,225

       351

     1,413

         0

...

     4,089

U.S. Treasury securities2

Holdings

    54,915

   216,641

   421,797

 1,463,220

   528,686

 1,552,159

 4,237,419

Weekly changes

+   11,337

-   11,382

+      131

+      273

+       71

+      201

+      632

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

     3,969

    33,866

 2,151,093

 2,188,999

Weekly changes

         0

         0

         0

-       35

-      859

-   13,364

-   14,258

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

         0

     3,881

        12

...

...

     3,939

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        86

         0

         0

         0

         0

         0

        86

Reverse repurchase agreements6

   628,611

         0

...

...

...

...

   628,611

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

 2,188,999

Residential mortgage-backed securities

 2,180,991

Commercial mortgage-backed securities

     8,007

Commitments to buy mortgage-backed securities2

        15

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

     3,226

     4,059

     7,285

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

     1,569

-        5

+       17

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

 6,652,403

-   14,056

-  744,942

Securities held outright1

 6,428,765

-   13,626

-  580,099

U.S. Treasury securities

 4,237,419

+      632

-  380,663

Bills2

   195,343

         0

-    3,872

Notes and bonds, nominal2

 3,612,041

         0

-  333,195

Notes and bonds, inflation-indexed2

   320,912

         0

-   39,700

Inflation compensation3

   109,123

+      632

-    3,896

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,188,999

-   14,258

-  199,436

Unamortized premiums on securities held outright5

   243,307

-      713

-   28,029

Unamortized discounts on securities held outright5

   -23,757

+      194

+    1,234

Repurchase agreements6

         0

-        1

         0

Loans7

     4,089

+       91

-  138,047

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

     7,285

+        9

-    7,386

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)

        72

+       28

+        9

Bank premises

       596

+        1

+      135

Central bank liquidity swaps9

        86

-       27

-       93

Foreign currency denominated assets10

    18,279

-      130

+      249

Other assets11

    33,727

-    1,547

-    2,474

Total assets

(0)

 6,740,253

-   15,729

-  744,486

Liabilities

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

 2,322,082

+    4,680

+   28,850

Reverse repurchase agreements12

   628,611

+   57,134

-  244,135

Deposits

(0)

 3,959,205

-   73,865

-  459,843

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,450,550

+   24,837

-   21,853

U.S. Treasury, General Account

   315,970

-   99,829

-  456,290

Foreign official

     9,436

-        1

-    5,111

Other13

(0)

   183,249

+    1,128

+   23,410

Deferred availability cash items

(0)

       442

+       95

+       12

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -217,769

-    3,772

-   66,471

Total liabilities

(0)

 6,696,032

-   15,728

-  745,564

Capital accounts

Capital paid in

    37,436

-        1

+    1,079

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,221

-        1

+    1,079

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

     1,569

        60

        60

       181

        47

       204

       115

       255

        36

        61

       104

       189

       255

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

 6,652,403

   138,363

 3,578,586

    99,114

   260,079

   662,702

   444,860

   367,254

    93,139

    42,182

    73,122

   290,446

   602,555

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     7,285

     7,285

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        86

         4

        30

         3

         9

        17

         3

         4

         2

         1

         1

         2

        11

Foreign currency denominated

assets4

    18,279

       763

     6,322

       644

     1,945

     3,606

       599

       897

       412

       114

       199

       440

     2,340

Other assets5

    34,395

       784

    16,080

       601

     1,345

     3,634

     3,605

     1,844

       634

       425

       708

     1,571

     3,163

Interdistrict settlement account

         0

+   46,892

-  237,602

+   44,719

+    9,366

-   69,231

+   26,271

+   17,808

+   17,351

+   10,677

+    7,649

+   33,161

+   92,940

Total assets

 6,740,253

   195,045

 3,371,584

   146,059

   274,023

   602,842

   479,184

   389,788

   112,360

    53,899

    82,521

   328,070

   704,878

Liabilities

Federal Reserve notes, net

 2,322,082

    83,751

   749,028

    57,888

   116,486

   165,560

   359,660

   106,321

    77,549

    30,040

    36,638

   201,198

   337,962

Reverse repurchase agreements6

   628,611

    13,075

   338,281

     9,366

    24,513

    62,659

    42,057

    34,692

     8,796

     3,927

     6,912

    27,451

    56,884

Deposits

 3,959,205

    96,331

 2,402,863

    80,753

   138,098

   401,189

    75,002

   262,390

    24,705

    19,882

    39,195

    99,081

   319,716

Depository institutions

 3,450,550

    96,312

 2,019,083

    80,751

   138,064

   400,703

    74,974

   138,464

    24,704

    19,668

    39,167

    98,985

   319,675

U.S. Treasury, General Account

   315,970

         0

   315,970

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,436

         2

     9,410

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   183,249

        18

    58,400

         0

        30

       478

        26

   123,924

         1

       214

        27

        94

        36

Earnings remittances due to the U.S. Treasury8

  -225,391

    -4,700

  -136,117

    -3,682

   -10,008

   -36,041

        67

   -16,535

        -2

      -381

      -960

    -1,214

   -15,816

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

     8,065

     1,263

     2,676

       214

       298

       896

       832

       475

       198

       147

       198

       272

       595

Total liabilities

 6,696,032

   193,181

 3,356,731

   144,538

   269,387

   594,263

   477,617

   387,342

   111,246

    53,615

    81,983

   326,788

   699,340

Capital

Capital paid in

    37,436

     1,577

    12,564

     1,287

     3,933

     7,257

     1,337

     2,067

       942

       240

       463

     1,084

     4,686

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

 6,740,253

   195,045

 3,371,584

   146,059

   274,023

   602,842

   479,184

   389,788

   112,360

    53,899

    82,521

   328,070

   704,878

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

 2,798,761

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

   476,679

Federal Reserve notes to be collateralized

 2,322,082

Collateral held against Federal Reserve notes

 2,322,082

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,295,845

Other assets pledged

         0

Memo:

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

 6,428,765

Less: Face value of securities under reverse repurchase agreements

   761,286

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

 5,667,478

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.