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FEDERAL RESERVE statistical release

 

H.4.1

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

March 23, 2023

 

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 22, 2023

Week ended
Mar 22, 2023

Change from week ended

Mar 15, 2023

Mar 23, 2022

Reserve Bank credit

 8,657,968

+  210,976

-  266,230

 8,697,234

Securities held outright1

 7,938,410

-    8,648

-  560,388

 7,936,558

U.S. Treasury securities

 5,328,829

-    6,028

-  429,996

 5,328,976

Bills2

   282,545

-      794

-   43,499

   282,374

Notes and bonds, nominal2

 4,566,632

-    6,094

-  399,853

 4,566,632

Notes and bonds, inflation-indexed2

   377,024

         0

-   11,209

   377,024

Inflation compensation3

   102,628

+      861

+   24,566

   102,945

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,607,234

-    2,620

-  130,392

 2,605,235

Unamortized premiums on securities held outright5

   306,045

-      632

-   40,316

   305,773

Unamortized discounts on securities held outright5

   -27,681

+      126

-    6,307

   -27,594

Repurchase agreements6

    32,857

+   32,825

+   32,857

    60,000

Foreign official

    32,857

+   32,857

+   32,857

    60,000

Others

         0

-       32

         0

         0

Loans

   340,699

+  185,064

+  315,423

   354,191

Primary credit

   116,987

+   32,030

+  116,077

   110,248

Secondary credit

         0

         0

         0

         0

Seasonal credit

         4

+        1

+        4

         4

Paycheck Protection Program Liquidity Facility

    10,514

-       74

-   13,852

    10,469

Bank Term Funding Program

    34,609

+   32,166

+   34,609

    53,669

Other credit extensions7

   178,586

+  120,943

+  178,586

   179,800

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

    22,264

-      143

-    6,585

    22,282

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,597

+        2

-    1,054

     5,599

Net portfolio holdings of TALF II LLC8

     1,943

+        2

-      583

     1,944

Float

      -176

+      237

-       52

      -272

Central bank liquidity swaps9

       502

+       30

+      193

       587

Other Federal Reserve assets10

    37,508

+    2,112

+      582

    38,167

Foreign currency denominated assets11

    18,621

+      171

-    1,089

    18,706

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,625

+       14

+      728

    51,625

 

 

 

 

 

Total factors supplying reserve funds

 8,744,456

+  211,161

-  266,591

 8,783,807

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 22, 2023

Week ended
Mar 22, 2023

Change from week ended

Mar 15, 2023

Mar 23, 2022

Currency in circulation12

 2,314,492

+    6,679

+   50,286

 2,318,915

Reverse repurchase agreements13

 2,503,684

-       74

+  526,069

 2,649,984

Foreign official and international accounts

   366,905

+    8,836

+  117,959

   370,376

Others

 2,136,778

-    8,912

+  408,109

 2,279,608

Treasury cash holdings

       135

+        4

+       65

       150

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

   475,960

+   29,032

-  422,032

   419,083

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   259,587

+   26,721

-  355,029

   199,856

Foreign official

     9,602

-      147

+    2,213

     9,437

Other14

   206,771

+    2,459

-   69,216

   209,791

Treasury contributions to credit facilities15

    15,347

         0

-    5,911

    15,347

Other liabilities and capital16

     9,764

+    1,929

-   39,047

    10,342

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 5,319,381

+   37,569

+  109,428

 5,413,821

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 3,425,075

+  173,593

-  376,020

 3,369,986

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 loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

16.

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

 

 

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


 

 


 

H.4.1

 

1A. Memorandum Items

Millions of dollars

Memorandum item

Averages of daily figures

Wednesday
Mar 22, 2023

Week ended
Mar 22, 2023

Change from week ended

Mar 15, 2023

Mar 23, 2022

Securities held in custody for foreign official and international accounts

 3,309,453

-   52,722

-  140,846

 3,284,057

Marketable U.S. Treasury securities1

 2,894,451

-   55,448

-  134,748

 2,863,419

Federal agency debt and mortgage-backed securities2

   333,654

+    3,403

-    5,819

   339,414

Other securities3

    81,348

-      677

-      280

    81,223

Securities lent to dealers

    46,498

-    2,053

+    6,820

    46,064

Overnight facility4

    46,498

-    2,053

+    6,820

    46,064

U.S. Treasury securities

    46,498

-    2,053

+    6,820

    46,064

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 22, 2023

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

   285,467

     4,779

    53,482

    10,463

         0

...

   354,191

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    84,318

   351,347

   640,817

 1,864,912

   909,034

 1,478,547

 5,328,976

Weekly changes

+   52,550

-   36,872

-   11,128

-    4,963

+      235

+      227

+       49

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

         3

        24

     7,991

    47,367

 2,549,850

 2,605,235

Weekly changes

         0

         0

         0

         0

         0

-    3,505

-    3,506

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

    11,300

...

...

    11,300

Municipal notes held by Municipal

 

 

 

 

 

 

 

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       936

         0

...

...

       936

Repurchase agreements8

    60,000

         0

...

...

...

...

    60,000

Central bank liquidity swaps9

       587

         0

         0

         0

         0

         0

       587

Reverse repurchase agreements8

 2,649,984

         0

...

...

...

...

 2,649,984

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. Additionally, the Within 15 days category includes a loan to an FDIC-established depository institution that was subsequently placed in receivership.  This loan is recognized as performing based upon payment due from the receivership, collateral securing the loans, and an FDIC repayment guarantee. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, 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.

Book value of the municipal notes held by the Municipal Liquidity Facility LLC.

7.

Book value of the loans held by the TALF II LLC.

8.

Cash value of agreements.

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.

 

 


 

H.4.1

 

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name

Wednesday

Mar 22, 2023

Mortgage-backed securities held outright1

 2,605,235

Residential mortgage-backed securities

 2,596,797

Commercial mortgage-backed securities

     8,439

 

 

Commitments to buy mortgage-backed securities2

        80

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 LLCs

Millions of dollars

Credit Facilities LLCs:

Wednesday Mar 22, 2023

 

Net portfolio holdings of

Credit Facilities LLCs

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)

    10,514

    10,248

    12,034

    22,282

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,692

     5,599

TALF II LLC

       981

       936

     1,009

     1,944

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:

 

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 

    updated as of December 31, 2022.

 

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 

    a one-day lag after the transaction date.

 

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

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. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. 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 22, 2023

Change since

Wednesday

Wednesday

Mar 15, 2023

Mar 23, 2022

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,285

-       20

-        8

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

 

 8,628,927

+   92,037

-  220,553

Securities held outright1

 

 7,936,558

-    3,456

-  563,697

U.S. Treasury securities

 

 5,328,976

+       49

-  430,173

Bills2

 

   282,374

-      813

-   43,670

Notes and bonds, nominal2

 

 4,566,632

         0

-  399,853

Notes and bonds, inflation-indexed2

 

   377,024

         0

-   11,209

Inflation compensation3

 

   102,945

+      862

+   24,559

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,605,235

-    3,506

-  133,525

Unamortized premiums on securities held outright5

 

   305,773

-      675

-   40,123

Unamortized discounts on securities held outright5

 

   -27,594

+      126

-    6,184

Repurchase agreements6

 

    60,000

+   60,000

+   60,000

Loans7

 

   354,191

+   36,043

+  329,453

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

 

    22,282

+       21

-    6,575

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

     5,599

+        2

-    1,053

Net portfolio holdings of TALF II LLC8

 

     1,944

+        2

-      583

Items in process of collection

(0)

        52

-        5

-        2

Bank premises

 

       475

+        5

-      818

Central bank liquidity swaps9

 

       587

+      115

+      278

Foreign currency denominated assets10

 

    18,706

+      288

-      862

Other assets11

 

    37,692

+    2,041

+    1,487

 

 

 

 

 

Total assets

(0)

 8,733,787

+   94,487

-  228,687

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 22, 2023

Change since

Wednesday

Wednesday

Mar 15, 2023

Mar 23, 2022

Liabilities

 

 

 

 

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

 

 2,268,721

+    8,354

+   52,587

Reverse repurchase agreements12

 

 2,649,984

+  226,858

+  595,402

Deposits

(0)

 3,789,069

-  143,061

-  834,663

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,369,986

-   74,224

-  399,060

U.S. Treasury, General Account

 

   199,856

-   77,787

-  376,586

Foreign official

 

     9,437

-    2,198

+    1,864

Other13

(0)

   209,791

+   11,149

-   60,880

Deferred availability cash items

(0)

       325

+       84

+      116

Treasury contributions to credit facilities14

 

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

 

   -32,160

+    2,252

-   37,611

 

 

 

 

 

Total liabilities

(0)

 8,691,286

+   94,487

-  230,079

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    35,716

         0

+    1,392

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,501

         0

+    1,392

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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

15.

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

 

 


 

H.4.1

 

6. Statement of Condition of Each Federal Reserve Bank, March 22, 2023

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

       544

     5,271

       537

       763

     1,203

     2,247

     1,093

       461

       263

       440

     1,279

     2,136

Coin

     1,285

        19

        37

       117

        43

       194

        77

       240

        27

        37

        86

       158

       249

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

 8,628,927

   166,535

 4,300,677

   193,075

   333,171

   579,164

   542,739

   567,160

   131,827

    63,990

   133,367

   429,089

 1,188,133

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    22,282

    22,282

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,599

         0

     5,599

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,944

         0

     1,944

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       587

        25

       204

        22

        57

       118

        19

        22

        12

         3

         6

        14

        84

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,706

       805

     6,516

       694

     1,828

     3,751

       609

       709

       377

        94

       193

       449

     2,682

Other assets5

    38,220

       871

    18,836

       946

     1,541

     2,960

     2,474

     2,511

       680

       449

       865

     1,983

     4,103

Interdistrict settlement account

         0

+    2,461

+   81,100

-   41,870

-    4,835

+  198,216

+   39,935

-   25,353

-    3,163

-    1,418

-   16,877

+    6,724

-  234,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 8,733,787

   193,543

 4,420,186

   153,521

   332,568

   785,605

   588,100

   546,382

   130,220

    63,419

   118,081

   439,696

   962,468

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 22, 2023 (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

 2,268,721

    77,883

   714,697

    53,352

   111,245

   174,747

   353,990

   124,739

    68,774

    32,380

    48,840

   190,340

   317,734

Reverse repurchase agreements6

 2,649,984

    53,052

 1,358,651

    60,879

   105,821

   184,668

   173,379

   181,152

    41,619

    18,790

    41,366

   135,864

   294,742

Deposits

 3,789,069

    49,587

 2,353,001

    37,801

   111,990

   420,554

    58,765

   241,126

    18,760

    11,948

    27,362

   112,930

   345,244

Depository institutions

 3,369,986

    49,579

 2,082,374

    37,800

   111,952

   420,168

    58,736

    93,582

    18,754

    11,886

    27,331

   112,609

   345,216

U.S. Treasury, General Account

   199,856

         0

   199,856

         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

         6

Other7

   209,791

         6

    61,361

         0

        35

       379

        27

   147,543

         6

        62

        30

       321

        22

Earnings remittances due to the U.S. Treasury8

   -42,196

      -785

   -30,066

      -220

      -805

    -3,956

        19

    -3,292

       -37

       -82

      -138

      -563

    -2,272

Treasury contributions to credit facilities9

    15,347

    11,453

     3,894

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,361

       553

     5,147

       203

       361

     1,112

       646

       658

       146

       116

       195

       336

       888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 8,691,286

   191,744

 4,405,326

   152,015

   328,612

   777,126

   586,799

   544,383

   129,262

    63,152

   117,626

   438,906

   956,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    35,716

     1,507

    12,446

     1,262

     3,316

     7,106

     1,098

     1,763

       805

       224

       383

       647

     5,161

Surplus

     6,785

       292

     2,414

       244

       640

     1,374

       203

       236

       153

        43

        72

       143

       971

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and capital

 8,733,787

   193,543

 4,420,186

   153,521

   332,568

   785,605

   588,100

   546,382

   130,220

    63,419

   118,081

   439,696

   962,468

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 22, 2023 (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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

 

  

 

 

 

Note on consolidation:

 

 

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities 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 22, 2023

Federal Reserve notes outstanding

 2,633,135

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

   364,414

Federal Reserve notes to be collateralized

 2,268,721

Collateral held against Federal Reserve notes

 2,268,721

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,252,484

Other assets pledged

         0

Memo:

 

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

 7,996,558

Less: Face value of securities under reverse repurchase agreements

 2,831,994

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

 5,164,564

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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