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Release Date: Thursday, March 9, 2023
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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 9, 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 8, 2023

Week ended
Mar 8, 2023

Change from week ended

Mar 1, 2023

Mar 9, 2022

Reserve Bank credit

 8,304,849

-   27,541

-  565,270

 8,305,716

Securities held outright1

 7,948,213

-   26,105

-  496,784

 7,948,335

U.S. Treasury securities

 5,335,826

-   20,272

-  415,465

 5,335,948

Bills2

   284,119

-      902

-   41,925

   283,960

Notes and bonds, nominal2

 4,573,778

-   21,389

-  386,936

 4,573,742

Notes and bonds, inflation-indexed2

   377,024

+    1,460

-   11,209

   377,024

Inflation compensation3

   100,905

+      559

+   24,605

   101,222

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,610,040

-    5,833

-   81,318

 2,610,040

Unamortized premiums on securities held outright5

   307,206

-      719

-   40,490

   307,032

Unamortized discounts on securities held outright5

   -27,930

-       49

-    7,518

   -27,844

Repurchase agreements6

         2

+        1

+        2

         0

Foreign official

         0

         0

         0

         0

Others

         2

+        1

+        2

         0

Loans

    15,104

-      277

-   12,566

    15,209

Primary credit

     4,435

-      184

+    2,374

     4,581

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    10,669

-       94

-   14,940

    10,628

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7

    22,411

+       20

-    6,587

    22,431

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,592

+        2

-    1,315

     5,594

Net portfolio holdings of TALF II LLC7

     1,939

-       10

-      587

     1,941

Float

      -260

+       94

-      115

      -771

Central bank liquidity swaps8

       411

-        7

+      118

       411

Other Federal Reserve assets9

    32,159

-      492

+      569

    33,377

Foreign currency denominated assets10

    18,321

+       21

-    1,574

    18,206

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,597

+       14

+      728

    51,597

 

 

 

 

 

Total factors supplying reserve funds

 8,391,009

-   27,505

-  566,116

 8,391,761

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 8, 2023

Week ended
Mar 8, 2023

Change from week ended

Mar 1, 2023

Mar 9, 2022

Currency in circulation11

 2,305,971

+    3,838

+   52,069

 2,307,964

Reverse repurchase agreements12

 2,541,252

+   26,975

+  787,902

 2,560,350

Foreign official and international accounts

   354,820

-    8,277

+  103,185

   367,113

Others

 2,186,433

+   35,253

+  684,718

 2,193,237

Treasury cash holdings

       117

+       12

+       81

       131

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

   516,817

-   61,079

-  402,950

   492,278

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   333,350

-   47,895

-  318,689

   311,731

Foreign official

     9,598

+      161

+    2,093

     9,434

Other13

   173,869

-   13,346

-   86,354

   171,113

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

    15,347

Other liabilities and capital15

    11,785

+    1,332

-   37,368

    12,016

 

 

 

 

 

Total factors, other than reserve balances,
absorbing reserve funds

 5,391,289

-   28,922

+  393,823

 5,388,085

 

 

 

 

 

Reserve balances with Federal Reserve Banks

 2,999,720

+    1,417

-  959,939

 3,003,676

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 assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

8.

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.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

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.

 

 

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 8, 2023

Week ended
Mar 8, 2023

Change from week ended

Mar 1, 2023

Mar 9, 2022

Securities held in custody for foreign official and international accounts

 3,360,015

+    7,083

-   72,677

 3,360,421

Marketable U.S. Treasury securities1

 2,950,155

+    6,839

-   74,861

 2,950,306

Federal agency debt and mortgage-backed securities2

   327,908

+      236

+    1,481

   328,056

Other securities3

    81,952

+        7

+      702

    82,059

Securities lent to dealers

    44,985

-    2,435

+    5,926

    45,447

Overnight facility4

    44,985

-    2,435

+    5,926

    45,447

U.S. Treasury securities

    44,975

-    2,431

+    5,916

    45,447

Federal agency debt securities

        10

-        4

+       10

         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 8, 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

     3,497

     1,090

         0

    10,622

         0

...

    15,209

U.S. Treasury securities2

 

 

 

 

 

 

 

Holdings

    34,309

   393,294

   652,167

 1,869,522

   908,564

 1,478,092

 5,335,948

Weekly changes

-    7,260

+   66,202

-   59,957

+      344

+      194

+      278

-      199

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

     8,010

    47,726

 2,554,277

 2,610,040

Weekly changes

         0

+        1

+        1

+      168

+       48

-      218

         0

Loan participations held by MS

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

Program)5

         0

         0

         0

    11,360

...

...

    11,360

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

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       411

         0

         0

         0

         0

         0

       411

Reverse repurchase agreements8

 2,560,350

         0

...

...

...

...

 2,560,350

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) 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 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 8, 2023

Mortgage-backed securities held outright1

 2,610,040

Residential mortgage-backed securities

 2,601,598

Commercial mortgage-backed securities

     8,442

 

 

Commitments to buy mortgage-backed securities2

        90

Commitments to sell mortgage-backed securities2

        15

 

 

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 8, 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)

    10,705

    10,297

    12,134

    22,431

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,687

     5,594

TALF II LLC

       981

       936

     1,005

     1,941

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 8, 2023

Change since

Wednesday

Wednesday

Mar 1, 2023

Mar 9, 2022

Assets

 

 

 

 

Gold certificate account

 

    11,037

         0

         0

Special drawing rights certificate account

 

     5,200

         0

         0

Coin

 

     1,309

+        3

+       26

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

 

 8,242,733

-      521

-  559,182

Securities held outright1

 

 7,948,335

-      199

-  498,758

U.S. Treasury securities

 

 5,335,948

-      199

-  417,437

Bills2

 

   283,960

-    1,061

-   42,084

Notes and bonds, nominal2

 

 4,573,742

         0

-  388,742

Notes and bonds, inflation-indexed2

 

   377,024

         0

-   11,209

Inflation compensation3

 

   101,222

+      862

+   24,598

Federal agency debt securities2

 

     2,347

         0

         0

Mortgage-backed securities4

 

 2,610,040

         0

-   81,321

Unamortized premiums on securities held outright5

 

   307,032

-      521

-   40,594

Unamortized discounts on securities held outright5

 

   -27,844

+       56

-    7,392

Repurchase agreements6

 

         0

         0

-        1

Loans7

 

    15,209

+      142

-   12,439

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

 

    22,431

+       23

-    6,574

Net portfolio holdings of Municipal Liquidity Facility LLC8

 

     5,594

+        2

-    1,056

Net portfolio holdings of TALF II LLC8

 

     1,941

+        2

-      585

Items in process of collection

(0)

        45

-       18

-       14

Bank premises

 

       470

+        1

-      901

Central bank liquidity swaps9

 

       411

-        8

+      118

Foreign currency denominated assets10

 

    18,206

-      200

-    1,779

Other assets11

 

    32,907

+    3,314

+    1,482

 

 

 

 

 

Total assets

(0)

 8,342,283

+    2,599

-  568,465

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 8, 2023

Change since

Wednesday

Wednesday

Mar 1, 2023

Mar 9, 2022

Liabilities

 

 

 

 

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

 

 2,257,801

+    3,620

+   48,394

Reverse repurchase agreements12

 

 2,560,350

+   59,739

+  774,104

Deposits

(0)

 3,495,954

-   62,736

-1,349,032

Term deposits held by depository institutions

 

         0

         0

         0

Other deposits held by depository institutions

 

 3,003,676

-   24,291

-  949,975

U.S. Treasury, General Account

 

   311,731

-   39,284

-  297,638

Foreign official

 

     9,434

-        4

+    1,828

Other13

(0)

   171,113

+      843

-  103,249

Deferred availability cash items

(0)

       815

+      592

+      507

Treasury contributions to credit facilities14

 

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

 

   -30,482

+    1,427

-   37,916

 

 

 

 

 

Total liabilities

(0)

 8,299,785

+    2,643

-  569,854

 

 

 

 

 

Capital accounts

 

 

 

 

Capital paid in

 

    35,713

-       44

+    1,389

Surplus

 

     6,785

         0

         0

Other capital accounts

 

         0

         0

         0

 

 

 

 

 

Total capital

 

    42,498

-       44

+    1,389

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 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 8, 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

     1,309

        21

        37

       117

        43

       198

        86

       241

        26

        38

        87

       163

       250

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

 8,242,733

   165,113

 4,220,705

   189,044

   331,000

   573,459

   538,539

   562,803

   129,241

    62,128

   128,910

   421,944

   919,847

Net portfolio holdings of MS

 

 

 

 

 

 

 

 

 

 

 

 

 

Facilities LLC (Main Street Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

Program)2

    22,431

    22,431

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,594

         0

     5,594

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,941

         0

     1,941

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       411

        18

       143

        15

        40

        82

        13

        16

         8

         2

         4

        10

        59

Foreign currency denominated

 

 

 

 

 

 

 

 

 

 

 

 

 

assets4

    18,206

       784

     6,343

       675

     1,779

     3,650

       592

       690

       366

        92

       188

       437

     2,610

Other assets5

    33,422

       772

    16,238

       830

     1,335

     2,605

     2,141

     2,174

       831

       435

       791

     1,728

     3,543

Interdistrict settlement account

         0

-   11,363

+  166,929

-   45,645

-   23,430

+   68,408

+   28,882

-   59,904

-    8,717

-    1,729

-   21,220

-   26,302

-   65,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 8,342,283

   178,319

 4,423,199

   145,575

   311,530

   649,605

   572,501

   507,112

   122,217

    61,229

   109,201

   399,258

   862,536

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 8, 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

 2,257,801

    77,484

   711,208

    53,640

   110,857

   174,170

   351,819

   125,575

    68,463

    32,415

    48,507

   189,072

   314,590

Reverse repurchase agreements6

 2,560,350

    51,258

 1,312,695

    58,820

   102,242

   178,422

   167,515

   175,025

    40,211

    18,154

    39,967

   131,268

   284,772

Deposits

 3,495,954

    36,591

 2,403,612

    31,656

    94,932

   291,235

    50,839

   206,975

    12,496

    10,352

    20,204

    78,377

   258,685

Depository institutions

 3,003,676

    36,583

 2,030,650

    31,654

    94,901

   290,633

    50,811

    88,600

    12,489

    10,292

    20,173

    78,263

   258,627

U.S. Treasury, General Account

   311,731

         0

   311,731

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,434

         2

     9,408

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   171,113

         6

    51,823

         0

        27

       594

        27

   118,374

         6

        60

        30

       114

        52

Earnings remittances due to the U.S. Treasury8

   -39,774

      -751

   -28,051

      -234

      -767

    -3,599

       -98

    -3,108

       -52

       -79

      -121

      -548

    -2,367

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

    10,107

       486

     4,980

       187

       310

       898

     1,126

       646

       145

       120

       189

       298

       724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 8,299,785

   176,520

 4,408,339

   144,069

   307,574

   641,126

   571,200

   505,113

   121,263

    60,962

   108,746

   398,468

   856,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital paid in

    35,713

     1,507

    12,446

     1,262

     3,316

     7,105

     1,098

     1,763

       802

       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

 8,342,283

   178,319

 4,423,199

   145,575

   311,530

   649,605

   572,501

   507,112

   122,217

    61,229

   109,201

   399,258

   862,536

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 8, 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 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 8, 2023

Federal Reserve notes outstanding

 2,632,376

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

   374,574

Federal Reserve notes to be collateralized

 2,257,801

Collateral held against Federal Reserve notes

 2,257,801

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,241,564

Other assets pledged

         0

Memo:

 

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

 7,948,335

Less: Face value of securities under reverse repurchase agreements

 2,795,523

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

 5,152,812

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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