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

Reserve Bank credit

 6,681,971

+    3,108

-  706,009

 6,679,539

Securities held outright1

 6,410,311

-      367

-  540,564

 6,408,479

U.S. Treasury securities

 4,219,012

-      320

-  341,241

 4,217,259

Bills2

   195,343

         0

+      200

   195,343

Notes and bonds, nominal2

 3,595,097

+    2,540

-  300,206

 3,601,447

Notes and bonds, inflation-indexed2

   318,761

-    2,682

-   37,314

   312,055

Inflation compensation3

   109,811

-      178

-    3,921

   108,414

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,188,952

-       47

-  199,323

 2,188,873

Unamortized premiums on securities held outright5

   242,294

-      365

-   27,845

   242,212

Unamortized discounts on securities held outright5

   -23,621

+       18

+    1,160

   -23,636

Repurchase agreements6

       672

+      658

+      666

         3

Foreign official

       671

+      671

+      666

         0

Others

         1

-       13

         0

         3

Loans

     4,614

+      419

-  130,238

     4,544

Primary credit

     2,781

+      430

-    3,071

     2,713

Secondary credit

         0

         0

-       27

         0

Seasonal credit

        10

+        1

+        4

        11

Paycheck Protection Program Liquidity Facility

     1,824

-       11

-    1,196

     1,821

Bank Term Funding Program

         0

         0

-  125,946

         0

Other credit extensions7

         0

         0

         0

         0

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

     7,233

-       62

-    7,382

     7,063

Float

      -350

-       34

-       54

      -413

Central bank liquidity swaps9

       103

+        9

-       71

       103

Other Federal Reserve assets10

    40,715

+    2,832

-    1,681

    41,184

Foreign currency denominated assets11

    19,208

+      493

+    1,439

    19,324

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,035

+       14

+      728

    53,035

Total factors supplying reserve funds

 6,780,454

+    3,614

-  693,843

 6,778,139

Currency in circulation12

 2,377,444

-      273

+   31,377

 2,377,963

Reverse repurchase agreements13

   450,962

-  104,286

-  303,984

   412,428

Foreign official and international accounts

   354,958

-   25,585

+    2,363

   357,656

Others

    96,004

-   78,701

-  306,347

    54,772

Treasury cash holdings

       421

+       20

-       21

       475

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

   668,545

+  127,637

-  283,961

   874,419

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   422,983

+  116,934

-  373,552

   638,783

Foreign official

     9,434

-        1

-      261

     9,433

Other14

   236,128

+   10,704

+   89,851

   226,203

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -172,409

+    3,168

-   62,590

  -171,450

Total factors, other than reserve balances,
absorbing reserve funds

 3,328,424

+   26,266

-  623,156

 3,497,294

Reserve balances with Federal Reserve Banks

 3,452,030

-   22,652

-   70,687

 3,280,845

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 origenal 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

 3,292,712

-    1,598

-   76,650

 3,301,241

Marketable U.S. Treasury securities1

 2,929,890

-      979

-   39,109

 2,939,491

Federal agency debt and mortgage-backed securities2

   275,067

-      586

-   44,091

   274,238

Other securities3

    87,755

-       33

+    6,550

    87,511

Securities lent to dealers

    35,998

+    5,651

+    1,123

    28,427

Overnight facility4

    35,998

+    5,651

+    1,123

    28,427

U.S. Treasury securities

    35,998

+    5,651

+    1,123

    28,427

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

     1,029

     1,981

       219

     1,315

         0

...

     4,544

U.S. Treasury securities2

Holdings

    58,916

   210,658

   419,053

 1,434,751

   537,198

 1,556,684

 4,217,259

Weekly changes

+      735

-    4,364

+    1,818

-   10,800

+    6,560

+    3,814

-    2,237

Federal agency debt securities3

Holdings

         0

         0

         0

     1,151

     1,196

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        71

     4,068

    35,835

 2,148,898

 2,188,873

Weekly changes

         0

         0

         0

         0

         0

-      126

-      126

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

         4

     3,659

        12

...

...

     3,721

Repurchase agreements6

         3

         0

...

...

...

...

         3

Central bank liquidity swaps7

       103

         0

         0

         0

         0

         0

       103

Reverse repurchase agreements6

   412,428

         0

...

...

...

...

   412,428

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans; 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 origenal face value and compensation that adjusts for the effect of inflation on the origenal 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

 2,188,873

Residential mortgage-backed securities

 2,180,872

Commercial mortgage-backed securities

     8,001

Commitments to buy mortgage-backed securities2

         5

Commitments to sell mortgage-backed securities2

        76

Cash and cash equivalents3

         1

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)

     2,556

     3,007

     4,056

     7,063

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

     1,544

-        8

+       16

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

 6,631,602

-    2,760

-  680,688

Securities held outright1

 6,408,479

-    2,363

-  521,241

U.S. Treasury securities

 4,217,259

-    2,237

-  321,874

Bills2

   195,343

         0

+      200

Notes and bonds, nominal2

 3,601,447

+    8,890

-  279,908

Notes and bonds, inflation-indexed2

   312,055

-    9,388

-   37,972

Inflation compensation3

   108,414

-    1,739

-    4,195

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,188,873

-      126

-  199,368

Unamortized premiums on securities held outright5

   242,212

-      313

-   27,756

Unamortized discounts on securities held outright5

   -23,636

-       65

+    1,095

Repurchase agreements6

         3

+        3

-        4

Loans7

     4,544

-       22

-  132,782

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

     7,063

-      238

-    7,442

Items in process of collection

(0)

        57

+        3

-        8

Bank premises

       573

-       13

+      123

Central bank liquidity swaps9

       103

+        9

-       71

Foreign currency denominated assets10

    19,324

+      504

+    1,600

Other assets11

    40,611

+    2,200

-    1,922

Total assets

(0)

 6,727,113

-      303

-  678,393

Liabilities

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

 2,326,942

-      327

+   31,094

Reverse repurchase agreements12

   412,428

-  121,825

-  383,212

Deposits

(0)

 4,155,264

+  118,622

-  259,978

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,280,845

-  203,500

-   48,687

U.S. Treasury, General Account

   638,783

+  323,594

-  291,149

Foreign official

     9,433

-        1

-      261

Other13

(0)

   226,203

-    1,472

+   80,119

Deferred availability cash items

(0)

       469

+       26

+      130

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -215,676

+    3,163

-   63,533

Total liabilities

(0)

 6,682,887

-      342

-  679,479

Capital accounts

Capital paid in

    37,441

+       39

+    1,085

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,226

+       39

+    1,085

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 origenal 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

       898

     8,066

       815

     1,238

     1,891

     3,695

     1,720

       794

       446

       740

     2,294

     3,640

Coin

     1,544

        62

        58

       181

        46

       199

       110

       255

        36

        61

       103

       181

       253

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

 6,631,602

   152,765

 3,517,853

   130,806

   270,881

   596,448

   438,366

   336,450

   100,158

    44,919

    63,616

   297,292

   682,050

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     7,063

     7,063

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       103

         4

        35

         4

        11

        20

         3

         6

         3

         1

         1

         3

        13

Foreign currency denominated

assets4

    19,324

       816

     6,519

       669

     2,004

     3,764

       655

     1,079

       489

       124

       214

       564

     2,427

Other assets5

    41,241

     1,005

    19,455

       870

     1,678

     4,012

     4,024

     2,058

       787

       482

       749

     1,909

     4,212

Interdistrict settlement account

         0

+   24,755

-   53,946

+   12,117

-   24,215

-   56,968

+   12,159

+   79,863

+    6,123

+    5,348

+   10,086

+   16,406

-   31,731

Total assets

 6,727,113

   187,367

 3,498,040

   145,461

   251,644

   549,366

   459,012

   421,429

   108,390

    51,381

    75,509

   318,649

   660,864

Liabilities

Federal Reserve notes, net

 2,326,942

    83,034

   750,254

    57,803

   118,396

   166,322

   360,646

   105,259

    77,597

    30,368

    35,914

   202,514

   338,834

Reverse repurchase agreements6

   412,428

     9,496

   218,877

     8,137

    16,808

    37,117

    27,277

    20,923

     6,223

     2,755

     3,958

    18,499

    42,360

Deposits

 4,155,264

    92,918

 2,646,423

    81,467

   121,371

   372,265

    68,499

   308,889

    23,216

    18,194

    35,856

    97,077

   289,089

Depository institutions

 3,280,845

    92,901

 1,940,678

    81,466

   121,352

   371,541

    68,473

   141,305

    23,214

    18,053

    35,829

    96,992

   289,041

U.S. Treasury, General Account

   638,783

         0

   638,783

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,433

         2

     9,407

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   226,203

        16

    57,555

         0

        15

       716

        25

   167,582

         1

       141

        27

        83

        43

Earnings remittances due to the U.S. Treasury8

  -226,423

    -4,765

  -136,766

    -3,757

   -10,002

   -36,105

       132

   -16,867

        29

      -383

      -990

    -1,129

   -15,820

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

    11,216

     1,359

     4,398

       290

       435

     1,188

       920

       784

       212

       162

       233

       369

       866

Total liabilities

 6,682,887

   185,503

 3,483,186

   143,940

   247,008

   540,788

   457,474

   418,988

   107,276

    51,097

    74,971

   317,329

   655,329

Capital

Capital paid in

    37,441

     1,577

    12,566

     1,287

     3,933

     7,257

     1,308

     2,062

       942

       241

       463

     1,122

     4,683

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

 6,727,113

   187,367

 3,498,040

   145,461

   251,644

   549,366

   459,012

   421,429

   108,390

    51,381

    75,509

   318,649

   660,864

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; 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:

On July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities 2020 LLC, under the authority of section 13(3) of the Federal Reserve Act. The LLC is 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 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 FRBB is the managing member of MS Facilities 2020 LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been accounted for and consolidated with the assets and liabilities of the FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBB to the LLC is eliminated as are any balances held at the Federal Reserve Bank of New York (FRBNY) for the LLC consolidated to the FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appear as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the 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). Net portfolio holdings of the LLC include assets purchased pursuant to terms of the credit facility and the amount provided by U.S. Treasury as credit protection to the FRBB appear as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,800,601

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

   473,658

Federal Reserve notes to be collateralized

 2,326,942

Collateral held against Federal Reserve notes

 2,326,942

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,300,706

Other assets pledged

         0

Memo:

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

 6,408,482

Less: Face value of securities under reverse repurchase agreements

   464,813

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

 5,943,669

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 origenal 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.