Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1 (2024)

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

Reserve Bank credit

7,367,798

- 20,182

-1,170,777

7,366,592

Securities held outright1

6,928,633

- 22,242

- 924,158

6,926,866

U.S. Treasury securities

4,539,554

- 20,699

- 725,908

4,539,799

Bills2

195,143

- 85,823

195,143

Notes and bonds, nominal2

3,881,355

- 13,948

- 634,014

3,881,355

Notes and bonds, inflation-indexed2

350,027

- 6,048

- 15,384

350,027

Inflation compensation3

113,030

- 702

+ 9,315

113,274

Federal agency debt securities2

2,347

2,347

Mortgage-backed securities4

2,386,732

- 1,543

- 198,250

2,384,720

Unamortized premiums on securities held outright5

269,623

- 516

- 33,061

269,384

Unamortized discounts on securities held outright5

-24,920

- 139

+ 2,544

-24,833

Repurchase agreements6

18

+ 12

- 7,839

5

Foreign official

1

- 4

- 7,856

2

Others

17

+ 16

+ 17

3

Loans

135,520

+ 668

- 192,651

135,693

Primary credit

6,844

+ 992

- 64,199

7,018

Secondary credit

77

+ 50

+ 77

197

Seasonal credit

11

+ 5

+ 7

10

Paycheck Protection Program Liquidity Facility

2,996

- 24

- 5,863

2,975

Bank Term Funding Program

125,592

- 354

+ 49,116

125,492

Other credit extensions7

- 171,789

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

14,507

- 108

- 7,650

14,518

Net portfolio holdings of Municipal Liquidity Facility LLC8

- 5,610

Net portfolio holdings of TALF II LLC8

- 1,927

Float

-243

+ 53

- 73

-278

Central bank liquidity swaps9

137

- 37

- 282

137

Other Federal Reserve assets10

44,523

+ 2,127

- 69

45,102

Foreign currency denominated assets11

17,749

- 20

- 1,113

17,758

Gold stock

11,041

11,041

Special drawing rights certificate account

5,200

5,200

Treasury currency outstanding12

52,840

+ 14

+ 675

52,840

Total factors supplying reserve funds

7,454,628

- 20,188

-1,171,216

7,453,432

Currency in circulation12

2,344,898

- 1,689

+ 22,447

2,344,784

Reverse repurchase agreements13

780,148

+ 25,202

-1,869,301

809,259

Foreign official and international accounts

364,203

+ 11,608

+ 2,016

368,044

Others

415,946

+ 13,595

-1,871,315

441,215

Treasury cash holdings

447

+ 5

+ 283

451

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

1,112,293

+ 159,787

+ 606,249

1,133,956

Term deposits held by depository institutions

U.S. Treasury, General Account

941,430

+ 144,895

+ 649,728

929,379

Foreign official

15,830

+ 6,135

+ 6,146

27,504

Other14

155,032

+ 8,755

- 49,626

177,074

Treasury contributions to credit facilities15

7,438

- 7,909

7,438

Other liabilities and capital16

-114,960

- 5,141

- 111,692

-114,163

Total factors, other than reserve balances,
absorbing reserve funds

4,130,265

+ 178,166

-1,359,923

4,181,725

Reserve balances with Federal Reserve Banks

3,324,363

- 198,354

+ 188,708

3,271,706

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

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

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.

8.

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

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

10.

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

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

14.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

15.

Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion.

16.

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

Securities held in custody for foreign official and international accounts

3,354,951

- 14,411

- 15,835

3,348,956

Marketable U.S. Treasury securities1

2,956,497

- 12,502

+ 5,870

2,951,583

Federal agency debt and mortgage-backed securities2

317,293

- 1,865

- 21,379

316,324

Other securities3

81,161

- 44

- 326

81,049

Securities lent to dealers

30,417

- 4,458

- 15,675

31,213

Overnight facility4

30,417

- 4,458

- 15,675

31,213

U.S. Treasury securities

30,417

- 4,458

- 15,659

31,213

Federal agency debt securities

- 16

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

13,146

11,844

107,738

2,965

...

135,693

U.S. Treasury securities2

Holdings

61,251

241,502

525,436

1,517,921

684,209

1,509,480

4,539,799

Weekly changes

- 748

- 3,370

+ 4,204

+ 287

+ 102

+ 191

+ 666

Federal agency debt securities3

Holdings

2,347

2,347

Weekly changes

Mortgage-backed securities4

Holdings

1

34

5,607

28,773

2,350,305

2,384,720

Weekly changes

- 1,402

- 2,119

- 3,521

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

6,994

...

...

6,994

Repurchase agreements6

5

...

...

...

...

5

Central bank liquidity swaps7

137

137

Reverse repurchase agreements6

809,259

...

...

...

...

809,259

Term deposits

...

...

...

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. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

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

5.

Book value of the loan participations held by the MS Facilities 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

2,384,720

Residential mortgage-backed securities

2,376,537

Commercial mortgage-backed securities

8,183

Commitments to buy mortgage-backed securities2

Commitments to sell mortgage-backed securities2

Cash and cash equivalents3

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 LLC (Main Street Lending Program)

5,857

6,287

8,231

14,518

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 loan losses updated as of December 31, 2023.

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

Special drawing rights certificate account

5,200

Coin

1,517

- 11

+ 216

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

7,307,114

- 5,176

-1,145,756

Securities held outright1

6,926,866

- 2,854

- 916,986

U.S. Treasury securities

4,539,799

+ 666

- 725,929

Bills2

195,143

- 85,823

Notes and bonds, nominal2

3,881,355

- 634,057

Notes and bonds, inflation-indexed2

350,027

- 15,384

Inflation compensation3

113,274

+ 665

+ 9,335

Federal agency debt securities2

2,347

Mortgage-backed securities4

2,384,720

- 3,521

- 191,056

Unamortized premiums on securities held outright5

269,384

- 584

- 32,868

Unamortized discounts on securities held outright5

-24,833

- 102

+ 2,531

Repurchase agreements6

5

- 2

+ 5

Loans7

135,693

- 1,633

- 198,437

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

14,518

+ 13

- 7,661

Net portfolio holdings of Municipal Liquidity Facility LLC8

- 5,613

Net portfolio holdings of TALF II LLC8

- 1,929

Items in process of collection

(0)

52

- 13

Bank premises

456

+ 6

+ 3

Central bank liquidity swaps9

137

- 37

- 281

Foreign currency denominated assets10

17,758

+ 34

- 1,194

Other assets11

44,646

+ 2,113

+ 1,882

Total assets

(0)

7,402,434

- 3,072

-1,160,334

Liabilities

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

2,293,908

- 1,940

+ 20,376

Reverse repurchase agreements12

809,259

+ 13,619

-1,829,546

Deposits

(0)

4,405,663

- 9,579

+ 767,870

Term deposits held by depository institutions

Other deposits held by depository institutions

3,271,706

- 57,826

+ 139,606

U.S. Treasury, General Account

929,379

- 553

+ 633,170

Foreign official

27,504

+ 17,810

+ 17,820

Other13

(0)

177,074

+ 30,990

- 22,727

Deferred availability cash items

(0)

330

- 9

- 17

Treasury contributions to credit facilities14

7,438

- 7,909

Other liabilities and accrued dividends15

-157,304

- 5,161

- 112,043

Total liabilities

(0)

7,359,294

- 3,072

-1,161,269

Capital accounts

Capital paid in

36,356

+ 936

Surplus

6,785

Other capital accounts

Total capital

43,141

+ 936

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 $7.4 billion.

15.

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

Assets

Gold certificates and special drawing rights certificates

16,237

563

5,129

517

761

1,203

2,268

1,108

484

272

460

1,311

2,161

Coin

1,517

46

51

164

51

192

101

271

32

56

108

177

268

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

7,307,114

162,736

3,872,725

110,159

283,255

725,769

490,541

406,056

106,647

51,383

88,450

324,724

684,668

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

14,518

14,518

Central bank liquidity swaps3

137

6

47

5

15

27

4

7

3

1

1

3

18

Foreign currency denominated

assets4

17,758

741

6,141

625

1,889

3,503

582

872

400

111

193

427

2,273

Other assets5

45,153

1,170

21,175

797

1,736

4,690

4,005

2,515

821

571

933

2,134

4,605

Interdistrict settlement account

+ 5,159

+ 108,443

+ 689

- 12,870

- 49,554

- 30,145

- 37,885

- 4,165

- 3,382

- 13,027

- 19,583

+ 56,320

Total assets

7,402,434

184,939

4,013,713

112,956

274,837

685,830

467,357

372,944

104,221

49,012

77,119

309,194

750,313

Liabilities

Federal Reserve notes, net

2,293,908

84,758

745,443

51,205

110,232

161,338

355,294

120,780

71,927

30,808

38,733

196,301

327,088

Reverse repurchase agreements6

809,259

16,832

435,495

12,057

31,557

80,666

54,143

44,661

11,324

5,056

8,898

35,340

73,231

Deposits

4,405,663

75,969

2,918,342

49,644

135,144

460,835

55,676

216,529

19,829

12,974

29,429

77,762

353,532

Depository institutions

3,271,706

75,915

1,883,870

49,643

135,113

460,403

55,648

117,830

19,825

12,916

29,397

77,650

353,496

U.S. Treasury, General Account

929,379

929,379

Foreign official

27,504

2

27,477

1

4

8

1

2

1

1

5

Other7

177,074

52

77,615

27

423

27

98,697

3

57

32

111

30

Earnings remittances due to the U.S. Treasury8

-165,390

-3,266

-103,460

-1,650

-6,993

-26,446

110

-11,608

13

-212

-576

-1,592

-9,712

Treasury contributions to credit facilities9

7,438

7,438

Other liabilities and accrued
dividends

8,416

1,399

3,039

189

319

983

665

456

148

115

178

249

675

Total liabilities

7,359,294

183,131

3,998,859

111,446

270,259

677,376

465,888

370,819

103,242

48,740

76,661

308,060

744,813

Capital

Capital paid in

36,356

1,525

12,508

1,271

3,856

7,116

1,247

1,792

826

229

384

970

4,631

Surplus

6,785

283

2,346

239

722

1,339

222

333

153

42

74

163

869

Other capital

Total liabilities and capital

7,402,434

184,939

4,013,713

112,956

274,837

685,830

467,357

372,944

104,221

49,012

77,119

309,194

750,313

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 $7.4 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).

Federal Reserve notes outstanding

2,736,248

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

442,340

Federal Reserve notes to be collateralized

2,293,908

Collateral held against Federal Reserve notes

2,293,908

Gold certificate account

11,037

Special drawing rights certificate account

5,200

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

2,277,671

Other assets pledged

Memo:

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

6,926,871

Less: Face value of securities under reverse repurchase agreements

951,421

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

5,975,450

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.