Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 6,631,773

+    4,138

-  589,260

 6,633,458

Securities held outright1

 6,370,959

+      166

-  444,143

 6,370,818

U.S. Treasury securities

 4,212,408

+      123

-  245,667

 4,212,303

Bills2

   195,418

         0

+      200

   195,418

Notes and bonds, nominal2

 3,592,298

-      192

-  201,574

 3,592,043

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

   313,767

Inflation compensation3

   110,924

+      315

-    6,950

   111,075

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,156,205

+       44

-  198,475

 2,156,168

Unamortized premiums on securities held outright5

   238,016

-      407

-   27,254

   237,817

Unamortized discounts on securities held outright5

   -23,925

+       40

+    1,078

   -23,844

Repurchase agreements6

         0

-       16

-       17

         0

Foreign official

         0

         0

-        3

         0

Others

         0

-       16

-       14

         0

Loans

     6,283

+    1,437

-  110,644

     7,143

Primary credit

     4,514

+    1,447

-    2,054

     5,383

Secondary credit

         0

         0

         0

         0

Seasonal credit

        31

+        1

-       11

        38

Paycheck Protection Program Liquidity Facility

     1,738

-       10

-    1,130

     1,722

Bank Term Funding Program

         0

         0

-  107,449

         0

Other credit extensions7

         0

         0

         0

         0

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

     5,249

-       52

-    6,038

     5,174

Float

      -336

-       43

-       83

      -413

Central bank liquidity swaps9

        21

-       24

-       99

        21

Other Federal Reserve assets10

    35,505

+    3,036

-    2,061

    36,741

Foreign currency denominated assets11

    19,493

+      171

+    1,734

    19,441

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,161

+       14

+      728

    53,161

Total factors supplying reserve funds

 6,730,668

+    4,323

-  576,798

 6,732,300

Currency in circulation12

 2,390,342

+      767

+   40,656

 2,393,987

Reverse repurchase agreements13

   543,196

+    1,512

-  221,859

   577,189

Foreign official and international accounts

   371,467

-    3,468

-   11,440

   372,139

Others

   171,729

+    4,980

-  210,418

   205,050

Treasury cash holdings

       456

-        8

+       45

       472

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

   568,318

+    6,193

-  310,280

   614,512

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   337,762

+    4,855

-  385,648

   383,851

Foreign official

     9,430

-       70

-      253

     9,433

Other14

   221,126

+    1,408

+   75,621

   221,228

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -180,038

-    3,399

-   54,522

  -178,878

Total factors, other than reserve balances,
absorbing reserve funds

 3,324,303

+    5,066

-  548,889

 3,409,310

Reserve balances with Federal Reserve Banks

 3,406,366

-      742

-   27,908

 3,322,991

1.

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

2.

Face value of the securities.

3.

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

4.

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

the securities.

5.

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

6.

Cash value of agreements.

7.

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

8.

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

9.

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

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

foreign central bank.

10.

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

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

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

14.

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

15.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

16.

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

Securities held in custody for foreign official and international accounts

 3,226,435

-    6,591

-   83,349

 3,231,244

Marketable U.S. Treasury securities1

 2,878,154

-    6,714

-   41,724

 2,882,931

Federal agency debt and mortgage-backed securities2

   264,171

+      186

-   44,822

   264,209

Other securities3

    84,111

-       62

+    3,198

    84,104

Securities lent to dealers

    29,284

-    4,382

-    7,485

    25,613

Overnight facility4

    29,284

-    4,382

-    7,485

    25,613

U.S. Treasury securities

    29,284

-    4,382

-    7,485

    25,613

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

     2,055

     3,653

     1,188

       247

         0

...

     7,143

U.S. Treasury securities2

Holdings

    54,451

   205,803

   421,157

 1,449,494

   511,546

 1,569,852

 4,212,303

Weekly changes

+   29,207

-   34,930

+    3,192

+    1,184

+      742

+      510

-       95

Federal agency debt securities3

Holdings

         0

         0

         0

     1,436

       911

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

        97

     4,242

    34,515

 2,117,314

 2,156,168

Weekly changes

         0

         0

         0

         0

         0

+        6

+        7

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

         0

       217

     2,772

        15

...

...

     3,004

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        21

         0

         0

         0

         0

         0

        21

Reverse repurchase agreements6

   577,189

         0

...

...

...

...

   577,189

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 original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

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

5.

Book value of the loan participations held by the MS Facilities 2020 LLC.

6.

Cash value of agreements.

7.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

Mortgage-backed securities held outright1

 2,156,168

Residential mortgage-backed securities

 2,148,201

Commercial mortgage-backed securities

     7,967

Commitments to buy mortgage-backed securities2

        78

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.

MS Facilities 2020 LLC (Main Street Lending Program)

     2,266

     2,397

     2,778

     5,174

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 March 31, 2025.

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

     1,457

-        6

+        8

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

 6,591,935

+      882

-  575,234

Securities held outright1

 6,370,818

-       88

-  439,240

U.S. Treasury securities

 4,212,303

-       95

-  240,768

Bills2

   195,418

         0

+      200

Notes and bonds, nominal2

 3,592,043

-      447

-  196,677

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

Inflation compensation3

   111,075

+      352

-    6,947

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,156,168

+        7

-  198,472

Unamortized premiums on securities held outright5

   237,817

-      463

-   27,302

Unamortized discounts on securities held outright5

   -23,844

+       53

+    1,086

Repurchase agreements6

         0

         0

-        1

Loans7

     7,143

+    1,380

-  109,779

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

     5,174

-      145

-    5,985

Items in process of collection

(0)

        51

-        4

-        1

Bank premises

       571

+        9

+      137

Central bank liquidity swaps9

        21

-       24

-       99

Foreign currency denominated assets10

    19,441

+       37

+    1,676

Other assets11

    36,170

+    3,154

-    1,986

Total assets

(0)

 6,681,056

+    3,901

-  571,486

Liabilities

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

 2,342,751

+    4,164

+   41,936

Reverse repurchase agreements12

   577,189

+    1,129

-  187,680

Deposits

(0)

 3,937,502

+    1,735

-  368,869

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,322,991

-  106,684

-   43,176

U.S. Treasury, General Account

   383,851

+  106,826

-  398,307

Foreign official

     9,433

+        5

-      249

Other13

(0)

   221,228

+    1,590

+   72,865

Deferred availability cash items

(0)

       464

+        8

+      204

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -224,394

-    3,134

-   56,377

Total liabilities

(0)

 6,635,541

+    3,902

-  573,714

Capital accounts

Capital paid in

    38,730

-        1

+    2,228

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,515

-        1

+    2,228

1.

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

2.

Face value of the securities.

3.

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

4.

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

5.

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

6.

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

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

8.

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

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

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

13.

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

14.

Book value. Amount of equity investments in MS Facilities 2020 LLC.

15.

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

Assets

Gold certificates and special drawing rights certificates

    26,237

       898

     8,066

       815

     1,238

     1,891

     3,695

     1,720

       794

       446

       740

     2,294

     3,640

Coin

     1,457

        54

        52

       173

        44

       197

       105

       242

        31

        57

        99

       162

       241

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

 6,591,935

   151,627

 3,495,265

   129,992

   269,118

   592,691

   435,623

   334,378

    99,454

    44,668

    63,239

   295,978

   679,902

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,174

     5,174

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        21

         1

         7

         1

         2

         4

         1

         1

         1

         0

         0

         1

         3

Foreign currency denominated

assets4

    19,441

       821

     6,558

       673

     2,016

     3,786

       659

     1,086

       492

       125

       215

       567

     2,442

Other assets5

    36,792

       900

    17,161

       783

     1,496

     3,575

     3,703

     1,840

       704

       443

       690

     1,716

     3,780

Interdistrict settlement account

         0

-    4,283

-  143,105

+    4,517

-   18,165

-    8,772

+   33,086

+   60,636

+    8,107

+    5,986

+   11,057

+   12,834

+   38,101

Total assets

 6,681,056

   155,192

 3,384,004

   136,954

   255,750

   593,373

   476,871

   399,903

   109,584

    51,726

    76,040

   313,552

   728,108

Liabilities

Federal Reserve notes, net

 2,342,751

    79,888

   746,297

    61,655

   118,885

   169,656

   369,204

   104,559

    77,555

    31,242

    37,456

   204,531

   341,824

Reverse repurchase agreements6

   577,189

    13,289

   306,317

    11,387

    23,522

    51,945

    38,173

    29,281

     8,708

     3,855

     5,539

    25,889

    59,282

Deposits

 3,937,502

    61,943

 2,453,811

    66,107

   118,393

   398,224

    66,945

   281,124

    21,962

    16,595

    33,348

    82,355

   336,695

Depository institutions

 3,322,991

    61,918

 2,001,864

    66,106

   118,373

   397,755

    65,853

   120,527

    21,911

    16,503

    33,318

    82,214

   336,649

U.S. Treasury, General Account

   383,851

         0

   383,851

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,433

         2

     9,406

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   221,228

        23

    58,689

         0

        16

       461

     1,091

   160,595

        50

        92

        30

       139

        41

Earnings remittances due to the U.S. Treasury8

  -232,212

    -4,952

  -140,048

    -3,935

   -10,031

   -37,165

       132

   -18,049

        23

      -389

    -1,081

      -815

   -15,903

Treasury contributions to credit facilities9

     2,029

     2,029

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,282

     1,122

     2,771

       219

       338

       949

       867

       524

       205

       149

       197

       266

       673

Total liabilities

 6,635,541

   153,319

 3,369,147

   135,433

   251,108

   583,610

   475,322

   397,439

   108,454

    51,453

    75,459

   312,226

   722,572

Capital

Capital paid in

    38,730

     1,586

    12,568

     1,287

     3,938

     8,442

     1,319

     2,085

       958

       229

       507

     1,128

     4,684

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

 6,681,056

   155,192

 3,384,004

   136,954

   255,750

   593,373

   476,871

   399,903

   109,584

    51,726

    76,040

   313,552

   728,108

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

 2,803,578

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

   460,827

Federal Reserve notes to be collateralized

 2,342,751

Collateral held against Federal Reserve notes

 2,342,751

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,316,514

Other assets pledged

         0

Memo:

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

 6,370,818

Less: Face value of securities under reverse repurchase agreements

   689,774

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

 5,681,044

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.