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

 6,662,614

-    4,047

-  655,564

 6,663,493

Securities held outright1

 6,391,251

-    3,459

-  501,518

 6,391,395

U.S. Treasury securities

 4,215,960

-    1,678

-  302,414

 4,216,103

Bills2

   195,354

+       11

+      200

   195,418

Notes and bonds, nominal2

 3,597,415

-    3,456

-  261,270

 3,597,415

Notes and bonds, inflation-indexed2

   313,767

+    1,467

-   36,391

   313,767

Inflation compensation3

   109,423

+      298

-    4,954

   109,502

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,172,945

-    1,780

-  199,104

 2,172,945

Unamortized premiums on securities held outright5

   240,795

-      442

-   27,582

   240,666

Unamortized discounts on securities held outright5

   -23,689

-       48

+    1,244

   -23,621

Repurchase agreements6

        15

-      858

+       14

         7

Foreign official

         0

-      857

         0

         1

Others

        15

-        1

+       15

         6

Loans

     4,551

-      598

-  119,327

     4,269

Primary credit

     2,739

-      590

-    3,461

     2,462

Secondary credit

         1

-        1

+        1

         0

Seasonal credit

        15

+        4

-        4

        15

Paycheck Protection Program Liquidity Facility

     1,796

-       10

-    1,158

     1,793

Bank Term Funding Program

         0

         0

-  114,705

         0

Other credit extensions7

         0

         0

         0

         0

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

     6,813

-       31

-    7,303

     6,822

Float

      -306

+      155

-       12

      -330

Central bank liquidity swaps9

        60

-        2

-       65

        60

Other Federal Reserve assets10

    43,123

+    1,235

-    1,016

    44,225

Foreign currency denominated assets11

    19,223

-       97

+    1,302

    19,261

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,077

+       14

+      728

    53,077

Total factors supplying reserve funds

 6,761,155

-    4,129

-  643,534

 6,762,072

Currency in circulation12

 2,382,910

+    2,651

+   35,443

 2,384,812

Reverse repurchase agreements13

   516,393

+   19,119

-  302,583

   524,554

Foreign official and international accounts

   372,049

+   13,183

+   12,630

   369,695

Others

   144,344

+    5,936

-  315,213

   154,859

Treasury cash holdings

       499

+       14

+       56

       506

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

   816,841

-   21,637

-  199,949

   824,840

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   583,727

-   12,014

-  267,864

   595,860

Foreign official

     9,441

+        4

-      804

     9,441

Other14

   223,673

-    9,627

+   68,719

   219,539

Treasury contributions to credit facilities15

     3,461

         0

-    3,977

     3,461

Other liabilities and capital16

  -177,585

-    3,699

-   60,004

  -176,718

Total factors, other than reserve balances,
absorbing reserve funds

 3,542,519

-    3,552

-  531,014

 3,561,453

Reserve balances with Federal Reserve Banks

 3,218,636

-      578

-  112,520

 3,200,619

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

 3,267,562

-   11,003

-   88,405

 3,274,452

Marketable U.S. Treasury securities1

 2,912,786

-   10,118

-   47,091

 2,919,091

Federal agency debt and mortgage-backed securities2

   270,940

-       57

-   44,254

   270,945

Other securities3

    83,836

-      828

+    2,940

    84,416

Securities lent to dealers

    30,381

+    4,175

-    1,752

    35,985

Overnight facility4

    30,381

+    4,175

-    1,752

    35,985

U.S. Treasury securities

    30,381

+    4,175

-    1,752

    35,985

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

       823

     1,958

       528

       961

         0

...

     4,269

U.S. Treasury securities2

Holdings

    97,996

   173,191

   429,892

 1,420,173

   536,922

 1,557,929

 4,216,103

Weekly changes

-    2,458

+   24,104

-   21,536

+       86

+       25

+       70

+      290

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

     4,193

    34,886

 2,133,794

 2,172,945

Weekly changes

         0

         0

         0

+      146

-       12

-      135

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

       116

     3,473

        12

...

...

     3,647

Repurchase agreements6

         7

         0

...

...

...

...

         7

Central bank liquidity swaps7

        60

         0

         0

         0

         0

         0

        60

Reverse repurchase agreements6

   524,554

         0

...

...

...

...

   524,554

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

 2,172,945

Residential mortgage-backed securities

 2,164,964

Commercial mortgage-backed securities

     7,981

Commitments to buy mortgage-backed securities2

         0

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)

     2,556

     2,678

     4,144

     6,822

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

     1,490

-       21

-       18

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

 6,612,716

-    1,231

-  645,582

Securities held outright1

 6,391,395

+      290

-  501,692

U.S. Treasury securities

 4,216,103

+      290

-  302,588

Bills2

   195,418

+       75

+      200

Notes and bonds, nominal2

 3,597,415

         0

-  261,270

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

Inflation compensation3

   109,502

+      214

-    5,125

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,172,945

         0

-  199,104

Unamortized premiums on securities held outright5

   240,666

-      388

-   27,569

Unamortized discounts on securities held outright5

   -23,621

+        4

+    1,234

Repurchase agreements6

         7

-      104

+        6

Loans7

     4,269

-    1,034

-  117,561

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

     6,822

+       10

-    7,308

Items in process of collection

(0)

        77

+        1

+       19

Bank premises

       566

-       12

+      127

Central bank liquidity swaps9

        60

-        2

-       65

Foreign currency denominated assets10

    19,261

-      141

+    1,426

Other assets11

    43,659

+    3,007

-    1,119

Total assets

(0)

 6,710,889

+    1,612

-  642,519

Liabilities

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

 2,333,726

+    2,897

+   35,674

Reverse repurchase agreements12

   524,554

-  107,568

-  330,410

Deposits

(0)

 4,025,459

+  110,356

-  284,053

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,200,619

+  200,342

-  130,068

U.S. Treasury, General Account

   595,860

-   81,797

-  220,949

Foreign official

     9,441

+        2

-      255

Other13

(0)

   219,539

-    8,191

+   67,220

Deferred availability cash items

(0)

       407

-      575

+      112

Treasury contributions to credit facilities14

     3,461

         0

-    3,977

Other liabilities and accrued dividends15

  -221,061

-    3,614

-   61,019

Total liabilities

(0)

 6,666,545

+    1,495

-  643,673

Capital accounts

Capital paid in

    37,558

+      116

+    1,153

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    44,343

+      116

+    1,153

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

     1,490

        59

        56

       177

        44

       191

       111

       250

        33

        60

       101

       163

       245

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

 6,612,716

   152,175

 3,507,824

   130,426

   270,097

   594,799

   437,148

   335,534

    99,823

    44,860

    63,446

   296,484

   680,100

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     6,822

     6,822

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        60

         3

        20

         2

         6

        12

         2

         3

         2

         0

         1

         2

         8

Foreign currency denominated

assets4

    19,261

       814

     6,498

       666

     1,998

     3,751

       653

     1,075

       488

       124

       214

       562

     2,419

Other assets5

    44,302

     1,072

    21,041

       928

     1,774

     4,251

     4,228

     2,210

       990

       507

       730

     2,038

     4,533

Interdistrict settlement account

         0

+   12,610

-   60,223

+   13,885

-   19,902

-   45,966

+   22,519

+   65,002

+    6,842

+    5,510

+    9,116

+    7,473

-   16,865

Total assets

 6,710,889

   174,452

 3,483,281

   146,900

   255,254

   558,930

   468,355

   405,796

   108,972

    51,507

    74,346

   309,015

   674,079

Liabilities

Federal Reserve notes, net

 2,333,726

    80,932

   750,724

    58,597

   118,563

   167,902

   363,800

   104,932

    77,733

    30,501

    35,854

   204,046

   340,142

Reverse repurchase agreements6

   524,554

    12,078

   278,383

    10,349

    21,377

    47,208

    34,692

    26,611

     7,914

     3,504

     5,034

    23,528

    53,876

Deposits

 4,025,459

    79,919

 2,574,477

    80,038

   120,382

   370,871

    67,461

   288,543

    21,990

    17,473

    33,701

    80,882

   289,722

Depository institutions

 3,200,619

    79,901

 1,916,839

    80,037

   120,363

   370,126

    67,433

   122,418

    21,989

    17,374

    33,673

    80,798

   289,667

U.S. Treasury, General Account

   595,860

         0

   595,860

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,441

         2

     9,414

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   219,539

        16

    52,363

         0

        15

       738

        27

   166,123

         0

        98

        27

        82

        49

Earnings remittances due to the U.S. Treasury8

  -228,323

    -4,878

  -137,724

    -3,826

   -10,012

   -36,471

        82

   -17,271

        10

      -386

    -1,018

    -1,033

   -15,795

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

     7,669

     1,069

     2,563

       220

       302

       830

       771

       517

       195

       144

       194

       265

       598

Total liabilities

 6,666,545

   172,580

 3,468,424

   145,378

   250,612

   550,341

   466,806

   403,332

   107,842

    51,235

    73,765

   307,688

   668,542

Capital

Capital paid in

    37,558

     1,586

    12,570

     1,287

     3,938

     7,267

     1,319

     2,085

       958

       229

       507

     1,130

     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

 6,710,889

   174,452

 3,483,281

   146,900

   255,254

   558,930

   468,355

   405,796

   108,972

    51,507

    74,346

   309,015

   674,079

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

 2,802,941

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

   469,215

Federal Reserve notes to be collateralized

 2,333,726

Collateral held against Federal Reserve notes

 2,333,726

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,307,489

Other assets pledged

         0

Memo:

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

 6,391,402

Less: Face value of securities under reverse repurchase agreements

   588,446

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

 5,802,955

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.