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

 6,637,275

-    6,399

-  623,065

 6,625,647

Securities held outright1

 6,381,555

-    6,084

-  474,384

 6,372,239

U.S. Treasury securities

 4,213,665

+      228

-  275,572

 4,213,730

Bills2

   195,418

         0

+      200

   195,418

Notes and bonds, nominal2

 3,594,399

         0

-  233,007

 3,594,399

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

   313,767

Inflation compensation3

   110,081

+      228

-    6,371

   110,146

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,165,543

-    6,312

-  198,812

 2,156,161

Unamortized premiums on securities held outright5

   239,367

-      591

-   27,433

   239,060

Unamortized discounts on securities held outright5

   -24,056

+       46

+    1,210

   -23,990

Repurchase agreements6

         1

         0

         0

         1

Foreign official

         0

         0

-        1

         0

Others

         1

         0

         0

         1

Loans

     3,743

+       50

-  114,505

     3,811

Primary credit

     1,944

+       52

-    4,725

     2,014

Secondary credit

         0

         0

         0

         0

Seasonal credit

        25

+        5

-       10

        23

Paycheck Protection Program Liquidity Facility

     1,774

-        7

-    1,147

     1,774

Bank Term Funding Program

         0

         0

-  108,622

         0

Other credit extensions7

         0

         0

         0

         0

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

     5,489

-    1,223

-    5,823

     5,291

Float

      -378

-       97

-        9

      -698

Central bank liquidity swaps9

        17

+        2

-       95

        17

Other Federal Reserve assets10

    31,538

+    1,499

-    2,024

    29,918

Foreign currency denominated assets11

    19,258

+      228

+    1,365

    19,138

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,119

+       14

+      728

    53,119

Total factors supplying reserve funds

 6,735,892

-    6,158

-  610,972

 6,724,146

Currency in circulation12

 2,389,762

+    5,581

+   37,816

 2,391,418

Reverse repurchase agreements13

   527,555

+   23,080

-  284,708

   544,111

Foreign official and international accounts

   369,828

+    8,079

-    3,934

   370,470

Others

   157,727

+   15,001

-  280,774

   173,641

Treasury cash holdings

       551

+       38

+      112

       529

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

   720,019

-   18,243

-  165,074

   666,683

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   467,204

-   35,851

-  237,131

   436,627

Foreign official

     9,443

+        3

-      241

     9,438

Other14

   243,373

+   17,606

+   72,299

   220,618

Treasury contributions to credit facilities15

     2,234

-    1,227

-    2,724

     2,029

Other liabilities and capital16

  -174,889

+    3,422

-   57,712

  -174,639

Total factors, other than reserve balances,
absorbing reserve funds

 3,465,232

+   12,651

-  472,290

 3,430,132

Reserve balances with Federal Reserve Banks

 3,270,661

-   18,808

-  138,681

 3,294,014

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

 3,259,846

+    7,201

-   61,971

 3,256,928

Marketable U.S. Treasury securities1

 2,911,142

+   11,063

-   18,788

 2,909,004

Federal agency debt and mortgage-backed securities2

   264,343

-    3,767

-   46,522

   263,971

Other securities3

    84,362

-       94

+    3,340

    83,952

Securities lent to dealers

    33,104

+    1,127

+      802

    33,153

Overnight facility4

    33,104

+    1,127

+      802

    33,153

U.S. Treasury securities

    33,104

+    1,127

+      802

    33,153

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

       929

     1,435

       810

       637

         0

...

     3,811

U.S. Treasury securities2

Holdings

    55,149

   215,142

   413,353

 1,451,837

   511,286

 1,566,964

 4,213,730

Weekly changes

-    5,311

+    4,722

+      622

+       87

+       25

+       70

+      215

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

     4,129

    33,986

 2,117,950

 2,156,161

Weekly changes

         0

         0

+       26

-       64

-      900

-   12,195

-   13,135

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

       152

     3,309

        12

...

...

     3,520

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        17

         0

         0

         0

         0

         0

        17

Reverse repurchase agreements6

   544,111

         0

...

...

...

...

   544,111

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

 2,156,161

Residential mortgage-backed securities

 2,148,192

Commercial mortgage-backed securities

     7,970

Commitments to buy mortgage-backed securities2

        71

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)

     2,439

     2,598

     2,693

     5,291

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

     1,452

-       10

-       26

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

 6,591,121

-   13,386

-  614,359

Securities held outright1

 6,372,239

-   12,920

-  474,195

U.S. Treasury securities

 4,213,730

+      215

-  275,714

Bills2

   195,418

         0

+      200

Notes and bonds, nominal2

 3,594,399

         0

-  233,007

Notes and bonds, inflation-indexed2

   313,767

         0

-   36,394

Inflation compensation3

   110,146

+      215

-    6,513

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,156,161

-   13,135

-  198,481

Unamortized premiums on securities held outright5

   239,060

-      666

-   27,396

Unamortized discounts on securities held outright5

   -23,990

+       42

+    1,201

Repurchase agreements6

         1

         0

-        4

Loans7

     3,811

+      158

-  113,964

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

     5,291

-    1,424

-    6,069

Items in process of collection

(0)

        72

-        3

+       19

Bank premises

       570

-        6

+      125

Central bank liquidity swaps9

        17

+        2

-       95

Foreign currency denominated assets10

    19,138

-      120

+    1,305

Other assets11

    29,348

-      534

-    1,975

Total assets

(0)

 6,673,244

-   15,482

-  611,075

Liabilities

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

 2,340,276

+    4,874

+   37,286

Reverse repurchase agreements12

   544,111

+    9,968

-  280,491

Deposits

(0)

 3,960,697

-   31,341

-  307,318

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,294,014

+   10,249

-   97,063

U.S. Treasury, General Account

   436,627

-   39,259

-  279,393

Foreign official

     9,438

+        1

-      246

Other13

(0)

   220,618

-    2,332

+   69,385

Deferred availability cash items

(0)

       770

+      405

+      172

Treasury contributions to credit facilities14

     2,029

-    1,432

-    2,929

Other liabilities and accrued dividends15

  -220,156

+    2,044

-   60,122

Total liabilities

(0)

 6,627,727

-   15,481

-  613,402

Capital accounts

Capital paid in

    38,733

         0

+    2,328

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,518

         0

+    2,328

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

     1,452

        57

        54

       173

        41

       193

       100

       244

        30

        59

        99

       160

       242

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

 6,591,121

   151,693

 3,496,633

   130,027

   269,222

   592,880

   435,736

   334,403

    99,497

    44,678

    63,250

   295,596

   677,505

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,291

     5,291

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        17

         1

         6

         1

         2

         3

         1

         1

         0

         0

         0

         0

         2

Foreign currency denominated

assets4

    19,138

       808

     6,456

       662

     1,985

     3,728

       648

     1,069

       485

       123

       212

       559

     2,404

Other assets5

    29,989

       740

    13,434

       646

     1,202

     2,944

     3,274

     1,484

       794

       400

       612

     1,399

     3,061

Interdistrict settlement account

         0

+   10,379

-  142,706

+    6,275

-   20,477

+      367

+   23,851

+   77,132

+    8,730

+    4,006

+   11,387

+   10,555

+   10,501

Total assets

 6,673,244

   169,867

 3,381,943

   138,598

   253,214

   602,006

   467,304

   416,053

   110,330

    49,711

    76,301

   310,564

   697,354

Liabilities

Federal Reserve notes, net

 2,340,276

    79,736

   750,897

    59,783

   119,075

   168,990

   365,458

   104,296

    77,806

    30,746

    36,594

   204,842

   342,053

Reverse repurchase agreements6

   544,111

    12,528

   288,762

    10,734

    22,174

    48,968

    35,986

    27,603

     8,209

     3,634

     5,221

    24,405

    55,885

Deposits

 3,960,697

    77,503

 2,462,147

    70,177

   116,961

   409,785

    63,042

   298,612

    22,963

    15,294

    34,732

    80,601

   308,881

Depository institutions

 3,294,014

    77,486

 1,962,001

    70,175

   116,942

   409,212

    63,015

   133,026

    22,961

    15,148

    34,700

    80,515

   308,832

U.S. Treasury, General Account

   436,627

         0

   436,627

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,438

         2

     9,412

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   220,618

        16

    54,107

         0

        15

       565

        25

   165,585

         1

       146

        31

        85

        44

Earnings remittances due to the U.S. Treasury8

  -230,727

    -4,924

  -139,160

    -3,895

   -10,042

   -36,866

        73

   -17,686

         7

      -388

    -1,048

      -945

   -15,854

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

    11,341

     1,123

     4,438

       277

       404

     1,366

     1,197

       764

       214

       153

       219

       333

       852

Total liabilities

 6,627,727

   167,995

 3,367,085

   137,076

   248,572

   592,243

   465,755

   413,589

   109,200

    49,439

    75,719

   309,237

   691,818

Capital

Capital paid in

    38,733

     1,586

    12,570

     1,287

     3,938

     8,441

     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

 6,673,244

   169,867

 3,381,943

   138,598

   253,214

   602,006

   467,304

   416,053

   110,330

    49,711

    76,301

   310,564

   697,354

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

 2,804,143

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

   463,867

Federal Reserve notes to be collateralized

 2,340,276

Collateral held against Federal Reserve notes

 2,340,276

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,314,039

Other assets pledged

         0

Memo:

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

 6,372,240

Less: Face value of securities under reverse repurchase agreements

   638,074

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

 5,734,166

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.