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

 6,626,163

-   11,112

-  596,484

 6,624,863

Securities held outright1

 6,371,561

-    9,994

-  450,552

 6,370,598

U.S. Treasury securities

 4,213,052

-      613

-  252,071

 4,212,090

Bills2

   195,418

         0

+      200

   195,418

Notes and bonds, nominal2

 3,593,581

-      818

-  208,393

 3,592,490

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,208

   313,767

Inflation compensation3

   110,286

+      205

-    6,670

   110,414

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,156,161

-    9,382

-  198,481

 2,156,161

Unamortized premiums on securities held outright5

   238,826

-      541

-   27,396

   238,653

Unamortized discounts on securities held outright5

   -24,062

-        6

+    1,270

   -24,031

Repurchase agreements6

         1

         0

-       15

         1

Foreign official

         0

         0

         0

         1

Others

         1

         0

-       15

         0

Loans

     4,514

+      771

-  112,885

     4,668

Primary credit

     2,656

+      712

-    3,843

     2,885

Secondary credit

        71

+       71

+       71

         0

Seasonal credit

        23

-        2

-        8

        30

Paycheck Protection Program Liquidity Facility

     1,763

-       11

-    1,152

     1,753

Bank Term Funding Program

         0

         0

-  107,954

         0

Other credit extensions7

         0

         0

         0

         0

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

     5,293

-      196

-    6,071

     5,297

Float

      -552

-      174

-       78

      -899

Central bank liquidity swaps9

        16

-        1

-      113

        16

Other Federal Reserve assets10

    30,567

-      971

-      644

    30,559

Foreign currency denominated assets11

    19,326

+       68

+    1,338

    19,396

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,133

+       14

+      728

    53,133

Total factors supplying reserve funds

 6,724,863

-   11,029

-  584,418

 6,723,632

Currency in circulation12

 2,390,962

+    1,200

+   38,411

 2,391,018

Reverse repurchase agreements13

   605,560

+   78,005

-  186,477

   543,927

Foreign official and international accounts

   381,199

+   11,371

+    4,618

   375,045

Others

   224,362

+   66,635

-  191,093

   168,882

Treasury cash holdings

       520

-       31

+      101

       466

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

   610,675

-  109,344

-  263,401

   602,483

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   378,947

-   88,257

-  331,362

   376,160

Foreign official

     9,622

+      179

-      123

     9,591

Other14

   222,106

-   21,267

+   68,084

   216,732

Treasury contributions to credit facilities15

     2,029

-      205

-    2,929

     2,029

Other liabilities and capital16

  -179,264

-    4,375

-   56,193

  -178,229

Total factors, other than reserve balances,
absorbing reserve funds

 3,430,482

-   34,750

-  470,488

 3,361,695

Reserve balances with Federal Reserve Banks

 3,294,381

+   23,720

-  113,929

 3,361,938

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

 3,250,107

-    9,739

-   73,741

 3,255,085

Marketable U.S. Treasury securities1

 2,902,059

-    9,083

-   30,120

 2,906,955

Federal agency debt and mortgage-backed securities2

   263,980

-      363

-   46,734

   263,981

Other securities3

    84,067

-      295

+    3,111

    84,149

Securities lent to dealers

    31,933

-    1,171

+       46

    31,082

Overnight facility4

    31,933

-    1,171

+       46

    31,082

U.S. Treasury securities

    31,933

-    1,171

+       46

    31,082

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

       835

     2,391

     1,017

       425

         0

...

     4,668

U.S. Treasury securities2

Holdings

    16,501

   249,879

   417,515

 1,448,186

   510,768

 1,569,242

 4,212,090

Weekly changes

-   38,648

+   34,737

+    4,162

-    3,651

-      518

+    2,278

-    1,640

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

 2,117,308

 2,156,161

Weekly changes

         0

         0

         0

+      113

+      529

-      642

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

       209

     3,166

        54

...

...

     3,475

Repurchase agreements6

         1

         0

...

...

...

...

         1

Central bank liquidity swaps7

        16

         0

         0

         0

         0

         0

        16

Reverse repurchase agreements6

   543,927

         0

...

...

...

...

   543,927

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

        95

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

     2,551

     2,746

     5,297

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

     1,449

-        3

-       27

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

 6,589,890

-    1,231

-  586,171

Securities held outright1

 6,370,598

-    1,641

-  447,627

U.S. Treasury securities

 4,212,090

-    1,640

-  249,146

Bills2

   195,418

         0

+      200

Notes and bonds, nominal2

 3,592,490

-    1,909

-  205,245

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

Inflation compensation3

   110,414

+      268

-    6,758

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,156,161

         0

-  198,481

Unamortized premiums on securities held outright5

   238,653

-      407

-   27,341

Unamortized discounts on securities held outright5

   -24,031

-       41

+    1,202

Repurchase agreements6

         1

         0

-      105

Loans7

     4,668

+      857

-  112,300

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

     5,297

+        6

-    6,076

Items in process of collection

(0)

        43

-       29

-        4

Bank premises

       558

-       12

+      126

Central bank liquidity swaps9

        16

-        1

-      113

Foreign currency denominated assets10

    19,396

+      258

+    1,443

Other assets11

    30,000

+      652

-    1,980

Total assets

(0)

 6,672,885

-      359

-  582,802

Liabilities

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

 2,339,796

-      480

+   37,684

Reverse repurchase agreements12

   543,927

-      184

-  201,918

Deposits

(0)

 3,964,421

+    3,724

-  359,446

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,361,938

+   67,924

-   95,800

U.S. Treasury, General Account

   376,160

-   60,467

-  327,154

Foreign official

     9,591

+      153

-       86

Other13

(0)

   216,732

-    3,886

+   63,594

Deferred availability cash items

(0)

       941

+      171

+      177

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -223,745

-    3,589

-   58,599

Total liabilities

(0)

 6,627,369

-      358

-  585,031

Capital accounts

Capital paid in

    38,731

-        2

+    2,229

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,516

-        2

+    2,229

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

     1,449

        56

        54

       173

        41

       194

        97

       242

        31

        58

        98

       164

       240

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

 6,589,890

   151,621

 3,495,537

   129,966

   269,134

   592,670

   435,606

   334,363

    99,451

    44,663

    63,232

   295,795

   677,852

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,297

     5,297

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        16

         1

         5

         1

         2

         3

         1

         1

         0

         0

         0

         0

         2

Foreign currency denominated

assets4

    19,396

       819

     6,543

       671

     2,012

     3,778

       657

     1,083

       491

       125

       215

       566

     2,436

Other assets5

    30,601

       752

    13,782

       657

     1,226

     3,001

     3,280

     1,517

       805

       416

       611

     1,428

     3,126

Interdistrict settlement account

         0

-    4,808

-  164,121

+   12,069

-   17,072

-    2,199

+   29,870

+   74,849

+   10,633

+    5,901

+   13,616

+   15,951

+   25,310

Total assets

 6,672,885

   154,636

 3,359,866

   144,351

   256,581

   599,338

   473,206

   413,775

   112,206

    51,610

    78,511

   316,199

   712,606

Liabilities

Federal Reserve notes, net

 2,339,796

    79,808

   747,753

    60,191

   119,022

   169,034

   367,302

   104,430

    77,555

    30,903

    36,803

   204,797

   342,198

Reverse repurchase agreements6

   543,927

    12,524

   288,665

    10,731

    22,167

    48,952

    35,973

    27,594

     8,207

     3,633

     5,220

    24,397

    55,866

Deposits

 3,964,421

    62,257

 2,445,434

    75,596

   120,460

   407,667

    66,964

   296,573

    25,097

    17,046

    36,773

    86,319

   324,235

Depository institutions

 3,361,938

    62,240

 2,005,439

    75,595

   120,442

   407,071

    66,937

   135,044

    25,094

    16,954

    36,746

    86,207

   324,169

U.S. Treasury, General Account

   376,160

         0

   376,160

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,591

         2

     9,565

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   216,732

        16

    54,270

         0

        14

       588

        26

   161,526

         1

        92

        27

       110

        61

Earnings remittances due to the U.S. Treasury8

  -231,235

    -4,949

  -139,488

    -3,907

   -10,029

   -36,965

       112

   -17,813

        17

      -389

    -1,061

      -906

   -15,858

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

     8,432

     1,095

     2,647

       219

       320

       886

     1,305

       528

       200

       144

       194

       266

       628

Total liabilities

 6,627,369

   152,763

 3,345,010

   142,829

   251,940

   589,575

   471,657

   411,312

   111,076

    51,337

    77,929

   314,872

   707,069

Capital

Capital paid in

    38,731

     1,586

    12,568

     1,287

     3,938

     8,442

     1,319

     2,085

       958

       229

       507

     1,128

     4,685

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

 6,672,885

   154,636

 3,359,866

   144,351

   256,581

   599,338

   473,206

   413,775

   112,206

    51,610

    78,511

   316,199

   712,606

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

 2,804,679

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

   464,883

Federal Reserve notes to be collateralized

 2,339,796

Collateral held against Federal Reserve notes

 2,339,796

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,313,559

Other assets pledged

         0

Memo:

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

 6,370,599

Less: Face value of securities under reverse repurchase agreements

   652,668

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

 5,717,931

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.