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

 6,627,635

+    1,472

-  594,104

 6,629,595

Securities held outright1

 6,370,793

-      768

-  447,701

 6,370,906

U.S. Treasury securities

 4,212,285

-      767

-  249,220

 4,212,398

Bills2

   195,418

         0

+      200

   195,418

Notes and bonds, nominal2

 3,592,490

-    1,091

-  205,245

 3,592,490

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

   313,767

Inflation compensation3

   110,609

+      323

-    6,831

   110,723

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,156,161

         0

-  198,481

 2,156,161

Unamortized premiums on securities held outright5

   238,423

-      403

-   27,308

   238,280

Unamortized discounts on securities held outright5

   -23,965

+       97

+    1,156

   -23,897

Repurchase agreements6

        16

+       15

+       12

         0

Foreign official

         0

         0

-        2

         0

Others

        16

+       15

+       14

         0

Loans

     4,846

+      332

-  112,147

     5,763

Primary credit

     3,067

+      411

-    3,253

     3,989

Secondary credit

         0

-       71

         0

         0

Seasonal credit

        30

+        7

-        2

        28

Paycheck Protection Program Liquidity Facility

     1,748

-       15

-    1,153

     1,746

Bank Term Funding Program

         0

         0

-  107,740

         0

Other credit extensions7

         0

         0

         0

         0

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

     5,301

+        8

-    6,073

     5,319

Float

      -293

+      259

-       72

      -400

Central bank liquidity swaps9

        45

+       29

-       69

        45

Other Federal Reserve assets10

    32,469

+    1,902

-    1,900

    33,578

Foreign currency denominated assets11

    19,322

-        4

+    1,444

    19,404

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

    15,200

         0

+   10,000

    15,200

Treasury currency outstanding12

    53,147

+       14

+      728

    53,147

Total factors supplying reserve funds

 6,726,345

+    1,482

-  581,932

 6,728,387

Currency in circulation12

 2,389,575

-    1,387

+   39,033

 2,389,822

Reverse repurchase agreements13

   541,684

-   63,876

-  242,118

   576,060

Foreign official and international accounts

   374,935

-    6,264

-    3,294

   371,435

Others

   166,749

-   57,613

-  238,825

   204,625

Treasury cash holdings

       464

-       56

+       58

       454

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

   562,125

-   48,550

-  271,634

   506,092

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   332,907

-   46,040

-  340,666

   277,025

Foreign official

     9,500

-      122

-      202

     9,428

Other14

   219,718

-    2,388

+   69,234

   219,638

Treasury contributions to credit facilities15

     2,029

         0

-    2,929

     2,029

Other liabilities and capital16

  -176,639

+    2,625

-   56,313

  -175,744

Total factors, other than reserve balances,
absorbing reserve funds

 3,319,237

-  111,245

-  533,905

 3,298,712

Reserve balances with Federal Reserve Banks

 3,407,108

+  112,727

-   48,026

 3,429,675

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

 3,233,026

-   17,081

-   97,504

 3,223,094

Marketable U.S. Treasury securities1

 2,884,868

-   17,191

-   54,337

 2,874,865

Federal agency debt and mortgage-backed securities2

   263,985

+        5

-   46,414

   263,989

Other securities3

    84,173

+      106

+    3,247

    84,240

Securities lent to dealers

    33,666

+    1,733

+      981

    36,262

Overnight facility4

    33,666

+    1,733

+      981

    36,262

U.S. Treasury securities

    33,666

+    1,733

+      981

    36,262

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

       889

     3,438

     1,106

       331

         0

...

     5,763

U.S. Treasury securities2

Holdings

    25,244

   240,733

   417,965

 1,448,310

   510,804

 1,569,342

 4,212,398

Weekly changes

+    8,743

-    9,146

+      450

+      124

+       36

+      100

+      308

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

         0

         0

         0

         0

Loan participations held by MS

Facilities 2020 LLC (Main Street

Lending Program)5

        45

       215

     3,140

        13

...

...

     3,413

Repurchase agreements6

         0

         0

...

...

...

...

         0

Central bank liquidity swaps7

        45

         0

         0

         0

         0

         0

        45

Reverse repurchase agreements6

   576,060

         0

...

...

...

...

   576,060

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

       149

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

     2,544

     2,775

     5,319

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

     1,463

+       14

-       10

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

 6,591,053

+    1,163

-  585,204

Securities held outright1

 6,370,906

+      308

-  447,744

U.S. Treasury securities

 4,212,398

+      308

-  249,263

Bills2

   195,418

         0

+      200

Notes and bonds, nominal2

 3,592,490

         0

-  205,245

Notes and bonds, inflation-indexed2

   313,767

         0

-   37,344

Inflation compensation3

   110,723

+      309

-    6,873

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,156,161

         0

-  198,481

Unamortized premiums on securities held outright5

   238,280

-      373

-   27,285

Unamortized discounts on securities held outright5

   -23,897

+      134

+    1,145

Repurchase agreements6

         0

-        1

-        5

Loans7

     5,763

+    1,095

-  111,316

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

     5,319

+       22

-    6,067

Items in process of collection

(0)

        55

+       12

+       12

Bank premises

       562

+        4

+      131

Central bank liquidity swaps9

        45

+       29

-       69

Foreign currency denominated assets10

    19,404

+        8

+    1,457

Other assets11

    33,016

+    3,016

-    2,070

Total assets

(0)

 6,677,155

+    4,270

-  581,819

Liabilities

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

 2,338,587

-    1,209

+   39,044

Reverse repurchase agreements12

   576,060

+   32,133

-  256,696

Deposits

(0)

 3,935,767

-   28,654

-  305,135

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,429,675

+   67,737

-    4,357

U.S. Treasury, General Account

   277,025

-   99,135

-  373,187

Foreign official

     9,428

-      163

-      255

Other13

(0)

   219,638

+    2,906

+   72,664

Deferred availability cash items

(0)

       456

-      485

+      135

Treasury contributions to credit facilities14

     2,029

         0

-    2,929

Other liabilities and accrued dividends15

  -221,260

+    2,485

-   58,467

Total liabilities

(0)

 6,631,639

+    4,270

-  584,049

Capital accounts

Capital paid in

    38,731

         0

+    2,229

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    45,516

         0

+    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

     1,463

        55

        54

       172

        43

       197

       101

       244

        32

        58

        98

       168

       241

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

 6,591,053

   151,623

 3,495,586

   129,980

   269,133

   592,713

   435,600

   334,309

    99,493

    44,656

    63,241

   295,743

   678,976

Net portfolio holdings of MS

Facilities 2020 LLC (Main Street

Lending Program)2

     5,319

     5,319

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

        45

         2

        15

         2

         5

         9

         2

         3

         1

         0

         0

         1

         6

Foreign currency denominated

assets4

    19,404

       820

     6,546

       671

     2,012

     3,779

       657

     1,083

       492

       125

       215

       566

     2,437

Other assets5

    33,634

       823

    15,379

       717

     1,349

     3,272

     3,485

     1,670

       850

       448

       641

     1,564

     3,437

Interdistrict settlement account

         0

+    4,138

-  215,483

+   12,374

-   11,489

+    9,596

+   32,348

+   67,652

+   10,317

+    6,269

+   14,319

+   12,427

+   57,532

Total assets

 6,677,155

   163,677

 3,310,162

   144,731

   262,292

   611,457

   475,888

   406,681

   111,978

    52,001

    79,256

   312,763

   746,269

Liabilities

Federal Reserve notes, net

 2,338,587

    79,966

   745,699

    60,730

   118,977

   169,214

   367,990

   104,458

    77,529

    31,116

    36,992

   204,350

   341,566

Reverse repurchase agreements6

   576,060

    13,263

   305,718

    11,365

    23,476

    51,844

    38,099

    29,224

     8,691

     3,848

     5,528

    25,838

    59,166

Deposits

 3,935,767

    70,334

 2,379,368

    74,762

   124,814

   416,282

    67,302

   287,708

    24,401

    17,004

    37,014

    81,788

   354,989

Depository institutions

 3,429,675

    70,317

 2,035,658

    74,760

   124,795

   415,732

    67,284

   126,302

    24,399

    16,912

    36,986

    81,592

   354,936

U.S. Treasury, General Account

   277,025

         0

   277,025

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,428

         2

     9,402

         1

         4

         8

         1

         2

         1

         0

         0

         1

         5

Other7

   219,638

        16

    57,282

         0

        15

       542

        16

   161,404

         1

        91

        28

       195

        48

Earnings remittances due to the U.S. Treasury8

  -231,987

    -4,958

  -139,873

    -3,929

   -10,045

   -37,077

        88

   -17,951

        19

      -393

    -1,088

      -874

   -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

    11,182

     1,171

     4,394

       282

       428

     1,431

       860

       778

       208

       153

       228

       335

       914

Total liabilities

 6,631,639

   161,805

 3,295,305

   143,209

   257,650

   601,694

   474,339

   404,217

   110,848

    51,729

    78,674

   311,437

   740,732

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

 6,677,155

   163,677

 3,310,162

   144,731

   262,292

   611,457

   475,888

   406,681

   111,978

    52,001

    79,256

   312,763

   746,269

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

 2,804,349

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

   465,762

Federal Reserve notes to be collateralized

 2,338,587

Collateral held against Federal Reserve notes

 2,338,587

Gold certificate account

    11,037

Special drawing rights certificate account

    15,200

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

 2,312,351

Other assets pledged

         0

Memo:

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

 6,370,906

Less: Face value of securities under reverse repurchase agreements

   695,522

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

 5,675,384

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.