FRB美联储资产负债表发展季度报告-monthlyclbsreport201204_41页_1mb

报告摘要

Federal Reserve System Monthly Report Summary (April 2012)

Core Content

This report provides an overview of the Federal Reserve's credit and liquidity programs, focusing on developments since the last report and the financial status of the Federal Reserve System as of March 28, 2012. It includes details on the balance sheet, asset and liability changes, and the status of various lending facilities.

Main Purpose

To enhance transparency about the Federal Reserve's credit and liquidity programs.
To ensure accountability to Congress and the public.
To report on the financial condition of the Federal Reserve System for calendar year 2011.

Key Information

Federal Reserve Mandate

The Federal Reserve's mandate is to foster maximum employment and price stability.
Financial stability is a critical prerequisite for economic growth and price stability.

Credit and Liquidity Programs

The Federal Reserve implemented several credit and liquidity programs in response to the financial crisis starting in 2007.
These programs aimed to support financial institutions and improve market conditions.

Transparency and Disclosure

The Dodd-Frank Act (2010) requires the Federal Reserve to disclose information about entities that participated in its programs.
Transaction-level details from December 1, 2007, to July 21, 2010, are publicly available.
Additional transparency information is provided in Appendix C of the report.

Key Programs and Facilities

System Open Market Account (SOMA)

The SOMA portfolio includes U.S. Treasury securities, Federal agency debt, and MBS.
Total SOMA securities holdings as of March 28, 2012, amounted to $2,598 billion.
MBS holdings were $837 billion, with a focus on agency-backed MBS.

Lending Facilities

Term Auction Facility (TAF): Provided liquidity to depository institutions.
Term Asset-Backed Securities Loan Facility (TALF): Supported asset-backed securities lending, with $7 billion in outstanding loans.
Primary Dealer Credit Facility (PDCF): Offered credit to primary dealers.
Maiden Lane LLCs: Special purpose vehicles used to support specific institutions.
- Maiden Lane III LLC: Had $17 billion in net portfolio holdings as of March 28, 2012.
- The investment objective was revised on April 3, 2012, to allow for asset sales.

Open Market Operations (OMOs)

OMOs are used to adjust reserve balances and maintain the federal funds rate near the target.
Permanent OMOs involve outright purchases or sales of securities.
Temporary OMOs include repos and reverse repos.
The Federal Reserve has expanded its counterparty base to include money market funds, GSEs, banks, and savings associations.

Recent Developments

Maiden Lane III LLC revised its investment objective to allow asset sales.
The SOMA portfolio saw minor changes in Treasury securities and agency debt holdings.
The Federal Reserve has been reinvesting principal payments into longer-term Treasury securities to extend the average maturity of its holdings.
Reverse repos were used to manage liquidity and have no material impact on market rates or reserve availability.

Financial Highlights (March 28, 2012)

Assets

Total assets: $2,881 billion
Securities held outright: $2,598 billion
U.S. Treasury securities: $1,665 billion
Federal agency debt: $96 billion
Mortgage-backed securities (MBS): $837 billion
Net portfolio holdings of Maiden Lane III LLC: $17 billion

Liabilities

Total liabilities: $2,826 billion
Federal Reserve notes in circulation: $1,056 billion
Other deposits held by depository institutions: $1,565 billion

Capital

Total capital: $54 billion

Key Figures and Tables

Table 1: Shows changes in assets, liabilities, and capital over the past month and year.
Table 2: Details the composition of the SOMA portfolio, including MBS, Treasury securities, and agency debt.
Table 3: Reports amounts outstanding under dollar liquidity swaps.
Figure 1: Illustrates the levels of credit and liquidity programs and the balance sheet since 2007.
Table 4: Lists discount window credit outstanding to depository institutions.
Table 9: Shows the number of borrowers and loans outstanding under TALF.
Table 22: Details the securities distribution by sector, vintage, and rating for Maiden Lane III LLC.

Appendices

Appendix A: Additional information on credit facilities under Section 129 of the Emergency Economic Stabilization Act of 2008.
Appendix B: Information about closed and expired credit and liquidity facilities.
Appendix C: Details on the Dodd-Frank Act disclosure requirements and transparency provisions.

Notes

Financial data is unaudited and updated quarterly.
The report is available online at www.federalreserve.gov/publications/default.htm.
The Federal Reserve Board's public website is a source for prior reports and additional resources.
The FRBNY Trading Desk manages the execution of OMOs and liquidity programs.
The CUSIP aggregation process was introduced to streamline the management of agency MBS in the SOMA portfolio.

展开完整摘要