FRB美联储资产负债表发展季度报告-monthlyclbsreport201205_41页_1mb

Summary of Federal Reserve System Monthly Report on Credit and Liquidity Programs and the Balance Sheet - May 2012

Core Content

This report outlines the Federal Reserve's credit and liquidity programs and provides an update on the balance sheet of the Federal Reserve System as of April 25, 2012. It is part of the Federal Reserve's effort to increase transparency and ensure accountability to Congress and the public. The report includes detailed financial data, recent developments in the operations of the programs, and information on the status of specific facilities.

Main Purpose

• To enhance transparency regarding the Federal Reserve's credit and liquidity programs.
• To ensure accountability to Congress and the public.
• To provide detailed financial reporting for the Federal Reserve System for the first quarter of 2012.

Key Information

Federal Reserve Mandate

The Federal Reserve's statutory mandate is to foster maximum employment and stable prices, with financial stability as a critical prerequisite for achieving these goals.

Response to Financial Crisis

In response to the financial crisis that began in 2007, the Federal Reserve implemented various credit and liquidity programs to support financial institutions and improve market conditions.

Transparency and Disclosure

• The Dodd-Frank Act requires the Federal Reserve to disclose information about entities that received loans or participated in credit and liquidity programs.
• Transaction-level details from December 1, 2007, to July 21, 2010, are available on the Federal Reserve Board's public website.
• Additional transparency provisions are detailed in Appendix C.

Appendices

• Appendix A includes information on the status of credit facilities under Section 129 of the Emergency Economic Stabilization Act of 2008.
• Appendix B provides information about closed and expired credit and liquidity facilities.
• Appendix C outlines the Federal Reserve's disclosure requirements and other provisions of the Dodd-Frank Act.

Recent Developments

Maiden Lane III LLC Asset Sales

• On April 26, 2012, the FRBNY sold $7.5 billion in face value of assets from the Maiden Lane III LLC portfolio to a consortium of Barclays Capital Inc. and Deutsche Bank Securities Inc..
• On May 10, 2012, the FRBNY sold an additional $2.4 billion in face value of assets from the Maiden Lane III LLC portfolio to Merrill Lynch, Pierce, Fenner & Smith Inc..
• These sales resulted in a substantial reduction of the portfolio and a corresponding paydown on the senior loan extended by the FRBNY.

Expanded Reverse Repo Counterparties

• On April 30, 2012, the FRBNY accepted eight more banks as reverse repo counterparties, under the criteria established in December 2011.
• This expansion aims to enhance the Federal Reserve's capacity to conduct reverse repos with a broader range of entities.

Term Deposit Facility (TDF) Auction

• On May 14, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through the TDF.
• These small-value auctions are part of prudent planning and do not affect the near-term monetary policy.

System Open Market Account (SOMA)

Domestic SOMA Portfolio

• Treasury securities holdings were little changed between March 28 and April 25, 2012, due to ongoing purchases and sales under the maturity extension program.
• Agency debt holdings declined slightly due to principal payments, while agency MBS holdings increased.
• The SOMA portfolio includes U.S. Treasury bills, notes and bonds, inflation-indexed securities, agency debt, and MBS.

Open Market Operations (OMOs)

• OMOs are a key tool for monetary policy implementation, used to adjust the supply of reserve balances and maintain the federal funds rate near its target.
• OMOs are conducted by the Trading Desk at FRBNY, acting as an agent for the FOMC.
• OMOs are divided into permanent and temporary types, with the latter including repos and reverse repos.

Reverse Repo Facility

• Reverse repos are used to support market liquidity and are conducted to ensure operational readiness.
• These transactions have no material impact on reserve availability or market rates.
• They are part of prudent advance planning and not indicative of any change in the monetary policy stance.

Financial Tables

• Table 1 presents the assets, liabilities, and capital of the Federal Reserve System as of April 25, 2012, with changes from the previous month and the same period last year.
• Table 2 provides a breakdown of the Domestic SOMA securities holdings as of April 25, 2012.
• Table 3 reports dollar liquidity swaps outstanding.
• Tables 4–12 and Tables 22–25 include detailed financial summaries on discount window credit, TALF collateral, Federal Reserve Banks' financials, and Variable Interest Entities (VIEs).

Key Programs and Facilities

• TALF (Term Asset-Backed Securities Loan Facility): Provides liquidity to financial institutions through asset-backed securities.
• CPFF (Commercial Paper Funding Facility): Supports short-term commercial paper issuance.
• PDCF (Primary Dealer Credit Facility): Offers credit to primary dealers.
• AMLF (Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility): Supports money market funds through asset-backed commercial paper.
• ML III (Maiden Lane III LLC): A special purpose vehicle (SPV) used to purchase mortgage-backed securities and manage the associated senior loan.

Financial Reporting

• The report includes unaudited financial data.
• Financial data is audited annually and available at the Federal Reserve's website.
• Fair value of assets and liabilities is updated quarterly.

Conclusion

The Federal Reserve continues to manage its credit and liquidity programs to support financial stability and economic growth. The SOMA portfolio remains a central component of these efforts, with ongoing purchases and sales of securities. The expansion of counterparties and increased transparency reflect the Federal Reserve's commitment to public accountability and market stability.