FRB美联储资产负债表发展季度报告-monthlyclbsreport201206_40页_1mb

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

Core Content

This report outlines the Federal Reserve's credit and liquidity programs and provides financial data for the Federal Reserve System as of May 30, 2012. It aims to enhance transparency and accountability to Congress and the public regarding the measures taken in response to the financial crisis.

Main Purpose

• The Federal Reserve prepares this report to increase transparency about its credit and liquidity programs.
• The report details the financial reporting of the Federal Reserve System for the first quarter of 2012.
• It includes additional information on credit facilities under Section 129 of the Emergency Economic Stabilization Act of 2008 and transparency provisions under the Dodd-Frank Act.

Key Information

Overview of Recent Developments

• The Federal Reserve Bank of New York (FRBNY) announced that its loans to Maiden Lane LLC and Maiden Lane III LLC were fully repaid on June 14, 2012.

  • The original loan amounts were $28.8 billion and $24.3 billion, respectively.
  • The repayment marks the retirement of the last remaining debts from the crisis-era interventions with Bear Stearns and AIG.
  • Proceeds from future sales in Maiden Lane LLC will be used to repay JPMorgan Chase & Co., with the FRBNY receiving all residual profits.
  • Proceeds from future sales in Maiden Lane III LLC will be used to repay AIG's equity contribution, with the FRBNY receiving two-thirds of residual profits.

• The Federal Open Market Committee (FOMC) announced on June 20, 2012, that it would continue the maturity extension program through the end of 2012.

  • The program involves purchasing Treasury securities with remaining maturities of six years to 30 years and selling or redeeming an equal amount of Treasury securities with remaining maturities of three years or less.
  • The program will continue at the current pace, resulting in the purchase, sale, and redemption of about $267 billion in Treasury securities by the end of 2012.
  • The FOMC also suspended its policy of rolling over maturing Treasury securities into new issues at auction during the maturity extension program.

System Open Market Account (SOMA)

• The SOMA's holdings of Treasury securities slightly decreased between April 25 and May 30, 2012, due to ongoing purchases and sales under the maturity extension program.

• Holdings of agency debt securities declined slightly, while agency MBS holdings increased, due to reinvestment of principal payments into agency MBS.

• The SOMA's portfolio includes:

  • U.S. Treasury bills: $18 billion
  • U.S. Treasury notes and bonds (nominal): $1,561 billion
  • U.S. Treasury notes and bonds (inflation-indexed): $77 billion
  • Federal agency debt securities: $93 billion
  • MBS: $852 billion
  • Total SOMA securities holdings: $2,602 billion

• The Federal Reserve publishes its balance sheet weekly through the H.4.1 statistical release, which includes:

  • Securities held outright
  • Repos
  • Reverse repos

• The FRBNY has expanded the types of counterparties for some OMOs beyond primary dealers since late 2009, to better manage market liquidity and ensure operational readiness.

Lending Facilities

• The Federal Reserve has implemented various lending facilities to support market liquidity, including:

  • Discount window credit
  • Term Auction Facility (TAF)
  • Term Asset-Backed Securities Loan Facility (TALF)
  • Commercial Paper Funding Facility (CPFF)
  • Central bank liquidity swaps

• The TALF program, which supports asset-backed securities, reported:

  • 13 borrowers with $5 billion in loans outstanding
  • Collateral distributed across different loan types and ratings

• The FRBNY has also provided support to specific institutions, such as Bear Stearns and AIG, through Maiden Lane LLC, Maiden Lane II LLC, and Maiden Lane III LLC.

Financial Tables

• Table 1 provides selected assets, liabilities, and capital of the Federal Reserve System as of May 30, 2012, and shows changes from the previous month and the same period in 2011.
• Table 2 details the composition of the Domestic SOMA securities holdings.
• Tables 4–12 provide information on lending facilities, including discount window credit, TALF data, and securities distribution.

Transparency and Accountability

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

Conclusion

This report provides a detailed overview of the Federal Reserve's credit and liquidity programs, their impact on the balance sheet, and the financial status of the Federal Reserve System as of May 30, 2012. It emphasizes the Fed's commitment to transparency and accountability, while also highlighting the ongoing efforts to manage market liquidity and promote financial stability.