The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information on the Term Asset-Backed Securities Loan Facility (TALF) and a new table 4 that provides supplemental information on all credit facilities.
Table 4, "Information on Principal Accounts of Credit Facilities LLCs," was added to provide information about outstanding principal amount of loans extended to LLCs by Reserve Banks. The table also provides information on the net portfolio holdings of credit facilities LLCs including outstanding amounts of facility asset purchases, Treasury contributions, and other assets.
The TALF operates through the Term Asset-Backed Securities Loan Facility II LLC (TALF II LLC), a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. On March 23, 2020, the Federal Reserve announced the TALF. On June 16, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the TALF program.
Consistent with generally accepted accounting principles, the assets and liabilities of TALF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of TALF II LLC. The net portfolio holdings of TALF II LLC appear as an asset on the statement of condition of the FRBNY (now table 6), the consolidated statement of condition of all Federal Reserve Banks (now table 5), factors affecting reserve balances of depository institutions (table 1), and information on principal accounts of credit facilities LLC (table 4). The amount provided by the U.S. Treasury as credit protection for the TALF II LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, 5, and 6.
