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Federal Reserve banks report income loss in 2011

Net income for the 12 regional Federal Reserve banks fell in 2011 as assets related to credit and liquidity programs fell by nearly $100 million.

The Federal Reserve banks in 2011 collectively earned $77.4 billion, derived primarily from $83.6 billion in interest income on Treasury securities and federal agency and government-sponsored enterprise mortgage-backed securities.

The Fed banks provided for payments of $75.4 billion of their 2011 income to the U.S. Treasury.

Total reserve bank assets as of the end of the year grew 20% to $2.9 trillion.

Holdings of U.S. Treasury securities increased 64% to $1.7 trillion and GSE debt securities holdings decreased 30% to $108 billion. Federal agency and GSE MBS holdings fell 16% to $848 billion. The Federal Reserve earned $81.7 billion in 2010.

Federal Reserve bank assets related to credit and liquidity programs decreased by $95.8 billion, the bank said. The closing of the American International Group recapitalization plan in January 2011 resulted in asset reductions of $47 billion, inclusive of the full repayment of the revolving line of credit with AIG in the amount of $20.6 billion and the sale of the Federal Reserve Bank of New York's preferred interests in two AIG-related LLCs in the amount of $26.4 billion.

jhilley@housingwire.com

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