Today, the Federal Reserve Board announced preliminary unaudited results confirming that the regional Reserve Banks had paid approximately $46.1 billion of their estimated 2009 net income of $52.1 billion to the U.S. Treasury, after providing for the payment of $1.4 billion in statutory dividends to member banks and using $4.6 billion to equate surplus to paid-in capital. The payments by the Reserve Banks to Treasury represent a $14.4 billion increase from the payments made to Treasury in 2008, largely due to increased earnings on U.S. Treasury securities, government-sponsored enterprise (GSE) debt securities, and federal agency and GSE mortgage-backed securities. The Federal Reserve’s 2009 net earnings also included (i) $5.5 billion from consolidated limited liability companies created in response to the financial crisis, (ii) $2.9 billion from loans extended to depository institutions, primary dealers, and others, (iii) $2.6 billion from currency swap arrangements and investments denominated in foreign currencies, and (iv) $1.5 billion from fees, including $0.7 billion for the provision of priced services to depository institutions. The total operating expenses of the Reserve Banks in 2009 totaled $3.4 billion, net of amounts reimbursed by Treasury and other entities for services the Reserve Banks provided as fiscal agents.