March 23, 2018 / 4:13 PM / a year ago

Fed's 2017 profit payments to Treasury fall to $80.6 billion

FILE PHOTO: The seal for the Board of Governors of the Federal Reserve System is on display in Washington, DC, U.S., June 14, 2017. REUTERS/Joshua Roberts/File Photo

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Friday its remittances to the U.S. Treasury fell to $80.6 billion in 2017, in part because the central bank made larger interest payments to financial institutions.

The Fed regularly transfers its profits, known as remittances, to the Treasury Department in what amounts to payments to U.S. taxpayers.

In 2016, the Fed sent $91.5 billion to the Treasury.

In its audited estimate of its 2017 results, the Fed said its interest expenses on the reserves and term deposits of depository institutions rose by $13.8 billion last year.

Reporting by Jason Lange; Editing by Andrea Ricci

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