WASHINGTON — Despite past assurances from the Federal Reserve Board that the assets it assumed from Bear Stearns Cos. and American International Group Inc. could make money for the government, the central bank said Wednesday the holdings lost $5.3 billion in the first quarter.

The decline was revealed in a report the Fed compiled in response to congressional demands for details about its interventions in financial markets. The report, which is to be issued monthly, included data on the number of borrowers that have taken advantage of the Fed's various liquidity programs and the type of collateral they posted.

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