Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

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Release Date: March 13, 2025

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Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 12, 2025
	Week ended Mar 12, 2025	Change from week ended
	Week ended Mar 12, 2025	Mar 5, 2025	Mar 13, 2024
Reserve Bank credit	6,711,951	+ 1,362	- 793,859	6,712,769
Securities held outright1	6,447,626	- 728	- 587,283	6,447,858
U.S. Treasury securities	4,241,970	- 728	- 387,357	4,242,202
Bills2	195,343	0	- 11,209	195,343
Notes and bonds, nominal2	3,618,089	- 1,555	- 332,428	3,618,089
Notes and bonds, inflation-indexed2	320,912	+ 130	- 39,700	320,912
Inflation compensation3	107,627	+ 698	- 4,020	107,859
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,203,309	0	- 199,926	2,203,309
Unamortized premiums on securities held outright5	244,555	- 431	- 28,270	244,412
Unamortized discounts on securities held outright5	-24,191	+ 183	+ 1,353	-24,123
Repurchase agreements6	15	+ 3	- 1	1
Foreign official	0	0	0	0
Others	15	+ 3	- 1	1
Loans	4,652	- 979	- 168,572	4,298
Primary credit	2,760	- 887	+ 416	2,417
Secondary credit	0	0	- 143	1
Seasonal credit	9	+ 5	+ 8	10
Paycheck Protection Program Liquidity Facility	1,872	- 12	- 1,244	1,870
Bank Term Funding Program	10	- 86	- 167,609	0
Other credit extensions7	0	0	0	0
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8	7,340	+ 6	- 7,505	7,346
Net portfolio holdings of Municipal Liquidity Facility LLC8	0	0	0	0
Net portfolio holdings of TALF II LLC8	0	0	0	0
Float	-293	+ 241	- 24	-397
Central bank liquidity swaps9	142	+ 9	- 37	142
Other Federal Reserve assets10	32,106	+ 3,059	- 3,518	33,231
Foreign currency denominated assets11	18,516	+ 495	+ 210	18,529
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	15,200	0	+ 10,000	15,200
Treasury currency outstanding12	53,243	+ 14	+ 728	53,243

Total factors supplying reserve funds	6,809,951	+ 1,872	- 782,920	6,810,782

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 12, 2025
	Week ended Mar 12, 2025	Change from week ended
	Week ended Mar 12, 2025	Mar 5, 2025	Mar 13, 2024
Currency in circulation12	2,364,914	+ 5,687	+ 25,885	2,366,425
Reverse repurchase agreements13	522,600	- 57,828	- 267,645	522,151
Foreign official and international accounts	388,942	- 8,607	+ 62,767	391,096
Others	133,658	- 49,221	- 330,412	131,055
Treasury cash holdings	396	+ 12	- 82	407
Deposits with F.R. Banks, other than reserve balances	691,646	- 31,431	- 245,242	631,013
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	512,581	- 35,750	- 255,788	450,713
Foreign official	9,706	- 255	- 1,427	9,430
Other14	169,359	+ 4,574	+ 11,973	170,870
Treasury contributions to credit facilities15	3,461	0	- 3,977	3,461
Other liabilities and capital16	-173,300	- 2,177	- 67,460	-172,362

Total factors, other than reserve balances, absorbing reserve funds	3,409,716	- 85,739	- 558,522	3,351,095

Reserve balances with Federal Reserve Banks	3,400,235	+ 87,610	- 224,398	3,459,687

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements.
7.	Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.
8.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
10.	Includes bank premises, accrued interest, and other accounts receivable.
11.	Revalued daily at current foreign currency exchange rates.
12.	Estimated.
13.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
14.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
15.	Book value. Amount of equity investments in MS Facilities 2020 LLC.
16.	Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Mar 12, 2025
	Week ended Mar 12, 2025	Change from week ended
	Week ended Mar 12, 2025	Mar 5, 2025	Mar 13, 2024
Securities held in custody for foreign official and international accounts	3,302,484	- 982	- 45,245	3,296,681
Marketable U.S. Treasury securities1	2,934,587	- 1,168	+ 344	2,928,628
Federal agency debt and mortgage-backed securities2	280,963	- 39	- 50,164	280,966
Other securities3	86,935	+ 225	+ 4,576	87,087
Securities lent to dealers	30,806	+ 235	- 3,371	34,233
Overnight facility4	30,806	+ 235	- 3,371	34,233
U.S. Treasury securities	30,806	+ 235	- 3,371	34,233
Federal agency debt securities	0	0	0	0

Note: Components may not sum to totals because of rounding.

1.	Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2.	Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3.	Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.	Face value. Fully collateralized by U.S. Treasury securities.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 12, 2025

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	895	1,552	402	1,449	0	...	4,298
U.S. Treasury securities2
Holdings	14,872	260,757	425,586	1,461,721	527,883	1,551,383	4,242,202
Weekly changes	+ 798	- 556	- 156	+ 273	+ 72	+ 201	+ 632
Federal agency debt securities3
Holdings	0	0	0	1,151	1,196	0	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities4
Holdings	0	0	71	4,004	34,725	2,164,508	2,203,309
Weekly changes	0	0	0	0	0	0	0
Loan participations held by MS
Facilities 2020 LLC (Main Street
Lending Program)5	45	0	3,915	12	...	...	3,973
Repurchase agreements6	1	0	...	...	...	...	1
Central bank liquidity swaps7	142	0	0	0	0	0	142
Reverse repurchase agreements6	522,151	0	...	...	...	...	522,151
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

1.	Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities 2020 LLC, which were eliminated when preparing the FRBB's statement of condition, consistent with consolidation under generally accepted accounting principles.
2.	Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
3.	Face value.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Book value of the loan participations held by the MS Facilities 2020 LLC.
6.	Cash value of agreements.
7.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Mar 12, 2025
Mortgage-backed securities held outright1	2,203,309
Residential mortgage-backed securities	2,195,291
Commercial mortgage-backed securities	8,017

Commitments to buy mortgage-backed securities2	93
Commitments to sell mortgage-backed securities2	15

Cash and cash equivalents3	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLC

Millions of dollars

Credit Facilities LLC:	Wednesday Mar 12, 2025
		Net portfolio holdings of
		Credit Facilities LLC
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities 2020 LLC (Main Street Lending Program)	2,869	3,242	4,105	7,346

Note: Components may not sum to totals because of rounding.

1.	Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.
2.	Outstanding amount of facility asset purchases includes loan participations at face value, net of an allowance for credit losses, updated as of December 31, 2024.
3.	Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Refer to the note on consolidation accompanying table 6.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Mar 12, 2025	Change since
			Wednesday	Wednesday
			Mar 5, 2025	Mar 13, 2024
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		15,200	0	+ 10,000
Coin		1,590	- 6	+ 54
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,672,446	- 419	- 781,724
Securities held outright1		6,447,858	+ 632	- 586,575
U.S. Treasury securities		4,242,202	+ 632	- 386,649
Bills2		195,343	0	- 10,484
Notes and bonds, nominal2		3,618,089	0	- 332,464
Notes and bonds, inflation-indexed2		320,912	0	- 39,700
Inflation compensation3		107,859	+ 632	- 4,001
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,203,309	0	- 199,926
Unamortized premiums on securities held outright5		244,412	- 377	- 28,239
Unamortized discounts on securities held outright5		-24,123	+ 171	+ 1,335
Repurchase agreements6		1	- 83	- 3
Loans7		4,298	- 761	- 168,243
Net portfolio holdings of MS Facilities 2020 LLC (Main Street Lending Program)8		7,346	+ 7	- 7,509
Net portfolio holdings of Municipal Liquidity Facility LLC8		0	0	0
Net portfolio holdings of TALF II LLC8		0	0	0
Items in process of collection	(0)	49	- 11	- 1
Bank premises		586	+ 2	+ 125
Central bank liquidity swaps9		142	+ 9	- 37
Foreign currency denominated assets10		18,529	+ 203	+ 227
Other assets11		32,645	+ 3,020	- 3,535

Total assets	(0)	6,759,571	+ 2,807	- 782,398

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Mar 12, 2025	Change since
			Wednesday	Wednesday
			Mar 5, 2025	Mar 13, 2024
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,315,176	+ 3,353	+ 24,431
Reverse repurchase agreements12		522,151	- 8,738	- 332,527
Deposits	(0)	4,090,700	+ 11,692	- 402,857
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,459,687	+ 78,513	- 113,466
U.S. Treasury, General Account		450,713	- 72,105	- 297,675
Foreign official		9,430	- 677	- 2,122
Other13	(0)	170,870	+ 5,960	+ 10,405
Deferred availability cash items	(0)	446	- 513	- 10
Treasury contributions to credit facilities14		3,461	0	- 3,977
Other liabilities and accrued dividends15		-216,576	- 2,985	- 68,527

Total liabilities	(0)	6,715,356	+ 2,807	- 783,471

Capital accounts
Capital paid in		37,430	0	+ 1,073
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		44,215	0	+ 1,073

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7.	Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.
8.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
10.	Revalued daily at current foreign currency exchange rates.
11.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Book value. Amount of equity investments in MS Facilities 2020 LLC.
15.	Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 12, 2025

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificates and special drawing rights certificates	26,237	895	8,109	797	1,233	1,911	3,730	1,726	786	438	738	2,261	3,613
Coin	1,590	61	60	177	49	208	119	258	39	61	105	197	256
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	6,672,446	138,755	3,589,090	99,400	260,860	664,686	446,200	368,285	93,431	42,326	73,338	291,395	604,680
Net portfolio holdings of MS
Facilities 2020 LLC (Main Street
Lending Program)2	7,346	7,346	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	142	6	49	5	15	28	5	7	3	1	2	3	18
Foreign currency denominated
assets4	18,529	773	6,409	652	1,971	3,655	607	909	417	116	202	446	2,372
Other assets5	33,280	757	15,343	580	1,290	3,499	3,507	1,766	859	441	692	1,509	3,037
Interdistrict settlement account	0	+ 33,359	- 160,777	+ 38,537	+ 11,005	- 87,027	+ 14,257	- 3,578	+ 14,696	+ 11,139	+ 5,178	+ 26,002	+ 97,208

Total assets	6,759,571	181,952	3,458,283	140,148	276,425	586,960	468,425	369,374	110,230	54,522	80,254	321,814	711,184

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 12, 2025 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,315,176	83,599	749,638	57,694	113,726	165,248	358,344	107,298	77,657	30,029	36,360	199,598	335,986
Reverse repurchase agreements6	522,151	10,861	280,990	7,779	20,361	52,047	34,934	28,816	7,306	3,262	5,741	22,802	47,250
Deposits	4,090,700	85,570	2,545,665	76,555	147,359	395,966	72,685	246,750	23,949	21,171	38,361	99,140	337,529
Depository institutions	3,459,687	85,563	2,027,718	76,553	147,325	395,583	72,657	134,443	23,938	21,071	38,330	99,068	337,438
U.S. Treasury, General Account	450,713	0	450,713	0	0	0	0	0	0	0	0	0	0
Foreign official	9,430	2	9,404	1	4	8	1	2	1	0	0	1	5
Other7	170,870	5	57,831	0	30	375	27	112,305	10	101	31	70	86
Earnings remittances due to the U.S. Treasury8	-223,880	-4,624	-135,418	-3,607	-9,943	-35,804	122	-16,379	31	-360	-937	-1,264	-15,695
Treasury contributions to credit facilities9	3,461	3,461	0	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	7,749	1,222	2,554	205	285	925	774	450	174	137	191	258	574

Total liabilities	6,715,356	180,088	3,443,431	138,626	271,788	578,382	466,859	366,935	109,116	54,239	79,716	320,532	705,645

Capital
Capital paid in	37,430	1,577	12,564	1,287	3,933	7,257	1,337	2,060	942	240	463	1,084	4,687
Surplus	6,785	287	2,288	235	704	1,322	230	379	172	44	75	198	852
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	6,759,571	181,952	3,458,283	140,148	276,425	586,960	468,425	369,374	110,230	54,522	80,254	321,814	711,184

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 12, 2025 (continued)

1.	Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities
	lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between
	the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,
	amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
	Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.
2.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4.	Revalued daily at current foreign currency exchange rates.
5.	Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.
6.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8.	The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.
9.	Book value. Amount of equity investments in MS Facilities 2020 LLC.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities 2020 LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities 2020 LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities 2020 LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Mar 12, 2025
Federal Reserve notes outstanding	2,795,043
Less: Notes held by F.R. Banks not subject to collateralization	479,868
Federal Reserve notes to be collateralized	2,315,176
Collateral held against Federal Reserve notes	2,315,176
Gold certificate account	11,037
Special drawing rights certificate account	15,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,288,939
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	6,447,859
Less: Face value of securities under reverse repurchase agreements	594,119
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,853,740

Note: Components may not sum to totals because of rounding.

1.	Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Last Update: March 13, 2025