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

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Release Date: August 31, 2023

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 Aug 30, 2023
	Week ended Aug 30, 2023	Change from week ended
	Week ended Aug 30, 2023	Aug 23, 2023	Aug 31, 2022
Reserve Bank credit	8,087,436	- 19,854	- 709,489	8,084,524
Securities held outright1	7,509,968	- 14,304	- 902,182	7,508,057
U.S. Treasury securities	5,006,713	+ 409	- 693,822	5,006,839
Bills2	259,422	0	- 66,622	259,422
Notes and bonds, nominal2	4,273,034	+ 64	- 627,063	4,273,034
Notes and bonds, inflation-indexed2	364,549	0	- 10,319	364,549
Inflation compensation3	109,708	+ 345	+ 10,181	109,835
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,500,909	- 14,713	- 208,359	2,498,870
Unamortized premiums on securities held outright5	290,449	- 916	- 37,018	290,201
Unamortized discounts on securities held outright5	-27,517	+ 74	- 957	-27,422
Repurchase agreements6	1	- 3	+ 1	1
Foreign official	1	- 3	+ 1	1
Others	0	0	0	0
Loans	251,356	- 3,826	+ 231,650	250,565
Primary credit	2,204	+ 267	- 2,390	2,907
Secondary credit	0	0	0	0
Seasonal credit	67	+ 6	+ 18	70
Paycheck Protection Program Liquidity Facility	5,750	- 250	- 9,313	5,693
Bank Term Funding Program	107,301	+ 33	+ 107,301	107,527
Other credit extensions7	136,034	- 3,882	+ 136,034	134,369
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8	19,515	+ 16	- 6,404	19,534
Net portfolio holdings of Municipal Liquidity Facility LLC8	5,615	+ 2	+ 61	5,618
Net portfolio holdings of TALF II LLC8	1,581	+ 1	- 576	1,583
Float	-273	- 105	+ 104	-753
Central bank liquidity swaps9	232	+ 2	+ 61	232
Other Federal Reserve assets10	36,507	- 797	+ 5,769	36,910
Foreign currency denominated assets11	18,195	- 75	+ 650	18,316
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding12	52,364	+ 14	+ 1,407	52,364

Total factors supplying reserve funds	8,174,235	- 19,916	- 707,433	8,171,445

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 Aug 30, 2023
	Week ended Aug 30, 2023	Change from week ended
	Week ended Aug 30, 2023	Aug 23, 2023	Aug 31, 2022
Currency in circulation12	2,328,310	- 175	+ 52,589	2,331,504
Reverse repurchase agreements13	1,988,594	- 123,791	- 471,797	1,998,323
Foreign official and international accounts	289,671	- 7,665	+ 26,488	301,504
Others	1,698,923	- 116,125	- 498,284	1,696,819
Treasury cash holdings	317	+ 7	+ 218	327
Deposits with F.R. Banks, other than reserve balances	650,142	+ 58,554	- 180,942	675,819
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	470,800	+ 57,013	- 141,736	500,702
Foreign official	9,792	+ 106	+ 2,261	10,412
Other14	169,549	+ 1,433	- 41,468	164,705
Treasury contributions to credit facilities15	13,358	0	- 4,582	13,358
Other liabilities and capital16	-44,830	- 6,066	- 92,610	-44,427

Total factors, other than reserve balances, absorbing reserve funds	4,935,891	- 71,471	- 697,123	4,974,904

Reserve balances with Federal Reserve Banks	3,238,345	+ 51,556	- 10,309	3,196,542

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 LLC of $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.
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 Aug 30, 2023
	Week ended Aug 30, 2023	Change from week ended
	Week ended Aug 30, 2023	Aug 23, 2023	Aug 31, 2022
Securities held in custody for foreign official and international accounts	3,435,861	- 4,476	+ 45,011	3,434,025
Marketable U.S. Treasury securities1	3,002,231	- 3,460	+ 8,471	3,000,447
Federal agency debt and mortgage-backed securities2	351,444	- 1,109	+ 38,613	351,327
Other securities3	82,186	+ 93	- 2,074	82,251
Securities lent to dealers	36,514	- 1,466	- 293	42,811
Overnight facility4	36,514	- 1,466	- 293	42,811
U.S. Treasury securities	36,514	- 1,466	- 293	42,811
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, August 30, 2023

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	136,593	3,160	105,123	5,688	0	...	250,565
U.S. Treasury securities2
Holdings	65,077	255,130	634,521	1,719,220	832,030	1,500,862	5,006,839
Weekly changes	- 3,067	+ 3,498	- 410	+ 150	+ 79	+ 94	+ 345
Federal agency debt securities3
Holdings	0	0	0	0	2,347	0	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities4
Holdings	0	0	11	9,087	42,759	2,447,012	2,498,870
Weekly changes	0	- 1	- 2	- 175	- 935	- 13,158	- 14,270
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)5	0	0	0	9,930	...	...	9,930
Municipal notes held by Municipal
Liquidity Facility LLC6	0	0	2,907	0	...	...	2,907
Loans held by TALF II LLC7	0	193	201	0	...	...	393
Repurchase agreements8	1	0	...	...	...	...	1
Central bank liquidity swaps9	232	0	0	0	0	0	232
Reverse repurchase agreements8	1,998,323	0	...	...	...	...	1,998,323
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. Additionally, the Within 15 days category includes outstanding loans to depository institutions (including FDIC-established depository institutions) that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, pledged collateral securing the loans, and the FDIC repayment guarantees. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, 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 LLC.
6.	Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
7.	Book value of the loans held by the TALF II LLC.
8.	Cash value of agreements.
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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Aug 30, 2023
Mortgage-backed securities held outright1	2,498,870
Residential mortgage-backed securities	2,490,505
Commercial mortgage-backed securities	8,365

Commitments to buy mortgage-backed securities2	150
Commitments to sell mortgage-backed securities2	0

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 LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday Aug 30, 2023
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities LLC (Main Street Lending Program)	9,011	8,981	10,553	19,534
Municipal Liquidity Facility LLC	2,907	2,907	2,711	5,618
TALF II LLC	744	393	1,189	1,583

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:
	a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses
	updated as of June 30, 2023.
	b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on
	a one-day lag after the transaction date.
	c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.
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. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. 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 Aug 30, 2023	Change since
			Wednesday	Wednesday
			Aug 23, 2023	Aug 31, 2022
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,418	- 12	+ 136
Securities, unamortized premiums and discounts, repurchase agreements, and loans		8,021,402	- 16,791	- 706,017
Securities held outright1		7,508,057	- 13,924	- 898,575
U.S. Treasury securities		5,006,839	+ 345	- 688,158
Bills2		259,422	0	- 66,622
Notes and bonds, nominal2		4,273,034	0	- 620,040
Notes and bonds, inflation-indexed2		364,549	0	- 11,212
Inflation compensation3		109,835	+ 346	+ 9,717
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,498,870	- 14,270	- 210,418
Unamortized premiums on securities held outright5		290,201	- 880	- 37,060
Unamortized discounts on securities held outright5		-27,422	+ 76	- 682
Repurchase agreements6		1	+ 1	+ 1
Loans7		250,565	- 2,064	+ 230,299
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8		19,534	+ 22	- 6,399
Net portfolio holdings of Municipal Liquidity Facility LLC8		5,618	+ 3	+ 62
Net portfolio holdings of TALF II LLC8		1,583	+ 2	- 561
Items in process of collection	(0)	66	+ 10	+ 3
Bank premises		464	+ 11	- 147
Central bank liquidity swaps9		232	+ 2	+ 61
Foreign currency denominated assets10		18,316	+ 15	+ 741
Other assets11		36,448	- 1,009	+ 7,346

Total assets	(0)	8,121,316	- 17,750	- 704,777

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 Aug 30, 2023	Change since
			Wednesday	Wednesday
			Aug 23, 2023	Aug 31, 2022
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,280,881	+ 3,360	+ 52,049
Reverse repurchase agreements12		1,998,323	- 114,191	- 529,961
Deposits	(0)	3,872,362	+ 98,449	- 129,771
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,196,543	+ 19,163	+ 80,694
U.S. Treasury, General Account		500,702	+ 84,671	- 169,209
Foreign official		10,412	+ 726	+ 2,295
Other13	(0)	164,705	- 6,111	- 43,551
Deferred availability cash items	(0)	819	+ 538	- 331
Treasury contributions to credit facilities14		13,358	0	- 4,582
Other liabilities and accrued dividends15		-87,146	- 5,905	- 93,098

Total liabilities	(0)	8,078,597	- 17,750	- 705,695

Capital accounts
Capital paid in		35,934	0	+ 918
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		42,719	0	+ 918

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 LLC of $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.
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, August 30, 2023

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	16,237	557	5,175	525	752	1,187	2,287	1,104	479	264	452	1,290	2,165
Coin	1,418	39	46	131	58	183	112	256	32	44	89	178	250
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	8,021,402	154,341	4,369,743	130,256	242,477	547,540	533,118	490,183	123,563	60,295	109,431	391,564	868,890
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2	19,534	19,534	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC2	5,618	0	5,618	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC2	1,583	0	1,583	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	232	10	82	8	22	47	7	8	5	1	2	5	33
Foreign currency denominated
assets4	18,316	788	6,518	658	1,727	3,709	549	638	412	116	194	386	2,621
Other assets5	36,977	787	15,899	644	1,064	2,670	3,572	2,004	839	510	844	1,781	6,363
Interdistrict settlement account	0	- 2,730	- 161,869	- 5,690	+ 47,214	+ 230,816	+ 8,010	- 41,444	- 5,378	- 567	- 9,520	- 32,002	- 26,842

Total assets	8,121,316	173,326	4,242,795	126,533	293,315	786,151	547,655	452,749	119,953	60,663	101,493	363,203	853,481

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, August 30, 2023 (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	2,280,881	81,081	720,368	54,910	112,549	168,131	353,376	125,136	72,795	34,378	49,667	190,256	318,234
Reverse repurchase agreements6	1,998,323	38,607	1,115,964	32,935	61,409	139,062	135,375	124,568	29,893	13,549	25,836	97,432	183,691
Deposits	3,872,362	42,956	2,447,551	37,856	117,730	482,867	56,371	208,034	16,289	12,524	25,703	75,832	348,649
Depository institutions	3,196,543	42,901	1,885,572	37,855	117,700	482,466	56,343	95,027	16,279	12,417	25,666	75,693	348,623
U.S. Treasury, General Account	500,702	0	500,702	0	0	0	0	0	0	0	0	0	0
Foreign official	10,412	2	10,386	1	4	8	1	1	1	0	0	1	6
Other7	164,705	53	50,891	0	27	392	27	113,005	9	106	37	138	20
Earnings remittances due to the U.S. Treasury8	-95,121	-1,811	-63,063	-851	-3,130	-13,412	-3	-7,482	-120	-170	-361	-1,552	-3,167
Treasury contributions to credit facilities9	13,358	9,684	3,674	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	8,794	1,001	3,432	169	281	1,020	1,122	463	131	113	182	234	646

Total liabilities	8,078,597	171,518	4,227,926	125,020	288,840	777,668	546,240	450,719	118,988	60,394	101,028	362,202	848,053

Capital
Capital paid in	35,934	1,516	12,455	1,269	3,834	7,109	1,212	1,794	812	226	393	858	4,456
Surplus	6,785	292	2,414	244	640	1,374	203	236	153	43	72	143	971
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	8,121,316	173,326	4,242,795	126,533	293,315	786,151	547,655	452,749	119,953	60,663	101,493	363,203	853,481

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, August 30, 2023 (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 LLC of $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

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 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 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 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	Aug 30, 2023
Federal Reserve notes outstanding	2,690,657
Less: Notes held by F.R. Banks not subject to collateralization	409,776
Federal Reserve notes to be collateralized	2,280,881
Collateral held against Federal Reserve notes	2,280,881
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,264,644
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	7,508,058
Less: Face value of securities under reverse repurchase agreements	2,217,733
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,290,325

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: August 31, 2023