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

January 5, 2023

Reserve Bank credit

 8,501,959

-   23,737

-  218,214

 8,471,163

Securities held outright1

 8,131,200

-   21,917

-  141,436

 8,101,500

U.S. Treasury securities

 5,487,451

-   13,474

-  167,290

 5,457,751

Bills2

   289,471

-    1,946

-   36,573

   289,338

Notes and bonds, nominal2

 4,717,703

-   11,815

-  152,926

 4,688,163

Notes and bonds, inflation-indexed2

   377,416

         0

-    7,978

   377,416

Inflation compensation3

   102,861

+      288

+   30,187

   102,833

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,641,402

-    8,443

+   25,854

 2,641,402

Unamortized premiums on securities held outright5

   313,848

-      728

-   38,933

   313,543

Unamortized discounts on securities held outright5

   -27,583

-      228

-    9,549

   -27,479

Repurchase agreements6

         0

         0

-        2

         1

Foreign official

         0

         0

         0

         0

Others

         0

         0

-        2

         1

Loans

    16,388

+      246

-   17,866

    15,356

Primary credit

     4,932

+      366

+    4,438

     3,932

Secondary credit

         0

         0

         0

         0

Seasonal credit

        10

+        1

+       10

         0

Paycheck Protection Program Liquidity Facility

    11,446

-      121

-   22,314

    11,424

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7

    22,625

+       26

-    6,784

    22,638

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,570

+        3

-    2,294

     5,571

Net portfolio holdings of TALF II LLC7

     1,960

-       23

-      644

     1,957

Float

      -490

-      290

-       66

      -203

Central bank liquidity swaps8

       412

         0

-    2,928

       412

Other Federal Reserve assets9

    38,028

-      828

+    2,288

    37,867

Foreign currency denominated assets10

    18,644

+      178

-    1,725

    18,523

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,471

+       14

+      728

    51,471

Total factors supplying reserve funds

 8,588,315

-   23,546

-  219,211

 8,557,399

Currency in circulation11

 2,308,699

+    5,288

+   71,938

 2,307,817

Reverse repurchase agreements12

 2,756,071

+  180,127

+  763,529

 2,561,883

Foreign official and international accounts

   335,928

-   11,080

+   54,561

   332,341

Others

 2,420,142

+  191,206

+  708,967

 2,229,542

Treasury cash holdings

        99

-        4

+       34

       101

Deposits with F.R. Banks, other than reserve balances

   649,832

-   15,099

+    1,280

   602,570

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   423,625

-    4,301

+   33,874

   379,620

Foreign official

     8,935

+      466

+    1,256

     8,935

Other13

   217,272

-   11,264

-   33,850

   214,014

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

    15,347

Other liabilities and capital15

    28,123

-    6,112

-   20,494

    27,753

Total factors, other than reserve balances,
absorbing reserve funds

 5,758,171

+  164,199

+  810,375

 5,515,471

Reserve balances with Federal Reserve Banks

 2,830,144

-  187,745

-1,029,587

 3,041,928

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 assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

8.

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.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,324,628

+    6,446

-   90,429

 3,326,919

Marketable U.S. Treasury securities1

 2,915,827

+    6,957

-  100,227

 2,918,126

Federal agency debt and mortgage-backed securities2

   327,705

-      220

+   10,146

   327,705

Other securities3

    81,096

-      291

-      348

    81,088

Securities lent to dealers

    47,905

+      639

+    9,687

    45,116

Overnight facility4

    47,905

+      639

+    9,687

    45,116

U.S. Treasury securities

    47,884

+      639

+    9,666

    45,095

Federal agency debt securities

        21

         0

+       21

        21

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.

Loans1

     2,516

     1,423

         0

    11,417

         0

...

    15,356

U.S. Treasury securities2

Holdings

    62,452

   356,952

   721,072

 1,915,445

   937,212

 1,464,617

 5,457,751

Weekly changes

-   29,472

+   30,224

-   12,422

-   19,248

-   12,198

+       32

-   43,083

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

         3

        37

     5,721

    50,560

 2,585,080

 2,641,402

Weekly changes

         0

+        1

+        1

+    1,701

+      581

-    2,286

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    11,743

...

...

    11,743

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       996

         0

...

...

       996

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

       412

         0

         0

         0

         0

         0

       412

Reverse repurchase agreements8

 2,561,883

         0

...

...

...

...

 2,561,883

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF) 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 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.

Mortgage-backed securities held outright1

 2,641,402

Residential mortgage-backed securities

 2,632,908

Commercial mortgage-backed securities

     8,494

Commitments to buy mortgage-backed securities2

         0

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.

MS Facilities LLC (Main Street Lending Program)

    11,353

    10,395

    12,244

    22,638

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,664

     5,571

TALF II LLC

     1,011

       996

       960

     1,957

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 September 30, 2022.

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,190

-        5

-       22

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 8,402,920

-   44,681

-  244,839

Securities held outright1

 8,101,500

-   43,082

-  177,684

U.S. Treasury securities

 5,457,751

-   43,083

-  203,526

Bills2

   289,338

-    1,854

-   36,706

Notes and bonds, nominal2

 4,688,163

-   41,355

-  186,637

Notes and bonds, inflation-indexed2

   377,416

         0

-    9,594

Inflation compensation3

   102,833

+      126

+   29,410

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,641,402

         0

+   25,842

Unamortized premiums on securities held outright5

   313,543

-      635

-   39,238

Unamortized discounts on securities held outright5

   -27,479

-      191

-    9,416

Repurchase agreements6

         1

+        1

+        1

Loans7

    15,356

-      773

-   18,501

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    22,638

+       21

-    6,776

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,571

+        2

-    2,294

Net portfolio holdings of TALF II LLC8

     1,957

-       27

-      644

Items in process of collection

(0)

       112

+       12

+       56

Bank premises

       461

-       12

-      939

Central bank liquidity swaps9

       412

         0

-    2,928

Foreign currency denominated assets10

    18,523

+      121

-    1,754

Other assets11

    37,406

+      827

+    1,846

Total assets

(0)

 8,507,429

-   43,740

-  258,292

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,257,632

+      461

+   70,093

Reverse repurchase agreements12

 2,561,883

-   65,269

+  766,265

Deposits

(0)

 3,644,498

+   27,446

-1,069,435

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,041,929

+   62,187

-  986,531

U.S. Treasury, General Account

   379,620

-   30,189

-   55,137

Foreign official

     8,935

+      501

+    3,561

Other13

(0)

   214,014

-    5,054

-   31,327

Deferred availability cash items

(0)

       315

-      312

+       98

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

   -14,070

-    6,090

-   20,729

Total liabilities

(0)

 8,465,606

-   43,764

-  259,617

Capital accounts

Capital paid in

    35,038

+       24

+    1,325

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,823

+       24

+    1,325

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 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    16,237

       544

     5,271

       537

       763

     1,203

     2,247

     1,093

       461

       263

       440

     1,279

     2,136

Coin

     1,190

        14

        24

       107

        46

       187

        69

       223

        23

        35

        89

       157

       216

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 8,402,920

   168,015

 4,303,499

   192,743

   337,468

   584,681

   549,260

   573,904

   131,813

    63,497

   131,262

   430,245

   936,533

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,638

    22,638

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,571

         0

     5,571

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,957

         0

     1,957

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       412

        18

       144

        15

        40

        83

        13

        16

         8

         2

         4

        10

        59

Foreign currency denominated

assets4

    18,523

       798

     6,453

       687

     1,810

     3,714

       603

       702

       373

        93

       191

       445

     2,655

Other assets5

    37,979

       868

    18,170

       956

     1,565

     2,977

     2,587

     2,566

       729

       472

       884

     2,026

     4,180

Interdistrict settlement account

         0

+   12,481

+  176,050

-   43,809

-   32,393

+   17,182

+   23,614

-   22,529

-    9,345

-    2,354

-   22,639

-   16,019

-   80,239

Total assets

 8,507,429

   205,376

 4,517,137

   151,236

   309,299

   610,027

   578,393

   555,975

   124,063

    62,008

   110,231

   418,142

   865,540

Liabilities

Federal Reserve notes, net

 2,257,632

    77,902

   708,350

    55,309

   112,319

   168,008

   354,012

   122,828

    69,409

    32,876

    50,010

   191,999

   314,610

Reverse repurchase agreements6

 2,561,883

    51,289

 1,313,482

    58,855

   102,303

   178,529

   167,615

   175,130

    40,235

    18,165

    39,991

   131,347

   284,943

Deposits

 3,644,498

    63,298

 2,488,402

    35,466

    90,758

   256,179

    54,873

   257,648

    13,332

    10,609

    19,645

    93,820

   260,468

Depository institutions

 3,041,929

    63,286

 2,045,255

    35,464

    90,729

   255,803

    54,845

    99,071

    13,323

    10,438

    19,550

    93,731

   260,433

U.S. Treasury, General Account

   379,620

         0

   379,620

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     8,935

         2

     8,909

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   214,014

        10

    54,619

         0

        25

       368

        27

   158,576

         8

       171

        94

        88

        30

Earnings remittances due to the U.S. Treasury8

   -20,458

      -411

   -14,813

       -98

      -291

    -1,857

       -25

    -1,654

       -16

       -50

       -44

      -204

      -996

Treasury contributions to credit facilities9

    15,347

    11,453

     3,894

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     6,702

        46

     3,002

       194

       244

       702

       640

       547

       176

       152

       187

       278

       532

Total liabilities

 8,465,606

   203,577

 4,502,318

   149,726

   305,334

   601,561

   577,115

   554,499

   123,137

    61,753

   109,789

   417,241

   859,556

Capital

Capital paid in

    35,038

     1,507

    12,457

     1,258

     3,302

     7,105

     1,057

     1,219

       789

       221

       372

       738

     5,011

Surplus

     6,785

       292

     2,363

       252

       663

     1,361

       221

       257

       137

        34

        70

       163

       973

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 8,507,429

   205,376

 4,517,137

   151,236

   309,299

   610,027

   578,393

   555,975

   124,063

    62,008

   110,231

   418,142

   865,540

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 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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).

Federal Reserve notes outstanding

 2,619,209

Less: Notes held by F.R. Banks not subject to collateralization

   361,576

Federal Reserve notes to be collateralized

 2,257,632

Collateral held against Federal Reserve notes

 2,257,632

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

 2,241,396

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

 8,101,501

Less: Face value of securities under reverse repurchase agreements

 2,759,346

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

 5,342,155

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.