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

June 2, 2022

Reserve Bank credit

 8,879,041

-   21,738

+  999,128

 8,878,608

Securities held outright1

 8,480,185

-   18,626

+1,131,110

 8,480,572

U.S. Treasury securities

 5,770,391

+    1,487

+  667,933

 5,770,779

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,974,862

-      601

+  592,216

 4,973,358

Notes and bonds, inflation-indexed2

   381,463

+      601

+   38,607

   382,966

Inflation compensation3

    88,022

+    1,487

+   37,109

    88,410

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,707,446

-   20,114

+  463,176

 2,707,446

Unamortized premiums on securities held outright5

   337,329

-    1,213

-   11,643

   337,126

Unamortized discounts on securities held outright5

   -24,462

+       19

-   10,826

   -24,487

Repurchase agreements6

         0

         0

         0

         0

Foreign official

         0

         0

         0

         0

Others

         0

         0

         0

         0

Loans

    20,854

-      450

-   63,931

    20,665

Primary credit

       879

-       92

+      301

       870

Secondary credit

         0

         0

         0

         0

Seasonal credit

         2

-        2

-        3

         2

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    19,973

-      356

-   64,229

    19,792

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

         0

         0

-    8,554

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-   25,963

         0

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

    26,667

-      244

-    3,895

    26,676

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,535

+        1

-    5,346

     5,536

Net portfolio holdings of TALF II LLC7

     2,261

-       26

-    2,523

     2,195

Float

      -669

-      467

-       55

      -141

Central bank liquidity swaps8

       192

-       17

-      450

       183

Other Federal Reserve assets9

    31,147

-      718

+    1,202

    30,284

Foreign currency denominated assets10

    18,842

+       88

-    2,885

    18,660

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,121

+       14

+      535

    51,121

Total factors supplying reserve funds

 8,965,245

-   21,637

+  996,778

 8,964,631

Currency in circulation11

 2,278,884

+    5,935

+  102,040

 2,280,223

Reverse repurchase agreements12

 2,260,205

+      371

+1,557,863

 2,230,540

Foreign official and international accounts

   263,347

-      310

+   31,017

   265,525

Others

 1,996,858

+      681

+1,526,846

 1,965,015

Treasury cash holdings

        91

-        1

+       54

        91

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

 1,034,532

-   44,083

-  140,811

 1,028,430

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   789,532

-   32,003

+    6,297

   780,575

Foreign official

     7,514

+       57

-   19,332

     7,707

Other13

   237,486

-   12,138

-  127,776

   240,149

Treasury contributions to credit facilities14

    17,940

-      474

-   32,338

    17,940

Other liabilities and capital15

    51,562

+      764

+    2,067

    50,012

Total factors, other than reserve balances,
absorbing reserve funds

 5,643,215

-   37,487

+1,488,875

 5,607,236

Reserve balances with Federal Reserve Banks

 3,322,030

+   15,850

-  492,097

 3,357,395

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 billion.

15.

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

Securities held in custody for foreign official and international accounts

 3,395,685

-   29,098

-  140,424

 3,392,045

Marketable U.S. Treasury securities1

 2,991,040

-   16,154

-  105,244

 2,987,446

Federal agency debt and mortgage-backed securities2

   321,599

-   12,963

-   29,325

   321,603

Other securities3

    83,045

+       18

-    5,855

    82,997

Securities lent to dealers

    39,823

-    1,350

+    1,349

    44,411

Overnight facility4

    39,823

-    1,350

+    1,349

    44,411

U.S. Treasury securities

    39,823

-    1,350

+    1,349

    44,411

Federal agency debt securities

         0

         0

         0

         0

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

       428

       493

         0

    19,744

         0

...

    20,665

U.S. Treasury securities2

Holdings

    67,188

   331,056

   833,614

 2,083,210

 1,026,609

 1,429,102

 5,770,779

Weekly changes

-    7,370

-   18,049

+   59,527

-   33,814

-    1,814

+    2,882

+    1,362

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,134

       213

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         1

        55

     1,953

    61,043

 2,644,394

 2,707,446

Weekly changes

         0

         0

+       10

-       10

         0

         0

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    14,194

...

...

    14,194

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

         0

     1,141

...

...

     1,141

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       183

         0

         0

         0

         0

         0

       183

Reverse repurchase agreements8

 2,230,540

         0

...

...

...

...

 2,230,540

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

 2,707,446

Residential mortgage-backed securities

 2,698,576

Commercial mortgage-backed securities

     8,870

Commitments to buy mortgage-backed securities2

    58,535

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         3

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)

    13,926

    12,325

    14,351

    26,676

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,629

     5,536

TALF II LLC

     1,171

     1,141

     1,055

     2,195

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 March 31, 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

     1,260

-        8

+       20

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

 8,813,876

+      246

+1,027,821

Securities held outright1

 8,480,572

+    1,362

+1,114,931

U.S. Treasury securities

 5,770,779

+    1,362

+  651,756

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,973,358

-    2,105

+  574,368

Notes and bonds, inflation-indexed2

   382,966

+    2,104

+   40,110

Inflation compensation3

    88,410

+    1,362

+   37,277

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,707,446

         0

+  463,176

Unamortized premiums on securities held outright5

   337,126

-      620

-   12,006

Unamortized discounts on securities held outright5

   -24,487

-       43

-   10,792

Repurchase agreements6

         0

         0

         0

Loans7

    20,665

-      454

-   64,312

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

         0

         0

-    8,554

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   25,963

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

    26,676

+       11

-    3,891

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,536

+        1

-    5,346

Net portfolio holdings of TALF II LLC8

     2,195

-       93

-    2,566

Items in process of collection

(0)

       144

+       96

+       70

Bank premises

       633

+       11

-    1,278

Central bank liquidity swaps9

       183

-       26

-      330

Foreign currency denominated assets10

    18,660

-      149

-    3,155

Other assets11

    29,651

+      680

+    2,520

Total assets

(0)

 8,915,050

+      769

+  979,347

Liabilities

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

 2,230,448

+    4,274

+  100,709

Reverse repurchase agreements12

 2,230,540

-   27,681

+1,557,634

Deposits

(0)

 4,385,825

+   23,226

-  646,057

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,357,395

+   42,377

-  490,867

U.S. Treasury, General Account

   780,575

-   21,139

-   31,512

Foreign official

     7,707

+      272

-   19,041

Other13

(0)

   240,149

+    1,716

-  104,636

Deferred availability cash items

(0)

       285

-       16

-      489

Treasury contributions to credit facilities14

    17,940

         0

-   32,338

Other liabilities and accrued dividends15

     8,398

+      965

-    2,217

Total liabilities

(0)

 8,873,436

+      768

+  977,241

Capital accounts

Capital paid in

    34,829

         0

+    2,105

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,614

         0

+    2,105

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 Primary Dealer Credit Facility, 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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

     1,260

        20

        25

       109

        46

       191

        96

       227

        25

        46

        94

       154

       227

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

 8,813,876

   176,088

 4,511,646

   202,026

   355,117

   612,938

   575,348

   601,266

   138,222

    69,567

   137,479

   450,877

   983,302

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    26,676

    26,676

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,536

         0

     5,536

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,195

         0

     2,195

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       183

         8

        64

         7

        18

        37

         6

         7

         4

         1

         2

         4

        26

Foreign currency denominated

assets4

    18,660

       803

     6,514

       691

     1,821

     3,737

       606

       706

       375

        94

       192

       448

     2,672

Other assets5

    30,428

       696

    14,399

       781

     1,247

     2,380

     2,103

     2,012

       760

       412

       755

     1,614

     3,269

Interdistrict settlement account

         0

+    1,750

+  276,118

-   20,710

-   70,131

-   61,443

+    4,486

-   22,200

+    1,514

-    1,702

-    8,435

-    2,662

-   96,584

Total assets

 8,915,050

   206,585

 4,821,768

   183,441

   288,881

   559,042

   584,892

   583,111

   141,361

    68,679

   130,528

   451,714

   895,048

Liabilities

Federal Reserve notes, net

 2,230,448

    72,815

   702,424

    60,635

   103,442

   152,217

   337,313

   128,657

    70,042

    34,041

    58,748

   196,432

   313,683

Reverse repurchase agreements6

 2,230,540

    44,655

 1,143,602

    51,243

    89,072

   155,438

   145,936

   152,479

    35,031

    15,816

    34,819

   114,359

   248,090

Deposits

 4,385,825

    74,331

 2,953,040

    69,771

    92,034

   242,054

    99,386

   299,761

    35,122

    18,367

    36,263

   139,345

   326,353

Depository institutions

 3,357,395

    74,256

 2,112,437

    69,770

    91,994

   241,224

    99,353

   113,759

    35,116

    18,189

    36,223

   138,901

   326,174

U.S. Treasury, General Account

   780,575

         0

   780,575

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,707

         2

     7,681

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   240,149

        73

    52,347

         0

        36

       822

        32

   186,000

         5

       177

        40

       443

       173

Earnings remittances due to the U.S. Treasury8

     2,690

        48

     1,340

        59

        97

       182

       218

       176

        54

        25

        41

       150

       298

Treasury contributions to credit facilities9

    17,940

    13,891

     4,049

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     5,993

      -924

     2,834

       236

       294

       710

       706

       530

       207

       165

       223

       349

       663

Total liabilities

 8,873,436

   204,815

 4,807,289

   181,944

   284,939

   550,602

   583,560

   581,603

   140,456

    68,413

   130,095

   450,634

   889,087

Capital

Capital paid in

    34,829

     1,477

    12,116

     1,245

     3,280

     7,080

     1,111

     1,251

       769

       232

       363

       917

     4,989

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

 8,915,050

   206,585

 4,821,768

   183,441

   288,881

   559,042

   584,892

   583,111

   141,361

    68,679

   130,528

   451,714

   895,048

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.

Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit 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.

9.

Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF 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 May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF 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 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 CPFF II LLC, CCF LLC, 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

 2,521,820

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

   291,372

Federal Reserve notes to be collateralized

 2,230,448

Collateral held against Federal Reserve notes

 2,230,448

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,214,211

Other assets pledged

         0

Memo:

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

 8,480,572

Less: Face value of securities under reverse repurchase agreements

 2,357,683

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

 6,122,889

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.