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

September 22, 2022

Reserve Bank credit

 8,783,769

-    4,962

+  345,397

 8,781,996

Securities held outright1

 8,393,103

-    7,668

+  454,162

 8,391,153

U.S. Treasury securities

 5,674,858

-   12,956

+  266,539

 5,673,919

Bills2

   315,726

-    3,156

-   10,318

   314,792

Notes and bonds, nominal2

 4,883,288

-    9,786

+  225,011

 4,883,288

Notes and bonds, inflation-indexed2

   375,761

         0

+   15,180

   375,761

Inflation compensation3

   100,083

-       13

+   36,666

   100,078

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,715,898

+    5,287

+  187,623

 2,714,887

Unamortized premiums on securities held outright5

   325,524

-      709

-   30,453

   325,140

Unamortized discounts on securities held outright5

   -26,765

+       45

-   11,204

   -26,714

Repurchase agreements6

         0

-        9

         0

         0

Foreign official

         0

         0

         0

         0

Others

         0

-        9

         0

         0

Loans

    20,977

+    1,201

-   45,240

    21,124

Primary credit

     6,658

+    1,457

+    6,372

     6,913

Secondary credit

         0

         0

         0

         0

Seasonal credit

        42

-        4

+       12

        36

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    14,277

-      252

-   51,624

    14,175

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-   12,308

         0

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

    25,675

-      277

-    4,763

    25,687

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,560

+        2

-    4,213

     5,561

Net portfolio holdings of TALF II LLC7

     2,147

+        2

-    2,365

     2,148

Float

      -152

+        1

-       28

      -123

Central bank liquidity swaps8

       273

+       70

-       63

       273

Other Federal Reserve assets9

    37,429

+    2,383

+    1,873

    37,747

Foreign currency denominated assets10

    17,255

-       65

-    3,923

    17,107

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,314

+       14

+      650

    51,314

Total factors supplying reserve funds

 8,868,579

-    5,013

+  342,124

 8,866,658

Currency in circulation11

 2,278,121

-    3,790

+   82,564

 2,277,468

Reverse repurchase agreements12

 2,501,080

+   15,591

+  993,863

 2,611,368

Foreign official and international accounts

   285,508

+   12,370

-      214

   295,468

Others

 2,215,571

+    3,221

+  994,076

 2,315,900

Treasury cash holdings

       100

+        2

+       46

       103

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

   919,328

+  112,632

+  342,723

   907,957

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   692,496

+   98,688

+  384,474

   690,286

Foreign official

     7,436

+        1

+    1,164

     7,439

Other13

   219,396

+   13,944

-   42,915

   210,232

Treasury contributions to credit facilities14

    17,940

         0

-   22,338

    17,940

Other liabilities and capital15

    47,979

+    1,448

-    2,018

    48,100

Total factors, other than reserve balances,
absorbing reserve funds

 5,764,547

+  125,883

+1,394,839

 5,862,936

Reserve balances with Federal Reserve Banks

 3,104,032

-  130,896

-1,052,715

 3,003,721

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

 3,384,688

+    8,178

-   99,183

 3,385,179

Marketable U.S. Treasury securities1

 2,978,212

+      195

-   85,036

 2,978,433

Federal agency debt and mortgage-backed securities2

   322,018

+    7,764

-    7,548

   322,372

Other securities3

    84,457

+      217

-    6,599

    84,374

Securities lent to dealers

    45,703

-    2,570

+   13,671

    48,915

Overnight facility4

    45,703

-    2,570

+   13,671

    48,915

U.S. Treasury securities

    45,693

-    2,577

+   13,661

    48,905

Federal agency debt securities

        10

+        7

+       10

        10

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

     3,432

     3,527

         0

    14,166

         0

...

    21,124

U.S. Treasury securities2

Holdings

    85,002

   325,495

   814,092

 1,993,545

 1,000,924

 1,454,861

 5,673,919

Weekly changes

+   32,964

-   32,609

+    3,465

-   16,925

-        4

-        3

-   13,112

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

         2

        54

     3,350

    55,382

 2,656,098

 2,714,887

Weekly changes

         0

         0

         0

-       14

-      423

-    3,202

-    3,639

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    13,083

...

...

    13,083

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       358

       718

...

...

     1,076

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       273

         0

         0

         0

         0

         0

       273

Reverse repurchase agreements8

 2,611,368

         0

...

...

...

...

 2,611,368

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

 2,714,887

Residential mortgage-backed securities

 2,706,225

Commercial mortgage-backed securities

     8,661

Commitments to buy mortgage-backed securities2

     3,233

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)

    12,642

    11,295

    14,392

    25,687

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,654

     5,561

TALF II LLC

     1,110

     1,076

     1,071

     2,148

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, 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

     1,238

-        6

+       36

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

 8,710,703

-   17,093

+  352,991

Securities held outright1

 8,391,153

-   16,751

+  438,875

U.S. Treasury securities

 5,673,919

-   13,112

+  260,545

Bills2

   314,792

-    3,313

-   11,252

Notes and bonds, nominal2

 4,883,288

-    9,786

+  222,440

Notes and bonds, inflation-indexed2

   375,761

         0

+   13,007

Inflation compensation3

   100,078

-       13

+   36,349

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,714,887

-    3,639

+  178,330

Unamortized premiums on securities held outright5

   325,140

-      919

-   31,016

Unamortized discounts on securities held outright5

   -26,714

+       59

-   11,117

Repurchase agreements6

         0

         0

         0

Loans7

    21,124

+      518

-   43,751

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   12,307

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

    25,687

-      282

-    4,754

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,561

+        2

-    4,213

Net portfolio holdings of TALF II LLC8

     2,148

+        2

-    2,364

Items in process of collection

(0)

        80

+       31

+       10

Bank premises

       610

+        4

-      977

Central bank liquidity swaps9

       273

+       70

-       63

Foreign currency denominated assets10

    17,107

-      175

-    4,082

Other assets11

    37,157

+    1,490

+    2,701

Total assets

(0)

 8,816,802

-   15,957

+  326,978

Liabilities

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

 2,227,492

-    3,339

+   80,716

Reverse repurchase agreements12

 2,611,368

+   84,679

+1,047,336

Deposits

(0)

 3,911,699

-   98,105

-  779,065

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,003,741

-  154,956

-1,134,178

U.S. Treasury, General Account

   690,286

+   72,289

+  417,607

Foreign official

     7,439

+        4

-      470

Other13

(0)

   210,232

-   15,443

-   62,025

Deferred availability cash items

(0)

       203

-        9

+       46

Treasury contributions to credit facilities14

    17,940

         0

-   22,338

Other liabilities and accrued dividends15

     6,253

+      802

-    1,695

Total liabilities

(0)

 8,774,954

-   15,971

+  324,998

Capital accounts

Capital paid in

    35,062

+       13

+    1,979

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,847

+       13

+    1,979

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

     1,238

        18

        25

       110

        51

       191

        91

       224

        28

        35

        89

       156

       220

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

 8,710,703

   174,080

 4,458,147

   200,028

   349,854

   605,605

   568,832

   594,380

   136,533

    66,837

   135,864

   445,686

   974,859

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    25,687

    25,687

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,561

         0

     5,561

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,148

         0

     2,148

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       273

        12

        95

        10

        27

        55

         9

        10

         5

         1

         3

         7

        39

Foreign currency denominated

assets4

    17,107

       737

     5,959

       634

     1,672

     3,430

       557

       648

       344

        86

       177

       411

     2,452

Other assets5

    37,848

       854

    18,269

       955

     1,561

     2,941

     2,544

     2,563

       700

       439

       868

     2,012

     4,141

Interdistrict settlement account

         0

-   13,418

+  342,049

-   35,885

-   57,417

-   19,498

+    6,785

-   55,891

-    8,581

-    2,859

-   18,025

-   24,021

-  113,239

Total assets

 8,816,802

   188,513

 4,837,524

   166,389

   296,511

   593,926

   581,065

   543,028

   129,491

    64,803

   119,414

   425,530

   870,608

Liabilities

Federal Reserve notes, net

 2,227,492

    77,940

   707,746

    55,149

   104,322

   153,712

   345,600

   121,809

    70,267

    33,690

    53,341

   192,289

   311,626

Reverse repurchase agreements6

 2,611,368

    52,279

 1,338,852

    59,992

   104,279

   181,977

   170,853

   178,512

    41,012

    18,516

    40,764

   133,884

   290,447

Deposits

 3,911,699

    43,229

 2,769,238

    49,499

    83,640

   249,074

    62,633

   240,641

    17,104

    12,174

    24,655

    97,939

   261,873

Depository institutions

 3,003,741

    43,221

 2,022,640

    49,498

    83,606

   248,548

    62,600

    80,195

    17,095

    12,097

    24,627

    97,765

   261,848

U.S. Treasury, General Account

   690,286

         0

   690,286

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,439

         2

     7,413

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   210,232

         7

    48,898

         0

        29

       518

        32

   160,445

         8

        76

        27

       172

        20

Earnings remittances due to the U.S. Treasury8

      -670

       -13

      -567

         2

        -6

      -130

        53

       -32

         5

        -2

         2

        18

         1

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

     7,126

      -617

     3,594

       238

       300

       847

       600

       585

       186

       167

       220

       330

       676

Total liabilities

 8,774,954

   186,710

 4,822,911

   164,880

   292,534

   585,480

   579,739

   541,517

   128,574

    64,545

   118,982

   424,460

   864,622

Capital

Capital paid in

    35,062

     1,511

    12,250

     1,258

     3,313

     7,086

     1,105

     1,253

       780

       224

       362

       907

     5,013

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

 8,816,802

   188,513

 4,837,524

   166,389

   296,511

   593,926

   581,065

   543,028

   129,491

    64,803

   119,414

   425,530

   870,608

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 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 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

 2,577,978

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

   350,486

Federal Reserve notes to be collateralized

 2,227,492

Collateral held against Federal Reserve notes

 2,227,492

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,211,255

Other assets pledged

         0

Memo:

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

 8,391,153

Less: Face value of securities under reverse repurchase agreements

 2,814,162

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

 5,576,991

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.