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

October 27, 2022

Reserve Bank credit

 8,701,328

-   19,397

+  162,958

 8,687,796

Securities held outright1

 8,301,058

-   21,979

+  239,558

 8,289,604

U.S. Treasury securities

 5,609,377

-   11,720

+  102,257

 5,608,738

Bills2

   298,994

-    3,266

-   27,050

   298,315

Notes and bonds, nominal2

 4,834,688

-    8,416

+   89,171

 4,834,742

Notes and bonds, inflation-indexed2

   375,761

         0

+    5,947

   375,761

Inflation compensation3

    99,934

-       38

+   34,189

    99,920

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,689,334

-   10,259

+  137,300

 2,678,519

Unamortized premiums on securities held outright5

   321,313

-    1,003

-   33,998

   320,794

Unamortized discounts on securities held outright5

   -26,820

-        9

-   10,566

   -26,759

Repurchase agreements6

         2

+        1

+        2

         1

Foreign official

         0

         0

         0

         0

Others

         2

+        1

+        2

         1

Loans

    18,728

-      978

-   32,852

    19,020

Primary credit

     5,231

-    1,136

+    4,735

     5,585

Secondary credit

         0

         0

         0

         0

Seasonal credit

        27

         0

+       14

        28

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    13,470

+      158

-   37,601

    13,408

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-      515

         0

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

    25,206

-      301

-    5,079

    25,225

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,570

+        2

-    4,211

     5,572

Net portfolio holdings of TALF II LLC7

     2,138

+        1

-    2,358

     2,140

Float

      -225

-      101

-       40

      -551

Central bank liquidity swaps8

    11,302

+    4,820

+   10,979

    11,302

Other Federal Reserve assets9

    43,056

+      150

+    2,039

    41,447

Foreign currency denominated assets10

    16,987

+      179

-    3,760

    17,208

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,384

+       14

+      690

    51,384

Total factors supplying reserve funds

 8,785,940

-   19,204

+  159,887

 8,772,629

Currency in circulation11

 2,283,138

-    2,013

+   79,327

 2,284,547

Reverse repurchase agreements12

 2,564,090

+   13,166

+  861,138

 2,489,364

Foreign official and international accounts

   327,517

-    1,819

+   44,196

   302,508

Others

 2,236,573

+   14,985

+  816,941

 2,186,856

Treasury cash holdings

       101

-        2

+       42

        98

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

   836,702

+   22,076

+  268,863

   831,180

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   634,548

+   27,349

+  421,257

   636,327

Foreign official

     7,435

-        1

+    2,142

     7,436

Other13

   194,718

-    5,274

-  154,537

   187,417

Treasury contributions to credit facilities14

    17,940

         0

-    8,457

    17,940

Other liabilities and capital15

    41,131

-    3,225

-    6,693

    41,353

Total factors, other than reserve balances,
absorbing reserve funds

 5,743,102

+   30,002

+1,194,220

 5,664,483

Reserve balances with Federal Reserve Banks

 3,042,838

-   49,206

-1,034,332

 3,108,146

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

 3,337,265

+    2,029

-  149,644

 3,326,903

Marketable U.S. Treasury securities1

 2,924,018

-      813

-  152,517

 2,914,011

Federal agency debt and mortgage-backed securities2

   329,043

+    2,900

-      201

   328,815

Other securities3

    84,205

-       57

+    3,075

    84,076

Securities lent to dealers

    38,395

-    3,932

-    1,839

    36,821

Overnight facility4

    38,395

-    3,932

-    1,839

    36,821

U.S. Treasury securities

    38,389

-    3,938

-    1,845

    36,821

Federal agency debt securities

         5

+        5

+        5

         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

     2,235

     3,386

         0

    13,400

         0

...

    19,020

U.S. Treasury securities2

Holdings

    87,888

   323,110

   784,922

 1,966,052

   991,947

 1,454,819

 5,608,738

Weekly changes

-    3,149

-      268

+      227

-        2

-       12

-       11

-    3,215

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

         1

        46

     3,336

    53,345

 2,621,791

 2,678,519

Weekly changes

         0

-        1

-        9

-      108

-      751

-   19,263

-   20,132

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    12,539

...

...

    12,539

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       501

       538

...

...

     1,039

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

    11,302

         0

         0

         0

         0

         0

    11,302

Reverse repurchase agreements8

 2,489,364

         0

...

...

...

...

 2,489,364

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

 2,678,519

Residential mortgage-backed securities

 2,669,965

Commercial mortgage-backed securities

     8,554

Commitments to buy mortgage-backed securities2

         5

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        28

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)

    12,088

    10,758

    14,466

    25,225

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,665

     5,572

TALF II LLC

     1,096

     1,039

     1,101

     2,140

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

     1,200

-        5

-       10

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

 8,602,661

-   24,301

+  170,307

Securities held outright1

 8,289,604

-   23,346

+  246,151

U.S. Treasury securities

 5,608,738

-    3,215

+   95,409

Bills2

   298,315

-    3,252

-   27,729

Notes and bonds, nominal2

 4,834,742

+       75

+   84,168

Notes and bonds, inflation-indexed2

   375,761

         0

+    4,919

Inflation compensation3

    99,920

-       38

+   34,050

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,678,519

-   20,132

+  150,742

Unamortized premiums on securities held outright5

   320,794

-    1,250

-   33,875

Unamortized discounts on securities held outright5

   -26,759

-        3

-   10,444

Repurchase agreements6

         1

-        9

+        1

Loans7

    19,020

+      307

-   31,526

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-      515

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

    25,225

+       22

-    5,064

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,572

+        2

-    4,210

Net portfolio holdings of TALF II LLC8

     2,140

+        2

-    2,356

Items in process of collection

(0)

        98

-       11

+       43

Bank premises

       659

+       20

-      806

Central bank liquidity swaps9

    11,302

+    4,820

+   10,979

Foreign currency denominated assets10

    17,208

+      449

-    3,514

Other assets11

    40,788

-    1,831

+    2,055

Total assets

(0)

 8,723,090

-   20,832

+  166,909

Liabilities

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

 2,234,457

+      255

+   78,542

Reverse repurchase agreements12

 2,489,364

-   82,295

+  767,880

Deposits

(0)

 3,939,326

+   63,604

-  665,889

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,108,147

+   67,369

-1,015,007

U.S. Treasury, General Account

   636,327

-    4,286

+  399,832

Foreign official

     7,436

+        1

+    2,170

Other13

(0)

   187,417

+      521

-   52,883

Deferred availability cash items

(0)

       649

+      402

+        1

Treasury contributions to credit facilities14

    17,940

         0

-    8,457

Other liabilities and accrued dividends15

      -521

-    2,800

-    7,180

Total liabilities

(0)

 8,681,216

-   20,834

+  164,898

Capital accounts

Capital paid in

    35,089

+        2

+    2,012

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,874

+        2

+    2,012

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

     1,200

        18

        24

       106

        44

       185

        81

       223

        25

        36

        86

       151

       221

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

 8,602,661

   172,022

 4,404,580

   197,242

   345,438

   598,222

   561,993

   587,352

   134,854

    65,874

   134,353

   440,304

   960,428

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    25,225

    25,225

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,572

         0

     5,572

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,140

         0

     2,140

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

    11,302

       487

     3,936

       419

     1,105

     2,266

       368

       428

       228

        57

       117

       271

     1,620

Foreign currency denominated

assets4

    17,208

       741

     5,994

       638

     1,682

     3,450

       560

       652

       346

        87

       178

       413

     2,467

Other assets5

    41,546

       934

    20,074

     1,037

     1,729

     3,215

     2,802

     2,792

       777

       481

       938

     2,200

     4,565

Interdistrict settlement account

         0

-   16,708

+  403,785

-   48,885

-   60,697

-   15,022

+    1,990

-   71,532

-   11,305

-    3,634

-   20,509

-   35,345

-  122,139

Total assets

 8,723,090

   183,263

 4,851,376

   151,096

   290,063

   593,520

   570,040

   521,009

   125,385

    63,164

   115,601

   409,274

   849,298

Liabilities

Federal Reserve notes, net

 2,234,457

    77,836

   707,904

    54,255

   107,390

   158,179

   346,978

   122,688

    69,832

    32,617

    51,879

   191,528

   313,370

Reverse repurchase agreements6

 2,489,364

    49,837

 1,276,301

    57,189

    99,407

   173,475

   162,870

   170,172

    39,096

    17,651

    38,859

   127,629

   276,877

Deposits

 3,939,326

    40,553

 2,850,128

    37,990

    79,152

   253,283

    57,847

   226,617

    15,366

    12,496

    24,240

    88,798

   252,856

Depository institutions

 3,108,147

    40,540

 2,159,463

    37,989

    79,117

   252,700

    57,815

    87,082

    15,356

    12,431

    24,211

    88,613

   252,830

U.S. Treasury, General Account

   636,327

         0

   636,327

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,436

         2

     7,410

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   187,417

        11

    46,929

         0

        31

       576

        31

   139,533

         9

        64

        29

       184

        20

Earnings remittances due to the U.S. Treasury8

    -6,274

      -118

    -4,420

       -60

      -127

      -697

         8

      -451

        -2

       -25

       -20

       -33

      -328

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

     6,401

      -542

     2,801

       212

       264

       831

     1,001

       472

       175

       167

       212

       271

       537

Total liabilities

 8,681,216

   181,457

 4,836,763

   149,586

   286,086

   585,071

   568,705

   519,498

   124,467

    62,906

   115,169

   408,193

   843,313

Capital

Capital paid in

    35,089

     1,514

    12,250

     1,258

     3,313

     7,088

     1,114

     1,253

       781

       224

       362

       918

     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

 8,723,090

   183,263

 4,851,376

   151,096

   290,063

   593,520

   570,040

   521,009

   125,385

    63,164

   115,601

   409,274

   849,298

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

 2,595,219

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

   360,762

Federal Reserve notes to be collateralized

 2,234,457

Collateral held against Federal Reserve notes

 2,234,457

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,218,220

Other assets pledged

         0

Memo:

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

 8,289,605

Less: Face value of securities under reverse repurchase agreements

 2,789,382

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

 5,500,223

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.