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

December 1, 2022

Reserve Bank credit

 8,569,035

-   18,776

-   41,337

 8,548,165

Securities held outright1

 8,195,655

-   16,723

+   34,136

 8,177,087

U.S. Treasury securities

 5,532,648

-    2,558

-   50,116

 5,515,984

Bills2

   296,059

         0

-   29,985

   296,059

Notes and bonds, nominal2

 4,759,734

-    3,030

-   51,893

 4,741,553

Notes and bonds, inflation-indexed2

   376,019

+      233

-    1,004

   377,416

Inflation compensation3

   100,836

+      238

+   32,766

   100,954

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,660,660

-   14,165

+   84,253

 2,658,756

Unamortized premiums on securities held outright5

   317,352

-    1,018

-   36,563

   317,070

Unamortized discounts on securities held outright5

   -27,306

+       29

-    9,976

   -27,414

Repurchase agreements6

         0

         0

         0

         0

Foreign official

         0

         0

         0

         0

Others

         0

         0

         0

         0

Loans

    21,918

+      561

-   19,981

    22,332

Primary credit

     9,484

+      739

+    9,092

    10,085

Secondary credit

         0

         0

         0

         0

Seasonal credit

        17

-        3

+       13

        11

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    12,416

-      177

-   29,087

    12,236

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-        2

         0

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

    22,778

-      326

-    6,800

    22,795

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,557

+        2

-    2,396

     5,559

Net portfolio holdings of TALF II LLC7

     1,993

-        1

-      650

     1,978

Float

      -316

-      121

+       30

    -1,065

Central bank liquidity swaps8

       203

+        1

-       65

       204

Other Federal Reserve assets9

    31,200

-    1,181

+      929

    29,620

Foreign currency denominated assets10

    17,891

+      129

-    2,496

    17,838

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,454

+       14

+      728

    51,454

Total factors supplying reserve funds

 8,654,620

-   18,634

-   43,105

 8,633,697

Currency in circulation11

 2,297,383

+    3,769

+   76,733

 2,297,852

Reverse repurchase agreements12

 2,421,509

-   59,488

+  657,302

 2,496,506

Foreign official and international accounts

   364,713

-    8,682

+   59,201

   380,593

Others

 2,056,797

-   50,804

+  598,102

 2,115,913

Treasury cash holdings

        97

         0

+       27

       103

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

   712,826

+   28,202

+  294,360

   733,145

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   511,474

+   32,000

+  358,823

   532,791

Foreign official

     7,437

+        1

+       17

     7,437

Other13

   193,915

-    3,799

-   64,480

   192,918

Treasury contributions to credit facilities14

    15,347

-      370

-    5,911

    15,347

Other liabilities and capital15

    38,464

+      990

-    9,745

    38,512

Total factors, other than reserve balances,
absorbing reserve funds

 5,485,625

-   26,898

+1,012,764

 5,581,465

Reserve balances with Federal Reserve Banks

 3,168,995

+    8,265

-1,055,870

 3,052,233

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

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

8.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9.

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

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

15.

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

Securities held in custody for foreign official and international accounts

 3,312,171

+    1,823

-  146,385

 3,309,138

Marketable U.S. Treasury securities1

 2,900,309

+    4,045

-  152,454

 2,897,772

Federal agency debt and mortgage-backed securities2

   329,988

-    1,253

+    6,807

   329,933

Other securities3

    81,875

-      968

-      737

    81,432

Securities lent to dealers

    38,492

-    2,696

+    5,737

    43,374

Overnight facility4

    38,492

-    2,696

+    5,737

    43,374

U.S. Treasury securities

    38,477

-    2,701

+    5,722

    43,353

Federal agency debt securities

        15

+        5

+       15

        21

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

     8,148

     1,955

         0

    12,229

         0

...

    22,332

U.S. Treasury securities2

Holdings

    57,414

   375,394

   722,066

 1,948,110

   948,869

 1,464,130

 5,515,984

Weekly changes

-   26,002

+   53,799

-   32,111

-    8,535

-    8,177

+    1,684

-   19,339

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

        44

     3,935

    51,058

 2,603,718

 2,658,756

Weekly changes

         0

-        1

-        9

-       23

-      773

-   12,521

-   13,327

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    12,155

...

...

    12,155

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       768

       243

...

...

     1,010

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       204

         0

         0

         0

         0

         0

       204

Reverse repurchase agreements8

 2,496,506

         0

...

...

...

...

 2,496,506

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

 2,658,756

Residential mortgage-backed securities

 2,650,237

Commercial mortgage-backed securities

     8,519

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        22

Cash and cash equivalents3

         0

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities LLC (Main Street Lending Program)

    11,606

    10,769

    12,025

    22,795

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,652

     5,559

TALF II LLC

     1,040

     1,010

       968

     1,978

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

    updated as of September 30, 2022.

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

    a one-day lag after the transaction date.

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,159

-       16

-       28

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

 8,489,074

-   33,090

-   53,737

Securities held outright1

 8,177,087

-   32,666

+   11,736

U.S. Treasury securities

 5,515,984

-   19,339

-   76,135

Bills2

   296,059

         0

-   29,985

Notes and bonds, nominal2

 4,741,553

-   21,211

-   78,251

Notes and bonds, inflation-indexed2

   377,416

+    1,630

-      582

Inflation compensation3

   100,954

+      239

+   32,680

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,658,756

-   13,327

+   87,872

Unamortized premiums on securities held outright5

   317,070

-      882

-   36,849

Unamortized discounts on securities held outright5

   -27,414

-      176

-    9,964

Repurchase agreements6

         0

         0

-        1

Loans7

    22,332

+      635

-   18,658

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-        2

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

    22,795

+       20

-    6,789

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,559

+        2

-    2,395

Net portfolio holdings of TALF II LLC8

     1,978

-       17

-      648

Items in process of collection

(0)

       111

+        3

+       52

Bank premises

       474

-      132

-      905

Central bank liquidity swaps9

       204

+        2

-       64

Foreign currency denominated assets10

    17,838

-        3

-    2,650

Other assets11

    29,149

-    3,582

+    1,342

Total assets

(0)

 8,584,576

-   36,814

-   65,826

Liabilities

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

 2,247,656

+    1,237

+   75,509

Reverse repurchase agreements12

 2,496,506

+   66,302

+  767,229

Deposits

(0)

 3,785,380

-  105,567

-  893,650

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,052,235

-  116,614

-1,213,787

U.S. Treasury, General Account

   532,791

+   40,037

+  373,643

Foreign official

     7,437

+        2

+    1,643

Other13

(0)

   192,918

-   28,992

-   55,149

Deferred availability cash items

(0)

     1,175

+      727

+      535

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

    -3,074

+      487

-   10,470

Total liabilities

(0)

 8,542,991

-   36,814

-   66,758

Capital accounts

Capital paid in

    34,801

         0

+      933

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,586

         0

+      933

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

15.

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

Assets

Gold certificates and special drawing rights certificates

    16,237

       544

     5,271

       537

       763

     1,203

     2,247

     1,093

       461

       263

       440

     1,279

     2,136

Coin

     1,159

        15

        23

       108

        42

       184

        59

       221

        22

        35

        87

       147

       215

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

 8,489,074

   169,830

 4,344,171

   195,024

   340,679

   590,133

   554,460

   579,486

   133,008

    64,557

   132,621

   434,329

   950,776

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,795

    22,795

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,559

         0

     5,559

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,978

         0

     1,978

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       204

         9

        71

         8

        20

        41

         7

         8

         4

         1

         2

         5

        29

Foreign currency denominated

assets4

    17,838

       767

     6,225

       661

     1,742

     3,573

       580

       675

       359

        90

       184

       428

     2,555

Other assets5

    29,733

       700

    13,924

       761

     1,219

     2,350

     2,032

     1,983

       787

       395

       742

     1,592

     3,245

Interdistrict settlement account

         0

+   20,276

+  240,563

-   47,013

-   45,103

+   23,804

+   19,262

-   53,135

-    8,985

-    4,972

-   21,511

-   30,051

-   93,135

Total assets

 8,584,576

   214,936

 4,617,786

   150,087

   299,362

   621,287

   578,646

   530,331

   125,656

    60,369

   112,565

   407,729

   865,822

Liabilities

Federal Reserve notes, net

 2,247,656

    77,681

   705,892

    54,715

   110,697

   163,958

   352,267

   122,350

    69,571

    32,369

    51,104

   191,800

   315,253

Reverse repurchase agreements6

 2,496,506

    49,980

 1,279,962

    57,353

    99,693

   173,973

   163,338

   170,661

    39,208

    17,701

    38,971

   127,995

   277,671

Deposits

 3,785,380

    74,235

 2,617,729

    36,331

    84,822

   275,063

    60,196

   236,075

    15,735

     9,902

    21,838

    86,756

   266,697

Depository institutions

 3,052,235

    74,219

 2,029,313

    36,330

    84,785

   274,440

    60,162

    92,357

    15,723

     9,846

    21,799

    86,590

   266,672

U.S. Treasury, General Account

   532,791

         0

   532,791

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,437

         2

     7,411

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   192,918

        14

    48,216

         0

        33

       615

        33

   143,716

        12

        56

        39

       165

        19

Earnings remittances due to the U.S. Treasury8

   -12,390

      -222

    -9,183

       -67

      -159

    -1,146

        10

      -935

         8

       -28

       -19

       -76

      -570

Treasury contributions to credit facilities9

    15,347

    11,453

     3,894

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    10,491

        11

     4,880

       245

       347

       989

     1,566

       704

       208

       169

       230

       353

       789

Total liabilities

 8,542,991

   213,137

 4,603,175

   148,577

   295,399

   612,836

   577,377

   528,855

   124,731

    60,113

   112,124

   406,828

   859,839

Capital

Capital paid in

    34,801

     1,507

    12,248

     1,258

     3,300

     7,090

     1,049

     1,219

       788

       221

       371

       739

     5,010

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

 8,584,576

   214,936

 4,617,786

   150,087

   299,362

   621,287

   578,646

   530,331

   125,656

    60,369

   112,565

   407,729

   865,822

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

2.

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

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9.

Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On 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

 2,611,980

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

   364,324

Federal Reserve notes to be collateralized

 2,247,656

Collateral held against Federal Reserve notes

 2,247,656

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,231,419

Other assets pledged

         0

Memo:

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

 8,177,087

Less: Face value of securities under reverse repurchase agreements

 2,747,164

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

 5,429,923

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.