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

December 8, 2022

Reserve Bank credit

 8,546,449

-   22,586

-   75,207

 8,546,896

Securities held outright1

 8,175,668

-   19,987

+    2,189

 8,175,598

U.S. Treasury securities

 5,514,565

-   18,083

-   85,653

 5,514,496

Bills2

   294,364

-    1,695

-   31,680

   294,133

Notes and bonds, nominal2

 4,741,553

-   18,181

-   84,327

 4,741,553

Notes and bonds, inflation-indexed2

   377,416

+    1,397

-    1,983

   377,416

Inflation compensation3

   101,232

+      396

+   32,337

   101,392

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,658,756

-    1,904

+   87,842

 2,658,756

Unamortized premiums on securities held outright5

   316,684

-      668

-   37,234

   316,497

Unamortized discounts on securities held outright5

   -27,678

-      372

-   10,177

   -27,610

Repurchase agreements6

         5

+        5

+        5

         0

Foreign official

         0

         0

         0

         0

Others

         5

+        5

+        5

         0

Loans

    19,682

-    2,236

-   20,541

    19,283

Primary credit

     7,525

-    1,959

+    7,224

     7,158

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

-       17

         0

         0

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    12,157

-      259

-   27,764

    12,125

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

    22,797

+       19

-    6,789

    22,815

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,560

+        3

-    2,395

     5,562

Net portfolio holdings of TALF II LLC7

     1,978

-       15

-      648

     1,980

Float

      -153

+      163

-       25

      -176

Central bank liquidity swaps8

       199

-        4

-       73

       199

Other Federal Reserve assets9

    31,707

+      507

+      481

    32,747

Foreign currency denominated assets10

    18,215

+      324

-    2,232

    18,157

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,468

+       14

+      728

    51,468

Total factors supplying reserve funds

 8,632,373

-   22,247

-   76,711

 8,632,761

Currency in circulation11

 2,295,916

-    1,467

+   75,481

 2,296,078

Reverse repurchase agreements12

 2,446,768

+   25,259

+  672,849

 2,519,549

Foreign official and international accounts

   367,306

+    2,593

+   65,130

   368,000

Others

 2,079,462

+   22,665

+  607,719

 2,151,549

Treasury cash holdings

       103

+        6

+       34

       101

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

   639,961

-   72,865

+  272,179

   617,072

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   432,335

-   79,139

+  317,218

   410,853

Foreign official

     8,436

+      999

+    1,532

     8,436

Other13

   199,190

+    5,275

-   46,571

   197,784

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

    15,347

Other liabilities and capital15

    35,230

-    3,234

-   14,585

    35,525

Total factors, other than reserve balances,
absorbing reserve funds

 5,433,325

-   52,300

+1,000,047

 5,483,673

Reserve balances with Federal Reserve Banks

 3,199,048

+   30,053

-1,076,758

 3,149,088

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

 3,306,631

-    5,540

-  139,088

 3,312,784

Marketable U.S. Treasury securities1

 2,895,286

-    5,023

-  145,008

 2,901,385

Federal agency debt and mortgage-backed securities2

   329,944

-       44

+    6,717

   329,947

Other securities3

    81,401

-      474

-      798

    81,453

Securities lent to dealers

    42,008

+    3,516

+    6,756

    44,528

Overnight facility4

    42,008

+    3,516

+    6,756

    44,528

U.S. Treasury securities

    41,987

+    3,510

+    6,735

    44,507

Federal agency debt securities

        21

+        6

+       21

        21

1.

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

2.

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

3.

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

4.

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

Loans1

     5,633

     1,532

         0

    12,118

         0

...

    19,283

U.S. Treasury securities2

Holdings

    42,464

   383,480

   727,025

 1,948,280

   949,005

 1,464,244

 5,514,496

Weekly changes

-   14,950

+    8,086

+    4,959

+      170

+      136

+      114

-    1,488

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         3

        44

     4,149

    50,967

 2,603,593

 2,658,756

Weekly changes

         0

+        2

         0

+      214

-       91

-      125

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    12,096

...

...

    12,096

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       974

        37

...

...

     1,010

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       199

         0

         0

         0

         0

         0

       199

Reverse repurchase agreements8

 2,519,549

         0

...

...

...

...

 2,519,549

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

    10,710

    12,104

    22,815

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,654

     5,562

TALF II LLC

     1,040

     1,010

       969

     1,980

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

     1,171

+       12

-       16

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

 8,483,769

-    5,305

-   69,979

Securities held outright1

 8,175,598

-    1,489

-    1,837

U.S. Treasury securities

 5,514,496

-    1,488

-   89,673

Bills2

   294,133

-    1,926

-   31,911

Notes and bonds, nominal2

 4,741,553

         0

-   86,477

Notes and bonds, inflation-indexed2

   377,416

         0

-    3,384

Inflation compensation3

   101,392

+      438

+   32,096

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,658,756

         0

+   87,838

Unamortized premiums on securities held outright5

   316,497

-      573

-   37,625

Unamortized discounts on securities held outright5

   -27,610

-      196

-   10,116

Repurchase agreements6

         0

         0

-        1

Loans7

    19,283

-    3,049

-   20,402

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-        2

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

    22,815

+       20

-    6,777

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,562

+        3

-    2,394

Net portfolio holdings of TALF II LLC8

     1,980

+        2

-      646

Items in process of collection

(0)

        94

-       17

+       12

Bank premises

       474

         0

-      909

Central bank liquidity swaps9

       199

-        5

-       73

Foreign currency denominated assets10

    18,157

+      319

-    2,268

Other assets11

    32,278

+    3,129

+    1,263

Total assets

(0)

 8,582,735

-    1,841

-   81,789

Liabilities

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

 2,245,879

-    1,777

+   75,151

Reverse repurchase agreements12

 2,519,549

+   23,043

+  732,322

Deposits

(0)

 3,766,165

-   19,215

-  868,974

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,149,093

+   96,858

-1,106,507

U.S. Treasury, General Account

   410,853

-  121,938

+  285,709

Foreign official

     8,436

+      999

+      799

Other13

(0)

   197,784

+    4,866

-   48,975

Deferred availability cash items

(0)

       269

-      906

+      100

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

    -6,270

-    3,196

-   15,616

Total liabilities

(0)

 8,540,940

-    2,051

-   82,928

Capital accounts

Capital paid in

    35,010

+      209

+    1,138

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,795

+      209

+    1,138

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

     1,171

        16

        23

       108

        43

       185

        62

       223

        22

        35

        87

       151

       217

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

 8,483,769

   169,674

 4,342,859

   194,643

   340,581

   590,003

   554,319

   579,154

   132,962

    64,474

   132,513

   434,244

   948,346

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,815

    22,815

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,562

         0

     5,562

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,980

         0

     1,980

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       199

         9

        69

         7

        19

        40

         6

         8

         4

         1

         2

         5

        29

Foreign currency denominated

assets4

    18,157

       782

     6,325

       673

     1,774

     3,640

       591

       688

       365

        91

       187

       436

     2,603

Other assets5

    32,846

       762

    15,623

       839

     1,352

     2,597

     2,234

     2,212

       624

       429

       793

     1,762

     3,619

Interdistrict settlement account

         0

+    7,644

+  233,905

-   47,678

-   40,221

+   23,460

+   17,031

-   37,773

-    8,686

-    3,951

-   21,453

-   27,006

-   95,270

Total assets

 8,582,735

   202,245

 4,611,616

   149,129

   304,312

   621,127

   576,490

   545,604

   125,753

    61,341

   112,569

   410,871

   861,679

Liabilities

Federal Reserve notes, net

 2,245,879

    77,473

   706,916

    54,723

   110,305

   163,687

   351,897

   122,107

    69,376

    32,654

    51,082

   191,072

   314,587

Reverse repurchase agreements6

 2,519,549

    50,441

 1,291,777

    57,882

   100,613

   175,579

   164,845

   172,236

    39,570

    17,865

    39,330

   129,176

   280,234

Deposits

 3,766,165

    61,320

 2,600,905

    34,849

    89,274

   273,804

    57,795

   250,264

    15,670

    10,431

    21,516

    89,504

   260,833

Depository institutions

 3,149,093

    61,309

 2,130,911

    34,848

    89,233

   273,320

    57,766

   104,015

    15,658

    10,343

    21,485

    89,397

   260,809

U.S. Treasury, General Account

   410,853

         0

   410,853

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     8,436

         2

     8,410

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   197,784

        10

    50,732

         0

        37

       475

        28

   146,248

        12

        88

        30

       106

        18

Earnings remittances due to the U.S. Treasury8

   -13,170

      -240

    -9,930

       -53

      -134

    -1,192

        54

    -1,012

        13

       -29

       -14

       -68

      -565

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

     7,169

        -1

     3,234

       217

       292

       799

       628

       532

       198

       164

       214

       286

       605

Total liabilities

 8,540,940

   200,445

 4,596,797

   147,619

   300,349

   612,676

   575,220

   544,128

   124,828

    61,085

   112,128

   409,970

   855,695

Capital

Capital paid in

    35,010

     1,507

    12,457

     1,258

     3,300

     7,090

     1,049

     1,219

       788

       221

       371

       738

     5,011

Surplus

     6,785

       292

     2,363

       252

       663

     1,361

       221

       257

       137

        34

        70

       163

       973

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 8,582,735

   202,245

 4,611,616

   149,129

   304,312

   621,127

   576,490

   545,604

   125,753

    61,341

   112,569

   410,871

   861,679

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

 2,615,559

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

   369,680

Federal Reserve notes to be collateralized

 2,245,879

Collateral held against Federal Reserve notes

 2,245,879

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,229,642

Other assets pledged

         0

Memo:

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

 8,175,598

Less: Face value of securities under reverse repurchase agreements

 2,736,588

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

 5,439,010

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.