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

March 2, 2023

Reserve Bank credit

 8,332,390

-   16,356

-  534,046

 8,303,513

Securities held outright1

 7,974,318

-   15,003

-  467,939

 7,948,534

U.S. Treasury securities

 5,356,098

-    8,298

-  388,683

 5,336,147

Bills2

   285,021

         0

-   41,023

   285,021

Notes and bonds, nominal2

 4,595,167

-    8,563

-  361,257

 4,573,742

Notes and bonds, inflation-indexed2

   375,564

+      585

-   11,273

   377,024

Inflation compensation3

   100,346

-      320

+   24,870

   100,360

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,615,873

-    6,705

-   79,257

 2,610,040

Unamortized premiums on securities held outright5

   307,925

-      806

-   40,452

   307,553

Unamortized discounts on securities held outright5

   -27,881

-      165

-    7,488

   -27,900

Repurchase agreements6

         1

+        1

+        1

         0

Foreign official

         0

         0

         0

         0

Others

         1

+        1

+        1

         0

Loans

    15,381

-      214

-   12,517

    15,067

Primary credit

     4,619

-      120

+    3,054

     4,362

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    10,763

-       93

-   15,569

    10,705

Other credit extensions

         0

         0

         0

         0

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

    22,391

+        8

-    6,599

    22,408

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,590

+        3

-    1,510

     5,592

Net portfolio holdings of TALF II LLC7

     1,949

-        2

-      586

     1,939

Float

      -354

-      200

+      207

      -160

Central bank liquidity swaps8

       418

+       25

+      193

       419

Other Federal Reserve assets9

    32,651

-        4

+    2,644

    30,062

Foreign currency denominated assets10

    18,300

-      169

-    1,871

    18,406

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,583

+       14

+      728

    51,583

Total factors supplying reserve funds

 8,418,514

-   16,512

-  535,190

 8,389,743

Currency in circulation11

 2,302,133

+    1,501

+   59,680

 2,304,348

Reverse repurchase agreements12

 2,514,277

+  100,632

+  671,016

 2,500,611

Foreign official and international accounts

   363,097

+   11,026

+  110,644

   366,661

Others

 2,151,180

+   89,606

+  560,372

 2,133,950

Treasury cash holdings

       105

+        3

+       72

       115

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

   577,896

-   94,421

-  377,038

   530,722

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   381,245

-   96,088

-  301,658

   351,015

Foreign official

     9,437

+        1

-      532

     9,438

Other13

   187,215

+    1,667

-   74,847

   170,270

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

    15,347

Other liabilities and capital15

    10,453

-    5,952

-   36,594

    10,633

Total factors, other than reserve balances,
absorbing reserve funds

 5,420,211

+    1,762

+  311,224

 5,361,776

Reserve balances with Federal Reserve Banks

 2,998,303

-   18,274

-  846,413

 3,027,967

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

 3,352,932

+      253

-  100,055

 3,349,624

Marketable U.S. Treasury securities1

 2,943,316

-      928

-  100,465

 2,940,082

Federal agency debt and mortgage-backed securities2

   327,672

+    1,192

+      373

   327,611

Other securities3

    81,945

-       10

+       38

    81,932

Securities lent to dealers

    47,420

+   10,752

+    8,322

    49,950

Overnight facility4

    47,420

+   10,752

+    8,322

    49,950

U.S. Treasury securities

    47,406

+   10,752

+    8,308

    49,936

Federal agency debt securities

        14

         0

+       14

        14

1.

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

2.

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

3.

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

4.

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

Loans1

     3,247

     1,122

         0

    10,699

         0

...

    15,067

U.S. Treasury securities2

Holdings

    41,569

   327,092

   712,124

 1,869,178

   908,370

 1,477,814

 5,336,147

Weekly changes

-   59,767

-    4,233

+   40,754

-    4,768

-    5,531

+    5,400

-   28,144

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         2

        23

     7,842

    47,678

 2,554,495

 2,610,040

Weekly changes

-        1

-        1

-        6

-      141

-      595

-    9,464

-   10,208

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    11,418

...

...

    11,418

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       936

         0

...

...

       936

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       419

         0

         0

         0

         0

         0

       419

Reverse repurchase agreements8

 2,500,611

         0

...

...

...

...

 2,500,611

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

 2,610,040

Residential mortgage-backed securities

 2,601,598

Commercial mortgage-backed securities

     8,442

Commitments to buy mortgage-backed securities2

        75

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         0

1.

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

2.

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

3.

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

MS Facilities LLC (Main Street Lending Program)

    10,705

    10,354

    12,053

    22,408

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,684

     5,592

TALF II LLC

       981

       936

     1,003

     1,939

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 December 31, 2022.

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

    a one-day lag after the transaction date.

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

3.

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

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,306

+        4

+       23

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

 8,243,254

-   39,795

-  555,127

Securities held outright1

 7,948,534

-   38,353

-  494,277

U.S. Treasury securities

 5,336,147

-   28,144

-  412,959

Bills2

   285,021

         0

-   41,023

Notes and bonds, nominal2

 4,573,742

-   29,995

-  385,344

Notes and bonds, inflation-indexed2

   377,024

+    2,045

-   11,209

Inflation compensation3

   100,360

-      194

+   24,618

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,610,040

-   10,208

-   81,318

Unamortized premiums on securities held outright5

   307,553

-      896

-   40,500

Unamortized discounts on securities held outright5

   -27,900

-      251

-    7,496

Repurchase agreements6

         0

         0

-        1

Loans7

    15,067

-      296

-   12,853

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

    22,408

+       22

-    6,588

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,592

+        3

-    1,509

Net portfolio holdings of TALF II LLC8

     1,939

-       14

-      587

Items in process of collection

(0)

        63

+        8

+        3

Bank premises

       469

-       18

-      899

Central bank liquidity swaps9

       419

+       26

+      194

Foreign currency denominated assets10

    18,406

+        7

-    1,736

Other assets11

    29,593

-    2,747

+    1,456

Total assets

(0)

 8,339,684

-   42,506

-  564,771

Liabilities

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

 2,254,181

+    2,284

+   55,245

Reverse repurchase agreements12

 2,500,611

+   29,254

+  724,959

Deposits

(0)

 3,558,690

-   68,696

-1,301,485

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,027,967

+   44,409

-  891,517

U.S. Treasury, General Account

   351,015

-  100,292

-  334,476

Foreign official

     9,438

+        3

+    3,154

Other13

(0)

   170,270

-   12,816

-   78,646

Deferred availability cash items

(0)

       223

-      129

-      484

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

   -31,909

-    5,223

-   38,527

Total liabilities

(0)

 8,297,142

-   42,511

-  566,204

Capital accounts

Capital paid in

    35,757

+        6

+    1,433

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,542

+        6

+    1,433

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 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

     1,306

        20

        35

       117

        46

       198

        88

       240

        26

        38

        90

       167

       242

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

 8,243,254

   165,160

 4,221,271

   189,067

   331,030

   573,486

   538,558

   562,920

   129,281

    62,166

   128,858

   422,000

   919,457

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,408

    22,408

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,592

         0

     5,592

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,939

         0

     1,939

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       419

        18

       146

        16

        41

        84

        14

        16

         8

         2

         4

        10

        60

Foreign currency denominated

assets4

    18,406

       793

     6,412

       683

     1,799

     3,690

       599

       698

       370

        93

       190

       442

     2,638

Other assets5

    30,124

       706

    14,547

       754

     1,202

     2,371

     1,942

     1,947

       778

       407

       740

     1,557

     3,173

Interdistrict settlement account

         0

-    1,036

+  181,896

-   46,006

-   27,996

+   60,501

+   25,573

-   59,186

-    8,840

-      166

-   20,550

-   20,952

-   83,238

Total assets

 8,339,684

   188,613

 4,437,107

   145,166

   306,885

   641,533

   569,020

   507,727

   122,086

    62,803

   109,772

   404,502

   844,469

Liabilities

Federal Reserve notes, net

 2,254,181

    77,295

   709,226

    53,810

   110,390

   173,750

   351,580

   125,936

    68,234

    32,440

    48,519

   189,110

   313,891

Reverse repurchase agreements6

 2,500,611

    50,062

 1,282,067

    57,447

    99,857

   174,259

   163,606

   170,941

    39,273

    17,731

    39,035

   128,205

   278,128

Deposits

 3,558,690

    48,312

 2,450,863

    32,478

    93,182

   287,814

    52,193

   211,418

    13,552

    12,334

    21,716

    86,723

   248,105

Depository institutions

 3,027,967

    48,304

 2,037,514

    32,477

    93,152

   287,071

    52,165

    95,175

    13,545

    12,212

    21,686

    86,593

   248,075

U.S. Treasury, General Account

   351,015

         0

   351,015

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,438

         2

     9,411

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   170,270

         6

    52,923

         0

        26

       735

        27

   116,242

         6

       122

        30

       129

        24

Earnings remittances due to the U.S. Treasury8

   -38,181

      -717

   -26,930

      -232

      -719

    -3,378

      -132

    -3,009

       -56

       -73

      -121

      -542

    -2,272

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

     6,494

       408

     3,082

       157

       220

       609

       473

       442

       129

       105

       167

       217

       487

Total liabilities

 8,297,142

   186,812

 4,422,203

   143,660

   302,929

   633,054

   567,719

   505,728

   121,131

    62,536

   109,317

   403,713

   838,339

Capital

Capital paid in

    35,757

     1,509

    12,490

     1,262

     3,316

     7,105

     1,098

     1,763

       802

       224

       383

       647

     5,160

Surplus

     6,785

       292

     2,414

       244

       640

     1,374

       203

       236

       153

        43

        72

       143

       971

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 8,339,684

   188,613

 4,437,107

   145,166

   306,885

   641,533

   569,020

   507,727

   122,086

    62,803

   109,772

   404,502

   844,469

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 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 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

 2,632,341

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

   378,160

Federal Reserve notes to be collateralized

 2,254,181

Collateral held against Federal Reserve notes

 2,254,181

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,237,944

Other assets pledged

         0

Memo:

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

 7,948,534

Less: Face value of securities under reverse repurchase agreements

 2,734,707

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

 5,213,827

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.