Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1

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Release Date: April 13, 2023

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

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Apr 12, 2023
	Week ended Apr 12, 2023	Change from week ended
	Week ended Apr 12, 2023	Apr 5, 2023	Apr 13, 2022
Reserve Bank credit	8,586,475	- 12,692	- 319,639	8,578,046
Securities held outright1	7,877,511	- 6,268	- 605,424	7,877,741
U.S. Treasury securities	5,280,684	- 6,268	- 481,002	5,280,914
Bills2	280,966	0	- 45,078	280,966
Notes and bonds, nominal2	4,517,796	- 6,977	- 446,083	4,517,796
Notes and bonds, inflation-indexed2	377,024	0	- 13,816	377,024
Inflation compensation3	104,897	+ 708	+ 23,974	105,127
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,594,480	0	- 124,422	2,594,480
Unamortized premiums on securities held outright5	304,056	- 617	- 39,725	303,880
Unamortized discounts on securities held outright5	-27,402	+ 81	- 5,742	-27,314
Repurchase agreements6	34,286	- 10,000	+ 34,277	30,000
Foreign official	34,286	- 10,000	+ 34,286	30,000
Others	0	0	- 9	0
Loans	326,597	+ 247	+ 303,337	321,087
Primary credit	67,921	- 3,117	+ 67,478	67,633
Secondary credit	0	0	0	0
Seasonal credit	1	+ 1	+ 1	1
Paycheck Protection Program Liquidity Facility	9,068	- 198	- 13,749	9,000
Bank Term Funding Program	76,707	+ 8,551	+ 76,707	71,837
Other credit extensions7	172,900	- 4,989	+ 172,900	172,615
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8	22,330	+ 18	- 6,547	22,351
Net portfolio holdings of Municipal Liquidity Facility LLC8	5,605	+ 2	- 1,049	5,607
Net portfolio holdings of TALF II LLC8	1,924	- 2	- 587	1,925
Float	-174	+ 208	- 41	-250
Central bank liquidity swaps9	484	- 71	+ 251	484
Other Federal Reserve assets10	41,259	+ 3,710	+ 1,613	42,535
Foreign currency denominated assets11	18,850	- 48	- 350	18,898
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding12	51,667	+ 14	+ 728	51,667

Total factors supplying reserve funds	8,673,234	- 12,725	- 319,261	8,664,852

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Apr 12, 2023
	Week ended Apr 12, 2023	Change from week ended
	Week ended Apr 12, 2023	Apr 5, 2023	Apr 13, 2022
Currency in circulation12	2,323,990	+ 712	+ 53,783	2,324,274
Reverse repurchase agreements13	2,592,075	- 66,476	+ 590,258	2,676,727
Foreign official and international accounts	372,735	+ 11,389	+ 123,896	372,865
Others	2,219,340	- 77,866	+ 466,362	2,303,862
Treasury cash holdings	168	+ 1	+ 92	170
Deposits with F.R. Banks, other than reserve balances	326,574	- 64,041	- 500,919	299,511
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	109,208	- 59,585	- 438,100	86,554
Foreign official	10,267	+ 622	+ 2,405	9,758
Other14	207,098	- 5,078	- 65,225	203,199
Treasury contributions to credit facilities15	15,347	0	- 5,911	15,347
Other liabilities and capital16	1,092	- 4,851	- 46,907	1,269

Total factors, other than reserve balances, absorbing reserve funds	5,259,245	- 134,656	+ 90,394	5,317,299

Reserve balances with Federal Reserve Banks	3,413,989	+ 121,931	- 409,655	3,347,553

Note: Components may not sum to totals because of rounding.

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 loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral and the FDIC provides repayment guarantees.
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.	Includes bank premises, accrued interest, and other accounts receivable.
11.	Revalued daily at current foreign currency exchange rates.
12.	Estimated.
13.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
14.	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.
15.	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.
16.	Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Apr 12, 2023
	Week ended Apr 12, 2023	Change from week ended
	Week ended Apr 12, 2023	Apr 5, 2023	Apr 13, 2022
Securities held in custody for foreign official and international accounts	3,330,948	+ 11,731	- 130,040	3,334,735
Marketable U.S. Treasury securities1	2,910,038	+ 11,972	- 140,218	2,913,806
Federal agency debt and mortgage-backed securities2	340,167	+ 70	+ 11,434	340,167
Other securities3	80,743	- 311	- 1,256	80,761
Securities lent to dealers	47,709	- 2,323	+ 2,966	47,334
Overnight facility4	47,709	- 2,323	+ 2,966	47,334
U.S. Treasury securities	47,682	- 2,341	+ 2,939	47,318
Federal agency debt securities	28	+ 19	+ 28	16

Note: Components may not sum to totals because of rounding.

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.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, April 12, 2023

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	178,388	62,717	70,987	8,994	0	...	321,087
U.S. Treasury securities2
Holdings	66,708	354,431	644,689	1,843,220	892,742	1,479,124	5,280,914
Weekly changes	- 673	+ 1,416	- 709	+ 257	+ 171	+ 165	+ 627
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	23	7,995	46,826	2,539,633	2,594,480
Weekly changes	0	0	0	0	0	0	0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)5	0	0	0	11,114	...	...	11,114
Municipal notes held by Municipal
Liquidity Facility LLC6	0	0	2,907	0	...	...	2,907
Loans held by TALF II LLC7	0	0	927	0	...	...	927
Repurchase agreements8	30,000	0	...	...	...	...	30,000
Central bank liquidity swaps9	484	0	0	0	0	0	484
Reverse repurchase agreements8	2,676,727	0	...	...	...	...	2,676,727
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

1.	Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, 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. Additionally, the Within 15 days category includes loans to FDIC-established depository institutions that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, collateral securing the loans, and the FDIC repayment guarantees. 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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Apr 12, 2023
Mortgage-backed securities held outright1	2,594,480
Residential mortgage-backed securities	2,586,046
Commercial mortgage-backed securities	8,434

Commitments to buy mortgage-backed securities2	165
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.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday Apr 12, 2023
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities LLC (Main Street Lending Program)	10,514	10,071	12,280	22,351
Municipal Liquidity Facility LLC	2,907	2,907	2,700	5,607
TALF II LLC	958	927	998	1,925

Note: Components may not sum to totals because of rounding.

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.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Apr 12, 2023	Change since
			Wednesday	Wednesday
			Apr 5, 2023	Apr 13, 2022
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,309	+ 11	+ 19
Securities, unamortized premiums and discounts, repurchase agreements, and loans		8,505,394	- 21,203	- 344,154
Securities held outright1		7,877,741	+ 627	- 626,845
U.S. Treasury securities		5,280,914	+ 627	- 481,140
Bills2		280,966	0	- 45,078
Notes and bonds, nominal2		4,517,796	0	- 446,083
Notes and bonds, inflation-indexed2		377,024	0	- 13,816
Inflation compensation3		105,127	+ 627	+ 23,835
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,594,480	0	- 145,705
Unamortized premiums on securities held outright5		303,880	- 515	- 39,679
Unamortized discounts on securities held outright5		-27,314	+ 48	- 5,458
Repurchase agreements6		30,000	- 10,000	+ 29,999
Loans7		321,087	- 11,362	+ 297,829
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8		22,351	+ 25	- 6,535
Net portfolio holdings of Municipal Liquidity Facility LLC8		5,607	+ 3	- 1,048
Net portfolio holdings of TALF II LLC8		1,925	+ 2	- 587
Items in process of collection	(0)	58	+ 4	- 28
Bank premises		453	0	- 664
Central bank liquidity swaps9		484	+ 6	+ 251
Foreign currency denominated assets10		18,898	- 37	- 254
Other assets11		42,082	+ 3,603	+ 2,309

Total assets	(0)	8,614,797	- 17,587	- 350,690

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Apr 12, 2023	Change since
			Wednesday	Wednesday
			Apr 5, 2023	Apr 13, 2022
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,274,081	- 79	+ 52,444
Reverse repurchase agreements12		2,676,727	+ 77,324	+ 606,395
Deposits	(0)	3,647,064	- 89,258	- 956,085
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,347,553	- 33,798	- 445,766
U.S. Treasury, General Account		86,554	- 54,134	- 456,982
Foreign official		9,758	+ 77	+ 586
Other13	(0)	203,199	- 1,404	- 53,923
Deferred availability cash items	(0)	308	- 263	+ 38
Treasury contributions to credit facilities14		15,347	0	- 5,911
Other liabilities and accrued dividends15		-40,933	- 5,311	- 48,555

Total liabilities	(0)	8,572,595	- 17,587	- 351,674

Capital accounts
Capital paid in		35,417	0	+ 984
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		42,202	0	+ 984

Note: Components may not sum to totals because of rounding.

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, Bank Term Funding Program, 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.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, April 12, 2023

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
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	1,309	22	39	117	43	189	88	242	25	39	88	160	256
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	8,505,394	165,754	4,252,390	188,704	329,865	572,853	538,022	561,661	131,017	65,260	134,181	426,005	1,139,681
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2	22,351	22,351	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC2	5,607	0	5,607	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC2	1,925	0	1,925	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	484	21	172	17	46	98	14	17	11	3	5	10	69
Foreign currency denominated
assets4	18,898	813	6,725	679	1,782	3,826	567	658	425	119	201	398	2,704
Other assets5	42,593	948	20,815	1,024	1,688	3,211	2,715	2,754	759	518	947	2,175	5,038
Interdistrict settlement account	0	+ 4,431	- 45,930	- 35,985	+ 6,598	+ 259,171	+ 54,387	- 16,799	- 4,228	+ 156	- 20,524	+ 5,760	- 207,036

Total assets	8,614,797	194,885	4,247,013	155,094	340,785	840,551	598,040	549,625	128,470	66,358	115,338	435,788	942,849

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, April 12, 2023 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,274,081	77,859	720,681	52,829	111,767	174,356	355,571	124,788	68,729	32,569	47,921	189,655	317,358
Reverse repurchase agreements6	2,676,727	53,588	1,372,362	61,493	106,889	186,532	175,129	182,980	42,039	18,979	41,784	137,235	297,716
Deposits	3,647,064	50,532	2,166,006	39,365	118,924	475,235	65,442	243,156	16,657	14,533	25,161	108,553	323,500
Depository institutions	3,347,553	50,522	2,014,380	39,363	118,892	474,504	65,411	96,287	16,648	14,484	25,130	108,459	323,473
U.S. Treasury, General Account	86,554	0	86,554	0	0	0	0	0	0	0	0	0	0
Foreign official	9,758	2	9,732	1	4	8	1	1	1	0	0	1	6
Other7	203,199	8	55,340	0	28	723	30	146,867	8	49	30	93	22
Earnings remittances due to the U.S. Treasury8	-48,337	-913	-34,073	-270	-1,026	-5,130	9	-3,782	-45	-99	-145	-698	-2,165
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	7,711	567	3,283	170	272	1,079	589	483	133	109	162	253	611

Total liabilities	8,572,595	193,086	4,232,153	153,588	336,827	832,071	596,739	547,626	127,513	66,091	114,883	434,998	937,020

Capital
Capital paid in	35,417	1,507	12,446	1,262	3,319	7,106	1,098	1,763	805	224	383	648	4,858
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	8,614,797	194,885	4,247,013	155,094	340,785	840,551	598,040	549,625	128,470	66,358	115,338	435,788	942,849

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, April 12, 2023 (continued)

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, Bank Term Funding Program, 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).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Apr 12, 2023
Federal Reserve notes outstanding	2,635,634
Less: Notes held by F.R. Banks not subject to collateralization	361,552
Federal Reserve notes to be collateralized	2,274,081
Collateral held against Federal Reserve notes	2,274,081
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,257,845
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	7,907,741
Less: Face value of securities under reverse repurchase agreements	2,809,699
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,098,042

Note: Components may not sum to totals because of rounding.

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.

Last Update: April 13, 2023