Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 8,538,575

-   32,414

-  379,671

 8,525,931

Securities held outright1

 7,852,791

-   17,703

-  642,625

 7,843,852

U.S. Treasury securities

 5,265,462

-    8,788

-  498,192

 5,265,728

Bills2

   280,966

         0

-   45,078

   280,966

Notes and bonds, nominal2

 4,515,369

-    1,384

-  460,094

 4,515,412

Notes and bonds, inflation-indexed2

   365,411

-    6,636

-   15,451

   365,411

Inflation compensation3

   103,715

-      769

+   22,430

   103,939

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,584,982

-    8,915

-  144,434

 2,575,776

Unamortized premiums on securities held outright5

   302,684

-      824

-   39,070

   302,252

Unamortized discounts on securities held outright5

   -27,464

-      132

-    4,295

   -27,364

Repurchase agreements6

     7,857

-   17,143

+    7,857

         0

Foreign official

     7,857

-   17,143

+    7,857

         0

Others

         0

         0

         0

         0

Loans

   328,171

+    3,158

+  303,580

   334,130

Primary credit

    71,043

+    1,101

+   68,423

    73,855

Secondary credit

         0

         0

         0

         0

Seasonal credit

         4

+        2

+        2

         5

Paycheck Protection Program Liquidity Facility

     8,859

-      104

-   13,110

     8,573

Bank Term Funding Program

    76,476

+    2,986

+   76,476

    81,327

Other credit extensions7

   171,789

-      826

+  171,789

   170,370

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

    22,157

-      104

-    6,321

    22,179

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,610

+        2

-    1,046

     5,613

Net portfolio holdings of TALF II LLC8

     1,927

+        2

-      585

     1,929

Float

      -170

-       17

+       28

      -295

Central bank liquidity swaps9

       419

-       60

+      205

       418

Other Federal Reserve assets10

    44,592

+      406

+    2,600

    43,217

Foreign currency denominated assets11

    18,862

+        7

+       30

    18,952

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,695

+       14

+      728

    51,695

Total factors supplying reserve funds

 8,625,374

-   32,393

-  378,913

 8,612,819

Currency in circulation12

 2,321,981

-      619

+   52,356

 2,323,746

Reverse repurchase agreements13

 2,649,449

+   15,335

+  573,429

 2,638,805

Foreign official and international accounts

   362,187

-    4,273

+   79,868

   359,244

Others

 2,287,261

+   19,608

+  493,560

 2,279,561

Treasury cash holdings

       164

-        5

+       79

       185

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

   506,044

+  125,952

-  751,018

   505,693

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   291,702

+  125,147

-  652,626

   296,209

Foreign official

     9,684

-      103

+      776

     9,684

Other14

   204,658

+      909

-   99,169

   199,801

Treasury contributions to credit facilities15

    15,347

         0

-    5,911

    15,347

Other liabilities and capital16

    -3,268

-    5,561

-   51,522

    -3,056

Total factors, other than reserve balances,
absorbing reserve funds

 5,489,718

+  135,104

-  182,587

 5,480,720

Reserve balances with Federal Reserve Banks

 3,135,655

-  167,497

-  196,327

 3,132,099

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.

Securities held in custody for foreign official and international accounts

 3,370,786

+   33,119

-   90,844

 3,387,464

Marketable U.S. Treasury securities1

 2,950,627

+   34,542

-   89,378

 2,967,261

Federal agency debt and mortgage-backed securities2

   338,672

-    1,432

-    1,102

   338,637

Other securities3

    81,487

+        8

-      364

    81,567

Securities lent to dealers

    46,092

-      189

+    8,541

    42,809

Overnight facility4

    46,092

-      189

+    8,541

    42,809

U.S. Treasury securities

    46,076

-      189

+    8,525

    42,793

Federal agency debt securities

        16

         0

+       16

        16

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

   179,147

    66,066

    80,328

     8,588

         0

...

   334,130

U.S. Treasury securities2

Holdings

   103,847

   313,893

   664,899

 1,822,898

   879,586

 1,480,606

 5,265,728

Weekly changes

-    3,998

-      397

+    4,427

+      261

+      201

+      165

+      658

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

        18

     7,754

    45,862

 2,522,140

 2,575,776

Weekly changes

         0

-        2

-        5

-      220

-      576

-   16,464

-   17,266

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    11,063

...

...

    11,063

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

        55

       855

         0

...

...

       911

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       418

         0

         0

         0

         0

         0

       418

Reverse repurchase agreements8

 2,638,805

         0

...

...

...

...

 2,638,805

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), 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.

Mortgage-backed securities held outright1

 2,575,776

Residential mortgage-backed securities

 2,567,367

Commercial mortgage-backed securities

     8,409

Commitments to buy mortgage-backed securities2

        90

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)

    10,296

    10,021

    12,158

    22,179

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,705

     5,613

TALF II LLC

       958

       911

     1,018

     1,929

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

     1,301

-        8

+       20

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

 8,452,870

-   29,079

-  371,171

Securities held outright1

 7,843,852

-   16,607

-  637,520

U.S. Treasury securities

 5,265,728

+      658

-  498,285

Bills2

   280,966

         0

-   45,078

Notes and bonds, nominal2

 4,515,412

+       50

-  460,051

Notes and bonds, inflation-indexed2

   365,411

         0

-   15,451

Inflation compensation3

   103,939

+      609

+   22,295

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,575,776

-   17,266

-  139,236

Unamortized premiums on securities held outright5

   302,252

-    1,028

-   38,846

Unamortized discounts on securities held outright5

   -27,364

-      116

-    4,224

Repurchase agreements6

         0

-   20,000

         0

Loans7

   334,130

+    8,672

+  309,419

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

    22,179

+       25

-    6,307

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,613

+        3

-    1,044

Net portfolio holdings of TALF II LLC8

     1,929

+        2

-      584

Items in process of collection

(0)

        52

         0

-       23

Bank premises

       453

-        1

-      168

Central bank liquidity swaps9

       418

-       62

+      204

Foreign currency denominated assets10

    18,952

+      167

+      322

Other assets11

    42,764

-    1,544

+    2,321

Total assets

(0)

 8,562,768

-   30,495

-  376,431

Liabilities

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

 2,273,532

+      685

+   52,564

Reverse repurchase agreements12

 2,638,805

-   27,538

+  547,242

Deposits

(0)

 3,637,793

+    1,778

-  920,091

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,132,100

-   32,791

-  195,451

U.S. Treasury, General Account

   296,209

+   31,114

-  661,210

Foreign official

     9,684

         0

-      221

Other13

(0)

   199,801

+    3,455

-   63,209

Deferred availability cash items

(0)

       347

+      125

-      380

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

   -45,261

-    5,548

-   50,800

Total liabilities

(0)

 8,520,563

-   30,498

-  377,376

Capital accounts

Capital paid in

    35,420

+        3

+      946

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,205

+        3

+      946

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.

Assets

Gold certificates and special drawing rights certificates

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,301

        23

        38

       114

        39

       184

        93

       243

        26

        39

        88

       156

       257

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

 8,452,870

   159,041

 4,587,917

   134,733

   252,629

   568,714

   553,338

   508,688

   124,160

    62,543

   114,728

   403,419

   982,963

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,179

    22,179

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,613

         0

     5,613

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,929

         0

     1,929

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       418

        18

       149

        15

        39

        85

        13

        15

         9

         3

         4

         9

        60

Foreign currency denominated

assets4

    18,952

       816

     6,744

       681

     1,787

     3,837

       568

       660

       427

       120

       201

       400

     2,712

Other assets5

    43,270

       930

    22,734

       793

     1,362

     3,225

     2,809

     2,549

       737

       498

       885

     2,102

     4,645

Interdistrict settlement account

         0

+   14,189

-  164,733

-    6,165

+   34,581

+  220,107

+   33,965

+    4,266

-    1,496

-    1,204

-    8,007

+    2,556

-  128,058

Total assets

 8,562,768

   197,752

 4,465,564

   130,697

   291,189

   797,339

   593,073

   517,524

   124,342

    62,261

   108,351

   409,931

   864,744

Liabilities

Federal Reserve notes, net

 2,273,532

    77,575

   724,354

    52,317

   111,248

   173,234

   356,212

   123,623

    68,842

    32,469

    48,439

   189,384

   315,836

Reverse repurchase agreements6

 2,638,805

    50,981

 1,473,641

    43,491

    81,091

   183,633

   178,764

   164,494

    39,475

    17,892

    34,117

   128,660

   242,566

Deposits

 3,637,793

    56,329

 2,282,356

    33,532

    95,816

   436,850

    56,174

   231,063

    14,995

    11,630

    25,325

    91,659

   302,063

Depository institutions

 3,132,100

    56,319

 1,923,142

    33,531

    95,783

   436,388

    56,147

    85,455

    14,989

    11,520

    25,293

    91,495

   302,041

U.S. Treasury, General Account

   296,209

         0

   296,209

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,684

         2

     9,658

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   199,801

         8

    53,348

         0

        29

       454

        26

   145,607

         6

       110

        32

       163

        16

Earnings remittances due to the U.S. Treasury8

   -52,496

      -997

   -36,767

      -316

    -1,173

    -5,873

         0

    -4,129

       -58

      -105

      -151

      -802

    -2,125

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

     7,582

       613

     3,226

       166

       247

     1,012

       623

       474

       131

       107

       166

       240

       575

Total liabilities

 8,520,563

   195,953

 4,450,705

   129,191

   287,230

   788,857

   591,773

   515,525

   123,384

    61,994

   107,896

   409,140

   858,915

Capital

Capital paid in

    35,420

     1,507

    12,446

     1,262

     3,319

     7,108

     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

 8,562,768

   197,752

 4,465,564

   130,697

   291,189

   797,339

   593,073

   517,524

   124,342

    62,261

   108,351

   409,931

   864,744

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).

Federal Reserve notes outstanding

 2,639,717

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

   366,186

Federal Reserve notes to be collateralized

 2,273,532

Collateral held against Federal Reserve notes

 2,273,532

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,257,295

Other assets pledged

         0

Memo:

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

 7,843,852

Less: Face value of securities under reverse repurchase agreements

 2,781,447

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

 5,062,405

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.