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

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Release Date: May 11, 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 May 10, 2023
	Week ended May 10, 2023	Change from week ended
	Week ended May 10, 2023	May 3, 2023	May 11, 2022
Reserve Bank credit	8,460,614	- 42,975	- 444,025	8,466,412
Securities held outright1	7,801,075	- 24,473	- 682,405	7,801,273
U.S. Treasury securities	5,222,948	- 24,473	- 543,165	5,223,146
Bills2	280,977	+ 11	- 45,067	281,041
Notes and bonds, nominal2	4,471,870	- 24,881	- 503,593	4,471,870
Notes and bonds, inflation-indexed2	365,433	+ 22	- 15,429	365,436
Inflation compensation3	104,668	+ 376	+ 20,924	104,799
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,575,780	0	- 139,241	2,575,780
Unamortized premiums on securities held outright5	301,362	- 532	- 38,829	301,158
Unamortized discounts on securities held outright5	-27,441	- 35	- 4,015	-27,355
Repurchase agreements6	9	+ 9	+ 9	25
Foreign official	0	0	0	0
Others	9	+ 9	+ 9	25
Loans	309,035	- 20,596	+ 286,850	313,360
Primary credit	4,621	- 46,078	+ 3,466	9,323
Secondary credit	0	0	0	0
Seasonal credit	5	+ 2	+ 3	5
Paycheck Protection Program Liquidity Facility	8,450	- 95	- 12,578	8,400
Bank Term Funding Program	81,520	+ 3,201	+ 81,520	83,101
Other credit extensions7	214,439	+ 22,373	+ 214,439	212,531
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8	22,240	+ 18	- 6,402	22,260
Net portfolio holdings of Municipal Liquidity Facility LLC8	5,616	+ 2	- 1,043	5,618
Net portfolio holdings of TALF II LLC8	1,899	- 3	- 566	1,900
Float	-161	+ 317	- 27	-159
Central bank liquidity swaps9	422	+ 12	+ 200	422
Other Federal Reserve assets10	46,559	+ 2,306	+ 2,203	47,911
Foreign currency denominated assets11	18,858	+ 21	+ 333	18,826
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding12	51,723	+ 14	+ 728	51,723

Total factors supplying reserve funds	8,547,436	- 42,941	- 442,965	8,553,203

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 May 10, 2023
	Week ended May 10, 2023	Change from week ended
	Week ended May 10, 2023	May 3, 2023	May 11, 2022
Currency in circulation12	2,330,201	+ 5,314	+ 57,558	2,332,909
Reverse repurchase agreements13	2,600,766	- 77,576	+ 452,917	2,618,178
Foreign official and international accounts	381,015	- 9,387	+ 94,552	385,029
Others	2,219,751	- 68,189	+ 358,365	2,233,149
Treasury cash holdings	204	+ 17	+ 122	209
Deposits with F.R. Banks, other than reserve balances	411,645	- 72,342	- 798,039	368,158
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	197,666	- 71,550	- 747,992	154,808
Foreign official	9,678	- 7	+ 2,172	9,684
Other14	204,300	- 786	- 52,220	203,666
Treasury contributions to credit facilities15	15,347	0	- 5,911	15,347
Other liabilities and capital16	-7,156	- 5,076	- 57,489	-6,910

Total factors, other than reserve balances, absorbing reserve funds	5,351,007	- 149,664	- 350,842	5,327,892

Reserve balances with Federal Reserve Banks	3,196,429	+ 106,723	- 92,123	3,225,311

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 that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged 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 May 10, 2023
	Week ended May 10, 2023	Change from week ended
	Week ended May 10, 2023	May 3, 2023	May 11, 2022
Securities held in custody for foreign official and international accounts	3,381,547	+ 8,705	- 40,850	3,382,060
Marketable U.S. Treasury securities1	2,960,629	+ 7,979	- 60,332	2,960,810
Federal agency debt and mortgage-backed securities2	339,239	+ 590	+ 20,426	339,525
Other securities3	81,679	+ 137	- 945	81,725
Securities lent to dealers	41,415	- 3,936	- 514	44,759
Overnight facility4	41,415	- 3,936	- 514	44,759
U.S. Treasury securities	41,399	- 3,936	- 530	44,743
Federal agency debt securities	16	0	+ 16	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, May 10, 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	215,493	7,538	81,909	8,420	0	...	313,360
U.S. Treasury securities2
Holdings	103,153	286,705	657,905	1,821,980	871,395	1,482,009	5,223,146
Weekly changes	- 4,460	+ 4,118	+ 436	+ 162	+ 111	+ 96	+ 462
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	19	8,590	45,151	2,522,017	2,575,780
Weekly changes	0	0	0	0	+ 128	- 128	0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)5	0	0	0	10,940	...	...	10,940
Municipal notes held by Municipal
Liquidity Facility LLC6	0	0	2,907	0	...	...	2,907
Loans held by TALF II LLC7	0	55	824	0	...	...	879
Repurchase agreements8	25	0	...	...	...	...	25
Central bank liquidity swaps9	422	0	0	0	0	0	422
Reverse repurchase agreements8	2,618,178	0	...	...	...	...	2,618,178
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 depository institutions (including FDIC-established depository institutions) that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, pledged 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	May 10, 2023
Mortgage-backed securities held outright1	2,575,780
Residential mortgage-backed securities	2,567,371
Commercial mortgage-backed securities	8,409

Commitments to buy mortgage-backed securities2	101
Commitments to sell mortgage-backed securities2	15

Cash and cash equivalents3	1

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 May 10, 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)	10,296	9,930	12,330	22,260
Municipal Liquidity Facility LLC	2,907	2,907	2,711	5,618
TALF II LLC	927	879	1,021	1,900

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 March 31, 2023.
	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 May 10, 2023	Change since
			Wednesday	Wednesday
			May 3, 2023	May 11, 2022
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,295	+ 4	+ 11
Securities, unamortized premiums and discounts, repurchase agreements, and loans		8,388,461	- 4,538	- 433,885
Securities held outright1		7,801,273	+ 461	- 682,720
U.S. Treasury securities		5,223,146	+ 462	- 543,479
Bills2		281,041	+ 75	- 45,003
Notes and bonds, nominal2		4,471,870	0	- 503,593
Notes and bonds, inflation-indexed2		365,436	+ 25	- 15,426
Inflation compensation3		104,799	+ 362	+ 20,543
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,575,780	0	- 139,241
Unamortized premiums on securities held outright5		301,158	- 525	- 38,829
Unamortized discounts on securities held outright5		-27,355	- 22	- 3,954
Repurchase agreements6		25	+ 25	+ 25
Loans7		313,360	- 4,477	+ 291,594
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8		22,260	+ 23	- 6,391
Net portfolio holdings of Municipal Liquidity Facility LLC8		5,618	+ 3	- 1,042
Net portfolio holdings of TALF II LLC8		1,900	+ 2	- 566
Items in process of collection	(0)	88	+ 28	+ 24
Bank premises		447	+ 6	- 173
Central bank liquidity swaps9		422	+ 12	+ 200
Foreign currency denominated assets10		18,826	- 46	+ 309
Other assets11		47,463	+ 3,529	+ 2,521

Total assets	(0)	8,503,017	- 977	- 438,991

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 May 10, 2023	Change since
			Wednesday	Wednesday
			May 3, 2023	May 11, 2022
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,282,686	+ 4,320	+ 58,653
Reverse repurchase agreements12		2,618,178	- 22,773	+ 443,415
Deposits	(0)	3,593,469	+ 22,734	- 879,158
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,225,311	+ 59,075	- 70,370
U.S. Treasury, General Account		154,808	- 33,501	- 764,523
Foreign official		9,684	+ 8	+ 2,249
Other13	(0)	203,666	- 2,848	- 46,514
Deferred availability cash items	(0)	247	- 308	+ 5
Treasury contributions to credit facilities14		15,347	0	- 5,911
Other liabilities and accrued dividends15		-49,313	- 5,148	- 56,785

Total liabilities	(0)	8,460,614	- 1,175	- 439,780

Capital accounts
Capital paid in		35,618	+ 198	+ 789
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		42,403	+ 198	+ 789

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, May 10, 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	557	5,175	525	752	1,187	2,287	1,104	479	264	452	1,290	2,165
Coin	1,295	21	36	115	39	178	95	246	27	39	89	157	252
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	8,388,461	158,960	4,560,082	134,509	251,510	566,517	551,604	507,653	123,541	62,939	112,690	402,291	956,163
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2	22,260	22,260	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC2	5,618	0	5,618	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC2	1,900	0	1,900	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	422	18	150	15	40	85	13	15	9	3	4	9	60
Foreign currency denominated
assets4	18,826	810	6,699	676	1,775	3,812	564	655	424	119	200	397	2,694
Other assets5	47,998	1,013	25,097	861	1,475	3,519	3,129	2,812	947	544	893	2,315	5,393
Interdistrict settlement account	0	+ 8,742	- 267,954	- 1,221	+ 49,574	+ 249,127	+ 34,851	+ 13,690	- 198	- 2,170	- 5,742	+ 3,811	- 82,511

Total assets	8,503,017	192,382	4,336,803	135,480	305,166	824,426	592,544	526,176	125,229	61,739	108,587	410,270	884,215

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, May 10, 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	2,282,686	78,708	730,231	52,369	111,424	173,505	355,301	123,590	69,623	32,776	49,706	189,261	316,191
Reverse repurchase agreements6	2,618,178	50,583	1,462,122	43,151	80,457	182,198	177,366	163,208	39,166	17,752	33,850	127,655	240,670
Deposits	3,593,469	50,219	2,161,874	38,655	110,371	465,880	58,022	241,354	15,405	10,951	24,586	93,128	323,024
Depository institutions	3,225,311	50,209	1,945,090	38,653	110,340	465,440	57,993	90,693	15,398	10,894	24,555	93,051	322,995
U.S. Treasury, General Account	154,808	0	154,808	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	203,666	8	52,318	0	28	432	27	150,659	7	57	30	77	23
Earnings remittances due to the U.S. Treasury8	-57,000	-1,091	-39,553	-381	-1,347	-6,672	-9	-4,494	-68	-122	-188	-907	-2,168
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	7,933	706	3,368	180	281	1,039	540	497	141	112	173	262	635

Total liabilities	8,460,614	190,577	4,321,936	133,974	301,188	815,949	591,219	524,155	124,268	61,470	108,127	409,398	878,353

Capital
Capital paid in	35,618	1,513	12,454	1,262	3,339	7,102	1,122	1,784	808	226	388	728	4,891
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	8,503,017	192,382	4,336,803	135,480	305,166	824,426	592,544	526,176	125,229	61,739	108,587	410,270	884,215

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, May 10, 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	May 10, 2023
Federal Reserve notes outstanding	2,646,102
Less: Notes held by F.R. Banks not subject to collateralization	363,417
Federal Reserve notes to be collateralized	2,282,686
Collateral held against Federal Reserve notes	2,282,686
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,266,449
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	7,801,298
Less: Face value of securities under reverse repurchase agreements	2,774,894
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,026,404

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: May 11, 2023