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

 8,249,734

-   10,692

-  620,363

 8,237,861

Securities held outright1

 7,634,344

-   10,620

-  833,414

 7,623,441

U.S. Treasury securities

 5,093,892

-   10,586

-  640,663

 5,083,036

Bills2

   263,913

-    2,861

-   62,131

   263,617

Notes and bonds, nominal2

 4,354,888

-    5,937

-  585,785

 4,346,972

Notes and bonds, inflation-indexed2

   366,652

-    1,576

-    9,442

   364,549

Inflation compensation3

   108,440

-      211

+   16,696

   107,897

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,538,104

-       34

-  192,752

 2,538,059

Unamortized premiums on securities held outright5

   294,693

-      537

-   37,503

   294,484

Unamortized discounts on securities held outright5

   -27,353

-       72

-    1,606

   -27,259

Repurchase agreements6

         4

+        2

+        4

        25

Foreign official

         0

         0

         0

         0

Others

         4

+        2

+        4

        25

Loans

   273,338

-    2,309

+  253,763

   272,061

Primary credit

     2,766

-       65

+      177

     2,633

Secondary credit

         0

         0

         0

         0

Seasonal credit

        30

+        4

+       19

        33

Paycheck Protection Program Liquidity Facility

     6,840

-      154

-   10,135

     6,828

Bank Term Funding Program

   102,579

+      573

+  102,579

   102,927

Other credit extensions7

   161,123

-    2,667

+  161,123

   159,640

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

    19,868

-      104

-    6,216

    19,713

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,599

+        3

+       55

     5,601

Net portfolio holdings of TALF II LLC8

     1,641

+        2

-      539

     1,642

Float

      -151

+       11

-       16

      -162

Central bank liquidity swaps9

       235

-        8

+       40

       235

Other Federal Reserve assets10

    47,517

+    2,943

+    5,069

    48,080

Foreign currency denominated assets11

    18,935

+      395

+    1,289

    18,863

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,863

+       14

+      728

    51,863

Total factors supplying reserve funds

 8,336,774

-   10,283

-  618,346

 8,324,829

Currency in circulation12

 2,337,831

-    6,407

+   61,086

 2,335,473

Reverse repurchase agreements13

 2,061,127

-   80,868

-  423,338

 2,058,685

Foreign official and international accounts

   322,877

-      676

+   25,665

   325,881

Others

 1,738,250

-   80,191

-  449,003

 1,732,804

Treasury cash holdings

       244

-        3

+      145

       249

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

   724,041

+   18,081

-  117,909

   726,632

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   531,135

+   16,798

-   82,743

   537,441

Foreign official

     9,686

-       21

-      469

     9,686

Other14

   183,220

+    1,303

-   34,698

   179,504

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -30,284

-    4,935

-   79,880

   -30,159

Total factors, other than reserve balances,
absorbing reserve funds

 5,106,317

-   74,133

-  564,478

 5,104,239

Reserve balances with Federal Reserve Banks

 3,230,457

+   63,850

-   53,867

 3,220,590

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

16.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,431,488

-    5,510

+   79,030

 3,415,775

Marketable U.S. Treasury securities1

 2,995,317

-    7,215

+   41,253

 2,979,588

Federal agency debt and mortgage-backed securities2

   354,305

+    1,956

+   38,639

   354,297

Other securities3

    81,867

-      250

-      861

    81,890

Securities lent to dealers

    37,889

-    4,498

+      921

    36,431

Overnight facility4

    37,889

-    4,498

+      921

    36,431

U.S. Treasury securities

    37,889

-    4,498

+      921

    36,431

Federal agency debt securities

         0

         0

         0

         0

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

   161,737

     1,695

   101,805

     6,823

         0

...

   272,061

U.S. Treasury securities2

Holdings

    74,279

   288,159

   646,383

 1,740,319

   842,168

 1,491,728

 5,083,036

Weekly changes

+   12,479

-   22,871

+   22,532

-   21,553

-   11,972

+       73

-   21,312

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

        14

     9,505

    44,524

 2,484,014

 2,538,059

Weekly changes

         0

         0

         0

         0

+        1

-       80

-       79

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    10,303

...

...

    10,303

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

       313

       431

         0

...

...

       744

Repurchase agreements8

        25

         0

...

...

...

...

        25

Central bank liquidity swaps9

       235

         0

         0

         0

         0

         0

       235

Reverse repurchase agreements8

 2,058,685

         0

...

...

...

...

 2,058,685

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 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.

Mortgage-backed securities held outright1

 2,538,059

Residential mortgage-backed securities

 2,529,677

Commercial mortgage-backed securities

     8,382

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        68

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)

     9,305

     9,321

    10,392

    19,713

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,694

     5,601

TALF II LLC

       809

       744

       898

     1,642

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,373

+       26

+      107

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

 8,162,752

-   24,313

-  624,788

Securities held outright1

 7,623,441

-   21,392

-  838,195

U.S. Treasury securities

 5,083,036

-   21,312

-  649,991

Bills2

   263,617

-    2,927

-   62,427

Notes and bonds, nominal2

 4,346,972

-   13,853

-  593,487

Notes and bonds, inflation-indexed2

   364,549

-    3,679

-   10,170

Inflation compensation3

   107,897

-      853

+   16,091

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,538,059

-       79

-  188,202

Unamortized premiums on securities held outright5

   294,484

-      569

-   37,249

Unamortized discounts on securities held outright5

   -27,259

-       71

-    1,500

Repurchase agreements6

        25

+       22

+       25

Loans7

   272,061

-    2,303

+  252,131

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

    19,713

-      279

-    6,325

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,601

+        3

+       55

Net portfolio holdings of TALF II LLC8

     1,642

+        1

-      539

Items in process of collection

(0)

        55

-       10

-       10

Bank premises

       452

+        2

-      157

Central bank liquidity swaps9

       235

-        8

+       40

Foreign currency denominated assets10

    18,863

+        8

+    1,110

Other assets11

    47,628

+    2,197

+    5,843

Total assets

(0)

 8,274,552

-   22,371

-  624,661

Liabilities

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

 2,285,227

-    6,428

+   59,162

Reverse repurchase agreements12

 2,058,685

-   89,158

-  475,790

Deposits

(0)

 3,947,221

+   78,757

-  124,963

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,220,590

+   58,464

-   14,582

U.S. Treasury, General Account

   537,441

+   20,023

-   78,907

Foreign official

     9,686

         0

-    1,066

Other13

(0)

   179,504

+      271

-   30,407

Deferred availability cash items

(0)

       218

-       87

+       12

Treasury contributions to credit facilities14

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

   -72,572

-    5,454

-   79,209

Total liabilities

(0)

 8,232,138

-   22,369

-  625,368

Capital accounts

Capital paid in

    35,629

-        2

+      707

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,414

-        2

+      707

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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

     1,373

        32

        41

       125

        53

       180

       110

       251

        31

        42

        88

       169

       252

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

 8,162,752

   156,281

 4,450,373

   131,990

   246,162

   554,272

   540,867

   497,466

   125,083

    61,185

   110,727

   397,185

   891,163

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    19,713

    19,713

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,601

         0

     5,601

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,642

         0

     1,642

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       235

        10

        83

         8

        22

        48

         7

         8

         5

         1

         2

         5

        34

Foreign currency denominated

assets4

    18,863

       812

     6,713

       678

     1,779

     3,819

       565

       657

       425

       119

       200

       398

     2,699

Other assets5

    48,135

     1,008

    24,358

       837

     1,441

     3,439

     3,016

     2,728

       828

       550

       966

     2,308

     6,656

Interdistrict settlement account

         0

+    2,834

-  101,329

-    8,851

+   59,639

+  190,755

+    2,996

-   10,138

-    5,106

-    2,339

-   10,997

-   26,021

-   91,442

Total assets

 8,274,552

   181,248

 4,392,657

   125,312

   309,848

   753,700

   549,848

   492,076

   121,744

    59,822

   101,439

   375,333

   811,526

Liabilities

Federal Reserve notes, net

 2,285,227

    81,764

   721,182

    55,463

   111,594

   170,665

   353,054

   125,890

    72,990

    34,295

    51,930

   190,117

   316,283

Reverse repurchase agreements6

 2,058,685

    39,773

 1,149,673

    33,930

    63,264

   143,263

   139,464

   128,331

    30,796

    13,959

    26,617

   100,375

   189,240

Deposits

 3,947,221

    48,855

 2,553,889

    34,900

   132,638

   441,218

    55,497

   241,770

    16,961

    11,337

    22,563

    85,070

   302,522

Depository institutions

 3,220,590

    48,833

 1,954,818

    34,899

   132,606

   440,835

    55,469

   114,888

    16,955

    11,281

    22,533

    84,976

   302,496

U.S. Treasury, General Account

   537,441

         0

   537,441

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,686

         2

     9,661

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   179,504

        21

    51,969

         0

        28

       375

        27

   126,881

         5

        55

        30

        92

        21

Earnings remittances due to the U.S. Treasury8

   -79,957

    -1,518

   -53,863

      -647

    -2,377

   -10,841

        20

    -6,401

       -90

      -145

      -290

    -1,328

    -2,475

Treasury contributions to credit facilities9

    13,358

     9,684

     3,674

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,602

       884

     3,236

       160

       281

       913

       489

       464

       124

       107

       159

       229

       557

Total liabilities

 8,232,138

   179,443

 4,377,790

   123,806

   305,399

   745,218

   548,523

   490,055

   120,781

    59,553

   100,979

   374,463

   806,127

Capital

Capital paid in

    35,629

     1,513

    12,453

     1,262

     3,809

     7,108

     1,121

     1,784

       810

       226

       388

       727

     4,428

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

 8,274,552

   181,248

 4,392,657

   125,312

   309,848

   753,700

   549,848

   492,076

   121,744

    59,822

   101,439

   375,333

   811,526

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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

 2,681,337

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

   396,109

Federal Reserve notes to be collateralized

 2,285,227

Collateral held against Federal Reserve notes

 2,285,227

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,268,990

Other assets pledged

         0

Memo:

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

 7,623,466

Less: Face value of securities under reverse repurchase agreements

 2,220,542

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

 5,402,924

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.