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

 8,221,266

-   28,468

-  644,733

 8,206,709

Securities held outright1

 7,612,206

-   22,138

-  852,127

 7,600,888

U.S. Treasury securities

 5,081,159

-   12,733

-  652,598

 5,080,981

Bills2

   261,571

-    2,342

-   64,473

   261,294

Notes and bonds, nominal2

 4,346,972

-    7,916

-  593,487

 4,346,972

Notes and bonds, inflation-indexed2

   364,549

-    2,103

-   10,170

   364,549

Inflation compensation3

   108,067

-      373

+   15,532

   108,165

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,528,700

-    9,404

-  199,529

 2,517,559

Unamortized premiums on securities held outright5

   293,858

-      835

-   37,321

   293,388

Unamortized discounts on securities held outright5

   -27,262

+       91

-    1,371

   -27,155

Repurchase agreements6

         1

-        3

+        1

         1

Foreign official

         0

         0

         0

         1

Others

         0

-        4

         0

         0

Loans

   267,555

-    5,783

+  247,855

   266,372

Primary credit

     2,334

-      432

-      731

     2,249

Secondary credit

         0

         0

         0

         0

Seasonal credit

        37

+        7

+       26

        37

Paycheck Protection Program Liquidity Facility

     6,663

-      177

-    9,960

     6,553

Bank Term Funding Program

   104,216

+    1,637

+  104,216

   105,078

Other credit extensions7

   154,306

-    6,817

+  154,306

   152,455

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

    19,716

-      152

-    6,324

    19,734

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,601

+        2

+       55

     5,604

Net portfolio holdings of TALF II LLC8

     1,642

+        1

-      539

     1,644

Float

      -165

-       14

+       21

      -257

Central bank liquidity swaps9

       255

+       20

+       49

       255

Other Federal Reserve assets10

    47,858

+      341

+    4,967

    46,236

Foreign currency denominated assets11

    18,697

-      238

+      905

    18,709

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,814

+       14

+      728

    51,814

Total factors supplying reserve funds

 8,308,019

-   28,692

-  643,099

 8,293,474

Currency in circulation12

 2,333,120

-    4,648

+   58,783

 2,333,001

Reverse repurchase agreements13

 2,072,615

+   11,488

-  434,275

 2,066,975

Foreign official and international accounts

   319,105

-    3,772

+   30,711

   317,242

Others

 1,753,510

+   15,260

-  464,985

 1,749,733

Treasury cash holdings

       251

+        7

+      152

       263

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

   745,934

+   21,893

-   98,822

   742,465

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   543,597

+   12,462

-   59,348

   549,897

Foreign official

     9,685

-        1

+      519

     9,685

Other14

   192,651

+    9,431

-   39,993

   182,883

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -29,504

+      780

-   79,726

   -29,355

Total factors, other than reserve balances,
absorbing reserve funds

 5,135,775

+   29,521

-  558,469

 5,126,707

Reserve balances with Federal Reserve Banks

 3,172,244

-   58,213

-   84,631

 3,166,767

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

 3,430,246

-    1,242

+   71,397

 3,436,143

Marketable U.S. Treasury securities1

 2,995,554

+      237

+   37,395

 3,001,796

Federal agency debt and mortgage-backed securities2

   352,806

-    1,499

+   35,314

   352,502

Other securities3

    81,886

+       19

-    1,313

    81,846

Securities lent to dealers

    36,965

-      924

+    1,286

    37,209

Overnight facility4

    36,965

-      924

+    1,286

    37,209

U.S. Treasury securities

    36,965

-      924

+    1,286

    37,209

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

   153,917

     1,732

   104,175

     6,548

         0

...

   266,372

U.S. Treasury securities2

Holdings

    78,359

   282,668

   645,487

 1,740,436

   842,230

 1,491,801

 5,080,981

Weekly changes

+    4,080

-    5,491

-      896

+      117

+       62

+       73

-    2,055

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

        12

     9,236

    43,622

 2,464,688

 2,517,559

Weekly changes

         0

-        1

-        2

-      269

-      902

-   19,326

-   20,500

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    10,263

...

...

    10,263

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

       306

       415

         0

...

...

       720

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

       255

         0

         0

         0

         0

         0

       255

Reverse repurchase agreements8

 2,066,975

         0

...

...

...

...

 2,066,975

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

 2,517,559

Residential mortgage-backed securities

 2,509,187

Commercial mortgage-backed securities

     8,372

Commitments to buy mortgage-backed securities2

        75

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         0

1.

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

2.

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

3.

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

MS Facilities LLC (Main Street Lending Program)

     9,305

     9,281

    10,453

    19,734

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,697

     5,604

TALF II LLC

       809

       720

       923

     1,644

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

     1,383

+       10

+      107

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

 8,133,494

-   29,258

-  645,410

Securities held outright1

 7,600,888

-   22,553

-  853,019

U.S. Treasury securities

 5,080,981

-    2,055

-  653,199

Bills2

   261,294

-    2,323

-   64,750

Notes and bonds, nominal2

 4,346,972

         0

-  593,487

Notes and bonds, inflation-indexed2

   364,549

         0

-   10,170

Inflation compensation3

   108,165

+      268

+   15,206

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,517,559

-   20,500

-  199,820

Unamortized premiums on securities held outright5

   293,388

-    1,096

-   37,281

Unamortized discounts on securities held outright5

   -27,155

+      104

-    1,304

Repurchase agreements6

         1

-       24

         0

Loans7

   266,372

-    5,689

+  246,194

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

    19,734

+       21

-    6,319

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,604

+        3

+       57

Net portfolio holdings of TALF II LLC8

     1,644

+        2

-      538

Items in process of collection

(0)

        49

-        6

-        9

Bank premises

       448

-        4

-      168

Central bank liquidity swaps9

       255

+       20

+       49

Foreign currency denominated assets10

    18,709

-      154

+    1,033

Other assets11

    45,788

-    1,840

+    4,539

Total assets

(0)

 8,243,344

-   31,208

-  646,660

Liabilities

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

 2,282,829

-    2,398

+   57,856

Reverse repurchase agreements12

 2,066,975

+    8,290

-  417,278

Deposits

(0)

 3,909,232

-   37,989

-  204,063

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,166,767

-   53,823

-  108,842

U.S. Treasury, General Account

   549,897

+   12,456

-   65,618

Foreign official

     9,685

-        1

+       84

Other13

(0)

   182,883

+    3,379

-   29,687

Deferred availability cash items

(0)

       305

+       87

-      328

Treasury contributions to credit facilities14

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

   -71,769

+      803

-   78,970

Total liabilities

(0)

 8,200,930

-   31,208

-  647,365

Capital accounts

Capital paid in

    35,629

         0

+      705

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,414

         0

+      705

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

     1,383

        32

        43

       126

        53

       180

       112

       251

        31

        42

        88

       171

       254

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

 8,133,494

   155,911

 4,432,655

   131,724

   245,430

   553,842

   539,413

   495,930

   124,921

    61,158

   110,454

   395,924

   886,130

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    19,734

    19,734

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,604

         0

     5,604

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,644

         0

     1,644

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       255

        11

        91

         9

        24

        52

         8

         9

         6

         2

         3

         5

        36

Foreign currency denominated

assets4

    18,709

       805

     6,658

       672

     1,764

     3,788

       561

       651

       421

       118

       199

       394

     2,677

Other assets5

    46,285

       972

    23,173

       805

     1,380

     3,334

     2,878

     2,606

       803

       557

       967

     2,219

     6,591

Interdistrict settlement account

         0

+    3,855

-  110,318

-    4,570

+   48,948

+  187,689

+    7,629

-   17,763

-    4,108

-    3,060

-    7,991

-   26,816

-   73,494

Total assets

 8,243,344

   181,877

 4,364,724

   129,293

   298,351

   750,072

   552,888

   482,788

   122,553

    59,080

   104,170

   373,188

   824,360

Liabilities

Federal Reserve notes, net

 2,282,829

    81,482

   720,975

    56,051

   111,105

   170,052

   352,523

   125,565

    72,964

    34,144

    51,980

   189,139

   316,851

Reverse repurchase agreements6

 2,066,975

    39,934

 1,154,302

    34,067

    63,519

   143,840

   140,025

   128,848

    30,920

    14,015

    26,724

   100,780

   190,002

Deposits

 3,909,232

    49,584

 2,521,173

    38,154

   121,373

   437,570

    58,382

   232,257

    17,666

    10,682

    25,108

    83,465

   313,819

Depository institutions

 3,166,767

    49,573

 1,909,332

    38,153

   121,338

   437,415

    58,344

   102,184

    17,660

    10,574

    25,077

    83,323

   313,793

U.S. Treasury, General Account

   549,897

         0

   549,897

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,685

         2

     9,659

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   182,883

         9

    52,285

         0

        31

       146

        36

   130,071

         5

       107

        30

       141

        20

Earnings remittances due to the U.S. Treasury8

   -82,683

    -1,576

   -55,521

      -688

    -2,511

   -11,249

       -13

    -6,603

      -109

      -151

      -295

    -1,384

    -2,584

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

    11,219

       965

     5,254

       203

       415

     1,379

       646

       701

       148

       123

       193

       319

       873

Total liabilities

 8,200,930

   180,073

 4,349,857

   127,787

   293,902

   741,590

   551,563

   480,768

   121,590

    58,812

   103,710

   372,318

   818,961

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

 8,243,344

   181,877

 4,364,724

   129,293

   298,351

   750,072

   552,888

   482,788

   122,553

    59,080

   104,170

   373,188

   824,360

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

 2,683,182

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

   400,353

Federal Reserve notes to be collateralized

 2,282,829

Collateral held against Federal Reserve notes

 2,282,829

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,266,592

Other assets pledged

         0

Memo:

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

 7,600,889

Less: Face value of securities under reverse repurchase agreements

 2,233,408

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

 5,367,480

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.