FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks April 20, 2023

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at 

Federal Reserve Banks

Week ended

Apr 19, 2023 Apr 12, 2023 Apr 20, 2022

Wednesday

Apr 19, 2023

Reserve Bank credit 8,570,989 - 15,486 - 345,260 8,556,700

Securities held outright1 7,870,494 - 7,017 - 621,853 7,860,459

U.S. Treasury securities 5,274,250 - 6,434 - 478,203 5,265,070

Bills2 280,966 0 - 45,078 280,966

Notes and bonds, nominal2 4,516,753 - 1,043 - 446,832 4,515,362

Notes and bonds, inflation-indexed2 372,047 - 4,977 - 10,240 365,411

Inflation compensation3 104,484 - 413 + 23,947 103,330

Federal agency debt securities2 2,347 0 0 2,347

Mortgage-backed securities4 2,593,897 - 583 - 143,650 2,593,042

Unamortized premiums on securities held outright5 303,508 - 548 - 39,547 303,280

Unamortized discounts on securities held outright5 -27,332 + 70 - 4,947 -27,248

Repurchase agreements6 25,000 - 9,286 + 25,000 20,000

Foreign official 25,000 - 9,286 + 25,000 20,000

Others 0 0 0 0

Loans 325,013 - 1,584 + 301,424 325,458

Primary credit 69,942 + 2,021 + 68,674 69,925

Secondary credit 0 0 0 0

Seasonal credit 2 + 1 + 2 3

Paycheck Protection Program Liquidity Facility 8,963 - 105 - 13,358 8,933

Bank Term Funding Program 73,490 - 3,217 + 73,490 73,982

Other credit extensions7 172,615 - 285 + 172,615 172,615

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,261 - 69 - 6,447 22,154

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,608 + 3 - 1,047 5,610

Net portfolio holdings of TALF II LLC8 1,925 + 1 - 587 1,927

Float -153 + 21 - 48 -170

Central bank liquidity swaps9 479 - 5 + 242 480

Other Federal Reserve assets10 44,186 + 2,927 + 2,550 44,752

Foreign currency denominated assets11 18,855 + 5 - 148 18,785

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding12 51,681 + 14 + 728 51,681

Total factors supplying reserve funds 8,657,767 - 15,467 - 344,679 8,643,408

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

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and 

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Apr 19, 2023 Apr 12, 2023 Apr 20, 2022

Wednesday

Apr 19, 2023

Currency in circulation12 2,322,600 - 1,390 + 52,579 2,323,062

Reverse repurchase agreements13 2,634,114 + 42,039 + 610,556 2,666,343

Foreign official and international accounts 366,460 - 6,275 + 92,897 371,666

Others 2,267,653 + 48,313 + 517,657 2,294,677

Treasury cash holdings 169 + 1 + 88 161

Deposits with F.R. Banks, other than reserve balances 380,092 + 53,518 - 606,181 471,124

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 166,555 + 57,347 - 544,851 265,095

Foreign official 9,787 - 480 - 561 9,684

Other14 203,749 - 3,349 - 60,771 196,346

Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347

Other liabilities and capital16 2,293 + 1,201 - 46,860 2,490

Total factors, other than reserve balances, 

absorbing reserve funds 5,354,614 + 95,369 + 4,269 5,478,527

Reserve balances with Federal Reserve Banks 3,303,152 - 110,837 - 348,949 3,164,881

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been 

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest 

basis.

6. Cash value of agreements.

7. Includes loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve 

Banks' loans to these depository institutions are secured by collateral and the FDIC provides repayment guarantees.

8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on 

consolidation below.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned 

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the 

foreign central bank.

10. Includes bank premises, accrued interest, and other accounts receivable.

11. Revalued daily at current foreign currency exchange rates.

12. Estimated.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial 

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment 

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks 

as fiscal agents of the United States.

15. Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.0 billion.

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

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Apr 19, 2023 Apr 12, 2023 Apr 20, 2022

Wednesday

Apr 19, 2023

Securities held in custody for foreign official and international 

accounts 3,337,667 + 6,719 - 107,919 3,345,270

Marketable U.S. Treasury securities1 2,916,085 + 6,047 - 110,005 2,923,907

Federal agency debt and mortgage-backed securities2 340,104 - 63 + 2,566 339,897

Other securities3 81,479 + 736 - 478 81,466

Securities lent to dealers 46,281 - 1,428 + 3,597 47,147

Overnight facility4 46,281 - 1,428 + 3,597 47,147

U.S. Treasury securities 46,265 - 1,417 + 3,581 47,131

Federal agency debt securities 16 - 12 + 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, April 19, 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 176,510 66,967 73,054 8,927 0 ... 325,458

U.S. Treasury securities2

Holdings 107,845 314,290 660,472 1,822,637 879,385 1,480,441 5,265,070

Weekly changes + 41,137 - 40,141 + 15,783 - 20,583 - 13,357 + 1,317 - 15,844

Federal agency debt securities3

Holdings 0 0 0 0 2,347 0 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 3 23 7,974 46,438 2,538,604 2,593,042

Weekly changes 0 0 0 - 21 - 388 - 1,029 - 1,438

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,088 ... ... 11,088

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 2,907 0 ... ... 2,907

Loans held by TALF II LLC7 0 57 870 0 ... ... 927

Repurchase agreements8 20,000 0 ... ... ... ... 20,000

Central bank liquidity swaps9 480 0 0 0 0 0 480

Reverse repurchase agreements8 2,666,343 0 ... ... ... ... 2,666,343

Term deposits 0 0 0 ... ... ... 0

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

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), 

Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached 

maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 

Additionally, the Within 15 days category includes loans to FDIC-established depository institutions that were subsequently placed in receivership. 

These loans are recognized as performing based upon payment due from the receiverships, collateral securing the loans, and the FDIC repayment 

guarantees. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and 

from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement 

of condition, respectively, consistent with consolidation under generally accepted accounting principles.

2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original 

face value of such securities.

3. Face value.

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

5. Book value of the loan participations held by the MS Facilities LLC.

6. Book value of the municipal notes held by the Municipal Liquidity Facility LLC. 

7. Book value of the loans held by the TALF II LLC. 

8. Cash value of agreements.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to 

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign 

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Apr 19, 2023

Mortgage-backed securities held outright1 2,593,042

Residential mortgage-backed securities 2,584,613

Commercial mortgage-backed securities 8,429

Commitments to buy mortgage-backed securities2 95

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

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

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed 

securities generally settle within three business days.

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

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Apr 19, 2023

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

MS Facilities LLC (Main Street Lending Program) 10,296 10,045 12,109 22,154

Municipal Liquidity Facility LLC 2,907 2,907 2,703 5,610

TALF II LLC 958 927 1,000 1,927

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

1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under 

generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve 

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 updated as of December 31, 2022.

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 a one-day lag after the transaction date.

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury 

contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash 

and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are 

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal 

Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Apr 19, 2023 Apr 12, 2023 Apr 20, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,309 0 + 25

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,481,949 - 23,445 - 357,834

Securities held outright1 7,860,459 - 17,282 - 635,611

U.S. Treasury securities 5,265,070 - 15,844 - 497,965

Bills2 280,966 0 - 45,078

Notes and bonds, nominal2 4,515,362 - 2,434 - 460,101

Notes and bonds, inflation-indexed2 365,411 - 11,613 - 15,451

Inflation compensation3 103,330 - 1,797 + 22,663

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,593,042 - 1,438 - 137,645

Unamortized premiums on securities held outright5 303,280 - 600 - 39,131

Unamortized discounts on securities held outright5 -27,248 + 66 - 4,196

Repurchase agreements6 20,000 - 10,000 + 20,000

Loans7 325,458 + 4,371 + 301,104

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,154 - 197 - 6,322

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,610 + 3 - 1,046

Net portfolio holdings of TALF II LLC8 1,927 + 2 - 585

Items in process of collection (0) 52 - 6 - 12

Bank premises 454 + 1 - 616

Central bank liquidity swaps9 480 - 4 + 243

Foreign currency denominated assets10 18,785 - 113 - 216

Other assets11 44,308 + 2,226 + 3,778

Total assets (0) 8,593,263 - 21,534 - 362,588

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

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Apr 19, 2023 Apr 12, 2023 Apr 20, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,272,847 - 1,234 + 52,030

Reverse repurchase agreements12 2,666,343 - 10,384 + 502,066

Deposits (0) 3,636,015 - 11,049 - 866,186

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,164,891 - 182,662 - 161,966

U.S. Treasury, General Account 265,095 + 178,541 - 642,431

Foreign official 9,684 - 74 - 393

Other13 (0) 196,346 - 6,853 - 61,395

Deferred availability cash items (0) 222 - 86 + 4

Treasury contributions to credit facilities14 15,347 0 - 5,911

Other liabilities and accrued dividends15 -39,713 + 1,220 - 45,548

Total liabilities (0) 8,551,061 - 21,534 - 363,545

Capital accounts

Capital paid in 35,417 0 + 957

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,202 0 + 957

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been 

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest 

basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term 

Funding Program, and other credit extensions.

8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on 

consolidation below.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to 

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign 

central bank.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial 

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment 

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks 

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.0 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, April 19, 2023

Millions of dollars

Kansas 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 1,309 24 39 116 42 184 96 241 25 39 89 158 258

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,481,949 159,534 4,611,108 135,188 253,736 570,584 555,223 510,779 124,577 62,612 114,578 404,442 979,589

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,154 22,154 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,610 0 5,610 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,927 0 1,927 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 480 21 171 17 45 97 14 17 11 3 5 10 69

Foreign currency denominated 

assets4 18,785 808 6,685 675 1,771 3,803 563 654 423 119 199 396 2,688

Other assets5 44,813 962 23,610 825 1,414 3,355 2,932 2,657 760 487 883 2,182 4,747

Interdistrict settlement account 0 + 10,756 - 179,190 - 3,240 + 36,489 + 220,451 + 33,451 + 3,281 - 1,654 - 33 - 8,307 + 9,280 - 121,285

Total assets 8,593,263 194,815 4,475,134 134,107 294,250 799,661 594,565 518,732 124,621 63,490 107,899 417,759 868,230

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, April 19, 2023 (continued)

Millions of dollars

Kansas 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 2,272,847 77,684 722,673 52,532 111,528 173,859 355,530 124,195 68,895 32,557 47,764 189,329 316,301

Reverse repurchase agreements6 2,666,343 51,513 1,489,019 43,945 81,938 185,549 180,629 166,210 39,886 18,079 34,473 130,003 245,098

Deposits 3,636,015 52,676 2,274,804 36,210 97,558 435,901 56,524 229,560 14,783 12,568 25,169 98,023 302,238

Depository institutions 3,164,891 52,664 1,946,561 36,209 97,527 435,200 56,492 87,661 14,774 12,510 25,138 97,937 302,216

U.S. Treasury, General Account 265,095 0 265,095 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 196,346 10 53,489 0 27 693 31 141,897 8 57 30 86 17

Earnings remittances due to the U.S. 

Treasury8 -50,396 -955 -35,373 -296 -1,117 -5,521 12 -3,942 -48 -102 -153 -747 -2,153

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 10,904 645 5,256 210 384 1,394 569 710 147 122 191 359 918

Total liabilities 8,551,061 193,017 4,460,274 132,601 290,291 791,182 593,264 516,733 123,664 63,223 107,444 416,968 862,401

Capital

Capital paid in 35,417 1,507 12,446 1,262 3,319 7,106 1,098 1,763 805 224 383 648 4,858

Surplus 6,785 292 2,414 244 640 1,374 203 236 153 43 72 143 971

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 8,593,263 194,815 4,475,134 134,107 294,250 799,661 594,565 518,732 124,621 63,490 107,899 417,759 868,230

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, April 19, 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

Wednesday Federal Reserve notes and collateral Apr 19, 2023

Federal Reserve notes outstanding 2,637,923

Less: Notes held by F.R. Banks not subject to collateralization 365,076

Federal Reserve notes to be collateralized 2,272,847

Collateral held against Federal Reserve notes 2,272,847

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,256,610

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,880,459

Less: Face value of securities under reverse repurchase agreements 2,826,320

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,054,139

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.