FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks August 10, 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

Aug 9, 2023 Aug 2, 2023 Aug 10, 2022

Wednesday

Aug 9, 2023

Reserve Bank credit 8,171,436 - 18,685 - 669,976 8,171,830

Securities held outright1 7,568,150 - 17,593 - 871,794 7,568,277

U.S. Treasury securities 5,048,243 - 17,594 - 671,795 5,048,370

Bills2 259,422 0 - 66,622 259,422

Notes and bonds, nominal2 4,315,599 - 17,928 - 608,517 4,315,599

Notes and bonds, inflation-indexed2 364,549 0 - 10,170 364,549

Inflation compensation3 108,674 + 335 + 13,515 108,800

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

Mortgage-backed securities4 2,517,559 0 - 199,999 2,517,559

Unamortized premiums on securities held outright5 292,499 - 533 - 37,296 292,326

Unamortized discounts on securities held outright5 -27,190 - 28 - 1,188 -27,098

Repurchase agreements6 0 - 358 0 0

Foreign official 0 - 357 0 0

Others 0 - 1 0 0

Loans 261,260 - 2,692 + 242,691 260,386

Primary credit 2,131 + 37 - 513 1,911

Secondary credit 0 0 0 0

Seasonal credit 61 + 21 + 35 63

Paycheck Protection Program Liquidity Facility 6,258 - 154 - 9,640 6,142

Bank Term Funding Program 106,106 + 654 + 106,106 106,864

Other credit extensions7 146,705 - 3,249 + 146,705 145,407

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,755 + 20 - 6,385 19,771

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,607 + 2 + 58 5,609

Net portfolio holdings of TALF II LLC8 1,578 - 37 - 579 1,579

Float -153 + 332 - 15 -239

Central bank liquidity swaps9 229 - 6 + 38 229

Other Federal Reserve assets10 49,702 + 2,210 + 4,497 50,990

Foreign currency denominated assets11 18,537 - 56 + 604 18,461

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 51,682 + 14 + 728 51,682

Total factors supplying reserve funds 8,257,897 - 18,726 - 668,643 8,258,214

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

Aug 9, 2023 Aug 2, 2023 Aug 10, 2022

Wednesday

Aug 9, 2023

Currency in circulation12 2,332,484 - 71 + 57,205 2,332,594

Reverse repurchase agreements13 2,084,627 + 21,738 - 368,891 2,096,452

Foreign official and international accounts 292,679 - 19,163 + 30,052 299,933

Others 1,791,948 + 40,901 - 398,942 1,796,519

Treasury cash holdings 281 + 16 + 180 297

Deposits with F.R. Banks, other than reserve balances 638,469 - 75,043 - 142,443 620,755

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 444,594 - 72,865 - 112,671 432,262

Foreign official 9,687 + 1 + 442 9,686

Other14 184,189 - 2,179 - 30,213 178,807

Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358

Other liabilities and capital16 -34,180 + 1,310 - 84,822 -33,824

Total factors, other than reserve balances, 

absorbing reserve funds 5,035,040 - 52,050 - 543,353 5,029,632

Reserve balances with Federal Reserve Banks 3,222,856 + 33,323 - 125,291 3,228,582

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 outstanding loans 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.

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

Aug 9, 2023 Aug 2, 2023 Aug 10, 2022

Wednesday

Aug 9, 2023

Securities held in custody for foreign official and international 

accounts 3,454,240 + 8,660 + 76,233 3,444,547

Marketable U.S. Treasury securities1 3,019,519 + 8,333 + 38,445 3,009,610

Federal agency debt and mortgage-backed securities2 352,676 + 149 + 39,244 352,817

Other securities3 82,045 + 178 - 1,456 82,120

Securities lent to dealers 40,851 + 314 - 807 44,333

Overnight facility4 40,851 + 314 - 807 44,333

U.S. Treasury securities 40,851 + 314 - 807 44,333

Federal agency debt securities 0 0 0 0

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, August 9, 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 146,564 3,220 104,466 6,137 0 ... 260,386

U.S. Treasury securities2

Holdings 125,994 246,183 624,898 1,723,880 835,441 1,491,975 5,048,370

Weekly changes - 4,454 + 9,567 - 5,091 + 150 + 79 + 95 + 345

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 13 9,686 43,269 2,464,591 2,517,559

Weekly changes 0 0 - 1 + 439 - 341 - 97 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 10,141 ... ... 10,141

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 89 310 201 0 ... ... 601

Repurchase agreements8 0 0 ... ... ... ... 0

Central bank liquidity swaps9 229 0 0 0 0 0 229

Reverse repurchase agreements8 2,096,452 0 ... ... ... ... 2,096,452

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 outstanding 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

Wednesday Account name Aug 9, 2023

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 150

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 Aug 9, 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) 9,305 9,153 10,618 19,771

Municipal Liquidity Facility LLC 2,907 2,907 2,702 5,609

TALF II LLC 744 601 978 1,579

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 June 30, 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

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Aug 9, 2023 Aug 2, 2023 Aug 10, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,415 + 20 + 120

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,093,891 - 1,911 - 668,989

Securities held outright1 7,568,277 + 346 - 872,210

U.S. Treasury securities 5,048,370 + 345 - 672,202

Bills2 259,422 0 - 66,622

Notes and bonds, nominal2 4,315,599 0 - 608,517

Notes and bonds, inflation-indexed2 364,549 0 - 10,170

Inflation compensation3 108,800 + 345 + 13,108

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,517,559 0 - 200,009

Unamortized premiums on securities held outright5 292,326 - 501 - 37,274

Unamortized discounts on securities held outright5 -27,098 - 29 - 1,136

Repurchase agreements6 0 - 1 0

Loans7 260,386 - 1,725 + 241,631

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,771 + 19 - 6,383

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,609 + 2 + 58

Net portfolio holdings of TALF II LLC8 1,579 + 2 - 579

Items in process of collection (0) 59 + 1 - 5

Bank premises 440 + 3 - 167

Central bank liquidity swaps9 229 - 6 + 38

Foreign currency denominated assets10 18,461 - 85 + 296

Other assets11 50,550 + 3,431 + 4,714

Total assets (0) 8,208,241 + 1,477 - 670,897

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

Aug 9, 2023 Aug 2, 2023 Aug 10, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,282,620 - 448 + 55,992

Reverse repurchase agreements12 2,096,452 + 24,043 - 349,247

Deposits (0) 3,849,337 - 23,485 - 288,611

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,228,582 + 11,184 - 128,912

U.S. Treasury, General Account 432,262 - 28,664 - 128,878

Foreign official 9,686 0 + 741

Other13 (0) 178,807 - 6,005 - 31,563

Deferred availability cash items (0) 298 - 306 + 93

Treasury contributions to credit facilities14 13,358 0 - 4,582

Other liabilities and accrued dividends15 -76,534 + 1,505 - 85,456

Total liabilities (0) 8,165,531 + 1,309 - 671,812

Capital accounts

Capital paid in 35,925 + 168 + 915

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,710 + 168 + 915

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 $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.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, August 9, 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 1,415 36 45 125 55 184 112 260 33 46 91 175 253

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,093,891 155,307 4,411,567 131,255 244,420 551,799 537,312 493,880 124,497 60,772 110,112 394,392 878,578

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,771 19,771 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,609 0 5,609 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,579 0 1,579 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 229 10 81 8 22 46 7 8 5 1 2 5 33

Foreign currency denominated 

assets4 18,461 794 6,570 663 1,741 3,738 553 643 416 117 196 389 2,642

Other assets5 51,048 1,056 24,295 875 1,490 3,648 4,499 2,881 1,035 598 985 2,446 7,242

Interdistrict settlement account 0 + 8,922 - 170,774 - 3,040 + 67,093 + 184,207 + 9,693 - 19,581 - 5,295 - 2,124 - 8,528 - 25,360 - 35,213

Total assets 8,208,241 186,452 4,284,148 130,412 315,573 744,809 554,464 479,195 121,169 59,674 103,311 373,337 855,699

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, August 9, 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 2,282,620 81,373 721,681 55,488 111,127 169,209 352,590 125,177 73,103 34,166 51,082 190,395 317,228

Reverse repurchase agreements6 2,096,452 40,503 1,170,764 34,552 64,425 145,891 142,022 130,685 31,361 14,215 27,105 102,217 192,712

Deposits 3,849,337 53,767 2,426,321 39,409 137,914 431,956 57,798 227,559 15,703 11,063 24,796 80,857 342,196

Depository institutions 3,228,582 53,711 1,933,113 39,408 137,880 430,626 57,765 101,706 15,685 11,010 24,758 80,753 342,166

U.S. Treasury, General Account 432,262 0 432,262 0 0 0 0 0 0 0 0 0 0

Foreign official 9,686 2 9,660 1 4 8 1 1 1 0 0 1 6

Other7 178,807 54 51,285 0 30 1,321 31 125,851 17 52 38 103 24

Earnings remittances due to the U.S. 

Treasury8 -87,813 -1,680 -58,597 -762 -2,788 -12,111 -9 -6,986 -112 -162 -330 -1,457 -2,819

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 11,577 997 5,441 211 421 1,381 648 729 150 123 197 325 955

Total liabilities 8,165,531 184,644 4,269,284 128,899 311,099 736,326 553,049 477,164 120,205 59,405 102,850 372,336 850,271

Capital

Capital paid in 35,925 1,516 12,450 1,269 3,834 7,109 1,212 1,794 812 226 389 858 4,456

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 8,208,241 186,452 4,284,148 130,412 315,573 744,809 554,464 479,195 121,169 59,674 103,311 373,337 855,699

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, August 9, 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 $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).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Aug 9, 2023

Federal Reserve notes outstanding 2,684,699

Less: Notes held by F.R. Banks not subject to collateralization 402,079

Federal Reserve notes to be collateralized 2,282,620

Collateral held against Federal Reserve notes 2,282,620

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,266,383

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,568,277

Less: Face value of securities under reverse repurchase agreements 2,312,566

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,255,710

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.