FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

November 24, 2023

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return 

of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), 

Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 17, 2023. Footnote 15 

in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated 

Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of 

Condition of Each Federal Reserve Bank (table 6) were revised accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks November 24, 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

Nov 22, 2023 Nov 15, 2023 Nov 23, 2022

Wednesday

Nov 22, 2023

Reserve Bank credit 7,775,692 - 43,753 - 812,119 7,774,682

Securities held outright1 7,306,647 - 27,300 - 905,731 7,304,878

U.S. Treasury securities 4,842,800 - 25,869 - 692,406 4,842,936

Bills2 231,266 0 - 64,793 231,266

Notes and bonds, nominal2 4,132,451 - 26,152 - 630,313 4,132,451

Notes and bonds, inflation-indexed2 365,405 0 - 10,381 365,405

Inflation compensation3 113,678 + 283 + 13,080 113,814

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

Mortgage-backed securities4 2,461,499 - 1,433 - 213,326 2,459,595

Unamortized premiums on securities held outright5 282,824 - 592 - 35,546 282,499

Unamortized discounts on securities held outright5 -26,622 - 10 + 713 -26,497

Repurchase agreements6 0 - 14 0 0

Foreign official 0 0 0 0

Others 0 - 14 0 0

Loans 154,039 - 209 + 132,682 154,467

Primary credit 2,190 - 51 - 6,555 2,442

Secondary credit 0 0 0 0

Seasonal credit 21 - 6 + 1 22

Paycheck Protection Program Liquidity Facility 4,082 - 80 - 8,511 4,029

Bank Term Funding Program 113,602 + 1,012 + 113,602 114,099

Other credit extensions7 34,144 - 1,085 + 34,144 33,875

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 16,885 - 2,230 - 6,219 16,577

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,598 - 49 + 43 5,601

Net portfolio holdings of TALF II LLC8 381 - 640 - 1,613 382

Float -207 - 41 - 12 -353

Central bank liquidity swaps9 237 - 50 + 35 237

Other Federal Reserve assets10 35,910 - 12,617 + 3,529 36,890

Foreign currency denominated assets11 18,067 + 252 + 305 18,039

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,532 + 14 + 520 52,532

Total factors supplying reserve funds 7,862,532 - 43,486 - 811,294 7,861,494

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

Nov 22, 2023 Nov 15, 2023 Nov 23, 2022

Wednesday

Nov 22, 2023

Currency in circulation12 2,328,293 + 2,363 + 34,107 2,331,388

Reverse repurchase agreements13 1,262,351 - 68,332 -1,218,646 1,271,679

Foreign official and international accounts 328,742 + 4,385 - 44,653 340,075

Others 933,609 - 72,717 -1,173,992 931,604

Treasury cash holdings 391 + 4 + 294 390

Deposits with F.R. Banks, other than reserve balances 876,362 - 31,782 + 191,738 861,283

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 706,017 - 32,545 + 226,543 693,007

Foreign official 9,687 - 2 + 2,251 9,685

Other14 160,658 + 766 - 37,056 158,591

Treasury contributions to credit facilities15 10,747 - 2,611 - 4,970 10,311

Other liabilities and capital16 -69,464 - 5,267 - 106,938 -68,620

Total factors, other than reserve balances, 

absorbing reserve funds 4,408,680 - 105,625 -1,104,416 4,406,431

Reserve balances with Federal Reserve Banks 3,453,853 + 62,140 + 293,123 3,455,063

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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 

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

Nov 22, 2023 Nov 15, 2023 Nov 23, 2022

Wednesday

Nov 22, 2023

Securities held in custody for foreign official and international 

accounts 3,407,664 - 22,911 + 97,316 3,396,509

Marketable U.S. Treasury securities1 2,972,993 - 21,721 + 76,729 2,966,240

Federal agency debt and mortgage-backed securities2 350,997 - 2,330 + 19,756 346,350

Other securities3 83,674 + 1,141 + 831 83,920

Securities lent to dealers 35,241 - 1,381 - 5,947 33,467

Overnight facility4 35,241 - 1,381 - 5,947 33,467

U.S. Treasury securities 35,241 - 1,381 - 5,937 33,467

Federal agency debt securities 0 0 - 10 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, November 22, 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 36,997 2,688 110,758 4,025 0 ... 154,467

U.S. Treasury securities2

Holdings 65,379 250,158 588,522 1,649,063 784,862 1,504,952 4,842,936

Weekly changes - 8,715 + 48,463 + 7,948 - 47,538 + 834 - 674 + 317

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 19 4,513 38,255 2,416,807 2,459,595

Weekly changes 0 0 0 - 1,865 + 1,850 - 3,321 - 3,336

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 8,885 ... ... 8,885

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 113 32 0 0 ... ... 145

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

Central bank liquidity swaps9 237 0 0 0 0 0 237

Reverse repurchase agreements8 1,271,679 0 ... ... ... ... 1,271,679

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 Nov 22, 2023

Mortgage-backed securities held outright1 2,459,595

Residential mortgage-backed securities 2,451,309

Commercial mortgage-backed securities 8,286

Commitments to buy mortgage-backed securities2 14

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 Nov 22, 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) 7,948 8,130 8,447 16,577

Municipal Liquidity Facility LLC 2,907 2,907 2,693 5,601

TALF II LLC 200 145 237 382

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 September 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

Nov 22, 2023 Nov 15, 2023 Nov 23, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,406 - 35 + 231

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,715,348 - 3,903 - 806,816

Securities held outright1 7,304,878 - 3,019 - 904,875

U.S. Treasury securities 4,842,936 + 317 - 692,387

Bills2 231,266 0 - 64,793

Notes and bonds, nominal2 4,132,451 0 - 630,313

Notes and bonds, inflation-indexed2 365,405 0 - 10,381

Inflation compensation3 113,814 + 317 + 13,099

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,459,595 - 3,336 - 212,488

Unamortized premiums on securities held outright5 282,499 - 721 - 35,453

Unamortized discounts on securities held outright5 -26,497 + 29 + 741

Repurchase agreements6 0 - 76 0

Loans7 154,467 - 117 + 132,770

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 16,577 - 2,230 - 6,198

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,601 - 48 + 44

Net portfolio holdings of TALF II LLC8 382 - 639 - 1,613

Items in process of collection (0) 98 + 37 - 10

Bank premises 438 + 5 - 168

Central bank liquidity swaps9 237 - 50 + 35

Foreign currency denominated assets10 18,039 + 84 + 198

Other assets11 36,452 + 2,604 + 3,721

Total assets (0) 7,810,814 - 4,177 - 810,576

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

Nov 22, 2023 Nov 15, 2023 Nov 23, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,280,648 + 4,238 + 34,229

Reverse repurchase agreements12 1,271,679 + 3,706 -1,158,525

Deposits (0) 4,316,346 - 4,283 + 425,399

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,455,063 - 28,262 + 286,214

U.S. Treasury, General Account 693,007 + 23,031 + 200,253

Foreign official 9,685 - 4 + 2,250

Other13 (0) 158,591 + 953 - 63,319

Deferred availability cash items (0) 451 + 193 + 3

Treasury contributions to credit facilities14 10,311 - 3,047 - 5,036

Other liabilities and accrued dividends15 -111,396 - 4,982 - 107,835

Total liabilities (0) 7,768,039 - 4,176 - 811,766

Capital accounts

Capital paid in 35,991 0 + 1,190

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,776 0 + 1,190

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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 

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, November 22, 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 1,406 53 39 129 49 175 104 254 26 49 96 173 258

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,715,348 150,477 4,229,773 127,162 235,271 533,624 519,794 477,226 120,423 58,714 106,214 382,130 774,539

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 16,577 16,577 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 382 0 382 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 237 10 84 9 22 48 7 8 5 1 3 5 34

Foreign currency denominated 

assets4 18,039 776 6,419 648 1,701 3,652 541 628 406 114 191 380 2,581

Other assets5 36,987 841 16,116 678 1,091 2,728 3,692 2,084 932 554 910 1,936 5,427

Interdistrict settlement account 0 + 612 - 80,556 - 14,917 + 51,299 + 200,174 - 25,818 - 80,344 - 9,945 - 2,632 - 15,569 - 55,678 + 33,372

Total assets 7,810,814 169,904 4,183,034 114,234 290,185 741,589 500,606 400,961 112,326 57,065 92,297 330,237 818,377

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, November 22, 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 2,280,648 78,607 733,799 50,638 110,679 162,059 354,669 124,160 72,501 33,179 48,257 189,849 322,251

Reverse repurchase agreements6 1,271,679 24,569 710,169 20,959 39,079 88,495 86,149 79,272 19,023 8,623 16,441 62,003 116,896

Deposits 4,316,346 58,390 2,795,528 42,054 140,010 499,852 57,554 204,000 19,753 15,068 27,391 78,738 378,007

Depository institutions 3,455,063 58,334 2,038,441 42,053 139,967 499,375 57,525 100,747 19,732 14,998 27,360 78,559 377,972

U.S. Treasury, General Account 693,007 0 693,007 0 0 0 0 0 0 0 0 0 0

Foreign official 9,685 2 9,660 1 4 8 1 1 1 0 0 1 6

Other7 158,591 54 54,421 0 40 469 27 103,252 20 69 30 179 30

Earnings remittances due to the U.S. 

Treasury8 -120,406 -2,258 -78,031 -1,122 -4,394 -18,377 75 -8,959 -61 -195 -447 -1,614 -5,023

Treasury contributions to credit facilities9 10,311 7,438 2,873 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 9,460 1,362 3,812 191 333 1,067 775 483 144 122 190 251 731

Total liabilities 7,768,039 168,107 4,168,151 112,720 285,708 733,096 499,221 398,957 111,361 56,797 91,832 329,227 812,863

Capital

Capital paid in 35,991 1,505 12,469 1,270 3,837 7,118 1,182 1,768 812 226 393 867 4,543

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 7,810,814 169,904 4,183,034 114,234 290,185 741,589 500,606 400,961 112,326 57,065 92,297 330,237 818,377

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, November 22, 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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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 Nov 22, 2023

Federal Reserve notes outstanding 2,704,102

Less: Notes held by F.R. Banks not subject to collateralization 423,454

Federal Reserve notes to be collateralized 2,280,648

Collateral held against Federal Reserve notes 2,280,648

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,264,411

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,304,878

Less: Face value of securities under reverse repurchase agreements 1,400,479

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,904,400

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.