FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks September 28, 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

Sep 27, 2023 Sep 20, 2023 Sep 28, 2022

Wednesday

Sep 27, 2023

Reserve Bank credit 7,979,645 - 23,338 - 793,278 7,966,141

Securities held outright1 7,449,568 - 15,045 - 933,277 7,440,211

U.S. Treasury securities 4,959,046 - 4,964 - 713,721 4,958,138

Bills2 245,123 - 2,759 - 68,525 244,137

Notes and bonds, nominal2 4,237,898 - 2,417 - 645,390 4,237,898

Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380

Inflation compensation3 110,644 + 211 + 10,574 110,722

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

Mortgage-backed securities4 2,488,175 - 10,081 - 219,556 2,479,726

Unamortized premiums on securities held outright5 287,654 - 1,067 - 36,876 287,252

Unamortized discounts on securities held outright5 -26,665 + 499 - 23 -26,560

Repurchase agreements6 1 - 1 + 1 2

Foreign official 0 0 0 0

Others 1 - 1 + 1 2

Loans 200,603 - 8,199 + 180,009 198,060

Primary credit 3,250 + 67 - 3,207 3,193

Secondary credit 0 0 0 0

Seasonal credit 91 + 13 + 42 91

Paycheck Protection Program Liquidity Facility 5,225 - 187 - 8,864 5,178

Bank Term Funding Program 107,612 - 146 + 107,612 107,715

Other credit extensions7 84,426 - 7,945 + 84,426 81,883

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,330 - 19 - 6,359 19,352

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,627 + 3 + 65 5,629

Net portfolio holdings of TALF II LLC8 1,219 + 1 - 929 1,220

Float -223 - 20 - 8 -430

Central bank liquidity swaps9 238 - 9 + 22 238

Other Federal Reserve assets10 42,295 + 521 + 4,099 41,167

Foreign currency denominated assets11 17,889 - 99 + 946 17,731

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,420 + 14 + 660 52,420

Total factors supplying reserve funds 8,066,196 - 23,422 - 791,671 8,052,533

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

Sep 27, 2023 Sep 20, 2023 Sep 28, 2022

Wednesday

Sep 27, 2023

Currency in circulation12 2,323,484 - 2,716 + 46,208 2,324,023

Reverse repurchase agreements13 1,746,176 - 511 - 883,547 1,755,109

Foreign official and international accounts 309,711 + 4,436 + 10,020 312,304

Others 1,436,465 - 4,947 - 893,568 1,442,805

Treasury cash holdings 336 - 8 + 233 339

Deposits with F.R. Banks, other than reserve balances 866,830 + 47,178 - 60,167 845,484

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 681,143 + 40,847 - 8,426 672,142

Foreign official 9,687 - 1 + 2,251 9,687

Other14 176,000 + 6,332 - 53,992 163,655

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

Other liabilities and capital16 -54,314 - 6,041 - 99,543 -54,283

Total factors, other than reserve balances, 

absorbing reserve funds 4,895,872 + 37,904 -1,001,397 4,884,031

Reserve balances with Federal Reserve Banks 3,170,324 - 61,325 + 209,726 3,168,502

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

Sep 27, 2023 Sep 20, 2023 Sep 28, 2022

Wednesday

Sep 27, 2023

Securities held in custody for foreign official and international 

accounts 3,436,351 + 2,019 + 69,950 3,433,052

Marketable U.S. Treasury securities1 3,003,647 + 3,652 + 44,138 3,000,290

Federal agency debt and mortgage-backed securities2 349,826 - 1,604 + 27,509 349,565

Other securities3 82,877 - 29 - 1,698 83,196

Securities lent to dealers 40,693 + 3,934 - 7,008 40,855

Overnight facility4 40,693 + 3,934 - 7,008 40,855

U.S. Treasury securities 40,693 + 3,934 - 6,994 40,855

Federal agency debt securities 0 0 - 14 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, September 27, 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 83,780 4,458 104,648 5,174 0 ... 198,060

U.S. Treasury securities2

Holdings 62,350 245,934 613,336 1,706,178 826,774 1,503,565 4,958,138

Weekly changes + 6,400 - 8,381 - 815 + 91 + 48 + 58 - 2,597

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 0 19 5,451 38,105 2,436,151 2,479,726

Weekly changes 0 - 1 - 3 - 149 - 1,007 - 13,574 - 14,734

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 9,566 ... ... 9,566

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 53 336 0 0 ... ... 389

Repurchase agreements8 2 0 ... ... ... ... 2

Central bank liquidity swaps9 238 0 0 0 0 0 238

Reverse repurchase agreements8 1,755,109 0 ... ... ... ... 1,755,109

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 Sep 27, 2023

Mortgage-backed securities held outright1 2,479,726

Residential mortgage-backed securities 2,471,407

Commercial mortgage-backed securities 8,320

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.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Sep 27, 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) 8,739 8,663 10,688 19,352

Municipal Liquidity Facility LLC 2,907 2,907 2,722 5,629

TALF II LLC 394 389 831 1,220

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

Sep 27, 2023 Sep 20, 2023 Sep 28, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,468 + 15 + 246

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,898,965 - 21,008 - 791,403

Securities held outright1 7,440,211 - 17,330 - 932,142

U.S. Treasury securities 4,958,138 - 2,597 - 713,710

Bills2 244,137 - 2,809 - 68,597

Notes and bonds, nominal2 4,237,898 0 - 645,390

Notes and bonds, inflation-indexed2 365,380 0 - 10,381

Inflation compensation3 110,722 + 212 + 10,657

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,479,726 - 14,734 - 218,432

Unamortized premiums on securities held outright5 287,252 - 898 - 36,784

Unamortized discounts on securities held outright5 -26,560 + 261 + 20

Repurchase agreements6 2 + 2 + 1

Loans7 198,060 - 3,042 + 177,502

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,352 + 26 - 6,352

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,629 + 3 + 66

Net portfolio holdings of TALF II LLC8 1,220 + 1 - 929

Items in process of collection (0) 58 0 - 13

Bank premises 442 + 3 - 178

Central bank liquidity swaps9 238 - 9 + 22

Foreign currency denominated assets10 17,731 - 293 + 838

Other assets11 40,725 - 765 + 4,200

Total assets (0) 8,002,064 - 22,026 - 793,503

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

Sep 27, 2023 Sep 20, 2023 Sep 28, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,273,406 - 1,168 + 44,757

Reverse repurchase agreements12 1,755,109 - 49,598 - 883,180

Deposits (0) 4,013,986 + 34,819 + 149,242

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,168,502 + 24,090 + 185,294

U.S. Treasury, General Account 672,142 + 10,425 + 10,222

Foreign official 9,687 - 1 + 2,251

Other13 (0) 163,655 + 305 - 48,525

Deferred availability cash items (0) 487 + 225 - 287

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

Other liabilities and accrued dividends15 -97,013 - 6,305 - 100,337

Total liabilities (0) 7,959,334 - 22,026 - 794,386

Capital accounts

Capital paid in 35,945 0 + 883

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,730 0 + 883

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, September 27, 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 1,468 44 46 132 59 192 112 258 32 48 99 183 261

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,898,965 152,987 4,326,267 129,219 240,247 542,314 528,888 485,836 122,625 59,778 108,437 388,567 813,801

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,352 19,352 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,629 0 5,629 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,220 0 1,220 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 238 10 85 9 22 48 7 8 5 2 3 5 34

Foreign currency denominated 

assets4 17,731 763 6,309 637 1,672 3,590 532 617 399 112 188 374 2,537

Other assets5 41,225 891 18,770 727 1,211 2,984 3,888 2,308 765 554 933 2,049 6,145

Interdistrict settlement account 0 - 5,148 - 105,480 - 9,199 + 42,028 + 195,190 - 4,620 - 54,718 - 7,044 - 2,694 - 14,263 - 42,470 + 8,420

Total assets 8,002,064 169,456 4,258,019 122,049 285,991 745,505 531,094 435,415 117,260 58,064 95,849 349,998 833,363

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, September 27, 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 2,273,406 79,252 722,808 53,041 111,794 166,156 353,035 124,720 72,568 34,250 48,781 189,644 317,358

Reverse repurchase agreements6 1,755,109 33,908 980,141 28,927 53,935 122,137 118,898 109,407 26,255 11,900 22,692 85,574 161,334

Deposits 4,013,986 45,709 2,602,028 39,374 119,105 462,915 56,954 206,903 17,473 11,726 24,151 75,220 352,428

Depository institutions 3,168,502 45,647 1,865,713 39,372 119,071 462,579 56,926 98,537 17,461 11,617 24,120 75,059 352,400

U.S. Treasury, General Account 672,142 0 672,142 0 0 0 0 0 0 0 0 0 0

Foreign official 9,687 2 9,661 1 4 8 1 1 1 0 0 1 6

Other7 163,655 60 54,512 0 30 329 27 108,365 11 109 30 160 22

Earnings remittances due to the U.S. 

Treasury8 -105,146 -1,984 -68,923 -978 -3,598 -15,293 -12 -8,108 -134 -196 -419 -1,671 -3,829

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 8,621 1,079 3,420 173 281 1,103 801 461 134 114 180 229 645

Total liabilities 7,959,334 167,648 4,243,147 120,536 281,517 737,018 529,676 433,384 116,296 57,795 95,384 348,995 827,936

Capital

Capital paid in 35,945 1,516 12,458 1,269 3,834 7,113 1,215 1,794 812 226 393 859 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 8,002,064 169,456 4,258,019 122,049 285,991 745,505 531,094 435,415 117,260 58,064 95,849 349,998 833,363

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, September 27, 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 Sep 27, 2023

Federal Reserve notes outstanding 2,693,900

Less: Notes held by F.R. Banks not subject to collateralization 420,494

Federal Reserve notes to be collateralized 2,273,406

Collateral held against Federal Reserve notes 2,273,406

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,169

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,440,213

Less: Face value of securities under reverse repurchase agreements 2,033,218

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,406,995

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.