FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks December 29, 2022

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

Dec 28, 2022 Dec 21, 2022 Dec 29, 2021

Wednesday

Dec 28, 2022

Reserve Bank credit 8,525,696 - 4,860 - 215,952 8,514,705

Securities held outright1 8,153,117 - 6,310 - 136,214 8,144,582

U.S. Treasury securities 5,500,925 - 115 - 151,035 5,500,834

Bills2 291,417 - 633 - 34,627 291,192

Notes and bonds, nominal2 4,729,518 + 53 - 141,291 4,729,518

Notes and bonds, inflation-indexed2 377,416 0 - 5,784 377,416

Inflation compensation3 102,573 + 465 + 30,666 102,707

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

Mortgage-backed securities4 2,649,845 - 6,196 + 14,821 2,641,402

Unamortized premiums on securities held outright5 314,576 - 835 - 39,193 314,178

Unamortized discounts on securities held outright5 -27,355 + 179 - 9,367 -27,288

Repurchase agreements6 0 - 2 0 0

Foreign official 0 0 0 0

Others 0 - 2 0 0

Loans 16,142 + 312 - 19,854 16,129

Primary credit 4,566 + 419 + 4,081 4,638

Secondary credit 0 0 0 0

Seasonal credit 9 + 6 + 9 19

Paycheck Protection Program Liquidity Facility 11,567 - 114 - 23,944 11,472

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,599 + 15 - 6,800 22,617

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,567 + 3 - 2,365 5,569

Net portfolio holdings of TALF II LLC7 1,983 + 2 - 644 1,984

Float -200 - 50 - 61 -527

Central bank liquidity swaps8 412 + 202 - 2,937 412

Other Federal Reserve assets9 38,856 + 1,627 + 1,483 37,049

Foreign currency denominated assets10 18,466 + 128 - 1,891 18,402

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,457 + 14 + 717 51,457

Total factors supplying reserve funds 8,611,861 - 4,718 - 217,125 8,600,805

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

Dec 28, 2022 Dec 21, 2022 Dec 29, 2021

Wednesday

Dec 28, 2022

Currency in circulation11 2,303,411 + 7,794 + 69,947 2,307,340

Reverse repurchase agreements12 2,575,944 + 76,568 + 699,769 2,627,152

Foreign official and international accounts 347,008 - 8,832 + 66,695 334,149

Others 2,228,936 + 85,400 + 633,074 2,293,003

Treasury cash holdings 103 + 8 + 31 99

Deposits with F.R. Banks, other than reserve balances 664,931 - 19,912 + 133,182 637,310

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 427,926 - 31,854 + 216,077 409,809

Foreign official 8,469 + 30 - 2,229 8,434

Other13 228,536 + 11,911 - 80,666 219,068

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

Other liabilities and capital15 34,235 + 1,555 - 15,836 33,819

Total factors, other than reserve balances, 

absorbing reserve funds 5,593,972 + 66,014 + 881,182 5,621,067

Reserve balances with Federal Reserve Banks 3,017,889 - 70,732 -1,098,307 2,979,738

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

consolidation below.

8. 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.

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

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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.

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

Dec 28, 2022 Dec 21, 2022 Dec 29, 2021

Wednesday

Dec 28, 2022

Securities held in custody for foreign official and international 

accounts 3,318,182 + 9,425 - 94,502 3,320,038

Marketable U.S. Treasury securities1 2,908,870 + 10,680 - 104,290 2,910,992

Federal agency debt and mortgage-backed securities2 327,925 - 1,253 + 9,677 327,705

Other securities3 81,387 - 1 + 110 81,341

Securities lent to dealers 47,266 + 5,798 + 14,169 46,895

Overnight facility4 47,266 + 5,798 + 14,169 46,895

U.S. Treasury securities 47,245 + 5,798 + 14,148 46,874

Federal agency debt securities 21 0 + 21 21

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, December 28, 2022

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 3,073 1,591 0 11,465 0 ... 16,129

U.S. Treasury securities2

Holdings 91,924 326,728 733,494 1,934,693 949,410 1,464,585 5,500,834

Weekly changes + 7,572 - 6,873 - 1,314 + 170 + 135 + 114 - 196

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 2 36 4,020 49,979 2,587,366 2,641,402

Weekly changes 0 - 1 - 7 - 98 - 665 - 11,049 - 11,820

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,893 ... ... 11,893

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 996 0 ... ... 996

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

Central bank liquidity swaps9 412 0 0 0 0 0 412

Reverse repurchase agreements8 2,627,152 0 ... ... ... ... 2,627,152

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) 

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. 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 Dec 28, 2022

Mortgage-backed securities held outright1 2,641,402

Residential mortgage-backed securities 2,632,908

Commercial mortgage-backed securities 8,494

Commitments to buy mortgage-backed securities2 0

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 Dec 28, 2022

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) 11,353 10,545 12,072 22,617

Municipal Liquidity Facility LLC 2,907 2,907 2,662 5,569

TALF II LLC 1,040 996 988 1,984

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, 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

Dec 28, 2022 Dec 21, 2022 Dec 29, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,195 + 6 - 17

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,447,601 - 12,828 - 192,382

Securities held outright1 8,144,582 - 12,018 - 125,529

U.S. Treasury securities 5,500,834 - 196 - 151,438

Bills2 291,192 - 635 - 34,852

Notes and bonds, nominal2 4,729,518 0 - 141,291

Notes and bonds, inflation-indexed2 377,416 0 - 5,784

Inflation compensation3 102,707 + 438 + 30,488

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,641,402 - 11,820 + 25,910

Unamortized premiums on securities held outright5 314,178 - 909 - 38,715

Unamortized discounts on securities held outright5 -27,288 + 178 - 9,315

Repurchase agreements6 0 0 0

Loans7 16,129 - 80 - 18,823

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,617 + 21 - 6,789

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,569 + 3 - 2,295

Net portfolio holdings of TALF II LLC8 1,984 + 1 - 643

Items in process of collection (0) 100 + 7 + 41

Bank premises 473 - 17 - 929

Central bank liquidity swaps9 412 + 202 - 2,929

Foreign currency denominated assets10 18,402 - 73 - 1,951

Other assets11 36,579 - 563 + 1,603

Total assets (0) 8,551,169 - 13,242 - 206,291

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

Dec 28, 2022 Dec 21, 2022 Dec 29, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,257,171 + 8,026 + 70,294

Reverse repurchase agreements12 2,627,152 + 64,790 + 706,363

Deposits (0) 3,617,052 - 87,341 - 962,454

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,979,742 - 69,590 -1,060,118

U.S. Treasury, General Account 409,809 - 25,113 + 125,814

Foreign official 8,434 0 - 1,238

Other13 (0) 219,068 + 7,362 - 26,912

Deferred availability cash items (0) 627 + 372 + 28

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

Other liabilities and accrued dividends15 -7,980 + 911 - 15,749

Total liabilities (0) 8,509,370 - 13,242 - 207,429

Capital accounts

Capital paid in 35,014 0 + 1,138

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,799 0 + 1,138

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 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, December 28, 2022

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 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136

Coin 1,195 15 24 109 45 188 72 223 24 34 89 154 219

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,447,601 168,977 4,326,180 193,767 339,222 587,721 552,167 576,850 132,450 63,847 132,159 432,483 941,778

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,617 22,617 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,569 0 5,569 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,984 0 1,984 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 412 18 144 15 40 83 13 16 8 2 4 10 59

Foreign currency denominated 

assets4 18,402 792 6,410 683 1,798 3,690 599 698 370 93 190 442 2,638

Other assets5 37,152 855 17,778 940 1,534 2,907 2,527 2,517 692 447 874 1,986 4,097

Interdistrict settlement account 0 + 4,330 + 190,926 - 47,733 - 40,502 + 24,699 + 26,127 - 8,110 - 9,777 - 2,345 - 21,404 - 19,806 - 96,407

Total assets 8,551,169 198,148 4,554,286 148,318 302,901 620,489 583,752 573,286 124,229 62,341 112,353 416,547 854,520

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, December 28, 2022 (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 2,257,171 77,800 708,768 55,165 112,384 167,120 354,326 122,751 69,377 32,811 49,942 192,053 314,675

Reverse repurchase agreements6 2,627,152 52,595 1,346,945 60,354 104,910 183,077 171,885 179,591 41,260 18,628 41,010 134,693 292,202

Deposits 3,617,052 54,751 2,488,055 31,112 81,482 262,260 55,247 270,117 12,477 10,524 20,768 88,664 241,596

Depository institutions 2,979,742 54,740 2,014,694 31,110 81,450 261,888 55,218 106,930 12,468 10,385 20,726 88,567 241,565

U.S. Treasury, General Account 409,809 0 409,809 0 0 0 0 0 0 0 0 0 0

Foreign official 8,434 2 8,408 1 4 8 1 2 1 0 0 1 6

Other7 219,068 9 55,144 0 28 364 27 163,186 8 139 41 96 25

Earnings remittances due to the U.S. 

Treasury8 -18,002 -337 -13,352 -67 -200 -1,624 11 -1,448 -1 -47 -25 -137 -775

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 10,649 86 5,157 244 359 1,205 1,012 799 192 170 215 373 838

Total liabilities 8,509,370 196,349 4,539,467 146,808 298,936 612,038 582,481 571,810 123,304 62,085 111,911 415,646 848,536

Capital

Capital paid in 35,014 1,507 12,457 1,258 3,302 7,090 1,050 1,219 788 221 372 738 5,011

Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973

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

Total liabilities and capital 8,551,169 198,148 4,554,286 148,318 302,901 620,489 583,752 573,286 124,229 62,341 112,353 416,547 854,520

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, December 28, 2022 (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 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 Dec 28, 2022

Federal Reserve notes outstanding 2,619,315

Less: Notes held by F.R. Banks not subject to collateralization 362,144

Federal Reserve notes to be collateralized 2,257,171

Collateral held against Federal Reserve notes 2,257,171

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,240,934

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,144,582

Less: Face value of securities under reverse repurchase agreements 2,848,062

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,296,521

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.