FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

February 1, 2024

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending 

Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was 

estimated based upon the Main Street Lending Program holdings as of December 31, 2023.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks February 1, 2024

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

Jan 31, 2024 Jan 24, 2024 Feb 1, 2023

Wednesday

Jan 31, 2024

Reserve Bank credit 7,619,047 - 20,204 - 804,448 7,593,082

Securities held outright1 7,135,938 - 19,323 - 915,000 7,112,224

U.S. Treasury securities 4,716,435 - 6,084 - 707,420 4,692,721

Bills2 210,436 - 1,943 - 74,645 210,353

Notes and bonds, nominal2 4,034,447 - 3,925 - 627,625 4,010,894

Notes and bonds, inflation-indexed2 360,222 0 - 14,757 360,222

Inflation compensation3 111,330 - 215 + 9,607 111,251

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

Mortgage-backed securities4 2,417,156 - 13,240 - 207,579 2,417,156

Unamortized premiums on securities held outright5 276,254 - 869 - 34,526 276,055

Unamortized discounts on securities held outright5 -25,562 - 6 + 1,977 -25,476

Repurchase agreements6 1 0 - 1 0

Foreign official 0 0 0 0

Others 1 0 - 1 0

Loans 172,765 + 2,161 + 156,414 171,747

Primary credit 2,706 + 179 - 2,526 3,189

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 3,324 - 18 - 7,794 3,320

Bank Term Funding Program 166,735 + 2,000 + 166,735 165,238

Other credit extensions7 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 15,068 - 309 - 7,512 15,083

Net portfolio holdings of Municipal Liquidity Facility LLC8 1 - 30 - 5,578 1

Net portfolio holdings of TALF II LLC8 0 - 7 - 1,958 0

Float -420 - 175 - 33 -1,008

Central bank liquidity swaps9 219 - 5 - 208 219

Other Federal Reserve assets10 44,784 - 1,639 + 1,977 44,236

Foreign currency denominated assets11 18,165 - 2 - 746 18,247

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,672 + 14 + 598 52,672

Total factors supplying reserve funds 7,706,125 - 20,192 - 804,596 7,680,242

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

Jan 31, 2024 Jan 24, 2024 Feb 1, 2023

Wednesday

Jan 31, 2024

Currency in circulation12 2,327,219 - 4,837 + 32,854 2,326,951

Reverse repurchase agreements13 923,996 - 50,457 -1,480,412 977,603

Foreign official and international accounts 346,180 + 532 - 32,011 362,224

Others 577,816 - 50,989 -1,448,401 615,379

Treasury cash holdings 408 + 1 + 303 413

Deposits with F.R. Banks, other than reserve balances 1,015,400 + 42,769 + 254,474 1,050,556

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 841,550 + 42,192 + 281,461 865,481

Foreign official 9,690 0 + 256 9,688

Other14 164,160 + 577 - 27,244 175,387

Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438

Other liabilities and capital16 -94,567 - 7,215 - 114,630 -94,436

Total factors, other than reserve balances, 

absorbing reserve funds 4,179,895 - 19,739 -1,315,320 4,268,525

Reserve balances with Federal Reserve Banks 3,526,230 - 453 + 510,724 3,411,717

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.

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

Jan 31, 2024 Jan 24, 2024 Feb 1, 2023

Wednesday

Jan 31, 2024

Securities held in custody for foreign official and international 

accounts 3,344,382 - 12,658 + 19,367 3,344,677

Marketable U.S. Treasury securities1 2,923,688 - 8,392 + 5,724 2,924,590

Federal agency debt and mortgage-backed securities2 337,897 - 4,097 + 11,380 337,893

Other securities3 82,798 - 168 + 2,264 82,195

Securities lent to dealers 32,577 + 403 - 4,766 35,898

Overnight facility4 32,577 + 403 - 4,766 35,898

U.S. Treasury securities 32,577 + 403 - 4,745 35,898

Federal agency debt securities 0 0 - 21 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, January 31, 2024

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 1,902 50,644 115,884 3,316 0 ... 171,747

U.S. Treasury securities2

Holdings 83,218 229,458 530,721 1,602,637 741,790 1,504,897 4,692,721

Weekly changes + 13,227 - 21,178 - 21,442 + 7,834 - 7,962 - 59 - 29,581

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 5,237 31,399 2,380,501 2,417,156

Weekly changes 0 0 - 4 - 97 - 656 - 10,730 - 11,488

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 7,554 ... ... 7,554

Repurchase agreements6 0 0 ... ... ... ... 0

Central bank liquidity swaps7 219 0 0 0 0 0 219

Reverse repurchase agreements6 977,603 0 ... ... ... ... 977,603

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. Loans 

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

statement of condition, 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. Cash value of agreements.

7. 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 Jan 31, 2024

Mortgage-backed securities held outright1 2,417,156

Residential mortgage-backed securities 2,408,936

Commercial mortgage-backed securities 8,221

Commitments to buy mortgage-backed securities2 71

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 Jan 31, 2024

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) 6,620 6,722 8,362 15,083

Municipal Liquidity Facility LLC 0 0 1 1

TALF II LLC 0 0 0 0

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

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

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

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

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

 updated as of December 31, 2023.

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. 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

Jan 31, 2024 Jan 24, 2024 Feb 1, 2023

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,500 + 14 + 231

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,534,550 - 44,032 - 788,790

Securities held outright1 7,112,224 - 41,069 - 912,246

U.S. Treasury securities 4,692,721 - 29,581 - 704,667

Bills2 210,353 - 1,889 - 74,668

Notes and bonds, nominal2 4,010,894 - 27,478 - 624,843

Notes and bonds, inflation-indexed2 360,222 0 - 14,757

Inflation compensation3 111,251 - 215 + 9,600

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,417,156 - 11,488 - 207,579

Unamortized premiums on securities held outright5 276,055 - 795 - 34,485

Unamortized discounts on securities held outright5 -25,476 - 24 + 1,976

Repurchase agreements6 0 0 - 11

Loans7 171,747 - 2,144 + 155,978

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 15,083 - 311 - 7,515

Net portfolio holdings of Municipal Liquidity Facility LLC8 1 0 - 5,580

Net portfolio holdings of TALF II LLC8 0 0 - 1,948

Items in process of collection (0) 50 + 2 - 6

Bank premises 460 + 21 - 9

Central bank liquidity swaps9 219 - 5 - 208

Foreign currency denominated assets10 18,247 + 20 - 757

Other assets11 43,776 - 2,817 + 1,094

Total assets (0) 7,630,124 - 47,106 - 803,486

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

Jan 31, 2024 Jan 24, 2024 Feb 1, 2023

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,276,187 - 2,520 + 29,580

Reverse repurchase agreements12 977,603 - 2,466 -1,436,742

Deposits (0) 4,462,273 - 35,216 + 726,390

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,411,717 - 77,994 + 381,431

U.S. Treasury, General Account 865,481 + 50,322 + 364,629

Foreign official 9,688 - 1 + 253

Other13 (0) 175,387 - 7,543 - 19,923

Deferred availability cash items (0) 1,058 + 661 + 391

Treasury contributions to credit facilities14 7,438 0 - 7,909

Other liabilities and accrued dividends15 -137,286 - 7,564 - 116,206

Total liabilities (0) 7,587,273 - 47,106 - 804,496

Capital accounts

Capital paid in 36,066 0 + 1,010

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,851 0 + 1,010

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.

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, January 31, 2024

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 1,500 50 39 138 54 185 112 265 35 56 100 192 274

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,534,550 152,665 4,123,975 124,976 230,479 525,309 512,280 471,221 119,096 60,128 108,015 374,581 731,825

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 15,083 15,083 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 1 0 1 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 0 0 0 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 219 9 78 8 21 44 7 8 5 1 2 5 31

Foreign currency denominated 

assets4 18,247 785 6,504 655 1,719 3,691 547 635 410 115 194 384 2,609

Other assets5 44,287 1,009 21,088 811 1,388 3,400 3,967 2,655 879 690 1,048 2,323 5,027

Interdistrict settlement account 0 + 23,722 - 55,318 - 19,029 + 44,986 + 159,286 - 36,023 - 72,501 - 10,508 - 8,098 - 20,279 - 67,320 + 61,083

Total assets 7,630,124 193,881 4,101,541 108,085 279,399 693,103 483,176 403,386 110,397 53,156 89,533 311,455 803,013

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, January 31, 2024 (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 2,276,187 79,787 742,704 49,715 109,303 159,638 352,820 121,527 71,976 32,625 46,713 188,125 321,254

Reverse repurchase agreements6 977,603 18,887 545,942 16,112 30,042 68,031 66,227 60,940 14,624 6,629 12,639 47,665 89,864

Deposits 4,462,273 87,603 2,886,915 41,954 140,911 478,438 61,732 228,799 22,751 13,739 30,069 76,184 393,177

Depository institutions 3,411,717 87,531 1,957,939 41,953 140,880 477,912 61,704 108,150 22,745 13,626 30,036 76,092 393,147

U.S. Treasury, General Account 865,481 0 865,481 0 0 0 0 0 0 0 0 0 0

Foreign official 9,688 2 9,662 1 4 8 1 1 1 0 0 1 6

Other7 175,387 71 53,832 0 27 518 26 120,647 5 113 33 91 24

Earnings remittances due to the U.S. 

Treasury8 -144,946 -2,816 -91,914 -1,370 -5,684 -22,347 -364 -10,438 -65 -219 -529 -1,785 -7,416

Treasury contributions to credit facilities9 7,438 7,438 0 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 8,718 1,193 3,078 164 267 889 1,356 454 146 114 173 236 648

Total liabilities 7,587,273 192,093 4,086,726 106,576 274,839 684,649 481,771 401,283 109,432 52,888 89,065 310,424 797,527

Capital

Capital paid in 36,066 1,505 12,469 1,270 3,837 7,116 1,182 1,770 812 226 393 867 4,617

Surplus 6,785 283 2,346 239 722 1,339 222 333 153 42 74 163 869

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

Total liabilities and capital 7,630,124 193,881 4,101,541 108,085 279,399 693,103 483,176 403,386 110,397 53,156 89,533 311,455 803,013

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, January 31, 2024 (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.

 

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 Jan 31, 2024

Federal Reserve notes outstanding 2,709,633

Less: Notes held by F.R. Banks not subject to collateralization 433,445

Federal Reserve notes to be collateralized 2,276,187

Collateral held against Federal Reserve notes 2,276,187

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,259,950

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,112,224

Less: Face value of securities under reverse repurchase agreements 1,125,879

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,986,345

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.