FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 9, 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

Mar 8, 2023 Mar 1, 2023 Mar 9, 2022

Wednesday

Mar 8, 2023

Reserve Bank credit 8,304,849 - 27,541 - 565,270 8,305,716

Securities held outright1 7,948,213 - 26,105 - 496,784 7,948,335

U.S. Treasury securities 5,335,826 - 20,272 - 415,465 5,335,948

Bills2 284,119 - 902 - 41,925 283,960

Notes and bonds, nominal2 4,573,778 - 21,389 - 386,936 4,573,742

Notes and bonds, inflation-indexed2 377,024 + 1,460 - 11,209 377,024

Inflation compensation3 100,905 + 559 + 24,605 101,222

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

Mortgage-backed securities4 2,610,040 - 5,833 - 81,318 2,610,040

Unamortized premiums on securities held outright5 307,206 - 719 - 40,490 307,032

Unamortized discounts on securities held outright5 -27,930 - 49 - 7,518 -27,844

Repurchase agreements6 2 + 1 + 2 0

Foreign official 0 0 0 0

Others 2 + 1 + 2 0

Loans 15,104 - 277 - 12,566 15,209

Primary credit 4,435 - 184 + 2,374 4,581

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 10,669 - 94 - 14,940 10,628

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,411 + 20 - 6,587 22,431

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,592 + 2 - 1,315 5,594

Net portfolio holdings of TALF II LLC7 1,939 - 10 - 587 1,941

Float -260 + 94 - 115 -771

Central bank liquidity swaps8 411 - 7 + 118 411

Other Federal Reserve assets9 32,159 - 492 + 569 33,377

Foreign currency denominated assets10 18,321 + 21 - 1,574 18,206

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,597 + 14 + 728 51,597

Total factors supplying reserve funds 8,391,009 - 27,505 - 566,116 8,391,761

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

Mar 8, 2023 Mar 1, 2023 Mar 9, 2022

Wednesday

Mar 8, 2023

Currency in circulation11 2,305,971 + 3,838 + 52,069 2,307,964

Reverse repurchase agreements12 2,541,252 + 26,975 + 787,902 2,560,350

Foreign official and international accounts 354,820 - 8,277 + 103,185 367,113

Others 2,186,433 + 35,253 + 684,718 2,193,237

Treasury cash holdings 117 + 12 + 81 131

Deposits with F.R. Banks, other than reserve balances 516,817 - 61,079 - 402,950 492,278

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 333,350 - 47,895 - 318,689 311,731

Foreign official 9,598 + 161 + 2,093 9,434

Other13 173,869 - 13,346 - 86,354 171,113

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

Other liabilities and capital15 11,785 + 1,332 - 37,368 12,016

Total factors, other than reserve balances, 

absorbing reserve funds 5,391,289 - 28,922 + 393,823 5,388,085

Reserve balances with Federal Reserve Banks 2,999,720 + 1,417 - 959,939 3,003,676

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

Mar 8, 2023 Mar 1, 2023 Mar 9, 2022

Wednesday

Mar 8, 2023

Securities held in custody for foreign official and international 

accounts 3,360,015 + 7,083 - 72,677 3,360,421

Marketable U.S. Treasury securities1 2,950,155 + 6,839 - 74,861 2,950,306

Federal agency debt and mortgage-backed securities2 327,908 + 236 + 1,481 328,056

Other securities3 81,952 + 7 + 702 82,059

Securities lent to dealers 44,985 - 2,435 + 5,926 45,447

Overnight facility4 44,985 - 2,435 + 5,926 45,447

U.S. Treasury securities 44,975 - 2,431 + 5,916 45,447

Federal agency debt securities 10 - 4 + 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, March 8, 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 3,497 1,090 0 10,622 0 ... 15,209

U.S. Treasury securities2

Holdings 34,309 393,294 652,167 1,869,522 908,564 1,478,092 5,335,948

Weekly changes - 7,260 + 66,202 - 59,957 + 344 + 194 + 278 - 199

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 3 24 8,010 47,726 2,554,277 2,610,040

Weekly changes 0 + 1 + 1 + 168 + 48 - 218 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,360 ... ... 11,360

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 936 0 ... ... 936

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

Central bank liquidity swaps9 411 0 0 0 0 0 411

Reverse repurchase agreements8 2,560,350 0 ... ... ... ... 2,560,350

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 Mar 8, 2023

Mortgage-backed securities held outright1 2,610,040

Residential mortgage-backed securities 2,601,598

Commercial mortgage-backed securities 8,442

Commitments to buy mortgage-backed securities2 90

Commitments to sell mortgage-backed securities2 15

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 Mar 8, 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) 10,705 10,297 12,134 22,431

Municipal Liquidity Facility LLC 2,907 2,907 2,687 5,594

TALF II LLC 981 936 1,005 1,941

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, 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

Mar 8, 2023 Mar 1, 2023 Mar 9, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,309 + 3 + 26

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,242,733 - 521 - 559,182

Securities held outright1 7,948,335 - 199 - 498,758

U.S. Treasury securities 5,335,948 - 199 - 417,437

Bills2 283,960 - 1,061 - 42,084

Notes and bonds, nominal2 4,573,742 0 - 388,742

Notes and bonds, inflation-indexed2 377,024 0 - 11,209

Inflation compensation3 101,222 + 862 + 24,598

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,610,040 0 - 81,321

Unamortized premiums on securities held outright5 307,032 - 521 - 40,594

Unamortized discounts on securities held outright5 -27,844 + 56 - 7,392

Repurchase agreements6 0 0 - 1

Loans7 15,209 + 142 - 12,439

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,431 + 23 - 6,574

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,594 + 2 - 1,056

Net portfolio holdings of TALF II LLC8 1,941 + 2 - 585

Items in process of collection (0) 45 - 18 - 14

Bank premises 470 + 1 - 901

Central bank liquidity swaps9 411 - 8 + 118

Foreign currency denominated assets10 18,206 - 200 - 1,779

Other assets11 32,907 + 3,314 + 1,482

Total assets (0) 8,342,283 + 2,599 - 568,465

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

Mar 8, 2023 Mar 1, 2023 Mar 9, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,257,801 + 3,620 + 48,394

Reverse repurchase agreements12 2,560,350 + 59,739 + 774,104

Deposits (0) 3,495,954 - 62,736 -1,349,032

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,003,676 - 24,291 - 949,975

U.S. Treasury, General Account 311,731 - 39,284 - 297,638

Foreign official 9,434 - 4 + 1,828

Other13 (0) 171,113 + 843 - 103,249

Deferred availability cash items (0) 815 + 592 + 507

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

Other liabilities and accrued dividends15 -30,482 + 1,427 - 37,916

Total liabilities (0) 8,299,785 + 2,643 - 569,854

Capital accounts

Capital paid in 35,713 - 44 + 1,389

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,498 - 44 + 1,389

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, March 8, 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 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136

Coin 1,309 21 37 117 43 198 86 241 26 38 87 163 250

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,242,733 165,113 4,220,705 189,044 331,000 573,459 538,539 562,803 129,241 62,128 128,910 421,944 919,847

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,431 22,431 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,594 0 5,594 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,941 0 1,941 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 411 18 143 15 40 82 13 16 8 2 4 10 59

Foreign currency denominated 

assets4 18,206 784 6,343 675 1,779 3,650 592 690 366 92 188 437 2,610

Other assets5 33,422 772 16,238 830 1,335 2,605 2,141 2,174 831 435 791 1,728 3,543

Interdistrict settlement account 0 - 11,363 + 166,929 - 45,645 - 23,430 + 68,408 + 28,882 - 59,904 - 8,717 - 1,729 - 21,220 - 26,302 - 65,908

Total assets 8,342,283 178,319 4,423,199 145,575 311,530 649,605 572,501 507,112 122,217 61,229 109,201 399,258 862,536

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, March 8, 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 2,257,801 77,484 711,208 53,640 110,857 174,170 351,819 125,575 68,463 32,415 48,507 189,072 314,590

Reverse repurchase agreements6 2,560,350 51,258 1,312,695 58,820 102,242 178,422 167,515 175,025 40,211 18,154 39,967 131,268 284,772

Deposits 3,495,954 36,591 2,403,612 31,656 94,932 291,235 50,839 206,975 12,496 10,352 20,204 78,377 258,685

Depository institutions 3,003,676 36,583 2,030,650 31,654 94,901 290,633 50,811 88,600 12,489 10,292 20,173 78,263 258,627

U.S. Treasury, General Account 311,731 0 311,731 0 0 0 0 0 0 0 0 0 0

Foreign official 9,434 2 9,408 1 4 8 1 2 1 0 0 1 6

Other7 171,113 6 51,823 0 27 594 27 118,374 6 60 30 114 52

Earnings remittances due to the U.S. 

Treasury8 -39,774 -751 -28,051 -234 -767 -3,599 -98 -3,108 -52 -79 -121 -548 -2,367

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 10,107 486 4,980 187 310 898 1,126 646 145 120 189 298 724

Total liabilities 8,299,785 176,520 4,408,339 144,069 307,574 641,126 571,200 505,113 121,263 60,962 108,746 398,468 856,404

Capital

Capital paid in 35,713 1,507 12,446 1,262 3,316 7,105 1,098 1,763 802 224 383 647 5,161

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 8,342,283 178,319 4,423,199 145,575 311,530 649,605 572,501 507,112 122,217 61,229 109,201 399,258 862,536

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, March 8, 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 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 Mar 8, 2023

Federal Reserve notes outstanding 2,632,376

Less: Notes held by F.R. Banks not subject to collateralization 374,574

Federal Reserve notes to be collateralized 2,257,801

Collateral held against Federal Reserve notes 2,257,801

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,241,564

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,948,335

Less: Face value of securities under reverse repurchase agreements 2,795,523

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,152,812

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.