FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks February 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

Feb 8, 2023 Feb 1, 2023 Feb 9, 2022

Wednesday

Feb 8, 2023

Reserve Bank credit 8,397,586 - 25,909 - 440,112 8,398,884

Securities held outright1 8,024,239 - 26,699 - 368,920 8,024,104

U.S. Treasury securities 5,397,157 - 26,698 - 332,805 5,397,022

Bills2 285,021 - 60 - 41,023 285,021

Notes and bonds, nominal2 4,635,737 - 26,335 - 308,915 4,635,737

Notes and bonds, inflation-indexed2 374,979 0 - 10,110 374,979

Inflation compensation3 101,420 - 303 + 27,243 101,285

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

Mortgage-backed securities4 2,624,735 0 - 36,115 2,624,735

Unamortized premiums on securities held outright5 310,129 - 651 - 41,094 309,916

Unamortized discounts on securities held outright5 -27,547 - 8 - 8,353 -27,461

Repurchase agreements6 0 - 2 0 1

Foreign official 0 0 0 0

Others 0 - 2 0 1

Loans 15,102 - 1,249 - 13,846 15,476

Primary credit 4,076 - 1,156 + 3,750 4,486

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 11,026 - 92 - 17,596 10,990

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,602 + 22 - 6,648 22,622

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,581 + 2 - 1,957 5,584

Net portfolio holdings of TALF II LLC7 1,948 - 10 - 594 1,950

Float -158 + 229 - 42 -211

Central bank liquidity swaps8 438 + 11 + 231 438

Other Federal Reserve assets9 45,251 + 2,444 + 1,111 46,466

Foreign currency denominated assets10 18,793 - 118 - 1,639 18,698

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,541 + 14 + 728 51,541

Total factors supplying reserve funds 8,484,161 - 26,014 - 441,023 8,485,365

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

Feb 8, 2023 Feb 1, 2023 Feb 9, 2022

Wednesday

Feb 8, 2023

Currency in circulation11 2,297,433 + 3,615 + 67,235 2,298,469

Reverse repurchase agreements12 2,410,722 + 6,314 + 496,725 2,418,931

Foreign official and international accounts 358,788 - 19,403 + 98,615 359,327

Others 2,051,934 + 25,717 + 398,110 2,059,604

Treasury cash holdings 96 - 9 + 71 99

Deposits with F.R. Banks, other than reserve balances 701,406 - 59,520 - 236,889 697,680

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 493,277 - 66,812 - 193,107 495,838

Foreign official 9,435 + 1 + 4,217 9,434

Other13 198,694 + 7,290 - 48,000 192,408

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

Other liabilities and capital15 21,573 + 1,510 - 27,926 21,279

Total factors, other than reserve balances, 

absorbing reserve funds 5,446,576 - 48,092 + 293,303 5,451,805

Reserve balances with Federal Reserve Banks 3,037,584 + 22,078 - 734,327 3,033,560

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

Feb 8, 2023 Feb 1, 2023 Feb 9, 2022

Wednesday

Feb 8, 2023

Securities held in custody for foreign official and international 

accounts 3,332,052 + 7,037 - 133,707 3,337,389

Marketable U.S. Treasury securities1 2,924,628 + 6,664 - 135,519 2,929,820

Federal agency debt and mortgage-backed securities2 326,665 + 148 + 3,598 326,665

Other securities3 80,760 + 226 - 1,785 80,904

Securities lent to dealers 38,337 + 994 + 1,568 38,322

Overnight facility4 38,337 + 994 + 1,568 38,322

U.S. Treasury securities 38,318 + 996 + 1,549 38,303

Federal agency debt securities 19 - 2 + 19 19

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, February 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 3,395 1,098 0 10,983 0 ... 15,476

U.S. Treasury securities2

Holdings 115,186 326,604 691,935 1,888,506 910,393 1,464,398 5,397,022

Weekly changes - 107 + 500 - 412 - 151 - 100 - 96 - 366

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 4 29 8,004 48,641 2,568,058 2,624,735

Weekly changes 0 0 0 + 2,411 - 840 - 1,572 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,530 ... ... 11,530

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 959 0 ... ... 959

Repurchase agreements8 1 0 ... ... ... ... 1

Central bank liquidity swaps9 438 0 0 0 0 0 438

Reverse repurchase agreements8 2,418,931 0 ... ... ... ... 2,418,931

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 Feb 8, 2023

Mortgage-backed securities held outright1 2,624,735

Residential mortgage-backed securities 2,616,273

Commercial mortgage-backed securities 8,462

Commitments to buy mortgage-backed securities2 150

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 Feb 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) 10,966 10,463 12,158 22,622

Municipal Liquidity Facility LLC 2,907 2,907 2,676 5,584

TALF II LLC 996 959 991 1,950

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

Feb 8, 2023 Feb 1, 2023 Feb 9, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,287 + 18 + 35

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,322,036 - 1,304 - 433,527

Securities held outright1 8,024,104 - 366 - 370,957

U.S. Treasury securities 5,397,022 - 366 - 334,842

Bills2 285,021 0 - 41,023

Notes and bonds, nominal2 4,635,737 0 - 310,687

Notes and bonds, inflation-indexed2 374,979 0 - 10,110

Inflation compensation3 101,285 - 366 + 26,979

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,624,735 0 - 36,116

Unamortized premiums on securities held outright5 309,916 - 624 - 41,246

Unamortized discounts on securities held outright5 -27,461 - 9 - 8,269

Repurchase agreements6 1 - 10 + 1

Loans7 15,476 - 293 - 13,056

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,622 + 24 - 6,636

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,584 + 3 - 1,513

Net portfolio holdings of TALF II LLC8 1,950 + 2 - 592

Items in process of collection (0) 53 - 3 - 38

Bank premises 473 + 4 - 909

Central bank liquidity swaps9 438 + 11 + 238

Foreign currency denominated assets10 18,698 - 306 - 1,714

Other assets11 45,993 + 3,311 + 2,018

Total assets (0) 8,435,369 + 1,759 - 442,640

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

Feb 8, 2023 Feb 1, 2023 Feb 9, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,248,309 + 1,702 + 66,554

Reverse repurchase agreements12 2,418,931 + 4,586 + 511,040

Deposits (0) 3,731,240 - 4,643 - 988,730

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,033,560 + 3,274 - 761,417

U.S. Treasury, General Account 495,838 - 5,014 - 183,181

Foreign official 9,434 - 1 + 4,244

Other13 (0) 192,408 - 2,902 - 48,376

Deferred availability cash items (0) 263 - 404 + 55

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

Other liabilities and accrued dividends15 -21,253 - 173 - 27,643

Total liabilities (0) 8,392,837 + 1,068 - 444,635

Capital accounts

Capital paid in 35,748 + 692 + 1,996

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,533 + 692 + 1,996

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, February 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 1,287 18 29 116 48 194 91 235 25 38 91 163 237

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,322,036 166,541 4,261,804 190,931 334,189 579,029 543,710 568,287 130,475 62,801 130,110 426,154 928,005

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,622 22,622 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,584 0 5,584 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,950 0 1,950 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 438 19 153 16 43 88 14 17 9 2 5 11 63

Foreign currency denominated 

assets4 18,698 805 6,514 693 1,827 3,749 608 709 376 94 193 449 2,680

Other assets5 46,518 1,038 23,044 1,133 1,868 3,500 3,017 3,075 873 539 1,020 2,407 5,003

Interdistrict settlement account 0 - 3,013 + 324,156 - 49,850 - 47,707 + 7,788 + 13,468 - 45,090 - 11,865 - 4,211 - 23,093 - 33,636 - 126,948

Total assets 8,435,369 188,574 4,628,504 143,577 291,032 595,551 563,156 528,325 120,354 59,526 108,766 396,828 811,176

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, February 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 2,248,309 77,121 704,280 54,009 110,056 173,849 351,206 125,607 68,920 32,412 48,637 189,341 312,871

Reverse repurchase agreements6 2,418,931 48,427 1,240,190 55,571 96,595 168,567 158,262 165,358 37,990 17,151 37,760 124,018 269,043

Deposits 3,731,240 49,933 2,681,902 32,456 80,659 246,531 51,872 237,140 12,381 9,625 21,799 82,761 224,180

Depository institutions 3,033,560 49,911 2,123,815 32,454 80,616 245,874 51,803 98,644 12,374 9,558 21,771 82,606 224,133

U.S. Treasury, General Account 495,838 0 495,838 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 192,408 20 52,842 0 39 650 68 138,494 6 66 27 154 42

Earnings remittances due to the U.S. 

Treasury8 -30,234 -592 -21,579 -154 -512 -2,680 -59 -2,449 -22 -42 -65 -376 -1,703

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 9,244 432 4,912 190 278 806 573 674 136 113 181 294 655

Total liabilities 8,392,837 186,774 4,613,600 142,071 287,076 587,073 561,854 526,329 119,405 59,259 108,312 396,038 805,046

Capital

Capital paid in 35,748 1,509 12,490 1,262 3,316 7,104 1,098 1,759 796 224 383 647 5,159

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 8,435,369 188,574 4,628,504 143,577 291,032 595,551 563,156 528,325 120,354 59,526 108,766 396,828 811,176

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, February 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 Feb 8, 2023

Federal Reserve notes outstanding 2,632,056

Less: Notes held by F.R. Banks not subject to collateralization 383,747

Federal Reserve notes to be collateralized 2,248,309

Collateral held against Federal Reserve notes 2,248,309

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,232,072

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,024,105

Less: Face value of securities under reverse repurchase agreements 2,575,435

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,448,670

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.