FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 2, 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 1, 2023 Feb 22, 2023 Mar 2, 2022

Wednesday

Mar 1, 2023

Reserve Bank credit 8,332,390 - 16,356 - 534,046 8,303,513

Securities held outright1 7,974,318 - 15,003 - 467,939 7,948,534

U.S. Treasury securities 5,356,098 - 8,298 - 388,683 5,336,147

Bills2 285,021 0 - 41,023 285,021

Notes and bonds, nominal2 4,595,167 - 8,563 - 361,257 4,573,742

Notes and bonds, inflation-indexed2 375,564 + 585 - 11,273 377,024

Inflation compensation3 100,346 - 320 + 24,870 100,360

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

Mortgage-backed securities4 2,615,873 - 6,705 - 79,257 2,610,040

Unamortized premiums on securities held outright5 307,925 - 806 - 40,452 307,553

Unamortized discounts on securities held outright5 -27,881 - 165 - 7,488 -27,900

Repurchase agreements6 1 + 1 + 1 0

Foreign official 0 0 0 0

Others 1 + 1 + 1 0

Loans 15,381 - 214 - 12,517 15,067

Primary credit 4,619 - 120 + 3,054 4,362

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 10,763 - 93 - 15,569 10,705

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,391 + 8 - 6,599 22,408

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,590 + 3 - 1,510 5,592

Net portfolio holdings of TALF II LLC7 1,949 - 2 - 586 1,939

Float -354 - 200 + 207 -160

Central bank liquidity swaps8 418 + 25 + 193 419

Other Federal Reserve assets9 32,651 - 4 + 2,644 30,062

Foreign currency denominated assets10 18,300 - 169 - 1,871 18,406

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,583 + 14 + 728 51,583

Total factors supplying reserve funds 8,418,514 - 16,512 - 535,190 8,389,743

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 1, 2023 Feb 22, 2023 Mar 2, 2022

Wednesday

Mar 1, 2023

Currency in circulation11 2,302,133 + 1,501 + 59,680 2,304,348

Reverse repurchase agreements12 2,514,277 + 100,632 + 671,016 2,500,611

Foreign official and international accounts 363,097 + 11,026 + 110,644 366,661

Others 2,151,180 + 89,606 + 560,372 2,133,950

Treasury cash holdings 105 + 3 + 72 115

Deposits with F.R. Banks, other than reserve balances 577,896 - 94,421 - 377,038 530,722

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 381,245 - 96,088 - 301,658 351,015

Foreign official 9,437 + 1 - 532 9,438

Other13 187,215 + 1,667 - 74,847 170,270

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

Other liabilities and capital15 10,453 - 5,952 - 36,594 10,633

Total factors, other than reserve balances, 

absorbing reserve funds 5,420,211 + 1,762 + 311,224 5,361,776

Reserve balances with Federal Reserve Banks 2,998,303 - 18,274 - 846,413 3,027,967

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 1, 2023 Feb 22, 2023 Mar 2, 2022

Wednesday

Mar 1, 2023

Securities held in custody for foreign official and international 

accounts 3,352,932 + 253 - 100,055 3,349,624

Marketable U.S. Treasury securities1 2,943,316 - 928 - 100,465 2,940,082

Federal agency debt and mortgage-backed securities2 327,672 + 1,192 + 373 327,611

Other securities3 81,945 - 10 + 38 81,932

Securities lent to dealers 47,420 + 10,752 + 8,322 49,950

Overnight facility4 47,420 + 10,752 + 8,322 49,950

U.S. Treasury securities 47,406 + 10,752 + 8,308 49,936

Federal agency debt securities 14 0 + 14 14

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 1, 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 3,247 1,122 0 10,699 0 ... 15,067

U.S. Treasury securities2

Holdings 41,569 327,092 712,124 1,869,178 908,370 1,477,814 5,336,147

Weekly changes - 59,767 - 4,233 + 40,754 - 4,768 - 5,531 + 5,400 - 28,144

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 23 7,842 47,678 2,554,495 2,610,040

Weekly changes - 1 - 1 - 6 - 141 - 595 - 9,464 - 10,208

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,418 ... ... 11,418

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 419 0 0 0 0 0 419

Reverse repurchase agreements8 2,500,611 0 ... ... ... ... 2,500,611

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 1, 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 75

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed 

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Mar 1, 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 10,354 12,053 22,408

Municipal Liquidity Facility LLC 2,907 2,907 2,684 5,592

TALF II LLC 981 936 1,003 1,939

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 1, 2023 Feb 22, 2023 Mar 2, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,306 + 4 + 23

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,243,254 - 39,795 - 555,127

Securities held outright1 7,948,534 - 38,353 - 494,277

U.S. Treasury securities 5,336,147 - 28,144 - 412,959

Bills2 285,021 0 - 41,023

Notes and bonds, nominal2 4,573,742 - 29,995 - 385,344

Notes and bonds, inflation-indexed2 377,024 + 2,045 - 11,209

Inflation compensation3 100,360 - 194 + 24,618

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,610,040 - 10,208 - 81,318

Unamortized premiums on securities held outright5 307,553 - 896 - 40,500

Unamortized discounts on securities held outright5 -27,900 - 251 - 7,496

Repurchase agreements6 0 0 - 1

Loans7 15,067 - 296 - 12,853

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,408 + 22 - 6,588

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,592 + 3 - 1,509

Net portfolio holdings of TALF II LLC8 1,939 - 14 - 587

Items in process of collection (0) 63 + 8 + 3

Bank premises 469 - 18 - 899

Central bank liquidity swaps9 419 + 26 + 194

Foreign currency denominated assets10 18,406 + 7 - 1,736

Other assets11 29,593 - 2,747 + 1,456

Total assets (0) 8,339,684 - 42,506 - 564,771

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 1, 2023 Feb 22, 2023 Mar 2, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,254,181 + 2,284 + 55,245

Reverse repurchase agreements12 2,500,611 + 29,254 + 724,959

Deposits (0) 3,558,690 - 68,696 -1,301,485

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,027,967 + 44,409 - 891,517

U.S. Treasury, General Account 351,015 - 100,292 - 334,476

Foreign official 9,438 + 3 + 3,154

Other13 (0) 170,270 - 12,816 - 78,646

Deferred availability cash items (0) 223 - 129 - 484

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

Other liabilities and accrued dividends15 -31,909 - 5,223 - 38,527

Total liabilities (0) 8,297,142 - 42,511 - 566,204

Capital accounts

Capital paid in 35,757 + 6 + 1,433

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,542 + 6 + 1,433

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 1, 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 1,306 20 35 117 46 198 88 240 26 38 90 167 242

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,243,254 165,160 4,221,271 189,067 331,030 573,486 538,558 562,920 129,281 62,166 128,858 422,000 919,457

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,408 22,408 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,592 0 5,592 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,939 0 1,939 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 419 18 146 16 41 84 14 16 8 2 4 10 60

Foreign currency denominated 

assets4 18,406 793 6,412 683 1,799 3,690 599 698 370 93 190 442 2,638

Other assets5 30,124 706 14,547 754 1,202 2,371 1,942 1,947 778 407 740 1,557 3,173

Interdistrict settlement account 0 - 1,036 + 181,896 - 46,006 - 27,996 + 60,501 + 25,573 - 59,186 - 8,840 - 166 - 20,550 - 20,952 - 83,238

Total assets 8,339,684 188,613 4,437,107 145,166 306,885 641,533 569,020 507,727 122,086 62,803 109,772 404,502 844,469

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 1, 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 2,254,181 77,295 709,226 53,810 110,390 173,750 351,580 125,936 68,234 32,440 48,519 189,110 313,891

Reverse repurchase agreements6 2,500,611 50,062 1,282,067 57,447 99,857 174,259 163,606 170,941 39,273 17,731 39,035 128,205 278,128

Deposits 3,558,690 48,312 2,450,863 32,478 93,182 287,814 52,193 211,418 13,552 12,334 21,716 86,723 248,105

Depository institutions 3,027,967 48,304 2,037,514 32,477 93,152 287,071 52,165 95,175 13,545 12,212 21,686 86,593 248,075

U.S. Treasury, General Account 351,015 0 351,015 0 0 0 0 0 0 0 0 0 0

Foreign official 9,438 2 9,411 1 4 8 1 2 1 0 0 1 6

Other7 170,270 6 52,923 0 26 735 27 116,242 6 122 30 129 24

Earnings remittances due to the U.S. 

Treasury8 -38,181 -717 -26,930 -232 -719 -3,378 -132 -3,009 -56 -73 -121 -542 -2,272

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 6,494 408 3,082 157 220 609 473 442 129 105 167 217 487

Total liabilities 8,297,142 186,812 4,422,203 143,660 302,929 633,054 567,719 505,728 121,131 62,536 109,317 403,713 838,339

Capital

Capital paid in 35,757 1,509 12,490 1,262 3,316 7,105 1,098 1,763 802 224 383 647 5,160

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 8,339,684 188,613 4,437,107 145,166 306,885 641,533 569,020 507,727 122,086 62,803 109,772 404,502 844,469

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 1, 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 1, 2023

Federal Reserve notes outstanding 2,632,341

Less: Notes held by F.R. Banks not subject to collateralization 378,160

Federal Reserve notes to be collateralized 2,254,181

Collateral held against Federal Reserve notes 2,254,181

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,237,944

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,948,534

Less: Face value of securities under reverse repurchase agreements 2,734,707

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,213,827

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.