FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 28, 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

Mar 27, 2024 Mar 20, 2024 Mar 29, 2023

Wednesday

Mar 27, 2024

Reserve Bank credit 7,462,673 - 30,754 -1,233,353 7,448,490

Securities held outright1 7,016,041 - 10,770 - 916,075 7,008,864

U.S. Treasury securities 4,618,654 - 3,080 - 710,489 4,618,082

Bills2 200,000 - 2,900 - 81,997 199,215

Notes and bonds, nominal2 3,945,236 - 760 - 621,396 3,945,236

Notes and bonds, inflation-indexed2 360,612 0 - 16,412 360,612

Inflation compensation3 112,806 + 580 + 9,316 113,019

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

Mortgage-backed securities4 2,395,039 - 7,691 - 205,587 2,388,435

Unamortized premiums on securities held outright5 271,654 - 676 - 33,657 271,336

Unamortized discounts on securities held outright5 -25,084 + 233 + 2,432 -24,991

Repurchase agreements6 0 - 2 - 59,287 0

Foreign official 0 0 - 59,286 0

Others 0 - 2 - 2 0

Loans 147,595 - 19,202 - 210,319 142,136

Primary credit 6,086 + 3,914 - 98,813 6,270

Secondary credit 31 - 15 + 31 0

Seasonal credit 1 0 - 3 1

Paycheck Protection Program Liquidity Facility 3,064 - 19 - 7,203 3,059

Bank Term Funding Program 138,413 - 23,082 + 75,768 132,806

Other credit extensions7 0 0 - 180,100 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 14,657 - 17 - 7,628 14,671

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,600 0

Net portfolio holdings of TALF II LLC8 0 0 - 1,944 0

Float -279 + 8 - 49 -368

Central bank liquidity swaps9 179 + 6 - 411 179

Other Federal Reserve assets10 37,911 - 333 - 814 36,663

Foreign currency denominated assets11 18,032 - 125 - 772 18,030

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,784 + 14 + 652 52,784

Total factors supplying reserve funds 7,549,730 - 30,866 -1,233,474 7,535,545

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 27, 2024 Mar 20, 2024 Mar 29, 2023

Wednesday

Mar 27, 2024

Currency in circulation12 2,342,259 + 1,481 + 20,484 2,344,024

Reverse repurchase agreements13 832,204 + 41,970 -1,764,535 872,746

Foreign official and international accounts 348,714 + 2,626 - 18,586 354,389

Others 483,490 + 39,344 -1,745,949 518,357

Treasury cash holdings 449 - 24 + 297 444

Deposits with F.R. Banks, other than reserve balances 980,079 - 11,488 + 573,785 946,645

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 802,233 - 7,065 + 618,656 772,260

Foreign official 13,625 + 2,359 + 4,186 14,547

Other14 164,221 - 6,783 - 49,057 159,839

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

Other liabilities and capital16 -108,821 - 5,502 - 114,126 -108,156

Total factors, other than reserve balances, 

absorbing reserve funds 4,053,609 + 26,437 -1,292,003 4,063,142

Reserve balances with Federal Reserve Banks 3,496,121 - 57,303 + 58,529 3,472,403

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

Mar 27, 2024 Mar 20, 2024 Mar 29, 2023

Wednesday

Mar 27, 2024

Securities held in custody for foreign official and international 

accounts 3,340,755 - 8,645 + 46,847 3,337,764

Marketable U.S. Treasury securities1 2,936,743 - 1,520 + 64,036 2,933,972

Federal agency debt and mortgage-backed securities2 323,044 - 6,246 - 16,810 322,679

Other securities3 80,968 - 879 - 379 81,112

Securities lent to dealers 36,276 + 2,940 - 13,768 35,882

Overnight facility4 36,276 + 2,940 - 13,768 35,882

U.S. Treasury securities 36,276 + 2,940 - 13,768 35,882

Federal agency debt securities 0 0 0 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 27, 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 5,649 21,862 111,570 3,055 0 ... 142,136

U.S. Treasury securities2

Holdings 63,612 265,894 533,751 1,536,540 709,916 1,508,369 4,618,082

Weekly changes + 5,345 - 7,792 - 413 + 236 + 108 + 162 - 2,353

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 0 28 5,522 30,156 2,352,729 2,388,435

Weekly changes 0 - 1 - 7 - 112 - 641 - 10,796 - 11,557

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 7,133 ... ... 7,133

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

Central bank liquidity swaps7 179 0 0 0 0 0 179

Reverse repurchase agreements6 872,746 0 ... ... ... ... 872,746

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 Mar 27, 2024

Mortgage-backed securities held outright1 2,388,435

Residential mortgage-backed securities 2,380,240

Commercial mortgage-backed securities 8,195

Commitments to buy mortgage-backed securities2 20

Commitments to sell mortgage-backed securities2 67

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 LLC

Millions of dollars

Wednesday Mar 27, 2024

Net portfolio holdings of

Credit Facilities LLC

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLC:

the LLC1 purchases2 other assets3 Total

MS Facilities LLC (Main Street Lending Program) 6,070 6,379 8,292 14,671

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 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

Mar 27, 2024 Mar 20, 2024 Mar 29, 2023

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,552 + 3 + 263

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,397,345 - 28,236 -1,203,990

Securities held outright1 7,008,864 - 13,910 - 917,267

U.S. Treasury securities 4,618,082 - 2,353 - 711,221

Bills2 199,215 - 2,933 - 82,625

Notes and bonds, nominal2 3,945,236 0 - 621,396

Notes and bonds, inflation-indexed2 360,612 0 - 16,412

Inflation compensation3 113,019 + 580 + 9,213

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,388,435 - 11,557 - 206,045

Unamortized premiums on securities held outright5 271,336 - 729 - 33,622

Unamortized discounts on securities held outright5 -24,991 + 237 + 2,430

Repurchase agreements6 0 - 3 - 55,000

Loans7 142,136 - 13,831 - 200,531

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 14,671 + 16 - 7,633

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,602

Net portfolio holdings of TALF II LLC8 0 0 - 1,946

Items in process of collection (0) 63 + 5 + 13

Bank premises 461 - 6 - 13

Central bank liquidity swaps9 179 + 6 - 406

Foreign currency denominated assets10 18,030 - 20 - 715

Other assets11 36,201 - 1,378 - 1,175

Total assets (0) 7,484,739 - 29,609 -1,221,203

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 27, 2024 Mar 20, 2024 Mar 29, 2023

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,293,232 + 1,708 + 19,840

Reverse repurchase agreements12 872,746 + 27,280 -1,759,796

Deposits (0) 4,419,048 - 53,084 + 640,284

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,472,403 - 17,174 + 70,603

U.S. Treasury, General Account 772,260 - 40,345 + 609,502

Foreign official 14,547 + 2,154 + 5,111

Other13 (0) 159,839 + 2,282 - 44,931

Deferred availability cash items (0) 430 + 19 - 94

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

Other liabilities and accrued dividends15 -151,298 - 5,532 - 114,470

Total liabilities (0) 7,441,596 - 29,610 -1,222,144

Capital accounts

Capital paid in 36,357 0 + 940

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 43,142 0 + 940

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, March 27, 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 1,552 51 52 158 51 196 110 275 36 55 109 186 271

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,397,345 153,996 4,062,037 122,762 226,747 515,982 502,704 462,921 115,497 56,107 103,966 365,550 709,076

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 14,671 14,671 0 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 179 8 64 6 17 36 5 6 4 1 2 4 26

Foreign currency denominated 

assets4 18,030 776 6,417 648 1,700 3,650 540 628 406 114 191 380 2,580

Other assets5 36,725 914 17,341 714 1,170 2,937 3,477 2,254 726 527 891 1,898 3,876

Interdistrict settlement account 0 + 12,996 - 110,000 - 6,772 + 78,194 + 102,669 - 25,104 - 66,092 - 5,507 - 4,256 - 16,650 - 45,945 + 86,469

Total assets 7,484,739 183,968 3,981,085 118,041 308,630 626,657 484,021 401,096 111,642 52,812 88,961 323,363 804,462

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 27, 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 2,293,232 81,276 747,214 50,357 110,725 163,143 354,813 121,321 72,607 31,228 41,013 191,802 327,731

Reverse repurchase agreements6 872,746 16,861 487,385 14,384 26,820 60,734 59,123 54,404 13,056 5,918 11,284 42,552 80,225

Deposits 4,419,048 78,369 2,828,975 53,157 172,696 418,527 67,781 234,022 24,864 15,490 36,558 89,312 399,297

Depository institutions 3,472,403 78,316 1,991,378 53,156 172,664 418,245 67,718 125,734 24,831 15,374 36,528 89,193 399,266

U.S. Treasury, General Account 772,260 0 772,260 0 0 0 0 0 0 0 0 0 0

Foreign official 14,547 2 14,521 1 4 8 1 1 1 0 0 1 6

Other7 159,839 51 50,815 0 28 274 61 108,287 32 116 30 118 26

Earnings remittances due to the U.S. 

Treasury8 -159,473 -3,123 -100,475 -1,550 -6,515 -25,225 77 -11,235 -4 -215 -554 -1,675 -8,978

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 8,605 1,337 3,134 184 327 1,022 749 459 149 120 184 253 685

Total liabilities 7,441,596 182,159 3,966,234 116,532 304,053 618,202 482,543 398,971 110,671 52,540 88,486 322,244 798,961

Capital

Capital paid in 36,357 1,525 12,506 1,271 3,856 7,116 1,255 1,792 818 229 401 956 4,633

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 7,484,739 183,968 3,981,085 118,041 308,630 626,657 484,021 401,096 111,642 52,812 88,961 323,363 804,462

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 27, 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 Mar 27, 2024

Federal Reserve notes outstanding 2,728,149

Less: Notes held by F.R. Banks not subject to collateralization 434,917

Federal Reserve notes to be collateralized 2,293,232

Collateral held against Federal Reserve notes 2,293,232

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,276,995

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,008,864

Less: Face value of securities under reverse repurchase agreements 956,582

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,052,282

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.