FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks February 16, 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 15, 2023 Feb 8, 2023 Feb 16, 2022

Wednesday

Feb 15, 2023

Reserve Bank credit 8,393,076 - 4,510 - 465,469 8,348,550

Securities held outright1 8,019,141 - 5,098 - 398,695 7,990,467

U.S. Treasury securities 5,392,212 - 4,945 - 343,076 5,364,607

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

Notes and bonds, nominal2 4,631,158 - 4,579 - 318,467 4,603,687

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

Inflation compensation3 101,054 - 366 + 26,525 100,920

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

Mortgage-backed securities4 2,624,582 - 153 - 55,619 2,623,512

Unamortized premiums on securities held outright5 309,491 - 638 - 41,137 309,222

Unamortized discounts on securities held outright5 -27,533 + 14 - 8,015 -27,659

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 15,788 + 686 - 12,838 15,673

Primary credit 4,840 + 764 + 4,082 4,778

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 10,948 - 78 - 16,920 10,895

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,588 - 14 - 6,589 22,383

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,584 + 3 - 1,513 5,586

Net portfolio holdings of TALF II LLC7 1,950 + 2 - 592 1,951

Float -162 - 4 - 23 -147

Central bank liquidity swaps8 391 - 47 + 177 391

Other Federal Reserve assets9 45,838 + 587 + 3,756 30,683

Foreign currency denominated assets10 18,613 - 180 - 1,731 18,489

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,555 + 14 + 728 51,555

Total factors supplying reserve funds 8,479,486 - 4,675 - 466,471 8,434,836

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 15, 2023 Feb 8, 2023 Feb 16, 2022

Wednesday

Feb 15, 2023

Currency in circulation11 2,297,960 + 527 + 66,015 2,298,891

Reverse repurchase agreements12 2,417,068 + 6,346 + 519,466 2,362,504

Foreign official and international accounts 362,220 + 3,432 + 101,830 350,506

Others 2,054,849 + 2,915 + 417,637 2,011,998

Treasury cash holdings 99 + 3 + 68 102

Deposits with F.R. Banks, other than reserve balances 691,937 - 9,469 - 255,498 634,878

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 490,379 - 2,898 - 202,162 439,703

Foreign official 9,438 + 3 + 3,648 9,434

Other13 192,121 - 6,573 - 56,983 185,740

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

Other liabilities and capital15 16,036 - 5,537 - 31,676 15,695

Total factors, other than reserve balances, 

absorbing reserve funds 5,438,448 - 8,128 + 292,464 5,327,417

Reserve balances with Federal Reserve Banks 3,041,038 + 3,454 - 758,935 3,107,419

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 15, 2023 Feb 8, 2023 Feb 16, 2022

Wednesday

Feb 15, 2023

Securities held in custody for foreign official and international 

accounts 3,346,062 + 14,010 - 101,827 3,353,176

Marketable U.S. Treasury securities1 2,938,139 + 13,511 - 103,229 2,944,867

Federal agency debt and mortgage-backed securities2 326,682 + 17 + 3,082 326,357

Other securities3 81,242 + 482 - 1,679 81,951

Securities lent to dealers 35,833 - 2,504 - 3,779 37,401

Overnight facility4 35,833 - 2,504 - 3,779 37,401

U.S. Treasury securities 35,818 - 2,500 - 3,794 37,387

Federal agency debt securities 15 - 4 + 15 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, February 15, 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 3,542 1,243 0 10,888 0 ... 15,673

U.S. Treasury securities2

Holdings 107,099 320,438 676,513 1,874,096 900,274 1,486,187 5,364,607

Weekly changes - 8,087 - 6,166 - 15,422 - 14,410 - 10,119 + 21,789 - 32,415

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 1 3 29 7,983 48,273 2,567,223 2,623,512

Weekly changes + 1 - 1 0 - 21 - 368 - 835 - 1,223

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,514 ... ... 11,514

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 0 0 ... ... ... ... 0

Central bank liquidity swaps9 391 0 0 0 0 0 391

Reverse repurchase agreements8 2,362,504 0 ... ... ... ... 2,362,504

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 15, 2023

Mortgage-backed securities held outright1 2,623,512

Residential mortgage-backed securities 2,615,051

Commercial mortgage-backed securities 8,462

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 Feb 15, 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 10,447 11,936 22,383

Municipal Liquidity Facility LLC 2,907 2,907 2,679 5,586

TALF II LLC 996 959 992 1,951

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 15, 2023 Feb 8, 2023 Feb 16, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,293 + 6 + 22

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,287,702 - 34,334 - 516,723

Securities held outright1 7,990,467 - 33,637 - 455,112

U.S. Treasury securities 5,364,607 - 32,415 - 374,012

Bills2 285,021 0 - 41,023

Notes and bonds, nominal2 4,603,687 - 32,050 - 349,139

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

Inflation compensation3 100,920 - 365 + 26,261

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,623,512 - 1,223 - 81,101

Unamortized premiums on securities held outright5 309,222 - 694 - 41,102

Unamortized discounts on securities held outright5 -27,659 - 198 - 7,474

Repurchase agreements6 0 - 1 0

Loans7 15,673 + 197 - 13,033

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,383 - 239 - 6,597

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,586 + 2 - 1,512

Net portfolio holdings of TALF II LLC8 1,951 + 1 - 591

Items in process of collection (0) 51 - 2 - 2

Bank premises 485 + 12 - 902

Central bank liquidity swaps9 391 - 47 + 177

Foreign currency denominated assets10 18,489 - 209 - 1,867

Other assets11 30,198 - 15,795 + 1,726

Total assets (0) 8,384,767 - 50,602 - 526,266

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 15, 2023 Feb 8, 2023 Feb 16, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,248,727 + 418 + 64,019

Reverse repurchase agreements12 2,362,504 - 56,427 + 461,042

Deposits (0) 3,742,296 + 11,056 -1,015,078

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,107,419 + 73,859 - 689,301

U.S. Treasury, General Account 439,703 - 56,135 - 269,558

Foreign official 9,434 0 + 2,183

Other13 (0) 185,740 - 6,668 - 58,401

Deferred availability cash items (0) 198 - 65 - 22

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

Other liabilities and accrued dividends15 -26,842 - 5,589 - 32,391

Total liabilities (0) 8,342,231 - 50,606 - 528,341

Capital accounts

Capital paid in 35,751 + 3 + 2,075

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,536 + 3 + 2,075

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 15, 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 1,293 18 32 118 51 197 83 235 26 37 90 165 241

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,287,702 166,083 4,243,946 190,137 332,809 576,658 541,459 565,991 129,959 62,523 129,539 424,220 924,379

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,383 22,383 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,586 0 5,586 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,951 0 1,951 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 391 17 136 15 38 78 13 15 8 2 4 9 56

Foreign currency denominated 

assets4 18,489 796 6,440 686 1,807 3,707 602 701 372 93 191 444 2,650

Other assets5 30,734 720 14,894 770 1,220 2,428 1,977 1,996 775 373 729 1,594 3,257

Interdistrict settlement account 0 - 5,397 + 309,958 - 49,896 - 44,075 + 35,206 + 9,729 - 58,604 - 13,733 - 3,514 - 24,877 - 41,794 - 113,004

Total assets 8,384,767 185,163 4,588,215 142,367 292,613 619,477 556,110 511,426 117,868 59,777 106,117 385,917 819,716

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 15, 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 2,248,727 77,110 706,361 53,972 110,084 173,670 350,792 126,057 68,528 32,407 48,743 188,327 312,676

Reverse repurchase agreements6 2,362,504 47,297 1,211,260 54,275 94,342 164,635 154,570 161,500 37,104 16,751 36,879 121,125 262,767

Deposits 3,742,296 47,753 2,672,172 32,643 84,617 274,953 49,094 224,074 11,213 10,308 19,981 75,899 239,590

Depository institutions 3,107,419 47,745 2,170,724 32,642 84,586 274,361 49,065 91,648 11,201 10,229 19,953 75,717 239,547

U.S. Treasury, General Account 439,703 0 439,703 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 185,740 6 52,336 0 27 583 27 132,425 11 79 28 181 37

Earnings remittances due to the U.S. 

Treasury8 -33,135 -639 -23,482 -187 -592 -2,939 -93 -2,653 -44 -56 -99 -438 -1,914

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 6,491 389 3,106 158 206 681 446 448 118 100 159 214 466

Total liabilities 8,342,231 183,363 4,573,311 140,861 288,657 610,999 554,809 509,427 116,919 59,510 105,662 385,127 813,585

Capital

Capital paid in 35,751 1,509 12,490 1,262 3,316 7,105 1,098 1,763 796 224 383 647 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 8,384,767 185,163 4,588,215 142,367 292,613 619,477 556,110 511,426 117,868 59,777 106,117 385,917 819,716

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 15, 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 15, 2023

Federal Reserve notes outstanding 2,632,701

Less: Notes held by F.R. Banks not subject to collateralization 383,974

Federal Reserve notes to be collateralized 2,248,727

Collateral held against Federal Reserve notes 2,248,727

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,232,490

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,990,467

Less: Face value of securities under reverse repurchase agreements 2,509,387

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,481,079

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.