FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks June 29, 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

Jun 28, 2023 Jun 21, 2023 Jun 29, 2022

Wednesday

Jun 28, 2023

Reserve Bank credit 8,317,639 - 17,196 - 571,980 8,304,469

Securities held outright1 7,694,437 - 10,572 - 792,201 7,685,565

U.S. Treasury securities 5,145,259 - 661 - 618,470 5,145,080

Bills2 272,164 - 1,190 - 53,880 271,803

Notes and bonds, nominal2 4,396,923 + 7 - 567,156 4,396,923

Notes and bonds, inflation-indexed2 368,250 - 3 - 14,716 368,228

Inflation compensation3 107,922 + 525 + 17,282 108,126

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

Mortgage-backed securities4 2,546,831 - 9,910 - 173,732 2,538,138

Unamortized premiums on securities held outright5 296,542 - 790 - 37,718 296,132

Unamortized discounts on securities held outright5 -27,453 + 216 - 2,333 -27,346

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 284,721 - 6,745 + 263,505 282,026

Primary credit 3,399 + 151 + 517 3,209

Secondary credit 0 0 - 1 0

Seasonal credit 27 + 2 + 14 24

Paycheck Protection Program Liquidity Facility 7,458 - 177 - 10,861 7,419

Bank Term Funding Program 102,954 + 466 + 102,954 103,081

Other credit extensions7 170,884 - 7,185 + 170,884 168,293

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,931 + 19 - 6,445 19,949

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,590 + 2 + 50 5,593

Net portfolio holdings of TALF II LLC8 1,714 + 2 - 483 1,715

Float -213 - 42 + 97 -488

Central bank liquidity swaps9 310 + 21 + 126 310

Other Federal Reserve assets10 42,059 + 689 + 3,422 41,014

Foreign currency denominated assets11 18,355 - 107 + 126 18,324

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 51,821 + 14 + 728 51,821

Total factors supplying reserve funds 8,404,056 - 17,290 - 571,127 8,390,856

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

Jun 28, 2023 Jun 21, 2023 Jun 29, 2022

Wednesday

Jun 28, 2023

Currency in circulation12 2,341,032 - 1,980 + 62,428 2,343,563

Reverse repurchase agreements13 2,295,987 - 47,686 - 170,433 2,271,871

Foreign official and international accounts 330,246 - 4,148 + 67,411 326,660

Others 1,965,741 - 43,538 - 237,844 1,945,211

Treasury cash holdings 218 - 7 + 120 242

Deposits with F.R. Banks, other than reserve balances 602,476 + 111,516 - 430,511 606,221

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 390,571 + 113,721 - 366,056 408,561

Foreign official 9,685 - 2 + 2,251 9,685

Other14 202,220 - 2,203 - 66,705 187,975

Treasury contributions to credit facilities15 13,358 0 - 4,582 13,358

Other liabilities and capital16 -20,582 + 859 - 69,630 -20,428

Total factors, other than reserve balances, 

absorbing reserve funds 5,232,489 + 62,701 - 612,607 5,214,827

Reserve balances with Federal Reserve Banks 3,171,567 - 79,991 + 41,480 3,176,029

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 loans that were extended 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 

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

Jun 28, 2023 Jun 21, 2023 Jun 29, 2022

Wednesday

Jun 28, 2023

Securities held in custody for foreign official and international 

accounts 3,432,403 + 6,979 + 41,559 3,438,385

Marketable U.S. Treasury securities1 2,998,242 + 4,231 + 7,565 3,004,306

Federal agency debt and mortgage-backed securities2 352,157 + 2,797 + 35,053 352,078

Other securities3 82,004 - 49 - 1,059 82,001

Securities lent to dealers 42,121 + 1,422 - 2,700 41,305

Overnight facility4 42,121 + 1,422 - 2,700 41,305

U.S. Treasury securities 42,114 + 1,423 - 2,707 41,305

Federal agency debt securities 7 - 1 + 7 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, June 28, 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 171,243 2,335 101,034 7,414 0 ... 282,026

U.S. Treasury securities2

Holdings 80,856 304,832 629,508 1,770,197 868,202 1,491,486 5,145,080

Weekly changes + 11,967 - 12,419 - 683 + 238 + 118 + 148 - 632

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 1 13 8,633 45,246 2,484,246 2,538,138

Weekly changes 0 - 1 - 3 - 167 - 1,011 - 14,028 - 15,212

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 10,449 ... ... 10,449

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 280 514 0 ... ... 794

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

Central bank liquidity swaps9 310 0 0 0 0 0 310

Reverse repurchase agreements8 2,271,871 0 ... ... ... ... 2,271,871

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. 

Additionally, the Within 15 days category includes loans to depository institutions (including FDIC-established depository institutions) that were 

subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, pledged collateral 

securing the loans, and the FDIC repayment guarantees. 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 Jun 28, 2023

Mortgage-backed securities held outright1 2,538,138

Residential mortgage-backed securities 2,529,753

Commercial mortgage-backed securities 8,385

Commitments to buy mortgage-backed securities2 0

Commitments to sell mortgage-backed securities2 69

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 Jun 28, 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) 9,600 9,468 10,482 19,949

Municipal Liquidity Facility LLC 2,907 2,907 2,685 5,593

TALF II LLC 884 794 921 1,715

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 March 31, 2023.

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

Jun 28, 2023 Jun 21, 2023 Jun 29, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,336 + 6 + 88

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,236,377 - 20,423 - 569,563

Securities held outright1 7,685,565 - 15,844 - 790,043

U.S. Treasury securities 5,145,080 - 632 - 618,853

Bills2 271,803 - 1,164 - 54,241

Notes and bonds, nominal2 4,396,923 0 - 567,134

Notes and bonds, inflation-indexed2 368,228 - 25 - 14,738

Inflation compensation3 108,126 + 558 + 17,261

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,538,138 - 15,212 - 171,190

Unamortized premiums on securities held outright5 296,132 - 916 - 37,579

Unamortized discounts on securities held outright5 -27,346 + 247 - 2,264

Repurchase agreements6 0 - 2 - 1

Loans7 282,026 - 3,908 + 260,324

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,949 + 21 - 6,438

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,593 + 3 + 52

Net portfolio holdings of TALF II LLC8 1,715 + 2 - 483

Items in process of collection (0) 50 - 12 - 2

Bank premises 463 + 2 - 158

Central bank liquidity swaps9 310 + 21 + 126

Foreign currency denominated assets10 18,324 - 143 + 207

Other assets11 40,560 - 623 + 3,532

Total assets (0) 8,340,914 - 21,146 - 572,639

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

Jun 28, 2023 Jun 21, 2023 Jun 29, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,293,316 + 873 + 61,994

Reverse repurchase agreements12 2,271,871 - 98,398 - 216,376

Deposits (0) 3,782,260 + 74,958 - 344,254

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,176,038 - 27,925 + 57,424

U.S. Treasury, General Account 408,561 + 116,455 - 351,284

Foreign official 9,685 - 2 + 2,251

Other13 (0) 187,975 - 13,571 - 52,647

Deferred availability cash items (0) 538 + 280 - 699

Treasury contributions to credit facilities14 13,358 0 - 4,582

Other liabilities and accrued dividends15 -62,843 + 1,143 - 69,433

Total liabilities (0) 8,298,499 - 21,146 - 573,350

Capital accounts

Capital paid in 35,630 0 + 711

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,415 0 + 711

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 

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, June 28, 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 16,237 557 5,175 525 752 1,187 2,287 1,104 479 264 452 1,290 2,165

Coin 1,336 25 40 122 48 190 102 247 27 40 87 163 245

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,236,377 157,400 4,487,980 133,018 248,124 558,730 545,115 501,031 126,090 62,037 111,694 400,001 905,156

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,949 19,949 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,593 0 5,593 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 310 13 110 11 29 63 9 11 7 2 3 7 44

Foreign currency denominated 

assets4 18,324 789 6,521 658 1,728 3,710 549 638 412 116 195 386 2,622

Other assets5 41,074 881 20,716 730 1,234 2,950 2,563 2,317 699 512 867 1,964 5,641

Interdistrict settlement account 0 + 9,729 - 146,191 - 8,441 + 43,585 + 212,744 + 15,443 + 2,187 - 1,122 - 2,171 - 6,668 - 19,017 - 100,079

Total assets 8,340,914 189,344 4,381,658 126,624 295,501 779,573 566,069 507,534 126,592 60,800 106,631 384,795 815,794

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, June 28, 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 2,293,316 82,455 725,118 54,079 111,668 171,507 355,731 126,114 72,892 34,335 51,637 191,019 316,760

Reverse repurchase agreements6 2,271,871 43,892 1,268,726 37,443 69,815 158,098 153,906 141,620 33,985 15,404 29,373 110,770 208,837

Deposits 3,782,260 52,016 2,414,006 33,973 111,236 449,698 54,253 242,941 18,705 10,809 25,225 83,058 286,340

Depository institutions 3,176,038 52,005 1,943,868 33,972 111,205 449,328 54,225 107,604 18,697 10,687 25,194 82,940 286,314

U.S. Treasury, General Account 408,561 0 408,561 0 0 0 0 0 0 0 0 0 0

Foreign official 9,685 2 9,659 1 4 8 1 1 1 0 0 1 6

Other7 187,975 10 51,918 0 26 362 27 135,335 8 121 31 118 20

Earnings remittances due to the U.S. 

Treasury8 -74,269 -1,415 -50,202 -589 -2,077 -9,816 -27 -5,915 -127 -140 -259 -1,251 -2,451

Treasury contributions to credit facilities9 13,358 9,684 3,674 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 11,964 907 5,468 210 409 1,605 881 753 175 123 195 329 909

Total liabilities 8,298,499 187,540 4,366,790 125,116 291,052 771,092 564,743 505,513 125,631 60,531 106,171 383,925 810,395

Capital

Capital paid in 35,630 1,513 12,454 1,264 3,809 7,107 1,122 1,784 808 226 388 727 4,428

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 8,340,914 189,344 4,381,658 126,624 295,501 779,573 566,069 507,534 126,592 60,800 106,631 384,795 815,794

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, June 28, 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, 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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 Jun 28, 2023

Federal Reserve notes outstanding 2,675,573

Less: Notes held by F.R. Banks not subject to collateralization 382,257

Federal Reserve notes to be collateralized 2,293,316

Collateral held against Federal Reserve notes 2,293,316

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,277,079

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,685,565

Less: Face value of securities under reverse repurchase agreements 2,412,374

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,273,191

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.