FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks April 6, 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

Apr 5, 2023 Mar 29, 2023 Apr 6, 2022

Wednesday

Apr 5, 2023

Reserve Bank credit 8,599,167 - 96,859 - 300,285 8,595,344

Securities held outright1 7,883,779 - 48,337 - 594,606 7,877,114

U.S. Treasury securities 5,286,952 - 42,191 - 473,732 5,280,287

Bills2 280,966 - 1,031 - 45,078 280,966

Notes and bonds, nominal2 4,524,773 - 41,859 - 439,106 4,517,796

Notes and bonds, inflation-indexed2 377,024 0 - 13,816 377,024

Inflation compensation3 104,189 + 699 + 24,268 104,500

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

Mortgage-backed securities4 2,594,480 - 6,146 - 120,875 2,594,480

Unamortized premiums on securities held outright5 304,673 - 638 - 39,650 304,395

Unamortized discounts on securities held outright5 -27,483 + 33 - 5,852 -27,362

Repurchase agreements6 44,286 - 15,001 + 44,285 40,000

Foreign official 44,286 - 15,000 + 44,285 40,000

Others 0 - 2 0 0

Loans 326,350 - 31,564 + 302,510 332,449

Primary credit 71,038 - 33,861 + 70,511 69,705

Secondary credit 0 0 0 0

Seasonal credit 0 - 4 0 0

Paycheck Protection Program Liquidity Facility 9,266 - 1,001 - 14,047 9,115

Bank Term Funding Program 68,156 + 5,511 + 68,156 79,021

Other credit extensions7 177,889 - 2,211 + 177,889 174,609

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,312 + 27 - 6,556 22,326

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,603 + 3 - 1,050 5,604

Net portfolio holdings of TALF II LLC8 1,926 - 18 - 585 1,923

Float -382 - 152 - 172 -516

Central bank liquidity swaps9 555 - 35 + 189 478

Other Federal Reserve assets10 37,549 - 1,176 + 1,203 38,932

Foreign currency denominated assets11 18,898 + 94 - 583 18,935

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 51,653 + 14 + 728 51,653

Total factors supplying reserve funds 8,685,959 - 96,752 - 300,140 8,682,173

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

Apr 5, 2023 Mar 29, 2023 Apr 6, 2022

Wednesday

Apr 5, 2023

Currency in circulation12 2,323,278 + 1,995 + 54,138 2,324,353

Reverse repurchase agreements13 2,658,551 + 61,812 + 695,764 2,599,403

Foreign official and international accounts 361,346 - 5,954 + 113,616 356,392

Others 2,297,206 + 67,767 + 582,149 2,243,011

Treasury cash holdings 167 + 15 + 92 167

Deposits with F.R. Banks, other than reserve balances 390,615 - 15,679 - 460,096 354,971

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 168,793 - 14,784 - 405,658 140,688

Foreign official 9,645 + 206 + 2,146 9,681

Other14 212,176 - 1,102 - 56,584 204,603

Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347

Other liabilities and capital16 5,943 + 638 - 42,002 6,580

Total factors, other than reserve balances, 

absorbing reserve funds 5,393,901 + 48,781 + 241,985 5,300,823

Reserve balances with Federal Reserve Banks 3,292,058 - 145,534 - 542,125 3,381,350

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 established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve 

Banks' loans to these depository institutions are secured by 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.0 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

Apr 5, 2023 Mar 29, 2023 Apr 6, 2022

Wednesday

Apr 5, 2023

Securities held in custody for foreign official and international 

accounts 3,319,217 + 25,309 - 139,706 3,328,563

Marketable U.S. Treasury securities1 2,898,066 + 25,359 - 151,374 2,907,392

Federal agency debt and mortgage-backed securities2 340,097 + 243 + 12,905 340,167

Other securities3 81,054 - 293 - 1,238 81,004

Securities lent to dealers 50,032 - 12 + 4,554 45,871

Overnight facility4 50,032 - 12 + 4,554 45,871

U.S. Treasury securities 50,023 - 21 + 4,545 45,854

Federal agency debt securities 9 + 9 + 9 17

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, April 5, 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 179,819 65,283 78,238 9,109 0 ... 332,449

U.S. Treasury securities2

Holdings 67,381 353,015 645,398 1,842,963 892,571 1,478,959 5,280,287

Weekly changes - 22,926 + 9,200 + 3,525 - 22,302 - 16,698 + 184 - 49,016

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 3 23 7,995 46,826 2,539,633 2,594,480

Weekly changes 0 + 1 + 4 + 210 - 23 - 192 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,209 ... ... 11,209

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 927 0 ... ... 927

Repurchase agreements8 40,000 0 ... ... ... ... 40,000

Central bank liquidity swaps9 478 0 0 0 0 0 478

Reverse repurchase agreements8 2,599,403 0 ... ... ... ... 2,599,403

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 FDIC-established depository institutions that were subsequently placed in receivership. 

These loans are recognized as performing based upon payment due from the receiverships, 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 Apr 5, 2023

Mortgage-backed securities held outright1 2,594,480

Residential mortgage-backed securities 2,586,046

Commercial mortgage-backed securities 8,434

Commitments to buy mortgage-backed securities2 106

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 Apr 5, 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) 10,514 10,166 12,161 22,326

Municipal Liquidity Facility LLC 2,907 2,907 2,697 5,604

TALF II LLC 958 927 996 1,923

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

Apr 5, 2023 Mar 29, 2023 Apr 6, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,298 + 9 + 4

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,526,597 - 74,738 - 298,133

Securities held outright1 7,877,114 - 49,017 - 601,640

U.S. Treasury securities 5,280,287 - 49,016 - 480,765

Bills2 280,966 - 874 - 45,078

Notes and bonds, nominal2 4,517,796 - 48,836 - 446,083

Notes and bonds, inflation-indexed2 377,024 0 - 13,816

Inflation compensation3 104,500 + 694 + 24,211

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,594,480 0 - 120,875

Unamortized premiums on securities held outright5 304,395 - 563 - 39,695

Unamortized discounts on securities held outright5 -27,362 + 59 - 5,751

Repurchase agreements6 40,000 - 15,000 + 39,997

Loans7 332,449 - 10,218 + 308,955

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,326 + 22 - 6,550

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,604 + 2 - 1,050

Net portfolio holdings of TALF II LLC8 1,923 - 23 - 588

Items in process of collection (0) 54 + 4 - 2

Bank premises 453 - 21 - 657

Central bank liquidity swaps9 478 - 107 + 112

Foreign currency denominated assets10 18,935 + 190 - 368

Other assets11 38,479 + 1,103 + 2,023

Total assets (0) 8,632,384 - 73,558 - 305,208

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

Apr 5, 2023 Mar 29, 2023 Apr 6, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,274,160 + 768 + 52,822

Reverse repurchase agreements12 2,599,403 - 33,139 + 623,765

Deposits (0) 3,736,322 - 42,442 - 936,238

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,381,351 - 20,449 - 468,521

U.S. Treasury, General Account 140,688 - 22,070 - 404,896

Foreign official 9,681 + 245 + 2,247

Other13 (0) 204,603 - 167 - 65,066

Deferred availability cash items (0) 571 + 47 + 334

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

Other liabilities and accrued dividends15 -35,622 + 1,206 - 41,023

Total liabilities (0) 8,590,182 - 73,558 - 306,250

Capital accounts

Capital paid in 35,417 0 + 1,041

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,202 0 + 1,041

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 $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, April 5, 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 1,298 21 38 116 43 190 85 243 26 38 84 157 255

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,526,597 165,521 4,259,681 188,929 330,221 573,455 538,618 562,191 130,962 65,119 133,131 427,284 1,151,483

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,326 22,326 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,604 0 5,604 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,923 0 1,923 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 478 21 170 17 45 97 14 17 11 3 5 10 68

Foreign currency denominated 

assets4 18,935 815 6,738 680 1,785 3,834 568 659 426 120 201 399 2,709

Other assets5 38,986 879 19,090 949 1,550 2,972 2,495 2,528 705 483 892 2,001 4,442

Interdistrict settlement account 0 + 5,776 - 19,939 - 35,813 + 984 + 250,568 + 48,155 - 22,379 - 1,812 - 649 - 18,623 + 2,914 - 209,182

Total assets 8,632,384 195,903 4,278,576 155,416 335,392 832,319 592,182 544,352 130,779 65,377 116,131 434,045 951,912

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, April 5, 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 2,274,160 78,159 717,743 52,959 111,944 174,692 355,013 125,117 68,746 32,546 48,815 190,295 318,132

Reverse repurchase agreements6 2,599,403 52,040 1,332,718 59,717 103,802 181,143 170,070 177,695 40,824 18,431 40,577 133,270 289,116

Deposits 3,736,322 52,711 2,236,885 41,269 116,252 471,397 64,876 242,434 20,126 14,097 26,218 109,979 340,079

Depository institutions 3,381,351 52,706 2,028,858 41,267 116,221 470,896 64,847 96,355 20,115 14,012 26,188 109,834 340,052

U.S. Treasury, General Account 140,688 0 140,688 0 0 0 0 0 0 0 0 0 0

Foreign official 9,681 2 9,655 1 4 8 1 1 1 0 0 1 6

Other7 204,603 3 57,685 0 28 492 28 146,078 11 84 30 144 21

Earnings remittances due to the U.S. 

Treasury8 -46,205 -871 -32,724 -250 -945 -4,721 8 -3,615 -36 -89 -127 -652 -2,184

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 11,154 613 5,199 215 381 1,328 914 722 161 125 193 362 940

Total liabilities 8,590,182 194,105 4,263,717 153,910 331,434 823,839 590,881 542,353 129,821 65,110 115,676 433,255 946,083

Capital

Capital paid in 35,417 1,507 12,446 1,262 3,319 7,106 1,098 1,763 805 224 383 648 4,858

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 8,632,384 195,903 4,278,576 155,416 335,392 832,319 592,182 544,352 130,779 65,377 116,131 434,045 951,912

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, April 5, 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 $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 Apr 5, 2023

Federal Reserve notes outstanding 2,633,451

Less: Notes held by F.R. Banks not subject to collateralization 359,291

Federal Reserve notes to be collateralized 2,274,160

Collateral held against Federal Reserve notes 2,274,160

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,257,923

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,917,114

Less: Face value of securities under reverse repurchase agreements 2,705,688

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,211,426

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.