FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks May 16, 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

May 15, 2024 May 8, 2024 May 17, 2023

Wednesday

May 15, 2024

Reserve Bank credit 7,310,252 - 7,926 -1,137,935 7,268,176

Securities held outright1 6,889,038 - 3,731 - 899,493 6,862,420

U.S. Treasury securities 4,514,652 - 3,722 - 696,336 4,488,090

Bills2 195,218 + 64 - 85,823 195,218

Notes and bonds, nominal2 3,854,217 - 4,468 - 605,273 3,827,406

Notes and bonds, inflation-indexed2 350,161 + 3 - 15,275 350,161

Inflation compensation3 115,056 + 679 + 10,035 115,304

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

Mortgage-backed securities4 2,372,039 - 10 - 203,157 2,371,983

Unamortized premiums on securities held outright5 267,947 - 430 - 32,822 267,778

Unamortized discounts on securities held outright5 -24,955 - 22 + 2,528 -24,936

Repurchase agreements6 15 + 14 + 13 0

Foreign official 1 + 1 + 1 0

Others 14 + 14 + 12 0

Loans 119,679 - 4,199 - 194,346 118,922

Primary credit 6,397 + 197 - 2,804 6,364

Secondary credit 0 0 0 0

Seasonal credit 25 + 6 + 18 25

Paycheck Protection Program Liquidity Facility 2,942 - 12 - 5,399 2,938

Bank Term Funding Program 110,315 - 4,390 + 24,415 109,595

Other credit extensions7 0 0 - 210,576 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 14,079 - 37 - 8,064 13,773

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,618 0

Net portfolio holdings of TALF II LLC8 0 0 - 1,900 0

Float -235 + 59 - 92 -340

Central bank liquidity swaps9 129 + 4 - 281 130

Other Federal Reserve assets10 44,554 + 415 + 2,140 30,428

Foreign currency denominated assets11 17,867 - 54 - 781 17,972

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,882 + 14 + 687 52,882

Total factors supplying reserve funds 7,397,241 - 7,967 -1,138,030 7,355,271

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

May 15, 2024 May 8, 2024 May 17, 2023

Wednesday

May 15, 2024

Currency in circulation12 2,347,780 - 207 + 14,719 2,348,375

Reverse repurchase agreements13 840,002 + 21,026 -1,766,879 827,210

Foreign official and international accounts 365,424 + 6,005 - 17,506 383,431

Others 474,578 + 15,021 -1,749,373 443,779

Treasury cash holdings 444 + 1 + 233 451

Deposits with F.R. Banks, other than reserve balances 946,854 - 69,936 + 609,763 869,609

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 787,133 - 64,458 + 670,913 706,108

Foreign official 9,679 - 566 - 6 9,680

Other14 150,042 - 4,912 - 61,144 153,821

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

Other liabilities and capital16 -115,023 + 2,558 - 108,824 -114,199

Total factors, other than reserve balances, 

absorbing reserve funds 4,027,495 - 46,557 -1,258,898 3,938,885

Reserve balances with Federal Reserve Banks 3,369,747 + 38,591 + 120,869 3,416,386

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

May 15, 2024 May 8, 2024 May 17, 2023

Wednesday

May 15, 2024

Securities held in custody for foreign official and international 

accounts 3,337,177 - 18,790 - 52,413 3,327,425

Marketable U.S. Treasury securities1 2,941,242 - 18,635 - 24,711 2,931,375

Federal agency debt and mortgage-backed securities2 315,004 - 190 - 26,908 315,130

Other securities3 80,931 + 35 - 794 80,920

Securities lent to dealers 33,794 + 1,661 - 8,141 35,349

Overnight facility4 33,794 + 1,661 - 8,141 35,349

U.S. Treasury securities 33,794 + 1,661 - 8,132 35,349

Federal agency debt securities 0 0 - 9 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, May 15, 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 1,752 7,619 106,654 2,896 0 ... 118,922

U.S. Treasury securities2

Holdings 41,744 216,735 565,935 1,501,723 643,410 1,518,543 4,488,090

Weekly changes - 48,196 + 4,704 + 43,804 - 4,377 - 35,152 + 8,615 - 30,601

Federal agency debt securities3

Holdings 0 0 0 486 1,861 0 2,347

Weekly changes 0 0 0 + 486 - 486 0 0

Mortgage-backed securities4

Holdings 0 0 38 5,699 28,158 2,338,088 2,371,983

Weekly changes 0 0 0 0 0 - 65 - 66

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 6,629 ... ... 6,629

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

Central bank liquidity swaps7 130 0 0 0 0 0 130

Reverse repurchase agreements6 827,210 0 ... ... ... ... 827,210

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 May 15, 2024

Mortgage-backed securities held outright1 2,371,983

Residential mortgage-backed securities 2,363,818

Commercial mortgage-backed securities 8,166

Commitments to buy mortgage-backed securities2 0

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 LLC

Millions of dollars

Wednesday May 15, 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) 5,486 5,542 8,231 13,773

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 credit losses updated as of March 

31, 2024.

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

May 15, 2024 May 8, 2024 May 17, 2023

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,495 - 13 + 192

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,224,184 - 34,114 -1,133,019

Securities held outright1 6,862,420 - 30,667 - 908,965

U.S. Treasury securities 4,488,090 - 30,601 - 706,520

Bills2 195,218 0 - 85,823

Notes and bonds, nominal2 3,827,406 - 31,279 - 615,577

Notes and bonds, inflation-indexed2 350,161 0 - 15,275

Inflation compensation3 115,304 + 677 + 10,154

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,371,983 - 66 - 202,445

Unamortized premiums on securities held outright5 267,778 - 457 - 32,705

Unamortized discounts on securities held outright5 -24,936 - 81 + 2,574

Repurchase agreements6 0 - 1 - 6

Loans7 118,922 - 2,908 - 193,918

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 13,773 - 357 - 8,229

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,621

Net portfolio holdings of TALF II LLC8 0 0 - 1,902

Items in process of collection (0) 53 - 5 + 5

Bank premises 447 + 8 - 3

Central bank liquidity swaps9 130 + 5 - 280

Foreign currency denominated assets10 17,972 + 137 - 560

Other assets11 29,982 - 14,796 - 3,072

Total assets (0) 7,304,272 - 49,136 -1,152,488

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

May 15, 2024 May 8, 2024 May 17, 2023

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,297,435 - 617 + 14,107

Reverse repurchase agreements12 827,210 - 27,754 -1,771,417

Deposits (0) 4,285,995 - 23,517 + 720,612

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,416,386 + 85,699 + 136,399

U.S. Treasury, General Account 706,108 - 110,701 + 637,776

Foreign official 9,680 - 16 - 5

Other13 (0) 153,821 + 1,502 - 53,558

Deferred availability cash items (0) 392 + 97 + 104

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

Other liabilities and accrued dividends15 -157,389 + 2,653 - 108,774

Total liabilities (0) 7,261,082 - 49,136 -1,153,276

Capital accounts

Capital paid in 36,405 0 + 788

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 43,190 0 + 788

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, May 15, 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 16,237 563 5,129 517 761 1,203 2,268 1,108 484 272 460 1,311 2,161

Coin 1,495 44 48 164 51 188 109 264 30 53 105 173 266

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,224,184 160,587 3,836,523 108,342 280,528 718,464 485,301 401,123 105,694 50,402 86,846 320,615 669,761

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 13,773 13,773 0 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 130 5 45 5 14 26 4 6 3 1 1 3 17

Foreign currency denominated 

assets4 17,972 750 6,216 633 1,912 3,545 589 882 405 112 196 432 2,301

Other assets5 30,481 872 13,438 562 1,161 3,261 3,024 1,700 797 436 733 1,488 3,009

Interdistrict settlement account 0 - 1,971 + 17,825 + 11,807 - 6,465 - 24,483 - 18,823 - 33,605 - 2,231 - 3,926 - 11,333 - 6,093 + 79,298

Total assets 7,304,272 174,623 3,879,224 122,029 277,961 702,204 472,472 371,478 105,181 47,350 77,009 317,928 756,812

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, May 15, 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 2,297,435 86,557 741,705 53,554 111,123 162,202 356,006 118,160 72,000 29,856 37,876 198,358 330,040

Reverse repurchase agreements6 827,210 17,206 445,155 12,324 32,257 82,455 55,344 45,652 11,575 5,168 9,095 36,124 74,855

Deposits 4,285,995 63,824 2,777,830 56,099 136,667 474,690 58,791 216,709 20,424 12,125 29,942 83,461 355,433

Depository institutions 3,416,386 63,735 2,009,918 56,097 136,633 474,257 58,713 115,964 20,419 12,057 29,913 83,282 355,396

U.S. Treasury, General Account 706,108 0 706,108 0 0 0 0 0 0 0 0 0 0

Foreign official 9,680 2 9,653 1 4 8 1 2 1 0 0 1 5

Other7 153,821 87 52,151 0 29 425 77 100,742 4 68 29 178 32

Earnings remittances due to the U.S. 

Treasury8 -168,899 -3,349 -105,499 -1,710 -7,130 -27,139 126 -11,865 26 -203 -578 -1,507 -10,072

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 11,903 1,129 5,163 253 473 1,542 747 688 174 132 213 334 1,056

Total liabilities 7,261,082 172,805 3,864,355 120,519 273,390 693,749 471,013 369,344 104,199 47,078 76,548 316,769 751,313

Capital

Capital paid in 36,405 1,535 12,523 1,271 3,849 7,117 1,236 1,802 829 230 387 996 4,630

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 7,304,272 174,623 3,879,224 122,029 277,961 702,204 472,472 371,478 105,181 47,350 77,009 317,928 756,812

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, May 15, 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 May 15, 2024

Federal Reserve notes outstanding 2,745,329

Less: Notes held by F.R. Banks not subject to collateralization 447,894

Federal Reserve notes to be collateralized 2,297,435

Collateral held against Federal Reserve notes 2,297,435

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,281,198

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,862,420

Less: Face value of securities under reverse repurchase agreements 964,247

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,898,174

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.