FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks January 19, 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

Jan 18, 2023 Jan 11, 2023 Jan 19, 2022

Wednesday

Jan 18, 2023

Reserve Bank credit 8,467,129 - 4,296 - 358,515 8,452,327

Securities held outright1 8,093,527 - 6,902 - 282,809 8,079,010

U.S. Treasury securities 5,450,196 - 6,484 - 242,092 5,436,722

Bills2 287,366 - 993 - 38,678 287,231

Notes and bonds, nominal2 4,683,665 - 4,477 - 223,285 4,672,607

Notes and bonds, inflation-indexed2 376,720 - 696 - 8,788 374,979

Inflation compensation3 102,445 - 318 + 28,659 101,906

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

Mortgage-backed securities4 2,640,984 - 418 - 40,717 2,639,940

Unamortized premiums on securities held outright5 312,478 - 673 - 40,796 312,256

Unamortized discounts on securities held outright5 -27,473 + 65 - 8,992 -27,407

Repurchase agreements6 1 + 1 + 1 1

Foreign official 0 0 0 0

Others 1 + 1 + 1 1

Loans 15,459 + 264 - 16,616 15,877

Primary credit 4,154 + 342 + 3,680 4,603

Secondary credit 1 + 1 + 1 5

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 11,305 - 78 - 20,296 11,270

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,549 - 92 - 6,737 22,270

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,574 + 2 - 2,293 5,576

Net portfolio holdings of TALF II LLC7 1,959 + 2 - 642 1,960

Float -173 - 16 - 26 -208

Central bank liquidity swaps8 198 + 7 - 68 198

Other Federal Reserve assets9 43,031 + 3,048 + 465 42,795

Foreign currency denominated assets10 18,941 + 394 - 1,535 18,946

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,499 + 14 + 728 51,499

Total factors supplying reserve funds 8,553,811 - 3,887 - 359,322 8,539,014

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

Jan 18, 2023 Jan 11, 2023 Jan 19, 2022

Wednesday

Jan 18, 2023

Currency in circulation11 2,296,627 - 5,923 + 64,321 2,295,031

Reverse repurchase agreements12 2,522,302 - 22,604 + 595,528 2,503,262

Foreign official and international accounts 358,428 + 21,366 + 43,940 371,584

Others 2,163,874 - 43,971 + 551,588 2,131,678

Treasury cash holdings 107 + 5 + 43 106

Deposits with F.R. Banks, other than reserve balances 547,671 - 37,377 - 201,287 582,942

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 339,018 - 33,322 - 149,679 377,500

Foreign official 8,935 0 + 3,263 8,934

Other13 199,718 - 4,055 - 54,871 196,508

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

Other liabilities and capital15 24,426 - 4,082 - 26,826 24,090

Total factors, other than reserve balances, 

absorbing reserve funds 5,406,480 - 69,981 + 425,868 5,420,778

Reserve balances with Federal Reserve Banks 3,147,332 + 66,095 - 785,189 3,118,236

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

Jan 18, 2023 Jan 11, 2023 Jan 19, 2022

Wednesday

Jan 18, 2023

Securities held in custody for foreign official and international 

accounts 3,330,564 - 979 - 116,318 3,321,061

Marketable U.S. Treasury securities1 2,921,565 - 1,109 - 115,908 2,912,435

Federal agency debt and mortgage-backed securities2 327,891 + 142 + 429 327,784

Other securities3 81,109 - 11 - 838 80,842

Securities lent to dealers 40,026 - 2,952 - 2,115 41,602

Overnight facility4 40,026 - 2,952 - 2,115 41,602

U.S. Treasury securities 40,005 - 2,952 - 2,136 41,581

Federal agency debt securities 21 0 + 21 21

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, January 18, 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 3,097 1,517 0 11,263 0 ... 15,877

U.S. Treasury securities2

Holdings 86,064 334,494 724,788 1,907,249 919,568 1,464,560 5,436,722

Weekly changes + 21,418 - 18,870 + 3,541 - 8,153 - 17,610 - 29 - 19,704

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 37 5,698 50,190 2,584,012 2,639,940

Weekly changes 0 0 0 - 23 - 370 - 1,068 - 1,462

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,664 ... ... 11,664

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 996 0 ... ... 996

Repurchase agreements8 1 0 ... ... ... ... 1

Central bank liquidity swaps9 198 0 0 0 0 0 198

Reverse repurchase agreements8 2,503,262 0 ... ... ... ... 2,503,262

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 Jan 18, 2023

Mortgage-backed securities held outright1 2,639,940

Residential mortgage-backed securities 2,631,455

Commercial mortgage-backed securities 8,485

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 LLCs

Millions of dollars

Wednesday Jan 18, 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) 10,966 10,315 11,955 22,270

Municipal Liquidity Facility LLC 2,907 2,907 2,669 5,576

TALF II LLC 1,011 996 964 1,960

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 September 30, 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

Jan 18, 2023 Jan 11, 2023 Jan 19, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,235 + 19 + 2

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,379,737 - 21,123 - 368,186

Securities held outright1 8,079,010 - 21,165 - 302,940

U.S. Treasury securities 5,436,722 - 19,704 - 256,619

Bills2 287,231 - 968 - 38,813

Notes and bonds, nominal2 4,672,607 - 15,481 - 242,604

Notes and bonds, inflation-indexed2 374,979 - 2,437 - 4,519

Inflation compensation3 101,906 - 817 + 29,317

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,639,940 - 1,462 - 46,322

Unamortized premiums on securities held outright5 312,256 - 682 - 40,846

Unamortized discounts on securities held outright5 -27,407 + 54 - 8,670

Repurchase agreements6 1 + 1 0

Loans7 15,877 + 670 - 15,730

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,270 - 389 - 6,666

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,576 + 2 - 2,292

Net portfolio holdings of TALF II LLC8 1,960 + 2 - 641

Items in process of collection (0) 85 + 24 + 4

Bank premises 476 + 8 - 941

Central bank liquidity swaps9 198 + 7 - 68

Foreign currency denominated assets10 18,946 + 323 - 1,456

Other assets11 42,320 + 1,578 + 1,451

Total assets (0) 8,489,039 - 19,548 - 378,795

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

Jan 18, 2023 Jan 11, 2023 Jan 19, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,244,869 - 4,005 + 61,588

Reverse repurchase agreements12 2,503,262 - 44,544 + 539,463

Deposits (0) 3,701,178 + 33,469 - 950,622

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,118,237 + 1,406 - 703,506

U.S. Treasury, General Account 377,500 + 31,074 - 202,671

Foreign official 8,934 - 1 + 1,527

Other13 (0) 196,508 + 991 - 45,970

Deferred availability cash items (0) 293 + 69 + 69

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

Other liabilities and accrued dividends15 -17,736 - 4,538 - 24,710

Total liabilities (0) 8,447,213 - 19,548 - 380,122

Capital accounts

Capital paid in 35,041 0 + 1,327

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,826 0 + 1,327

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, January 18, 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 1,235 17 28 109 46 193 81 228 24 36 91 158 224

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,379,737 167,869 4,291,239 192,247 336,505 583,060 547,588 572,215 131,406 63,308 131,028 429,151 934,121

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,270 22,270 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,576 0 5,576 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,960 0 1,960 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 198 9 69 7 19 40 6 7 4 1 2 5 28

Foreign currency denominated 

assets4 18,946 816 6,600 703 1,852 3,799 616 718 381 95 196 455 2,716

Other assets5 42,880 986 20,676 1,072 1,762 3,335 2,883 2,907 808 477 962 2,280 4,732

Interdistrict settlement account 0 - 4,100 + 279,210 - 49,586 - 46,541 + 18,968 + 15,899 - 40,920 - 11,386 - 3,139 - 22,077 - 27,935 - 108,393

Total assets 8,489,039 188,410 4,610,628 145,090 294,406 610,597 569,321 536,248 121,699 61,042 110,641 405,393 835,564

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, January 18, 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 2,244,869 77,575 705,588 54,654 110,772 170,617 351,773 121,508 68,959 32,454 49,238 190,423 311,307

Reverse repurchase agreements6 2,503,262 50,115 1,283,426 57,508 99,962 174,444 163,780 171,122 39,315 17,749 39,076 128,341 278,423

Deposits 3,701,178 47,874 2,617,357 31,340 79,821 258,393 51,901 243,588 12,359 10,496 21,768 85,733 240,548

Depository institutions 3,118,237 47,865 2,176,223 31,339 79,790 257,930 51,871 102,676 12,349 10,436 21,736 85,503 240,518

U.S. Treasury, General Account 377,500 0 377,500 0 0 0 0 0 0 0 0 0 0

Foreign official 8,934 2 8,908 1 4 8 1 2 1 0 0 1 6

Other7 196,508 7 54,726 0 27 455 29 140,910 9 60 31 229 25

Earnings remittances due to the U.S. 

Treasury8 -24,571 -481 -17,740 -116 -363 -2,153 -26 -1,981 -30 -62 -73 -283 -1,262

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 7,128 75 3,279 193 247 832 616 535 170 150 190 276 565

Total liabilities 8,447,213 186,611 4,595,805 143,580 290,441 602,132 568,042 534,772 120,773 60,786 110,200 404,491 829,580

Capital

Capital paid in 35,041 1,507 12,460 1,258 3,302 7,105 1,057 1,219 789 221 372 739 5,011

Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 8,489,039 188,410 4,610,628 145,090 294,406 610,597 569,321 536,248 121,699 61,042 110,641 405,393 835,564

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, January 18, 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 Jan 18, 2023

Federal Reserve notes outstanding 2,623,345

Less: Notes held by F.R. Banks not subject to collateralization 378,476

Federal Reserve notes to be collateralized 2,244,869

Collateral held against Federal Reserve notes 2,244,869

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,228,632

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,079,011

Less: Face value of securities under reverse repurchase agreements 2,638,174

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,440,837

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.