FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks October 26, 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

Oct 25, 2023 Oct 18, 2023 Oct 26, 2022

Wednesday

Oct 25, 2023

Reserve Bank credit 7,886,124 - 19,160 - 815,204 7,872,150

Securities held outright1 7,389,152 - 14,299 - 911,906 7,377,454

U.S. Treasury securities 4,912,213 - 9,197 - 697,164 4,912,200

Bills2 232,990 - 1,729 - 66,004 232,804

Notes and bonds, nominal2 4,201,526 - 7,937 - 633,162 4,201,526

Notes and bonds, inflation-indexed2 365,380 0 - 10,381 365,380

Inflation compensation3 112,317 + 470 + 12,383 112,490

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

Mortgage-backed securities4 2,474,592 - 5,102 - 214,742 2,462,907

Unamortized premiums on securities held outright5 285,234 - 675 - 36,079 284,770

Unamortized discounts on securities held outright5 -26,427 + 85 + 393 -26,324

Repurchase agreements6 1 + 1 - 1 1

Foreign official 0 0 0 0

Others 1 + 1 - 1 1

Loans 164,538 - 5,078 + 145,810 165,031

Primary credit 2,890 + 170 - 2,341 3,170

Secondary credit 0 0 0 0

Seasonal credit 45 - 10 + 18 42

Paycheck Protection Program Liquidity Facility 4,524 - 139 - 8,946 4,495

Bank Term Funding Program 108,769 - 49 + 108,769 109,068

Other credit extensions7 48,310 - 5,050 + 48,310 48,256

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,015 - 220 - 6,191 19,038

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,638 + 3 + 68 5,641

Net portfolio holdings of TALF II LLC8 1,222 + 1 - 916 1,223

Float -191 - 27 + 34 -242

Central bank liquidity swaps9 252 + 21 - 11,050 252

Other Federal Reserve assets10 47,690 + 1,029 + 4,634 45,308

Foreign currency denominated assets11 17,705 + 66 + 718 17,689

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,476 + 14 + 491 52,476

Total factors supplying reserve funds 7,972,546 - 19,080 - 813,995 7,958,556

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

Oct 25, 2023 Oct 18, 2023 Oct 26, 2022

Wednesday

Oct 25, 2023

Currency in circulation12 2,323,056 - 2,109 + 39,317 2,323,027

Reverse repurchase agreements13 1,429,945 - 4,179 -1,134,145 1,403,115

Foreign official and international accounts 303,242 + 5,529 - 24,275 302,498

Others 1,126,702 - 9,709 -1,109,871 1,100,617

Treasury cash holdings 367 + 8 + 266 372

Deposits with F.R. Banks, other than reserve balances 1,006,127 + 84,580 + 169,425 1,016,892

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 834,418 + 74,540 + 199,870 847,717

Foreign official 9,685 - 3 + 2,250 9,685

Other14 162,024 + 10,043 - 32,694 159,490

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

Other liabilities and capital16 -62,192 - 5,384 - 103,323 -62,179

Total factors, other than reserve balances, 

absorbing reserve funds 4,710,660 + 72,916 -1,033,043 4,694,586

Reserve balances with Federal Reserve Banks 3,261,886 - 91,995 + 219,048 3,263,971

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 $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

Oct 25, 2023 Oct 18, 2023 Oct 26, 2022

Wednesday

Oct 25, 2023

Securities held in custody for foreign official and international 

accounts 3,425,670 - 7,601 + 88,405 3,427,901

Marketable U.S. Treasury securities1 2,990,483 - 7,173 + 66,465 2,991,443

Federal agency debt and mortgage-backed securities2 352,735 - 440 + 23,692 353,818

Other securities3 82,452 + 12 - 1,753 82,640

Securities lent to dealers 36,624 - 2,282 - 1,771 35,427

Overnight facility4 36,624 - 2,282 - 1,771 35,427

U.S. Treasury securities 36,624 - 2,282 - 1,765 35,427

Federal agency debt securities 0 0 - 5 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, October 25, 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 52,011 3,256 105,273 4,491 0 ... 165,031

U.S. Treasury securities2

Holdings 84,484 237,526 584,783 1,682,776 818,580 1,504,050 4,912,200

Weekly changes + 981 - 2,525 - 149 + 199 + 107 + 128 - 1,257

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 0 18 5,437 37,283 2,420,168 2,462,907

Weekly changes 0 - 1 - 4 - 308 - 562 - 15,871 - 16,745

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 9,191 ... ... 9,191

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 193 0 0 ... ... 193

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

Central bank liquidity swaps9 252 0 0 0 0 0 252

Reverse repurchase agreements8 1,403,115 0 ... ... ... ... 1,403,115

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 outstanding 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 Oct 25, 2023

Mortgage-backed securities held outright1 2,462,907

Residential mortgage-backed securities 2,454,618

Commercial mortgage-backed securities 8,289

Commitments to buy mortgage-backed securities2 150

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 Oct 25, 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) 8,329 8,332 10,706 19,038

Municipal Liquidity Facility LLC 2,907 2,907 2,733 5,641

TALF II LLC 393 193 1,030 1,223

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 June 30, 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

Oct 25, 2023 Oct 18, 2023 Oct 26, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,455 - 1 + 255

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,800,931 - 23,439 - 801,730

Securities held outright1 7,377,454 - 18,002 - 912,150

U.S. Treasury securities 4,912,200 - 1,257 - 696,538

Bills2 232,804 - 1,727 - 65,511

Notes and bonds, nominal2 4,201,526 0 - 633,216

Notes and bonds, inflation-indexed2 365,380 0 - 10,381

Inflation compensation3 112,490 + 470 + 12,570

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,462,907 - 16,745 - 215,612

Unamortized premiums on securities held outright5 284,770 - 947 - 36,024

Unamortized discounts on securities held outright5 -26,324 + 98 + 435

Repurchase agreements6 1 + 1 0

Loans7 165,031 - 4,587 + 146,011

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,038 + 27 - 6,187

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,641 + 3 + 69

Net portfolio holdings of TALF II LLC8 1,223 + 1 - 917

Items in process of collection (0) 57 - 13 - 41

Bank premises 442 + 4 - 217

Central bank liquidity swaps9 252 + 21 - 11,050

Foreign currency denominated assets10 17,689 + 57 + 481

Other assets11 44,866 - 1,991 + 4,078

Total assets (0) 7,907,830 - 25,332 - 815,260

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

Oct 25, 2023 Oct 18, 2023 Oct 26, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,272,374 - 1,449 + 37,917

Reverse repurchase agreements12 1,403,115 - 45,813 -1,086,249

Deposits (0) 4,280,863 + 27,856 + 341,537

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,263,971 + 13,741 + 155,824

U.S. Treasury, General Account 847,717 + 6,614 + 211,390

Foreign official 9,685 - 3 + 2,249

Other13 (0) 159,490 + 7,504 - 27,927

Deferred availability cash items (0) 300 - 6 - 349

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

Other liabilities and accrued dividends15 -104,913 - 5,919 - 104,392

Total liabilities (0) 7,865,097 - 25,332 - 816,119

Capital accounts

Capital paid in 35,948 0 + 859

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,733 0 + 859

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, October 25, 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 1,455 50 42 131 51 188 114 253 30 47 100 182 265

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,800,931 151,746 4,271,279 128,183 237,805 538,297 524,416 481,920 121,726 59,343 107,025 385,180 794,011

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,038 19,038 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,641 0 5,641 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,223 0 1,223 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 252 11 89 9 24 51 8 9 6 2 3 5 36

Foreign currency denominated 

assets4 17,689 761 6,294 636 1,668 3,582 530 616 398 112 188 373 2,531

Other assets5 45,366 997 20,770 807 1,360 3,333 4,207 2,609 878 612 1,022 2,311 6,457

Interdistrict settlement account 0 + 1,277 - 3,485 - 16,221 + 37,829 + 185,052 - 26,584 - 84,704 - 11,318 - 4,105 - 14,790 - 59,629 - 3,322

Total assets 7,907,830 174,437 4,307,029 114,069 279,489 731,689 504,978 401,807 112,199 56,275 94,001 329,712 802,144

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, October 25, 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 2,272,374 78,338 728,484 51,903 110,657 164,219 353,552 124,481 72,291 33,957 48,605 187,584 318,303

Reverse repurchase agreements6 1,403,115 27,108 783,570 23,125 43,118 97,642 95,053 87,465 20,990 9,514 18,141 68,412 128,978

Deposits 4,280,863 58,462 2,846,540 38,419 124,976 477,249 54,315 195,928 17,923 12,617 27,049 74,144 353,240

Depository institutions 3,263,971 58,407 1,933,177 38,418 124,927 476,622 54,249 93,509 17,906 12,507 27,019 74,023 353,206

U.S. Treasury, General Account 847,717 0 847,717 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 159,490 53 55,986 0 45 618 65 102,418 16 110 30 120 28

Earnings remittances due to the U.S. 

Treasury8 -113,255 -2,153 -73,676 -1,070 -4,045 -16,900 30 -8,558 -108 -195 -440 -1,668 -4,473

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 8,641 1,190 3,564 179 307 992 611 460 139 114 181 237 668

Total liabilities 7,865,097 172,630 4,292,155 112,556 275,014 723,202 503,560 399,776 111,235 56,007 93,536 328,708 796,717

Capital

Capital paid in 35,948 1,516 12,460 1,269 3,834 7,113 1,215 1,795 811 226 393 861 4,456

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 7,907,830 174,437 4,307,029 114,069 279,489 731,689 504,978 401,807 112,199 56,275 94,001 329,712 802,144

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, October 25, 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 Oct 25, 2023

Federal Reserve notes outstanding 2,692,821

Less: Notes held by F.R. Banks not subject to collateralization 420,447

Federal Reserve notes to be collateralized 2,272,374

Collateral held against Federal Reserve notes 2,272,374

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,256,137

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,377,455

Less: Face value of securities under reverse repurchase agreements 1,618,357

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,759,098

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.