FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks November 17, 2022

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

Nov 16, 2022 Nov 9, 2022 Nov 17, 2021

Wednesday

Nov 16, 2022

Reserve Bank credit 8,629,098 - 13,482 + 2,570 8,590,044

Securities held outright1 8,244,252 - 11,740 + 86,464 8,214,279

U.S. Treasury securities 5,563,849 - 11,271 + 4,333 5,535,051

Bills2 296,059 0 - 29,985 296,059

Notes and bonds, nominal2 4,791,635 - 11,549 - 714 4,762,764

Notes and bonds, inflation-indexed2 375,786 + 22 + 1,744 375,786

Inflation compensation3 100,369 + 256 + 33,287 100,442

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

Mortgage-backed securities4 2,678,056 - 468 + 82,131 2,676,881

Unamortized premiums on securities held outright5 319,090 - 661 - 36,511 318,863

Unamortized discounts on securities held outright5 -27,186 - 41 - 10,190 -27,256

Repurchase agreements6 1 + 1 + 1 10

Foreign official 0 0 0 0

Others 1 + 1 + 1 10

Loans 17,112 + 715 - 28,669 20,517

Primary credit 4,326 + 839 + 3,977 7,851

Secondary credit 0 0 0 0

Seasonal credit 20 + 3 + 14 19

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 12,766 - 127 - 32,660 12,647

Other credit extensions 0 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 515 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 25,524 - 116 - 4,970 25,191

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,577 + 3 - 4,208 5,579

Net portfolio holdings of TALF II LLC7 2,105 + 2 - 2,386 2,106

Float -180 - 38 - 20 -156

Central bank liquidity swaps8 202 + 7 - 72 202

Other Federal Reserve assets9 42,602 - 1,612 + 3,648 30,710

Foreign currency denominated assets10 17,670 + 614 - 2,831 17,881

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,426 + 14 + 713 51,426

Total factors supplying reserve funds 8,714,435 - 12,854 + 451 8,675,592

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

Nov 16, 2022 Nov 9, 2022 Nov 17, 2021

Wednesday

Nov 16, 2022

Currency in circulation11 2,293,453 + 5,213 + 78,957 2,293,437

Reverse repurchase agreements12 2,527,022 - 57,788 + 789,332 2,476,091

Foreign official and international accounts 362,307 + 9,496 + 64,627 377,021

Others 2,164,715 - 67,284 + 724,706 2,099,070

Treasury cash holdings 100 + 1 + 38 97

Deposits with F.R. Banks, other than reserve balances 706,112 - 22,612 + 232,525 669,680

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 502,982 - 24,497 + 291,529 472,185

Foreign official 7,436 - 21 + 428 7,436

Other13 195,694 + 1,906 - 59,432 190,060

Treasury contributions to credit facilities14 17,940 0 - 8,457 17,940

Other liabilities and capital15 41,531 + 1,941 - 10,419 41,550

Total factors, other than reserve balances, 

absorbing reserve funds 5,586,158 - 73,244 +1,081,976 5,498,796

Reserve balances with Federal Reserve Banks 3,128,277 + 60,389 -1,081,525 3,176,796

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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

Nov 16, 2022 Nov 9, 2022 Nov 17, 2021

Wednesday

Nov 16, 2022

Securities held in custody for foreign official and international 

accounts 3,308,260 - 12,274 - 159,630 3,306,222

Marketable U.S. Treasury securities1 2,893,791 - 13,099 - 162,394 2,890,828

Federal agency debt and mortgage-backed securities2 330,266 + 1,089 + 1,604 331,761

Other securities3 84,203 - 263 + 1,160 83,634

Securities lent to dealers 42,305 - 3,273 + 551 41,522

Overnight facility4 42,305 - 3,273 + 551 41,522

U.S. Treasury securities 42,303 - 3,275 + 549 41,511

Federal agency debt securities 2 + 2 + 2 11

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, November 16, 2022

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 5,867 2,011 0 12,639 0 ... 20,517

U.S. Treasury securities2

Holdings 88,820 246,856 823,500 1,956,539 944,689 1,474,649 5,535,051

Weekly changes - 21,060 - 54,519 + 34,134 + 17,317 - 35,752 + 19,700 - 40,181

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 2 53 4,046 51,767 2,621,013 2,676,881

Weekly changes 0 0 0 - 27 - 346 - 1,269 - 1,643

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 12,274 ... ... 12,274

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 788 251 ... ... 1,039

Repurchase agreements8 10 0 ... ... ... ... 10

Central bank liquidity swaps9 202 0 0 0 0 0 202

Reverse repurchase agreements8 2,476,091 0 ... ... ... ... 2,476,091

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 Nov 16, 2022

Mortgage-backed securities held outright1 2,676,881

Residential mortgage-backed securities 2,668,338

Commercial mortgage-backed securities 8,543

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 Nov 16, 2022

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) 11,606 10,881 14,310 25,191

Municipal Liquidity Facility LLC 2,907 2,907 2,671 5,579

TALF II LLC 1,058 1,039 1,067 2,106

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

Nov 16, 2022 Nov 9, 2022 Nov 17, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,187 - 9 - 12

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,526,413 - 38,761 - 35,258

Securities held outright1 8,214,279 - 41,825 + 34,976

U.S. Treasury securities 5,535,051 - 40,181 - 38,474

Bills2 296,059 0 - 29,985

Notes and bonds, nominal2 4,762,764 - 40,420 - 43,491

Notes and bonds, inflation-indexed2 375,786 0 + 1,744

Inflation compensation3 100,442 + 239 + 33,258

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,676,881 - 1,643 + 73,450

Unamortized premiums on securities held outright5 318,863 - 682 - 36,786

Unamortized discounts on securities held outright5 -27,256 - 169 - 9,935

Repurchase agreements6 10 + 9 + 10

Loans7 20,517 + 3,905 - 23,523

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 515

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 25,191 - 468 - 5,275

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,579 + 3 - 4,207

Net portfolio holdings of TALF II LLC8 2,106 + 1 - 2,385

Items in process of collection (0) 113 + 5 + 44

Bank premises 611 - 26 - 851

Central bank liquidity swaps9 202 + 7 - 63

Foreign currency denominated assets10 17,881 + 687 - 2,498

Other assets11 30,102 - 14,704 + 1,672

Total assets (0) 8,625,620 - 53,266 - 49,350

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

Nov 16, 2022 Nov 9, 2022 Nov 17, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,243,291 + 1,150 + 77,536

Reverse repurchase agreements12 2,476,091 - 115,999 + 661,799

Deposits (0) 3,846,479 + 59,825 - 772,683

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,176,799 + 105,569 -1,012,038

U.S. Treasury, General Account 472,185 - 45,155 + 293,213

Foreign official 7,436 0 - 332

Other13 (0) 190,060 - 589 - 53,525

Deferred availability cash items (0) 269 - 34 + 86

Treasury contributions to credit facilities14 17,940 0 - 8,457

Other liabilities and accrued dividends15 -36 + 1,791 - 8,576

Total liabilities (0) 8,584,035 - 53,265 - 50,295

Capital accounts

Capital paid in 34,801 0 + 946

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,586 0 + 946

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 Primary Dealer Credit Facility, 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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, November 16, 2022

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 1,187 15 25 109 44 187 67 220 24 36 88 149 221

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,526,413 170,482 4,364,360 195,441 342,287 592,844 556,842 581,876 133,622 65,046 133,014 436,394 954,205

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 25,191 25,191 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,579 0 5,579 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,106 0 2,106 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 202 9 70 7 20 41 7 8 4 1 2 5 29

Foreign currency denominated 

assets4 17,881 770 6,229 663 1,747 3,585 582 678 360 90 185 429 2,563

Other assets5 30,825 721 14,504 788 1,256 2,464 2,107 2,060 781 382 745 1,647 3,369

Interdistrict settlement account 0 - 1,291 + 273,464 - 44,386 - 50,873 + 23,209 + 10,512 - 58,651 - 8,552 - 4,059 - 20,085 - 20,952 - 98,336

Total assets 8,625,620 196,440 4,671,608 153,161 295,245 623,533 572,364 527,283 126,699 61,759 114,389 418,951 864,187

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, November 16, 2022 (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 2,243,291 77,799 705,764 54,467 109,497 163,017 350,455 122,555 69,859 32,200 51,952 191,485 314,241

Reverse repurchase agreements6 2,476,091 49,571 1,269,496 56,884 98,877 172,550 162,002 169,265 38,888 17,557 38,652 126,948 275,401

Deposits 3,846,479 53,577 2,679,820 40,101 82,679 279,358 57,915 233,995 16,813 11,600 23,132 99,301 268,188

Depository institutions 3,176,799 53,570 2,150,764 40,099 82,644 278,472 57,883 94,570 16,804 11,540 23,102 99,196 268,155

U.S. Treasury, General Account 472,185 0 472,185 0 0 0 0 0 0 0 0 0 0

Foreign official 7,436 2 7,410 1 4 8 1 2 1 0 0 1 6

Other7 190,060 6 49,461 0 31 878 31 139,423 9 60 29 104 27

Earnings remittances due to the U.S. 

Treasury8 -9,164 -156 -6,909 -46 -109 -855 62 -697 24 -26 -20 -36 -395

Treasury contributions to credit facilities9 17,940 13,891 4,049 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 9,397 -40 4,778 245 338 1,013 660 690 190 172 232 351 769

Total liabilities 8,584,035 194,641 4,656,997 151,651 291,282 615,082 571,094 525,807 125,775 61,504 113,947 418,050 858,204

Capital

Capital paid in 34,801 1,507 12,248 1,258 3,300 7,090 1,049 1,219 788 221 371 739 5,010

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 8,625,620 196,440 4,671,608 153,161 295,245 623,533 572,364 527,283 126,699 61,759 114,389 418,951 864,187

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, November 16, 2022 (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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated 

loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market 

Corporate Credit Facility. The assets of the CCF 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 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 CCF LLC, 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 Nov 16, 2022

Federal Reserve notes outstanding 2,607,245

Less: Notes held by F.R. Banks not subject to collateralization 363,954

Federal Reserve notes to be collateralized 2,243,291

Collateral held against Federal Reserve notes 2,243,291

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,227,054

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,214,289

Less: Face value of securities under reverse repurchase agreements 2,776,440

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,437,848

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.