FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks August 31, 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

Aug 30, 2023 Aug 23, 2023 Aug 31, 2022

Wednesday

Aug 30, 2023

Reserve Bank credit 8,087,436 - 19,854 - 709,489 8,084,524

Securities held outright1 7,509,968 - 14,304 - 902,182 7,508,057

U.S. Treasury securities 5,006,713 + 409 - 693,822 5,006,839

Bills2 259,422 0 - 66,622 259,422

Notes and bonds, nominal2 4,273,034 + 64 - 627,063 4,273,034

Notes and bonds, inflation-indexed2 364,549 0 - 10,319 364,549

Inflation compensation3 109,708 + 345 + 10,181 109,835

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

Mortgage-backed securities4 2,500,909 - 14,713 - 208,359 2,498,870

Unamortized premiums on securities held outright5 290,449 - 916 - 37,018 290,201

Unamortized discounts on securities held outright5 -27,517 + 74 - 957 -27,422

Repurchase agreements6 1 - 3 + 1 1

Foreign official 1 - 3 + 1 1

Others 0 0 0 0

Loans 251,356 - 3,826 + 231,650 250,565

Primary credit 2,204 + 267 - 2,390 2,907

Secondary credit 0 0 0 0

Seasonal credit 67 + 6 + 18 70

Paycheck Protection Program Liquidity Facility 5,750 - 250 - 9,313 5,693

Bank Term Funding Program 107,301 + 33 + 107,301 107,527

Other credit extensions7 136,034 - 3,882 + 136,034 134,369

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,515 + 16 - 6,404 19,534

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,615 + 2 + 61 5,618

Net portfolio holdings of TALF II LLC8 1,581 + 1 - 576 1,583

Float -273 - 105 + 104 -753

Central bank liquidity swaps9 232 + 2 + 61 232

Other Federal Reserve assets10 36,507 - 797 + 5,769 36,910

Foreign currency denominated assets11 18,195 - 75 + 650 18,316

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,364 + 14 + 1,407 52,364

Total factors supplying reserve funds 8,174,235 - 19,916 - 707,433 8,171,445

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

Aug 30, 2023 Aug 23, 2023 Aug 31, 2022

Wednesday

Aug 30, 2023

Currency in circulation12 2,328,310 - 175 + 52,589 2,331,504

Reverse repurchase agreements13 1,988,594 - 123,791 - 471,797 1,998,323

Foreign official and international accounts 289,671 - 7,665 + 26,488 301,504

Others 1,698,923 - 116,125 - 498,284 1,696,819

Treasury cash holdings 317 + 7 + 218 327

Deposits with F.R. Banks, other than reserve balances 650,142 + 58,554 - 180,942 675,819

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 470,800 + 57,013 - 141,736 500,702

Foreign official 9,792 + 106 + 2,261 10,412

Other14 169,549 + 1,433 - 41,468 164,705

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

Other liabilities and capital16 -44,830 - 6,066 - 92,610 -44,427

Total factors, other than reserve balances, 

absorbing reserve funds 4,935,891 - 71,471 - 697,123 4,974,904

Reserve balances with Federal Reserve Banks 3,238,345 + 51,556 - 10,309 3,196,542

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

Aug 30, 2023 Aug 23, 2023 Aug 31, 2022

Wednesday

Aug 30, 2023

Securities held in custody for foreign official and international 

accounts 3,435,861 - 4,476 + 45,011 3,434,025

Marketable U.S. Treasury securities1 3,002,231 - 3,460 + 8,471 3,000,447

Federal agency debt and mortgage-backed securities2 351,444 - 1,109 + 38,613 351,327

Other securities3 82,186 + 93 - 2,074 82,251

Securities lent to dealers 36,514 - 1,466 - 293 42,811

Overnight facility4 36,514 - 1,466 - 293 42,811

U.S. Treasury securities 36,514 - 1,466 - 293 42,811

Federal agency debt securities 0 0 0 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, August 30, 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 136,593 3,160 105,123 5,688 0 ... 250,565

U.S. Treasury securities2

Holdings 65,077 255,130 634,521 1,719,220 832,030 1,500,862 5,006,839

Weekly changes - 3,067 + 3,498 - 410 + 150 + 79 + 94 + 345

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 11 9,087 42,759 2,447,012 2,498,870

Weekly changes 0 - 1 - 2 - 175 - 935 - 13,158 - 14,270

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 9,930 ... ... 9,930

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 193 201 0 ... ... 393

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

Central bank liquidity swaps9 232 0 0 0 0 0 232

Reverse repurchase agreements8 1,998,323 0 ... ... ... ... 1,998,323

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 Aug 30, 2023

Mortgage-backed securities held outright1 2,498,870

Residential mortgage-backed securities 2,490,505

Commercial mortgage-backed securities 8,365

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 Aug 30, 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) 9,011 8,981 10,553 19,534

Municipal Liquidity Facility LLC 2,907 2,907 2,711 5,618

TALF II LLC 744 393 1,189 1,583

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

Aug 30, 2023 Aug 23, 2023 Aug 31, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,418 - 12 + 136

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,021,402 - 16,791 - 706,017

Securities held outright1 7,508,057 - 13,924 - 898,575

U.S. Treasury securities 5,006,839 + 345 - 688,158

Bills2 259,422 0 - 66,622

Notes and bonds, nominal2 4,273,034 0 - 620,040

Notes and bonds, inflation-indexed2 364,549 0 - 11,212

Inflation compensation3 109,835 + 346 + 9,717

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,498,870 - 14,270 - 210,418

Unamortized premiums on securities held outright5 290,201 - 880 - 37,060

Unamortized discounts on securities held outright5 -27,422 + 76 - 682

Repurchase agreements6 1 + 1 + 1

Loans7 250,565 - 2,064 + 230,299

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,534 + 22 - 6,399

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,618 + 3 + 62

Net portfolio holdings of TALF II LLC8 1,583 + 2 - 561

Items in process of collection (0) 66 + 10 + 3

Bank premises 464 + 11 - 147

Central bank liquidity swaps9 232 + 2 + 61

Foreign currency denominated assets10 18,316 + 15 + 741

Other assets11 36,448 - 1,009 + 7,346

Total assets (0) 8,121,316 - 17,750 - 704,777

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

Aug 30, 2023 Aug 23, 2023 Aug 31, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,280,881 + 3,360 + 52,049

Reverse repurchase agreements12 1,998,323 - 114,191 - 529,961

Deposits (0) 3,872,362 + 98,449 - 129,771

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,196,543 + 19,163 + 80,694

U.S. Treasury, General Account 500,702 + 84,671 - 169,209

Foreign official 10,412 + 726 + 2,295

Other13 (0) 164,705 - 6,111 - 43,551

Deferred availability cash items (0) 819 + 538 - 331

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

Other liabilities and accrued dividends15 -87,146 - 5,905 - 93,098

Total liabilities (0) 8,078,597 - 17,750 - 705,695

Capital accounts

Capital paid in 35,934 0 + 918

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,719 0 + 918

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, August 30, 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 1,418 39 46 131 58 183 112 256 32 44 89 178 250

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,021,402 154,341 4,369,743 130,256 242,477 547,540 533,118 490,183 123,563 60,295 109,431 391,564 868,890

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,534 19,534 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,618 0 5,618 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,583 0 1,583 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 232 10 82 8 22 47 7 8 5 1 2 5 33

Foreign currency denominated 

assets4 18,316 788 6,518 658 1,727 3,709 549 638 412 116 194 386 2,621

Other assets5 36,977 787 15,899 644 1,064 2,670 3,572 2,004 839 510 844 1,781 6,363

Interdistrict settlement account 0 - 2,730 - 161,869 - 5,690 + 47,214 + 230,816 + 8,010 - 41,444 - 5,378 - 567 - 9,520 - 32,002 - 26,842

Total assets 8,121,316 173,326 4,242,795 126,533 293,315 786,151 547,655 452,749 119,953 60,663 101,493 363,203 853,481

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, August 30, 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 2,280,881 81,081 720,368 54,910 112,549 168,131 353,376 125,136 72,795 34,378 49,667 190,256 318,234

Reverse repurchase agreements6 1,998,323 38,607 1,115,964 32,935 61,409 139,062 135,375 124,568 29,893 13,549 25,836 97,432 183,691

Deposits 3,872,362 42,956 2,447,551 37,856 117,730 482,867 56,371 208,034 16,289 12,524 25,703 75,832 348,649

Depository institutions 3,196,543 42,901 1,885,572 37,855 117,700 482,466 56,343 95,027 16,279 12,417 25,666 75,693 348,623

U.S. Treasury, General Account 500,702 0 500,702 0 0 0 0 0 0 0 0 0 0

Foreign official 10,412 2 10,386 1 4 8 1 1 1 0 0 1 6

Other7 164,705 53 50,891 0 27 392 27 113,005 9 106 37 138 20

Earnings remittances due to the U.S. 

Treasury8 -95,121 -1,811 -63,063 -851 -3,130 -13,412 -3 -7,482 -120 -170 -361 -1,552 -3,167

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 8,794 1,001 3,432 169 281 1,020 1,122 463 131 113 182 234 646

Total liabilities 8,078,597 171,518 4,227,926 125,020 288,840 777,668 546,240 450,719 118,988 60,394 101,028 362,202 848,053

Capital

Capital paid in 35,934 1,516 12,455 1,269 3,834 7,109 1,212 1,794 812 226 393 858 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 8,121,316 173,326 4,242,795 126,533 293,315 786,151 547,655 452,749 119,953 60,663 101,493 363,203 853,481

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, August 30, 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 Aug 30, 2023

Federal Reserve notes outstanding 2,690,657

Less: Notes held by F.R. Banks not subject to collateralization 409,776

Federal Reserve notes to be collateralized 2,280,881

Collateral held against Federal Reserve notes 2,280,881

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,264,644

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,508,058

Less: Face value of securities under reverse repurchase agreements 2,217,733

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,290,325

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.