FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks September 14, 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

Sep 13, 2023 Sep 6, 2023 Sep 14, 2022

Wednesday

Sep 13, 2023

Reserve Bank credit 8,062,204 - 3,107 - 726,527 8,062,770

Securities held outright1 7,484,586 - 5,938 - 916,185 7,483,696

U.S. Treasury securities 4,983,369 - 5,938 - 704,445 4,982,479

Bills2 252,964 - 6,097 - 65,918 251,982

Notes and bonds, nominal2 4,254,804 - 39 - 638,270 4,254,818

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

Inflation compensation3 110,221 + 199 + 10,125 110,299

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

Mortgage-backed securities4 2,498,870 0 - 211,741 2,498,870

Unamortized premiums on securities held outright5 289,343 - 478 - 36,890 289,154

Unamortized discounts on securities held outright5 -27,431 + 132 - 621 -27,333

Repurchase agreements6 6 + 3 - 3 0

Foreign official 4 + 3 + 4 0

Others 2 0 - 7 0

Loans 249,319 - 242 + 229,543 249,615

Primary credit 2,179 + 130 - 3,022 2,698

Secondary credit 0 0 0 0

Seasonal credit 77 + 3 + 31 78

Paycheck Protection Program Liquidity Facility 5,491 - 143 - 9,038 5,477

Bank Term Funding Program 107,866 + 208 + 107,866 107,993

Other credit extensions7 133,706 - 441 + 133,706 133,369

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,560 + 20 - 6,392 19,579

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,621 + 3 + 63 5,623

Net portfolio holdings of TALF II LLC8 1,217 + 2 - 928 1,218

Float -174 + 130 - 21 -222

Central bank liquidity swaps9 230 - 2 + 27 230

Other Federal Reserve assets10 39,927 + 3,264 + 4,881 41,210

Foreign currency denominated assets11 18,041 - 109 + 721 18,055

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,392 + 14 + 1,033 52,392

Total factors supplying reserve funds 8,148,878 - 3,202 - 724,773 8,149,458

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

Sep 13, 2023 Sep 6, 2023 Sep 14, 2022

Wednesday

Sep 13, 2023

Currency in circulation12 2,331,897 - 2,149 + 49,927 2,329,820

Reverse repurchase agreements13 1,825,162 - 65,094 - 660,327 1,835,634

Foreign official and international accounts 296,503 - 4,810 + 23,365 289,409

Others 1,528,659 - 60,283 - 683,691 1,546,225

Treasury cash holdings 343 + 14 + 245 345

Deposits with F.R. Banks, other than reserve balances 692,253 + 42,006 - 114,443 709,036

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 521,507 + 50,626 - 72,301 537,364

Foreign official 9,824 - 60 + 2,389 9,689

Other14 160,921 - 8,561 - 44,531 161,983

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

Other liabilities and capital16 -49,594 - 6,147 - 96,125 -49,261

Total factors, other than reserve balances, 

absorbing reserve funds 4,813,419 - 31,370 - 825,304 4,838,933

Reserve balances with Federal Reserve Banks 3,335,459 + 28,168 + 100,531 3,310,525

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

Sep 13, 2023 Sep 6, 2023 Sep 14, 2022

Wednesday

Sep 13, 2023

Securities held in custody for foreign official and international 

accounts 3,434,779 + 4,146 + 58,269 3,435,593

Marketable U.S. Treasury securities1 3,000,875 + 3,997 + 22,858 3,001,665

Federal agency debt and mortgage-backed securities2 351,106 - 221 + 36,852 351,094

Other securities3 82,799 + 371 - 1,441 82,833

Securities lent to dealers 41,650 - 1,304 - 6,623 40,736

Overnight facility4 41,650 - 1,304 - 6,623 40,736

U.S. Treasury securities 41,650 - 1,304 - 6,620 40,736

Federal agency debt securities 0 0 - 3 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, September 13, 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 135,400 3,904 104,838 5,473 0 ... 249,615

U.S. Treasury securities2

Holdings 42,893 273,167 624,023 1,712,269 826,677 1,503,449 4,982,479

Weekly changes + 1,016 - 6,777 - 405 + 115 + 48 + 8 - 5,992

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 1 22 9,590 42,291 2,446,967 2,498,870

Weekly changes 0 0 0 0 0 0 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 9,774 ... ... 9,774

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 360 33 0 ... ... 393

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

Central bank liquidity swaps9 230 0 0 0 0 0 230

Reverse repurchase agreements8 1,835,634 0 ... ... ... ... 1,835,634

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 Sep 13, 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 Sep 13, 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 8,824 10,755 19,579

Municipal Liquidity Facility LLC 2,907 2,907 2,716 5,623

TALF II LLC 394 393 824 1,218

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

Sep 13, 2023 Sep 6, 2023 Sep 14, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,432 + 19 + 188

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,995,132 - 6,041 - 732,664

Securities held outright1 7,483,696 - 5,993 - 924,208

U.S. Treasury securities 4,982,479 - 5,992 - 704,552

Bills2 251,982 - 6,179 - 66,123

Notes and bonds, nominal2 4,254,818 - 25 - 638,256

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

Inflation compensation3 110,299 + 212 + 10,208

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,498,870 0 - 219,656

Unamortized premiums on securities held outright5 289,154 - 499 - 36,905

Unamortized discounts on securities held outright5 -27,333 + 148 - 560

Repurchase agreements6 0 - 6 0

Loans7 249,615 + 308 + 229,009

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,579 + 23 - 6,390

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,623 + 2 + 64

Net portfolio holdings of TALF II LLC8 1,218 + 2 - 928

Items in process of collection (0) 57 - 22 + 8

Bank premises 439 + 3 - 167

Central bank liquidity swaps9 230 - 2 + 27

Foreign currency denominated assets10 18,055 + 38 + 773

Other assets11 40,777 + 3,439 + 5,110

Total assets (0) 8,098,779 - 2,539 - 733,980

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

Sep 13, 2023 Sep 6, 2023 Sep 14, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,279,202 - 5,221 + 48,371

Reverse repurchase agreements12 1,835,634 - 64,244 - 691,055

Deposits (0) 4,019,567 + 73,227 + 9,763

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,310,531 + 20,056 + 151,834

U.S. Treasury, General Account 537,364 + 55,812 - 80,633

Foreign official 9,689 - 764 + 2,254

Other13 (0) 161,983 - 1,878 - 63,692

Deferred availability cash items (0) 279 - 570 + 67

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

Other liabilities and accrued dividends15 -91,981 - 5,730 - 97,432

Total liabilities (0) 8,056,059 - 2,539 - 734,866

Capital accounts

Capital paid in 35,935 0 + 886

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,720 0 + 886

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, September 13, 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 1,432 42 46 131 56 187 111 255 32 45 95 178 256

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,995,132 153,909 4,354,632 129,876 241,700 545,780 531,635 488,589 123,166 60,084 109,082 390,589 866,090

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,579 19,579 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,623 0 5,623 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,218 0 1,218 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 230 10 82 8 22 47 7 8 5 1 2 5 33

Foreign currency denominated 

assets4 18,055 777 6,425 649 1,703 3,656 541 629 406 114 192 381 2,584

Other assets5 41,273 866 18,217 705 1,170 2,917 3,788 2,229 920 564 904 1,973 7,020

Interdistrict settlement account 0 - 229 - 163,481 - 9,004 + 61,447 + 238,967 + 340 - 54,603 - 5,110 - 1,401 - 11,278 - 34,149 - 21,499

Total assets 8,098,779 175,510 4,227,936 122,890 306,849 792,739 538,709 438,211 119,898 59,671 99,449 360,267 856,649

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, September 13, 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 2,279,202 80,345 722,725 54,311 112,457 166,926 353,286 124,484 72,857 34,502 49,290 189,281 318,736

Reverse repurchase agreements6 1,835,634 35,464 1,025,110 30,254 56,410 127,741 124,353 114,427 27,460 12,446 23,733 89,500 168,737

Deposits 4,019,567 49,065 2,524,079 37,559 136,593 502,812 59,111 204,616 18,606 12,524 26,181 81,867 366,557

Depository institutions 3,310,531 49,003 1,922,937 37,557 136,562 501,975 59,083 97,885 18,593 12,470 26,151 81,791 366,524

U.S. Treasury, General Account 537,364 0 537,364 0 0 0 0 0 0 0 0 0 0

Foreign official 9,689 2 9,663 1 4 8 1 1 1 0 0 1 6

Other7 161,983 61 54,115 0 27 828 26 106,729 12 53 30 74 28

Earnings remittances due to the U.S. 

Treasury8 -100,128 -1,892 -65,958 -914 -3,374 -14,371 -14 -7,807 -124 -185 -397 -1,621 -3,471

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 8,426 1,036 3,437 169 290 1,149 558 461 135 115 177 237 663

Total liabilities 8,056,059 173,702 4,213,067 121,378 302,375 784,256 537,294 436,181 118,934 59,402 98,984 359,264 851,222

Capital

Capital paid in 35,935 1,516 12,455 1,269 3,834 7,109 1,212 1,794 812 226 393 859 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 8,098,779 175,510 4,227,936 122,890 306,849 792,739 538,709 438,211 119,898 59,671 99,449 360,267 856,649

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, September 13, 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 Sep 13, 2023

Federal Reserve notes outstanding 2,691,762

Less: Notes held by F.R. Banks not subject to collateralization 412,561

Federal Reserve notes to be collateralized 2,279,202

Collateral held against Federal Reserve notes 2,279,202

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,262,965

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,483,696

Less: Face value of securities under reverse repurchase agreements 2,036,771

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,446,925

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.