FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks October 5, 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 4, 2023 Sep 27, 2023 Oct 5, 2022

Wednesday

Oct 4, 2023

Reserve Bank credit 7,944,531 - 35,114 - 783,729 7,919,713

Securities held outright1 7,425,347 - 24,221 - 914,644 7,412,483

U.S. Treasury securities 4,943,274 - 15,772 - 696,212 4,930,410

Bills2 238,740 - 6,383 - 70,664 238,533

Notes and bonds, nominal2 4,228,263 - 9,635 - 626,006 4,215,416

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

Inflation compensation3 110,890 + 246 + 10,838 111,081

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

Mortgage-backed securities4 2,479,726 - 8,449 - 218,432 2,479,726

Unamortized premiums on securities held outright5 286,944 - 710 - 36,751 286,720

Unamortized discounts on securities held outright5 -26,509 + 156 + 147 -26,402

Repurchase agreements6 0 - 1 0 0

Foreign official 0 0 0 0

Others 0 - 1 0 0

Loans 190,681 - 9,922 + 169,602 179,084

Primary credit 3,491 + 241 - 3,602 2,773

Secondary credit 0 0 0 0

Seasonal credit 78 - 13 + 20 76

Paycheck Protection Program Liquidity Facility 4,969 - 256 - 8,960 4,868

Bank Term Funding Program 107,741 + 129 + 107,741 107,665

Other credit extensions7 74,402 - 10,024 + 74,402 63,702

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,370 + 40 - 6,341 19,387

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,630 + 3 + 66 5,632

Net portfolio holdings of TALF II LLC8 1,219 0 - 918 1,220

Float -410 - 187 - 58 -595

Central bank liquidity swaps9 229 - 9 - 71 229

Other Federal Reserve assets10 42,030 - 265 + 5,240 41,956

Foreign currency denominated assets11 17,794 - 95 + 714 17,704

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,434 + 14 + 473 52,434

Total factors supplying reserve funds 8,031,000 - 35,196 - 782,542 8,006,092

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 4, 2023 Sep 27, 2023 Oct 5, 2022

Wednesday

Oct 4, 2023

Currency in circulation12 2,324,149 + 665 + 43,143 2,326,425

Reverse repurchase agreements13 1,757,878 + 11,702 - 877,520 1,632,015

Foreign official and international accounts 303,263 - 6,448 + 5,926 289,984

Others 1,454,615 + 18,150 - 883,447 1,342,031

Treasury cash holdings 340 + 4 + 238 347

Deposits with F.R. Banks, other than reserve balances 842,997 - 23,833 - 17,435 846,320

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 668,009 - 13,134 + 34,070 678,959

Foreign official 9,688 + 1 + 2,252 9,688

Other14 165,300 - 10,700 - 53,758 157,674

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

Other liabilities and capital16 -53,442 + 872 - 99,232 -53,081

Total factors, other than reserve balances, 

absorbing reserve funds 4,885,280 - 10,592 - 955,388 4,765,385

Reserve balances with Federal Reserve Banks 3,145,720 - 24,604 + 172,846 3,240,707

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 4, 2023 Sep 27, 2023 Oct 5, 2022

Wednesday

Oct 4, 2023

Securities held in custody for foreign official and international 

accounts 3,424,360 - 11,991 + 100,021 3,423,858

Marketable U.S. Treasury securities1 2,991,705 - 11,942 + 74,247 2,991,213

Federal agency debt and mortgage-backed securities2 349,577 - 249 + 27,413 349,586

Other securities3 83,077 + 200 - 1,640 83,059

Securities lent to dealers 38,832 - 1,861 - 9,688 38,189

Overnight facility4 38,832 - 1,861 - 9,688 38,189

U.S. Treasury securities 38,832 - 1,861 - 9,671 38,189

Federal agency debt securities 0 0 - 17 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 4, 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 65,020 4,952 104,248 4,864 0 ... 179,084

U.S. Treasury securities2

Holdings 53,759 264,497 599,561 1,690,672 818,258 1,503,664 4,930,410

Weekly changes - 8,591 + 18,563 - 13,775 - 15,506 - 8,516 + 99 - 27,728

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 5,745 37,845 2,436,114 2,479,726

Weekly changes 0 + 1 + 3 + 294 - 260 - 37 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 9,469 ... ... 9,469

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 26 310 0 0 ... ... 336

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

Central bank liquidity swaps9 229 0 0 0 0 0 229

Reverse repurchase agreements8 1,632,015 0 ... ... ... ... 1,632,015

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 4, 2023

Mortgage-backed securities held outright1 2,479,726

Residential mortgage-backed securities 2,471,407

Commercial mortgage-backed securities 8,320

Commitments to buy mortgage-backed securities2 75

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 4, 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) 8,739 8,566 10,822 19,387

Municipal Liquidity Facility LLC 2,907 2,907 2,725 5,632

TALF II LLC 393 336 884 1,220

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 4, 2023 Sep 27, 2023 Oct 5, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,470 + 2 + 254

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,851,885 - 47,080 - 800,748

Securities held outright1 7,412,483 - 27,728 - 921,948

U.S. Treasury securities 4,930,410 - 27,728 - 703,516

Bills2 238,533 - 5,604 - 70,166

Notes and bonds, nominal2 4,215,416 - 22,482 - 634,016

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

Inflation compensation3 111,081 + 359 + 11,047

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,479,726 0 - 218,432

Unamortized premiums on securities held outright5 286,720 - 532 - 36,647

Unamortized discounts on securities held outright5 -26,402 + 158 + 178

Repurchase agreements6 0 - 2 0

Loans7 179,084 - 18,976 + 157,669

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,387 + 35 - 6,335

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,632 + 3 + 67

Net portfolio holdings of TALF II LLC8 1,220 0 - 916

Items in process of collection (0) 63 + 5 - 42

Bank premises 432 - 10 - 181

Central bank liquidity swaps9 229 - 9 - 71

Foreign currency denominated assets10 17,704 - 27 + 636

Other assets11 41,524 + 799 + 4,066

Total assets (0) 7,955,782 - 46,282 - 803,271

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 4, 2023 Sep 27, 2023 Oct 5, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,275,803 + 2,397 + 42,459

Reverse repurchase agreements12 1,632,015 - 123,094 - 912,830

Deposits (0) 4,087,028 + 73,042 + 170,696

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,240,707 + 72,205 + 164,257

U.S. Treasury, General Account 678,959 + 6,817 + 56,828

Foreign official 9,688 + 1 + 2,254

Other13 (0) 157,674 - 5,981 - 52,642

Deferred availability cash items (0) 658 + 171 + 340

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

Other liabilities and accrued dividends15 -95,812 + 1,201 - 100,228

Total liabilities (0) 7,913,051 - 46,283 - 804,143

Capital accounts

Capital paid in 35,946 + 1 + 873

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,731 + 1 + 873

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 4, 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 1,470 46 46 133 58 191 110 258 31 48 99 183 267

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,851,885 152,460 4,292,612 128,742 239,141 540,229 526,818 484,089 122,278 59,492 107,996 386,885 811,144

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,387 19,387 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,632 0 5,632 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,220 0 1,220 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 229 10 81 8 22 46 7 8 5 1 2 5 33

Foreign currency denominated 

assets4 17,704 762 6,301 636 1,669 3,584 531 616 398 112 188 373 2,533

Other assets5 42,019 918 18,834 746 1,247 3,071 3,977 2,385 808 588 969 2,116 6,360

Interdistrict settlement account 0 + 8,953 - 103,747 - 9,692 + 52,817 + 176,880 - 8,657 - 70,224 - 8,410 - 3,140 - 13,824 - 40,989 + 20,035

Total assets 7,955,782 183,093 4,226,154 121,098 295,705 725,189 525,072 418,236 115,589 57,365 95,882 349,862 842,537

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 4, 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 2,275,803 78,890 723,827 52,921 111,969 165,911 353,535 124,878 72,718 34,250 49,010 189,093 318,800

Reverse repurchase agreements6 1,632,015 31,530 911,399 26,898 50,152 113,571 110,559 101,734 24,414 11,066 21,100 79,572 150,019

Deposits 4,087,028 62,034 2,637,164 40,561 132,416 451,533 58,521 197,159 17,454 11,841 25,513 81,561 371,270

Depository institutions 3,240,707 61,973 1,894,900 40,559 132,383 450,709 58,491 94,345 17,442 11,765 25,481 81,423 371,237

U.S. Treasury, General Account 678,959 0 678,959 0 0 0 0 0 0 0 0 0 0

Foreign official 9,688 2 9,662 1 4 8 1 1 1 0 0 1 6

Other7 157,674 60 53,643 0 29 816 29 102,812 12 76 32 137 28

Earnings remittances due to the U.S. 

Treasury8 -107,302 -2,042 -70,137 -1,014 -3,741 -15,692 19 -8,251 -130 -195 -412 -1,683 -4,024

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 12,149 1,189 5,354 220 434 1,379 1,020 685 168 133 206 316 1,045

Total liabilities 7,913,051 181,285 4,211,281 119,585 291,231 716,702 523,654 416,205 114,625 57,096 95,417 348,860 837,110

Capital

Capital paid in 35,946 1,516 12,460 1,269 3,834 7,113 1,215 1,794 811 226 393 859 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 7,955,782 183,093 4,226,154 121,098 295,705 725,189 525,072 418,236 115,589 57,365 95,882 349,862 842,537

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 4, 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 4, 2023

Federal Reserve notes outstanding 2,693,659

Less: Notes held by F.R. Banks not subject to collateralization 417,855

Federal Reserve notes to be collateralized 2,275,803

Collateral held against Federal Reserve notes 2,275,803

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,259,567

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,412,483

Less: Face value of securities under reverse repurchase agreements 1,923,247

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,489,236

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.