FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks September 21, 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 20, 2023 Sep 13, 2023 Sep 21, 2022

Wednesday

Sep 20, 2023

Reserve Bank credit 8,002,983 - 59,221 - 780,786 7,988,106

Securities held outright1 7,464,613 - 19,973 - 928,490 7,457,541

U.S. Treasury securities 4,964,010 - 19,359 - 710,848 4,960,735

Bills2 247,882 - 5,082 - 67,844 246,946

Notes and bonds, nominal2 4,240,315 - 14,489 - 642,973 4,237,898

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

Inflation compensation3 110,433 + 212 + 10,350 110,510

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

Mortgage-backed securities4 2,498,256 - 614 - 217,642 2,494,460

Unamortized premiums on securities held outright5 288,721 - 622 - 36,803 288,150

Unamortized discounts on securities held outright5 -27,164 + 267 - 399 -26,821

Repurchase agreements6 2 - 4 + 2 0

Foreign official 0 - 4 0 0

Others 2 0 + 2 0

Loans 208,802 - 40,517 + 187,825 201,102

Primary credit 3,183 + 1,004 - 3,475 3,078

Secondary credit 0 0 0 0

Seasonal credit 78 + 1 + 36 81

Paycheck Protection Program Liquidity Facility 5,412 - 79 - 8,865 5,339

Bank Term Funding Program 107,758 - 108 + 107,758 107,599

Other credit extensions7 92,371 - 41,335 + 92,371 85,005

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,349 - 211 - 6,326 19,326

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,624 + 3 + 64 5,626

Net portfolio holdings of TALF II LLC8 1,218 + 1 - 929 1,219

Float -203 - 29 - 51 -205

Central bank liquidity swaps9 247 + 17 - 26 247

Other Federal Reserve assets10 41,774 + 1,847 + 4,345 41,920

Foreign currency denominated assets11 17,988 - 53 + 733 18,024

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,406 + 14 + 847 52,406

Total factors supplying reserve funds 8,089,618 - 59,260 - 779,207 8,074,777

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 20, 2023 Sep 13, 2023 Sep 21, 2022

Wednesday

Sep 20, 2023

Currency in circulation12 2,326,200 - 5,697 + 47,834 2,325,195

Reverse repurchase agreements13 1,746,687 - 78,475 - 754,393 1,804,707

Foreign official and international accounts 305,275 + 8,772 + 19,767 317,723

Others 1,441,412 - 87,247 - 774,159 1,486,984

Treasury cash holdings 344 + 1 + 244 336

Deposits with F.R. Banks, other than reserve balances 819,652 + 127,399 - 99,676 834,755

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 640,296 + 118,789 - 52,200 661,717

Foreign official 9,688 - 136 + 2,252 9,688

Other14 169,668 + 8,747 - 49,728 163,350

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

Other liabilities and capital16 -48,273 + 1,321 - 96,252 -47,978

Total factors, other than reserve balances, 

absorbing reserve funds 4,857,968 + 44,549 - 906,825 4,930,373

Reserve balances with Federal Reserve Banks 3,231,649 - 103,810 + 127,617 3,144,404

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 20, 2023 Sep 13, 2023 Sep 21, 2022

Wednesday

Sep 20, 2023

Securities held in custody for foreign official and international 

accounts 3,434,332 - 447 + 49,644 3,437,209

Marketable U.S. Treasury securities1 2,999,995 - 880 + 21,783 3,004,797

Federal agency debt and mortgage-backed securities2 351,430 + 324 + 29,412 349,609

Other securities3 82,906 + 107 - 1,551 82,803

Securities lent to dealers 36,759 - 4,891 - 8,944 39,868

Overnight facility4 36,759 - 4,891 - 8,944 39,868

U.S. Treasury securities 36,759 - 4,891 - 8,934 39,868

Federal agency debt securities 0 0 - 10 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 20, 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 86,892 4,406 104,469 5,335 0 ... 201,102

U.S. Treasury securities2

Holdings 55,950 254,315 614,151 1,706,087 826,726 1,503,507 4,960,735

Weekly changes + 13,057 - 18,852 - 9,872 - 6,182 + 49 + 58 - 21,744

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 5,600 39,112 2,449,725 2,494,460

Weekly changes 0 0 0 - 3,990 - 3,179 + 2,758 - 4,410

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 9,691 ... ... 9,691

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 55 305 33 0 ... ... 393

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

Central bank liquidity swaps9 247 0 0 0 0 0 247

Reverse repurchase agreements8 1,804,707 0 ... ... ... ... 1,804,707

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 20, 2023

Mortgage-backed securities held outright1 2,494,460

Residential mortgage-backed securities 2,486,099

Commercial mortgage-backed securities 8,360

Commitments to buy mortgage-backed securities2 52

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 20, 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 8,750 10,577 19,326

Municipal Liquidity Facility LLC 2,907 2,907 2,719 5,626

TALF II LLC 394 393 825 1,219

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 20, 2023 Sep 13, 2023 Sep 21, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,453 + 21 + 215

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,919,973 - 75,159 - 790,730

Securities held outright1 7,457,541 - 26,155 - 933,612

U.S. Treasury securities 4,960,735 - 21,744 - 713,184

Bills2 246,946 - 5,036 - 67,846

Notes and bonds, nominal2 4,237,898 - 16,920 - 645,390

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

Inflation compensation3 110,510 + 211 + 10,432

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,494,460 - 4,410 - 220,427

Unamortized premiums on securities held outright5 288,150 - 1,004 - 36,990

Unamortized discounts on securities held outright5 -26,821 + 512 - 107

Repurchase agreements6 0 0 0

Loans7 201,102 - 48,513 + 179,978

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 19,326 - 253 - 6,361

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,626 + 3 + 65

Net portfolio holdings of TALF II LLC8 1,219 + 1 - 929

Items in process of collection (0) 58 + 1 - 22

Bank premises 439 0 - 171

Central bank liquidity swaps9 247 + 17 - 26

Foreign currency denominated assets10 18,024 - 31 + 917

Other assets11 41,490 + 713 + 4,333

Total assets (0) 8,024,090 - 74,689 - 792,712

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 20, 2023 Sep 13, 2023 Sep 21, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,274,574 - 4,628 + 47,082

Reverse repurchase agreements12 1,804,707 - 30,927 - 806,661

Deposits (0) 3,979,167 - 40,400 + 67,468

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,144,412 - 166,119 + 140,671

U.S. Treasury, General Account 661,717 + 124,353 - 28,569

Foreign official 9,688 - 1 + 2,249

Other13 (0) 163,350 + 1,367 - 46,882

Deferred availability cash items (0) 262 - 17 + 59

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

Other liabilities and accrued dividends15 -90,708 + 1,273 - 96,961

Total liabilities (0) 7,981,360 - 74,699 - 793,594

Capital accounts

Capital paid in 35,945 + 10 + 883

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,730 + 10 + 883

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 20, 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 1,453 42 44 132 60 191 110 258 31 47 97 180 260

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,919,973 153,392 4,337,683 129,484 240,863 543,574 529,882 486,902 122,788 59,923 108,567 389,953 816,962

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 19,326 19,326 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,626 0 5,626 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,219 0 1,219 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 247 11 88 9 23 50 7 9 6 2 3 5 35

Foreign currency denominated 

assets4 18,024 776 6,414 648 1,700 3,649 540 627 406 114 191 380 2,579

Other assets5 41,986 911 19,269 739 1,237 3,057 3,925 2,356 772 545 934 2,077 6,164

Interdistrict settlement account 0 - 2,634 - 98,392 - 9,208 + 37,753 + 192,571 - 2,231 - 60,164 - 6,741 - 2,909 - 11,634 - 40,260 + 3,849

Total assets 8,024,090 172,381 4,277,125 122,329 282,388 744,279 534,520 431,092 117,740 57,985 98,610 353,626 832,015

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 20, 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 2,274,574 79,814 722,121 53,736 112,152 166,431 352,690 124,190 72,728 34,280 48,978 189,712 317,743

Reverse repurchase agreements6 1,804,707 34,867 1,007,839 29,744 55,459 125,589 122,258 112,499 26,997 12,237 23,333 87,992 165,894

Deposits 3,979,167 47,024 2,590,458 38,063 113,350 457,048 57,507 199,642 17,018 11,260 26,034 76,238 345,525

Depository institutions 3,144,412 46,961 1,866,088 38,062 113,314 456,634 57,479 90,031 17,006 11,184 26,004 76,154 345,496

U.S. Treasury, General Account 661,717 0 661,717 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 163,350 61 52,991 0 31 406 27 109,610 12 76 30 83 23

Earnings remittances due to the U.S. 

Treasury8 -102,388 -1,931 -67,340 -940 -3,473 -14,786 -2 -7,943 -120 -188 -405 -1,643 -3,617

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 11,942 1,116 5,502 212 427 1,511 649 673 153 128 205 325 1,043

Total liabilities 7,981,360 170,574 4,262,253 120,816 277,914 735,792 533,102 429,061 116,776 57,716 98,145 352,623 826,588

Capital

Capital paid in 35,945 1,516 12,458 1,269 3,834 7,113 1,215 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 8,024,090 172,381 4,277,125 122,329 282,388 744,279 534,520 431,092 117,740 57,985 98,610 353,626 832,015

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 20, 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 20, 2023

Federal Reserve notes outstanding 2,693,073

Less: Notes held by F.R. Banks not subject to collateralization 418,499

Federal Reserve notes to be collateralized 2,274,574

Collateral held against Federal Reserve notes 2,274,574

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,258,337

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,457,541

Less: Face value of securities under reverse repurchase agreements 2,036,285

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,421,257

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.