FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks December 1, 2022

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at 

Federal Reserve Banks

Week ended

Nov 30, 2022 Nov 23, 2022 Dec 1, 2021

Wednesday

Nov 30, 2022

Reserve Bank credit 8,569,035 - 18,776 - 41,337 8,548,165

Securities held outright1 8,195,655 - 16,723 + 34,136 8,177,087

U.S. Treasury securities 5,532,648 - 2,558 - 50,116 5,515,984

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

Notes and bonds, nominal2 4,759,734 - 3,030 - 51,893 4,741,553

Notes and bonds, inflation-indexed2 376,019 + 233 - 1,004 377,416

Inflation compensation3 100,836 + 238 + 32,766 100,954

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

Mortgage-backed securities4 2,660,660 - 14,165 + 84,253 2,658,756

Unamortized premiums on securities held outright5 317,352 - 1,018 - 36,563 317,070

Unamortized discounts on securities held outright5 -27,306 + 29 - 9,976 -27,414

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 21,918 + 561 - 19,981 22,332

Primary credit 9,484 + 739 + 9,092 10,085

Secondary credit 0 0 0 0

Seasonal credit 17 - 3 + 13 11

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 12,416 - 177 - 29,087 12,236

Other credit extensions 0 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 2 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,778 - 326 - 6,800 22,795

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,557 + 2 - 2,396 5,559

Net portfolio holdings of TALF II LLC7 1,993 - 1 - 650 1,978

Float -316 - 121 + 30 -1,065

Central bank liquidity swaps8 203 + 1 - 65 204

Other Federal Reserve assets9 31,200 - 1,181 + 929 29,620

Foreign currency denominated assets10 17,891 + 129 - 2,496 17,838

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,454 + 14 + 728 51,454

Total factors supplying reserve funds 8,654,620 - 18,634 - 43,105 8,633,697

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and 

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Nov 30, 2022 Nov 23, 2022 Dec 1, 2021

Wednesday

Nov 30, 2022

Currency in circulation11 2,297,383 + 3,769 + 76,733 2,297,852

Reverse repurchase agreements12 2,421,509 - 59,488 + 657,302 2,496,506

Foreign official and international accounts 364,713 - 8,682 + 59,201 380,593

Others 2,056,797 - 50,804 + 598,102 2,115,913

Treasury cash holdings 97 0 + 27 103

Deposits with F.R. Banks, other than reserve balances 712,826 + 28,202 + 294,360 733,145

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 511,474 + 32,000 + 358,823 532,791

Foreign official 7,437 + 1 + 17 7,437

Other13 193,915 - 3,799 - 64,480 192,918

Treasury contributions to credit facilities14 15,347 - 370 - 5,911 15,347

Other liabilities and capital15 38,464 + 990 - 9,745 38,512

Total factors, other than reserve balances, 

absorbing reserve funds 5,485,625 - 26,898 +1,012,764 5,581,465

Reserve balances with Federal Reserve Banks 3,168,995 + 8,265 -1,055,870 3,052,233

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of 

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been 

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest 

basis.

6. Cash value of agreements.

7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on 

consolidation below.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned 

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the 

foreign central bank.

9. Includes bank premises, accrued interest, and other accounts receivable.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial 

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment 

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks 

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.0 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Nov 30, 2022 Nov 23, 2022 Dec 1, 2021

Wednesday

Nov 30, 2022

Securities held in custody for foreign official and international 

accounts 3,312,171 + 1,823 - 146,385 3,309,138

Marketable U.S. Treasury securities1 2,900,309 + 4,045 - 152,454 2,897,772

Federal agency debt and mortgage-backed securities2 329,988 - 1,253 + 6,807 329,933

Other securities3 81,875 - 968 - 737 81,432

Securities lent to dealers 38,492 - 2,696 + 5,737 43,374

Overnight facility4 38,492 - 2,696 + 5,737 43,374

U.S. Treasury securities 38,477 - 2,701 + 5,722 43,353

Federal agency debt securities 15 + 5 + 15 21

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral 

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the 

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, November 30, 2022

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 8,148 1,955 0 12,229 0 ... 22,332

U.S. Treasury securities2

Holdings 57,414 375,394 722,066 1,948,110 948,869 1,464,130 5,515,984

Weekly changes - 26,002 + 53,799 - 32,111 - 8,535 - 8,177 + 1,684 - 19,339

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 44 3,935 51,058 2,603,718 2,658,756

Weekly changes 0 - 1 - 9 - 23 - 773 - 12,521 - 13,327

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 12,155 ... ... 12,155

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 768 243 ... ... 1,010

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

Central bank liquidity swaps9 204 0 0 0 0 0 204

Reverse repurchase agreements8 2,496,506 0 ... ... ... ... 2,496,506

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF) 

and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as 

performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the 

Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston 

(FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with 

consolidation under generally accepted accounting principles.

2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original 

face value of such securities.

3. Face value.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Book value of the loan participations held by the MS Facilities LLC.

6. Book value of the municipal notes held by the Municipal Liquidity Facility LLC. 

7. Book value of the loans held by the TALF II LLC. 

8. Cash value of agreements.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to 

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign 

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Nov 30, 2022

Mortgage-backed securities held outright1 2,658,756

Residential mortgage-backed securities 2,650,237

Commercial mortgage-backed securities 8,519

Commitments to buy mortgage-backed securities2 0

Commitments to sell mortgage-backed securities2 22

Cash and cash equivalents3 0

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed 

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Nov 30, 2022

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

MS Facilities LLC (Main Street Lending Program) 11,606 10,769 12,025 22,795

Municipal Liquidity Facility LLC 2,907 2,907 2,652 5,559

TALF II LLC 1,040 1,010 968 1,978

Note: Components may not sum to totals because of rounding.

1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under 

generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve 

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 updated as of September 30, 2022.

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 a one-day lag after the transaction date.

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury 

contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash 

and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are 

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal 

Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Nov 30, 2022 Nov 23, 2022 Dec 1, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,159 - 16 - 28

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,489,074 - 33,090 - 53,737

Securities held outright1 8,177,087 - 32,666 + 11,736

U.S. Treasury securities 5,515,984 - 19,339 - 76,135

Bills2 296,059 0 - 29,985

Notes and bonds, nominal2 4,741,553 - 21,211 - 78,251

Notes and bonds, inflation-indexed2 377,416 + 1,630 - 582

Inflation compensation3 100,954 + 239 + 32,680

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,658,756 - 13,327 + 87,872

Unamortized premiums on securities held outright5 317,070 - 882 - 36,849

Unamortized discounts on securities held outright5 -27,414 - 176 - 9,964

Repurchase agreements6 0 0 - 1

Loans7 22,332 + 635 - 18,658

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 2

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,795 + 20 - 6,789

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,559 + 2 - 2,395

Net portfolio holdings of TALF II LLC8 1,978 - 17 - 648

Items in process of collection (0) 111 + 3 + 52

Bank premises 474 - 132 - 905

Central bank liquidity swaps9 204 + 2 - 64

Foreign currency denominated assets10 17,838 - 3 - 2,650

Other assets11 29,149 - 3,582 + 1,342

Total assets (0) 8,584,576 - 36,814 - 65,826

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Nov 30, 2022 Nov 23, 2022 Dec 1, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,247,656 + 1,237 + 75,509

Reverse repurchase agreements12 2,496,506 + 66,302 + 767,229

Deposits (0) 3,785,380 - 105,567 - 893,650

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,052,235 - 116,614 -1,213,787

U.S. Treasury, General Account 532,791 + 40,037 + 373,643

Foreign official 7,437 + 2 + 1,643

Other13 (0) 192,918 - 28,992 - 55,149

Deferred availability cash items (0) 1,175 + 727 + 535

Treasury contributions to credit facilities14 15,347 0 - 5,911

Other liabilities and accrued dividends15 -3,074 + 487 - 10,470

Total liabilities (0) 8,542,991 - 36,814 - 66,758

Capital accounts

Capital paid in 34,801 0 + 933

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,586 0 + 933

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been 

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest 

basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection 

Program Liquidity Facility, and other credit extensions.

8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on 

consolidation below.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to 

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign 

central bank.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial 

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment 

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks 

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.0 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 30, 2022

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificates and special drawing 

rights certificates 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136

Coin 1,159 15 23 108 42 184 59 221 22 35 87 147 215

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,489,074 169,830 4,344,171 195,024 340,679 590,133 554,460 579,486 133,008 64,557 132,621 434,329 950,776

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,795 22,795 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,559 0 5,559 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,978 0 1,978 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 204 9 71 8 20 41 7 8 4 1 2 5 29

Foreign currency denominated 

assets4 17,838 767 6,225 661 1,742 3,573 580 675 359 90 184 428 2,555

Other assets5 29,733 700 13,924 761 1,219 2,350 2,032 1,983 787 395 742 1,592 3,245

Interdistrict settlement account 0 + 20,276 + 240,563 - 47,013 - 45,103 + 23,804 + 19,262 - 53,135 - 8,985 - 4,972 - 21,511 - 30,051 - 93,135

Total assets 8,584,576 214,936 4,617,786 150,087 299,362 621,287 578,646 530,331 125,656 60,369 112,565 407,729 865,822

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 30, 2022 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes, net 2,247,656 77,681 705,892 54,715 110,697 163,958 352,267 122,350 69,571 32,369 51,104 191,800 315,253

Reverse repurchase agreements6 2,496,506 49,980 1,279,962 57,353 99,693 173,973 163,338 170,661 39,208 17,701 38,971 127,995 277,671

Deposits 3,785,380 74,235 2,617,729 36,331 84,822 275,063 60,196 236,075 15,735 9,902 21,838 86,756 266,697

Depository institutions 3,052,235 74,219 2,029,313 36,330 84,785 274,440 60,162 92,357 15,723 9,846 21,799 86,590 266,672

U.S. Treasury, General Account 532,791 0 532,791 0 0 0 0 0 0 0 0 0 0

Foreign official 7,437 2 7,411 1 4 8 1 2 1 0 0 1 6

Other7 192,918 14 48,216 0 33 615 33 143,716 12 56 39 165 19

Earnings remittances due to the U.S. 

Treasury8 -12,390 -222 -9,183 -67 -159 -1,146 10 -935 8 -28 -19 -76 -570

Treasury contributions to credit facilities9 15,347 11,453 3,894 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 10,491 11 4,880 245 347 989 1,566 704 208 169 230 353 789

Total liabilities 8,542,991 213,137 4,603,175 148,577 295,399 612,836 577,377 528,855 124,731 60,113 112,124 406,828 859,839

Capital

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

Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 8,584,576 214,936 4,617,786 150,087 299,362 621,287 578,646 530,331 125,656 60,369 112,565 407,729 865,822

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 30, 2022 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities 

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between 

the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, 

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate 

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4. Revalued daily at current foreign currency exchange rates.

5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. 

6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by 

depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, 

General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8. The Federal Reserve Banks remit residual net earnings to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal 

Reserve Bank's allotted surplus cap. Positive amounts represent the estimated weekly remittances due to U.S. Treasury. Negative amounts represent the cumulative deferred asset position, which 

is incurred during a period when earnings are not sufficient to provide for the cost of operations, payment of dividends, and maintaining surplus. The deferred asset is the amount of net earnings 

that the Federal Reserve Banks need to realize before remittances to the U.S. Treasury resume.

9. Book value. Amount of equity investments in MS Facilities LLC of $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

 

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal 

Reserve Act. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated 

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

Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, 

FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and 

the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special 

purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the 

FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was 

formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to 

the FRBB are used to secure the loan from the FRBB.

The FRBNY is the managing member of CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally 

accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the 

statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs 

consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in 

table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this 

table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Nov 30, 2022

Federal Reserve notes outstanding 2,611,980

Less: Notes held by F.R. Banks not subject to collateralization 364,324

Federal Reserve notes to be collateralized 2,247,656

Collateral held against Federal Reserve notes 2,247,656

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,231,419

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,177,087

Less: Face value of securities under reverse repurchase agreements 2,747,164

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,429,923

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.