FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

May 25, 2023

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks," has been modified to reflect the Federal Reserve's return 

of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), 

Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on May 19, 2023. Footnote 15 in 

Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated 

Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the Statement of 

Condition of Each Federal Reserve Bank (table 6) were revised accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks May 25, 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

May 24, 2023 May 17, 2023 May 25, 2022

Wednesday

May 24, 2023

Reserve Bank credit 8,405,852 - 42,335 - 494,927 8,400,116

Securities held outright1 7,769,922 - 18,609 - 728,889 7,767,733

U.S. Treasury securities 5,194,832 - 16,156 - 574,072 5,194,961

Bills2 281,041 0 - 45,003 281,041

Notes and bonds, nominal2 4,442,983 - 16,507 - 532,480 4,442,983

Notes and bonds, inflation-indexed2 365,436 0 - 15,426 365,436

Inflation compensation3 105,372 + 351 + 18,837 105,501

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

Mortgage-backed securities4 2,572,743 - 2,453 - 154,817 2,570,425

Unamortized premiums on securities held outright5 300,001 - 768 - 38,541 299,701

Unamortized discounts on securities held outright5 -27,816 - 333 - 3,335 -27,725

Repurchase agreements6 15 + 13 + 15 30

Foreign official 1 + 1 + 1 2

Others 15 + 13 + 15 28

Loans 300,586 - 13,439 + 279,282 296,860

Primary credit 7,076 - 2,125 + 6,105 4,211

Secondary credit 0 0 0 0

Seasonal credit 8 + 1 + 4 7

Paycheck Protection Program Liquidity Facility 8,226 - 115 - 12,103 8,116

Bank Term Funding Program 88,683 + 2,783 + 88,683 91,907

Other credit extensions7 196,593 - 13,983 + 196,593 192,620

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 20,489 - 1,654 - 6,422 20,257

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,577 - 41 + 43 5,579

Net portfolio holdings of TALF II LLC8 1,750 - 150 - 537 1,752

Float -168 - 25 + 34 -201

Central bank liquidity swaps9 394 - 16 + 185 391

Other Federal Reserve assets10 35,101 - 7,313 + 3,236 35,739

Foreign currency denominated assets11 18,459 - 189 - 295 18,378

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 51,751 + 14 + 728 51,751

Total factors supplying reserve funds 8,492,303 - 42,510 - 494,495 8,486,486

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

May 24, 2023 May 17, 2023 May 25, 2022

Wednesday

May 24, 2023

Currency in circulation12 2,334,374 + 1,770 + 61,508 2,337,470

Reverse repurchase agreements13 2,633,419 + 26,538 + 373,585 2,611,006

Foreign official and international accounts 368,971 - 13,959 + 105,314 360,297

Others 2,264,448 + 40,497 + 268,271 2,250,709

Treasury cash holdings 219 + 8 + 127 229

Deposits with F.R. Banks, other than reserve balances 282,770 - 54,321 - 795,845 285,965

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 61,952 - 54,268 - 759,583 49,473

Foreign official 9,685 0 + 2,228 9,686

Other14 211,133 - 53 - 38,491 226,807

Treasury contributions to credit facilities15 13,642 - 1,705 - 4,772 13,358

Other liabilities and capital16 -12,293 - 6,094 - 63,091 -12,314

Total factors, other than reserve balances, 

absorbing reserve funds 5,252,131 - 33,804 - 428,487 5,235,715

Reserve balances with Federal Reserve Banks 3,240,172 - 8,706 - 66,008 3,250,771

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 loans that were extended 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

May 24, 2023 May 17, 2023 May 25, 2022

Wednesday

May 24, 2023

Securities held in custody for foreign official and international 

accounts 3,397,518 + 7,928 - 27,265 3,398,762

Marketable U.S. Treasury securities1 2,973,029 + 7,076 - 34,165 2,975,104

Federal agency debt and mortgage-backed securities2 342,855 + 943 + 8,293 342,348

Other securities3 81,634 - 91 - 1,393 81,310

Securities lent to dealers 41,383 - 552 + 210 44,463

Overnight facility4 41,383 - 552 + 210 44,463

U.S. Treasury securities 41,374 - 552 + 201 44,454

Federal agency debt securities 9 0 + 9 9

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, May 24, 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 196,080 2,061 90,608 8,111 0 ... 296,860

U.S. Treasury securities2

Holdings 95,887 318,272 625,588 1,797,112 870,181 1,487,921 5,194,961

Weekly changes - 10,972 + 5,494 + 5,496 + 151 + 9,622 - 9,440 + 351

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 3 19 8,570 44,799 2,517,033 2,570,425

Weekly changes 0 0 0 0 0 - 4,004 - 4,003

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 10,725 ... ... 10,725

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 173 706 0 ... ... 879

Repurchase agreements8 30 0 ... ... ... ... 30

Central bank liquidity swaps9 391 0 0 0 0 0 391

Reverse repurchase agreements8 2,611,006 0 ... ... ... ... 2,611,006

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 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 May 24, 2023

Mortgage-backed securities held outright1 2,570,425

Residential mortgage-backed securities 2,562,018

Commercial mortgage-backed securities 8,406

Commitments to buy mortgage-backed securities2 5

Commitments to sell mortgage-backed securities2 69

Cash and cash equivalents3 1

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 May 24, 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) 10,016 9,714 10,542 20,257

Municipal Liquidity Facility LLC 2,907 2,907 2,672 5,579

TALF II LLC 927 879 873 1,752

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 March 31, 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

May 24, 2023 May 17, 2023 May 25, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,290 - 13 + 22

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,336,599 - 20,604 - 477,031

Securities held outright1 7,767,733 - 3,652 - 711,477

U.S. Treasury securities 5,194,961 + 351 - 574,456

Bills2 281,041 0 - 45,003

Notes and bonds, nominal2 4,442,983 0 - 532,480

Notes and bonds, inflation-indexed2 365,436 0 - 15,426

Inflation compensation3 105,501 + 351 + 18,453

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,570,425 - 4,003 - 137,021

Unamortized premiums on securities held outright5 299,701 - 782 - 38,045

Unamortized discounts on securities held outright5 -27,725 - 215 - 3,281

Repurchase agreements6 30 + 24 + 30

Loans7 296,860 - 15,980 + 275,741

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 20,257 - 1,745 - 6,408

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,579 - 42 + 44

Net portfolio holdings of TALF II LLC8 1,752 - 150 - 536

Items in process of collection (0) 34 - 14 - 14

Bank premises 456 + 6 - 166

Central bank liquidity swaps9 391 - 19 + 182

Foreign currency denominated assets10 18,378 - 154 - 431

Other assets11 35,283 + 2,229 + 6,312

Total assets (0) 8,436,255 - 20,505 - 478,026

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

May 24, 2023 May 17, 2023 May 25, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,287,233 + 3,905 + 61,059

Reverse repurchase agreements12 2,611,006 + 12,379 + 352,785

Deposits (0) 3,536,736 - 28,647 - 825,863

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,250,771 - 29,216 - 64,247

U.S. Treasury, General Account 49,473 - 18,859 - 752,241

Foreign official 9,686 + 1 + 2,251

Other13 (0) 226,807 + 19,428 - 11,626

Deferred availability cash items (0) 235 - 53 - 66

Treasury contributions to credit facilities14 13,358 - 1,989 - 4,582

Other liabilities and accrued dividends15 -54,715 - 6,100 - 62,148

Total liabilities (0) 8,393,854 - 20,504 - 478,814

Capital accounts

Capital paid in 35,617 0 + 788

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,402 0 + 788

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, May 24, 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 1,290 22 41 117 41 177 89 248 27 38 87 154 249

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,336,599 158,747 4,538,562 134,126 250,681 564,594 549,815 505,937 123,307 62,848 112,304 402,412 933,266

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 20,257 20,257 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,579 0 5,579 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,752 0 1,752 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 391 17 139 14 37 79 12 14 9 2 4 8 56

Foreign currency denominated 

assets4 18,378 791 6,539 660 1,733 3,721 551 640 414 116 195 387 2,630

Other assets5 35,773 774 18,143 655 1,090 2,663 2,232 2,036 761 441 742 1,713 4,523

Interdistrict settlement account 0 + 13,791 - 322,402 - 2,839 + 56,493 + 272,493 + 38,393 + 25,780 + 2,439 - 2,334 - 6,062 + 1,394 - 77,145

Total assets 8,436,255 194,955 4,253,528 133,259 310,825 844,915 593,379 535,759 127,436 61,375 107,723 407,358 865,744

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, May 24, 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 2,287,233 79,953 732,718 52,288 111,555 173,342 354,787 123,978 71,318 32,999 49,276 189,386 315,634

Reverse repurchase agreements6 2,611,006 50,444 1,458,117 43,033 80,237 181,698 176,880 162,761 39,059 17,704 33,758 127,305 240,011

Deposits 3,536,736 53,512 2,083,604 36,710 116,342 488,022 59,901 251,408 16,050 10,425 24,280 90,572 305,911

Depository institutions 3,250,771 53,502 1,949,462 36,709 116,309 487,573 59,872 100,390 16,040 10,363 24,249 90,418 305,884

U.S. Treasury, General Account 49,473 0 49,473 0 0 0 0 0 0 0 0 0 0

Foreign official 9,686 2 9,660 1 4 8 1 1 1 0 0 1 6

Other7 226,807 9 75,009 0 29 441 27 151,017 9 62 30 153 21

Earnings remittances due to the U.S. 

Treasury8 -62,429 -1,190 -42,874 -457 -1,575 -7,611 -42 -4,921 -87 -129 -217 -1,027 -2,298

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 7,949 747 3,420 179 289 986 528 513 136 108 167 252 624

Total liabilities 8,393,854 193,151 4,238,660 131,752 306,847 836,438 592,053 533,738 126,475 61,107 107,263 406,488 859,882

Capital

Capital paid in 35,617 1,513 12,454 1,262 3,339 7,102 1,122 1,784 808 226 388 727 4,891

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 8,436,255 194,955 4,253,528 133,259 310,825 844,915 593,379 535,759 127,436 61,375 107,723 407,358 865,744

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, May 24, 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 May 24, 2023

Federal Reserve notes outstanding 2,654,282

Less: Notes held by F.R. Banks not subject to collateralization 367,049

Federal Reserve notes to be collateralized 2,287,233

Collateral held against Federal Reserve notes 2,287,233

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,270,996

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,767,763

Less: Face value of securities under reverse repurchase agreements 2,806,779

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,960,984

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.