FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks September 29, 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

Sep 28, 2022 Sep 21, 2022 Sep 29, 2021

Wednesday

Sep 28, 2022

Reserve Bank credit 8,772,923 - 10,846 + 347,605 8,760,439

Securities held outright1 8,382,845 - 10,258 + 442,463 8,372,353

U.S. Treasury securities 5,672,767 - 2,091 + 253,718 5,671,848

Bills2 313,648 - 2,078 - 12,396 312,734

Notes and bonds, nominal2 4,883,288 0 + 217,067 4,883,288

Notes and bonds, inflation-indexed2 375,761 0 + 13,007 375,761

Inflation compensation3 100,070 - 13 + 36,040 100,065

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

Mortgage-backed securities4 2,707,731 - 8,167 + 188,746 2,698,158

Unamortized premiums on securities held outright5 324,530 - 994 - 30,766 324,036

Unamortized discounts on securities held outright5 -26,642 + 123 - 11,030 -26,580

Repurchase agreements6 0 0 0 1

Foreign official 0 0 0 1

Others 0 0 0 0

Loans 20,594 - 383 - 42,849 20,558

Primary credit 6,457 - 201 + 5,952 6,470

Secondary credit 0 0 0 0

Seasonal credit 49 + 7 + 19 58

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 14,089 - 188 - 48,819 14,030

Other credit extensions 0 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 515 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 25,689 + 14 - 4,753 25,704

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,562 + 2 - 4,212 5,563

Net portfolio holdings of TALF II LLC7 2,148 + 1 - 2,364 2,149

Float -215 - 63 + 63 -703

Central bank liquidity swaps8 216 - 57 - 124 216

Other Federal Reserve assets9 38,196 + 767 + 1,693 37,142

Foreign currency denominated assets10 16,943 - 312 - 4,097 16,893

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,328 + 14 + 659 51,328

Total factors supplying reserve funds 8,857,434 - 11,145 + 344,166 8,844,901

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 28, 2022 Sep 21, 2022 Sep 29, 2021

Wednesday

Sep 28, 2022

Currency in circulation11 2,276,843 - 1,278 + 80,978 2,278,657

Reverse repurchase agreements12 2,629,723 + 128,643 +1,010,204 2,638,289

Foreign official and international accounts 299,691 + 14,183 + 18,962 271,491

Others 2,330,033 + 114,462 + 991,243 2,366,798

Treasury cash holdings 103 + 3 + 55 103

Deposits with F.R. Banks, other than reserve balances 926,997 + 7,669 + 430,547 881,536

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 689,569 - 2,927 + 491,825 661,920

Foreign official 7,436 0 + 639 7,436

Other13 229,992 + 10,596 - 61,917 212,180

Treasury contributions to credit facilities14 17,940 0 - 10,440 17,940

Other liabilities and capital15 45,229 - 2,750 - 2,429 45,171

Total factors, other than reserve balances, 

absorbing reserve funds 5,896,836 + 132,289 +1,508,916 5,861,695

Reserve balances with Federal Reserve Banks 2,960,598 - 143,434 -1,164,750 2,983,206

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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

Sep 28, 2022 Sep 21, 2022 Sep 29, 2021

Wednesday

Sep 28, 2022

Securities held in custody for foreign official and international 

accounts 3,366,401 - 18,287 - 118,179 3,347,453

Marketable U.S. Treasury securities1 2,959,509 - 18,703 - 107,530 2,940,445

Federal agency debt and mortgage-backed securities2 322,317 + 299 - 4,187 322,193

Other securities3 84,575 + 118 - 6,462 84,815

Securities lent to dealers 47,701 + 1,998 + 13,571 51,464

Overnight facility4 47,701 + 1,998 + 13,571 51,464

U.S. Treasury securities 47,687 + 1,994 + 13,557 51,444

Federal agency debt securities 14 + 4 + 14 20

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 28, 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 2,559 3,977 0 14,021 0 ... 20,558

U.S. Treasury securities2

Holdings 92,355 316,644 813,531 1,993,540 1,000,920 1,454,857 5,671,848

Weekly changes + 7,353 - 8,851 - 561 - 5 - 4 - 4 - 2,071

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 46 3,251 54,547 2,640,313 2,698,158

Weekly changes 0 - 1 - 8 - 99 - 835 - 15,785 - 16,729

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 13,034 ... ... 13,034

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 348 710 ... ... 1,058

Repurchase agreements8 1 0 ... ... ... ... 1

Central bank liquidity swaps9 216 0 0 0 0 0 216

Reverse repurchase agreements8 2,638,289 0 ... ... ... ... 2,638,289

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 Sep 28, 2022

Mortgage-backed securities held outright1 2,698,158

Residential mortgage-backed securities 2,689,557

Commercial mortgage-backed securities 8,601

Commitments to buy mortgage-backed securities2 3,165

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 28, 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) 12,642 11,248 14,456 25,704

Municipal Liquidity Facility LLC 2,907 2,907 2,656 5,563

TALF II LLC 1,110 1,058 1,091 2,149

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, 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

Sep 28, 2022 Sep 21, 2022 Sep 29, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,222 - 16 + 19

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,690,368 - 20,335 + 362,058

Securities held outright1 8,372,353 - 18,800 + 444,266

U.S. Treasury securities 5,671,848 - 2,071 + 240,792

Bills2 312,734 - 2,058 - 13,310

Notes and bonds, nominal2 4,883,288 0 + 205,236

Notes and bonds, inflation-indexed2 375,761 0 + 13,007

Inflation compensation3 100,065 - 13 + 35,859

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,698,158 - 16,729 + 203,474

Unamortized premiums on securities held outright5 324,036 - 1,104 - 30,426

Unamortized discounts on securities held outright5 -26,580 + 134 - 10,915

Repurchase agreements6 1 + 1 + 1

Loans7 20,558 - 566 - 40,868

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 515

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 25,704 + 17 - 4,745

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,563 + 2 - 4,213

Net portfolio holdings of TALF II LLC8 2,149 + 1 - 2,364

Items in process of collection (0) 71 - 9 + 16

Bank premises 620 + 10 - 930

Central bank liquidity swaps9 216 - 57 - 124

Foreign currency denominated assets10 16,893 - 214 - 3,988

Other assets11 36,525 - 632 + 2,371

Total assets (0) 8,795,567 - 21,235 + 347,586

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 28, 2022 Sep 21, 2022 Sep 29, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,228,649 + 1,157 + 80,852

Reverse repurchase agreements12 2,638,289 + 26,921 + 935,942

Deposits (0) 3,864,744 - 46,955 - 659,607

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,983,208 - 20,533 -1,111,602

U.S. Treasury, General Account 661,920 - 28,366 + 488,175

Foreign official 7,436 - 3 + 220

Other13 (0) 212,180 + 1,948 - 36,400

Deferred availability cash items (0) 774 + 571 - 451

Treasury contributions to credit facilities14 17,940 0 - 8,457

Other liabilities and accrued dividends15 3,324 - 2,929 - 2,666

Total liabilities (0) 8,753,720 - 21,234 + 345,613

Capital accounts

Capital paid in 35,062 0 + 1,973

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,847 0 + 1,973

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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 28, 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 1,222 17 25 109 50 188 87 225 27 36 88 153 217

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,690,368 173,715 4,448,064 199,400 349,006 604,227 567,499 593,059 136,219 66,665 135,750 444,642 972,122

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 25,704 25,704 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,563 0 5,563 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,149 0 2,149 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 216 9 75 8 21 43 7 8 4 1 2 5 31

Foreign currency denominated 

assets4 16,893 727 5,885 627 1,651 3,387 550 640 340 85 174 406 2,422

Other assets5 37,215 841 17,956 941 1,536 2,890 2,491 2,499 690 449 862 1,981 4,080

Interdistrict settlement account 0 - 10,186 + 313,012 - 36,264 - 48,111 - 20,715 + 11,681 - 53,594 - 8,433 - 1,658 - 18,150 - 23,454 - 104,127

Total assets 8,795,567 191,372 4,798,001 165,358 304,916 591,223 584,562 543,931 129,308 65,840 119,167 425,011 876,880

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 28, 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 2,228,649 78,175 706,814 54,880 106,185 153,764 346,595 121,735 69,913 33,738 52,171 192,047 312,632

Reverse repurchase agreements6 2,638,289 52,818 1,352,655 60,610 105,354 183,853 172,614 180,353 41,435 18,707 41,184 135,264 293,441

Deposits 3,864,744 45,352 2,718,736 48,166 89,196 244,609 62,895 239,994 16,876 12,984 25,182 96,366 264,388

Depository institutions 2,983,208 45,344 1,999,275 48,165 89,161 244,036 62,862 79,656 16,867 12,904 25,153 95,421 264,363

U.S. Treasury, General Account 661,920 0 661,920 0 0 0 0 0 0 0 0 0 0

Foreign official 7,436 2 7,410 1 4 8 1 2 1 0 0 1 6

Other7 212,180 7 50,131 0 32 565 32 160,336 8 80 28 943 19

Earnings remittances due to the U.S. 

Treasury8 -2,145 -44 -1,475 -20 -52 -308 16 -139 -6 -7 -8 -7 -96

Treasury contributions to credit facilities9 17,940 13,891 4,049 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 6,243 -623 2,609 211 255 858 1,116 478 173 160 205 272 529

Total liabilities 8,753,720 189,569 4,783,387 163,848 300,939 582,777 583,236 542,420 128,391 65,582 118,734 423,942 870,894

Capital

Capital paid in 35,062 1,511 12,250 1,258 3,313 7,086 1,105 1,253 780 224 362 907 5,013

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 8,795,567 191,372 4,798,001 165,358 304,916 591,223 584,562 543,931 129,308 65,840 119,167 425,011 876,880

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 28, 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. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit 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.

9. Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 Sep 28, 2022

Federal Reserve notes outstanding 2,583,710

Less: Notes held by F.R. Banks not subject to collateralization 355,061

Federal Reserve notes to be collateralized 2,228,649

Collateral held against Federal Reserve notes 2,228,649

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,212,412

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,372,354

Less: Face value of securities under reverse repurchase agreements 2,907,065

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,465,289

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.