FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

March 7, 2024

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

Condition Statement of Federal Reserve Banks," was modified to reflect closing the Municipal Liquidity 

Facility LLC (MLF) and TALF II LLC (TALF II). MLF and TALF II related lines were removed from 

table 4 and table 6. Information on Principal Amounts of Credit Facilities LLC (table 4) footnote 2 was 

revised accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 7, 2024

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

Mar 6, 2024 Feb 28, 2024 Mar 8, 2023

Wednesday

Mar 6, 2024

Reserve Bank credit 7,501,297 - 38,370 - 803,552 7,502,080

Securities held outright1 7,037,819 - 35,346 - 910,394 7,037,288

U.S. Treasury securities 4,632,237 - 29,069 - 703,589 4,631,706

Bills2 210,056 - 297 - 74,063 209,312

Notes and bonds, nominal2 3,950,503 - 29,387 - 623,275 3,950,503

Notes and bonds, inflation-indexed2 360,612 + 390 - 16,412 360,612

Inflation compensation3 111,067 + 226 + 10,162 111,280

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

Mortgage-backed securities4 2,403,235 - 6,277 - 206,805 2,403,235

Unamortized premiums on securities held outright5 273,272 - 650 - 33,934 273,096

Unamortized discounts on securities held outright5 -25,774 + 6 + 2,156 -25,685

Repurchase agreements6 2 - 15 0 5

Foreign official 0 0 0 0

Others 2 - 15 0 5

Loans 168,518 - 685 + 153,414 169,181

Primary credit 1,978 - 223 - 2,457 1,882

Secondary credit 50 + 50 + 50 128

Seasonal credit 1 + 1 + 1 1

Paycheck Protection Program Liquidity Facility 3,157 - 49 - 7,512 3,148

Bank Term Funding Program 163,332 - 464 + 163,332 164,022

Other credit extensions7 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 14,831 + 19 - 7,580 14,843

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,592 0

Net portfolio holdings of TALF II LLC8 0 0 - 1,939 0

Float -370 - 31 - 110 -756

Central bank liquidity swaps9 183 - 34 - 228 183

Other Federal Reserve assets10 32,816 - 1,633 + 657 33,926

Foreign currency denominated assets11 18,112 + 60 - 209 18,202

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 52,742 + 14 + 632 52,742

Total factors supplying reserve funds 7,588,391 - 38,296 - 803,130 7,589,265

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

Mar 6, 2024 Feb 28, 2024 Mar 8, 2023

Wednesday

Mar 6, 2024

Currency in circulation12 2,335,475 + 4,875 + 28,992 2,339,026

Reverse repurchase agreements13 785,121 - 80,772 -1,756,131 793,394

Foreign official and international accounts 332,695 - 612 - 22,125 336,547

Others 452,426 - 80,160 -1,734,007 456,847

Treasury cash holdings 478 + 10 + 361 479

Deposits with F.R. Banks, other than reserve balances 934,634 - 23,333 + 417,817 928,185

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 767,733 - 18,088 + 434,383 760,550

Foreign official 10,543 + 854 + 945 10,755

Other14 156,358 - 6,099 - 17,511 156,880

Treasury contributions to credit facilities15 7,438 0 - 7,909 7,438

Other liabilities and capital16 -100,930 + 2,302 - 112,715 -99,946

Total factors, other than reserve balances, 

absorbing reserve funds 3,962,216 - 96,919 -1,429,585 3,968,576

Reserve balances with Federal Reserve Banks 3,626,176 + 58,624 + 626,456 3,620,689

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 $7.4 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

Mar 6, 2024 Feb 28, 2024 Mar 8, 2023

Wednesday

Mar 6, 2024

Securities held in custody for foreign official and international 

accounts 3,343,899 - 9,626 - 16,116 3,341,953

Marketable U.S. Treasury securities1 2,930,109 - 7,068 - 20,046 2,928,074

Federal agency debt and mortgage-backed securities2 331,460 - 2,744 + 3,552 331,461

Other securities3 82,330 + 185 + 378 82,417

Securities lent to dealers 36,199 + 2,776 - 8,786 34,635

Overnight facility4 36,199 + 2,776 - 8,786 34,635

U.S. Treasury securities 36,199 + 2,776 - 8,776 34,635

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, March 6, 2024

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 19,244 42,856 103,937 3,144 0 ... 169,181

U.S. Treasury securities2

Holdings 16,450 310,294 543,637 1,543,878 709,563 1,507,883 4,631,706

Weekly changes - 40,200 + 45,365 - 9,560 - 28,328 + 1,907 + 1,264 - 29,551

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 35 5,633 30,797 2,366,769 2,403,235

Weekly changes 0 + 1 + 9 + 151 - 95 - 66 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 7,243 ... ... 7,243

Repurchase agreements6 5 0 ... ... ... ... 5

Central bank liquidity swaps7 183 0 0 0 0 0 183

Reverse repurchase agreements6 793,394 0 ... ... ... ... 793,394

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. Loans 

exclude the loans from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's 

statement of condition, 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. Cash value of agreements.

7. 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 Mar 6, 2024

Mortgage-backed securities held outright1 2,403,235

Residential mortgage-backed securities 2,395,024

Commercial mortgage-backed securities 8,211

Commitments to buy mortgage-backed securities2 93

Commitments to sell mortgage-backed securities2 15

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 LLC

Millions of dollars

Wednesday Mar 6, 2024

Net portfolio holdings of

Credit Facilities LLC

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLC:

the LLC1 purchases2 other assets3 Total

MS Facilities LLC (Main Street Lending Program) 6,283 6,421 8,422 14,843

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 includes loan participations at face value, net of an allowance for loan losses updated as of 

December 31, 2023.

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. 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

Mar 6, 2024 Feb 28, 2024 Mar 8, 2023

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,524 - 2 + 215

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 7,453,885 - 29,630 - 788,848

Securities held outright1 7,037,288 - 29,551 - 911,047

U.S. Treasury securities 4,631,706 - 29,551 - 704,242

Bills2 209,312 - 1,041 - 74,648

Notes and bonds, nominal2 3,950,503 - 29,380 - 623,239

Notes and bonds, inflation-indexed2 360,612 + 390 - 16,412

Inflation compensation3 111,280 + 481 + 10,058

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,403,235 0 - 206,805

Unamortized premiums on securities held outright5 273,096 - 492 - 33,936

Unamortized discounts on securities held outright5 -25,685 + 4 + 2,159

Repurchase agreements6 5 + 1 + 5

Loans7 169,181 + 408 + 153,972

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 14,843 + 17 - 7,588

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 - 5,594

Net portfolio holdings of TALF II LLC8 0 0 - 1,941

Items in process of collection (0) 57 - 4 + 12

Bank premises 457 - 20 - 13

Central bank liquidity swaps9 183 - 34 - 228

Foreign currency denominated assets10 18,202 + 148 - 4

Other assets11 33,468 + 573 + 561

Total assets (0) 7,538,857 - 28,950 - 803,426

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

Mar 6, 2024 Feb 28, 2024 Mar 8, 2023

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,288,283 + 5,922 + 30,482

Reverse repurchase agreements12 793,394 - 115,407 -1,766,956

Deposits (0) 4,548,874 + 77,791 +1,052,920

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,620,689 + 79,707 + 617,013

U.S. Treasury, General Account 760,550 - 7,122 + 448,819

Foreign official 10,755 + 1,066 + 1,321

Other13 (0) 156,880 + 4,139 - 14,233

Deferred availability cash items (0) 814 - 78 - 1

Treasury contributions to credit facilities14 7,438 0 - 7,909

Other liabilities and accrued dividends15 -143,088 + 2,820 - 112,606

Total liabilities (0) 7,495,715 - 28,952 - 804,070

Capital accounts

Capital paid in 36,357 + 2 + 644

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 43,142 + 2 + 644

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 $7.4 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, March 6, 2024

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 1,524 53 40 145 55 187 110 271 38 55 104 192 274

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 7,453,885 151,950 4,080,603 123,600 228,069 519,404 505,965 465,921 116,484 59,558 106,895 371,064 724,371

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 14,843 14,843 0 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 183 8 65 7 17 37 5 6 4 1 2 4 26

Foreign currency denominated 

assets4 18,202 783 6,478 654 1,716 3,685 546 634 410 115 193 384 2,605

Other assets5 33,983 810 15,073 648 1,048 2,687 3,242 2,023 866 638 912 1,811 4,224

Interdistrict settlement account 0 + 9,290 - 83,812 - 8,677 + 64,740 + 161,603 - 33,926 - 88,735 - 7,793 - 5,109 - 19,457 - 55,046 + 66,922

Total assets 7,538,857 178,294 4,023,623 116,901 296,397 688,791 478,229 381,224 110,488 55,523 89,101 319,699 800,587

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, March 6, 2024 (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 2,288,283 80,693 741,013 49,738 110,436 162,046 356,466 122,106 72,022 31,883 44,157 191,292 326,431

Reverse repurchase agreements6 793,394 15,328 443,071 13,076 24,381 55,212 53,748 49,457 11,869 5,380 10,258 38,684 72,931

Deposits 4,548,874 74,682 2,917,245 53,830 162,730 485,903 65,414 217,849 25,491 18,069 34,546 90,016 403,101

Depository institutions 3,620,689 74,629 2,092,684 53,829 162,697 485,475 65,382 115,072 25,457 17,994 34,516 89,917 403,038

U.S. Treasury, General Account 760,550 0 760,550 0 0 0 0 0 0 0 0 0 0

Foreign official 10,755 2 10,729 1 4 8 1 1 1 0 0 1 6

Other7 156,880 51 53,282 0 30 419 31 102,775 32 75 29 98 57

Earnings remittances due to the U.S. 

Treasury8 -154,980 -3,019 -97,851 -1,493 -6,198 -24,305 -63 -10,998 -46 -223 -556 -1,761 -8,464

Treasury contributions to credit facilities9 7,438 7,438 0 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 12,705 1,364 5,294 239 470 1,480 1,187 685 182 143 223 350 1,088

Total liabilities 7,495,715 176,485 4,008,772 115,391 291,819 680,336 476,751 379,099 109,517 55,252 88,627 318,580 795,086

Capital

Capital paid in 36,357 1,525 12,506 1,271 3,856 7,116 1,255 1,792 818 229 400 956 4,633

Surplus 6,785 283 2,346 239 722 1,339 222 333 153 42 74 163 869

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

Total liabilities and capital 7,538,857 178,294 4,023,623 116,901 296,397 688,791 478,229 381,224 110,488 55,523 89,101 319,699 800,587

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, March 6, 2024 (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 $7.4 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 Mar 6, 2024

Federal Reserve notes outstanding 2,720,390

Less: Notes held by F.R. Banks not subject to collateralization 432,107

Federal Reserve notes to be collateralized 2,288,283

Collateral held against Federal Reserve notes 2,288,283

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,272,047

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,037,293

Less: Face value of securities under reverse repurchase agreements 903,710

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,133,583

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.