FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks September 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

Aug 31, 2022 Aug 24, 2022 Sep 1, 2021

Wednesday

Aug 31, 2022

Reserve Bank credit 8,796,925 - 21,632 + 489,886 8,789,846

Securities held outright1 8,412,150 - 19,775 + 611,369 8,406,632

U.S. Treasury securities 5,700,535 + 441 + 340,168 5,694,997

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,900,097 - 1,170 + 283,252 4,893,074

Notes and bonds, inflation-indexed2 374,868 + 149 + 18,893 375,761

Inflation compensation3 99,527 + 1,463 + 38,024 100,118

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

Mortgage-backed securities4 2,709,268 - 20,216 + 271,201 2,709,288

Unamortized premiums on securities held outright5 327,467 - 1,126 - 26,424 327,261

Unamortized discounts on securities held outright5 -26,560 - 3 - 11,209 -26,740

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 19,706 + 1,258 - 56,807 20,266

Primary credit 4,594 + 1,482 + 4,265 5,251

Secondary credit 0 0 0 0

Seasonal credit 49 + 2 + 21 47

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 15,063 - 226 - 61,092 14,969

Other credit extensions 0 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 17,116 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 25,919 + 15 - 4,626 25,933

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,554 + 1 - 4,214 5,556

Net portfolio holdings of TALF II LLC7 2,157 - 2 - 2,356 2,144

Float -377 - 249 - 6 -1,087

Central bank liquidity swaps8 171 + 5 - 165 171

Other Federal Reserve assets9 30,738 - 1,756 + 1,440 29,710

Foreign currency denominated assets10 17,545 - 60 - 3,686 17,575

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,272 + 14 + 622 51,272

Total factors supplying reserve funds 8,881,983 - 21,677 + 486,822 8,874,933

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

Aug 31, 2022 Aug 24, 2022 Sep 1, 2021

Wednesday

Aug 31, 2022

Currency in circulation11 2,276,035 + 582 + 86,707 2,278,728

Reverse repurchase agreements12 2,460,391 - 32,968 +1,062,330 2,528,284

Foreign official and international accounts 263,183 - 654 - 11,124 277,259

Others 2,197,207 - 32,315 +1,073,453 2,251,025

Treasury cash holdings 99 - 5 + 56 97

Deposits with F.R. Banks, other than reserve balances 831,084 + 71,463 + 306,267 886,284

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 612,536 + 77,269 + 334,886 669,911

Foreign official 7,531 + 97 + 956 8,117

Other13 211,017 - 5,902 - 29,575 208,256

Treasury contributions to credit facilities14 17,940 0 - 22,338 17,940

Other liabilities and capital15 47,780 - 2,039 - 873 47,754

Total factors, other than reserve balances, 

absorbing reserve funds 5,633,329 + 37,034 +1,432,149 5,759,087

Reserve balances with Federal Reserve Banks 3,248,654 - 58,711 - 945,327 3,115,846

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

Aug 31, 2022 Aug 24, 2022 Sep 1, 2021

Wednesday

Aug 31, 2022

Securities held in custody for foreign official and international 

accounts 3,390,850 + 4,445 - 90,792 3,389,113

Marketable U.S. Treasury securities1 2,993,760 + 7,711 - 63,284 2,991,993

Federal agency debt and mortgage-backed securities2 312,831 - 3,796 - 19,576 312,851

Other securities3 84,260 + 531 - 7,932 84,269

Securities lent to dealers 36,807 - 6,142 + 5,053 35,692

Overnight facility4 36,807 - 6,142 + 5,053 35,692

U.S. Treasury securities 36,807 - 6,142 + 5,053 35,692

Federal agency debt securities 0 0 0 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, August 31, 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 2,307 3,000 0 14,959 0 ... 20,266

U.S. Treasury securities2

Holdings 59,696 317,001 852,012 2,010,480 1,000,936 1,454,871 5,694,997

Weekly changes - 18,537 - 7,424 + 32,525 - 7,248 - 8,385 + 3,437 - 5,631

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 49 2,338 56,660 2,650,240 2,709,288

Weekly changes 0 - 1 - 8 - 74 - 865 - 15,669 - 16,618

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 13,346 ... ... 13,346

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 358 718 ... ... 1,076

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

Central bank liquidity swaps9 171 0 0 0 0 0 171

Reverse repurchase agreements8 2,528,284 0 ... ... ... ... 2,528,284

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 Aug 31, 2022

Mortgage-backed securities held outright1 2,709,288

Residential mortgage-backed securities 2,700,610

Commercial mortgage-backed securities 8,679

Commitments to buy mortgage-backed securities2 14,305

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 2

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 Aug 31, 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) 12,938 11,558 14,376 25,933

Municipal Liquidity Facility LLC 2,907 2,907 2,649 5,556

TALF II LLC 1,110 1,076 1,068 2,144

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

Aug 31, 2022 Aug 24, 2022 Sep 1, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,282 - 15 + 56

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,727,419 - 22,004 + 507,974

Securities held outright1 8,406,632 - 22,249 + 600,547

U.S. Treasury securities 5,694,997 - 5,631 + 329,327

Bills2 326,044 0 0

Notes and bonds, nominal2 4,893,074 - 8,193 + 272,831

Notes and bonds, inflation-indexed2 375,761 + 1,042 + 18,210

Inflation compensation3 100,118 + 1,520 + 38,286

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,709,288 - 16,618 + 271,220

Unamortized premiums on securities held outright5 327,261 - 992 - 26,807

Unamortized discounts on securities held outright5 -26,740 - 226 - 11,224

Repurchase agreements6 0 0 0

Loans7 20,266 + 1,463 - 54,542

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 17,117

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 25,933 + 16 - 4,617

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,556 + 2 - 4,213

Net portfolio holdings of TALF II LLC8 2,144 - 16 - 2,367

Items in process of collection (0) 63 + 17 - 29

Bank premises 611 + 1 - 985

Central bank liquidity swaps9 171 + 5 - 165

Foreign currency denominated assets10 17,575 + 32 - 3,703

Other assets11 29,102 - 3,382 + 2,086

Total assets (0) 8,826,093 - 25,343 + 476,920

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

Aug 31, 2022 Aug 24, 2022 Sep 1, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,228,832 + 2,512 + 85,984

Reverse repurchase agreements12 2,528,284 + 33,924 +1,151,988

Deposits (0) 4,002,133 - 60,918 - 737,843

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,115,849 - 155,064 -1,090,600

U.S. Treasury, General Account 669,911 + 139,715 + 372,977

Foreign official 8,117 + 682 + 2,641

Other13 (0) 208,256 - 46,251 - 22,861

Deferred availability cash items (0) 1,150 + 946 + 436

Treasury contributions to credit facilities14 17,940 0 - 22,338

Other liabilities and accrued dividends15 5,952 - 1,811 - 3,313

Total liabilities (0) 8,784,292 - 25,347 + 474,914

Capital accounts

Capital paid in 35,016 + 5 + 2,005

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,801 + 5 + 2,005

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, August 31, 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 1,282 22 26 110 53 192 104 232 28 35 93 160 229

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,727,419 174,403 4,467,241 200,555 350,678 606,870 569,888 595,528 136,813 67,223 136,057 446,691 975,471

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 25,933 25,933 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,556 0 5,556 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,144 0 2,144 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 171 7 59 6 17 34 6 6 3 1 2 4 24

Foreign currency denominated 

assets4 17,575 756 6,132 651 1,716 3,521 571 666 353 88 181 422 2,517

Other assets5 29,776 692 14,060 765 1,232 2,346 1,987 1,976 767 397 740 1,591 3,223

Interdistrict settlement account 0 - 6,489 + 311,601 - 35,588 - 60,626 - 7,731 + 10,307 - 51,857 - 7,690 - 2,778 - 14,163 - 21,925 - 113,060

Total assets 8,826,093 195,868 4,812,090 167,037 293,834 606,435 585,109 547,644 130,736 65,229 123,350 428,221 870,540

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, August 31, 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 2,228,832 77,981 705,319 55,519 102,727 152,050 346,306 124,391 70,495 33,633 56,858 192,784 310,769

Reverse repurchase agreements6 2,528,284 50,616 1,296,255 58,083 100,962 176,187 165,417 172,833 39,708 17,927 39,467 129,624 281,206

Deposits 4,002,133 52,255 2,789,051 51,703 85,883 269,029 70,443 248,414 19,400 13,243 26,356 104,398 271,956

Depository institutions 3,115,849 52,173 2,063,179 51,701 85,850 268,582 70,424 89,062 19,392 13,168 26,328 104,058 271,933

U.S. Treasury, General Account 669,911 0 669,911 0 0 0 0 0 0 0 0 0 0

Foreign official 8,117 2 8,091 1 4 8 1 2 1 0 0 1 6

Other7 208,256 81 47,870 0 29 439 18 159,351 8 74 28 340 18

Earnings remittances due to the U.S. 

Treasury8 1,024 27 298 32 57 77 143 55 36 16 37 84 162

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 6,079 -706 2,511 201 234 645 1,474 440 181 155 199 261 484

Total liabilities 8,784,292 194,065 4,797,483 165,538 289,862 597,989 583,783 546,133 129,819 64,973 122,917 427,152 864,577

Capital

Capital paid in 35,016 1,511 12,244 1,247 3,309 7,086 1,105 1,253 780 222 363 907 4,990

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 8,826,093 195,868 4,812,090 167,037 293,834 606,435 585,109 547,644 130,736 65,229 123,350 428,221 870,540

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, August 31, 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 Aug 31, 2022

Federal Reserve notes outstanding 2,565,900

Less: Notes held by F.R. Banks not subject to collateralization 337,068

Federal Reserve notes to be collateralized 2,228,832

Collateral held against Federal Reserve notes 2,228,832

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,212,595

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,406,632

Less: Face value of securities under reverse repurchase agreements 2,661,814

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,744,818

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.