FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks February 23, 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

Feb 22, 2023 Feb 15, 2023 Feb 23, 2022

Wednesday

Feb 22, 2023

Reserve Bank credit 8,348,746 - 44,330 - 536,848 8,345,895

Securities held outright1 7,989,321 - 29,820 - 467,776 7,986,887

U.S. Treasury securities 5,364,396 - 27,816 - 376,012 5,364,291

Bills2 285,021 0 - 41,023 285,021

Notes and bonds, nominal2 4,603,730 - 27,428 - 350,468 4,603,737

Notes and bonds, inflation-indexed2 374,979 0 - 10,253 374,979

Inflation compensation3 100,666 - 388 + 25,733 100,554

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

Mortgage-backed securities4 2,622,578 - 2,004 - 91,764 2,620,248

Unamortized premiums on securities held outright5 308,731 - 760 - 41,097 308,449

Unamortized discounts on securities held outright5 -27,716 - 183 - 7,407 -27,649

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 15,595 - 193 - 12,832 15,363

Primary credit 4,739 - 101 + 3,320 4,558

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Paycheck Protection Program Liquidity Facility 10,856 - 92 - 16,152 10,805

Other credit extensions 0 0 0 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 22,383 - 205 - 6,598 22,386

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,587 + 3 - 1,511 5,589

Net portfolio holdings of TALF II LLC7 1,951 + 1 - 591 1,953

Float -154 + 8 - 16 -297

Central bank liquidity swaps8 393 + 2 + 182 393

Other Federal Reserve assets9 32,655 - 13,183 + 799 32,823

Foreign currency denominated assets10 18,469 - 144 - 1,859 18,399

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,569 + 14 + 728 51,569

Total factors supplying reserve funds 8,435,026 - 44,460 - 537,978 8,432,105

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

Feb 22, 2023 Feb 15, 2023 Feb 23, 2022

Wednesday

Feb 22, 2023

Currency in circulation11 2,300,632 + 2,672 + 63,376 2,302,066

Reverse repurchase agreements12 2,413,645 - 3,423 + 468,893 2,471,357

Foreign official and international accounts 352,071 - 10,149 + 90,844 357,508

Others 2,061,574 + 6,725 + 378,049 2,113,849

Treasury cash holdings 102 + 3 + 68 103

Deposits with F.R. Banks, other than reserve balances 672,317 - 19,620 - 279,422 643,828

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 477,333 - 13,046 - 220,505 451,307

Foreign official 9,436 - 2 + 2,198 9,435

Other13 185,548 - 6,573 - 61,114 183,086

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

Other liabilities and capital15 16,405 + 369 - 31,691 15,850

Total factors, other than reserve balances, 

absorbing reserve funds 5,418,449 - 19,999 + 215,314 5,448,552

Reserve balances with Federal Reserve Banks 3,016,577 - 24,461 - 753,292 2,983,553

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

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

2. Face value of the securities.

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

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

the securities.

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

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

basis.

6. Cash value of agreements.

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

consolidation below.

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

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

foreign central bank.

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

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

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

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

as fiscal agents of the United States.

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

$1.0 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Feb 22, 2023 Feb 15, 2023 Feb 23, 2022

Wednesday

Feb 22, 2023

Securities held in custody for foreign official and international 

accounts 3,352,679 + 6,617 - 96,605 3,354,889

Marketable U.S. Treasury securities1 2,944,244 + 6,105 - 95,168 2,945,443

Federal agency debt and mortgage-backed securities2 326,480 - 202 - 489 327,498

Other securities3 81,955 + 713 - 948 81,948

Securities lent to dealers 36,668 + 835 - 3,695 40,588

Overnight facility4 36,668 + 835 - 3,695 40,588

U.S. Treasury securities 36,654 + 836 - 3,709 40,574

Federal agency debt securities 14 - 1 + 14 14

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, February 22, 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 3,313 1,251 0 10,798 0 ... 15,363

U.S. Treasury securities2

Holdings 101,336 331,325 671,370 1,873,946 913,901 1,472,414 5,364,291

Weekly changes - 5,763 + 10,887 - 5,143 - 150 + 13,627 - 13,773 - 316

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 1 3 29 7,983 48,273 2,563,959 2,620,248

Weekly changes 0 0 0 0 0 - 3,264 - 3,264

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 11,463 ... ... 11,463

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 959 0 ... ... 959

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

Central bank liquidity swaps9 393 0 0 0 0 0 393

Reverse repurchase agreements8 2,471,357 0 ... ... ... ... 2,471,357

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 Feb 22, 2023

Mortgage-backed securities held outright1 2,620,248

Residential mortgage-backed securities 2,611,789

Commercial mortgage-backed securities 8,460

Commitments to buy mortgage-backed securities2 75

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 Feb 22, 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) 10,705 10,399 11,987 22,386

Municipal Liquidity Facility LLC 2,907 2,907 2,682 5,589

TALF II LLC 996 959 994 1,953

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 December 31, 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

Feb 22, 2023 Feb 15, 2023 Feb 23, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,302 + 9 + 20

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,283,049 - 4,653 - 536,334

Securities held outright1 7,986,887 - 3,580 - 475,105

U.S. Treasury securities 5,364,291 - 316 - 377,487

Bills2 285,021 0 - 41,023

Notes and bonds, nominal2 4,603,737 + 50 - 350,690

Notes and bonds, inflation-indexed2 374,979 0 - 11,111

Inflation compensation3 100,554 - 366 + 25,338

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,620,248 - 3,264 - 97,619

Unamortized premiums on securities held outright5 308,449 - 773 - 41,061

Unamortized discounts on securities held outright5 -27,649 + 10 - 7,323

Repurchase agreements6 0 0 0

Loans7 15,363 - 310 - 12,844

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,386 + 3 - 6,602

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,589 + 3 - 1,510

Net portfolio holdings of TALF II LLC8 1,953 + 2 - 590

Items in process of collection (0) 55 + 4 - 10

Bank premises 487 + 2 - 899

Central bank liquidity swaps9 393 + 2 + 182

Foreign currency denominated assets10 18,399 - 90 - 1,907

Other assets11 32,340 + 2,142 + 1,711

Total assets (0) 8,382,190 - 2,577 - 545,939

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

Feb 22, 2023 Feb 15, 2023 Feb 23, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,251,897 + 3,170 + 61,027

Reverse repurchase agreements12 2,471,357 + 108,853 + 478,246

Deposits (0) 3,627,386 - 114,910 -1,048,624

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,983,558 - 123,861 - 762,418

U.S. Treasury, General Account 451,307 + 11,604 - 223,490

Foreign official 9,435 + 1 + 2,899

Other13 (0) 183,086 - 2,654 - 65,616

Deferred availability cash items (0) 352 + 154 + 105

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

Other liabilities and accrued dividends15 -26,686 + 156 - 32,786

Total liabilities (0) 8,339,653 - 2,578 - 547,943

Capital accounts

Capital paid in 35,751 0 + 2,003

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,536 0 + 2,003

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 and other 

credit extensions.

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

as fiscal agents of the United States.

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

$1.0 billion.

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

6. Statement of Condition of Each Federal Reserve Bank, February 22, 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 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136

Coin 1,302 19 35 116 51 200 81 236 26 38 91 166 244

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,283,049 165,938 4,241,704 189,982 332,630 576,342 541,141 565,703 129,879 62,456 129,474 424,003 923,800

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,386 22,386 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,589 0 5,589 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,953 0 1,953 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 393 17 137 15 38 79 13 15 8 2 4 9 56

Foreign currency denominated 

assets4 18,399 792 6,409 682 1,798 3,689 599 697 370 93 190 442 2,638

Other assets5 32,882 763 15,973 821 1,310 2,589 2,121 2,142 806 398 766 1,703 3,491

Interdistrict settlement account 0 - 15,713 + 291,518 - 49,458 - 42,193 + 34,532 + 15,339 - 52,390 - 12,241 - 2,545 - 23,585 - 37,858 - 105,406

Total assets 8,382,190 174,746 4,568,588 142,695 294,398 618,633 561,540 517,495 119,309 60,704 107,380 389,744 826,959

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, February 22, 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 2,251,897 77,241 707,968 54,170 110,148 173,779 351,333 125,870 67,964 32,516 48,651 188,723 313,534

Reverse repurchase agreements6 2,471,357 49,476 1,267,069 56,775 98,688 172,220 161,692 168,941 38,813 17,523 38,578 126,706 274,874

Deposits 3,627,386 35,023 2,595,000 30,270 81,990 266,452 46,690 222,875 11,508 10,355 19,633 73,739 233,850

Depository institutions 2,983,558 35,015 2,081,662 30,269 81,959 265,978 46,661 93,320 11,501 10,194 19,601 73,589 233,809

U.S. Treasury, General Account 451,307 0 451,307 0 0 0 0 0 0 0 0 0 0

Foreign official 9,435 2 9,409 1 4 8 1 2 1 0 0 1 6

Other7 183,086 6 52,623 0 27 467 28 129,554 6 160 32 149 35

Earnings remittances due to the U.S. 

Treasury8 -35,902 -688 -25,329 -215 -670 -3,184 -125 -2,843 -56 -66 -118 -500 -2,111

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

Other liabilities and accrued 

dividends 9,568 440 5,082 189 285 886 649 652 130 109 181 286 680

Total liabilities 8,339,653 172,945 4,553,684 141,189 290,442 610,154 560,240 515,496 118,360 60,437 106,925 388,954 820,828

Capital

Capital paid in 35,751 1,509 12,490 1,262 3,316 7,105 1,098 1,763 796 224 383 647 5,159

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 8,382,190 174,746 4,568,588 142,695 294,398 618,633 561,540 517,495 119,309 60,704 107,380 389,744 826,959

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, February 22, 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 and other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

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

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

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

 

Note on consolidation:

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

Reserve Act. On 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 Feb 22, 2023

Federal Reserve notes outstanding 2,632,865

Less: Notes held by F.R. Banks not subject to collateralization 380,968

Federal Reserve notes to be collateralized 2,251,897

Collateral held against Federal Reserve notes 2,251,897

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,235,661

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,986,887

Less: Face value of securities under reverse repurchase agreements 2,722,814

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,264,072

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.