FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks May 11, 2023

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at 

Federal Reserve Banks

Week ended

May 10, 2023 May 3, 2023 May 11, 2022

Wednesday

May 10, 2023

Reserve Bank credit 8,460,614 - 42,975 - 444,025 8,466,412

Securities held outright1 7,801,075 - 24,473 - 682,405 7,801,273

U.S. Treasury securities 5,222,948 - 24,473 - 543,165 5,223,146

Bills2 280,977 + 11 - 45,067 281,041

Notes and bonds, nominal2 4,471,870 - 24,881 - 503,593 4,471,870

Notes and bonds, inflation-indexed2 365,433 + 22 - 15,429 365,436

Inflation compensation3 104,668 + 376 + 20,924 104,799

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

Mortgage-backed securities4 2,575,780 0 - 139,241 2,575,780

Unamortized premiums on securities held outright5 301,362 - 532 - 38,829 301,158

Unamortized discounts on securities held outright5 -27,441 - 35 - 4,015 -27,355

Repurchase agreements6 9 + 9 + 9 25

Foreign official 0 0 0 0

Others 9 + 9 + 9 25

Loans 309,035 - 20,596 + 286,850 313,360

Primary credit 4,621 - 46,078 + 3,466 9,323

Secondary credit 0 0 0 0

Seasonal credit 5 + 2 + 3 5

Paycheck Protection Program Liquidity Facility 8,450 - 95 - 12,578 8,400

Bank Term Funding Program 81,520 + 3,201 + 81,520 83,101

Other credit extensions7 214,439 + 22,373 + 214,439 212,531

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,240 + 18 - 6,402 22,260

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,616 + 2 - 1,043 5,618

Net portfolio holdings of TALF II LLC8 1,899 - 3 - 566 1,900

Float -161 + 317 - 27 -159

Central bank liquidity swaps9 422 + 12 + 200 422

Other Federal Reserve assets10 46,559 + 2,306 + 2,203 47,911

Foreign currency denominated assets11 18,858 + 21 + 333 18,826

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding12 51,723 + 14 + 728 51,723

Total factors supplying reserve funds 8,547,436 - 42,941 - 442,965 8,553,203

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and 

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

May 10, 2023 May 3, 2023 May 11, 2022

Wednesday

May 10, 2023

Currency in circulation12 2,330,201 + 5,314 + 57,558 2,332,909

Reverse repurchase agreements13 2,600,766 - 77,576 + 452,917 2,618,178

Foreign official and international accounts 381,015 - 9,387 + 94,552 385,029

Others 2,219,751 - 68,189 + 358,365 2,233,149

Treasury cash holdings 204 + 17 + 122 209

Deposits with F.R. Banks, other than reserve balances 411,645 - 72,342 - 798,039 368,158

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 197,666 - 71,550 - 747,992 154,808

Foreign official 9,678 - 7 + 2,172 9,684

Other14 204,300 - 786 - 52,220 203,666

Treasury contributions to credit facilities15 15,347 0 - 5,911 15,347

Other liabilities and capital16 -7,156 - 5,076 - 57,489 -6,910

Total factors, other than reserve balances, 

absorbing reserve funds 5,351,007 - 149,664 - 350,842 5,327,892

Reserve balances with Federal Reserve Banks 3,196,429 + 106,723 - 92,123 3,225,311

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

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

2. Face value of the securities.

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

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

the securities.

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

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

basis.

6. Cash value of agreements.

7. Includes loans that were extended to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) 

receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are 

secured by pledged collateral and the FDIC provides repayment guarantees.

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

consolidation below.

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

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

foreign central bank.

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

11. Revalued daily at current foreign currency exchange rates.

12. Estimated.

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

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

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

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

as fiscal agents of the United States.

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

$1.0 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

May 10, 2023 May 3, 2023 May 11, 2022

Wednesday

May 10, 2023

Securities held in custody for foreign official and international 

accounts 3,381,547 + 8,705 - 40,850 3,382,060

Marketable U.S. Treasury securities1 2,960,629 + 7,979 - 60,332 2,960,810

Federal agency debt and mortgage-backed securities2 339,239 + 590 + 20,426 339,525

Other securities3 81,679 + 137 - 945 81,725

Securities lent to dealers 41,415 - 3,936 - 514 44,759

Overnight facility4 41,415 - 3,936 - 514 44,759

U.S. Treasury securities 41,399 - 3,936 - 530 44,743

Federal agency debt securities 16 0 + 16 16

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

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral 

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the 

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 10, 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 215,493 7,538 81,909 8,420 0 ... 313,360

U.S. Treasury securities2

Holdings 103,153 286,705 657,905 1,821,980 871,395 1,482,009 5,223,146

Weekly changes - 4,460 + 4,118 + 436 + 162 + 111 + 96 + 462

Federal agency debt securities3

Holdings 0 0 0 0 2,347 0 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 3 19 8,590 45,151 2,522,017 2,575,780

Weekly changes 0 0 0 0 + 128 - 128 0

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 10,940 ... ... 10,940

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 55 824 0 ... ... 879

Repurchase agreements8 25 0 ... ... ... ... 25

Central bank liquidity swaps9 422 0 0 0 0 0 422

Reverse repurchase agreements8 2,618,178 0 ... ... ... ... 2,618,178

Term deposits 0 0 0 ... ... ... 0

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

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), 

Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached 

maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 

Additionally, the Within 15 days category includes loans to depository institutions (including FDIC-established depository institutions) that were 

subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, pledged collateral 

securing the loans, and the FDIC repayment guarantees. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to 

Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated 

when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under generally accepted accounting 

principles.

2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original 

face value of such securities.

3. Face value.

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

5. Book value of the loan participations held by the MS Facilities LLC.

6. Book value of the municipal notes held by the Municipal Liquidity Facility LLC. 

7. Book value of the loans held by the TALF II LLC. 

8. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name May 10, 2023

Mortgage-backed securities held outright1 2,575,780

Residential mortgage-backed securities 2,567,371

Commercial mortgage-backed securities 8,409

Commitments to buy mortgage-backed securities2 101

Commitments to sell mortgage-backed securities2 15

Cash and cash equivalents3 1

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

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed 

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday May 10, 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) 10,296 9,930 12,330 22,260

Municipal Liquidity Facility LLC 2,907 2,907 2,711 5,618

TALF II LLC 927 879 1,021 1,900

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

1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under 

generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve 

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 updated as of March 31, 2023.

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 a one-day lag after the transaction date.

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury 

contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash 

and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are 

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal 

Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

May 10, 2023 May 3, 2023 May 11, 2022

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,295 + 4 + 11

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,388,461 - 4,538 - 433,885

Securities held outright1 7,801,273 + 461 - 682,720

U.S. Treasury securities 5,223,146 + 462 - 543,479

Bills2 281,041 + 75 - 45,003

Notes and bonds, nominal2 4,471,870 0 - 503,593

Notes and bonds, inflation-indexed2 365,436 + 25 - 15,426

Inflation compensation3 104,799 + 362 + 20,543

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,575,780 0 - 139,241

Unamortized premiums on securities held outright5 301,158 - 525 - 38,829

Unamortized discounts on securities held outright5 -27,355 - 22 - 3,954

Repurchase agreements6 25 + 25 + 25

Loans7 313,360 - 4,477 + 291,594

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 22,260 + 23 - 6,391

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,618 + 3 - 1,042

Net portfolio holdings of TALF II LLC8 1,900 + 2 - 566

Items in process of collection (0) 88 + 28 + 24

Bank premises 447 + 6 - 173

Central bank liquidity swaps9 422 + 12 + 200

Foreign currency denominated assets10 18,826 - 46 + 309

Other assets11 47,463 + 3,529 + 2,521

Total assets (0) 8,503,017 - 977 - 438,991

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

May 10, 2023 May 3, 2023 May 11, 2022

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,282,686 + 4,320 + 58,653

Reverse repurchase agreements12 2,618,178 - 22,773 + 443,415

Deposits (0) 3,593,469 + 22,734 - 879,158

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,225,311 + 59,075 - 70,370

U.S. Treasury, General Account 154,808 - 33,501 - 764,523

Foreign official 9,684 + 8 + 2,249

Other13 (0) 203,666 - 2,848 - 46,514

Deferred availability cash items (0) 247 - 308 + 5

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

Other liabilities and accrued dividends15 -49,313 - 5,148 - 56,785

Total liabilities (0) 8,460,614 - 1,175 - 439,780

Capital accounts

Capital paid in 35,618 + 198 + 789

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 42,403 + 198 + 789

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 $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, May 10, 2023

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificates and special drawing 

rights certificates 16,237 557 5,175 525 752 1,187 2,287 1,104 479 264 452 1,290 2,165

Coin 1,295 21 36 115 39 178 95 246 27 39 89 157 252

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,388,461 158,960 4,560,082 134,509 251,510 566,517 551,604 507,653 123,541 62,939 112,690 402,291 956,163

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 22,260 22,260 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,618 0 5,618 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 1,900 0 1,900 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 422 18 150 15 40 85 13 15 9 3 4 9 60

Foreign currency denominated 

assets4 18,826 810 6,699 676 1,775 3,812 564 655 424 119 200 397 2,694

Other assets5 47,998 1,013 25,097 861 1,475 3,519 3,129 2,812 947 544 893 2,315 5,393

Interdistrict settlement account 0 + 8,742 - 267,954 - 1,221 + 49,574 + 249,127 + 34,851 + 13,690 - 198 - 2,170 - 5,742 + 3,811 - 82,511

Total assets 8,503,017 192,382 4,336,803 135,480 305,166 824,426 592,544 526,176 125,229 61,739 108,587 410,270 884,215

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, May 10, 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 2,282,686 78,708 730,231 52,369 111,424 173,505 355,301 123,590 69,623 32,776 49,706 189,261 316,191

Reverse repurchase agreements6 2,618,178 50,583 1,462,122 43,151 80,457 182,198 177,366 163,208 39,166 17,752 33,850 127,655 240,670

Deposits 3,593,469 50,219 2,161,874 38,655 110,371 465,880 58,022 241,354 15,405 10,951 24,586 93,128 323,024

Depository institutions 3,225,311 50,209 1,945,090 38,653 110,340 465,440 57,993 90,693 15,398 10,894 24,555 93,051 322,995

U.S. Treasury, General Account 154,808 0 154,808 0 0 0 0 0 0 0 0 0 0

Foreign official 9,684 2 9,658 1 4 8 1 1 1 0 0 1 6

Other7 203,666 8 52,318 0 28 432 27 150,659 7 57 30 77 23

Earnings remittances due to the U.S. 

Treasury8 -57,000 -1,091 -39,553 -381 -1,347 -6,672 -9 -4,494 -68 -122 -188 -907 -2,168

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 7,933 706 3,368 180 281 1,039 540 497 141 112 173 262 635

Total liabilities 8,460,614 190,577 4,321,936 133,974 301,188 815,949 591,219 524,155 124,268 61,470 108,127 409,398 878,353

Capital

Capital paid in 35,618 1,513 12,454 1,262 3,339 7,102 1,122 1,784 808 226 388 728 4,891

Surplus 6,785 292 2,414 244 640 1,374 203 236 153 43 72 143 971

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

Total liabilities and capital 8,503,017 192,382 4,336,803 135,480 305,166 824,426 592,544 526,176 125,229 61,739 108,587 410,270 884,215

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, May 10, 2023 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities 

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between 

the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, 

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

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

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

9. Book value. Amount of equity investments in MS Facilities LLC of $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 May 10, 2023

Federal Reserve notes outstanding 2,646,102

Less: Notes held by F.R. Banks not subject to collateralization 363,417

Federal Reserve notes to be collateralized 2,282,686

Collateral held against Federal Reserve notes 2,282,686

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,266,449

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,801,298

Less: Face value of securities under reverse repurchase agreements 2,774,894

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,026,404

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.