Board of Governors of the Federal Reserve System

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

Reserve Bank credit

 7,697,289

-   71,527

-  849,160

 7,700,979

Securities held outright1

 7,262,830

-   36,801

-  912,838

 7,262,202

U.S. Treasury securities

 4,813,448

-   29,624

-  701,117

 4,812,820

Bills2

   231,020

-      246

-   63,344

   230,408

Notes and bonds, nominal2

 4,102,776

-   29,675

-  638,777

 4,102,776

Notes and bonds, inflation-indexed2

   365,578

+      173

-   11,838

   365,578

Inflation compensation3

   114,073

+      123

+   12,841

   114,058

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,447,035

-    7,177

-  211,721

 2,447,035

Unamortized premiums on securities held outright5

   281,418

-      699

-   35,266

   281,218

Unamortized discounts on securities held outright5

   -26,705

-      157

+      973

   -26,611

Repurchase agreements6

        30

+       29

+       25

         6

Foreign official

         0

         0

         0

         0

Others

        30

+       29

+       25

         6

Loans

   123,762

-   30,555

+  104,080

   127,407

Primary credit

     2,110

-      447

-    5,415

     1,960

Secondary credit

         0

         0

         0

         0

Seasonal credit

        17

-        5

+       17

        17

Paycheck Protection Program Liquidity Facility

     3,860

-      144

-    8,297

     3,735

Bank Term Funding Program

   117,774

+    3,915

+  117,774

   121,695

Other credit extensions7

         0

-   33,875

         0

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    16,603

+       23

-    6,194

    16,618

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,604

+        3

+       44

     5,606

Net portfolio holdings of TALF II LLC8

       323

-       59

-    1,655

       323

Float

      -301

-       38

-      148

      -624

Central bank liquidity swaps9

       238

+        4

+       39

       238

Other Federal Reserve assets10

    33,486

-    3,277

+    1,779

    34,595

Foreign currency denominated assets11

    18,149

-        3

-       66

    18,070

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,560

+       14

+      536

    52,560

Total factors supplying reserve funds

 7,784,239

-   71,515

-  848,690

 7,787,850

Currency in circulation12

 2,331,460

-    1,006

+   34,987

 2,332,046

Reverse repurchase agreements13

 1,149,482

-   71,584

-1,297,286

 1,184,528

Foreign official and international accounts

   336,593

-    1,034

-   30,713

   338,030

Others

   812,889

-   70,550

-1,266,573

   846,498

Treasury cash holdings

       397

+        6

+      294

       404

Deposits with F.R. Banks, other than reserve balances

   852,840

-   64,752

+  212,879

   837,108

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   682,509

-   56,700

+  250,174

   667,678

Foreign official

    10,421

+      731

+    1,985

     9,682

Other14

   159,910

-    8,784

-   39,280

   159,747

Treasury contributions to credit facilities15

    10,311

         0

-    5,036

    10,311

Other liabilities and capital16

   -73,624

-    5,971

-  108,854

   -73,302

Total factors, other than reserve balances,
absorbing reserve funds

 4,270,866

-  143,307

-1,163,016

 4,291,096

Reserve balances with Federal Reserve Banks

 3,513,374

+   71,793

+  314,326

 3,496,754

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, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 billion.

16.

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

Securities held in custody for foreign official and international accounts

 3,386,036

-   10,885

+   79,405

 3,383,334

Marketable U.S. Treasury securities1

 2,956,449

-   10,423

+   61,163

 2,953,774

Federal agency debt and mortgage-backed securities2

   345,747

-      421

+   15,803

   345,712

Other securities3

    83,840

-       40

+    2,439

    83,848

Securities lent to dealers

    37,184

+    2,173

-    4,824

    35,670

Overnight facility4

    37,184

+    2,173

-    4,824

    35,670

U.S. Treasury securities

    37,184

+    2,173

-    4,803

    35,670

Federal agency debt securities

         0

         0

-       21

         0

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.

Loans1

     1,041

     3,471

   119,163

     3,731

         0

...

   127,407

U.S. Treasury securities2

Holdings

    30,008

   290,119

   572,769

 1,635,354

   779,368

 1,505,202

 4,812,820

Weekly changes

-   29,558

+   31,009

-   12,632

-   13,810

-    5,548

+      185

-   30,354

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

        27

     5,025

    36,990

 2,404,991

 2,447,035

Weekly changes

         0

+        1

+       11

+      637

-      542

-      108

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     8,551

...

...

     8,551

Municipal notes held by Municipal

Liquidity Facility LLC6

     2,907

         0

         0

         0

...

...

     2,907

Loans held by TALF II LLC7

        30

         0

         0

         0

...

...

        30

Repurchase agreements8

         6

         0

...

...

...

...

         6

Central bank liquidity swaps9

       238

         0

         0

         0

         0

         0

       238

Reverse repurchase agreements8

 1,184,528

         0

...

...

...

...

 1,184,528

Term deposits

         0

         0

         0

...

...

...

         0

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 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.

Mortgage-backed securities held outright1

 2,447,035

Residential mortgage-backed securities

 2,438,765

Commercial mortgage-backed securities

     8,269

Commitments to buy mortgage-backed securities2

        14

Commitments to sell mortgage-backed securities2

       140

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.

MS Facilities LLC (Main Street Lending Program)

     7,948

     7,833

     8,785

    16,618

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,699

     5,606

TALF II LLC

       145

        30

       294

       323

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 September 30, 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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,420

+       26

+      249

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 7,644,222

-   57,519

-  839,547

Securities held outright1

 7,262,202

-   30,354

-  913,396

U.S. Treasury securities

 4,812,820

-   30,354

-  701,676

Bills2

   230,408

-      858

-   63,725

Notes and bonds, nominal2

 4,102,776

-   29,675

-  638,777

Notes and bonds, inflation-indexed2

   365,578

+      173

-   11,838

Inflation compensation3

   114,058

+        7

+   12,666

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,447,035

         0

-  211,721

Unamortized premiums on securities held outright5

   281,218

-      542

-   35,279

Unamortized discounts on securities held outright5

   -26,611

-      128

+      999

Repurchase agreements6

         6

+        3

+        6

Loans7

   127,407

-   26,499

+  108,124

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    16,618

+       20

-    6,197

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,606

+        2

+       44

Net portfolio holdings of TALF II LLC8

       323

-       59

-    1,657

Items in process of collection

(0)

        55

+        4

-       39

Bank premises

       422

-       10

-       52

Central bank liquidity swaps9

       238

+        4

+       39

Foreign currency denominated assets10

    18,070

-      177

-       87

Other assets11

    34,173

-    1,051

+    1,895

Total assets

(0)

 7,737,385

-   58,760

-  845,350

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,281,307

-      567

+   35,428

Reverse repurchase agreements12

 1,184,528

-   69,628

-1,335,021

Deposits

(0)

 4,333,862

+   17,743

+  567,697

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,496,754

+  101,358

+  347,661

U.S. Treasury, General Account

   667,678

-   85,892

+  256,825

Foreign official

     9,682

-        8

+    1,246

Other13

(0)

   159,747

+    2,284

-   38,037

Deferred availability cash items

(0)

       679

-      179

+      410

Treasury contributions to credit facilities14

    10,311

         0

-    5,036

Other liabilities and accrued dividends15

  -116,152

-    6,203

-  109,882

Total liabilities

(0)

 7,694,535

-   58,834

-  846,405

Capital accounts

Capital paid in

    36,065

+       74

+    1,055

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,850

+       74

+    1,055

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, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 billion.

15.

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

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

     1,420

        51

        39

       132

        52

       172

       107

       253

        32

        51

        95

       174

       260

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 7,644,222

   149,891

 4,205,537

   126,406

   234,086

   533,706

   517,839

   475,601

   119,963

    58,487

   106,442

   380,636

   735,628

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    16,618

    16,618

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,606

         0

     5,606

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

       323

         0

       323

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       238

        10

        85

         9

        22

        48

         7

         8

         5

         2

         3

         5

        34

Foreign currency denominated

assets4

    18,070

       778

     6,430

       649

     1,704

     3,659

       542

       629

       407

       114

       192

       381

     2,586

Other assets5

    34,650

       820

    15,612

       664

     1,063

     2,646

     3,604

     2,034

       844

       583

       898

     1,883

     4,000

Interdistrict settlement account

         0

+    7,759

-  156,237

-   19,897

+   55,682

+  234,751

-   29,077

-   81,989

-    7,290

-    4,983

-   16,006

-   59,231

+   76,519

Total assets

 7,737,385

   176,484

 4,082,571

   108,488

   293,362

   776,169

   495,309

   397,640

   114,441

    54,518

    92,075

   325,138

   821,191

Liabilities

Federal Reserve notes, net

 2,281,307

    78,734

   740,012

    49,651

   109,524

   161,058

   353,313

   122,529

    72,549

    32,779

    47,593

   189,370

   324,195

Reverse repurchase agreements6

 1,184,528

    22,885

   661,500

    19,523

    36,401

    82,431

    80,245

    73,839

    17,720

     8,032

    15,315

    57,754

   108,885

Deposits

 4,333,862

    66,573

 2,740,287

    38,778

   147,232

   542,417

    59,366

   207,996

    23,104

    13,515

    28,959

    78,386

   387,247

Depository institutions

 3,496,754

    66,519

 2,006,017

    38,777

   147,200

   541,648

    59,338

   106,305

    23,084

    13,459

    28,930

    78,274

   387,205

U.S. Treasury, General Account

   667,678

         0

   667,678

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,682

         2

     9,657

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   159,747

        53

    56,935

         0

        29

       761

        27

   101,689

        19

        56

        29

       112

        37

Earnings remittances due to the U.S. Treasury8

  -125,092

    -2,346

   -80,664

    -1,165

    -4,629

   -19,280

        22

    -9,212

       -63

      -204

      -453

    -1,631

    -5,467

Treasury contributions to credit facilities9

    10,311

     7,438

     2,873

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     9,619

     1,402

     3,680

       188

       357

     1,053

       977

       482

       166

       128

       196

       249

       742

Total liabilities

 7,694,535

   174,687

 4,067,688

   106,975

   288,885

   767,679

   493,923

   395,633

   113,476

    54,250

    91,610

   324,128

   815,602

Capital

Capital paid in

    36,065

     1,505

    12,469

     1,270

     3,837

     7,116

     1,182

     1,770

       812

       226

       393

       867

     4,617

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

 7,737,385

   176,484

 4,082,571

   108,488

   293,362

   776,169

   495,309

   397,640

   114,441

    54,518

    92,075

   325,138

   821,191

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, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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).

Federal Reserve notes outstanding

 2,707,046

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

   425,740

Federal Reserve notes to be collateralized

 2,281,307

Collateral held against Federal Reserve notes

 2,281,307

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,265,070

Other assets pledged

         0

Memo:

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

 7,262,208

Less: Face value of securities under reverse repurchase agreements

 1,301,032

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

 5,961,176

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.