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

 8,353,283

-   26,652

-  527,280

 8,352,953

Securities held outright1

 7,722,601

-   28,748

-  758,359

 7,722,405

U.S. Treasury securities

 5,162,018

-   28,748

-  609,149

 5,161,822

Bills2

   278,468

-    2,573

-   47,576

   278,066

Notes and bonds, nominal2

 4,409,053

-   29,083

-  564,305

 4,409,053

Notes and bonds, inflation-indexed2

   368,253

+    2,414

-   14,713

   368,253

Inflation compensation3

   106,244

+      494

+   17,446

   106,449

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,558,236

         0

-  149,210

 2,558,236

Unamortized premiums on securities held outright5

   298,484

-      521

-   38,246

   298,320

Unamortized discounts on securities held outright5

   -27,852

-       92

-    3,341

   -27,760

Repurchase agreements6

         0

-        1

         0

         0

Foreign official

         0

-        1

         0

         0

Others

         0

         0

         0

         0

Loans

   297,550

+    1,741

+  276,976

   296,396

Primary credit

     3,056

-      642

+    2,127

     3,167

Secondary credit

         0

         0

         0

         0

Seasonal credit

        14

+        8

+       11

        17

Paycheck Protection Program Liquidity Facility

     7,897

-      157

-   11,746

     7,889

Bank Term Funding Program

    99,535

+    6,193

+   99,535

   100,161

Other credit extensions7

   187,048

-    3,660

+  187,048

   185,162

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

    20,282

+       22

-    6,395

    20,301

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,582

+        3

+       46

     5,584

Net portfolio holdings of TALF II LLC8

     1,709

-       36

-      486

     1,710

Float

      -226

+      137

-       70

      -478

Central bank liquidity swaps9

       343

-       49

+      160

       343

Other Federal Reserve assets10

    34,811

+      893

+    2,437

    36,130

Foreign currency denominated assets11

    18,340

+       60

-      327

    18,287

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,779

+       14

+      728

    51,779

Total factors supplying reserve funds

 8,439,644

-   26,577

-  526,879

 8,439,260

Currency in circulation12

 2,343,383

+    1,963

+   64,285

 2,343,711

Reverse repurchase agreements13

 2,490,446

-   54,919

+  178,239

 2,508,076

Foreign official and international accounts

   345,593

+    1,899

+   83,485

   346,520

Others

 2,144,853

-   56,818

+   94,755

 2,161,556

Treasury cash holdings

       245

+       14

+      154

       236

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

   260,065

-    7,732

-  707,437

   285,131

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

    44,756

-    4,198

-  678,628

    77,500

Foreign official

     9,894

+      198

+    2,273

     9,685

Other14

   205,414

-    3,733

-   31,083

   197,946

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -17,604

-    6,207

-   67,884

   -17,406

Total factors, other than reserve balances,
absorbing reserve funds

 5,089,892

-   66,882

-  537,226

 5,133,106

Reserve balances with Federal Reserve Banks

 3,349,751

+   40,304

+   10,346

 3,306,154

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

16.

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

Securities held in custody for foreign official and international accounts

 3,407,201

-    2,489

+   12,575

 3,403,320

Marketable U.S. Treasury securities1

 2,983,310

-    2,903

-    6,448

 2,979,178

Federal agency debt and mortgage-backed securities2

   342,530

+      370

+   20,923

   342,606

Other securities3

    81,360

+       43

-    1,901

    81,537

Securities lent to dealers

    49,005

-    3,732

+    9,761

    50,612

Overnight facility4

    49,005

-    3,732

+    9,761

    50,612

U.S. Treasury securities

    48,996

-    3,732

+    9,752

    50,603

Federal agency debt securities

         9

         0

+        9

         9

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

   187,319

     2,279

    98,915

     7,884

         0

...

   296,396

U.S. Treasury securities2

Holdings

    40,629

   344,038

   636,021

 1,782,346

   867,802

 1,490,985

 5,161,822

Weekly changes

-    8,771

+   39,353

+    9,623

-   42,913

+      141

+      151

-    2,415

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

        16

     8,800

    46,257

 2,503,160

 2,558,236

Weekly changes

         0

+        1

+        1

+      390

+    2,029

-    2,421

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    10,632

...

...

    10,632

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

       287

       518

         0

...

...

       804

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       343

         0

         0

         0

         0

         0

       343

Reverse repurchase agreements8

 2,508,076

         0

...

...

...

...

 2,508,076

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. 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.

Mortgage-backed securities held outright1

 2,558,236

Residential mortgage-backed securities

 2,549,845

Commercial mortgage-backed securities

     8,391

Commitments to buy mortgage-backed securities2

         5

Commitments to sell mortgage-backed securities2

       138

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.

MS Facilities LLC (Main Street Lending Program)

    10,016

     9,620

    10,682

    20,301

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,677

     5,584

TALF II LLC

       884

       804

       906

     1,710

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,305

+       24

+       49

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

 8,289,361

-       87

-  524,618

Securities held outright1

 7,722,405

-    2,415

-  758,781

U.S. Treasury securities

 5,161,822

-    2,415

-  609,571

Bills2

   278,066

-    2,975

-   47,978

Notes and bonds, nominal2

 4,409,053

         0

-  564,305

Notes and bonds, inflation-indexed2

   368,253

         0

-   14,713

Inflation compensation3

   106,449

+      560

+   17,425

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,558,236

         0

-  149,210

Unamortized premiums on securities held outright5

   298,320

-      509

-   38,225

Unamortized discounts on securities held outright5

   -27,760

+       86

-    3,278

Repurchase agreements6

         0

         0

         0

Loans7

   296,396

+    2,752

+  275,665

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

    20,301

+       22

-    6,386

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,584

+        2

+       47

Net portfolio holdings of TALF II LLC8

     1,710

+        2

-      486

Items in process of collection

(0)

        65

+        7

         0

Bank premises

       447

-       21

-      168

Central bank liquidity swaps9

       343

-       49

+      160

Foreign currency denominated assets10

    18,287

+       29

-      239

Other assets11

    35,684

+    3,541

+    2,711

Total assets

(0)

 8,389,325

+    3,471

-  528,929

Liabilities

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

 2,293,468

-      466

+   64,382

Reverse repurchase agreements12

 2,508,076

-  107,601

+  103,762

Deposits

(0)

 3,591,285

+  117,284

-  626,443

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,306,154

+  100,628

+   13,552

U.S. Treasury, General Account

    77,500

+   28,988

-  606,392

Foreign official

     9,685

-       70

+      951

Other13

(0)

   197,946

-   12,263

-   34,555

Deferred availability cash items

(0)

       543

-      190

+      342

Treasury contributions to credit facilities14

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

   -59,818

-    5,561

-   67,135

Total liabilities

(0)

 8,346,912

+    3,466

-  529,674

Capital accounts

Capital paid in

    35,628

+        5

+      745

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,413

+        5

+      745

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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

     1,305

        24

        43

       120

        42

       183

        91

       248

        27

        38

        87

       154

       250

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

 8,289,361

   158,022

 4,511,917

   133,461

   249,289

   561,287

   547,536

   503,283

   126,730

    62,563

   111,653

   400,868

   922,752

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    20,301

    20,301

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,584

         0

     5,584

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,710

         0

     1,710

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       343

        15

       122

        12

        32

        69

        10

        12

         8

         2

         4

         7

        49

Foreign currency denominated

assets4

    18,287

       787

     6,507

       657

     1,724

     3,703

       548

       637

       412

       116

       194

       386

     2,617

Other assets5

    36,196

       775

    18,161

       654

     1,087

     2,638

     2,261

     2,032

       766

       477

       771

     1,723

     4,851

Interdistrict settlement account

         0

+   11,242

-  321,819

+    1,694

+   67,031

+  270,981

+   31,403

+   18,478

+      591

-    3,124

-    6,361

+    6,815

-   76,930

Total assets

 8,389,325

   191,723

 4,227,401

   137,124

   319,958

   840,047

   584,136

   525,794

   129,012

    60,335

   106,799

   411,242

   855,754

Liabilities

Federal Reserve notes, net

 2,293,468

    80,448

   732,023

    52,648

   111,756

   172,437

   356,469

   125,144

    72,018

    33,412

    50,297

   190,267

   316,549

Reverse repurchase agreements6

 2,508,076

    48,456

 1,400,635

    41,336

    77,074

   174,536

   169,907

   156,344

    37,519

    17,006

    32,427

   122,286

   230,549

Deposits

 3,591,285

    51,828

 2,118,770

    41,977

   128,174

   492,174

    55,667

   247,119

    18,483

     9,673

    23,679

    98,708

   305,032

Depository institutions

 3,306,154

    51,817

 1,979,253

    41,976

   128,144

   491,263

    55,639

   102,699

    18,475

     9,613

    23,646

    98,629

   305,002

U.S. Treasury, General Account

    77,500

         0

    77,500

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,685

         2

     9,659

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   197,946

         9

    52,358

         0

        27

       903

        27

   144,419

         8

        60

        33

        78

        25

Earnings remittances due to the U.S. Treasury8

   -67,689

    -1,288

   -46,013

      -528

    -1,820

    -8,560

       -73

    -5,358

      -120

      -140

      -234

    -1,147

    -2,407

Treasury contributions to credit facilities9

    13,358

     9,684

     3,674

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     8,413

       790

     3,444

       184

       326

       980

       841

       524

       151

       115

       171

       258

       631

Total liabilities

 8,346,912

   189,918

 4,212,533

   135,618

   315,509

   831,566

   582,811

   523,773

   128,051

    60,066

   106,339

   410,372

   850,355

Capital

Capital paid in

    35,628

     1,513

    12,454

     1,262

     3,809

     7,107

     1,122

     1,784

       808

       226

       388

       727

     4,428

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

 8,389,325

   191,723

 4,227,401

   137,124

   319,958

   840,047

   584,136

   525,794

   129,012

    60,335

   106,799

   411,242

   855,754

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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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

 2,661,082

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

   367,615

Federal Reserve notes to be collateralized

 2,293,468

Collateral held against Federal Reserve notes

 2,293,468

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,277,231

Other assets pledged

         0

Memo:

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

 7,722,405

Less: Face value of securities under reverse repurchase agreements

 2,717,664

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

 5,004,741

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.