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

 8,352,757

-      526

-  540,091

 8,351,892

Securities held outright1

 7,720,994

-    1,607

-  768,414

 7,720,770

U.S. Treasury securities

 5,160,429

-    1,589

-  610,027

 5,160,251

Bills2

   276,320

-    2,148

-   49,724

   275,936

Notes and bonds, nominal2

 4,409,053

         0

-  562,980

 4,409,053

Notes and bonds, inflation-indexed2

   368,253

         0

-   14,713

   368,253

Inflation compensation3

   106,803

+      559

+   17,391

   107,009

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,558,218

-       18

-  158,387

 2,558,172

Unamortized premiums on securities held outright5

   297,970

-      514

-   38,167

   297,767

Unamortized discounts on securities held outright5

   -27,700

+      152

-    3,069

   -27,605

Repurchase agreements6

         1

+        1

+        1

         0

Foreign official

         0

         0

         0

         0

Others

         1

+        1

+        1

         0

Loans

   295,398

-    2,152

+  273,502

   293,812

Primary credit

     3,317

+      261

+      612

     3,618

Secondary credit

         1

+        1

+        1

         0

Seasonal credit

        21

+        7

+       18

        24

Paycheck Protection Program Liquidity Facility

     7,806

-       91

-   11,382

     7,733

Bank Term Funding Program

   101,555

+    2,020

+  101,555

   101,969

Other credit extensions7

   182,699

-    4,349

+  182,699

   180,468

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

    20,305

+       23

-    6,336

    20,324

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,585

+        3

+       48

     5,587

Net portfolio holdings of TALF II LLC8

     1,710

+        1

-      486

     1,712

Float

      -165

+       61

-       38

      -327

Central bank liquidity swaps9

       337

-        6

+      138

       337

Other Federal Reserve assets10

    38,323

+    3,512

+    2,730

    39,515

Foreign currency denominated assets11

    18,397

+       57

+      149

    18,494

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    51,793

+       14

+      728

    51,793

Total factors supplying reserve funds

 8,439,189

-      455

-  539,213

 8,438,421

Currency in circulation12

 2,341,633

-    1,750

+   65,158

 2,342,488

Reverse repurchase agreements13

 2,459,398

-   31,048

+   17,651

 2,437,071

Foreign official and international accounts

   340,076

-    5,517

+   74,097

   327,966

Others

 2,119,321

-   25,532

-   56,447

 2,109,105

Treasury cash holdings

       234

-       11

+      140

       227

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

   315,417

+   55,352

-  592,397

   354,721

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   102,118

+   57,362

-  554,752

   134,857

Foreign official

     9,686

-      208

+    2,068

     9,685

Other14

   203,613

-    1,801

-   39,713

   210,179

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -16,114

+    1,490

-   66,493

   -15,756

Total factors, other than reserve balances,
absorbing reserve funds

 5,113,927

+   24,035

-  580,521

 5,132,110

Reserve balances with Federal Reserve Banks

 3,325,261

-   24,490

+   41,307

 3,306,311

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

 3,409,078

+    1,877

+   11,310

 3,413,988

Marketable U.S. Treasury securities1

 2,982,876

-      434

-    8,971

 2,983,747

Federal agency debt and mortgage-backed securities2

   344,531

+    2,001

+   21,946

   348,431

Other securities3

    81,671

+      311

-    1,665

    81,810

Securities lent to dealers

    46,563

-    2,442

+      888

    45,443

Overnight facility4

    46,563

-    2,442

+      888

    45,443

U.S. Treasury securities

    46,554

-    2,442

+      879

    45,434

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

   183,059

     2,348

   100,676

     7,729

         0

...

   293,812

U.S. Treasury securities2

Holdings

    44,873

   341,303

   632,410

 1,782,584

   867,943

 1,491,137

 5,160,251

Weekly changes

+    4,244

-    2,735

-    3,611

+      238

+      141

+      152

-    1,571

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

 2,503,097

 2,558,172

Weekly changes

         0

         0

         0

         0

         0

-       63

-       64

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    10,566

...

...

    10,566

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

       337

         0

         0

         0

         0

         0

       337

Reverse repurchase agreements8

 2,437,071

         0

...

...

...

...

 2,437,071

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

 2,558,172

Residential mortgage-backed securities

 2,549,781

Commercial mortgage-backed securities

     8,391

Commitments to buy mortgage-backed securities2

         0

Commitments to sell mortgage-backed securities2

        69

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)

    10,016

     9,565

    10,759

    20,324

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,680

     5,587

TALF II LLC

       884

       804

       907

     1,712

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

     1,317

+       12

+       64

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

 8,284,744

-    4,617

-  541,549

Securities held outright1

 7,720,770

-    1,635

-  771,874

U.S. Treasury securities

 5,160,251

-    1,571

-  602,479

Bills2

   275,936

-    2,130

-   50,108

Notes and bonds, nominal2

 4,409,053

         0

-  555,029

Notes and bonds, inflation-indexed2

   368,253

         0

-   14,713

Inflation compensation3

   107,009

+      560

+   17,371

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,558,172

-       64

-  169,395

Unamortized premiums on securities held outright5

   297,767

-      553

-   38,091

Unamortized discounts on securities held outright5

   -27,605

+      155

-    2,738

Repurchase agreements6

         0

         0

         0

Loans7

   293,812

-    2,584

+  271,154

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

    20,324

+       23

-    6,039

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,587

+        3

+       49

Net portfolio holdings of TALF II LLC8

     1,712

+        2

-      484

Items in process of collection

(0)

        56

-        9

-        6

Bank premises

       456

+        9

-      164

Central bank liquidity swaps9

       337

-        6

+      138

Foreign currency denominated assets10

    18,494

+      207

+      370

Other assets11

    39,059

+    3,375

+    3,524

Total assets

(0)

 8,388,323

-    1,002

-  544,097

Liabilities

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

 2,292,235

-    1,233

+   65,134

Reverse repurchase agreements12

 2,437,071

-   71,005

+   15,467

Deposits

(0)

 3,661,032

+   69,747

-  556,333

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,306,311

+      157

+  116,706

U.S. Treasury, General Account

   134,857

+   57,357

-  635,080

Foreign official

     9,685

         0

+    2,250

Other13

(0)

   210,179

+   12,233

-   40,209

Deferred availability cash items

(0)

       383

-      160

+      154

Treasury contributions to credit facilities14

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

   -58,168

+    1,650

-   64,676

Total liabilities

(0)

 8,345,910

-    1,002

-  544,837

Capital accounts

Capital paid in

    35,628

         0

+      741

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,413

         0

+      741

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

     1,317

        25

        40

       120

        43

       183

        97

       247

        30

        39

        88

       159

       247

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

 8,284,744

   158,110

 4,511,081

   133,420

   249,254

   561,167

   547,511

   503,231

   126,687

    62,565

   111,867

   401,941

   917,910

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    20,324

    20,324

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,587

         0

     5,587

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,712

         0

     1,712

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       337

        15

       120

        12

        32

        68

        10

        12

         8

         2

         4

         7

        48

Foreign currency denominated

assets4

    18,494

       796

     6,582

       664

     1,744

     3,744

       554

       644

       416

       117

       196

       390

     2,646

Other assets5

    39,571

       842

    20,033

       709

     1,198

     2,871

     2,485

     2,240

       671

       514

       819

     1,893

     5,295

Interdistrict settlement account

         0

+    6,230

-  310,591

-    6,972

+   63,479

+  288,059

+   24,273

+   20,156

+      853

-    2,573

-    5,610

-    5,742

-   71,560

Total assets

 8,388,323

   186,897

 4,239,739

   128,479

   316,502

   857,279

   577,218

   527,633

   129,143

    60,928

   107,816

   399,937

   856,752

Liabilities

Federal Reserve notes, net

 2,292,235

    80,728

   730,920

    53,087

   111,564

   171,732

   355,614

   125,231

    72,760

    33,763

    50,723

   190,479

   315,634

Reverse repurchase agreements6

 2,437,071

    47,084

 1,360,983

    40,166

    74,892

   169,594

   165,097

   151,918

    36,457

    16,524

    31,509

   118,824

   224,022

Deposits

 3,661,032

    48,055

 2,171,154

    34,043

   127,038

   514,776

    54,499

   253,235

    18,906

    10,394

    25,183

    90,594

   313,155

Depository institutions

 3,306,311

    48,046

 1,970,238

    34,041

   127,008

   514,206

    54,471

   100,482

    18,898

    10,333

    25,148

    90,310

   313,129

U.S. Treasury, General Account

   134,857

         0

   134,857

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,685

         2

     9,660

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   210,179

         7

    56,400

         0

        26

       562

        27

   152,752

         8

        60

        34

       283

        21

Earnings remittances due to the U.S. Treasury8

   -69,702

    -1,317

   -47,313

      -542

    -1,899

    -8,954

       -47

    -5,544

      -115

      -140

      -255

    -1,183

    -2,393

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

    11,916

       859

     5,454

       218

       457

     1,650

       729

       772

       174

       119

       196

       354

       935

Total liabilities

 8,345,910

   185,093

 4,224,871

   126,972

   312,053

   848,798

   575,893

   525,612

   128,182

    60,660

   107,356

   399,067

   851,353

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

 8,388,323

   186,897

 4,239,739

   128,479

   316,502

   857,279

   577,218

   527,633

   129,143

    60,928

   107,816

   399,937

   856,752

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

 2,666,004

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

   373,769

Federal Reserve notes to be collateralized

 2,292,235

Collateral held against Federal Reserve notes

 2,292,235

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,275,998

Other assets pledged

         0

Memo:

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

 7,720,770

Less: Face value of securities under reverse repurchase agreements

 2,601,208

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

 5,119,562

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.