Board of Governors of the Federal Reserve System

For Release at

4:30 P.M. Eastern time

March 7, 2024

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," was modified to reflect closing the Municipal Liquidity Facility LLC (MLF) and TALF II LLC (TALF II). MLF and TALF II related lines were removed from table 4 and table 6. Information on Principal Amounts of Credit Facilities LLC (table 4) footnote 2 was revised accordingly.

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

Reserve Bank credit

 7,501,297

-   38,370

-  803,552

 7,502,080

Securities held outright1

 7,037,819

-   35,346

-  910,394

 7,037,288

U.S. Treasury securities

 4,632,237

-   29,069

-  703,589

 4,631,706

Bills2

   210,056

-      297

-   74,063

   209,312

Notes and bonds, nominal2

 3,950,503

-   29,387

-  623,275

 3,950,503

Notes and bonds, inflation-indexed2

   360,612

+      390

-   16,412

   360,612

Inflation compensation3

   111,067

+      226

+   10,162

   111,280

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,403,235

-    6,277

-  206,805

 2,403,235

Unamortized premiums on securities held outright5

   273,272

-      650

-   33,934

   273,096

Unamortized discounts on securities held outright5

   -25,774

+        6

+    2,156

   -25,685

Repurchase agreements6

         2

-       15

         0

         5

Foreign official

         0

         0

         0

         0

Others

         2

-       15

         0

         5

Loans

   168,518

-      685

+  153,414

   169,181

Primary credit

     1,978

-      223

-    2,457

     1,882

Secondary credit

        50

+       50

+       50

       128

Seasonal credit

         1

+        1

+        1

         1

Paycheck Protection Program Liquidity Facility

     3,157

-       49

-    7,512

     3,148

Bank Term Funding Program

   163,332

-      464

+  163,332

   164,022

Other credit extensions7

         0

         0

         0

         0

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

    14,831

+       19

-    7,580

    14,843

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,592

         0

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,939

         0

Float

      -370

-       31

-      110

      -756

Central bank liquidity swaps9

       183

-       34

-      228

       183

Other Federal Reserve assets10

    32,816

-    1,633

+      657

    33,926

Foreign currency denominated assets11

    18,112

+       60

-      209

    18,202

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,742

+       14

+      632

    52,742

Total factors supplying reserve funds

 7,588,391

-   38,296

-  803,130

 7,589,265

Currency in circulation12

 2,335,475

+    4,875

+   28,992

 2,339,026

Reverse repurchase agreements13

   785,121

-   80,772

-1,756,131

   793,394

Foreign official and international accounts

   332,695

-      612

-   22,125

   336,547

Others

   452,426

-   80,160

-1,734,007

   456,847

Treasury cash holdings

       478

+       10

+      361

       479

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

   934,634

-   23,333

+  417,817

   928,185

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   767,733

-   18,088

+  434,383

   760,550

Foreign official

    10,543

+      854

+      945

    10,755

Other14

   156,358

-    6,099

-   17,511

   156,880

Treasury contributions to credit facilities15

     7,438

         0

-    7,909

     7,438

Other liabilities and capital16

  -100,930

+    2,302

-  112,715

   -99,946

Total factors, other than reserve balances,
absorbing reserve funds

 3,962,216

-   96,919

-1,429,585

 3,968,576

Reserve balances with Federal Reserve Banks

 3,626,176

+   58,624

+  626,456

 3,620,689

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.

16.

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

Securities held in custody for foreign official and international accounts

 3,343,899

-    9,626

-   16,116

 3,341,953

Marketable U.S. Treasury securities1

 2,930,109

-    7,068

-   20,046

 2,928,074

Federal agency debt and mortgage-backed securities2

   331,460

-    2,744

+    3,552

   331,461

Other securities3

    82,330

+      185

+      378

    82,417

Securities lent to dealers

    36,199

+    2,776

-    8,786

    34,635

Overnight facility4

    36,199

+    2,776

-    8,786

    34,635

U.S. Treasury securities

    36,199

+    2,776

-    8,776

    34,635

Federal agency debt securities

         0

         0

-       10

         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

    19,244

    42,856

   103,937

     3,144

         0

...

   169,181

U.S. Treasury securities2

Holdings

    16,450

   310,294

   543,637

 1,543,878

   709,563

 1,507,883

 4,631,706

Weekly changes

-   40,200

+   45,365

-    9,560

-   28,328

+    1,907

+    1,264

-   29,551

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

        35

     5,633

    30,797

 2,366,769

 2,403,235

Weekly changes

         0

+        1

+        9

+      151

-       95

-       66

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     7,243

...

...

     7,243

Repurchase agreements6

         5

         0

...

...

...

...

         5

Central bank liquidity swaps7

       183

         0

         0

         0

         0

         0

       183

Reverse repurchase agreements6

   793,394

         0

...

...

...

...

   793,394

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 Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's statement of condition, 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.

Cash value of agreements.

7.

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

 2,403,235

Residential mortgage-backed securities

 2,395,024

Commercial mortgage-backed securities

     8,211

Commitments to buy mortgage-backed securities2

        93

Commitments to sell mortgage-backed securities2

        15

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)

     6,283

     6,421

     8,422

    14,843

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 includes loan participations at face value, net of an allowance for loan losses updated as of December 31, 2023.

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. 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

     1,524

-        2

+      215

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

 7,453,885

-   29,630

-  788,848

Securities held outright1

 7,037,288

-   29,551

-  911,047

U.S. Treasury securities

 4,631,706

-   29,551

-  704,242

Bills2

   209,312

-    1,041

-   74,648

Notes and bonds, nominal2

 3,950,503

-   29,380

-  623,239

Notes and bonds, inflation-indexed2

   360,612

+      390

-   16,412

Inflation compensation3

   111,280

+      481

+   10,058

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,403,235

         0

-  206,805

Unamortized premiums on securities held outright5

   273,096

-      492

-   33,936

Unamortized discounts on securities held outright5

   -25,685

+        4

+    2,159

Repurchase agreements6

         5

+        1

+        5

Loans7

   169,181

+      408

+  153,972

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

    14,843

+       17

-    7,588

Net portfolio holdings of Municipal Liquidity Facility LLC8

         0

         0

-    5,594

Net portfolio holdings of TALF II LLC8

         0

         0

-    1,941

Items in process of collection

(0)

        57

-        4

+       12

Bank premises

       457

-       20

-       13

Central bank liquidity swaps9

       183

-       34

-      228

Foreign currency denominated assets10

    18,202

+      148

-        4

Other assets11

    33,468

+      573

+      561

Total assets

(0)

 7,538,857

-   28,950

-  803,426

Liabilities

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

 2,288,283

+    5,922

+   30,482

Reverse repurchase agreements12

   793,394

-  115,407

-1,766,956

Deposits

(0)

 4,548,874

+   77,791

+1,052,920

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,620,689

+   79,707

+  617,013

U.S. Treasury, General Account

   760,550

-    7,122

+  448,819

Foreign official

    10,755

+    1,066

+    1,321

Other13

(0)

   156,880

+    4,139

-   14,233

Deferred availability cash items

(0)

       814

-       78

-        1

Treasury contributions to credit facilities14

     7,438

         0

-    7,909

Other liabilities and accrued dividends15

  -143,088

+    2,820

-  112,606

Total liabilities

(0)

 7,495,715

-   28,952

-  804,070

Capital accounts

Capital paid in

    36,357

+        2

+      644

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    43,142

+        2

+      644

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.

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

     1,524

        53

        40

       145

        55

       187

       110

       271

        38

        55

       104

       192

       274

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

 7,453,885

   151,950

 4,080,603

   123,600

   228,069

   519,404

   505,965

   465,921

   116,484

    59,558

   106,895

   371,064

   724,371

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    14,843

    14,843

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       183

         8

        65

         7

        17

        37

         5

         6

         4

         1

         2

         4

        26

Foreign currency denominated

assets4

    18,202

       783

     6,478

       654

     1,716

     3,685

       546

       634

       410

       115

       193

       384

     2,605

Other assets5

    33,983

       810

    15,073

       648

     1,048

     2,687

     3,242

     2,023

       866

       638

       912

     1,811

     4,224

Interdistrict settlement account

         0

+    9,290

-   83,812

-    8,677

+   64,740

+  161,603

-   33,926

-   88,735

-    7,793

-    5,109

-   19,457

-   55,046

+   66,922

Total assets

 7,538,857

   178,294

 4,023,623

   116,901

   296,397

   688,791

   478,229

   381,224

   110,488

    55,523

    89,101

   319,699

   800,587

Liabilities

Federal Reserve notes, net

 2,288,283

    80,693

   741,013

    49,738

   110,436

   162,046

   356,466

   122,106

    72,022

    31,883

    44,157

   191,292

   326,431

Reverse repurchase agreements6

   793,394

    15,328

   443,071

    13,076

    24,381

    55,212

    53,748

    49,457

    11,869

     5,380

    10,258

    38,684

    72,931

Deposits

 4,548,874

    74,682

 2,917,245

    53,830

   162,730

   485,903

    65,414

   217,849

    25,491

    18,069

    34,546

    90,016

   403,101

Depository institutions

 3,620,689

    74,629

 2,092,684

    53,829

   162,697

   485,475

    65,382

   115,072

    25,457

    17,994

    34,516

    89,917

   403,038

U.S. Treasury, General Account

   760,550

         0

   760,550

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    10,755

         2

    10,729

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   156,880

        51

    53,282

         0

        30

       419

        31

   102,775

        32

        75

        29

        98

        57

Earnings remittances due to the U.S. Treasury8

  -154,980

    -3,019

   -97,851

    -1,493

    -6,198

   -24,305

       -63

   -10,998

       -46

      -223

      -556

    -1,761

    -8,464

Treasury contributions to credit facilities9

     7,438

     7,438

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    12,705

     1,364

     5,294

       239

       470

     1,480

     1,187

       685

       182

       143

       223

       350

     1,088

Total liabilities

 7,495,715

   176,485

 4,008,772

   115,391

   291,819

   680,336

   476,751

   379,099

   109,517

    55,252

    88,627

   318,580

   795,086

Capital

Capital paid in

    36,357

     1,525

    12,506

     1,271

     3,856

     7,116

     1,255

     1,792

       818

       229

       400

       956

     4,633

Surplus

     6,785

       283

     2,346

       239

       722

     1,339

       222

       333

       153

        42

        74

       163

       869

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 7,538,857

   178,294

 4,023,623

   116,901

   296,397

   688,791

   478,229

   381,224

   110,488

    55,523

    89,101

   319,699

   800,587

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.

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

 2,720,390

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

   432,107

Federal Reserve notes to be collateralized

 2,288,283

Collateral held against Federal Reserve notes

 2,288,283

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,272,047

Other assets pledged

         0

Memo:

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

 7,037,293

Less: Face value of securities under reverse repurchase agreements

   903,710

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

 6,133,583

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.