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

July 28, 2022

Reserve Bank credit

 8,865,999

-    4,098

+  666,530

 8,854,182

Securities held outright1

 8,464,333

-    3,425

+  798,688

 8,453,907

U.S. Treasury securities

 5,733,757

-      798

+  476,788

 5,734,180

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,940,459

-      214

+  413,544

 4,940,459

Notes and bonds, inflation-indexed2

   374,719

-    1,375

+   27,204

   374,719

Inflation compensation3

    92,535

+      791

+   36,040

    92,959

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,728,229

-    2,627

+  321,900

 2,717,379

Unamortized premiums on securities held outright5

   331,179

-    1,017

-   22,060

   330,669

Unamortized discounts on securities held outright5

   -25,891

-      144

-   11,275

   -25,851

Repurchase agreements6

         0

         0

         0

         1

Foreign official

         0

         0

         0

         0

Others

         0

         0

         0

         1

Loans

    19,700

+      125

-   66,569

    20,178

Primary credit

     3,065

+      476

+    2,651

     3,710

Secondary credit

         0

         0

         0

         0

Seasonal credit

        11

         0

-        5

        12

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    16,623

-      352

-   69,216

    16,456

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-   22,649

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7

    26,040

-       44

-    4,400

    26,053

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,546

+        2

-    4,214

     5,547

Net portfolio holdings of TALF II LLC7

     2,181

+        1

-    2,509

     2,182

Float

      -186

-       51

+       17

      -575

Central bank liquidity swaps8

       206

+       11

-      270

       206

Other Federal Reserve assets9

    42,891

+      443

+    1,771

    41,865

Foreign currency denominated assets10

    17,792

+      146

-    3,406

    17,676

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,233

+       14

+      609

    51,233

Total factors supplying reserve funds

 8,951,265

-    3,939

+  663,733

 8,939,332

Currency in circulation11

 2,274,483

-    2,345

+   89,428

 2,274,830

Reverse repurchase agreements12

 2,506,890

+   22,425

+1,351,127

 2,484,253

Foreign official and international accounts

   288,394

-    8,818

+   34,596

   295,259

Others

 2,218,495

+   31,242

+1,316,529

 2,188,994

Treasury cash holdings

        99

         0

+       49

       104

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

   844,756

+    2,806

-   28,267

   837,686

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   602,945

-   10,933

+   24,741

   615,515

Foreign official

     9,166

-      989

+    3,042

     9,601

Other13

   232,644

+   14,726

-   56,052

   212,570

Treasury contributions to credit facilities14

    17,940

         0

-   22,338

    17,940

Other liabilities and capital15

    50,222

+      626

+    1,231

    48,910

Total factors, other than reserve balances,
absorbing reserve funds

 5,694,390

+   23,511

+1,391,229

 5,663,723

Reserve balances with Federal Reserve Banks

 3,256,875

-   27,449

-  727,496

 3,275,609

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

8.

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.

9.

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

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 billion.

15.

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

Securities held in custody for foreign official and international accounts

 3,358,849

+    6,391

-  155,555

 3,359,207

Marketable U.S. Treasury securities1

 2,958,159

+    4,095

-  120,972

 2,962,624

Federal agency debt and mortgage-backed securities2

   317,492

+    1,826

-   27,860

   313,419

Other securities3

    83,199

+      471

-    6,721

    83,164

Securities lent to dealers

    35,679

-    1,289

+    8,912

    37,434

Overnight facility4

    35,679

-    1,289

+    8,912

    37,434

U.S. Treasury securities

    35,679

-    1,289

+    8,912

    37,434

Federal agency debt securities

         0

         0

         0

         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

     2,136

     1,599

         0

    16,443

         0

...

    20,178

U.S. Treasury securities2

Holdings

    87,825

   321,128

   816,043

 2,054,223

 1,019,483

 1,435,479

 5,734,180

Weekly changes

+    1,969

-    1,747

-      169

+      449

+      354

+      298

+    1,153

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

        47

     1,992

    58,223

 2,657,116

 2,717,379

Weekly changes

         0

-        1

-        8

-       74

-      913

-    7,887

-    8,882

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    13,643

...

...

    13,643

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

        64

     1,026

...

...

     1,090

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

       206

         0

         0

         0

         0

         0

       206

Reverse repurchase agreements8

 2,484,253

         0

...

...

...

...

 2,484,253

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) 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

 2,717,379

Residential mortgage-backed securities

 2,708,655

Commercial mortgage-backed securities

     8,724

Commitments to buy mortgage-backed securities2

    20,097

Commitments to sell mortgage-backed securities2

         0

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)

    13,204

    11,774

    14,278

    26,053

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,640

     5,547

TALF II LLC

     1,152

     1,090

     1,092

     2,182

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, 2022.

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

     1,276

+       10

+       25

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

 8,778,904

-    8,636

+  704,651

Securities held outright1

 8,453,907

-    7,729

+  803,041

U.S. Treasury securities

 5,734,180

+    1,153

+  470,440

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,940,459

         0

+  408,628

Notes and bonds, inflation-indexed2

   374,719

         0

+   25,776

Inflation compensation3

    92,959

+    1,153

+   36,037

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,717,379

-    8,882

+  332,600

Unamortized premiums on securities held outright5

   330,669

-    1,064

-   21,880

Unamortized discounts on securities held outright5

   -25,851

-       92

-   11,202

Repurchase agreements6

         1

+        1

+        1

Loans7

    20,178

+      248

-   65,309

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   22,654

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

    26,053

+       15

-    4,392

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,547

+        1

-    4,214

Net portfolio holdings of TALF II LLC8

     2,182

+        1

-    2,508

Items in process of collection

(0)

        58

-        7

-       20

Bank premises

       616

+        7

-    1,150

Central bank liquidity swaps9

       206

+       11

-      270

Foreign currency denominated assets10

    17,676

-       77

-    3,560

Other assets11

    41,249

-      536

+    2,623

Total assets

(0)

 8,890,004

-    9,209

+  668,531

Liabilities

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

 2,224,973

-    1,092

+   88,090

Reverse repurchase agreements12

 2,484,253

-   50,222

+1,264,120

Deposits

(0)

 4,113,295

+   41,111

-  662,020

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,275,609

+   40,437

-  725,452

U.S. Treasury, General Account

   615,515

-      833

+   78,549

Foreign official

     9,601

-    1,151

+    3,407

Other13

(0)

   212,570

+    2,659

-   18,524

Deferred availability cash items

(0)

       633

+      427

-      258

Treasury contributions to credit facilities14

    17,940

         0

-   22,338

Other liabilities and accrued dividends15

     7,201

+      564

-    1,173

Total liabilities

(0)

 8,848,295

-    9,211

+  666,420

Capital accounts

Capital paid in

    34,924

+        2

+    2,110

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,709

+        2

+    2,110

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 Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 billion.

15.

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

Assets

Gold certificates and special drawing rights certificates

    16,237

       544

     5,271

       537

       763

     1,203

     2,247

     1,093

       461

       263

       440

     1,279

     2,136

Coin

     1,276

        18

        25

       109

        50

       193

       106

       230

        26

        39

        92

       158

       230

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

 8,778,904

   175,441

 4,494,158

   201,680

   353,022

   610,477

   573,190

   599,536

   137,627

    68,106

   136,869

   449,414

   979,384

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    26,053

    26,053

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,547

         0

     5,547

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,182

         0

     2,182

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       206

         9

        72

         8

        20

        41

         7

         8

         4

         1

         2

         5

        30

Foreign currency denominated

assets4

    17,676

       761

     6,157

       656

     1,727

     3,544

       575

       670

       356

        89

       182

       425

     2,534

Other assets5

    41,923

       934

    20,373

     1,049

     1,734

     3,202

     2,788

     2,814

       784

       485

       961

     2,216

     4,583

Interdistrict settlement account

         0

-   19,897

+  305,874

-   33,360

-   77,753

-    3,166

+    5,495

-   47,856

-      943

-    1,419

-   10,887

-    4,359

-  111,729

Total assets

 8,890,004

   183,863

 4,839,660

   170,679

   279,564

   615,495

   584,407

   556,495

   138,315

    67,564

   127,659

   449,138

   877,167

Liabilities

Federal Reserve notes, net

 2,224,973

    76,329

   703,809

    57,580

   102,474

   151,116

   340,812

   125,200

    70,914

    33,792

    57,988

   194,563

   310,395

Reverse repurchase agreements6

 2,484,253

    49,735

 1,273,680

    57,072

    99,203

   173,119

   162,536

   169,823

    39,016

    17,615

    38,779

   127,367

   276,308

Deposits

 4,113,295

    42,948

 2,840,070

    54,268

    73,594

   281,893

    78,555

   259,342

    27,271

    15,726

    30,207

   125,713

   283,708

Depository institutions

 3,275,609

    42,939

 2,168,892

    54,266

    73,557

   280,669

    78,520

    94,596

    27,262

    15,537

    30,177

   125,513

   283,680

U.S. Treasury, General Account

   615,515

         0

   615,515

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,601

         2

     9,575

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   212,570

         7

    46,089

         0

        33

     1,216

        34

   164,745

         8

       189

        29

       199

        23

Earnings remittances due to the U.S. Treasury8

     1,438

        19

       660

        39

        69

        58

       145

        83

        24

        10

        39

        95

       197

Treasury contributions to credit facilities9

    17,940

    13,891

     4,049

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     6,397

      -826

     2,844

       223

       253

       867

     1,023

       535

       185

       164

       212

       321

       596

Total liabilities

 8,848,295

   182,095

 4,825,113

   169,182

   275,593

   607,053

   583,071

   554,984

   137,410

    67,307

   127,225

   448,058

   871,204

Capital

Capital paid in

    34,924

     1,476

    12,184

     1,245

     3,308

     7,081

     1,115

     1,254

       769

       222

       364

       917

     4,990

Surplus

     6,785

       292

     2,363

       252

       663

     1,361

       221

       257

       137

        34

        70

       163

       973

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 8,890,004

   183,863

 4,839,660

   170,679

   279,564

   615,495

   584,407

   556,495

   138,315

    67,564

   127,659

   449,138

   877,167

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 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.

Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit 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.

9.

Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF 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 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 CCF LLC, 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

 2,543,978

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

   319,005

Federal Reserve notes to be collateralized

 2,224,973

Collateral held against Federal Reserve notes

 2,224,973

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,208,736

Other assets pledged

         0

Memo:

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

 8,453,908

Less: Face value of securities under reverse repurchase agreements

 2,541,219

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

 5,912,689

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.