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

September 1, 2022

Reserve Bank credit

 8,796,925

-   21,632

+  489,886

 8,789,846

Securities held outright1

 8,412,150

-   19,775

+  611,369

 8,406,632

U.S. Treasury securities

 5,700,535

+      441

+  340,168

 5,694,997

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,900,097

-    1,170

+  283,252

 4,893,074

Notes and bonds, inflation-indexed2

   374,868

+      149

+   18,893

   375,761

Inflation compensation3

    99,527

+    1,463

+   38,024

   100,118

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,709,268

-   20,216

+  271,201

 2,709,288

Unamortized premiums on securities held outright5

   327,467

-    1,126

-   26,424

   327,261

Unamortized discounts on securities held outright5

   -26,560

-        3

-   11,209

   -26,740

Repurchase agreements6

         0

         0

         0

         0

Foreign official

         0

         0

         0

         0

Others

         0

         0

         0

         0

Loans

    19,706

+    1,258

-   56,807

    20,266

Primary credit

     4,594

+    1,482

+    4,265

     5,251

Secondary credit

         0

         0

         0

         0

Seasonal credit

        49

+        2

+       21

        47

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    15,063

-      226

-   61,092

    14,969

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-   17,116

         0

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

    25,919

+       15

-    4,626

    25,933

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,554

+        1

-    4,214

     5,556

Net portfolio holdings of TALF II LLC7

     2,157

-        2

-    2,356

     2,144

Float

      -377

-      249

-        6

    -1,087

Central bank liquidity swaps8

       171

+        5

-      165

       171

Other Federal Reserve assets9

    30,738

-    1,756

+    1,440

    29,710

Foreign currency denominated assets10

    17,545

-       60

-    3,686

    17,575

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,272

+       14

+      622

    51,272

Total factors supplying reserve funds

 8,881,983

-   21,677

+  486,822

 8,874,933

Currency in circulation11

 2,276,035

+      582

+   86,707

 2,278,728

Reverse repurchase agreements12

 2,460,391

-   32,968

+1,062,330

 2,528,284

Foreign official and international accounts

   263,183

-      654

-   11,124

   277,259

Others

 2,197,207

-   32,315

+1,073,453

 2,251,025

Treasury cash holdings

        99

-        5

+       56

        97

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

   831,084

+   71,463

+  306,267

   886,284

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   612,536

+   77,269

+  334,886

   669,911

Foreign official

     7,531

+       97

+      956

     8,117

Other13

   211,017

-    5,902

-   29,575

   208,256

Treasury contributions to credit facilities14

    17,940

         0

-   22,338

    17,940

Other liabilities and capital15

    47,780

-    2,039

-      873

    47,754

Total factors, other than reserve balances,
absorbing reserve funds

 5,633,329

+   37,034

+1,432,149

 5,759,087

Reserve balances with Federal Reserve Banks

 3,248,654

-   58,711

-  945,327

 3,115,846

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

 3,390,850

+    4,445

-   90,792

 3,389,113

Marketable U.S. Treasury securities1

 2,993,760

+    7,711

-   63,284

 2,991,993

Federal agency debt and mortgage-backed securities2

   312,831

-    3,796

-   19,576

   312,851

Other securities3

    84,260

+      531

-    7,932

    84,269

Securities lent to dealers

    36,807

-    6,142

+    5,053

    35,692

Overnight facility4

    36,807

-    6,142

+    5,053

    35,692

U.S. Treasury securities

    36,807

-    6,142

+    5,053

    35,692

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

     2,307

     3,000

         0

    14,959

         0

...

    20,266

U.S. Treasury securities2

Holdings

    59,696

   317,001

   852,012

 2,010,480

 1,000,936

 1,454,871

 5,694,997

Weekly changes

-   18,537

-    7,424

+   32,525

-    7,248

-    8,385

+    3,437

-    5,631

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

        49

     2,338

    56,660

 2,650,240

 2,709,288

Weekly changes

         0

-        1

-        8

-       74

-      865

-   15,669

-   16,618

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    13,346

...

...

    13,346

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       358

       718

...

...

     1,076

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       171

         0

         0

         0

         0

         0

       171

Reverse repurchase agreements8

 2,528,284

         0

...

...

...

...

 2,528,284

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

 2,709,288

Residential mortgage-backed securities

 2,700,610

Commercial mortgage-backed securities

     8,679

Commitments to buy mortgage-backed securities2

    14,305

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         2

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)

    12,938

    11,558

    14,376

    25,933

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,649

     5,556

TALF II LLC

     1,110

     1,076

     1,068

     2,144

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 June 30, 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

     1,282

-       15

+       56

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

 8,727,419

-   22,004

+  507,974

Securities held outright1

 8,406,632

-   22,249

+  600,547

U.S. Treasury securities

 5,694,997

-    5,631

+  329,327

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,893,074

-    8,193

+  272,831

Notes and bonds, inflation-indexed2

   375,761

+    1,042

+   18,210

Inflation compensation3

   100,118

+    1,520

+   38,286

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,709,288

-   16,618

+  271,220

Unamortized premiums on securities held outright5

   327,261

-      992

-   26,807

Unamortized discounts on securities held outright5

   -26,740

-      226

-   11,224

Repurchase agreements6

         0

         0

         0

Loans7

    20,266

+    1,463

-   54,542

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   17,117

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

    25,933

+       16

-    4,617

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,556

+        2

-    4,213

Net portfolio holdings of TALF II LLC8

     2,144

-       16

-    2,367

Items in process of collection

(0)

        63

+       17

-       29

Bank premises

       611

+        1

-      985

Central bank liquidity swaps9

       171

+        5

-      165

Foreign currency denominated assets10

    17,575

+       32

-    3,703

Other assets11

    29,102

-    3,382

+    2,086

Total assets

(0)

 8,826,093

-   25,343

+  476,920

Liabilities

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

 2,228,832

+    2,512

+   85,984

Reverse repurchase agreements12

 2,528,284

+   33,924

+1,151,988

Deposits

(0)

 4,002,133

-   60,918

-  737,843

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,115,849

-  155,064

-1,090,600

U.S. Treasury, General Account

   669,911

+  139,715

+  372,977

Foreign official

     8,117

+      682

+    2,641

Other13

(0)

   208,256

-   46,251

-   22,861

Deferred availability cash items

(0)

     1,150

+      946

+      436

Treasury contributions to credit facilities14

    17,940

         0

-   22,338

Other liabilities and accrued dividends15

     5,952

-    1,811

-    3,313

Total liabilities

(0)

 8,784,292

-   25,347

+  474,914

Capital accounts

Capital paid in

    35,016

+        5

+    2,005

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,801

+        5

+    2,005

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

     1,282

        22

        26

       110

        53

       192

       104

       232

        28

        35

        93

       160

       229

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

 8,727,419

   174,403

 4,467,241

   200,555

   350,678

   606,870

   569,888

   595,528

   136,813

    67,223

   136,057

   446,691

   975,471

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    25,933

    25,933

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,556

         0

     5,556

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,144

         0

     2,144

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       171

         7

        59

         6

        17

        34

         6

         6

         3

         1

         2

         4

        24

Foreign currency denominated

assets4

    17,575

       756

     6,132

       651

     1,716

     3,521

       571

       666

       353

        88

       181

       422

     2,517

Other assets5

    29,776

       692

    14,060

       765

     1,232

     2,346

     1,987

     1,976

       767

       397

       740

     1,591

     3,223

Interdistrict settlement account

         0

-    6,489

+  311,601

-   35,588

-   60,626

-    7,731

+   10,307

-   51,857

-    7,690

-    2,778

-   14,163

-   21,925

-  113,060

Total assets

 8,826,093

   195,868

 4,812,090

   167,037

   293,834

   606,435

   585,109

   547,644

   130,736

    65,229

   123,350

   428,221

   870,540

Liabilities

Federal Reserve notes, net

 2,228,832

    77,981

   705,319

    55,519

   102,727

   152,050

   346,306

   124,391

    70,495

    33,633

    56,858

   192,784

   310,769

Reverse repurchase agreements6

 2,528,284

    50,616

 1,296,255

    58,083

   100,962

   176,187

   165,417

   172,833

    39,708

    17,927

    39,467

   129,624

   281,206

Deposits

 4,002,133

    52,255

 2,789,051

    51,703

    85,883

   269,029

    70,443

   248,414

    19,400

    13,243

    26,356

   104,398

   271,956

Depository institutions

 3,115,849

    52,173

 2,063,179

    51,701

    85,850

   268,582

    70,424

    89,062

    19,392

    13,168

    26,328

   104,058

   271,933

U.S. Treasury, General Account

   669,911

         0

   669,911

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     8,117

         2

     8,091

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   208,256

        81

    47,870

         0

        29

       439

        18

   159,351

         8

        74

        28

       340

        18

Earnings remittances due to the U.S. Treasury8

     1,024

        27

       298

        32

        57

        77

       143

        55

        36

        16

        37

        84

       162

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

     6,079

      -706

     2,511

       201

       234

       645

     1,474

       440

       181

       155

       199

       261

       484

Total liabilities

 8,784,292

   194,065

 4,797,483

   165,538

   289,862

   597,989

   583,783

   546,133

   129,819

    64,973

   122,917

   427,152

   864,577

Capital

Capital paid in

    35,016

     1,511

    12,244

     1,247

     3,309

     7,086

     1,105

     1,253

       780

       222

       363

       907

     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

 8,826,093

   195,868

 4,812,090

   167,037

   293,834

   606,435

   585,109

   547,644

   130,736

    65,229

   123,350

   428,221

   870,540

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

 2,565,900

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

   337,068

Federal Reserve notes to be collateralized

 2,228,832

Collateral held against Federal Reserve notes

 2,228,832

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,212,595

Other assets pledged

         0

Memo:

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

 8,406,632

Less: Face value of securities under reverse repurchase agreements

 2,661,814

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

 5,744,818

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.