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

November 17, 2022

Reserve Bank credit

 8,629,098

-   13,482

+    2,570

 8,590,044

Securities held outright1

 8,244,252

-   11,740

+   86,464

 8,214,279

U.S. Treasury securities

 5,563,849

-   11,271

+    4,333

 5,535,051

Bills2

   296,059

         0

-   29,985

   296,059

Notes and bonds, nominal2

 4,791,635

-   11,549

-      714

 4,762,764

Notes and bonds, inflation-indexed2

   375,786

+       22

+    1,744

   375,786

Inflation compensation3

   100,369

+      256

+   33,287

   100,442

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,678,056

-      468

+   82,131

 2,676,881

Unamortized premiums on securities held outright5

   319,090

-      661

-   36,511

   318,863

Unamortized discounts on securities held outright5

   -27,186

-       41

-   10,190

   -27,256

Repurchase agreements6

         1

+        1

+        1

        10

Foreign official

         0

         0

         0

         0

Others

         1

+        1

+        1

        10

Loans

    17,112

+      715

-   28,669

    20,517

Primary credit

     4,326

+      839

+    3,977

     7,851

Secondary credit

         0

         0

         0

         0

Seasonal credit

        20

+        3

+       14

        19

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    12,766

-      127

-   32,660

    12,647

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-      515

         0

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

    25,524

-      116

-    4,970

    25,191

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,577

+        3

-    4,208

     5,579

Net portfolio holdings of TALF II LLC7

     2,105

+        2

-    2,386

     2,106

Float

      -180

-       38

-       20

      -156

Central bank liquidity swaps8

       202

+        7

-       72

       202

Other Federal Reserve assets9

    42,602

-    1,612

+    3,648

    30,710

Foreign currency denominated assets10

    17,670

+      614

-    2,831

    17,881

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,426

+       14

+      713

    51,426

Total factors supplying reserve funds

 8,714,435

-   12,854

+      451

 8,675,592

Currency in circulation11

 2,293,453

+    5,213

+   78,957

 2,293,437

Reverse repurchase agreements12

 2,527,022

-   57,788

+  789,332

 2,476,091

Foreign official and international accounts

   362,307

+    9,496

+   64,627

   377,021

Others

 2,164,715

-   67,284

+  724,706

 2,099,070

Treasury cash holdings

       100

+        1

+       38

        97

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

   706,112

-   22,612

+  232,525

   669,680

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   502,982

-   24,497

+  291,529

   472,185

Foreign official

     7,436

-       21

+      428

     7,436

Other13

   195,694

+    1,906

-   59,432

   190,060

Treasury contributions to credit facilities14

    17,940

         0

-    8,457

    17,940

Other liabilities and capital15

    41,531

+    1,941

-   10,419

    41,550

Total factors, other than reserve balances,
absorbing reserve funds

 5,586,158

-   73,244

+1,081,976

 5,498,796

Reserve balances with Federal Reserve Banks

 3,128,277

+   60,389

-1,081,525

 3,176,796

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

 3,308,260

-   12,274

-  159,630

 3,306,222

Marketable U.S. Treasury securities1

 2,893,791

-   13,099

-  162,394

 2,890,828

Federal agency debt and mortgage-backed securities2

   330,266

+    1,089

+    1,604

   331,761

Other securities3

    84,203

-      263

+    1,160

    83,634

Securities lent to dealers

    42,305

-    3,273

+      551

    41,522

Overnight facility4

    42,305

-    3,273

+      551

    41,522

U.S. Treasury securities

    42,303

-    3,275

+      549

    41,511

Federal agency debt securities

         2

+        2

+        2

        11

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

     5,867

     2,011

         0

    12,639

         0

...

    20,517

U.S. Treasury securities2

Holdings

    88,820

   246,856

   823,500

 1,956,539

   944,689

 1,474,649

 5,535,051

Weekly changes

-   21,060

-   54,519

+   34,134

+   17,317

-   35,752

+   19,700

-   40,181

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

         2

        53

     4,046

    51,767

 2,621,013

 2,676,881

Weekly changes

         0

         0

         0

-       27

-      346

-    1,269

-    1,643

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    12,274

...

...

    12,274

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       788

       251

...

...

     1,039

Repurchase agreements8

        10

         0

...

...

...

...

        10

Central bank liquidity swaps9

       202

         0

         0

         0

         0

         0

       202

Reverse repurchase agreements8

 2,476,091

         0

...

...

...

...

 2,476,091

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

 2,676,881

Residential mortgage-backed securities

 2,668,338

Commercial mortgage-backed securities

     8,543

Commitments to buy mortgage-backed securities2

         0

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)

    11,606

    10,881

    14,310

    25,191

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,671

     5,579

TALF II LLC

     1,058

     1,039

     1,067

     2,106

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 September 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

     1,187

-        9

-       12

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

 8,526,413

-   38,761

-   35,258

Securities held outright1

 8,214,279

-   41,825

+   34,976

U.S. Treasury securities

 5,535,051

-   40,181

-   38,474

Bills2

   296,059

         0

-   29,985

Notes and bonds, nominal2

 4,762,764

-   40,420

-   43,491

Notes and bonds, inflation-indexed2

   375,786

         0

+    1,744

Inflation compensation3

   100,442

+      239

+   33,258

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,676,881

-    1,643

+   73,450

Unamortized premiums on securities held outright5

   318,863

-      682

-   36,786

Unamortized discounts on securities held outright5

   -27,256

-      169

-    9,935

Repurchase agreements6

        10

+        9

+       10

Loans7

    20,517

+    3,905

-   23,523

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-      515

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

    25,191

-      468

-    5,275

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,579

+        3

-    4,207

Net portfolio holdings of TALF II LLC8

     2,106

+        1

-    2,385

Items in process of collection

(0)

       113

+        5

+       44

Bank premises

       611

-       26

-      851

Central bank liquidity swaps9

       202

+        7

-       63

Foreign currency denominated assets10

    17,881

+      687

-    2,498

Other assets11

    30,102

-   14,704

+    1,672

Total assets

(0)

 8,625,620

-   53,266

-   49,350

Liabilities

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

 2,243,291

+    1,150

+   77,536

Reverse repurchase agreements12

 2,476,091

-  115,999

+  661,799

Deposits

(0)

 3,846,479

+   59,825

-  772,683

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,176,799

+  105,569

-1,012,038

U.S. Treasury, General Account

   472,185

-   45,155

+  293,213

Foreign official

     7,436

         0

-      332

Other13

(0)

   190,060

-      589

-   53,525

Deferred availability cash items

(0)

       269

-       34

+       86

Treasury contributions to credit facilities14

    17,940

         0

-    8,457

Other liabilities and accrued dividends15

       -36

+    1,791

-    8,576

Total liabilities

(0)

 8,584,035

-   53,265

-   50,295

Capital accounts

Capital paid in

    34,801

         0

+      946

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,586

         0

+      946

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

     1,187

        15

        25

       109

        44

       187

        67

       220

        24

        36

        88

       149

       221

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

 8,526,413

   170,482

 4,364,360

   195,441

   342,287

   592,844

   556,842

   581,876

   133,622

    65,046

   133,014

   436,394

   954,205

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    25,191

    25,191

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,579

         0

     5,579

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,106

         0

     2,106

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       202

         9

        70

         7

        20

        41

         7

         8

         4

         1

         2

         5

        29

Foreign currency denominated

assets4

    17,881

       770

     6,229

       663

     1,747

     3,585

       582

       678

       360

        90

       185

       429

     2,563

Other assets5

    30,825

       721

    14,504

       788

     1,256

     2,464

     2,107

     2,060

       781

       382

       745

     1,647

     3,369

Interdistrict settlement account

         0

-    1,291

+  273,464

-   44,386

-   50,873

+   23,209

+   10,512

-   58,651

-    8,552

-    4,059

-   20,085

-   20,952

-   98,336

Total assets

 8,625,620

   196,440

 4,671,608

   153,161

   295,245

   623,533

   572,364

   527,283

   126,699

    61,759

   114,389

   418,951

   864,187

Liabilities

Federal Reserve notes, net

 2,243,291

    77,799

   705,764

    54,467

   109,497

   163,017

   350,455

   122,555

    69,859

    32,200

    51,952

   191,485

   314,241

Reverse repurchase agreements6

 2,476,091

    49,571

 1,269,496

    56,884

    98,877

   172,550

   162,002

   169,265

    38,888

    17,557

    38,652

   126,948

   275,401

Deposits

 3,846,479

    53,577

 2,679,820

    40,101

    82,679

   279,358

    57,915

   233,995

    16,813

    11,600

    23,132

    99,301

   268,188

Depository institutions

 3,176,799

    53,570

 2,150,764

    40,099

    82,644

   278,472

    57,883

    94,570

    16,804

    11,540

    23,102

    99,196

   268,155

U.S. Treasury, General Account

   472,185

         0

   472,185

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,436

         2

     7,410

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   190,060

         6

    49,461

         0

        31

       878

        31

   139,423

         9

        60

        29

       104

        27

Earnings remittances due to the U.S. Treasury8

    -9,164

      -156

    -6,909

       -46

      -109

      -855

        62

      -697

        24

       -26

       -20

       -36

      -395

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

     9,397

       -40

     4,778

       245

       338

     1,013

       660

       690

       190

       172

       232

       351

       769

Total liabilities

 8,584,035

   194,641

 4,656,997

   151,651

   291,282

   615,082

   571,094

   525,807

   125,775

    61,504

   113,947

   418,050

   858,204

Capital

Capital paid in

    34,801

     1,507

    12,248

     1,258

     3,300

     7,090

     1,049

     1,219

       788

       221

       371

       739

     5,010

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

 8,625,620

   196,440

 4,671,608

   153,161

   295,245

   623,533

   572,364

   527,283

   126,699

    61,759

   114,389

   418,951

   864,187

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.

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 $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

 2,607,245

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

   363,954

Federal Reserve notes to be collateralized

 2,243,291

Collateral held against Federal Reserve notes

 2,243,291

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,227,054

Other assets pledged

         0

Memo:

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

 8,214,289

Less: Face value of securities under reverse repurchase agreements

 2,776,440

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

 5,437,848

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.