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

December 22, 2022

Reserve Bank credit

 8,530,556

-   16,395

-  211,241

 8,528,248

Securities held outright1

 8,159,427

-   15,507

-  131,615

 8,156,600

U.S. Treasury securities

 5,501,040

-   12,826

-  142,922

 5,501,030

Bills2

   292,050

-    1,177

-   33,994

   291,827

Notes and bonds, nominal2

 4,729,465

-   12,088

-  135,271

 4,729,518

Notes and bonds, inflation-indexed2

   377,416

         0

-    4,799

   377,416

Inflation compensation3

   102,108

+      438

+   31,141

   102,269

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,656,041

-    2,680

+   11,309

 2,653,222

Unamortized premiums on securities held outright5

   315,411

-      694

-   39,180

   315,087

Unamortized discounts on securities held outright5

   -27,534

+       71

-    9,545

   -27,466

Repurchase agreements6

         2

+        2

+        2

         0

Foreign official

         0

         0

         0

         0

Others

         2

+        2

+        2

         0

Loans

    15,830

-    2,363

-   21,958

    16,209

Primary credit

     4,147

-    2,078

+    3,444

     4,571

Secondary credit

         0

         0

         0

         0

Seasonal credit

         3

+        3

+        3

         4

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    11,681

-      286

-   25,404

    11,634

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

         0

         0

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

    22,584

-      234

-    6,810

    22,596

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,564

+        2

-    2,394

     5,566

Net portfolio holdings of TALF II LLC7

     1,981

+        1

-      645

     1,983

Float

      -150

+        1

-        5

      -162

Central bank liquidity swaps8

       210

+        2

-       46

       210

Other Federal Reserve assets9

    37,229

+    2,322

+      953

    37,626

Foreign currency denominated assets10

    18,338

+       88

-    2,047

    18,475

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,443

+       14

+      707

    51,443

Total factors supplying reserve funds

 8,616,579

-   16,293

-  212,580

 8,614,408

Currency in circulation11

 2,295,617

+    1,135

+   70,794

 2,299,300

Reverse repurchase agreements12

 2,499,376

-   29,399

+  493,749

 2,562,362

Foreign official and international accounts

   355,840

-    8,896

+   61,212

   355,397

Others

 2,143,536

-   20,503

+  432,538

 2,206,965

Treasury cash holdings

        95

-        5

+       25

       104

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

   684,843

+  116,108

+  343,498

   655,061

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   459,780

+  104,263

+  374,826

   434,922

Foreign official

     8,439

+        3

+    3,179

     8,434

Other13

   216,625

+   11,843

-   34,505

   211,706

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

    15,347

Other liabilities and capital15

    32,680

-    4,119

-   18,347

    32,908

Total factors, other than reserve balances,
absorbing reserve funds

 5,527,958

+   83,720

+  883,808

 5,565,082

Reserve balances with Federal Reserve Banks

 3,088,621

-  100,013

-1,096,388

 3,049,325

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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 billion.

15.

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

Securities held in custody for foreign official and international accounts

 3,308,757

+      312

-  116,218

 3,306,225

Marketable U.S. Treasury securities1

 2,898,190

+      984

-  124,309

 2,896,818

Federal agency debt and mortgage-backed securities2

   329,178

-      592

+    7,893

   328,014

Other securities3

    81,388

-       80

+      197

    81,393

Securities lent to dealers

    41,468

-    1,881

+    9,171

    45,089

Overnight facility4

    41,468

-    1,881

+    9,171

    45,089

U.S. Treasury securities

    41,447

-    1,881

+    9,150

    45,068

Federal agency debt securities

        21

         0

+       21

        21

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

     2,984

     1,599

         0

    11,626

         0

...

    16,209

U.S. Treasury securities2

Holdings

    84,352

   333,601

   734,808

 1,934,523

   949,275

 1,464,471

 5,501,030

Weekly changes

+   32,605

-   39,032

+    7,380

-   13,926

+      135

+      114

-   12,724

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         3

        43

     4,118

    50,644

 2,598,415

 2,653,222

Weekly changes

         0

         0

-        1

-       31

-      323

-    5,055

-    5,411

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    11,940

...

...

    11,940

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

     1,010

         0

...

...

     1,010

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       210

         0

         0

         0

         0

         0

       210

Reverse repurchase agreements8

 2,562,362

         0

...

...

...

...

 2,562,362

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

 2,653,222

Residential mortgage-backed securities

 2,644,716

Commercial mortgage-backed securities

     8,506

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)

    11,353

    10,580

    12,016

    22,596

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,659

     5,566

TALF II LLC

     1,040

     1,010

       973

     1,983

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

     1,189

+        8

-       15

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

 8,460,429

-   20,270

-  215,114

Securities held outright1

 8,156,600

-   18,134

-  145,231

U.S. Treasury securities

 5,501,030

-   12,724

-  148,793

Bills2

   291,827

-    1,127

-   34,217

Notes and bonds, nominal2

 4,729,518

-   12,035

-  139,690

Notes and bonds, inflation-indexed2

   377,416

         0

-    5,784

Inflation compensation3

   102,269

+      438

+   30,898

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,653,222

-    5,411

+    3,561

Unamortized premiums on securities held outright5

   315,087

-      790

-   39,537

Unamortized discounts on securities held outright5

   -27,466

+       71

-    9,471

Repurchase agreements6

         0

-        3

         0

Loans7

    16,209

-    1,414

-   20,873

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

         0

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

    22,596

-      239

-    6,802

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,566

+        2

-    2,393

Net portfolio holdings of TALF II LLC8

     1,983

+        2

-      644

Items in process of collection

(0)

        93

+        4

+       31

Bank premises

       490

+        1

-      906

Central bank liquidity swaps9

       210

+        2

-       55

Foreign currency denominated assets10

    18,475

+       77

-    1,910

Other assets11

    37,142

+    1,409

+    1,722

Total assets

(0)

 8,564,411

-   19,002

-  226,084

Liabilities

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

 2,249,145

+    4,628

+   67,962

Reverse repurchase agreements12

 2,562,362

+   10,922

+  579,447

Deposits

(0)

 3,704,393

-   30,306

-  851,791

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,049,332

-  121,475

-1,055,594

U.S. Treasury, General Account

   434,922

+   92,818

+  237,406

Foreign official

     8,434

-        2

+    3,245

Other13

(0)

   211,706

-    1,646

-   36,847

Deferred availability cash items

(0)

       255

-       35

-        5

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

    -8,891

-    4,213

-   16,925

Total liabilities

(0)

 8,522,612

-   19,003

-  227,222

Capital accounts

Capital paid in

    35,014

+        1

+    1,138

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,799

+        1

+    1,138

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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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

     1,189

        14

        23

       109

        45

       184

        71

       222

        24

        35

        90

       152

       221

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

 8,460,429

   169,158

 4,332,666

   194,058

   339,745

   588,651

   552,983

   577,916

   132,632

    63,941

   132,054

   433,149

   943,476

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,596

    22,596

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,566

         0

     5,566

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,983

         0

     1,983

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       210

         9

        73

         8

        21

        42

         7

         8

         4

         1

         2

         5

        30

Foreign currency denominated

assets4

    18,475

       796

     6,436

       685

     1,806

     3,704

       601

       700

       372

        93

       191

       444

     2,648

Other assets5

    37,725

       862

    18,100

       951

     1,557

     2,970

     2,554

     2,549

       699

       444

       867

     2,014

     4,160

Interdistrict settlement account

         0

+   12,104

+  216,778

-   48,808

-   39,015

+   17,854

+   18,037

-   16,094

-   11,230

-    3,432

-   22,655

-   19,991

-  103,549

Total assets

 8,564,411

   206,083

 4,586,895

   147,540

   304,922

   614,608

   576,499

   566,394

   122,962

    61,345

   110,988

   417,052

   849,123

Liabilities

Federal Reserve notes, net

 2,249,145

    77,408

   707,937

    54,873

   111,538

   166,323

   353,163

   122,103

    69,052

    32,611

    49,587

   191,239

   313,311

Reverse repurchase agreements6

 2,562,362

    51,298

 1,313,727

    58,866

   102,322

   178,562

   167,646

   175,162

    40,243

    18,168

    39,999

   131,371

   284,996

Deposits

 3,704,393

    64,406

 2,555,155

    32,129

    86,955

   261,829

    53,788

   268,351

    12,558

    10,191

    20,793

    93,347

   244,891

Depository institutions

 3,049,332

    64,395

 2,060,507

    32,127

    86,925

   261,420

    53,756

   108,826

    12,549

    10,088

    20,766

    93,124

   244,849

U.S. Treasury, General Account

   434,922

         0

   434,922

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     8,434

         2

     8,408

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   211,706

        10

    51,318

         0

        26

       401

        31

   159,524

         8

       102

        27

       222

        37

Earnings remittances due to the U.S. Treasury8

   -16,040

      -295

   -12,038

       -52

      -152

    -1,418

        30

    -1,274

         3

       -40

       -33

      -100

      -670

Treasury contributions to credit facilities9

    15,347

    11,453

     3,894

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     7,404

        14

     3,400

       215

       293

       862

       600

       574

       182

       160

       200

       293

       611

Total liabilities

 8,522,612

   204,284

 4,572,075

   146,030

   300,956

   606,158

   575,228

   564,917

   122,038

    61,090

   110,546

   416,150

   843,139

Capital

Capital paid in

    35,014

     1,507

    12,457

     1,258

     3,302

     7,090

     1,050

     1,219

       788

       221

       372

       738

     5,011

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

 8,564,411

   206,083

 4,586,895

   147,540

   304,922

   614,608

   576,499

   566,394

   122,962

    61,345

   110,988

   417,052

   849,123

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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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

 2,620,491

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

   371,347

Federal Reserve notes to be collateralized

 2,249,145

Collateral held against Federal Reserve notes

 2,249,145

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,232,908

Other assets pledged

         0

Memo:

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

 8,156,600

Less: Face value of securities under reverse repurchase agreements

 2,786,334

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

 5,370,266

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.