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

January 19, 2023

Reserve Bank credit

 8,467,129

-    4,296

-  358,515

 8,452,327

Securities held outright1

 8,093,527

-    6,902

-  282,809

 8,079,010

U.S. Treasury securities

 5,450,196

-    6,484

-  242,092

 5,436,722

Bills2

   287,366

-      993

-   38,678

   287,231

Notes and bonds, nominal2

 4,683,665

-    4,477

-  223,285

 4,672,607

Notes and bonds, inflation-indexed2

   376,720

-      696

-    8,788

   374,979

Inflation compensation3

   102,445

-      318

+   28,659

   101,906

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,640,984

-      418

-   40,717

 2,639,940

Unamortized premiums on securities held outright5

   312,478

-      673

-   40,796

   312,256

Unamortized discounts on securities held outright5

   -27,473

+       65

-    8,992

   -27,407

Repurchase agreements6

         1

+        1

+        1

         1

Foreign official

         0

         0

         0

         0

Others

         1

+        1

+        1

         1

Loans

    15,459

+      264

-   16,616

    15,877

Primary credit

     4,154

+      342

+    3,680

     4,603

Secondary credit

         1

+        1

+        1

         5

Seasonal credit

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    11,305

-       78

-   20,296

    11,270

Other credit extensions

         0

         0

         0

         0

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

    22,549

-       92

-    6,737

    22,270

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,574

+        2

-    2,293

     5,576

Net portfolio holdings of TALF II LLC7

     1,959

+        2

-      642

     1,960

Float

      -173

-       16

-       26

      -208

Central bank liquidity swaps8

       198

+        7

-       68

       198

Other Federal Reserve assets9

    43,031

+    3,048

+      465

    42,795

Foreign currency denominated assets10

    18,941

+      394

-    1,535

    18,946

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,499

+       14

+      728

    51,499

Total factors supplying reserve funds

 8,553,811

-    3,887

-  359,322

 8,539,014

Currency in circulation11

 2,296,627

-    5,923

+   64,321

 2,295,031

Reverse repurchase agreements12

 2,522,302

-   22,604

+  595,528

 2,503,262

Foreign official and international accounts

   358,428

+   21,366

+   43,940

   371,584

Others

 2,163,874

-   43,971

+  551,588

 2,131,678

Treasury cash holdings

       107

+        5

+       43

       106

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

   547,671

-   37,377

-  201,287

   582,942

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   339,018

-   33,322

-  149,679

   377,500

Foreign official

     8,935

         0

+    3,263

     8,934

Other13

   199,718

-    4,055

-   54,871

   196,508

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

    15,347

Other liabilities and capital15

    24,426

-    4,082

-   26,826

    24,090

Total factors, other than reserve balances,
absorbing reserve funds

 5,406,480

-   69,981

+  425,868

 5,420,778

Reserve balances with Federal Reserve Banks

 3,147,332

+   66,095

-  785,189

 3,118,236

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

 3,330,564

-      979

-  116,318

 3,321,061

Marketable U.S. Treasury securities1

 2,921,565

-    1,109

-  115,908

 2,912,435

Federal agency debt and mortgage-backed securities2

   327,891

+      142

+      429

   327,784

Other securities3

    81,109

-       11

-      838

    80,842

Securities lent to dealers

    40,026

-    2,952

-    2,115

    41,602

Overnight facility4

    40,026

-    2,952

-    2,115

    41,602

U.S. Treasury securities

    40,005

-    2,952

-    2,136

    41,581

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

     3,097

     1,517

         0

    11,263

         0

...

    15,877

U.S. Treasury securities2

Holdings

    86,064

   334,494

   724,788

 1,907,249

   919,568

 1,464,560

 5,436,722

Weekly changes

+   21,418

-   18,870

+    3,541

-    8,153

-   17,610

-       29

-   19,704

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

        37

     5,698

    50,190

 2,584,012

 2,639,940

Weekly changes

         0

         0

         0

-       23

-      370

-    1,068

-    1,462

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    11,664

...

...

    11,664

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

     2,907

         0

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       996

         0

...

...

       996

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

       198

         0

         0

         0

         0

         0

       198

Reverse repurchase agreements8

 2,503,262

         0

...

...

...

...

 2,503,262

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

 2,639,940

Residential mortgage-backed securities

 2,631,455

Commercial mortgage-backed securities

     8,485

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)

    10,966

    10,315

    11,955

    22,270

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,669

     5,576

TALF II LLC

     1,011

       996

       964

     1,960

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

     1,235

+       19

+        2

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

 8,379,737

-   21,123

-  368,186

Securities held outright1

 8,079,010

-   21,165

-  302,940

U.S. Treasury securities

 5,436,722

-   19,704

-  256,619

Bills2

   287,231

-      968

-   38,813

Notes and bonds, nominal2

 4,672,607

-   15,481

-  242,604

Notes and bonds, inflation-indexed2

   374,979

-    2,437

-    4,519

Inflation compensation3

   101,906

-      817

+   29,317

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,639,940

-    1,462

-   46,322

Unamortized premiums on securities held outright5

   312,256

-      682

-   40,846

Unamortized discounts on securities held outright5

   -27,407

+       54

-    8,670

Repurchase agreements6

         1

+        1

         0

Loans7

    15,877

+      670

-   15,730

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

    22,270

-      389

-    6,666

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,576

+        2

-    2,292

Net portfolio holdings of TALF II LLC8

     1,960

+        2

-      641

Items in process of collection

(0)

        85

+       24

+        4

Bank premises

       476

+        8

-      941

Central bank liquidity swaps9

       198

+        7

-       68

Foreign currency denominated assets10

    18,946

+      323

-    1,456

Other assets11

    42,320

+    1,578

+    1,451

Total assets

(0)

 8,489,039

-   19,548

-  378,795

Liabilities

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

 2,244,869

-    4,005

+   61,588

Reverse repurchase agreements12

 2,503,262

-   44,544

+  539,463

Deposits

(0)

 3,701,178

+   33,469

-  950,622

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,118,237

+    1,406

-  703,506

U.S. Treasury, General Account

   377,500

+   31,074

-  202,671

Foreign official

     8,934

-        1

+    1,527

Other13

(0)

   196,508

+      991

-   45,970

Deferred availability cash items

(0)

       293

+       69

+       69

Treasury contributions to credit facilities14

    15,347

         0

-    5,911

Other liabilities and accrued dividends15

   -17,736

-    4,538

-   24,710

Total liabilities

(0)

 8,447,213

-   19,548

-  380,122

Capital accounts

Capital paid in

    35,041

         0

+    1,327

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,826

         0

+    1,327

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility 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

     1,235

        17

        28

       109

        46

       193

        81

       228

        24

        36

        91

       158

       224

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

 8,379,737

   167,869

 4,291,239

   192,247

   336,505

   583,060

   547,588

   572,215

   131,406

    63,308

   131,028

   429,151

   934,121

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    22,270

    22,270

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,576

         0

     5,576

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,960

         0

     1,960

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       198

         9

        69

         7

        19

        40

         6

         7

         4

         1

         2

         5

        28

Foreign currency denominated

assets4

    18,946

       816

     6,600

       703

     1,852

     3,799

       616

       718

       381

        95

       196

       455

     2,716

Other assets5

    42,880

       986

    20,676

     1,072

     1,762

     3,335

     2,883

     2,907

       808

       477

       962

     2,280

     4,732

Interdistrict settlement account

         0

-    4,100

+  279,210

-   49,586

-   46,541

+   18,968

+   15,899

-   40,920

-   11,386

-    3,139

-   22,077

-   27,935

-  108,393

Total assets

 8,489,039

   188,410

 4,610,628

   145,090

   294,406

   610,597

   569,321

   536,248

   121,699

    61,042

   110,641

   405,393

   835,564

Liabilities

Federal Reserve notes, net

 2,244,869

    77,575

   705,588

    54,654

   110,772

   170,617

   351,773

   121,508

    68,959

    32,454

    49,238

   190,423

   311,307

Reverse repurchase agreements6

 2,503,262

    50,115

 1,283,426

    57,508

    99,962

   174,444

   163,780

   171,122

    39,315

    17,749

    39,076

   128,341

   278,423

Deposits

 3,701,178

    47,874

 2,617,357

    31,340

    79,821

   258,393

    51,901

   243,588

    12,359

    10,496

    21,768

    85,733

   240,548

Depository institutions

 3,118,237

    47,865

 2,176,223

    31,339

    79,790

   257,930

    51,871

   102,676

    12,349

    10,436

    21,736

    85,503

   240,518

U.S. Treasury, General Account

   377,500

         0

   377,500

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     8,934

         2

     8,908

         1

         4

         8

         1

         2

         1

         0

         0

         1

         6

Other7

   196,508

         7

    54,726

         0

        27

       455

        29

   140,910

         9

        60

        31

       229

        25

Earnings remittances due to the U.S. Treasury8

   -24,571

      -481

   -17,740

      -116

      -363

    -2,153

       -26

    -1,981

       -30

       -62

       -73

      -283

    -1,262

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

     7,128

        75

     3,279

       193

       247

       832

       616

       535

       170

       150

       190

       276

       565

Total liabilities

 8,447,213

   186,611

 4,595,805

   143,580

   290,441

   602,132

   568,042

   534,772

   120,773

    60,786

   110,200

   404,491

   829,580

Capital

Capital paid in

    35,041

     1,507

    12,460

     1,258

     3,302

     7,105

     1,057

     1,219

       789

       221

       372

       739

     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

 8,489,039

   188,410

 4,610,628

   145,090

   294,406

   610,597

   569,321

   536,248

   121,699

    61,042

   110,641

   405,393

   835,564

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 June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,623,345

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

   378,476

Federal Reserve notes to be collateralized

 2,244,869

Collateral held against Federal Reserve notes

 2,244,869

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,228,632

Other assets pledged

         0

Memo:

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

 8,079,011

Less: Face value of securities under reverse repurchase agreements

 2,638,174

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

 5,440,837

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.